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The Financial Situation
to later are having an effect upon the public
mind. In these circumstances it is of the utmost
importance that the business community subject
battles that lie ahead of him during the coming year. what is taking place to realistic appraisal. What is
Shortly after the adjournment of Congress and the obviously needed is not soothing words, particularly
removal of Senator Long from the scene, it will be by public officials with an obvious interest in preachrecalled, he made public his now well-publicized letter ing optimism, but constructive action. Highly gento a widely-known publisher in which be announced eralized assurances and vague pronunciamentos may
the arrival of a "breathing spell" for business. He increase popular confidence—and speculative enfollowed this with a number of statements during his thusiasm—but only hard, constructive work can in
journeys across the country, preparat
to his em- the nature of th case lay the foundations for sound
sea, in which and lasting recove . Let us therefore take an invenbarkation upon an extended vaca
the same theme with variatory not of words but of the
tions was employed. One
steps taken or promised.
Embargo Proposal
of his first utterances upon
As every one knows, the
"Since it[the Federal Government] cannot
landing again on the soil o
ost
important single facspend without using the bankable funds of
the United States made
eman
tor
in
the current situadeclare
the Nation, it is up to us to
bargo. We must decline to make further
much of increased business
tion
is
the
Federal budget.
purchases [of Government obligations]. We
activity and profitability.
The
deficit
we have been
further
finance
must declare that we will not
spending by the Government until a genuine,
running, and the unwise
Further Assurances
honest, sincere effort is made by the Federal
This past week has
methods that have been in
Government to restore a balanced budget."
This is the so-called embargo proposal of
brought at least two furvogue for financing it,
Orval W. Adams of Utah, which attracted
ther notable items which
touch
the life of the busiconsuch wide attention at the New Orleans
evidence of this same genness community at almost
vention of the American Bankers Association
during the past week.
eral line of policy. In a mesevery point. Often its efThis is, of course, not the first time that
sage to the annual convenfect is many times magnisuggestions of this kind have been made.
Neither is it the first time that the idea has
tion of the American Bankfied by reason of the fact
caused heated discussion and been grossly
ers Association, delivered
that it reaches the public
misinterpreted. It is easy enough for those
who are inclined more to politics than to
on Tuesday by the Chairvia the commercial banks,
common sense to retort that what is thus
man of the Reconstruction
through
their power to
suggested is that the banks exert their power
Finance Corporation, the
to make themselves dictators to the National
bring additional deposits
Government and therefore to the people of
President asserted with apinto being against arbithe country. So interpreted, it is of course
parent enthusiasm that
trarily enlarged reserves
likely to stir popular resentment.
But what Mr. Adams and the others have
"evidences of great recovarranged in advance by
been suggesting is not that, but is merely
ery are at every hand,"
various governmental prothat the banks henceforth refuse to permit
themselves to be used as instruments by
and that he was "congrams. What are the facts
means of which the Federal Government
vinced that with co-operaconcerning this matter,and
issues the modern equivalent, or something
very near it, of fiat currency wherewith to
tion between banks, busiwhat is the outlook?During
waste the Nation's substance in riotous living.
ness and Government—
the
fiscal year ended June
proposal
apthe
When stated in this way
and mutual confidence—
pears in an entirely different light. Why
30 last, total expenditures
should the banks of the country wish to act as
we will soon solve our
amounted to somewhat
printing presses for the Treasury?
re maining•proble ms" His
more than $7,375,000,000
Naturally, we are fully aware of the practical difficulties in the way of giving effect to
further assurance that "all
and
the deficit to slightly
suggestions of this kind. Concerted action
banks are now in a strong
more
than $3,575,000,000.
among many thousands of banks, independent except indeed for Government ownerposition" is of the same
The usual budget estiship and control, is difficult of achievement.
tenor, though, of course,it
mates for the current fiscal
But whether "academic" or "visionary," or
is not likely to carry great
whatever else, the suggestion, in our opinion,
year set forth expected outis sound in economic theory. Wehould like
weight with those who are
lays
at a little more than
to see it given practical effec
t.
familiar with the real sit$8,520,000,000 —a figure
3)
ItiC)
uation. On the following
most observers did not at
day the Secretary of Commerce, speaking at the the time believe would be reached—and the deficit
annual dinner of the Associated Grocery Manufac- at more than $4,528,000,000. In a statement made
turers, Inc., in New York City, expatiated at length public at the end of September, the President revised
upon the President's earlier "breathing spell" assur- these estimates downward, the result being outlays
ances, and added a number of statements of his own $7,752,000,000 and the deficit $3,382,000,000. These
evidently designed to soothe and encourage business latter figures are,of course,still largely estimates and
enterprise. The press reported, although with just may need further revision, particularly if the courts
what authority we do not know,that the words of the finally make it impossible to collect processing taxes
Secretary "had the sanction" of the President. At any now being withheld pending final adjudication of the
rate, it is not likely that so important an utterance law under which they are being levied. But they are
was made by the Secretary of Commerce without at pechaps the best available at present.
least implicit assurances from the President.
VER since late last summer the President has
E
given evidence of having made up his mind to
emphasize recovery rather than reform in the political
The Budget
What Other Than Soothing Words?
Press dispatches emanating from Washington on
It is evident that assurances such as these, to- Wednesday asserted that the President had issued ingether with certain other developments to be referred formal but definite orders that Federal disbursements
3112
Financial Chronicle
to be included in next year's budget must be reduced
by $500,000,000. This would leave expenditures at
some $7,252,000,000, or less than $125,000,000 below
actual expenditures during the fiscal year ended June
30 last. Washington reporters, who apparently had
obtained their information from what they evidently
believed to be reliable, if not official, sources, naturally made much of this proposed reduction in expenditures, some of them asserting that this action on the
part of the President would "place the budget in a
position to be balanced" during the fiscal year 1938,
since an increase in receipts expected during next
year would enlarge revenues, so it was said, by some
$500,000,000, thus reducing the deficit during the
fiscal year 1937 by some $1,000,000,000, to $2,382,000,000.
Unfortunately, however, the ink was hardly dry
on these reports before word was forthcoming, apparently from official quarters, that the President had
reached no such decision and would not make up his
mind about the size of funds to be asked of Congress
until about Jan. 1. The business community is
thus left to guess whether the earlier reports were
merely "trial balloons" sent up to test the air currents, which proved not to be to the liking of the
President, or whether some other explanation of these
earlier assurances is needed. At any rate, this seems
to leave the budgetary plans of the Administration
just about where they have been for a good while
past—beyond the ken of ordinary man. Thoughtful
business men are not likely to feel that they have received dependable assurances of really sound condion,s until they have concrete evidence of greater
omy in Washington.
The Banking Situation
IN IMPORTANCE second only to the budget, and
closely related to it, is the banking situation. As
long as the deficit continues in proportions approximating those of the past year or two, there is no hope
of sound credit and monetary conditions. Either
the Treasury will succeed in financing the deficit by
obliging the banks to absorb it, thus bringing the
banks constantly nearer the point where another
general breakdown is unavoidable, or it will not so
succeed, in which case fiat money of one sort or another will probably be our fate. But even if the
budget were brought into balance as promptly and
as vigorously as passible, careful control of the credit
situation would still be essential, so enormously have
public policies of the past enlarged both bank reserves and bank deposits.
In other circumstances, the task of caring for this
situation would naturally and normally fall to the
lot of the bankers themselves. These latter to-day,
however, are largely helpless in the face of the existing situation. In the first place a very substantial
proportion of the banks of the country are now for
all practical purposes owned by the Reconstruction
Finance Corporation. In the second, control of Federal Reserve policies lies in the hands of the President in fact if not in theory. In the third, the existence of the huge go-called gold and silver profits
in the Treasury places in the hands of the Federal
Government an instrument with which it could
counterbalance and render of no effect almost any
action taken by the Reserve System. Lastly, huge
bank deposits now in possession of private citizens
and corporations present a danger of the first magnitude, a danger that can really be eliminated only
Nov. 16 1935
by action on the part of the banks which would reverse the process by which these deposits were created—namely that of not only refusing to take up
more Government obligations but actually disposing
of large blocks of those already on hand.
No Evidence of Effective Action
What evidence is there that the political authorities in Washington have become really conscious of
this situation or have reached any determination to
deal with it vigorously and wisely? Absolutely none
that we were able to discover. Opinions, apparently
originating in Washington, have been confidentially
expressed where it was thought they might have a
good effect that excess reserves ought to be drastically reduced. Just where this "movement," if it
can be termed that, actually originated we have no
way of knowing, but at best it is a poor substitute
for definite and courageous action in a situation that
cries unto heaven for directness, courage and
wisdom.
Meanwhile the President himself has, both in his
message to the American Bankers Association and
in a recent informal talk with the press, renewed
his urgings that the banks adopt a more liberal attitude in lending. He would also have them reduce
interest rates, notwithstanding the fact that rates
are now so low that according to the best of authority a great many banks are unable to do more at
best than about meet operating expenses out of ordinary operations, and thus can make no progress
whatever in getting out of debt, or what amounts to
that, to the Reconstruction Finance Corporation.
What the President ought to be doing, in addition
to instituting budgetary reform, is reducing excess
reserves and bank deposits of which we have entirely too much at present. What appears to be his
attitude toward such matters is much more likely to
stimulate an unhealthy and unwholesome spurt to
be followed by disaster than it is to encourage healthful business progress.
Open Resistance Encouraging
It has been a source of considerable encouragement
to find that various organizations of business men
have of late been much more inclined than they were
formerly to see some of these things in their true
light and to give forthright expression of their views
on the subject. There have been two or three notable
instances within the past week. Perhaps the most
important of them is found in what is described in
the headlines as the rebellion of the membership of
the American Bankers Association- against the regular nominee for the second vice-presidency of that
body. In the circumstances, the views of those who
deeply regret the incident can of course be understood. Factional difficulties which have really existed close beneath the surface in the Association for
a year or two past, and which came very close to an
open outbreak a year ago, will not be reduced by
what occurred in New Orleans. No doubt to many
it seems the part of foolhardiness for bankers, so
under the thumb of the Government in many instances, to give what must be violent offense to the
powers that be. We are nevertheless of the opinion
that net gain rather than loss is likely to result in
the long run from the refusal of those gathered in
New Orleans to pretend views and feelings not real
and to fail to let the country know, in no uncertain
terms, that they resented what has been done and
is being done in Washington when the results of the
Volume 141
Financial Chronicle
policies in question are obviously threatening the
very life not only of the banks but of the Nation.
The time in our opinion had definitely come for
plain speaking and for use of whatever weapons
were at hand. The efforts of the Chamber of Commerce of the United States to marshall business
opinion behind sanity and foresight and to render it
articulate are likewise to be commended, as is also
the similar activity of other business organizations.
Only in some such ways as these is it possible to
make real progress against the sort of demagoguery
that has on all too many occasions been characterizing national policies during the past few years.
Federal Reserve Bank Statement
OT for long is there any interruption in the
accumulation of idle credit resources in this
country. The condition statement of the 12 Federal
Reserve banks covering the week ended Nov. 13 reflects an increase of $74,713,000 in member bank
deposits with the Federal Reserve institutions on
reserve account, and the total established a new
record. This gain was due mainly to additional gold
receipts from Europe, but a modest decline of currency in circulation also aided. The consequence
was an increase of $60,000,000 in excess reserves over
legal requirements, and the official estimate of such
excess reserves mounted to $3,050,000,000, which also
is a new record. On many occasions, when excess
reserves were far under the current level, we have
referred to the dangerous credit inflation potentialities of such masses of idle funds. It is obvious
enough that the continued increases are exaggerating the danger. Two remedies are ready to hand
in the form of the needlessly large open market holdings of United States Government securities and
the new provisions for increasing reserve requirements, and it is the clear duty of the Federal Reserve
authorities to employ either or both of these expedients without delay.
The condition statement of the 12 Federal Reserve
banks, combined, shows only routine changes save
for the indications of increased idle funds. Although
the monetary gold stocks advanced only $33,000,000
in the week covered by the report, the Treasury deposited with the gold certificate fund $61,000,000 of
such instruments, raising the total Federal Reserve
holdings to $7,124,156,000. This gain, together with
a return of cash from circulation, increased total
reserves by $71,176,000 to $7,377,336,000 on Nov. 13
against $7,306,160,000 on Nov. 6. Federal Reserve
notes in actual circulation fell slightly to $3,562,087,000 from $3,563,254,000. Member banks' deposits on reserve account moved up to $5,745,948,000
from $5,671,235,000, and as Treasury deposits on
general account, foreign bank and other deposits
all increased as well, the aggregate of deposits advanced to $6,072,609,000 on Nov. 13 from $5,967,179,000 on Nov. 6. Discounts by the System increased to $9,066,000 from $6,801,000, while industrial advances continued their slow climb with an
increase to $32,689,000 from $32,677,000. Open
market bankers' bill holdings were $1,000 higher at
$4,677,000, and United States Government security
holdings fell $25,000 to $2,430,172,000.
N
3113
dared a special dividend of 50c. a share in addition
to a regular quarterly of like amount on the common
stock, both payable Dec. 16. Eastman Kodak Co.
declared an extra dividend of 25c. a share in addition
to a regular quarterly dividend of $1.25 a share on
the common stock, both payable Jan. 2; similar payments were made Oct. 1 last. Pennroad Corp. declared a dividend of 20c. a share on the common
stock, payable Dec. 28, which will be the first payment since Sept. 15 1931, when a like amount was
disbursed. United States Gypsum Co. declared an
extra dividend of 50c. a share, payable Dec. 24, and
a regular quarterly of 25c. a share, payable Jan. 2,
on the common stock. Household Finance Corp.
declared special dividends of $1.221/
2 a share on the
preference stock and $1.05 a share on the class A
and class B common, payable Dec. 5; regular quarterly dividends of 87y2c. on the preference stock and
75c. on both classes of common also were declared,
payable Jan. 15. The Mead Corp. declared a dividend of $1.50 on account of accumulations on the
$6 cumulative preferred stock, series A; this will
be the first distribution on the shares since June 1
1932, when the regular quarterly payment was made.
Underwood Elliott Fisher Co. declared a dividend
2c. a share on the common stock, payable
of 621/
Dec. 31, which compares with 50c. a share in each
of the five preceding quarters. Kaufmann Department Stores, Inc., declared on Nov. 13 a dividend of
20c. a share on the common stock, payable Dec. 16;
same amount was paid last April 27 and Jan. 28.
Container Corp. of America declared a dividend of
$19.25 a share on account of accumulations on the
7% cumulative preferred stock, payable Dec. 31,
which will clear up all arrearages on the stock as
well as provide for the current quarterly dividend.
Crown Cork & Seal Co. declared an extra dividend
of 50c. a share as well as the regular quarterly of
25c. a share on the common stock, payable Dec. 6.
Consolidated Paper Co. declared a quarterly dividend of 25c. a share on the common stock, payable
Dec. 1, which compares with 15c. paid in previous
quarters.
Government Crop Report
URTHER meddling with the big and important
crops of the United States by some of the more
ambitious gentlemen at Washington may be abandoned this year. The November report of the Department of Agriculture at Washington was issued
this week and it shows some curtailments in the
estimates of harvests for this year that will perhaps
terminate additional experimentation. The decline
in the estimated yield of potatoes attracted most
attention. What was now put at 354,000,000 bushels
compared with the estimate of Oct. 1 of 366,000,000
bushels; the harvest last year of 385,000,000 bushels,
and a five-year average yield, 1928-32, of 363,367,000
bushels. The decline during the past month has
been due to early freezing weather in the Western
States. When the October estimate was issued the
plan was considered by those ruling the Agricultural
Adjustment Administration of appropriating some
$5,000,000 of Government funds for the diversion of
about one-eighth of this year's yield of potatoes to
other uses. It was thought in this way to raise
Corporate Dividend Declarations
prices. This portion of the crop, or a large part of
INCREASED or resumed dividend declarations by it, was to be subjected to industrial uses. But
I corporate entities have been a prominent feature Nature has intervened, and prices have advanced
again the current week. Sears, Roebuck & Co. de- from natural causes. This scheme was no part of
F
3114
Financial Chronicle
Nov. 16 1935
the Warren Potato Control Act, which has been the participated, while utility shares joined only modsubject of some adverse criticism, but which does not erately in the movement. The upward movement
apply until next year.
broadened on Thursday, when the turnover was
The estimated yield of corn was also reduced in the nearly 4,4900,000 shares, and the most active session
November crop report. It was now placed at 2,211,- since Feb. 7 1934 was recorded. Industrial stocks
268,000 bushels against 2,213,319,000 bushels in the of all kinds vied with railway issues in this advance,
October report, and a five-year average yield, 1928- while utility issues again were laggard, although
1932, of 2,562,147,000 bushels. The average yield of some gains also appeared in such stocks. Initial
corn was placed at 23.6 bushels per acre this year. trades of 1,000 to 10,000 shares in individual stocks
The Department states that the important crop sec- reflected the keen demand and mild profit-taking
tions of the country, excepting the South Atlantic toward the close modified the gains only a little.
and South Central States, showed increases in pro- The session yesterday was more subdued„ but adduction this year ranging from 7 to 23%. "Lower vances remained the rule in the industrial and railcotton prices in the South," the Department reports, road divisions. Utility stocks drifted slightly lower.
In the listed bond market only mild reflections
will be helped by the price adjustment payments.
These adjusted figures will not appear until the end of the bullish sentiment on stocks made their appearof the year. Farmers' sales of the principal products ance. United States Government securities were
this year, the Bureau says, totaled ,215,217,000 for dull at all times and inclined to lose a little ground,
the first nine months against $3,892,052,000 for the while banks and dealers awaited the terms of the
same time in 1934 and $3,234,453,000 in 1933. These next Treasury financing. Highly-rated corporate
figures do not include benefit payments under the bonds showed few changes. Anomalous on WednesAAA control program.
day was a general decline in speculative carrier
bonds, while railroad stocks were moving swiftly
The New York Stock Market
higher. There was better demand Thursday and
RISK buying of shares was resumed on the New yesterday for the carrier issues. Railroad holding
York stock market this week, after early un- company bonds advanced briskly throughout the
certainty. The business week was short, for the week, owing to reports of better carrier earnings
markets were closed on Monday in observance of in some instances. In the foreign dollar bond marArmistice Day. When trading was resumed on ket movements were small and diverse. Commodity
Tuesday a good deal of profit-taking occurred, and markets were somewhat irregular, but inclined to
prices slumped rather sharply in all departments. join the speculative advance in the later sessions of
But the upward tendency was re-established on the week. Cotton advanced sharply at times, and
Wednesday, and quotations moved ahead with vigor most of the grains also did well. In the foreign
throughout the latter half of the week. Statements exchange market gold currencies were under pressby Administration leaders that business need fear ure, and large shipments of gold from France were
no further governmental meddling contributed to reported daily, while some shipments from other
the bullish enthusiasm, but in general the movement countries also were noted. Sterling exchange was
appeared to represent chiefly a continuance of the kept within its usual range just above $4.90 by the
pronounced upswing that started early in the year. British fund.
Indicative of the current tendency to place an optiOn the New York Stock Exchange 243 stocks
mistic interpretation on all incidents was a sharp touched new high levels for the year and five stocks
advance on Thursday in response to a Presidential touched new low levels. On the New York Curb
declaration that budgetary economies will be sought Exchange 140 stocks touched new high levels and
by the Administration. Earlier this year the market six stocks touched new low levels. Call loans on the
advanced partly because large Federal expenditures New York Stock Exchange remained unchanged
were promised. In view of such circumstances it at 3
4%
seems reasonable to assume that speculative fever is
On the New York Stock Exchange the sales at
beginning to grip the country, and the lack of any the half-day session on Saturday last were 1,166,554
corrective action for the advancing total of excess shares; Monday, being Armistice Day and a holiday,
reserves leaves no doubt whatever regarding the the market was closed; on Tuesday,2,140,010 shares;
responsibility for any such development. Hundreds on Wednesday, 2,047,700 shares; on Thursday,
of new highs for the year were recorded by stock 3,947,950 shares, the heaviest volume of trading for
prices in the swift advance of the current week, and any full session since Feb. 7 1934, and on Friday,
trading was active at all times.
2,937,590 shares. On the New York Curb Exchange
The session on the New York Stock Exchange last the sales last Saturday were 332,850 shares; on
Saturday resulted in a turnover of considerably Tuesday, 453,505 shares; on Wednesday, 336,770
more than 1,000,000 shares, but liquidation kept pace shares; on Thursday, 580,999 shares, and on Friday,
with the demand, in view of the extended closing, 509,135 shares.
and net changes were small. After brief firmness
The stock market the present week, after early
early on Tuesday, stocks generally receded, with irregularity, rallied and closed strong on Wednesday,
liquor shares weaker than others because of the be- with a sharp rise in prices taking place on Thurslief that the new reciprocal trade treaty with day. This advance was attributed to favorable GovCanada would carry provisions for reduced import ernment pronouncements relating to Federal econolevies on Canadian whiskies. A few specialties mies and was interpreted in the light of their atmoved against the trend and closed at better figures. tendant effect upon the future of American business.
The market was quiet on Wednesday for the first On Friday the market resumed its upward course,
few hours, but a buying wave slowly got under way and quotations closed higher than for the same day
and toward the end of the session prices moved a week ago. General Electric closed yesterday at
higher in nearly all groups. Railroad stocks 40 against 377
8 on Friday of last week; Consolidated
/
especially were in demand, but industrial issues also Gas of N. Y. at 32 against 327
/8; Columbia Gas &
B
Volume 141
Financial Chronicle
Elec. at 141/
4 against 151/
4; Public Service of N. J.
at 44/
1
2 against 44/s; J. I. Case Threshing Machine
at 1093
4 against 104/
1
2; International Harvester at
641
/
4 against 591/4; Sears, Roebuck & Co. at 653
/
4
against 627
/
8; Montgomery Ward & Co. at 37%
against 361/
8; Woolworth at 57/
1
2 against 57%, and
American Tel. & Tel. at 149/
1
4 against 149. Allied
Chemical & Dye closed yesterday at 163/
1
2against
163/
1
2on Friday of last week; Columbian Carbon at
96 against 100; E. I. du Pont de Nemours at 142/
1
2
against 1381/
2; National Cash Register A at 20/
1
2
against 217
/
8; International Nickel at 37% against
34/
1
4;National Dairy Products at 18% against 18%;
Texas Gulf Sulphur at 31% against 313
/
8; National
Biscuit at 351/
2 against 351/
8; Continental Can at 97
against 95; Eastman Kodak at 172 against 166;
Standard Brands at 151/
4 against 15%; Westinghouse Elec. & Mfg. at 95/
1
4 against 92%; Lorillard
at 26% against 257
/
8; United States Industrial Alcohol at 47 against 46%; Canada Dry at 13/
1
2against
13%; Schenley Distillers at 52/
1
2 against 5234, and
National Distillers at 313
4 against 327
/
8.
The steel stocks advanced to higher levels the
present week. United States Steel closed yesterday
at 49/
1
2against 47 on Friday of last week; Bethlehem
Steel at 473
4 against 43%; Republic Steel at 193
/
8
against 1834, and Youngstown Sheet & Tube at 343
4
against 33%. In the motor group, Auburn Auto
closed yesterday at 37/
1
2against 37 on Friday of last
week; General Motors at 58/
1
2 against 58; Chrysler
at 89 against 85%, and Hupp Motors at 23
4 against
27
/8. In the rubber group, Goodyear Tire & Rubber
closed yesterday at 217
/
8 against 23% on Friday of
last week; U. S. Rubber at 14/
1
2 against 147
/
8, and
B. F. Goodrich at 12% against 1234. The railroad
shares also record gains for the week. Pennsylvania
RR. closed yesterday at 293
4 against 28% on Friday
of last week; Atchison Topeka & Santa Fe at 523
4
against 48%; New York Central at 25% against
227
/
8; Union Pacific at 101/
1
4 against 95%; Southern
Pacific at 20% against 18½; Southern Railway at
10/
1
4 against 9/
1
2, and Northern Pacific at 20%
against 19%. Among the oil stocks, Standard Oil
of N. J. closed yesterday at 49% against 491/
4 on
Friday of last week; Shell Union Oil at 14 against
12%,and Atlantic Refining at 25% against 24. In
the copper group, Anaconda Copper closed yesterday
at 22/
1
4 against 21 on Friday of last week; Kennecott
Copper at 28 against 267
/
8; American Smelting &
Refining at 59 against 5734, and Phelps Dodge at
243
/
4 against 24%.
Trade and industrial indices assumed a somewhat
more favorable cast this week, although the evidence
on this score remains somewhat inconclusive as to
future trends. Steel-making for the week ending
to-day was estimated by the American Iron and Steel
Institute at 52.6% of capacity against 50.9% last
week and 27.3% at this time last year. The increase
of 1.7 points this week amounts to about 3.370.. Prot
duction of electric energy for the week to Nov. 9
was reported by the Edison Electric Institute at
1,913,684,000 kilowatt hours as compared to 1,897,180,000 kilowatt hours in the preceding week and
1,675,760,000 kilowatt hours in the corresponding
week of last year. Car loadings of revenue freight
for the week to Nov. 9 amounted to 653,525 cars,
according to the Association of American Railroads.
This is a recession of 27,137 cars from the previous
week, but a gain of 58,735 cars over the same week
in 1934.
3115
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 963
/
8c. as against 96%c.the close
on Friday of last week. December corn at Chicago
closed yesterday at 60%c. as against 591/
8c. the close
on Friday of last week. December oats at Chicago
closed yesterday at 271/
8c. as against 26/
1
2c. the close
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 12.35c. as against 11.70c. the close on
Friday of last week. The spot price for rubber
yesterday was 13.21c. as against 13.25c. the close on
Friday of last week. Domestic copper closed yester4c., the same as on Friday of last week.
day at 91/
In London the price of bar silver yesterday was
29 5/16 pence per ounce, unchanged from Friday of
last week, and spot silver in New York closed yesterday at 653
/
8c., the same as on Friday one week ago.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.921
/ as
against $4.92% the close on Friday of last week, and
cable transfers on Paris closed yesterday at 6.583
/1c.
as against 6.58%c. the close on Friday of last week.
European Stock Markets
RICES of securities moved irregularly this week
in the stock markets of the leading European
financial centers. There was little activity at London, Paris or Berlin, as there was uncertainty in
every case regarding internal political developments
and their possible effects on securities. Armistice
Day caused a suspension of trading at Paris, and it
minimized the dealings at London. The national
election on Thursday in Great Britain occasioned
mild uncertainty and also tended to keep dealings
to small levels. Possibilities of international difficulties were kept in mind by traders and investors
in all European centers, but there was no acute disturbance on this account. The French internal situation, on the other hand,caused intense concern everywhere. A capital flight of large proportions took
place from France as open debate developed there
regarding the advisability of currency devaluation.
Gold moved from Paris toward New York on all
available vessels and the Bank of France found it
advisable on Thursday to raise its discount rate to
4% from 3%. But the other gold currencies were
not affected. Gold reserves of the Bank of The Netherlands increased and that institution was able on
Tuesday to announce a reduction of its discount
rate to 3/
1
2% from 4%. No better illustration of the
confused state of European financial affairs could
be cited than these contrary actions in the two chief
countries that still are maintaining the old gold
standard. Trade and industrial reports from Europe
indicate continued good activity in England and
Germany, but the French position remains unsatisfactory.
The London Stock Exchange reflected from the beginning of the week the restraint occasioned by the
impending national election. Trading on Monday
was quiet, with British funds slightly irregular. Industrial issues were in demand and most international securities also moved forward, but a sharp
decline appeared in Far Eastern issues owing to
the thickening troubles in that part of the world. In
another quiet session on Tuesday, small gains were
recorded in British funds, but home rail issues eased.
Industrial stocks were irregular, with more losses
than gains, while other departments of the market
P
3116
Financial Chronicle
likewise reflected the general uncertainty. Interest
in. securities increased modestly at London on
Wednesday, owing to the general realization that
the Conservatives would retain an ample margin
for control of the House of Commons in the election.
British funds reflected increased investment buying
and home rail issues also improved. There were numerous good features among the industrial securities, while international shares came in for moderate
support. Business improved on the London market
while the election was in progress on Thursday.
British funds showed small gains and most industrial issues also moved higher, but home rail stocks
suffered from mild liquidation. Anglo-American
trading favorites were in quiet demand. Election
results gave ample assurance that Conservative rule
will continue, and the market responded yesterday
with a sharp advance in all groups of issues. Trading was active.
The Paris Bourse was closed on Monday in formal
observance of Armistice Day. Trading on Tuesday
was dull, but the tone was good owing to the general
relief that no pronounced political disturbances occurred during the celebrations of the previous day.
Rentes improved a little, while French bank, utility
and industrial stocks moved irregularly but in a
small compass. The internal political situation impressed the Bourse unfavorably on Wednesday and
rentes dropped on persistent liquidation. French
equities showed no changes of any consequence, but
international issues were in demand throughout the
session and some good gains were recorded in that
group. Gold losses by the Bank of France and the
need for increasing the discount rate created an unfavorable impression on Thursday. A downward
movement developed which affected rentes, French
equities and international securities alike. Shares
of the Bank of France moved against the trend, owing to the rate advance and the increased earnings
thus indicated. Small gains were recorded in quiet
dealings at Paris yesterday.
Trading on the Berlin Boerse was dull in the initial session of the week, with investment interest
almost completely lacking. The general atmosphere
was one of uncertainty and pessimism, and prices
drifted lower on the modest offerings. Recessions
were mostly fractional, but some speculative favorites fell 2 to 3 points. An increase of trading was
noted on Tuesday, possibly because complaints were
made that most transactions in securities are taking
place privately in Berlin, leaving the Boerse brokers
with little to do. Prices continued to drift to lower
levels, with movements again small. The tone improved on Wednesday, although activity was less
pronounced than in the previous session. Small
gains were recorded in industrial stocks, electrical
and shipping shares. No interest was taken in fixedinterest issues. Trading on Thursday. was brisk and
the improvement was extended. Gains of 1 to 2 points
appeared in the heavy industrial stocks, while issues
in other groups showed comparable advances. The
upward movement was continued on a modest scale
yesterday.
Nov.
16 1935
ington and Ottawa last Monday revealed the virtual
conclusion of a new trade agreement in the series
negotiated at Washington under the special reciprocal tariff bargaining powers granted to the President
by Congress. President Roosevelt made the disclosure of rapid progress in the trade negotiations between the two countries in the course of an Armistice
Day address. The new treaty, the President said,
"will eliminate disagreements and unreasonable restrictions and thus work to the advantage of both
'Canada and the United States." Even before the
details of the arrangement could be made known, the
treaty was hailed generally in the United States as
a long step toward that increase of international
trade which all observers believe necessary for complete recovery from the depression. In Canada, also,
the announcement was regarded with quite general
satisfaction. At various times in the past genuine
tariff reciprocity has been sought between the
United States and Canada, and the new treaty tends
in that direction. Conclusion of the agreement stimulated interest in the several additional treaties
now under negotiation.
Prime Minister Mackenzie King was elected recently in Canada on a platform that called for better trade relations between Canada and the United
States, and he lost no time in moving toward that
end. His predecssor, R. B. Bennett, negotiated the
accord with Britain for tariff concessions under the
Empire pacts, and Mr. Bennett threatened some
months ago to curtail Canadian imports from the
United States in order to achieve a trade balance.
It is, therefore, a vast change for the better that
Prime Minister Mackenzie King introduced, so far
as the United States is concerned. President Roosevelt received his Canadian visitor on Nov. 7, and
it appeared the next day that an exceptionally broad
and inclusive trade pact was under consideration in
the conferences of the Canadian and United States
political heads. Prime Minister Mackenzie King returned hurriedly to Ottawa last Sunday and
promptly placed the results of his Washington journey before the Cabinet there at a special meeting.
The reaction in Ottawa obviously was favorable, for
announcements followed in both capitals on Monday
that the accord had been concluded. The impression
prevailed in Washington, Tuesday,that conclusion of
the treaty with Canada will stimulate the negotiations with other countries and perhaps lead to the
conclusion of several additional pacts by the end of
this year. Reciprocal trade • treaties now are under
discussion with Spain, The Netherlands, Switzerland, France, Honduras and Guatemala, while conversations regarding a similar treaty are expected to
start soon with Mexico.
American Aims
PRESIDENT
ROOSEVELT utilized the occasion
of Armistice Day observances to proclaim once
again the ineradicable determination of the American people to avoid participation in any international conflict. Not only because of American experiences in and after the World War, but also on account of the skillful propaganda now being waged in
Trade Treaty with Canada
Europe for a new American entanglement in the afRADE relations between the United States and fairs of that continent, it would be impossible to
Canada received brief but thorough considera- place too much emphasis upon such declarations as
tion during a visit to the White House in Washing- the President made before a group of 5,000 war vetton by the new Canadian Prime Minister, W. L. erans gathered in the Arlington National Cemetery.
Mackenzie King, and joint announcements in Wash- "The primary purpose of this nation is to avoid be-
T
Volume 141
Financial Chronicle
ing drawn into war," he said. It seeks also in every
practicable way to promote peace and to discourage
war. Except for those few who have placed or who
place temporary selfish gain ahead of national or
world peace, the overwhelming mass of American
citizens are in hearty accord with these basic policies of our Government, as they are also entirely
sympathetic with the efforts of other nations to end
war." The United States consistently has endeavored
to limit or reduce armaments as a means toward
peace, while by definite act and commitment this
country has promoted the policy of the "good neighbor" in foreign affairs, Mr. Roosevelt pointed out.
But with "disappointment and sorrow," the President confessed that the world's gain thus far has
been small. Among the great dangers that confront
the future of mankind, he listed continued jealousies
between nations,increasing armaments,national ambitions that disturb the world's peach, and waning
confidence in the sacredness of international contracts.
Sanctions and Diplomacy
INTERNATIONAL affairs in Europe remained uncertain and confused this week, as the date for
full application of League sanctions against Italy
approached. The sanctions are to be made fully effective next Monday, and there is no doubt that they
will be applied for a short time, at least. Whether
they will' achieve the aim of isolating Italy commercially is another matter, of course, for important
sources of raw materials will remain open to Premier
Benito Mussolini in the United States and other
countries not parties to the League arrangements.
The Austrian Government on Tuesday modified its
stand against sanctions by explaining that it backed
the League "fully" and had placed an embargo on
the export of war materials. It has been pointed
out many times that Italy manufactures all the war
materials necessary for the conflict with Ethiopia,
and the Austrian move is little more than a gesture.
The German Government declared on the same day
that it would not permit the exportation of a long
list of metals and foodstuffs, but this seems to be a
matter of safeguarding German supplies of commodities considered essential in that country. Significantly, coal and other basic commodities were omitted from the list.
Although the League sanctions may not prove very
effective in a practical sense, their imminence caused
increasing bitterness and resentment in Italy this
week. The Italian Government last Monday sent
notes to all States backing the sanctions. In these
communications the threat was made that "consequences" will follow each individual attempt at a
trade boycott of Italy. Among the League States the
proposal was considered of making a collective reply
to the Italian communication, but the French Government opposed this idea. In London, little attention was paid to the Italian threat of reprisals. Rome
reports state that hostile demonstrations are
planned next Monday against the League member
States that have agreed to apply sanctions. There
are indications, meanwhile, that the Italian authorities have made good use of the period of grace
granted so mysteriously by the League before making
the sanctions effective. It is reported that heavy
purchases of necessary raw materials have been in
progress, and it may be assumed that the gold payments necessary have seriously depleted the metallic
stocks of the Bank of Italy. The customary condition
3117
statement of the Bank was lacking this week, and
some dispatches suggest that no further condition
statements or Italian Treasury statements will be
issued for the duration of the crisis.
Diplomatic conversations were carried on in a
dozen directions in Europe, as the date for applications of sanctions approached. The trend of such
talks is far from clear, but it is evident that they include all phases of the European scene and not
merely the Italian war of aggression and its immediate consequences. The persistent rumors that
Great Britain would modify its anti-Italian stand
after the British elections were denied by Foreign
Secretary Sir Samuel Hoare, last Saturday. But
direct conversations between British and Italian
representatives were in progress all this week. Results of the discussions were kept secret, but officials
in Rome were said to feel confident that a solution
soon will be found for the implied threat of the British.fleet concentration in the Mediterranean and the
Italian troop concentration in Libya, on the border
of Egypt. The extent of the current reconsideration
of European affairs is perhaps best indicated by negotiations between France and Germany regarding
the understood desire of Chancellor Hitler for a free
hand in Eastern Europe. The French Premier,Pierre
Laval, is known to feel that French safety might be
safeguarded in this manner, and a widespread debate now is being waged in France regarding the
advisability of abandoning the Franco-Soviet
agreement.
Fighting Begins in Ethiopia
OW that Italian lines have been far extended
in Ethiopia, both in the north and the south,
guerilla operations against the invaders seem to be
increasing and the first genuine skirmishes of the
war were reported this week. The northern Italian
armies, advancing from Eritrea, cautiously moved
onwards from Makale while attempts were made to
consolidate the territory covered during the six
weeks of slow travel. It is generally believed the
Ethiopian resistance on this front will start when
the Italians are about 40 miles south of Makale.
Already one or two attempts to cut the Italian lines
of communication have been reported, and bloody
encounters resulted. The Italian forces moving
northward from Somaliland made spectacular gains
early in the week. After a brief struggle Gorahai
was taken and Rome stated last Sunday that on outpost had reached Daggah Bur. The fall of the latter
place was denied by the Ethiopian Government. Announcement was made at Addis Ababa, Tuesday,
that a sharp engagement had taken place at the
Anale wells, 30 miles south of Daggah Bur, when a
motorized Italian detachment tried to take the watering place. Four Italian tanks and a .number of
motor trucks fell to the defenders, it was said. Both
sides claimed victories on the southern front thereafter, and in all probability this is indicative of
increasing contacts and skirmishes. Press correspondents at Addis Ababa reported that the Ethiopians felt no dismay over the Italian advance. Emperor Haile Selassie declared that nothing important is happening as yet, and that real fighting
still is a month away.
British Election
ESULTS of the national election held in Great
Britain on Thursday were thoroughly in keeping with expectations, and no fundamental change
N
R
3118
Financial Chronicle
Nov. 16 1935
in British external or internal policies is to be demand for independence. Groups of students
anticipated. Conservative Members of Parliament ranged through the city after the meeting was held
were returned in an overwhelming majority, so that and riotous disturbances occurred. Shouting their
no question can arise regarding the control to be desire for Egyptian independence and their resentexercised by Prime Minister Stanley Baldwin for ment against British spokesmen, the students
the next four or five years. It was estimated yester- attacked the British Consulate-General and smashed
day that the Conservatives will have a majority of windows in the building, but no one was hurt in that
about 250 in the House of 615 members. This is a encounter. Mobs gathered in Cairo and nearby setmarked reduction from the majority of 411 in the tlements and in several instances the police found
last Parliament, but it is ample. The election of it necessary to fire into the crowds. One death
1931, usually called the "panic election," swept the resulted on Wednesday and another occurred
Laborites from power and placed the Conservatives Thursday, when the rioting was renewed, while
firmly in the saddle. The voting on Thursday re- scores were injured. The Wafd adherents were
flected a swing back toward the Laborites, who in- especially vociferous in their opposition to Premier
creased their representation sharply, and chiefly at •rewfik Nessim Pasha, whose resignation they dethe expense of the Conservatives. Liberal factions, manded. Trouble has been brewing in Egypt for
united on the eve of the election, were unable to some time, partly because British forces were inincrease their representation to anything like the creased several months ago as a precaution against
degree necessary for making them the official Oppo- possible Italian attacks from Libya. Feelings ran
sition. Sir Herbert Samuel, leader of one Liberal high on Wednesday as the Egyptians then celewing, was defeated in his contest for membership. brated "National Independence Day," which is the
The Conservatives waged their campaign on a plat- anniversary of the day in 1918 when Zaghlul Pasha
form of peace, increased armaments and continued made a ringing demand for independence.
support of the League of Nations.
Tension in the Far East
French Deflation
APANESE demands upon China, backed by the
TNCREASING political tension in France is noted
threat of further occupation of Chinese terri1 by all press correspondents in that country, and tory, continue to occasion ominous incidents and
the omen is a poor one for the program of deflation increased antagonism between the peoples of the two
which Premier Pierre Laval soon must submit to the countries. The attempt made by a Chinese patriot
Parliament for approval. Conservative and radical two weeks ago to assassinate Wang Ching-wei, the
factions have been tending of late toward ever more pro-Japanese Premier of the Nanking Nationalist
violent opposition, and it is symptomatic that Government, apparently released a wave of Chinese
Armistice Day observances in France, for the first sentiment against the Japanese oppressors, and it is
time since the World War ended, were held sepa- now difficult to foresee a peaceful termination of
rately by the two great rival groups. "Officially it these Far Eastern troubles. The international area
was the past that was being remembered, but in in Shanghai and the adjoining native city were
reality it was the future that was being rehearsed," thrown into turmoil last Sunday, owing to the overthe correspondent of the New York "Times" re- night murder of a Japanese marine only a short
marked. There are already some indications that distance from naval headquarters in Shanghai. The
the bitter political rivalry will be carried into the culprit was neither apprehended nor identified, but
debates on Premier Laval's deflationary decrees, Japanese authorities assumed promptly, and poswhen the Parliament reassembles to enact such de- sibly with justice, that the incident was due to the
crees into law. The Finance Commission of the mounting hostility of Chinese against Japan. Rear
Chamber of Deputies has been endeavoring for some Admiral Araki, commander of the Japanese naval
weeks to draft the statutes.
forces in Chinese waters, declared that Chinese
M. Laval appeared before the Commission on Tues- authorities must make immediate satisfactory setday, to protest against amendments to his decrees tlement of what he termed "an act of provocation,"
which would nullify, in good part, the effort to and he added that if such satisfaction were not reachieve a balanced budget. The Premier debated ceived he would proceed to "take such measures as I
the problem with the Commission for four hours, and may see fit to cope with the emergency." Nearly
it is noteWorthy that a general discussion took place 2,000 Japanese marines were marched on the same
of the advisability of devaluation of the currency. day into the demilitarized area of Shanghai, and
Just before the debate started, M. Laval obtained there was universal apprehension that another incithe approval of the entire Cabinet for his measures, dent might develop similar to that of January 1932,
and in the course of the discussion with the Finance when Japanese forces shelled the unprotected native
Commission he denounced devaluatipn vigorously as area in Shanghai and made it a shambles.
a means for curing French economic ills. Only minor
Authorities of the international settlement in
amendments to his deflationary decrees would be Shanghai took emergency measures for control of
acceptable, he declared. The Parliament probably the situation. They rushed ample reserves to the
will be called into session late this month for the affected area within the settlement and prevented
definitive debate on the problem, and in the mean- any new outbreaks. But the Chinese of the native
while "nervous capital" in large amounts is moving city, with their bitter memories of January 1932,
out of France and chiefly toward the United States. streamed into the international settlement in great
throngs for protection from any further Japanese
Egyptian Politics
assault. Feelings were aroused additionally all this
TIVE resentment against British domination week as Chinese spokesmen in Shanghai and other
of Egypt developed on Wednesday in Cairo, cities demanded a declaration of war against Japan.
Pasha,leader of the Wafd or Nationalist Windows of Japanese shops were smashed and
Nahas
after
party, stirred a group of 50,000 persons by a frenzied Japanese residents of Shanghai were pelted with
J
AC
VoIn Je 191
Financial Chronicle
stones and mud. Additions were made by the Japanese to their landing party, but no sorties were made
into the native quarter, and it is possible that the
matter will be settled in accordance with the ordinary (usages of international intercourse. It is
persistently reported from Shanghai, however, that
new demands upon China are being formulated by
the Japanese authorities. Complete suppression of
all anti-Japanese activities in China is said to have
been promised by the Nanking Foreign Office in
response to Japanese representations, but there is
reason to doubt the ability of the Nanking authorities to control the wave of Chinese resentment. The
semi-independent war lords in North China, meanwhile, appear to be engaged in a dispute regarding
the setting up of an autonomous regime, as urged by
Japan, and there are no reliable indications of the
outcome. Japanese troops in Manchukuo are reported ready for further invasions of Chinese
territory.
Discount Rates of Foreign Central Banks
HE Bank of The Netherlands on Nov. 13 reduced
its discount rate from 4% to 332%. The 4%
rate had been in effect since Nov. 4 1935, at which
time it was reduced from 43/2%. The Bank of
France on Nov. 14 raised its discount rate from 3%
to 4%,at the same time advances on bonds were increased from 4% to 5% and the advances on 30-day
bills were raised from 3% to 4%. The 3% discount
rate had been in effect since Aug. 8 1935, at which
time it was lowered from 33/2%. Present rates at the
leading centers are shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria-Batavia,_
Belgium _ _ _
Bulgaria_
Canada____
bile
Colombia__
zechoslovakia____
Danzig__
Denmark.. _
England _ __
Estonia__...
Finland__
France __
Germany...
Greece ____
Holland ___
Rate in
Date
Effect
No..15 Established
Prepious
Rate
334
4
2
6
234
4
4
July 10 1935
July 1 1935
May 15 1935
Aug. 15 1935
Mar. 11 1935
Jan, 24 1935
July 18 1933
4
434
234
7
__
43.4
5
314
5
334
2
5
4
4
4
7
336
Jan. 25 1933
Oct. 211035
Aug. 21 1935
June 30 1932
Sept. 25 1934
Dec. 4 1934
Nov. 14 1935
Sept. 30 1932
Oct. 13 1933
Nov. 13 1935
434
6
234
234
534
434
3
5
73.4
4
Country
Rate in
Daze
Effect
No..115 Established
Hungary-__ 4
India334
Ireland...... 3
Italy
5
Japan
3.65
Java
434
Jugoslavia. 5
8
Lithuania
634
Morocco
Norway - - - 334
Poland.... 5
Portugal_.. 4
Rumania_. 334
SouthAfrica 334
Spain
5
234
Sweden
Switzerland 234
Aug. 28 1935
Feb. 18 1934
June 30 1932
Sept. 9 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1938
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
May 15 1933
July 10 1935
Dec. 1 1933
May 2 1935
lima
Rate
434
4
334
434
3
334
634
7
43.4
4
6
534
6
4
534
3
2
Foreign Money Rates
IN LONDON open market discount rates for short
bills on Friday were 9-16@%% as against 9-16@
%% on Friday of last week,and 9-16@54% for threemonths' bills as against 9-16@%% on Friday of last
week. Money on call in London on Friday was Wyo.
At Paris the open market rate remains at 2.8% and
in Switzerland at 23/2%.
Bank of England Statement
HE statement for the week ended Nov. 13 shows
another substantial gain in gold holdings
amounting to £969,477 and raising the total to a new
high of £197,376,683. In each of the 12 preceding
weeks new highs were established. As the gain in
gold was attended by a contraction of £708,000 in
circulation, reserves rose £1,678,000. Public deposits
decreased £5,200,000 while other deposits increased
£3,366,849. Of the latter amount, £3,307,647 was an
addition to bankers' accounts and £59,202 to other
accounts. The reserve 'ratio is up to 38.47% from
36.85% a week ago; last year it was 47.41%. Loans
on Government securities fell off £3,740,000 and those
on other securities rose £257,875. The latter consists
T
3119
of discounts and advances and securities which increased £118,948 and £138,927 respectively. The discount rate remains at 2%. Below are the figures
with comparisons of previous years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Nov. 13
1935
Nov. 14
1934
Nov. 15
1933
Nov. 16
1932
Nov. 18
1931
£
£
£
£
£
Circulation
401.450,000 378.875.640 369,105,831 359,397,172 354,614.998
Public deposits
15,808,000 20,930,142 18.728.299 20,447,326 21,213,372
Other deposits
129,566,858 134,641,161 141.065.519 115,698.087 92,279,062
Bankers accounts_ 92,866,752 97,876,448 103,988.956 82,499,930 59,662,473
Other accounts_ _ 36,700,106 36,764,713 37.076,563 33,198,157 37,616,589
Government occurs
83,475,999 79,051,413 71,163,095 68,563,375 51,005.906
Other securities
23,736,716 20,540,887 23,709,002 29,273,525 43,068.162
Disct. &advances_ 11,105,268 9,633,589 8,556,731 11,795,039 12,067,781
Securities
12,631,448 10,887,298 15,152,271 17,478,486 31,000,381
Reserve notes di coin 55,928,000 73,762,698 82.678.414 56,054,599 42,155,969
Coin and bullion
197,376,683 192,638,338 191,782,245 140,451,771 121,770,967
Proportion of reserve
to liabilities
38.47%
47.41%
51.73%
41.17%
35.57%
Bank rate
2%
2%
2%
2%
6%
Bank of Germany Statement
HE statement dated Nov. 7 for the first quarter
of the month shows an increase in gold and
bullion of 13,000 marks. The total of gold is now
87,798,000 marks, in comparison with 77,829,000
marks last year and 396,476,000 marks the previous
year. A decrease appears in reserve in foreign currency of 76,000 marks, in bills of exchange and
checks of 197,374,000 marks, in advances of 23,630,000 marks, in investments of 182,000 marks, in
other assets of 35,115,000 marks, in other daily maturing obligations of 35,860,000 marks and in other
liabilities of 1,861,000 marks. The Bank's ratio is
now 2.34%, compared with 2.24% a year ago and
12.1% two years ago. Notes in circulation record a
loss of 178,925,000 marks, bringing the total of the
item down to 3,979,597,000 marks. Circulation last
year aggregated 3,651,142,000 marks and the previous year 3,438,716,000 marks. Silver and other
coin and notes on other German banks register increases, namely 35,495,000 marks and 4,223,000
marks respectively. Below we furnish a comparison
of the various items for three years:
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Nov. 7 1935
Nov. 7 1934
Nov. 7 1933
Assets-Gold and bullion
Of which depos. abroad
Reserve in foreign curt.
Billsof exch. as checks—
Silver and other coin
Notes on other Ger. bks
Advances
Investments
Other assets
Reichsmarks
Reichsmark, Reshot:arks Reichsmark.
+13,000
87,798,000
77.829,000 396,476,000
No change
21.725,000
20.891,000
53.946.000
—76,000
5,444,000
4,231,000
18,569,000
—197,374,0003,912,213,0003,607,371,0003,095,040,000
+35,495,000 175,351,000 243,163.000 208,050,000
8,610,000
+4,223,000
9,917,000
8,719,000
—23,630,000
42,330,000
75,744,000
76,653.000
—182,000 660,607,000 750,521,000 318,874,000
—35,115,000 567,626,000 675,245,000 552,162,000
Liabilities-Noths in circulation_
Other daily matur.oblig
Other liabilities
Propor. of gold di for'n
curt, to note cIrcurn
—178,925.000 3,979,597,000 3,651,142,000 3,438,716,000
—35,860,000 692,116,000 927.495,000 389,235,000
—1,861,000 288,288,000 243,496,000 222.532,000
+0.10%
2.34%
2.24%
12.1
Bank of France Statement
HE statement for the week ended Nov. 8 shows
a loss in gold holdings of 667,060,114 francs,
bringing the total down to 71,322,732,303 francs.
Gold a year ago aggregated 82,164,736,854 francs
and two years ago 80,018,475,965 francs. French
commercial bills discounted, bills bought abroad and
creditor current accounts register decreases, namely
560,000,000 francs, 5,000,000 francs and 191,000,000
francs respectively. The Bank's ratio is at 74.40% as
compared with 80.40% last year and 79.60% the previous year. A contraction in note circulation of 761,000,040 francs brings the total down to 82,544,275,710
francs, in comparison with 80,641,125,170 francs a
year ago and 81,526,357,070 francs the year before.
The item of advances against securities reveals a
gain of 108,000,000 francs. A comparison of the various items for three years appears below:
T
3120
Financial Chronicle
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Gold holdings
Credit bale. abroad_
a French commercial
bills discounted—
b Bilis bought abr'd
Adv.against secure_
Note circuiation
Credit current accts.
Propor'n of gold on
hand to sight liab_
Nov. 8 1935
Nov. 9 1934
Nov. 9 1933
Francs
Francs
Francs
Francs
—667,060.114 71,322,732,303 82,164,736,854 80,018,475,965
No change
457,765,985
8,132,116
8,149,837
—560,000,000 7,911,082,377 3,638,941,023 3,389,242,171
—5,000,000 1,249,094,472
920,590,212 1,268,334,279
+108,000,000 3.248,989,411 3,215,718,610 2.835,164,004
—761,000,000 82,544,275,710 80,641,125,170 81,526,357.070
—191,000,000 13,319,553,982 21,481,438,625 18,998,885.500
+0.04%
74.40%
80.46%
79.60%
a Includes bills purchased in France. b Includes bills discounted abroad.
Nov. 16 1935
1 to 90 days, 4
3 % for 91- to 120-day bills, and 1%
for 121- to 180-day bills. The Federal Reserve
banks' holdings of acceptances increased from
$4,676,000 to $4,677,000. Open market rates for
acceptances are nominal in so far as the dealers are
concerned, as they continue to fix their own rates.
The nominal rates for open market acceptances are
as follows:
SPOT DELIVERY
—180 Days— —150 Days—
Bid
Asked
Bid
Asked
516
54
54
5,
—120 Days—
Bid
Asked
New York Money Market
Prime eligible bills
34
316
—90Days— —60Days— —30Days—
EALINGS in the New York money market were
Asked
Bid
Asked
Bid
Asked
Bid
s
quiet this week, with rates unchanged in all Prime eligible bills
34
15
316
FOR DELIVERY WITHIN THIRTY DAYS
.
departments. Little demand was noted for accomEligible member banks
54% bid
modation, despite the increasing activity in stocks Eligible non-member
banks
% Zd
and bonds. Call loans on the New York Stock ExCourse of Sterling Exchange
change held at 3
4% for all transactions, whether
renewals or new loans, while time loans for all maTERLING exchange has been exceptionally steady
turities up to six months were offered at 1%, with
for a period of four weeks, with day-to-day rates
takers few. Commercial paper and bankers' bill fluctuating within narrow limits. During the past
rates were continued unchanged. The Treasury sold week trading has been extremely dull and all London
late last week two series of discount bills at rates markets were more or less listless as the entire attenthat are hardly more than nominal. One series of tion of the country was centered on the general elec$50,000,000 bills due in 124 days was awarded at tions. On Monday, Armistice Day, there was no
0.079% average discount, while another series of market in New York. The range for sterling this
$50,000,000 bills due in 273 days went at 0.143% week has been between .9134 and $4.9234 for bankaverage discount, both computed on an annual bank ers' sight bills, compared with a range of between
discount basis.
.913/ and $4.925
% last week. The range for cable
transfers
has
been
between $4.9134 and $4.92%,comNew York Money Rates
pared with a range of $4.9134 and $4.9234 a week
EALING in detail with call loan rates on the ago. Sterling is firmer in terms of the French franc
Stock Exchange from day to day, VI of 1% owing to the
pressure on that unit. The London
remained the ruling quotation all through the week check rate
on Paris had a range this week of from
for both new loans and renewals. The market for 74.68 to
74.812, compared with a range of between
time money is still in the doldrums, no transactions 74.625
and 74.75 last week.
having been reported this week. Rates are now
The following tables give the mean London check
quoted at 1% for all maturities. The market for rate on
Paris from day to day, the London open marprime commercial paper has been fairly strong this ket gold
price, and the price paid for gold by the
week. Paper has been in good supply and the de- United States:
mand has been brisk. Rates are 4
3 % for extra
MEAN LONDON CHECK RATE ON PARIS
choice names running from four to six months and Saturday, Nov 9
Wednesday, Nov. 13
74.812
74.68
Monday, Nov. 11
Thursday, Nov. 14
74.702
74.796
1% for names less known.
Nov. 15
74.702
D
S
D
Tuesday, Nov. 12
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
74.734
Friday,
LONDON OPEN MARKET GOLD PRICE
Saturday, Nov. 9
1415. 3)4d. 1 Wednesday, Nov. 13___141s. 6d.
Monday, Nov. 11
141s. 4)0.
Thursday, Nov. 14......141s. 434d.
Tuesday, Nov. 12
Nov. 15_141s. 5d.
Friday,
1418. 4d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Nov. 9
$35.00
$35.00 1 Wednesday, Nov. 13
Monday, Nov. 11
Holiday Thursday, Nov. 14
35.00
Tuesday, Nov. 12
35.00
Friday,
Nov. 15
35.00
The return to power of the National Government
in
the elections on Thursday, with a sizable working
Date
Federal Reserve Ban,t
Established
majority, was a foregone conclusion. From now on
23.i
Feb. 8 1934
Boston
2
London markets are expected to show greater activ2
Feb. 2 1934
New York
134
2Si
Jan. 17 1935
Philadelphia
2
ity and confidence will be maintained in sterling, as
2
May 11 1935
Cleveland
134
2%
May 9 1935
2
Richmond
there will be no important change in the Govern23i
Jan. 14 1935
2
Atlanta
23i
Jan. 19 1935
2
Chicago
23i
ment's financial policies. Currently, sterling is unJan. 3 1935
St. Louis
2
23i
May 14 1935
2
Minneapolis
23.
May 10 1935
der seasonal pressure and this phase of the market
Kli118118 City
2
2Si
May 8 1935
Dallas
2
San rrstnellann
2
Feb. IR 1934
254
must continue until after the turn of the year. However, owing to the great curtailment of international
Bankers' Acceptances
exchange of goods and services during the past four
RADING in prime bankers' acceptances has been or five years, the pressure against the pound on seavery quiet this week. Few bills are coming out sonal commercial account is of minor importance.
Since 1931 the world's chief financial centers have
and dealers' portfolios are practically empty, though
the demand has been fairly brisk. Rates are un- been under the influence, so far as currency fluctuachanged. Quotations of the American Acceptance tions are concerned, of the vast movements of unCouncil for bills up to and including 90 days are 3-16% easy capital from one center to another. At present
asked; for four months, h% bid and the outward flow of funds from London and the
3
bid and 4%
3 % bid and Continent to the New York security market is the
3-16% asked; for five and six months, 4
5-16% asked. The bill buying rate of the New most adverse factor against sterling and other foreign
York Reserve Bank is M% for bills running from exchanges. The dollar is everywhere in demand.
R,ate Os
Erred on
:gm 15
T
Previous
Rate
Volume 141
Financial Chronicle
3121
Meanwhile, as for months past, sterling has had an show still greater improvement. The endorsement
offsetting favorable influence in the extensive pur- of the Government in the elections insures a great
chases of silver in the London open market for ac- volume of activity in armament and naval construccount of the United States Treasury. During the tion and thereby a further enhancement of purchasing
past week, however, there has been a sharp drop in power. The National Party is also committed to a
Far Eastern offerings of silver in London, so that the road-building program involving an expenditure of
offerings required to be absorbed for account of the £100,000,000 during the next five years and to finanUnited States Treasury were of minor importance in cial assistance to provide more efficient railway service and to rebuild blighted areas. The program
their effects on day-to-day sterling quotations.
The movement of gold and funds from London to should give large contracts to engineering, steel and
New York has now attained considerable volume,and cement plants, and stimulate the building trades.
the outward flow of gold from Europe to this side
In the six months ended on March 31, 14,357
since Sept. 9 has exceeded $546,000,000. Most of houses were built in England under State subsidy and
this gold has come from France, while that which 153,062 were erected independently. This compares
came from England seems to have been taken almost with 31,043 and 122,247, respectively, in the correentirely from private hoardings of gold which had sponding period of 1933-34. Preliminary figures supaccumulated in London. This movement of funds plied by the British Board of Trade show exports for
from London has diminished greatly in the past few October of £39,865,000, the highest value to be reweeks and there are again evidences of an increasing. ported for any month in the last five years. The
demand for open market gold in London for private October figures for the ten London clearing banks
account which is being left on deposit there. Most show an increase of more than £12,000,000 in deof the gold now accumulating for private hoarding in posits to a new peak of £2,035,675,000. This acLondon is for French and other Continental account counts in large measure for the cheapness of credit in
and reflects to an important extent the nervousness the London market, as it also reflects the universal
felt with respect to the French situation. In other confidence in the stability of sterling.
In view of the fact that the British Government
words, there are signs of a flight from the franc.
than
to maintain a policy of cheap money, authorimore
$150,000,000
of
wishes
months
In the past two
gold has been attracted from private hoards in Lon- ties do not expect it to countenance any sharp rise in
don to the New York security market. British in- rates such as might result from an unusual demand
vestors, it would seem, are confident that the rise in for credits for expansion of export trade. On the
Wall Street will continue. The London financial contrary, it is believed in London that the Governpress gives exceptional prominence to the activity of ment would probably approve an expansion of credits
the securities market on this side, and London broker- through an expansion of currency, with a two-fold
age firms are issuing special letters concerning Ameri- effect: easy money and obviation of necessity for
can securities to an extent not hitherto experienced banks to liquidate gilt-edged securities to finance
there.
trade. The Bank of England's gold purchases indiThe revised condition statement of the reporting cate preparations of this nature and further purchases
member banks in the Federal Reserve System for the are expected. On Tuesday of this week the Bank of
week ended Nov. 6 gives more detailed and accurate England apparently took all the gold on offer in the
information on credit conditions here. An important open market, being reported to have purchased
addition to the statement is an item showing deposits £522,783 in gold bars. The Bank's gold holdings are
due to foreign banks. This information had not been now at a new record high, totaling £197,376,683,
officially reported previously, although much specu- which compares with £192,638,338 a year ago and
lation had been made as to their volume. AS re- with the minimum of £150,000,000 recommended by
ported,these balances totaled $372,000,000 on Nov.6 the Cunliffe Committee. The Bank's note circulaand represented an increase of $249,000,000 over those tion is more than £22,000,000 higher than a year ago,
a year ago. The figures give some idea of the and it is thought that it may expand still further duramounts of foreign money which have recently been ing the holidays.
seeking investment opportunities in New York.
London open market money rates show hardly
The total of such investments must be still greater, any change from day to day. Call money against
as many private accounts are handled directly by bills is comfortable at %. Two- and three-months'
brokers and cannot appear as funds due to foreign bills are quoted 9-16% to /
3%, four-months' bills
banks. Practically all the gold that has arrived here /%to 11-16%,and six-months' bills 11-16% to 4
3 %.
was privately owned.
have
seems
to
week
this
market
Gold on offer in the
According to the "Wall Street Journal," these for- been taken chiefly for account of foreign hoarders.
eign deposits to a very substantial degree currently On Saturday last there was available £60,000; on
represent balances placed here solely to obtain the Monday, £472,000; on Wednesday, £407,000; on
benefit of an attractive interest return in connection Thursday, £105,000, and on Friday, £212,000. On
with transactions in the futures foreign exchange mar- Tuesday the Bank of England bought £522,783 in
ket. It points out: "As an instance, a French bank gold bars; on Thursday the Bank bought £179,905
at the present time could sell spot francs at $.0659 in gold bars.
At the Port of New York the gold movement for
and cover the commitment in three-months'futures
week ended Nov. 13, as reported by the Federal
the
points.
That
discount
on
15
an anat a discount of
Bank of New York, was as follows:
Reserve
nual basis would be equal to a return of about 9%
GOLD MOVEMENT AT NEW YORK, NOV.7-NOV. 13,INCLUSIVE
on the transaction."
Imports
Bzports
The internal business boom in England continues $22,095,000 from France
3,357,000 from Canada
without abatement and well-informed observers feel
None
3,258,000 from England
515,000 from Holland
that it must last for a few years at least. Meanwhile,
145,000 from Russia
should there be any improvement in the international
exchange of goods and services, British trade would 829,370,000 total
3122
Financial Chronicle
Net Change in Gold Held Earmarked for Foreign Account
None
Note-We have been notified that approximately $500,000 of gold was
received from China at San Francisco.
The above figures are for the week ended on
Wednesday. On Thursday $6,666,700 of gold was
received, of which $6,112,200 came from France and
$554,500 from England. There were no exports of
the metal, but gold held earmarked for foreign account decreased $68,300. On Friday $6,273,000 of
the metal was received, of which $3,497,500 came
from France, $2,437,900 from India and $337,600
from Russia. There were no exports of the metal
or change in gold held earmarked for foreign account.
Canadian funds during the week were quoted in
terms of the United States dollar from a discount of
1 3-16% to a discount of 1%.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm in exceptionally quiet trading.
Bankers' sight was $4.92M@$4.92%; cable transfers, $4.92M@S4.92%. On Monday, Armistice
Day, there was no market in New York. On Tuesday the pound displayed an easier undertone in a
dull market. The range was $4.915
/
3@ .923/i for
bankers' sight and $4.91%@$4.92M for cable transfers. On Wednesday the market continued inactive. Bankers' sight was $4.91%
3 @$4.92%; cable
transfers $4.91%@$4.923/
2. On Thursday exchange
was dull but steady. The range was
$4.92 for.bankers' sight and $4.91%@$4.923' for
cable transfers. On Friday sterling was firm and the
markpt more active because of the success of the
Nationalist Party in the general elections. The,
range was $4.91%@$4.92 for bankers' sight and
$4.91%@$4.923/ for cable transfers. Closing quotations on Friday were $4.92 for demand and $4.923/
for cable transfers. Commercial sight bills finished
at $4.913/8; 60-day bills at 84.9114; 90-day bills at
$4.90%;documents for payment(60 days) at $4.903/
8,
and seven-day grain bills at 84.91/. Cotton and
grain for payment closed at $4.91%.
Continental and Other Foreign Exchange
RENCH francs have been under heavy pressure
since Sept. 9,and in the past two weeks the pressure has been greatly intensified. Since the outward
flow of gold from Europe began in the early part of
September, approximately $545,700,000 of gold has
been engaged for shipment to New York, of which
$287,400,000 has come from France. Arrivals of
gold up to Nov. 13 amounted to $483,800,000. The
current statement of the Bank of France, which
covers the week ended Nov. 7, shows an extraordinary decrease in gold holdings of 667,060,114 francs.
The forthcoming statement as of the week ended
Nov. 14, which will not be published until Nov. 21,
is expected also to show a severe decline in gold holdings. On Wednesday of this week it was known,for
example, that 170,000,000 francs of gold was withdrawn for shipment to New York and purchases in
the preceding few days had been running around
150,000,000 francs. In addition to losing gold to
New York,the Bank of France has been shipping gold
to Brussels and Amsterdam in response to the weakness of the franc in various foreign exchange markets.
Hence there is some alarm over the franc situation in
Paris.
To offset the outward flow of gold the Bank of
France on Thursday increased its rediscount rate from
3% to 4%. The 3% rate had been in effect since
Aug. 8, when it was reduced from 332%. In the
F
Nov. 16 1935
opinion of market observers the present increase is
only a forerunner of a rise which may carry the rate
up to 5% or 6%. Last May the Bank of France
lifted its rate from 3% to 6% in a week when confronted with a heavy drain of gold created by political
difficulties. Since the first of the year France has
shipped here approximately $700,000,000 in gold,
an amount which before 1930 would have seemed fantastic. The heavy movement of gold does not reflect
an excess of payments due to the United States on
ordinary transactions. It is rather the heavy movement of capital to this country, seeking both safety
and profit.
The movement of funds from France is due to
political uncertainties and to the fear that the franc
may suffer devaluation. In addition to the exodus
of funds, private hoarders in France are refusing
money to the market and it is believed that unless
more fortunate circumstances impend, both long-and
short-term funds
become dearer. The Government's recent offer of railway bonds yielding around
63/2% serves to illustrate the complete failure of
M.Laval's Government to cheapen long-term money,
and the Finance Minister's reiteration that a considerable loan operation is inevitable after the year-end
suggests dearer, rather than cheaper, money both
for long- and short-term during the next few months.
In contrast to the French situation, the Belgian
currency is showing considerable strength and Belgium has been drawing gold from Paris for some
weeks. In reviewing the past six months, during
which Belgium has operated on a devalued currency,
a recent bulletin of the National Bank of Belgium
says there has been a 19% rise in wholesale prices and
a rise in retail prices of 8% and of 5% in industrial
wages. The bulletin states that the improvement in
industrial activity which has taken place in that
period is mainly internal because of export trade
difficulties. Money markets are easy and of the
6,000,000,000 belgas of foreign capital which have
entered since devaluation only 1,000,000,000 belgas
have been withdrawn. Premier Van Zeeland recently declared that the belga was the surest and
most stable of moneys during the recent currency
disturbances. The Premier revealed that the exchange equalization fund which had been formed from
the gold profit resulting from revaluation of the gold
reserves has never been utilized. However, because
of the stagnation of the long-term money market he
proposes to employ a portion of this profit temporarily
to finance public works under an extraordinary
budget.
Neither the German mark nor the Italian lira
situation show any change from the past few weeks.
The currency and credit situation in both Germany
and Italy is decidedly unfavorable.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (beige)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.28
19.30
40.20
New Dollar
Parity
6.63
18.95
8.91
32.67
68.08
Range
This Week
8.5844 to 6.59
18.89A to 18.92
8.10i to 8.11;i
32.51 to 32.53
87.90 to 87.94
The London check rate on Paris closed on Friday
at 74.70, against 74.76 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.583/2, against 6.58 on Friday of
last week; cable transfers at 6.58%, against 6.58%;
and commercial sight bills at 6.55%, against 6.55%.
Volume 141
Financial Chronicle
Antwerp belgas closed at 16.89 for bankers' sight
bills and at 16.90 for cable transfers, against 16.90
and 16.903/
2. Final quotations for Berlin marks were
40.23 for bankers' sight bills and 40.24 for cable
transfers, in comparison with 40.23 and 40.24.
Italian lire closed at 8.10 for bankers' sight bills and
at 8.11 for cable transfers, against 8.098
%.
% and 8.108
Austrian schillings closed at 18.80, against 18.80; exchange on Czechslovakia at 4.13k, against 4.14; on
Bucharest at 0.80, against 0.80; on Poland at 18.84,
against 18.84, and on Finland at 2.17k,against 2.18.
Greek exchange closed at 0.933/ for bankers' sight
bills and at 0.94 for cable transfers, against 0.933/b
and 0.94.
XCHANGE on the countries neutral during the
war continues to follow trends in evidence for
several weeks. The Scandinavian currencies are
exceptionally steady in sympathy with the movements
of sterling. The Holland guilder situation shows so
much strength that the Bank of The Netherlands on
Thursday announced a further reduction in its rediscount rate to 31
/
2% from 4%. The rate was reduced to 4%from 43% only on Monday of last week.
The 4% rate had been in effect since Oct. 21, when
it was reduced from 5%, which rate had been operation since Oct. 17, when it was reduced from 6%.
The improvement in the position of the Netherlands
bank has been continuous since the middle of September. In that month the Bank lost about 10%
of its gold reserves. From 600,000,000 guilders on
Sept. 9 the Dutch gold stock declined to 536,100,000
guilders on Sept. 30. The Bank's statement on
Nov. 11 showed gold reserves of 613,100,000 guilders. The reserve ratio has improved from 62.2%
on Sept. 30 to 73.7%. Both the gold and the reserve
ratio are the highest since July 22, just before the
July cabinet crisis, while the new bank rate is the
lowest since July 25.
Bankers' sight on Amsterdam finished on Friday
at 67.91, against 67.91 on Friday of last week; cable
transfers at 67.92, against 67.92; and commercial
sight bills at 67.89, against 67.89. Swiss francs
closed at 32.513 for checks and at 32.523/ for cable
transfers, against 32.52 and 32.53. Copenhagen
checks finished at 21.97 and cable transfers at 21.98,
against 22.00 and 22.01. Checks on Sweden closed
at 25.37 and cable transfers at 25.38, against 25.39
and 25.40; while checks on Norwiy finished at 24.72
and cable transfers at 24.73, against 24.75 and 24.76.
Spanish pesetas closed at 13.64 for bankers' sight
bills and at 13.65 for cable transfers, against 13.64
and 13.65.
•E
3123
32.82 on Friday of last week;cable transfers at 327
4),
against 32 8. The unofficial or free market close
was 27.15@273, against 27@273. Brazilian milreis, official rates, are 831 for bankers' sight bills and
8.45 for cable transfers, against 8h and 8.45. The
unofficial or free market close was 5.60, against 5.65.
Chilean exchange is nominally quoted on the new
basis at 5.19, against 5.19. Peru is nominal at
25.32, against 24.91.
XCHANGE on the Far Pastern countries continues unsatisfactory owing to the complications which have arisen because of the recent sharp
declines in silver prices in London. The Chinese
Government is experiencing difficulties in its plans
for nationalizing silver. Japanese authorities have
been strong in condemnation of the plan and it would
seem that banks in Tientsin, Peiping, Hankow and
Canton are strenuously opposed to the concentration
of their silver in either Nanking or Shanghai. In
view of this opposition it seems that the Government
has decided on a compromise measure to create subcommittees in those cities to supervise the concentration of their silver stocks and the circulation of the
unified bank notes issued under the new currency
plan. These steps are expected to be facilitated by
the fact that the three Government-owned banks
have branches in these cities. The entire situation
is somewhat complicated and exporters and banks
having business with Shanghai are awaiting developments. The Hong Kong Government (British)
on Oct. 9 ordered a ban on all exports of silver coins
or bullion in another attempt to relieve the currency
crisis. The legislative council also announced the
establishment of a security fund with moneys to be
collected from an issue of new one-dollar notes.
The council stated that a proclamation would be
issued concerning the coining of new five- and tencent pieces composed of pewter and nickel to offset
the shortage of small denominations. Coined dollars are not to be called in.
Closing quotations for yen checks yesterday were
28.65, against 28.79 on Friday of last week. Hong
Kong closed at 36/@36 15-16, against 35M@
35 13-16; Shanghai at 29 13-16@297
4, against 303/
8;
Manila at 50.05, against 50; Singapore at 57.75,
against 57,80; Bombay at 37.17, against 37.21, and
Calcutta at 37.17, against 37.21.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Nov. 14 1934, together with comparions as of the
corresponding dates in the previous four years:
E
T
XCHANGE on the South American countries
presents no new features of importance. These Banksof1934
1935
1933
1932
1931
currencies are exceptionally steady as the exchange
£
£
£
£
E
England__ _ 197,376,683 192,638.338 191,782,245 140,451,771 121,770,967
controls endeavor to keep the units in close relation France
•___ 570.581,858 657,317.895 640.147,807 665.867,549 540.642.598
Germany b.
3,303,650
2,848,000
17.432,550
38,195,000
47,533,150
to sterling. Exporters are watching with interest the Spain
90,329,000
90.647,000
90,427,000
90,315,000
89.669,000
42,575.000
66.712.000
76,228,000
62,687,000
58.918.000
operation of the unfreezing agreement recently en- Italy
Nethlands.
49,066,000
73,547,000
74.445,000
86,240.000
72,033,000
Nat.Beig'm
98,553,000
73,941,000
77,501.000
74,650,000
73.080.000
Brazil
into
by
tered
and the United States, which Switzerland 46,707,000 68.229,000 61.691.000 89,165,000 53,416,000
Sweden.__. 21,349,000
15,685,000
14,189,00(1
11,443,000
11,857,000
affects $20,000,000 or more of American exporters' Denmark
6,555,000
7,396,000
7,397,000
7,400,000
9,211,000
Norway --.
6,602.000
6,580.000
6,576.000
8,014,000
6,550,900
funds tied up in Brazil by exchange restrictions. Total week_ 1,182,998,191 1,255,542,133
1,257,816,602 1,274,428,320 1,084,600,715
Both Brazil and Argentina are importing more from Prey. week_ 1.137.155,545 1,258.221,814 1,261,174,432 1,272,284,616 1,084,847,536
These are the gold holdings of the Bank of France as reported to the new form
the United States and there seems to be considerable ofastatement.
b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,086,250.
evidence that in the near future exchanges can be
effected for export payments to these countries on
Foreign Exchange Rates
a more satisfactory basis.
URSUANT to the requirements of Section 522
Argentine paper pesos closed on Friday, official
of the Tariff Act of 1922, the Federal Reserve
quotations, at 32.80 for bankers' sight bills, against Bank is now certifying daily to
the Secretary of the
E
P
Financial Chronicle
Nov. 16 1935
dealing in gold affect the public interest, and are
therefore subject to proper regulation and restriction." One of the purposes of the Act of August 8
1935, regulating inter-State motor bus and truck
RESERVE
FEDERAL
BY
CERTIFIED
RATES
EXCHANGE
FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
traffic,
is declared to be the establishment of such
NOV. 9 1935 TO NOV. 15 1935 INCLUSIVE
regulation "in the public interest," while the GuifeyNoon Buying Rale for Cable Transfers in New York
Snyder Coal Act specifically asserts that "the mining
Value in United Slates Money
Country and Moneta
Ural
of bituminous coal and its distribution by the proNov. a Nor. 11 Nov. 12 Noo. 13 Nov. 14 NOV. 15
$
$
Europe$
ducers thereof in and throughout the United States
$
8
$
.187766* .187733* .187750* .187766*
187766*
Austria,sclallIlng
.169034 .168984 .168980 .168915
169007
are
Belgium, belga
affected with a national public interest," and
.013375* .013375 .013375* .013375*
.013375*
Bulgaria, lev
.041382 .041367 .041360 .041364
Czechoslovakia, krone .041375
that
the control of production and the regulation of
.219691 .219645 .219550 .219608
219875
Denmark krone
4.928000 4.920416 4.917589 4.919083
England, pound sterrg 4.925833
prices
are intended to "protect the national public
.021690 .021690 .021685 .021695
.021725
Finland, markka
.065874 .065871 .065865 .065866
.065869
France, franc
interest
therein."
.402271 .402235 .402278 .402264
Germany, reichsmark .402285
.009386 .009400 .009385 .009385
009400
Greece, drachma
The
phrases
"public interest" or "national public
.679078 .679085 .678942 .678928
.679164
Holland, guilder
.296250* .296250 .296250* .296250*
.296250*
Hungary. pengo
interest"
are
found in the Constitution. An
not
.081048
.081063 .081037 .081050
.081096
Italy, lira
.247241 .247191 .247118 .247158
.247433
Norway, krone
analogous phrase, however, and one often used as •
.188240 .188300 .188200 .188240
.188320
Poland, zloty
.044729 .044708 .044708 .044766
.044762
Portugal, escudo
if it were synonymous, is "general welfare." The
.007890 .007890 .007890 .007895
.007890
Rumania,leu
.136500 .136503 .136489 .136478
.136510
3pain, peseta
latter phrase occurs twice in the Constitution: first
.253725 .253566 .253541 .253625
.253900
hveden, krona
.325125 HOLI- .325121 .325067 .325110 .325089
3witzerland, franc
in the preamble, where one of the purposes in estab.022862 .022862 .022862 .022850
DAY
.022850
Yugoslavia. dinar
Aslalishing the Constitution is declared to be to "proDhina.294583 .295000 .293958 .294166
Chefoo (yuan) dol'r .297500
.295000 .295416 .294375 .294583
mote the general welfare," and later in Section 8,
Hankow(yuan)der .297916
.294791 .294583 .293958 .294375
Shanghal(yuan)dol. .297083
.295000 .295416 .294375 .294583
Tientsin(yuan) doh' .297916
1 of Article I, where Congress is given
Paragraph
.341875 .341937 .355312 .358875
Hong Kong. dollar_ .336562
.371387 .371265 .371470 .371240
.371410
India, rupee
power
"to
and collect taxes, duties, imposts and
lay
.287290 .287110 .287050 .286190
287520
lapan, yen
.576250 .575312 .575625 .575625
3ingapore (S. S.) dol r .576250
pay
to
the debts and provide for the common
excises,
Australasia3.908437 3.905000'3.904687'3.904062*
3.910625*
tustralia, pound
welfare of the United States."
general
defense
and
.946562'3.935625°3.935625'3.935000o
sfew Zealand, pound- 3.933125*
Africa"general welfare clause"
so-called
This
the
is
latter
4.863750'4.864250*
4.8,58000 4.866500
iouth Africa, pound-4.885750°
North Americato which allusion is often made.
.988932 .988411 .988359 .988255
.989895
linada, dollar
.999200 .999200 .999200 .999200
.999200
7uba, peso
The first great constitutional debate in our his.277675 .277675 .277675 .277675
dark°, peso (sIlver)_ .277675
.986500 .985875 .985937 .985687
srewfoundland, dollar .987375
tory, although one whose arguments did not become
South America.327962* .327950* .327825* .327825*
.328175*
irgentina, peso
public for many years thereafter, arose over the
.083837* .083837 .083837* .083837*
.083816*
trash!, milrels
.050950* .050950 .050950* .050950*
.050950*
jh1le. peso
.801500*
.801500*
.801500
.801500*
.801500*
interpretation of the general welfare clause. In
Jruguay, peso
.569000* .566600* .568200* .585400*
.569800*
7olombia, peso
1791 Washington had before him a bill to incor•Nominal rates; firm rates not available.
porate the first Bank of the United States. Strong
opposition had been made to the bill on the ground
NationalInterestand the General Welfare that the Constitution did not authorize Congress
In the decision rendered on Nov. 7, at'Baltimore, to create a corporation, and Washington, in doubt
holding the Public Utilities Act of 1935 "invalid in about approving the measure, asked the written
its entirety," Federal District Judge William C. opinions of Jefferson, Secretary of State, and HamColeman said, among other things: "The theory ilton, Secretary of the Treasury. Jefferson's opinion
upon which this Act is predicated is that public is the classical statement of the doctrine of strict
utilities holding companies and their subsidiaries construction. The power given to Congress, Jefferare affected with a 'national public interest.' But son declared, was "to lay taxes for the purpose of
under the Constitution there is no 'national public providing for the general welfare." Congress "are
interest' which permits Federal regulation unless the not to lay taxes ad libitum for any purpose they
person, corporation or thing affected with such in- please, but only to pay the debts or provide for the
terest is in fact involved directly, not indirectly, in welfare of the Union. In like manner, they are not
some activity over which the Federal Government, to do anything they please to provide for the general
through one or more of the powers delegated to it welfare, but only to lay taxes for that purpose. To
by the Constitution, has jurisdiction. If the Con- consider the latter,phrase, not as describing the purstitution be construed to permit what the Public pose of the first, but as giving a distinct and indeUtilities Act aims to accomplish, then Federal au- pendent power to do any act they please which might
thority would embrace practically all the activities be for the good of the Union, would ...reduce the
of the people, and the authority of the States over whole instrument to a single phrase, that of institheir domestic concerns would exist only by suf- tuting a Congress with power to do whatever would
be for the good of the United States; and as they
ferance of the Federal Government."
The rebuke which Judge Coleman administered to would be the sole judges of the good or evil, it would
the Government in the passage just quoted applies be also a power to do whatever evil they please."
to other Federal statutes besides the Public Utilities
Hamilton's opinion, written with Jefferson's beAct. A considerable number of the Acts in which the fore him,is in turn one of the classical statements of
policies and methods of the New Deal are embodied the doctrine of implied or resulting powers. "This
affirm, in one phraseology or another, the existence general principle," he declared, "is inherent in the
of a "national public interest" as one of the primary very definition of government, and essential to every
reasons for their enactment. The Agricultural Ad- step of the progress to be made by that of the United
justment Act of 1933,for example, declares in its pre- States, namely, that every power vested in a govamble that the disordered conditions in agriculture ernment is in its nature sovereign, and includes, by
which it proposes to remedy "have affected trans- force of the term, a right to employ all the means
actions in agricultural commodities with a national requisite and fairly applicable to the attainment of
public interest." The Joint Resolution of June 5 the ends of such power, and which are not precluded
1933, repealing the gold clause, recites in the opening by restrictions and exceptions specified in the Conparagraph of its preamble that "the holding of OT stitution, or not immoral, or not contrary to the esTreasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
Volume 141
Financial Chronicle
sential ends of political society. ... If the end be
clearly comprehended within any of the specified
powers, and if the measure have an obvious relation
to that end and is not forbidden by any particular
provision of the Constitution, it may safely be
deemed to come within the compass of the national
authority."
Precisely what the general welfare provision of
the Constitution was intended to cover, or may reasonably be held to cover now under changed social
conditions, has not, we believe, been decided by the
Supreme Court. An attempt to get such a decision
was made on Wednesday, by Government attorneys,
in a Wisconsin case in which the Home Owners Loan
Corporation has been permitted to intervene as "a
friend of the Court," the Government counsel contending, it is reported, that the constitutionality of
the Home Owners Loan Act of 1933 would be sustained if a "broad view" were taken of the general
welfare clause. If Judge Coleman's ruling in the
utilities case regarding the limitations of "national
public interest" is sustained, however, there seems
to be no reason why a similar limitation is not applicable to "general welfare." Substitute the latter
expression for the former in the passage from Judge
Coleman's decision which we have quoted, and we
shall have the sound doctrine that there is no "general welfare" which the Federal Government may
foster or regulate unless the person, corporation or
action affected or concerned is directly involved in
some activity over which the Federal Government
is given, by the Constitution, explicit jurisdiction.
Any other interpretation would allow the Federal
authority, in the words of Judge Coleman, to "embrace practically all the activities of the people,"
and leave the States to exercise authority over their
domestic concerns "only by sufferance of the Federal
Government."
The idea that any constitutional limits can or
should be set to a definition of general welfare, or
that a national public interest can not be appealed
to as a sufficient justification for whatever the Federal Government may think fit to do, is obviously
far removed from the sweeping claims which the
Administration has made. Were it not for the grave
crisis in government which Administration policies
have brought about, it would be difficult to take
seriously the contentions and assumptions which the
New Deal has put forward. American agriculture,
it has been declared, was in a bad way; the Government, accordingly, must step in and regulate acreage,
production, distribution and prices, and tax the consuming public to keep the farmers going and give
them a profit. Where in the Constitution is such
authority granted? Industry and business, it is
said, are suffering from depression, competition is
working to their disadvantage and various "unfair"
practices are in vogue; the Government proposes to
put industry and business under the restrictions of
codes, regulate wages, hours and conditions of employment, control the volume of output, and put beyond the pale any business or industry that does not
conform. Where in the Constitution has such authority been delegated to the Federal Government by
the States? Is there anything in the Constitution
which empowers the Federal Government to deal
with public utility holding companies and their constituent elements in ways which Judge Coleman
denounced as "expressly arbitrary, unreasonable and
capricious," or to make the private holding of gold
3125
or gold coin a crime, or to impose taxes or contract
loans for the general relief of unemployment, or
to enter into direct competition with private industry
or business, or to force employers to accept collective
bargaining in wage agreements, or to establish a
national system of old age pensions and unemployment insurance, or to buy up submarginal land as
an alleged aid to agriculture, or to build houses, refinance mortgages and establish "subsistence homesteads" and rural settlements at Federal expense?
The Constitution of the United States was established for two purposes. It was intended to create
a system of government under which the common
interests of the people of the several States would
be beneficently served, but it was also intended to
protect the people and the States against excesses of
Federal authority. At no time have the people and
the States been more in need than now of the protection which a sound judicial interpretation of the
provisions of the Constitution can alone afford. Under the guise of serving a "national public interest"
and a "general welfare" the Administration, with
the aid of a Congress which it controlled, has assumed that whatever the Constitution did not forbid
might lawfully be done. Judge Coleman's decision
calls attention sharply to the fact that the jurisdiction of the Federal Government rests, not upon its
theories of how the affairs of the people should be
managed or what kind of "welfare" should be promoted, but upon specific delegations of authority set
out in the Constitution itself. It is no justification
of a Federal Act that the Act is thought by the Government to be good; there must be constitutional
warrant, directly and not indirectly, for everything
that is done. The Tenth Amendment defines the matter conclusively when it declares that "the powers
not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved
to the States respectively or to the people." Beyond
the limits of this declaration, added early as an
Amendment to make sure that the principle would
not be infringed, there is no "national public interest" or "general welfare" with which the Federal
Government may constitutionally be concerned.
War:and Sanctions as "Instruments
of National Policy"
The Pact of Paris, commonly referred to as the
Kellogg Anti-War Pact, undertook, as between its
signatories, to abolish war "as an instrument of
national policy." Accepted eventually by most of
the nations of the world, it represented the greatest
victory that had yet been won by pacifism in its
campaign for the "outlawry" of war. The Covenant
of the League of Nations, while clearly looking forward to peace as one of its aims, nevertheless recognized war as a possibility and did not formally put
it under a ban. The acceptance of the Kellogg Pact,
however, was accompanied by conditions and reservations which were soon seen to leave the Pact only
a counsel of perfection embodied in an empty form
of words. By general agreement, acquiesced in specifically by Secretary of State Rellogg, who with
Briand, Foreign Minister of France, had evolved
the document, it was understood that the abandonment to which the signatory Powers agreed did not
extend to defensive war; and since most parties to
wars, whether actually the aggressors or not, have
always insisted that they were acting for defense,
3126
Financial Chronicle
and comparatively few wars have ever been open
attacks out of hand, no war was likely to occur to
which the prohibition of the Pact would inescapably
apply. Moreover Great Britain, while accepting the
Pact, specifically reserved its right to deal in its
discretion with certain unnamed "spheres of influence" over which it claimed and exercised authority,
and it was also generally understood that the Monroe
Doctrine, long an element of American foreign policy, was not affected. As legal authorities are practically unanimous in holding that the reservations are
to be accorded full validity in interpreting the Pact,
it followed that the formal relinquishment of war
"as an instrument of national policy" amounted in
practice to nothing at all.
That, in fact, is the interpretation which the Kellogg Pact has received. War has not been abandoned
notwithstanding that the nations have agreed to
abandon it. Since the Pact was proclaimed there
has been war in Asia between Japan and China and
a protracted war in South America between Bolivia
and Paraguay, and war is now going on between
Italy and Ethiopia. Without exception the Powers,
great and small, have gone on preparing for war or
preparing to keep out of war, in each case with the
expectation that war might happen. The long and
dreary debate over disarmament went on for years,
not with the idea that military, naval and air establishments were actually to be demobilized and
the reign of peace ushered in, but only in the hope
that war might be rendered less likely and its incidents less dreadful, and that its spread might be
checked and its area localized. Germany has emancipated itself from the armament restrictions of the
Treaty of Versailles and in another year will be able
to fight, France has completed a formidable line of
forts along its eastern and northeastern frontier,
the Russian army, next to that of France, is probably the best in the world, Great Britain is increasing its air forces and turning out munitions at top
speed, and the United States is expanding its navy.
Seventeen years after the great armistice of 1918,
war establishments and war expenditures are larger
than they have ever been in any time of peace.
War and preparations for war, accordingly, instead of ceasing to be instruments of national policy, continue to be important instruments of policy
in both national and international affairs. The systematic cultivation of the military spirit has been a
feature of Nazi Germany, as it was of Fascist Italy
even before the war with Ethiopia began. To war
as an instrument of policy, however, has now been
added the economic instrument of sanctions. Calling into action, albeit after long hesitation and delay, provisions of the League Covenant whose full
possibilities could hardly have been realized when
the Covenant was framed,the members of the League
have undertaken to bring to bear upon Italy an
economic pressure strong and comprehensive enough
to prevent a long continuance of the war in which
Italy is engaged, and in which it has been formally
branded as the aggressor. In other words, instead
of one "instrument of national policy" we now have
two, each in its way destructive and each, if it succeeds, a weapon of obvious power for the accomplishment of the purpose for which it is designed. To war
at arms, which theoretically had been abandoned,
economic war has been added, with neutrality, in
the case of the United States, as an exceedingly
troublesome by-product of both.
Nov. 16 1935
It is proper to inquire, at this juncture, whether
sanctions, having been declared by an international
body, have for the moment thrust national policy
at one side and established an international policy
in its place. On this point the protest of the Italian
Government which was made public on Wednesday
merits attention. The protest, the text of which was
communicated on the same date to the individual
Governments represented in the League, and to the
American Government for its information, declared
that the "harsh and hasty steps" which had been
taken in imposing sanctions had been "concerted in
a co-ordination conference which is not by any means
an organ of the League, and which has carried on and
is carrying on its investigations and labors without
Italy being in any way informed," and that "the various Governments, therefore, remain individually
the judges and are responsible to Italy both as regards the scope of the measures they adopt and as
regards their legal justification."
The co-ordinating committee, the protest continues, after elaborating its plan, "finally proposed
to the Governments to bring all the measures examined simultaneously and definitely into force at a
very early date by means of collective actions by
certain States represented thereon, and disregarded
all opinion in favor of gradual or progressive application. These sanctions would thus be applied for
the first time against Italy under defacto and de jure
conditions which the Italian Government and people
regard as unjust and arbitrary, and against which
the Italian Government must raise the most determined opposition." It was further declared that
"while the Italian Government have taken all steps
capable of preventing further perils from developing
from the situation which has been created, they feel
nevertheless obliged to draw the attention of the
Governments of States members of the League in
good time to the responsibility involved by the measures in course of application and to the gravity of
their consequences." The note closed with an inquiry regarding the way in which the Governments
severally addressed "propose, in their free and sovereign judgment, to conduct themselves in regard
to the restrictive measures proposed."
It is clear from these passages that the Italian
Government, which of course means Premier Mussolini, intends to hold the individual members of
the League responsible for any action they may severally take in carrying out the decision of the League.
The League may appoint a committee and accept the
recommendations which the committee offers, but
that, in the Italian view, does not make the imposition of sanctions a joint matter for which the members of the League may not individually be called
to account. The point is a novel one and not without
weight, although how much it will amount to can
only be determined later. The only way, apparently,
in which responsibility can be brought home to a
member State of the League would be to institute
economic or political reprisals, and the Italian protest has at once been interpreted as forecasting retaliation. For the time being, reprisals might not
greatly disturb Great Britain, which can get on
without trade with Italy if that should become necessary, and they would be somewhat offset if the
League were to take advantage of a provision of the
Covenant which looks to some kind of joint contribution to equalize the financial losses resulting from
sanctions. Retaliation would mean a good deal to
Volume 141
The following statistics have been compiled by the Midland Bank, Ltd. These compilations of issues of new
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments arising from the capitalization of reserve funds and undivided profits; sales of already
issued securities which add nothing to the capital resources
of the company whose securities have been offered; issues
for conversion or redemption of securities previously held
in the United Kingdom; short-dated bills sold in anticipation
of long-term borrowings; and loans by municipal nad county
authorities except in cases where there is a specified limit
to the total subscription. They do not include issues of
capital by private companies except where particulars are
publicly announced. In all cases the figures are based upon
the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
Month of
October
10 Months to
Oct. 31
Year to
Oct. 31
£24,977.000
28,152,000
33,359,000
25,331,000
38.576,000
36,959.000
21,081,000
29,222,000
37,725.000
40,599.000
11,510,000
30,497,000
2,483,000
19.745,000
10,026.000
23,446,000
4.707.000
£157,655,000
342,726,000
177,942,000
218,390.000
188,597,000
176,078,000
166,070,000
204,992.000
239,583,000
309,853.000
235,521,000
200.388,000
81,565.000
97,919.000
113,729,000
124,092,000
159.063.000
£187,158,000
422.613,000
219,426,000
256,243,000
205,876,000
191,241,000
213,538.000
258,819,000
287,857,000
384,984,000
288.187,000
218,616.000
117,337,000
105,020,000
128,848,000
143,232.000
185.160.000
•
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS
(Compiled by the Midland Bank, Limited]
1933
1934
£8,310,263
7,167,385
13,447,603
8.247,859
14,614,014
17,541,251
6,001,777
21.208,047
7,164.097
10,026,260
£10.853,233
7,007,995
7.081,462
9,590,367
22,440,935
12,048.454
14,997,397
9,878.332
6,747.571
23,446.272
£16,592,347
12,620,080
12.386.235
4,108,238
19,727.811
20,610,168
53,909.166
6.682.428
7,719.440
4.706,804
£97,91,9,088
£113,728,556
£124,092,018
£159,062,715
10,807,078
4,312,163
12,786,859
6,353,481
13,056,095
13,041.644
£113.038,329
£132,868.896
£150.189,757
January
February
March
April
May
June
July
August
September
October
10 months..
November
December
Year
1935
1932
£2,896,798
11,994.734
12,104,130
18,013,115
12.296,311
17.467,795
3,312,507
72.500
17.000
19,745,198
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS
[Compiled by the Midland Bank, Limited]
United India and Other Brit. Foreign
Countries Countries
Ceylon
Kingdom
1933-JanuarY
February
March
April
May
June
July
August
September
October
10 months
November
December
Year
Year
1935-January
February
March
April
May
June
July
August
September
October
10 months
12,172,000
5,098,000
67,000
47,000
111.000 12.787,000
341,000 6.353,000
437,000
867.000
95,059,000 5.018,000 24,796,000 7.996,000 132,869,000
§§§§§§§§§§
10 months
November
December
77,788,000 4,904,000 23,493,000 7,544.000 113,729,000
10.853.000
7,008,000
7,082,000
9,590,000
22,441,000
12,048,000
14,998.000
9,878.000
6,748.000
23.446,000
8,882,000
5.309,000
6,011.000
8,665,000
11,397.000
7,021.000
9,958.000
3.165.000
5,631,000
20.764,000
49,000 1,763,000
221,000 1,433,000
873,000
7.000
850,000
12,000
62,000 10,945,000
32,000 4,609,000
1,000 5,014,000
5,485,000
566,000
137.000
61,000 2,465,000
86,603.000
583,000 34,004,000 2,902,000 124,092.000
11,016,000
9.122,000
1,899,000
550,000 3.355,000
.4
1934--January
February
March
April
May
June
July
August
September
October
Total
£
£
£
£
£
110,000 8.310,000
269,000
56,000
7,875,000
493,000 7,167,000
30,000 1,727,000
4,917,000
13,448,000
1,000 1,160.000
12,287,000
965,000 8,248,000
7,283,000
292,000 14.614,000
241,000
9,328,000 4,753,000
437.000 17,541,000
5,000 1,070,000
16,029,000
478,000 6,002,000
244,000
48,000
5,232,000
15,589.000 4,334.000 21.208,000
1.285,000
250,000 7,164,000
176.000
8,738,000
185,000 10,026,000
11,000 3,016,000
6,814,000
••• to moo CO
In the monthly review of new capital flotations
for the month of October and the 10 months ending
with October, which appeared in our issue of Nov. 9
1935, we failed to include $83,000,000 of farm loan
and publicly-offered governmental issues in revising
our figures for October 1934. The correct figures
show $157,138,755 as the grand total for October
1934, comprising $121,819,773 new capital and $35,318,982 for refunding. For the 10 months ended
Oct. 31 1934 the correct totals are $1,272,695,813 for
the grand total, $830,586,068 as the new capital por-
New Capital Issues in Great Britain
Io0COt.COO CO CO
Correction in Our Figures on New
Capital Flotations
tion, and $442,109,745 for refunding, $693,411,100 of
farm loan and publicly-offered governmental issues
having been omitted, of which $395,111,100 was for
new capital and $298,300,000 for refunding purposes.
CO
France, however, whose trade with Italy is large,
and might prove a serious matter for some of the
States of Eastern Europe which have found in Italy
their most important markets. In any case, the
Italian protest raises the possibility of an international economic tension which would continue indefinitely after the issue of war had been settled
and peace had been formally restored.
The protest has evidently had some effect upon
the negotiations which have been proceeding while
Italy goes on with its war. The report that Great
Britain would ignore the protest was followed
quickly by a report that Great Britain and
France would make separate replies in substantially identical terms, and that it was hoped
that the replies of other Governments would be of
the same general tenor. This, of course, would give
an appearance of solidarity, but it would not meet
the Italian contention. The diplomatic cross-currents, meantime, remain as confused as they have
been for some weeks. Great Britain and Italy are
conferring amicably in regard to preparations for
another conference on the limitation of naval building and armaments, but the British Government is
expected to ask the new Parliament for large credits
for naval construction, and the withdrawal of part of
the British naval force from the Mediterranean still
hangs fire. There is strong opposition in France to
the imposition of sanctions, and Premier Laval continues to work feverishly for some basis of settlement, but France must work in accord with Great
Britain or jeopardize its position on the Continent.
The report that France is seeking an agreement with
Germany by which, in return for an abandonment
of the Franco-Soviet alliance, Germany will be
granted a free hand in Eastern Europe,is to be taken
with all reserve, especially since such an arrangement would open the way for a further spread of the
Nazi form of Fascism. The most disturbing development, next to the Italian protest against sanctions,
is the outbreak of riotous demonstrations against
the British in Egypt, where the smouldering resentment over British interference in Egyptian affairs
needs little to become a fire.
There is reason for thinking that, with war on the
one hand and sanctions on the other, the ground is
being prepared for some radical readjustment of
international relations on the Continent. The peace
treaties have been badly shattered, the Locarno Pacts
are dead, and new alignments of political and economic interest have appeared which do not fit the
artificial post-war pattern. There is no sign as yet
that national boundaries are soon to be redrawn, but
the post-war political balance has been upset by the
Italian adventure, and it is not likely to be readjusted on the old lines.
3127
Financial Chronicle
141,000 13.056,000
14,000 13,042,000
106741 000 1,133.000 39,258.000 3.058,000 150.190.000
14,433.000
9.688,000
11,076,000
3,443,000
18,788.000
19,571,000
49.999,000
4,761,000
7.344,000
3,940.000
957,000 1,202,000 16,592,000
586.000 12,620.000
2,346,000
176,000 12,386.000
1,135,000
5,000 4.108,000
660,000
568,000
254,000 19,728.000
118,000
154,000 20,610.000
872,000
13,000
287,000 53.009.000
3.622,000
6,682.000
1.921.000
7,719,000
375,000
545,000
222,000
4,707.000
143044000
675000 12 679 0n0 12 6114 000159 062 000
Financial Chronicle
3128
Nov. 16 1935
Gross and Net Earnings of United States Railroads for the
Month of September
Railroad earnings during September made a distinctly favorable comparison with the same month
of last year. It is gratifying to record this fact, for
every indication of improvement in the railroad
situation, however slight, is to be welcomed. But
it also is true, unfortunately, that proper interpretation of the September statistics provides only modest
ground for optimism regarding the chief carriers of
the country. The sharp gain in gross and net earnings for September, as against the same month of
1934, is due in large part to the very poor results
current a year ago, when the business life of the
country was prostrate. The widespread drought
during the summer of 1934, together with other factors, made railroad operating results one year ago
depressing to contemplate, and it as inevitable that
some recovery would take place. Accordingly, it is
now possible to note an increase of $31,408,547, or
11.41%, in gross earnings during September as compared to the same month of last year, while net earnings moved up $16,564,585, or 22.88%. It remains
a matter for concern that nearly half the increase
• in gross earnings had to be expended for added
operating expenses, but one of the chief reasons for
this is to be found in the restoration of the temporary wage reduction. There is probably much truth
in the contentions of most expert observers that further improvement in the railroad situation would
result in a sharp increase in net earnings from this
point onwards.
Notwithstanding the improvement in railroad
operating returns now to be noted, it is evident that
the carriers still are not sharing to their full and due
extent in the modest business recovery of recent
months. This fact has forced itself on the attention
of all concerned to an increasing degree of late.
Motor transportation is, of course, one • of the main
reasons for the fact that the railroads are stragglers
in the recovery from the depression. The Motor
Carrier Act passed by Congress at the last session
now is being implemented by the Interstate Commerce Commission and some hope may be gained for
the railroads from the tardy regulation of such competition. In these new conditions a rapid and complete recovery of business could be expected to
minimize the troubles of the railroads, but such recovery still remains only a hope. The cumulative
effect of the depression and overregulation on the
railroads is bitterly evident, meanwhile,in the application made by the New York New Haven & Hartford system on Oct. 23 for reorganization under Section 77 of the amended Bankruptcy Act. A study
by the savings banks of the country recently disclosed that railroads either in receivership or trusteeship last July represented a mileage of 70,000, or
29% of all the railroad mileage of the country.
These circumstances indicate the vast measure of
recovery necessary to place the railroads on a sound
footing. These factors illuminate the comparison of
September earnings with those of one year ago, herewith presented,and it is noteworthy also that results
for September 1934 showed the poorest net earnings
for that month in any year since 1907.
21Ionth of September—
Mileage or 144 roads
Gross earnings
Operating expenses
Ratio of expenses to earns
Net earnings
1935
1934
Inc. (+) or Dec. (—)
237,431
238,819
—1,388 —0.58%
5306,566,997 3275,158,450 +331,408,547 11.41%
217,611,504 202,767,542
+14,843.962 7.32%
70.98%
73.69%
—2.71%
$88,955,493
$72,390,908
+316,564,585 22.88%
Apart from such circumstances, it is evident that
the business improvement in progress during most
of this year is finding at least some reflection in the
statistics of railroad operating results. Increased
industrial production plainly accounted for most of
the gains now apparent. Taking the leading trade
indices as the measure of the volume of business done
in the month under review, we find that only 89,805
motor vehicles were turned out in the United States
in September 1935 as against 170,007 cars in September last year and 191,800 cars in September 1933.
Back in September 1932, however, only 84,150 cars
were turned out, but in September 1931 the output of
automobiles was 140,566 cars; in 1930, 220,649 cars,
and in 1929, no less than 415,912 cars. On the other
hand, in the case of the iron and steel trades conspicuous examples of business increase are furnished.
According to the statistics compiled by the "Iron
Age," the make of pig iron in the United States in
September 1935 Was 1,776,476 gross tons as compared with only 898,043 gross tons in September a
year ago; 1,522,257 tons in September 1933; 592,589
tons in September 1932, and 1,168,915 tons in September 1931, but comparing with 2,276,770 tons in 1930
and 3,497,564 tons in September 1929. The output
of steel ingots in September, according to the figures
compiled by the American Iron and Steel Institute,
aggregated 2,829,835 gross tons as against 1,268,977
gross tons in September 1934; 2,283,079 tons in
September 1933; 991,858 tons in September 1932, and
1,545,411 tons in September 1931. Going further
back, however, we find that the output of steel ingots
in September 1930 was 2,840,379 tons, and in September 1929 reached 4,527,887 tons.
Turning to another industry—that of the mining
of coal—we find that there was a substantial falling
off in September in the production of bituminous
coal, but that the anthracite output was on a somewhat larger scale than last year. In September the
present year the quantity of soft coal mined in the
United States was only 24,944,000 net tons as against
27,772,000 net tons in September 1934; 29,500,000
tons in September 1933; 26,314,000 tons in 1932; 31,919,000 tons in 1931; 38,632,000 tons in 1930, and
45,334,000 tons in September 1929. In the case of
Pennsylvania anthracite, this year's output in
September aggregated 4,172,000 net tons as against
but 3,977,000 tons in the corresponding period of
1934, but comparing with 4,993,000 tons in September 1933. Going further back, we find the production
of hard coal in September 1932 was 4,108,000 tons;
in September 1931, 4,362,000 tons; in September
1930, 5,293,000 tons, and in September 1929, no less
than 6,543,000 tons.
In the building industries greater activity was
decidedly pronounced. The F. W. Dodge Corp. reports that construction contracts awarded in the
37 States east of the Rocky Mountains in September
1935 involved an outlay of $167,376,200 as compared
with an expenditure of only $110,151,200 in September 1934;$120,134,400 in September 1933, and $127,526,700 in September 1932. Going further back,
however, we find that in September 1931 the valua-
Volume 141
Financial Chronicle
tion of building contracts was $251,109,700; in
September 1930, $331,863,500, and in September 1929
had reached the huge sum of $445,402,300. In the
case of lumber production. the National Lumber
Manufacturers Association reports that for the four
weeks ended Sept. 28 1935 an average of 601 mills
show an output of 946,689,000 feet as compared with
only 659,304,000 feet in the corresponding period of
1934. This is an increase of 44% over September
last year and of 38% above the record of comparable
mills in the same four weeks of 1933. Shipments of
lumber in the same four weeks aggregated 879,067,000 feet as against only 683,223,000 feet in
September a year ago, a gain of 29%, while orders
received also increased in the same period to 842,705,000 feet from 624,355,000 feet in the similar
period of 1934, or were 35% more than those of last
year and 35% above those of corresponding weeks
in 1933.
As it happened,too, the Western grain traffic was.
on a greatly increased scale in September the present
year than in September a year ago-in fact, it was
the largest recorded for the month in all recent
years. The increase extended to all the different
staples with the single exception of corn, the movement of which was very much smaller than in
September last year. We deal in detail with the
Western grain movement in a separate paragraph
further along in this article, and will therefore only
note here that the receipts at the Western primary
markets of the five cereals, wheat, corn, oats, barley
and rye, combined, for the four weeks ending
Sept. 28 1935 reached 86,523,000 bushels as against
only 51,424,000 bushels in the corresponding four
weeks of 1934; 57,734,000 bushels in the same four
weeks of 1933; 70,539,000 bushels in 1932, and 86,002,000 bushels in 1931. If we go further back, however, we find comparison is with 105,632,000 bushels
in September 1930 and with 86,869,000 bushels in the
corresponding four weeks of 1929.
The best indication, however, of railroad traffic
as a whole is furnished by the returns of the train
loading of revenue freight, as these deal with all
classes of freight and cover all parts of the country,
and hence furnish a sort of composite picture of
freight traffic as a whole on the entire railroad system of the country. On that point the statistics compiled by the Car Service Division of the Association
of American Railroads show that for the four weeks
of September 1935 the loading of revenue freight
totaled 2,631,558 cars as against only 2,501,950 cars
in the corresponding four weeks of 1934 and 2,567,071
cars in the same period of 1933, but comparing with
2,867,370 cars in September 1932; 3,685,983. cars in
September 1931; 4,696,911 cars in 1930, and no less
than 5,722,236 cars in the corresponding four weeks
of 1929.
In all the foregoing we have been dealing with
the railroads of the country as a whole. In the case
of the separate roads the outstanding feature in
the comparisons with September last year is that in
our compilations showing the increases and decreases
in gross and net earnings for amounts in excess of
$100,000, only three roads report a decrease in the
case of the gross and but six roads a loss in the net.
To name separately, with their increases, even the
more conspicuous of the large number of roads reporting gains in both gross and net alike would involve a needless loss of time and space, so we will
therefore only mention a few. As might be expected,
3129
the Pennsylvania RR. and the New York Central
stand at the head of the list for both gross and net
gains, the former reporting $4,182,539 increase in
gross earnings and $1,624,606 increase in net earnings, and the New York Central $3,510,511 gain in
gross and $2,372,299 gain in net. These figures cover
the operations of the New York Central and its leased
lines. Including the Pittsburgh & Lake Erie, the
result is an increase of $3,859,523 in gross earnings
and of $2,575,023 in net earnings. The Great Northern, with a gain in gross earnings of $2,578,884, reports an increase in net of $1,858,255; the Norfolk &
Western, with an increase of $994,818 in the gross,
has a gain of $1,121,913 in the net; the Baltimore &
Ohio, an increase of $1,517,674 in the gross but a
gain of only $105,019 in the net; the Southern Ry.,
$1,084,950 gain in gross and $959,321 in net; the
Union Pacific, $1,379,840 gain in gross and $442,931
in net; the Southern Pacific, $1,294,763 gain in gross
and $730,774 in net, and the Louisville & Nashville,
$1,190,412 gain in gross and $597,435 in net. In
the subjoined table we show all changes for the separate roads for amounts in excess of $100,000, whether
increases or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF SEPTEMBER 1935
Increare
Increase
289.232
$4,182,539 Delaware Lack & West....
Pennsylvania
266,462
Fran
rds)
(3
Louis-San
St
a3,510,511
Central
New York
234.352
2.578,884 Seaboard Air Line
Great Northern
229,075
1,517,674 Central of Georgia
Baltimore& Ohio
217,778
Union Pacific(4 roads)-- 1,379,840 Atlantic Coast Line
214,536
Southern Pacific(2 roads) 1,294,763 Central of New Jersey
_
Pac_
210,689
Tex
&
Cin
Orl
New
1,190,412
Nashville......
Louisville &
207,112
1,084.950 Boston & Maine
Southern
201.930
994,818 Missouri-Kansas-Texas....
Norfolk & Western
200,139
991,665 Delaware & Hudson_ __ _
Northern Pacific
188,165
823,073 Bessemer & Lake Erie......
Chic Milw St P .Sc Pac
0....
&
185,439
Minn
Paul
ChicSt
726,213
Marquette
Pere
176,218
671,315 Gulf Mobile & Northern_
Illinois Central
162.194
507,962 Lake Superior & Ishpem_
Wabash
135,151
501,194 Western Maryland
New York N H & Hart_
127.474
452,874 Mobile & Ohio
Grand Trunk Western
Line
118,921
Shore
Tol
&
Detroit
439,863
Quincy-.
&
Burl
Chicago
114.354
433,522 Colo & Southern(2roads)
Elgin Joliet & Eastern
102,495
427,913 Detroit Toledo & Ironton
Erie (2 roads)
102,144
397,966 Denver & Rio Grande W
Wheeling & Lake Erie
383.056
Missouri Pacific
$30,464,543
349.012
Total(56 roads)
Pittsburgh & Lake Erie
Decrease
331,058
Chicago & Northwestern
$164,431
330,932 International Gt North
New York Chic & St L
133,661
&
Out
York
Western
New
329,047
Lehigh Valley
113,179
327,322 Pa Read Seashore LinesDuluth Missabe & North
Marie
322,240
SS
&
Paul
Minn St
$411,271
Total(3 roads)
300.065
Chesapeake & Ohio
Central and the
a These figures cover the operations of the New York
Michigan Central,
leased lines-Cleveland Cincinnati Chicago & St. Louis,Terre
Haute. InCincinnati Northern and Evansville Indianapolis &
cluding Pittsburgh & Lake Erie, the result is an increase of $3,859,523.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF SEPTEMBER 1935
Increar
Increase
215,497
a$2,372,299 Elgin Joliet & Eastern-__
Centrid
York
New
207,978
1,858,255 Reading
Great Northern
203,322
1,624,606 Bessemer & Lake Erie_ _ _
Pennsylvania
202,724
1.121,913 Pittsburgh & Lake Erie__
Norfolk & Western
188,204
959,321 Cin New Orl & Tex Pac_ Southern
179.931
917,680 St L-San Fran (3 roads).
Northern Pacific
164.819
730,774 Central of Georgia
Southern Pacific(2roads)
144,738
597,435 Lake Superior & IshpemLouisville & Nashville-.
130,871
&
Mobile
NorthernGulf
488,406
Pere Marquette
118.173
471,268 Minn St Paul & SS Marie
New York NH & Hartf_
&
110,038
Minn
L
St
0.Chicago
452,275
roads)
(2
Erie
105,019
442,931 Baltimore & Ohio
Union Pacific(4 roads)...
374,090
Missouri Pacific
051,389
$17
roads)
(42
Total
347,294
Grand Trunk Western._
D
306,119
Duluth Missabe & North
291,266 Atchison Top & Santa Fe $772,957
New York Chic & St L.._
171,764
NorGreat
International
290,702
Wabash
6
75
86
146:3
147
263.775 Chicago & Northwestern
Delaware Lack & West
Island
Long
248.227
Illinois Central
128,221
243,449 Chic Mimi St Paul & Pac.
Wheeling & Lake Erie--110,825
229,342 Los Angeles & Salt LakeDelaware & Hudson.-228,501
Lehigh Valley
$1,478,008
Total (6 roads)
220,144
Seaboard Air Line
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansv le Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, th result is an increase of $2,575,023.
When the roads are al ranged in groups or geographical divisions, according to their location, as
is our custom, the favorable character of the showing as compared with September a year ago is
brought out very clearly by the fact that all three
districts-the Eastern, the Southern and the Western-including all the several regions grouped under
these various districts, record gains in both gross
and net earnings alike. As previously explained, we
group the roads to conform to the classification of
the Interstate Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table:
3130
Financial Chronicle
SUMMARY BY GROUPS
District and Region
Gross Earnings
Month of September1935
1934
Inc.(-I-) or Dec.(-)
Eastern District$
New England region (10 roads)__. 11,920,534
7.44
+824,991
11,095,543
Great Lakes region (24 roads)
57,509,688 50,303.652
+7,206,036 14.33
Central Eastern region (18 roads)... 60,752,994 53,431,546
+7,321,448 13.70
Total(52 roads)
130,183,216 114,830,741
.Southern District-Southern region (28 roads)
Pocahontas region (4 roads)
+15,352,475 13.37
36,325,508
18,133,817
31,680,302
16,810,554
+4,645.206 14.66
+1,323,263 7.87
54,459,325
48.490.856
+5,968,469 12.31
Western DistrictNorthwestern region (16 roads)._ 44,559,380
Central Western region (20 roads). 54,651,680
Southwestern region (24 roads)_ _
22,713,396
38,451,810
51,540,972
21,844,071
+6,107.570 15.88
+3,110,708 6.04
+869,325 3.98
Total(32 roads)
Total(60roads)
121,924,456 111,836,853 +10.087,603
9.02
Total all districts (144 roads)-.306.566,997 275,158.450 +31.408,547 11.41
District and Region
Net Earnings
Month of Sept.-Mileage--1935
1934
/nr.(+)07 Dec- (---)
Eastern District- 193.5
1934
New England region_ 7,098 7,142 2,923.928 2,579,185 +344,743 13.37
Great Lakes region... 26,771 26,874 15.334,009 9,997,630 +5.336,379 53.38
Central Eastern reg'n 25,038 25.026 18,444,268 15.950,303 +2,493,965 15.64
Total
58,907 59,042 36.702.205 28,527,118 +8,175,087 28.66
Southern DistrictSouthern region
39.104 39,327
Pocahontas region
6,014 6.035
8.916,132
8,324,2.50
5,856,583 +3,059,549 52.24
7,221,101 +1,103,149 15.28
Total
45,118 45,362 17,240,382 13,077.684 +4.162.698 31.83
Western DistrictNorthwestern region_ 48,272 48,483 15,381,465 11,818,090 +3.563.375 30.15
Central West'n reen 54,820 55,242 14,520,623 14,380,584 +140,039 0.97
Southwestern region 30,314 30,690 5,110,818 4.587.432 +523.386 11.41
Total
133,406 134,415 35,012.906 30,786,106 +4,226.800 13.73
Total all districts.237,431 238,819 88,955,493 72.390,908 +16564,585 22.88
NOTE-Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
EASTERN DISTRICT
New England Region-Comprises the New England States.
Oreat Lakes Region-Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago. and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region-Comprises the section south of the Great Lakes Region
eon of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg. W.
Va., and a line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region-Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va.. and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region-Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg. W.
and south of a line from Parkersburg to the southwestern corner of Maryland Va.,
and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Northwestern Region-Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region-Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific
Southwestern Region-Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso.
and by the Rio Grande to the Gulf of Mexico.
Western roads, as we have already indicated, had
the advantage of a very much larger grain traffic
than in September 1934. With the single exception of corn (the movement of which was on a greatly
reduced scale as compared with a year ago), all the
different cereals, in greater or less degree, contributed to the increase, the gain in the case of wheat
and of oats having been particularly pronounced.
Thus for the four weeks ending Sept. 28 the present
year, receipts of wheat at the Western primary markets aggregated 43,786,000 bushels as compared with
only 18,985,000 bushels in the same four weeks of
1934; of corn, only 6,644,000 bushels against 17,188,000 bushels; of oats, 21,237,000 bushels as compared with 4,710,000 bushels; of barley, 12,141,000
bushels against 8,517,000 bushels, and of rye,
2,715,000 bushels as compared with 2,024,000 bushels.
Altogether, the receipts at the Western primary markets of the five staples, wheat, corn, oats, barley and
rye, during the four weeks ending Sept. 28 the current year aggregated $86,523,000 bushels as against
only 51,424,000 bushels in the same four weeks of
1934; 57,734,000 bushels in the same period of 1933;
70,539,000 bushels in 1932, and 86,002,000 bushels in
1931, but comparing with 105,632,000 bushels in 1930
and 86,869,000 bushels in the corresponding period
of 1929. The details of the Western grain movement,
in our usual form, are set out in the table which
follows:
Nov. 16 1935
RECEIPTS OF FLOUR AND GRAIN
4 Wks. End. Flour
Wheat
Corn
Oats
Barley
Rite
Sept. 28
(Ms.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
Chicago193&..._ 907,000 3.839,000 2.252,000 2,027,000
354,000
844,000
1934._ 817.000 2,025,000 4,024,000
956,000 1,098,000
686,000
Minneapolis1935_
16.325.000
377,000 6,665,000 4,961,000 1,121.000
1934....
5,203,000 1,962,000
973,000 3.100.000
353.000
Duluth1935_
5,174.000
7.764,000 2,528,000
875,000
1934
4,326,000
626.000
591.000 1,694,000
216,000
Afilwantee1935....
38,000 1,770,000
418,000
18,000
125,000 3,095,000
1934....
68,000
421,000
858,000
358,000 2.061.000
257,000
Toledo-.
1935....
1.701.000
43,000
514.000
24,000
17,000
1934694,000
121,000
219,000
3,000
2,000
Detroit1935.-160,000
116,000
108,000
82.000
1934....
148,000
24,000
109,000
123,000
39.000
/ndianapoltt & Omaha1936_
3,003,000 1.317.000 1,890,000
7,000
47,000
1934
1,777,000 3.695,000
674,000
308,000
St. Louts193S____ 436,000 1,487,000
537,000
12,000
820,000
179.000
1934____ 528,000
815.000
646,000
36,000
387,000
227,000
Peoria1935.___ 160,000
143,000 1,109,000
167,000
248,000
200,000
1934... 162.000
173,000 1,207.000
117,000
76.000
204,000
Kansas City1935....
72,000 7,049,000
386,000
702,000
1934
47.000 2.181,000 3,011,000
142,000
St. Joesph1935530,000
174.000
259.000
1934....
206,000
688,000
155,000
Wichita19352,435,000
16,000
1934856,000
130,000
37.000
2.000
Sioux City1936.
170,000
15.000
107,000
195,000
22,000
1934160,000
196,000
33,000
7,000
1.000
Total all-.
193&.. 1,613.000 43,786.000 6,644,000 21,237,000 12,141,000 2,715,000
1934_ 1,622,000 18.985,000 17.188,000 4.710,000 8.517.000 2,024,000
9 Mos.End. Flour
Wheat
Sept. 28- (BM.)
(Bush.)
Chicago1935_ 6,757,000 16,331,000
1934.... 6,505,000 19.138,000
Minneapolis1935_
40,170,000
1934_
33,308,000
Duluth1935.
11,881,000
1934_
18,671.000
Milwaukee1935.... 620,000 4,137,000
1934.... 595,000 2.814,000
Toledo-1935.
10,296,000
1934_
9,568,000
Detroit1935.
906,000
1934_
938,000
Indianapolis ck Omaha1935..,..,
34.000 19,287,000
1934..
19,978,000
St. LoutsISIS__ 4,440,000 11,724,000
1934_ __ _ 4,614,000 16,186,000
Peoria1935- 1,425,000
980,000
1934-- 10578,000 1,250.000
Kansas City1935._ 544.000 88.925.000
1934..... 435.000 35,231,000
St. Joseph1935.
3,095,000
1934_
2,958,000
Wichita1935_
12,385,000
1934_
14.468.000
Sioux City19351,082,000
1934851,000
Corn
(Bush.)
Oats
(Bush.)
Barley
(Bush.)
Rye
(Bush.)
17,578,000 13,279,000 5,016,000 3,538,000
51,074,000 10.925,000 7,869.000 5,489,000
2,133,000 20,614,000 15,259,000 2.661,000
14,414,000 6,648,000 18,821,000 2,515,000
50,000 9,937,000 3.754.000 1,365,000
4.247,000 1.169,000 3,859,000
514,000
4,205,000 1,766.000 10,447,000
7,517.000 1,296,000 11,543.000
69,000
437.000
815,000 3.235,000
1,184,000 3,878,000
139,000
50,000
45,000
174,000
642,000
557,000
784.000
775,000
410,000
294.000
12,661,000 9,321,000
30,316.000 6,490,000
27,000
23,000
533.000
874,000
7.807,000 4,721,000
11,459,000 3,991.000
956,000
686,000
122.000
214.000
138,000
373.000
9.897,000 1,632,000 2,187,000 1,580,000
12,109.000 1.907.000 2.075.000
707.000
13.361,000 2,856,000
18,055,000 1,192.000
1.347,000 1.597,000
4,974,000 1,290,000
117,000
1,161.000
85,000
108,000
3,000
2,000
2,000
470,000
561.000
518,000
49.000
1,787.000
159,000
100.000
10,000
Total all1935____13,820,000 171,199,000 70,579,000 70,246,000 39,087,000 10,374.000
1934-13,727,000 175,359,000 158.670.000 39,610,000 45,804,000 11,230.000
On the other hand, the Western livestock movement appears to have been considerably smaller than
in the month a year ago. At Chicago the receipts
embraced only 8,366 carloads in September 1935 as
compared with 14,117 carloads in September 1934; at
Omaha but 4,229 cars against 6,526 cars, and at
Kansas City, 5,486 cars as compared with 11,498
cars.
As to the cotton traffic in the South, this was on
a greatly increased scale so far as the port movement
of the staple is concerned, but fell far below that
of last year in the case of overland shipments of
cotton. These latter aggregated only 30,190 bales
in September the present year as compared with
45,836 bales in September 1934, but comparing with
30,041 bales in September 1933; 20,166 bales in
September 1932, and 29,405 bales in September 1931,
but against 49,837 bales and 51,520 bales, respectively, in September 1930 and 1929. Receipts of the
staple at the Southern outports in September the
current year reached 1,097,317 bales as against only
825,635 bales in the corresponding period of 1934;
Volume 141
Financial Chronicle
3131
comparison was with a time in 1920 when the higher rates
authorized by the Interstate Commerce Commission in the
summer of that year were already in effect. It was estimated
at the time when these great advances were made that on
the volume of traffic then being handled they would add
$1,500,000,000 to the annual gross revenues of the roads, or,
roughly, $125,000,000 a month.
Deprived of the advantage-in the comparisons-of these
higher rates, the naked fact of a tremendous shrinkage in
the volume of business then being moved (1921) stood out in
all its grimness. The loss, accordingly, aggregated no less
RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER 1935,
than $120,753,579, or not far from 20%. But by dint of great
1934, 1933 AND SINCE JAN. 1 1935, 1934, 1933.
effort, the roads managed to cut down their expenses in the
prodigious sum of $132,126,103, leaving a gain in net of $11,Month of September
Since Jan. 1
372,524. The 12% reduction in the wages of railroad emPorts
1935
1934
1933
1935
1934
1933
ployees which had been in effect since July 1, under the
authorization of the Railroad Labor Board, was one fact in
Galveston
252.957
178,879
297,889
514,387
883,833
957,176
Houston, &a_ _
180,846
313,381
518,336
420,218
809,522 1,695,153
the big contraction in expenses; the shrinkage in traffic was
New Orleans- 803,458
105,454
169,974
695,861
779,328 1,073,258
yet another factor, and of much larger magnitude, in adMobile
73,531
28.963
115,579
25,767
130,206
203,874
dition to which railroad managers skimped and saved in
Pensacola
47,385
19,101
45,272
69.616
75,725
111,107
Savannah
97,866
33,917
60,130
153.553
99,078
165,028
every direction, in particular cutting the maintenance outlays
Charleston _ _
44,759
40,817
49,079
83,663
87,605
157,436
to the bone, little repair work of any kind being done that
Wilmington804
178
5,212
6,019
8,717
24,543
Norfolk
4,894
7,131
22,465
2,360
23,144
30,218
could be deferred.
Corpus Christi_
70,103
85,202
257,395
90.270
222,378
395,551
As against the gain in net in 1921, however, brought about
Lake Charles. _
19,111
15,316
52.199
40,605
29,895
101,510
Brunswick_
14,483
6,179
in the way indicated, it is important to note that in preced17,084
Beaumont _
169
6,826
1,394
7,523
ing years very large additions to gross revenues arising
Jacksonville
1,603
1,898
5,842
3,615
5,491
12.519
either from an increased volume of traffic or from higher
Total
1,097,317
825,635 1,333,280 2.389,802 3,170,799 4.951.980
rates failed to yield any substantial additions to the net.
This remark applies to the results for many successive years
Results For Earlier Years
of this earlier period, operating costs having steadily risen
for
It has already been indicated that improving results have at the expense of the net. In that respect, the exhibit
September 1920 was particularly disappointing. Great exmarked the course of railroad earnings in September 1935, pectations had been built on the benefits to be derived from
the month having to its credit $31,408,547 gain in gross and the noteworthy increase in passenger and freight rates that
$16,564,585 gain in net. These gains, however, follow losses had then just been put into effect. Gross earnings did reflect
of $16,643,258 and of $20,938,789 in gross and net, respec- the higher rates in an increase of no less than $113,783,775,
tively, in September 1934, which, in turn, came after a or 23.68%, but $104,878,082 of this was consumed by augmented expenses, leaving, hence, a gain of net of only
substantial gain of $23,446,244 in gross and $11,129,616 in $8,905,693, or less than 10%. In the years preceding, the
net in September 1933. In the three years preceding the showing as to the net was equally unsatisfactory. Thus for
last-named year huge losses were recorded. It is important September 1919 our tabulations registered $9,252,922 gain in
to bear in mind, too, that the heavy losses in these three gross but $18,828,861 loss in the net. In September 1918 the
years-$77,612,781 in gross and $9,060,608 in net in 1932, gain in the gross revenue reached enormous proportions, the
still in progress and the volume of traffic exfollowing $117,073,774 in gross and $55,161,214 in net in war being
tremely large, besides which decided advances in both pas1931 and $99,634,540 in gross and $36,255,079 in net in 1930- senger and freight rates had been made only a few months
do not, as might be supposed, follow large gains in the years before. The addition to the gross was no less than $129,immediately preceding. On the contrary, they come after 367,931, or 36.16%. But this was accompanied by an augindifferent results in September 1929 and equally indifferent mentation in expenses of $126,177,381, or 51.82%, leaving net
. results in September 1928 and decidedly unfavorable results larger by only $3,190,550, or 2.79%. The year before rising
in September 1927. In 1929 our September compilation regis- expenses played a similar part in contracting the net results.
tered an increase of no more than $9,812,986 in gross, and of In that year (in September 1917) there was $33,901,638 inonly $2,612,246 in net. In September 1928 our tables re- crease in gross, but $7,699,654 loss in net, owing to an expancorded $9,980,689 loss in gross with $1,711,331 gain in net. sion of 41% million dollars in expenses. In the following we
In September 1927 there was $26,058,156 loss in gross and furnish the September comparisons back to 1909:
$18,799,429 loss in net. On the other hand, however, our
Gross Earnings
Mtle,age
tabulations for September 1926 showed gains then which
Month
Year
Year
Inc.(+) or
Per
Year
Year
did not differ greatly from the losses which followed in
of
Preceding
Cent
Given Precartl
Given
Dec.(-)
September
1927. In other words, our statement for September 1926
recorded $24,192,709 increase in gross and $14,996,918 in- 1909
$252,711.515 $242,562,898 +810,148,617 12.11 220,205 217,277
236,874,425 211,281,315 +25,593,110
4.19 233,428 229,161
crease in net. These 1926 increases, too, came after mod- 1910
249,054,036 249,014,235
+39.801
0.01 230,918 226,526
1911
erate increases in the year preceding, our tabulations for 1912
272,209,629 252,318,597 +19,891,032
7.88 237,591 235,140
285,050,042 275,244,811 +9 805,231
3.56 242,097 239,050
September 1925 having shown $24,381,000 gain in gross and 1913
272,992,901 285,850,745 -12,857,844
4.50 242,386 238,698
1914
$18,026,891 gain in net, notwithstanding that at that time 1915
294,241,340 276,458,199 +17,783,141
6.43 245,132 243,463
332,888,990 294,333,449 +38,555,541 13.10 248,156 247.466
the anthracite carriers had to contend with the strike at the 1916
364,880,086 330,978,448 +33,901.638 10.24 245,148 243,027
anthracite mines, which served to cut off completely all 1917
487,140,781 357,772,850 +129,367,931 36.16 232,186 232,378
1918
traffic in hard coal. Even in 1924, which was a period of 1919
495,123,397 485,870,475 +9,252,922
1.90 232,772 232,349
594,192,321 480,408,546 +113,783,775 23.68 226,955 224.922
trade reaction, there was in September of that year only a 1920
496,784,097 617,537,676 -120,753,579 19.55 235,155 234,559
1921
relatively slight falling off in gross earnings (no more than 1922
498,702,275 496,978,503 +1,723,772
0.35 235,280 235,205
8.91 235,611 236,525
544,270,233 499,720,575 +44,549,658
$5,116,223), while in the net there was no loss at all then, 1923
539,853,860 544,970,083 -5,116,223
0.93 235,178 235,640
but rather improvement in the large sum of $29,947,793 (ex- 1924
4.51 236,752 236,587
564,443,591 540,062,587 +24,381,004
1925
penses• having been reduced in amount of $35,064,016 at 1926
588,948,933 564,756,924 +24,192,009
4.28 236,779 235,977
4.42 238,814 237,854
564,043,987 590,102.143 -26,058,156
that time). Moreover, this followed $44,549,658 improve- 1927
1.77 240,693 239.499
554,440,941 564,421,630 -9,980,689
1928
ment in gross in September 1923 and $37,441,385 improve- 1929
1.76 241,704 241,447
565,816,654 556.003,668 +9,812,986
466.826,791 566,461,331 -99,634,540 18.64 242,341 242,322
ment in net. It is true that this notable improvement in 1923 1930
349,821,538 466,895,312 -117,073,774 25.07 242,815 242,593
1931
was due in part to the poor exhibit made by the carriers in 1932
272,049,868 349,662,649 -77,612.781 22.19 242,292 242,143
September 1922, when they had to contend at once with the 1933
8.62 240,992 239,904
295,506,009 272,059,765 +23,446,244
5.70 238,977 240,563
275,129,512 291,772,770 -16,643,258
1934
shopmen's strike and the strike in the unionized coal mines. 1935
306.566.997 275.158.450 +81.408.547 11.41 237,431 238.819
And yet there was no actual loss in gross even in September
1922, but an increase, though this increase amounted to only
Inc. (-1-.) OT Dec.(-)
Net Earn ngs
$1,723,772, and was accompanied by $29,046,000 decrease in
Month
Year
Year
of
the net, due to the augmentation in operating costs occaAmount
Per Cent
Preceding
Given
September
sioned by the labor troubles referred to. Furthermore, this
+812,505,314
15.84
$91,444,754
$78,939,440
loss in the net in 1922 came after $11,372,524 gain in the net 1909
-4,118,532
4.37
90,191,439
94,307,971
1910
in 1921, as compared with September 1920.
+1.321,815
1.48
89,398.733
1911
90,720,548
+6,035.612
6.64
90,842,946
96,878,558
The noteworthy feature about this 1921 gain in the net was 1912
5.26
-5,153,067
92,847,193
98,000,260
1913
that it occurred notwithstanding a tremendous shrinkage in 1914
0.82
+748,914
92,022,947
91,274,033
19.90
+18,546,361
111,728,276
93,181,915
the gross revenues in that year arising out of the great slump 1915
+12,572,543
11.24
124,447,839
111,875,296
1918
in trade and industry which marked the course of the whole 1917
6.22
116,086,103
123,785,757
-7,699,654
117,470,621
114,280,071
+3,190.550
2.79
of the year 1921. The improvement in net came as a result 1918
98,302,598
117,131,459
-18,828,861
16.08
of prodigious curtailment of the expenditures which was 1919
102,329,084
93,423.391
+8,905.693
9.53
1920
forced upon the carriers in order to offset the great loss in 1921
120.804,462
109,232,938
+11,372,524
10.41
91,381.593
120,428,552
-29,046,959
24.12
traffic. In previous months of that year the extent of the 1922
129,300,309
91,858.924
1923
+37,441,385
40.76
shrinkage in traffic consequent upon the collapse in trade had 1924
165,049,184
134,911,897
+30,137,287
22.33
177.242,895
159,216,004
+18,026,891
11.32
been in considerable measure concealed owing to the fact 1925
191,933,148
176,936,230
+14,996,918
8.48
1926
that the roads were then getting very much higher transpor- 1927
179,434,277
198.233,706
-13,799,429
7.14
180,359,111
178,647,780
+1,711,331
0.96
tation rates both for passengers and for freight. In other 1928
181,413,185
178,800,939
+2,612,248
1.46
words, in these earlier months of 1921 the loss in gross rev- 1929
147,231,000
183,486,079
1930
-36,255,079
19.75
92,217,886
147,379,100
-55,161,214
enues because of diminished traffic was in large part offset 1931
37.41
83,092,939
92,153,547
9.83
1932
-9,060,608
by the additional revenue derived from higher rates on the 1933
94,222,438
83,092,822
+11,129.616
13.39
traffic which the carriers actually did handle and transport. 1934
71,781,674
92,720,463
-20,938,789
22.58
RS955493
72 min onR
4-IR AR4 ARA
22RA
In September this was no longer the case, for in that month loan
but comparing with 1,333,280 bales in September
1933. In September 1932 the receipts were 1,065,623
bales; in 1931, 1,053,908 bales, but in September 1930
and 1929 they were, respectively, 1,649,272 bales and
1,327,471 bales. In the following table we give the
details of the port movement of cotton for the past
three years:
Financial Chronicle
3132
Chicago & St. Louis
The Course of the Bond Market
Bonds have generally held well in price this week, even
advancing to new highs for the year in the case of certain
utility, industrial and convertible railroad issues. Weakness
in rails was followed by a vigorous rally on Thursday, in
sympathy with rail stocks. High-grade corporate issues and
United States Governments have remained substantially unchanged. Fundamentally helpful to this section of the market was the announcement from Washington of the Administration's efforts to pare next year's budget of expenses by
$500,000,000. Continued inflow of gold, this time accentuated by signs of financial uneasiness in France, remained
without effect on high-grade bonds, excess reserves of banks
being already so high that new records from week to week
have become almost a matter of habit.
Both high-grade and second-grade railroad bonds have
moved in a narrow range this week, closing only slightly
changed from last week. Among high-grades, Atchison gen.
4s, 1995, closed at 108%, up % for the week, and Chicago
Union Station 4s, 1963, declined /
1
4 point to 109. Among
second-grade issues, New York Central 5s, 2013, advanced
1% points to 74%; Baltimore & Ohio 5s, 1995, lost % point
2 points to 06.
to close at 7114,and Erie 5s, 1967, advanced 11/
However, various issues connected with the Van Swering,en
interests showed remarkable gains for the week. Chesapeake Corp. 5s, 1947, at 116/
1
2 were up 97
/
8, and the same
company's 5s, 1944, at 111% were up 4 points. Alleghany
Corp. stamped 5s, 1950, closed at 27%, up 9%; the 5s, 1944,
at 85%, up 37
/
8, and the 5s, 1949, at 787
/
8. New York
/
8, up 87
undeposited Os 1935, closed at 83, up
8.
/
8 points to 741/
2s, 1979, advanced 37
10% points, and the 51/
Higher prices in the utility bond market occurred principally in the more speculative group, bonds of investment
grade displaying little change. Moderate gains in the lowergrade issues have been made by American & Foreign Power
1
2, up % for the week; Inter5s, 2030, which closed at 67/
1
2s, 1952, which advanced
national Telephone & Telegraph 4/
1/4 to 69/
1
2, and Cities Service Power & Light 51As, 1949,
which advanced 1% to 6514. Financing was of relatively
small proportions, consisting principally of $15,600,000
Central Maine Power 4s, 1960.
The industrial list has been characterized by general
strength. A rising stock market favored convertible issues,
American Rolling Mill cony. 414s, 1945, advancing 5 points
to 126. Philadelphia & Reading Coal & Iron Os, 1949, dropped
114 points to 35, whereas the Hudson Coal 5s, 1962, gained 2
points to close at 42. The Baldwin Locomotive 6s, 1938,
2, up 514 points. Issues
w. w., continued their advance to 681/
in the building group were led by Certainteed Products 5/
1
2s,
1948, with a gain of 2% points to 91%. Mead Corp. 6s, 1945,
advanced 114 points to 10014.
A mixed trend has been evident in the foreign bond market. Strength has been seen in Belgium bonds, Australians
and Japanese Governments. Japanese public utilities, on
the other hand, lost ground in certain cases. A strong
decline in various Italian issues took place, although the
Government 7s declined only slightly.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND IMICESt
(Based on Average Yields)
1935
Daily
Averages
120
U. S.
Goat. Domestic
Bonds
*I.
Corp.'
120 Domestic Corporate*
Si, Ratings
Aaa
Nov.15._ 107.52
14... 107.52
13.... 107.51
12._ 107.58
1L_
9._ 107.66
8.- 107.67
7.. 107.71
6__ 107.76
104.85
104.68
104.51
104.33
118.45
118.45
118.25
118.25
104.51
104.51
104.51
104.51
118.25
118.25
118.25
118.04
4__ 107.68
2__ 107.61
1__ 107.55
Oct. 31._ 107.44
Os 30_ 107.39
29__ 107.38
28._ 107.36
26._ 107.41
WeeklyOct. 25... 107.43
18.. 107.13
II__ 106.84
4._ 106.67
Bept.27__ 106.73
20._ 106.39
13._ 107.15
13.._ 107.53
Aug.30_ 107.50
23_ 107.64
16.. 108.50
9__ 108.86
2_ 109.06
July 26_ 109.05
19.. 109.19
12._ 109.00
5_ 108.95
lune 28_ 108.99
21_ 108.80
14.. 108.81
7_ 108.61
Iday 31_ 108.22
24_ 108.66
17._ 108.55
10_ 108.61
3_ 108.89
Apr. 26_ 108.61
19_
12_ 108.25
5_ 108.54
kdar.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
ran. 25_ 107.33
18_ 106.79
II__ 106.81
4_. 105.76
MO 1935 109.20
Low 1035 105 66
Efigh 1934 106.81
Low 1934 99.08
Yr.Ago gov.1534 104.28
.1 Yrs.Ago
4ov.15.33 100.20
104.33
104.33
104.33
104.16
104.16
104.33
104.33
104.16
118.04
118.04
118.04
118.04
117.84
118.04
118.04
117.84
104.33
103.65
103.65
103.48
103.82
103.65
103.99
103.82
103.32
103.48
103.48
103.32
103.48
103.32
103.48
103.15
103.65
103.32
103.32
102.64
101.64
101.64
101.81
101.97
101.64
101.81
101.81
117.84
117.22
117.22
117.22
116.82
117.02
117.22
117.43
117.02
117.63
117.63
118.25
118.66
119.07
119.27
119.48
119.69
119.27
119.27
118.86
118.66
118.45
118.45
118.04
118.45
118.66
118.66
100.81
100.17
99.38
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
104.85
99.20
100.00
84.85
119.07
119.07
118.66
119.27
119.07
J19.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
116.82
117,22
105.37
As
A
Baa
MOODY'S BOND YIELD AVERACIESt
(Based on individual Closing Frites)
120 Domestic
Corporate* by Groups
RR.
112.50 103.48 88.50 97.00
112.50 103.32 88.36 96.70
112.50 103.15 87.96 96.39
112.50 102.98 87.38 96.39
Stock E xchang e Closed
112.31 103.15 87.96 96.54
112.31 103.32 88.10 96.70
112.11 103.48 88.23 96.85
112.11 103.48 88.36 97.00
Stock E xchang c Close d
111.92 103.48 87.96 96.85
111.92 103.32 87.96 96.85
111.92 103.15 87.96 96.85
111.73 103.32 87.56 96.70
111.73 103.32 87.56 96.70
111.92 103.48 87.83 97.00
111.92 103.48 87.96 97.16
111.54 103.32 87.96 97.00
111.54 103.32
111.35 102.64
111.54 102.98
111.16 102.81
111.16 103.15
110.98 103.15
111.35 103.48
111.16 102.98
110.61 102.81
110.42 102.98
110.61 102.81
110.42 102.98
110.42 103.32
110.42 103.48
110.61 103.15
110.42 103.48
110.42 103.65
110.05 103.48
110.05 102.81
109.68 101.97
109.68 101.14
109.49 101.47
109.86 101.64
110.05 101.47
110.05 101.47
110.05 101.47
110.05 100.98
Stock E xchang
109.68 99.68
109.49 99.36
109.12 98.88
109.86 100.17
110.61 100.33
110.98 101.14
111.35 101.64
111.18 102.14
110.79 101.14
110.42 100.49
110.05 100.33
110.05 100.81
109.31 99.52
109.12 99.52
108.94 98.88
112.50 103.65
108,07 98.73
108.75 99.04
93.11 81.78
88.10 97.00
87.17 96.08
87.04 96.39
86.64 96.54
87.56 97.47
87.04 97.16
87.43 97.62
87.30 97.62
86.51 96.70
86.77 97.16
86.91 97.00
86.12 96.70
85.74 96.23
84.85 96.08
85.35 96.39
84.47 95.78
85.61 97.31
85.23 97.47
85.87 97.94
84.72 96.70
82.50 94.29
82.38 94.14
82.50 94.43
83.35 94.88
82.02 93.85
82.50 94.29
82.87 95.63
e Closed
80.84 94.29
79.56 92.82
77.88 90.83
79.45 93.55
79.11 93.26
81.42 95.63
82.99 97.78
83.97 99.68
83.60 99.68
82.50 99.04
82.38 99.04
84.35 100.49
82.26 99.68
82.50 100.17
81.54 100.00
88.50 100.49
77.85 90.69
83.72 100.49
66.38 85.61
P. U. Indus.
107.14
107.14
106.96
106.96
111.16
110.98
110.79
110.61
106.96
106.96
106.96
106.78
110.61
110.61
110.61
110.61
106.78
106.78
106.78
106.60
106.60
106.60
106.60
106.60
110.42
110.05
110.05
110.05
109.86
110.23
110.23
109.86
106.60
106.25
106.07
105.37
105.54
105.54
105.89
105.54
105.20
105.37
105.72
105.54
105.54
105.72
105.89
106.07
105.89
105.20
104.68
104.33
103.99
103.65
103.65
103.82
103.82
103.99
02.64
109.68
109.12
109,49
108.94
108.75
108.57
108.75
108.57
108.21
108.39
108.39
108.39
108.94
108.57
108.39
108.39
108.39
107.67
107.67
107.31
107.31
107.49
107.85
107.85
107.85
107.67
107.67
101.14
101.14
100.98
100.118
100.98
101.47
101.64
101.14
99.88
98.41
97.94
98.73
96.23
95.93
94.58
107.14
94.14
94.58
742.5
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.31
107.49
108.78
106.96
106.96
111.16
106.78
106.78
96.54
98.41 116.22 108.03
97.62
78.10
96.54
93.26 105.89
81.42 103.15
79.34
62.40
78.32
72.45
89.59
Nov. 16 1935
96.39
AU
1935
120
Daily
DomesAverages
tic
Nov.15-14._
13._
12._
IL_
9__
8._
7__
6__
5.
4__
2__
I__
Oct. 3L_
30._
29._
28..
26__
WeeklyOct. 25._
18._
II__
4._
Sept.27..
20...
13.._
6..
Aug.30._
23__
16_
Aug. 9_
2__
July 26_
19._
12._
5_
June 28__
21_
14_
7._
May 31._
24_
17__
10_
3__
Apr. 26_
19_
12._
5_
mar.29...
22__
15_
8__
I...
Feb. 23_
15_
8_
I__
Jan. 25_
18..
11._
4..
Low 1935
Hign 1935
Low 1934
High 1934
Yr. A goNov.15.34
2 Yrs.A go
Nov.15.33
120 Domestic Corporate
by Ratings
A
120 Domestic
Corporate by Groups
Aaa
Aa
4.46
4.47
4.48
4.49
3.74
3.74
3.75
3.75
4.04
4.04
4.04
4.04
4.48
4.48
4.48
4.48
3.75
3.75
3.75
3.76
4.05
4.05
4.06
4.06
4.49
4.49
4.49
4.50
4.50
4.49
4.49
4.50
3.76
3.76
3.76
3.76
3.77
3.76
3.76
3.77
4.07
4.07
4.07
4.08
4.08
4.07
4.07
4.09
4.49
4.53
4.53
4.54
4.52
4.53
4.51
4.52
4.55
4.54
4.54
4.55
4.54
4.55
4.54
4.56
4.53
4.55
4.55
4.59
4.65
4.65
4.64
4.63
4.65
4.64
4.64
3.77
3.80
3.80
3.80
3.82
3.81
3.80
3.79
3.81
3.78
3.78
3.75
3.73
3.71
3.70
3.69
3.68
3.70
3.70
3.72
3.73
3.74
3.74
3.76
3.74
3.73
3.73
4.09
4.10
4.09
4.11
4.11
4.12
4.10
4.11
4.14
4.15
4.14
4.15
4.15
4.15
4.14
4.15
4.15
4.17
4.17
4.19
4.19
4.20
4.18
4.17
4.17
4.17
4.17
4.70
4.74
4.79
4.72
4.72
4.65
4.60
4.58
4.61
4.65
4.67
4.62
4.70
4.70
4.73
4.46
4.80
4.75
5.81
3.71
3.71
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
3.68
3.82
3.80
4.43
4.19
4.20
4.22
4.18
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.04
4.25
4.24
5.20
4.85
3.85
4.28
4.90
6.38
4.97
6.09
4.56
5.45
6.27
8.07
6.36
Bea
RR.
P. U.
4.54
5.53
4.94
4.55
5.54
4.96
4.56
5.57
4.98
4.57
5.58
4.98
Stock E xchang e Close d
4.56
5.57
4.97
5.56
4.96
4.55
4.95
4.54
5.55
4.54
5.54
4.94
Stock E xchang e Closed
5.57
4.95
4.54
5.57
4.55
4.95
4.56
5.57
4.95
5.60
4.96
4.55
5.60
4.96
4.55
4.54
5.58
4.94
4.54
5.57
4.93
4.55
5.57
4.94
tt
30
ForKudos. 110,
18.
4.33
4.33
4.34
4.34
4.11
4.12
4.13
4.14
6.41
6.41
6.41
6.31
4.34
4.34
4.34
4.35
4.14
4.14
4.14
4.14
6.29
6.31
6.32
6.30
4.35
4.35
4.35
4.36
4.36
4.36
4.36
4.36
4.15
4.17
4.17
4.17
4.18
4.16
4.16
4.18
6.37
6.44
6.46
6.47
6.52
6.51
6.52
6.37
4.55
5.56
4.94
4.36
4.59
5.63
5.00
4.38
4.57
5.64
4.98
4.39
4.58
5.67
4.97
4.43
4.56
4.91
5.60
4.42
4.56
5.64
4.93
4.42
4.54
5.61
4.90
4.40
4.57
5.62
4.90
4.42
4.58
5.68
4.96
4.44
4.57
5.66
4.93
4.43
4.58
5.65
4.94
4.41
4.57
5.71
4.96
4.42
4.55
5.74
4.99
4.42
4.54
5.81
5.00
4.41
4.56
5.77
4.98
4.40
4.54
5.84
5.02
4.39
4.63
5.75
4.92
4.40
4.54
5.78
4.91
4.44
4.58
5.73
4.88
4.47
4.63
5.82
4.96
4.49
4.68
6.00
5.12
4.51
4.66
6.01
5.13
4.53
4.65
6.00
5.11
4.53
4.66
5.93
5.08
4.52
4.66
6.04
5.15
4.52
4.66
6.00
5.12
4.51
4.69
5.97
5.03
4.59
Stock E xchang a Close d
4.77
6.14
5.12
4.68
4.79
6.25
5.22
4.68
4.82
6.40
5.36
4.69
4.74
6.26
5.17
4.69
4.73
6.29
5.19
4.69
4.68
6.09
5.03
4.66
4.65
4.89
4.65
5.96
4.62
5.88
4.77
4.68
4.68
5.91
4.77
4.77
4.81
4.85
4.72
6.00
4.88
4.73
4.81
6.01
4.70
5.85
4.72
4.03
4.78
am 4.77 4.99
6.01
4.78
4.74
6.00
4.82
4.75
5.10
6.08
4.33
4.53
5.53
4.72
5.37
4.83
6.40
5.13
4.72
5.10
4.81
5.90
5.75
6.06
7.58
6.74
4.19
4.22
4.20
4.23
4.24
4.25
4.24
4.25
4.27
4.26
4.26
4.26
4.23
4.25
4.26
4.26
4.26
4.30
4.30
4.32
4.32
4.31
4.29
4.29
4.29
4.30
4.30
6.34
6.97
6.85
6.90
6.64
6.79
6.50
6.62
6.58
6.59
6.24
6.17
6.15
6.12
5.97
5.91
5.85
581
5.80
5.81
5.82
5.83
5.88
5.86
5.85
5.97
5.93
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.11
4.35
4.35
4.97
6.11
6.23
6.46
6.33
6.16
6.12
6.03
6.02
6.04
6.01
6.12
6.10
6.15
6.22
6.30
5.78
6.97
6.35
8.66
5.19
4.40
6.52
6.92
4.98
9.17
•These prices are computed from average yields on the boats of one "Ideal'bond (43(% coupon matur ng 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 01
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 9c7.
'
,
Actual average price of 8 long-term Treasury issues. t The latest co nplete list of bonds used in computing these indexes was published in the issue of May 18 1935
page 3291. tt Average of 30 foreign bonds but adjusted to a co.nparable basis with previous averages of 40 foreign bonds.
3133
Financial Chronicle
Volume 141
Indications of Business Activity
lines, compared with 325,841 cars in the
THEISTATE OF TRADE-COMMERCIAL EPITOME on their own
preceding week and 282,668 cars in the seven days ended
1935.
15
Friday Night, Nov.
Nov. 10 1934. A comparative table follows:
Most of the business news of the week was of a cheerful REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
nature. Wholesale trade was larger, and despite adverse
weather conditions in some parts of the country retail sales
Loaded on Own Lines Receivedfrom Connections
Weeks EndedWeeks Endedas a whole showed further expansion. Furthermore, industry continued its advance, which is unusual for this time
Nov. 9 Nov. 2 Nov. 10 Nov.9 Nov. 2 Nov. 10
1934
1935
1935
1934
1935
1935
of the year. Electric output reached a new high, exceeding
4,946
6,054
5,637
19,602
22,144
opera21,236
RI_
Steel
Fe
week.
Santa
&
Topeka
consecutive
Atchison
sixth
the
the 1929 peak for
27,636 28,568 25,893 14,777 15,446 13,036
Baltimore & Ohio RR
23,796 23.891 21,772 9,518 9,957 7,788
tions rose to 52.6%, or close to the year's peak. Crude oil Chesapeake & Ohio RY
Burlington & Quincy RR. 16,831 16,923 16,547 7,746 8.524 6.801
production exceeded the Federal allowable by 238,550 bar- Chicago
Chic. MOW.St. Paul & Pas. Ry_ - 19,287 20.104 17,805 7,635 7,784 6.597
& North Western By.... 14.227 15,668 14,288 9,892 10,662 8,780
Chicago
railroad
freight
in
increase
,
3
rels. There was an encouraging
2,833 2,729 2,729 1,431 1,317 1,003
Gulf Coast Lines
2,131 2,323 2,355 1,907 1,999 1,586
loadings, and construction awards are larger. Machine tool Internat. Great Northern RR
4,868 5,280 4,532 2,880 2,741 2,566
RR
-Texas
Missouri-Kansas
the
show
following
month
last
sharply
increased
business
15,080 15,141 14,016 8.113 8,209 6.460
Missouri Pacific RR
38.142 40,233 32.613 35,073 37,188 33,117
York Central Lines
at Cleveland in September. Security markets were more New
4,304 4,810 4,017 8,480 9,056 .7.061
Louis
N. Y. Chicago & St.
20,513 21,940 15.935 4,147 4,501 3,298
By
active and scored further advances. Sears, Roebuck & Co. Norfolk & Western
58,625 60,256 52,847 35,625 37,404 31,193
Pennsylvania RR
6,634 6.451 4,453 4,723 5,179 4,046
sales in the four weeks ended Nov. 5 were the largest for Pere Marquette By
5,490 5,688 4,171 4,529 5,655 4,040
& Lake Erie RR
any corresponding period since 1929. Production schedules Pittsburgh
28,139 23,993
26,313
Lines
Pacific
Southern
5,296 5,553 5,100 8,033 8,390 6.349
were increased for this month and December by manufac- Wabash By
313,242 325,841 282.668 170,146 180,066 148.667
Total
turers of automobiles owing to the heavy public demand for
x Not reported. y Excluding ore.
new cars and the sharp increased sales at New York and
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
other automobile shows. Cotton of late was stronger and a
(Number of Cara)
little more active. Grain markets, however, showed little
Weeks Endedactivity, but have recently shown an upward trend. Other
Nov.9 1935 Nov. 2 1935 Nov. 10 1934
commodity markets were generally quiet and easier. Two
tornadoes struck Oklahoma on the 9th inst., injuring four Chicago Rock Island & Pacific By
20.559
22,932
21,455
27.655
31,373
29,882
System
persons and damaging many farm houses over a wide area. Illinois Central
12,700
13,413
12,864
By
Francisco
-San
Louis
St.
An earthquake in the West Indies on the 11th inst. did con-.
60.914
67,718
64.201
Total
siderable damage. Wintry weather visited the Mid-West
early in the week. Temperatures in Texas, Oklahoma, KanThe Association of American Railroads, in reviewing the
sas, Mississippi and Nebraska were below freezing, and snow week ended Nov. 2, reported as follows:
Loading of revenue freight for the week ended Nov. 2 totaled 680,662
fell in many sections. In New York it was rainy and warm
was an increase of 67,614 cars, or 11.0%. above the correearly in the week, but later temperatures dropped. To-day cars. This
sponding week in 1934 and an increase of 66,526 cars, or 10.8%, above
it was cloudy and cold here, with temperatures ranging from
the same week in 1933.
Loading of revenue freight for the week of Nov. 2 was a decrease of
40 to 43 degrees. The forecast was for cloudy, probably
or 3.8%, below the preceding week this year, due to the usual
light rains to-night and Saturday; not much change in tem- 27,164 cars.
seasonal decline in business.
perature; Sunday probably fair, turning warmer. OverMiscellaneous freight loading totaled 278,784 cars, a decrease of 6,594
night at Boston it was 38 to 48 degrees; Baltimore, 44 to 52; cars below the preceding week, but an increase of 43.651 cars above the
week in 1934,and 51,910 cars above the same week in 1933.
Pittsburgh, 34 to 38; Portland, Me., 34 to 46; Chicago, 40 corresponding
Loading of merchandise less-than-carload-lot freight totaled 165,576
to 44; Cincinnati, 38 to 40; Cleveland, 40 to 46; Detroit, 36 cars, a decrease of 613 cars below the preceding week, but 3,609 cars
to 40; Charleston, 58 to 70; Milwaukee, 40 to 46; Dallas, above the corresponding week in 1934. It was, however, a decrease of
below the same week in 1933.
42 to 52; Savannah, 58 to 74; Kansas City, 38 to 42; Spring- 6.392 cars
Coal loading amounted to 125,483 cars, a decrease of 3,209 cars below
field, Mo., 38 to 40; Oklahoma City, 34 to 40; Denver, 26 to the preceding week, but an increase of 129 cars above the corresponding
36; Salt Lake City, 26 to 42; Seattle, 44 to 54; Montreal, week in 1934, and 5,718 cars above the same week in 1933.
Grain and grain products loading totaled 33.364 cars, a decrease of
32 to 34, and Winnipeg, 4 below to 8 above.
4,087 cars below the preceding week, but an increase of 5,477 cars above
Moody's Daily Commodity Index Rises Moderately
The feature of this week's trading has been the sharp rise
in raw cotton prices, which advanced to the best levels since
mid-July. The declining trend of certain other commodities,
particularly top hogs and wheat, which has been evident for
the past month or so was reversed and these commodities
have enjoyed a moderate recovery. Moody's Daily Index
of Staple Commodity prices closed on Friday at 167.8
compared with 166.4 a week ago.
Among the fifteen commodities in the Daily Commodity
Index, advances were registered by cotton, top hogs, wheat,
scrap steel, wool and rubber, while hides, sugar, corn, silk
and cocoa declined. Silver, copper and lead remained
unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Fri., Nov. 8
Sat., Nov. 9
Mon., Nov. 11
Tues., Nov.12
Wed., Nov.13
Thurs.,Nov.14
Fri., Nov.15
166.4
166.5
holiday
166.8
165.4
166.6
167.8
2 Weeks Ago, Nov. 1
Month Ago, Oct. 18
Year Ago,
Nov. 16
1934 High
Aug. 20
Low
Jan, 2
1933 High
Oct.7 & 9
Low
Mar. 18
166.6
174.0
147.2
156.2
126.0
175.3
148.4
Revenue Freight Car Loadings Above a Year Ago
Loadings of revenue freight for the week ended Nov. 9
1935 totaled 653,525 cars. This is a recession of 27,137 cars,
or 3.9%, from the preceding week, a rise of 58,735 cars, or
9.9%, from the total for the like week of 1934, and an
increase of 77,452 cars, or 12.1%,from the total loadings for
the corresponding week of 1933. For the week ended Nov. 2,
loadings were 11% above the corresponding week of 1934
and 10.8% higher than those for the like week of 1933.
Loadings for the week ended Oct. 26 showed a gain of 13.3%
when compared with 1934 and,a rise of 10.2% when comparison is made with the same week of 1933.
The first 18 major railroads to report for the week ended
Nov.9 1935 loaded a total of 313,242 cars of revenue freight
the corresponding week in 1934 and 2,209 cars above the same week in
1933. In the Western districts alone grain and grain products loading
for the week ended Nov. 2 totaled 21,834 cars, an increase of 4,629 cars
above the same week in 1934.
Livestock loading amounted to 19,553 cars, a decrease of 1.736 cars
below the preceding week. 5,015 cars below the same week in 1934. and
464 cars below the same week in 1933. In the Western districts alone
loading of livestock for the week ended Nov. 2 totaled 15,738 cars, a
decrease of 3.153 cars below the same week in 1934.
Forest products loading totaled 29,194 cars a decrease of 1.481 cars
below the preceding week, but an increase of 7.507 cars above the same
week in 1934 and 6.013 cars above the same week in 1933.
Ore loading amounted to 21,692 cars, a decrease of 9.769 cars below the
preceding week, but an increase of 10,985 cars above the corresponding
week in 1934 and 6,614 cars above the corresponding week in 1933.
Coke loading amounted to 7.016 cars, an increase of 325 cars above the
preceding week. 1,271 cars above the same week in 1934. and 918 cars
above the same week in 1933.
All districts reported increases for the week of Nov. 2 in the number
of cars loaded with revenue freight compared not only with the corresponding week last year, but also with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Five weeks In March_
Four weeks in April
Four weeks In May
Five weeks in June
Four weeks In July
Five weeks In August
Four weeks in SeptemberFour weeks In October
Week of Nov. 2
Total
1933
1935
1934
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
2,228,737
3,102,066
2,631,558
2,881,924
680,662
2,183.081
2,314,475
3,067,612
2,340,460
2,446,365
3,084,630
2,351,015
3,072,864
2,501,950
2,534,940
613,048
1,934,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926.247
2,498,390
3,204,919
2,567,071
2,632,481
614,136
26.701.004
26.510.440
24.861.297
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Nov.2 1935. During this period a total of 101 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the New York Central Lines, the Baltimore
& Ohio RR., the Pennsylvania System, the Atchison Topeka
& Santa Fe System, the Southern System, the Illinois Central System and the Southern Pacific RR.
3134
Financial Chronicle
Nov. 16 1935
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED
NOV. 2
Total Revenue
Freight Loaded
Railroads
Eastern DistrictAnn Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & Loulsv_
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West.
Detroit& Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line_ -Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Lines-N. Y. N. H. & Hartford
New York Ontario & Western_ _
N.Y.Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.Pittsburgh & West Virginia_ __
Rutland
Wabash
Wheeling & Lake Erie
Total
AlleOehny DistrictAkron Canton & Youngstown-Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria dr Indiana
Central RR.of New Jersey__ -Cornwall
Cumberland & Pennsylvania_ -Ligonier Valley
Long Island
Penn-Reading Seashore Lines_
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
1934
1933
1935
772
1,685
8,498
1,345
19
1,216
4,234
8,815
511
2,477
352
11,467
4,884
158
1,148
6,592
2,919
3,607
2,101
40,225
10,217
1,460
4,810
5,571
6,451
238
293
1,158
629
5,553
3,631
639
1,960
7,719
1,552
31
946
4,659
8,630
395
1,349
275
11,031
2,719
162
1,504
8,111
3,149
3,724
1,898
33,454
9,929
1,866
4,172
4,341
4,918
405
470
8.57
621
5,453
2,996
728
1,344
7.846
1,420
20
986
5,498
8,898
296
1,235
177
11,790
2,225
162
1,133
7,671
2,893
3,488
2,080
36,644
10,806
1,558
4,431
4,872
4,505
299
317
1,165
672
5,338
3,033
1,388
268
10,315
2,068
56
2,101
6,949
6,466
97
1,562
3,229
14,786
7,441
1,724
1,077
7,145
2,402
188
61
37,193
11,205
1,696
9,056
5.416
5,179
27
173
1.220
960
8,390
3,448
1934
1,018
285
10,266
1,588
66
2,238
6,326
5,576
91
944
2,097
12,728
5,571
1,605
1,045
6,013
2,410
192
62
33,662
10,442
1,682
7,452
3,832
4,227
25
185
676
843
6,500
2,045
143,036
129,935
133,530
153,286
131,692
604
28,568
3,877
278
1,266
5,809
705
392
120
837
1,191
60,256
11,550
8,706
49
3,343
445
25,806
3,020
278
1,094
5,577
671
321
189
929
1,159
52,152
12,128
4,300
61
3.370
387
28,568
2,692
281
a
4,772
284
387
178
963
1,168
55,689
11,134
4,960
74
3,073
637
15,446
1,545
66
19
10,546
46
35
15
2,285
1,306
37,404
15,415
2,983
1
5,339
591
13,468
815
8
22
9,819
57
29
26
2,518
939
32,003
13,949
1,609
127,551
111,500
114,590
93,028
81,117
23.891
21,940
871
4,022
20,914
17,745
804
3,636
21,190
17,997
761
2,935
9,957
4,501
1,468
740
8.197
3,449
1,067
630
50,724
43,099
42,883
16,666
13,343
Group B (Concluded)Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah.....
MississippiCentral
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
8,455
1,116
345
179
44
1,264
446
314
7.472
19,134
155
7,860
1,111
324
176
42
1,472
458
283
7,196
18,702
206
4,970
1,610
846
388
136
1,211
954
2,466
3,846
13,468
855
4,821
1,449
814
339
90
1,179
797
2,236
3,205
12,025
763
39.226
38,924
37,830
30,750
27,718
1934
1933
1935
936
364
2,197
21,552
19,764
204
186
1,923
2,969
393
831
291
1.542
20,295
17,741
206
124
1,965
2,989
397
1,004
342
1,445
20,277
16,635
192
132
2,119
2,852
240
1,316
357
910
10,414
4,626
293
296
1,518
2,131
672
1934
1,366
375
722
9,327
3,893
406
232
1,497
2,000
739
Total
57,510
52,454
50,823
28,089
25,776
96,736
91,378
88,653
58,839
53,494
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western.
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern...
DuluthSouth Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
GreatNorthern
Green Bay dr Western
Lake Superior & Ishpeming....
Minneapolis & St. Louis
Minn. St. Paul & 8.8. M
Northern Pacific
Spokane International
Spokane Portland & Seattle.--
809
17,672
2.239
20,104
3,998
3,605
707
5,490
317
14,807
689
1,929
1,789
6,176
10,993
222
2,318
588
15,494
2,479
18,346
3,633
2,811
911
3,807
286
13,191
740
706
1,745
5,189
10,284
130
1,117
717
16,290
2,345
17,322
3,340
630
514
3,816
263
11,668
514
2,249
2,057
4,364
10,010
115
1,078
2,090
10,320
2,986
7,784
3,083
150
341
5,754
136
2,610
437
96
1,889
2,093
2.768
240
1,220
1,480
9,155
2,390
6,567
2,808
69
261
3,920
110
2,481
375
77
1,554
2,071
2,414
212
981
93,864
81,457
77,292
43.997
36,925
22,144
2,872
289
16,923
1,309
11,686
2,680
1,791
5,351
837
1,549
1,852
1,020
175
20,071
170
380
17,189
754
1,766
20,242
2,755
195
18,364
1,714
11,118
2,795
1,790
4,140
518
1,238
1,972
597
116
16,111
180
242
15,243
518
1,377
20,541
2,930
175
17,338
1,554
11.272
2,659
1,765
3,885
401
1,725
2,163
764
255
16,234
235
377
16,671
453
1,292
6,054
2,486
43
8,524
960
7,592
2,089
1,133
3,019
13
1,187
1,074
347
108
4,847
243
1,278
9,810
21
2,392
.5,410
2,002
21
7,022
738
6,789
1,812
935
2,480
20
1,094
859
233
38
3,514
206
1,106
7,790
14
1,821
110,808
101,225
102,689
53,220
43,904
183
176
171
2,729
2,323
141
1,627
1,374
149
299
732
198
5,280
15,141
52
224
8,353
2,640
8,068
5,235
2,516
300
32
130
171
204
2,458
2,211
143
1,694
1,296
77
406
739
87
4,423
15,403
46
124
8,045
2,291
7,210
5,068
2,019
175
28
4,066
396
196
1,317
1,999
1,068
1,578
1,022
372
745
183
194
2,741
8,209
25
132
3,846
1,722
2,406
3,567
15,315
68
45
3,552
389
192
1,223
1,639
901
1,441
688
372
852
201
160
2,661
6,822
65
144
3,602
1,359
2,180
2,713
13,611
77
27
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington ,k Quincy„
Chicago & Illinois Midland....
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denverdr Salt Lake
Fort Worth & Denver City.....
IllinoisTerminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
KansasOklahoma Ss Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas-Litchfield & Madison
Midland Valley
Missouri & Arkansas
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal 9th. Ass'n of St. Louis
Wichita Falls & Southern
Weatherford M. W.& N.
.6.e7
8,083
1,240
396
140
84
1,297
485
339
7,529
19,457
176
1935
Grand total Southern District
Total
5,264
Total Loads Received
front Connections
aa
Total
1935
Total Revenue
Freight Loaded
Railroads
<0.-.000MOONMOMOCVCMMOOMM
Co
.00^4WV.NNNVootsrpmu,N.,
.000
....C4OMNVtCV.MC..MO NSmot..0 0
Cl too
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham de Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac__
Seaboard Air Line
Southern System
Winston-Salem Southbound_ _ _
Total Loads Received
from Connections
Group ftAlabama Tennessee & Northern
202
147
183
128
189
Atlanta Birmingham & Coast._
747
584
613
637
655
AU.& W.P.-W.RR.of Ala_ _
1,294
780
678
644
1,112
Central of Georgia
4,321
3.697
2,555
2,561
3,327
Columbus dr Greenville
341
294
358
321
288
Florida East Coast
631
484
620
584
582
Total
57 943
54.454
54.499
51.212
44.871
Note-Figures for 1934 revised. •Previous figures. a Not available. b Includes figures
for the Boston & Albany RR.. the C. C. C. & St. Louis RR., and the
Michigan Central RR.
Growing Confidence Evidenced in Upward Movement
in Business During Current Autumn According
to Col. Leonard P. Ayres of Cleveland Trust Co.Greatest Problem That of Unemployment
Commenting on the present business trends, Colonel
Leonard P. Ayres, Vice-President of the Cleveland Trust Co.
of Cleveland, in the company's "Business Bulletin" dated
Nov. 15, says:
For the first time in six years business activity has had a normal seasonal
Increase in volume this autumn, and even something more than a normal
increase. Since the bottom of the depression we have had a succession of
upward movements in business, and one of them following the bank crisis
was of exceptional volume and vigor. However, each of them was followed
by a recession in which much of the ground gained was lost again, and
none of the previous periods of improvement had the convincing quality that
characterizes this one.
Stating that "the difference seems to be that the prevailing
sentiment of business during each one of the previous upturns
in the depression period was one of tentative optimism, but
that this time it is one of growing confidence," Colonel Ayres
adds:
Probably the chief reason for this change is that business improvement
this autumn is well distributed over many parts of our economic life. The
crops are better this year than they have been previously; retail trade has
improved; there is more construction; industrial output is advancing, and
there is an encouraging increase in the volume of railroad freight loadings.
In addition to these changes for the better there is a considerable and
fairly general increase in the profits of many lines of business activity, and
especially in manufacturing. This increase in business profits appears to
be considerably greater than the advance in the volumes of output and of
trade and transportation. Apparently industry and business in general have
utilized the long depression period to effect economies and to perfect more
efficient methods of operation so that they are now able to utilize relatively
small increases in the volume of their operations so as to make them produce
much more than corresponding gains in profit margins.
Our greatest present problem is still our huge volume of unemployment,
which has changed but little during the past two years, despite recent
encouraging additions to industrial payrolls. The chief direct and indirect
causes for this condition are still the relative stagnation of our heavy
industries and of construction. We still need such a solidifying of confidence as will impel men to undertake extensions of enterprise, assuming
new risks in the hope of making new gains.
Colonel Ayres, in making the further statement as to business activity that "there is convincing evidence that the
Increase in business activity this autumn has been both
genuine and general," states:
Perhaps the best testimony is to be found in the monthly report of the
Federal Reserve Board, which regularly publishes monthly figures on eight
general indicators of business conditions. They include the volume of
industrial production, mineral output, residential building, all other construction contracts, factory employment and wages, freight loadings, and
department store sales. The report for September shows increases in all
eight of these series. It is the first report this year in which all eight
of the indexes advanced.
Further Increase Noted in "Annalist" Index of Business Activity for October-Is Only 2.2 Points
Below High for July 1933
Business recovery proceeded at an accelerated rate during
October, according to the "Annalist" Index of Business
Activity, which rose to 87.1 (preliminary) from 83.6 for
September. The index is only 2.2 points below the high for
3135
Financial Chronicle
Volume 141
July 1933; with the exception of that month, it is at the
highest level since September 1930,the "Annalist" announced
on Nov. 14:
The index has risen for five consecutive months and has recovered nearly
50% of the ground lost from the 1929 high of 116.7 to the depression low of
58.4. Last month's business improvement was the result of increased
activity in both the durable and non-durable goods industries, a sharp
advance in automobile output being the most important single factor in
the rise of the combined index, while a marked expansion in cotton consumption was the second most important factor. A substantial increase was
also shown in freight car loadings per day, after allowance for seasonal
fluctuations. Gains were also recorded by the adjusted indices of pig iron
production, electric power production and silk consumption. As a result of
smaller than seasonal gains in average daily output, the adjusted indices of
The desteel ingot production and zinc production turned downward.
creases, however, were slight and the outlook for both industries appears to
be favorable. The index of lumber production declined slightly from the
relatively high September level.
Table I gives for the last three months the combined index and its components, each of which is adjusted for seasonal variation and, where
necessary, for long-time trend. Table II gives the combined index by
months back to the beginning of 1930:
TABLE I-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
October
September
August
62.5
65.8
Freight car loadings
76.2
77.0
Steel ingot production
61.8
66.5
Pig iron production
105.2
al05.5
Electric power production
87.4
*96.9
Cotton consumption
125.9
Wool consumption
74.5
75.0
Silk consumption
-111.7
Boot and shoe production
46.8
b13-1
Automobile production
80.8
77.8
Lumber production
Cement production43.0
69.5
7
6-8:7
Zinc production
83.6
*87.1
Combined index
60.8
72.9
57.8
105.8
78.1
139.7
64.9
108.5
66.1
73.9
40.4
71.3
82.7
TABLE II-THE COMBINED INDEX SINCE JANUARY 1930
1935
1934
1933
1932
1931
1930
102.1
81.4
70.1
63.0
January
73.1
83.6
102.5
83.1
68.1
February
61.6
83.3
78.7
100.5
85.1
66.7
78.9
58.4
81.5
March
101.8
86.4
63.2
64.0
April
80.0
80.6
98.5
85.1
60.9
72.4
May
80.2
79.3
97.1
82.6
60.4
83.3
77.2
79.5
June
93.1
83.1
89.3
59.7
73.2
80.7
July
90.8
78.9
61.3
83.5
71.2
82.7
August
89.6
76.3
65.2
76.4
83.6
September
66.5
86.8
72.6
72.3
*87.1
October
65.4
70.5
84.4
72.2
71.5
November
64.7
68.4
83.9
72.1
77.4
December
64.8
69.5
•Subject to revision. a Based on an estimated output of 8,885,000,000 kilowatthours as against a Geological Survey total of 8,218,000,000 kilowatt-hours in
September and 7,831,000,000 in October 1934. b Based on an estimated output of
250,000 cars and trucks, as against Department of Commerce total of 95.128 oars
and trucks in September and 135.771 in October 1934.
"Annalist" Weekly Index of Wholesale Commodity
Prices Increased During Week of Nov. 12
With the first advance in five weeks, the "Annalist"
Weekly Index of Wholesale Commodity Prices rose to 127.9
on Nov. 12, from 127.4 on Nov. 4. Advances were general,
with corn, cotton, hogs and pork in particular showing
advances. In noting the foregoing the "Annalist" said:
The advance in corn reflected the small available supplies, in cotton the
bullish crop estimate of last Friday, while hogs and pork benefited from the
cold wave. Butter also was higher, but eggs, wheat and flour and steers declined. The crude petroleum average also showed a loss of nearly half the
previous week's gain as prices were brought into better alignment in the
various markets. The European situation seems to have disappeared as an
active factor in the speculative picture, although so-called war demand
continues of some importance.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)
Comparisons of he present level of wholesale prices with
the previous week, a month ago and the corresponding week
of last year are shown in the following table contained in
Mr. Lubin's announcement:
Commodity Groups
All commodities
80.1
79.8
+0.4
80.7
-0.7
76.6
+4.6
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products..
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities
All commodities other than
farm products and foods_
77.5
84.1
95.6
72.8
75.5
86.2
85.7
81.1
82.1
67.4
77.4
83.8
95.1
72.7
74.3
85.9
85.6
81.1
82.0
67.5
+0.1
+0.4
+0.5
+0.1
+1.6
+0.8
+0.1
0.0
+0.1
-0.1
80.1
85.7
93.8
72.1
74.1
85.8
86.1
80.7
81.8
67.5
-3.2
-1.9
+1.9
+1.0
+1.9
+0.5
-0.5
+0.5
+0.4
-0.1
71.1
75.9
84.9
69.4
75.6
85.4
85.1
76.8
82.7
70.5
+9.0
+10.8
+12.6
+4.9
-0.1
+0.9
+0.7
+6.6
-0.7
-4.4
78.9
78.4
+0.6
78.2
+0.9
78.1
+1.0
The following is also from the announcement:
The index for the fuel and lighting materials group advanced 1.6% to
75.5, a new high for the year. The increase was the result of sharp increases
in prices of California crude petroleum and gasoline. Average prices of
bituminous coal were fractionally higher, and anthracite coal and coke remained unchanged.
The hides and leather products group rose 0.5% to the highest point
reached in the past five years. rho increase was due to higher prices for
shoes, leather, and hides and skins.
Wholesale food prices increased 0.4% during the week because of advancing prices of dairy products, fruits and vegetables, and other foods
including cocoa beans, coffee, copra, and cured fish. Cereal products and
meats, on the other band, declined. Important individual food items for
which lower prices were reported were wheat flour, hominy grits, corn meal,
fresh beef at New York, bacon, mess pork, dressed poultry, glucose, lard.
molasses and raw sugar. The present food index, 84.1, is approximately
11% above the level of a year ago.
Rising prices of motor vehicles, iron and steel and non-ferrous metals
were the factors contributing to the 0.3% advance in the metals and metal
products group. Average prices of agricultural implements and plumbing
and heating fixtures were stationary.
In the farm products group, decreases of 3.0% in the index for grains
and 1.3% in livestock and poultry were more than offset by an increase
of 1.9% in "other farm products." The index for the group as a whole
advanced to 77.5% of the 1926 average. Lower prices were reported for
corn, rye, wheat, cows, steers, hogs, oranges, dried beans and cotton.
Higher prices were reported for oats, eggs, lemons, peanuts, seeds, potatoes
and wool. The farm products group now stands 9% above the level of the
corresponding week of last year.
The index for the textile products group,following the slight recession of
last week, again rose to the high point of the year. The sub-groups of silk
and rayon, woolen and worsted goods and other textile products were higher,
and the cotton goods index was lower. Prices of clothing and knit goods
were unchanged.
Higher average prices for lumber were responsible for the minor increase
in the building materials group. Average prices of brick and tile, cement
and structural steel were unchanged.
A fractional advance was reported for the housefurnishings group, due to
higher prices for furnishings. Furniture remained at the level of the preceding week.
Lower prices were reported for cattle feed, paper and pulp and crude
rubber. The sub-groups of automobile tires and tubes and other miscellaneous commodities remained unchanged.
The index for the chemicals and drugs group remained at 81.1% of the
1926 average. Drugs and pharmaceuticals and fertilizer materials averaged
higher, and chemicals were lower. Average prices of mixed fertilizers remained stationary.
The index of the Bureau of Labor Statistics includes 784 Price series
weighted according to their relative importance in the country's markets
and based on the average for the year 1926 as 100.0.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of Nov. 10 1934 and Nov.
11 1933:
Commodity Groups
119.0
120.6
106.3
Farm products
134.9
135.0
119.4
Food products
*118.4
al17.8
107.4
Textile products
170.1
168.6
159.6
Fuels
111.7
111.6
109.7
Metals
111.5
111.5
Building materials
112.6
98.0
98.0
99.0
Chemicals
85.0
78.3
85.0
Miscellaneous
127.4
127.9
116.5
All commodities
75.8
75.5
69.4
b All commodities on old dollar basis
*Preliminary. a Revised. b Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
80.1
79.8
80.3
80.7
80.7
76.6
71.2
77.4
83.8
95.1
72.7
74.3
85.9
85.6
81.1
82.0
67.5
78.6
84.8
95.1
72.8
74.3
85.9
85.9
81.3
81.9
67.4
79.5
85.6
94.4
72.5
74.2
85.9
86.2
81.1
81.8
67.8
80.1
85.7
93.8
72.1
74.1
85.8
86.1
80.7
81.8
67.5
71.1
75.9
84.9
69.4
75.6
85.4
85.1
76.8
82.7
70.5
55.6
65.0
87.5
76.0
74.7
83.4
84.4
73.2
82.2
65.4
78.4
78.4
78.4
78.2
78.1
77.5
Noted in Fairchild
Index for Nov. 1
Retail prices have advanced for the third consecutive
month, according to the Fairchild Publications Retail Price
Index. Quotations during the month gained 1.2%, the
greatest monthly advance since 1933, said an announcement
issued Nov. 13 by Fairchild Publications, from which the
following is also taken:
Third
Increase of 0.4% in Wholesale Commodity Prices During Week of Nov. 9 Reported by United States
Department of Labor
Wholesale commodity prices advanced 0.4% during the
second week in November, according to an announcement
made Nov.14 by Commissioner Lubin of the Bureau of Labor
Statistics, U. S. Department of Labor. This increase followed the net cumulative decline of over 1% during the two
preceding weeks. In his announcement Mr. Lubin stated:
This advance brought the all-commodity index to 80.1% of the 1925
average. It is, however, 0.7% below the level of a month ago. Compared
with the corresponding week of last year, the current index shows an increase of 4.0%•
Increases were registered during the week for eight of the ten major
commodity groups. Chemicals and drugs remained unchanged and miscellaneous commodities declined slightly. Nineteen of 47 sub-group classifications included in the index were higher, nine were lower, and 19 remained
unchanged.
The large industrial group of "all commodities other than farm products
and processed foods" advanced 0.6% to a new high for the year. l'he index
for this group. 78.9. is the highest reached since the middle of last year.
Nov. 9 Nov. 2 oa.26 Od.19 Oct. 12 Nos.10 Nov.11
1935 1935 1935 1935 1935 1934 1933
77.5
Farm products
84.1
Foods
95.6
Hides and leather products
72.8
Textile products
75.5
Fuel mad lighting materials
86.2
Metals and metal products
85.7
Building materials
81.1
Chemicals and drugs
82.1
Housefurnishing goods
67.4
Miscellaneous commodities
All commodities other than farm
78.9
products and foods
All commodities
Nov. 12 1935 Nov.4 1935 Nov. 13 1934
Nov. 9 Nov. 2 % of Oct.12 % of Nov.10 % of
1935 1935 Change 1935 Change 1934 Change
Consecutive Increase
Publications Retail Price
The index on Nov. 1 was the highest since October 1934. For the first
time in months, retail prices exceed those of a year ago. The latest index
shows a fractional gain of 0.3 of 1% above a year ago. While prices have
regained 2.8% since the Aug. 1 low, they still continue 2.3% below the
recent high recorded on April 1 1934.
Both women's apparel and home furnishings advanced during the month,
while piece goods and infants' wear were slightly lower. with men's apparel
remaining unchanged. While the composite index shows a fractional gain
above a year ago, most of the subdivisions are slightly lower, although
home furnishings were slightly higher. With the exception of infants' wear,
all groups show gains above the recent low.
Analysis of the individual items, comprising the index shows gains among
the following: Silks, woolens, sheets and pillow cases, women's hosiery.
aprons and house dresses, furs, women's underwear, men's hosiery, shirts
and neckwear, clothing, including overalls; men's shoes, furniture, floor
Financial Chi-cluck
3136
coverings, musical instruments, luggage and china. Very few items were
lower during the month. The latter includes cotton wash goods, blankets
and comfortables, men's underwear, hats and caps, infants' socks.
A further markup in retail prices will be nec..w.sary to reflect replacement,
despite the gain thus far realized according to A. W. Zelomek, economist,
under whose supervision the index is constructed. The advance thus far
has been comparatively slight, considering the recent advance in wholesale
prices. Caution in marking up prices is still evident, according to Mr.
Zelomek.
THE FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
January 1931=100. Copyright 1935, Fairchild News service
Composite index
Piece goods
Men's apparel
Women's apparel
Infanta' wear
Home furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
Sheets
Blankets & comfortables
Women's apparel:
Hosiery
Aprons & house dresses_
Corsets and brassieres
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear_....
Hats and caps
Clothing, incl. overalls....
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
Vlusical instruments
Luggage
Ei:lec. household appliances
L'hina
Oct. 1
1935
May 1
1933
Nov. 1
1934
Aug. 1
1935
Sept. 1
193.5
69.4
65.1
70.7
71.8
76.4
70.2
87.4
86.3
87.7
90.7
94.4
88.9
85.2
84.6
87.1
88.1
93.2
87.7
85.7
84.8
87.1
88.4
93.4
87.8
57.4
69.2
68.6
67.5
83.3
108.2
64.3
81.7
107.9
64.3
82.1
107.9
85.0
72.9
97.7
100.2
96.5
95.9
96.8
95.8
97.9
96.4
99.6
96.1
59.2
75.5
83.6
66.8
69.2
76.5
76.6
103.0
92.5
95.9
86.5
82.5
74.9
103.0
92.3
90.5
86.1
81.5
74.8
102.9
92.1
93.0
85.9
81.7
74.8
103.8
92.1
94.5
86.0
81.7
75.1
103.9
92.1
95.8
86.3
81.7
64.9
69.6
74.3
69.7
70.1
76.3
87.2
93.0
86.5
81.8
87.6
90.0
86.8
91.8
85.8
81.6
86.8
90.0
86.8
91.8
85.8
81.3
86.7
90.0
86.8
91.8
86.1
81.8
86.8
90.0
86.9
91.5
86.2
81.6
87.0
90.1
74.0
74.3
80.9
69.4
79.9
.50.6
60.1
72.5
81.5
97.8
93.8
91.5
94.4
101.3
59.9
76.0
77.5
97.6
96.9
92.8
90.1
93.2
99.8
58.3
75.6
77.9
92.4 I
96.9
92.8
90.4
93.1
100.5
.57.9
75.3
78.4
92.5
9.5.8
92.8
90.4
93.6
101.8
53.4
74.8
78.7
92.9
*94.7
92.8
90.4
93.7
103.1
58.6
74.9
78.7
93.2
Nov. 1
1935
87.6
86.6
84.8
84.9
87.2
87.2
89.1
88.8
92.6
93.4 _
88.5
89.0
•
64.5
64.3 k
82.2
82.5
107.4
108.1
l
*Revised.
Increase of 0.8 of 1% Noted in Index of Retail Costs
of Food of United States Department of Labor for
Two Weeks Ended Oct. 22
The index of retail food costs advanced 0.8 of 1% during
the two weeks ended Oct. 22, Commissioner Lubin of the
Bureau of Labor Statistics of the United States Department
of Labor announced Nov. 6. "Food costs are higher for all
commodity groups except meats, fats and oils, and beverages
and chocolate, with the greatest increase in fresh fruits and
vegetables," Mr. Lubin said, adding:
INDEX NUMBERS OF RETAIL FOOD COSTS
Three-Year Average 1923-25=100
Oct. 8 Sept. 24
1934
Oct. 22 2 Weeks 4 Weeks
Current.
Ago
Oct. 23
Ago
1933
Oct. 24
1932
Oct. 15
80.5
79.9
79.9
75.7
70.9
66.3
Cereals & bakery products 94.4
Meats
100.6
Dairy products
74.4
Eggs
85.8
Fruit and vegetables
53.4
Fresh
50.7
Canned
79.9
Dried
60.0
Beverages and chocolate... 68.0
Fats and oils
86.3
Sugar and sweets
66.9
93.4
101.3
73.5
83.8
51.7
48.8
79.9
60.7
68.1
87.2
66.7
92.7
102.2
73.2
82.3
52.3
49.3
80.9
61.0
68.3
87.4
66.5
92.0
80.3
73.1
78.2
60.9
58.8
82.5
63.9
73.2
64.5
65.6
86.9
68.3
68.8
70.5
67.3
67.5
73.0
59.2
68.4
50.2
64.6
73.9
73.1
65.4
73.2
51.3
49.7
68.5
53.2
74.5
49.9
58.9
All foods
•Preliminary-subject to revision
Meat prices declined 0.8 of 1%. This group has shown a decrease at
each of the last three price-reporting periods beginning Sept. 10. The
decrease was due almost entirely to a drop in prices of beef and pork, with
the heavier decline for the pork items. Such cities as reported increases in
pork prices were in the South and Far West.
Prices of dairy products rose 1.2%. Butter prices advanced 4.1%, with
increases reported from every area. There was no change in the price of
fresh milk. The price of evaporated milk and cream dropped slightly.
Cheese rose 0.4 of 1%. The continued seasonal advance in egg prices
amounted to 2.4%. In the Pacific area the increase for butter amounted to
6.0% and the advance for eggs 8.1%.
Fruits and vegetables rose 3.2% as the result of marked increases in the
prices of certain fresh fruits and vegetables. There was no change in
the price of canned goods and dried fruits.
Vegetables declined 1.2%.
The most important price changes were increases of 5.7% for lemons and
8.7% for potatoes. Prices of all green vegetables except cabbage and celery
advanced. Increases in lemon prices were reported for 41 cities, the advances
ranging from 0.4 of 1% in Memphis to 20.3% in Providence. The general
increase in potato prices was largely the result of sharp advances reported
from cities along the Atlantic seaboard. Sweet potato prices dropped 5.1%.
There was a general decline in prices of beverages and chocolate, which
included all items except tea, for which no change was reported. Chocolate
prices showed the largest change and fell 1.6%.
Farm prices were generally lower last week, showing the fourth consecutive weekly decline. Moderate advances in hog, sheep and lamb prices
were more than offset by declining grain prices. The grains, feeds and
livestock index is now at the lowest level reached since last December. The
only other group index to show a decline last week was that for fuel,
which declined moderately as a result of a drop in the price of crude
petroleum, following a sharp advance in the preceding week. Seven of
the 14 component groups showed advances, although in most cases they
were relatively small. A slight rise took place in the foods index as a
result of four commodities rising in price and six declining. The fats and
oils group registered an advance with rising prices for butter and cottonseed
oil primarily responsible for the increase. The price of lard well, continuing
the decline which has been in progress for the past several weeks. The
textiles index again rose last week, reaching the highest level since October
1934.
With the exception of hemp, which moved downward, all raw
textile materials rose in price last week. An increase in the price of pig
iron was largely responsible for the upturn in thq metals index, although
the price of tin also rose during the week. Higher tankage prices caused
a fractional rise in the fertilizer materials index.
Twenty-six price series included in the index advanced last week, and
two declined; in the preceding week there were 24 advances and 27 declines; in the second preceding week there were 25 advances and 31 declines.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association
(1926-1928=100)
Per Cent
Each Croup
Bears to the
Total Index
100.0
Corresponding Period in
1935
Slight Increase in Wholesale Commodity Prices During
Week of Nov. 9 Reported by National Fertilizer
Association
The general level of wholesale commodity prices was
slightly higher in the week of Nov. 9 than in the preceding
week, according to the index of the National Fertilizer Association. This index advanced to 79.4% of the 1926-28 average from 79.3 in the week ended Nov. 2. The index is still
below the high point for the year, which was reached last
month. The index stood at 79.6 a month ago and 75.1 a
year ago. An announcement issued by the Association on
Nov. 11 also said:
MONOCOOCIDOVM ,
..
The current index, 80.5 (1923-25 equals 100.0), is 6.3% higher than for
the corresponding period of one year ago, when the index was 75.7. It is
17.7% below the level of Oct. 15 1930, when the index was 97.8. The index
for the current period is 127.6 when converted to a 1913 base.
Cereals and bakery products increased 1.1%. The two most heavily
weighted items in the group, flour and white bread, both advanced by 1.7%.
The price of flour rose in 35 cities. In 28 of these cities an increase was
reported for Oct. 8. Of the 16 cities in which there was no price change,
14 were in the central and western areas. The price of bread increased in
15 cities. The greatest advances were reported in Washington, D. C.,
Milwaukee and Philadelphia.
Nov. 16 1935
The fats and oils group dropped 1.0%. Lard prices fell off 1.9%, but
are higher than for any corresponding period since 1926. There was a
close correlation between the changes in pork and lard prices in the same
areas. Lard compound also dropped 1.4%. There were increases of 0.1 of
1% for vegetable shortening and 0.6 of 1% for salad oil.
Prices of sugar and sweets rose 0.3 of 1%. Sugar prices increased 0.5 of
1%. Molasses fell 0.6 of 1%.
Of the 51 cities whose prices are included in the index, 37 reported higher
prices, 13 reported decreases, and one city reported no change. The greatest
increase, 2.8%, was in Los Angeles, where eggs advanced 8.6% and fruits
and vegetables rose 7.9%. Birmingham reported the largest decrease, 1.3%.
Fruits and vegetables declined 8.9%, due chiefly to lower prices for sweet
potatoes, cabbage and apples. Sweet potatoes, 14.3%, and cabbage, 13.0%,
showed the largest decrease, 1.3%.
Croup
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
All groups combined
Latest
IYeek
Nov. 9
1935
Preceding
Week
Month
Ago
Year
Ago
87.1
68.5
81.8
70.1
72.6
87.9
78.4
84.1
84.7
77.2
95.6
66.0
70.9
101.7
87.0
69.4
82.2
69.8
72.0
87.9
76.9
83.8
84.7
*76.4
95.6
65.9
70.9
101.7
86.1
67.7
89.6
68.2
70.9
88.3
76.9
83.8
84.7
75.4
95.5
65.9
70.8
101.6
76.9
69.2
73.7
68.8
68.1
88.4
79.2
81.6
86.0
64.7
93.7
65.3
74.6
99.8
79.4
79.3
79.6
75.1
• Revised.
Little Change in Department Store Sales from September to October, According to Board of Governors
of Federal Reserve System
Value of department store sales showed little change, on
the basis of daily averages, from September to October, a
season when these sales usually increase, the Board of
Governors of the Federal Reserve System announced Nov. 12.
The Board's index, which makes allowance for usual seasonal
movements and for differences in the number of business
days, was 77% of the 1923-25 average in October as compared with 82% in September and 79% in August. Continuing, the Board said:
Aggregate dollar volume of sales in October was 6% larger than a year
ago and for the first 10 months of the year was 4% larger than during tho
corresponding period in 1934.
REPORTS BY FEDERAL RESERVE DISTRICTS
Jan. Its
Oct. 31*
Number
of
Stores
Reporting
Number
of
Cities
Included
-1
+1
+2
+4
+7
+5
+6
+1
+7
+6
+6
+10
51
55
34
36
58
38
53
37
39
17
24
87
28
28
16
12
26
21
27
21
21
12
11
31
1-4
529
254
P. C. Change from Year Ago
October
Federal Reserre DistrictsBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
+6
•October figures preliminary; in most cities the month had the same number
of business days this year and last year.
New
Weekly Electric Production Establishes Another
High at 1,913,684,000 Kwh.
t
The Edison Electric Institute in its weekly statemen
electric
disclosed that the production of electricity by the
week
light and power industry of the United States for the
This is
ended Nov. 9 1935 totaled 1,913,684,000 kwh.
has
the third consecutive week that weekly electric output the
reached a new all-time high mark. Total output fornding
latest week indicated a gain of 14.2% over the correspo
week of 1934, when output totaled 1,675,760,000 kwh.
Electric output during the week ended Nov.2 1935 totaled
the
1,897,180,000 kwh. This was a gain of 13.7% over
3
Nov.
ended
week
the
during
produced
kwh.
7,000
1;669,21
follows:
t
statemen
's
Institute
The
1934.
PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions
Week Ended
Nov. 9 1935
Week Ended
Nov. 2 1935
Week Ended
Oct. 26 1935
Week Ended
Oct. 19 1935
New England
Middle Atlantic
Central Industrial._
West Central
Southern States
Rocky Mountain
Pacific Coast
14.2
9.7
20.4
12.6
11.6
17.7
12.5
14.1
10.7
18.7
10.4
8.7
26.0
14.7
12.7
7.5
18.5
10.5
6.8
26.7
12.0
12.6
7.4
16.8
13.6
5.3
25.8
8.0
142
13.7
13.0
11.7
Total United States_
DATA FOR RECENT WEEKS
Week of-
1934
1935
P. C.
Ch•ge
Sept. 7_ __ 1,752.066,000 1,564,867,000 +12.0
Sept.14__ _ 1,827,513,000 1,633,683.000 +11.9
Sept.21___ 1.851,541,000 1.630.947,000 +13.5
Sept.28_ 1.857.470.000 1,648,976,000 12.6
Oct. 5_ 1.863.483.000 1,659,192,000 12.3
Oct. 12_._ 1.867.127.000 1,656,864,000 12.7
Oct. 19- 1.863,086,000 1.667,505,000 +11.7
Oct. 26_ 1,895,817,000 1,677,229,000 +13.0
Nov. 2- 1,897,180,000 1,669,217,000 +13.7
Nov. 9_ 1,913,684,000 1,675,760.000 +14.2
1 8010411 nnn
Nov. 18___
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
1933
1932
1931
1930
1929
1,583
1,663
1,639
1.653
1,646
1.619
1,619
1,622
1.583
1,617
1 817
1,424
1,476
1.491
1,499
1,506
1.508
1,528
1,633
1,525
1,521
1332
1,582
1,663
1,660
1,646
1.653
1.656
1,647
1.652
1,628
1,623
1 RAA
1,630
1.727
1,722
1.714
1.711
1.724
1.729
1,747
1.741
1.728
1.712
1.675
1.806
1.792
1,778
1,819
1,806
1.799
1,824
1.816
1,798
1_724
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
Jail-Feb____
March _
April_
May..
June__
JulyAug......
Sept..Nov-
1935
7,7132,513
7,048,495
7.500,566
7.382,224
7,544,845
7,404,174
7,7116.665
8,078.451
3137
Financial Chronicle
Volume 141
1934
P. C.
Ch'ps
7,131,158 +8.9
6,1308,356 +6.7
7.198,232 +4.2
6.978,419 +5.8
7.249.732 +4.1
7,056,116 +4.9
7,116,261 +9.6
7,309.575 +10.5
6,832,260
7,384,922
7,160,756
7.538,337
1933
1932
1931
1930
6.480,897
5.835.263
6.182,281
6,024,855
6.532,686
6,809.440
7,058,600
7,218.678
6.931.652
7,094,412
6,831,573
7,009,164
7,011.736
6,494.091
6,771,684
8,294,302
6,219,554
6.130.077
6,112,175
6,310.667
6,317.733
6,633,865
6,507,804
6,638.424
7,435.782
6,678,915
7,370.687
7,184,514
7,180,210
7,070,729
7.286,576
7,166,086
7,099,421
7.331.380
6,971,644
7,288,025
8,021,749
7.066.788
7,580,335
7,416,191
7.494,807
7.239.697
7.363,730
7.391.196
7.337,106
7.718,787
7,270.112
7.566,601
80.009.501 77.442.112 86.063.969 59487000
85.564.124
Total_
covering approxiNote-The monthly figures shown above are based on reports
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Employment and Payrolls in New York State Factories
Increased from Mid-September to Mid-October
According to Department of Labor-Payrolls in
New York City Dropped Although Employment
Gained
The number of persons employed in New York State
factories increased- 0.7% from the middle of September to
the middle of October, according to a statement issued
Nov. 11 by Industrial Commissioner Elmer F. Andrews of
the New York State Department of Labor. Total payrolls
advanced 0.1 of 1% during the same period. The usual
changes from September to October, as shown by the average
movement for the last 21 years, are an increase of 0.3% in
employment and a slight decrease of 0.1% in payrolls,
Mr. Andrews noted. The employment gain in October
followed a greater than usual seasonal increase in forces in
September. A good part of the gain in October occurred in
some of the metals and machinery industries. In his statement of Nov. 11 Mr. Andrews continued:
These statements are based upon reports from 1,703 representative
factories located throughout the State. These concerns employed 378.093
workers in October on a total weekly payroll of 89.238,588. The reports
are collected and tabulated and the results analyzed in the Division of
Statistics and Information under the direction of Dr. E. B. Patton.
The index of factory employment for the State, using the three-year
average 1925-1927 as 100, was 77.4 in October. 7.5% above the index for
October a year ago. The index of factory payrolls was 65.9, over 15%
above last October. . .
Both Gains and Losses in Employment and Payrolls in Individual Localities
of 1.3% in working forces
New York City factories reported an increase
in payrolls in
but a decrease of 2.2% in total payrolls. Seasonal decline
part of the net decrease.
good
a
for
accounted
industries
some of the clothing
All divisions of the metal and machinery industries registered some net
increase in employment. In the clothing industries, women's coat, dress
and underwear manufacturers reported net increases in forces. Millinery
net losses in
concerns and men's and boys' clothing manufacturers reported
the number employed. In the miscellaneous stone and mineral products
list of reporting firms
classification in New York City, the representative
employs a relatively small number of workers. Therefore. percentage
more
often
pronounced than in
changes in employment in this group are
other groups. This month, slight gains in the number of employees in
almost all of these concerns resulted in a net increase of 11.8%.
Four of the six major up-State industrial areas reported net gains in both
working forces and payrolls and two reported net decreases in employment.
In Buffalo, further gains in employment and payrolls in some of the metal
industries accounted for a good part of the increase. In Utica, larger
working forces and total wage payments were noted in some of the textile
of the metal industries and
mills and metal plants. In Syracuse. some
in both employment and
clothing factories contributed to the increases
reported to
payrolls. Somewhat larger forces and higher Payrolls were
dy-Troy district. The
some of the metal plants in the Albany-Schenecta
a slight decrease in
Binghamton-Endicott-Johnson City district reported
higher payrolls in several
employment in some factories, but somewhat
in canning factories in the
Industries. A seasonal decline in activity
in both employment and
Rochester area caused a large part of the decrease
payrolls.
October in employment and
The percentage changes from September to
payrolls by districts are given below:
September to October 1935
City-
Employment
Payrolls
+5.3
+3.4
+1.3
+1.1
+0.8
-0.2
-2.1
+9.6
+2.7
-2.2
+1.3
+1.6
+1.2
-3.6
Buffalo
Utica
New York City
Syracuse
Albany-Schenectady-Troy
Binghamton-Endicott-Johnson City
Rochester
Awarded in
Valuation of Construction Contracts
October
of the
Partly because of private activity, partly because
program,
momentum of the Works Progress Administration
For October
the construction industry has begun to zoom.
37 Eastern
the
in
en
undertak
ion
construct
of
volume
the
F. W. Dodge Corp.
States totaled $200,863,700, according toreported
since that
This was the highest monthly volume
lly, was the
shown for December 1933, which, incidentaPublic
Works
month of peak undertakings of the original
one •
Administration program. Excluding December 1933,
of 1931 to find
must go back to the records of the autumn
in during
construction totals larger than the one turned$167,376,
200
October. Last month's record compares with
than the total
for September and was almost 50% greater
during October 1934.
of $135,224,800 reported
residential total, as apart from other classifications,
For October the
Eastern States. This was more than
amounted to $55,100,300 in the 37
of last year and represented a
twice the total of $26,299,800 for October
1935 total. For the 10-month
September
the
over
30%
than
more
of
gain
amounted to $394,097,800 as
period ended October residential building
of 1934. Practically all of
against $214,379,900 for the first 10 months
as distinguished from housing
this 84% gain was due to private building
construction of public agencies.
Eastern States
Non-residential building awards during October in the 37
0 for September and only
amounted to $59,448,400 as against $49,420,10
$43,685,600 for October of last year.
works and public utilities,
Heavy engineering jobs, embracing both public
same area. This contrasts
amounted to $86,315,000 in October for the
0 for October 1934.
with $76,145,300 for September and $65,239,40
bulletin states that "total
For the elapsed months of 1935 the Dodge
area east of the Rocky
construction of all descriptions undertaken in the
$1,338,732,000 for the
against
as
400
Mountains amounted to $1,392,561,
corresponding 10 months of 1934."
STATES EAST OF THE
CONSTRUCTION CONTRACTS AWARDED-37
ROCKY MOUNTAINS
Month of October1935-Residential building
Non-residential building
Public works and utilities
Total construction
1934-Residential building
Non-residential building
Public works and utilities
Total construction
First Ten Months(935-Residential building
Non-residential building
Public works and utilities
Total construction
l934-Residential building
Non-residential building
Public works and utilities
No. of
Projects
New Floor
Space (Sq. Ft.)
6,230
3,319
1,837
16.763,700
10,825,700
186,500
$55,100,300
59,448,400
86,315.000
11,386
27.775,900
$200,863,700
4,271
3.534
2.207
7,015,000
7.875,200
198,200
26,299,800
43,685,600
65,239,400
10,012
15,088,400
$135,224,800
53,124
30,328
12.535
111.264,200
80,888,000
1,855.800
394,007.800
483.170,300
515.383,300
95,987
194,008,000
$1,392,561,400
32,042
30,387
16,826
54,892.800
73,241,300
2,298,700
8214,379.900
475,524,900
648,827,200
Valuation
130.432,800 $1.338.732,000
79.255
Total construction
STATES EAST OF THE
D-37
REPORTE
WORK
LATED
CONTEMP
NEW
ROCKY MOUNTAINS
1934
1935
No. of
Projects
Month of OctoberResidential building
Non-residential building
Public works and utilities- --Total construction
First Ten ifrtlis
Residential blinding
Non-residential building
Public works and utilities_ _
Total construction
Valuation
No. of
Projects
Valuation
7.085
4.493
3,236
$99,883,800
129,644,800
183.396.400
4.590
3,697
2,039
$67,653,000
54,617,100
115,388,400
14,814
$412,925,000
10,326
$237,658,500
83,327
41,843
20.858
3944,985,100
1,417,225,900
2,404,804,300
38,334
38,261
19.464
8486,248,300
932,240,000
1,694,993,700
126,028
$4.767.015,300
96,059
83.113,482.000
Trend of Business in Hotels According to Horwath
& Horwath-Sales in October Retain Increases of
Previous Months Over Year Ago
"Hotel sales in the aggregate show about the same gain
in October over last year as the average for the year to
date," according to Horwath & Horwath. "The occupancy
at 64% has not been exceeded since 1930, which year, however, was 8% below 1929." In their survey of the trend of
business in hotels, the firm also states:
3138
Financial Chronicle
Chicago is gradually recovering from the lack of World's Fair business,
and in October an increase in convention business over a year ago would
have offset the loss if the rates had not been down 12%. In New York
the occupancy, at 66%,is only one point below that in 1929, and excepting
for that year, the highest for October since 1927. The Pacific Coast again
reported a good month with a 12% increase in rates and one of 34% in
sales. Since in most groups, further substantial increases in average
occupancy are not likely, it is the responsibility of hotel operators to bring
up the rates (the general average of which is 27% below the 1929 level)
at least sufficiently to cover higher operating expenses and taxes.
The sales for this October show the following decreases from the corresponding month of 1929: Room sales, 35%; restaurant sales. 19%; total
sales (room and restaurant), 27%.
The fact that the restaurant sales compare more favorably with 1929
than the room sales IS directly attributable to repeal The following table
shows the monthly decreases in total sales this year from 1929:
May
June
July
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
Pacific Coast
Texas
All others
31
27
45
16
37
26
38
41
35
29
21
51
10
35
29
35
36
37
29
34
49
:4
31
38
22
36
30
30
31
49
x5
39
35
16
31
30
Total
Increase.
31
29
27
30
Aug. Sept.
DO
?4 Z .774
29
Oct.
Avge.
33
21
42
28
42
23
22
27
25
30
27
48
11
37
30
26
33
31
27
29
Horwath & Horwath also issued the following analysis
by cities:
TREND OF BUSINESS IN HOTELS IN OCTOBER 1935, COMPARED
WITH OCTOBER 1934
Sales
Percentage of increase (-I-)
or Decrease(-)
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit- .
t
Pacific Coast
Texas
All others
Total
Rooms
+6
--3
+7
--10
-3
--5
--2
+19
+30
+9
+11
+5
-8
--2
+19
+34
+10
+15
Room
Rate
Percentage of
Same Inc.(+)
Month
or
Restaurt This
Month Last Year Dec.(-)
+6
+7
+13
--11
--2
+20
t37
11
19
Occupancy
60
66
70
42
62
67
67
62
70
62
68
42
64
69
58
54
65
57
--I
--12
--2
--4
--1
+3
+12
+1
+1
Total
+14
+10
+17
84
61
+1
To-date
+13
+10
+18
81
56
+1
Increase Noted in World's Visible Supply of Coffee
Nov. 1 as Compared with Oct. 1
The world's visible supply of coffee, exclusive of interior
stocks in Brazil or the 10,200,181 bags held there as collateral
against the 1930-40 coffee loan, totaled 7,793,512 bags on
Nov. 1 against 7,652,571 bags on Oct. 1, a gain of 140,941,
according to figures compiled by the New York Coffee &
Sugar Exchange. Supplies, this Nov. 1, are 729,919 bags
above the similar date last year when 7,063,593 bags were in
sight, the Exchange announced Nov. 9, adding:
Nov. 16 1935
Unfilled Orders and Stocks
Reports from 477 softwood mills on Nov. 2 1935 .give unfilled orders of
586,080,000 feet and gross stocks of 3,407,094,000 feet. The 468 identical
softwood mills report unfilled orders as 585,516,000 feet on Nov. 2 1935,
or the equivalent of 28 days' average production, compared with 451,179,000
feet, or the equivalent of 22 days' average production on similar date a
year ago.
Identical Mill Report*
Last week's production of 475 identical softwood mills was 202,946,000
feet, and a year ago it was 120,782,000 feet; shipments were, respectively,
200,362,000 feet and 142,383,000 feet, and orders received, 198,762,000 feet
and 136,989,000 feet.
National Industrial Conference Board Reports Further
Rise of 0.5% from September to October in Cost of
Living of Wage-Earners in United States
Living costs of wage-earners in the United States continued upward, rising 0.5% from September to October,
the National Industrial Conference Board announced Nov.15.
Higher prices were reported for each of the major groups of
expenditures that compose the wage-earners'budget. Living
costs in October of this year were 3.7% above those of a
year ago, 17.3% higher than in April 1933, the low point
of the depression, but 16.9% lower than in October 1929.
the conference Board stated. It continued:
Food prices advanced 0.5% from September to October, which made
them 7.7% higher than a year ago and 37.6% higher than in the spring of
1933 when they reached their low. They were, however, still 22.5% under
their level of October, 1929.
Rents continued on their steady upward trend, rising 0.8% from September to October. Since October 1934 rents have risen 9.5% and since
January, 1934, when they were lowest, they have advanced 15.9%. They
were, however, 21.1% lower than in October. 1929.
Although clothing prices advanced 0.1% from September to October,
they were 4.0% lower than in October 1934. The advance in clothing
prices since the low of April. 1933 is 22.6%;the decline since October, 1929.
24.8%.
Coal prices advanced 2.8%, considerably more than might be expected
on seasonal grounds, but they were 0.8 lower than in October 1934, and
8.1% lower than in October 1929.
The sundries index for October was 0.3% higher than that for September.
The rise is due chiefly to an increase in the cost of admissions to motion
picture theaters, information concerning which is obtained in October of
each Year. There were also slight increases in the prices of housefurnishings.
The cost of sundries in October was 0.6% higher than in October 1934 and
4.6% higher than in April 1933 but 5.8% lower than in October 1929.
The purchasing value of the dollar was 119.2 cents in October 1935 as
compared with 119.8 cents in September. 123.6 cents in October 1934 and
100 cents in 1923.
Relative
Importance
in
Family
Budget
Item
a Food
Housing
Clothing
Men's
Women's
Fuel and light
Coal
Gas and eipctriciti
Sundries
33
20
12
5
30
Index Numbers of
She Cool of Living
1923=100
October
1935
September
1935
Per Cent
Increase(+)or
Decrease (-)
from
Sept. 1935 to
Oct. 1935
85.2
72.7
74.4
78.3
70.6
86.2
85.1
88.4
93.4
84.8
72.1
74.3
78.1
70.5
84.7
82.8
88.4
93.1
-0.5
-0.8
-0.1
-0.3
+0.1
+1.8
+2.8
0.0
+0.3
During October. the U. S. visible supply increased 74.941 bags from
1,479,571 bags to 1,554.512 bags while European stocks increased 108.000
from 2,991,000 to 3.099.000 bags. Brazilian port stocks, on the other
hand, decreased by 42,000 bags from 3.182,000 bags to 3,140,000 bags.
Weighted aver,of allitems
83.9
100
83.5
+0.5
Purchasing value of dollar__
119.2
119.8
-0.5
a Based on food price indexes of the United States Bureau of Labor Statistics.
average of Oct. 8 1935, and Oct. 22 1935, and Sept. 10 1935.
---,op.-
Lumber Orders and Shipments Gain-Production
Declines
New business and shipments at the lumber mills gained
and production dropped during the week ended Nov. 2 1935,
compared with preceding three weeks, according to reports
to the National Lumber Manufacturers Association from
regional associations. Softwood orders and shipments were
each 2% below production compared with 16 and 10% below,
respectively, the preceding week, and 16 and 14% below
during the week before that. All items were reported by
Identical mills as appreciably in excess of the corresponding
week of 1934, production showing greater gain than either
shipments or new business. The Association further reported
that:
Produttion of Lumber During Five Weeks Ended Nov. 2
59% Above Like Period a Year .Ago-Shipments
Up 45%
We give herewith data on identical mills for the five week
period ended Nov. 2 1935, as reported by the National
Lumber Manufacturers Association on Nov. 12:
It is estimated that the production of the country is now running 85 to
40% above the same period of 1934; for the year to date it is only
slightly above last year. Due to the comparatively low last quarter of 1934,
total 1935 production will probably exceed that of last year by about 5%.
During the week ended Nov. 2, 576 mills produced 214,942,000 feet;
shipped 212,606,000 feet; booked orders of 210,493,000 feet. Revised
figures for the preceding week were: Mills, 588; production, 225,682,000
feet; shipments, 205,350,000 feet; orders, 192,020,000 feet. Figures for
both weeks include estimates of hardwood totals, exact reports being temporarily unavailable for Southern hardwoods. All regions but Western pine, California redwood and Northern hemlock
reported both orders and shipments above production during the week ended
Nov. 2. Total softwood orders were 2% below production. All regions but
Northern pine reported orders; all but Northern pine and Northern hemlock
reported shipments, and all reported production above corresponding week
of 1934.
Identical softwood milk reported unfilled orders on Nov. 2 as the equivalent of 28 days' average production and stocks of 162 days' compared with
22 days' and 180 days' a year ago.
Forest products car loadings totaled 29,194 cars during the week ended
Nov. 2 1935. This was 1,481 cars less than during the preceding week,
7,507 cars above similar week of 1934, and 6,013 cars above the same
week of 1933.
Lumber orders reported for the week ended Nov. 2 1935 by 484 softwood
mills totaled 199,657,000 feet, or 2% below the production of the same
mills. Shipments as reported for the same week were 201,074,000 feet,
or 2% below production. Production was 204,149,000 feet.
An average of 577 mills reported as follows to the National Lumber
Manufacturers Association for the five weeks ended Nov. 2 1935:
(In 1,000ft.)
Production
1935
Softwoods --- 1,084,422
Hardwoods -56,223
1934
676,613
41.185
Shipments
1935
1934
984.593
59,090
674,273
46.005
Orders Received
1935
958,874
56.684
1934
687.447
41,950
Tot, lumber 1.140,645
717,798 1.043,683 720.278 1.015,558 729,397
Production during the five weeks ended Nov. 2 1935 as reported by these
mills, was 59% above that of corresponding weeks of 1934, and 53%
above the record of comparable mills during the same period of 1933.
Reported softwood cut in 1935 was 60% above output during the same
weeks of 1934 and hardwood cut was 37% above that of the 1934 period.
Shipments during the five weeks ended Nov. 2 1935, as reported, were
45% above those of corresponding weeks of 1934, softwoods showing gain
of 40% and hardwoods gain of 28%.
Reported orders received during the five weeks ended Nov. 2 1935. were
39% above those of corresponding weeks of 1934, and 42% above those of
similar weeks of 1935. Softwoods in 1935 showed order gain of 39% and
hardwoods gain of 35% over the corresponding weeks of 1934.
On Nov. 2 1935. gross stocks as reported by 475 softwood mills were
3.406.536,000 feet. the equivalent of 162 days' average production, as
compared with 3.765,067,000 feet on Nov. 3 1934, the equivalent of 179
days' production.
On Nov. 2 1935, unfilled orders as reported by 475 softwood mills were
590.002,000 feet, the equivalent of 28 days' average production, as compared with 454,411,000 feet on Nov. 3 1934, the equivalent of 22 days'
production.
October Activity in Textile Industry Reported at
Favorable Rate Comparable to High Level of
September
Activity in the textile industry during October continued
at a favorable rate, comparable to that of September when
Financial Chronicle
Volume 141
"textile activity increased to the highest levels since 1933,"
according to the "Rayon Organon," published by the
Textile Economics Bureau, Inc. The paper further states
that while business in general may continue good over the
next few months "an increase in textile activity should not
be expected because of the high levels already obtaining."
The following is also from the announcement issued Nov. 7
by the Textile Economics Bureau:
With the exception ofsome dullness in apparel lines,states the"Organon,"
good activity prevails in textile housefurnishings and industrial goods. . .
It is mainly this type of goods which has given the textile industry its snap
during 1935.
The price situation in both the cotton and silk branches of the industry
appear most interesting at the moment, according to the "Organon." For
cotton higher prices are expected, whereas for silk, the real test is still ahead
in view of the recent sharp price rise.
With respect to cotton, it is stated that "as cotton approaches the 12cent level, there is little inducement for the farmer to sell his cotton. Above
12 cents. he starts to gain, and below 12 cents (and above 10 cents) he
cannot lose because of the Goverment bounty. It should be expected then
that as cotton may approach the 12-cent level, 'country selling' undoubtedly will fall off sharply. There is this chance, in other words, that
cotton prices may be substantially higher in the next few months."
e Commenting upon the advance in silk prices accompanied by increased
deliveries the "Organon" says "we understand that the bulk of the silk
delivered even through October was contracted for in earlier months at prices
from $1.25 per pound upward. Thus the test of the effect of high silk prices
on its consumption has not yet occurred, but will be seen over the next six
months especially."
1111 Demand for rayon yarn continued large during October, according to the
"Organon." As a result stocks of yarn held by producers declined further
during the month, amounting to a five weeks'supply on Oct. 31, compared
with a five and one-half weeks'supply held on Sept. 30.
sharp increase in rayon production in the United States, together
with the gains reported thus far this year in Japan, Great Britain and other
countries will result in a world output of upward of 1,000,000,000 pounds
in 1935, a new production peak, the "Organon" estimates. This total
would compare with 1934 totals of 775,000,000 pounds for rayon yarn and
60,000,000 pounds for rayon staple.
'Me
3139
Retail Financing
Year
and
Month
Used Cars Financed
Number
of Cars
Summary for 456 Identic al Organisat ions a
1935January
87,177
$20,650,382
February
101,294
24,107,645
144,843
March
34,267,163
174,775
April
41,002,364
179,462
May
41,462,893
171,485
June
40.459,144
43.696,574
187,452
July
172,445
40,244.973
August*
141,597
September
33,339,341
Total(9 months)
Monthly statistics on automobile financing, based on data reported to
the Bureau of the Census by 456 identical organizations, are presented
in the table below for January to September 1935, January to December
1934 and for 282 identical organizations for January to September 1935 and
January to December 1934:
Retail Financing
Year
and
Month
Wholesale
Financing
Volume
In Dollars
'Total
Number
of Cars
Volume
in Dollars
Summary for 456 Identical Orga nizations a
1935January
398,059,710 159,094 859,105.614
February
108,656,597 187,566
69.873.418
March
149,057,165 270.099 100,076,895
April.
163,235.442 320,855 118.663.435
May
135,510,277 312,186 113,601,251
June
121.779,041 303,334 111,893.982
July
122,238,736 324,633 119.372,346
95,538,987 292,614 106,472,612
August*
September
41,318,194 6229,302
82,148.583
New Cars Financed
Number
of Cars
68,464
82,570
120.103
140,478
127,201
126,207
134,054
116,997
85,395
Volume
in Dollars
837,194,801
44.410,740
63,953,950
75,622,340
70,175,835
69,40).989
74,489,758
65,138,973
47,988,826
Total(9 months). 1,033,444,099 2,399,683 3881208.136 1,001,469 $548,385,212
1934January
36,577,358 109,997
36,533,359
35,691
19,841,711
February
62,551,490 132,485
47,623,890
54,455
30,223.621
March
104,597,190 195,196
72,520,725
86,880
47.838.975
April
122,967,488 244,537
91,849.963 110,988
61,458,602
May
125,529,739 273,320 103,794,935 125,354
69,801,775
June
104,422.741 269,656 103,450,110 128,794
70,900.335
July
92.069,965 265.147
99.630,687 123,552
67.034,990
August
86,746.755 245,799
91,618,666 109,302
59,822,255
September
56,848,511 190,236
70.303,368
80,653
44,599,299
Total(9 months). $792,311,237 1,926,373 8717,325,703 855,669 3471,521,563
October
November
December
Total (year)
,
46,495,841
30.556,373
37,951.278
196,440
162.783
133,103
71,501,317
58,085,294
46.262,603
80,003
63,749
46.013
44.130.425
34,861.719
25.598.662
3907,314,729 2.418,699 8893,174.917 1,045.434 3576.112,369
Summary for 282 Identical Orga nizations c
1935$93,830,358 149,583 856,151.891
January
106,054,455 176,585
66,418,983
February
145,574,233 254.539
March
95.181296
159,930,306 302,860 113,026,005
April
132,074.003 293,693 107,820,587
May
118,731,748 284.723 106,174,481
June
119,099,810 304,742 113,121098
July
92.918,405 273.666 100,761,009
August*
39,699,900 d214,387
77,651.066
September
66.193 $35.936.838
79.608
42,779,415
115,913
61,721726
135,811
73.058,338
122,663
67.630,632
121,632
66,913,016
128,876
71,665.282
112,567
62,661,023
82,047
46,114,273
Total(9 months)- 1,007,913,218 2,254,778 8836,313,416
965,310 $528,480,543
1934January
February
March
April
May
June
July
August
September
35,879,064
61,513,896
102.775,967
121,060,526
123,691,003
102.706,220
90,294,039
85.107.739
55.586,456
101,700
124.349
183.724
231.735
259.120
255 449
251.611
233,154
179,886
34,437,380
45,377.552
69.202,632
87.998.227
99.591.058
99.113.597
95,484.543
87,700,286
67,209.428
Total(9 months). 3778.611910 1.820,728 3686.114,703
October
November
December
Total(year)
45.363,396
29,729,762
36,530,495
185,414
153.261
124.184
88,224,126
55,303,319
43,789.120
34,426
52,772
84,300
107,925
122,155
125.073
120,017
106,041
78,179
19,189,736
29,290,038
46.427,926
59.772.079
67,991,000
68.842.069
65.092,674
58,028,789
43,249.804
830,888 8457,884,115
77,502
61,769
44,505
42,737,846
33.784,399
24,761,098
1800.238,563 2.283.587 8 853.431.268 1.014,684 $5559.167.458
Volume
in Dollars
3,453
3,702
5,153
5,602
5,523
5.642
3,127
3.172
2.310
$1,260,431
1355.033
1,855,782
2.038,731
1962.523
2,024.849
1,186,014
1,088.666
820.416
3319,230.479
37,684
313,592.445
71,607
75,283
104.369
129,281
143.073
135.875
136,726
131,905
106,057
15,864,436
16.510,453
23,274.757
28.859.676
32,156,212
30.879,003
30,805.120
30,153.258
24,452,047
2.699
2,747
3,947
4,268
4,893
4,987
4.869
4.592
3.526
827.212
889,816
1.406.993
1,531,685
1,836,948
1,870,772
1,790,577
1,643,153
1.252,022
1,031176
$232,754,962
38,528
313.049.178
112,425
95,766
83,892
26,011,360
22,103.212
19,652,395
4,012
3,268
3,198
1,359.532
1.120,363
1011.546
Total (year)
1.326,259
3300.521929
Summary for 282 /dentic al Organizat tons c
1935January
$18,954,622
79,937
93,275
22,284,535
February
133.473
March
31,606,788
161.447
April
37,928.936
May
165,507
38.227,432
157,449
une
37,236,616
172,739
uly
40,273,802
157,927
August*
37.011.320
130,030
September
30.716,377
47,006
816,540.619
3,453
3.702
5,153
5.602
5.523
5,642
3.127
3,172
2.310
$1,260,431
1,355.033
1,855,782
2,038.731
1.962,523
2,024,849
1,186.014
1,088,666
820.416
Total(9 months)
October
November
December
J
1934January
February
March
April
May
une
J
•
August
September
Total(9 months)
October
November
December
Total (year)
AUTOMOBILE FINANCING
Unclassified
Number
of Cars
1360,530
1934January
February
March
April
May
June
July
August
September
Total(9 months)
Automobile Financing During September 1935
A total of 229,302 automobiles were financed in September,
on which 2,148,583 was advanced, compared with 292,614
on which $106,472,612 was advanced in August, the Department of Commerce reported this week.
Volume of wholesale financing in September was $41,318,194, as compared with $95,588,937 in August.
Volume
in Dollars
1.251,784
3294.240.428
37.684
313,592.445
64,575
68,830
95,477
119,542
132,072
125,389
126,725
122,521
98,181
14,420,432
15,197,698
21,367,713
26,694,463
29,763,110
28,400,756
28,601,292
28,028.344
22,707,602
2,699
2,747
3,947
4,268
4,893
4,987
4,869
4,592
3,526
827,212
889,816
1,406,993
1,531,685
1,836,948
1,870.772
1790.577
1.643,153
1252.022
953,312
8215,181,410
36,528
313.049,178
•
•
•
103.900
88,224
76,481
24,126,748
20.398,557
18,016,476
4,012
3,268
3,198
1,359.532
1,120.363
1,011.546
•
1,221917
3277.723.191
47,006
316.540.619
a Of these organizations, 37 have discontinued automobile financing. b Of OS
number, 37.2% were new cars. 61.8% were used cars, and 1.0% unclassifted. c Of
these organizations, 24 have discontinued automobile financing. d Of this number.
38.3% were new cars, 60.6% used cars, and 1.1% unclassified. * Revised.
•
Petroleum and Its Products-Attack on Federal
Control Features A. J. Byles' Address at A. P. 1.
Meet-Adequate Crude Oil Stocks Foreseen by
Experts-Governor Marland Praises Inter-State
Compact Plan-California Urged to Join in
Compact
Opposition to Federal control was the keynote of the 16th
annual convention of the American Petroleum Institute in
session in Los Angeles, Nov. 11 to 14, Axtell J. Byles, head
of the trade group citing the united opposition of the industry
to such control and Governor Marland of Oklahoma, stating
that not only was it undesirable but inconstitutional.
The opening address delivered by Mr. Byles, who was reelected President at the close of the convention, stressed the
point that faced with "the choice of perpetuating a competitive, private industry or of socializing industry to sever a
political breadline," the oil industry has united in unanimous
opposition to Federal control.
He argued that there is no power under the Federal Constitution for the Fedend Government to control the production
of oil, pointing out that this power was reserved for the
States. Six States already have entered in a compact for
crude oil regulation, he stated, adding that this method was
the "democratic as distinguished from the bureaucratic; the
economic as distinguished from the political way of solving
our problem."
Progress of the industry's producing, refining, transporting
and marketing branches in serving the public, as well as the
forecast of demand, indicates that the period of oil shortage
is even more remote than it was 10 years ago, Mr. Byles
continued, and there "is no present reason to doubt that the
industry cannot meet all requirements for a quarter-century
or more." Should a shortage develop, however, he said that
the supply gradually would be supplemented by production
from bituminous coal and from oil-bearing shales.
The technical progress achieved by the industry in recent
years, which, through inproved methods of oil discovery,
development and production, has made it possible to obtain
vast amounts of oil from sands which under the technique
of even a decade ago would have remained unrecoverable,
was cited by Mr. Byles.
The scientific contributions of the oil producer have been
matched by those of the refining branch of the industry,
he continued. The cracking process alone has reduced the
amount of oil necessary to meet consuming demand by 6,000,-
3140
Financial Chronicle
000,000 barrels during the past decade. The recentlydeveloped polymerization now makes possible the manufacture of gasoline from refinery gases and from natural gas
without using crude oil, he pointed out.
A report of the Executive Committee of the Institute to
its directors on crude oil prospects stated that no "national
crisis caused by a shortage of petroleum products now impends or is probable," excerpts from the report following:
"There is every reason for confidence that the requirements of petroleum products to meet national needs and the
demands of the consuming public will be met.
"Petroleum reserves are more than 100% larger than
those estimated 10 years ago. These reserves should be
withdrawn at a rate which will insure the maximum recovery.
Thus managed, the reserves, together with new discoveries,
should relieve us of any possible apprehension regarding our
supplies over the next 25 years.
"Beyond this period, there is sound insurance against
any shortage of petroleum supplies. This insurance includes the certainty of large recoveries from abandoned
fields, which impoved recovery methods will make available,
together with the development of almost unlimited potential
reserve present in our coal and oil shale supply.
"The price of crude oil should be such as to insure production in sufficient quantities, at a reasonable price."
Mr. Byles, in a nation-wide radio broadcast from Los
Angeles Tuesday night, reiterated the assurance of the
petroleum industry that there are ample supplies of crude oil
available for the next 25 years or longer.
"So far ahead as the mind of man can run," he said,
"there is no possibility of a failure of the Nation's supply of
petroleum and its products."
He charged that "false prophets" are using warnings of
petroleum scarcity"for the purpose of frightening the people
and their legislative representative into Federal control of
this industry." He said that there is every evdence that the
supply of petroleum products is adequate to meet requirements for generations, if not centuries, and stated that the
Government should not try to "socialize" the industry.
In commenting upon technical improvements, he pointed
out that whereas in 1914 only 1-6th of a barrel of crude oil
could be made into gasoline, by 1926 the proportion was
more than 1-3d, and to-day is 44%, or nearly M. Some
modern refining plants, he added, are said to be capable of
producing 70 to 75% gasoline from a barrel of crude, while
known processes made possible the recovery of almost 100%.
At the same time 300 other petroleum products are made.
Federal control of the petroleum industry not only is
undesirable but unconstitutional, Governor Marland, of
Oklahoma, Chairman of the Inter-State Compact Commission, told the Convention. A strong plea to California
to join the Compact was made by Governor Marland, who
pointed out that each oil-producing State,is dependent
upon the other oil-producing States, and for the benefit of
all concerned, close co-operation should be the rule.
Governor Marland, however, differed with the stand of
Mr. Byles in regards to crude oil stocks and reserves. "Many
people say that we shall never have a shortage of oil; that
the supply is unliminated," he stated. "The only reason
for that is that we have never had a shortage. However,
there is no evidence that we shall always produce all the
oil and gas we need."
A review of the proposed voluntary marketing code for
the industry was delivered by C. E. Arnott, Vice-President
of the American Petroleum Institute, and Vice-President
of the Socony-Vacuum Oil Co., Inc. Mr. Arnott outlined
previous attempts to stabilize the marketing branch of the
industry, contending that even during the life of the NRA
it was inter-industry co-operation rather than Government
enforcement that made the oil code possible.
Refiners have shown complete willingness to co-operate
with the voluntary code, Mr. Arnott said. It is necessary,
however,he added,to include jobbers,distrbutors and dealers
so that the code would be "all embracing." The proposed
code will be presented to these various groups within the near
future, he said.
Daily average crude oil production of 2,802,250 barrels
in the United States for the week ended Nov. 9 was 3,900
barrels above the previous period, the AmericanPetroleum
Institute reported. The total compared with the November
Bureau of Mines estimate of 2,563,700 barrels, and actual
production in the like 1934 period of 2,374,550 barrels.
An increase of nearly 20,000 barrels in California lifted
production there to the highest point in several years, daily
average output totaling 683,500 barrels, in contrast with
estimated market demand of 505,000 barrels and actual production at this time a year ago of 489,200 barrels. The
California gain coupled with a rise of 13,000 barrels in Texas
production offset lowered output reported by Oklahoma and
Kansas.
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A.P. I. degrees are not shown)
$1.00
Bradford,Pa
$2.15 Eldorado, Ark.,40
1.00
Lima (Ohio Oil Co.)
1.15 Rusk, Tex., 40 and over
.87
Corning,Pa
1.32 Herat Creek
1.02
Illinois
1.12 Midland District. Mich
1.23
1.13 Sunburst, Mont
Western Kentucky
Mid*Cont., Okla., 40 and above__ 1.08 Santa Fe Springs. Ca1,38 dr over... .89
Hutchinson, Tex., 40 and over.... .81 Huntington. Calif., 30 and over.. .82
.90
1.03 Kettleman Hills, 39 and over
Spindletop, Tex.. 40 and over
1.10
.75 Petrone.Caned
Winkler,Tex
.70
Smackover, Ark.. 24 and over
Nov. 16 1935
REFINED PRODUCTS-HEATING OIL PRICES ADVANCEDMOVE FOLLOWS INCREASED TRANSPORTATION COSTSJERSEY STANDARD LIFTS BULK GAS PRICE-PACIFIC
COAST MOTOR FUEL PRICES CUT-GASOLINE STOOKS
DECLINE
The feature of the week in the refined products markets
was the mark-up of 31-cent a gallon in bulk domestic heating
owieles k.
initiated by the Socony-Vacuum Oil Co., Inc. late in the
The advance, which affected New York and New England
points, was followed by all major competitors. Under the
new price schedule, Socony is posting Nos. 2 and 3 at 431
cents and No. 4 at 4 cents, tank car, New York harbor.
Barge prices are 3/s-cent a gallon lower.
The forward movement was expected to spread into the retail price structure although no change had been made up
to a late hour last night (Friday). An advance of 10 cents a
barrel in Grade C bunker fuel oil also is impending with
higher kerosene prices seen indicated.
While strengthening of the heating oil price structure at
this time of the year is normally a seasonal development,
other factors govern the current advance. The weather has .
been too warm and demand has been slight in recent weeks
for any strength to develop purely on a seasonal basis, trade
factors contend.
The reason behind these increases, and also responsible for
the recent advance in bulk and retail gasoline prices in the
New York-New England marketing area, is the sharp advances in tanker rates in the Gulf Coast. Prices for "clean.
bottoms" have risen to 32 cents a barrel from 18 cents a
month ago and 16 cents at this time last year.
The sharp forward movement in tanker rates has increased
transportation costs for refined products moving from the
Gulf Coast, main source of supply for the Atlantic Seaboard
markets, to New York and the higher costs are being passed
along to the consumer, oil men point out.
Standard Oil Co. of New Jersey on Nov. 9 announced
an increase of 34-cent a gallon for 65-66 octane and 62-63
octane gasoline in tank cars in New Jersey, meeting the
advance initiated a few days previous by Socony-Vacuum.
The New York bulk gas market held firm, following the
recent markups.
First weakening of the new price structure in the Pacific
Coast gasoline markets came Wednesday when the Wilshire
Oil Co. reduced tank-wagon gasoline prices M-cent a gallon
in the Los Angeles basis to 10 cents, also paring the dealers'
margin by M-cent a gallon. The company is now selling
gasoline at 123/ cents, taxes included, 1 cent under the
former level and 1 cent under the retail posting of thirdgrade gasoline sold by major units.
Aided by the Election Day holiday, gasoline stocks dropped
578,000 barrels during the Nov.9 week to 40,780,000 barrels,
the American Petroleum Institute reported. Stooks at
refineries were off 209,000 barrels, while bulk terminal
holdings dipped 369,000 barrels. Reporting refineries operated at 73.6% of capacity, off 1.2 points from the previous
week, while daily average runs of crude oil to stills were off
42,000 barrels to 2,506,000 barrels. Cracked gas output
held unchanged at a daily average of 568,000.
Representative price changes follow:
Nov. 9-Standard Oil Co. of New Jersey advanced New Jersey tankCar Prices of gasoline 31-cent for 65-66 and 82-63 octane.
Nov. 13-Wilshire 011 Co. cut tank-wagon prices of gasoline Wcent a
gallon to 10 cents in the Los Angeles basin.
Nov. 14-Socony-Vacuum Oil Co. advanced tank-car prices of Nos. 2,
3 and 4 heating on h-cent at New York and New England marketing
Points. Competitors met the new schedule which puts 2 and 3 at 414
Cents a gallon, New York, with 4 held at 4 cents a gallon. Barge prices
are h-cent less.
Gasoline, Service Station, Tax Included
z New York
$.175
Minneapolis
5 169
5.1955 Cincinnati
z Brooklyn
.175
New Orleans
21
.1930 Cleveland
.20
Newark
Denver
18
Philadelphia
.17
.19
Camden
Detroit
.155
Pittsburgh
.17
Boston
17
Jacksonville
.205
San Francisco
15
ChicagoBuffalo
Houston
.17
St. Louis
172
.165
Los Angeles
.15
.16
41-43 Water White, Tank Car, F.O.B. Refinery
New YorkKerosene,
!North Texas_$.03H-.03M New Orleans-$.03W.04
.03J4-.04
(Bayonne).....2.05 -.051 Los Angeles._ .0434-.05
Tulsa
Fuel Oil. F.O.B. Refinery or Terminal
1.80
I California 27 plus D
New Orleans0
5.95
81.15-1.25'Phila., bunker C.-- .95
Diesel 28-30 D.... 1.65
Gas OH,F.O.B. Refinery or Terminal
8.02)5-.0254
N. Y.(Bayonne)
I Chicago,
27 plus- ___$.04 -.04X 1 32-38 GO-5.02%-.02N I Tulsa
Refinery
r,'
U. S. Gasoline (Above 65 Octane),Tank Car Lots,
chioa
F.O.B.
$
Standard 011 N. J-$.07
Chicago
New York54
ColonialBeacen...2.08H New Orleans..351-15
13000nY-Yacuum____ .07
.05*.045(
Tide Water Oil Co__ .07
06Ii Los Ang.,
Texas
5115
644
06
GLifaports...- :0
644 T
Richfield 011 (Calif.) .065i
Gulf
06
Warner-Quinlan Co_ .06)i
Republic 011
Shell East'n Pet.- .0614
Not including 2% city sales tax.
N. V. peraycoone)
Daily Average Crude Oil Production Up 3,900 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Nov. 9 1935 was 2,802,250 barrels. This was a gain of
3,900 barrels from the output of the previous week. The
current week's figure was also above the 2,563,700 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during November. Daily average production for the four weeks ended Nov. 9 1935 is estimated
at 2,795,350 barrels. The daily average output for the week
ended Nov. 10 1934 totaled 2,374,550 barrels. Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Nov. 9 totaled 1,039,000 barrels, a
daily average of 148,429 barrels, compared with a daily average of 132,571
barrels for the week ended Nov. 2 and 140,000 barrels daily for the four
weeks ended Nov.9.
There were no receipts of California oil at Atlantic and Gulf Coast ports
for the week ended Nov. 9. This compares with a daily average of 33,429
barrels for the week ended Nov.2 and 13,786 barrels daily for the four weeks
ended Nov. 9.
Reports received from refining companies owning 89.5% of the 3,806,000
barrel estimated daily potential refining capacity of the United States,
indicate that 2,506,000 barrels of crude oil daily were run to the stths
operated by those companies and that they had in storage at refineries at
the end of the week. 24,656,000 barrels of finished gasoline; 5,051,000
barrels of unfinished gasoline and 107,508.000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 16,124.000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units, averaged 568,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
B. Of- Af.
Average
Actual Production
Dept. of
4 Weeks
Week
Interior
Ended
Ended
Catcuts- Week End. Week End
Nov. 10
Nov. 2
Nov. 9
Nov. 9
lions
1935
1935
1934
Nov.)
1935
490,600
135,650
492,400
149,850
497,050
146,41)0
458,950
120,600
52,600
59,050
25,500
162,750
45,050
430,650
62,100
199,450
55,800
58.950
25,550
155,200
44,450
429.550
61,550
193,100
54,950
59,100
25,550
157.150
45.000
428,900
61,250
194,800
52.800
56.100
27,550
140,200
43,150
407,000
57.000
164,600
1,027,000 1,037,150 1,024,150 1,026,700
948.400
492,000
143,300
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
Coastal Texas
Total Texas
30,800
130,850
33,000
128,100
31,900
126,750
23,850
81,800
127,100
161,650
161,100
158.650
105,650
29,100
97,700
40,400
33,900
11,400
4,000
52,200
29,700
102,350
50,750
37.200
12.900
4,100
56,700
29,850
111.100
55,650
36.350
12,900
4,250
56,750
29,950
106,600
53,900
38,550
13,100
4,300
56,800
30.200
99,400
25,500
35,250
11,900
3,300
46,200
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern
Michigan
Wyoming
Montana
Colorado
New Mexico
Total East of California_ 2,058.700 2.118,750 2,134,350 2,132,000 1,885,350
California
505,000
683,500
664.000
663,350
489,200
Total United States
2,563,700 2,802,250 2,798.350 2,795,350 2,374,550
Note-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED NOV. 9 1935
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity of Plants
District
PotenHal
Rate
Etta t Coast__
Appalachian.
Ind.,III.,Ky.
Okla., Kan„
Missouri._
Inland Texas
Texas Gulf.,.....
La. Gulf.
No. La.-Ark.
Rooky Mtn_
California__
Totals week:
Nov.9 1935
Nov. 2 1935
3141
Financial Chronicle
Volume 141
Stocks a Stocks
Stocks
of
of
b Stocks
of
Finof
UtsGas
and
Repot bag
Daily P. C. (shed finished Other
Aver Oyer- Gaso- Gale- Motor Fuel
OU
tine
Fuel
Wed
Total P. C. age
line
Crude Runs
to Stills
612
154
442
612 100.0
146 94.8
424 95.9
453
330
617
169
80
97
852
384
160
595
163
72
60
789
84.8
48.5
96.4
96.4
90.0
61.9
92.6
476 77.8 11,706
104 71.2 1,806
359 84.7 7.103
773
256
582
195 12,457
75
963
45 4,079
4,085
1,072
4,901
1.082
222
582
8.221
444
178
1,434
271
46
100
967
715 4,790
1,645 1,606
115 11,511
---- 4,864
175
505
110
798
1,860 65,935
279
91
509
126
42
36
484
72.7
56.9
85.5
77.3
58.3
60.0
61.3
3,405 89.5 2,506 73.6 c40,780 5,051 4.935 107,508
3,405 89.5 2,548 74.8 d41.358 5,163 5.050 108,441
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated
Includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants. c Includes 24,656,000 barrels at refineries and 16,124,000 barrels at
bulk terminals, In transit and pipe lines. d Includes 24,865,000 barrels at refineries
and 16,493,000 barrels at bulk terminals, in transit and pipe lines.
3,806
3.806
October Anthracite Shipments 2.62% Above Preceding
Month
•
Shipments of anthracite for the month of October 1935,
as reported to the Anthracite Institute, amounted to
3,681,252 net tons. This is an increase, as compared with
shipments during the preceding month of September, of
93,871 net tons, or 2.62%, and when compared with October
1934, shows a decrease of 345,458 net tons, or 8.58%.
Shipments by originating carriers (in net tons) are as
follows:
Month of
Reading Co
Lehigh Valley RR
Central RR. of New Jersey__
Del. Lack. & Western RRDelaware& Hudson RR.Corp
Pennsylvania RR
Erie RR
N. Y. Ontario & Western Ry_
Lehigh & New England RR
Total
October
1935
September
1935
October
1934
September
1934
858,279
589,533
261,538
403,133
319,160
423.303
416,450
206,892
202,964
677.090
569,995
337,725
466,481
442,540
394,599
375,536
187.463
135,952
718,702
698,116
328,281
494,255
443,335
488,316
382,253
212,254
261,198
748,389
504,894
275,492
443,648
357,633
335,406
359,227
240,999
135,220
3,681,252
3,587,381
4,026,710
3,400,908
Coal Production Declines in Latest Week
The United States Bureau of Mines in its weekly coal
report said that the total production of bituminous coal dur-
ing the week ended Nov. 2 is estimated at 7,685,000 net tons
a decrease of 417,000 tons, or 5.1% from the output in the
preceding week. Production during the corresponding week
in 1934 amounted to 7,407,000 tons.
Anthracite production in Pennsylvania during the week
ended Nov. 2 is estimated at 608,000 net tons. The decrease-173,000 tons, or 22.2%-was due in part to the
occurrence of "Mitchell Day," which is observed as a holiday
in the hard coal fields. Production during the corresponding week last year amounted to 878,000 tons.
During the calendar year to Nov. 2 1935 a total of 300,847,000 tons of bituminous coal and 43,310,000 net tons of
Pennsylvania anthracite were produced. This compares
with 296,857,000 tons of soft coal and 48,697,000 tons of hard
coal produced in the same period of 1934. The Bureau's
statement follows
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Calendar Year to Date
Week Ended
Nov. 2
1935 c
Oct. 26
1935 d
Nov. 3
1934
1935
1934 e
1929
Mum.coal: a
Tot,for per'd 7,685,000 8,102,000 7,407,000 300.847,000 296.857.000 444,569,000
Daily aver__ 1,281,000 1,350,000 1.235,000 1,163.000 1,147,000 1,712.000
Pa.anthra.: b
Tot.for perd 608,000 781,000 878,000 43,310,000 48,697,000 60,935,000
237,600
189.900
168,800
Daily aver- - 121,600 130,200 175,600
Beehive coke:
826,200 5,694,100
714,800
21.200
22,600
20,200
Tot,for per'd
21.733
3.153
2.728
3.533
3,767
3,367
Daily aver_ _
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal,local sales, colliery fuel, and coalshipped
by truck from established operations. Does not include an unknown amount of
"bootleg" coal. c Subject to revision. d Revised. e Adjusted to make comparable the number of working days in the several years.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES
(IN THOUSANDS OF NET TONS)
[The current weekly estimates are based on railroad carloadings and river shipments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.]
State
Oct.
Week Ended
Avge.
Oct. 26 Oct. 19 Oct. 27 Oct. 28 Oct. 26
1923
1929
1933
1934
1935
1935
s
371
132
216
a
1,297
354
92
157
996
311
59
15
75
62
s44
582
3.021
114
24
109
269
44
2,260
846
169
s6
s
398
88
217
a
1,558
520
116
161
764
238
35
28
82
58
836
817
3.149
118
26
121
231
68
1,488
805
184
s4
Alaska
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern_s
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
West Virginia--Southern_b
Northern_c
Wyoming
Other Western States_d
2
13
105
166
1
888
298
65
152
780
158
40
14
80
25
61
432
1,887
38
15
83
242
34
1,850
534
139
*
2
14
105
145
1
904
318
73
165
763
185
42
6
82
26
55
475
1,774
15
15
83
254
34
1,856
556
138
*
2
179
48
131
1
805
305
63
123
605
141
33
14
56
27
53
405
1,707
77
14
82
177
32
1,502
466
120
1
s
158
75
123
s
930
343
73
157
655
180
30
12
82
28
566
429
1,613
66
17
60
168
28
1,565
565
115
s2
Total bituminous coal
Pennsylvania anthracite_e
8,102
781
8,066
989
7,169
1,187
7.540 11,625 11,310
1,076 1,822 1,968
8883 9 055 8.356 8.616 13.447 13.278
a Coal taken from under the Kentucky mountains through openings in Virginia
with
Is credited to Virginia, and the figures are therefore not directly comparable
K.& M.*
former years. b Includes operations on the N.& W.; C. & 0.; Virginian;
c Rest
B. C. & G.; and on the B. & 0. in Kanawha. Mason, and Clay Counties.
and Tucker Counties.
of State, including Panhandle District and Grant. Mineral,
d Includes Arizona. California, Idaho, Nevada, and Oregon. e Includes Sullivan
and coal shipped by
fuel,
colliery
and
sales,
local
coal,
washery
and
dredge
County,
truck from established operations. s Alaska, Georgia, North Carolina. and South
Dakota includes with "other western States." •Less than 1,000 tons.
nrontt tnts.1
Canadian Gold Output in September Reported 35,685
Ounces Above Year Ago
During September Canada produced 280,362 ounces of
gold, an increase of 35,585 ounces compared with the corresponding month last year, the Dominion Bureau of Statistics
reported Nov. 9. Production in the nine months ended
Sept. 30 totaled 2,378,272 ounces, an increase of 8.4% over
the.2,193,831 ounces produced in the same period of 1934.
In Canadian Press advices from Ottawa, Nov. 9, it was also
' stated:
Ontario led the Provinces in gold production during September with
181.592 ounces, with Quebec second with 42,221 and British Columbia third
with 34.677. Manitoba and Saskatchewan produced 13,583 ounces and
Nova Scotia 668, while the 'Yukon's alluvial gold production was reported
at 7.599 ounces.
Jewelery and scrap receipts at the Royal Canadian Mint during September
contained 3,149 ounces of gold.
Gold quotations in Canadian funds on the New York market during
September averaged $35.28 per ounce. and at this price the month's output
was worth $9,891,171.
Heavy Purchases of Zinc at Unchanged Prices-Lead
Buying Continues Active
"Metal and Mineral Markets," in its issue of Nov. 14,
stated that though buying of lead again was on a substantial
scale, the feature in the market for non-ferrous metals in the
last week was zinc. Favorable October statistics for zinc
started rumors going of an impending advance in the price.
A buying movement got under way that absorbed more than
20,000 tons of the metal, virtually all of which was disposed
3142
Financial Chronicle
of by producers at the unchanged basis of 4.85c., St. Louis.
Copper was easier abroad, on liquidation by speculators,
but there was no change in the situation here. The scarcity
in spot tin continues, and prices for near-by metal were largely
nominal. Advices from Ottawa state that Canada plans
to include non-ferrous metals and non-metallic minerals in
the trade agreement. Nothing has been released in Washington as yet on what items will be included in the pact so
far as this country is concerned. "Metal and Mineral
Markets" further stated:
Copper Buying Slow
The domestic copper market was inactive during the week. Sales
reported so far this month by the Association total only a little more than
3,000 tons. The price remained unchanged at 9.25c., Valley, with the
undertone firm. The October statistics are being anxiously awaited by
the trade, as very large shipments for that month are expected.
Meanwhile, producers believe that some good buying against requirements for
the first quarter will have to set in sooner or later. Consumption is reported
at a healthy rate, and producers recognize this by the fact that about
25.000 tons of metal that called for November delivery was delivered to
fabricators in October. A similar trend is reported developing for December-shipment copper.
The American Bureau of Metal Statistic's recent estimate on foreign
Consumption of copper reveals a moderate downward trend. The threemonths moving average of copper consumption for all the world outside
of the United States, in short tons, for 1934 and the first nine months of the
current year, follow:
1935
1934
1934
1935
103,445
January
92,536
78,766
89,565 July
February
102,598
90,093
79,838
88,448 August
95,621
March
79,341
92,643 September
85,653
April
84,433
97,253 October
85,564
May
87,518
100,066 November
90,349
June
92,183
103,938 December
89,837
The foreign market was inactive and the price declined moderately
toward the end of the week. The coming British elections, together with
the involved Continental political situation, tend to encourage speculators
to offer copper more freely.
Brisk Trade in Lead
Consumers of lead again came into the market for a large tonnage, sales
for the week totaling about 12,000 tons. According to producers, the buying reflects a high degree of confidence in the steadiness of the price structure,
even though total stocks of lead above ground in this country have been
slowly increasing. The demand was chiefly for December-shipment lead,
though producers booked enough prompt and November metal during the
week to give weight to the belief that consumption must have incresaed
to at least 38,000 tons a month. Several large blocks were included in the
week's transactions.
Quotations held at 4.50c., New York, the contract settling basis of the
American Smelting & Refining Co., and 4.35c., St. Louis. A fair tonnage
was disposed of by St. Joseph Lead during the week at a premium of $1
per ton on Eastern business.
Total stocks of lead at the works of smelters and refiners in this country,
including lead in ore, etc., on Oct. 1, were 322.135 tons, which compares
with 316,041 tons a month previous and 314,287 tons a year ago.
Zinc Holds at 4.85c.
Close to a record volume in zinc sales for this year was established during
the last week. Sales reported by the industry to the Institute for the week
ended Nov. 9 totaled 22,484 tons, most of which was sold for first-quarter
delivery to consumers. The favorable statistical report, showing increased
shipments to consumers and a substantial reduction in stocks, started the
activity in the metal. Most sellers were set for an advance in the price,
but uneven distribution of business placed in recent purchasing sprees
caused at least one operator to hold to the 4.85c., St. Louis basis. A check
on sales made in the competitive market discloses that virtually all of the
zinc sold during the week was booked at the unchanged price level. The
undertone was firmer, but there were sellers at 4.85c. up to the close of
yesterday.
Total sales of Prime Western zinc during October amounted to 22,896
tons, according to the American Zinc Institute. This compares with
29,069 tons in September and 21,992 tons in August. The weighted
average selling price of Prime Western sold during October for delivery in
that month was 4.80c. per pound, St. Louis. Sales in October for subsequent delivery were made at an average of 4.77c.
Spot Tin Scarce
Tin quotations, so far as spot and nearby material were concerned, were
more or less nominal all week. The shortage continues, in London as well
as here, and on Tuesday Straits on spot was quoted in New York as high
as 53.625c. On Nov. 13 the twice eased, with sellers at 53c., and inquiry
almost lacking. On first-quarter business there were sellers at around 49c.
Chinese tin. 99%. was quoted as follows: Nov. 7th, 50.25c.; 8th, 50.50c.;
9th, 50.50c.; 11th. Holiday; 12th, 51.125c.; 13th, 50.875c.
Ten Months' Steel Production 23% Ahead of 1934
Steel ingot production in the first 10 months of 1935 was
23% ahead of the tonnage produced in the same period of
last year and 6% greater than the tonnage produced during
the whole of 1934, according to figures released Nov. 7 by
the American Iron and Steel Institute.
From January through October of this year a total of
27,160,260 gross tons of open-hearth and Bessemer ingots
were produced, which compares with 22,024.236 gross tons
produced in first 10 months of 1934. Ingot production ix'
the entire 12 months of 1934 was 25,599,118 gross tons.
Production of 3,116,184 gross tons of ingots in October was
110% above October a year ago and represents the greatest
tonnage produced in any October since 1929 when 4,534,326
gross tons were produced. Production in October 1934
totaled 1,481,902 gross tons.
During October of this year ingot production averaged
115,414 gross tons a day and operations were at 52.13%
of capacity. In February of this year, which contained 24
wokring days compared with 27 in October, daily production
averaged 115,740 gross tons and operations were at 52.28%
of capacity, but total production during the month was
only '2,777,765 gross tons due to fewer working days.
Below we show the figures, as reported by the Institute,
for 1934 and 10 months of 1935:
Nov. 16 1935
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
INGO TS-JANUARY 1934 TO OCTOBER 1935
[Reported by companies which in 1934 made 97.91% of the open hearth and
100% of the Bessemer ingot production.1
Calculated Monthly
Production
PeriodGross
Tons
1935January
February
March
Calculated
Daily
a P. C. of Production
Capacity (Gross Tons)
2.871,531
2,777,765
2,868,141
48.04
52.28
49.83
106.353
115,740
110,313
Number
of
Working
Days
27
24
26
8,517,437
49.97
110,616
77
2.640,504
2,635,857
2,230.893
45.87
44.10
40.31
101,558
97,624
89,236
26
27
25
Second quarter
7.507,254
43.48
96,247
78
First 6 months
16,024,691
46.70
103,385
155
2,270,224
2,919,326
2,829,835
39.44
48.84
51.13
87,316
108,123
113,193
26
27
25
Third quarter
8,019,385
46.44
102,813
78
Nine months
24,044,076
46.61
103,193
233
October
3,116,184
52.13
115,414
27
1934January
February
March
1,997,129
2,211,944
2,798,440
33.59
41.86
47.07
73,968
92,164
103,646
27
24
27
First quarter
April
May
June
July
August
September
First quarter
April
May
June
7,007.513
40.80
89,840
78
2,936,064
3,399,494
3.059,483
53.34
57.18
53.44
117,443
125,907
117,672
25
27
26
Second quarter
9,395,041
54.70
120,449
78
First 6 months
16,402,554
47.75
105,145
156
1,489,453
1,381,350
1,268,977
27.06
23.24
23.05
59.578
51,161
50,759
25
27
25
July
August
September
Third quarter
4,139,780
24.42
53,763
77
Nine months
20,542,334
40.04
88,165
233
1.481,902
1,610.625
1,964,257
24.93
28.13
35.68
54,885
61.947
78,570
27
26
25
5,056,784
29.44
64,831
78
October
November
December
Fourth quarter
Total
37.38
25.599,118
82,312
311
a Calculated on annual capaclt es as of Dec. 31 1934 as follows: Open hearth and
Bessemer ingots, 68,849,717 gross tons. b Calculated on annual capacities as of
Dec.31 1933 as follows: Open hearth and Bessemer ingots. 68,478,813 gross tons.
Points to 54%-Steel Scrap
Steel Output Rises
Index Advances
The Nov. 14 issue of the "Iron Age" stated that steel
points to 54% of capacity, the
production has risen
highest level since the first week in February. At the same
time, demand for steel has expanded and the "Iron Age"
scrap composite, reflecting advances at both Chicago and
Pittsburgh, has moved from $12.58 to $12.75 a ton in its
first recovery from the recession that set in early in October.
The "Iron Age" further stated:
Railroad buying is steadily improving, automotive demand has shown
a further gain. Government-financed construction projects are being
expedited, and finally the expectation of higher prices has resulted in
considerable anticipatory covering.
The recent advance of $2 a ton on billets, blooms, slabs, sheet bars and
skelp is primarily responsible for the current movement to got under cover
on finished steel. The approach of the year-end inventory period would
ordinarily discourage stocking by consumers, but numerous requests for
requirement contracts for the remainder of the quarter indicate that
many in the trade rate protection against price advances above other
considerations.
Though increased material costs and the possibility of wage advances
at the mills would seem to make higher finished stool prices inevitable,
definite moves in that direction are still lacking. As a matter of fact,
not all producers have yet adopted the higher prices on semi-finished steel
Initially announced by a leading Pittsburgh producer early last week.
The reluctance of certain mills to disturb established quotations is reflected
in reports that prices of plates, shapes, bars and pipe will remain unchanged,
at least for the time being. It is stated also that no change in the tin plate
price is contemplated, though an unusually high rate of production for
the season, in the face of unwieldy stocks in mills' hands.suggests that buyers
are apprehensive of an advance. Among price changes most frequently
mentioned as early possibilities are increases of $2 to $3 a ton on sheets
and strip, $2 to $4 a ton on wire rods and $3 a ton on plain wire and spring
wire. Cast iron pipe may be marked up $1 a ton in line with the recent
advance of pig iron prices.
The administrative order authorizing the use of foreign steel for Public
Works Administration projects where the bid is 15% below the quotations
of domestic mills has resulted in the second purchase of G:rman sheet
steel piling within a month. The first called for 1,400 tons for an ocean
terminal at Morehead City, N. C., and passed almost unnoticed except
among American producers. The second, involving 500 tons of a special
Z-Section for the Triborough Bridge, New York. precipitated widespread
protests not only from civic and official circles in New York and Washington
but also from organized labor.
Motor car makers are taking steel more freely than at any time since the
grand rush for material of last January and February. Ford, which placed
20,000 tons of sheets about 10 days ago, has placed orders for about 10.000
tons of strip steel. November and December assemblies of automobiles
are now expected to total 325.000 to 350,000 units each, and probable
output for the quarter is placed at 850,000 cars, compared with an earlier
estimate of 700,000. This would mean a production for the year in this
country and Canada of 3,900,000 units, a gain of almost 36% over 1934.
The Northern Pacific has ordered 25,000 tons of rails, the Nashville
Chattanooga & St. Louis has closed for 5,000 tons, and the l'anama Canal
has Purchased 1,721 tons. Rail inquiries definitely in prospect total
50,000 tons. The Missouri Pacific is inquiring for 500 box cars and may
buy a total of 4,000 freight cars. The Missouri-Kansas-Texas is considering
the purchase of 1,000 cars. The St. Louis-San Francisco will rebuild
1,100 cars, the Wabash will reconstruct 180, and the Rock Island has
placed an order for the conversion of 170.
Structural steel awards of 19,230 tons compare with 23,100 tons last
week. Plate lettings total 2,500 tons. A trans-Atlantic vessel for the
United States Lines for which bids were taken this week calls for 16,000
tons of hull steel.
Steel works operations are up 1 point to 45% at Pittsburgh, 1% points
to 573% at Chicago, 8 points to 77% in the Cleveland-Lorain area,
2 points to 83% in the Wheeling district, 3 points to 88% in the southern
Ohio River Valley, and 8 points to 54% in the South. Output is off
4 points to 58% in the Valleys, but is holding unchanged at 40% in the
Philadelphia district, 33% at Buffalo and 90% at Detroit.
The "Iron Age" composite prices for finished steel and pig iron are
unchanged at 2.130c. a pound and $18.84 a ton. respectively. Price
lists for silvery iron and Bessemer ferrosilicon up to 12% have been revised
to provide for separate prices for each 5.5 of 1% range in silicon content
instead of 1% as heretofore. The prices in the higher range have been
marked up 50 cents a ton, those in the lower bracket remaining unchanged.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
'Based on steel bars, beams, tank plates
Nov. 12 1935, 2.130c. a Lb.
2 1300. wire, rails, black pipe, sheets and hot
One week ago
2.1300. rolled strips These products make
One month ago
One year ago
2.1240. 85% of the United States output.
High
Low
1935
2.130c. Oct. 1
2.124c. Jan. 8
2 1990. Apr. 24
1934
2.008c. Jan. 2
2.0150. Oct. 3
1933
1.8670. Apr. 18
1932
1.9770. Oct. 4
1.9260. Feb. 2
1931
2.0370. Jan. 13
1.945c. Dec. 29
2.2730. Jan. 7
1930
2.018c. Dec. 9
1929
2.317c. Apr. 2
2.2730. Oct. 29
2.286c. Dec. 11
2.217c. July 17
1928
2.4020. Jan. 4
2.212c. Nov. 1
1927
Pig Iron
Based on average of basic iron at Valley
Nov. 12 1935, 818.84 a Gross Ton
One week ago
$18.84 furnace and foundry irons at Chicago.
Philadelphia, Buffalo, Valley and
One month ago
17.84
One year ago
17.90 Birmingham.
Low
High
$17.83 May 14
1935
$18.84 Nov. 5
16.90 Jan. 27
17.90 May 1
1934
13.56 Jan. 3
16.90 Dec. 5
1933
14.81 Jan. 5
13.56 Dec. 6
1932
15.90 Jan. 6
14.79 Dec. 15
1931
18.21 Jan. 7
15.90 Dec. 16
1930
18.71 May 14
18.21 Dec. 17
1029
18.59 Nov. 27
17.04 July 24
1928
19.71 Jan. 4
17.54 Nov. 1
1927
Steel Scrap
Based on No. 1 heavy melting stee
Nov. 12 1935. $12.75 a Gross Ton
One week ago
$12.58
quotations at Pittsburgh. Philadelphia
One month ago
12.67
and Chicago.
9.79
One year ago
High
Low
1935
$12.83 Oct. 1
$1E.N j
teapii:23
1934
13.00 Mar. 13
1933
12.25 Aug. 8
1932
8.50 Jan. 12
6.43 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
The American Iron and Steel Institute on Nov. 11 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.2% of the steel capacity of the industry will be 52.6%
of the capacity for the current week, compared with 50.9%
last week, 50.4% one month ago, and 27.3% one year ago.
This represents an increase of 1.7 points, or 3.3%, from the
estimate for the week of Nov. 5. Weekly indicated rates
of steel operations since Oct. 22 1934 follow:
1934Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
1935Jan. 7
Jan. 14
Jan. 21
1935Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
43.4% Apr. 22
47.5% Apr. 29
49.5% May 6
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
3143
Financial Chronicle
Volume 141
52.5%
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
48.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
1935May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug 5
Aug. 12
Aug. 19
43.4%
42.8%
42.3%
39.5%
39.0%
38.3%
37.7%
32.8%
353%
39.9%
42.2%
44.0%
46.0%
48.1%
48.8%
1935Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 5
Nov. 11
47.9%
45.8%
49.7%
48.3%
48.9%
50.8%
49.7%
50.4%
51.8%
51.9%
50.9%
52.6%
"Steel" of Cleveland in its summary of the iron and steel
markets on Nov. 11 stated:
Actual consumer requirements, and not an artificial demand stimulated
by rising prices, still are the determining factors in steel works operations,
which last week dropped I% points to 53%•
Semi-finished steels have been raised $2 a ton, following the increase
of $1 a ton in pig iron. Finished steel products are expected to respond
shortly. Scrap prices have already snapped up to the highest level since
October 1930. Yet, so far in relatively few instances are there speculative
purchases.
The explanation is that consumers have been given an opportunity to
cover for the rest of the quarter, and the really effective date for higher
prices will not come before Jan. 1. Therefore, steel makers do not expect
a rush in shipments, to accelerate operations, until late this month or
December. This was the industry's experience when prices were raised
in the second quarter of 1934.
A year-end bulge in demand is unusual, but not without precedent, and
it is being fostered by continued strong support from automobile manufacturers, prospects for considerable railroad buying soon for early 1936,
and structural awards sustained by Federal projects.
Introduction of new automobile models at this time is largely responsible
for an exceptionally steady rate of steel works operations, which for
the past 13 weeks have not varied more than 334 points. Car output
last week again increased, 14,000 units to 90,000.
Raw material markets are exhibiting strong contra-seasonal activity.
Pig iron shipments, after rising sharply in October, so far in November
are 30% ahead of the October rate; coke, 20%. Scrap prices are up at
Chicago and Pittsburgh. A leading steel works at Pittsburgh purchased
20,000 tons of heavy melting steel. Lake Superior iron ore consumption
in October, estimated at 2,976,000 tons, was the highest of any month
since October 1930. Heavy tonnages of foreign iron ore, mainly from
Chile, are coming in at Baltimore. Abroad, "Steel's" London Editor
cables. British pig iron is up $1.25 a ton.
Weather conditions in most sections of the country are favoring outdoor
work, one factor contributing to a five-point rise to 75% in sheet mill
operations being large consumption of galvanized sheets. For full-finished
sheets and enameling stock, used by a wide range of manufacturers, earliest
delivery dates now extend three to five weeks ahead.
Structural shape awards for the week held close to recent averages.
at 21,000 tons. This year there has been a 20% increase over 1934 in
awards for industrial and commercial buildings. The Los Angeles Water
District, among the largest buyers of construction steel this year, awarded
14,500 tons of reinforcing bars. Bids are being taken on 14,000 tons
of shapes for the Imperial Dam in the Boulder Canyon project. Action
Is expected this week on bids for 15.000 tons of steel for a liner for the
International Mercantile Marine-Roosevelt Steamship Co., New York.
Louisville & Nashville placed 20,000 tons of rails. Chicago mills anticipate inquiries shortly for 40,000 tons of rails for Western roads. October
freight car awards totaled 1,250, except for Juno with 5.151, the highest
this year.
Daily average steel ingot production in October, 115,414 gross tons.
was 1.9% above September. Output for the month was 3,116,184 tons,
compared with 2,829,835 tons in September. This was the largest October
tonnage since 1929. For 10 months this year, 27,160,260 tons is a gain
of 23% over the first 10 in 1934. October operations average 52.13%,
second only this year to February's 52.28%•
Pittsburgh steel works operations last week declined 3 points to 44%;
Cleveland, 3 to 69; Birmingham, % point to 58; Detroit, 6 to 88; Buffalo.
5 to 37. Chicago advanced 34 point to 553.4; eastern Pennsylvania, %
Point to 39; other districts unchanged.
"Steel's" iron and steel price composite is up 18 cents to $33.16; the
finished steel composite is unchanged at $53.70; and the scrap index is
up 16 cents to $12.83.
The steel industry's ingot production for week to Nov. 11
is placed at 523/2% of capacity in the compilation by Dow,
Jones & Co., Inc., unchanged from preceding week and comparing with 53% two weeks ago. In the week of Oct. 21
the rate was 53% and in the week of Oct. 14 it was 523/2%.
Dow, Jones & Co. further showed:
U. S. Steel is estimated at 42%; the same as in the three previous weeks.
For the week as of Oct. 14, the corporation was at 4134%. Leading independents are placed at about 63%,compared with 6234% in the week before
and 633.4% two weeks ago. In the week of Oct. 21, the independents were
at 6334%. and in the week of Oct. 14 at 62%.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years. together with the
approximate changes, in points, from the week immediate y preceding:
U. S. Steel
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1027
5234
2734
2534
19
3034
43
73
8334
67
+ A
- ii
-I- 34
-4
-436
-336
+1
42
2334
23
18
3431
4736
75
80
71
-1
+ Si
+134
-436
-5
-5
+2
4.
.1
Independents I
63
3034
2734
20
29
41
72
84
64
+ %
+I
+1
- ii
-3
-3
-3
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 Nov. 13, as reported
by the Federal Reserve banks, was $2,484,000,000, an
increase of $2,000,000 compared with the preceding week
and of $15,000,000 compared with the corresponding week
in 1934. After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows:
On Nov. 13 total Reserve bank credit amounted to $2,492.000,000, an
Increase of $30,000,000. Chia increase corresponds with increases of
$75,000,000 in member bank reserve balances and $10,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease
of $2,000,000 in Treasury and National bank currency, offset in part by
an increase of $33,000,000 in monetary gold stock and decreases of $14,000,000 in Treasury cash and deposits with Federal Reserve banks and
S8A:100,000 in money in circulation. Member bank reserve balances on
Nov. 13 were estimated to be approximately $3,050,000,000 in excess of
legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of $5,000,000 in
holdings of United States Treasury notes was offset by a decrease of $5,000,000 in holdings of United States Treasury bonds.
The statement in full for the week ended Nov. 13, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 3180 and 3181.
.41
Changes in the amount of Reserve bank credit outstanding
year
ended
and in related items during the week and the
Nov. 13 1935, were as follows:
Nov. 13 1935
9,000,000
Bills discounted
5.000,000
Bills bought
U. S. Government securities
2,430.000,000
Industrial advances (not Including
$27.000,000 commitm'ts-Nov. 13) 33,000,000
Other Reserve bank credit
16,000,000
Increase (+) or Decrease (Since
Nov. 14 1934
Nov. 6 1935
+2.000.000
+28,000.000
-16,000,000
-1,000.000
+25,000.000
+10.000,000
3144
Financial Chronicle
increase (+) or Decrease (—)
Nov. 13 1935
Since
Nov. 14 1934
Nov. 6 1935
Total Reserve bank credit
+18,000,000
2,492,000,000 +30,000.000
Monetary gold stock
9,747,000,000 +33,000.000 +1.717,000,000
Treasury ac National bank currency 2,399,000,000 —2,000,000
—51,000,000
Money in circulation
5,746,000,000 —8,000,000 +266.000,000
Member bank reserve balances
5.746,000,000 +75,000,000 +1.839,000,000
Treasury cash and deposits with Federal Reserve banks
2,641.000.000 —14,000,000 —323,000,000
Non-member deposits and other Federal Reserve accounts
506,000,000 +10.000.000 +103,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks,for the current
week, issued in advance of full statements of the member
banks, which latter will not be available until the coining
Monday. Beginning with this week's statement, certain
changes and revisions have been made in the report. A full
explanation of these will be found in the following article
headed: "Complete Returns of the Member Banks of the
Federal Reserve System for the Preceding Week."
•
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
—New York City— —Chicago—.
Nov. 13 Nov.6 Nov. 14 Nov. 13 Nov.6 Nov. 14
1934
1935
1934
1935
1935
1935
Assets—
3
1,531
1.704
Loans and Investments—total
7,812 7.734 7.024 1,793
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
(except banks)
795
60
781
58
517
51
---23
23
27
19
Nov. 16 1935
the important reporting banks in each of those cities had not then
been licensed to resume full banking operations.
The weekly statement has been revised further so as to show
additional items which have been reported to the Board since September 1934. The amount of "Loans to banks" was included heretofore partly in "Loans on securities—to others" and partly in
“Other loans." The item "Demand deposits—adjusted" represents
the total amount of demand deposits standing to the credit of
individuals, partnerships, corporations, associations, States,
counties, municipalities, &c., minus the amount of cash items
reported as on hand or in process of collection. The new item is
a more accurate measure of changes in the volume of demand deposits available for use of the general public than was the old
item "Net demand deposits," which represented merely demand
deposits subject to legal reserve requirements. The method of
computing the item "Net demand deposits," furthermore, has been
changed in two respects in accordance with provisions of the
Banking Act of 1935: First, it includes United States Government
deposits, against which reserves must be now carried, while previously these deposits required no reserves, and, second, amounts
due from banks are now deducted from gross demand deposits,
rather than solely from amounts due to banks as was required
under the old law. These changes make the figures of "Net demand
deposits" not comparable with those shown prior to Aug. 23 1935.
The item "Time deposits" differs from that previously published
in that it formerly included a relatively small amount of time deposits of other banks, which are now included in "Inter-bank
deposits." The item "Due to banks" shown heretofore in the
statement included only demand balances of domestic banks.
The item "Borrowings" represents funds received, on bills payable
and redicounts, from the Federal Reserve banks and from other
sources. Figures are shown also for "Capital account," "Other
assets—net" and "Other liabilities." By • Other assets—net" is
meant the aggregate of all assets not otherwise specified, less cash
Items reported as on hand or in process of collection which, as
previously indicated, have been deducted from demand deposits.
Data by weeks since Sept. 5 1934, for all reporting member banks,
for reporting banks in New York, and for those in other leading
cities, corresponding with the figures for the current week, will
be published in the forthcoming issues of the "Federal Reserve
Bulletin."
723
723
788
152
153
176
Accepts, and corn
'
. paper bought
150
Loans on real estate
123
Loans to banks
45
Other loans
1,187
145
123
44
1,182
238
133
69
1,218
18
16
6
237
18
16
8
235
59
20
11
222
U. S. Gov't direct obligations
3,317
Obligations fully guaranteed by
United States Government_ _ _
381
Other securities
1,031
3,258
2,825
987
982
700
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Nov. 6 1935, follows:
382
1,038
264
923
97
257
96
265
78
219
Nov.6 1935
Reserve with F. R. Bank
2,415
Cash in vault
58
Due from domestic banks
82
Other assets—net
478
Liabilities—
Demand deposits—adjusted_ 5,726
Time deposits
591
United States Govt. deposits._
189
Inter-bank deposits:
Domestic banks
2,214
Foreign banks
336
2,388
60
83
470
1,402
48
63
799
618
37
203
80
600
36
189
81
497
38
163
101
5,661
585
196
4,877
834
454
.•
1,448
412
61
1.432
412
62
1,203
380
29
2,173
341
1.644
105
548
4
535
4
449
2
321
1,458
1
354
1,467
--55
—56
225
225
42
225
Borrowings
Other liabilities
Capitalaccount
330
1,459
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 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
101 cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of .reporting member banks of
the Federal Reserve System for the week ended with the
close of business Nov. 6:
The condition statement of weekly reporting member banks in 101
leading cities on Nov. 6 shows an increase for the week of $48,000,000 in
total loans and investments, a decrease of $40,000,000 in demand deposits—
adjusted, and an increase of 3138,000,000 in deposit balances of domestic
banks.
Loans to brokers and dealers In securities in New York City increased
$11,000.000 in the New York district, 35,000,000 in the Philadelphia
district and 517,000,000 at all reporting member banks; loans to brokers
and dealers outside New York City increased $4,000,000; and loans on
securities to others (except banks) increased $9,000,000 in the New York
district and $6,000,000 at all reporting member banks. Holdings of
acceptances and commercial paper and of real estate loans declined $3,000,000 and $4,000,000, respectively; loans to banks increased $6,000,000;
and "other loans"Increased $23,000,000 in the New York district.37,000,000
in the Chicago district and $40,000,000 at all reporting member banks.
Holdings of United States Government direct obligations increased
567,000.000 in the New York district and $59,000,000 at all reporting
member banks, and declined $10,000,000 in the Philadelphia district;
holdings of obligations fully guaranteed by the United States Government
increaed $5,000,000; and holdings of "other securities" declined $76.000.000 in the New York dsitrict and $82,000,000 at all reporting member
banks.
Demand deposits—adjusted declined $45,000,000 in the New York
district and $40,000,000 at all reporting member banks, and increased
$8,000,000 in the Cleveland district. Time deposits declined $4,000,000.
Deposit balances of other domestic banks increased 367,000,000 in the New
York district, $13,000,000 in the Boston district, $10,000,000 in the
Richmond district and $138,000,000 at all reporting member banks.
EXPLANATION OF REVISIONS AND CHANGES MADE IN REPORT
Beginning this week the weekly condition statement of reporting
member banks, issued by the Board of Governors of the Federal
Reserve System, will cover reporting banks in 101 leading cities
as it did prior to the banking holiday in 1933, instead of 91 cities
as in the recent past. When publication of the statement was
resumed following the banking holiday, certain cities were dropped
from the published statement temporarily because all or some of
Assets—
Loans and investments—total
20,426,000,000
Loans to brokers and dealers: '
In New York City
Outside New York city
Loans on securities to others
(except banks)
Accepts, and com'l paper bought
Loans on real estate
Loans to banks
Other loans
U. S. Govt. direct obligations
Obligations fully guaranteed by
United States Government
Other securities
+48,000.000 +1,358,000.000
798,000,000
+17,000.000
+115,000,000
158,000,000
+4,000,000
+2,000,000
2,081,000,000
328,000,000
1,142,000,000
87.000,000
3,380,000,000
8,238,000.000
+6,000,000 —204,000,000
—3,000,000 —154,000.000
—4,000,000
—5.000,000
+6,000,000
—38,000,000
+40,000,000
+39,000,000
+59,000,000 +1,008,000,000
1,138,000,000
3,084,000,000
+5,000,000
—82,000,000
Reserve with Fed. Reserve banks_ 4,641,000.000
349,000.000
Cash in vault
2,263,000,000
Due from domestic banks
Liabilities—
13.558.000,000
Demand deposits—adjusted
4,895,000.000
Time deposits
546,000,000
United States Govt. deposits
Inter-bank deposits:
5,382,000,000
Domestic banks
372,000,000
Foreign banks
orrowings
Statement of
Increase 1+) Or Decrease (—)
Since
Oct. 30 1935
Noy. 7 1934
$
+535,000.000
+60.000,000
+9,000,000 +15,06,000,000
—1,000,000
+39.000,000
+532,00,000
+44,000,000
—40,000.000 +2,297,000,000
+32.000,000
—4,000,000
--1,000,000 —388,000.000
+138,000,000 +1,071,000,000
—1,000,000
+249.000,000
—5,000.000
Condition of Bank for
Settlements as of Oct 31
International
The Bank for International Settlements' statement of
condition as of Oct. 31, issued Nov. 4, shows that deposits
increased 8,000,000 Swiss francs, of which the Bank immediately put 7,000,000 into gold bars, it was stated in a
wireless dispatch from Basle, Switzerland, Nov. 4, to the
New York "Times" of Nov. 5, which added:
This made its total gold-bar assets 32,230,000 francs, exceeding the
Previous peak of April 1934, by 4,000,000. Meanwhile gold-bar sight
deposits fell 1,000,000 francs to a total of only 20,000,000.
Since L. J. A. Trip succeeded Leon Fraser as President, the Bank has
made a practice of keeping substantially more gold-bar assets than liabilities.
Total bank funds rose to 668,362.000 Swiss francs, 8,000,000 in deposits
being all made from central banks for their own account. Except for gold
there was no great change in assets, but a general trend toward greater
liquidity, as if a strain were foreseen.
The following is the statement of the Bank, as contained
in Associated Press advices from Basle, Nov. 4 (figures in
Swiss francs at par):
Sept. 30
Assets—
Oc1. 31
Gold in bars
32,230,767.26 25,383,840.15
Cash on hand and on current account with banks
2,923,573.59 2,620,910.22
19,294,124.57 17,049,251.73
Sight funds at interest
Rediscountabie bills and acceptances:
1. Commercial bills and bankers acceptances-- —127.485,957.18 124,667,628.95
211,611,047.88 217,448,528.70
2. Treasury bills
339,097,005.06 342,116,155.65
Total
Time funds at interest:
40,283,285.62 42,647.914.88
Not exceeding three months
Sundry bills and investments:
1. Maturing within three months:
34,995,861.10 33,358,351.84
(a) Treasury bills
64,711,833.61 64,083.883.38
(b) Sundry investments
2. Between three and six months:
34,844,372.89 30,558,302.28
(a) Treasury bills
31,795,518.78 32,334,161.84
(b) Sundry Investments
3. Over six months:
22,214,504.32 25,375,434.50
(a) Treasury bills
34,358,083.46 34,493,483.08
(b) Sundry investments
222,920,153.96 220,201,618.72
Total
Other assets:
6,201,118.78 8,184,665.01
1. Guaranty of central banks on bills sold
5,412,117.12 4,669.102.50
2. Sundry items
11,613,235.90 10,853,767.51
Total
Total assets
668,362,145.96 860.873,456.84
Volume 141
Financial Chronicle
Liabilities—
Capital paid up
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Sept. 30
Oct. 31
125,000,000.00 125,000,000.00
3,324,345.55 3,324,345.55
5,844,908.94 5,844,908.94
11,689,817.85 11,689,817.85
Total
Long-term commitments:
1. Annuity trust account deposits
2. German Government deposit
3. French Government deposits (Saar)
4. French Government guarantee fund
154,811,250.00 154,811,250.00
77,405,625.00 77,405,625.00
2,030,500.00 2,030,500.00
61,930,084.72 61,930,084.72
20,859,072.34 20,859,072.34
296,177,459.72 296,177,459.72
Total
Short-term and sight deposits (various currencies):
1. Central banks for their own account:
104,467,019.93 104,470,760.06
(a) Not exceeding three months
40,392,998.31 32,588,721.75
(b) Sight
Total
2. Central banks for account of others:
(a) Not exceeding three months
(b) Sight
Total
3. Other depositors:
(a) Not exceeding three months
(b) Sight
Total
Bight deposits(gold)
Miscellaneous:
1. Guaranty on commercial bills sold
2. Sundry items
Total
Total liabilities
tariff
tionality of the whole reciprocal act because of the reduction of the
that
on pineapples from Cuba under the terms of the trade treaty with
Government.
benefited
be
to
chance
a
According to these observers. Florida fruits stand
of the
manyfold by the Canadian agreement. One of the major provisions
on
pact, according to the most reliable information here, is an agreement
seaagainst
the part of Canada to do away with her practical embargoes
maduty
the
reduce
sonal fruits from the United States and possibly to
such
terially, or at least stabilize it. This, it was argued, would be of
of
benefit to Florida fruit producers as to discount any possible ill effects
the lowered rate on Cuban pineapples.
144,860,018.24 137,059,481.81
2,966,451.95 2,963,673.50
10,420.017 09 10,393,194.22
13,386,469.04 13,356,867.72
500,495.00
2,227,253.09
2,718,986.60
396,589.28
2,727,748.09 3,115,575.88'
20,496,432.88 21,698,601.27
6,243,679.00 6,223,813.84
38,611,266.65 37,382,584.26
44.854,945.65 43,606,398.10
668,362,145.96 660,873,456.84
New Trade Pact with Canada Signed at Washington—
Erosion of Niagara Falls Among Subjects Discussed
by President Roosevelt and Premier Mackenzie
King at Recent Meeting
The new Canadian-American trade treaty was signed at
Washington yesterday (Nov. 15) in the presence of President
Roosevelt and his Cabinet. Prime Minister W. L. Mackenzie-King affixed his signature for Canada and Secretary Hull
for the United States. President Roosevelt on Nov. 13 took
the first formal step toward ratifying the recently concluded
reciprocal trade agreement with Canada, when he assigned
"full power" to Secretary of State Hull to sign the treaty on
behalf of the United States. The President's announcement
that the pact had been completed was made in the course
of his Nov. 11 Armistice Day address, which is reported
elsewhere in this issue of the "Chronicle." Negotiations between Mr. Roosevelt and Prime Minister Mackenzie-King
of Canada were noted in the "Chronicle" of Nov. 9, ,page
2976. An official statement issued at the White House
on Nov. 9 said:
The President of the United States and the Prime Minister of Canada
have considered the question of increased trade which has been discussed
for some time by representatives of the two nations. There is complete
agreement on the objective of a greatly increased flow of trade for the
benefit of both countries, and substantial progress has been made toward
this end.
It is recognized that such an increase would be beneficially felt in all
activities, because trade is but another word for increased employment,
transportation and consumption.
Following the signing of the agreement, Secretary Hull
issued a statement saying:
"While many other parts of the world are slipping in the direction of
economic suicide the trade agreement between our two countries marks an
outstanding step in the direction of economic sanity.
"It seeks to stimulate sound and healthy trade relationships and thereby
to restore employment to the unemployed and a wholesome prosperity to
the people of both countries.
"It sets an example of what must be done to establish a solid foundation
upon which to rebuild a suitable structure of world peace."
In reporting the signing of the pact, Associated Press accounts from Washington said:
Rarely, if ever before, had the entire American Cabinet participated in
such a ceremony. Its members formed a semicircle behind the President's
desk as Messrs. King and Hull signed the two copies of the treaty. Then
the United States Seal was affixed by Sidney Y. Smith of the State Department.
Formal proclamations by the heads of both Governments was all that
remained to make the treaty operative.
A Washington dispatch of Nov. 13 to the New York
"Times" discussed the U. S.-Canadian pact as follows:
Details of the agreement, which still were being carefully guarded today,
will hardly be made public for two or three days after the signing. Secretary Hull and Mr. Mackenzie King reached an understanding during the
latter's visit here that the text would be made public simultaneously in
Washington and Ottawa.
The ceremony of signing will take place in the Diplomatic Reception
Room of the State Department. President Roosevelt disclosed at his
press conference this morning that the formalities incident to the trade
agreement between the United States and Canada had started.
Niagara Falls Discussed
He also made known that he had taken up with the Canadian Prime
Minister the problem created by the sloughing off of Niagara Falls. He
said that he had asked for a report on a study being made jointly by the
Federal Power Commission, the New York State Power Authority and the
army engineers, indicating that he would give further consideration to the
subject after a perusal of this report.
He considered a solution of this problem of more Immediate importance
than negotiation of a new St. Lawrence seaway treaty, although he had
talked about possibilities of the development of the St. Lawrence with the
Canadian Premier.
State Department officials seemed interested in little to-day but the
Canadian trade treaty. They regarded it as probably the greatest single
accomplishment of the Administration to date in international relations
the country when its
and, furthermore, expected it to be so acclaimed by
full benefits became apparent.
are amused at
the
negotiations
following
Some officials who have been
Agricultural Association to test the constituthe proposal of the Florida
3145
•
British Court Recognizes United States Gold Clause
Ruling—Rules Holder of British Government
Bonds Sold in This Country Must Accept United
States Currency
A British court on Nov. 8 ruled that the present United
States dollar is the basis on which the British Government
should discharge its obligations on bonds containing the
gold clause and sold in the United States in 1917. Justice
Branson in the King's Bench Division of the High Court
dismissed a petition of right that raised the issue of the direct
gold clause in a 20-year 532% coupon gold bond issued by
the British Government in 1917 and supported the contention that payment was determined by the United States law
and the resolution of the United States Congress that the
Government was only obliged to pay lawful currency in respect to each nominal dollar.
Associated Press advices from London Nov.8 summarized
the decision as follows:
Justice Branson in the King's Bench Division upheld the British Govthe
ernment's claim that payment was established by American law and
curdecision of Congress that the United States need only pay lawful
internarency for each nominal dollar. He ruled on a petition of the
Aktiengesellschaft.
tional trustee for the protection of bondholders of the
incorporated under the laws of Liechtenstein.
British
The company held a 20-year 5 % coupon gold bond issued by the
York in
Government Feb. 1 1917. It contained a promise to pay in New
existing
gold coin of the United States of the standard weight and fineness
for
at the date of the bond, or in London sterling at a fixed rate of $4.865
be
should
interest
and
principal
the
each El. The petitioner asserted that
"dollar for
paid in currency equivalent to the gold value instead of on a
dollar" basis.
of debts
The Court ruled that the American decision making the payment
to pay
in gold coin illegal made it impossible for the British Government
obliged
gold in New York. Therefore, he said, the British Government was
to pay only at the fixed rate in London. He dismissed the petition.
,
William DeWitt Mitchell, former United States Attorney-General
estified at the hearing.
We also quote from the London "Financial News" of
Nov.1 regarding the British Government's contention, which
was ultimately sustained by the Court:
The Crown contends that payment in the United States was determined
resolution
by United States law, and that under the provisions of a public
lawful
of Congress,the Government were only under obligaiaon to pay in the
currency of the United States in respect of each nominal dollar.
liable
only
It is further submitted that in London the Government was
the
for the equivalent of that sum in sterling at the rate of $4.86 M to
of
Petitioners' case is that the clause is governed by the English law
contract.
Evidence for Crown
General
Mr. Win. D. Mitchell, a former Solicitor-General and Attorneyyesterday, exof the United States, continuing his evidence for the Crown
genapplied
gold
pressed the opinion that American legislation affecting
instances
erally to transactions with foreign Governments, because in some
exceptions had been made in the case of foreign Governments.
contracted
Prior to 1933, continued Mr. Mitchell, promises to pay gold
permit payin the United States were constructed to mean that,and did not
could not
coins
gold
where
that
ment in paper currency. He pointed out
coins to
be made to fit the exact sum, it was then legal to tender smaller
make up odd cents.
Gift Tax Law
the
If the British Government shipped gold to the United States and paid
bondholders in America in gold, the Government's custodian in America
would be guilty of a criminal offense.
in
In his opinion if the Government paid in excess of dollar for dollar
paper money, the excess would be a voluntary gift without consideration.
subThere was a gift tax law in the United States, and the excess might be
ject to that gift law.
Mr. Phanor Eder's View
the
Mr. Phanor J. Eder, recalled, said he considered that payment of
gold value would not be a gift, but honoring a moral obligation.
of
Sir Wm. Jositt, K.C. (for the bondholders): There are a number
countries continuing to honor their obligations in the old way?
Soviet
and
Holland
Mr.Eder: Yes. He added that they included France,
Russia.
Bar and a
Mr. Frederick R. Coudert, a member of the Supreme Court
gold
legal adviser to the British Foreign Office on American law, said
clauses were now measuring clauses.
imAmerican legislation did not conflict with the sovereign rights and
munity of other countries except when statutes so specified.
Italy Threatens Reprisals if Economic Sanctions are
Applied—Note to League Members Contends Action
in Ethiopian Dispute was Ill Advised—Warns of
Danger to World Recovery
Italy has threatened to retaliate commercially in the case
of all nations applying sanctions against her in connection
with the Italo-Ethiopian dispute, it was revealed this week,
with the publication of the text of an Italian note sent to all
League members now considering sanctions. The note
pointed out that Italy has thus far maintained her membership in the League, but warned that membership is growing
distasteful under present conditions.
The text of the Italian note was made public on Nov. 12
by the British Foreign Office, after the Italian Ambassador
to Washington on the preceding day had outlined its main
3146
Financial Chronicle
provisions. Italy denied that she had violated League
obligations under the covenant, and protested that the
League had failed to give due consideration to Italian contentions before acting in the dispute.
By imposing an arms embargo against Italy while lifting
the embargo against Ethiopia the League, according to the
note, has aggravated the situation, and has compelled Italy
to take measures to protect her African colonies. The
proposed economic boycott against Italy, the note continued,
is in reality an net of hostility which would justify counter
measures. The Italians argued that the imposition of
sanctions would further threaten world recovery. There is
given below the text of the section of the Italian note discussing economic sanctions, as it was made public at London
on Nov. 12:
In the economic sphere and again in the moral sphere the Italian Government must draw the attention of each State a member of the League to
the gravity of the measures which the co-ordinating committee at Geneva
propose to apply to Italy and the consequences which they threaten to
bring not only upon a great nation upon which devolves an essential part
of the work of reconstruction and collaboration, which is one of the fundamental tasks of the League, but also upon the economic system of a world.
already so sorely tried, whose power of recuperation is being nullified.
No one will be able to deny the right and necessity with which the Italian
Government will be faced of defending and insuring the very existence of
their people. They will thus be obliged to adopt 111.1388111136 of an economic
and financial character which may imply among other things substantial
deviations from the present currents of exchange and trade in order to
obtain all required for the life of the nation.
The prohibition of all Italian exports is more than economic measures;
a veritable act of hostility which amply justifies inevitable Italian countermeasures.
The Italian Government further consider that their own position as a
party to the dispute does not detract from the value of the objective consideration that an artificial attempt to exclude from the world economy
a market of 40,000.000 souls runs the risk of drying up immediately and
surely the sources of sustenance and life of millions of workers all the
world over.
Sanctions and counter-sanctions will finally have the gravest consequences of a moral and psychological nature by provoking a disturbance
of outlook which may last long after the sanctions have fulfilled their
functions and achieved their result of increasing the economic disorder of
the world.
Pope Pius Joins Italy in Seeking Postponement of
League Sanctions—British and Italian Representatives Continue Discussions—Anti-British Riots
in Cairo—Ethiopia Ignores Mussolini's Demand
Railroad Be Barred to Troops
Two important efforts were made this week to induce the
League of Nations to abandon the application of economic
sanctions against Italy, scheduled to become effective next
Monday (Nov. 18). On Nov. 11 Italy sent an identical
note to all League members, warning them that the application of sanctions would endanger world recovery, thaf Italy
might be forced to retaliate if sanctions were actually implied,
and that withdrawal of Italy from the League might be the
eventual result of such action. The contents of this note
are described elsewhere in this issue of our paper. On Nov.
14 it was reported that Pope Pius was seeking to have the
League powers delay the application of trade bans, in the
interest of world peace.
Reference to the Italo-Ethiopian war appeared in the
"Chronicle" of Nov. 9, pages 2976-77. After the delivery
of the Italian note to League members, protesting against
the declaration of sanctions, Great Britain was reported to
favor a collective reply to Italy, in the belief that one reason
for sending the Italian note had been the hope that it would
divide the various Potvers. Nevertheless, representatives
of Italy and Great Britain continued their negotiations in
an effort to find a peaceful settlement of the conflict. The
most important recent military action in Ethiopia occurred
on Nov. 8, when the Italian troops occupied the city of
Makele and the surrounding territory, without a major
battle. The Southern division of the Italian army meanwhile
continued its advance toward Harrar.
Sir Samuel Hoare, British Foreign Secretary, announced
on Nov. 9 that regardless of the outcome of the British
general election (which was held on Nov. 14), he and his
Government would carry out their obligations under the
League and would continue their efforts in behalf of peace.
A London dispatch of Nov. 9 to the New York "Times"
quoted from this address in part as follows:
British policy, he insisted, has been unchanged since he spoke at Geneva,
and will not change after the present general election, for "the great majority of my fellow-countrymen are determined to keep their word to
Europe and the world."
Sir Samuel reaffirmed his pledges not from the election platform but
amid the non-political splendor of the Lord Mayor's annual dinner at the
Guildhall. Almost every Ambassador and Minister accredited to the Court
of St. James was in the brilliant audience, which listened intently to every
word.
Again, as in the speech at the League Assembly, Sir Samuel spoke slowly
and soberly, with a ring of sincerity in his voice. He occasionally slapped
the table before him as if to show that he meant every syllable.
Seeks to Remove Distrust
He did not refer directly to the existing tension with Italy, but-made
flattering references to Egypt. which were clearly intended to remove
distrust of British motivi in that vital corner of the Mediterranean.
Aware of the widespread resentment in Egypt at being treated like a
vassal State, he expressed gratitude for Egyptian co-operation in sanctions
against Italy. He denied that Britain was using Egypt as a tool to further
British interests and also denied that the British Government opposed the
return in Egypt of "the constitutional regime suited to her special requirements."
Nov. 16 1935
"History and geography have linked together our fortunes," Sir Samuel
said. "As friends and associates we must deal frankly
with each other.
facing facts and overcoming difficulties if we can
and always determined
to understand each other's point of view."
It was the first attempt by any British Minister to
soothe Egypt's ruffled
feelings. The fact that it was made at all showed the
anxiety of the British
not to let Egypt drift further from friendship
as long as the crisis with
Italy remained acute.
Sir Samuel's reference to Egypt, mentioned in the above
extract from his speech, was not sufficient to allay the discontent in that country, and late this week serious antiBritish demonstrations were reported at Cairo. A British
officer on Nov. 14 killed one rioter and wounded three others,
bringing the total number of deaths in anti-British manifestations to four, with approximately 200 casualties. The
demonstrations were led by the powerful Egyptian Wafd
party, which demanded the resignation of the Government
and an end to British "domination" of the Kingdom's
affairs. The disorders started during Cairo's celebration
Nov. 13 of Egypt's independence day, and spread to various
'smaller towns. The Wafdist leaders demanded that Prime
Minister Tewfik Nessim Pasha resign, and said that otherwise the party would refuse to co-operate with the Government or with British authorities.
It was announced in Addis Ababa on Nov.9 that Emperor
Haile Selassie would refuse to reply to a note from Premier
Mussolini of Italy, which informed the Emperor that Italians
would refrain from bombing the Addis Ababa-Djibouti
railroad and thus severing Ethiopia's communications with
the outside world, if Ethiopia would promise to discontinue
transporting arms, munitions and troops over the railroad.
A Government spokesman said that Ethiopia would refuse
to make any such concessions and would continue troop and
munition transports as usual.
Manuel Quezon Inaugurated as President of New
Philippine Commonwealth—Secretary Dern Reads
Proclamation by President Roosevelt—Vice-President Garner and Other United States Officials
Attend Ceremony in Manila
Manuel Quezon was inaugurated as the first President
of the new Commonwealth of the Philippines at ceremonies
held yesterday (Nov. 15) in Manila, and attended by VicePresident Garner, Speaker of the House Joseph Burns, and
Secretary of War Dern. Mr. Dern, whom President
Roosevelt designed as his special representative, issued a
proclamation by Mr. Roosevelt, announcing "that the
heretofore existing Government of the Philippine Islands is
now terminated, and that the Government of the Commonwealth of the Philippines, in entering upon its rights, privileges, powers and duties as provided under the Constitution
of the Commonwealth of the Philippines and the laws of the
United States of America, is the successor to the heretofore
existing Philippine Government and to all the rights and
obligations thereof." This proclamation became effective
immediately. It was signed. by President Roosevelt on
Nov. 14.
President Roosevelt sent the following cablegram to Mr.
Quezon on Nov. 14:
I send my heartiest congratulations upon your inauguration as the first
President of the Commonwealth of the Philippines and my best wishes for
the success of your administration.
On the same day Mr. Roosevelt sent the following message
to Secretary Dern:
Please convey to President Quezon and the Philipino people on the occasion of the birth of the Commonwealth of the Philippines my sincere congratulations on this great forward step in the establishment of popular
self-government and express to them my confidence in their ability to carry
out successfully the final steps in the accomplishment of their complete
independence.
President Roosevelt on Nov. 14 also sent a cablegram to
Frank Murphy, who retires as Governor-General of the
Philippines to become United States High Commissioner to
the new Commonwealth. It read as follows:
Please accept the expression of my gratitude and appreciation for the
loyal and efficient manner in which you have discharged
your duties as
Governor-General of the Philippine Islands and my congratulations upon
your assumption of office as the first High Commissioner
of the United
States to the Conunonwealth of the Philippines. I wish you
every success
in the task that lies before you and send you my warmest personal
regards.
The text of Mr. Roosevelt's proclamation, read yesterday
by Secretary Dern, is given below:
The Commonwealth of The Philippines
The Commonwealth of The Philippines
By the Secretary of War of the United States of America
A Proclamation
By direction of the President of the United States of America, I, George
H. Dern, Secretary of War of the United States of America, do hereby
promulgate the proclamation of the President of the United States of
America announcing the results of the election held in the Philippine Islands
on Sept. 17 1935, for the purpose of electing officers of the Government of
the Commonwealth of the Philippines; and I do hereby announce that the
heretofore existing Government of the Philippine Islands is now terminated.
and that the Government of the Conunonwealth of tho Philippines, in
entering upon its rights, privileges, powers, and duties as provided udder
the Constitution of the Commonwealth of the Philippines and the laws of
the United States of America, is the successor to the heretofore existing
Philippine Government and to all the rights and obligations thereof.
In witness whereof, I have hereunto set my hand and caused the seal of
the War Department of the United States of America to be affixed.
In an account of the ceremonies on Nov. 15, a wireless
message from Manila to the New York "Times" on that date
said in part:
Volume 141
The solemnity of a great moment in history pervaded the inaugural
ceremonies for President Manuel Quezon this morning on the steps of the
Legislature Building before 15,000 guests and more than a quarter million
other persons. The guests included Vice-President John N. Garner of the
United States, Secretary of War George H. Dern, 17 Senators and 26
Representatives.
A spirit of national rejoicing has been expressed since last midnight by
the continuous blowing of steam and factory whistles and the explosion of
fireworks throughout Manila and in the provinces. This elation continued
this morning as unprecedented crowds cheered the post-inaugural parade,
which included United States Army and constabulary units.
At the ceremonies a grave note was injected by Mr. Quezon, who devoted
a third of his inauguration speech to warning revellious elements to keep
the peace or be crushed.
"No one need have any misgivings," he said, "as to the attitude of the
Government toward lawless individuals or subversive movements. They
shall be dealt with firmly. Sufficient armed forces will be maintained at
all times to quell and suppress any rebellion against authority of this
Government or the sovereignty of the United States.
"There can be no progress except under the auspices of peace. Without
peace and public order it will be impossible to promote education.improve
the condition of the masses, protect the poor and the ignorant against
exploitation and otherwise insure the enjoyment of life,liberty and property.
"I appeal, therefore, to every Filipino to give the Government loyal
support so that tranquillity may reign supreme in our beloved land. Widespread public disorder and lawlessness may cause the downfall of constitional government and lead to American intervention."
Also Fears Foreign Menace
The new President envisaged another form of danger when he said that
"even after independence, if we prove ourselves incapable of the protection
of life, liberty and property of nationals and foreigners, we shall be exposed
to the danger of intervention of foreign powers."
On financial matters, however, the President gave reassurance to those
who had feared early raids on the Treasury for a governmental socialization
program.
"The Government draws its breath of life from its finances," Mr. Quezon
said,"and It must balance income and expenditures if it expects to survive.
It is my duty to see that the Government of the Commonwealth lives within
its 1/108138 and stands four-square on a well-balanced budget."
l'he President then proceeded to his positive program for the new
Government.
"To raise living conditions," he declared, "we must increase the wealth
of the nation by giving greater impetus to economic development,improving
methods of agriculture, diversifying crops, creating new industries and
fostering domestic and foreign commerce. We are among the least-taxed
people in the world, and therefore when necessity arises we should be willing
to accept the burden of increased taxation."
Dern Upholds 10-Year Period
Before Mr. Quezon took the oath as President of what is possibly the first
nation in history voluntarily being freed by another, Mr. Dern made a
significant address as the representative of President Roosevelt. In the
face of swelling agitation by followers of General Emilio Ag-uinaldo for a
transition period shorter than ten years for full freedom. Mr. Dern flatly
declared that ten years was necessary "in order to launch the Philippine
Republic under the most favorable auspices and provide an adequate
safeguard for the interests both of the American and the Filipino
people." . . .
Mr. Murphy's speech to the Philippine Legislature yesterday drew an
outburst of praise to-day in the press and on the streets. His report on
the surplus in the public Treasury caused especially pleasant surprise. It
was generally agreed that, no matter what the future might hold for the
Commonwealth, he had sent it off to a promising start.
Vice-President Garner's visit to Manila was reported in
these columns Nov. 9, page 2989.
Colombian Government Now Capable of Resuming Part
Payment of Service on External Debt, Institute of
International Finance Believes—Cites Improvement in Country's Finances
Incident to the ratification on Sept. 27 1935 of the peace
treaty between Colombia and Peru, said a bulletin issued
Nov. 14 by John T. Madden, Director of the Institute of
International Finance, which is conducted by the Investment
Bankers Association of America in co-operation with New
York University, states that the Colombian Government
now appears to be capable of resuming service payments
at least in part on its external debt. ."In spite of various
protests," the bulletin stated, "the Colombian Government
so far has failed to take any effective steps to correct the
complete default on its outstanding external obligations.
It ceased to issue scrip in respect of interest due after Jan.
1 1935, and since that time has failed to make any cash
payments and has not included any provisions for the service
of its external bonds in its 1935 and 1936 budgets." The
bulletin continued:
The Colombian Government continues in default despite the fact that
hostilities with Peru, which were given as the cause of the default, ended
more than two years ago, that the treaty of peace signed by representatives
of the two countries during 1934 has finally been ratified by the Colombian
Congress, becoming effective on Sept. 27 1935, and that economic conditions in the country as well as the Government's finances have shown
considerable improvement.
Exports, including gold, have consistently exceeded imports throughout
the period of the depression. The excess, however, has decreased during
the first six months of 1935 to 13,000.000 pesos as compared with 50,000,000
pesos in the first half of 1934, due to a substantial increase in imports
rather than a decrease in exports.
An analysis of the report of the Board of Control of Exchange and exports
shows that in 1934 the supply of foreign exchange derived from merchandise
and gold exports exceeded the demand caused by imports, expenses of
Colombian residents abroad, etc., but not including the National Government payments abroad, by about $20,000,000.
The National Government required from the exchange control board
during the year more than $21,000,000 in exchange, of which about $1,194,000 were applied to external debt service charges and about $400.000
for diplomatic representation abroad. The allocation of the balance is
not indicated, but it is unofficially reported that the major portion of it
was spent for war supplies, not included among imports.
3147
Financial Chronicle
Full service requirements on the external debt of the Colombian Government outstanding at the end of 1934 amount to about $6,333,000. or
10,214,000 pesos at the average exchange rate for 1934. Of this amount
$4,614,000 represent interest and $1,719,000 amortization. Payments
of principal and interest actually made during 1934, according to the closed
accounts, amounted to 1,925,700 pesos, or $1,194,000. By increasing
total payments by $3,420,000, the full interest payments on the Government's external debt could have been met.
Now that the treaty of peace has been ratified by both Colombia and
Peru, thereby removing the necessity for large military expenditures, the
Colombian Government would appear to be well capable of resuming
ervice payments at least in part on its external debt."
Argentina to Impose Tax on Grain Exports—Is Effective
Dec. 1
Buenos Aires (Argentine) advices of Oct.31, to the London
"Financial News" of Nov. 1 had the following to say:
Commencing on Dec. 1 next, a new grain law will come into operation
enforcing a tax on exporters of one cent per 100 kilos on all wheat, linseed.
maize, oats, barley and rye shipped.
"The Suit at Law in Latin America"—Bulletin Released
by Bureau of Foreign and Domestic Commerce
A 52-page bulletin describing the court system of Argentina
and tracing the course of different types of civil actions and
proceedings in Argentine law, has recently been released by
the Division of Commercial Laws, Bureau of Foreign and
Domestic Commerce, United States Department of Commerce. Against this background comparative references are
made to the courts of civil procedure of Brazil, Mexico,
and other contrasting countries of Latin America. The
bulletin, entitled "The Suit at Law in Latin America,"
may be purchased at five cents per copy from the New
York District Office of the Bureau, 734 Customhouse, or
from the Division of Commercial Laws at Washington. A
new issue of the Index of Publications of the Division is now
available free upon request.
$1,314,400 of Belgium External Loan 6% Gold Bonds
due Jan. 1 1955 Drawn for Redemption Through
Sinking Fund
J. P. Morgan & Co. and Guaranty Trust Co. of New
York, as sinking fund administrators, are notifying holders
of Kingdom of Belgium external loan 30-year sinking fund
6% gold bonds due Jan. 1 1955, that $1,314,400 principal
amount of these bonds have been drawn by lot for redemption
as of Jan. 1 1936, at their principal amount, out of moneys
now in the sinking fund and moneys to be paid into the
sinking fund on or before said date. Payment will be made
at the offices of the sinking fund administrators upon presentation and surrender of the bonds on or after Jan. 2 1936.
Interest on the drawn bonds will cease on Jan. 1 1936.
Bulgaria Remits 15% of Nov. 15 Interest on 7M%
Stabilization Loan 1928—Rulings on Bonds by
New York Stock Exchange
Speyer & Co. and J. Henry Schroder Banking Corp. as
American fiscal agents for the Kingdom of Bulgaria 73 %
stabilization loan 1928, announced Nov. 12 that the Bulgarian Government has transferred sufficient funds in dollars
to provide for payment of 15% of the interest due Nov. 15
1935. Payment will be made, on or after that date, at the
rate of $5.62 per $37.50 coupon and $2.81 per $18.75 coupon,
upon presentation of such coupons, with an appropriate
letter of transmittal, at the office of either of the fiscal agents
for the stamping of such payment thereon. Such coupons
will be returned to the bondholders, to be re-attached to
their bonds, in order that their claim for the balance may
be preserved. The fiscal agents stated:
An announcement will be made shortly regarding the additional paymen,
in final settlement of the partly paid May 15 1933 and Nov. 15 1933 coupons
of the 73i% stabilization loan and Jan. 1 1934 coupons of the 7% settlement loan.
A recent announcement that Bulgaria would continue
to pay 15% of current interest was given in our issue of
Nov. 9, page 2977.
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following rulings on the 7%
bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities
Noe. 13 1935
Notice having been received that payment of $5.62 per $1.000 bond
will be made on presentation for stamping of the coupon due Nov. 15 1935,
from Kingdom of Bulgaria 7M% stabilization loan 1928 dollar bonds.
due 1968:
b e quoted ex-interest
The Committee on Securities rules that the bonds:
$5.62 Per $1,000 bond on Nov. 15 1935:
That the bonds shall continue to be dealt in "flat" and to be a delivery
in settlement of transactions made beginning Nov. 15 1935, must carry
the May 15 1933 ($16.87 paid), Nov. 15 1933 ($9.38 paid), (ex May 15
1934 to Nov. 15 1934), May 15 1935($5.62 paid), Nov. 15 1935 ($5.62 paid)
and subsequent coupons.
ASHBEL GREEN.
Secretary.
Partial Payment of Nov. 15 Coupons on Sao Paulo
(Brazil) 04% Bonds of 1927—New York Stock
Exchange Rules on Bonds
First of Boston International Corp., as special agent for
City of Sao Paulo, Brazil, 04%, external secured sinking
fund bonds of 1927, announces that funds have been remitted
Financial Chronicle
3148
for payment of Nov. 15 coupons at the rate of 20% of the
dollar face amount. Payment at this rate accordingly will
be made by the special agent on and after Nov. 16.
The following announcement of rulings on the bonds by the
New York Stock Exchange was issued. yesterday (Nov. 15)
by Ashbel Green, Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Nov. 15 1985.
Notice having been received that payment of $6.50 per $1,000 bond is
being made on surrender of the coupon due Nov. 15 1935,from City of Sao
Paulo 6)i% external secured sinking fund gold bonds of 1927, due 1957:
The Committree on Securities rules that transactions made on and after
Nov. 16 1935, shall be settled by delivery of bonds bearing only the Nov.
15 1931. to Nov. 15 1933, inclusive (ex May 15 1934 to Nov. 15 1935,
inclusive), May 15 1936 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
New York Stock Exchange Promulgates New Rules for
Margin Requirements on "When Issued" Securities
—Conform to SEC Regulations
The Committee on Business Conduct of the New York
Stock Exchange on Nov. 12 announced new rules governing
special margin requirements on "when issued" contracts
designed to conform to Rules JD-4 to JD-12 inclusive of
the Securities and Exchange Commission. The Exchange
will require 100% margin upon net long commitments in a
"when issued" right, and added that 'for the purpose of
computing such margin, such 'when issued' rights shall be
deemed to have no value." Other sections of the new rules
are given below:
Upon a net long commitment in a "when issued" security other than a
right, the required margin shall be computed by subtracting 55% of the
current market value of such net long commitment from the net sum
which will be payable by the member carrying the account upon the settlement of the "when issued" contracts representing such net commitment;
but if 55% of such current market value exceeds such net sum, the surplus
shall be deemed to have no value for margin purposes.
Upon a net short commitment in a "when issued" right or a "when issuzd"
security, the required margin shall be ten points, plus any unrealized loss,
and(or) minus any unrealized profit not exceeding ten points, on such
commitment.
No margin is required upon the sale of a "when issued" security or a
"when issued" right for a customer in any case in which the security upon
which the "when issued" security or "when issued" right accrues is in the
customer's account at the time of such sale.
Special Cash Accounts—No margin shall be required in a special cash
account, recorded separately, and not used for the purpose of evading
or circumventing the provisions of these rules, in which a customer (a) buys
through a member acting as a broker or from a member acting as a dealer
"when issued" securities and(or) "when issued" rights pursuant to an
agreement made in good faith that the customer will, as promptly as possible on or after the delivery date fixed by the Exchange for the settlement
of such "when issued" contracts, make full cash payment for such securities
and(or) rights; or (b) sells through a member acting as a broker or to a
member acting as a dealer "when issued" securities and(or) "when issued"
rights pursuant to an agreement made in good faith that the customer will,
as promptly as possible on or after the delivery date fixed by the Exchange
for the settlement of such "when issued" contracts, deposit such securities
or rights in such special account.
Special Arbitrage Accounts—In a special arbitrage account, recorded
separately, and not used for the purpose of evading or circumventing the
provisions of these rules, no margin shall be required with respect to "when
Issued" commitments entered into for bona fide arbitrage purposes provided
any long or short position in an issued security forming part ofsuch arbitrage
shall be margined in accordance with the requirements of Circular C-5221,
issued by the Committee on Business Conduct on Aug. 2 1933.
The amount of margin prescribed by the foregoing rules is the minimum
which must be initially required and subsequently maintained with respect
to each account affected thereby; but nothing in these rules shall be construed to prevent a member from requiring margin in an amount greater
than that specified.
Members must exercise due diligence to learn the essential facts in regard
to every special account established pursuant to these rules for cash or
arbitrage transactions in "when issued" securities or "when issued" rights.
New York Stock Exchange Says Applications for
Registration of Foreign Corporate Bonds Should
Be Made by Feb. 13—Exemption Period Extended
for Three Months
The Committee on Stock List of the New York Stock
Exchange on Nov. 12 notified issuers and agents of foreign
corporate bonds listed on the Exchange that applications
for registrations of such securities should be in the hands
of the Exchange and of the Securities and Exchange Commission not later than Feb. 13 1936, instead of Nov. 15 1935,
as originally provided. The Committee points out that
the postponement is made because the SEC extended the
date of exemption from registration for such issues to
March 31 next. This extension was noted in our issue of
Nov. 9, page 2979. The communication of the Stock
Exchange Committee on Stock List says in part:
Section 13 of the Act gives to the SEC power to require in respect of
any security registered on a National securities exchange such information
and documents as the Commission may require to keep reasonably current
the information and documents filed with the registration statement
and such annual reports and such quarterly reports as the Commission
may prescribe. In addition to this, the Commission may under this
section prescribe the form or forms in which the required information shall
be set forth, and other matters pertinent thereto.
As the Commission has not yet issued any rule under this Section 13,
it may be well to call the attention of foreign issuers to Rule JD2(c), which
provides that if within 30 days after the publication of any rule or regulation which substantially alters or adds to the obligations or detracts
from the rights of the issuer of a registered security or of its directors,
security-holders or persons soliciting or giving any proxy or consent or
Nov. 16 1935
authorization with respect to such security, the issuer may file with the
Commission a request that the registration shall expire, together with
the reasons for making such request, whereupon such registration shall
expire immediately upon receipt of such request or immediately before
such rule or regulation becomes effective, whichever date is later.
We have written direct to the foreign issuers of securities underlying
American certificates which have been issued against them, urging an
early filing of a registration statement.
Filing of Registration Statements Under Securities Act
Announcement was made by the Securities and Exchange
Commission on Nov. 12 (in Release No. 571) of'the filing
of 19 additional registration statements (Nos. 1727-1745, inclusive) under the Securities Act of 1933. The total involved, it is noted, is $202,403,465, of which $153,240,965
represents new issues. The announcement of the SEC continued:
The total Includes a $48,760,000 registration statement filed by the
North American Co. covering 1,625,000 participating shares representing
65,000 outstanding shares of $100 par value common stock of Washington
Railway & Electric Co. to be deposited under a deposit agreement. It
also includes a $48,750,000 registration statement filed by Washington
Railway & Electric Co. to register the above 65,000 outstanding shares of
its common stock. (Dockets 2-1732 and 2-1731, Forms C-2 and A-2, included in Release No. 553.)
Also included in the total is $30,000,000 of first mortgage bonds, 4%%
series, due 1965, of the Kansas Power & Light Co. (Docket 2-1733, Form
A-2, included in Release No. 554).
Also included is $11,379,000 of first mortgage bonds, of the Public
Service Co. of New Hampshire (Docket 2-1735, Form A-2, included in
Release No. 557).
Also included in the total is $12,000,000 of 10-year convertible debentures
due Nov. 1 1945 of the International Cement Corp. (Docket 2-1738, Form
A-2, included in Release No. 560).
Also included is $25,000,000 of first and consolidating mortgage bonds,
3%%, series of 1935, due Nov. 1 1965, of the New York & Queens Electric
Light & Power Co. (Docket 2-1739, Form A-2, included in Release No. 562).
Also included in the total is $6,000,000 of first mortgage bonds, series A,
and $3,000,000 the proposed aggregate offering price of 30,000 shares of
no par value preferred stock, series A, of the Laclede Power & Light Co.
(Docket 2-1745, Form A-2, included in Release No, 566).
The securities involved are grouped as follows:
Total
No.of Issues
Type
$150,960,726
15
Commercial and Industrial
2,290,240
2
Investment trusts
412,600
1
Certificates of deposit
48,750,000
1
Deposit agreement
Reference to the filing of the above registration statements
was made in these columns of Nov. 9, pages 2978-2980.
As announced by the Commission on Nov. 12, the securities
for which registration is pending follow:
Colon Oil Corp.'s Stockholders' Protective Committee (2-1727, Form D-1),
of New York City, seeking to issue certificates of deposit for 550,000 shares
of no par value capital stock of the Colon Oil Corp. outstanding in the
United States. Filed Oct. 30 1935.
Great Southern Morgan Coal & Coke Mining Corp. (24728, Form A-1),
of Richmond, Va., seeking to issue 5,000 shares of $100 par value 7%
cumulative participating preferred stock and 5,000 shares of $1 par value
common stock. The stock is to be offered in units consisting of one share
of preferred and one share of common stock at $100 a unit. H. W. Morgan,
of Washington, D. C., is President of the corporation. Filed Oct. 30 1935.
Insured Investors, Inc. (2-1729, Form C-1), of Kansas City, Mo., seeking
to issue $1,000,000 of insured investors series B certificates of the following
types: Full-paid income plan, insured plan, non-insured plan, and full-paid
accumulative plan. Filed Oct. 31 1935,
American Business Shares, Inc. (2-1730, Form A-1), of Jersey City, N. J.,
seeking to issue 1,075,200 shares of 50c. par value capital stock. The price
at which the shares are to be offered will be based on the net assets of
the corporation at the time the offering is made. As of Oct. 15 1935, the
offering price would have been $1.20 a share, or $1,290,240 for the 1,075,200
shares. Leon Abbott, of Glen Cove, N. Y., is President of the company.
Lord, Abbett & Co., Inc., of Jersey City, and A. R. Hughes & Co., of Chicago,
are the underwriters. Filed Oct. 31 1935.
The First Manhattan Co. (2-1734, Form A-1), of New York City, seeking
to issue 25,000 shares of $1 par value common stock, to be offered at $10 a
share, and 25,000 shares of $1 par value preferred stock, to be offered at
$100 a share. Clarence Y. Palitz, of New York City, is President of the
company. Filed Nov. 1 1935.
Auburn Automobile Co. (2-1736, Form A.2), of Auburn, Ind., seeking
to issue $2,809,125 of three-year 4:Y4% convertible debentures, due Jan. 1
1939, and 61,182% shares of no par value capital stock, of which 56,182%
shares are reserved for conversion. The remaining 5,000 shares are reserved
for issuance at $25 a share in accordance with an option granted the
President of the company in August 1934. The basic conversion price of
the capital stock is $50 a share. Cord Corp., of Chicago, is the principal
underwriter, and R. H. Faulkner, of Auburn, is President of the company.
Filed Nov. 2 1935.
Seaboard Finance Corp. (2-1787, Form A-1), of Washington, D. 0., seeking to register 40,000 shares of no par value preferred stock and 200,000
shares of $1 par value common stock. The 40,000 shares of preferred stock,
of which 35,000 shares are owned by the Seaboard Small Loan Co., are to
be offered at $28.50 a share. The common stock is reserved for the conversion of the preferred stock at the rate of two shares of common stock for
one share of preferred stock. Leach Brothers, Inc., of New York City,
and James M. Johnston & Co., of Washington, D. 0., are the principal
underwriters. Scott B. Appleby, of Washington, is President of the corporation. Filed Nov. 4 1936.
Chlorlyptus Chemical Co., Inc. (2-1740, Form A-1), of York, Pa., seeking
to issue 149,200 shares of $1 par value common stock, to be offered at
$1.20 a share. Burton & Co., of Baltimore, Md., is the principal underwriter, and Walter J. Kaufman, of Baltimore, is President of the company.
Filed Nov. 5 1935.
F. S.
Trus
(2-1741, Form A-1), of San Angelo, Tex., seeking
tosu $600,000
of beneficial interest, to be offered at $300
Wi8ecuP' of certificates
tee
each. Filed Nov. 4 1935.
Harris, Hall & Co. (2-1742, Form A-1), of Chicago, Ill., seeking to
issue 2,500 shares of $100 par value preferred stock, to be offered at par,
and 28,200 shares of $10 par value common stock, to be offered at $17.75
a share. Edward B. Hall, of Chicago, is President of the company. Filed
Nov. 5 1935.
Volume 141
Financial Chronicle
Keystone Steel de Wire Co. (2-1743, Form A-2), of Peoria, ni., seeking
to issue $2,000,000 of 10-year serial notes, $600,000 of which are to bear
Interest at the rate of 2%, $600,000 at the rate of 3%, and $800,000 at
the rate of 4%. The notes are to mature serially as follows: $200,000
on Nov. 1 1936, and a like amount on each Nov. 1 thereafter to and
Including Nov. 1 1945. F. S. Moseley & Co., of Chicago, and N. L. Rogers &
Co., Inc., of Peoria, are the principal underwriters. W. H. Sommer, of
Peoria, is President of the company. Filed Nov. 6 1936.
Menasco Manufacturing Co. (2-1744, Form A-1), of Los Angeles, Calif.,
seeking to register 158,200 shares of $1 par value common capital stock,
of which 97,197 shares were issued for assets of the predecessor canpany
(Menasco Manufacturing Co., Unincorporated), three shares were issued to
directors of issuer for $1 a share, and the balance of 60,000 shares was
sold in California. G. Brashears & Co., of Los Angeles, is principal underwriter, and A. S. Menasco, of Beverly Hills, Calif., is President of the
company. Filed Nov. 6 1936.
In making public the above list the SEC 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 the "Chronicle" of Nov. 9, page 2978.
Temporary Exemption from Certain Provisions of
Holding Company Act by SEC to Subsidiaries
Acting as Brokers or Dealers in Securities
The Securities and Exdhange Commission announced,
Nov. 8, that it has granted a temporary and limited exemption from certain provisions of the Holding Company Act
to holding company subsidiaries which are engaged in the
general business of a broker or dealer in securities. The
Commission's ruling exempts this type of company, under
certain conditions, from three of those provisions of the
Act which deal with transactions in securities, Sections
6(c)(2), 9(a)(1), and 17(c). The text of the Holding Company Act was given in our issue of Aug. 31, pages 1331-1344.
In its announcement of Nov. 8 the SEC said:
The purpose of the exemption is to permit this type of subsidiary company
to continue for the period of the temporary exemption and under the
specified restrictions, its regular business in securities after the registration
of the holding company under the Holding Company Act. The exemption
is granted only on condition that transactions in the securities of companies in the same holding company system do not, over a period of a
year, exceed 25% of the total business done, and that the exempted company
does not engage, without the express permission of the Commission, in any
underwriting of securities of companies in the same holding company system.
To be eligible for the exemption, a subsidiary company must have been
engaged, regularly and continuously, since Dec. 1 1934, in the general
business of a broker or dealer in securities. Among other conditions to
be met, the company must file a declaration with the Commission, and thereafter a quarterly report including a record of its security transactions
during the period.
Hearing on Bond Offerings of Haiti Postponed by
SEC Until Further Notice
The Securities and Exchange Commission announced
Nov. 12 that, on the basis of representations made by the
Department of State, the hearing in the matter of readjustment of external obligations of the Republic of Haiti is postponed until further notice. The SEC said:
The Department of State advised the Commission that it was deemed
most desirable that this hearing be postponed until further notice for the
reason that this Government's negotiations with the Government of Haiti
covering their treaty relationship, including certain financial arrangements
discussed at a conference in Washington on April 17 1934. have not been
completed.
Incident to the postponement of the hearing, Washington
advices, Nov. 12, to the New York "Herald-Tribune" of
Nov. 13 had the following to say:
3149
Commission, after holding hearings and conducting investigations," the announcement pointed out, "that by reason
of the limited volume of transaptions effected on these exchanges, it was rot practicable and not necessary or appropriate in he public interest or for the protection of investors
to require their registration as National securities exchanges."
The SEC also stated:
The exemptions are, however, subject to certain conditions which require
the exchanges to be organized, and to conduct their affairs in such a manner
as to insure fair dealing and to afford adequate protection for investors.
The principal conditions which the exchanges must meet are, briefly, as
follows:
"The data contained in the application for exemption, including information on organization, rules, membership and security lists, must be kept
up to date and available to the public.
"To prevent the excessive use of credit, the same restrictions are imposed
with regard to the extension of credit on securities listed on these exchanges
as are now applicable to registered securities.
"Members of the exempted exchanges are subject to such rules and
regulations as the Commission may from time to time prescribe with regard
to the aggregate indebtedness of members in relation to their net capital,
hypothecation and co-mingling of customers' securities, the regulation of
trading on the exchanges by specialists, odd-lot dealers and floor traders,
the giving of proxies for securities carried in the accounts of customers.
fair dealing in securities and other matters relating to the administration
of these exchanges.
"The manipulation provisions of the Securities Exchange Act apply to
the exempted exchanges and to their members, prohibiting pool operations,
wash sales, matched orders, and other activities aimed at manipulating
the prices of securities or creating a false or misleading appearance of active
trading.
"To provide for the preservation of information for examination and
inspection by the Commission, these exchanges and their members will
make and keep such memoranda, papers and other records as the Commission may from time to time require. These exchanges and their members
will also make such reports to the Commission and the Federal Reserve
Board as are considered necessary for the regulation of the exchanges.
In order that the Commission may be provided with an adequate background of statistical material, these reports may include among other things
information concerning the quotations and amount and dollar value of
transactions in securities on these exchanges.
"Corporations whose securities are now listed on the exempted exchanges
are required to file with the exchanges and with the Commission an annual
balance sheet, analysis of surplus account, and profit and loss statement.
Corporations listing securities after the granting of these exemptions will
be required to file the same registration form and give the same current
information as is required for securities registered on national securities
exchanges.
"Subsequent to the effective date of these exemptions, no securities
shall be admitted to unlisted trading privileges, but securities now admitted
to unlisted trading privileges may continue in that status until further order
of the Commission.
"The exempted exchanges are required to provide in their rules that a
wilful violation of any of the conditions of exemption by a member shall
constitute conduct or proceeding inconsistent with just and equitable
principles of trade and shall be considered ground for expulsion, suspension.
or disciplining of a member. In addition, the Commission may withdraw
to enforce
the exemption of any of these exchanges if it violates or fails
compliance with these conditions. Likewise, for a similar violation any
by the
expelled
or
suspended
exchanges
be
may
members or officer of these
Commission.
condiadditional
such
to
right
the
prescribe
reserves
Commission
"The
tions as may from time to time be considered necessary.
These exemptions will become effective on Dec. 1 1935. at which time the
temporary exemptions from registration of these three exchanges will be
terminated.
The Commission also announced that the application of
Reno Stock Exchange, Inc., for exemption from registration
as a National securities exchange has been denied due to
the fact that this exchange has suspended operations and
ceased to function as a sock exchange. In addition, the
temporary exemption of this exchange was terminated. The
Commission added:
The termination of the temporary exemption granted to Reno Stock
Exchange, Inc., together with the elimination of the Seattle Mining Exchange which was consolidated on Oct. 1 1935, with the Seattle Stock
Exchange,leaves the following five exchanges, as well as the three exchalages
granted exemptions, in the category of exchanges granted temporary
exemption from registration until Dec. 1 1935:
Colorado Springs Stock Exchange, San Francisco Mining Exchange,
Seattle Stock Exchange,
Richmond Stock Exchange,
Wheeling Stock Exchange.
James M. Landis Warns that Utility Holding Companies
Will Be Penalized if Failing to Comply with Law—
SEC Head Says Decision Holding Act Invalid Does
not Exempt Concerns from Registration Reouirements—Court's Ruling
Judge Walter C. Coleman's decision that the Federal
Utility Holding Company Act is unconstitutional does not
necessarily exempt companies failing to comply with the
law's provision from civil and criminal penalties, James M.
Landis, Chairman of the Securities and Exchange Commission, said at a press conference on Nov. 8. Mr. Landis
urged utility holding companies to reveal to the public and
their stockholders whether or not they intend to comply with
the law and register with the SEC by Dec. 1. Should most
of the companies refuse to comply, he said that the result
might be a disruption of "orderly business" and an approach
to a condition of chaos.
Mr. Landis's remarks were concerned with the decision
of Judge Coleman which was noted in the "Chronicle" of
Nov.9, page 2985. Mr. Landis said that the issue forced by
the ruling was one for the utility business to decide, and not
for the SEC, which would continue its "normal course of
operations." The issue, he continued, was whether the
holding. companies would follow the "path of safety" by
Three
Exchanges—Honolulu, Milwaukee complying
SEC exempts
with the law, or the uncharted road of nonMarkets
Need
Paul
Not Regis- comphance, where "serious valid doubt" may be raised on
and Minneapolis-St.
of
Volume
Transactions— most of the important business transactions of non-registrant
ter Because of Small
Must Comply with Certain Requirements
concerns.
The Honolulu Stock Exchange, the Milwaukee Grain and
A Washington dispatch of Nov.8 to the New York "Herald
Stock Exchange and the Minneapolis, St. Paul Stock Ex- Tribune" quoted Mr. Landis in part as follows:
change have been granted exemption from registration as
"If you were a stockholder," he asked reporters, "would you not like to
National securities exchanges, under Section 5 of the Securi- know it if your holding company was planning to register by Dec. 1? Would
and
Securities
the
1934,
Exchange
of
Act
Exchange
not like to know whether your company would be able to carry on
you
ties
Commission announced Nov. 13. "It was the opinion of the refunding, buy properties and enter into service and sales contracts?"
The hearings were to be held by the Protective Committee Study of the
SEC, headed by William 0. Douglas, professor of law at Yale University.
The Study has been scrutinizing reorganization procedure for the last year,
with a view to recommendations to Congress in January for change in
existing protective committee law.
The relation of the SEC hearing to the "treaty relationship" was not
clarified, except it was pointed out that in its hearings on situations concerning American investor holdings in foreign bonds, the SEC has charted
a wide scope, particularly through its scrutiny of the foreign bondholders'
protective council which works in co-operation with the Department of
State.
Study of the Haitian bond situation was scheduled for Thursday (Nov.
14), when tho SEC will resume its public hearings on obligations of certain
Latin American countries, held in this country. At the SEC it was said
that the hearings on the other nations would be held as scheduled.
The SEC has already held hearings on the readjustment of obligations
of Brazil and Peru. and will also take up the question of issues of Chile.
The hearings, to be held on Thursday, it was said, will be directed particularly at the Chilean situation. with further testimony on Peruvian bonds.
The study of foreign obligations, sold to and owned by Americans, is one
of the last Phases of Prof. Douglas's study, Hearings have been held on
Industrial and business reorganizations and on municipal bond defaults.
In all cases the SEC has been particularly interested in the operation of
protective committees, on which restrictive legislation is expected to be
recommended to Congress.
3150
Financial Chronicle
Nov. 16 1935
Picking up a copy of the registration form, which the holding companies
States Attorney for Maryland, and Ralph P. Buell, who represented
are to fill out by the deadline three weeks away, Mr. Landis continued:
Burco, Inc.
"All these transactions can be done by holding companies with safety by
signing that small slip. Without it, there is a serious valid doubt."
From the Baltimore "Sun" of Nov.8 we take the following:
Mr. Landis, with Frank R. McMinch, Chairman of the Federal Power
Commission, co-administrator of the law, made clear that the Baltimore
Collusion Charged
decision would have no effect on its administration.
In the Government's statement and during the hearing held on Sept. 27
Explaining that the decision could not bind the SEC, not a party to the
and 28,it was charged that the intervention of Dr. Lautenbach, who owned
case, Mr. Landis said that "our side is easy." "We can go along normally,
$2,500 principal amount of the debtor's bonds, was brought about to bring
churning along in our work," he added.
Mr. Davis into the case, the Government specifically associating him with
"Judge Coleman's summary of his opinion in the Baltimore case," Mr.
the Edison Electric Institute, trade association for the electric power
McNinch said, "as reported in the press, may lead to widespread misunderindustry.
standing as to the scope and effect of his decision. A reading of the opinion
The Government also charged that all parties co-operated "in placing
discloses that the Court specifically says that title II of the Public Utility
before the Court a case where none of them has a substantial and vital
Act of 1935 is not involved in the case. Yet, in his summary and in the
interest in supporting the validity of the Act."
concluding part of his opinion, he declares the 'Public Utility Act' to be
Rebukes U. S. Counsel
void 'in its entirety.' Manifestly, after having specifically exempted
Of these charges Judge Coleman said in his opinion:
Title II from the opinion, the general statement that the entire Public
Utility Act is unconstitutional can only have reference to Title I of the
"It is not forbidden 'collusion' for the
to a case, by agreement,
to put it in such shape that the rights andparties
Public Utility Act of 1935, which alone was at issue in the case."
obligations of the parties can be
the more readily determined by the court,
especially
Mr. McNinch pointed out that title I dealt with holding company
when matters of
public moment are involved, requiring speedy settlement,
regardless of
systems, and the Act itself designated Title I as the Public Utility Holding
an adverse effect upon the Government's interests.
.
.
.
been said applies equally to the status of the other intervening What has just
Company Act of 1935. while Title II dealt with inter-State operating
creditor, Ford
Lautenbach
and
his
counsel.
companies and licensee companies both within and without holding comThe attempt on the part of counsel for the
Government and for the SEC to disparage the motives
of both interveners
pany systems, and the Act designated Title II as the "Federal Power Act."
and their counsel is not only baseless, but unworthy
of any representative
The t.vo titles together constitute what the statute names "the Public
of any branch of our Government and an unwarranted
reflection
upon the
trustees—officers of this court, appointed in this proceeding."
Utility Act of 1935." The Baltimore opinion, by its express terms, leaves
untouched Title II, which is administered by the FPC.
Studies "Public Interest"
Mr. Landis's remarks indicated that the SEC had given credence to
In taking up the matter of"national public interest," the opinion
recent reports that the larger utility holding companies, banded together
stated:
"Indeed, this argument of 'National public interest' permitted to
In the Edison Electric Institute, had tentatively decided not to register, in
preveil in the present case, might be advanced with farifgreater
the belief that the law would be declared unconstitutional by the Supreme
force with
respect to most other business activities, with the
result
that
nothing
Court.
would be left to State or local autonomy under the Constitution.
The
Tenth Amendment would become a myth.
Mr. Landis recalled that the question of registration had been raised a
"Consider the automobile, radio and moving-picture industries.
year ago under the Security Exchange Act, when compliance by the stock
The
almost universal use of the automobile by every class
of society for every
exchanges was in doubt. "I think that the exchange Act offered the extype of human activity, bad as well as good; the constant,
grave danger to
changes an opportunity to rehabilitate themselves in public confidence,"
life and limb inherent in each use; the fact that It has become
the most
sinister and elusive handmaid of crime, are all indisputable
Mr. Landis said. "Did they toss it away? Not by a long sight. Maybe
facts, calling.
we
will assume, for increased regulation in the 'National public
the same condition is true in the case of the utility law. However, it is
interest.'
But what agency may constitutionally do this regulating? Perhaps,
benot our problem. It is one for the utilities themselves."
cause of the vast inter-State character of the automobile's
use,
it
may not
Reporters asked if the Chairman were "appealing" to stockholders and
be too far a cry from Federal regulation of Intra-State
rates where
they directly impinge upon or burden Inter-State rates railroad
"warning" the companies. "I am making no appeal and giving no warn. . . to Federal
limitation of the potential speed of all automobiles manufactured
ing," Mr. Landis said.
or sold,
because being capable of being used in inter-State traffic, and such use
hav"It is important that the public should know the problem," he coning become virtually as inseparable, practically speaking,
from
their
in intra-State traffic, as the inter-State railroad rate was found to be use
tinued. "It is the public's problem. Registration will cover only 20
inseparable
from
the
intra-State
rate.
minutes' work. We deliberately made the process easy. We have offered
"But what would be the legitimate basis, if any, for such Federal regulathe companies every guaranty of their constitutional right."
tion? Clearly it must rest upon the basic fact that the thing regulated is
Asked whether the issue before the utilities was one for "mass action,"
actually engaged in inter-State commerce and not, as here,
upon the purely
incidental fact that the producer or seller incidentally uses instrumentalities
such as had been reported, Mr.Landis said that "the question was primarily
of inter-State commerce in the prosecution of a business which in every
an individual problem. The allegiance of the management is to the stockother respect is distinctly Intra-State in character."
holders rather than to the industry." He denied that he was advocating
that compliance with the law be put directly befora stockholders. "The
Legal Question Only
issue of registration," he said, "is primarily an issue of the management,
The opinion concludes the discussion of"national public interest," saying:
but that issue, in that it affects the stockholders, should be made known
"Finally, it is believed that enough has been said to make it clear
that
to them."
this court is not to be controlled by other than strictly legal
and constitutional questions. It is stated that this legislation, is not an
exercise of politiA summary of Judge Coleman's conclusions in finding the cal power for the purpose of augmenting the economic power
of organized
ndustry. On the contrary,its purpose is to limit the concentration
holding company law invalid was given on page 2985 of our of
of power
economic enterprise in the public interest so that it will not menace
the
issue of Nov. 9. Judge Coleman said that the Act is un- safety
of the Nation.
constitutional "in its entirety." He instructed the trustees
"'If government has not the power to curb the economic fascism
and the
for the American States Public Service Co., plaintiffs in the private socialism of holding company domination, the Federal Government
would be without power to prevent the very dangers to democracy
litigation, to treat the law as "invalid and of no effect." the
Supreme Court feared lurked in the National Recovery Act. which
The
In addition to what we gave in our issue of a week ago on clearly expressed ultimate end of this legislation is to decentralize into
regional organizations the few vast overconcentrated national
the Court's ruling, we also quote the following which was separate
organizations which control our local power plants all over the country.
It
contained in a Baltimore dispatch of Nov. 7 to the New Is a necessary exercise of political power on a national scale to meet the
strength and challenge of the organization of economic power on a national
York "Times":
scale' ("Congressional Record." Seventy-fourth Congress, First
Session).
Hearings in September were marked by bitter relations between Govern"But, as has been explained at great length, every exercise of
Congressional power must find its justification in some authority delegated
ment and opposing counsel, the latter including John W. Davis, 1924 Demoby the
Constitution. If such authority is lacking, then it matters not how
cratic Presidential nominee. Attorneys for the Government charged that
potent or unwilling the States may be or may appear to be, with respectimto
there has been collusion between the lawyers for parties who attacked the
the desired ends. Congress may not interfere.
Act and those who defended it in Court.
Admits
Serious
Abuses
Judge Coleman held that there had been no such collusion, and declared
"It is not to be assumed that the States are, in fact,
that the charge was "not only baseless but unworthy of any representative
adequate
power to remedy the evils that exist, any more than it is towithout
be assumed that
of any branch of our Government."
the entire public utility industry is guilty of mismanagement
predatory
or
practices; or that punishment for the sins of some should be visited upon all.
But it may be conceded, as the framers and proponents
Need of Prompt Ruling Stressed
of the Act assert,
that there have been serious abuses by public utility holding
Mr. Davis had appeared as attorney for Dr. Ferd Lautenbach. a Balticompanies and,
furthermore, that the debtor corporation in the present proceedings
is no
more dentist, whose holdings in the utility company were said to have a
exception.
"It may be conceded that the securities of such holding companies have
market value of 3100, and who had denied the constitutionality of the
often
been
issued
and
without
sold
the consent or approval of the States
Public Utility Act.
having jurisdiction over their subsidiaries; that such
securities have often
Judge Coleman's decision, the first made in a Federal court on the law,
been issued on the basis of fictitious asset values and
in anticipation of
covered 96 typewritten pages and ran to a length of nearly 20,000 words;
excessive revenue and paper profits at the expense of the underlying
operating companies; that absence of adequate financial statements and accountIt was said to be one of the longest in the history of the Maryland Federal
ing
has
often
concealed
the
insufficient equity in such securities and has
Court.
made it impossible for investors to obtain the information necessary for
He said that there was an "actual pressing need for a prompt ruling
an adequate appraisal of the financial position of
the companies involved.
so that often such unsound capitalization of holding
because of the fast-approaching date when the Act, with its multifarious,
companies has operated to the detriment not only of widely scattered investors
drastic requirements, becomes effective."
but also of
Consumers
of
the
utility
products
of the underlying operating companies.
Three main reasons were given by the Court for finding the Act unconstitutional. Judge Coleman declared that Congress had exceeded its
Refused Rate Cuts
power under the commerce clause of the Constitution in that "the provisions
"Furthermore, it may be assumed that for the purpose of supporting such
overcapitalized security structures, those holding companies have often
of the Act are neither by their express language nor by any reasonable
been under pressure to obtain the maximum
implication capable of being restricted to the regulation of public utility
revenue out of their
subsidiary operating companies; that they havepossible
often resisted voluntary rate
holding companies and their subsidiaries or affiliates, when engaged in
reductions which might strengthen their subsidiaries
by increasing the
commerce
or in transactions that directly affect or burden
Inter-State
consumption of gas and electricity; that they have often sought unfair
and undisclosed profits through a great variety of inter-company transInter-State commerce."
actions
and
have obstructed State regulation through their control of the
He pointed out that all of the companies in the case were embraced in
accounting practices and financial policies of their subsidiary operating
the Act's provision "although none of them does any inter-State business
companies: that there has often been brought under common control,
widely distant and unrelated utility facilities in flagrant disregard of ecoor is so engaged in any intra-State business that directly affects or burdens
nomic management and,the integration and co-ordination of properties; that
inter-State business. . . .
such has tended to concentrate control of the electric and
gas operating
More than a year ago the public service company filed in receivership
industry in the hands Of a few powerful groups having a relatively insignifiunder the Federal Bankruptcy Act. J. B. Whitworth and F. Donald
cant stake in their ownership; that such concentration of control has tended
substantially to restrict competition in supplying the construction and other
Penhagen were named trustees to reorganize the company.
needs of the industry.
When the trustees submitted their petition to the Court, Burco,
•
appeared as a defendant, upholding the constitutionality of the Holding
Repeats Kernel of Ruling
"Nevertheless,repeating and summarizing what we have said,'a National
Company Act.
public
interest'
only
exists under the Constitution so as to permit of Federal
The hearings attracted leading lawyers from all parts of the country.
regulation when the person, company or thing affected with a 'public inBesides Mr. Davis, the lawyers for parties opposing the Act included
terest' is, in fact, involved directly, not indirectly. in activities over which
the Federal Government, through one or more of the powers delegated to
James Piper, Francis J. Carey, Huntington Cairns and William L. Rawls,
it by the Constitution. has Jurisdiction.'
all of Baltimore, counsel for the trustees of the American States Public
Service Co.
The opinion ended with the statement that the trustees of the American
Upholding the legality of the Act were: Former Judge John J. Burns,
States Public Service Co."must treat the Public Utility Act as void and of
General Counsel for the SEC;Benjamin V. Cohen and Thomas G. Corcoran,
no effect" in carrying out the affairs of the company or orders issued by
special assistants to the Attorney-General; Bernard J. Flynn, United
the Court.
Financial Chronicle
Volume 141
Outstanding Brokers' Loans on New York Stock Exchange Increased for Third Consecutive Month
During October-Total Oct. 31 Reported at $792,421,569-$11,199,700 Above Sept. 30
For the third consecutive month outstanding brokers'
loans on the New York Stock Exchange rose during October
from $781,221,869 Sept. 30 to $792,421,569 Oct. 31, an
increase of $11,199,700. Compared with Oct. 31 1934,
however, the figure at the end of October this year shows a
drop of $34,611,847.
Demand loans on Oct. 31 1935 were reported at $335,809,469, which compared with $362,955,569 Sept. 30 and
$546,491,416 Oct. 31 1934, while time loans were shown to
be $456,612,100 against $418,266,300 at the end of September
and $280,542,000 a year ago. In the statement for Oct. 31
it was shown that $34,359,130 of Government securities were
pledged during the month as collateral for the borrowings.
This compares with $42,878,000 pledged in September.
The report for Oct. 31, as made available by the Stock
Exchange on Nov. 4, follows:
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York, as of the close of business, Oct. 31
1935, aggregated $792,421,569.
The detailed tabulation follows:
Demand
Time
(1) Net borrowings on collateral from New York banks
or trust companies
$316,522,821 $455,874,000
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City
of New York
738,100
19,286,648
$335,809,469 $456,612,100
Combined total of time and demand borrowings
792.421.569
Total face amount of "Government securities" pledged
as collateral for the borrowings included in items(1)
and (2) above
34,359,130
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures:
1933Oct. 31
Nov. 30
Dec. 30
1934Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 31
1935Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct, 31
Demand Loans
$514,827,033
544,317,539
597.953.524
Time Loam
$261,355,000
244,912,000
247,179,000
Total Loan
$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
471,670,031
474,390,298
419,599.448
399,477,668
362,955,569
335.809,469
249,062.000
242,544,500
220.124.500
294.644.900
320.871.000
334,199.000
349.335,300
372,553.800
418.266.300
456,612,100
824,958.161
815,858,439
773.123.266
804.565,448
792,541,031
808,589,298
768,934,748
772.031,468
781,221.869
792.421,569
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Nov. 1 1935
The following announcement, showing the total market
value of listed bonds on the New York Stock Exchange as
of Nov. 1 was issued by the Exchange on Nov. 7:
As of Nov. 1 1935 there were 1,483 bond issues, aggregating $42,298,955,051 par value, listed on the New York Stock Exchange, with a total market
value of $38,170,537.291.
This compares with 1,485 bond issues aggregating
$42,671,487,291 par value listed on the Exchange Oct. 1
1935 with a total market value of $38,374,693,665.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Nov.1 1935
Market
Value
Aver.
Price
United States Government
18,916,086,415 104.28
Foreign Government
4,349,812,546 81.47
Autos and accessories
6,955,063 85.04
Financial
82,034,540 106.41
Chemical
91,768,882 100.57
Building
49,928,796 90.91
Electrical equipment manufacturing
27,053,213 99.71
Food
270,070,515 101.86
Rubber and tires
148,025,448 102.54
Amusement
61,688.944 89.10
Land and realty
15,428,197 39.94
Machinery and metals
33,077,947 52.78
106,866,127 58.93
Mining (excluding iron)
366,408,255 95.19
Petroleum
66,701,045 82.34
Paper and publishing
17,622,326 84.08
Retail merchandising
7,886,209,740 72.89
Railway and equipment
809.134,698 96.71
Steel. iron and coke
8,832,413 60.03
Textile
1.810,787,848 103.56
Gas and electric (operating)
198,296,855 89.37
Gas and electric (holding)
Communications (cable, tel. & radio). 1,111,660,615 107.90
431,239,305 76.68
Miscellaneous utilities
21,089,120 104.00
Business and office equipment
18,717.498 55.55
Shipping services
13,756,030 58.57
Shipbuilding and operating
927,894 103.38
Leather and boots
46,507.695 125.73
Tobacco
226,560,364 62.33
U. S. companies operating abroad__ _
Foreign companies(incl. Can.& Cuba) 1,277,288,957 66.86
All listed companies
Oct. 1 1935
Market
Value
Aver.
Price
19,111,688,989 103.46
4,298,231,335 80.34
6,609,777 78.11
75,964,901 104.90
90.988.968 99.71
49.825,000 90.72
26.931,898 99.26
267,277,622 101.88
146,819,024 101.70
61.726.867 89.87
15.319,470 39.97
31,516,451 50.19
144.465,970 66.15
306.598,567 93.64
66,352,598 81.81
21,505.551 84.91
7,920,325.599 73.53
502,197.469 95.28
8,814,920 59.91
1,871,181.361 103.06
193.200,744 87.07
1,105,631,709 107.30
441,553,995 76,86
21,089,120 104.00
19,398,569 57.58
12,467,060 53.09
930.138 103.63
46,342,749 125.29
222,220,457 61.14
1,287,516,787 66.71
38.170,537,291 90.24 38.374,693,665 89.93
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
3151
Market
Value
Average
Price
1933Nov. 1
Dee. 1
$
33,651,082,433
34,179,882,418
$
82.33
81.36
1934Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
34,861.038,409
36,263,747,352
36,843,301,965
37,198.258,126
37,780,651,738
38,239,206,987
39,547,117,863
39.473,326,184
39,453,963.492
38,751,279,426
83.34
86.84
88.27
89.15
90.46
90.17
90.80
89.79
88.99
88.27
1934Nov. 1
Dec. 1
1935Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov.1
Market
Value
Average
Price
$
39,405,708,220
39,665,455,602
$
89.39
89.85
40.659,643,442
41.064.263,510
41.111.937,232
40,360,681,526
40.147,199,897
39,617,835.876
39.864,332,759
39,457,462,834
39,061,593,570
38,374,693,665
38,170.537,291
90.73
91.30
91.29
89.49
90.69
90.62
91.62
91.71
90.54
89.93
90.24
Short Interest on New York Stock Exchange Oct. 31
Above Sept. 30
The total short interest existing as of the opening of
business on Oct. 31, as compiled from information secured
by the New York Stock Exchange from its members, was
930,219 shares, the Exchange announced Nov. 12. This
compares with 913,620 shares as of Sept. 30. The following
tabulation shows the short interest existing at the close of
each month since the beginning of the year:
Jan. 31
Feb. 28
Mar. 29
Apr. 30
764,854
741,513
760,678
772,230
May 31
June 28
July 31
768,199
840,537
870,813
Aug. 30
Sept. 30
Oct. 31
998,872
913,620
930,219
Members of New York Stock Exchange Permitted to
Pay Commission to Security Salesmen on Sales of
Own Listed Guaranteed Stocks
The New York Stock Exchange has accorded permission
to its members to pay a commission to security salesmen on
sales of listed guaranteed stocks owned by the members.
This privilege was granted by an amendment to the rules
adopted by the Governing Committee on Nov. 13. An
announcement issued by the Exchange on Nov. 14 incident
to the adopting of the amendment said:
The Governing Committee of the New York Stock Exchange, at its
meeting yesterday, adopted an amendment to "the Rules Adopted by the
Governing Committee Pursuant to the Constitution," the effect of which
will be to allow members to pay a commission to security salesmen on sales
of listed guaranteed stocks owned by the members. The previous rule
permitted the payment of commissions only on sales of unlisted securities
and on sales of listed bonds. The guaranteed stocks on which commissions
may similarly be allowed will be designated from time to time by the Committee on Quotations and Commissions.
The amended rule (Section 7 of Chapter XVI) reads as follows:
"Sec. 7. Members may allow to security salesmen a commission on
sales of unlisted securities, and on sales of listed bonds, owned by said
members,and also on sales ofsuch listed guaranteed stocks, similarly owned,
as may be from time to time designated by the Committee on Quotations
and Commissions.
"Members may allow to security salesmen a commission on the sale of
other listed securities which are owned by said members when such securities
have been purchased directly from the issuing company by said members
or their firms either alone or acting jointly with other members or nonmembers
"Members, whether acting alone or jointly with other members or nonmembers, may allow to security salesmen a commission on the sale of other
listed securities acquired by said members or their firms in any manner
other than by purchase directly from the issuing company and on the
sale of listed bonds not owned but upon which said members or their firms
hold an option, provided the members paying such commission shall have
fully disclosed all the circumstances in connection with such transaction to
the Special Committee on Secondary Distribution and such Committee
shall have determined that it is not against the interest of the Exchange
to offer such securities off the floor of the Exchange publicly by advertisement or otherwise and shall not have changed such determination.
"In all cases where commissions are allowed to security salesmen, members
may allow similar commissions to such other employees in their offices as
may be approved by the Committee on Quotations and Commissions."
Committee of Investment Bankers Seeks Data on
Segregation of Brokers and Dealers-To Send
Questionnaire to Brokers Throughout Country
It was announced in New York on Nov. 14 by the Investment Bankers' Committee, of which Trowbridge Callaway, of Callaway, Fish & Co., New York, is Chairman,
that it will send a questionnaire to various brokerage firms
throughout the country on the segregation of the functions
of brokers and dealers. The questionnaire, it is stated, is
similar to one forwarded to over-the-counter dealers by the
Securities and Exchange Commission in August. It will be
sent to groups in other cities which will distribute them to
local houses. The group headed by Mr. Callaway was
formed early in 1934 and is composed of investment firms
which act as brokers and dealers in securities.
Under terms of the Securities Exchange Act of 1934 the
SEC is required to report by Jan. 3 to Congress on the
feasibility and advisability of complete segregation of the
functions of brokers and dealers. A recent meeting in
Chicago attended by officials of stock exchanges throughout
the United States, at which the problems of segregation were
discussed, was referred to in our issue of Nov. 2, page 2816.
In its announcement of Nov. 14, Mr. Callaway's committee
said:
fhe proposed questionnaire directs itself to the problem of segregation
as it relates to brokers and dealers. The answers will reveal the approximate number of customers of the various firms for whom these firms
transact business as a broker and with whom these firms transact business
as a dealer. The number of employes and partners of the individual firms
engaged exclusively in the brokerage or dealer end of the business is requested.
The questionnaire attempts to find out the effect on the public of segregation-namely, whether greater brokerage commissions or dealer spreads
would have to be charged and whether a security firm will be in a position
to give the same type of statistical and other information to customers
that it can to-day.
Financial Chronicle
3152
Compilation of World's 50 Largest Banks-18 in New
York City-List Compiled at Instance of Lewis
Gawtry, President of Bank for Savings, New York
A compilation has recently been made at the instance of
Lewis Gawtry,President of the Bank for Savings, New York,
as to the status of tne 50 largest banks in the world, it
was announced on Nov. 7 by the Savings Banks Association
of the State of New York. In the list appear seven mutual
savings banks in the United States and six of them are in
New York City, the Association pointed out, adding:
It was impossible to obtain all the figures for these banks throughout
the world as of the same date, but they are within a close enough range
to be comparable. Sixteen of the 50 banks are in foreign countries, nine
in the British Isles, three in Canada, two in Australia, one in India, one
in China and the rest in the United States. The showing of the mutual
savings banks is the more amazing in that at least 25 of these 50 banks
have a substantial number of branches, many of them covering entire
countries, while no savings bank on the list has more than two branches
and always within the limits of the city.
The total deposits in these 50 banks is approximately $32,000,000,000.
while the seven savings banks on the list have $2,000,000,000, or 6)(4%
of the total. The list follows:
DEPOSITS OF THE 50 LARGEST BANKS IN THE WORLD
Previous
Deposits
Date
Bank
Pavilion
1
(Sept.'35 avge.) 52,129.000,000
1 Midland Bank. Ltd., London
(Sept.'35 avge.) 1.910,000.000
2 Barclays Bank, Ltd., London
2
(Sept.'35 avge.) 1,890,000,000
3 Lloyds Bank. Ltd., London
3
Sept. 30 1935 1,854,000,000
4 Cnase National Bank, New York
4
1,599,000,000
Sept. 30 1935
5 National City Bank, New York
7
6 Westminster Bank, Ltd., London.... (Sept.'35 avge.) 1,569,000,000
5
1,462,000,000
Sept. 30 1935
7 Guaranty Trust Co., New York
8
8 National Prov. Bank. Ltd., London... (Sept.'35 avge.) 1,439.000,000
6
9 Bank of America N.T. & S.A., San
9
993,000,000
June 30 1935
Francisco
957,000.000
12 10 Continental Bank & Trust Co., Chicago June 30 1935
884,000.000
Sept.30 1935
11 11 Bankers Trust Co., New York
811,000,000
10 *12 Bank of England. London
800,000,000
. _ June 30 1935
13 13 First National Bank, Chicago
744,000,000
_ •Sept.28 1935
.
N.
...
14 14 Central Hanover Bk.& Tr. Co.,
834.000.000
15 *15 Bank of Montreal, Montreal
830,000,000
_ May 31 1935
16 18 Royal Bank of Canada, Montreal_
600.000,000
June 30 1935
17 17 First National Bank, Boston
528,000,000
Sept.30 1935
22 18 Manufacturers Trust Co.. New York
509,000,000
Sept.28 1935
21 19 Irving Trust Co.. New York
507,000,000
1935
30
June
Angeles_
Los
20
Bank.
Security-First Nat.
20
503,000,000
18 a21 Bowery Savings Bank, New York.... July 1 1935
486.000,000
19 *22 Canadian Bank of Commerce. Toronto
475,000,000
1935
28 23 Chemical Bank.4 Trust Co., New York June 30
454,000,000
June 30 1935
24 24 First National Bank, New York
445,000.000
23 25 Bank of Manhattan Co., New York- Sept. 30 1935
415,000,000
25 226 Emigrant Industrial Savings Bk, N. Y_ Oct. 1 1935
385,000,000
Sept. 30 1935
36 27 J. P. Morgan dc Co., New York
382,000,000
1935
30
Sept.
37 28 New York Trust Co., New York
27 *29 Co-operative Wholesale Society, Ltd ,
382,000,000
Manchester, England
29 *30 Hongkong & Shanghai Banking Corp..
375,000,000
Hongkong
364,000,000
30 31 Philadelphia Nat. Bank, Philadelphia_ June 30 1935
363.000.000
28 *32 Bank of New South Wales, Sydney33 *33 Commonwealth Bank of Australia,
330,000,000
Sydney
319,000,000
31 a34 Philadelphia Savings Fund Soc., Phila. June 30 1935
308,000,000
32 *35 Imperial Bank of India. Calcutta
297,000,000
41 36 National Bank of Detroit, Detroit.... June 30 1935
291,000,000
34 *37 Royal Bank of Scotland, Edinburgh290,000.000
June 30 1935
38 38 Cleveland Trust Co.. Cleveland
273,000,000
39 39 Mellon National Bank, Pittsburgh
June 30 1935
35 40 Standard Bank of South Africa, Ltd.,
266,000,000
Mar.31 1935
England
264,000.000
June 30 1935
42 41 Northern Trust Co., Chicago
239,000,000
43 42 Corn Exchange Bk. Tr. Co., New York June 30 1935
227,000,000
40 a43 Willlamsburgh Savings Bk, Brooklyn_ Oct. 1 1935
226.000,000
44 44 American Trust Co. San Francisco... June,30 1935
210,000,000
June 30 1935
48 45 Union Trust Co., Pittsburgh, Pa
203,000.000
Oct. 1 1935
47 a46 Bank for Savings, New York City
201,000,000
1935
30
June
Phila._
&c.,
Co.
Penn.
45 47
for Insurances.
50 48 Wells Fargo Bank dr Union Trust Co.,
200,000,000
June 30 1935
San Francisco
189,000,000
June 30 1935
48 a49 Central Savings Bank. N. Y. City
186,000,000
June 30 1935
49 a50 Dry Dock Savings Bank, N. Y. City
•Figures obtained from booklet "The Deposit Liabilities of One Hundred and
Fifty of the Largest American, British. Colonial and Dominion Banks," compiled
by California Bank, Los Angeles. Calif., January 1935 issue.
Mutual savings banks.
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The monthly list of companies on the New York Stock
Exchange reporting changes in the reacquired holdings of
their own stock was issued by the Exchange on Nov. 14.
A previous list appeared in our issue of Oct. 19, page 2513.
The following is the list issued Nov. 14:
The following companies have reported changes in the amount of reacquired stock held as heretofore reported by the Committee on Stock List:
Name
Shares
Previously
Reported
Shares
Per Latest
Report
None
1.489a
Allegheny Steel Co.(common)
54,982
55,162
Allis Chalmers Manufacturing Co.(common)
None
66,400
Alpha Portland Cement Co.(common)
413a
None
American Coal Co. of Allegheny County (common)
308b
None
American Hide & Leather Co.(common,$1 par)
None
77b
American Hide & Leather Co.(6% preferred)
4,444
4,039
Armour Co. (Illinois)(7% preferred)
15,222
15,167
Bristol-Myers Co.(common)
8,492
6,505
Bucyrus Erie Co. (preferred)
27,330
36,440
Budd Manufacturing Co.(Edw. G.)(common)
35.162
35,155
Curtis Publishing Co.(preferred)
2.423
2,741
Detroit Edison Co.(common)
54.599
54,399
General Refractories Co.(capital)
4,023
3,813
Hat Corporation of America (preferred)
163,408
183,404
International Harvester Co.(common)
4,352
3,777
International Printing Ink Corp.(common)
20,840
26,840
Interstate Dept. Stores, Inc.(common)
48,443
58,432
Kelvinator Corp.(common)
25,153
25,288
Lehigh Portland Cement Co. (preferred)
None
20,000
Miami Copper Co.(common)
21,058
21,056
Safeway Stores, Inc.(common)
150
None
Safeway Stores, Inc.(6% preferred)
198,047
202,075
Sears Roebuck de Co.(common)
1,294
1,774
Sheaffer Pen Co.(common)
17,366
16,666
Shell Union 011 Corp. (preferred)
116,794
103,421
Standard 011 Co.(Indiana)(capital)
38,474
48,774
Standard 011 Co.(New Jersey) (capital)
500,313
500,443
The Texas Corp.(capital)
365,550
365,885
Tidewater Associated Oil Co.(common)
14,676
14,578
Wheeling Steel Corp.(common)
1,620
1,520
Wheeling Steel Corp. (preferred)
7%
also
of
shares
Company
stock
b
5,214
preferred
reports.
holds
Initial
a
(old) and 2,259 shares of common stock, no par value (old , which are exchangeable
Nov. 16 1935
for a total of 5,214 shares of new 6% preferred stock and 23,115 shares of common
stock, $1 par value. These latter amounts are in addition to those shown above.
Notice has been received from The Texas Corp. that of a total of 1,270,207 shares
of common stock of Indian Refining Co. outstanding, The Texas Corp. has acquired
and holds at the present time 1,153,897 shares.
Number of Federal Credit Union Chartered
During October
The 97 Federal credit unions chartered in October were
the largest number in any month since the Federal Credit
Union Act was passed, according to a statement, Nov. 11, by
Director C. B. Orchard of the Credit Union Section of the
Farm Credit Administration. A total of 714 of these cooperative thrift and loan associations are now in operation,
including organizations in 42 States and the District of
Columbia. In his announcement Mr. Orchard stated:
Record
Since the Federal Act was passed last year the credit union movement has
gained momentum steadily. Groups of 50 or more employees engaged in
the same occupation, or neighbors in the same community, are organizing
credit unions to save money in small monthly instalments of as little as 254.
each. Loans are made at the rate of 1% a month or less, making it possible
to obtain a loan of $100 at a cost of only $6.50 amortized through the year.
Interest Collections by Federal Land Banks at Increased Rate, According to Governor Myers of FCA
Collections of interest by the Federal Land banks for the
12 months ended Sept. 30 1935 amounted to nearly $69,400,000, whidh was 89.5% of the $77,500,000 of interest maturing during the period, W. I. Myers, Governor of the Farm
Credit Administration, announced Nov. 10. For the calendar
year 1934 maturities amounted to $04,900,000, while collections during the period totaled approximately $57,000,000,
or 87.8% of maturities, Governor Myers said, continuing:
While, for the country as a whole, collections have increased relative to
maturities during the year ending Sept. 30 1935, the situation varied widely
among districts. The greatest increase in collections has been in the
St. Paul and Columbia districts. In the St. Paul district collections rose
from 55.8% of maturities for the year 1934 to 69.2% for the 12 months
ended Sept. 30 1935, an increase of 24%. In the Columbia district the
increase was from 76.8% to 94.6%, which is an improvement of 23.2%.
In addition, the Baltimore, Louisville, St. Louis and Berkeley districts
showed significant increases for the year ended Sept. 30 1935 as compared
to the calendar year 1934.
The Omaha, Wichita and Springfield districts show a decline in collections
from a better than average record for 1934. In the Omaha district, collections as a per cent, of maturities during the period declined from 95% for
the year 1934 to 83.3% for the 12 months ended Sept. 80 1935. The
decline in the Wichita district was from 97.9% to 88.3%, and in the
Springfield district from 105.9% to 97.4%. Little change in the collection
record as between the periods was experienced in the New Orleans, Houston
and Spokane districts.
Collections of interest during the year ended Sept. 30 1935 ranged from
69.2% of maturities during the period in the St. Paul district to 104.4% in
the Louisville district, where farmers have been rapidly paying up delinquent
accounts. Collections amounted to less than 90% of current maturities in
only four of the 12 districts, and these districts are the ones which include
most of the area severely stricken by drought in 1934.
It is encouraging to see that all districts in which collections amounted
to less than 95% of maturities for the year 1934 ElhOW some increase in
collections for the 12 months ended Sept. 30 1935. In fact, five of the Biz
districts in this class have increases of more than 10%.
These collection records indicate that farmers are continuing to assume
their responsibilities as members and stockholders of permanent co-operative
credit organizations, and are proving their ability to operate co-operative
credit institutions as well as other co-operative businesses. By so doing, they
are assuring the permanency of the Federal Land Bank System which was
established in 1917 to provide farmers with farm mortgage loans having
terms suited to the needs of farming.
Governor Myers stated that collections of interest only are
shown because borrowers have been permitted to defer the
principal portion of their loan instalments during the period
since May 13 1933 it their loans were otherwise in good
standing. He also pointed out that a comparison of the
year ending Sept. 30 1935 with the year ending Sept. 30 1934
was not possible because comparable data are not available
prior to 1934. Periods of at least a year are necessary for
comparison because many of the loans in certain districts
have annual maturities.
The following table, showing the amount of maturities
and collections, was issued by Mr. Myers:
INTEREST MATURITIES AND COLLECTIONS; 12 MONT/IS ENDED
DEC. 31 1934 AND SEPT. 30 1935
Year Ended Dec. 31 1934
District
Springfield
Baltimore
Columbia
Louisville
New Orleans
St. Louis
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane
All
Year Ended Sept. 30 1935
Maturities
Collections'
Maturities
$2,528,000
3,280,000
2.871,000
6,587,000
4,093,000
5,947,000
8,156.000
10.098,000
4.781,000
8,179,000
3.846.000
4,542,000
$2,874,000
2.656,000
2,204,000
6,336,000
3,946,000
5,083,000
4,555,000
9,596,000
4,678,600
7,974,000
3,390,000
3,897,000
$2,843,000
3,311,000
2,932,000
7,955,000
4,017,000
7,271,000
11,404,000
13,588,000
5,581,000
8,958,000
4,923,000
4,748,000
$2,789,000
3,136,000
2,773,000
8,309,000
3,864.000
6.981,000
7,895,009
11,304,000
4,928,000
8,573,000
4,774,000
4.091,000
$64.906,000
$56,989,000
E77,509,000
889,397,000
Collections
Fletcher Joint Stock Land Bank, Indianapolis, Calls
$253,500 of 5% Bonds for Redemption May 1 1936
Announcement was made in Indianapolis, Ind., Nov. 7, by
William B. Schiltges, President of the Fletcher Joint Stock
Land Bank, that $253,500 of 5% Fletcher Joint Stock Land
Bank bonds, due Nov. 1 1952 and May 1 1953, have been
called for retirement by directors of the company. Successful
2% bonds of the Joint
1
refunding of $3,739,500 in 5% and 5/
Stock Land Bank into lower-yield issues has been accomplished during 1935. Mr. Schiltges'e announcement also
stated:
The new call of $253,600 is for payment on May 1 1936, and holders of
these bonds, issued Nov. 1 1922 and May 1 1923, maturing Nov. 1 1962
and 1953 but callable Nov. 1 1932 and May 1 1933 or any interest-paying
period thereafter, will have the privilege of exchanging their holdings
for a new series of bonds with the interest adjustment figured as of
May 1 1936, according to H. F. Clippinger, Vice-President of Fletcher
Trust Co., the bond department of which is handling the retirement program
for the Joint Stock Land Bank securities.
Bonds to be exchanged for the old issues on May 1 1936 will be dated
Nov. 1 1936, mature Nov. 1 1944, and provide an interest yield of 334%,
and will be callable Nov. 1 1940 or any interest-paying period thereafter.
Such of the bonds under the most recent call by the directors as are not
exchanged were to have been offered for cash at a price of 101, yielding
slightly more than 8%, Mr. Clippinger said, but subscriptions have already
been received by the bond department of Fletcher Trust Co. which exhaust
the entire total of this portion of 5% bonds.
The new bonds to be offered in exchange for the called $253,500 will be
dated Nov. 1 1935, will mature Nov. 1 1944, and will be callable Nov. 1
1940. They will bear 331% interest.
•
Mr. Schiltges also announced that a total of $242,000 of
Fletcher Joint Stock Land Bank 5% bonds, due April 1 1936,
will be retired in cash. No exchange offer for new bonds
will be made to holders of this maturity. He said:
Showing the general absorbing power of the present market for securities
of this type, Mr. Clippinger pointed out that in the retirement of the
$2,638,500 accomplished Nov. 1 of this year, approximately $2,800,000 of
lower coupon bonds was substituted, the remaining $388,500 being retired
from collections in the Joint Stock Land Bank.
Value of Commercial Paper Outstanding as Reported
by New York Federal Reserve Bank—Total of
$180,400,000 Oct. 31 Compares With $183,100,000
Sept. 30
The Federal Reserve Bank of New York issued the following announcement on Nov. 14 showing the value of commercial paper outstanding on Oct. 31:
Reports received by this Bank from commercial paper dealers show a
total of $180,400,000 of open market paper outstanding on Oct. 31 1935.
This;compares with $183,100,000 outstanding on Sept. 30
1935 and $187,700,000 on Oct. 31 1934. Below we furnish a
record of the figures since they were first reported by the
Bank on Oct. 31 1931:
1934-Pg 1935—
$180,400,000 May 31
Oct 31
183,100,000 Apr. 30
Sept.30
176,800,000 Mar.31
Aug. 31
163,600,000 Feb. 28
July 31
159,300,000 Jan. 31
June 30
173,000,000
May 31
1933—
173.000,000
Apr. 30
181.900,000 Dec. 31
Mar. 31
176,700,000Nov.30
Feb. 28
Jan. 31--- 170,900,000 Oct. 31
Sept.30
Aug. 31
1934—
$166,200,000 July I31
Dec. 31
Nov.30
177,900,000 June 30
Oct. 31
187,700,000 May 31
Sept.30
192,000,000 Apr. 30
Aug. 31
188.100.000 Mar.31
July 31
168,400,000 Feb. 28
June 30
151,300,000 Jan, 31
$141.500,000
139,400,000
132,800.000
117,300,000
108,400,000
1932—
Dec. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar.31
Feb. 29
Jan. 31
$108,700,000
133.400,000
129,700,000
122,900,000
107,400,000
96,900,000
72.700.000
1931—
60,100,000 Dee. 31
64,000,000 Nov.30
71,900,000 Oct. 31
84,200,000
84,600,000
581.100,000
109,500,000
113,200,000
110,100,000
108,100,000
100,400,000
103,300,000
111,100,000
107,800,000
105.606.000
102,818.000
107,902,000
3117,714,784
173,684,384
210,000,000
New Offering of $100,000,000 of Treasury Bills in Two
Series—To Be Dated Nov. 20 1935—$50,000,000 of
117-Day Bills and $50,000,000 of 273-Day Bills
Announcement of a new offering of Treasury bills, in two
series, to the aggregate amount of $100,000,000, or thereabouts, was made on Nov. 14 by Henry Morgenthau, Jr.,
Secretary of the Treasury. The bills, to be sold on a
discount basis to the highest bidders, will be dated Nov. 20
1935. Each series will be offered in amount of $50,000,000,
or thereabouts: one series will be 117-day bills, mat uring
March 16 1936, and the other 273-day bills, maturing
Aug. 19 1936. The face amount of the bills of each series
will be payable without interest on their respective maturity
dates. With the 117-day series, approximately $400,000,000
of Treasury bills will mature on March 16 1936, inasmuch
as six previous offerings are also due on that date.
Bids to the offering announced this week will be received
at the Federal Reserve banks, or the branches thereof, up to
2 p. m., Eastern Standard Time, Monday, Nov. 18. Tenders
will not be received at the Treasury Department, Washington. Secretary Morgenthau said that bidders are required
to specify the particular series for which each tender is
made. There is a maturity of Treasury bills on Nov. 20 in
amount of $50,045,000. In his announcement of Nov. 14
the Secretary stated:
The bills will be issued in bearer form only, and in amounts or denominations of $1,000. $10,000, 3100,000, 3500.000. and $1,000,000 (maturity
value).
No tender for an amount less than 31.000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Nov. 18
1935, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices for each series will follow as soon as possible thereafter,
probably on the following morning. The Secretary of the .ereasury ex-
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Financial Chronicle
Volume 141
pressly reserves the right to reject any or all tenders or parts of tenders.
and to allot less than the amount applied for, and his action in any such
respect shall be final. Any tender which does not specifically refer to a
particular series will be subject to rejection. Those submitting tenders
will be advised of the acceptance or rejection thereof. Payment at the
price offered for .Oreasury bills allotted must be made at the Federal Reserve
banks in cash or other immediately available funds on Nov. 20 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. (Attention is invited to
Treasury Decision 4550, ruling that freasury bills are not exempt from the
gift tax.) No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
of any tax now or hereafter imposed by the United States or any of its
possessions.
$353,118,000 Received to Offering of $100,000,000 of
Two Series of Treasury Bills Dated Nov. 13—
$50,132,000 Accepted for 124-Day Bills and $50,017,000 for 273-Day Bills
A total of $353,118,000 was tendered to the offering of
$100,000,000, or thereabouts, of two series of Treasury bills,
both dated Nov. 13 1935, Henry Morgenthau Jr., Secretary
of the Treasury, announced Nov. 8. He said that of this
amount $100,149,000 was accepted.
The tenders to the offering were, as noted in our issue
of Nov. 9, page 2983, received at the Federal Reserve banks
and the branches thereof up to 2 p. in., Eastern Standard
Time, Nov. 8. Each series of the bills was offered in amount
of $50,000,000, or thereabouts. One series was 124-day bills,
maturing March 16 1936, and the other 273-day bills, maturing Aug. 12 1936. Details of the bids to the two issues were
contained as follows in Secretary Morgenthau's announcement of Nov. 8:
124-Day Treasury Bills, Maturing March 16 1936
For this series, which was for $60,000,000, or thereabouts, the total
amount applied for was $192,570,000, of which $50,132,000 was accepted.
The accepted bids ranged in price from 99.975, equivalent to a rate of
about 0.073% per annum, to 99.972, equivalent to a rate of about 0.081%
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 of this
series to be issued is 99.973, and the average rate is about 0.079% per
annum on a bank discount basis.
273-Day Treasury Bills, Maturing Aug. 12 1936
For this series, which was for $10,000,000, or thereabouts, the total
amount applied for was $160,648,000, of which $50,017,000 was accepted.
The accepted bids ranged in price from. 99.897, equivalent to a rate of
about 0.136% per annum, to 99.887, equivalent to a rate of about 0.149%
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 of this
series to be issued is 99.892, and the average rate is about 0.143% per
annum on a bank discount basis.
Gold Receipts by Mints and Assay Offices During
Week of Nov. 8—Imports Totaled $19,368,997
Announcement was made on Nov. 11 by the Treasury
Department that receipts of gold by the mints and assay
offices during the week of Nov. 8 totaled $23,117,403.81.
Of this amount, it is noted, $19,368,996.51 represented
imports, $705,337.08 secondary, and $3,043,070.22 new
domestic. The amount of gold received during the week
of Nov. 8 by the various mints and assay offices is shown
in the following tabulation issued by the Treasury:
Imports
$5,524.33
19,192.000.00
109,322.13
49,213.36
12,936.69
Sebondarll New Domestic
5166,468.64
$297.82
371,100.00
251,200.00
45,781.20 1.660,849.70
36,156.24
461,541.78
70,424.77
587.19
668,593.73
15,406.23
Total for week ended Nov. 8_ _ _ _$19,368,996.51
$705,337.08 $3,043,070.22
Philadelphia
New York
Ban Francisco
Denver
New Orleans
Seattle
$501,333 of Hoarded Gold Received During Week of
Nov. 7—$18,503 Coin and $482,830 Certificates
The Federal Reserve banks and the Treasurers' office
received $501,332.84 df gold coin and certificates during the
week of Nov. 7, it is shown by figures issued by the Treasury
Department on Nov. 11. 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 Nov. 7, amounted to
$133,021,766.85. Of the amount received during the week of
Nov. 7, the figures show $18,502.84 was gold coin and
$482,830 gold certificates. The total receipts are as follows:
Received by Federal Reserve Banks—
Week ended Nov. 7
Received previously
Total to Nov. 7
Received by Treasurer's Office—
Week ended Nov. 7
Received previously
Gold Coin
$18,302.84
30,882,888.01
Gold Certificates
$478,730.00
99,088.990.00
$30,901,190.85
$99,567,720.00
$200.00
266,056.00
$4.100.00
2,282,500.00
52,286.600.00
$266,256.00
Total to Nov. 7
Note—Gold bars deposited with the New York Assay Office in the amount
5200.572.69 previously reported.
Silver Transferred to United States Under Nationalization Order During Week of Nov. 8 Amounted to
1,440.30 Fine Ounces
Silver in amount of 1,440.30 fine ounces was transferred
to the United States during the week of Nov. 8 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Receipts since the order was issued and up to Nov. 8 total
113,015,000 fine ounces, it was noted in a statement issued
by the Treasury Department on Nov. 11. The order of
Aug.9 1934 was given in our issue of Aug. 11, page 858. In
3154
Financial Chronicle
the Nov. 11 statement of the Treasury it is shown that the
silver was received at the various mints and assay offices
during the week of Nov.8 as follows:
Fine Ozs.
170.00
447.65
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
590.92
231.73
1,440.30
Total for week ended Nov. 8 1935
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended- Fine Ozs.
1935309,117
Jan. 4
Jan. 11
535.734
Jan. 18
75,797
Jan. 25
62,077
Feb. 1
134,096
33,806
Feb. 8
Feb. 15
45,803
152.331
Feb. 22
Mar. 1
38.135
Mar. 8
57,085
Mar.15
19,994
54,822
Mar.22
7,615
Mar.29
5,163
Apr. 5
Apr. 12
6.755
Week Ended- Fine Ozs.
1935Apr. 19
68,771
Apr. 26
50,259
May 3
7.941
May 10
5,311
May 17
11,480
May 24
100,197
May 31
5.252
June 7
9.988
June 14
9,517
June 21
26,002
June 28
16,360
July 5
2,814
July 12
9,697
July 19
5,956
July 26
16.306
Week Ended- Fine Ozs.
19352,010
Aug. 2
9,404
Aug. 9
4,270
Aug. 16
3,008
Aug. 23
5.395
Aug. 30
1.425
Sept. 6
11.959
Sept.13
10,817
Sept.20
3,742
Sept.27
1,497
Oct. 4
2,621
Oct. 11
7.377
Oct. 18
1.909
Oct. 25
1,619
Nov. 1
1,440
Nov. 8
Figures from the time of the issuance of the order of
Aug. 9 1934 and up to Dec. 28 1934 were given in our issue
of Oct. 19, page 2518.
Nov. 16 1935
Done at the City of Washington this 12th day of November, in the year
of our Lord 1935, and of the independence of the United States of America
the one hundred and sixtieth.
FRANKLIN D. ROOSEVELT.
By the President:
CORDELL HULL, Secretary of State.
President Roosevelt Issues Appeal for American Red
Cross-Urges Generous Gifts to Maintain "Our
Great National Relief Agency"
With the opening on Nov. 11 of the 19th annual roll-call
of the American Red Cross, President Roosevelt, that day,
issued a message urging generous contributions. Praising
the speedy relief given by the Red Cross in 128 disasters
which occurred in 37 States during the past year, the President said that "it is of the utmost importance that we maintain the Red Cross as our great National relief agency."
The following is the President's message:
x he American Red Cross is an institution in which our people in every
walk of life and in every section of the Nation can unite in a common tie
of brotherhood. It represents them in their instinctive desire to be of
service to suffering humanity. It knows no distinction of race, creed or
color. There are no boundary lines, either State or National, in its neverending mission of mercy for those who are In distress.
During the last year, 128 disasters occurred in 37 of our States. In each
catastrophe the afflicted community turned with assurance to the Red Cross
for the efficient relief which was so speedily given. During the same time
this great organization has developed a country-wide program for safeguarding our homes and our highways from the mounting toll of accidental deaths.
Each year, at this time, the Red Cross appeals to our people for the support which will enable it to continue Its service to humanity. Each American everywhere is given an opportunity in Red Cross work-local and
National-through individual membership.
It is of the utmost importance that we maintain the Red Cross as our
great National relief agency, I earnestly urge all who can possibly do so to
respond generously and promptly to the Red Cross appeal.
FRANKLIN D. ROOSEVELT
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 320,560.34
Fine Ounces During Week of Nov. 8
During the week of Nov. 8, it is indicated in a statement
issued by the Treasury Department on Nov. 11, silver
amounting to 320,550.34 fine ounces was received by the
various United States mints from purchases by the Treasury President Roosevelt Asks Reduction in Interest Rates
in accordance with the President's proclamation of Dec. 31
by Banks on Real Estate Loans-Says Rate Should
1933. The proclamation was referred to in our issue of
be Below 6%
Treasury
to
Dec. 23 1933, page 4441. It authorizes the
Urging
banks to lower the interest rates charged on real
silver
absorb at least 24,421,410 fine ounces of newly-mined
estate loans, President Roosevelt, at a press conference
annually. Receipts by the mints since the proclamation Nov. 13,
said that the existence of large deposits in banking
was issued total 52,566,000 fine ounces to Nov. 8. Duronly tend to retard economic recovery. He said
ing the week of Nov. 8 the Philadelphia Mint received institutions
that
on loans on good land should be held below 6%.
211,315.07 fine ounces; the San Francisco Mint, 92,039.02 As tointerest
President's remarks, Washington advices, Nov. 13,
fince ounces, and the Denver Mint, 17,196.25 fine ounces. to thethe
New York "Herald-Tribune" of Nov. 14, had the
The total weekly receipts since the beginning of 1935 are following
to say:
as follows (we omit the fractional part of the ounce):
Week Ended- Ounces
1935467,385
Jan. 4
504.363
Jan. 11
732,210
Jan. 18
973.305
Jan. 25
321,760
Feb. 1
Feb. 8
1.167.706
1,126,572
Feb. 15
403,179
Feb. 21
1,184,819
Mar. 1
844,528
Mar. 8
1,555,985
Mar. 15
554,454
Mar.22
695,556
Mar.29
836,198
Apr. 5
1,438,681
Apr. 12
Week Ended- Ounces
1935Apr. 19
502,258
67.704
Apr. 26
May 3
173,900
May 10
686.930
May 17
86,907
May 24
363.073
May 31
247.954
June 7
203.482
June 14
462,541
June 21
1,253,628
407.100
June 28
July 5
796,750
July 12
621,682
July 19
608,621
July 26
379.010
Week Ended1935Aug 2
Aug 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept.13
Sept.20
Sept.27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Ounces
863,739
751,234
667,100
1,313,754
509.502
310,040
755,232
551.402
1.505.625
448,440
771,743
707,095
972.384
1,146,453
320.550
In our issue of Oct. 19, page 2518,1we gave the weekly
receipts during the year 1934.
,-.
--0
Thanksgiving Day Proclamation of President Roosevelt
-In Setting Apart Nov. 28 as Day for Expression
of Thanks, Says America Must "Strive Against
Disorder and Agression" and Act to "Advance
Peaceful Trade and Friendship"
In his proclamation, designating Nov. 28 "as a day of
national thanksgiving," President Roosevelt urges that "in
appreciation of the blessings that Divine Providence has
bestowed upon us," America, by example and in practice,
must "help to bind the wounds of others, strive against disorder and aggression, encourage the lessening of distress
among peoples, and advance peaceful trade and friendship."
The proclamation, dated Nov. 12, follows:
THANKSGIVING DAY, 1935-BY THE PRESIDENT OF THE UNITED
STATES OF AMERICA-A PROCLAMATION
I, Franklin D. Roosevelt, President of the United States of America, hereby
designate Thursday, the 28th day of November, 1935, as a day of national
thanksgiving.
In traversing a period of national stress our country has been knit together
in a closer fellowship of mutual interest and common purpose. We can
well be grateful that more and more of our people understand and seek the
greater good of the greater number. We can be grateful that selfish purpose
of personal gain, at our neighbor's loss, less strongly asserts itself. We can
be grateful that peace at home is strengthened by a growing willingness to
common counsel. We can be grateful that our peace with other nations
continue through recognition of our own peaceful purpose.
But in appreciation of the blessings that Divine Providence has bestowed
on us in America, we shall not rejoice as the Pharisee rejoiced. War and
strife still live in the world. Rather must America, by example and in
practice, help to bind the wounds of others, strive against disorder and aggression, encourage the lessening of distress among peoples, and advance peaceful
trade and friendship.
The future of many generations of mankind will be greatly guided by our
acts in these present years. We have a new trail.
Let us then on the day appointed offer our devotions and our humble
thanks to Almighty God and pray that the people of America will be guided
by Him in helping their fellow men.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
These remarks at the White House press conference came indirectly as
a further form of Administration advice and appeal to tho nation's bankers
now meeting in New Orleans at the 61st annual convention of the American
Bankers Association.
The President's formal comments to-day were
stronger than his observations in his letter to the convention yesterday, in
which he voiced hope that banks would "provide credit, when it can be
done on a sound basis, to business and industry and to real estate." . . .
The President's comment to-day was prompted by a question as to
whether large bank deposits were necessarily a favorable economic sign.
He replied that one essential factor lay in how the deposits were used.
If they were not used in a sensible way it would slow up recovery, he said.
The President explained that a person came to see him recently and told
of trying to buy a farm. The man was able to pay 60% of the cost In cash
and he wanted to borrow 40% on a mortgage. He shopped around at the
banks in his county, according to the President, and the best interest rate
he could get was 6%.
That kind of rate on good land security slows up economic revival, Mr.
Roosevelt remarked. He pointed out also that this projected transaction
was in the East where interest rates have not been as high as elsewhere.
"What do you think is a proper rate?" the President was asked. He did
not commit himself on a definite figure but said it should be less than 6%.
The President added that the Administration had been trying to reduce
rates all over the country. Of course, in certain regions conditions are not
as stabilized as in older parts of the country, he remarked.
The worst "pirate rates" which existed In some sections had been practically eliminated, Mr. Roosevelt went on. In Georgia, for instance, it
used to be difficult to buy farm land at less than an 8 to 10% interest rate.
In the West it had been the same way.
According to a dispatch Nov. 14 from New Orleans to
the "Herald-Tribune" Robert V. Fleming, of Washington,
new president of the association, declared, in an interview
that the instance of high interest rates, cited by President
Roosevelt during his press conference, must have been an
isolated one, for he believed that all commercial borrowings
were now being handled at 6% or less.
Lower Home Financing Costs Requested by President
Roosevelt in Message to United States Building and
Loan League Convention in Cincinnati
President Roosevelt, in a message to the United States
Building and Loan League on Nov. 13, urged that the cost
of home financing be lowered, and pointed out that "nothing
in our home financing is more obvious than that family
incomes must not be raised to a higher level but that American ingenuity must provide better housing at lower cost."
The President's message, read at the annual convention of
the League held in Cincinnati, Nov. 13-15, follows:
The instructive experiences of the past few years make us aware that
major improvements in the conditions of home ownership and home finance
are needed.
With our great resources of labor, materials, money and management we
ought to meet out country's housing requirements with courage and foresight. Nothing in our home financing is more obvious that that family
incomes must not only be raised to a higher level but that American ingenuity must provide better housing at lower cost. We have the ingenuity
to design and execute better construction, to achieve larger economies in
production and to fit out pattern to improving standards.
Volume 141
Financial Chronicle
We must also have the courage to lower costs of financing, and by combined economies and good management to increase the security of frugal
investors and borrowers.
President Roosevelt, in Message to Automobile Convention, Urges Campaign for Highway Safety
In a message to the American Automobile Association,
in convention in Chicago, President Roosevelt yesterday
(Nov. 15) urged an intensive and continued campaign for
highway safety. "Our people must realize once and for all
that freedom to use the streets and highways carries with it
important responsibilities and obligations,' he said in his
message. The President wrote (it was stated in Associated
Press advices from Chicago last night), that Federal and
State Government investments in good roads were largely
nullified unless a proper degree of safety were assured.
The message continued:
The country is perhaps more conscious than ever before of the extent
of the tragedy resulting from highway fatalities and injuries. Both from the
humanitarian and economic aspect. I regard this as one of the most serious
problems confronting us.
Mindful of the part your organization has had in the battle for greater
safety. I can think of no way in which you can better serve the American
People than through the continuation of your efforts to solve the problem
through constructive legislation, adequate enforcement of laws and regulations, one, continuing education of drivers and pedestrians, young and old.
The Federal and State Governments are making an enormous capital
investment in highways. This investment should repay us. whether we
regard it from the standpoint of transportation to serve business and
individuals, or from the standpoint of the opportunity that extended and
improved roads afford for the recreational and cultural needs of the people.
President Roosevelt Finds Evidences of "Great Recovery"—In Letter to Jesse Jones Read at
Convention of American Bankers Association
Expresses Hope Bankers Will Take Advantage of
Banking Act and Provide Credit
A message from President Roosevelt was brought before
the American Bankers Association in annual convention at
New Orleans this week. It was contained in a letter addressed to Jesse H. Jones, Chairman of the Reconstruction
Finance Corporation, a speaker at the convention. The
President, in declaring that "evidences of great recovery are
at every hand," indicated himself as gratified to know 'that
all banks are now in a strong position," and he expressed
it as his conviction that with co-operation between banks,
business and Government "we will soon solve our remaining
difficulties." The President's letter follows in full:
Washington,D. C., Nov. 9 1935
Dear Jesse:
Please express to the members of the American Bankers Association,
in convention in the beautiful and historic City of New Orleans, my very
best wishes for a successful and profitable meeting.
I have watched with great interest the continued improvement in banks
throughout the country during the past two years. The progress which
I reported to their convention last year is being maintained. Evidences
of great recovery are at every hand.
Bank portfolios and deposits reflect this.
I am gratified, as I am sure every member of the American Bankers
Association is gratified, to know that all banks are now in a strong position,
and I hope they will take full advantage of the new Banking Act and provide credit, when it can be done upon a sound basis, to business and industry
and to real estate.
I am convinced that with co-operation between banks, business and
Government—and mutual confidence—we will soon solve our remaining
Problems.
Very sincerely yours,
(Signed) FRANKLIN D. ROOSEVELT.
Primary Aim of United States Is Peace, President
Roosevelt Declares in Armistice Day Address—
Warns, However, That This Nation Will Protect
Itself Against Aggression—Announces Conclusion
of Trade Pact with Canada
A renewed pledge that the United States intends to keep
out of future wars was given by President Roosevelt on
Nov. 11 in an Armistice Day address before almost 5,000
veterans gathered in the Arlington National Cemetery near
Washington. This speech was the principal feature of many
Armistice Day celebrations throughout the United States.
Similar ceremonies were held in foreign capitals. Speaking
at the tomb of the unknown soldier, the President said that
the primary purpose of this nation is to avoid being drawn
into war, while at the same time seeking "in every practicable way" to promote peace and to discourage war. This
country, he said, had been a leader in every important
attempt to limit and to reduce armaments, and has sought
to follow the policy of the "the good neighbor." Despite
these efforts, he added, the world as a whole is to-day confronted by dangers to peace, and this nation must take its
part in protecting the peace of the world.
Nevertheless, warned the President, America "must and
will protect herself." He continued, in part:
Under no circumstances will this policy of self-protection go to lengths
beyond self-protection. Aggression on the part of the United States is an
impossibility in so far as the present Administration of your Government
is concerned. Defense against aggression by others—adequate defense on
land, on sea and in air—is our accepted policy; and the measure of that
defense is and will be solely the amount necessary to safeguard us against
the armaments of others. The more greatly they decrease their armaments,
the more quickly and surely shall we decrease ours.
President Roosevelt said that in many other ways the
United States is giving an example to the rest of the world
by lowering trade barriers which impede friendly inter-
3155
course. He took this opportunity to announce the conclusion of a reciprocal trade agreement with Canada, and said
that this pact "will eliminate disagreements and unreasonable restrictions, and thus work to the advantage of both
Canada and the United States." The agreement, the President said, may well prove an example of peaceful methods
to the rest of the world.
The President's address follows:
My Fellow Americans: The living memory of the World War is close to
each of us to-day. Our thoughts return to great objectives of the past as
the minds of older men go back to their boyhood ideals.
We Americans were so placed that we gained a perspective of the great
world conflict that was perhaps clearer than that of our fellow men who
were closer to the scene of battle. For most of the first three years of
the war we were not participants, but during the final phase we ourselves
engaged on many fronts.
For that reason, perhaps, we understood, as well as any, the cries that
went up—that the world conflict should be made a war to end war.
United States Seeks to Promote Peace and Discourage War
We were not invaded, nor were we threatened with invasion, then or
later; but the very distance of our view led us to perceive the dire results
of war through days of following peace.
The primary purpose of this nation is to avoid being drawn into war. It
seeks also in every practicable way to promote peace and to discourage war.
Except for those few who have placed or who place temporary, selfish gain
ahead of national or world peace, the overwhelming mass of American
citizens are in hearty accord with these basic policies of our Government,
as they are also entirely sympathetic with the efforts of other nations to
end war.
That is why we, too, have striven with great consistency to approve steps
to remove the causes of war and to disapprove steps taken by others to
commit acts; of aggression. We have either led or performed our full part
in every important attempt to limit and reduce armaments. We have
sought by definite act and solemn commitment to establish the United
States as a good neighbor among nations. We are acting to simplify definitions and facts by calling war "war" when armed invasion and a resulting
killing of human beings take place.
But though our course is consistent and clear, it is with disappointment
and sorrow that we confess that the world's gain thus far has been small.
Cites Dangers Confronting Mankind
I would not be frank with you if I did not tell you that the dangers that
confront the future of mankind as a whole are greater to the world and,
therefore, to us than the dangers which confront the people of the United
States by and in themselves alone.
Jealousies between nations continue; armaments increase; national ambitions that disturb the world's peace are thrust forward. Most serious of
all, international confidence in the sacredness of international contracts is
on the wane.
The memory of our hopes of 1917 and 1918 dies with the death of those
of us who took part; it is, therefore, your sacred obligation and mine, by
conscious effort, to pass that memory on to succeeding generations. A new
generation, even in its cradle or still unborn, is coming to the fore. The
children in our schools, the young men and women passing through our
colleges into productive life have, unlike us, no direct knowledge of the
meaning of war. They are not immune to the glamor of war, to the opportunities to escape from the drabness and worry of hard times at home in the
glory and heroism of the arms factory and the battlefield. Fortunately,
there is evidence on every band that the youth of America, as a whole, is not
trapped by that delusion. They know that elation and prosperity which may
come from a new war must lead—for those who survive it—to economic
and social collapse more sweeping than any we have experienced in the
past. While, therefore, we cannot and must not hide our concern for grave
world dangers, and while, at the same time, we cannot build walls around
ourselves and hide our heads in the sand, we must go forward with all our
strength to stress and to strive for international peace.
In this effort America must and will protect herself. Under no circumstances will this policy of self-protection go to lengths beyond self-protection.
Aggression on the part of the United States is an impossibility in so far as
the present Administration of your Government is concerned. Defense
against aggression by others—adequate defense on land, on sea and in air—
is our accepted policy; and the measure of that defense is and will be
solely the amount necessary to safeguard us against the armaments of
others. The more greatly they decrease their armaments the more quickly
and surely shall we decrease ours.
United States Removing Barriers Impeding Friendly Intercourse
In many other fields, by word and deed, we are giving example to the
world by removing or lowering barriers which impede friendly intercourse.
Our soldier and sailor dead call to us across the years to make our lives
effective in building constructively for peace. It is fitting that on this
Armistice Day I am privileged to tell you that between us and a great
neighbor another act cementing our historic friendship has been agreed upon
and is being consummated. Between Canada and the United States exists
a neighborliness, a genuine friendship, which for over a century has dispelled
every passing rift.
Our two peoples, each independent in themselves, are closely knit by
ties of blood and a common heritage; our standards of life are substantially
the same; our commerce and our economic conditions rest upon the same
foundations.
Trade Agreement with Canada
Between two such peoples, if we would build constructively for peace and
progress, the flow of intercourse should be mutually beneficial and not
unduly hampered. Each has much to gain by material profit and by incieased employment through the means of enlarged trade, one with the other.
I am, therefore, happy to be able to tell you on Armistice Day that the
Canadian Prime Minister and I, after thoughtful discussion of our national
problems, have reached a definite agreement which will eliminate disagreements and unreasonable restrictions, and thus work to the advantage of both
Canada and the United States.
The power of good example is the strongest force in the world. It surpasses preachments; it excels good resolutions; it is better than agreements
unfulfilled.
If we as a nation, by our good example, can contribute to the peaceful
well-being of the fellowship of nations, our course through the years will
not have been in vain.
We who survive have profited by the good example of our fellow Americans who gave their lives in war. On these surrounding hills of Virginia
they rest—thousands upon thousands—in the last bivouac of the dead.
Below us, across the river, we see a great capital of a great nation.
Financial Chronicle
3156
The past and the present unite in the prayer that America will ever seek
the ways of peace, and by her example at home and abroad speed the return
of good•will among men.
Joseph P. Kennedy
Reports to President Roosevelt—
Former SEC Chairman Says European Countries
Have Confidence in American Situation
Joseph P. Kennedy,former Chairman of the Securities and
Exchange Commission, who recently returned from a month's
sojourn in Europe, reported to President Roosevelt on Nov.
14 on his findings while abroad, and is quoted as saying
"there is very great confidence abroad in the American
situation and in the belief that conditions are so secure here
that this is much the better place to keep money" -Mr.
Kennedy was an overnight guest at the White House. "The
leaders of both business and politics abroad," he said, "feel
the American recovery accomplishments are remarkable."
From a Washington account, Nov. 14, to the New York
"Times" of Nov. 15, the following is taken:
He(Mr. Kennedy) characterized foreign experts as looking to us as being
in a position of success and security, as compared with major European
nations.'
He expressed a personal opinion that monetary stabilization was a matter
for the distant future.
He based this view first on an observation by Neville Chamberlin,
Chancellor of the British Exchequer, that monetary stabilization could
only follow economic stabilization, and,second, a prevalent belief in France
that stabilization of the franc in relation to other currencies could come only
after that country had settled the problem raised by possibly necessary
devaluation.
In contrast with doubts which he found in this country about the administration's recovery measures, Mr. Kennedy said that President Roosevelt enjoyed universally high regard abroad, and that "they pay great
compliments both to Secretary Hull and Secretary Morgenthau, and feel
that the trade agreements are of great benefits to America."
Risk to Our Market Minimized
The keynote of the international problem was described by Mr. Kennedy
as a "nervous.money situation," which he said embraced these three factors
accounting for the large transfers of gold to the United States:
1. Shipments for settlement of balances.
2. Shipments for safekeeping.
3. Shipments for purchase of securities in this country.
"England is a great buyer of securities, and while France and other nations
of Continental Europe are doing most of their business with England, they
now are beginning to swing to America," said Mr. Kennedy. "From 15 to
25% of the volume on the London Stock Exchange is in American securities.
"The result is a terrific increase in the stock market business in this
country."
This created a hypothetical risk to the market if the foreign buying
support were withdrawn, he added, but minimized that contingency.
He illustrated France's monetary problem by pointing out that, despite
recent decrees permitting refunding of the long-term debt, the Government
there would not borrow in the current market at less than 5%. He contrasted this with refunding operations by the American Government at
2X to 2X%.
Prospects on Spending Compared
Great Britain's problems, Mr. Kennedy continued, consisted of diminishing gold reserves and complications caused by the necessity for the Government taking over spending operations, principally for increased armaments,
after private capital had been carrying the principal recovery load in the
form of building operations.
He emphasized that this condition contrasted with that in the United
States, where there were prospects that the Government could taper off
public expenditures, returning the employment problem to private capital.
However, Mr. Kennedy made clear that he felt there was no dissatisfaction
in England with the new Government spending program, but rather "a
willingness on the part of British taxpayers to stand for additional income
levies in view of the alarming situation."
As to his mission abroad to discuss with foreign Governments the permanent registration of their bonds on the New York Stock Exchange, Mr.
Kennedy said he had talked with officials in France and England and was
satisfied that they would act favorably.
He found no disposition not to register; only a question of how details
could be worked out.
Discussing the Public Utility Holding Company Act of 1935, Mr. Kennedy said:
"I don't believe the utilities can imagine that If they don't register or
the act is declared unconstitutional that agitation for their control will end.
And no buRiness Is helped by continued agitation in Congress.
"U they feel they will have a square deal why not go along?"
/As to the possible future of the over-the-counter markets, Mr. Kennedy
said it was apparent to him that the situation could not be worked out
under present provisions of the law and that it would be necessary to go to
Congress to solve it.
The recent return of Mr. Kennedy from Europe was noted
in our issue of Nov. 2, page 2828.
Appearing in Behalf of Government in Cartcr Suit to
Test Validity of Guffey Coal Act, Miss Roche,
Ass.stant Secretary of Treasury Indorses Provisions of Act—Says Principles Have Been Utilized
by Coal Company of Which She is Principal Owner
—Act Also Defended by Assistant AttorneyGeneral Dickinson
Appearing as a witness for the Government in the suit of
James W. Carter to enjoin the application of the Guffey
Coal Conservation Act to the Carter Coal Co. of West
Virginia, of which he is President, Miss Josephine Roche,
Assistant Secretary of the Treasury, indicated her unqualified support of the Act, in the District of Columbia
Supreme Court, at Washington, on Nov. 12. From a Washington dispatch on that date to the New York "Times" we
take the following:
n principal owner of the Rocky Mountain Fuel Co. of Colorado, Miss
Roche said that as early as 1927 she had used some of the principles embodied in the Guffey bill to solve the problems of her company.
Nov. 16 1935
She described the difficulties that beset her company when she became
Its President in 1927. The miners were dissatisfied with conditions, she
testified. They were being paid in scrip instead of cash, were forced to live
In company houses and trade at company stores. They were demanding
the right to have a check-weighman of their own choosing at every mine.
"I found a check-weighman at only one of our mines," she said. "He
had been elected under the supervision of the mine superintendent, was one
of the industrial spies maintained by the company for years and was in no
sense a representative of the workers."
She made a contract with the United Mine Workers of America, she
related, recognizing the right of the workers to bargain collectively and
abolishing abuses against which they had complained.
The new policy in her mines, she declared, brought a "very definite
gain"for management and workers. She said that it made for price stabilization and asserted that stabilization of coal prices was "both necessary and
desirable."
She said that while the agreement called for higher wages, with an
Increase in the cost of production, the latter was "substantially met" by the
increased production ofindividual miners and by the improvement of general
conditions in tne mines.
Strikes and labor disturbances, she declared, bring tonnage shifts from
one producing district to another thus affecting inter-State commerce.
Labor unrest in Colorado, she went on, caused the State to lose its markets
in Kansas and Nebraska.
"Unless there is some form of price stabilizing," she asserted, "the
inevitable temptation to operators is to cut wages." This leads, she added,
to a "vicious circle" of strikes, interference with inter-State commerce
shipments of coal and increased costs to consumers.
According to Assistant Attorney-General John Dickinson,
deplorable living conditions, lack of sufficient child health
protective measures and widespread poverty which has been
found prevalent in the soft coal industry is sufficient basis
for Federal regulation of the industry under the Guffey Coal
Act.
We quote from Washington advices Nov. 12 to the New
York "Journal of Commerce" which also said in part:
While recognizing that there is a limitation of Government powers to
regulate industries under the Commerce Clause of the Constitution, Mr.
Dickinson declared tnat nevertheless these powers can be used upon a clear
showing of due process for regulation of"conditions" wnicn are found to be
such as to constitute unfair competition and directly or substantially
affect the flow of inter-State commerce.
Mr. Dickinson recited the Government's views to the Court during
continuation of the hearings on the petition of James W. Carter, West
Virginia coal operator, for a permanent injunction against enforcement of
the Guffey Act on the grounds that it is unconstitutional.
Enforcement Plans Pressed
Obviously-encouraged by the setback suffered by Mr. Carter yesterday
when the United States Supreme Court refused to Intervene in his suit
and declare the injunction in effect, the National Bituminous Coal Commission set up to administer the Guffey Act proceeded to-day with its
plans of enforcement.
The first meeting was held by the Commission with members of the
voluntary committee of coal producers, appointed early this month, to
assist in an advisory capacity with the marketing provisions of the Act.
Meeting in secret session, the Commission sought ways and means of
facilitating adoption of uniform and simplified methods of coal classification.
Mr. Dickinson reviewed the defense of the Government in the hearings
before Justice Jesse C. Adkins in the District of Columbia Supreme Court
immediately following testimony detailing the history of coal strikes in
the Colorado fields given by Miss Josephine Roche. Assistant Secretary of
the Treasury, who retains a majority control of the Rocky Mountain
Fuel Co.
Government counsel's arguments brought an immediate response from
William Whitney. counsel for Mr. Carter, that any belief that the Government can regulate the commerce clause for the welfare of workers has been
refuted by the Supreme Court in a number of cases, the latest of which was
the Railroad Retirement Act, which was declared unconstitutional a year
ago.
Elaborate Terms of Act
While everyone agrees that conditions in the mining industry should be
Placed upon a higher standard, he declared there is nothing in the Guffey
Act which said that the children shall be protected from disease or that the
miners shall receive "more than a mere pittance." The statute does provide, he added, that whatever hours or wages are agreed upon by the
operators—competitors of Mr. Carter—shall be binding and have the effect
of law, which amounts to a delegation of congressional power.
The contention that Congressional powers under the Commerce Clause be
used only for the regulation of Inter-State transportation and not for
improving the welfare of the country is a narrow construction of the law
which has never been upheld by the Court. but, on the other hand, has been
rejected on several occasions, Mr. Dickinson argued.
"We contend," the Government's counsel said, "that even if it be held
that the commerce clause cannot be used to promote healthy conditions,
nevertheless conditions are such that regulation of the industry would be
valid under the commerce clause."
He pointed out that under the Federal Trade Commission Act one of the
elements of unfair competition laid down is that of unfair conditions in an
industry.
"Therefore we feel that one of the elements of unfair competition in the
bituminous coal industry is the conditions in that industry," he concluded.
"We feel that living and working conditions in the industry are pertinent
facts warranting the Congressional Act and we want to show that the industry is not a picture of prosperity but a picture of gloom."
Federal Court of Claims in Washington Holds Invalid
Retroactive Tax Clause of Silver Purchase Act50% Levy Was Imposed by Congress in 1934 on
Profits from Silver Sales Made Prior to Signing
of Act
The 50% tax imposed by the Silver Purchase Act of 1934
on profits made from sales of silver from May 15 1934 to
June 19 1934 (when the Act was signed), was ruled unconstitutional on Nov. 14 by the United States Court of Claims in
Washington. The decision was given in a suit by Percy K.
Hudson, of New York, who sought to recover $4,311, the
sum he paid under the 50% retroactive tax provision on
the profit he made on the purchase and sale of 500,000 ounces
of silver just prior to the signing of the Act. As to the
Volume 141
Financial Chronicle
decision, handed down by Judge Green, and concurred in
by Chief Justice Booth and Judges Littleton, Williams
and Whaley, a Washington account, Nov. 14, special to the
New York "Times" of Nov. 15, said as follows:
The Court held that the Act was invalid because "the nature and amount
of the tax burden imposed could not have been understood and foreseen
by the taxpayer at the time he made the purchases."
Although the ruling was based on the conclusion that the tax was invalid
because it imposed a burden which the taxpayer could not foresee, 'the
Conn took osscasion to call attention to the far-reaching results that might
have eventuated had the validity of the tax been upheld.
"It should perhaps be noted," said the opinion handed down by Judge
Green, "that our conclusion can affect only a very few cases so far as the
Silver Act is concerned. A contrary decision, however, if ultimately
sustained, would have a very far-reaching effect in enabling similar retroactive taxes to be imp mod on practically every kind of business transaction
which involved a purchase and sale."
The Government resisted the claim, on the ground that the Act was
intended to punish speculation in silver that took place between the time
President Roosevelt's silver message was sent to Congress and when the
Act was put into effect. The law had only a negligible effect in that it
discouraged speculation only in American markets, while it could not reach
dealings abroad.
"We are at a loss to understand how putting a tax on the profits which
might be made from subsequent sales could by any possibility affect the
workings of the Act," the opinion said. "The purchase had already been
made. If it or any number of purchases made before the Act was contemplated had any effect upon the price of silver, putting a tax on the sale
would not change the result."
The plaintiff had objected to the tax on the ground that it was applied
retroactively.
"The mere fact that a taxing statute has retroactive effect is not sufficient
by itself and alone to establish its invalidity," the Court ruled.
The Government's contention that the tax was imposed under the
monetary powers of Congress rather than its taxing power also was disregarded. This argument was advanced to justify the retroactive application of the tax.
"If the taxpayer should be forewarned, the situation would have been
very different." the Court decided,"for he could then take his choice. He
could avoid the risk of loss on the sale and payment of a heavy tax if there
was a profit simply by not entering into the transaction, but after he had
made the purchase his status was fixed and he was caught by a taxing
statute which he had no reason to anticipate."
The record showed that the plaintiff bought 500,000 ounces of silver on
May 3 1934, for $217,285, and had sold it at intervals between May 23
and May 29 for a total of $226,575. He was allowed to deduct $668.04 in
allowable expenses before the Collector of Internal Revenue fixed the net
profit at $8,621.96, on which the 50% tax was levied.
The text of the Silver Purchase Act of 1934 was given in
our issue of July 7 1934, pages 25 and 26.
Federal Judge in Virginia Finds Amended FrazierLemke Farm Mortgages Act Unconstitutional—
Decision Holds Changes Fail to Overcome Supreme
Court Objections to Original Statute
A ruling that the amended Frazier-Lemke Farm Mortgage
Act is unconstitutional was handed down Nov. 10 by Judge
John Paul, in United States District Court at Harrisonburg,
Va. Among the creditors in the case who attacked the law
was Senator Byrd of Virginia, who later indicated that he
was acting, not in his personal capacity, but as guardian of
the estate of the late Hal Flood, Virginia Representative
in Congress. Judge Paul's opinion held that the law
abrogated substantial property rights guaranteed to creditors
under Virginia statutes, and that the amendments failed to
overcome all of the objections raised by the United States
Supreme Court in holding the original Frazier-Lemke Act
unconstitutional.
The decision was summarized as follows in Associated
Press advices of Nov. 10 from Harrisonburg:
The decision was handed down in dismissing the proceedings under which
John Clayton Sherman, Mary Elizabeth Sherman and James Strother
Sherman, previously adjudicated as bankrupt, sought to retain their
apple-orchard property in Frederick County, Va., under provisions of the
Frazier-Lemke Act.
The creditors attacking the constitutionality of the law were Senator
Byrd, as guardian' the Farmers and Merchants National Bank and Trust
Co. of Winchester, Va., and Mattie W. Cooper of Winchester. All hold
bonds secured by deeds of trust on the Sherman property.
The indebtedness was incurred from 1922 to 1931, prior to the passage
of the original Frazier-Lemke Act. The bond held by Mr.Byrd as guardian
is dated Sept. 4 1922.
The Supreme Court, in the case of Louisville Bank Vs. Radford, which
resulted in the original Frazier-Lemke Act being declared unconstitutional,
called attention to the Fifth Amendment to the Constitution and stated
that the Frazier-Lemke Act, by its terms, applied only to debts existing
at the time of enactment, and held that because it was retroactive and took
away rights of the mortgagee in specific property, it was in contravention of
the Fifth Amendment and therefore invalid, Judge Paul pointed out.
Referring to the passage by Congress of the Amended Act, Judge Paul
said
"First of all it should be noted that the provision making the former
applicable only to pre-existing debts has been eliminated and presumably
the new act is intended to apply whether the debt was contracted before
or after enactment of the statute. But this does not in itself overcome the
objections to the retroactive effect of the previous act.
"As I understand it, the disapproval of the Supreme Court was not
grounded on the failure of the act to equally apply to all debts whether
The objection was that it
Incurred after passage of the act or before.
applied to all pre-existing debts.
"So far as this feature of the law is concerned, the objections to the act
have not been remedied by extending its applicability to debts incurred
after its passage. It is still retroactive as to pre-existing debts, and the
objection growing out of this fact will still arise if the act continued to take
away specific property rights as the original act was held to do."
The findings of the Federal District Court at Peoria, Ill.
on Oct. 21, holding invalid certain provisions of the amended
Frazier-Lemke 3-year farm mortgage Act were referred to
in our Oct. 26 issue, page 2670.
3157
Constitutionality of Guffey Coal Act Upheld by Judge
Hamilton in Kentucky Federal District Court
In the Federal District Court in Louisville, Ky., on Nov.
14, Judge Elwood Hamilton upheld the constitutionality of
the Guffey Coal Conservation Act. The findings were
given in three suits brought by R. C. Tway Coal Co. and
some 15 or more coal companies, and a trust company acting
as receiver. From United Press advices from Louisville
Nov. 14 we quote
Petitions of the various litigants sought to avoid payment of taxes levied
under the act. They attacked its constitutionality on the ground that it
violated Stave's rights.
"When the States fail or are unable to perform a public duty," Judge
Hamilton said in nis 60-day decision, "the doctrine of State's rights should
not be a barrier to the Federal Government rendering an essential service to
the human race.
"If commerce is to be regulated and controlled for the public welfare
in this country it must be by the national Government because the States
lack the power to make effective their own regulations."
Former Federal Judge Charles I. Dawson, Counsel for the petitioners,
-night that an appeal would be taken.
said to
The opinion dealt at length with the history of Constitutional thought
and of the coal-mining industry. In effect it dismissed the petition to prevent collection of taxes and adjudged it the duty of the various companies
to comply with the provisions of the act.
A reference to the action of the Tway Co. appeared in our
issue of Oct. 5, page 2211.
Association of American Railroads to Contest Constitutionality of Railroad Retirement Act—J. J.
Pelley, President, Expects Court Decision Before
March 1
The constitutionality of the Railroad Retirement Act of
1935 will be contested in the courts by the Association of
American Railroads, J. J. Pelley, President, announced
Nov. 8. This course of action, Mr. Pelley said, was decided
at the first annual meeting of the Association held in Chicago.
The meeting, attended by several hundred presidents and
executives of railroads, concluded its session on Nov. 8.
Mr. Pelley, in making his announcement at a press conference, declined to say when the action will be taken, but
said that "we hope to have it decided unconstitutional some
time before pay day." By "pay day" Mr. Polley was
referring to March 1 1936,the date the Act becomes effective.
As to Mr. Pelley's remarks, Associated Press advices
from Chicago Nov. 8 said:
Mr. Pelley said pensions as ordered by the Act would cost the railroads
$54,000,000 the first year, and that the sum would increase from year
to year.
The railroads now expend about $36,000,000 a year in pensions, and
would be called on to pay an additional $16,000,000 the first year the
Social Security bill covering all industry became effective, Mr. Pelley
asserted.
He added that the lines would "go along and take pot luck with the
rest of the country" on the terms of the Social Security law.
Florida Association Plans Test of Tariff Agreements—
Contends Congress Had No Right to Delegate Its
Authority to President—Cuban Reciprocity Treaty
Basis of Action
Constitutionality of the Reciprocal Tariff Act of 1934
will be challenged in the courts by the Florida Agricultural
Tariff Association, it was announced in Washington, Nov. 12,
by A. M. Loomis, representing the organization. Mr.
Loomis said that George S. Fletcher, President of the
Association, is bringing a tariff test action in the Customs
Court in New York City, in a case in which Mr. Fletcher
insists upon paying the former duty of 40 cents a crate on
pineapples imported from Cuba which entered New York
City on Nov. 2. The reciprocal trade agreement between
the United States and Cuba reduced the duty to 20 cents a
crate, and the Collector of Customs refused to take more
than that amount.
A Washington dispatch of Nov. 12 to the New York
"Journal of Commerce" quoted Mr. Loomis as follows:
Mr. Fletcher contends that the reduction represents exercise of powers
not authorized by the Constitution.
Mr. Loomis predicted to-day that the suit under normal condition will be
heard by the United States Customs Court, during the December term.
Asserting that the association is prepared to force the issue until it is
"fairly presented" to the Supreme Court, Mr. Loomis said to-day.
"l'he Cuban reciprocity agreement went into effect just before the opening of our Florida 1934-35 fruit and vegetable shipping season. The result
to the growers and property owners in the State of Florida was disastrous.
Brands Claims False
"Experience of this past season has again demonstrated the absolute
falsity of the claim that these Cuban products can be admitted into our
markets during certain months of the year without coming in competition
with products of Florida and other Southern States. Rate reductions in
most cases begin Dec. 1, and continue for three, four or five months. This
year's experience proves beyond question that the admission of Cuban
products during this period is most harmful.
"We are not bringing this case upon an economic argument, however. We
believe and are advised that Congress has no constitutional authority to delegate its power of tariff making as it is delegated in the Reciprocity Tariff
Act. This improper delegation by Congress of power to the President
should be brought to the attention of the Supreme Court in order that a
proper remedy may be applied. For that reason, the Florida Agricultural Tariff Association has undertaken to sponsor this action at law."
Mr. Loomis pointed out that while this particular case is brought with
reference only to one particular commodity, imported from Cuba, the net
effect of a "favorable" decision in Customs Court or the high court will
be to invalidate not only the Cuban agreement, but every other agreement
which has been negotiated under the reciprocal trade Act and put an end
to all negotiations for future pacts.
3158
Financial Chronicle
Nov. 16 1935
Government Wins Preliminary Supreme Court Test on $1,300,000,000 wholly-owned mortgages outstanding against the comNew Deal Laws—Tribunal Refuses to Rule at This panies when rehabilitation proceedings began.
so I
Figures on interest payments on wholly-owned mortgages, by companies.
Time on Suits Against Amended AAA and Guffey
In the period from Jan. 1 1934 to Sept. 30 1935 are as follows:
Coal Control Act
Whole Mortgages—
Name of Company—
ilmounl
No. of Checks
On Nov. 11 the United States Supreme Court declined to Bond
Sc Mortgage Guarantee Co
185,648 220,962.954.01
pass on three important cases involving New Deal legislation, First Mortgage
Guaranty dr Title Co
151
66,836.52
157,338.03
the cases involve the constitutionality of the amended Greater New York-Suffolk Title et Guarantee Co
1,137
Hempstead Bond & Mortgage Guarantee Co
1
172.50
Agricultural Adjustment Act's processing taxes and the Home
Title Insurance Co
2,493,969.03
29,507
Guffey Coal Control Law. The Court refused to review Hudson Counties Title & Mortgage Co
24,802.82
428
mortgage Co
7,484,555.73
59,698
decisions of lower tribunals favorable to these laws, and it Lawyers
Lawyers Title & Guaranty Co
3,402,275.59
54,201
also permitted the Government to intervene as "a friend of Lawyers Westchester Mortgage & Title Co
424,951.80
2,249
Lehrenkrauss Mortgage Sc Title Guarantee Co
3,997.11
the Court" in a Texas case involving the validity of the Long
Island Title & Guarantee Co
28,329.23
332
Bankhead Cotton Control Act. The Supreme Court's rejec- Mineola Bond & Mortgage
9,537.86
Guaranty Co
86
Mortgage Corp
128,128.47
1,618
tions included a plea of the Washburn-Crosby Co. of Minne- National
National
Guaranty Co
307,802.24
2,744
apolis for an immediate ruling on the amended processing New YorkTitle
Title & Mortgage Co
6,220,485.29
54,763
Title* Mortgage Co
892,622.30
4,907
taxes, and the request of James Walter Carter, President of State
Title dc Mortgage Guarantee Co., of Buffalo
137,878.04
1,255
the Carter Coal Co. of West Virginia, to prevent collection Title
& Mortgage Guaranty Co.,of Sullivan County---574.02
4
174,766.31
of the Guffey Coal Tax and also to obtain a restraining order Union Guarantee & Mortgage Co
503
Westchester
Title
dr
1,177,717.78
Trust
7,497
Co
to stop posting of a $15,000 bond while his case is still pending
Total
in the 'District of Columbia Supreme Court.
406,725 $43,889,494.68
A Washington dispatch of Nov. 11 to the New York
"Times" outlined these cases as follows: •
8.7% Fewer Corporations Reported No Net Income in
The Government also won a point when the Court agreed to allow the
1933 Than in 1932—Treasury Analyzes Corporation
Department of Justice to plead in a test of the Bankhead Cotton Control
Income Tax Returns for Two Years
Law, brought by Lee Moor, Texas cotton shipper, against a railroad.
kurther evidence of business recovery in the year 1933 is
Meanwhile further attacks against the AAA processing taxes came
indicated in an analysis, made public by the Treasury Defrom eight Louisiana rice millers, who asked the Court for an injunction
to stay collection of the levies for September, amounting, their lawyers
partment of corporation income tax returns for the years
said, to about *200,000.
1932 and 1933. Of 446,842 corporations which filed returns
for 1933,337,056, or 75.4%, showed no taxable net income,
Sought Union with lloosac Case
as compared with 369,238, or 81.7%,in 1932. The Treasury
The Washburn-Crosby counsel were eager to have the Court consolidate
points out that this represented a decrease of 8.7% in the
their issue with the argument over the suit of the Hoosac mills against the
processing taxes, now set for Dec. 9.
number showing no net income.
But the Court's ruling to-day means that the flour milling concam must
Total compiled receipts of these corporations in 1933
now await the decision of the Eighth Circuit Court of Appeals on the comamounted to $37,327,000,000, as compared with $49,783,pany's challenge that collection of corn and wheat taxes since the AAA
000,000 in 1932, while compiled net deficits were $4,510,amendments last August is illegal.
000,000, as compared with $6,567,000,000 in 1932. Cash
Mr. Carter had likewise sought an opportunity to "jump" a lower
dividends paid in 1933 were $742,000,000,as against $1,565,court to get a Supreme Court ruling. He is trying to avoid having his
company sign the Coal Code, and while he sought a review of the basic
000,000 in 1932.
issue of the Guffey law, his chief concern was to have the court intervene
Other supplementary data on corporation returns were
and prevent posting of the $15.000 bond designed to indemnify against
made public by the Treasury on Nov. 5. These were sumlosses through failure to pay the tax.
marized as follows in a Treasury press release:
The Carter suit proceeded in the
Court to-day with
District of Columbia
'seder Lubin, Commissioner of Labor Statistics, and F. E. Birgquist,
Chief of the Bituminous Section of the NRA Division of Reviews, appearing as Government witnesses.
Opportunity for the Government to argue in the Bankhead lawsuit
early in the week of Dec. 9, was granted by Chief Justice Hughes. Mr.
Moor's attorneys sought to have the Government barred from arguing on
the right of lower courts to entertain the suit. They asked that Solicitor
General Reed be compelled to adhere to the question of validity of the law,
but the Chief Justice declined.
No Limit Put on Argument
"This is a case of great public importance and the Government will be
allowed to argue without limitations as to the question," Mr. Hughes said.
Arguments were laid before the Court by the Government in a brief
opposing Georgia's effort to test the Bankhead Act through an original
suit. Georgia claims the law is badly damaging its chances of selling cotton
from its State-owned farms.
Without going into a discussion of the validity of the law, Mr. Reed
In his brief maintained that the suit was essentially against the United
States, which may not be sued without its consent and which has not
agreed to be sued.
He argued that Secretary Morgenthau, Secretary Wallace, AttorneyGeneral Cummings and the Internal Revenue Commissioner, Guy T.
Helvering, named by Georgia in the suit to stop the Bankhead taxes,
were only "nominal" defendants, and "have no Individual interest in
enforcement of the law."
rhe Solicitor General insisted that the case was not within the Supreme
Court's jurisdiction. No acts were threatened that would justify an injunction by the court, he maintained.
Superintendent of Insurance Reports $61,804,000
Interest Payments on Guaranteed Mortgages
Taken Over by State Insurance Department
Superintendent of Insurance Louis H. Pink on Nov. 8
reported the payment of $61,804,000 as interest to the holders
of wholly-owned mortgages guaranteed by the title and
mortgage guaranty companies in rehabilitation or liquidation
under the supervision of the Insurance Department. These
payments cover the period from August 1933, when the first
companies were taken over by the Department until Sept. 30
1935. Of this amount$43,889,495 necessitating the writing of
406,725 checks has been paid out since Jan. 1 1934. Payments of interest to holders of certificated mortgages are not
included here because the certificates are now under the
control of the State Mortgage Commission.
Superintendent Pink also reported the refunding with the Home Owners'
Loan Corporation since Jan. 1 1934 of 9,246 mortgages with an aggregate
principal amount of $46,035,611. It Is estimated that $40,448,000 of these
refunded mortgages were wholly owned mortgages and that $2,871,000
were certificated, leaving $2,716,000 company owned mortgages refunded.
There remain pending before the HOLC applications for the refunding of
2,813 mortgages aggregating $15.266.290 in principal amount.
Schedules made public offer additional evidence of the progress which
has been made in conducting the affairs of the guaranteed mortgage companies. These figures indicate that the guaranty liability continues in
force for 98,000 guaranteed wholly-owned mortgages amounting to 11813,158,257 in principal amount. It is interesting to note that more than
$56,000,000 has been liquidated through amortizations, full satisfactions
remitted or HOLC refunding.
In addition to this decrease in whole mortgages, agency revocations have
amounted to $414.000,000 since January 1934. Thus it may be estimated
that wholly-owned mortgages amounting to $339,000,000 are now being
serviced by the Superintendent's servicing corporations. There were some
Of 446,842 active corporations which filed returns for 1933, 109.786 or
24.6%, showed net income, as against 82,646, or 18.3% of the total, for
1932. This is an increase in the number showing net income of 32.8%•
Total compiled receipts of these corporations were $48,907,000,000. as
against $31,855,000,000 for 1932, a rise of 47.3%. Income tax liability
for 1933 increased to $416,000,000 from $286,000,000 for 1932, a rise of
45.5%. Compiled net profit was $3,580,000,000, compared with $2,738,000,000, an increase of 30.8%. Cash dividends rose 2.8%. to $2,386.000.000 from $2,320,000,000.
Report of Operations of RFC Feb. 2 1932 to Oct. 31
1935—A ut h oriza ti on s During Period Totaled $10,281,361,454—$901,871,734 Canceled—Expenditures
for Activities of Corporation Amounted to $5,-
693,931,729
In a report issued Nov. 4, Jesse H. Jones, Chairman of the
Reconstruction Finance Corporation, reports that authorizations and commitments of the Corporation in the recovery
program to Oct. 31, including disbursements of $738,364,560
to other governmental agencies and $1,299,971,901 for relief,
have been $10,281,361,454. Of this sum, it is noted, $901,871,734 has been canceled and $987,865,593 remains available to the borrowers and to banks in the purchase of preferred stock and capital notes. The relief disbursements
include $299,984,999 advanced directly to States by the Corporation, $499,986,902 to the States upon certification of the
Federal Emergency Relief Administrator, and $500,000,000
to the Federal Emergency Relief Administrator under provisions'of the Emergency Appropriation Act-1935,the report
said. Of the total disbursements, $5,693,931,729 was expended for activities of the Corporation other than advances
to governmental agencies and for relief, and of this sum
$3,076,847,659, or approximately 54%, has been repaid.
The following is also from Mr. Jones's report issued Nov. 4:
Loans authorized to 7,453 banks and trust companies aggregate $2,895,595,918. Of this amount $360,212,885 was withdrawn or canceled and
$125,603,554 remains available to the borrowers and $1,909,779,480 was
disbursed. Of this latter amount $1,497,470,474, or 78%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6,971 banks and trust companies aggregating
$1,288,687,850, and 1,122 loans were authorized in the amount of $28,227,455 to be secured by preferred stock, a total authorization for preferred stock, capital notes and debentures in 7,245 banks and trust companies
of $1,266,915,305. 8108,214,838 of this was canceled or withdrawn and
$127,892,230 remains available to the banks when conditions of authorizations have been met.
Loans have been authorized for distribution to depositors of 2,655 closed
banks aggregating *1,149,581,390. $179,601,512 of this amount was canceled or withdrawn and 8116,581,120 remains available to the borrowers.
$853,418,757 was disbursed and $586,441,419 has been repaid.
Loans have been authorized to refinance 563 drainage, levee and irrigation
districts aggregating $119,651,191, of which $3,254,254 was withdrawn or
canceled and $73,258,035 remains available to the borrowers. $48,138,902
has been disbursed.
One hundred and sixty-two loans aggregating f16,347,275 have been
authorized through mortgage loan companies to assist business and industry
in co-operation with the National Recovery Administration program. $10,694,947 of this amount was withdrawn or canceled and $87,343 remains
available to the borrowers. $5,564,985 was disbursed and $678,773 has
been repaid.
Under the provisions of Section 5(d), which was added to the Reconstruction Finance Corporation Act, June 19 1934, the Corporation has
Financial Chronicle
Volume 141
authorized 1,349 loans to industry aggregating $87,356,997. $16,858,987
of this amount was withdrawn or canceled and $37,578,932 remains available
to the borrowers. In addition, the Corporation has authorized, or has agreed
to, purchases of participations aggregating $11,396,468 of 244 businesses,
$2,679,964 of which was withdrawn or canceled and $5,288,431 remains
available.
The Corporation has purchased from the Federal Emergency Administration of Public Works 683 issues of securities having par value of $217,958,700. Of this amount securities having par value of $95,716,900 were
sold at a premium of $2,989,020, but $3,903,300 were not actually paid
for and delivered to the close of business Oct. 31 1935. Securities having
par value of $23,582,700 purchased from the P1VA were subsequently collected at a premium of $25,556, and securities having par value of $98,659,100 are still held. In addition, the Corporation has agreed to purchase,
at par, to be held and collected or sold at a later date, such part of securities having an aggregate par value of $109,869,000 as the PWA is in a
position to deliver from time to time.
According to the report, disbursements and repayments
to Oct. 31 for all purposes were as follows:
Loans under Section 5:
Disbursements
Repayments
Banks and trust companies (incl. receivers)-$1,898,666,675.57 $1,486,937,777.00
Railroads (including receivers)
. . •
74,312,512.93
Federal Land banks
387,236,000.00
335,079,679.75
Mortgage Loan companies
306,751,179.17
174,980,409.28
Regional Agricultural Credit corporations.-173,243,640.72
173,243,640.72
Building & loan associations (incl. receivers)_
116,430,495.46
108,071,608.73
Insurance companies
89,519,494.76
79,508.044.65
Joint Stock Land banks
15,659,372.29
13,330,022.03
Livestock credit corporations
12,937,732.81
12,036,400.87
State funds for insurance of deposits of public
moneys
10,764,631.18
9,717,433.81
Federal Intermediate Credit banks
9,250,000.00
9,250,000.00
Agricultural credit corporations
5,562,890.94
4,709,392.19
Credit unions
600,095.79
270,570.63
Fishing industry
94,500.00
2,500.00
Processors or distributors for payment of
processing tax
14,718.06
14,150.38
Total loans under Section 5
$3,513 853,998.86 $2,481,464,142.97
Loans to Secretary of Agriculture to purchase
cotton
3,300,000.00
3,300,000.0c
Loans for refinancing drainage, levee and irrigation districts
43,138,902.20
53,400.34
Loans to public school authorities for payment
Of teachers' salaries
22,300,000.00
22.300.000.00
Loans to aid in financing self-liquidating construction pro'ects (Including disbursements
of $9,766,805.90 and repayments of $583,836.85 on loans for repair and reconstruction
of property damaged by earthquake, fire and
tornado)
184,585,630.56
5,087,057.63
Loans to aid in financing the sale of agricultural
surpluses in foreign markets
20,224,586.66
5,924,521.19
Loans to industrial and commercial businesses_
36,347,152.2
1,713.833.63
Loans to mining businesses (Section 14)
833,000.00
Loans on assets of closed banks (Section 5e).._
11,112,803.93
10,532,697.37
Loans to finance the carrying and orderly marketing of agricultural commodities and
livestock:
Commodity credit corporation for:
•
Loans on cotton419,588,982.29
161,833,829.91
Loans on corn
' 124,988,074.92
124,988,074.92
Loans on turpentine
6,912,156.21
921,446.14
Other
16,309,814.18
7,937,394 25
Total loans, exclusive of loans secured by
preferred stock
$4,403,495,102.08 $2,836,056,398.35
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (including $22,835,110.00 disbursed and $2,948,579.14 repaid on loans secured by preferred stock)
1,031,008,439.53
124,108,472.86
Purchase of stock of the RFC Mortgage Co.-10,000,000.00
Loans secured by preferred stock of insurance
companies (including $100,000 disbursed for
the purchase of preferred stock)
30,375,000.00
192,000.00
Total
$1,071,383,439.23
Federal Emergency Administration of Public
Works security transactions
219,053,188.09
Total
$124,300,472.86
116,490,788.09
$5,693,931,729.40 $3,076,847,659.30
Allocations to governmental agencies under provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp. $200,000,00,..00
Capital stock of Federal Home Loan banks
88,795,700.00
Farm Loan Commissioner for loans to:
•
Farmers
145,000,000.00
Joint Stock Land banks
2,600,000.00
Federal Farm Mortgage Corporation for loans
to farmers
55,000,000.00
Federal Housing Administrator:
To create mutual mortgage insurance fund
10,000,000.00
For other purposes
24,000,000.00
Secretary of Agriculture for crop loans to
farmers (net)
115,000,000.00
Governor of the Farm Credit Administration
for revolving fund to provide capital for
Production Credit corporations
40,500,000.00
Regional Agricultural Credit corporations for:
Purchase of capital stock
44,500,000.00
Expenses:
Prior to May 27 1933
3,108,399.13
Since May 26 1933
9,860,460 63
Total allocations to governmental agencies- - 8738.364.559 76
For relief:
To States directly by Corporation
$299,984,999.00
To States on certification of the Federal Relief Administrator
499,986,902.04
Under Emergency Appropriation Act-1935_
500,000,000.00
Toil for relief
$1,299,971,902.04
Interest on notes Issued for funds for allocations
and relief advances
17,573,464.37
Grand total
$ .182,001.00
$3.182,001.00
-87,749,841,654.57 $3,080,029,660.30
The loans authorized and authorizations canceled or withdrawn for each railroad, together with the amount disbursed
to and repaid by each are shown in the following table (as
of Oct. 31 1935) contained in the report:
Authorizations
Canceled or
Authorized Withdrawn Disbursed
Aberdeen & Rockfish RR. Co
127,000
Alabama Tennessee & Northern RR.
275,000
Corp
2,500,000
Alton RR. Co
634,757
Ann Arbor.RR. Co. (receivers)
Ashley 1)rew & Northern By. Co.__
400,000
Baltimore & Ohio RR. Co.(note)_ _ _ 77,125,000
127,000
Repaid
17.000
275,000
2,500,000
605,367
634.757
34,757
400,000
50,000
14,600 77,110,400 12,144,900
3159
Authorizations
Canceled or
Repaid
Authorized Withdrawn Disbursed
$
$
I
$
Birmingham & Southeastern RR.Co.
41,300
41,300
Boston & Maine RR
7.569.437
7,569.437
Buffalo Union-Carolina RR
53,960
53,960
9,077
Carlton & Coast RR. Co
549,000
13,200
535,800
230,028
3,124,319
3.124.319
Central of Georgia By. Co
464,298
464,298
Central RR. Co. of New Jersey
500,000
35,702
155,632
5,916,500
Chicago & Eastern Illinois RR.Co
5,916,500
L000 46,588,133 3,938,000
Chicago & North Western RR. Co
46,589.133
838
Chicago Great Western RR. Co_
1.289,000
1,289,000
Chicago Milwaukee St.Paul& Pacific
538
RR.Co
12,000,000 500.000 11,500,0C..
Chicago North Shore & Milwaukee
1,150,000
1,150,000
RR.Co
13,718,700
Chicago R. I. & Pacific By. Co
13.718,700
Cincinnati Union Terminal Co
10,398,925 2,098,925 8,300,000 8,300,000
Colorado & Southern Ry. Co
28,978.900
53,600 28,925,300 1,000,000
Columbus dr Greenville By. Co
60.000
60,000
53,500
53,500
53,500
Copper Range RR. Co
500,000
8,300,000 219,000 8.081,000
Denver & R. G. Western RR. Co_
71,300
3,182,150
Denver & Salt Lake Western RR.Co. 3,182,150
16,582,000
4.690
16,582,000
Erie RR. Co
3,000
3,000
Eureka-Nevada Ry. Co
627,075
717,075
90,000
Florida East Coast Ry. Co.(rec.)
227,434
227,434
Fort Smith & Western By. Co.(rec.)
15,000
Fredericksburg & Northern By. Co_
15,000
Gainesvine Midland By. Co. (rec.) _
10,539
10,539
Galveston Houston & Henderson RR
1,061,000
1,061,000
Co
354.721
354,721
Georgia & Florida RR. Co.(rec.)._ _
6,000,000 6,000,000
6.000,000
Great Northern By. Co
3,915
13,915
13,915
Greene County RR. Co
520,000
520,000
520.000
Gulf Mobile & Northern RR. Co.__
80.000
22,667 17,840,333
17,863,000
Illinois Central RE.Co
9,500,000 1,000,000 8,500.000
Lehigh Valley RR.Co
800,000
800,000
800,000
Litchfield & Madison By. Co
2,550,000
109,670
2,550,000
Maine Central RR. Co
100,000
100,000
Maryland & Pennsylvania RR. Co
Meridian & Blgbee River By. Co.
700,000
1.729,252 744,252
(trustee)
547.325
6,843,082
Minn.St. P.& S. S. Marie By. Co... 6,843,082
100,000
25,000
100.000
Mississippi Export RR. Co
2,300,000
Missouri-Kansas-Texas RR. Co__ _ _ 2,300,000
23,134.800
23,134,800
Missouri Pacific RR.Co
99,200
99,200
Missouri Southern RR. Co
785,000
785,000
785,000
Mobile & Ohio RR. Co
193,000
1,070,599
Mobile & Ohio RR. Co. (receivers) _ 1,070,599
25.000
25.000
Murfreesboro-Nashville Ry.Co
27,499,000
27.499,000
New York Central RR. Co
18,200,000 2,688,413
New York Chicago & St. L. RR. Co. 18.200,000
13.724
7,699,779
221
New York N.H.& Hartford RR.Co. 7.700,000
29,500,000 600,000 28.900,000 28,900,000
Pennsylvania RR. Co
3,000,000
3,000,000
Pere Marquette By. Co
10,000
1,500
10,000
Pioneer & Fayette RR. Co
4.475.207
Pittsburgh & West Virginia RIO. Co_ 4,475,207
300,000
300.000
Puget Sound & Cascade Ry. Co_
7,995.175 2,805,175
7,995,175
St. Louis-San Francisco By. Co _ _
200,000
200,000
Salt Lake & Utah RR. Co.(rec.)_
162,600
162,600
Sand Springs By. Co
23,200,000 1,200.000 22,000.000
Southern Pacific Co
14,751,000
257,460
14.751,000
Southern By. Co
31,800
100,000
100,000
Sumpter Valley By. Co
147.700
147.700
Tennessee Central By. Co
108.740 108,740
Texas Oklahoma & Eastern RR. Co_
700,000
700,000
700,000
Texas & Pacific By. Co
30,000
30,000
30,000
Texas South-Eastern RR. Co
81
39,000
6.000
45,000
RR.
Co
Tuckerton
790,000
18,790,000 117,750 18,672,250
St. Louis-Southwestern By. Co
15.731,583
15.731,583
Wabash By. Co. (receivers)
4,366.000 1,403,000
4,366,000
Western Pacific RR. Co
25,000
400,000
400,000
Wichita Falls & Southern RR. Co
22,525
22,525
22,525
Wrightsville & Tennille RR
494,375,728 6,968,156 487,122,572 74.312,513
Totals
In addition to the above loans authorized, the Corporation has approved
in principle loans in the amount of $130,922,097 upon the performance of
specified conditions.
NOTE.-Loans to the Baltimore & Ohio RR. Co. outstanding amounting to
$64,965,500 are evidenced by collateral notes of the railroad in the total
face amount of $65,100,400. Part of the outstanding loans was refunded
0 secured note due Aug. 1
by acceptance of the railroad's five-year 4%.7
1939, in the amount of $13,490,000, at a discount of 1%, equivalent
to $134,900.
Department of Commerce Estimates Net Depression
Losses at $26,631,000,000-Survey Finds Gains
However in 1933 and 1934-Agriculture Shows
Greatest Relative Improvement
The five depression years of 1930 to 1934, inclusive, have
cost American business $26,631,000,000 in savings, Robert R.
Nathan, chief of the Income Section of the Division of Economic Research, said in the "Monthly Survey of the Current
Business," published Nov. 11 by the Department of Commerce. Sharp decreases in such losses in 1933 and 1934, however, brought the line of income produced on the national
chart closer to the line of income paid out, Mr. Nathan found.
Net income paid out on this chart represents the amount
paid to individuals by business from resources for their productive services, whether labor, management, or the furnishing of capital. Net income produced represents the value
of all commodities produced or services rendered after depreciation of capital equipment and depletion of raw materials.
Mr. Nathan's survey was summarized as follows in a
Washington dispatch of Nov. 11 to the New York "Times":
In 1929 the income•produced line was above the paid-out line, indicating
that business of the country, after making the net income paid out available,
retained a portion of the product. The lines crossed in the end of 1929
and rapidly drew apart through 1930 and 1931, until a gap representing
business losses, after dividends, wages, promotional withdrawals, and the
like, or the drain on business resources to maintain the income paid out,
reached its widest in 1932 and indicated business losses at $8,817,000,000.
National Income Rising
Since then the lines converge, Mr. Nathan's studies show, drawing together
until the preliminary figures for 1934 indicate business losses of $1,628,000,000, and the lines indicating both forms of national incomes are proceeding upward and drawing rapidly closer.
Translated into figures, the lines show that the national income produced
was $81,034,000,000 in 1929, $67,917,000,000 in 1930, $53,584,000,000
In 1931, $39,545,000,000 in 1932, $41,889,000,000 in 1933, and $48,561,000,000 in 1934.
These figures were obtained by adding the business savings in the case
of 1929 and subtracting the business losses in the case of the succeeding
year to or from the net income paid out for each year.
3160
Financial Chronicle
Mr. Nathan, however, warned against looking at these figures as an
indication of national wealth.
"Statistics of business savings and losses shed but little light upon changes
in the wealth of the nation," he wrote.
Taking note of the influence of price fluctuations and of the volume of
savings of individuals as the most important factors in changes of the
dollar volume of national wealth, Mr. Nathan nevertheless found that business savings on losses are significant "in reflecting the extent to which
business enterprises retain a portion of the net product during periods of
prosperity and also the extent to which they maintain payments during the
periods of depressions by drawing upon existing resources.".
After citing the depression loss as $26,631,000,000 for the years 1930
through 1934, Mr. Nathan said:
"While these estimates of the national income present striking evidence
of the impact of the depression upon our economic structure, it must be
recognized that the national income is measured in terms of dollars, and the
price level is an important influence in determining the movement of the
estimates.
"While income produced was declining 51% from 1929 to 1932, the
Bureau of Labor Statistics index of wholesale prices fell 32%. During
the next two years income produced rose 23%, while the wholesale price
index increased 16%.
"Since income produced represents the net value of services rendered as
well as commodities produced, and since the wholesale price index represents
only commodities, it cannot be used to deflate the income estimates.
"It is. apparent, however, that the fluctuations in the national income
were more than mere price phenomena and that there was a substantial
reduction from 1929 to 1932 and an increase from 1932 to 1934 in the
volume of goods produced and services rendered in the United States.
"The marked decline and subsequent rise in the total number of persons
employed and commodities produced during this period tend to substantiate
this conclusion."
Nov. 16 1935
term business are not in conflict with, but wholly in harmony with, mass
Interests.'
"It now becomes the task of business, in co-operation with the Department of Commerce, to see that imaginary oppositions of interests are
eliminated and that American business, in accordance with the President's
clear cut statements, is able to move forward aggressively into a future of
greater progress.
"In our form of society there can be no toleration of efforts to divide our
people into two groups—the 'Haves' and the 'Have Note.' The creation
of any such line of demarcation is unthinkable in our democracy. The
objective of democracy is to bring about a greater distribution of benefits
through evolution, not confiscation through any revolutionary methods."
Secretary Roper then launched into a lengthy defense of business, which
he said had been made the "scape-goat" of the depression.
He said that business men themselves are among the first to admit
that corporate management in the decade following the World War made
many mistakes and allowed evils and abuses to develop which later contributed to the severity and extensiveness of the depression.
"But," he added,"business leadership generally in those years displayed
greater vision and ingenuity than did the leadership in many other fields.
Including those of government and finance."
In his praise for big business, Secretary Roper said that the incentive to
build and construct on a large-scale basis has been one of the greatest
assets in the development of our Nation up to the present time.
"I conceive it as the fundamental duty of the Department of Commerce
to endeavor," he said,"to see that no extreme measures are initiated which
may have deterrent effects upon business recovery. With the consistent
support and co-operation of business, we will win in this objective.
"Just and reasonable profits cannot be considered synonymous with
profiteering, nor bigness with badness." Secretary Roper reiterated. "It
is rather integrity in big and little business which needs to be stressed.
Every effort will be made to guarantee all businesses their proper and
profitable place in our economic system."
A major plank in the Department of Commerce platform to aid business
will be found, he said, in "vigilant endeavors directed to clear the debris
from profit-making avenues so that a constantly increasing volume of
money will find its way into greater working capital and plant and equipment expenditures."
The unemployed, he felt, will be absorbed In private industry when and
as more extensive profit-making develops.
Secretary Roper went into detail concerning the Department of Commerce plan to stimulate industry and business. It involved, he said, conferences with industries looking toward solution of mutual difficulties,
studies on new methods and ways to reduce distribution wastes, improvement in statistics and exchange of visits with business men in other countries
in an effort to promote foreign trade.
"Breathing Spell" to Be Permanent, Secretary Roper
Declares—Says Reform Legislation is Completed,
and Business Need No Longer Fear Uncertainties
The "breathing spell" for business, recently referred to
by President Roosevelt in a letter to Roy Howard, is permanent, and the Administration program of basic reform
has been completed, Secretary of Commerce Roper told
the annual convention of the Associated Grocery Manufacturers of America in New York on Nov. 13. Secretary
Roper's speech was regarded as of particular importance,
An item relative to the correspondence which passed
because it reputedly had the official approval of the White
House. Business, Mr. Roper said, need no longer feel any between President Roosevelt and Mr. Howard, referred to
"uncertainty as to what may come with respect to Govern- above appeared in our issue of Sept. 7, page 1532.
mental measures!' He added that President Roosevelt's
"breathing spell" declaration means "specifically that the
Retirement of Government From Private Business
basic program of reform has been completed," and that while
Fields Urged by President Hecht at Annual Conexperience may make necessary some modification and
vention of American Bankers Association—Dangers
adjustment of existing laws, "such changes, if made, will
Cited by Mr. Hecht in Social Relief—Modificaton
function to improve those relationships which are so essential
Urged of Laws Governing Postal Savings System
to National progress." Further extracts from Mr. Roper's
Immediate steps to take the Federal Government out of
speech follow, as given in the New York "Herald Tribune" the
many fields of business activity in which it has become
of Nov. 14:
engaged were urged by Rudolf S. Hecht, Chairman of the
Throughout his speech Secretary Roper sought to allay any fears that
Board, Hibernia National Bank, of New Orleans, in his
business men might have in regard to Administration policies. He defended
address as President of the American Bankers Association
big business with the declaration: "I am convinced that if we are to be
at the opening general session of the Association's annual
motivated primarily by the assumption that bigness must be penalized
convention in New Orleans on Nov. 12.
and restricted merely because of its size, broad and penetrating recovery
Mr. Hecht declared that the emergency which brought
will be impossible."
He also came out clearly for continuance of the profit system. "Busiabout the Government's business activities is passing and
ness profits," he said, "cannot be penalized, or the profit-and-loss system
referred to assurances given by President Roosevelt at the
will suffer with a bad case of angina pectoris.
last Bankers' Association convention that he favored the
"Businesses making profits during the depression have been held up to
curtailment of activity by the Government's financial
censure because it was pointed out that millions were unemployed, while
agencies as fast as the banking institutions of the country
companies were actually paying dividends. This contrast is unfair. As
could demonstrate their willingness and ability to resume
long as we maintain our present capitalistic system—and it will be maintheir normal functions. More recent statements of the
tained—no obstructions or deterrents must be permanently set up to
prevent fair and reasonable profits."
President, he stated, have borne out this even more emSecretary Roper,in clarifying the recent "breathing spell" correspondence
phatically. Mr. Hecht said:
between President Roosevelt and Roy W. Howard of the Scripps-Howard
newspapers, said that publication of the letters brought a multitude of
interpretations, many of which were "inaccurate."
Explains "Breathing Spell"
"It will be recalled," Secretary Roper said, "that in the letter addressed
about two months ago by Roy Howard to the Chief Executive the President's
answer to Mr. Howard's communication became the subject of much
newspaper discourse and comment. The headlines and news stories featured
the fact that the President had promised business a 'breathing sepell.' A
multitude of interpretations resulted, with considerable conjecture expressed as to what was meant by 'breathing spell.'
"There were those who stated that the 'breathing spell' literally meant
only a brief cessation of governmental restriction and regulation, to continue
only from September until the reconvening of Congress in January. Various
inaccurate implications and deductions resulted.
"In his letter Mr. Howard said: . . . 'there can be no real recovery
until the fears of business have been allayed through the granting of a
breathing spell to industry.' Please, therefore, keep in mind that Mr.
Howard, and not the President, first used the words, 'breathing sell,' and
in this light let me now read the President's words:
"This Administration came into power pledged to a very considerable
legislative program. It found the condition of the country such as to
require drastic and far-reaching action. Duty and necessity required us to
move on a broad front for more than two years. It seemed to Congress and
to me better to achieve these objective as expeditiously as possible in order
that not only business but the public generally might know those modifications in the conditions and rules of economic enterprise which were involved
in our program. This basic program, however, has now reached substantial completion and the 'breathing spell' of which you speak is here—
very decidedly so."
"This declaration of the President's is clear cut and concrete," Secretary
Roper emphasized. "It means that business no longer needs to feel any
uncertainty as to what may come in the future with respect to governmental
measures. Experience may make necessary some modification and adjustment of existing laws, but such changes, if made, will function to improve
those relationships which are so essential to National progress.
"To those who insist that there is an antagonism of objectives between
the Federal Government and business. I wish to call to their attention, also,
this pronouncement of the President's; 'The interests of what we broadly
I fear that there are in the President's entourage in Washington many
who do not share these views he has so recently reiterated, and who not
only believe that the operations of these Government agencies should be
made permanent but that they should in fact be considerably expanded.
On the other hand, I believe that, regardless of political affiliations, bankers
throughout the country are opposed to any socialization of our economic
life. They share the conviction that we must put up a strong fight against
this tendency toward increased Government control of banking and credit,
and they think we are justified in taking the President at his word and in
aiding and encouraging him in every way to withdraw Government from
business as rapidly as the improving times will permit."
Calling attention to the fact that the number of Federal
executive department employees rose from 555,000 in July
1933 to 712,000 in May 1935, that there are in all Federal
services 1,438,000 persons and that some 2,409,000 persons
are on the various Federal relief roles, Mr. Hecht declared it
becomes a Herculean task for the Administration to reverse
its policies and reduce the numbers now carried on the
Federal payrolls. He went on to say:
Clearly, it will take a well informed and widespread public opinion to
remedy this situation. It will require the removal of all barriers to the
restoration of business to full normal health to again absorb those and
millions of others now employed.
I do not for a moment condemn or criticize the stated objectives of these
governmental activities, but after all these activities are palliatives and,not
real remedies which could effect a cure. Accordingly they should not be
used on a permanent basis lest they become a drug, but should be done
away with gradually now that the patient is definitely on the road to
recovery.
Mr. Hecht urged upon the bankers the duty of recognizing
their social responsibility in the conduct of their business.
Emphasizing his belief in a cert4in measure of governmental
supervision over banking practice and the total volume of
credit, he declared that our so-called capitalistic system "can
hope to live and succeed only if out of the chaos of the past
Financial Chronicle
Volum* 141
few years there shall develop a new prosperity based on
ethical as well as material progress and on a greater sense of
social responsibility on the part of those who have so much
toward those who have little." He declared no one should
be intolerant toward the principles of sincere social legislation, but "we must take care lest the multiplicity of governmental activities for social relief will so heavily increase
taxation as to crush individual initiative and become a
serious deterrent to the proper development of business and
industry."
Mr. Hecht declared it is a mistake to permit the public to
believe we can go on spending from the Federal Treasury
indefinitely. Citing the amount of the present debt of 29
billions, with contingent liabilities of 6 more billions, he
asserted the time has come to realize that Government
expenditures must be met by means other than further
increases in the national debt. In a few more years, he
said, "even this rich nation can reach the point where the
size of its Government debt may become a serious problem."
Referring again to the competition the Government i
giving banks, Mr. Hecht stressed the recent expansion of the
Postal Savings System. This competition, he said, which
comes through relatively high interest rates and liberal
withdrawal privileges, is unfair, "and since every depositor
can now get full protection for his deposits up to $5,000
through any member of the Federal Deposit Insurance
Corporation the need for the Postal Savings System has
really passed, except perhaps in such rural communities as
do not enjoy other banking facilities. A serious effort should
therefore be made at the coming session of Congress to at
least modify, if not abolish, the law governing the Postal
Savings System."
Mr. Hecht also declared his belief that "in view of the
ample banking facilities already existing, we should do all in
our power to prevent a new over-production of banks
through the indiscriminate chartering of new banks with
small capital in places which are either not large enough to
support a bank, or in which there already are available
sufficient banking facilities to take care of their reasonable
requirements." In this respect, he pointed out, the new
authority of the FDIC gives its Board of Directors power to
determine the economic necessity for creation of a new
bank before that bank may be admitted to the benefits of
the Corporation's insurance fund.
Looking to the future, Mr. Hecht said there are many
sound reasons for taking a cheerful view. In part, he stated:
I would not like to be understood as predicting any sudden increase
In our business activities, or anything remotely resembling a boom. I
merely believe we have definitely turned that proverbial "corner," that
the growth and progress of America, retarded by the events of the past
five years, will be resumed, and that the problems and difficulties which
still are facing us will be conquered as were similar obstacles in the past.
For the new responsibilities and opportunities which this new era will
bring with it for the business of banking we are, I am sure, well prepared.
The drastic ordeal of the long depression and the recent legislation have
purged banking of the major sources of its weaknesses, and certainly the
bankers who have survived the trials and tribulations of the past few years
will have the courage and the ability to meet whatever problems may
lie ahead.
He said he felt sure the bankers of the country are united
in their opposition to any change in our fundamental form
of government which would alter the spirit "or impair the
basic principles of our Constitution, or to any attempt which
would undermine this bulwark of our national strength and
protection of equal rights to all our people."
Retirement of Government From Control of Industrial
and Financial Enterprise Urged in Resolution
Adopted By American Bankers' Association—.
Economic Policy Commission Finds Lag In Business Due to Continued Unemployment—Advocates
Long-Term Capital Issues By Industries and
Utilities
A warning of the dangers at present existing in the Government intervention in business and banking, the large Government expenditures and the burden of taxation was sounded
in the resolutions adopted on Nov. 14 by the American
Bankers' Association, in convention at New Orleans, La.
Observing this, a dispatch from that city to the New York
"Times" added:
Score Government In Business
With the passing of emergency conditions,the official resolutions declared.
"The time is at hand for the recognition as a matter of national policy of
the need for the retirement of the Federal Government as rapidly as possible
from the field of control and operation of the Nation's industrial, commercial and financial enterprise into which it has entered so widely."
The resolutions further said:
There are well-defined though limited fields within which Government
expenditures are justified. While the deficits of the past six years which
have carried our direct National debt to a total of 29 billion dollars in part
have been justified by efforts to relieve human suffering, this should not
obscure the fact that definite efforts to return to a balanced National
budget should be the prime consideration of sound National fiscal policy.
The report of the Economic Policy Commission, while
noting strong improvement in the automobile industry, in
gasoline, tobacco, rayon and iceless refrigeration industries
(we quote from United Press. advices from New Orleans
Nov. 14) found that construction and the durable goods
industries lagged. This lag, it said, was the cause of continued widespread unemployment.
3161
In part the United Press accounts added:
"This part of our National economy is still gripped deeply by the depression," the report said.
New capital issues of private enterprise for the first six months of 1935
were 97% below the average for the four years preceding the depression.
"The reason why we have prevailing business optimism is that conditions
are genuinely improved for the great majority of business men," the report
said.
The fact remains that about 20% of our workers are idle and their numbers
have not changed much in the last two years.
We have so far regained only about half the depression losses. Part of
the losses are due to shrinkage of export trade, but most of them are in the
lines of construction and heavy industries. The firms engaged in these
industries are mostly large units and so they are relatively few in number.
They are of the first importance as direct and indirect employers of labor,
but thpy have little influence in shaping public opinion.
Thai key to the problem lies in floating new long term capital issues by
cturing industries and the utilities.
. S. Szymczak Discusses Recent Changes in Federal
Banking Legislation—Says Control of Nation's
Credit Policy Most Important Provision of 1935 Act
One of the most important functions of the Board of
Governors of the Federal Reserve System is control of the
Nation's credit policy, M. S. Szymczak, member of the
Board, told the Cleveland Chapter of the American Institute .
of Banking on Nov. 7. Two of the principal changes made
by recent banking legislation, he said, are the provisions
fixing more definitely responsibility for the determination of
a national credit policy, and the provisions broadening the
classes of member bank assets eligible as security for loans
from Reserve banks. Another means of control over the
supply of credit, he said, are the so-called open-market
operations. He described these operations as follows:
Open-market operations consist of the purchase and sale by Reserve banks
of certain classes of securities, chiefly Government obligations. These
operations have the effect of increasing or decreasing the supply of credit
available in the market. By selling securities the Reserve banks withdraw
funds from the market and there is a decrease in the supply of credit.
Through a purchase of securities a Reserve bank puts funds into the market.
thus tending to ease credit conditions.
Purchases and sales of securities by the Reserve banks were unimportant
in the early days of the System. It was not until 1922 that they were large
enough to affect the money market. At that time it became necessary to
take steps to co-ordinate purchases and sales so that credit conditions for
the country as a whole would not be adversely affected. Gradually these
purchases and sales have become one of the most important means whereby
the System can take the initiative in influencing credit conditions.
The responsibility for determining what security transactions should be
undertaken and the authority for enforcing a program were not clearly
defined by law until the new banking act. At the time this act was passed
an Open Market Committee consisting of representatives of the 12 Reserve
banks was authorized to propose purchases and sales. Its proposals were
then submitted to the Federal Reserve Board, which had the authority to
approve or disapprove but not to initiate a policy. Even after purchases or
sales by the Reserve banks had been agreed upon by the committee and the
Board, the boards of directors of the 12 Federal Reserve banks thoughout
the country could frustrate the policy by refusing to participate in its
execution.
The new act clearly places responsibility for determining open-market
transactions on the new Open Market Committee and directs the Reserve
banks to carry out the transactions determined by this committee. This is
one of the most important changes in the Federal Reserve System which the
new act introduces.
In conclusion, Mr. Szymczak summarized the principal
in Federal Reserve procedure as provided by Title II
cha
(;) es' :‘Bp,nking Act of 1935.
—inaintoRneforms—Dr.
--• i
Nee edm
as Having Missed
*omist Views
.
E
Melchior
Chance for Needed Banking
Palyi Sees Unlimited Credit Inflation Possible as
Result of New Laws '
The Roosevelt Administration has missed an excellent
opportunity for much-needed reform of the commercial
banking structure of the country, and primary questions of
policy are left unsolved by the Banking Act of 1935, according to Melchior Palyi, Economist of the University of
chicago, writing in the November issue of the magazine
"Polity" on "The Problem of Monetary Leadership in the
United States." • Dr.-Palyi warned that the new provisions
of the law affecting -the Federal Reserve System afford an
opportunity for almost unlimited credit inflation. The basic
principle of the law, he said, means "a departure from all
established standards of credit policy 'and the acceptance of
a new monetary philosophy prevalent, so far, only in certain
circles."
Dr. Palyi summarized the change in the Nation's banking
laws as follows:
The previous system had insufficient inhibitions against the overexpansion of credit, while in the present one even those few medicines against
credit-elephantiasis have been diluted. True, the passibility of raising the
cash-requirements up to double the present legal minimum ratios means the
Introduction of a new and substantial form of "checks and balances." But
In the given political set-up it is not likely that the Reserve Board would use
much of this weapon. A "pleasant" prospect in view of "excess" cash
reserves of the banks of about three, billion -dollars, which alone would
permit—theoretically—almost a doubling of the existing deposit volume.
But the unique gold reserve of some 9i billion dollars would make the
creation of-further "excess reserves" possible, as soon as the banks start to
dump even a fraction of their enormous holdings of public bonds into the
Reserve System. There are only a few optimists who believe that the new
setting of the Reserve System is able to handle the fantastic credit inflation
which might follow in due course.
Dr. Palyi said that the "new banking philosophy" has the
following three main ideas:
3162
Financial Chronicle
1. Complete Government control of all bank resources and over the
credit structure, so far as it serves the function of currency supply. This,
he said, implies control of the Nation's resources as well.
2. "Liquidity" offunds is regarded as immaterial, and the only important
matter is "the quantity of deposits" which may be used as currency.
3. The quantity of deposits can be directly regulated by varying cashcash reserves and compelling banks to "create" or destroy deposits in
accordance with them.
National Resources Committee Issues Preliminary
Reports on Transportation and Electric Power—
Announces Formation of 46 State Planning Boards
—Duplication of Transit Facilities Seen as Danger
to Country—Other Problems Surveyed
The effective functioning of 46 State Planning Boards is
the most significant step in establishing sound relations between the Federal and State governments in many generaning boards, on the one hand, and the National Resources
Committee, said on Nov. 5 in commenting on the development of the new planning boards as shown by a report made
public Nov. 4 by the Committee. That report is part of an
extended survey which will be published shortly. The Committee said that the new State planning boards fill a gap
between some 700 city planning boards and 400 county pleaning boards, on the one hand, and the National Resources
Committee on the other. Harold L. Ickes, Chairman of the
Committee, pointed out on Nov. 3 that nearly 500 leading
citizens have participated in State and national planning by
giving their time and experience to the study of the natural
and human resources of the country.
A committee report on Oct. 28 was devoted to transportation, and declared that there is a danger of an "oversupply"
of transportation facilities in the United States. Railroads
have suffered from motor vehicle competition and from duplication, according to the survey, while the Indiana State
Planning Board finds that pipe lines, with low operating
costs, are also serious competitors and take substantial traffic away from the railroads.
On Oct. 22 the Committee made public still another report,
stressing the importance of low-cost electric power in building the economic and social welfare of communities throughout the country. The Committee said that the States recognize a dual problem in this connection: (1) The necessity
of developing sources of electric power that can be sold at
low rates, in regions where it is still lacking; (2) the need
for developing outlets for large supplies of such power where
It does exist or will in the future.
A Committee summary of the report on transportation,
issued on Oct. 28, said, in part:
Evidence of need for further progress in the field of co-ordinating all
transport facilities is to be found in the reports of State planning organizations to the National Resources Committee. Studies are presented of highways, motor vehicle traffic, port and waterway development, and airway
transportation.
Aviation interest varies greatly among the States. New Mexico and
Missouri reported no special need for intra-State air routes. The Indiana
Board reports that in its opinion air transportation has not yet become
a major factor in the transportation field. Other Boards differ, California
and Florida both finding intra-State aviation important, according to their
reports. Such widely separated States as Maine and Colorado find recreational aspects of aviation dominant, air service enabling vacationing family
heads to keep in personal contact with their business offices.
Idaho, according to the report of its State Planning Board, makes allaround use of air lines in the State, where the major air-freight service
Is to mines, which might otherwise be required to shut down during the
winter. The report continues: "Planes delivering 50-pound ingots of
gold are no exception at the Boise Airport, nor is the flying of a 1,600pound shaft to a mine, and landing it on the snow. The delivery of fuel
oil has been accomplished in the same manner. The most important use of
the air service during hot months has been the transporting of men and
equipment to fight forest fires."
Another attack on the problem of reducing the millions
of dollars of water pollution damage occurring annually in
the United States was revealed in the report of the State
planning boards to National Resources Committee, released
Nov. 11. Both the report made public that day on water
problems and the recently published report of a special committee on water pollution emphasize the fact that pollution
forms one of the major water problems facing the States.
Under date of Nov. 11 the Committee says:
An example of the economic loss suffered by damage to State recreation
facilities is seen in New Jersey, where the State Planning Board reports
that for many miles the streams of the State are so badly polluted that all
thought of their recreational use has long since been abandoned.
In other States where the serious effects of pollution are understood, the
difficulties in the way of immediate remedial steps are quickly recognized.
The planning boards of Colorado, Connecticut, New York and Ohio have
made special studies of pollution damages resulting from industrial wastes,
and New York reports that "to stop industrial pollution without serious
injury to the industries causing it, and therefore without detriment to the
local people employed by them, requires close co-operation with the industries in studying their problems and assisting them to develop adequate
treatment processes."
Evidence of the serious damage suffered by a particular section of the
country is found in the report of the special committee on water pollution,
which states that a study made on the upper Mississippi by Minnesota and
Wisconsin shows that "the annual loss to commercial fishing and clamming
through water pollution is $95,000; the annual damage to sport fishing and
attendant industries is $35,000, while decreased property values in the Twin
Cities was estimated at $2,000,000, and damage to lands for recreational
purposes at $1,500,000. Other States such as Indiana, Iowa and Virginia
have made efforts to evaluate similar economic losses which they believe
would aggregate millions of dollars annually."
Decreased salaries for teachers, overcrowded schools, and
lack of funds for school maintenance have forced the educa-
Nov. 16 1935
tional situation into the front rank of major national social
and economic problems, according to a report on State planning activities made public Nov.13 by the National Resources
Committee. In part, the Committee states:
In the last few years teachers' salaries have declined, taxes collected for
school systems are insufficient for adequate maintenance, and overcrowded
schools throughout the country have curtailed curricula and eliminated
services to a disturbing degree, according to the summary of the State
planning boards' reports on education. In Iowa the State Planning Board,
after a survey of rural areas, finds that 40,000 boys between the ages of
14 and 21 are not receiving systematic instruction in any school. In Ohio,
the State Board's report says: "The outstanding fiscal problem is that of
finding revenue to aid the great majority of school districts unable to
meet fixed charges or operating expenses." Michigan has suffered a decrease
of 45% of its school revenue in the last three years, according to its
planning agency.
The Kansas and Indiana State Planning Boards point out that new leisure
emphasizes the need of more adequate adult education, and technological
advances require more and better vocational training. Arkansas's Board has
recommended a general reorganization of its school system, and this is now
60% complete. Oregon's Board believes that schools hereafter must provide ideals and attitudes, and not only skills and techniques for the student.
Discussing unemployment and its effects on social and economic trends,
the various State boards almost unanimously agreed that an indefenite but
permanent number of unemployed can be expected. All States are seeking
new industries, and many of them are encouraging the decentralization of
industry. New England States detect a distinct trend toward decentralization, as does Iowa, according to their reports. Texas planners are encouraged by the influx of new industries to various communities near the coast,
and they comment upon the entrance of women into most of these industries.
New industries for stranded populations have occupied much of the State
boards' time and thought because the location of industry as merely a
matter of chance, so often true in the past, is considered a condition which
planning may prevent.
When industry is willing to decentralize and move away from urban areas,
the State boards generally agree, the geographical spread will tend to
help diminish sharp fluctuations in the economic cycle. Technological advances may permit certain productive activities during unfavorable weather,
Iowa's planners believe, especially in the construction industry, and thus
decrease unemployment.
New York Board of Trade "Not an Organization of
Opposition" Sails Its Head in Letter to President
Roosevelt—Letter Prompted by Message from
Latter Implying that Board Is Opposed to "Most
Acts and Policies" of Government—Board Claims
Right to Exercise "Prerogative of Free Citizens"—
President Invited to Address Board
Prompted by a letter from President Roosevelt in which
it was indicated that the conclusion has been drawn by
many persons throughout the country that the New York
Board of Trade "is, broadly speaking, opposed to most of
the acts and policies of the United States Government,"
Percy C. Magnus, President of the Board, has addressed
President Roosevelt a reply in which he says that "the
New York Board of Trade is certainly not an organization
of opposition. Nor is it a partisan body. It aims at
constructive action." Mr. Magnus, in noting expression
of views by the Board on matters affecting trade, commerce
and industry, points to its commendation of certain acts
of the President, and to opposition of certain policies, and
says "we do not regard this attitude as constituting opposition to 'the acts and policies of the United States GovernWe are simply exercising the prerogative of free
citizens and responsible taxpayers and business men to
support legislative measures which we deem wise and oppose
those which we regard as unwise."
The letters were made public at the monthly luncheon
meeting of the Board at the Hotel Commodore,in New York
City on Nov. 14. According to the New York "Times"
the correspondence between the Board and the President
was started when M. D. Griffith, Executive Vice-President
of the organization, wrote to the President assuring him
that press reports that the Board of Trade opposed his
neutrality proclamation were erroneous. In the same paper
the correspondence was given as follows:
The President's Letter
THE WHIFE HOUSE
Washington, Nov. 4 1935.
My dear Mr. Griffith.
I have your letter of Oct. 23 telling me that newspaper accounts reporting the New York Board of Trade as opposed to the neutrality proclamation were erroneous. I am, of course, very glad to know this.
I know you will not mind my saying that, in my opinion, many persons
throughout the country have drawn the conclusion from this and other
published statements that your organization is, broadly speaking, opposed
to most of the acts and policies of the United States Government. fherefore, your statement that the Board has not officially opposed the proclamation of neutrality is welcome.
I shall be very glad if you care to read this letter at the luncheon on
Nov. 13.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Mr. M. D. Griffith,
Executive Vice-President, New York Board of Trade, Inc.,
41 Park Row,
New York, N. Y.
Mr. Magnus Defends Board
Mr. Magnus in his reply said:
"We would be sorry Indeed if you or any considerable number of our
fellow-citizens should draw the conchusion that our organization 'is, broadly
speaking, opposed to most of the acts and policies of the United States
Government.'
"We have frequently expressed positive views on matters which vitally
affect trade, commerce and industry. We have commended such acts
as Your veto of the Patman Bonus Bill, your recent statements on silver
Volume 141
Financial Clnonicle
purchasing and the passage and signing of the Motor Carriers' Act. Our
opposition to certain policies has arisen from deep conviction and we
have endeavored on all occasions to state clearly the reasoning upon which
our conclusions were honestly predicated.
"We do not regard this attitude as constituting opposition to 'the acts
and policies of the United States Government.' We are simply exercising
the prerogative of free citizens and responsible taxpayers and business men
to support legislative measures which we deem wise and oppose those
which we regard unwise. Surely no one would expect us to abdicate
that right.
"The New York Board of Trade is certainly not an organization of
opposition. Nor is it a partisan body. It alms at constructive action.
"Probably some people have accepted as the views of the New York
Board of Trade the published statements of speakers who have addressed
our monthly meetings. Newspaper clippings show that accounts of
our meetings are widely published throughout the country. We extend
to our speakers complete freedom of expression, but we make clear that
their views are not necessarily those of the New York Board of Trade."
In renewing the invitation to the President to address the group, Mr.
Magnus wrote:
"We have already expressed the hope that the President of the United
States might consent to address a large representative group of Eastern
business men under the auspices of the New York Board of frade, and
we have invited you, Mr. President. thus to honor us. We renew now
that invitation for such a date as you may consider acceptable."
Secretary Ickes Acts to Restrict Purchase of Foreign
Materials on Government Projects—Action Taken
Following Protest By Labor Leaders Against
Buying German Steel for PWA Jobs
Following protests made by William Green, President of
the American Federation of Labor, and officials representing
other organizations, against the purchase of German steel
for use on two projects of the Public Works Administration,
viz., the Triborough Bridge in New York City and the
Ocean Terminal at Morehead City, N. C., PWA Administrator, Harold L. Ickes, has barred the purchase of foreign
materials for Federal or non-Federal projects unless approval
is first obtained from him. Mr. Ickes advised Mr. Green
to this effect, in the following letter dated Nov. 13, and
forwarded to President Green on Nov. 14:
Dear Mr. Green:
Acknowledgment is made of your letter of Nov. 12 raising the question
of the effects on American labor of the use of foreign steel under contracts
let by the Triborough Bridge Authority of New York City, which received
an allotment by way of loan and grant of $44,200,000 from the
Federal
Emergency Administration of Public Works.
In addition to this project, there is one other where somewhat
similar
circumstances exist—in Morehead City, N. C. In both instances
contracts
for foreign steel were given by the contractor or subcontractor.
Let me,first of all, tell you in no uncertain terms that it is not the
intention, nor has it ever been the intention, of PWA to permit the use of
money
voted by Congress for relief purposes to be used for the purchase of
foreign
materials on project construction.
Many months ago this subject came up. There was definite legal
doubt
as to the authority of the executive branch of the Government to forbid
the use of foreign materials in the absence of direct legislative
sanction.
During the discussion of the original National Recovery Administration
bill in the Senate an amendment forbidding the use of foreign materials
was offered but was not accepted.
Therefore, we established a differential of 15% on purchases of materials
In excess of $10,000 under the new program. That is, as you will understand, in addition to the protection given by the tariff laws. We thought
It would be impossible for sellers of foreign materials to compete under this
program successfully with domestic suppliers. So far as I know,out of the
tens of thousands of contracts which have been let for the purchase of
materials, not only by PWA but by other departments of the Government
under relief appropriations, the cases I mentioned are the only two instances
where the rule has proved ineffective. fhe amount involved in these two
projects is comparatively small.
Such a situation was,of course, neither anticipated nor could it reasonably
have been foreseen.
Accordingly, PWA is changing its regulations so as to provide that no
foreign materials may be purchased for Federal or non-Federal
projects
unless approval is first obtained from the Administrator of Public
Works.
instead of allowing purchases to be made directly by contractors or
subcontractors.
Bids to Be Scanned
I intend, if any bids lower than American are received from
foreign
producers, to determine two important questions before making
any
decision:
The first question that will have to be answered is: Is the foreign
bid
lower than the American bid either because of foreign government
subsidy
or by foreign exchange regulations which must be considered unfair to
the
American producer? Full investigation will be made in such case by
the
proper governmental authorities.
Second: If the foreign bid is lower than the American bid, we shall
ask
this question: Are the American bid or bids collusive or are the American
bid or bids so unreasonably high as to justify the belief that advantage
Is being taken of the Government in administering its relief funds?
In one of the cases referred to above, four bids received from American
manufacturers were identical, and this fact alone constitutes at least
some
evidence of collusion. In both cases the American bids were so far above
the German bids as to justify inquiry into their fairness.
Steps are being taken to have both of these questions investigated and
reported on by the Federal Trade Commission. I shall be glad to advise
you as to their findings.
Sincerely yours,
HAROLD L. ICHICS,
Administrator.
Earlier in the week Mr. Ickes, in a letter to President
Green was reported as saying that Nathan Burkan, Chairman
of the Triborough Bridge Authority, was trying to "pass
the buck" to the PWA on the matter of the contract to buy
German steel. A Washington dispatch of Nov. 12 to the
New York "Herald Tribune" quoted Mr. Ickes as follows:
Secretary Ickes said that the German steel order, for materials on the
Queens approach to the bridge,"amounted to somewhat less than $100,000...
He said the German price was 47% less than the domestic price.
3163
Mr. Ickes recalled that German steel also had been used for the Morehead City ocean terminal in North Carolina. On that project the successful
German bid of $85,000 was $35,000 less than the bid of American firms.
Mr. Ickes said that all American bids for the Morehead steel were identical. "I can't believe that manufacturing costs were the same for all the
steel companies," he said. "But still the bids were identical."
Secretary of Commerce Roper revealed on Nov. 13 that
he also had protested to Mr. Ickes against the Government
policy. The New York "Times," in a Washington dispatch
of Nov. 13, had the following to say:
"I believe that we all agree our first duty is at home," Mr. Roper said,
after remarking that he had telephoned Mr. Ickes early to-day to discuss
the matter with him. The Secretary of the Interior reiterated that if American industry required further protection, it was the business of the fariff
Commission, and not of PWA,to act, Mr. Roper reported.
"Although I am not nationalistic and realize the importance of developing
foreign trade," Secretary Roper continued., "I am firmly of the belief that
we should employ American people and use American materials."
In view of his talk with Secretary Roper and the flood of protests from
labor and industry over the German orders pouring in directly to PWA
headquarters, Secretary Ickes called a conference of his legal advisers and
other aides to draft a statement in reply.
Protest against the purchase of German steel for the
Triborough Bridge in New York City had also been lodged
with Secretary Ickes by Mayor La Guardia of New York.
Regarding the controversy we quote the following from the
'Times' of Nov. 9:
The American steel producers are opposing the use of the German steel
on the ground that the PWA funds were voted by Congress to relieve unemployment in this country. They declare that in the Postoffice and fressurl
Department Appropriation Act of 1934 it was stated that domestic materials
should be used unless "unreasonable" prices are quoted by American producers. Several months ago, however, the PWA issued an order specifying
that borrowers of PWA funds could buy foreign material where the value
of the order is $10,000 or more, and the price is 15% less than any domestic
quotation.
This differential, the steel producers say, is insufficient in view of the disparity between the American wage scale and that of Germany, and also in
view of the subsidies received by some of the foreign manufacturers from
their governments.
fhe Triborough Bridge contract is the second received by the German
steel interests on PWA projects within the last month, it became known
yesterday. An order for 1.600 tons of German sheet steel piling was
awarded recently for the ocean terminal at Morehead City, N. C. The
order amounted to $91,000. Unsuccessful American bidders were the
United States Steel Corporation, Bethlehem Steel, Inland Steel and Jones
& Laughlin.
The original specifications, according to American steel executives,
would not have permitted the use of foreign steel. The specifications were
changed, however, and the order was eventually received by the Kloeckner
Steel Corp., which imports German steel. The company has offices here.
The lowest American bid on the Morehead City project was $116,00D.
The Kloeckner Steel Corp. will also provide the sheet steel piling for the
Triborough Bridge, unless present plans are changed. fhe order involves
1,000,000 pounds of steel, valued at about $20,000.
Soil Conditions a Factor
Use of the sheet piling on the Queens approach was necessitated by the
nature of the sub-soil conditions. The low bidder for this work was the
Wood Truss Construction Co. of Astoria. Williana Goldsmith, Treasurer
of the latter company,said yesterday that the use of the German steel was
decided upon because it was "more suitable on a rush job." He said the
contract which his firm received gave it the right to use foreign steel, If
the price was 15% less than the lowest priced American steel now available.
Engineers identified with the construction of the Triborough Bridge said
yesterday that American sheet piling could have been adapted for use in
the construction of the Queens approach. The engineering department of
the bridge. it was said, approved the use of the German steel "from the
engineering aspect only." The terms of the contract, it was explained,
permitted the Wood Truss Co. to use German steel.
At the offices of the Kloeckner Steel Corp., a spokesman for the company
said that it had received no word that the contract had been held up because
of the use of German steel. He said that the question involved was not
whether the American companies were undersold, but whether the German
steel was more suitable than the American steel. The American producers,
he said, were protected sufficiently by a tariff against foreign imports, and
by the 15% price differential. American taxpayers would be saved money
through the use of the German steel, he said.
Cite Wage Scales
According to American steel producers, wages paid workers in German
steel mills average 29 cents an hour, while employes of the American mills
receive an average of 65.4 cents an hour. For more than a year, the domestic producers have been protesting against the steel imports, which are
made possible, they declare, by the lower wage scale abroad.
Producers Having Excess Burley, and Dark Tobacco May
Purchase Additional Allotment Cards Under AAA
Amendment to Administrative Ruling
Contracting growers of burley, fire-cured and dark aircured tobacco who have complied with their contracts to
date but who have produced tobacco in excess of their allotments, may obtain additional allotment cards under an
amendment to an administrative ruling announced Nov. 13
by the Agricultural Adjustment Administration. The new
ruling provides two methods through which contracting
producers with excess tobacco may purchase additional
allotment cards, the AAA stated. It said:
First, producers with excess tobacco may purchase, through county
agents' offices, the unused allotments of other producers whose production
Is deficient. In such cases the producer whose production is less than his
allotment will be required to execute a form on which he waives the deficiency payment under his contract for 1935.
Under the other method, a contracting grower with excess production
may, after he has sold his initial allotment, purchase an additional allotment card through county agents' offices by refunding three cents for each
Pound of excess burley tobacco and two cents for each pound of excess
fire-cured and dark air-cured tobacco. Under this latter method the producer purchasing the additional allotment card will be required to sign an
agreement and deliver to the county agent a certified check, bank draft
3164
•
Financial Chronicle
cashier's check or postal money order made payable to the order of the
United States Department of Agriculture.
The funds accumulated through these refunds will be used in making
benefit payments to all growers who co-operate under tobacco contracts.
The value of excess tobacco sold will not be included in calculating the
amount of the adjustment payments under the contracts for 1935.
In order to encourage the diversion of the lower grades of tobacco to
by-product uses, especially in the case of dark types of tobacco, growers with
excess production may sell such excess tobacco to manufacturers who enter
into an agreement with the Secretary to use such tobacco only in the manufacture of nicotine. spray material, fertilizer, or other tobacco by-products.
For additional allotment cards to cover such sales to nicotine companies,
the contracting grower will pay one-half cent per pound and will be eligible
to receive tax-payment warrants if the sale bills are properly certified by
the nicotine buyers. Detailed instructions may be obtained through county
agents' offices when the markets open.
h,Contracting growers will not be permitted to sell tobacco except on allotment cards issued in accordance with the provisions of the contract or the
ruling.
A. F. of L. Sees September Job Gain of 427,000—Largest
Decrease in Unemployment in Two Years—Urges
Shorter Hours to Create More Openings
Unemployment in private industry decreased by 427,000
in September, the most important gain in jobs since September 1933, the American Federation of Labor reported on
Nov. 8. Pointing out that this increase in employment was
the first of any importance since the creation of the National
Recovery Administration, the Federation said that the.
upturn would have been even greater if working hours had
been shortened last summer, instead of lengthened. The
survey said that as a result of increasing production, employment in September 1935, had been lifted to the level of
November 1931, but added that production had risen 20%
above that level. United Press Washington advices of
Nov. 8 added the following from the Federation report:
In other words, it took a level of production 20% higher in September
1935, to keep the same number of men at work as in November 1931. With
no more men at work earning income, who will buy the 20% increase in
production?
The September gain of 427,000 Jobs compared with 880,000 made in 1933
when NRA shortened working hours, A.F.of L. said.
"Unquestionably the gain would have been greater this fall had hours
been shortened, or at least not lengthened, last summer," its report said.
Fifteen per cent of all union men were unemployed in October, the
Federation's preliminaty figures showed. New York City showed the
greatest unemployment with 24%, and Washington, D. C., the least,
with 6.
This lag between production and employment was mentioned recently by
President Roosevelt as one of the chief reasons for retarded prosperity and
the biggest problem to be met. The Presidentsaid he planned to question
leading industrialists in an effort to Work out methods of equalizing the
two levels.
Dr. Joshua Bernhardt Named Chief of AAA Sugar
Section
The appointment of Dr. Joshua Bernhardt as chief of the
sugar section was.announced Nov. 11 by the Agricultural
Adjustment Administration. Dr. Bernhardt, who has been
with the sugar section since September 1933, participated
in the formulation of the Administration's sugar program
which culminated in the enactment of the Jones-Costigan
Act in June 1934. He has been acting chief since the resignation of John E. Dalton, who recently resumed his duties
as a member of the faculty of the School of Business Administration, Harvard University. The AAA said:
Dr. Bernhardt has been engaged in governmental activities connected
with sugar for a number of years. He was a member of the statistical
staff dealing with sugar under the Food Administration during the World
War, was chief statistician of the United States Sugar Equalization Board
from 1919 to 1920, and was chief of the sugar section of the United States
Tariff Commission from 1922 to 1924.
Bruno Richard Hauptmann Appeals to United States
Supreme Court for Review of Decision Sustaining
His Conviction of Murder of Lindbergh Baby
Bruno Richard Hauptmann, convicted of the murder of
Charles Augustus Lindbergh Jr., on Nov. 12 appealed to
the United States Supreme Court for a review of the action
of the New Jersey Court of Errors and Appeals in sustaining
this conviction by a trial court at Flemington, N. J., last
February. (A stay in the execution of the death sentence
on Hauptmann was noted in our issue of Oct. 26, page 2678).
The petition to the Supreme Court, which was signed by
Hauptmann, said that the Court of Errors and Appeals
erred in its findings because his constitutional rights of life
and liberty were jeopardized by "biased and exaggerated
newspaper reports," a "hysterical mob spirit" surrounding
the jury that convicted him, and the "picture of a circus
maximus" daily presented to the jury. A Washington dispatch of Nov. 12 to the New York "Times" quoted further
from the petition as follows:
"Because of tlie daily presence of Colonel (Merles A. Lindbergh at the
trial, which unduly influenced the jury to view him as the real prosecutor
and constantly presented to the jury the picture of a bereaved father for
whose sorrow the world demanded a sacrifice."
Scores Prosecutor and Judge
In addition, Hauptmann asserted, there were "repeated outbursts" in
the court room. Attorney General David T. Wilentz made "an inflammatory summation far beyond the evidence." The State bad "varying theories" as to the prisoner's guilt. The trial judge, Supreme Court Justice
Thomas W. Trenchard, "portrayed emphatic approval" of the State's theories
and witnesses, and delivered to the jury a charge "argumentative to a
degree which made comments on evidence characteristically an act of
advocacy."
•ra
Nov. 16 1935
The German machine-gunner's approach to the Supreme Court means
either a reopening of his celebrated case or a further delay in his execution.
It is now expected that the Court may, through a simple order, perhaps
on Dec. 9, 16 or 23, grant or deny the petition.
Death of W. L. Fisher, Former Secretary of Interior
Walter L. Fisher, Secretary of the Interior in the Cabinet
of President Taft, died on Nov. 9 at his home near Chicago,
following a heart attack. He was 73 years old. Mr. Fisher
was special traction counsel for the city of Chicago when
President Taft appointed him Secretary of the Interior in
1910 after the removal of Richard A. Ballinger. At the end
of the Taft Administration he returned to the practice of
law. A brief biography of Mr. Fisher follows, as contained
in the New York "Herald Tribune" of Nov. 10:
Mr. Fisher had been special counsel for the Interstate Commerce Commission and several Senate and House investigating committees. In recent
years he had served as court co-ordinator in negotiations to unify the Chicago
elevated lines and the street car system.
He first attracted national attention by his handling of the street railway
franchise question which had dominated Chicago politics for years and
had involved both the City Council and the State Legislature. Mayor
Dunne, a Democrat, called upon him in 1907 to serve as special traction
counsel. Ile drafted a street railway ordinance under which full protection
was guaranteed to the security holders and which assured the city of 55%
of the net profit, with the right to purchase the property on fair terms.
In 1908 he was elected first President of the National Conservation
League, which was organized in Washington. He was Vice-President of
the National Conservation Association, when the late President Mules W.
Eliot, of Harvard, was its President and Gifford Pinchot was the other
Vice-President. President Taft appointed him a member of the Federal
Railroad Securities Commission in 1910, which was organized to consider
questions of the stock and bond issues of railroads. He became Secretary
ot the Interior on March 18 of the following year.
Montagu Norman Recommended for Re-election as
Governor of Bank of England—Sir E. M. Harvey
Retiring as Deputy Governor
In wireless advices from London, England, Nov. 14, to
the New York "Times" of Nov. 15, it was stated:
The directors of the Bank of England recommended,to-day that Montagu
Norman be re-elected Governor next April. Mr. Norman is serving his
sixteenth successive year in the governorship, a record for tenure of the
position.
At the same time it was announced that Sir Ernest Musgrave Harvey
is retiring as Deputy Governor after seven years, and the court of directors
recommended the election of Basil Gage Catterns, formerly Chief Cashier
of the Bank, and a central banker of long training.
Re-election of E.K. Mills and W. C. Teagle as Directors
of New York Federal Reserve Bank
The member banks in Group 2 of the New York Federal
Reserve District have re-elected Edward K. Mills and
Walter C. Teagle as directors of the Federal Reserve Bank
of New York for terms of three years beginning Jan. 1 1936,
it was announced yesterday (Nov. 15) by J. H. Case, Chairman of the Board. Mr. Mills, who is President of the Morristown Trust Co., Morristown, N. J., was re-elected a Class A
director, and Mr. Teagle, who is President of the Standard
Oil Co.(New Jersey), a Class B director. Summaries of the
careers of the two directors appeared in our issue of Nov. 2,
page 2828, at which time their renomination was indicated.
F. J. McCabe Elected Governor of New York Curb
Exchange to Fill Vacancy—Will Serve Until Annual
Election in February
At the regular meeting of the Board of Governors of the
New York Curb Exchange, held Nov. 13 1935, Frank J.
McCabe was elected a member of the Board to fill an existing
vacancy. He will serve until the next annual election in
February 1936.
Permanent Board of Directors of 21 Elected for
1939-1940 New York City World's Fair
A permanent board of directors, consisting of 21 members,
was elected for the world's fair to be held in New York City
in 1939 and 1940 at a meeting of the incorporators Nov. 6.
The filing of the incorporation papers in Albany for the fair
was noted in our issue of Oct. 26, page 2680. The board
of directors, which will have charge of the development and
conduct of the fair, is as follows:
James G. Blaine—President, Marine Midland Trust Co.
Edward C. Blum—President, Brooklyn Institute of Arts and Sciences.
George A. Brownell—Law firm of Davis, Polk, Wardwell,Gardiner St Reed.
Mortimer N. Buckner—Chairman, New York Trust Co.
William M.Chadbourne—Law firm of Chadbourne, Hunt.Jaeckel St Brown.
F. Trubee Davison—Chairman, American Museum of Natural History.
Cleveland E. Dodge—Vice-President, Phelps, Dodge Corp.
Harvey D. Gibson—President, Manufacturers Trust Co.
Robert W. Higbie—Vice-President, Jamaica Savings Bank.
Louis W. Kaufmann—President, Chamber of Commerce of Staten Island.
Cornelius F. Kelley—President, Anaconda Copper Mining Co.
George McAneny—President, Title Guarantee St Trust Co., and President
Regional Plan Association, Inc.
Morgan J. O'Brien—Former presiding Justice of the Appellate Division.
William Church Osborn—President, Citizens Budget Commission
W. Francklyn Paris—United States Commissioner to the Paris Exposition.
David Sarnoff—President, Radio Corp. of America.
Alfred E. Smith—President, Empire State, Inc.
Percy S. Straus—President, R. H. Macy St Co.
Thomas J. Watson—President, International Business Machines Corp.
Grover A. Whalen—Chairman, Schenley Products Co.
Matthew Well—Vice-President, American Federation of Labor.
Volume 141
Financial Chronicle
Production Credit Loans to Farmers Increased 80%
During First Nine Months of Year, Presidents of
Production Credit Corporations Told
An 80% increase in loans of farmers Production Credit
Associations during the first nine months of 1935 compared
to the corresponding period last year indicates the growing
demand for sound short-term farm credit, S. M. Garwood,
Production Credit Commissioner of the Farm Credit
Administration, stated in a statement made Nov. 12 before
the Presidents of the 12 Production Credit Corporations,
meeting the past week in a joint conference in Washington.
Loans to farmers by Production Credit Associations
amounted to $138,000,000 up to Sept. 30 compared to
$76,300,000 in the first nine months of 1934, Commissioner
Garwood said, adding:
While the total volume of short-term farm credit is still considerably
below the pre-depression level it is increasing as the effects of the depression
wear off. Low cost money for farm production and for purchasing farm
supplies and making improvements has stimulated the flow of credit and a
further demand is in sight for the coming winter and next spring. The
Production Credit Associations have been making loans available throughout
the country at 5% for the past year and a half.
With farm income for 1935 estimated at the highest figure in five years,
and land values gradually increasing, farm security is being enhanced and
thousands of farmers are now in a position to qualify for loans from country
banks, Production Credit Associations, and other cash lending institutions.
This will not only broaden the farmer's purchasing power and paying
ability but enable him to go on a cash buying basis and save money as
compared with time purchases.
In the corn belt, livestock and feeder cattle financing through the Production Credit Associations is considerably ahead of last year and E. R.
Heaton, President of the Production Credit Corporation of Omaha, said
that the volume of loans by Production Credit Associations in the Omaha
district during October was the largest of any month since the associations
were set up in the spring of 1934. The Omaha Production Credit Corporation supervises 42 production credit associations in Iowa, Nebraska, South
Dakota and Wyoming.
Production Credit Association loans by districts during
nine months of this year compared with nine months of last
year, it was announced, are as follows:
1934
Springfield, Mass.(New England States, New York
$7,389,000
and New Jersey)
Baltimore, Md. (Pennsylvania. Maryland, Dela3,621,000
ware. Virginia, and West Virginia)
Columbia, S. C. (North Carolina, South Carolina
8,129,000
Georgia and Florida)
Louisville, Ky. (Ohio, Indiana, Kentucky and
2,528,000
Tennessee)
New Orleans, La. (Alabama, Mississippi and
6,220,000
Louisiana)
4,880,000
St. Louis, Mo.(Illinois, Missouri and Arkansas)
St. Paul, Minn. (Michigan, Wisconsin, Minnesota
4,394,000
and North Dakota)
Omaha, Neb. (Iowa, Nebraska, South Dakota and
Wyoming)
3,358,000
Wichita, Kazis. (Kansas, Oklahoma, Colorado and
New Mexico)
8,443.000
Houston, Texas(Texas)
4,664,000
Berkeley, Calif. (California, Nevada, Utah and
Arizona)
8,580,000
Spokane, Wash. (Washington, Oregon, Montana
and Idaho)
16,121,000
1935
310.342,000
5,578,000
12,789,000
6,578.000
10,225,000
9,018,000
10,695,000
8,693,000
13,236,000
8,845,000
19,499,000
22,432,000
Business Advisory Council to Continue at Request of
President Roosevelt—Henry P. Kendall to Retire
as Chairman but Retain Membership—
The Business Advisory Council, organized about two years
ago by Secretary of Commerce Roper, was requested on
Nov. 12 to continue its activity, it was stated in special
Washington advices, that day, to the New York "Times."
The President talked with Henry P. Kendall, Chairman,
and Delancey Kountze, an active member, the advices said,
further noting:
Mr. Kendall said that the request would be complied with and that the
Council would meet Dec. 5 to reorganize. He proposes to retire as Chairman,but will continue as a member. He said many members felt they had
served on the Council long enough.
The Council has prepared numerous reports on activities of the Government in their relation to industry, and on several occasions members have
gone to the White House to discuss current affairs with Mr. Roosevelt.
Regret At Absence of Senator Glass From Convention
of American Bankers Association Expressed By
President Hecht
Regret at the inability to have Senator Carter Glass of
Virginia, who was Chairman of the Subcommittee of the
Senate Banking and Currency Committee in charge of the
Banking Act of 1935, as the first guest speaker at the opening
session this week of the annual convention at New Orleans
of the American Bankers Association was expressed at the
session on Nov. 12 by Rudolf S. Hecht, President of the
Association and Chairman of the Board Hibernia National
Bank, New Orleans. Mr. Hecht explained to the convention
that the veteran leader m banking legislation had been
required by his physicians to give up the engagement.
Quoting from a letter from the Senator, Mr. Hecht read,
"Please be good enough to assure your associates of the Bankers Association that I feel highly honored at the invitation to make the opening
address there, and I genuinely regret that I cannot be among their guests
on this occasion."
In his reply to Senator Glass, Mr. Hecht wrote;
"My disappointment is all the greater because I know that no part of
the program had attracted more Interest and helped to swell the attendence
than the prospect of hearing you speak. On the other hand, of course I
understand that your health comes first, and we who are your friends
cannot find fault with you for being extremely careful, and for taking the
necessary precautions to store up a big reserve of energy for your future
activities in Congress, which we hope will extend over many years."
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Annual Convention of National Association of Supervisors of State Banks—Rudolph Hecht Urges
Against Indiscriminate Chartering of New Banks—
R. N. Sims Urges Halt in Further National Legislation—Comments on FDIC
Addressing the National Association of• Supervisors of
State Banks, in annual convention at Atlanta on Nov. 7,
Rudolph Hecht, President of the American Bankers Association, observed that the 16,173 banks now doing business
in this country provide ample banking facilities except in
a few isolated cases, and care should be taken to prevent
a new overproduction of banks. A dispatch from Atlanta
Nov. 7 to the New Orleans "Times-Picayune," from which
we quote, also said in part:
Mr. Hecht stated that bank earnings have been affected seriously by
competition which Government financial agencies have given them during
the past few years and that with prevailing low interest rates it is difficult
to earn a satisfactory return on their capital funds.
Mr. Hecht expressed further the view that State Bank Supervisors as
well as Federal authorities should take care to prevent indiscriminate
chartering of new banks with small capital in places which are either not
large enough to support a bank or in which there are already available
sufficient banking facilities to take care of their reasonable requirements.
Mr. Hecht asserted that the new Banking Act of 1935 gives the Federal
Deposit Insurance Corporation full authority to determine whether there
exists an economic necessity for the creation of a new bank before a newly
chartered institution will be admitted to the benefits of the insurance fund.
A report was presented at the convention by R. N. Sims,
of New Orleans, Secretary-Treasurer of the Supervisors
Association, giving figures of total resources of State banking
institutions of the country, together with similar totals of
National banks. In another item in this issue further
reference is made to Mr. Sims' report. Among other things
Mr. Sims said:
The State banks are closest to the producers of this country, rhey
are now controlled by more safety legislation than ever before in the nation's
history, and I believe that there should be a halt in further National legislation, that our banks should be permitted to pursue their way without
uncertainty, so that we may move more swiftly to complete National
recovery.
Governor Talmadge of Georgia, who also addressed the
convention, is quoted in the Atlanta "Constitution" as
follows:
Governor i'almadge urged the Supervisors to "drive the Federal Government out of the banking business."
"If the bankers would wake up they would put a stop to this Government
competition," he said. "This system is all wrong. The Government
to help
competes with the banker and then it turns around and taxes him
Pay for the competition."
In its Nov. 9 issue the "Constitution" said in part:
Federal insurance of bank deposits was defended and attacked yesterday
before the annual convention of the National Association of Supervisors
of State banks.
Hearing from Leo T. Crowley, Chairman of the FDIC, that "if the
reflection
FDIC can't financially take care of losses of depositors then it is a
legislative way."
on our banking system and something must be done in a
Vicethe 40-odd Supervisors heard shortly afterwards from W. S. Elliott,
President and cashier of the Bank of Canton, that such insurance is "unfair
to good banks and inequitable to large banks." ...
banks
In attacking such insurance, Mr. Elliott said "ultimately, weak
will close and good banks will get out of the system."
the
"We shall see all deposits placed in banks solely because of faith in
management and not because of Government insurance equal in many
will
"Banks
cases to less than 1% of a depositor's balance," he said.
have to be operated on this basis or the Government will have to take them
over as some of our socialistic friends suggest."
Mr. Elliott described himself as a "lifelong Democrat,"saying Democrats
"must reserve the right, however, to criticize such things as we feel are
wrong."
Compilation of Capital, Resources, &c., of State and
National Banks by R. N. Sims of National Association of Supervisors of State Banks—Deposits in
State Banks Reported 28% in Excess of National
Institutions
At the thirty-fourth annual convention of the National
Association of Supervisers of State Banks, Nov. 7, R. N.
Sims, Secretary-Treasurer, submitted to the Association a
statement which shows in detail by States the capital, surplus
and undivided profits, deposits, loans and discounts, stocks,
bonds and securities, and total resources of all State banking
institutions of the United States, together with totals of
these items of the National banks, and all covering as of
June 29 1935. The report of Secretary Sims, it is stated,
covers the only available accurate and detailed data of State
banking institutions comparable with the report of the Comptroller of the Currency which covers the National banks. In
presenting the statement Mr. Sims said:
This report is made up from the figures covering the close of business on
June 29 1935. The figures are very gratifying when we consider the most
distressing conditions which have confronted the business of the whole world
during the last several years.
On June 29 1935 there was a total of 18,173 banks, of which 10,742 were
State banks and 5,431 were National banks, and in round numbers a total
capital, surplus and undivided profits of $7,440,648,625; total deposits of
$51,438,229,063, and total resources of $60,438,222,450. Total capital,
surplus and undivided profits of all banks were $39,284,224 above; total
deposits of all banks were $4,698,401,205 above, and total resources were
$3,910,451,022 above figures of June 30 1934.
On June 29 1935, in round numbers, the capital, surplus and undivided
profits of the State banks were $4,496,865,625, and of the National banks
$2,943,783,000, showing the capital resources of the State banks to be 53%
in excess of the National banks. The deposits of the State banks were
$28,919,983,063 and of the National banks $22,518,246,000, showing the
deposits of the State banks 28% in excess of the National banks. The
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Financial Chronicle
total resources of the State banks were $34,372,157,450 and the National
banks $26,061,065,000, showing the resources of the State banks 32% in
excess of the National banks.
It is significant that during the year ending June 29 1935 there was a
total decrease in the loans and discounts in all of our banks of $1,130,000,000, and during the same period an increase in the bonds, stocks and
securities of $1,753,000,000, being an increase of $415,000,000 in the State
banks and $1,338,000,000 in the National banks. The holdings of Government securities by our banks are large.
Federal Reserve Banks
Total resources of all member Federal Reserve banks on June 29 1935
were $40,772,266,000.
Total resources of the 5,431 National banks on June 29 1935 were $26,061,065,000, or 64% of total, an average of $4,800,417 per bank.
Total resources of the 985 State member banks June 29 1935 were 04,711,201,000, or 36% of total, an average of $14,935,229 per bank.
These figures show our banks to be in a strong position and emphasize
the important part which the State banking institutions play in our great
Federal Reserve System, through their voluntary membership.
The preponderating volume of State bank resources, as late as June 29
1935, should warn our National authorities that further banking legislation,
pointed in the direction of our State banks, must be cautiously pursued so
as to guard against injury to this great element of our financial structure.
The State banks are closest to the producers of this country. They are now
controlled by more safety legislation than ever before in the nation's history,
and I believe that there should be a halt in further national legislation,
that our banks should be permitted to pursue their way without uncertainty,
so that we may move more swiftly to complete national recovery.
New Jersey Bankers Association to Hold Mid-Year
Trust and Banking Conference Next Week, Nov. 21
and 22
The mid-year trust and banking conference of the New
Jersey Bankers Association will be held next week, Nov. 21
and 22, at the Hotel Alexander Hamilton, Paterson, N. J.
Previous reference to the coming meeting was made in our
Issue of Oct. 12, page 2376. The speakers at the conference,
as announced on Nov. 11 by Leslie G. McDouall, President
of the Association, are:
Leslie G. McDouall.
DeWitt Hubbell, Executive Vice-President the Plainfield Trust Co.,
Plainfield.
Henry E. Sargent, Secretary Trust Division, American Bankers Association.
Robert A. Wilson, Trust Examiner Federal Reserve Bank of Philadelphia.
Carl W. Fenninger, Vice-President Provident Trust Co., Philadelphia.
L. Stanley Ford, Secretary, Member of New Jersey Bar.
George M. Morris, Washington Counsel, Commerce Clearing House, Inc.,
and Chairman Committee on Federal Taxation, American Bar Association,
Washington, D. C.
Adrian M. Massie, Vice-President New York Trust Co., New York.
Henry C. Elfast, Investment Counsel, New York City.
Edward B. Snook, Department of Banking and Insurance of New Jersey,
Dr. Harold Stonier, Educational Director, American Institute of Banking.
J. H. Riddle, Economist, Bankers Trust Co., New York City.
Allan Raymond, New York "Herald Tribune," New York City.
J. Fischer Anderson, Counsel New Jersey Bankers Association.
New Jersey Plan for Conserving Real Estate of Multiple
Property Holders Described by Commissioner
C. K. Withers—Adoption of Program Urged in
Address Before National Association of Real
Estate Boards
The New Jersey plan for conserving the real estate of
banks, insurance companies and other institutions being
liquidated or rehabilitated by the State Commissioner of
Banking and Insurance applies nationally recognized standards of real estate management, Carl K. Withers, State Commissioner, told the annual convention of the National Association of Real Estate Boards, at Atlantic City, on Oct. 19.
The plan, he said, is already under consideration by officials
of other States and by groups concerned with the problem
of orderly absorption of such properties into normal use and
normal ownership. Mr. Withers urged other multiple property owners to unite "in determination and insistence upon
able and responsible management according to uniform standards and against the hasty and ill-advised sacrifice of properties to the inevitable detriment of the entire progress of
recovery."
The Withers plan, the Commissioner said,involves the creation of a "Division of Conservation" within his Department.
That task includes the management and ultimate sale of
some 3,000 odd pieces of property of every conceivable kind,
scattered through most of the counties throughout the State.
In describing details of the plan, Mr. Withers said, in part:
The plan simply applies to the liquidation of the assets of scattered, closed
institutions, and of those in possession for reorganization and rehabilitation,
the same sound principles of centralized management and control which
might well he applied to any successful business enterprise. In the practical
working of the plan, particularly as it affects the management and sale of
real estate, decentralization gives way to centralization; duplicate effort to
uniform procedure; delay and indecision to decisive action with the benefit
of expert advice, and, above all, the assurance of unbiased and unprejudiced
judgment in the interests of those most concerned—the depositors and creditors of the institutions involved.
But however practical and workable the plan, its success, particularly as
it relates to real estate, will depend very largely upon the degree of
co-operation which may be expected from other multiple property owners;
insurance and title companies, building and loan associations and banks,
and, inevitably, the various Federal agencies which have become and will
continue in volume to be such a factor in the real estate situation.
It accordingly becomes vital not only to the success of the plan which I
have outlined, but to the ultimate recovery and stability of realty values
everywhere, that these so-called "wholesale" owners of real estate, with their
vast holdings, unite in their determination and insistence upon able and
Nov. 16 1935
responsible management according to uniform standards, and against the
hasty and ill-advised sacrifice of properties to the inevitable detriment of
the entire progress of recovery.
The Division of Conservation of the Department of Banking and Insurance
in New Jersey is already committed to such a policy, and I can conceive
of no more worthy objective or accomplishment that may came out of this
convention than an aggressive program to this end along national lines.
Texas Centennial Exposition to Open in Dallas June 6
1936-10,000,000 Visitors Expected
The Texas Centennial Exposition of 1936, to be held in
Dallas beginning June 6 of next year, will be the first exposition of world magnitude ever to be given south of the
Mason and Dixon Line, according to a recent announcement
by the committee in charge. The ststement said that this
will not only commemorate 100 years of Texas history, but
will also offer investors an opportunity to see in one great
central exposition the resources, potentialities and business
possbilities of the Southwest. The announcement added,
in part:
Not only will this be true as to the investor, but also as to the manufacturer, distributor and jobber who is doing. or hopes to do. business with
the Southwestern empire in the new awakening of a business era. With
a minimum of 10,000,000 visitors regarded as practically certain, he will
have the opportunity of displaying his wares in beautiful exhibit buildings
and of making contacts, in a few weeks or months, with the great buying
power of the section.
Here are some of the salient facts as concerns Texas which will be of interest both to the investor looking for new fields and to the business man seeking further avenues for the expansion of his product. Texas has a diversity
of climate, of agriculture, of ranching, of mining,such as to offer any visitor
just the conditions he desires for his specific purpose.
Texas basin its pine timber belt an area as large as the State of Indiana.
The resources of the Lone Star State in marble, granites of wide variety
and marvelous beauty, coal, lignites, oil, gas, iron ore, timber, soil and
climate give it a commanding position in the sisterhood of American States.
Chamber
of Commerce of State of New York to Hold
Annual Banquet Nov. 21
The 167th annual banquet of the Chamber of Commerce
of the State of New York will be held at the Waldorf-Astoria
Hotel in New York City on Nov. 21, and will bring together
one of the largest groups of business leaders that has attended
Chamber dinners in many years. It was announced Nov.
11 that the banking, investment, railroad, public utility
and insurance industries will be prominently represented.
The speakers at the dinner will be representative men
from three sections of the country—the south, the middle
west and the east:—United States Senator Lester Jesse
Dickinson, of Iowa, who is spokesman for the farm belt and
made the keynote address at the Republican National Convention in 1932; Governor John C. B. Ehringhaus, of North
Carolina, who is prominent in the Democratic councils in
the south, and Thomas I. Parkinson, President of the
Equitable Life Assurance Society of the United States, who
as President of the Chamber will be toastmaster.
Annual Meeting of National Industrial Traffic League
to Be Held in Chicago Nov. 20 and 21.
Transportation questions that have arisen in the past year
and are likely to arise in the coming year will be considered
by shippers next week at the annual meeting of the National
Industrial Traffic League, to be held at the Palmer House,
in Chicago, Nov. 20 and 21. The League, it is stated, is
recognized as the spokesman organization of the shippers
of the United States. Several reports will be presented
to the two-day meeting by various committees of the League,
some dealing with legislation adopted at the recent session
of Congress or to be considered at the coming session.
Carl R. Gray,President of the Union Pacific System, Omaha,
Neb., will address the meeting at a luncheon to be held Nov.
20 on "Developments in Transportation."
Annual Convention of American Bankers Association
at New Orleans—Robert V. Fleming Elected
President—O. W. Adams Installed as 2d VicePresident—Latter a Critic at Convention of
Administration's Policies—M. S. Eccles, Head of
Federal Reserve System, Defends Government
Spending—Next Year's Meeting to Be Held at
San Francisco
Following criticisms at the annual convention of the
American Bankers Association of Government spending,
Marriner S. Eccles, Chairman of the Board of Governors
of the Federal Reserve System, at the concluding session
of the convention on Nov. 14 defended the Government's
course. From one of the press accounts from New Orleans
Nov. 14 (to the New York "Herald Tribune") we take the
following:
Governor Eccles adverted to the recommendation made here on Monday
by Orval W. Adams,inducted Into office to-day as Second Vice-President,
that the bankers declare an embargo on further purchase of Government
securities until the Administration made a genuine, honest effort to balance
the Federal budget.
.110
"Those who talk of boycotting Government bonds," he (Mr. Eccles)
said, "suggest a drowning man, to whom a life line is thrown, who objects
that it is an interference with his individual right and liberty to drown."
Co-operation Urged
Mr. Adams, over whose election so much heat was generated in the first
three days of the convention, followed Mr. Eccles to the rostrum to receive
his badge of office.
sers
Governor Eccles made much of his address an apologia for the- New
Deal's monetary and credit policies. He had been at the convention since
Volume 141
Financial Chronicle
Monday night and had had ample opportunity to see the bankers turn on
and defeat a candidate for Second Vice-President, E. G. Bennett, of Ogden,
Utah, in spite of the fact that Mr. Bennett won the nominating cornmittee's indorsement, principally because the latter, though a Republican,
was known to be a business associate of Mr. Eccles and believed to be
sympathetic to a good part of what the New Deal stood for.
Mr. Adams, who was a speaker on Nov. 11 at the Clearing
House Round Table Conference, is Vice-President of the
Utah State National Bank of Salt Lake City. Stating that
his election as 2d Vice-President of the Association carries
with it the right of succession to the presidency two years
hence, New Orleans advices Nov. 13 to the New York
"Times" said in part:
The contest was decided, not by a conclusive vote but by the eleventhhour withdrawal from the race of E. G. Bennett of Ogden, Utah .
.
Mr. Bennett had received the official nomination for the Second-VicePresidency at a meeting of the Association's Nominating Committee
yesterday evening. He won in the Committee over Frank F. Brooks.
President of the First National Bank of Pittsburgh, who had been the
choice of Eastern bankers, particularly those from New York.
According to the precedents of the association, selection by the nominating committee should carry with it undisputed election. This custom
was followed by the association in choosing a new President and First
Vice-President, electing to those offices, respectively, Robert V. Fleming,
President of the Riggs National Bank of Washington. D. C., who has
been First Vice-President for the past year, and Tom K. Smith, President
of the Boatmen's National Bank of St. Louis, who has been Second VicePresident.
Mr. Fleming and Mr. Smith were elected by acclaim when their names
were presented by the nominating committee, but when the name of Mr.
Bennett was advanced. Charles F. Zimmerman, a Pennsylvania banker
who has managed Mr. Adams's campaign, offered the name of the latter
in nomination and proposed that the election be settled by secret ballot...
Balloting was arranged for outside the convention hall, in a room or the
Hotel Roosevelt, convention headquarters, but when only 100 or so votes
had been cast, Rudolf S. Hecht, retiring President of the Association,
announced that he had received word from Mr. Bennett that he, Mr.
Bennett, had withdrawn from the race "in the interest of peace and harmony." Upon this announcement voting ceased and Mr. Adams became
the unopposed candidate.
At the final session of the convention the concern of
business over mounting costs of government and taxation
was voiced by Harper Sibley, President of the Chamber of
Commerce of the United States, it was noted in a New
Orleans dispatch to the "Times" Nov. 14, which also stated
in part:
Mr. Sibley declared that to produce from taxes and all other sources
Federal revenues equal to the current rate of expenditures was "hopelessly
beyond the capacity of American business."
Cost Held "Insignificant."
Mr. Eccles asserted that the cost of government intervention to stop
deflation had been insignificant compared with the $150,000,000.000
loss of the deflation itself and cited figures to show that the recovery of
national income in the past three years had outweighed the cost of government action to bring about that recovery ...
Mr. Sibley gave illustrations of the "appalling" size of the cost of government, including the assertion that to run the government of the United
States for one year would take three-fourths of all the savings deposits
in all the banks of the country.
Mr. Eccles, who spoke after Mr. Sibley, seemed almost to be replying
to the latter's alarm at the cost of government, although his speech was
prepared beforehand. Government intervention, he said, had been responsible for turning the tide of deflation. Contrasting conditions as they were
when the bankers' convention was held three years ago and as they are
now, he cited a long series of indices of financial and business conditions
to show the improvement that had been achieved ...
Decries Charges of"Waste."
The money raised by the sale of government securities had not been
wasted, Mr. Eccles declared. It has created deposits in the banks—that
is, he said, purchasing power.
Deviating from the text of his address, Mr. Eccles told the delegates
that if they wished the government to get out of business and banking
they must, themselves, get in.
"If you want the government to lend money and to act as a cushion for
you, then you can't complain," he said.
"I do not see how any thoughtful man can challenge the conclusion
that in order to preserve our capitalistic system, our institutions and
traditions, we must use such governmental means of economic and monetary
management as we possess in achieving a greater stability in the economic
order and in creating conditions under which out man-power and productive
capacity may be utilized to a maximum in the production and distribution
of wealth.
Robert V. Fleming, who was elected President of the
Association, summed up on Nov. 14 the sentiment of the
bankers who attended, in the following statement:
The convention has shown that there is a spirit of confidence in the fact
that the country is progressing properly and that the bankers are willing
to do everything they can to stimulate the recovery of the nation.
Further advices to the "Times"from New Orleans Nov. 14
said:
Earlier in the day, in acknowledging his installation as President, Mr.
Fleming had announced plans for expanding the activities of the association
through a series of regional conferences on banking problems for tne purpose
of acquainting the membership with the broad services available through
the committees and trained staff of the organization.
He also announced plans for promoting good public relations designed
to acquaint the public with the laws under which banks operate and to
emphasize the vital part which banks play in the economic life of the
country.
Emphasizing the non-political character of the organization, Mr.Fleming
declared that it was prepared to cooperate wherever it properly could in
every measure for national recovery, adding that it was also prepared to
oppose all measures which it believed unsound.
Next year's convention of the Association will be in San Francisco, by
unanimous vote of the convention this week, on motion of A. P. Giannini,
Chairman of the Bank of America National Trust and Savings Association.
Total registrations at the New Orleans convention exceeded 30,600 making
the convention one of the largest ever held in a Southern city.
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A message from President Roosevelt to the convention is
given elsewhere in this issue, and under a separate head we
likewise refer to the address of President Hecht of the
Association, the resolutions adopted and the report of the
Economic Policy Commission. There were many speakers
of prominence at the convention (besides those mentioned),
including Leo T. Crowley, Chairman of the Federal Deposit
Insurance Corporation; Major L. L. B. Angas, of New York;
J. F. T. O'Connor, Comptroller of the Currency; Lewis H.
Brown, President of Johns-Manville Corp., New York;
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, &c. All of the addresses before the general
convention, as well as those delivered before the various
sections and divisions will be given in full in our American
Bankers Convention Section, to be published at a later date.
55 New Members Approved by Investment Bankers
Association—Nine Located in New York
Growing improvement in the securities business is evidenced by the fact that one of the largest groups of new
members since 1929 was approved at a recent meeting of the
Board of Governors of the Investment Bankers Association
of America, it was announced Nov. 10 through the Association offices in Chicago, Ill., by Orrin G. Wood, of Estabrook & Co., Boston, President of the Association. Fiftyfive applicants were approved at the meeting, bringing the
total membership of the Association from all parts of the
United States and Canada up to 686.
Among the new members approved were the following
firms of New York City:
J. E. Baker & Co.; Bear, Stearns & Co.; Jenks, Gvrynne & Co.; Lobdell
& Co.; Peter P. McDermott & Co.; Ryan & McManus; Schaumburg,
Rebhann & Lynch; Shields /4 Co.. and Harriman & Keech.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made for the sale of a New York Curb
Exchange membership Nov. 11 at $33,000, up $3,000 from
the last sale and a new high for the year. The previous high
for 1935 was made on Sept. 16 when a seat exchanged hands
for $32,500.
Arrangements were complet-ed for the sale of two memberships on the Chicago Stock Exchange: one for $4,500 on
Nov. 5, unchanged from the last previous sale and the other
for $4,800 on Nov. 7.
At a meeting of the Board o- f Trustees of the Harlem Savings Bank, New York, held Nov. 12, Robert C. Hart was
elected Vice-President and Comptroller. Mr. Hart, who
joined the institution on Oct. 1 1895, has been Comptroller
since 1930. Prior to that he was Secretary, having been
elected to the position in 1924.
Eugene F. Devoy was elected Treasurer of the Colonial
Trust Co., New York, at a recent meeting of the board of
directors.
At the regular meeting of the Board of Directors of the
Chemical Bank & Trust Co., New York, held Nov. 14, George
A. Peer was appointed an Assistant Treasurer. Mr. Peer
entered the service of the Chemical Bank in 1918 and for
the _past five years has been Assistant Manager of the
Foreign Department. At the same meeting Frederick W.
Thomas and John G. Boyd were appointed Assistant Managers of the bank's Foreign Department.
The General Motors Accep- tance Corp., New York City,
was granted authority on Nov. 7 by the New York State
Banking Department to open a branch office in Oakland,
Calif.
David E. Freudenberger, a Vice-President of the Bank
of the Manhattan Co., New York, was elected a trustee of
the Greenpoint Savings Bank, Brooklyn, on Nov. 12. Mr.
Freudenberger is executive head of the Greenpoint branch
of the Bank of the Manhattan Co.
The Flatbush Branch of the Greater New York Savings
Bank, Brooklyn, N. Y., located at Church Avenue, Beverly
Road and East 2nd Street, will be moved on May 15, next, to
a new building to be erected at Church and McDonald
Ayenues. The new building will accommodate 40,000 depositors, it is announced, and will have facilities for from
6,000 to 7,000 safe deposit boxes. The branch at present
has approximately 17,000 depositors with over $6,000,000
In deposits. The main office of the bank, located at Fifth
Avenue and 9th Street, in Brooklyn, has about 68,000 depositors with over $38,000,000 in deposits.
Earl H. Harkness, Comptroller of the Jamaica Savings
Bank, Jamaica (Long Island), N. Y., has been elected a
trustee of the institution, it was announced Nov. 15. Mr.
Harkness joined the bank on May 1 1935, coming from the
Banking Department of New York State where he was
Deputy Superintendent.
Additional payments to depositors of four defunct Massachusetts trust companies, totaling $448,000, were announced
on Nov. 12 by Henry H. Pierce, State Bank Commissioner.
The institutions are the Belmont Trust Co., Belmont; the
Bancroft Trust Co., Worcester; the Medford Trust Co., Med.
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Financial. Chronicle
ford, and the Plymouth Trust Co., Brockton. The distributions, according to the Boston "Transcript" of Nov. 12, from
which this is learned, are to be conducted as follows:
Belmont Trust Co., Belmont—An additional release of 20% of the remaining balance to the savings department depositors and a release of 10% of
the remaining balance to the commercial department depositors.
In the Belmont bank 6,900 depositors have already been paid in full
and the remaining savings depositors have already received 50% of their
claims and the commercial depositors 25%. The present dividend will
amount to about $125,000 and will make total releases to date to depositors
in this bank of $734,000.
Bancroft Trust Co., Worcester—A first dividend in the commercial department of 10%. Savings department depositors have already received a
release of 60% of their claims, and with this release of about $83,000 the
total amount of dividends paid in this bank to date will amount to
$2,825,000.
Medford Trust Co., Medford—A first dividend in the commercial department of 10%. Savings department depositors have already received 50%
of their claims. The present release of about $152,000 will bring total dividends in this bank to data to about $1,900,000.
Plymouth County Trust Co., Brockton—A second dividend of 10% will
be paid to the commercial department depositors. Savings department depositors have already received dividends amounting to so% and with this
release of about $78,000 the total dividends paid in this bank to date will
amount to $1,832,000.
William B. Reed, who has been connected with the Central
Trust Co. of Altoona, Pa. for many years and its SecretaryTreasurer and Trust Officer since 1930, was recently elected
President of the institution to succeed M. H. Canan, whose
death occurred recently. At the same time Mayberry W.
Miller, who has been with the company since its organization
In 1902 was named Secretary-Treasurer; T. J. Lucas and
• P. J. 11Villiams were appointed Assistant Secretary-Treasurers, and J. C. Hennen was made Trust Officer. Isaiah
Scheeline and George A. Wolfe are Vice-President of the
institution. Altoona advices, printed in "Money & Commerce"
of Nov. 9,from which the foregoing is learned, added in part:
Mr. Reed entered the employ of the Central Trust Co. as Title Examiner,
later becoming Trust Officer and then Assistant Secretary-Treasurer as
well. For the past five years he has been Manager for the Altoona Clearing
House Association and served for several terms as an instructor in the
banking courses, A. I. B.
From the Baltimore "Sun" of Nov. 8, it is learned that
holders of certificates of beneficial interest of the Carrollton
Bank of Baltimore have been informed in a notice from
James P. Healy, President of the institution, that the Directors have appropriated $40,000 for the purchase of such
certificates in accordance with its amended charter. We
quote the paper:
Under this provision, no holder is under obligation to offer the certificates
for sale, but an invitation is extended to do so without awaiting their
redemption, Mr. Healy said.
The bank will consider sealed offers on or before 12 o'clock noon, Nov. 30.
Preference will be given to those certificates offered at the lowest price,
the notice stated.
Directors of the First National Exchange Bank of Roanoke, Va., at their regular meeting on Nov. 5, elected J. Tyler
Meadows President of the insitution to succeed E. B. Spencer
who died recently. Mr. Meadows was formerly President of
the First National Bank of Roanoke, and since the consolidation of that institution and the National Exchange Bank
has served as Chairman of the Board. Associated Press
advices from Roanoke, in indicating this, added:
Junius B. Fishbum was elected Chairman of the Board to succeed Mr.
Meadows, and accepted the position with the understanding that hereafter
the Chairmanship would be neither a full-time nor salaried position. Mr.
Fiehburn was made Cashier of the old National Exchange Bank at its organization in 1889 and later served as President, then as Chairman of
the Board of this bank. Since the consolidation with the First National,
Mr. Fishburn has been Chairman of the Executive Committee.
The Directors of the Reconstruction Finance Corporation
have agreed, upon the receipt of an application from the
receiver of the Guardian Trust Co. of Cleveland, Ohio, to
make an additional loan of $6,377,028 for distribution to
depositors, and it is hoped that distribution can be made
before Christmas, the Corporation announced Nov. 10.
The additional loan will permit a 10% distribution to all
depositors, and is possible by reason of increased values of
the assets of the bank through recovery, together with the
splendid manner in which the liquidation has been handled.
The announcement said:
The RFC made a loan of $26,950.000 to the receiver of the Guardian
Trust Co. on July 20 1933, which enabled the receiver to make a distribution of 20% to depositors and to pay certain secured creditors. The balance
due RFC as of October 7, date of appraisal for the present loan, was $10.040,644.
The Comptroller of the Currency announced on Nov. 8
completion of the receivership of the First National Bank
of Carey, Ohio, according to Associated Press advices from
Washington, D. C., on that date, which added:
The receivership disbursed $200,486 to creditors, representing 97.03% of
total liabilities. Unsecured depositors received 96.83% of their claims.
We learn from Middletown, Ohio, advices, appearing in
"Money & Commerce" of Nov. 9, that plans looking towards
the merger of the First & Merchants National Bank of
Middletown, and the American Trust & Savings Bank of that
place, have been approved by their respective stockholders.
The new organization will be known as the First American
Bank & Trust Co.
Nov. 16 1935
According to the Chicago "Journal of Commerce" of Nov. 5,
the Farmers' & Merchants' State Bank of Darlington, Ind.,
which has been operating as an unrestricted non-member
bank, has been admitted to the Federal Reserve System and
has been licensed as a member bank by the Federal Reserve
Bank of Chicago.
From the Chicago "News" of Oct. 29 it is learned that
Edward J. Barrett, State Auditor of Illinois, announced that
he had authorized the payment of a 15% dividend, amounting
to $109,800, to depositors of the defunct Universal State
Bank of Chicago. We quote the paper:
This is the first payment since the bank closed. In addition to this disbursement, $176,283 has been paid on bills payable and $63,513 has been
paid preferred creditors. William L. O'Connell is receiver for the bank.
SevenTof the smaller units of the Wisconsin Bankshares
Corporation's banks in the State of Wisconsin have been
sold, according to an announcement on Nov. 7 by Walter
Kasten, President of the corporation. The Milwaukee
"Sentinel" of Nov. 8, from which this is learned, went on
to say in part:
The move, it was explained, is in accord with plans made'some months
ago either to consolidate or sell back some of the smaller units to the citizens
of the communities in which they operate.
The banks sold are the Woodhouse & Bartley Bank, Bloomington; the
Bank of Albany, Farmers' & Citizens' Bank, Saux City; Bank of Ellsworth.
Black Earth State Bank, the Bank of Oregon and the Citizens' State
Bank, Belleville. The Haugen State Bank was consolidated with the First
National Bank of Rice Lake, a Bankshares unit. . . .
Effective Nov. 11, The First National Bank of Philip, S. D.,
capitalized at $50,000, was consolidated with The First
National Bank of Rapid City, S. D. with capital of $175,000.
The enlarged institution, which will be known as The First
National Bank of Rapid City, is capitalized at $260,000,
consisting of $175,000 preferred stock and $85,000 of common
stock, with surplus of $20,000. The consolidated bank has
been authorized to maintain a branch in the City of Philip.
Concerning the affairs of the defunct Central Trust Co.
of St. Charles, Mo., a dispatch from Fulton, Mo., on
Nov. 9, printed in the St. Louis "Globe-Democrat", carried
the following:
Judge Edgar B. Wolifolk of the Thirty-fifth Missouri Judicial Circuit
of Missouri has granted W. B. Whitlow of Fulton, Deputy State Finance
Commissioner, authority to pay another 10% dividend to the creditors
of the Central Trust Co. at St. Charles, payable on Nov. 19. With this
payment the creditors of the St. Charles institution will have received
60% of the total indebtedness of the company, with still more to follow.
Final liquidation of the Commercial National Bank of
Wilmington, N. C. (which closed on Dec. 30 1922) was announced on Nov. 5 by the Comptroller of the Currency. Advices from Washington on Nov. 5 to the Raleigh "News &
Observer,'from which this is learned, also stated:
Total disbursements were $1,474,760, representing 55.05% of total liabilities. Unsecured depositors received 25.68% of their claim.
Opening of a newly chartered institution at Cut Bank,
Mont., to be known as the Bank of Glacier County, and
with an initial capital structure of $35,000, was announced
this week by the First Bank Stock Corp., Minneapolis, Minn.
With this addition, 91 banking offices in 79 cities and towns
throughout the Ninth Federal Reserve District, including
the First National Banks in Minneapolis and Saint Paul, are
now members of the First Bank Stock Corp. group. The
announcement continued:
Cut Bank, located in northwestern Montana, has a population of approximately 2000 and is the center of an area which has within the past two
Years become notable for extensive oil and gas developments. The town
has had no bank since 1922 and a recent petition signed by local residents
stressed the need for banking facilities.
According to the "Herald Tribune" of Nov. 14, Joseph M.
Pigott, was elected a director of the Dominion Bank, Ltd.,
Toronto, Canada, on Nov. 13. Mr. Pigott is President of
the Pigott Construction Go., Ltd.
THE CURB EXCHANGE
Trading on the New York Curb Exchange was somewhat
unsettled during the early part of the present week, but the
market turned definitely upward during the late dealings
on Thursday and many of the more active of the speculative
favorites displayed substantial gains. Specialties have been
in fair demand and registered moderate advances. Mining
and metal stocks shared the late improvement, but the gain3
in the alcohol group were comparatively narrow.
Irregularity, due to week-end adjustments and profit
taking, was the dominating feature of the trading during the
two-hour session on Saturday. Public utilities bore the
brunt of the selling though the unsettlement extended to
nearly every section of the list. Some of the more active
of the trading favorites managed to hold a part of their early
gains, particularly those in the specialties group, though
most of the advances were small. Prominent in this group
were Ainsworth (1 Mk.) 234 points to 48; Strom& & Co.,
2 points to 18; St. Regis Paper pref., 1 point to 423i; United
Shoe Machinery, 1H points to 85%; Aluminum Co. of Amer-
ica, 1 point to 89, and Georgia Power pref. (5), 3% points
to 70.
The Curb Exchange and all other stock and commodity
exchanges were closed on Monday in observance of Armistice
Day.
F Curb market prices were moderately firm as trading was
resumed following the two-day holiday, but profit taking
appeared on a fairly large scale and the trend turned sharply
downward. Public utilities again led the downward movement,followed by the miscellaneous industrials. Specialties
and oil stocks were inclined to resist, but the market, as a
whole, was off on the day. The losses included among others
American Superpower pref.,4WL points to 303; Consolidated
Mining & Smelting Co. of Canada, 234 points to 186; Great
Northern Paper, 234 points to 223/2; Pittsburgh Plate Glass,
VA points to 963/2; Singer Manufacturing Co., 14 points
to 29634; A. 0. Smith, 24 points to 47, and Standard Oil
of Ohio, 134 points to 189..
Gains and losses were about evenly divided on Wednesday.
Specialties were the most active stocks but moved back
and forth without definite trend. The volume of sales was
approximately 337,000 shares against 454,000 on the preceding day. Stocks closing on the side of the advance included among others, American Superpower pref., 2X points
to 33; Celluloid Corp. 1st pref., 10 points to 90; Consolidated
Mining & Smelting Co. of Canada, 2 points to 188; Fajardo
3 points
Sugar, 6 points to 157; Horn & Hardart pref., 4%
to 108%; Masonite Corp., 234 points to 63; Pennsylvania
Water & Power, 134 points to 8234; Stroock & Co.,2 points
to 22, and Commonwealth Edison, 134 points to 9634•
• The buying rush that developed during the afternoon
dealings on Thursday carried many market leaders to higher
levels. The advances did not, however, extend to all sections
of the list, ard despite the increased buying near the close,
the total transfers dwindled down to approxitnately 337,000
shares as compared with 454,000 on the preceding day.
Outstanding among the stocks showing gains at the close
of the session were Aluminum Co. of America, 4%
3 points
to 893
%; Babcock & Wilcox, 3 points to 68; A. 0. Smith,
2 points to 49; Thermoid Co. ov. pref., 5 points to 52, and
New Jersey Zinc (2),3 points to 74.
On Friday the upward movement was less pronounced
than during the closing hours of the preceding session.
Some of the more active stocks among the trading favorites
registered gains up to 2 or more points, but a larger part of
the advances were in small fractions. Singer Manufacturing
Co. was one of the strong stocks and moved up 4 points to
298. Thermoid cv. pref. was another strong issue and
3
improved 3% points to 55%.
As compared with the closing
quotations of Friday of last week, prices were not much
changed, Amer.Cyanamid B closing last night at 288
/i against
284 on Friday a week ago; Amer. Light & Traction at 15X
against 154; Carrier Corp. at 10 against 10/
58; Commonwealth Edison at 95 against 97; Electric Bond & Share at
3;
16% against 175
/s; Fairchild Aviation at 734 against 7%
Fisk Rubber Corp. at 63/g against 7; Ford of Canada A at
26 against 284; Glen Alden Coal at 194 against 193/
8;
Lake Shore Mines at 494 against 50; Niagara Hudson
Power at 9 against 9%; Pioneer Gold Mines of B. C. at 9
against 94, and Wright Hargreaves at 7% against 734.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Nov. 15 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
3169
Financial Chronicle
Volume 141
Boaz
Bonds (Par Value)
(Number
of
Shares)
Foreign
Foreign
Government Corporate
Domestic
Total
332,850 $2,200,000
HOLI DAY
453,505 3,501,000
338,770 3,914,000
580,999 5,215.000
509,135 4,238,000
$12,000
48,000
50,000
50,000
21,000
$12,009 82,224,000
HOLI DAY
13,000 3,562,000
42,000 4,006,000
26,000 5,291,000
26,000 4.285,000
2,213,259 $19,088,000
$181.000
5119,000 $19,368,000
Sales at
New York Curb
Exchange
Week Ended Nov. 15
1935
1934
Jan. 1 to Nov. 15
1935
1934
Stocks-No.ot shares..
2,213,259
5,353,910
60,803,026
290,175,471
Bonds
Domestic
819,068,000 812,012,000 81,013,339,000
8811,740,700
Foreign government..
181,000 11,973,000
13,952,000
540,023,000
Foreign corporate
119.000 33,067,000
11,337,000 1,983,071,000
Total
$19.368,000 $57,052,000 81,038,628,000 23.334,834,700
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 30 1935:
GOLD
The Bank of England gold reserve against notes amounted to E194,323,
901 on the 23d inst., as compared with E193,673,266 on the previous
Wednesday.
Purchases of her gold amounting to £360,073 were announced by the
Bank during the week.
In the open market about £1,080.000 of bar gold changed hands at the
daily fixing. Conditions have been rather quiet and with prices maintained
at a premium of about 3ici. over dollar parity, shipments to New York
have been restricted.
Quotations during the week:
Per Pine
Equivalent Value
Ounce
of £ Sterling
141s. 334d.
Oct.24
12s. 0.30d.
1418. 61.1d.
Oct. 25
12s. 0.05d.
1415. 6d.
Oct. 26
12s. 0.09d.
Oct. 28
1415. 6d.
12s. 0.09d.
141s. 434d.
Oct. 29
12s. 0.22d.
141s. 4d.
Oct.30
12s. 0.26d.
Average
141s. 5.08d.
12s. 0.17d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
Exports
Imports
£1,261,768 United States of America_ £1,308.337
British South Africa
79,432
76,293 Netherlands
British West Africa
10,282
15,556 France
British Malaya
99,740
324,691 Switzerland
British India
383,179 Bombay, via other ports_
5,020
Australia
3,200
10,505 Austria
New Zealand
18,450 Other countries
1,663
France
5.338
Spain
2,461
Switzerland
5,000
Argentine Republlc
5,981
Tanganyika Territory ___
12,713
Other countries
£1.507,674
£2,121,935
The SS."Kaisar-i-Hind," which sailed from Bombay on the 26th "Wt.,
which
E1,125,000 is concarries gold to the value of about £1,249,000. of
signed to London and £124,000 to New York.
output
for
September
1b35
amounted to
The Southern Rhodesian gold
57,328 fine ounces as compared with 61,399 fine ounces for August 1935
and 58,850 fine ounces for September 1934.
SILVER
A rapid decline in the China exchanges, due to operations by speculators
in Shanghaifollowing further rumors of devaluation,resulted in heavy sales
of silver on China account being made in the London market; the movement also influenced other operators and there has been a considerable
amount of re-selling by speculators.
The cash price has been maintained at 29 5-16d. as the American Treasury continued to give support at this level, purchases during the week
being on a substantial scale.
Except for occasional inquiry from the Indian Bazaars, there has been
little support for forward delivery and, as offerings were again mostly for
forward dates, the difference between the cash and two months quotations
quickly widened uncles* the pressure, the latter being quoted yesterday at
a discount of 5-16d., narrowing, however, to Xd. to-day.
Whilst the American support will doubtless keep the cash position steady.
the forward position is uncertain owing to conditions in Shanghai and will
be influenced by the course of events in that quarter.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 21st inst. to mid-day on the 28th inst.:
Imports
Hongkong
British India
Australia
British Malaya
Netherlands
Belgium
France
Persia
Japan
Iraq
Costa Rica
Other countries
£61.199
21,999
23,164
4.885
41,000
15,441
13,564
366.524
497,981
6,451
5,200
7,978
Exports
United States of America_ £1,369,155
Netherlands
2,970
France
1,481
Norway
1,018
Liberia
1,000
Other countries
2,938
£1.378,562
£1,065,386
Quotations during the week:
IN NEW YORK
IN LONDON
(Per ounce .999 Pine)
-Bar sneer per oz. std.Mos.
2
Cash
654 cents
295-16d. 293-16d. Oct. 23
Oct. 24
65 cents
295-16<1. 29 3-1.3d. Oct. 24
Oct. 25
65 cents
29 5-16d. 293-16d. Oct. 25
Oct. 26
Oct. 26
65 cents
29 5-16d. 2934d.
Oct. 28
65 cents
Oct. 28
29 5-16d. 29d.
Oct. 29
65h
cents
Oct.
29
1-16d.
29
295-16<1.
Oct. 30
29.312d. 29.125d.
Average
The highest rate of exchange on New York recorded during the period
from the 24th inst. to the 30th inst. was $4.92 and the lowest $4.91.
COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase 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, Nov. 16), bank exchanges for all cities of the United
States from which it is possible to obtain weekly returns will
be 13.0% above those for the corresponding week last year.
Our preliminary total stands at $4,980,912,246, against
$4,406,533,699 for the same week in 1934. At this center
there is a gain for the week ended Friday of 14.8%. Our
comparative summary for the week follows:
Marine/a-Return.
,by Telegraph
Week Ending Nov. 16
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
62,282,258,612
222,006,426
251,000,000
159,000,000
58,401,043
64,200,000
103,848,000
88,213,337
77,045,690
62,553,548
46,135,087
27,137,000
81,988.560,259
181,283.693
215,000,000
147.000,000
56,399,968
59,900,000
88,757.000
66,541,294
59,094,149
50,378,357
42,779,140
24,674,000
+14.8
+22.5
+16.7
+8.2
+3.5
+7.2
+17.0
+29.6
+80.4
+24.2
+7.8
+10.0
Twelve cities, five days
Other cities, five days
$3.439,796,743
844,296,795
82,980,347,860
578.330,660
+15.4
+11.4
Total all cities, five days
All cities, one day
84,084,093,538
896,818,708
83,558.678,520
847.855.179
+14.8
+5.8
ea oen 012 UR
54 406.533 899
-4.13.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ended 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 Nov. 9.
For that week there is an increase of 27.9%, the aggregate
Financial Chronicle
1935
Seventh Feder al Reserve D 'strict-Chi cagoMich.-Adrian_ _
64,455
54,489 +18.3
Ann Arbor___.
433,044
309,392 +40.6
Datrolt
78,466,625
54,990,737 +42.7
Grand Rapids.
1,521,758 +51.7
2,308,962
Lansing
1,224,303
619,800 +97.5
Ind.-Ft. Wayne
1,048,413
634,485 +65.2
Indianapolis
17,325.000
13,179,000 +31.5
South Bend...
1,309,451
629,269 +108.1
Terre Haute_ _
3,331,288 +31.1
4,368,185
Wis.-Milwaukee
17,606,344
13.775,069 +27.8
Iowa-Cod,Rap _
698,165 +36.3
951,754
Des Moines_ _
9,449,041
6.209.094 +52.2
Sioux City.- - 2.478,924 +30.8
3,243,256
Waterloo
Ill.-Bloomington
421,713 -14.5
360,530
Chicago
276,210.252 196.046.832 +40.9
Decatur
600,909 +13.2
680,093
Peoria
3,015,777 -8.3
2,827,001
Rockford
861.513
602,976 +42.9
799,216 +30.7
1,044,802
Springfield.._
Total(19 cities)
1935
1934
1932
1933
Federal Reserve Diets.
$
S
3
%
287,380,372
211,015,264 +36.2
166,030,523
18t Boston_._ _12 cities
3,032,341,275 2,407,425,913 +26.0 2,595,441,758
2nd New York.12 "
321,680,508
170,960.111
215,375,039 +31.1
3rd Philadelphia 9 "
118,761,035
169,261,220 +30.8
4th Cleveland__ 5 "
221.448.668
118,338,332
97,178,755 +21.8
67,513,647
6th Richmond _ 6 "
113,206,480 +15.5
130,707,139
79,996,916
6th Atlanta_ ___10 "
215,110,327
419,785,024
299,918,893 +40.0
7th Chicago ._.19 "
132,234,461
76,167,076
100,419,523 +31.7
8th St. Louis... 4 "
98,517,445
81,072,892 +21.5
62,723,300
9th Minneapolis 7 "
115,188,367
69,976,000
99,695,735 +15.5
10th KansasCity 10 "
55455,933
42,514,435 +29.6
5 "
37,785,798
11th Dallas
228,367,065
127,485,415
168,105,250 +34.7
12th San Fran 12 "
S
178,520.367
2,209,312.139
196,129,136
131,450,523
83,382.514
63,811,298
199,703,829
68,982,957
54,226,804
67,838,812
33,025,767
115,786,373
111 cities 5,159,144,587 4,035,218,429 +27.9 3,787,951,906 3,402,170,518
Total
Outside N. Y. City..... 2,222,026,188 1,705,218,508 +30.3 1,256.962,385 1,258,990,163
naseas
32 cities
392 652.083
368 088 777 -4-6.7
317 721.323
284.529.81
Week Ended Nov. 9
Clearings at1935
1934
Inc. or
Dec.
First Federal Reserve Dist rict-Boston
587,812
Maine-Bangor_
551,660 +6.6
1,873.834
Portland
1,729,651
+8.3
Mass.-Boston _. 251,000,000 185,485,846 +35.3
Fall River
612,757
724,772 -15.5
Lowell
368,590
364,349 +1.2
728,660
New Bedford
449,044 +62.3
Springfield_ _ _ _
6,525,513
2,444,962 +166.9
Worcester
1,795,841
1,121,573 +60.1
10,668,295
Conn.-Hartford.
7,828,230 +36.3
3,493,122
New Haven_ _ _
2,586,607 +35.0
9,133,200
R.2 -Providence
7,292,100 +25.2
N.11.-Mancheser
436,470 +35.8
592,748
Total(12 cities)
287,380,372
211,015,264 +36.2
Second Feder al Reserve D strict-New
7,409,593
4,916,671
N. Y.-Albany
Binghamton_
976,386
779,961
27,000,000
Buffalo
21,400,000
582,868
Elmira
391,584
Jamestown._ -366,749
489,176
New York.._ 2,937,118,399 2,329,999,921
Rochester
6,684,220
5,273,313
3.145.630
Syracuse
2.838.266
3,120,003
Conn.-Stamford
2,705,008
*235,000
N. J.-Montclair
375,850
Newark
15,746,961
15,350,388
29,833,039
Northern N. J.
23,028,232
1933
1932
405,831
1,020,220
145,051,923
678,761
297,299
465,542
2,159,117
913.212
6,220,981
2.284,067
6,255,600
277,970
283,640
1,389,674
158,000,000
496,846
252,799
369,307
2,015,953
1,274,707
5,227,230
2,599,852
6,332.800
277,559
166,030,523
178,520,367
York3,322,829
4,567,124
+50.7
650,180
663,590
+25.2
20.001,332
20,583 953
+26.2
413,132
456,887
+48.8
360,364
418,381
+33.4
+26.1 2,530,989,521 2,143,180,355
4,896,937
5,248,682
+26.8
3.158.751
2.564.071
+10.8
1,921,390
2,221,280
+15.3
350,000
346,669
-37.5
9,273,842
13,049,911
+2.6
17,952,272
18,161,544
+29.5
Total(12 cities) 3,032,341,275 2,407,425,943 +26.0 2,595,441,758 2,209,312,139
Third Federal Reserve Dist rict-Philad elphia
447,624
Pa.-Altoona.....
266,632 +67.9
Bethlehem._
a483.363
a1,629,707 -70.3
Chester
217,982 +41.6
308,632
1,148,093
Lancaster
798,802 +43.5
Philadelphia... 310,000,000 236,000,000 +31.4
Reading
1,186,298
889,835 +33.3
Scranton
1,781,981 +16.7
2,078,876
767,062 +25.4
961,977
Wilkes-Barre_ York
906,945 +43.3
1,300,008
N..J.-Trenton..
4,251,000
3,746,000 +13.5
Total(9 cities)-
321.680.508
Fourth Feder al
Ohio-Akron
Canton
Cincinnati ____
Cleveland
Columbus
Mansfield
Youngstown
Pa.-Pittsburgh _
245,375,039 +31.1
228,476
155,081
590,478
165,000,000
668,500
1,241,406
1,001,143
791.027
1,284,000
265,544
a343,779
192,890
830,293
189,000,000
1,236,381
1,491.541
1,099,072
726.414
1,287,000
170,960,111
198,129,135
25,991,316
35,065,112
4,906,800
1,007,986
27,526,778
43.662,548
5,494,000
934,379
Reserve D istrIct-Clev eland50,840,746
66,410,080
9,528,000
1,187,093
41,487,206
46,119,153
7,380,900
833,670
+22.5
+44.0
+29.1
+42.4
93,482,747
73,440,291 +27.3
51,789,821
53,832,818
221,448,666
169,261,220 +30.8
118,761,035
131,450,523
Fifth Federal Reserve Dist rict-Rlchm ond182,915
W.Va.-Hunt'ton
89,630 +104.1
Va.-Norfolk._
2,193,000
2,127,000 +3.1
Richmond
_
33,289,578 +14.5
38,101,287
1,119,844
S.C.-Charleston
886,460 +26.3
Md.-Baltimore.
56,966,933
45,650,306 +24.8
D.C.-Washing'n
19.774,353
15,135.781 +30.6
82,607
1,374,000
22,609,595
878,968
29,891,585
12,676,802
292,070
1,938,000
22,281,109
594,832
42,042,912
16,233,591
67,513,647
83,382,514
3,481,340
7,706,067
28,300,000
849,421
483,583
10.424,000
10,777,495
810,368
1,459,116
6,556,274
21,500,000
671,504
360,551
5,651,877
6,532,102
706,231
136,954
17,027,688
98,465
20,275,178
79,998,916
63,811,298
Total(5 cities).
Total(6 cities).
118,338,332
97,178,755 +21.8
Sixth Federal Reserve Dist rict-Atlant a-Tenn.-Knoxville
3,070,836
2,083,266 +47.4
Nashville
13,225,197
11,510,325 +14.9
Ga.-Atlanta__
45,200,000
43,000,000 +5.1
1,219,435
Augusta
1,069,104 +14.1
.900,000
Macon
895,364 +0.5
13,326,000
Fla-Jacksonville
10,060,000 +32.5
15,269,887
Ala.-Birm'ham
14,441,105 +5.7
1.340,942
Mobile
1,012,398 +32.5
Miss.-Jackson
196,318
140,650 +39.6
Vicksburg
36,958,724
La.-NewOrleans
28,994,268 +27.5
Total(10 cities)
130,707.139
113,206,480 +15.5
299.918,893 +40.0
Eighth Fedora Reserve Die trIct-St. Lo
Ind.-Evansville
Mo.-St. Louis..
54,800,000
79,700,000
Ky.-Louisville _
25,003,032
28,298.774
Tenn.-.Memphis
20.199,491
23,717,687
114-Jacksonville
Quincy
417,000
518,000
1932
28,550
342,004
33,708,560
988,530
705,453
468,908
10,034,000
538,123
2,892,960
8,757,653
185,775
3.618,758
1,672,881
86.802
490.786
27,237,170
1,987,607
336.200
949,087
11,522,000
1,038,783
2,986,197
0,668,840
381,609
3,473,372
1,440,368
239,826
148,063,645
310.749
1,528,973
382.777
842,202
678,194
134,023,092
306,800
1,692,428
356,115
1,048.379
215,110,327 499,703,829
uls+45.4
+13.2
+17.4
43,700,000
14,485,672
17,729,404
+24.2
252.000
40,300,000
17,262.624
11,071,711
b
348,622
100,419,523 -1-31.7
76,167,076
68,982,957
Ninth Federal Reserve Dis trIct-M n n eapolis
Minn.-Duluth_
4,158,612 +22.9
5.110.302
Minneapolis...
62,871,451
51,281,246 +22.8
St. Paul
24,897,704
19.789,279 +25.9
N. D.-Fargo.
2,110,269
1.619,725 +30.3
S. D.-Aberdeen
556,181
466,884 +19.1
Mont.-Billings
448,200 +35.8
608,597
Helena
2,362,941
3,328,946 -29.0
3,782,835
43,053,693
12,316.680
1,350,900
377.544
251,004
1,590,644
4.648,345
35,411,405
10,571.806
1,476.004
395,322
281,172
1,442,750
81,072,892 +21.5
62.723,300
54,226,804
Tenth Federal Reserve Di, trict-K a as as City
Neb.-Fremont._
112,070
82,547 +35.8
Hastings
180,956
92,246 +96.2
Lincoln
2,300,885
1,717,982 +33.9
Omaha
30,494,838
24,057,490 +28.8
Kan.-Topeka.2,348,521
3,873,045 -39.4
Wichita
2,773,319
2,043,372 +35.7
Kansas City...
72,759,960
64,290,044 +13.2
St. Joseph_ _ 2.957,899
2,622,469 +12.8
Colo.-Col. Spgs.
639.944
439,539 +45.6
Pueblo
819.975
476,001 +30.2
44,870
1,373,128
16,803,905
1,0/3,985
1,374,739
45.620,939
2.427,812
309,503
347,119
83,729
90,294
1,233,473
14,959,086
1,470,917
2,795,455
44,420,877
1,949,558
375,414
460,009
99,694,735 +15.5
69,976,000
67,838,812
Eleventh Fede ral Reserve District-Da liasTexas-Austin.._
1,204.551
958,828 +25.7
Dallas
41,374.575
33,179,104 -24.7
Ft. Worth....
6,781,597
4,668,499 +45.3
Galveston
2,804,000
1,787,000 +56.
La.--Shreveport.
2.991.210
1,951,204 +53.3
653,353
28.285,202
5,441,187
1,876.000
1,530,056
552,546
23,432.346
5,312,085
1,878,000
1,850,790
37,785,798
33,025,767
Franc'sco-+43.4
14,554,973
+16.9
3,911,000
411,380
+64.0
+33.2
17,376,155
+33.5
6,839,355
+34.4
2,127,717
+42.1
2,258,176
+94.7
2,890.723
+31.1
73,649,847
+42.4
1,613,057
771.374
+30.1
+41.8
1,081,658
14,955,404
4,091,937
401,905
15,846,105
7,041,829
2,077,828
2,545,899
6,004.701
59,870.840
1,153.971
771,109
1,024,845
Total(4 cities).
Total(7 cities).
We now add our detailed statement showing last week's
figures for each city separately for the four years:
419,785,024
1933
Total(10 cities)
Total(5 cities).
132,234,481
98,517,445
115,188,367
55,155.933
42.544,425 +29.6
Twelfth Feder al Reserve D Istrlct-San
Wash -Seattle
29,836,812
20,806,373
Spokane
7,725,000
9,030,000
Yakima
954,433
582,072
24,229,832
Ore.-Yortland_
18,183,926
Utah-S. L. City
10,174,071
13,578,990
Cal.-Long Beach
3,448,794
2,566,857
Pasadena
2,947,651
2,074,039
Sacramento
9,385,748
4.819,640
San Francisco. 126,914,710
96,843,802
SanJose
2,926,627
2,054,606
Santa Barbara_
1,253.452
963,143
Stockton
1,860,016
1,311,021
Total (12 cities) 226,367,065 168,105,250 +34.7 127,485,415 115.786,373
Grand total (111
Cities)
5 159,144,587 4,035,218,429 +27.9 3,787,951,906 3,402,170,518
Outside New York 2,222,026,188 1,705,218,508 +30.3 1,256,962,385 1,258,990,163
Week Ended Nor. 7
Clearings at1935
1934
£74.07
Dec.
1933
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 HatPeterborough
Sherbrooke
Kitchener
Windsor
Prince Albert__
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
118,604,943
109,279,764
62,887.369
19,069,120
28,142,600
6,501,917
2,655,708
5,119,496
8,138,367
1,986,014
1,991,455
3,122,001
4,492,866
4,870,208
421,070
676,564
2,115,356
907,088
978,445
828,378
692,1185
307,204
747,167
701,670
1,215,625
2,438,897
423,405
793,728
684,083
466,040
544,429
853,021
6
114,423,197
115,334,182
87.817,627
15,433,428
5,202,239
6,267,154
2,513,881
4,437,008
6,436,533
1,898,283
1,685,196
3,191,767
4,789,256
4,644,125
431,909
578,395
1,893,955
598,093
878.363
808,640
549,488
283,765
840,717
687,008
1,029,182
1,819,259
383,859
791,496
692,853
536,441
478,893
730,605
%
+3.7
-5.2
-7.3
+23.6
+441.0
+3.7
+5.6
+15.4
+26.4
+4.6
+18.2
-2.2
-8.2
+4.9
-2.5
+17.0
+11.7
+51.7
+11.2
+2.4
+26.0
+8.3
-11.1
+2.1
+18.1
+34.1
+10.3
+0.3
-1.3
-13.1
+13.7
+16.8
$
108,423,951
07,698,892
51,773,238
12,922,330
4,955,426
5,348,851
2,116,200
3,564,513
4,854,390
1,673,612
1,426,605
2,290,768
3,541,820
4,038,512
349,816
546,819
1,565,084
559,483
835,094
690.334
427,312
219,602
651,839
646,537
1,063,102
2,352,691
280,911
738,047
637,899
416,384
427.177
684,275
Total(32 cities)
392.652.083
368.086.777
+6.7
317.721,323
a Not Included In totals.
functioning at present.
*Estimated.
1932
asmo..4.....amwoomow cn0,000w..o.4003...4oca
0330 aawcoowqwwwvo.4.-nnwm=wobaays.awoo
Week Ended Nov. 9 1935
Inc.or
Dec.
Inc. or
Dec.
1934
.8COM
.4..WW..CIWN14.0.N
$4,0
SUMMARY OF BANK CLEARINGS
Week Ended Nov. 9
Clearings at
b4
of clearings for the whole country being $5,159,144,587,
against $4,035,218,429 in the same week in 1934. Outside
of this city there is an increase of 30.3%, the bank clearings
at this center having recorded a gain of 26.1%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an expansion of 26.0%, the Boston Reserve District of
36.2%, and in the Philadelphia Reserve District of 31.1%.
In the Cleveland Reserve District there is an improvement
of 30.8%, in the Richmond Reserve District of 21.8%, and
in the Atlanta Reserve District of 15.5%. The Chciago
Reserve District has enlarged its totals by 40.0%, the St.
Louis Reserve District by 31.7%, and the Minneapolis
Reserve District by 21.5%. The Kansas City Reserve
District enjoys a gain of 15.5%, the Dallas Reserve District
of 29.6%,and the San Francisco Reserve District of 34.7%.
In the following we furnish a summary by Federal Reserve
districts:
Nov. 16 1935
TWagI
ggggiltggOttgleigtit
el
.4=0030.4.0014,
1-430.W.Z01.
0310.0N..ON0130W.C.1410
1000300010
3170
284,529.810
b No clearings available. c Clearing H01188 not
3171
Financial Chronicle
Volume 141
65A
50.01
65%
50.01
6594
50.01
77.57
77.57
77.57
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the, items stood
Oct. 31 1935 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Oct. 31 1935.
Total
Total
9,693,267,866.62
9,693,267,866.62
Note-Reserve against $346,681,016 o United States notes and $1,179.824 of
Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by
silver dollars in tile Treasury.
SILVER
LIablIulesAssets$
Silver
449,758,155.80 Silver ars. Outstanding, 914,429,365.00
Silver dollars
510,037,791.00 Treasury notes of 1890
outstanding
1,179,824.00
Silver In gen. fund
44,186,757.80
Total
959,795,946.80
Total
lcol.l-lo...
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Cash
GOLD
Ltabtlittes9,693,267,866.62 Gold certificates:
Outstanding (outside
of Treasury)
131,946,699.00
Gold ctf. fund-Fed.
Reserve Board_ _ _7,012,982,017.25
Redemption fundFed. Reserve notes.. 19.726.113.35
Gold reserve
156,039.430.93
Exch. stabilization fund.1,800,000,000.00
Gold in general fund
572,573,606.09
Preferred
Capital
Stock, &c.
AssetsGold
.
to ,,,,,-,,,
0. Ma
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CURRENT ASSETS AND LIABILITIES
Total Croup I
cents) in the United
I. Financed wholly from Government funds—
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Banks
Public Works Administration
Regional Agricultural Credit corporations
Production Credit corporations
Panama Railroad Co
United States Shipping Board Merchant Fleet Corporation
War Emergency corporations and agencies_g
Other_ h
The price of silver per ounce (in
States on the same days has been:
Bar N. Y. (foreign)
Holiday
65%
6534
Holiday
50.01
50.01
U. S. Treasury
U. S. Treasury
(newly mined) 77.57
Holiday
77.57
Total Group II
_
.. .
Wed.,
Tues.,
Mon.,
Sat.,
Thurs.,
Fri.,
Nov. 13
Nov. 12
Nov. 11
Nov. 9
Nov. 15
Nov. 14
Silver, per oz__ 29 5-16d. 29 5-16d. 29 5-16d. 29 5-164. 29 5-164. 29 5-16d.
Gold, p.fine oz. 141s.3 Ad. 1418.4 Ad. 141d.4d. 141s.6d. 141s.4 Ad. 141s.5d.
sw,
Consols, 23.4% Holiday
86
8534
8534
8534
British 334%Holiday
10434
W. L
105
105
10434
10531
British 4%Holiday
1960-90
11634
11634
11634
11734
11634
II. Financed partly from Govt. and partly from private funds—
Federal Land banks
Federal Intermediate Credit banks
Federal Farm Mortgage Corporation
Banks for co-operatives
Home Loan banks
Home Owners' Loan Corporation k
Federal Savings & Loan Insurance Corporation
Federal Savings & Loan associations
Federal Deposit Insurance Corporation
War Finance Corporatiomp
ENGLISH FINANCIAL MA RKET-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Co
to
o
b
to
.
ao
959,795,946.80
GENERAL FUND
572,573,606.09 Treasurer's checks out44,186,757.80
standing
6,994,230.83
2,593,924.00 Deposits of Government
14,079,805.00
officers:
755,968.00
Post Office Dept
1,268,005.90
6,515,218.00
Board of Trustees.
3,780,124.20
Postal Savings
System:
3,591,503.69
198,186,164.36
5% reserve, lawful
money
59.578,545.63
Other deposits
1,131,490.61
26.494.785.70
Postmasters, clerks of
courts, disbursing
3,735,321.26
officers, ,to
103,747,620.02
118,072,139.86 Deposits for:
Redemption of Nat'l
bank notes65% fund
654,080,000.00
lawful money)
558,775.79
Uncollected items, exchanges, dm
14,231,224.51
8,796,527.52
212,873,188.38
49,255,055.65 Balance of increment resulting from reduction
In weight of the gold
1,234,630.93
dollar
143.623,761.11
Seignionwe (see note 1). 199,420,728.35
1,180,885.77 Working balance
1,130.037,961.53
1,473,082,450.99
Total
1,685,955,639.37
Total
1,685,955,639.37
Note 1-This item represents seigniorage resulting from the issuance
of silver
certificates equal to the cost of the silver icquired under the Silver
1934 and the amount returned for the silver received under the Purchase Act of
President's
proclamation dated Aug. 9 1934.
Note 2-The amount to the credit of disbursing officers and certain
agencies
to-day was $1,843,761,685.68.
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States
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0
0,
0
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W
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6
.
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Cl1
10 140.10 a 1,
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Owned
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=
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daily
N W
0
000
to .0
,00,1.0010
0
- 11;-4000.400v
0 000000a,
W
357,274 4,483,000
The monthly report of the Treasury Department,
showing
assets and liabilities as of Sept. 30 1935 of
governmental
corporations and credit agencies, financed
wholly or in
part by the United States, was contained in the Department's
Statement for Oct. 31. The report is the
16th such
to be issued by the Treasury; the last previous one, for
Aug. 31 1935, appeared in our issue of Oct. 12, pages
23802382.
The report for Sept. 30 shows .in the case of
agencies
financed wholly from Government funds a
proprietary interest of the United States as of that date of
$3,340,910,486,
which compares with $3,400,763,477 Aug. 31.
In the
case of these wholly-owned Government agencies, the proprietary interest represents the excess of assets over
liabilities, exclusive of inter-agency items.
'
s proprietary interest in agencies financed
The Government
partly from Government funds and partly from
private
funds as of Sept. 30 was shown to be $1,142,090,116.
This
compares with $1,126,343,365 as of Aug. 31. In the
case
of these partly-owned Government agencies, the Governs proprietary interest is the excess assets over
ment
'
liabilities exclusive of inter-agency items, less the Privately..
owned interests. The statement follows:
to W
to N
.
00 10
.W
1. N
p
to
to
0
to
Total
MONTHLY REPORT OF THE UNITED STATES
TREASURY AS OF SEPT. 30 1935
._m.
0-4 .4
-40 0
Liabilities and Reserves d
Balance to-day
2,206,516.63
..p
..
a.
= to
1. 00
.=
GO W
Guaranteed Not Guaranteed by
by
United
United
Slates
States
Asset,
Gold (see above)
Silver (see above).
United States notes_
Federal Reserve notes_ _
Fed. Reserve bank notes
National bank notes
Subsidiary silver coin
Minor coin
Silver builion(cost value)
Silver bullion (recolnage
value)
UnclassifiedCollections, da)
Deposits in:
Fed. Reserve banks
Special depos. acct, of
sales of Govt.secs
Nat. and other bank
depositaries:
To credit of Treasurer of U. S
To credit of other
Govt. officers.._
Foreign depositaries:
To credit of Treasurer of U. S
To credit of other
Govt. officers_
Philippine Treasury:
To credit of Treasurer of U. S
.
..
. .0.. .Cl, .0p
....4‘..
3:: 010'4'4 ... a-.- ..A.
.5
a
a
0
-.
C
Z
F*
.i.°
24i
B
Z
3172
Financial Chronicle
Nov. 16 1935
FUNDS APPROPRIATED AND ALLOCATED TO EMERGENCY ORGANIZATIONS, EXPENDITURES
THEREFROM, AND UNEXPENDED BALANCES AS OF OCT. 31 1935
The statement of funds appropriated and allocated as of Oct. 31 1935, taken from the daily Treasury statement, is as
follows (cents omitted) (see explanatory note below):
Sources of Funds a
Expenditures a
Appropriations
Statutory and Executive Allocations
Reconstrucsion
Fiscal Year
Emergency
Finance
Total
Fiscal Year
1935 and
Unexpended
Emergency
Relief
Corporation
1936
Prior Years b
Appropriation Appropriatir n
Act 1935,
Act 1935,
An
A pproved
Approved
Approved
June 16 1933 June 19 1934 Aprit 8 1938
— -$
Agricultural aid:
$
$
$
$
$
$
$
$
37,554,000
Agricultural Adjustment Adminlatratio)d1716880,281
e
1,754,434,281 239,919,703 1,033,276,980 481,237,698
Less processing tax
f922,906,965
f922,908,965
48,478,297 874,428,668
Organizations
Spectric
National
Industrial
Recovery
37,554,000
Net
• 793,973,316
3,000,000
Commodity Credit Corporation -g_ •
60,000,000
•
80,000,000
Farm Credit Administration -g
Federal Farm Mortgage Corporation_ •
Federal Land banks:
• 125,000,000
Capital stock
145,000,000
Paid-in surplus
58,950,000
Reduction in int, rates on mortgages
Relief:
Federal Emergency Relief Admit)
• 11805,000,000 152,304,158
Federal Surplus Relief Corporation___
• i345,000,000 400,005,000
CivilWorks Administration
•
Emergency conservation work
93,101.630 323,362,315
Department of Agriculture,relief
Public Works (including Work Relief);
44,125,000
Boulder Canyon project
c18,339,960
455,483.257
Loans de grants to States, murdo.,Jre.g
Loans to railroads Al
•
199,580,506
Public highways
255,488,217 437,141,725
River and harbor work
262,837,586
Rural Electrification Administration_
Works Progress Administration
All other
72,000,000 767,122.195
Aids to home owners:
Home -loan system:
Home-loan bank stock
Home Owners' Loan Corporation_
Federal savings and loans association
150,000,000
33,729.500
Emergency housing
1,000,000
Federal Housing Administration
38,918,877
Resettlement Administration
6,811,963
Subsistence homesteads
Miscellaneous:
1,250,000
Export-Import Banks of Washington_g _
Federal Deposit Insurance Corporation_ 150,000,000
Administration for Industrial Recovery _
18,961.000
Reconstruction Finance Corp.—direc
loans and expenditures g
m
c
50,000,000
Tennessee Valley Authority
Total
Unallocated funds:
By the President
By Public Works Administration
h502,259,340
315.748,387
200,000,000
146,785.000
.
480,590,512
817,000,000
831,527,316
505,259,340
602,533,387
200,000,000
191,441,405
151,027,331
j8,422,721
158,848,311
104,197,869
423,395,524
200,000,000
481,237,598
250,034,138
187,560,585
125,000,000
145,000,000
58,950,000
j1,860,920
13,157,254
10,588,792
124,958,815
74,493.662
19,506,931
1,902,105
57,349,082
28,854,276
911,040,000 2,965,934,671
f 327,880,470 2,443,115,494 1
1
88,960,000
343,390,000
92,845,000
523,479.450
3,000,000
152,245,402
13.000,000
138,950.903
k
k
500,000,000
129,716,169
7,562,567
1.070,799,696
76,585.620 302,098.646
94,699,000
125,000,000
200,000,000
"
102,798,250
3,389,487
e34,000,000
167,150,000
37,500,000
n
5,000,000
6,528,901
302,850
221,487,926
1,527,888
78,464,960
746,679,563
199,580,506
1,192,629,942
487,252,755
7,562,567
1 070,799,696
1,217,806,461
6,804,814
j18,651,461
)21,891,625
106.674,077
48.478,198
155.799
47,713,549
119,535,634
43,265,888
216.303,647
136.969.752
585,238.957
220,375.133
16,820
125,000,000
200,000,000
50,000,000
136,527.750
35,000,000
209,458,365
6,811,963
7,150,000
18,994.741
10,435.049
4,069,922
10.464,298
412,312
81,645,700
200.000,000
30,241.584
6,849,186
15,963,873
1.781,683
6,034,250
38,750,000
150,000.000
23,961,000
3,490,752
e4221670,518 4,221,670,518
75,000.000
25,000,000
71,785,482
116,624,322 1
816,450,155
17,211,993
767,449,494 294,395,974
80,561,249
10,755,861
833,965,000
1,283,333,395
92,845,000
7,326,351
28,394,257
549,027,376
84,502,378
500,716,907
218,399,423
7,389,946
1,023,086,146
460,640,362 637.630,464
37,827
150,000,000
19,129,222
36,204,300
763,674
119.243,514
14,966.204
197,232,403
365,399
31,385,820
1,341,025
22,745,378 2,276,434,748 ,922,490,391
47,185,331
10,459,011
17,355.656
2,791,853,124 3,293,187,085 1,423,530,022 3,772,555,681 6,836,178.246 17917304,160 1,304,922.630 9,827,695,783 6,784,685,745.
6,812,914
715,095
o1,929,882
227,444,319
228.159,414
8,742,796
228.159,414
8,742.796
2.701.8a3.124 1100,000m00 1.420,175 nun (000.000.000 6.636.178.246 18154 206.371 1.304.922.630 9.827.695.783 7.021.587.956.
a The following apvropriations included in the 1936 Budget estimate of 5300.I The appropriation of $950.000,000 provided in the Act of Feb. 15 1934 wag
000,000 for general public works annual program and expenditures therefrom are
allocated by the President as follows: Civil Works Administration, $345,000,000
not Included in the above statement: Boulder Canyon Project. 814,000.000;
Federal Emergency Relief Administration, $805,000,000.
Public highways. $40,000,000; River and harbor work, $10,000,000; other public
I Excess of credits, deduct.
works, $118,409,000; Tennessee Valley Authority. $36,000,000; total, $218,409,000.
k Under the provisions of the Emergency Appropriation Act, fiscal year 1935
b The emergency expenditures included in this statement for the period prior
the Reconstruction Finance Corporation is authorized to purchase marketable
to the fiscal year 1934 include only expenditures on account of the Reconstruction
securities
acquired by the Federal Emergency Administration of Public Workg.
Finance Corporation, and subscriptions to•capital stock of Federal Land banks
but the amount which the Reconstruction Finance Corporation may have invested
under authority of the Act of Jan. 23 1932. Expenditures by the several departat any one time in such securities may not exceed $250,000,000. Moneys paid'
ments and establishments for public) works under the Emergency Relief and Confor such securities are available for loans (but not grants) under Title II of the
struction Act of 1932 were made from general disbursing accounts, and, therefore,
National Industrial Recovery Act. The amount of obligations which the Reconare not susceptible to segregation from the general expenditures of such departstruction Finance Corporation is authorized to have outstanding at any one time
ments and establishments on the basis of the daily Treasury statements.
is Increased by the sums necessary for such purchases, not to exceed $250,000.000.
C See note a above.
The purchase of such securities by the Reconstruction Finance Corporation is
d Includes (a) $350.000,000 specific appropriations from the General Treasury
reflected as expenditures of the Reconstruction Finance Corporation and as credits
under the Acts of May 12 1933, May 25 1934 and June 191934; (b) $1,357,885,000
against expenditures of the Federal Emergency Administration of Publio Works.
advanced by the Secretary of the Treasury under authority of Sec. 12-B of the
The amount by which the available funds on account of such transactions has been
Agricultural Adjustment Act, which must be returned to the Treasury from the
increased is, therefore, included in the funds of the "Reconstruction Finance Corproceeds of processing taxes collected on farm products; (e) $1,753.795 advanced
poration—direct loans and expenditures."
by the Secretary of the Treasury under authority of See. 10-A of the Act of June 28
I Includes $700,000 allocated for savings and loan promotion as authorized
1934; and (d) $8,000,000 allocated from processing taxes for purchase of surplus
by Sec. 11 of the Act of April 27 1934.
sugar under the Act of May 9 1934; less $758,513.02 transferred to Division of Dism The appropriation of $500.000,000 for subscription to capital stock Is included)
bursement, Treasury Department.
in the figures shown in the column for Reconstruction Finance Corporation.
e There are no statutory limitations on the amounts of funds which may be
n Under Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corpo
made available by the Reconstruction Finance Corporation for carrying out the
ration is authorized to purchase at par obligations of the Federal Deposit Insurance
purposes of See. 5 of the Agricultural Adjustment Act, and for the purchase by
Corporation In a face amount of not to exceed $250,000.000, and the amount or
the Reconstruction Finance Corporation of preferred stock or capital notes of
obligations which the Reconstruction Finance Corporation is authorized to have
banks and trust companies under the Act of March 9 1933. The Reconstruction
outstanding at any one time is increased by $250,000.000. The amount to be
Finance Corporation Is required to make available to the Federal Housing Adminincluded in this column will represent the proceeds deposited with the Treasurer
istrator such funds as he may deem necessary for the purposes of carrying out the
Of the United States on account of the sale of such obligations by the Federal'
provisions of the National Housing Act. The amounts included in the column
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
for the purposes specified are based upon checks issued therefor from time to time
o This amount represents the unallocated balance of an allocation of $400,000,000
by the Reconstruction Finance Corporation. The authority of the Reconstruction
by the President to the Administrator of Public Works. As and when such funds
Finance Corporation to issue its bonds, notes, and debentures has been increased
are allocated by the Administrator to specific projects, the amounts are transferred
by such amounts as may be required to provide funds for such purposes.
from an unallocated status to an allocated status.
f The sum of $8,000,000 of this amount has been allocated for the purchase
NOTE—The total amount of expenditures for the fiscal year 1036 in this statement
of surplus sugar under the Act of May 9 1934. The remainder is reserved to reimcan be reconciled with the total amount of recovery and relief expenditures shown
burse the Treasury for the advances referred to in footnote d.
on page 2 by adding to the latter the amounts included in general expenditures
g Expenditures are stated on a net basis, i.e., gross expenditures less repayments
under the captions "Agricultural Adjustment Administration" and "Refunds of
and collections, details of which are set forth in the supplementary statement below.
receipts—processing tax on farm products," and deducting the receipts under the
h Net, after deducting repayments to the Reconstruction Finance Corporation.
caption "Processing tax on farm products."
rlrona tntql
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
This Month
Meal Year 1030
Organisations
Payments
Commodity Credit Corporation
Farm Credit Administmtion_
Loans and grants to States, municipalities, do.
Loans to railroads
Export-Import Banks of Washington
Reconstruction Finance Corporation—Direct loans e expenditure's
$5,384,128
12,769,620
23.355,257
486,260
5,108,158
39,700,380
Rep,:ymenis and
Collections
$108,010
19,821.172
958,223
348,968
281
57,933.098
Net
Expenditures
Payments
Repayments and
Collections
$5,276,118
a7,051,551
22.397,033
137,292
5,107.877
818.232,718
.$171,436,582
41,661,173
85,638,445
7,679,127
7.821,443
284,155,823
$20,409,251
150,083,895
104,289,908
29,570.753
495.091
261.410.444
Net
Ezpenauurea
$151,027,331
a8,422,721
218,651,461
.21,891,625
7,326,351
22,745,378-
a Excess of repayments and collections (deduct).
COMPARATIVE PUBLIC DEBT STATEMENT
On the basis of daily Treasury statements)
March 31 1917
Pre-War
Debt
Aug. 31 1919
Highest PostWar Debt
Dec. 31 1930j
Lowest PostWar Debt
$1,282,044.346.28 $26,5$6,701,648.01 $16,026,087,087.07
Gross debt
308.803.319.55
74,216.460.05 1,11g,109,534.76
Net bal. in general fund_
Gross debt less net balin on hind
11 sn7 R27 AAA TA 121.175 MO 11/9151571025275752
Oct. 31 1934
a Year Ago
.
Sept. 30 1935
Last Month
Oct. 31 1935
Gross debt
$27,188,021,665.58 $29,421,331,670.22 $29,461,602,046.19
Net bal, in general fund_
1,811,617,972.77 1,798,553,089.64 1,473,082,450.99
Gross debt less net bal.
Finns. in man hinti
595 275 4112 502 51 2271122.778.580.5R 827.988.519.505.2a.
Financial Chronicle ,
Volume 141
3173
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
AS OF SEPT. 30 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Continued
DETAILS (In Thousands of Dollars--Last Three Figures Onatted)
Financed Wholly from Goeernmeru Funds
Reconstruciton Commodity
Finance
Credit
Corp.
Corp.
Assets.oans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States, Territories, &c
Joint Stock Land banks
Ship construction and reconditioning loans
Mortgage loans (not otherwise classified)..
Crop livestock and commodity loans
Other loans
Total loans
.referred capital stock, &c.:
Banks and trust companies
Insurance companies
Railroads
Other
:lash:
.
With Treasurer, United States
On hand and in banks
In transit
In trust funds
nvestments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners Loan Corporation
Federal Land bank bonds
Federal intermediate Credit bank secure
Production credit associations-class A stock
Railroad bonds and securities Ship sales notes
Other Investments
kccounts and other receivables
termed Interest receivable
teal estate and business property:
Real estate and equipment
Vessels and roiling stock
Stores and supplies
teal estate and other property held for side-.
)ther assets
Total assets other than inter-agency
$
$
Total, all assets
Total liabilities other than Inter-agency
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned sut plus:
Reserve for dividends and oontingeneles__
Legal reserves
Earned surplus and undivided profits
Total liabilities, capital, and surplus
$
$
Regional
&triad- Production Panama
turai
Railroad
Credit
Corps.
Credit
Co.
Corp.
$
3
$
U.S.
Shipping
War
BoardEmergency
Corp.
Merchant
and
Fleet
Agencies g
Corp.
50
282,648
1.443,009
262,648
98,519
.
59,224
4,099
4,099
215,641
59,224
31,192
1,844
132,250
17,594
43
n
1,602
897
7,483
a
98
168
2,894
5,071
98,736
5,121
1206,303 2,294,785
3,419
4
874.352
100
3,419
4
17,05(
2.
567
81
32,280
9.412
90
3,958
59.672
13,616
911
4.071
----_
123
12,372
25,306
112
2,189
10,621
20,082
20,082
21,166
.
1,755
2,063
141
61,478
15,732
4,362
426
6,121
98.403
47.173
6.993
14,507
6,995
1,810
661
is
4,512
579
20
3,298
e164
2,356,090
4,728,839
a
2
80
2,925
7
421
2
93
75
a
11,594
24,028
1.289
1,55C
12,126
30.151
1,025
10,189
49
11
43
111
536
225.831
64,884
121,312
43,43:
185,680
5
267,225
11
377
133
19,221
790
5,247
764
n
2,421
695
n
54
542
14,842
1,560,951 Q1,937,745
'
267,224
11,594
354,741 3,645,637
3.850,998 4,171,115
572
a
56,100
60,000
850
341,931
65,734
Q661,195
195 1,432,356
121,312
44,001
185,680
14,842 6,066,887 11,848,050
100
252,574
100
16,157
291
33,847
3,565
252,574
1,538
1,536.
e12,427
3,210
69
1,009
63
404
123
940
2,868
269,748
69
404
500,000
3,000
11,250
el08,742
3,048
c59
4,728,834
267,225
11,594
a341,931
125
341,931
75
27
387
7,984
5.119
12,459
75
16,964
304,727
10,993
123
1,070
12,459
725 1,462,478 5,869,399
44,485
12,089
120,000
7,000
50,000
63,599,294
845,451 84,599,682 5,722,800
11,731 3,623,115
7.052
261,108
5,087
4,657
940
3,941
261,177
2,714
123
404
4,119,966
22,921
76,945
2,471
19,221
801
11,137
41.741
76,945
e939
32,144
455,533
587,235
47.245
330
8,954
1,024
130,502
1,630
21,713
195,453
2,722
98,519
1,844
478,826
265,250
217
874,352
100
546
133
e821
Total
$
764
21,713
603
341
100,757
22,702
238,267
Other h
$
$
$
114,884
94,092
2,381
Inter-agenoy liabilities:
Due to governmental corporations or agencies .3.830.218
Total, all liabilities
Public
Works
Administrazion
455,533
441,109
47,245
330
8,954
1,024
130,502
866
:nter-agency assets:
Due from governmental corps. or ageneies
r319.544
Capital stocks and paid-in surplus of govern
mental corporations
76,793
Allocations for capital stock purchases and
paid-1n surplus
604,245
Other allocations
1,372,160
Liattilittes1Bonds, notes, and debentures:
Obligations guaranteed by United States_
Other
Locrued interest payable:
Guaranteed by United States
Other
3ther liabilities
Deferred income
Reserves:
For uncollectible items
Other operating reserves
ExportImport
Banks
650 1.445,513 5,564,671
129
219
1,162
2,052
26
65,734
121,312
1,548
35,935 c3,476,074
44,005
185,680
831.333
3,055
c8,553 c3.370,320
14,842 6,066,887 11,848.058
For footnotes see following page,
United Hospital Campaign Committee to Begin Next Flagg, and Chalmers Wood, of Johnson and Wood, have
Week Appeal for $2,000,000 for Charitable Hospitals accepted the co-chairmanships of the New York Stock
of New York-Chairmen of Various Divisions Exchange division. Other chairmen are announced as
follows:
Named
Jerome Devrine of H. Hentz and Co., who is President of the New York
The United Hospital Campaign Committee will launch Commodity
Exchange, has accepted the chairmanship of the Commodity
for
at
appeal
least
$2,000,000
for the charitable hospitals Exchange division.
its
J. Chester Cuppia, of E. A. Pierce and Co.. has accepted the chairmanof New York at a dinner in the Hotel Astor, Monday (Nov.
ship of the Curb division.
18.), it was announced Nov. 10 by Gates W. McGarrah,
Arthur Ham,Vice-President of the Provident Loan Society of New York,
campaign Chairman. Dr. S. S. Goldwater, City Commis- has accepted the leadership of the Personal Loan division.
Edwin C. Vogel, Chairman of the executive committee of Commercial
sioner of hospitals, Mrs. William Woodward, Chairman of
Investment Trust, Inc., and Oscar E. Stevens, Vice-President of the same
the women's division of the campaign, Dr. Charles Gordon corporation, are the co-chairmen of the Finance Companies division.
John W. Cutler of E. B. Smith and Co., is leading the Investment
Heyd, Past President of the Medical Society of the State of
division.
New York, and former Governor Alfred E. Smith will Bankers
William L. DeBost, President of the Union Dime Savings Bank, is in
speak. Mr. McGarrah will preside. Honorary chairmen for charge of the Savings Banks division.
the campaign are Cornelius N.Bliss, Mrs. Henry P. Davison,
Mr. Reyburn said that expenses of voluntary hospitals
former Justice Joseph M. Proskauer and former Governor exceed receipts because only one out
of 18 patients can pay
Smith.
the full cost of his care. He announced Nov. 15 that Albert
It was made known on Nov. 11 by Samuel W. M. Rey- H. Watson, of H. Hentz and Co., and Chairman
of the
burn, Chairman of the Commerce and Industry Division of Cotton Exchange, has accepted the chairmanship of the
the Campaign Committee, that W.Allston Flagg,of Post and Cotton Exchange division of the Campaign Committee.
Financial Chronicle
3174
Nov. 16 1935
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
AS OF SEPT. 30 1933, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Concluded
DETeLLS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Partly from Government and Partly from Private Funds
Federal
Farm
Montage
Corp.
Federal
Federal
Land
Banks
AssetsLoans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States, Territories, Svc
Joint Stock Land banks
Ship construction and reconditioning loans_
Mortgage loans (not otherwise classified).
Crop livestock and commodity loans
Other loans
Total loans
Preferred capital stock, Ace.:
Banks and trust companies
Insurance companies
Railroads
Other
Cash:
With Treasurer, United States
On hand and in banks
In transit
In trust funds
Idvestments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank secure _
Production credit associations-class A stock
Railroads bonds and securities
Ship sales notes
Other Investments
Accounts and other receivables
Accrued interest receivable
Real estate and business property:
Real estate and equipment
Vessels and rolling stock
Stores and supplies
Real estate and other property held for sale
Other assets
Total assets other than inter-agency
Inter-agency assets:
Due from governmental corns, or agencies
Capital stocks and paid-in surplus of governmental corporations
Allocations for capital stock purchases and
paid-In surplus
Other allocations
Total, all assets
LtaMlniesBonds, notes, and debentures:
Obligations guaranteed by United States
Other
Accrued Interest payabie:
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncollectible items
Other operating reserves
Total liabilities other than inter-agency
Inter-agency liabilities:
Due to governmental corporations or agencies
Total, all liabilities
Capital and surplus:
Capital stock
Paid-in surpius
Reserves from earned surplus:
Reserve for dividends and contingencies
Legal reser von
Earned surplus and undivided profits
Total liabilities, capital, and surplus
mediate
Credit
Banks
Banks
for
Co-operatoes
Home
Owners'
Loan
Corpk
Horne
Loan
Banks
Federal
Savings
and
Loan
Insurance
Corp.
Federal
Savings
and
Loan
Assoclalions
$
$
Federal
Deposit
Insurance
Corp.
War
Finance
CorP.P
Total
4
90,428
90,428
160,372
765,270
50
2,156,410
165,127
765,327
43,139
19,827
21,185
136
5
17,612
79,992
10,486
2,240
2,156,410
47,894
43,139
4,754
4 2,764,608
3
4,173
3,739
114,677
136
150
121
12,423
76
II
11,003
35,225
23,361
1,896
3
38,198
8
43,344
83,439
114,101
729,179
14,637
101,210
729,179
14,637
76
5,208
34,669
3,986
1,847
115
25,434
6,052
92,405
5,784
2,385,673
313,818
6
841
266
393
43
4
118
1,253
•
3,731
2,034
142
1,407
32
262,080 1,601,599
138,134
67
7,875
48,305
13
117,633 2,952,523
2,607
76
17,577
115,355
123
6,224
40
3,771
94,582
56,679
130 7,945,035
100
m46,410
2,863
102,759
46,410
338,091
24,535
1
10,715
q100,000
100,000
2,399.491
272,795 1,601,599
1,920,372
161,210
22,655
20,410
5,819
1,015
1,970
521
4,0
1,444
13
3
14,885
2,428
e12,888
142
37
167,145 1,398,511
54
138,136
117,633 3,052,523
1,367,566
56,583
2,040,726
3,087
3,662
3,717
200,000
130,164
234,525
J87,897
70,000
30,000
9,732
25,656
952
e5,647
2,399,491
4
5,445
338,091
130 8,069,571
4,158,362
10 2,105,373
26,136
23,676
45,315
8.085
4,106
138,136
504
12,090
296
40,987
94
7,255
30,240
48,479
5,449 2,882,202
392
7,760
10 6,445.671
5,449 2,882,202
392
7,760
10 6,509,006
289,299
o41,032
10 1,370,650
158,930
63,335
100,000
109,239
200,000
1,133
1,810
c29,679
125
117,633 3,052,523
102,759
147
272,795 1,601,599
46,410
14,548
167,147 1,401,599
1
102,759
I 2,790,795
23,781
11,588
1,984,143
241,784
44,916
136
11,003
426,365
320,032
5.731
12,879
5,686,294
160,432
7 5,985,054
90,432 2,764,608
150
42,014
4
46,410
2,241
109
46,410
338,091
12,121
26,899
c17,036
130 8,069,571
Non-stock (or includes non-stock proprietary interests).
Excess inter-agency assets (deduct).
Deficit (deduct).
Exclusive of inter-agency assets and liabilities (except bond Investments).
Adjusted for Inter-agency items and Items in transit.
Excludes contingent assets and liabilities amounting Vs $217,542 for guaranteed loans, Ac.
received on account of sale of surplus war
Includes U. S. Housing Corporation. U. S. Railroad Admintstration, U. S. Spruce Production Corporation, and notes
supplies.
Home and Farm Authority, Inc.); Farm
date
Electric
under
of
1
(Incorporated
Aug.
of
functions
1935
to
continue
h Includes Electric Home and Farm Authority
Housing Administration; Federal Prisons Industries. Inc.; Resettlement Administration; Inland WaterCredit Administration (crop-Production and other loans); Federal
Inc.; loans to railroads, and Inter-agency
Authority,
Valley
Tennessee
Co-operatives,
Inc.;
Associated
Valley
Tennessee
Corporation;
Mortgage
RFC
ways Corporation:
nterests held by the United States Treasury.
i Net after deducting eqiinated amount of uncollectible obligations held by the Farm Credit Administration.
J Includes $2,907,443 due to Federal Land banks from the U. S. Treasury for subscriptions to paid-in surplus.
k Preliminary statement.
I Includes unissued bonds covering loans In process.
m Assets not classified. Includes only amount of capital stock subscribed by the United States.
a Less than $1,000.
to the amount of $41,032,133.
o Includes assessments paid In by member banks and trust companies
p In liquidation.
proprietary Inter-agency Interests which are not deducted from the capital stock and paid-in surplus of the
other
and
surplus,
paid-in
stock,
capital
Represents
O
corresponding organizations.
r Includes loans to Federal Land banks amounting to $56,583,031.
Appropriation provided by Congress.
a
b
C
d
e
1'
Loans Under Modernization Credit Plan of FHA
The Federal Housing Administration announced Nov. 13
that during the week ending Nov. 9, there were 17,965
loans reported under the Modernization Credit Plan, totaling $6,833,124.70. This brought the total loans reported
since the start of the modernization program 15 months ago
to 551,578, valued at $203,874,892, the Administration
said, continuing:
selected for appraisal
Financial institutions reported 1,404 mortgagee
totaling $5,263,110 the
under the long-term "Single Mortgage System"
of the program
same week. This brings the cumulative total since the start
last December to 56,109, amounting to $216,512,577.
work
repair
and
developed
The estimated total volume of modernization
by the program, but not totally financed under Its terms, reported during
figure brings the
the week ending Nov. 9, amounted to $19,181,950. This
to
estimated total reported since the start of the modernization program
$1,037,010,028.
Volume 171
Financial Chronicle
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for October
1935 and 1934 and the four months of the fiscal years
1935-36 and 1934-35.
3175
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES OCT. 31 1935
The preliminary statement of the public debt of the United
States Oct. 31 1935, as made upon the basis ofithe daily
Treasury statement, is as follows:
BondsGeneral & Special Funds— —Month ofOctober— —Ady 110 Oct. 31—
$49,800,000.00
3% Panama Canal loan of 1961
Receipts—
1935
1934
1935-36
1934-35
28.894,500.00
3% Conversion bonds of 1946-47
Internal Revenue:
$
3
3
s
121,821,840.00
24% Postal Savings bonds (10th to 49th ser.)
Income tax
29,591,828
19,056,993
307,441,655
235,315,895
$200,516,340.00
Miscell. internal revenue
153,058,778
151,026,935
679,436,669
605,086,428
Treasury bonds:
Processing tax on farm prodls
9,462,784
49.255,539
48,478,297
173,518,477
$758,955,800.00
% bonds of 1947-52
Customs
33,276,361
30,508,741
129,818,830
108,966,270
1,036,762,000.00
4% bonds of 1944-54
Miscedaneous receipts:
485.087,100.00
331% bonds of 1946-56
Proceeds of Govt.-owned se454,135,200.00
351% bonds of 1943-47
curities:
352,993,950.00
34% bonds of 1940-43
Principal—for'n obligations
544,914,050.00
34% bonds of 1941-43
Interest—for'n obligations_
196.128
818,646,000.00
351% bonds of 1946-49
All other
2,510,473
2,262,808
26.254.658
13,357,798
755,477,000.00
3% bonds of 1951-55
Panama Canal tolls. &c
1,885,356
2,112,641
7,529,282
8,402,107
834.474.100.00
34% bonds of 1941
Seigniorage
2.116,373
560,779
16,920,367
50,406,770
1,400,570,500.00
33.(% bonds of 1943-45
Other miscellaneous
3,532,285
5,099,783
18,019,945
18.531,870
1,518,858,800.00
334% bonds of 1944-48
1,035,884.900.00
Total receipts
3% bonds of 1948-48
235,435,238
259,884,213 1,233,899,703 1,213,783,743
491,377,100.00
34% bonds of 1949-52
Expenditures—
2,611.156,200.00
of 1055-60
204%
bonds
General—Departmental a
41,705,276
34,810,935
153,201,825
132,694,282
567.477,400.00
of
1945-47
231%
bonds
Public buildings a
766,788
2,438,281
3,514,839
12,138,810
13,670,770,100.00
River and harbor work a
7,288,160
3,880,213
25.472,045
16,873,613
126.786,318.75
United States Savings bonds
Panama Canal a
747,447
507,237
3,605,624
3,003,415
Postal deficiency
5.000,000
5,000,000
20,014,655
15,024,176
$13,998,072,758.75
Total bonds
Retirement funds(U.S.share)
40,662,400
21,009,100
Dist. of Col.(U. S.share).—
5,707,500
4,364,295
Treasury NotesNational defense:a
231% series 13-1935, maturing Dec. 15 1935.. $418,291,900.00
Army
23,389,780
21.352,167
90,798,403
364,138,000.00
68,901,119
34% series A-1936, maturing Aug. 11936....
Navy
357.921,200.00
33,447,705
26,552,827
125,412,408
106,064,666
% series 13-1936, maturing Dec. 151936..
Veterans' pensions & benefits:
558,819.200.00
24% series 0-1936, maturing Apr. 15 1936_
Veterans' Administration a
50,977,298
190,046,540
514,066.000.00
49,208,614
186,467,354
134% series D-1936, maturing Sept. 051936..
Adjusted service ctf. fund
686,616,400.00
103,000,000
50,000,000
134% series E-19:36, maturing June 15 1936._
Agricul. Adjust. Admin.a c_.
64.265,269
817,483,500.00
64,897,016
179,311,493
136,617,072
34% series A-1937, maturing Sept. 15 1937_
Agricultural Adjust. Adminis.
502,361,900.00
3% series 13-1937, maturing Apr. 15 1937._
(Act Aug. 24 1935)
1,373
428,730,700.00
1,372
3% series C-1937, maturing Feb. 15 1937._
Farm Credit Administration a
276,679,600.00
13654,263
13,001,222
9,874,825
551,304
24% series A-1938, maturing Feb. 1 1938_
Debt charges--Retirements
172,710,300
89,370,750
258,832,650
89,377,000
618,056,800.00
24% series B-1938. maturing June 15 1938_
Interest
104,459,736
240,219,847
455,175,500.00
160,000,856
269,570,878
8% series 0-1938, maturing Mar. 15 1938...
Refunds—Customs
4,990,452
596,416.100.00
1,394,596
1,462,889
6,615,172
24% series D-1938, maturing Sept. 151938..
Internal revenue
3,567.155
10,728,258
2,433,995
8,419,731
204% series A-1939. maturing June 15 1939_ 1,293,714,200.00
Processing tax on farm prod.
526,233,000.00
7,570,122
10,242,320
1.771,333
6,152,972
151% series B-1939, maturing Dec. 15 1939_
941,602,750.00
% series 0-1939, maturing Mar. 161939..
Total, general
510,837,953
480,069,974 1,460,641,739 1,147,257,728
1,378,364,200.00
series A-1940. maturing Mar. 15 41).
Recovery and relief:
ISA
738,428,400.00
14% series B-1940 maturing June 15 1940._
Agricultural aid:
Agricul. Adjust. Admin._
84,427,645
3,355,139
53,036,716
2,815,005
151,027,332211,473,039,350.00
Commodity Credit Corp_
13125,489,636
1334,208,030
5,276,118
4% Civil Service retirement fund. series 1936
Farm Credit Admin. (Incl.
279,700,000.00
to 1940
Fed. Farm. Mtge. Corp.)
68,422,722
29,008,969
67,051,551
13445,791
, Federal Land banks
4% Foreign Service retirement fund, series
21,885,127
8,394,154
9,993,483
13737,588
2,959,000.00
1940
1936 to
Relief:
4% Canal Zone retirement fund, series 1936
Fed. Emerg. Relief Admin.
2,795,000.00
to 1940
(incl. Fed. Surplus Relief
2% Postal Savings System series, maturing
Corporation)
533,847,428
334,409,372
83,594,774
137,995,195
70,000,000.00
1939
Civil Works Administration
30
June
302,851
73,564
8,940,689
754,209
Emerg. Conserva'n work
2% Federal Deposlt Insurance Corporation
132,927,155
60,703,367
221,487,926
35,109,654
100,000,000.00
Dept. of Agricul., relief_
series, maturing Dec. 1 1939
1,527,889
55,451,548
134,553
31,545,787
11,928.553,350.00
Public Work (incl. work rel'f):
Indebtedness
Certificates of
Boulder Canyon project_ _ _
8,824,418
1,426,660
6,804,814
1,948,337
Loans and grants to States,
4% Adjusted Service Certificate Fund series.
250,000,000.00
maturing Jan. 1 1936
municipalities, &c
54,339,497
22,397,034
618,651,461
9,545,026
Loans to railroads
49,993,000
137,292
621,891,626
3,955.000
Treasury Bills (Maturity Value)Public highways
168,785,469
24,057,077
106,674,077
36,738,852
550010,000.00
Series maturing Nov. 6 1935
River and harbor work....
65,012,335
14,342,444
48,478,199
17,986,828
50.007,000.00
Series maturing Nov. 13 1935
Rural Electrifica'n Admin.
51,651
155,799
50,045,000.00
1935
Nov.
20
maturing
Series
Works Progress Admin....
47,713,549
30.588,594
50,185,000.00
Series maturing Nov. 27 1935
All other
113,025,383
29,673,448
119,535,636
25.829,066
50.072.000.00
Series maturing Dec. 4 1935
Aid to home-owners:
50,149,000.00
Series maturing Dec. 115935
Home-loan system
25,144,742
51,475,607
7,639,051
2,105,424
50,008.000.00
Series maturing Dec. 18 1935
Emergency housing
1,160,981
10,435,049
3,430,888
51,216
50.071.000.00
1935
24
Dec.
maturing
Series
Federal Housing Admin.__
10,054,993
4,069,922
1,141,697
337,462
50,018,000.00
Series maturing Dec. 31 1935
Resettlement Administra'n.
10,464,298
3,547,450
50,062.000.00
maturing
Jan.
8
1936
Series
Subsistence homesteads....
412,313
1,508,713
1,192,032
1,765
50,020,000.00
1936
15
Jan.
maturing
Series
Miscellaneous:
50,155,000.00
Series maturing Jan. 22 1936
Export-Import Ilks. of Wash.
7,326.352
132,705,113
21,565
5,107,877
50,085,000.00
29
1936
Jan.
maturing
Series
Fed. Deposit Insur. Corp.
1320,177,754
1314.996,200
50,091,000.00
Series maturing Feb. 5 1936
Admin.for Indus. Recovery_
551.302
3,490,74
3,311,105
725.141
50,255,000.00
Series maturing Feb. 11 1936
Reconstruction Finance Corp.
50,020,000.00
Series maturing Feb. 19 1936
—direct loans dc expends.. 131:,.232,7
22,745,379 6111,1339,701
8!
7,349,945
50,037,000.00
Series maturing Feb. 26 1936
Tennessee Valley Authority
17.355,657
9,399,768
16,489,560
50,010,000.00
Series maturing Mar. 4 1936
Total recovery and relief
285.635,495
258,382,697 1,166,517,941 1.106,766,445
50,080,000.00
1936
11
Mar.
Series maturing
50,107,000.00
Total expenditures
795,673,448
Series maturing Mar. 16 1936
758,452,671 2,627.159.680 2,254,024,173
50,006,000.00
1936
Mar.
16
maturing
Series
Excess of receipts
50,205.000.00
Series maturing Mar. 16 1936
Excess of expenditures
581,238,210
498,568,458 1,393,259.976 1,040,240,430
50,830,000.00
Series maturing Mar. 16 1936
Summary
50,325,000.00
16
1936
maturing
Mar.
Series
Excess of expenditures
551,238,210
498,568,458 1,393,259,976 1,040,240,430
50,059.000.00
maturing Mar. 18 1936
Series
Less public-debt retirements
172,710,300
89,370,750
268,832,650
50,010,000.00
89,377,000
Series maturing Mar. 25 1936
50,000,000.00
Excess of expenditures (excl.
Series maturing Apr. 1 1936
50,100,000.00
public debt retirements)
Series maturing Apr. 8 1936
388,527,910
409,197,708 1,134,427,326
950,863,430
50,062,000.00
Trust noels, increment on gold
Apr.
15
1936
Series maturing
50,015,000.00
&c., excess of receipts (—) or
Series maturing Apr. 22 1936
50,050,000.00
expenditures (+)
+20,520,070 —29,325,314 +233,968,423 —45,678,911
Series maturing Apr. 29 1936
50,102.000.00
Series maturing May 6 1936
50,072,000.00
Series maturing May 13 1936
409,047,980
379,872,394 1,368,395,749
905,184,519
50,045.000.00
Less nat. bank note retire't
43,306,965
Series maturing May 20 1936
239,423,239
50,000.000.00
Series maturing May 27 1936
50.046,000.00
Total excess of expenditures 365,741,015
Series maturing June 3 1936
379,872,394 1,128,972,510
955.184,519
50,031,000.00
Decrease in general fund balance 325,470,639
381,499,466
Series maturing June 10 1936
368,263,088
770,304,268
50,015,000.00
Increase (+3 or decrease (—)in
Series maturing June 17 1936
50,040,000.00
the public debt
24
1936
+40.270.376
maturing
June
—1,627,072 +760,709,422 +134,880,251
Series
50,003,000.00
Series maturing July 1 1936
Public debt at begin, of month
50,025.000.00
8
1936
maturing
July
Series
or year
29,421,331,670 27,189,648,738 28,700,892.624 27,053,141,414
50,111,000.00
Series maturing July 15 1936
Public debt this date
29.461,602.046 27,188,021,666 29.461,602,046 27,188.021.665
50,030,000.00
Series maturing July 22 1936
50,046,000.00
Trust Accounts, Increment
29
1936
Series maturing July
2,203,703,000.00
on Gold, &c
Receipts—
328.380,329,108.75
accounts
Trust
24,694.428
Total interest-bearing debt outstanding
20,030,077
85.372,078
57.457,085
Increment resulting from reducMatured Debi on Which Interest Hay Ceased—
tion in the weight of the gold
36,065,030.26
Old debt matured—issued prior to April 1 1917
dollar
66,256
173,702
246.477
848,911
334%,4% and 44% First Liberty Loan bonds
Seigniorage
28.681,383
22.199,078
59.309,287
72499,079
74,129,700.00
of 1932-47_
4% and 4s4% Second Liberty Loan bonds of
53,432,067
Total
42,402,857
144,927.842
80,505.075
1,671.300.00
1927-42
Expenditures—
2,699,000.00
% Third Liberty Loan bonds of 1928._
23,754,898
Trust accounts
12,223,710
73.615,983
33,972.330
149,668,750.00
Liberty Loan bonds of 1933-38
Fourth
434%
acevi
Transactions in checking
765,350.00
% Victory notes of 1922-23._
% and
6,890,274
of governmental agencies (net)
63.116,495
18,642,850.00
Treasury notes, at various interest rates
Chargeable against increment on
11,238,450.00
Ctts. of indebtedness, at various interest rates
gold:
18,778,000.00
Treasury bills
8,166
Melting losses, &c
156.002
8,166
324,100.00
Treasury savings certificates
Payment to Fed. Res. banks
283,982,530.29
(See. 13b, Fed. Res. Act.
Debt Bearing No Interest—
845,667
2,585,546
as amended)
645,668
$346,681,016.00
States notes
United
43,306,965
239,423.239
For retirem't of nat. bk. notes
156.039,430.93
Less gold reserve
13,077,543
73,952,137
Total
378,896,265
34.826,164
$190,641,585.07
29.325,314
Excess of receipts or credits
45,678,911
Deposits for retirement of National bank and
20,520,070
233,968.423
Excess of expenditures
601,329,446.50
Federal Reserve bank notes
a Additional expenditures on these accounts for the months and the fiscal years are
2,034,903.82
demand notes and tractional currency...
Old
included under Recovery and Relief Expenditures, the classification of which Will be
Thrift and Treasury savings stamps, unclassishown in the statement of classified receipts and expenditures appearing on page 5
3,284,471.79
fied sales. &IL
of the daily Treasury statement for the 15th of each month.
797,290,407.18
b Excess of credits (deduct). c Payable from processing taxes on farm products
$29,461,602,046.19
Total gross debt
or advances from the Treasury to be deducted from processing taxes.
Financial Chronicle
3176
TREASURY MONEY HOLDINGS
The following compilation, made up from the daily Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of August,
September, October and November 1935:
•
Efoktings in U. S. Treasury Aug. 1 1935 Sept. 1 1935
Net gold coin and bullionNet silver coin and bullion
Net United States notes__
Net National bank notesNet Federal Reserve notes
Net Fed. Res. bank notes_
Net subsidiary silver
Mimi'coin,&c
$
981.700.697
159,604,961
2,317,626
37,651.089
12,030,740
1.306.686
5,686.537
7,890,990
Total cash In Treasury_ 1,208,189.286
Less gold reserve fund
156,039,431
Oct. 1 1935
$
$
786,802,301 821,932,664
168,176,310 195,741,152
2,325,744
1,331,490
10,233,262
9,894.757
13,747,980
16.409,250
423,555
1,232,246
3,060,380
4.774,850
7,837,894
7,606,355
Nov. 1 1935
$
728,613,037
243,504,413
2,593,924
8,515,218
14,079,805
755,968
3,780,124
7,326,825
994.227,559 *1055302,611 *1007169,314
156.039.431 156,039,431 156,039,431
Cash balance in Treas_. 1,052,149.855 838,188,128 899,263.180 851,129,883
Dep. In spec'l depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness 676.308,000 634,293,000 876,517,000 654,080,000
Dep. In Fed. Res. bank... 201,244,242 126,418,768 164,509,367 118,072,140
Dep. In National banks—
8,796,527
To credit Treas. U. S
8,590,036
8,979,019
9,117,60
49,255,058
To credit Mfg). officers_
31,404,369
43,281,277
38.010.746
2.206,516
7.ash In Philippine Islands
2.128,605
2,170,169
2.338,754
Deposits In foreign depts.
2,415,517
2,347,648
2,322,479
2,492,084
Dep. In Fed. Land banks
Net cash in Treasury
and in banks
1,974,189,145 1,650.648,995 1,997,216,245 1,685,955,639
Deduct current liabilities. 185,121,511 175,766,751 198,663,155 212.873,188
Available cash balance- 1.789,067.834 1,474,882,243 1.798.553,090 1,473,082.451
Includes on Nov. 1, 3199,317,855 silver bullion and $3,591,504 minor, &c..
coins not Included In statement "Stock of Money."
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
BRANCH AUTHORIZED
First National Bank of Rapid City, S. Dak. Location of branch.
City of Philip, Haakon County, S. Dak. Certificate No. 1200A.
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
Amalgamated Leather, preferred
h50c
American Capital, $53.6 prior pref.(quar.)
$1%
American Factors, Ltd. (monthly)
20c
American Radiator & Standard Sanitary Corp..
Preferred (quar.)
$1 Si
American Steel Foundries, preferred
50c
Andian National Corp., Ltd. (semi-ann.)
u$1
Extra
u$1
Archer-Daniels-Midland Corp. (quar.)
25c
Extra
25e
Atlantic Bankshares. Ltd
lc
Atlantic Macaroni Co
$1
Atlas Corp.. preferred (quar.)
75e
Automatic Voting Machine (extra)
25c
Automotive Gear Works, Inc.. preferred (quar.) 41 c
Bangor Hydro-Electric, 6% pref. (quar.)
$
7% preferred (guar.)
31)2
Sc
Bankers National Investors (guar.)
32c
A and B (quar.)
The
Preferred (quar.)
Baton Rouge Electric Co., $6 pref. (quar.)
$134
Bullock's. Inc. (quar.)
25c
Cabot Mfg.(quar.)
$1
Canadian Cottons, Ltd. (quar.)
$1
Preferred (quarterly)
$135
Canadian General Electric (quar.)
75c
Canfield Oil, 7% preferred (quar.)
$152
Chadwick-Hoskins, 8% preferred
hi4
Chicago Corp.. $3 preferred
h60c
40c
$3 preferred (quar.)
3734c
Chicago Rivet &Machine (quar.)
1234c
Extra
Citizens Traction Co.(Pittsburgh, Pa.)(s.-a.)-- $1
Commonwealth Loan Co. (Indianapolis)
7% preferred (quar.)
$1 Si
The
Commonwealth & Southern, $6 preferred
Compressed Industrial Gasses. Inc. (quar.)
50c
Congress Cigar Co., Inc
Consolidated Paper (quarterly)
25c
h$173i
Container
7% preferred
Corp..(quarterly)
$152
7% preferred
15c
Continental Casualty Co. (Chicago, Ill.) (qr.)_
Continental-Diamond Fibre
50c
Continental Gas & Electric. prior pref. (quar.)_
Corrugated Paper Box, 7% preferred
Creameries of Amer., Inc.. $33i preferred (qr.) 8731,
1
$1
Eastman Kodak Co. common
Extra
25c
$1
Preferred (guar.)El Paso Electric Co. (Texas). $6 pref. (qr.)
$1
Ely & Walker Dry Goods (quar.)
2c
Empire Power Corp.,cumul. pref.(quar.)
$134
Equity Corp., $3 cony. preferred
3734c
F. E. D. Corp (liquidating)
Fifth Ave. Bus Securities (quarterly)
1
Food Dealers Industrial Bank (Brooklyn, N.Y.)
51
Gates Rubber Co., preferred (quar.)
$1 Si
General Development
Georgia Power Co.. $6 pref. (quar.)
$13i
$5 preferred (quar.)
$13.1
Great Northern Paper (quarterly)
25c
Great Western Electro-Chemical
80c
Preferred (quarterly)
30c
Gulf States Utilities Co.. $6 preferred
El
$5 yi preferred
$1
Hammermill Paper
,6% Pref. (guar.)
$1
Co.(monthly)
Hawaiian Agricultural
20c
Hawaiian Electric. Ltd.(monthly)
The
Hazeltine Corp. (quar.)
25c
Extra
50c
Heath (D. C.) Co.. 7% pref. (quar.)
$15'
Hollinger Consol Gold Mines (monthly)
1
1
Extra
1
Honolulu Gas, Ltd (monthly)
When Holders
Payable of Record
Jan. 1 Dec. 19
Dec. 2 Nov. 15
Dec. 10 Nov.30
Dec. 2 Nov. 21
Dec. 31 Dec. 16
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Dec. 2 Nov.21
Dec. 2 Nov. 21
Nov. 1 Oct. 15
Nov. 15 Nov. 15
Dec. 2 Nov.20
Jan. 1 Dec. 20
Dec. 1 Nov.20
Jan. 2 Dec. 10
Jan. 2 Dec. 10
Nov.25 Nov. 13
Nov. 25 Nov. 13
Nov.25 Nov.13
Dec. 2 Nov. 15
Dec. 2 Nov.12
Nov.15 Nov. 7
Jan. 2 Dec. 13
Jan. 2 Dec. 13
Jan. 1 Dec. 14
Dec. 31 Dec. 20
Nov. 15 Nov. 9
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Dec. 14 Nov.30
Dec. 14 Nov.30
Nov. 16 Nov. 12
Dec. 1 Nov.20
Jan. 2 Dec.
Dec. 14 Nov.30
Nov.30 Nov. 18
Dec. 1 Nov. 20
Dec. 31 Dec. 11
Dec. 31 Dec. 11
Dec.• 2 Nov. 15
Dec. 30 Dec. 16
Jan. 2 Dec. 12
Dec. 2 Nov. 10
Dec. 1 Nov. 10
Jan. 2 Dec. 5
Jan. 2 Dec. 5
Jan. 2 Dec. 5
Jan. 15 Dec. 31
Nov.30 Nov. 19
Jan. 1 Dec. 16
Dec. 2 Nov. 15
Dec. 20 Dec. 10
Dec. 30 Dec. 13
Dec. 1 Nov. 15
Dec. 2 Nov. 15
Nov. 25 Nov. 15
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Dec. 2 Nov.20
Dec. 15 Dec. 5
Jan. 2 Dec. 30
Dec. 16 Nov. 29
Dec. 16 Nov. 29
Jan. 1 Dec. 16
Nov. 28 Nov. 21
Nov.20 Nov. 15
Dec. 16 Dec. 2
Dec. 16 Dec. 2
Dec. 31
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Nov. 16 Nov. 12
Nov. 16 1935
Per
Share
When Holders
Payable of Record
Honolulu Plantation (monthly)
15c
Household Finance, A & B (guar.)
75c
A & B special
$1.05
Participating preferred (guar.)
8734c
Special
$1.225
Hudson Bay Mining & Smelting Co
r50c
Hutchins Sugar Plantation (monthly)
10c
Illinois Central RR.. leased lines (s-a)
$2
Illinois Water Service, 6% pref. (quar.)
$134
Imperial 011, Ltd. (s-a)
r25c
p
Secial
r3734c
Indiana Hydro-Electric Power,7% Preferredh8754c
Indianapolis Water Co.,5% pref.(quar.)
$1 32
International Mining
15C
Extra
5c
International Petroleum Co. (s-a)
r75c
Special
r50c
International Safety Razor, A. (quar.)
60c
Intertype Corp., common
204
1st preferred (quar.)
$2
2d preferred (s-a)
$3
Investors Corp. of Philadelphia (quar.)
50c
Extra
25c
Kaufmann Dept. Stores (special)
20c
Preferred (quarterly)
$132
Kekaha Sugar Co. (monthly)
20c
Koloa Sugar Co. (monthly)
50c
Kruger (G.) Brewing, initial (quar.)
25c
Lasalle & Koch. preferred (quar.)
31)2
McWatters Gold Mines, Ltd.. initial
Sc
Mead Corp., 6% cum. preferred (resumed)
- $134
Metal Textile Corp
15c
8132c
Participating preferred (guar.)
Mc
Extra
Metropolitan Edison Co., $7 pref. (quar.)
$1,'
$6 preferred (quar.)
$5 preferred (quar.)
$7 cumulative preferred (quar.)
$6 cumulative preferred (quar.)
$5 cumulative preferred (quar.)
Milwaukee Electric By.& Light, 6% pref. (qu )
SOc
Mississippi Power & Light, $6 preferred
20c
Motor Finance Corp. (quar.)
204
Mueller Brass. initial (quar.)
40c
Murphy (G. C.) (quar.)
Nashua Gummed & Coated Paper (quar.)
5t1C
National Container (quar.)
50c
Preferred (qr.)
ua
till Si
National Credit (Seattle, Wash.), 7% pref
75c
Neon Products of West Canada,6% pref. (qu.)_
25c
New Bedford Cordage Co
25c
Class B
$1 32
7% preferred (quar.)
40c
Newberry (J. J.) (quar.)
50c
Newmont Mining Corp
1
Newmarket Mfg. Co. (quar.)
$2
New York & Harlem RR.Co.(semi-ann.)
$2
Preferred (semi-a= )
50c
New York Transportation (quar.)
Niagara Share Corp. of Md..class A pref. (qu.). $134
Class B common
North Central By. Co.(semi-ann.)
$2
Northern Pipe Line (5.-a.)
Northern RR.of New Jersey,4% gtd.(quar.)
North Pennsylvania RR. Co.(quar.)
Northwestern Public Service,7% preferred
6% preferred
Ogilvie Flour Mills, preferred (guar.)
Omnibus Corp., preferred (quar.)
25c
Pacific American Fisheries (resumed)
15c
Pacific Indemnity (quar.)
$19,6
Peerless Woolen Mills, 6.34% pref. (s.-a.)
75c
Penick & Ford (guar.)
20c
Pennroad Corp
55c
Pennsylvania Power Co., $6.60 pref. (mthly.).._
55c
$6.60 preferred (monthly)
55c
$6.60 preferred (monthly)
$134
$6 preferred (quar.)
25c
Peoples Drug Stores (quar.)
50c
Extra
$1%
Preferred (quar.)
25c
Trading,
class
Petroleum &
A
$235
Philadelphia & Trenton RR. (quar.)
$1
Philadelphia Baltimore & Washington RR
Philadelphia Germantown & Norristown RR— $1
20c
Pioneer MU!, Ltd.(extra)
Pittsburgh. Bessemer & Lake Erie—
3%
Preferred (s.-a.)
37%c
Pennsylvania Gas & Electric, A (quar.)
$154
7% preferred (guar.)
$154
$7 preferred (quar.)
Ponce Electric, 7% preferred (quar,)
$154
Procter & Gamble, 5% preferred (guar.)
$132
Public Service of New Hampshire56 preferred (quar.)
35 preferred (quar.)
Reliance Grain, 634% preferred (quar.)
3gc
Reliance Insurance (Phila.) (semi-ann.)
20c
Extra
4
Rensselaer & Saratoga RR. (s.-a.)
Richmond Fredericksburg & Potomac RR
2
Non-voting common (s.-a.)
2
Dividend obligation (s.-a.)
2
Roan Antelope Copper Mines (Amer. shares)....
St. Helens Pulp & Paper (guar.)
204
San Carlos Milling (monthly)
204
Sandusky Bay Bridge Co.. 7% pref
h$334
Sears, Roebuck (quar.)
50c
50c
Special
Sioux City Stockyards (quar.)
373g
Siscol Gold Mines. Ltd.( guar.)
South Porto Rico Sugar Co. (quar.)
50c
Preferred (quar.)
2%
Spencer Kellogg & Sons (quar,)
40c
Sunset McKee Salesbook, A (quar.)
3734c
Class B (quar,)
25c
Sylvanite Gold Mines (quar)
Sc
The
Tri-State Telep. & Teleg. 6% pref. (guar.)
Tyer Rubber. 6% preferred (guar.)
$134
62 4c
Underwood Elliott Fisher Co. (guar.)
Preferred (quarterly)
$
Unilever N
2
, ordinary (interim.)
Union Pacific RR
13.4
United Elastic Corp. (quar.)
10c
United Gas & Electric Corp.. Prof. (gear.)
United National Corp., preferred
25c
United States Gypsum (quar.)
50c
Extra
$114
Preferred (quarterly)
United Wall Paper Factories, 8% Peet
Vapor Car Heating (ears)
50c
Veeder-Root, Inc. (guar.)
$2
Extra
$134
Virginia Electric & Power, $6 pref. (guar.)
25c
Walker (H.) Gooderham & Worts. pref. (qu.)_ _ $354
Ware River RR., guaranteed (semi-atm.)
.50c
Welch Grape Juice (resumed)
75c
Western Auto Supply. A & B (quar.)
$I Si
West New York 5c Pennsylvania By
$131
5% preferred (semi-ann.)
West Virginia Water Service Co.—
$13.4
$6 cumulative preferred (quar.)
Dec. 10 Nov.30
Jan. 15 Dec. 31
Dec. 5 Nov. 22
Jan. 15 Dec. 31
Dec. 5 Nov.22
Dec. 16 Nov. 29
Dec. 5 Nov.30
Jan. 2 Dec. 11
Dec. 2 Nov.20
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Dec. 16 Nov.30
Jan. 1 Dec. 12a
Dec. 20 Nov. 29
Dec. 20 Nov. 29
Dec. 2 Nov.22
Dec. 2 Nov.22
Dec. 2 Nov. 20
Dec. 16 Dec. 2
Jan. 2
Jan. 2
Dec. 14 Dec. 2
Dec. 14 Dec. 2
Dec. 16 Dec. 2
Jan. 2 Dec. 10
Dec. 2 Nov. 25
Nov. 30 Nov. 25
Dec. 16 Dec. 2
Nov. 15 Nov. 14
Dec. 18 Dec. 4
Dec. 2 Nov. 15
Dec. 2 Nov. 20
Dec. 2 Nov. 20
Dec. 2 Nov. 20
Jan. 2 Nov.29
Jan. 2 Nov.29
Jan. 2 Nov. 29
Jan. 2 Nov. 29
Jan. 2 Nov. 29
Jan. 2 Nov. 29
Dec. 2 Nov. 15
Nov.30 Nov. 15
Nov. 30 Nov. 23
Dec. 2 Nov.20
Dec. 2 Nov.21
Nov. 15 Nov. 8
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Nov. 15 Nov. 1
Nov. 1 Oct. 15
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Dec. 2 Nov.115
Jan. 1 Dec.
Dec. 16 Nov.29
Nov.15 Nov. 8
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Dec. 28 Dec. 13
Jan. 2 Dec. 13
Dec. 16 Nov. 18
Jan. 15 Dec. 20
Jan. 2 Dec. 13
Dec. 2 Nov. 20
Nov.25 Nov. 18
Dec. 2 Nov.20
Dec. 2 Nov.20
Dec. 2 Nov. 20
Jan. 2 Dec. 13
Dec. 16 Dec. 2
Jan. 1 Dec. 14
Dec. 1 Nov. 15
Dec. 16 Dec.
Dec. 28 Nov.22
Jan.
Dec. 20
Feb. 1 Jan. 20
Mar. 2 Feb. 20
Mar. 2 Feb. 20
Jan. 2 Dec. 9
Jan. 2 Dec. 9
Dec. 16 Dec. 2
Dec. 2 ODec.10
Jan. 10 Dec. 31
Dec. 31 Dec. 16
Dec. 2 Nov. 20
Dec. 2 Nov. 21
Name of Company
Ii
b2a
71c
Dec. 2 Nov.15
Dec. 2 Nov. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 13
Dec. 14 Nov. 25
Dec. 16 Nov.30
Dec. 16 Nov.30
Dec. 14 Nov.30
Dec. 14 Nov 29
Dec. 14 Nov.29
Jan, 2 Dec. 14
Dec. 31 Dec. 23
Dec. 31 Dec. 23
Dec. 31 Dec. 23
Nov.30 Nov.22
Nov. 1 Oct. 25
Nov. 15 Nov. 1
Dec. 2 Nov. 15
Dec. 16 Nov. 22
Dec. 16 Nov. 22
Nov. 15 Nov. 9
Dec. 16 Nov.30
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Dec. 30 Dec. 15
Dec. 14 Dec. 4
Dec. 14 Dec. 4
Dec. 31 Nov. 23
Dec. 1 Nov. 15
Nov. 15 Nov. 9
Dec. 31 Dec. 12a
Dec. 31 Dec. 12a
Jan. 2 Dec. 2
Dec. 24 Dec. 5
Jan. 1 Dec. 16
Dec. 2 Nov. 15
Jan. 2 Dec. 6
Dec. 24 Dec. 6
Jan. 2 Dec. 6
Dec. 2 Nov. 20
Dec. 10 Dec. 1
Nov.30 Nov. 16
Nov.30 Nov. 16
Dec. 20 Nov.20
Dec. 16 Nov. 22
Jan. 2 Dec. 30
Dec. 16 Nov. 20
Dec. 1 Nov. 19
Jan. 2 Dec. 30
Jan. 2 Dec. 30
Jan. 2 Dec. 16
Name of Company
Weyenberg Shoe Mfg., preferred (guar.)
Williams Oil-O-Matic Heating
Williams (J. B.) Co. (quar.)
Woolworth (F. W.) & Co., Ltd.—
Am. dep. rec. 6% pref. reg. (s.-a.)
Per
Share
When Holders
Payable of Record
$14 Dec. 15 Dec. 5
50c Dec. 2 Nov. 19
50c Nov. 15 Nov. 7
zw3% Dec. 9 Nov. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company
Per
Share
25c
Abbott's Dairies, Inc. (quar.)
e33,3%
Abbott Laboratories
25c
Advance Corp. (initial)
Sc
Affiliated Products (monthly)
Agnew—Surpass Shoe Stores, pref. (quar.)_ _
$I ;it
Alexander & Baldwin, Ltd
$4
25c
Allegheny Steel
Preferred (quar.)
$1
Allegheny & Western Ry., guaranteed (s.-a.)
$3
50c
&Ben Indus-ries (quar.)
75c
Preferred (quar.)
10c
Allied Laboratories (guar.)
10c
Extra
$3)4 preferred (quarterly)
87 c
Aluminum Mtgs. (quar.)
7% preferred (guar.)
$14
American Arch (quarterly)
25c
American Bakers Co.. 7% pref. (semi-ann.)_ _ 53)4
American Business Shares, Inc
2c
75c
American Chicle (quarterly)
25c
Extra
American Fork & Hoe (quarterly)
15c
20c
Extra
American Gas & Electric Co.common (quar.)__ 35c
$1)4
Preferred (quar.)
American & General Securities, com. A.(quar.)_ 734c
75c
$3 preferred (quarterly)
25c
American Hardware Corp (quar.)
20c
American Home Products Corp
142
American Metals,6% preferred
514i
American Paper Goods. 7% preferred (quar.)
American Smelting & Refining, 2d preferred-- - h36)6
51;‘
1st preferred (quar.)
American Sumatra Tobacco Corp.(extra)
50c
12)4c
American Thread preferred (semi-ann.)
American Tobacco Co., corn, and corn. B (quar.) $1
20c
Anglo-Huron, Ltd
25c
Armstrong Cork (quarterly)
25c
Extra
Artloom Corp., preferred
$15i
Asbestos Mfg. Co., $1.40 cony. pref. (quar.)_- _
35c
Associated Dry Goods Corp., 1st preferred
$3
Atlantic Refining Co. common
25c
Atlas Powder (quar.)
50c
Automatic Voting Machine(quar.)
12)4c
Quarterly
12)4c
Quarterly
12)4c
Avondale Mills. A & B (quarterly)
20c
Babcock & Wilcox (interim)
4
Badger Paper Mills.common
5
Bamberger (L.) & Co..(N. J.)65,6% cumulative preferred (quar.)
31 5,/i
Bandint Petroleum Co. (monthly)
Sc
Bangor & Aroostook RR. Co., common
62c
Preferred
1 %
Belden Mfg. Co. (extra)
3134
Bendix Aviation (resumed)
25c
Bethlehem Steel,7% cumulative preferred
$1
Bigelow-Sanford Carpet, pref. (quar.)
31;4
Biltmore Hats, Ltd., 7% pref. (guar.)
$1 5i
Birmingham WaterWorks,6% pref.(quar.)
_
Si
Blackstone Valley Gas & Electric. pref. (s.-a.) _
$3
Block Bros. Tobacco Co.,6% preferred (quar.1_ $1)4
Blue Ridge Corp., opt. $3 cony. pref., ser. 1929
s75c
BordenCo.,common (quar.)
40c
Boston & Albany RR
$2
Boston & Providence RR.(quar.)
$2.125
Boston Storage & Warehouse Co.(quar.)
Brach (E. J.) & Sons(quarterly)
Brewer (C.) & Co., Ltd. (monthly)
Si
Extra
Si
Monthly
$1
Bristol Brass (quarterly)
37c
Extra
Special
$1
Bristol-Myers(quarterly)
50c
Extra
10c
Brooklyn Edison Co. (quarterly)
$2
Brooklyn-Manhattan Transit Corp., pref.(qu.)_ $134
Preferred (quar.)
$I)4
Brooklyn Teleg. & Messenger Co.(quar.)
$1 %•
Brooklyn Union Gas(quarterly)
75c
Brown Fence & Wire (initial)
$1
Class B
30c
Brown Shoe Co., common (quar.)
75c
Bryant & May. Ltd.(Interim)
10%
Buckeye Pipe Line Co
75c
Bucyrus-Erie Co., preferred
Si
Buffalo, Niagara & Eastern Power, pref.(quar.)
40c
Bulolo Gold Dredging
$1.40
Bunker Hill & Sullivan Mining & Concentrating
Co
50c
Burmah Oil Co. (initial)
34%
Burroughs Adding Machine Co
15c
Special
45c
Butler Water Co., 7% prof. (quar.)
$1 Si
Calamba Sugar Estates (quar.)
40c
Preferred (quarterly)
35c
California Packing (quarterly)
37c
Campbell. Wyant & Cannon Foundry Co
25c
Carnpe Corp. common
20c
Canada Bud Breweries Ltd., coin
20c
Dominion
Sugar,
Ltd.
(quar.)
r37)4c
Canada &
Canadian Hydro-Electric, preferred (quar.)___ _ ill )4
Canadian Silk Products A (quar.)
37)4c
Canfield 01100.7% preferred (quar.)
$1
h$1
Carman & Co., Inc.. class A
pref.
(quar.)
514
Carnation Co. 7%
514
7% preferred (quar)
Case (J. L), 7% preferred
51
Catawisso RR., lst & 2nd pref. (8.-a.)
$14
25c
Caterpillar Tractor (quarterly)
25c
Extra
$1.20
Cayuga & Susquehanna RR.(semi-ann.)
Central Arkansas Pub. Serv. Corp. pref. (quar.) 1 4%
Central Mississippi Valley Elec. Prop., preferred $134
514
Century Ribbon Mills. preferred (quar.)
Chartered Investors. Inc..$5 pref.(quar.)
Chesapeake & Ohio pref. (semi-annual)
75c
Chestnut Hill RR.Co.(quar.)
25c
Chicago Mail Order (quarterly)
124c
Extra
Chicago Junction Rys. & Union Stockyards Co_ $2
$1
6% preferred (quarterly)
25c
Chicago Yellow Cab
25e
Chile Copper (resumed)
75c
Chrysler Corp
3177
Financial Chronicle
Volume 141
9g
LA
When Holders
Payable of Record
Dec. 2 Nov. 15
Nov. 1
Oct. 30 Oct. 19
Dec. 1 Nov. 14
Jan. 2 Dec. 16
Dec. 14 Dec. 4
Dec. 16 Nov.30
Dec. 2 Nov. 15
Jan. 1 Dec. 20
Dec. I Nov. 11
Dec. 1 Nov. 11
Jan. 1 Dec. 24
Jan. I Dec. 24
Jan. 1 Dec. 24
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Dec. 2 Nov. 20
Jan. 2 Dec. 16
Dec. 1 Nov. 15
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Dec. 14 Dec. 5
Dec. 14 Dec. 5
Jan. 2 Dec. 4
Feb. 1 Jan. 8
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Jan. I Dec. 14
Dec. 2 Nov. 14
Dec. 2 Nov. 21
Dec. 15
Dec. 2 Nov 8
Dec. 2 Nov. 8
Dec. 16 Dec. 2
Jan. 1 Nov.30
Dec. 2 Nov. 9
Dec. 2 Nov. 22
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Dec. 1 Nov. 15
Feb. 1
Dec. 2 Nov. 8
Dec. 16 Nov. 21
Dec. 10 Nov. 29
Jan. 1 Dec. 20
Apr. 1 Mar. 20
July 1 June 20
Jan. 1 Dec. 15
Dec. 15 Dec. 5
Dec. 2 Nov. 15
Nov. 20 Oct. 31
Jan. 1 Nov.30
Jan. 1 Nov.30
Dec. 14 Dec. 9
Dec. 12 Nov. 20
Jan, 2 Dec. 6
Dec. 1 Nov. 18
Dec. 14 Nov. 15
Dec. 16 Dec. 2
Dec. 2 Nov. 14
Dec. 31 Dec. 25
Dec. 2 Nov. 6
Dec. 2 Nov. 15
Dec. 31 Nov.30
Jan. 2 Dec. 20
Dec. 31
Dec. 1 Nov. 9
Nov. 25 Nov. 20
Nov. 25 Nov. 20
Dec. 25 Dec. 20
Dec. 14 Nov.30
Dec. 14 Nov.30
Dec. 14 Nov.30
Dec. 2 Nov. 8
Dec. 2 Nov. 8
Nov. 30 Nov. 8
Jan. 15 Jan. 2
Apr. 15 Apr. 1
Dec. 1 Nov. 20
Jan. 2 Dec. 1
Feb. 29 Feb. 15
Nov.30 Nov. 15
Dec. 2 Nov. 20
Dec. 14 Nov. 22
Jan. 2 Dec. 18
Jan. 2 Dec. 14
Dec. 10 Nov. 12
Dec. 2 Nov. 15
Dec. 5 Nov. 2
Dec. 5 Nov. 2
Dec. 16 Dec. 2
Jan. 2 Dec. 14
Jan. 2 Dec 14
Dec. 16 Nov.30
Nov.30 Nov. 9
Dec. 1 Nov. 15
Dec. 20 Dec. 2
Dec. 1 Nov. 15
Dec. 2 Nov. 1
Dec. 2 Nov. 15
Dec. 31 Dec. 20
Dec. 1 Nov. 15
Jan. 1
Apr. 1
Jan. I Dec. 12
Nov. 22 Nov. 9
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Jan. 2 Dec. 20
Dec. 2 Nov. 15
Dec. 2 Nov 15
Dec. 2 Nov. 20
Dec. 2 Nov. 1
Jan. 1 Dec 6
Dec. 3 Nov. 20
Dec. 2 Nov. 9
Dec. 2 Nov. 9
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Dec. 2 Nov. 21
Nov. 29 Nov. 8
Dec. 31 Dec. 2
Name of Company
Per
Share
When Holders
Payable of Record
Cincinnati New Orleans & Texas Pacific Ry.5% preferred (quarterly)
$114 Dec. 2 Nov. 15
Cincinnati Union Terminal, pref. (quar.)
$114 Jan. 1 Dec. 20
50c Dec. 31 Dec. 14
City Ice & Fuel (quar.)
$1% Dec. 1 Nov. 18
Preferred (quar.)
City of New Castle Water Co.,6% pref.(qu.)_ _ _ $134 Dec. 2 Nov. 20
20c Dec. 14 Nov. 26
Clark Equipment (guar.)
Preferred (quar.)
$15i Dec. 14 Nov. 26
$134 Jan. 2 Dec. 20
Clearfield & Mahoning Ry. (8.-a.)
Cleveland Electric Illuminating Co.. pref. (qu.)_ $134 Dec. 1 Nov. 15
8734c Dec. 2 Nov. 9
Cleveland & Pittsburgh By.,7% guar.(quar.)
5Oc Dec. 2 Nov. 9
Special guaranteed (guar.)
5c Dec. 30 Dec 15
Climax Molybdenum Co.(quar.)
eDec.18 Nov. 15
e300
Coca-Cola, old stock
Dec. 31 Dec. 12
5
New stock (initial, quarterly)
25c Dec. 31 Dec. 12
Extra
sig Dec. 31 Dec. 12
Class A (semi-annual)
Dec. 31 Dec. 12
Coca-Cola International Corp.(quar.)
$2 Dec. 31 Dec. 12
Extra
$3 Dec. 31 Dec. 12
Class A (semi-annual)
12;4c Dec. 1 Nov. 6
Colgate-Palmolive-Peet(guar.)
25c Dec. 1 Nov. 6
Extra
Preferred (quarterly)
$1)6 Jan. 1 Dec. 5
50c Dec. 2 Nov. 15
Collins & Aikman (resumed)
Dec. 2 Nov. 15
$1
Preferred (quar.)e50% Dec. 10 Nov. 29
Columbia Pictures Corp
75c Dec. 2 Nov. 14
Preference
$1 Dec. 2 Nov. 14
Columbian Carbon Co
40c Dec. 2 Nov. 14
Special
$I Dec. 10 Nov. 25
Columbus & Xenia
30c Dec. 31 Dec. 2
Commercial Solvents Corp. common (s.-a.)_
Commonwealth Utilities Corp.$1% Dec. 2 Nov. 15
635% Preferred C (quarterly)
$1 Dec. 31 Dec. 25
Confederation Life Assoc.,"Toronto- (quar.)
Connecticut Light & Power,634% pref.(quar.)_ $1% Dec. 1 Nov. 15
$14 Dec. 1 Nov. 15
5)4% referred (quarterly)
6234c Dec. 2 Nov. 15
Connecticut Power Co.(quar.)
$14 Dec 2 Nov. 15a
Consolidated Cigar Corp.. preterred (quar.)
25c Dec. 15 Dec. 1
Consolidated Diversified Standard Security..
25c Dec. 16 Nov. 8
Consolidated Gas Co. of New York
$2)4 Dec. 1 Nov. 15
Consumers Glass
7% preferred (quar.)
$1 4, Dec. 1 Nov. 15
Consumers Power Co.
$14 Jan. 2 Dec. 14
55 preferred
6% preferred (guar.)
$1;1 Jan. 2 Dec. 14
(quarterly)
$1.65 Jan. 2 Dec. 14
6.6% preferred (quarterly)
7% preferred (quarterly)
Si Jan. 2 Dec. 14
50c Dec 2 Nov. 15
6% preferred (monthly)
50c Jan. 2 Dec. 14
6% preferred (monthly)
55c Dec. 2 Nov. 15
6.60% preferred (monthly)
55c Jan. 2 Dec. 14
6.60% preferred (monthly)
1214c Nov.30 Nov 15
Copperweld Steel (quar.)
Nov. 22 Nov. 2
Cord Corp
25c Dec. 6 Nov. 22a
Crown Cork & Seal Co.. Inc.. common (quar.)_ _
50c Dec. 6 Nov. 22a
Extra
68c Dec. 16 Nov.30a
Preferred (guar.)
h75c Dec. 1 Nov. 13
Crown-Zellerbach, preferred A & B
$2 Dec. 28 Dec: 20
Crum & Forster preferred (quar.)
Crum & Forster Insurance Shares Corp.—
25c Nov.30 Nov. 20
Class A and B (quar.)
20c Nov.30 Nov. 20
Class A and B (extra)
Nov.30 Nov. 20
Si
7% preferred (guar.)
preferred (quar.)
SI% Dec. 14 Nov.30
Cuneo Press. Inc..
Si 4 Dec. 2Nov.18
Cushman's Sons,7% preferred (quar,)
$2 Dec. 2 Nov. 18
$8 preferred (guar.)
Si Jan. 2 Dec. 16
Dayton & Michigan RR. Co..8% prof. (qu.)50c Dec. 2 Nov. 20
Dayton Power & Light Co.,6% pref.(monthly)
35c Dec. 2Nov.15
Deere & Co.. pref. (quar.
$2 Nov. 18 Nov. 12
Delaware & Bound Brook RR. Co.(quar.)
Si Jan. 2 Dec. 16
Delaware RR. Co. (semi-ann.)
$14 Dec. 1 Nov. 20
Denver Union Stockyards, preferred (quar.)
1 Jan. 3 Nov. 15
Deposited Bank Shares(N. Y.), ser. A (s.-a.) e2)4,
Jan. 6 Dec. 20
Detroit Hillsdale & Southwestern RR. or.-a.)
25c Dec. 2Nov.20
Detroit Paper Products (quarterly)
20c Dec. 1 Nov. 15
Dexter Co. (quarterly)
25c Dec. 2 Nov. 15
Diamond Match (irregular)
5134 Dec. 2 Nov. 15
Dictaphone Corp
Dec. 2 Nov. 15
Preferred (quar.)
20c Dec. 1 Nov. 15
Dr. Pepper (quar.)
40c Dec. 1 Nov. 15
Extra
20c Dec. 2 Nov.26
Durham Duplex Razor, $4 preferred
$1.125 Jan. 1 Dec. 14
Eastern Gas & Fuel Assoc. prior pref.(quar.)
$1,4 Jan. 1 Dec. 14
6% preferred (guar.)
Eastern Shore Public Service.$634 pref.(qu.)_ _ _ $15i Dec. 1 Nov. 10
$1)4 Dec. 1 Nov. 10
$6 preferred (quarterly)
$14 Dec. 15 Dec. 5
East Mahanoy RR. Co (s.-a.)
Co.
Interurban
Water
East St. Louis
515i Dec. 2 Nov.20
7% preferred (quar.
Dec. 2 Nov. 20
$1
6% preferred (quar.
25c Nov. 20 Oct. 5
Economical-Cunningham Drug Stores
40c Nov.30 Nov. 15
Eddy Paper Corp
37)4c Dec. 2 Nov. 18
El Dorado Oil Works (quarterly)
p$1% Dec. 2 Nov. 6
Electric Shareholdings, $6 cony. pref
50c Jan. 2 Dec. 14
Emerson's Bromo Seltzer, 8% preferred_
El Dec. 2 Nov.20
Empire & Bay Shore Telep. Co.,4% gtd.(quar.)
10c Nov.30 Nov. 20
Empire Capital Corp., A & B (quar.)
87
c Dec. 10 Nov.30
Pittsburgh
RR.
Co.,
7%
gtd.
(quar.)
Erie &
Dec. 1 Nov.30
8
Guaranteed betterment (quar.)
10% Nov.30
Ever Ready (Gt. Brit.) (interim)
50c Dec. 1 Nov. 15
Faber Coe & Gregg, Inc (quar.)
41)4 Dec. 2 Nov. 15
Fajardo Sugar Co. of Porto Rico common
$2)4 Jan. 2
Farmers & Traders Life Insurance (quar.)
52)4 Anr. 1
Quarterly
50c Jan. 1 Dec. 16
Faultless Rubber (quarterly)
$1)i Dec. 2 Nov. 18a
Federal Light & Traction Co. pref. (quar.)
31)4 Dec. 1 Nov. 15
Firestone Tire & Rubber, pref. (quar.)
15c Nov.30 Nov. 15
Fishman (M. H.) Co., Inc. (guar.)
Fitz-Simons & Connell Dredge & Dock (quar.)_. 12)4c Dec. 1 Nov.20
12)4c Dec. 1 Nov. 20
Extra
8734c Dec. 1 Nov. 15
Florida Power Corp.,7% pref.(quar.)
Dec. 1 Nov. 15
31
Preferred A (quarterly)
$1 Dec. 15
Food Machinery Corp.,634% pref.(mo.)
14114 Dec. 2 Nov. 18
Franklin Simon & Co., preferred
25c Dec. 2 Nov. 15
Freeport Texas (quarterly)
$134 Feb. 3 Jan. 15
Preferred (quarterly)
25c Dec. 17 Nov. 26
General Asphalt (resumed)
314 Dec. 2 Nov.22
General Cigar, preferred (quar.)
514 Mar. 2 Feb. 20
Preferred (quar.)
$14 Junel'36 May 22
Preferred (quar.)
General Investments, preferred (s.a.)
$134 Nov.30 Nov. 15
50c Dec. 12 Nov. 14
General Motors (quarterly)
Extra
50c Dec. 12 Nov. 14
$5 preferred (quarterly)
5114 Feb. 1 Jan. 6
Jan 15 Jan. 2
Georgia RR & Banking (quar.)
$2
40c Jan. 1 Dec. 14
Glens Falls Insurance Co.(quar.)
Dec. 1 Nov. 20
$1
Globe D Publishers. pref. (quar.)
50c Jan. 1 Dec. 20
Globe Wernicke preferred (quar.)
40c Dec. 10 Nov.30
Golden Cycle (quar.)
$1.60 Dec. 10 Nov.30
Extra
Goodyear Tire & Rubber, $7 pref
Si Jan. 2 Nov.30
Grace(W. H)& Co.
$3 Dec. 30 Dec. 27
)
6% preferred
$2 Dec. 30 Dec. 27
Preferred A (guar.)
Preferred B s.-a.)
54 Dec. 30 Dec 27
$5 Dec. 2 Nov. 15
Granby Consolidated Smelting & Power Co..
Grand Union Co.. $3 cony, preferred
37)4c Dec. 1 Nov. 12
Great Western Electro-Chemical30c Jan. 2 Dec. 20
6% preferred (quarterly)
50c Jan, 6 Dec. 16
Greenfield Tap & Die. $6 preferred
$14 Jan. 1 Dec. 21
Greyhound Corp.. pref. A (quar.)
Hackensack Water Co.(semi-annually)
75c Dec. 1 Nov. 16
7% preferred A (quarterly)
43 He Dec. 31 Dec. 14
Financial Chronicle
3178
Name of Company
Per
Share
When Holders
Payable of Record
Hale Bros. Stores (quar.)
15c Dec. 2 Nov. 15
Hancock Oil of California. class A & B (quar.)-250 Dec. 1 Nov. 14
Hanes (P. H.) Knitting Co., corn. A.& B.(qu.) 12"c Nov.30 Nov. 20
Common A & B (extra)
' 10c Nov.30 Nov.20
Hanna (M. A.) Co..5% pref., initial (quar.)_ - $13.1 Dec. 1 Nov. 15
Harbison-Walker Refractories Co.,common
25c Dec. 2 Nov. 15
Preferred (quarterly)
Jan. 20 Jan. 7
$1
Hardesty (R.) Mtg. Co., 7% pref. (quar)
Dec 1 Nov. 5
Sl
Hawaii Consol. By.. 7% pref. A (guar.)
2c Dec. 15 Dec. 5
Hazel-Atlas Glass Co.(quarterly)
$111 Jan. 2 Dec. 14
. Hibbard, Spencer, Bartlett & Co.(monthly).—
10c Nov. 29 Nov. 22
Monthly
10c Dec 27 Dec. 20
Hires (Chas. E.) Co.,class A common (quar.)....
50c Dec. 2 Nov. 15
Hobart Mfg.. class A (guar.)
373.c Dec. 1 Nov. 18
Class A extra
Dec 1 Nov. 18
Class B
El Dec 1 Nov. 18
Class B extra
25c Dec 1 Nov. 18
Holt,(H.) & Co. A.(resumed)
clOc Dec 2 Nov. 9
Homestake Mining (monthly)
$1 Nov.25 Nov. 20
Extra
$2 Nov. 25 Nov.20
Hooven & Allison Co.,7% preferred (quar.)
$1 % Dec. 1 Nov. 15
Horn & Hardart (N. Y.) pref. (quar.)
$13‘ Dec. 2 Nov. 12
Howey Gold Mines,Ltd
2c Dec. 14 Nov. 14
Huntington Water Corp..7% Pref.(guar.)
$1,' Dec. 2 Nov.20
6% preferred (quarterly)
$135 Dec. 2 Nov.20
Imperioi Life insurance (guar.)
$331 Jan. 2 Dec. 31
Inland Steel (quarterly)
50c Dec. 2 Nov. 15
Extra
2.5c Dec. 2 Nov. 15
Ingersoll-Rand, common
50c Dec. 2 Nov. 4
International Harvester, pref. (quar.
$14 Dec. 2 Nov. 4
Dec. 31 Dec. 2
International Nickel
International Shoe, extra
Nov.30 Nov. 15
Iron Fireman Mfg (guar.)
25c Dec. 2 Nov. 9
Ironwood & Bessemer Ry.& Light,7% pf.(qu.) $141 Dec. 2 Nov. 15
Irving Air Chute (quarterly)
15c Jan. 2 Dec. 16
Extra
25c Jan. 2 Dec. 16
Jantzen Knitting Mills, preferred (quarterly)
Dec. 1 Nov. 25
$1
Kalamazoo Vegetable Parchment (guar.)
Dec 30 Dec. 30
1
Kansas City St. Louis & Chic. RR., pref. (qu.)
$144 Feb. I Jan. 17
Kayser (Julius) & Co
250 Nov.30 Nov. 13
Kendall Co., preferred series A (guar.)
$13.1 Dec. 2 Nov. 9a
Kentucky Utilities. 7% Jr. preferred
8744c Nov. 20 Nov. 1
Keystone Steel & Wire, preferred
$14( Jan. 15
Klein (D. Emil)(quarterly)
250 Jan. 1 Dec. 20
Feb. 1 Jan. 20
Preferred (quarterly)
Dec. 31
Kroehler Mfg. Co.,7% Pref. (guar.)
Class A•preferred (guar.)
$1." Dec. 31
Kroger Grocery Sz Baking (guar.)
40c Nov.30 Nov. 8
7% preferred (quarterly)
$151 Feb. 1 Dec. 20
6% preferred (quarterly)
$1" Jan. 2 Dec. 20
Lake Superior District Power,7% pref.(guar.). $131 Dec. 2 Nov. 15
6% preferred (quarterly)
SI" Dec 2 Nov. 15
Landers Frary & Clark kquar.)
3734c Dec. 31 Dec. 20
Dec. 15 Dec. 5
Landis Machine,7% preferred (quarterly)
Langley's. Ltd.,7% preferred
55151 Nov. 18 Nov. 4
Lanston Monotype Machine (guar.)
SI Nov.30 Nov. 20
Lehigh Coal & Navigation (semi-ann.)
15c Nov.30 Oct. 31
Lehn & Fink Products Co.,common (s.-a.)
50c Dec 1 Nov. 15
Lexington Water,7% preferred
h$151 Dec 2 Nov. 20
Libbey-Owens-Ford Glass (guar.)
30c Dec. 16 Nov. 29
Life Savers Corp. (guar.)
40c Dec 2 Nov. 1
Liggett & Mayers Tobacco (guar.)
$1 Dec 2 Nov. 15
Common B (quarterly)
El Dec 2 Nov. 15
Lincoln Stores (quarterly)
25c Dec 1 Nov. 25
Dec. 1 Nov. 25
Preferred (quarterly)
Lindsay Light & Chimical (quar.)
lOc Nov. 18 Nov. 9
Link Belt
20c Dec. 1 Nov 15
Preferred (guar.)
$131 Jan. 2 Dec. 14
Special
50c Dec 1 Nov.20
Little Schuylkill & Navigation RR.Sr Coal
$1.10 Jan. 10 Dec. 14
Loblaw Groceterias, A & B (guar.)
r25c Dec. 2 Nov. 14
Lock Joint Pipe. pref (guar.)
$2 Jan. I Jan. 1
Loew's, Inc. (quarterly)
50c Dec. 31 Dec. 13
Extra
50c Dec. 31 Dec. 13
Loose-Wiles Biscuit Co.
Jan. I Dec. 18
5% preferred (initial. quarterly)
El
Dec. 2 Nov. 16
Lord & Taylor. 1st pref.(guar.)
$1
Dec. 2 Nov. 9
Ludlow Mfg. Assoc. (quar.)
$1
Jan. 1 Dec. 20
Ludlum Steel, prsferred (guar.)
$1
Lunkenheimer Co.. 6,34% preferred (quar.)
$1" Jan, 1 Dec 21
Macy (It. H.) & Co.(guar.)
50c Dec. 2 Nov. 8
Madison Square Garden
15c Nov. 29 Nov. 15
Manhattan Shirt (guar.)
15c Dec. 2 Nov. 12
Massachusetts Plate Glass Insurance
50c Ian. 2
May Dept. Stores (quarterly)
40c Dec. 2 Nov. 15
Extra
25c Dec. 2 Nov. 15
McBryde Sugar
15c Dec. 1 Nov. 20
McClanahan Oil (initial)
1 //c Dec. 1 Nov. 15
McClatchy Newspapers. 7% pref. (guar.)
43 c Dec. I Nov. 30
Dec. 14 Nov. 15
McColl-Frontenac Oil Co. (guar.)
2
McIntyre Porcupine Mines, Ltd
10% Dec. 2 Nov. 1
McKinley Mines Security
234c Dec. 2 Nov. 22
McLennan, McFeeley & Prior, Ltd., A & B
hoc Dec. 30 Dec. 23
6Si% preferred (quarterly)
$141 Jan. 1 Dec. 23
McWilliams Dredging (quar.)
50c Dec. 1 Nov.20
Special
50c Dec. 1 Nov.20
Memphis Natural Gas Co.. $7 pref. (quar.)___ _ $1 ti Jan. 2
10c Jan. 1 Dec. 23
Merck & Co., Inc., common (guar.)
Preferred (quarterly)
$2 Jan. 1 Dec. 23
Mid-Continent Petroleum
25c Dec. 2 Nov. 1
Midland Grocery, preferred (semi-annually)...._
$3 Jan. 2 Dec. 20
Mine Hill & Schuylkill Haven RR.(s.-a.)
$141 Feb. 1 Jan. 15
Minneapolis Gas Light Co. (Del.), 7%
$131 Dec. 1 Nov. 20
6% preferred (quar.)
$1% Dec. 1 Nov. 20
Minneapolis-Honeywell Regulator Co., pf. (qu.) $134 Ian. 1 Dec. 20
Monogram Pictures Corp (guar.)
15c Feb. 1
25c Dec. 14 Nov. 25
Monsanto Chemical (quar.)
25c Dec. 14 Nov. 25
Extra
17"c May 10 Apr. 30
Montgomery & Erie RR.(semi-annual)
Montgomery Ward, class A (guar.)
$151 Jan. 2 Dec. 20
Moore Dry Goods (guar.)
6111 Jan. 1 Jan. 1
Dec. 1 Nov. 26
Morris Plen Insurance Society (quar.)
Motor Wheel Corp. corn. (guar.)
15c Dec. 10 Nov. 20
10c Dec. 21 Nov.30
Mountain Fuel Supply (initial)
Muncie Water Works Co..8% pref. (quar.)_
$2 Dec. 16 Dec. 2
Dec. 2 Nov. 20
Muskogee Co.,6% cum. pref. (guar.)
$1
Mutual Chemical Co. of Amer.. 6% prof. (g11.)- $1" Dec. 28 Dec. 19
Mutual Telep. Co.(Hawaii)(monthly)
8c Nov. 20 Nov. 9
National Biscuit (guar.)
40c Jan. 15 Dec. 13
Nov.30 Nov. 15
Preferred (guar.)
National Casket, preferred (guar.)
114 Nov.30 Nov. 18
National Lead, preferred A (guar.)
$151 Dec. 14 Nov.29
Nat. Life & Accident Ins. Co., Nashville, Tenn.
Quarterly
35c Dec. 2 Nov. 20
National Power & Light Co.. corn. (quar.)
15c Dec. 2 Nov. 4
National Short Term Securities common (guar.) 1 qc Dec. 20 Dec. 15
17"0 Nov. 20 Nov. 15
Preferred (guar.)
Nebraska Power,6% pref. (guar.)
1" Dec. 2 Nov. 12
7% preferred (guar.)
Si,' Dec. 2 Nov. 12
h$1.31" Dec. 31 Dec. 16
Neill Corp.. 1st preferred
Neiman-Marcus Co.7% Pref.(guar.)
El" Dec. I Nov. 20
ch$3 Dec. 2 Nov. 12a
Nevada-Calif. Electric.7% prof
Dec 1 Nov. 16
Newberry (J J )& Co.,7% preferred (quar.)
Norfolk & Western Ry. (guar.)
412 Dec. 19 Nov.30
Nov. 19 Oct. 31
Adj. preferred (guar.)
North American Edison Co.. pref. (guar.)
$1/4 Dec. 2 Nov. 15
Northam Warren Corp., cony. pref. (quar.)
75c Nov.30 Nov. 15
Northern RR.Co.of N.J.4% gtd.(guar.) - $1 Dec. 1 Nov. 21
$I Nov. 23 Nov. 18
North Pennsylvania RR.Co.(guar.)
15c Dec. 10 Nov.29
North River Insurance (guar.)
5c Dec. 10 Nov.29
Extra
$1" Dec. 1'
Northwestern Utilities.6% pref. (guar.)
3Rg
Name of Company
Nov. 16 1935
Per
Share
When
Payable of Record
Nova Scotia Lt.& Pr. Co., Ltd.,6% pref.(qu.)_ $1 34 Dec. 2 Nov. 16
Oahu By.& Land Co.(monthly)
15c Nov. 20 Nov. 9
Ohio Oil
15c Dec. 14 Oct. 31
Preferred (quarterly)
Dec. 14 Dec. 2
$I
Dec. 1 Nov. 12
Ohio Power Co.,6% prof. (quar.)
$1
Ohio Public Service Co., 7% pref. (mo.)
S81-. c Dec. 2 Nov. 15
8% preferred (monthly)
50c Dec. 2 Nov. 15
5% preferred (monthly)
41 2-3c Dec. 2 Nov. 15
Old Dominion Co.(resumed)
250 Dec. 14 Nov. 27
Oliver United Filters, class A
1 Nov.30 Nov. 16
Onomea Sugar Co. (monthly)
20c Nov. 20 Nov. 9
Ontario & Quebec By.(semi-ann.)
$3 Dec. 2 Nov. 1
Debenture (semi-ann.)
% Dec. 2 Nov. 1
Oshkosh Overall,$2 cony, preferred (guar.)
50c Dec. 1 Nov.20
Paauhau Plantation (monthly)
10c Dec. 5 Nov.30
Pahang Rubber Co., Ltd
Sc Dec. 20 Dec. 13
Parker Pen (guar.)
250 Dec 1 Nov. 15
Quarterly
250 Mar. 1
Quarterly
25c June 1
Quarterly
25c Sept. 1
Parker Rust Proof (quar.)
75r Nov. 20 Nov. -5
Extra
)
$I Nov. 20 Nov. 9
Preferred
350 Nov 20 Nov 9
Pender (David) Grocery, class A (quarterly).,.,.. 87"c Dec. 2 Nov. 21
Penn State Water Corp., $7 pref. (guar.)
$151 Dec. 1 Nov. 20
Pennsylvania Power Co.—
LA preferred (guar.)
$1" Dec. 2 Nov. 20
$6.60 preferred (monthly)
55c Dec. 2 Nov. 20
Pepper (Dr.) (guar.)
20c Dec. 1 Nov. 15
Petersburg RR.(s.-a.)
$1 51 Apr. I Mar. 25
Phelps Dodge
250 Dec. 14 Nov. 27
Phila. Germantown & Morristown RR.Co.(qu.) $1
Dec. 2 Nov. 20
Philadelphia Suburban Water Co.. prof.(guar.)- $1
Nov.30 Nov. 120
PhEllxiltprsa Petroleum (guar)
250 Nov. 30 Nov. 1
250 Nov.30 Nov. I
Phoenix Finance Corp.. 8% pref. (quar.)
50c Can. 10 Dec. SI
Phoenix Hosiery, cumulative 1st preferred
8714c Dec. 1 Nov.20
Pillsbury Flour Mills (quarterly)
40c Dec. 2 Nov. 15
20c Dec. 1 Nov. 20
Pioneer Mill, Ltd.(monthly)
Pittsburgh Bessemer & Lake Erie pref. (s.-an.)
El" Dec. 2 Nov. 15
El
" Jan. 2 Dec. 10
Pittsburgh Ft. Wayne & Chicago By.(quar.)
$1% Jan. 7 Dec. 10
7% preferred (guar.)
PitAbur
rag
eh
ferY
ro
ed
u(
ngtisutar
ow
.)n & Ashtabula RR.—
$14 Dec. 2 Nov. 20
50c Dec. 10 Nov. 12
Placer Development, Ltd. (initial)
Dec. 1 Nov. 15
Plymouth Fund, Inc.. A (quarterly)
S14 Dec.5 or. 1
Pollock Paper & Box Co.. nref (guar.)
Nov.30 Nov. 15
Si
Potomac Electric Power, 6% pref. (guar.)
Nov.30 Nov. 15
$1
5"% preferred (quarterly)
Sc Dec. 2,Nov. 20
Prentice-Hall (guar.)
75c Dec. 2,Nov. 20
Preferred (guar.)
$14.4 Dec. 1 1 Nov. 21
Public Electric Light 6% Pref. (guar.)
Public Service Co. of Colorado 7% pref.(mthly.) 58 1-3c Dec. 2 Nov. 15
50c Dec. 2 Nov. 15
8% preferred (monthly)
41 2-3c Dec. 2 Nov. 15
5% preferred (monthly)
50c Nov.30 Nov. 1
,Pr
p irbiltly
c8
Ber
akviece
ries
Cow
rp
nar
oSN. J..6% pref.(mthly.).
250 Dec. 2 Nov. 18
Quaker Oats, preferred (quar.)
$I" Nov.30 Nov. 1
50c Dec. 1 Nov. 12
Rainier Pulp & Paper, A (guar.)
$1 Dec. 1 Nov. 12
Class B (resumed)
50c Dec. 12 Nov. 21
Reading Co 1st preferred (quarterly)
50c Dec. 15 Nov.30
Rex Hide Rubber (extra)
25c Dec. 2 Nov. 15a
Reynolds Metals Co., common (quarterly)
$134 Jan. 2 Dec. 20
541% cumulative preferred (quarterly)
$151 Dec. 1 Nov. 13
Rochester Gas & Elec., 7% Pref. B (quar.).,
$13.4 Dec. 1 Nov. 13
6% preferred 0 & D (quar.)
$134 Dec. 1 Nov. 15
Rolland Paper,6% preferred (guar.)
250 Dec. 20 Dec. 1
Roos Brothers
r50c Dec. 2 Nov. 15
Royalite 011, Ltd
r25c Dec. 2 Nov. 15
Extra
100 Dec. 16 Dec. 6
Ruud Mfg. Co. (altar.)
St. Louis Bridge 00.6% Ist pref. (semi-ann.)_ _ _
$3 Jan. 2 Dec. 15
Jan. 2 Dec. 15
3% 2d preferred (semi-annual)
Jan. 2 Dec. 10
Sa7
v5i
ann
7ah
deE
be
legu
rirce&
BP
(cl
ow
uaer.)
—r 8% deb. A (guar.)
Jan. 2 Dec. 10
$1
Si, Jan. 2 Dec. 10
7% debenture C (guar.)
$15. Jan. 2 Dec. 10
6Si% debenture D (guar.)
/al" Jan. 2 Dec. 10
6% preferred
Savannah Gas Co.. 7% preferred (quarterly)— _ 43 Sic Dec. 1 Nov. 20
15c Dec. 14 Nov.30
Sea
Ebxota
rrad 011 of Del.(quarterly)
10c Dec. 14 Nov.30
Second International Securities, 1st preferred._ 62"c Jan. 2 Nov. 15
750 Dec. 1 Nov. 15
Second Investors Corp (R. I.). $3 pref. (guar.)
75c Dec. 2 Nov. 15
Secord (Laura) Candy (quarterly)
Securities Investment Co. of St. Louis,8% pref.
$2 Jan. 1
(quarterly)
Selo
2"% Nov. 30
trriddig
neary
Prowincial Stores
w2"% Dec. 2 Nov. 14
Amer dep. rec for ordinary
w2115
% Dec. 9 Nov. 14
12 c Dec. 2 Nov. 20a
Serve', Inc., common (initial)
7% cumulative preferred (quarterly)
51 Jan. 2 Dec. 200
Shenango Valley Water Co.6% pref. (quar.)
51" Dec. 1 Nov. 20
Sherwin-Williams Co..6% pref , series AA (qu.) El" Dec. 2 Nov. 15
South American Gold & Platinum Co
10c Nov. 27 Nov. 15
Southern California Edison Co.6% preferred, series B (guar.)
3734c Dec. 15 Nov. 20
Spiegel. May, Stern. 631% preferred (quar.)...... $141 Feb 1 Jan. 15
Oct. 30
Square D Co., preferred A
Standard Coosa-Thatcher Co.,7% pref.(guar.). $151 Jan. 15 Jan. 15
Standard 011 Co. Inc. in N. J.. $25 par value
shares (semi-annually)
50c Dec. 16 Nov. 16
Extra
25c Dec. 16 Nov. 16
$100 par value shares (semi-annually)
$2 Dec. 16 Nov. 16
Extra
El Dec. 16 Nov. 16
Standard Oil of California (quarterly)
25c Dec. 16 Nov. 16
Standard 011 of Indiana (quarterly)
250 Dec. 16 Nov. 16
Standard Silver Lead Mining
lc Dec. 20 Dec. 1
Sterling Products, Inc
950 Dec. 2 Nov. 150
25c Dec. 2 Nov. 1
Stewart-WarnerCorp., common (8.-a.)
250 Dec. 2 Nov. 1
Strawbridge & Clothier 6% pref.(guar.)
$144 Dec. 2 Nov. 15
Sun Oil Co..common (guar.)
0250 Dec. 16 Nov. 25
Preferred (guar.)
$114 Dec. 2 Nov. 9
Dec. 2 Nov. 20
Susquehanna Utilities Co.,6% preferred (guar.)
Swift & Co.(quarterly)
Jan. 1 Dec. 2
Tampa Gas.8% preferred (quarterly)
$2 Dec. 91 Nov. 20
7% preferred (quarterly)
$131 Dec. 1 Nov. 20
Telephone Investment Corp. (monthly)
25c Dec. 1 Nov. 20
Tennessee Electric Power Co.
5% first preferred (gnarl
Ja
an. 2 Dec. 16
$131 J
2 Dec. 16
6% first preferred (guar.
$134
7% first preferred (guar.
515( Jan. 2 Dec. 16
Dec. 16
51.80 Jan.
7.2% first preferred (guar.)
no
arv.
. 16
5
n.
. 2N
Dec
6% first preferred (monthly)
50c .Ta
6% first preferred (monthly)
50c
Dec.. 2 Nov. 15
7.2% first preferred (monthly)
60c ia
Dec. 16
7 2% first. tweferrivl (rmsnthlY)
60c
10
4
Jaec
n.
. 2 Nov.2
Terre Haute Water Works. Preferred (guar.)
$141 D
Dec.
Tex-O-Kan Flour Mills (guar.)
15c
2
Mr14
Apr.
'36
15c
Quarterly.
$141 Dec. 1 Nov. 15
7% Preferred (guar.)
10c Dec. 31 Dec. 28
Third Twin Bell Syndicate (bi-monthly)
$141 Dec. 1 Nov. 25
Thompson Products preferred (guar.)
Tide Water Power Co.. $6 pref. (guar.)
$I 44 Dec. 1 Nov. 9
Timken Detroit Axle preferred (guar.)
$1" Dec. 2 Nov. 20
50c Dec. 5 Nov. 20
Timken Roller Bearing Co
$1 Dec. 5 Nov. 20
Extra
58 1-3c Dec. 2 Nov. 15
Toledo Edison Co.7% preferred (monthly)
50c Dec. 2 Nov. 15
6% preferred (monthly)
5% preferred (monthly)
41 2-3c Dec. 2 Nov. 15
Twin Bell Oil Syndicate (monthly)
$2 Dec. 5 Nov.30
30c Dec. 2 Nov. 15
Union Tank Car Co. (quarterly)
'Lg
Per
Share
Name of Company
When Holders
Payable of Record
40c Dec. 1 Nov. 4
United Biscuit of America (quarterly)
Si 31 Feb. 1 Jan. 16
Preferred (quarterly)
25c Dec. 31 Nov. 30
United Gas Improvement (quarterly)
$1 31 Dec. 31 Nov. 30
Preferred (quarterly)
(Del.)
Co.
Ity.
&
Light
United
58 1-3c Dec. 2 Nov. 15
7% preferred (monthly)
Mc Doc. 2 Nov. 15
6.36% preferred (monthly)
50c Dec. 2 Nov. 15
6% preferred (monthly)
58 1-3c Jan. 2 Dec. 16
7% preferred (monthly)
63c Jan. 2 Doc. 16
6.36% preferred (monthly)
50c Jan. 2 Dec. 16
6% preferred (monthly)
S23i Jan. 10 Dec. 20
United New Jersey RR & Canal Co. (quar.)...
25c Dec. 1 Nov. 21
(quar.)
Freight
United States
25c Dec. 1 Nov. 21
Extra
lc Dec. 15 Dec. 5
United States Petroleum (s.-a.)
123ic Jan. 20 Dec. 31
United States Pipe & Fdy Co., corn. (quar.)
30c Jan. 20 Dec. 31
1st preferred (quay.)
25c Jan. 1 Dec. 21
United States Playing Card (quarterly)
25c Jan. 1 Dec. 21
Extra
50c Nov. 29 Nov. 1
United States Steel Corp., preferred
$1 31 Nov. 1 Oct. 31
Universal Winding, 7% preferred (quarterly)
$135 Feb. 10 Jan. 31
Upper Michigan Power & Lt. Co.,6% pf. (qu.)_
$13i Nov. 18 Nov. 4
Utah Copper
Utica Clinton & Binghamton By.—
$236 Dec. 26 Dec. 16
Debenture stock (5.-a
h$1 5i Dec. 2 Nov.30
Utica Knitting, 7% preferred
Dec. 2 Nov. 15
$1
Utility Equities Corp., $535 div. priority stock_
50c Dec. 2 Nov. 22
Vanadium-Alloys Steel Co
25c Dec. 1 Nov. 14
Van Raalte Co
Si 31 Dec. 1 Nov. 14
1st preferred (quarterly)
50c Dec. 2 Nov. 15
Vick Chemical Co., Inc. (quarterly)
10c Dec. 2 Nov. 15
Extra
25c Dec. 2 Nov. 15
Virginia Coal & Iron (quarterly)
Dec. 2 Nov. 15
25c
Vogt Manufacturing (quarterly)
$131 Jan. 1 Dec. 20
Wagner Electric, preferred (quarterly)
n$l3i Nov. 30 Nov. 20
Watalua Agricultural, Ltd
50c Dec. 26 Dec. 9
Ward Baking 7% preferred (quar.)
$9 Nov. 30 Nov. 15
Washington Railway & Electric Co
Nov. 15
Dec.
$13i
5% preferred (quarterly)
$23i Dec. 1 Nov. 15
5% preferred (8 -a
Welch Grape Juice Co., preferred (quarterly)... $1 3i Nov. 30 Nov. 15
15c Dec. 1 Nov. 15
Wellington Fund (Phila.)
10c Dec. 1 Nov. 15
Extra
(quar.)_
Si Dec. 2 Nov. 15
Wesson 011 & Snowdrift Co.. Inc.. pref.
Western Cartridge, 6% preferred (quarterly).... $IM Nov. 20 Oct. 31
50c Nov. 30 Nov. 12
Westinghouse Electric & Manufacturing
$135 Jan. 1 Dec. 14
West Jersey & Seashore RR.(s -a.)
Dec. 2 Nov. 15
$1
6% guaranteed (semi-annually)
10c Nov. 16 Oct. 30
Westland Oil Royalty Co.. class A (mo.)
10c Dec. 15 Nov.30
Class A (monthly)
10c Dec. 2 Nov. 15
Westvaco Chlorine Products (quar.)
$134 Dec. 2 Nov. 12
Wheeling Electric Co. 6% preferred (quar.)___ _
30c Nov. 15 Nov. 1
Wilcox-Rich, class B
$136 Dec. 1 Nov. 20
Williamsport Water Co.. $6 preferred (quar.)_ _
12.tic Dec. 2 Nov. 15
Wilson & Co., Inc., common
Name of Company
*Surplus and
Undivided
Profits
Bank of N. Y.& Tr. Co_
Dank of Manhattan Co__
National City Bank ____
Chemical Ilk. & Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk.& Tr.
Corn Each 13k Tr, Co_
First National Bank
Irving Trust Co
Continental Bk.&Tr.Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr. Co_
New York Trust Co._
Comml Nat. 13k & Tr_
Pub. Nat. Bk.& Tr. Co_
S
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21.000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270.000
500,000
25,000,000
10,000,000
5,000,000
12,100,000
7,000,000
8,250,000
Net Demand
Deposits,
Average
Time
Deposits,
Average
$
$
s
133,931,000
5,755,000
10,747,300
374,577,000
32,770.000
25,431,700
41,898,100 a1,281,323,000 149,185,000
420,046,000
18,632,000
49,711.100
38,114,000
176,613,400 b1,298,280,000
375.860,000
83,448,000
10,297,500
702,532,000
16.998,000
61,523,900
210,310,000
20,432,000
16,726,200
445.793,000
4,239,000
90,301,700
497,859,000
922,000
58,021,900
1,198,000
43,737,000
3,711,500
57,598,000
70.850,900 c1,756,984.000
45,915,000
3,377,200
50,872,000
63,748,200 d802,874,000
15,633,000
273,000
5,314.800
3,147,000
75,203,000
7,825,200
19,301,000
277,087,000
21,651,600
1,669,000
62,425,000
7,682,400
72,083,000
5,272,500
39,838,000
7.7n IA, inn 4 409 559 nnn 445.901 •nnn
R.054 Ann
erntnia
• As rer off:e.al reports: National, June 29 1935; State, Sept. 28 1935: trust
companies, Sept. 28 1935.
Includes deposits In foreign branches as follows: a $214,296,000: b $81,521,000;
c$66.799.000; d$28,048,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Nov. 8:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE NVEEK ENDED FRIDAY, NOV. 8 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Other Cash, Res. DeP., Deo Other
Disc. and Including N. Y and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan—
20,737,500
Grace National
17,324,000
Sterling National
4,479,896
Y
N.
of
Bank
Trade
Brooklyn—
People's National--. 4,521,000
$
83,600
566.000
213,161
4,138,400
3,227,000
920,603
104,000
932,000
Gross
Deposits
1,860,600 23,249,100
852,000 19,134,000
118,047 4,460,852
406,000
5,500,000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Cash
Res. Dep.,
N. Y. and
Elsewhere
Dep. Other
Banks and
Trust Cos
Gross
Deposits
s
s
s
s
5
49,975,600 *11,552,200 8,434,600
577,825
130,396
7,301,694
576,306
*695,560
9.849,893
16,576,300 *3,319,900 1,668,200
28,666,800 *8,120,400 1.473.300
61,183,831 26,539,927 18,007,016
3,203,100 62.021.000
2,064,417 8,295,429
8,954,770
2,211,200 19,355,500
36,071,000
76,869.105
79,245,000
2,952,000 37,713,000
138,000 112,363,000
90 910 479
9 057 stsn
0 10s 050
,
22 74., um'
•Includes amount with Federal Reserve as follows Empire, $10,296,700;
Fiduciary, $355,643; Fulton, $3,112,60(); Lawyers County $7,484,600.
Dec.
Dec.
Jan.
Feb.
Mar
Apr.
2 Nov. 8
2 Nov. 20
2 Dec. 20
1 Jan. 20
2 Feb 20
I Mar 20
Condition of the Federal Reserve Bank of
New York
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, NOV.9 1935
• Capital
60c
25c
25c
25c
25c
25c
When Holders
Payable of Record
a Transfer books not closed for this dividend
b Niagara Share Corp.. class B corn., div. of 2c. payable in corn, stock of
Schoellkopf, Hutton & Pomeroy, Inc. at the rate of one sh. of cora, stock
for each five shs. of class B corn, held.
c The following corrections have been made:
Coca-Cola Co. payable Dec. 18, previously reported as Dec. 10.
Fajardo Sugar Co. of P. It., pays $134, previously reported as $1.
Holt (H.) & Co., previously reported as Hold (H.) & Co.
Nebraska Power Co., holders of record Nov. 12, previously reported as
Nov. 11.
Nevada-Calif. Electric Corp., holders of rec. Nov. 12. previously reported
as Nov. 7.
e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. J Payable in preferred stock.
k Congress Cigar Co., Inc., special div. of $2 per sh. payable in cash or,
at option of stockholders, in 6% bonds of Porto Rican Amer. Tobacco Co.
at 6354 plus accrued interest Of $25 per $1,000 bond. Option expires
Nov. 25 1935.
Oliver United Filters stockholders on Oct. 29 1935 approved plan
whereby accumulated dividends on class A stock amounting to $8 a share,
will
as of Nov. 1 1935, will be eliminated. One-half share class B stock held
be issued for $5 of accumulated dividend on each share of A stock
and remaining $3 will be paid in cash.
m Cord Corp., stock div. of 36-1000ths share of American Airlines and
18-1000ths share of Canadian Colonial Airways.
n Waialua Agricultural, stock div. of 50% payable Dec. 25.
o Stockholders of Square D Co. approved a plan to pay off accrued
issuance
dividends of $6.8736 a share on class A preferred stock by the
of a new share ofclass A preferred stock for each $29.50 of accrued dividends.
share of
one
of
pays
44-1000ths
pref.
$6
Corp.
Shareholding
Electric
p
common or at the option of the holder, $134 in cash.
stock
q Sun 011 Co. declared that out of the authorized unissued common
respective holdings
of the co. a stock dividend be issued in proportion to100
shs. held. Said
of com. stock at the rate of 7 shs. of new stock to each
stock when issued to be full paid and non-assessable.
Canada
r Payable in Canadian funds, and in the case of non-residents of
will be made.
a deduction of a tax of 5% of the amount of such dividend
of corn.
sh.
one
of
1-32
1929;
pref.,
ser.
cony.
$3
opt.
Corp.,
s Blue Ridge
desiring
stk., or, at the option of the holder. 75c. cash. Note: Stockholders
1935.
16
Nov.
or
on
before
corporation
the
notify
must
cash
I Payable in special preferred stock.
u Payable in U. S. funds. r A unit. to Less depositary expenses.
z Less tax. y A deduction has been made for expenses.
z Per 100 shares
The weekly statement issued by the New York City
Clearing House is given in full below:
Clearing House
Members
Per
Share
Woolworth (F. W.) Co. (quarterly)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Monthly
Weekly Return of the New York City
Clearing House
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County_...,
United States
Brooklyn—
Brooklyn
3179
Financial Chronicle
Volume 141
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 13 1935,
in comparison with the previous week and the corresponding
date last year:
Nov. 13 1935 Nov. 6 1935 Nov. 14 1934
Assets-Gold certificates on hand and due from
2,957,386,000 2,944,827,000 1,683,984,000
U. S. Treasury -I
1,452.000
1,710,000
1,576,000
Redemption fund—F. R. notes
55,466,000
46,526,000
51,817,000
Other easti•
3,010,781,000 2,993,063,000 1,740,902,000
Total reserves
1,821,000
Redemption fund—F. R. bank notes_
131115 discounted:
obligations
Govt.
Secured by U. 14.
2,848,000
2,840,000
4,776,000
direct & (or) fully guaranteed
8,637,000
2,049,000
2,454,000
Other bills discounted
11,485,000
4,889,000
7,230,000
Total bills discounted
2,083,000
1,799,000
1,800,000
Bills bought in open market
555,000
7,618,000
7,614,000
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
70,725,000
491,626,000
179,466,000
76,147,000
486,204,000
179,466,000
140,957,000
447,839,000
188,959,000
741,817,000
741,817,000
777,755,000
Total bills and securities
758,461,000
756,123,000
791,878,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
256,000
6,364,000
171,177,000
12,077,000
30,419,000
256,000
6,591,000
103,093,000
12,077,000
29,559,000
292.000
5,842,000
155,165,000
11,523,000
33,826,000
Total U. S. Government securities
Other securities
Foreign loans on gold
Total assets
3,969,535,000 3,900,762,000 2,741,249,000
Ltabiltiles—
759,447,000 769,739,000 652,767,000
E. It. notes in actual circulation
27,192,000
F. R. bank notes in actual circulation net
2,691,648,000 1,654.624.000
2,724,257,000
Deposits—Member bank reserve
20,939.000
33,106,000
46,236.000
U 8 Treasurer—General account___
5,703,000
8,258,000
9,503,000
Foreign bank
99,013.000
150,051,000
152,999,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,932,995,000 2,883,063,000 1,780,279,000
168,257,000 116,644,000 149,786.000
59,578,000
50.986,000
50,994,000
45,217,000
49,964,000
49,964,000
7,250,000
7,250,000
4,737.000
7,500,000
7,500,000
21,693,000
15,616,000
13,128,000
3,989,535,000 3,900,752,000 2,741,249,000
Total liabilities
Ratio of total reserves to deposit and
71.6%
81.9%
81.5%
liabilities
combined
F. R. note
Contingent liability on bills purchased
96.000
for foreign correspondents
Commitments to make industrial ad1,247,000
9.513,000
9.505.000
vances
- •-other cash" does not include Federal Reserve notes or a bank! own Federal
Reserve bank notes.
a These are certificates given by the U. S. Treasury for the gold taken over
100
from the Reserve banks when the dollar was on Jan. 31 1934 devaluedoffrom
the difcents to 59.06 cents, these certificates being worth less to the extent
ference; the difference Itself having been appropriated as profit by the Treasury
under the nrnvisions of the Gold Reserve Act 011934.
3180
Financial Chronicle
Nov. 16 1935
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Nov. 14,
showing the condition of the twelve Reserve banks at the close of business on Wednesday. The first table presents the
results for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The second table shows the resources and liabilities separately for each of the twelve banks. The
Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between
the Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System
upon the returns for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 13 1935
Nov. 13 1935 Nov. 6 1935 Oct. 30 1935 Oct. 23 1935 Oct 16 1935 Oct. 9 1935 Oct. 2 1935 Sept. 25 1935 Nov. 14 1934
ASSETS
$
$
5
3
$
3
S
$
$
Gold ctfs, on hand & due from U.S.Treas.x 7,124,156.000 7,063,156,000 7,026.623,000 6,979,122,000 6,896.648,000
8,725,656,000 6,634,653,000 6,551,132.000 5,018,687,000
Redemption fund (F. 16. notes)
19,370,000
18,595,000
19,727,000
18,687,000
18.470,000
19,250.000
21,496,000
19,660,000
20,031,000
Other cash •
234,585,000 223,634,000 238,953,000 232,392,000 218.896,000 207,251,000 206,946,000 223,585,000 231,228,000
Total reserves
7,377,336,000 7,306,160,000 7,285,303,000 7,230,201,000 7,136,014.000 6.952,157,000 6.861,259.000 6,794,740.000 5,271,411,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteol
Other bills discounted
Total bills discounted
.
13111s bought In open market
Industrial advances
U.S. Government securities-Boni
Treasury notes
Certificates and bills
Total U. S. Government sees
Other securities
Foreign loans on gold
2,071,000
5,569,000
3,497,000
3.773,000
3,028.000
2.999,000
3,129,000
3,407,000
3,335,000
9,066,000
6,801,000
6,128,000
6,742,000
4,677,000
32,689,000
4,676,000
32.677,000
4,676,000
32,719,000
4,676,000
32,640,000
4,779,000
4,646.000
4.150,000
5,437,000
5,311,000
5,178,000
9,425,000
9,587,000
4,679,000
32,477.000
4,686,000
32,721,000
a4.890,000
a4,857,000
4,821,000
20,086,000
10.489.000
9,547,000
24,907,000
4.689,000
30,070,000
4,888,000
30.132,000
5,708,000
7,753,000
230,001,000 235,447,000 238,923,000 238,970,000 238,939,000
238.954,000 236,962,000 238,948.000 395,545,000
1,644,009,000 1.638.588,000 1,635.087,000 1,630,682,000 1,632,121,000 1,636,574.000 1,679,569,000 1.887,969,000 1,410,942,000
556,162,000 556.162,000 556,162,000 560,567,000 559.128,000 554.681,000 511.681,000 503,281.000 623,687,000
les-- 2,430,172,000 2,430,197,000 2,430,172,000 2,430,219,000 2.430,188,000 2,430,209,000 2,430,212,000 2,430,196,000 2,430,174,000
181,000
181,000
181,000
181,000
181.000
181,000
___.
Total bills and securities
2,476,785,000 2,474,532,000 2,473,876,000 2,474,458,000 2,476,950.000 2,477.384,000 2.475.460.000 2.474.563,000 2,468,542,000
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks.-- Uncollected items
Bank premises
All other assets.
641,000
22,139,000
696,940,000
50,220,000
42,057.000
641,000
21,829,000
477,338,000
50.169,000
41,137,000
641,000
21,447,000
507,936,000
50.169,000
41,932,000
10,666,118,000 10.371,806,000 10,381,304,000
Total assets
LIABIWTIRS
F. R. notes In actual circulation
F. R. bank notes in actual circulation__
641,000
22,107,000
544.379.000
50.169,000
40,667,000
646,000
21,646,000
770,161,000
50,169,000
39,928.000
639,000
21,864,000
475.590,000
50,121,000
44,254,000
638.000
22,564,000
542,725,000
50,074,000
42,493,000
638,000
22,119,000
507,143,000
50,074,000
42,473,000
802,000
21,885,000
607,241,000
53,084,000
49,141,000
10362,622,000 10,495,514,000 10022,009.000 9.995,212.000 9,891,758.000 8,474,177,000
3 562.087,0003,563.254,000 3,511,319,000 3,504,866,000 3,504,558.000 3,498,789.000 3,481,907,000 3,430,168,000 3.178,512.000
28,164,000
Deposits-Member banks'reserve account 5,745,948,000 5,671,235,000 5,652,989,000 5,575,016,000 5.534,326,000 5.329.807,000 5.223,616,000
5,235.730,000 4,106,927,000
59,719,000
U. S. Treasurer-General account-- -.
77,772,000
60,279,000
98,919,000
53,994,000
53,180,000
60,327,000
90.841.000 112.231,000
Foreign bank I
22,501,000
26,131,000
25,402,000
21,848.000
11,465,000
22,919,000
14,826,000
14,687.000
21,451,000
213,724,000
Other deposits
270,744,000
222,758,000
269,918.000 284,414,000 298,059,000 291.675,000 240,109,000 151,994,000
_
Total deposits
6,072,609,000 5,967,179,000 8,009,414,000 5,965,701,000 5,805,653.000 5,703.019,000 5.820,819,000 5.609.521.000 4,323,566,000
Deferred availability Items
682,195,000 490,231,000 508,913,000 547,197,000 751,389,000 475,791.000 549.267.000 508,593,000 602,273,000
Capital paid in
130,363,000 130,364,000 130,386,000 130.395,000 130,355,000 130.518,000 130.522,000 130,931,000 146,985,000
Surplus (Sectior 7)
144,893,000 144,893,000 144.893,000 144.893,000 144.893.000 144.893,000 144.893.000 144,893,000 138,383,000
Surplus (Section 13-13)
23.457,000
23,457,000
23,457,000
23,457,000
23,457.000
23.457.000
2,247,000
23,457,000
23,184,000
Reserve for contingencies
30,699.000
30,781,000
30,698.000
30,698,000
22,291,000
30.697,000
30.694.000
30,694,000
30,894,000
21,729,000
All other liabilities
19,733,000
22,254,000
15,415,000
14,512,000
31,756,000
14.848.000
13,653.000
13,794,000
Total liabilities
0,666,118,000 10.371,806,000 10,381,304.000 10362,622,090 0,495,514.000 10022,009,000 9,995,212,000 9,891.758.000 8,474,177,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
76.7%
76.6%
76.5%
76.3%
70.3%
75.9%
75.4%
75.6%
75.2%
Contingent liability on bills purchased for
foreign correspondents
401,000
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term Securities1-15 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 dayebills bought in open market
16-30 days bids bought In open market
31-80 days bills bought In open market
81-90 days bills bought in open market.
Over 90 days bills bought in open market
Total bills. bought In open market
1-15 days InclustrIal advances
16-30 days industrial advances
31-80 (lays industrial advances
1-90 days industrial advances
Over 90 days Industrial advances
27,373,000
27.336.000
t27,047.000
$
7,116,000
41,000
847,000
307,000
755,000
$
4,374,000
553,000
853.000
194.000
827.000
3
3,749,000
597,000
876,000
247,000
659,000
9,066,000
6,801,000
761,000
532,000
403,000
2.981,000
156,000
722,000
407,000
3.391.000
4,677,000
1,512,000
363,000
749,000
845,000
29,220,000
26.914,000
26,791,000
26,859,000
26.748,000
28,892,000
4.257.000
---
$
7,617.000
210.000
748.000
849,000
163,000
8
8,416,000
380,000
761.000
845,000
87,000
$
7,508,000
340,000
303,000
1.325,000
71,000
S
7,143,000
278,000
1,194,000
379,000
148,000
6,128,000
$
3
4.369,000
7,224,000
85,000
273,000
1,329.000
670,000
308.000
870,000
651,000
388,000
---6,742,000
0,425,000
9.587.000
10.489.000
9.547.000
9.142,000
165,000
692,000
521.000
3.308,000
605.000
227.000
941.000
2,813,000
3,221.000
109,000
1,065,000
284.000
616,000
2,789.000
845,000
436,000
444,000
1.435,000
653.000
2,157,000
280,000
572.000
1,603,000
2,233.000
578,000
4113,000
520,000
4,192,000
4,676.000
4,678,000
4.676,000
-4,679.000
4,688,000
4,689,000
4,688,000
5,708,000
1,566,000
370,000
690,000
937,000
29,114,000
1,698,000
195,000
754,000
794,000
39,278,000
1.804.000
214,000
615,000
898,000
29,109,000
1.794,000
320,000
531,000
688,000
29,388,000
2,697,000
632,000
402,000
645,000
25,964,000
2,364.000
572,000
464,000
738,000
35.904.000
11,000
67,000
70,000
200,000
7,405,000
1,764,000
319,000
508,000
712.000
29.174,000
Total Industrial advances
32,677,000
32.719.000
32.889,000
32.640,000
32,721,000
32,477,000
30,070,000
30,132,000
1-15 days U. S. Government securities
23.360,000
22.700,000
27,500,000
28.925,000
35,560,000
34.445,000
31,537,000
30.600,000
16-30 days U. S. Government securities
33,830,000
32.550,000
23.360.000
23.760.000
27,500,000
28,925,000
35,560.000
33,439,000
31-60 days U. S. Government securities-- 139,300.000 145,360,000 145.880,000 143,660.000 132,223,000
55,310.000
50,860.000
48,985.000
61-90 days U. S. Government securities__
76,993,000
50,495,000
66.925.000
69.320,000
64,267,000 146,360,000 163,310,000 162,180,000
Over 90 days U.S. Government securities_ 2,156,609,000 2,179.032.000 2.176,507,000 2,175,554,000 2.170,638,000 2,185,169.000 2,148,945,000 2,154,992.000
Total U. S. Government securities
1-15 days other securities
16-30 (lays other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
2,430,172,000 2,430.197,000 2,430.172,000 2.430,219,000 2,430.188,000 2.430.209.000 2,430,212,000 2.430,196,000
7,753,000
16,875,000
233,925,000
65,585,000
307,302,000
628,687,000
.
181,000
181,000
181,000
181,000
181,000
181.000
Total other securities
181,000
101,000
181,000
181,000
181,000
181,000
-Federal Reserve NotesIssued to F. R. Sank by F. It. Agent-- 3,863.624.000 3.848.465.000 3.812,938,000 3,813,252,000 3,799,535,000 3.792,283,000 3,758,512,000 3.728.120.000 3,471,064,000
Held by federal Reserve Bank
301,537,000 283,211,000 301.619,000 308,386,000 294,977,000 293,494,000 276,605,000 297,952.000 292,552,000
In actual circulation
3,562,087,000 3,563.254,000 3.511.319.000 3.604.866.000 3,504,558,000 3,498,789,000 3,481.907,000 3.430.168.000 3.178•512•000
Collateral Held by Agent as Security for
Notes Issued to BankGold ctfs. on nand & due from U.S. Treas. 3,773,843,000 3.747.818,000 3.712,018,000 3,698,018,000 3,691,018,000 3,858,018,000 3.620,588,000 3.599,588,000 3,258,916.000
By eligible paper
7,511,000
5,244,000
4,668,000
5,240,000
7,233,000
9,026,000
8,091.000
7,970,000
8,131,000
U. S. Government securities
124,500,000 129,500,000 138,000,000 147,000,000 139,000,000 160,900.000 173.900,000 162,900,000 254,100,050
Total collateral
3.905.854.000 3.882.262.0003.854,688,000 3.850.258.000 3.037.980.000 3.827.040.000 3.803.514.000 3.770.579.000 3,520,249,000
•"Other caste* does not include Federal Reserve notes. 1 Revised figure.
x These are Certificates given by the U S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 cents
on Jan. .51 1934. Mese certificates being worth less to tbe extent of the difference. toe difference !milt paving been appropriated as loons oy tue Treasury under tne
provisions Or toe Gold Reserve tot of 1934.
3181
Financial Chronicle
Volume 141
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STAT EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 13 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Total
Boston
New York
Cleveland Richmond
Phila.
St. LOME Minneap Kan. Clip
Chicago
Atlanta
Dallas
San Fresh
$
RESOURCES
$
3
3
$
$
$
$
$
S
$
$
S
told certificates on band and due
414,787,0
116,054,0
145,096,0
196,369,0
from U. S. Treasury
224,277,0
1,371,537,0
171,947,0
232,267,0
7,124,156,0 444,160,0 2,957,388.0 357,940,0 492,334,0
730,0 3,268,0
914,0
280,0
ledemption fund-F.It. notes
868,0
814,0
18,595,0 3,231,0
1,576,0 1,470,0 1,303,0 1,596,0 2,545,0
tenet easti_ 5
29,490,0 12,738,0 9,147,0 14,386,0 6,782,0 14,405,0
234,585,0 32,206,0
51,817,0 29,732,0 13,416,0 10,927,0 9,539,0
Total reserves
7,377,336,0 479.597,0 3,010,781,0 389,142,0 507,053,0 244,790,0 184,031,0 1,401,841,0 237,883,0 154,523,0 211,669,0 123,566,0 432,460,0
illis discounted.
63,0
117,0
5,0
Bee. by U. S. Govt. obligations
4,0
30,0
50,0
5,569,0
47,0
217,0
4,776,0
260,0
direct & (or) fully guaranteed
17,0
792,0
53,0
70,0
Other bills discounted
3,0
12,0
18,0
4,0
3,497,0
28,0
2,454,0
16.0
30,0
Total bills discounted
9,066,0
233,0
7,230,0
290,0
28,0
51,0
68,0
42,0
7.0
75,0
909,0
53,0
80,0
Mils bought in open market_.
.ndustrial advances
3. S. Government securities:
Bonds
Treasury notes
Certificates and bills
4,677,0
32,689,0
345,0
2,995,0
1,800,0
7,614,0
474,0
6,915,0
444,0
1,790,0
173,0
4,442,0
168,0
1,051,0
555,0
1,869,0
79,0
406,0
64,0
1,793,0
126,0
1.139,0
122,0
1,811,0
327,0
864,0
230,001,0 14,425,0
1,644,009,0 108,478,0
556,162,0 34,773,0
70,726,0 16,348,0 19,070,0 10,209,0 8,241,0
491,625,0 122,288,0 150,660,0 80,653,0 65,101,0
179,466,0 38,484,0 48,295,0 25.854,0 20,868,0
25,623,0 9,420,0 12.957,0 9,514,0 16,033,0 17,435,0
243,634,0 74,923,0 47,538,0 73,703,0 47,664,0 137,742,0
86,432,0 23,857,0 15,074,0 23,627,0 15,278,0 44,154,0
Total U. S. Govt.securities_ 2,430,172,0 157,676,0
)ther securities
181,0
741.817,0 177,120,0 218,025,0 116,716,0 94,210,0
355,689,0 108,200,0 75,569,0 106,844,0 78,975,0 199.331,0
181,0
2,476,785,0 161,249.0
758,461,0 184,799,0 220,287,0 121,382,0 95,497,0
358,155,0 108,692,0 77,501,0 109,199,0 80,961,0 200.602,0
641,0
48,0
22,139,0
397,0
696,940.0 66,551,0
50,220.0 3,168,0
42,057,0
534,0
23,0
24,0
61,0
256,0
66,0
904,0 1,346,0 3,026,0 1.230,0
6,364,0
171,177,0 51,036,0 67,923,0 60,200,0 24,503,0
12.077,0 4,805,0 6,632,0 3,028,0 2,331.0
30.419,0 4,039,0 1,563,0 1,091,0 1.524,0
45,0
16,0
17,0
4,0
3,0
78,0
264,0 1,414,0
2,105,0 1,750,0 1,535,0 1,804,0
104,038,0 35,114,0 19,490,0 36,571,0 25.632,0 34,705,0
4,967,0 2,628,0 1,580,0 3,449,0 1,686,0 3,869,0
413,0
919,0
255.0
258,0
457,0
585,0
Total bills and securities
3ue from foreign banks_ ___
red. Res. notes of otner banks
3noollected items
sank premises
kll other resources
_
10,666,118,0 711,544,0 3,989,535,0 634,701,0 804,865,0 433,541,0 309,139,0 1,871,769,0 386,329,0!255,089,0 362,964,0 233,044,0 673,508,0
Total resources
F.
LIABILITIES
R. notes in actual circulsticn. 3,562,087,0 305,304,0
759,447,0 263,142,0 339,718,0 182,125,0 151,069,0
820,383,0 153,408,0 107,022,0 136,543,0 69,829,0 274,097,0
Deposits:
Member bank reserve account_ 5,745,948,0 308,473,0 2.724.257.0 266,924,0 362,517,0 171,114,0 114,788,0
U. S. Treasurer-Gen. sect
77,772,0 2.160,0
46,236.0 4.075,0 1,814.0 3,604,0 1,506,0
Foreign bank
947,0
974,0
9,503,0 2,605,0 2,500,0
26,131,0 1,895,0
Other deposits
222,758,0 3,596,0 152,999,0 17,519,0 2,404,0 2,238,0 4,294,0
891,189,0 175,178,0 113,291.0 177,596,0 118,511,0 322,110,0
692,0 3,046,0
734,0
632,0
10,483,0 2,790,0
684.0 1,842,0
708,0
789,0
632,0
3,052,0
3,037,0 8,614,0 5,646,0 1,609,0 6,041,0 14,761.0
Total deposits
Deferred availability items
Dapital paid In
Surplus (Section 7).
!lupins (Section 13-b)
Reserve for contingencies
Ill other liabilities
Total liabilities
6,072,609,0 316,124,0 2,932,995,0 291,123,0 369,235,0 177,030,0 121,535,0
907,761,0 187,371.0 120,201,0 180,647,0 125,928,0 341,759,0
168,257,0 49,077,0 64,601.0 58.674,0 23,245,0
50,994,0 12.300,0 12,297,0 4,592,0 4,169,0
49,964,0 13,470,0 14.371,0 5,186,0 5,540,0
754,0
7,250,0 2,098,0 1,007,0 3.335,0
7,500,0 2,995,0 3,000,0 1,411,0 2,516,0
311,0
13,128,0
288,0
636,0
586,0
100,949,0 35,293,0 19,013,0 35,871,0 26,814,0 34,467,0
11,989,0 3,732,0 3,001,0 3,873,0 3,787,0 10.192,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
804,0
1,391,0
547,0 1,003,0 1,142,0 1,252,0
5,325,0
917,0 1,363,0 2,046,0
891,0 1,169,0
498.0
294.0
358,0
260,0
432,0
2,621,0
682,195,0 65,934.0
130,363,0 9,437,0
144,893,0 9,902,0
23,457,0 2,874,0
30,781,0 1,648,0
19,733,0
321,0
10666 118,0 711,544.0 3,989,535,0 634.791,0 804.865,0 433,541,0 390,139,0 1,871,769.0 386,329,0 255,089,0 362,964,0 233,044.0 673,508,0
Ratio of total res. to dep. & F. R
note liabilities combined
Dammittmenas to make industrial
advances
76.6
77.2
81.5
70.2
71.5
68.0
67.5
71.1
69.8
68.0
66.7
63.1
70.2
27,373,0
3,229,0
9,505,0
903,0
1,820,0
1,862,0
493,0
524,0
2,335.0
140,0
1,303,0
599,0
4,660,C
• utner cast, does nut inu.aue teorfal Reserve IAA..
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Total
Boston
New York
Cleveland Richmond
Phila.
St. Louis Minneap. Kan. Cif;
Chicago
Atlanta
San Fran
Dallas
Federal Reserve notes:
$
$
Issued to F.R.11k.by F.R.Agt_ 3,863,624,0 334,998,0
Held by Ferri Reserve Bank__- 301,537,0 29,694,0
S
Si
$
$
$
873,458,0 275,035,0 355,387,0 193.052,0 170,735,0
114,011,0 11,893,0 15,6690 10,927,0 19,666,0
3
S
$
I
$
$
855,169,0 161,849,0 111,413.0 144.511.0 77.002,0 311,015.0
34.786,0 8,441,0 4,391,0 7,968,0 7,173,0 36.918,0
In actual cireulation
3,562,087,0 305,304,0
Collateral held by Agent as security for notes issued to Lim
(told certificates on hand and
due from U. B. Treasury
3,773,843,0 341,617,0
Eligible paper_
226,0
7,511,0
U. 8. Government securities
124,500,0
759,447,0 263,142,0 339,718,0 182,125,0 151.069,0
820,383,0 153,408,0 107,022,0 136,543,0 69,829,0 274,097,0
883,706.0275.000,0 355,440,0 174,000,0 120,685,0
5,744,0
64,0
47,0
280,0
18,0
20,000,0 52,000,0
861,000,0 159,632,0 110,500,0 131,000,0 75,000,0286,263.0
73,0
51,0
904,0
71,0
3,0
30,0
3,000,0 2,000,0 15.000,0 2,500,0 30,000,0
889 450 0 275 DM n RS,
.550 1) 105 047 0 1727490
881.030.0 162.635.0 112.571.0 146.904,0 77,551,0 316,336,0
Totsl collateral
3 905 854 0 141 843 0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves. The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6 1935 covers reporting banks In 101 leading cities, as it did prior to the banking holiday in 1933, instead of 91 cities, and has
also been revised further so as to show additional items. The amount of "Loans to banks" was Included heretofore partly in "Loans on securities-to others" and partly
In "Other loans." The item "Demand deposits-adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships. corporations.
associations. States, counties, municipalities, &c., minus the amount of cash items reported as on hand or In process of collection. Tile method of computing the item
"Net demand deposits," furthermore, hits been changed in two respects in accordance
provisions of the Banking Act of 1935: First, it includes United States Government deposits, against which reserves must now be carried, while previously these with required no reserves,
deposits
and, second, amounts due from banks are now deducted
from gross demand deposits, rather than solely from amounts due to banks, as was
required under the old law. These changes make the figures of "Net demand deposits"
not comparable with those shown prior to Aug. 23 1935. The Item "Time deposits"
(titters in that It formerly included a relatively small amount of time deposits of other
banks, which are now included In "Inter-bank deposits." The Item "Due to banks" shown heretofore included
only demand balances of domestic banks. The item
"Borrowings" represents funds received, on bills payable and rediscounts, from
the Federal Reserve banks and from other sources. Figures are shown also for "Capital
account," "Other assets-net." and "Other liabilities." By "Other assets-net" is meant the aggregate of all
assets
not otherwise specified, less cash items reported as on
hand or in process of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON NOV.6 1935 (In Millions of Dollars)
Federal Reserve DistrictASSET'S
Loans and investments-total
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others (except
banks)
Acceptances and com'l paper bought..
Loans on real estate
Loans to banks
Other loans
U. S. Govt. direct obligations
Obligations fully guar. by U.S. Govt_
Other securities
Reserve with Federal Reserve Bank_
Cash in vault
Due from domestic banks
Other assets-net
LIABILITIES
Demand (leposits-adjusted
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap Kan. City
20,426
1,146
8,599
1,098
1,689
595
509
2,669
586
381
796
156
4
23
782
60
6
13
10
3
4
1
26
5
1
2,081
326
1,142
87
3,380
8,236
1,138
3,084
151
41
87
3
282
375
19
161
884
148
240
45
1,320
3,487
411
1,222
148
23
68
4
169
286
94
287
226
4
189
6
179
758
74
243
4,641
349
2,263
1,361
251
93
134
82
2,460
74
172
538
192
15
157
95
13,558
4,895
546
901
302
12
6,124
988
218
5,362
372
233
8
793
3,514
20
230
•
Dallas
San Fran.
632
451
2.071
2
3
1
1
7
106
278
40
77
49
5
21
1
143
175
38
73
219
31
65
11
332
1,457
161
366
58
10
39
8
112
210
50
94
31
9
5
1
131
141
18
44
43
24
15
6
125
244
52
118
40
1
21
1
128
164
51
44
167
24
372
1
353
661
130
355
271
30
215
110
115
16
148
36
62
10
151
45
728
57
411
118
121
11
134
27
65
5
104
20
108
12
262
35
67
9
159
29
201
17
216
226
723
266
26
942
675
45
358
191
19
290
172
23
2,049
750
86
367
173
10
267
120
8
445
146
10
314
122
19
778
990
70
2,238
342
296
3
318
1
222
197
1
718
5
238
117
1
358
179
1
25)
1C
335
1,598
20
223
15
329
31
89
11
83
34
341
10
81
5
57
2
88
5
75
30f
32(
65
6
20
3182
Financial Chronicle
ore
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Nov. 15
I go tfi.naiwial
ostnnittgroP
Figures after decimal point represent one or more 32ds of
a point.
Cimittirle
PUBLISHED WEEKLY
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32ds
of a point.
Maturity
Int.
Rate
Bid
Asked
Maturity
Int.
Rate
June 15 1938._
Dec. 15 1939-Mar. 15 1939-June 15 1940...
Sept. 15 1936-Mar. 15 1940_
June 15 1939_
Sept. 151938...,.
Dec. 15 1935_
156%
136%
134%
154%
154%
164%
234%
236%
254%
100.21
100.14
100.30
100.20
101.8
101.1
102.29
104.14
100.19
100.23
100.16
101
100.22
101.10
101.3
102.31
104.16
100.21
Feb. I 1938...
Dee. 15 1936-Apr. 15 1938-June 15 1938Feb. 16 1937_
Apr. 15 1937mar. 15 1938...
Aug. 1 1938_
Sept. 15 1937--
264%
23(%
254%
214%
3%
3%
3%
354%
351%
pith 115.9
Low_ 115.8
Close 115.9
5
Total sales in 81.000 12,1221..-2(High 110.28
4a. 1944-54
Low_ 110.26
Close 110.26
6
Total sales in 21.000 units_
{Hig_
h 105.10
Low_ 105.10
,6586-85(s. 1943-45
Close 105.10
3
Total sales in $1,000 Units.....
-(High
801,, 1946-66
Low_
'
Close
---Total ales in 21,000 units__
(High 10-6:i5
Low_ 106.13
Ms. 1943-47
Close 106.13
10
Total sales in $1,000 units__
102.25
{High
8e, 1951-55
Low_ 102.22
Close 102.22
11
Total eaten in 21.000 units_ __
(High 102.25
Low, 102.22
Ils.1948-48
Close 102.22
7
Total tales in 21.000 Units.,..,
(High
--8541. 1940-43.
Low
'Close
---Total sales in $1,000 units__
- -07:11
1
{High
113,41, 1941-43
Low., 107.11
Close 107.11
Total sales in 21.000 units__
3
(High 103.25
5160. 1946-49
Low. 103.22
(Clone 103.23
4
Total *ales in 21.000 units__
High 103.18 Holt534s. 1949-52
Low. 103.18 day
Close 103.18
Total sales in 21.000 units,.,.,
2
(High 107.22
WO.1941
Low.. 107.22
Close 107.22
Total sales in $1.000 units_ .
2
(High 104.31
Ma. 1944-46
Low_ 104.29
. Close 104.31
Total sales 01 $1.000 units...
13
(High 100.6
Low. 100.3
274s. 1955-80
Close 100.3
20
Total sales in $1,000 units_ _
{High 101.1
23(e, 1945-1947
Low. 100.30
Close 100.30
Tata ,sales in $1,000 units..,..
3
Federal Farm Mortgage (High
---113in, 1944-64
Low
'Close
---Total sales in $1.000 units_ . ---Federal Farm Mortgage .1H11-01
---Si. 1944-49
'Close
---Total sake in $1,000 units_ _
--Federal Farm Mortgage rib 10-1.13
Si. 1942-47
Low_ 101.13
(Clone 101.13
3
Total sales 01 $1,000 unitsFederal Farm Mortgage 'High
---256s, 1942-47
'Close
---Total Weals 51,000 units- --Fiume Owners' Loan
(High 10-1.30
8e. aeries A. 1944-52-- Low_ 100.27
Close 100.30
Total MU .n $1.000 units._
5
Rome 0.-aere' Loan
pull 99.26
!Mc series B. 1939-49-- Low_
99.23
Close 99.23
Total sales in 81.000 11110/
48
•Deferred delivery sale.
115.9 115.7
115.6 115.6
115.8 115.7
6
6
110.26 110.25
110.24 110.22
110.24 110.23
17
19
105.9 105.6
105.3 '105
105.6 105.1
10 .. 29
109.5 109.5
109.5 109.2
109.5 109.5
1
3
106.8 106.8
106.8 106.3
106.8 106.3
3
12
102.25 102.20
102.19 102.15
102.20 102.18
191
25
102.23 102.18
102.20 102.15
102.21 102,16
125
121
107.10
____
107.10
____
107.10
_---3
107.11 107.5
107.11 107.5
107.11 107.5
101
1
103.24 103.14
103.21 103.14
103.21 103.14
21
13
103.17 103.10
103.12 103.10
103.13 103.10
351
50
107.22 107.17
107.20 107.15
107.20 107.17
19
151
104.31 104.28
104.27 104.24
104.27 104.28
35
12
100.5 100
99.31 99.27
100
99.30
93
321
100.
100.26
100.26 100.24
100.27 100.25
415
67
102.20 102.16
102.18 102.16
102.18 102.16
7
1
101
100.30
101
100.30
101
100.30
13
3
101.12 101.9
101.10 101.7
101.12 101.9
2
10
100.8 100.3
100.4 100.2
100.4 100.3
54
19
100.28 100.26
100.26 100.22
100.26 100.24
88
76
99.24 99.21
99.20 99.17
99.20 99.18
262
195
115.7
115.5
115.5
12
110.26
110.21
110.24
20
105.6
105.3
105.6
315
____
____
___
106.3106.3
106.3
2
102.19
102.15
102.19
40
102.18
102.18
102.18
11
107.9
107.7
107.9
80
107.5
107.4
107.5
10
103.19
103.16
103.19
58
103.13
103.12
103.13
33
107.19
107.17
107.17
17
104.27
104.23
104.24
25
100.3
99.30
99.31
390
100.27
100.24
100.27
6
102.15
102.15
102.15
1
101
100.27
100.27
20
101.8
101.8
101.8
10
100.2
100.1
100.1
3
100.26
100.20
100.24
329
99.22
99.17
99.19
253
115
115
115
4.1
110.21
110.20
110.21
4
105.9
105.4
105.7
113
109.3
109.3
109.3
2
106.5
106.5
106.5
2
102.19
102.16
102.17
4
102.20
102.16
102.19
17
----__
107.7107.6
107.7
14
103.17
103.16
103.17
2
103.13
103.11
103.13
51
107.17
107.16
107.17
106
104.28
104.24
104.28
29
100.1
99.29
99.30
79
100.27
100.23
100.25
68
102.14
102.14
102.14
4
100.28
100.25
100.25
13
101.11
101.9
101.11
33
100.6
100.2
100.5
40
100.24
100.20
100.23
30
99.19
99.17
99.18
72
Note-The above table includes only sales of coupon
bonds. There were no transactions in registered bonds
this week.
United States Treasury Bills-Friday, Nov. 15
Rates quoted are for discount at purchase.
•
Bid
Nov.20 1935
Nov.27 1935
Dec. 4 1935
Dec. 11 1935
Dec. 18 1935
Dec. 24 1935
Dec. 31 1935
Jan. 8 1936
Jan. 151936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1938
Feb. 11 1936
Feb. 191936
Feb. 26 1936
Mar. 4 1936
Mar.11 1936
Mar. 18 1936
Mar. 25 1936
0.10w
0.10%,°
0.10%
0.10%
0.10%
0.10%
0.10%
0.15%
.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%,
Asked
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
Apr. 22 1936
Apr, 29 1936
May 6 1938
May 13 1936
May 20 1936
May 27 1936
June 3 1936
June 10 1936
June 17 1938
June 24 1936
July 1 1936
July 8 1936
July 15 1936
July 22 1936
July 29 1936
Aug 5 1936
Am? 19 1025
Bid
Asked
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20g
0.20%
0.20%
0 20 4
0.20%
020 '5
0.20%
020 4,
0 20 '4
II vn x
---
Asked
Bid
104.19
102.30
101.10
105.10
103.19
104 '
105.13
102.10
105.11
104.21
103
101.12
105.12
103.21
104.2
105.15
102.12
105.13
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY
Daily Record of U. S. Bond Prices Nov. 9 Nov. 11 Nov. 12 Nov. 13 Nov. 14 Nov. 15
Treasury
431s 1947-52
Nov. 16 1935
Week Ended
Nov. 15 1935
Saturday
Monday
Tuesday
Wednesday _
Thursday
Friday
Total
Railroad
State,
Stocks,
Number al and Miscell. Municipal &
Bonds
Poen Bonds
Shares
$751,000
United
States
Bonds
Total
Bond
Sales
1,166,554 84,684,000
HOLI DAY
2,140,010
8,604,000
2,047,700
9,023,000
x3,947,950 14,751,000
2,937,590 14,777.000
1,398,000
1.403,000
1,919,000
1,378,000
$141,000 $5,576,000
110LI DAY
2,136,000 12,138,000
775,000 11,201,000
1,615,000 17,565,000
689,000 16,844,000
12 289 1104 851_839.000
88.129.000
85.356.000 863.324.000
Week Ended Nov. 15
Sales at
New York Stock
Exchange
1935
1934
Jan. 1 to Nov.. 15
1935
1934
881,763
305,089,073
53,863,084
$5,356,000 $15,003,000
737,000
6.129,000
385,000
51,839,000
$645,538,000
329,626,000
1,879,208,000
$838,748,000
32.045,000
22.926,000
$63,324,000 216,125,000 $2,854,372,000
Highest volume of trading in year 1935.
1893,719,000
Stocks-No, of shares..
Bonds
Government
State and foreign
Railroad & industrial
12,239,804
Total
CURRENT
NOTICES
-Howard P. Frey, formerly with Edgar Kenny & Co., and E. J. T.
McBrien, formerly with Bonner & Bonner, are now With Blitz & CO., Inc.
In the retail sales department.
-McAlister, Smith & Pate, Inc., 67 Broad St., New York, has prepared
a booklet giving a comprehensive analysis of the bonded indebtedness of the
State of Arkansas. •
-Raymond Rock Romaner is now associated with Schatzkin, Loewi &
Co., members New York Stock Exchange. in their unlisted Trading Department.
-John E. Sloane & Co., 41 Broad St., New York, have issued their
monthly summary of earnings of 88 railroads for the first nine months
of 1935.
-James Talcott, Inc. has been appointed factor for Meherrin Mills
Corp., North Emporia, Va., manufacturers of tapestry and upholstery
fabrics.
-Albert B. Tompane, a member of the New York Curb Exchange, has
become a general partner in the New York Stock Exchange firm of Hardy
& Co.
-Holt, Rose & Troster, 74 Trinity Place, New York, have prepared a
special study of Guaranty Trust Co. of New York.
-William Kaplan announces the formation of William & Co.,specializing
in unlisted securities, with offices at 29 Broadway.
-James Talcott, Inc. has been appointed factor for Chardon Fabrics,
Inc., New York City, distributors of dress silks.
-Homer & -Co.. Inc., 46 Exchange Place, New Yore City, has prepared
a special circular on high-grade railroad bonds.
-Mackubin, Legg & Co. have opened a New York office at 14 Wall
Street under the direction of Antonio Lazo. •
-The Public Utility Act of 1935 is discussed in the current "Review" of
Estabrook & Co.,40 Wall St., New York.
-Clark Williams & Co.. 160 Broadway, New York, have prepared a
report on the National Biscuit Co.
-Gilbert Mott & Co., 11 Broadway, New York, have prepared a
special report on U. S. Steel.
•Richard Weiske have
-Syle & Co. announce that Barak G. Coles and F.
become associated with them.
-Herber-t7L7P-eTicilisThin-become associated with W. C. Simmons & CO.
FOOTNOTES FOR NEW YORK STOCK PAGES
•131d and asked prices, no sales on this day.
I Companies reported in receivership.
a Deferred delivery.
n New stock.
r Cash sale.
s Ex-dividend.
v Ex-rights
u Adjusted for 25% stock dividend paid Oct. 11934.
11 Listed July 12 1934; par value 10s. replaced fl par, share for share.
14 par value 550 lire listed June 27 1934; replaced 500 lire
par value.
12 Listed Aug. 24 1933; replaced no par stock share for share.
11 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged 1ne
1 old no par share.
17 Adjusted for 66 2 3% stock dividend payable Nov. 30.
1/ Adjusted for 100% stock dividen d paid April 30 1934,
27 Adjusted for 100% stock dividend paid Dec. 311934.
4/. Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stock share for share.
42 Ad lusted for 25% stock dividend paid June 11934.
43 Listed under this name Aug. 9 1934; replacing no par stock. Former name.
American Beet Sugar Co.
44 From low through first classification, loan 75% of current.
'
4 From last classification and above, loan of 55% of current.
it Listed April 4 1934; replaced no par stock share for share.
4/ Listed Sept. 13 1934; replaced no par stock share for share.
41 Listed June 1 1934; replaced Socony-Vacuum Corp. $25 stock share for share.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tabled) are as follows
22 Pittsburgh Stock
I New York Stock
12 Cincinnati Stock
23 Richmond Stock
2 New York Curb
"Cleveland Stock
14 Colorado Springs Stock
21 St.. Louis Stock
▪ New York Produce
ss salt Lake City Stock
New York Real Estate Is Denver Stock
21 San Francisco Stock
1 Baltimore Stock
31 Detroit Stock
17 Lop Angeles Stock
22 San Francisco Curb
I Boston Stock
21 San Francisco Minlrg
7 Buffalo Stock
is Los Angeles Curb
21 Seattle Stock
▪ California Stook
17 Minneapolis-St. Paul
17 Spokane Stock
• Chicago Stock
II New Orleans Stock
31 Washington (D.
IS Chicago Board of Trade 21 Philadelphia Stock
(
1.)
13 Chicago Curb
3183
Volume 141
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 9
Monday
Nov. 11
Tuesday
Nov. 12
Wednesday
Nov. 13
Thursday
Nov. 14
Friday
Nov. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
No account Is taken on such
Amigo B•are Jan. 1
On Basis of 100-s8are Lots
Lowest
Highest
July 1
1933 to Bangs for
Oct. 31 Year 1934
1935
Risk
Low Low
$ per share $ per sh
Par 3 per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares
30
32 Apr 3 50 Sept 27
No par
*4812 50
*4818 50
*4812 50
50
50
50
50 Abraham & Straus
50
89
100 110 Jan 10 116 Oct 23
Preferred_
*113,4 ---- *11314 -- *11314 -- *11314
«11314 -21
15
Nov
4
743
25
June
51
25
Co
Steel
7312
•7113 72
7112 71% 7278
7412 7434 -i:i65 Acme
07113 73
414
934 Nov 14
414 Mar 15
No par
4
812 918
918 9,
812 9
9
9
4 958 46.100 Adams Express
1
9/
85
100 8482 Jan 2 9658Nov 8
*9518 965s
Preferred
9518 9518 *92
*92
95
*92
95
95
50
1412
22
Oct
4
333
6
June
28
No par
34
3378 3318 3313 3314 3414 33/
*33
*33
4 3312 1,400 Adama Millis
1
6
1978.Nov 14
8 Jau 12
10
8 1858 19
19,
19
19
1978 1912 1958 4,600 Address Multigr Corp
1858 1912
318
4 Oct 26
1
4 Mar 18 18/
1
4/
No par
1712 1712 1714 1712 1712 1778 1714 18
1712 1712
4,300 Advance Rumeiy
472
838 Feb 11
612Sept 20
No par
4 738
/
7,4 271
7
714 738
7,4 714
7,4
7,4 2,900 Affiliated Products Ino
4
/
801
No par 10438 Mar 18 173 Nov 6
169 16934 16712 169
16914 17014 169 17012 2,800 Air Reduction Inc
*168 170
3,
7
par
Jan
4
/
11
fvo
3
Apr
4
3
114
112
114
138
114
114
4 112 2,700 Air Way Elen Appliance
/
11
114
114
74
82
82
Alabama d. Vicksburg RR Co 100 74 Sept 26 74 Sept 26
.71
82
*71
82
*71
•71
*71
82
*324
10 1314 Oct 17 22012 Jan 9
4 1458 1538 1412 1478 8,600 Alaska Juneau Gold Min
1
1434 14/
4 1514
1
14/
4
1
1434 15/
112
4 Jan 8
1
3/
112June 24
No par
212 212
4
1
4
1
*213 2/
4 • 2/
1
2/
4
1
258 2/
212 212
900 A P W Paper Co
3,8
4 Nov 15
1
2/
34 Mar 30
No par
218
2
218 212
134 218
212 258 116,200 :Allegheny Corp
4
1
1/
13s
912
8
23
12
Nov
21
Mar
8
23
100
Pref A with $30 werr
578 7
814 9
873 9,4 17,300
914
712 912
9
2
9 Nov 12
2 Mar 27
100
4
/
81
8
9
9
8
Pref A with $40 wart
7
812 9
9
558 5,
9,400
1st
12
Nov
4
1
/
9
28
Mar
134
100
812 512
wart
812
without
9
4
1
/
8
812
A
Pref
812 874 14,500
638 912
658
4 Apr 2 2412 Nov 15
/
61
1634 2014 191
2214 2314 24
4 21
/
233% prior cony pref__No par
2413 6,500
4
1
1278 13/
1314
21 Jan 12 3012June 19
No par
28
2912 2934 2914 2912 3,400 Allegheny Steel Co
2834 2778 29
2834 2834
IS
2
Mar
107,
18
Sept
173
125
par
2
No
16012 16112 16034 161 4 16112 16312 16312 16414 7,500 Allied Chemical & Dye
163 16312
100 12212 Apr 18 139 Oct 31 117
127 12778 12612 12612
*12714 12838 '12718 128
*12714 1281
600 Preferred
4
/
31s
15
Nov
8
13
Mar
313
4
1
/
7
4
1
/
7
par
No
Corp
Stores
Allied
8
75
8
,
7
712
714
33,100
4 8
7,
4 7,3
1
7/
49
10 249 June 17 7514 Oct 21
73
73
5% pref
7312 7312 731* 2.200
7234 7378 73
7313 73/
4
1
1038
12 Mar 13 3778 Oct 26
No pa
4 3534 3712 1/3512 37
1
3518 3578 3518 35/
3513 3534
26,100 AMA-Chalmers Mfg.
11,2
14 Mar 13 2014 Jan 5
18
191
18
18
4 1734 18
1
17/
18
3.000 Alpha Portland Cemeni__ No Da
*1713 181g
218
418 Aug 30
218 Nlar 14
31
*31, 314
314
8
8 3,
3,
4 3,4
1
3/
500 Amalgam Leather Co
3,4 3,4
2114
50 28 June 25 37 Nov 9
36
353
37
37
7% preferred
3514 3514 35
37
3612 37
1.200
27
6
Nov
4
773
11
Jan
4812
pa
7818
No
Corp
76
7412
763
4
743
7434
7514 7512
7518 7512
5,300 Amerada
20
4 Feb 16
1
57/
4112June I
5112 52
5134 5214 *5012 5112 51
52
1,200 Amer Agrlo Chem (Del) No Pa
5112 51,2
11,8
1312 Jan 12 4738 Nov 14
1
4638 46
4738 45
4312 43
42
463 25,600 American Bank Note
4
/
3814 411
34,3
14
Nov
70
11
Jan
43
50
69
6912 70
4 *67
1
67/
Preferred
6912 691
67
66
66
260
1912
21 Mar 29 4012 Nov ,5
38
3834 3818 3834 3834 401
4 40
/
4012 8,000 Am Brake Shoe & Ftly___No pa
3712
*36
88
10 119 Jan 8 129 Nov 6
129 129 *128 13212
128 128
Preferred
127 128
70
*128 129
80
4 Oct 22
1
2 110 Jan 15 149/
14412 14612 13,800 American Can
14212 14512 14212 14358 14234 145
14412 14618
10 15134 Jan 4 168 May 3 120
158 158
157 157
4 168 158
/
Preferred
*158 1591
500
*158 1591
10
10 Mar 13 2818 Nov 15
No pa
2518 26
2358 25
2312 25
26
4
1
2412 24/
2818 27,000 American Car & Fdy
2512
100 2512 Mar 13 6238 Nov 15
5712 59
Preferred
5814 6238 6,400
583
4 5914 5714 58
57
57,
4
28
Oct
27
30
Jan
8
par
No
Chain
2512 2478 25
25
2514 2612 2578 26
American
Stock
•2512 2618
3.000
14
100 88 Jan 11 114 Nov 14
112 114 *111 115
110 11012 •110 112
7% preferred
112 112
600
4313
No par 66 Feb 8 96 June 8
91
91
91
9238 9215 Exchange *9014 9212 01
90'Z 9114
000 American Chicle
20
*32
40
*32
40
40
40 .32
Am Coal of N 3 (Allegheny Co)26 30 Mar 26 3414 Aug 2
*32
*35
40
2
8 Nov 14
4 Mar 14
1
2/
710 Closed10
714
714
714 734
714
4 8
1
7/
2,100 Amer Colortype Co
8
8
2034
2
Nov
4
353
18
Mar
2213
Corp20
3118 3212 3114 3214 3113 3234 32
Alcohol
Comm'l
3234 331
Am
3314 14,900
41 51,
4June
1
I7/
812 Feb 5
10
14
14
15
14
4 1534 1514 1534 24,700 American Crystal Sugar
1
14/
1334 1414 Armistice
32
106 5738 Jan 2 135 Sept 13
7% 2nd pref
72
8612Sept 17
7913 8214 8l2's 8214 8212 lily - 360
100 72 Aug 1
80
80
Day
6% 1st pref
.,80- 81
;
3 Jan :8
14
'
4
/
11
114
4May 24
1
/
4
/
11
132
4 134
/
11
158 134 13,400 Amer Enceuatic Tiling.. __No pa,
138
Ds
284
17
Aug
4
1
/
8
2
Apr
234
813 *814 812
4 *8
1
8/
*8
*814 812
300 Amer European Seek____No pa,
812 878
2
914 Aug 17
Star 13
No pa, 2
7
65g
658 678
6,
714 27,700 Amer & Porn Power
4 678
7
834 712
1134
No pa, 14 Mar 15 42 Aug 12
Preferred
2934, 29
28
2712 2914 2634 28
28
2812
2914 3,100
4
1
3/
17 Aug 19
4 Star 14
1
3/
No par
11
4 1234 12
/
111
1134 1034 11
2nd preferred
1112 1134
12
3,900
1014
12 Mar 30 3814 Aug 12
No par
22
2218 2312 22
4 2412 2412 2434 4,700
1
22/
$6 preferred
2318 2334
814
5
Oct
4
1
/
15
18
Apr
814
____11
13123 1312 1312 1312 1334 1412 •14
*1318 1353
1412 1,400 Amer Hawaiian S S Co
3
5 Nov 14
3 Oct 15
414 458
458 478
458 478
458 434 13,800 Amer Hide & Leather new___ _1
434 5
28
.50 28 Oct 14 3512 Nov 14
341,2 *3412 35
351
35
6% cony pref new
3414 3458
34
3514 3512 1,000
:!4hs
1 x 291,Apr 12 377g Nov 14
4 3778 3612 3758 7,400 Amer Home Products
1
4 3714
1
36/
3678 3712 23712 3734 37/
178
412 Jan 17
178 Oct 16
No par
218 212
212 21
218 212
*258 234
238 213 3,400 American Ice
4 Feb 16
1
4
/
141
100 1414 Oct 17 37/
8% non-cum pref
*1618 18 .1614 16/
*1618 17
17
17
400
18
.17
4
1
412
4 Mar 18 1078 Nov 12
1
4/
No par
1014 10/
1012 1078 23,900 Amer Internet Corp
1014 105s
4 1018 1012 1012 107
1
4
18
13
Jan
4
13
Mar
4
/
11
100
FoamItepref
&
_
France
2 Am L
9
9 Mar 13 2212 Nov 15
A 0 par
; 2158 -221:2 -1-4:&1515 American Locomotive
-215T8 /63
-15- -2-64 -15" 1918 2012 167
;
32
100 32 Mar 19 7018 Nov 9
Preferred_
67
69
6614 6818 67
6778 6
6912 3,400
7018
69
12
4 Mar 13 3318 Nov 15
/
181
3212 3218 3318 22,600 Amer Mach & Fdry Co___No par
2958 2978 2912 3058 30
2934 2978
3
414 Apr 4 1114 Nov 15
912 912
912 1034 1034 1114 15.000 Amer Mach & Metals____No pa
938 912
912 934
3
15
Nov
4
8
107
Apr
par
412
No
ctfs
trust
Voting
938
93
*918 10
*938 10
938 1012 1034 10/
4 2,500
1
1274
1313 Mar 15 2834 Oct 7
No par
4 26
/
*2658 2712
2614 261
2738 2714 27/
4 2713 2834 12,000 Amer Metal Co Ltd
1
63
100 72 Jan 2 13012 Nov 12
*125 134
13012 13012 *127 132
6% cony preferred
400
130 130 *125 132
2034
4181aY 7
/
*28
30
*29 . 30
*2734 30
2978 30
400 Amer Newe, NY Corp__ No par 224 Jan 3 301
4
/
4 291
1
29/
113
958 Nov 8
112 Mar 13
838 858
812 9
838 9
812 8/
812 8/
4 33.900 Amer Power & L1ght____No par
1
4
1
4412 4512
4
8 39,
39,
1958 1978
*154 158
2934 3018
9312
03
19
17
*2212 2318
5714 57,
4
140 140
106 106
7114 71,4
*137 13034
2234 23
•106 110
36
36
5512 5558
•I38 140
2658 265g
14734 14858
*101 102
10434 10434
*13912 14012
412 45s
2518 2578
1928 20/
4
1
05
*94
4
1
978 9/
6514 66
78
*34
438 438
418 41
4
/
4212 421 2
4
1
2012 20/
3312
33
8
15,
14
*10212 104,1
834
*8
4814
48
•11912 -4
,
.10612 107
413 458
4 6512
1
65/
•100 115
4214 4212
No par
43
4 4312 4414 4434 4518 44
1
45/
$6 preferred
4538 7,300
No par
38
40
$5 preferred
38
3812 3834 3934 38
3938 9,100
No par
1912 20
1913 1978 20 . 2034 201
4 2078 115.10) Am Had & Stand Elan'y
/
100
Preferred
*154 157
154 154 *155 157 *15414 157
10
25
2912 30,
8 2912 3034 31
3134 3114 3134 69,000 American Rolling Mill
4 94
1
•93/
93,8 94
9434 95
9412 9412 1,00 American Safety Razor __No par
8 17/
16,
4 17
1
1712 1738 1774.
1738 1734 14,700 American Seating v I o_ __No par
*2213 23
23
23
2234 23
23
160 Amer Shipbuilding Co___No par
23
5612 5812 504 5834 5918 6038 59
4 25,500 Amer Smelting & Refg___No par
1
59/
13078 13978 1391
100
4 13978 13934 13934 14034 14034
/
Preferred
700
100
10312 104 *104 106
10518 10518 104 104
2nd preferred 6% cum
700
7134 7134 71
71
25
71
71
.71
7114
600 American Snuff
•137 140
100
4 13934 13934 13934 •137 13912
1
139/
Preferred
40
2213 23
2314 2412 2312 2514 23
24
23,200 Amer Steel Foundries____No pa,
•10612 106/
4 10812 10812 *10612 10812
/
4 10678 1081
1
100
Preferred
60
3534 3578 3538 3512 3518 3514 3514 3512 1.700 American Stores
No par
5512 5534 5414 5634 5612 57
100
5534 5614 4,700 Amer Sugar Refining
*138 140 •138 13812 13812 13812 •138 13912
100
Preferred
100
2612 27
261
4 2758 2714 2774 2714 2778 5,600 Am Sumatra Tobacco____No par
/
147 14914 147 14818 14814 150
14834 14938 15,70 Amer Telep & Teleg
100
*10012 10113 10014 101
101 102
10134 102
25
1,900 American Tobacco
10334 10478 103 10334 104 105
104 105/
25
Common Maas B
4 5,800
1
*13912 14012 14012 14012 14012 14012 14014 14014 2,200
Preferred
100
458 458 *414 458
4
/
4 41
1
4/
No par
412 4/
4 1,00 IAm Type Founders
1
2458 2578 2412 2458 25
27
2514 261
100
Preferred
89
4 2034
1
19/
11)18 20
2013 21
20
201 44,200 Am Water Wks & Elec___No pa
9414 9414 *92
9414 *92
9414 *92
1s9 preferred ______ ____No par
9414
100
912 9/
912 10
4
1
914 9,2
No par
4 93
1
9/
4,600 American Woolen
6358 65/
4 6314 6434 6434 6558 6312 841 11.500
1
100
Preferred
7,
34
34
34
34
34
1
4
1
/
74
700 :Am Writing Paper
*412 434
4
/
434 41
412 41
4
/
41
412
No par
Preferred
800
418
411
418
414
414 458
4 2,500 Amer Zinc Lead & Smelt___100
/
412 41
.4012 4222 4212 4212 *4312 48
4314 431
25
Preferred
400
2014 2118 2058 2158 2134 22/
4 2214 223 117,400 Anaconda Copper Mining_ _50
1
3134 32
3112 3134 3212 33
33
341
1,900 Anaconda Wire & Cable__No par
1518 16
1518 15,4 1512 16
No par
1558 1558 4,500 Anchor Can
10014 10212 10014 102
10134 102 .102 1041
No par
$6.50 cony preterred
170
91
914
8
8
914
*8
10
10
•9
500 Andes Copper Mining
45
4 45
1
44/
4514 *4513 46
46
461
1,700 Archer Daniels Mid.rd-No par
120 120 •11912 120 *11912 120
.11912 120
100
7% preferred
10
*10658 108 •10634 10734 10734 10734 •107 10758
Ioo
100 Armour & Co (Del) pret
438 458
4
/
4
/
412 41
5
412 41
4,2 43 23,800 Armour of Illinois new
Vo par
6512 6534 6512 6558 651
4 65/
/
4 651
1
4 65/
1
$6 cony pre/
2,100
4 •100 10258
/
100
*100 115 •100 115 .100 1021
Preferred.
43
4334 4234 433s 8,100 Armstrong Cork Co
No par
4218 4212 42
243
For footnotes see page 3182
1012 Mar 13
4 Mar 13
1
8/
1012 Mar 13
13412 Star 1
4 Mar 19
1
15/
66 Mar 14
413 Mar 12
20 Mar 14
4 Apr 3
/
311
121 Feb 4
103 Feb 14
83 Jan 16
125 Feb 20
12 Mar 14
88 Feb 4
3313 Apr 4
5058 Oct IS
12813 Jan 3
1812 Jan 29
4 Mar 18
1
98/
7212 Apr 3
4 Mar 21
/
741
4 Jan 18
/
1291
212 Mar 18
9 Mar 15
4 Mar 13
/
71
48 Mar 19
471Mar 13
3513 Mar 18
4 Mar 29
1
/
214Mar 15
3 Mar 13
81 Mar 20
8 Mar 13
1613 Apr 1
1078 Sept 25
9612 Oct 2
4 Mar 21
/
31
38 Jan 16
117 Aug 22
97 Apr 3
314 Apr 3
5512May 1
85 Jan 2
4July 19
1
25/
$ per share
43
35
111
89
4
1
10/
4912 Aug 12
4
1
8/
4112 Aug 12
4
9,
4 Nov 15
1
20/
159 Sept 28 107,3
4
/
121
3134 Nov 14
4
/
331
9534July 25
2
1934 Nov 8
15
2614 Jan 7
2813
6134 Nov 4
71
144 Slay 8
57
11714 Aug 6
43
76 June 26
106
143 July I
101s
2514 Nov 14
52
10812 Nov 14
43 Jan 9 11 3312
45,3
4 Feb 16
1
70/
14012May 6 102
11
2778 Nov 14
9874
150 Nov 14
6312
10314 Nov 6
64%
106 Nov 7
4July 31 105
1
140/
218
634 Jan 18
7
27 Nov 14
718
2112 Nov 8.
48
9414 Nov 12
4Sept 27
1
10/
478
3513
4 Nov 8
1
66/
4 Jan 18
/
11
4
1
/
4
1
2/
613 Jan 18
3
538May 23
31
49 Aug 21
2318 Oct 7
754
3418 Nov 15
1078
4 Jan 4
1
17/
80
109 Ayr 28
312
1014 Oct 8
217s
52 Aug 1
12214July 19 106
64
108 Aug 15
4 Jan 3
/
61
314
4614
4 Jan in
1
70/
110 Jan 30
31 14
4334 Nov 6 a 13
1-17
;
4 285
/
701
3478
18
134 1134
753
318
95a
472
2134 113
Ps
134
4
16-
IFS
4
1
2/
114
432
4
4
1
3/
Vs
4
1
5/
1612
1452
14,
2
115,8 16034
122,8 130
8,4
312
2514 6313
23
1038
11,3 20%
734
2'3
45
25
5558
39
2514 48
1112 251
4
/
50,2
40
1911 38
122
96
6012 11444
12614 15214
3331
12
5612
32
412 12,4
40
19
4 7058
/
461
22
35,3
6,2
2,3
4
1
2034 62/
612 1312
614 7274
1
6
371134
612
11
10,2
4
-1633
2554
434
314
1413
4
/
351
1234
314
414
1274
63
21
3
1138
958
10
11112
1312
36
2,8
1734
3014
100
7114
4834
106
1018
5973
37
46
10314
1334
100,a
6514
67
10714
3
734
5
10
4
1
13/
30
1712
25
2238
I63
;
10
4514
11
10
3858
7434
233s
10'4
10
2753
91
3414
1214
19%
2614
1758
13778
2814
6534
734
30
5114
125
109,2
71
12712
26,2
92
4434
72
1
'
1292413
125
8112
89
13034
13
28114
1234 2734
80
54
1714
7
2
1
83/
16
414
1
274 1712
9
334
36,2 50,8
1734
10
4 1852
1
9/
1318 2434
106
84
418 10,8
26,4 394
117
10
764 10338
634
313
4614 7114
85
54
New York Stock Record-Continued-Page 2
3184
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 9
Monday
Nov. 11
Tuesday
Nov. 12
IVednesday
Nov. 13
Thursday
Nov. 14
Friday
Nov. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share S per share $ per share 3 per share S per share $ per share Shares
Par
733 778
778 7711
714
712
713 738
712 778 3.100 Arnold Constable Corp
5
914 914
9
9
9
9
*9
500 Artloorn Corp
94
914 914
No par
_ *90
_ _ _ ___
_ *8814
_
*8814
Preferred
100
1-638
*90-15
16
16-14
1578 1578 1578 -1.-52 16 -163
_-8 7,800 Aeaociated Dry Goods
1
*10412 108
*10412 108 *106 10712 *106 10712 *10412 10712
0% 1st preferred
100
8812 8812 •83
*8812 92
92
*75
92 .88
100
90
7% 2d preferred
100
*38
3912
*38
3912 *38
3912 *3814 3912 *3814 3912
Associated 011
25
4812 4914
484 5014 4834 5014 5112 5234 52
5312 49,100 Asch Topeka & Santa Fe____110
*8412 85
8413 8513 8.514 8512 8512 86
2,100
8534 86
Preferred
100
2534 2612
26
2678 26
2758 274 2814 2758 2838 33,000 ...Mantle Coast Line RR
100
678 678
618 618
631 634
618 618
180 At 0 & W 1 SS Linee____No par
64 618
978 10
9
9
934 10
*9
912
938 912 1,300
Preferred
100
2312 24
2312 24
2358 2438 2412 25
2478 2512 20,000 Atlantic Refining
25
46
4658
4612 4612 4512 46
4612 4612 4638 4678 1,300 Atlas Powder
No par
*111 11212
*111 11212 *111 11212 11212 11212 *111 11212
110
Preferred
100
938 913
912 912 *812 938
11
912 10
14
8,700 Atlas Tack Corp
No par
3614 37
3613 3714 3558 3714 3612 3758 37
3712 6,900 Auburn Automobile
No par
9
9
812 812
858 858 *834 9
878 938 2,000 Austin Nichols
No par
434 4318
*4113 45
*4114 4478 4212 4318 46
140
46
Prlor A
No pa,
---- -- -___ ____ ____ ____ ____ __ ...... Aviation Corp of Del (The)____5
314 312
New
312 378
333 44
414 51,900
414
4
4
3
278 3
238 234
258 23
234 278
2/
1
4 • 3 24,500 Baldwin Loco Works___ No par
2638 2638
25
2658 2513 2714 2658 28
28
2812 6,700
Preferred
100
1458 15
1418 1434 1478 1558 15
14
1514
1538 53,300 Baltimore & Ohio
100
1834 1938
1834 193
1838 1834 1938 1978
7,600
1914 20
Preferred
100
*110*110
_
__ *110
- *109 120 *10918 11112
Bamberger (L) & Co pref____100
40
4414 -4514 4334 1438 4412 45
45
4413 45
2,800 Bangor & Aroostook
50
115 115
*11312 115
11312 11313 *114 11434 *114 1144
50
Preferred
100
1134 13
13
1253 13
14
14
1514
144 1514 14.000 Barker Brothers
No par
7512 7912
7912 81
8134 83
83
87
85
1,170
8534
6)4% cony preferred
100
1112 1134
1114 1134 1114 1112 1112 1134 1153 12
31,300 Barnsdall Corp
5
54
54
5313 5478 52
5278 *5313 5412 53
53
1,100 Bayuk Cigars Inc
No par
*111 113
•111 113
11213 113 *11212 11234 *11212 11258
90
lst preferred
100
1612 1658
1612 1634 1678 1712 1712 1814
5.400 Beatrice Creamery
1838 20
25
•102 104
103 10312
10412 10534 10612 10612 *106 107
1,200
Preferred
100
4._ __ _ 3614 .___- 3614 *---- 3614 *---- 3614
"__-- 3814
Beech Creek RR Co
50
93
9334 9438
9412 9313 9414 93
943
9012 9314 5,800 Beech-Nut Packing Co
20
134 1334 1312 1358 1358 13/
1312 1358
1
4 13/
1
4 144 10,100 Belding Hemingway Co__No par
*8058 83
*8038__
*8114 83
*8138 83
*8138 83
Belgian Nat Rye part prat
2138 2218 2114 22
2138 -3-213
22
2234 2178 22/
1
4 29,400 Bendix Aviation
5
18/
1
4 19
183 19
18/
1
4 19
3,600 Beneficial Indus Loan____No par
1878 19
18% 19
56
563 564
5634 5514 55/
1
4 5534 5634 5612 57
1,500 Best & Co
No par
4238 433
43
4213 45/
1
4 46% 484 4734 4813 143,600 Bethlehem Steel CorD
4313
No par
115 11612 11434 11612 118 1194 120 121
11612 11612
3,500
7% preferred
100
*2614 27
*213
253 26
2714
2613 2612 26/
1
4 27
800 Bigelow-Sanf Carpet Ina__ No par
1538 1618 1538 1618 1614 17
1558 16
27,200 Blaw-Knox Co
1658 17
No par
20/
*2078 23
1
4 2078 *2114 2314 *2112 234 *2114 2314
120 Bloomingdale Brothers
No par
*111l2____
*11112
-- *11113
_ ..... _
_ *11112 _ _
Preferred
100
*7914 -83
*7914 -8-i *794 -8112 *11112--793 794
10 Blumenthal & Co pref
*7914 83
100
1338 1412 1312 14
1414 1478
17,000 Boeing Airplane Co
1312 14
14
15
5
483 4078 48
4978 504
494 51)12 5012 52
483
9,200 Bohn Aluminum & Br
5
9512 9512 95
9512
*95
9538 9512 9512 9612 9612
100 Bon Am! class A
No par
4158 42
4134 4134 4058 41
4158 42
Class 13
41
730
41
No par
2634 2738 265s 2712 22713 2734 2714 2734 21,000 Borden Co (The)
2714 274
15
5758 60
6012 60%
6034 6112 6078 6212 11,000 Borg-Warner Corn
584 59
10
4.31. 614
400 Boston & Maine
6
6
6
*5
518 518 *434 6
100
W. Vs
•1
178 *1
2
*1
11
/
4 •I
:Botany Cone Mille class A__50
11
/
4
15
151 1
1513 16
Stock
15
1518
15/
1
4 1614
1534 1614 34,500 Bridgeport Brass Co
No par
5212 5412 503 524 5218 533* 5212 53
5338 5438
23,400 Briggs Manufacturing_No fr,./
5314 53'2 Exchange
5212 53
5133 52
1.700 Briggs & Stratton
52
53
5212 53
No par
41
41
4012 41
4012 4012
4114
1,600 Bristol-Myers Co
404 4034 41
5
*212 234
213 212
*212 234 Closed212 212
500 Brooklyn & Queens Tr___No Dar
238 212
26
25
*23
*23
.23
26
*2212 2312 *23
Preferred
2313
Nova'
4112 421 1 4078 4134 4118 421a 4118 4214 5,100 Bklyn Mani) Transit
4134 4214 Armistice
No Par
99
99
*9878 994 9918 9938 *984 9938 1,000
9812 99
58 preferred series A
No par
Day
5433 5612 5412 5514 55
56% 564
4,300 Brooklyn Union Gas
5512 5518 553
No par
*60
___8
74
1312
90
734
*6914
1
114
'
110
2038
.
78
12
7
2638
112
*5
*13
24
78
1813
59
62
---812
714
13/
1
4
90
778
71
118
12
1014
2118
1
1"
727
112
614
1538
218
78
1858
59
36
52
5
54
2938 2934
1338 1358
*53- -958 1-0
3958
*39
13
13
*47
4712
•___ _ 8912
•____ 91
103 104
•124 12612
5934 60
2734 2814
---- ------- ---36
*
..
.60.. .6_1
7058_
_13
.
1
_6_1_
_6_0_0_ Brown ShoeCo
_6_1_12 731
7
. _6_1_!..
94 11,301
9
834
94 919
84 918
74
7
7
71;
7
7
714 3,100
1314 1338 1338 1378 1334 14
14
3,300
90
89% 90
*87
•8712 90
80
90
73
30,800
734 8
8
712 778
3
70
69
694 6912 7012 71
1,210
72
118
1
118
118
118
138 31,300
1,4
124
1118 114 1112 1178 1138 111
/
4 47.600
10
10
1014
1014 1033 1012 1012
900
21
2018 2034 21
2158 2158 234 5,800
1
909
1
1
118
118
118
14
34
12
12
12
38
58 1,610
53
74
712 8
870
7/
1
4 7/
1
4
712 734
274 2618 2612 2658 267. 264 2634 15,700
11
/
4 *112
700
112 158
112
138
158
6
*5
*412 638 *412 6
6
1418 1412 1412 14
*1238 15
14
70
218
238
2
238 3,800
24
214 238
78
34
78
78 1,700
78
78
3412,500
1814
1858 19
1734 1838 1812 1938
59
59
5834 59
6134 5012 6018
450
4,600
3512 364 3458 3558 3578 3638 36
373
5
8
1,200
52
52
*12
12
52
12
*12
43
4/
1
4 5
5
518 514 10,200
5
518
2812 2934 2812 293
3012 3012 31
7,500
30
14
13/
13
1
4 1358 1314 133
1312 134 10,100
*5314
_ •53 _
*53
•53
_
r,_ ___
163; 1038 10* 1044 1138 111.100
931 164 10
600
384 39
3912
*3814 3912 384 3814 *38
1234 1314 1213 1278 1212 1312 *1234 1334 2,400
40
47
47
47
2 *45
*45
4712
•____ 8913 *____ 8912•__ 8912 •___- 8912
••88 91
•88
*138
91
91
1,103 9958 10212 10312 10614 10614 11012 18,400
10
12612 12612 *124 12612 *124 126 *124 126
5838 60
5612 5818 256
5812 57
5912 12,700
2713 2838 2712 2838 2814 2834 28
2812 21,800
_
-__-_-__-_
2612 2612
.49
51
*834 9
*100 10212
5812 59
712 74
6612
66
838 9
4612 5112
45/
1
4 4818
112
*114
114
114
*78
1
212 213
•114 212
3312 3312
1
14
158
158
*2
218
53
*514
111
/
4 12
4838 4838
118
118
*212 284
24 212
1212 1212
814
7
133
90
712
70
1
1112
*10
2012
*78
68
7
2614
*112
*414
144
2
78
1734
58
ia I6i2 ibs
48
*47
48
858 834 *84
*101 10212 *102
57
5818 5738
713 712
713
66
6614 65
10
1012 1118
51
52
5114
4813 41.)
4818
114
114 .118
*114
112 .118
78
78
78
2
214
2
*14 212 •114
3318 3312 33
1
1
1
153 13
14
2
24
1/
1
4
43
5
518
1112 12
1134
4878 5113 4834
*1
118
1
2/
1
4 2/
1
4
212
212 212
2
1234 1234 *1213
For footnotes see page 3182
ioss 16-5, 2,700
5112 52
52
1,000
49
48
9
1
4
700
9
878 8/
858
10
10212 *101 10212 101 101
5918 12,100
5834 5734 5938 58
73
73
13,700
818
712
758
810
6512 6612 6634 65% 6734
3,600
16
16
1112 1258 14
56(4 26,200
5713 55
5613 55
5158 5214 05,800
50
5012 52
100
*78
114
114
114
*78
400
112
112
112 112 *Ds
78
1
1
118 3,500
1
2
23
234
234 278 1.700
212 *114
212 •114
2(2
1,700
1
4 3438 3334 3418
3312 33/
1
1
1
118 2,500
1
6.600
11
/
4 2
13
11
/
4 2
2
2
218
2
218 10,500
5
54 514 3,500
5
514
1214 1278 6,800
1212 1234 13
514 2,000
50
/
4 51
5113 511
1,200
1
1
1(4
118
118
212
900
212 212
2/
1
4 212
800
218 *218 212
212 258
200
133 *1213 1334 .13
14
idis His, If
No pal
100
Bruns-Balke-Collender___No par
Bucyrus-Erie Co
10
Preferred
5
7% Preferred
100
Budd (E (8) Mfg
No par
7% preferred
100
Rights
Budd Wheel
No par
Bulova Watch
No par
Bullard CO
No par
Burns Bros class A
No par
Class B
No par
7% preferred
100
Burroughs Add Mach____No par
:Bush Term
No par
Debenture
100
Bush Term B1 get prat ctf3
100
Butte Copper & Zino
6
:Butterick Co
No par
Byer( Co (A M)
No par
Preferred
100
California Packing
No par
Callahan Zino-Lead
1
Calumet & Hecht Cons Cop___25
Campbell W & 0 Fdy____No par
Canada Dry Ginger Ale
5
Canada Southern
100
Canadian Pacific
25
Cannon Mills
No par
Capital Adminis el &
1
Preferred A
10
Carolina Clinch & Ohio Ry__100
51
06100
Case (J 1) Co
100
Preferred certificate,
100
Caterpillar Tractor
No par
Celanese Corp of Am
No par
Welotex Corp
No par
No par
Preferred
rtltta"
100
Central Aguirre Asso
No par
Central RR of New Jersey_100
Century Ribbon Milis
No par
Preferred
100
Cerro de Pasco Copper_ -No par
Certain-Teed Products_No par
7% preferred
100
Checker Cab
5
Chesapeake Corp
No par
Chesapeake & Ohio
25
:Chia & East III fly Co
100
0% preferred
100
Chicago Great Western
100
Preferred
100
:Chic Ind & Louis, Dref__100
Chicago Mail Order Co
5
:Chic Milw SIP & Pao_ __No par
Preferred
100
Chicago & North Western_ 100
Preferred
100
Chicago Pneumat Tool___No par
Cony preferred
No par
:Chicago Rock lel & Pacific__100
7% preferred
100
0% preferred
100
Chicago Yellow Cab
Vo par
Nov. 16 1935
Into 1
1taso, &mu ran. 1
I 1933 to Range for
Os Batts of 100-shars Lots Oct. 31 Foto 1934
1935
Low Low
Lowest
Highest
High
----$ per Mare i Vdr eh 3 VI, Ohara
$ per Mare
81g Oct 15
4 Mar 6
2/
1
4
,,
8/
1
4
33 Mar 15
978 Oct 21
318
4
104
70 Apr 25 90 Nov 2
633
GA 704
711 Mar 13 1734 Oct 15
714
714 1814
8078 Apr 3 109 Sept 18
44
90
46
48 Mar 12 903 Oct 16
36
38
6472
2934 Feb 21 4012 Aug 7
20
2912 404
3534 Mar 28 5718July 29
353
4514 7314
7018 90
6658 Mar 28 91 June 26
5314
1912 Apr 3 3714 Jan 4
2412 5414
1912
3 Mar 6
5
712 Aug 31
16
3
773 24
13
6 Mar 5 1013 Aug 17
2013 Oct 3 28 May 16
2012
3112 1514
3234 Apr 3 48)• Nov 7
18
3514 554
83
75
107
10824 Jan 2 115 "Sept 19
4 Mar 13 14 Nov 15
511 164
4
15 Mar 18 4512 Oct 21
15
1812 57/
1
4
512:).fay 6 14 Jan 2
4
84 1658
3512May 7 63 Jan 2
3114 85
2753
334 1014
3 Mar 13
35$ Jan 3
3
23
24July 10
_
414 Aug 23
- -Ils Feb 20
658 Jan 9
111
-44 -1-6
711 Apr 3 2412 Nov 15
4
1614 84,
712
1224 3412
712 Mar 13 18 Sept 11
712
913 Mar 13 23 Sept 11
371
918
/
4
15
10034 Feb 21 110 Sept 13
86
8612 1021
/
4
3618 Mar 12 4912 Aug 9
3512 464
294
10614 Mar 18 115 May 8
9112
954 115
214
214
els
314 Feb 25 1514 Nov 14
82 June 21 87 Nov 15
14
1018 302
51
/
4 Mar 6 12 Nov 7
51
/
4
5/
1
4 10
404
23
23
374 Mar 14 55 Nov 7
10912
10734 Jan 11 115 May 16
80
89
14 Oct 10 20 Nov 15
834
104 1384
55
10012 Jan 5 1084June 18
65
100
31
33 Nov 6 3312Sept 24
27
36
54
Sept
58
12
95
761
/
4
72 Feb 2
7
81
/
4 154
114 Mar 18 143 Nov 15
79
9511 127
79 Sept 19 11711 Mar 7
231
/
4
92
4
934
111
/
4 Mar 13 2412 Oct 21
124 194
154 Mar 13 1933July 5 2 12
21
40
26
84 Jan 30 6713 Nov 7
2138
2418 403
2153 Mar 18 4834 Nov 14
4432
5472 83
558 Mar 18 121 Nov 15
14% Mar 19 27128ept 30
14%
1914 40
6
17 Nov 14
6
1158 Mar 14
164
17
10
1658Juno 19 2378 Aug 16
26
88
85
109
10314 Jan 22 112 June 19
38
2814 Mar 13 83 Oct 1
28
5014
618 Mar 18
884 1114
1633 Oct 5
618
335
3958July 10 597
,Jan 8
4412 13824
08
76
94
90 Jan 31 100 July 18
3834 Oct 3 4734July 17
- 3834
19'i /8-1,
18
21 Mar 29 27% Nov 8
1013 3138
1112
2814 Jan 15 6514 Oct 22
33
334 Mar 27
8 Sept 7
MI
514
3
218 Oct 26
12June 6
3*
12
1614 Nov 14
812 Apr 30
812
- -64
2412 Feb 7 5538 Oct 26
1-2
/8-4
274
14
2318 Jan 17 55 Oct 26
1012
3028May 25 4134 Oct 26
20
25
8712
312 Jan 6
138
11
/
4 Apr 18
333
81
/
4
14 May 9 3172 Jan 3
14
314 5814
253
3612 Mar 15 4634 Aug 10
2814 4478
13914
824 97
90 Jan 4 100 Aug 8
43
46
43 Mar 18 7112 Aug 13
801,
6334 Aug 2
41
45
81
53 Mar 11
11814 12614
12118July 24 12514 April 117
33 July 5
012 Nov 11
338
4
101
/
4
8413lay 33
414 Mar 14
34
312
933
6
6
141,
812 Mar 15 15 May 23
67
50
0234 Mar 22 9312 Nov 6
75
3
3
34 Mar 15
73.
8 Nov 12
16
16
414
23 Mar 14 72 Nov 15
14
/
4 Nov 15
11
14 sept 11
2
-3
1218 Nov 8
6/
1
4
212 Mar 21
11 Sept 12
212
334May 13
24
012
418
5/
1
4 1512
1
4 Oct 1
814 Mar 13 23/
14 July 9
2% Jan 25
11
/
4
6
14
1
1
133 Feb 7
312
Is Mar 20
4
3
9/
1
4 Jan 23
3 Mar 16
154
1012
1314 Mar 14 2718 Nov 12
104 .2191
/
4
24
24
318 Jan 21
33*
1 Apr 8
2
25
912
514 Apr 3 1012 Jan 22
518 21
44
10 Mar 28 2212 Jan 21
23 Apr 26
118
lls Mar 12
Us
314
38June 3
33
118
434
124 Jan 3
1133 Mar 14 20/
13% 32•I
111
1
4 Jan 7
/
4
32
32 Mar 14 6131 Nov 14
40
071
/
4
3012 Aug I
6212 Feb 18
1653
1884 4422
124
4
DS Jan 3
14July 8
14
213 Mar 13
6% Oct 8
212
21
/
4
653
6
1
4 Nov 2
6
712 Mar 13 33/
15/
1
4
818 Sept 27 185* Jan 7
818
1211 2913
4812 5013
44
50 Apr 9 51313 Oct 5
853 Oct 2 13% Jun 9
107
184
814
30 June 1 4014 Oct 15
224
3812 3814
14 Nov 0
433 Mar 21
5/
1
4 104
414
26,
8 39
3212 Feb 25 98 Nov 7
26
74
824 Feb 27 88 Aug 29
60
85
85 Mar 20 95 July 18
70
70
921,
453 Mar 18 11012 Nov 15
35
804
35
8312 Apr 11 12612 Nov 6
567
,
Mrs 93
3812 Jan 10 60 Nov 8
16
23
38%
1912 Apr 26 35/
1
4 Jan 7
1718 417,
174
178 Apr 3
618 Oct 1
118
Ile
57
,
7,
1
1 14 Mar 8
434May 21
4
114 Mar 20 3914 Sept 27
612 22/
1
4
212
2214 Feb 13 29 May 8
1834
1834 8212
92
34 Mar 18 6212 Aug 17
53
34
8
512 12,
618July 31
12/
1
4 Jan 10
512
82
1104
964 Mar 14 10911 Jan 2
75
304 4412
3853 Jan 15 6338 Apr 25
23%
314
33* Mar 13
258
714
818 Nov 15
174 36
23 Mar 22 68 Oct 23
1058
44 16'1
438
16 Nov 15
438 Mar 27
481
/
4
34
294
38 Mar 12 5713 Nov 14
8912 4858
37's Mar12 5214 Nov 15
3718
7
l's
1
1 Apr 28
24 Jan 12
e
/
8
1
4
1,
78June 3
258 Jan 8
4
118
34
214 Jan 7
/
1
4 Feb 28
312 1178
158
11
/
4 Feb 28
44 Jan 4
I%
7
1
1 Mar 30
234Sept 12
834 19
1918June 7 235 Nov 7 2 8%
812
2
14
14 Mar 29
3 Jan 3
34 1314
34
4% Jan 4
44 Mar 29
12
138June 28
5/
1
4 Jan 7
34 15
524 28
338
1053 Jan 8
358July 1
93*
358
353
13 Nov 14
458 Mar 14
1414 2824
1414
20 Mar 13 52 Nov 6
%July 1)
253 Jan 9
614
Ps
34
953
232
IN
44 Jan 9
153 Mar 30
4 Jan 10
2
114
8
114July 22
913 310
94
914July 19 1234 Oct 29
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 9
Monday
Nov. 11
3185
New York Stock Record-Continued-Page 3
Volume 141
Tuesday
Nov. 12
Wednesday
Nov. 13
Thursday
Nov. 14
Friday
Nov. 15
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Siweol Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Rasps for
Oct. 31 Year 1934
1935 ----lie ph
Low Low
par chant
$ per share $ per oh
Par $ per share
per share Shares
per share $ per share
per share $ per share
per share
194 3084
15
10 25 Sept 17 30 Aug 19
1,700 Chickasha Cotton Oil
2718 *2612 2678
2634 274 2634 2714 27
27
27
1158
334
318
718 Jan 7
par
34 Mar 15
No
513
514
Co
574
Childs
514
8
55
*518
2,500
512
5
5,4 5,4
104
4
/
171
9
9 Feb 23 2514 Sept 13
25
2312
50 Chile Conner Co
*2112 2512 *2214 2312 *2234 2312 *23
2234
21
2914 601
2614
4
/
5 31 Mar 12 8978 Nov 15
8334 8578 8338 8512 8538 8814 8612 8978 164,800 Chrysler Corp
8438 8638
1714 2438
12
247
24
8May
8
Oct
12
par
No
Fuel
&
Ice
City
1612 1614 1612 1618 1612 5,000
1614 1612 16
1578 1614
41215
07
f1338
3
May
100
10
Sept
4
693
Ino
Preferred
*7613 7812
300
79
7812 7834 78
7812 79
*7812 79
3714 52
35
100 35 Oct 7 37 Oct 29
City Investing Co
*37
____ *37
*37
*37 *37
41,
11
314
538 Nov 8
314 Apr 30
5
478 . 478 *478 5,4 - 1:665 City Store* new
5
5
514 514
4
/
54 51
814 21.4
612
1214May 15 2634 Noy 2
No par
2258 24
2318 2334 2314 2378 2238 2314 5,600 Clark Equipment
24
24
9034
71
71
23
Aug
89
20
Sept
87
100
pref
Louis
St
&
C
C
_
C
_
*7512
*7512 84
*751
_
*7512
-*7512 90
2758
42 2-43 - 4212 4212 - 2,000 Cleve Graphite Bronze Co(The) 1 2758July 3 45 Oct 16
42
40 -4-0 - 41
4012 41
70's 78
60
50 80 Mar 26 87 Oct 31
*8218 85
8318 8318 *8212 85
50 Cleveland & Pittsburgh
*8218 85
8612
*84
45
38
31
48
25
June
25
June
48
50
stk
betterment
4%
grt
Spec'!
____
*43
*43
*43
*43
2472 45
20
15
Nov
31
27
Par 20 July
28
27
2912 31
- -1:5615 Cluett Peabody & Co__--No 100
2538 -2g
4 *2614 27
- 32514 -2-g14
115
95
90
126 May 20
19
Aug
110
Preferred
118
10
*115
115
118
118
115
*115
*115
*115 118
1
85
9514 161:
No par 161% Jan 2 295 Nov 8
28812 292
1,000 Coca-Cola Co (The)
28478 28612 *28614 290 *28534 290
293 294
454
50', 67
No par 6338 Apr 20 5712 Oct 26
Class A
5612 5658 5612 5612 5638 5638 *5638 5612
700
5612 5612
814
314
200
5
Sept
450
Sept
450
par
Corp_No
Internet
Cola
Coca
__
*560
*570 -___ *560
*575
_
*580
9
938 18,8
1914 Sept 13
15183une
1718 1712 1738 1758 1738 1734 --13:(56 Colgate-Palmolive-Peet No par
1712 18
1734 1778
6812 10212
66
10614 Oct 22
100 101 Jan
6% preferred
500
10512 10512 *104 10434
106 10614 106 106
*10434 10512
10
281s
9
41 Nov 6
9 Mar I.
No par
3838 3914 3838 3914 23812 3914 3814 3918 9.000 Collins & Allman
3812 39
94
74
6934
108 Nov 9
100 6914 Mar 1
Preferred
410
10712 10712
107 10714 10712 10712 10718 108
107 108
9
5
078 Nov 9
No par
634 Jan 1
10 Colonial Beacon Oil
10
10
10
*8
*8
*8
10
*8
978 978
4
8,
8
,
3
512 Jan 21
4 Mar 1
No par
4.314 31
358 378
358 378 4,200 :Colorado Fuel & Iron
314 312
318 314
32
1012
21
Jan
2815
14
Mar
5
100
Preferred
19
21
20
18
550
1912 1818 1838 20
1912
*19
3
1653 40,
1034
Sept 11
22
28
Feb
104
100
Southern
&
Colorado
18
20
18
*16
18
18
18
*1612
*1612
18
*16
3314
13
7
7 Feb 26 1734 Sept 11
100
1% let preferred
1412 15
1378 14
250
1334 1378 *1258 14
1334 1314
11
658
30
1414 Sept 10
4 Mar
/
61
100
4% 2d preferred
12
20
12
*1012 15
•1012 131 *1012 15
*1118 15
7714
58
45
6
Nov
10114
1
Jan
par
67
No
vie
Carbon
Columbian
983
4
96
971
9612 9778 973
3,500
99
98
100 100
2113
4133
171s
8
July
81
1
Jan
6712 671
65
6612 681
2,900 Columb Pict Corp v I o_.--No par 3414
66
6512 663
66
66
338
658 1914
1534 Oct 30
338 Mar 1
1414 143 86,200 Columbia Gas & Eleo____No par
14
1434 1434 151
1418 15
1458 15
3518
52
784
23
Oct
90
13
Mar
100
64
A
3
Preferred series
89
891
89
89
8912 90
1,900
8912 891
89
8912
71
41
31
100 31 Mar 15 8112 Nov 15
5% preferred
80
81
80
811,
81
8012 8012 80
120
7912 80
3
,
18
4014
1114
18
Oct
58
2
Jan
3912
10
Credit
Commercial
4718
8
487
485 16,600
4734 488 4734
4734 481
4712 4818
22
234
3018
14
32121llay
5
Jan
29
25
_
7% 131 preferred
63
38
32
50 524 Jan 7 5934lfay 13
Class A
_
3013
34
23
25
Jan
33
3
Jan
2915
25
Preferred B
110 Oct 23 11912 Aug 10 110
5;4% preferred
500
ffil; iii" 111 11072 111
1107 1-1117g
*Hors 111
1611-4 61.No par 564 Feb 7 72 Aug 15 33 2214
5734 5814
6134 13,800 Comm Invest Trust
58,4 59,4 5814 5834 593g 6034 60
91 114
8412
111 Mar 13 11515 Jan 29
par
No
Cony preferred
112 112
900
112 112
112 112
112 112
*112 114
977
34.25 cony pf ser of 1935 No par 974 July 29 105 Oct 15
100 1005s 10012 10058 3,300
99
98' 9812 98
9914 9934
4
11;4 3f:3154
7
Jan
234
3
Oct
1612
par
No
Solvente
20
21
2014 2138 2014 2078 2038 21,4 2112 2214 215,300 Commercial
34
334
1
3 Nov 8
34 Mar 6
No par
238 212 173,600 Commonwith & Sou
238 238
4
1
212 2/
4 24
1
2/
212 234
5214
214
1738
No par 2918 Jan 4 71 Oct 30
$6 Preferred series
66
6618 3,000
64
6512 65
66
6778 *64
6634 68,4
4
/
131
8
578 Mar 18 10 May 17
No par:
*812 9
9
9
300 Conde Nast Pub.: Ino
9
*858 9
9
014
*9
3548
22
1615
41
4158 5,800 Congoleum-Nairn Ina_ __ _No par 27 Mar 15 4158 Nov 15
4058 4012 41
40
4012 40
4014 4038
7,4 1412
714
Feb 7 2112 Nov 9
9
par
No
Clear
21
1958
Congress
*1812
2012
21
3,800
2012
21
2012
2012 2112
61
32
2334
16 Nov 4 49 July 19
1,950 Connecticut fly & Lighting__100
1838 1912 1858 1912 1812 1913 1812 19
1814 1938
68
65
41
100 30 Nov 15 5812Sept 20
Preferred
33
31
33
280
30
34
34
34
34
351.2
*33
51,
51,
4
/
131
9
Jan
1015
14
Mar
7
par
No
Cigar
8
93
Consolidated
0
8
93
4
,
9
2,300
914
858 878
9
*858 9
75
31
3014
100 62 Mar 28 74 Jan 24
Preferred
*6414 67
*6414 67
67
*66
67
*66
67
*66
451.4 7472
4514
69 Nov 1 82 Feb 28
100
preferred
74
Prior
7114
•7114
75
72
120
4
723
7114
7114
7278
*7114
70
49
4514
100 7212 Oct 23 80 Mar 6
Prior pref ex-warrants
*7114 110
*7114 110
*7114 110
*7114 110
*7114 110
8
614
1,
158
74 Jan 16
314Nlay 17
1
51512 6
514 514
5341
534 578 5,600 Ooneol Film Indus
512 558
104g 2058
15
Feb
74
2218
31
1414May
par
No
1914
19
Preferred
s
187
1912
2013
20
10,200
1912
4
18,
1918
19
181g
474g
14
Aug
344
8
154
157
Feb
20
par
No
3112 3238 3138 3214 3134 3278 3178 3218 67,600 Consolidated Gas Co
3218 3258
95
z71
No par 7218 Feb 23 105 Nov 14 271
10458 105
Preferred
1034 10334 10338 105
2,100
*103 104
102 10212
4
/
41
14
112
412 Oct 19
115 Mar 12
318 372
Stock
4 338 1,800 Consol Laundries corp.--No Dar
1
3/
3,4
*314 334
3'4
*312 334
1414
71a
17
1012May
:
61
13
Mar
64
No par
938
914
914 912
0
9
4 934 55.900 Consol 011 Corp
1
9/
912
0,4
108
1124
Nov 14 103
105
5
Feb
10815
100
preferred
11012
8
103
8%
8
11018
1103
11012
11014
1103
Exchange
11012
600
8
*11012 1101
4
/
634
34
24
6 May 14
218 Jan 25
100
334 334
334 334
700 Consol RR of Cuba pref
*334 4
*334 4
312 312
88
'lie
12
lls Jan 5
38 Aug 10
34
34
No par
78
3, Closed3,
78
'4
5,400 Consolidated Textile
3.1
78
34
414
13
Nov
4
134
183
615
5
4June
83
20
A
class
Corp
11814
18
8
185
8
17
4 177
1834
18,
1714
4
1
20.700 Container
1714 17/
2
238
618
8,4 Nov 15
278June 10
No par
712
Class B
7
4
778 814 55,400
7 Armistice
7
7,8 74
412
514 1458
934 Aug 14
412 Mar 13
8
8
734 8
814 812
812 5,400 Continental Bat class A__ No par
734 838
8
4
1
3/
8
7
3
5
11
1
Apr
8
4
/
5
17
par
Aug
No
118
113 114 9,800
1
118
1
Class B
1
Day
118
118
1
4414
444 64
100 4614 .12L12 28 6734 Aug 9
6412
Preferred
4 6412 64
*63,
6334 6334 6418 65
700
6312
*63
5614 64'2
37
9712 Nov 15
20 5234 Jan 1
94
9434 95
97'4 9714 0634 0712 10,800 Continental Can Inc
9512 9378 95
6
1144
6
6
7 Jan 15 18 Nov 14
164 1638 1614 1611. 1712 18
1734 1778 7,300 Cont'l Diamond Fibre
1612 161,
3 3614
23,
20
44 Nov 15
2.50 2878 Mar 1
4212 4234 4334 4312 44
42
6,800 Continental Insurance
4212 42
4212
42
84
4
1
2/
4
1
/
26
Oct
2
2
Jan
14
1
Motors
Continental
8
15
112
134
134 13,000
112
112
112 Ps
112 158
1534 224
1214
6 154 Mar 14 2718 Nov 15
2558 254 2612 2618 2778 46,000 Continental Oil of Del
25
2512 25
25
2512
4018 51
40,2
5934 6038 6018 603
5912 6078 5978 60
1,940 Corn Exchange Bank Trust 00 20 4134 Mar 11 6034 Aug 19
5934 6018
5515 844
5515
7838July 10
25 60 Oct
72
7114 7234 7012 7114 7112 7312 7214 733 19,100 Corn Products Refining
7258
15012
135
165 May 23 133
100 14814 Oct
Preferred
200
*150 157 *150 157 •150 157 *150 157
1564 15614
078
314
4
1
3/
3
Jan
1
Mar
64
Co
par
No
Inc
6
8
55
8
55
11,600 Cots
512 534
558 578
514
3614
28
23
8
397
4
Mar
15
Jan
4
357
No par
3738 3738 3738 3738 3733 373g 3714 3738 4,600 Cream of Wheat cite
3738 3712
1715
8
7
1734 Nov 14
No par 1134Sept 2
4 1714 1738 10,200 Crosley Radio Corp
1738 17,
1634 1714 164 1714
1612 164
1884 3614
1834
4812 Nov 4
No par 2312 Mar 1
8 4612 48
15,500 Crown Cork & Seal
4314 4334 437g 4612 4658 47,
4314
43
3515 4414
32
474 Apr 20
No par 4312 Jan
$2.70 preferred
300
*4612 47
46,2 4612 4614 46 8 *4638 47
*4612 47
84
47
'°40
29
Oct
1
Mar
8
945
7415
par
pfNo
let
Pap
W'mette
9878
987
Crown
8
*945
*9458
*88
9834
*88
_
*88
653
35e
314
714 Nov 7
313 Mar 18
638 63
658 67g
638 634
6,100 Crown Zellerbaok v I o.--No par
8 6,
6-12
634 678
17
3
38,
14
2914 Nov 14
2858 6,100 Crucible Steel of America ..__100 14 Mar 1
29'4 28
2614 2612 2778 28
26
2612 27
44
71
30
12
Nov
95
1
Apr
4712
100
03
9312
Preferred
9312
03
89
95
01
*87
600
91
*89
318
74
24
4 Feb 19
/
11
1 Jan 28
No pa
118
1
1
118
1
1
1
1,600 Cuba Co (The)
153
118
*1
3
10'2
314
5 Jan 5 10 May 15
100
7
7
734 818
7
7
734 734
150 Cuba RR 6% pref
*734 8
918
311
212
84Nlay 13
518 July 22
10
578 638
618 638
614 638 5,800 Cuban-American Suess
578 578
614
*6
1415
2018 65
100 4018 Jan 3 8034May 13
6412 64
Preferred
6612 *64
66
64
940
66
6534 65
65
37
5253
2
Jan
351s
3
Oct
474
23914
50
Packing
4118
41
40
3
40 4 4,100 Cudahy
4034 4138 4034 4114
41
41
1312 294
1312
15 Mar 15 2278 Jan 8
No pa
1938 8,000 Curtle Pub Co (The)
1838 1914 18,
4 19
1834 1938 19
1918 1914
4
4313 95,
3812
894 Mar 14 10514June 13
AN o pa
10058 102
Preferred
10018 10012 100 10012 101 102
2,500
100 10018
21
61,4
2
374
Sept
25
12
Mar
2
3
273
3
278
3
Curtiss-Wright
8
27
3
8
7
2
278
36,000
234
514
1214
4
1
3
2
Jan
1018
614 Mar 15
1
838 812 35,700
813 838
Class A
818 838
4
/
814 838
8,4 81
75,4 91
73
95
92
92
395
92
*92
92
95
40 Cushman's Sons 7% pref ___100 73 Mar 23 295 Nov 15
95
•92
6413 90
61
No par 61 June 8 75 Nov 8
75
7412
*70
75
7412 *70
75
*70
75
8% preferred
10
*61
2115
912
11
16 Mar 13 41 Oct 24
No par
3814 3814 3814 3838 3812 4012 3912 4012 7,200 Cutler-Hammer Inc
3812 3812
84
512
5
9 Nov 15
6 June 7
5
814 838
834 9
.7/
4 814 •758 8
1
700 Davega Stores Corp
*Ps 9
3418
1018
8
,
10
15
Nov
4
583
18
No par 224 Mar
55
5412 55
5534 5614 5734 5734 5834 16,500 Deere & Co
5512 56
1914
1014
10,4
20 19 Jan 15 28 Sept 5
*2758 28
*2758 2778 2714 2758
2734 28
Preferred
2734 2734
700
73,2
35
2312
100 2312 liar 26 4315 Jan 7
3314 3518 3312 3434 354 3658 3578 3678 14,500 Delaware & Hudson
3334 3434
4
33,
14
11
144 1538 1438 1514
1538 16
1518 16
18,800 Delaware Lack & Western_4_50 11 Mar 13 1918 Jan 7
1434 1518
1.18
334 1314
434 Jan
112 Feb 27
233 212
238 238 1,000 Deny & Rio Or West pref
238
100
*2
214
21
218 238
84
55
15
634
Nov
11914
13
11612
117 11812 11834 11914
11712 118
11612
100 65 Mar
1,500 Detroit Edison
11712 11712
7
a
2
6 Jan 17
2 Aug 12
4
4
*214 434 *214 434 •3
*3
Detroit & Mackinac fly Co __100
*214 434
10
1814
113
7
*514 11
7
*514 11
*514 7
518 Oct 2 1212May 1
5% non-cum preferred_ _ __100
10
*514 11
29
20
42
4314 4334 4478 4412 45
4113 42
42
2,700 Devoe & Reynolds A----NO Par 3512 Aug 28 5038 Jan 2
42
117
99
8915
100 11412 Mar 8 12012JulY 8
*118 12012 *118 12012 118 118 *11634 118
1st preferred
10
*118 12012
2818
21
21
3838 3778 3838 2,400 Diamond Match
3818 3838 3818 3814 238
No par 264 Jan 2 24034 Aug 14
381g 3858
2753
284 8415
*38
3838 *3818 3812 3838 3838 3812 3812
4 Jan 7 4112May 3
1
26 34/
Participating preferred
300
3814 3814
6514
32
25
17
4312May
3812
39
38
4
15
393
8
Jan
385
3914
par
No
344
Mines
Ltd
3812 39
3038 3034 4,500 Dome
23
11
4
6,
918
918 934
634May 29 1258 Jan 28
9
No par
93g 934 5,400 Dominion Stores Ltd
834 014
834 878
1414 2
1113
3318 3414 33
3378 3334 35
3358 3413 29,800 Douglas Aircraft Co Inc No par 1712 Mar 12 35 Oct 21
3333 34
814
20
8
1312 Mar 15 28 Nov 7
2714 2738 2714 2714 2778 28
28
28
800 Dresser (13R) Mfg cony A__ No par
*2714 297g
1178
5
4
1
3/
638 Mar 18 1518 Nov 15
1412 1518
*1214 1318 •1214 134 1334 15
Convertible clans B____No par
1,400
•1214 1318
14
12
27
Aug
12
158
8
5
53
13
100
',chine
Atlantic
&
85
Duluth
12
12
*14
*14
12
600
12
*14
14
8
*3
a,
1
218
8
*7
8
5
13
8
5
6
21
Aug
June
100
4
3
14
Preferred
58
58
*38
"8
200
3
1134
7 Nov 1
2 June 6
1
534
5
.5
5,4 5,2 *514 51, 1,500 Dunhill International
518
5
2378
13
4
12,
19 Aug 6
No par
1234May 21
1534 1534 *1534 17
*1534 17
*16
1714
100 Donlan Silk
*1534 17
92
11018
92
100 103 Mar 20 11412 Oct 28
*115 116 *115 116 •115 116 *115 116
Preferred
•115 116
41 5978 100
103
8
1437
15
18
Nov
Mar
8
865
140
142
4
1373
14012
deNemoure(E.I.)&Co.20
142
8
1403
138
8
DuPont
1437
13,200
13812 13914
128
100 1264 Feb 8 132 Oct 78 10414 115
13118 13118 *13118 13134 13112 13112 13118 13118 2,100
6% non-voting deb
13118 13114
10734
85
90
*10312 11378 •10312 11338 11212 11212 11234 11234
20 Duquesne Light lst pref.-100 104 Feb 18 115 Aug
*10312 11478
3013
21
13
5
16
100
Mar
23
pref
17122day
Milla
Hoelery
*1212
•1212
*1212
Durham
--*1212
•1212
818 12
312
8 Jan 7
712
718
314 Mar 13
*612 678
034 7,4
74 738 _ 5,900 Eastern Rolling MIlis
678 7
116
6512
79
Par 11015 Jan 18 172 Nov 15
1674 172
16512 16614 16512 16612 16612 167
3,700 Eastman Kodak (N
166 166
147
120
100 141 Jan 4 164 July 26 120
155 155
155 155 *155 158
6% cum preferred
.155 158
60
159 159
10
1218 22
4 Jan 15 3058 Oct 23
1
16/
No par
2734 2778 2838 2758 2838 11,400 Eaton Mfg Co
2718 2773 27
2734 28
8
77
314
19
1
6
Nov
*718
314
27
par
Mar
8
83
No
Schild
Eitingon
8
75
74
8
77
612
*
900
8
75
4
3
7
8
8
31
1158
15
3834 Oct 21
13 1938June 1
3512 3614 3514 3614 24,000 Rice Auto-Lite (The)
34
3534 3334 35
36
3634
110
80
loo 107 Jan 23 11312Sept 25 75
11212 11234 11212 1121
Preferred
113 113
410
11212 113
111 1121_
7
3
3
914
3 378 Mar 15 1058Sept 20
912
038 97 20,400 Electric Boat
938 938
0,2 10
938 958
414
9
558 Sept 21
212
838 Feb 18
634 7
658 7
634 7
13,700 Elec & Mus Ind Am shares
634 7,8
612 634
9
118
214
17
par
Aug
118
15
Mar
__No
712
Light
&
Power
4
53
Electric
8
55
3
,
6
6
8
57
3
57
24,200
658
618
6
534
hi
655
3
3 Mar 13 32 Aug 17
No par
$7 preferred
24
9,400
2558 2458 2578 2638 2712 2538 271
2413 2612
r”.
10
VA an.
21. my,13 28 Aug 17
se fly...terror*
2414 2412 2473 2473 2.000
2314 2414 2312 24
2412 25
----
----
----
----
*Ho;
For footnotes see page 3182.
3186
New York Stock Record-Continued-Page 4
,
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nor. 9
Monday
Nov. 11
Tuesday
Nov. 12
Wednesday
Nor. 13
Thursday
Nov. 14
Friday
Nov. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ranee 51141 Jan. 1
Os Basta of 100-char4 Lets
Nov. 16 1935
July 1
1933 to Ran pa for
Oct. 31 Yaw 1934
1935 ----Low Low
High
fityhest
Lowest
-------$ per share $ per share $ per share $ per share $ per share $ per share Shares
$ per share $ Per 43 3 Dor share
Par $ per share
5518 56
5534 58
5538 57
No par 39 Mar 21 58 Nov 12 3, 3374
56
5634 5614 5614 5,900 Elea Storage Battery
34
52
14
72 Jan Ill
14 Mar 29
as
No par
as
Iz
38
as
as
as
*as
38
12 1,300 /Elk Horn Coal Corp
11
/
4
/
1
4
1
118
114
1
11
/
4 Aug 17
1
118 *1
1
6% part preferred
118 118 1,000
/
1
4 Apr 1
31
/
4
50
1
/
1
4
"6234 6312
63
63
6338 6338 6312 6312 *6314 6358
45
600 Endleott-Johnson Corp
45
113
60 5234 Jan 16 66 Sept 5
131 131
*12912 131
132
Apr
23
112
Preferred
10
13034 13034 12912 12912 *12912 130
70
4
Jan
100 1253
120
128
738 734
71
/
4 714
814 Nov 8
7
714
738 738 "7
11
/
4 Mar 16
Da
734 1,300 Engineers PublIa Serv____No par
2
81
/
4
47
4678 48
47
*47
48
4812 1,200
49
14 Mar 19 50 Nov 8
49 "47
$5 cony preferred
No par
1012 23,2
1038
5414
53
11
5178 53
1,500
5134 5134 5312 5312 5212 53
1412 Feb 7 55 Nov 8
341
/
4
351
/
4 preferred
No par
11
57
*54
12
*54
57
1512 Mar 19 5512 Nov 8
100
*54
/
4
36 preferred
57
No par
57
5414 541
251
/
4 *54
13
578 578
548 5/
1
4
512 578
578 6
738 Aug 21
5/
1
4 558 2,600 Eaultable Office Bldg
412 Aug 8
412
5
1038
No par
10
1014
11
714
1112 9,600 Erie
934 2474
71s Mar 20 14 Jan 4
100
978 1012 1058 11
91
/
4 103s
13
1338
812
1318 1312 1312 1334 1418 1478 1478 1538 5,400
1484 2814
81
/
4 Mar 26 1778 Aug 14
First preferred
100
*858 9
9
9
9
914
914 912
634 Mar 12 13 Jan 7
Second preferred
912 034 2,600
634
9
23
100
•65
1
4 Nov 1
50
*65
__ *65
Erie & Pittsburgh
. ___
50
68
*65
.._ *65
80 8912 Feb 18 85/
*1278 -1-3
1234 1278 1234 -1/7
/
4 Aug 17
2,000 Eureka Vacuum Clean
634
; 1278 -1-3
3
7
141
/
4
1234 15 1012 Mar 19 141
2058 2112
3
2158 23
5 15 Slay 7 2514 Nov 13
2134 2212 2214 23
2258 2518 83,400 Evans Products Co
9
271,
2
"354 374 *3/
'358 3/
1
4
5 Jan 18
3
700 Exchange Buffet corp _No par
2 Apr 30
1
4 3/
1
4
3/
1
4 414
1012
414 414
214 Jan 19
38Mar 26
158 134
11
/
4 178
410 Fairbanks Co
11
/
4 11
112 112
/
4
/
/
1
4
4
25
134 11
1
238
758 7/
312
1
4
712 8
932 Jan 18
734 7/
880
1
4
712 7/
1
4
3/
1
4 121 3
4 Mar 19
712 734
Preferred
100
2818 2834
2714 2812 27
181
/
4
28
472
28
7
2838 2712 2838 6.400 Fairbanks Morse & Co_-_No par 17 Jan 11 2014 Nov 7
71 12
30
25
500
137 137
Preferred
136 137 *1341. 1361. 13612 13812 136 13638f
100 72 Jan 17 140 Nov 7
4
19
4
5/
1
4 Mar 15 2038 Nov 8
111
/
4
19
1812 1834 *1814 1834 18
15
1914 1938 1958 1,700 Federal Light & Trete
33
83
3414 62
*80
8234 8234 *8012 8234 *80
No par 48 Jan 8 z85 Aug 16
10
Preferred
8212 *7512 81
69
Federal Mln & Smelt Co___ 10040 Apr 3 72 Apr 26
40
*62
67
*63
'63
69
*63
52
67
107
*63
67
60
Preferred
62
100
98
*83 1 90
'83
100 64 Apr 1 95 May 28
90
*82
89
85
85
*80
90
/
4
614 7
7'2 Sept 30 • 21
334 Mar 23
612 612
1
4
2/
1
4
81
/
4
634 6/
/
4 3,500 Federal Motor Truck_ __No par
634 6/
1
4
614 61
1
312 312 *314 338
41
/
4 Jan 7
2 July 6
2
5/
1
4
358 3/
1
4
338 334
3/
1
4 378 2,000 Federal Screw Works____No par
214 214
318 Aug 19
214
218
/
1
4 Feb 25
4
2
214 214 2,400 Federal Water Serv I
218
72
No par
1
21a 218
20
161
/
4 Mar 29 25 Aug 8
31
23/
_ _No par
1
4 23/
1612
1
4 2334 2.800 Federated Dept
2334 23
2312 22/
2314 23
23
1
4
4414 45
20,4
44
44
44
44
2334 351
3,300 Fidel Phen Fire Ins
_2.50 2812 Mar 14 45 Nov 0
45
4412 4434 44
/
4
StoresN
*2212 25
*2212 25
18 Apr 9 23 Sept 26
*17/
1
4 2412 *1758 2412 •1754 2412
Filene's(Wm)Sons Co__
16
23
30
Y--No par
*11012 112
•110 112 *110 112
87
108
30
645% preferred
112 112 *112 1131
100 10614 Mar 6 114 July 3 185
/
4
131,
10 131
/
4may 2 181
/
4 Jan 7
17
1612 17
13
351
16/
/
4
1
4 1612 1638 1634 1612 1634 5,800 Firestone Tire & Rubber
1714
7114 9214
9634 9634 9614 9634 19634 06/
8714
9612 9812
Preferred aeries A
100 8412 Apr 8 x9674 Nov 14
1
4 9614 0634 1.800
6914
53
45
46
47
47
47
45/
1
4 4612 4512 46
45
4534 4,300 First National Stores-No par 45 Oct 4 5878 Aug 12
121
/
4
2614 2614 26
19 Feb 21 27 Nov 7
*2614 27
26
15
500 Florsheim Shoe clam A___No par
25
*26
27
2612 27
2 ' 2
338 334
632 Jan 7
171
312 414
/
4
4
214 Mar 6
414
334 334
4
41g 4,800 /Follansbee Bros
No par
641
/
4 6414 6312 8312 63
*6214 6514
/
4
64
1012 211
2014 Jan 15 6638 Oct 23 97 1014
6314 64
800 Food Machinery Corp...1Q0 par
81
/
4 22
812
20
2134 2014 2134 2134 2234 211
2178 211
/
4
9/
1
4 Mar 15 2374 Nov 2
/
4 2214 8,800 Foster-Wheeler
No par
:1.1_5.. _9_8_12 :951
Preferred
4414
66
1
4 Mar 15 103 Nov 2
*9212 99
80
.
2.
9
.
8_1_2 *15_ _9_8_96_ _9_6_ ____ 30
No par 60/
d co
252June 7 101s Jan 7
258
par
614 17'e
Foundation Co
36 Nov 12
35
1654
34
36
-3 1.X -311-2
3514 3434 3514 341
1712 27'
1 1934 Mar 21
/
4 3512 3,300 Fourth Nat Invest w w
--------------------------------------Fox Film Mama A
/
4July 15
852 Mar 15 171
81
/
4
Nova?
814 12 12
20
20
63
*65
71
69
*64
10 Fkln Simon & Co Ina 7% Pf--100 3014 Apr 2 70 Nov 8
*70
89
x6314 6314
*64
70
1714
211
/
4 5044
2718 2758
2738 x2714 29
2634 2734 27
2834 16,550 Freeport Texas Co
28
10 1714 Mar 18 2934 Nov 2
/
4 16014
*122 16018
*122 16018 *122 16018 *122 16014 "122 16018
100 11212June 27 124 Oct 18 11212 1131
Preferred
3312
38
1212
40
14
15 Mar 13 41 Nov 14
660 Fuller (0 A) prior pret___No par
4014 4012
3812 39
3712 3812 3812 41
41
/
4
5
105,
18
20
19
1,920
434 Mar 13 23 Nov 14
1814 2012 21
19
23
23
23
No par
38 3d pref
72May 21
3 Nov 15
2/
1
4 238
13,000 Gabriel Co (The) Cl A
238
214 214
214 214
212 3
No par
214
/
1
4
112
41
/
4
7
8
7 Mar 30 12 Nov 6
20
1012 10/
1
4 1034 11
180 Gamewell CO (The)
*1012 11
1134
1112 1112 11
No par
la% 1014 1038 16,300 Gen Amer Investors
958 958 10
9/
1
4 10
974 10
61
/
4
51
/
4 111
/
4
512 Mar 13 1034 Nov 14
No par
6412
•96 100
•96 100
*96 100
73
87
Preferred
No par 8434 Jan 10 10018Sept 16
*98 100 '98 100
4274 4338 4258 4314 42
4328
4334 44
2534
30
6 32/
1
4 Mar 12 4512 Nov 7
10,400 Gen Amer Tray, Corp.
4312 4258 44
/
4
1
4 Nov 7
1958 191
1134
19
12
19/
1
4 19
231
/
4
1912 1958 2012 1934 2038 11,300 General Asphalt
10 1134 Mar 15 20/
6
732 Mar 29 z1338 Oct 17
1112 1112
61
/
4
1138 1134 1112 1134 1112 1178 1112 1134 4,100 General flakiest
61
/
4 1448
142 142 "140 143 *140 143
142 142
142 142
40
38 preferred
IVo par 115 Jan 10 146 Aug 13 100
100
1081
/
4
814 8/
1
4
838 858
6
514 Mar 4
878 Nov 14
8/
1
4 858
5
5
1
4 17,400 General Bronse
854 874
1014
834 8/
21
Stock
1
4
/
4
514 5/
518 514
51
/
4 514
2
2 Mar 20
538 614 14,400 General Cable
614 Nov 15
514 512
61
/
4
.No par
1418 1414
1312 1412 14
4 Mar 26 1714 Nov 15
14
4
14
41
/
4 12
1518 1514 1714 8,100
Clasa A
No par
67 Exchange
67
70
100 19 Mar 14 7512 Nov 15
70
69
7014 7212 7212 7412 7512 1,100
141
/
4 33
7% cum preferred
14
5212 53/
1
4
52
4914 4,700 General Clear Inc
5314 52
511
/
4 48
52
2414
49
27
6044
No par 48 Nov 14 6414July 27
in
•____ 143
Closed- •____ 142 *____ 142
220
14034 14158 13912 13934
1
4 Jan 2 14512 Oct 7
7% preferred
100 127/
97
1271/4
3734 3814
3814 3914 3812 3912 3938 4038 3934 40 110,300 General Electric
1
4 Nov 14 • 16
2012 Jan 15 40/
No par
161
/
4 211
/
4
32/
1
4 3314 32/
1
4 321
3254 3318 Armistice
30 Sept 17 3718July 8
28
/
4 33
3314 3234 3358 19,300 General Foods
No pat
28
111-78
79
1
/
1
4
118
11
I
14,600 Gen'l Caa & Rice ANo par
4 Feb 25
1
12
1
1 Aug 22
1
1
1
34
1
•1214 1434
*1214 14/
1
4 '1312 1518 *1312 15
Day
14
8 Oct 16 1512 Aug 19
10
14
Cony pref series A
614
814
19
No par
18
11 Mar 5 18 Aug 20
•I6
18
18
*1514 18
10
"16
18
*16
11
18
21
$7 pref class A
634
No par
0914 18
'
*914 18
15/
1
4 Jan 15 18 Apr 6
*914 18
0914 18
712
$8 pref class A
13
22
No par
91
/
4 18
*20
5758
Gen Ital Edison Elea Corp
5754 .41
*39
5758 *39
32 Oct 7 8184 Feb 5 "32
62,4
50
5478 •25
5418
70
7034 70/
7034 '6912 7012 6912 6912 6812 8912 1,400 General Mills
/
4 Feb 8 7212 Oct 25
51
No par 591
1
4
61
6411
'120____
120 120 "12014 - •12038
300
-_ 12014 12014
118
Preferred
100 118 Jan 3 12014 Nov 15 10012 103
5758 58/
1
4 x5658 -57-7-a 58 -5-914 5834 591
5712 5834
/
4 181,600 General Motors Corp ____ _ __10 261
/
4 Mar 13 5914 Nov 14 33 2238
241
/
4 4.2
11818 11814
11818 11814 11814 1181
/
4 11812 11858 11834 119
3,900
$5 preferred
84
14 Jan 4 119 Sept 5
8934 109
No par 017
1512 1512' *1434 1534 1514 1534 *1514 15/
300 Gen Outdoor Adv A
•1518 17
1
4
834 21
814
No par 10 Mar 20 1714 Nov 6
4
4
414 "4
4
3
414
414 2,300
Comn,on
4
458 Nov 7
41
/
4 414
3 Aug 9
No par
t1
/
4
3,4
4112 4134 4112 4134 4012 4112 40/
411
/
4 411
/
4
1
4 41
720 General Printing Ink
/
4 Feb 5 4258Nov 7
1012
1012 2512
171
No par
10712 108 '10712 108
'10712 108
70
*10712 109
10712 10712
6114
$6 preferred
7312 416
/
4 Jan 22 109 Oct 16
No par 931
4
418
4
4
412 Nov 8
3,500 Gen Public Service
1',
1
4
3/
1
4 438
11
/
4 Mar 13
334 3/
334 4
2
I%
No par
3512 3614 3534 3614 36
361
/
4 3614
1552
3634 3614 3714 6,100 Gen Railway Signal
/
231
4 Nov 8
/
4 40,4
No par 1558 Mar 13 371
*99 104 '99 104
'99 104
*99 104
•99 104
80
90
101,2
Preferred
100 80 Jan 2 109 Oct 2
2
214
2
218
214 17,400 Oen Realty & Utilitle4
218 238
214 2,4
2
238 Nov 14
31
/
4
5*
1
1
5* Apr 2
3214 3234
32
3112 3112 *3034 32
500
$6 preferred
14/
1
4 Mar 20 331
261
/
4
10
31,2 31,2 *31
10
No par
/
4 Oct 31
25/
1
4 26
2514 27
2538 2574
2758 2814 2712 2814 15,200 General Refractories
/
4
81
/
4
1014 231
1634 Jan 30 2814 Nov 14
No par
Voting trent certits____No par
1612 Jan 15 23 July 9
714
20
10
3912 -4-0
;591'2 -4-6----550 Gen Steel Castings pref __No par
3912 46
4014 -4-214
171
/
4 45 12
14 Apr 13 42 Nov 14
17
1714 1678 171
1714 1738
/
4 17
1718 11,200 Gillette Safety Rasor____No par
12 Mar 14
1738 17
1912 Aug 7 6 712
8,2
WI
8812 8912 88
68812 8812
89
8812 8812 89
89
1.500
Cony preferred
77
4512
67
No par 701
/
4 Jan 4 93 Aug 6
612 634
634
634 634
678
634 7
612 6/
1
4 4,600 Gimbel 13rothers
74 Nov 7
61
/
4
218
252
2'1 Mar 13
Na par
60
61
60
60
60
61
6218 6112 6212 2,400
60
Preferred
1312
100 18 Mar 27 64 Oct 28
16,4 30_
3814 3834
16,600
/
4 4118 4034 4134
1
4 4012 401
Glidden Co (The)
/
4 39/
3858 391
1
4 Feb 7 4134 Nov 11
12
No par 23/
1552 2838
Prior preferred
110110
270
•100 10912
____ . _ 1083
10934 10812
1
4 109 109
8038
100 10472 Jan 2 111 Oct 14
____4 .
83
107,2
____ 108
_ /
__ __ _ _ _._
Rights
7--- ---74July 15
13 July 19
3
298
234
2/
1
4 134 3,500 :Gael (Adolf)
2,2 -i9-4
2/
1
4 -2-34
212 -i78
1 14
4/
1
4 Jan 25
5
11
/
4 Apr 26
334
91
/
4
1634 17
1674 17
171
/
4 1738
17
1714 171a 1814 32,000 Gold Dust Corp v I c
No par
1438May 2 1614 Nov 15
141
/
4
18
23
200
•115/
$6 cony preferred
1
•11512 11614 *11512 11814 11614 11614 11614 1161.1
4 11614
9612
No par 11112May 3 120 June 29
0814 120
/
4 121
12
1138 1234 1112 121
1234
1
4 22,900 Goodrich Co (II F)
/
4 1234 1218 12/
/
4 Nov 6
7/
1
4 Mar 13 131
No par
8
18
712
71
7134
7214 7012 72
71
7112 4,000
7114 7218 60
Preferred
100 40 Mar 16 7612 Nov 7
2612
51
/
4 821
/
4
21
2214 21
22
22
2212 2112 22/
2212 23
1
4 30,800 CloadYear Tire & Rubb_No par
15/
1
4 Mar 13 2672 Jan 7
1634
I8, 4134
let preferred
84
2,000
83
88
83
84
84
87
8512 87
88
No par 70 Apr 11 92 Jan 10 7 5314
64
8614
7,900
Gotham
8
/
1
4
8/
1
4
8/
1
4 812
8/
1
4 834
8/
1
4 914
Silk 1102e
854 914
212
No par
91
/
4 Nov 14
3/
1
4 111
21
/
4 Apr 4
/
4
170
6812 6812 *6418 6812 6812 6912 70
70
*6812 7012
Preferred
100 20 Apr 3 72 Nov 8
20
3812 7112
314 3/
1
4
3/
1
4 312
373
3
314
338 28,500 Graham-Palge Motors
314 312
1
114Juno 25
41 2 Oct 25
1'4
1'1
4'1
13
1338 1312 1338 1312 13/
1314
1
4 1312 1314 1312 15,000 Granby Cons M dm & Pr____100
4
514 Mar 19 1312 Nov 12
4
131
/
4
314 3/
1
4
3
3
3
318
31
/
4 338 1,800 Grand Union Co lir ctfs
314 312
1
214 Mar 15
6 Jan 7
21
/
4
4
81
/
4
1714 1812 1,200
Cony pre! series
17
1712 1814 17
18
18
•1814 1812
No par
23
1432May 20 2934 Jan 3
40
141
/
4
29/
1
4 2934 30
2912 30
30
3018
31
3114 3134 4,500 Granite City Steel
1812 Mar 29 3134 Nov 15
No par
2.
18,4
3114
Rights _
--- ---- ---- -... ____ __-- ---- ---3
4
212Sept 5
34Sept 17
Part paid rets
92812 3012 *2812 2834
-8
1
4 1,500
-iiik 1872834 2938 2912 29/
No par 2234 Oct 2 2978 Nov 15
22/
1
4
_
-3234 33
3234 33
3212 3258
32/
1
4 3314 3214 3234 4,300 Grant (W T)
No par 26 Mar 26 3814Sept 7
-2-810/
1
4
25
•14
13/
1
4 13/
1
4 1374 1434 1412 15/
1414
1
4 13.700 at Nor Iran Ore Prop
1
4 1414 14/
No par
9/
1
4 Mar 19 1538 Nov 14
81
/
4 1514
734
2718 2814 271
/
4 2814 2834 29/
2714 27/
1
4 04,900 Great Northern pref
1
4 2934 30/
1
4
100
9/
1
4 Mar 12 3034 Nov 15
9/
1
4
1214 32,2
2914 2912 2938 3034 30/
2912 2958
1
4 3034 30/
1
4 3178 24,000 Great Western Sugar___No par
Ws
25
261
/
4 Jan 15 3234May 6
23
13334 13334 13334 133/
30
133 133
Preferred
1
4 '1323813314 *13212 13334
11812
100 119 Jan 2 140 May 4
102
99
,,
"29
45
*29
Green Bay & Western RR Co.100 21 Apr 12 30 Sept 12
45
45
*29
*29
45
21
*50
70 .50
Greene ('arianea Copper
•50
*50
70
65
65
*50
65
ill
101) 34 Feb 6 66 Sept 19
14
18
69
711
/
4 6834 7112 72
7012 72
7412 7114 7278 31,800 Greyhound Corp (The)
5 46'a July 17 7412 Nov 14 9 6
---- - •112
178
10 Guantanamo Sugar
134
"112
11
/
4
134 '11
/
4 134 '112 13.1
No par
/
1
4 1/
1 Feb 1
1
4
32
234MaY 13
•25
31
31
20
31
31
'25/
1
4 30
'25
*2534 30
Preferred
100 19 Feb 16 4314May 14
7/
1
4 81
7/
1
4
8
8
*712 81
"8
/
4
834
1
4 1,00,, Gulf Moblle & Nortbern
812 858
834 8/
4
5
1614
100
9 Aug 16
4 Mar 7
*29
3012 29
29
31
*20
Preferred
30
3034 3012 3012 1,000
12
3634
8
8 Apr 3 31 Nov 7
100
"25
27
29
600 Gulf Stales Steel
2612 27
"26
29
29
2914 2914
12
No par
15/
1
4 42
12 Mar 29 3014Nov 8
9412 95
95
90
95
05 '00
95
Preferred
05
95 '85
47
83
2514
100 48 Mar 29 05 Nov 7
2934 2934 2934 2934 *2858 2934 '29
200 Hackensack Water
"29
291
/
4
19/
1
4
3011 2614
2934
36 2114 Jan 16 30 Sept 30
50
7% preferred Cl,,., A
*3212 35
*3312 35
26
27
31
*3212 3312 33,2 3312 *3312 35
25 30 Jan 18 34 June 29
65g 658
612 65g
714 2,600 Hall Printing
/
4
9/
1
4
6/
7
1
4 612
67g
31
7
8 Oct 28 • 314
10
4 Mar 19
1312 1312 •13
000 Hamilton Watch Co
1312 1312
131
/
4 1314 1314 1338 14
352
352 111
No par
612 Apr 30 14 Nov 15
/
4
104 104
195
104 105
T10314 10314
105 105
105 105
Preferred
20
25
63
100 63 Jan 4 105 Oct 16
Hanna (M A) Co $7 pt___No par 101 Jan 2 108 June 3
77
84
1011
/
4
itoi" flif" *1014 iiiili giCd fOi- i.ois 1623-4
HO $6 Preferred
*10114 104
No par 10012Sept 28 104 Oct 31 10012
2634 2678 2614 271
2614 2612
12
/
4 12612 2718 2634 2734 30,200 Harblaon-Walk RefreeNo par
-12
16 Mar 15 2734 Nov 15
-24-64
11912
120
"118
120
Nov
20
12
Preferred
82
*118 120 '118 120
'117., 120
87
100 9934 Jan 7 120
100
1114 1158 1112 1112 1138 111
•11182 111
/
4 1112 1,500 Hat Corp of America 41 A____ I
/
4
1314 Oat 1
/
4 111
11
/
4
512 Feb 6
Di
Pa
10612 10612 10634 10
430
614% preferred
141
/
4
•106 _,108
109 109
10712 109
19/
100 81 Feb 6 109 July 24
1
4 93
For
footnotes see page 31s2.
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LOw SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 9
Monday
Nov. 11
Tuesday
Nov. 12
Wednesday
Nov. 13
Thursday
Nov. 14
Friday
Nov. 15
Sales
for
the
TWeek
STOCKS
NEW YORK STOCK
EXCHANGE
, July 1
lianas MAU Jail. 1
I 1933 to Rasps fOT
On Brute or 100-share Lots Oct. 31 Fiat 1934
1935
Illobes1
Lowes)
Moe
Low Low
Par $ per stare
$ per share S per oh
$ per share $ Per share $ per share S Per share $ per share $ per share Shares
ley Mar P
012 Oct 5 43 1
2
434 4/
1
4
5
5
458 518
4/
1
4 434
5
5/
1
4 15,200 Hayes Body Corp
65
25 85 Jan 2 11712July 24
11414 11518 11378 11378 115 115 *114/
*11372 11438
1
4 116
600 Hazel-Atlas Glass Co
94
*134 146
25 127 Jan 5 141 June 4
13512 13512 *132 138
135 135
*133 146
200 Heime (3 W)
._.100 14212 Jan 10 162 June 19 120
*160 164 •160 162 *160 161
Preferred
*160 16812
10
160 160
514
/
4 Nov 14
No par 11 Jan 8 321
2858 2914 2834 311
*29/
/
4 3112 32/
1
4 30
1
4 31
12,300 Hercules Motors
32
40
87
87
87
No par 71 Mar 12 90 Oct 16
87
86
86
*85
87
500 Hercules Powder
8714 8714
/
4
12518 12512 12518 12518 12514 127
100 122 Feb 9 128 May 3 1041
12538 12532
126 126
$7 cum prefsrred
190
/
4 Aug 29 12112
12112 Aug 28 1211
*12112 12179 *12112 12178 *12112 12178 *12112 1211
/
4
Preferred called
*12112 1211
/
4
44
*7414 7514 *7438 7514 75
8134 Jan 19
No par 7314 Apr
•7414 75,4
75
75
7514 1,200 Hersney Chocolate
80
112 113
No par 104 Jan 25 118 July 17
113 11312 11212 113
113 113
11314 113,4
Cony preferred
800
4
534 Mar 15 2558 Nov 2
2212 23,4 2234 23/
No par
1
4 2414 24
1
4 23/
23/
1
4 2432
24/
1
4 4,500 Holland Furnace
/
4 91.
518
61
/
4 Mar 29 11 Jan 2
912 912
/
4 918 *81
834 834 *81
5
81
/
4 9
800 Hollander & Sons (A)
402 402 *39978 404
402 402
400 400
100 338 Feb 5 412 May 14 200
402 402
500 Homestake Mining
•
7
July
31
14
4112 42
42
/
1
4
Mar
4134 4134 *4018 4178
30
--No
par
Houdaille-Hershey
Cl
A
41
41
1,600
21
/
4
2534 27
2658 27
61
/
4 Mar 13 2814 Nov 6
No par
2578 2714 2658 2714 2638 27,8 26,300
Class B
43
*71
73
*72
73
73
*71
7234 7234 7234 7234
200 Household Finance part pf-_ 50 49 Jan 2 7234 Nov 14
918
918 Mar 15 1714 Jan 2
_
Houston 011 of Tex tern otfe_100
112
4/
1
4 Oct 13
11
/
4 Mar 13
4
439
4
25
4
418
Voting trust cite new
4 -1;
1
4's 4l 17,900
20
53
1
4 5412 5412 55
5334 5212 5358 53/
5234 5234
6 43 Jan 15 56 Apr 26
7,800 Howe Sound Co
3/
1
4 3/
234
513 Jan 21
1
4
234 Feb 27
3/
1
4 3/
1
4 *3'4 3,2 1,300 Hudson & Manhattan
100
3/
1
4 3,2
3'4 314
818 Mar 14 1312 Jan 21
612
9
9
*9
912
100
9
9
Preferred
500
914 914
91
/
4 938
61, Mar 26
1713 Oct 23.6
1478 1518
15
1538 1478 1514 1514 15/
No par
1
4 1558 16
29,100 Hudson Motor Car
234 2/
1
4
212 2/
1
4
238 278
3/
1
4 Jan 7
10
212 2/
/
1
4 Apr 5
1
4
2/
1
4 234 12,000 Hupp Motor Car Cory
912 Mar 14 1734Sept 19
1514 1534
912
100
/
4 16
1
4 1512 1578 161
1434 1534 14/
1658 27,300 Illinois Central
15
*22
2212
22
2212 2212 22
100 15 April 25 Nov 15
23
6% pref series A
24
24
25
2,400
40
5212 52
*5212 53
5218 52
52
100 40 Mar 21 6712 Jan 10
5312 53
Leased lines
5312
48
91. 918
4,4
414 Mar 30 10 Jan 4
812 812
9
9
9
914
RR See etre series A____1000
938 9/
1
4
300
218
234 234
318 Nov 15
2/
1
4 Mar 16
10
234 234 *218
278 2/
1
4
278
3
318
700 Indian Refining
3118 32
3034 3118 3034 32
No par 2312May 8 3638 Oct 21 ). 1314
3178 3214 314 3178 9,100 Industrial Rayon
45
115 115
115 115
No par 6012 Mar 13 121 Nov 6
116 11712 11712 11712 1,100 Ingersoll Rand
117 117
*128
*128
_ *128
100 109 Jan 7 130 July Is 105
•130
Preferred
*130.
_
26
1
4 Nov 15
100 10012
No par 4614 Mar 22 104/
100 101
10014 10134 102 10412 104 104/
1
4 101,500 Inland Steel
212
2/
1
4 Feb 27
6
618
8/
1
4 Oct 8
20
612 652
534 6,4
534 6
612 652 4,300 Inspiration Cons Copper
2
61
/
4 Aug 2
4 Mar 1
5/
1
4 6
*5/
1
4 6
1
618 618
618 618
6
6
800 Insuranshares Ctrs Inc
1
4Sept 11
1834 19
8/
1
4 Mar 15 23/
18
1812 1834 19
1812 18
18
1812 3,600 :Interboro RapidTran vie _.i00
2
2 Oct 7
258 *214 258 *214 258
*214 258 *214
*214 258
432 Jan 25
Internal Rye of Cent Amer_ 100
134
•218 3
*218 3
5 Jan 3
No par
*218 3
*218 3
134 Oct 14
Certificates
*218 3
652
10
914May
21
*1118 12
1813
Jan
1212 1212 1212 1212
1112 12
100
111
/
4 12
Preferred
270
112
DiStay 1
21
/
4 214
*214 238
3 Jan 7
No par
214 214 *218 214
214
214
600 Intercont'l Rubber
8/
1
4 918
4
41
/
4 Mar 7 1114 Nov 15
8/
No par
1
4 10,4 1014 1034 1078 1114 65,300 Interlake Iron
834 9,4
3
3
258July 11
3
6 Jan 2
No par
318
3
3
3
3
318 314 2,700 Internal Agrioul
2912 2912
10
*2958 3012 *2912 3012 3012 3112 3112 3112 1,100
100 26 June 1 4234 Jan 25
Prior preferred
*179 181
181 181
1
4 Jan 15 187 Sept 12 12554
/
4 18012 181
180 180/
1
4 180 1801
1,200 Int Business Machines ___No par 149/
7
/
1
4Sept
352
3%
Mar
12
11
1
61
/
4 634
7
7/
1
4
6/
1
4 678
7
7/
1
4 10,300 Internal Carriers Ltd
658 62,1
181
/
4
33/
1
4 3318
1
4 Nov 15
34
3214 3312 3238 3318 33
34
3678 20,600 International Cement____No par 221s Mar 15 36/
2314
5814 5934
/
4 Nov 15
No par 3418 Mar 18 651
5712 5938 5712 58/
65/
1
4 37,600 Internal Harvester
6212 63
1
4 59
152 May 9 110
•146 147
100 135 Jan
146 146 •14518 14718 14718 14712 *14734 149
Preferred
200
11
/
4
4/
1
4 Aug 19
114 Mar 15
25
338 312
312 334
358 334
314 338
314 3/
1
4 5,000 Int Hydro-El Sys al A
172
11
/
4June 20
4
4
3/
1
4 4
3/
1
4 3/
1
4 1,800 Int Mercantile Marine__ No par
334 334
612 Oct 3
334 334
3414 3412
3818 Nov 15 "1439
34/
1
4 351
/
4 3618 3634 38
/
4 341
3758 3818 135,900 Ins Nickel of Canada____No par 2214 Jan 1
131) Mar 14 101
•12634 128
12634 12634 •12612 13012 127 127 *127 13012
100 1237o July1
Preferred
200
8,4
100
Internal Paper 7% pref
---- -212
234 234
112 Mar 15
2/
1
4
234 -23-4
1 12
314 Oct 4
234 234 -1:ioo Inter Pap & Pow al A ___No par
*118
138
178 Oct 4
38July 11
No par
138
114
138
138
*118
112 112
11
/
4
Clime 13
600
•78
2.MaY 7
1
1
1
1
1
1
114 Oct 4
No par
118
1
1
Clam C
2,600
412
1412 1434
1412 1434
412 Mar 13 18 Oct 11
13/
1
4 141
1434 16/
100
1
4 1512 1634 18,400
Preferred
37
3712
9
3612 3712 37
3712 37/
37
1
4 38
40
3,700 Int Printing Ink Corp-No par 2113 Jan 15 40 Nov 15
*106 10612
Stock
65
10534 10612 106 10612 106 10612 106 10612
/
4 Jan 2 108 Sept 24
100 981
Preferred
350
28
28
*27
20
28
*2712 28
No par 2514 Oct 21 3614May 14
2712 2712 27
2714
700 International Sall
4834 48/
1
4 Exchange
38
4812 4834 48/
1
4 Mar 19 49 Nov 7
1
4 4878 4834 4834 4834 4!)
No par 42/
1,600 International Shoe
*2218 2258
21
16
16 July 19 28 Jan 4
2214 2134 2134 22
10
2312 2212 2212 1,200 International Sliver
75
Closed75
40
75
75
100 6012 Mar 21 78 Oct 19
75
7534
7534 7534 7534 77
410
77. preferred
11
1114
1058 111
/
4 Aug 12
5112
No pa
/
4 1012 11
55s Mar 13 121
1078 1214 1152 12 123,400 Inter Telep & Teleg
1458 1434 Armistice
234
1658Sept 9
873May
14
1434 1412 1458 1412 1412 1412 14/
1
4 4,000 Interstate Dept Stores-No pa
*75
78
7518 7518 *75
1614
100 7012June 27 90 Aug 19
*75
80
Preferred
80
*75
100
80
*13
14
Day
1414 14,4 1334 13/
434
els Mar 13 1414 Nov 12
No pa
300 Interty ye Corn
1
4 *13,4 1414 •1378 14
2512 2512
2034
2412 Oct 22 38 Jan 8
1
2538 26
*2512 26
2512 26
2512 26
1,100 Island Creek Coal
*113
85
1 110 Jan 22 12012 Apr 9
*113
•113
Preferred
*113
*113
5434
54
26
5412 5412 5414 145-8 5512 1534 55
No par 49 Mar 13 37 Aug 8
5512 -i;566 Jewel Tea Inc
9278 931
3612
92
No par 3813 Mar 13 99 Nov 14
9314 9214 97
961
/
4 99
9612 98
20,400 Johns-Manville
*12218 12614
87
100 11713 Mar 15 12534 Aug 14
*1221
/
4 12614 *120 12412 12218 12218 *121 12614
Preferred
10
*---- 150
*---- 150 *---- 150 *.
Joliet & Chic RR Co 7% gtd_100 130 Feb 19 130 Feb 19 115
150
150
88
88
45
86
87
88
8812 i5T4 90
1,650 Jones & Laugh Steel pref.. _100 50 Apr 4 90 Nov 7
8912 90
*118
97/
1
4
/
4 Mar 20 120 Aug 1
*118
11812 11812 11834 11834 *11834 119
40 Kansas City? & L pf ser FiNo par 1151
*512 5/
334 Mar 13
334
8/
1
4 Jan 7
1
4
100
612 612
534 578 *534 6,4
614 634
900 Kansas City Southern
10/
61
/
4
1
4 1032
658 Mar 12 1312 Jan 7
-100
10
Preferred
10
934 1018
10,4
10,
2 1014 1044 3,70
51.
18/
1
4 19
7/
1
4 Feb 6 19/
1
4 Nov 14
*1812 1812 1812 1834 19
1938
1818 191
/
4 1,800 Kaufmann Dept Stcres $12.-50
*26
2614
12
x26
1534 Jan 17 28 Oct 24
b
26
26
2614 26
26
26
26
1,800 Kayser (J) & Co
*80
15
90
.
80
*80
*80
90
Keith-A lbee-Orpheum pref _.100 34 Mar 7 9018 Oct 23
90
*80
90
90
232 Jan 17
/
1
4 Apr 4
6
------ :Kelly-Springfield Tire
5
6 Apr 4 22 Aug 12
No par
6% preferred
30
3039
"2879 161; 2838 -3913; -3014 31 -2912 W2 13,100 Kelsey Hayes Wheel conv.clA _1 6 Jan 25 3114 Nov 7 212
27
27
26
2634 2714 26
27
2634 26
3/
1
4 Mar 1 2814 Nov 6
1
2718 4,400
Class B
1378 1414
14
1438 14,8 1438 1458 1512 1514 1512 42,400 Kelvinator Corp
/
4
1014 Aug 27 MA Jan 9 • 61
No par
*92
93
92
55
92
892
*9218 93
92/
1
4 9218
93
4 Kendall Co pt pf eer A .. No par 84 Mar 21 96 July 9
2634 2718
1334
2638 27,4 2612 27,4 2758 2814 2734 2814 54,400 Kennecott Copper
No par 1334 Mar 13 2814 Nov 2
*21
2112
20
20
21
201
932
: 2012 2012 2012
20
No par 10 Mar 6 21 Nov 6
500 Kimberly-Clark
4
4
214,
4
*31
/
4 414 *378 4,4 •378 4
4
532 Jan 3
2/
1
4 Oct 4
No par
300 Kinney Co
*3213 34/
1
4
*33
333 *33
12
1
4 33/
1
4 3358 36
33,
8 33/
Preferred
No par 23 Mar 29 38 Jan 23
310
2678 27
2618 27
271I 271
27
1014
/
4 2712 2714 2712 10,200 Kresge (S El) Co
10 1934 Mar 13 27l2 Nov 41
•107 108
108 108
1071
/
4 108 *10812 109
9914
109 109
1
4 Apr 26 113 A or 9
7% preferred
100 103/
195
*5
534
2
512 5,2 *5
6 Oct 21
2 May 21
No par
6
0514 512 *51
100 Kresge Dept Stores
/
4 512
*70
90
*72
90
*72
12
90
*72
90
*72
90
Preferred
100 42 Jan 11 80 Oct 31
*75
781
7812 80
79/
1
4 79/
1
4 .76
2734
Ms .78/
1
4 79
No par 561s Apr 5 80 Nov 1 2
400 Kress (B 11) & CO
2618 2738
2818 2718 26/
1
4 2634 2612 2678 2614 27
19
3212 Aug 12
No par 2214May lf
20,200 Kroger Groo & Bak
*18
21
20
20
21
211
/
4 *2112 22
12
21
211
/
4
• 60 Laclede Gas Lt Co St Louis _100 12 Mar 22 27 Aug 16
.36
41
.
36
1914
3934 *3618 3934 *3838 3934 *3638 3934
57 preferred
100 1914 Mar 27 46 Aug 20
2234 23
2212 2278 22/
1
4 22/
1
4 2258 23,4 23
1938
2312 6,500 Lambert Co (The)
/
4 Jan 8
/
4 Oct 3 281
No par 211
8
8
*8
818 *732 8
712 712
*738 8
412
9 Jan 3
No par
5 May 13
200 Lane Bryant
1234 131
/
4
1218 13
12
1234 1218 1234 1214 1278 9,800 Lee Rubber & Tire
5141
8/
1
4 Mar 14 1314 Nov 8
5
1212 121.,
1212 123 .1212 1312 *13
1312 13
9
141g
900 Lehigh Portland Cement
50 1058 Mar 14 1732 Jan 7
*100 103
*100 103
9034 100
100 100
73
10112 10112
60
7% preferred
100 8932 Jan 3 102 June 21
812 9
818 878
838 832
5
839 9,8
9
914 7,40( Lehigh Valley RR
5 Mar 13 1113 Jan 7
It'
2,8 2,4
21
/
4 214
218 218
218 218
112
2,4 238 1,600 Lehigh Valley Coal
314 Aug 14
11
/
4 Mar 13
No par
11
11
11
11
11
11
11
1114 11
4
512may
12
4,800
1314 Aug 14
Preferred
50
9258 93
9238 93
9214 93
93
94
9412 95
5834
3,800 Lehman Corp (The)
No par 671s Mar 28 9538 Sept 12
121
/
4 123
12/
1
4 1234 1212 1212 212/
1
4 121
/
4 1258 1238 2,000 Lebn & Fink Prod Co
1012
1714 Jan 25
6 10,2 Oct
1
4
4634 4784 4638 4714 4734 48
4712 47/
4634 4734 14,000 Libbey Owens Ford Olass_ No par 2112 Mar 30 4914 Oa 28
21
812 8/
8/
1
4 8/
818 812
1
4
1
4
812 834
8/
1
4 9/
1
4 17,500 Libby, McNeill & Libby. No par
978 Nov 15 2 214
Sept 1
63
8
2412
25
2458 2513 26
*2412
2712 2814 28
2918 4,400 Life Savers Corp
1553
2918 Nov 15
b 21 Mar 1
*115 117 *115 117 2116 116
*116 118
115 115
7113
200 Liggett & Myers Tobacco___25 9414 Apr
120 Aug 6
11812 11734 11512 11612 x116 11612 11514 11614 3,200
117 11712
Series B
1
4 Apr 4 122 Aug 6
25 93/
7314
0161 16414 *161 16414 *161 16418 161 16318
*161 16414
1 200
Preferred
100 151 12 Jan 30 16712May 4 123
1818 1834 1834 1878 1818 1834 1812 1834 2,300 Lily Tulip Cup Corp____Nopar
1814 18,4
1912 Apr 25
1414
1512 Oct 16
2414 2414 2253 2334 2472 26
*24
24/
1
4
2514 2878 14,800 Lima L000moll Works....._No par
13/
1
4
1312 Mar 14 2678 Nov 15
41
4234 41
42/
1
4 4134 42
42
4134 4214
4212 3,000 Link Belt Co
Ills
Oct 16
43
No
par
1712
Mar
13
3314 34
3234 3312 3314 3514 3412 3518 6,700 Liquid Carbonic
34
3412
1618
1
4 Nov 2
No par 2413 Mar 13 36/
481
/
4
4978
481
/
4
4914
49
/
1
4
4934
5179 5134 5338 48,500 Loew's Incorporated
49/
1
4
1
4 Nov 15
No par 31/
1912
1
4 Feb 7 53/
105/
1
4 105713 105/
1
4 106
106 106 *106 10612
*10558 106
66
500
Preferred
No par 102 Feb 1 1091
/
4 Oct 18
2
218
2
218
2
214
218 218 5,800 Lofi Incorporated
212 218
1
252 Oct 28
No par
1 Mar 15
2/
1
4 234
212 2/
1
4
238 212
212 21
234 314 9,20 Long Bell Lumber A
/
4
1
No par
3,4 Nov 15
114 Mar 12
3912 3912 3934 3934 4038 3934 39% 1,600 Loose-Wiles Biscuit
39
*381
/
4 39
33
/
4July 25
25 33 Apr 25 411
112
*10612
*10612
112 *10612 112 *10612 112
•10814 112
57
0 preferred
1
4
100 107/
1
4 Oct 26 10814 Oct 16 107/
2512 26
25,4 26
2618 2612 2618 2638 16,200 Lorillard (P) Co
2534 26
10 1813 Mar 26 2612 Nov 14
14.4
•13912 140
13912 13934 139 13912 139 141
*13912 140
130
7% preferred
1
4 Aug 7
100 124 Apr 6 144/
9812
43
4
7
8
7.
/
1
4
33
84
84
24
14
34
34
1,100 :Louisiana 011
No par
38July 16
11
/
4 Jan 7
912 912
912 912 *9
10
•9
10
*9
9,2
40
Preferred
412June 19 1412 Jan 8
100
412
21
2138 2034 21
20/
1
4 2078 2014 2034 2,600 Louisville Gas & El A___No par 1032 Mar 18 2318 Aug 19
21
2118
10/
1
4
4812 5014 4834 50
1
4 5134 53,2 12,200 Louisville dr Nashville
4812 4912
50/
1
4 52/
34
100 34 Star 29 5312 Nov 15
.2438 2538
2412 25
2414 2512 2514 2512 2412 25
7/
1
4
4,000 Ludlum Steel
1
1234 Mar 26 2612 Sept 18
*129 130
129 129
•129 130
129 129 .12512 127
200
Cony preferred
No par 9014 Jan 4 135 Sept 18
50
*39
40
3934
391
/
4 40
4278 43
40
41
41
1,000 MacAndrews & Forbes
10 3778 Nov 4 46 Feb 19
21
*120 126
*120 126 *120 126 *120 126 *120 126
6% preferred
100 113 Feb 8 130 May 13
8753
For 1008081183 otx• page 3182
3187
per shore
11
/
4
6/
1
4
74
9672
101
145
12312 163
51
/
4 12,2
59
8152
111
12534
48's 738g
83
105,8
434
1014
534 13
310 x43012
11
34
81
/
4
253
43
64
1213 29/
1
4
212
Vs
3513 5714
4
1212
9
2614
613 2414
172
7,4
1332 Ws
21
5(1
4834 66
71
/
4 241,
2/
1
4
484
191
/
4 3214
4913 7334
1161
/
4
105
3414 56
258
678
212
438
512 1712
2
7
212
6311
7k, 22114
214
572
4
11,4
2
614
15
371
/
4
131
164
412 1214
1838 2734
33,4 4872
110
137
312
912
2
6
21
'2914
11534 130
10
25
2
612
72
312
%
234
812 2272
9
2512
116
101,
21
32
38
1503,
114
4534
59
84,2
712 1714
312 16%
21,
2 811,
532 10
2434 36
90
110
33
5713
39
651
/
4
i 01
21
135
40
45
77
977g
14,2
632 1934
1014 2712
6
1032
1372 1812
20
3712
1
412
8
20
3
10
232
712
111
/
4 21,4
1518 94
16
2318
972 18,4
3
714
1312 41
1332 2314
101 V14
212
714
55
19
36
15912
2
2314 33,
6312
20
27
61)
2214 313.
5
1414
7
1412
11
20
73/
1
4 90
9/
1
4 2114
2/
1
4
5
5
161
/
4
641
/
4 78
1113 2312
2212 43/
1
4
17-1;
73
7412
1211
16
1514
111
/
4
1618
2012
72
112
1
3314
24
110
11114
15213
3612
3614
191
/
4
3532
37
105
3
3
24434
-1-5v0-4 2212
102 2130
34
338
714 2312
12
21
3734 6212
81
/
4 191
/
4
60
97
30
42,4
95
11114
New York Stock Record-Continued-Page 6
3188
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 9
$ per share
2112 2158
5234 5318
*834 912
3314 3314
__
*1
114
612 634
714
714
*61
64
2334 2334
*1412 15
214 214
94 914
*58 1
*234 334
*914 10
*138 212
3834 39
1334 14
734
778
3134 3134
*154 155
54
54
16
16
*4914 5214
*4614 51
*10138 10178
3412 3418
12
1214
12
12
9812 9812
1478 1478
3538 36
125 125
778 778
4978 4978
1312 1334
*111 11278
6212 63
7
714
53
53
2734 28
38
3814
514 514
14
1614
2218 2314
114 114
_
14112 111-12
*10712 109
---- ---512 558
6212 6312
4
18
*1
112
*112 134
*134 2
1538 154
478 478
978 1034
*138
112
*212 258
22
2218
9212 9212
3578 3614
'5212 55
Monday
Nov. 11
34
38
*14
7712 7812
*17
1734
6612 6634
934 978
10
1038
*3812 40
57
57
11212 11212
*358 6
91g 914
3312 3312 .
23
2338
1114 1214
2312 25
*4
414
1112 12
*122 127
*125 140
78
1
*
9612
278 24
658 634
*34 4
2
2
178
178
1114 1134
*6212 67
83
83
*9334 96
*12 1
19512 19512
*105 106
2658 2714
5314 5358
4
434
99
99
•____ 9814
Wednesday
Nov. 13
Thursday
Nov. 14
Friday
Nov. 15
$ per share $ per share S per share Shares
2118 2158 2158 22
2158 2278 13,700
54
5212 5312 9,100
.5234 5278 53
912 x912 912 *914 912
200
*878
33
3312 34
35
3518 3512 1,900
_ _
_ _ ___
-- - - _ ___
*i
ILI *I -1-14 *i -1-14
550
638 738
7
7
71s 74
714
714 *7
500
712
714 714
50
*55
62
60
60
*55
60
23
2414 2338 2412 2234 2312 4,100
2,000
*1334 1412 1412 1412 1434 16
2
2
2
218
218 218 2,000
9
914
918 914
9113 914 10,500
58
24
*58 1 I
go
*58
1
3341
*234 334 *3
334 *3
520
10
10
1014 10
1014 *9
50
138
138 *138
158
138
1:38
3634 3712 3838 3834 3834 39121 4,300
1314 1334 1378 1418 1334 141oJ 9,200
734 8
8
8
8
814 2,700
3114 32
3114 3158 3112 3238 3112 3178 5,900
40
155 155
155 155 *154 155
155 155
5318 5358 5318 5312 x5314 5312 5312 5378 2,600
16
1614 1578 1614 16
1678 1678 1714 5,800
1,300
a4914 4914 5114 5114 *4914 5178 52
52
*48
51
*48
51
*48
51
*48
51
150
10153 10178 10112 10178 *10012 10112 *10012 10112
34
33
33
3258 331 y
33
3314 3,300
33
12
1258 1114 1178 1158 1212 1134 1238 24,700
1212 1212 *1138 1178 1112 12
1138 1112 2,200
900
9812 100
10012 10012 10058 10058 101 101
*1434 1514 1514 1514 *1478 1512 1538 1538
300
3434 3558 35
3534 3512 3614 36
3612 11,400
126 12618 125 126
125 126
12478 126
1.300
8
818 15,300
8
814
734 8
734 814
4912 50
4934 51
5012 5134 504 5012 4,400
1314 1318 1312 1318 1334 6,200
1314 1338 13
*111 112
111 111 *11012 112
112 112
110
800
63
63
6178 62
6212 6212 6334 6334
718
714
714 818
8
838
8
838 12,300
5278 5278 5278 58
57
5812 5834 5934 1,260
200
*28
2912 28
28
28
2712 2712
28
3712 3812 38
3812 39
3914 3838 3914 7,200
514 538
518 514
518 512
514 512 4,100
1512 1614 1534 1618 1618 1612 1614 1658 41,300
21
22
2158 2214 2238 2314 2212 2258 4,100
11014 11014 10914 11012 110 111
420
112 113
__ ___ ___
*80
_ *80
*80
*140 1-43
140 fio
141 1-43 *14212
*80-144
90
*10712
108 108
____ 109
10712 10712
____ *10712
____ 109
____ ____
____ ____
____ ___6
_0
_0
_
514 538
644
512
538 534
53s 558 15,400
60
61
600
6012 6012 5814 5912 *59
60
18
14
18
18
18
18
18
18
800
118
118 *1
118
118
112
400
1
1
134
134
134 134 *112 24 *112 218
200
*134 2
*178 2
2
2
10
*134 2
15
1514 1538 154 1514 1538 4,700
Stock
15
15
412 5
412 478
478 518
478 518 7,400
Exchange
10
11
978 1034 1012 1138 1034 1138 22,200
138
114
114
133
138
112
138
138 1,500
212 212
238 258
212 258
25s 234 1,400
Closed5,900
2114 22
2078 214 22
2238 2178 22
92
9278 92
94
4,700
Armistice
94
9434 9312 94
3514 3612 3514 3638 3634 3778 3712 38 117,500
Day
55
55
*5312 55
100
*5334 55
*5412 55
3 per share $ per share
2112 22
5218 53
*878 912
33
3334
-- - - *i
114
*638 712
714
714
61
6112
2212 2314
1414 1434
2
218
918 914
58
58
*234 334
9
9
*138
134
3712 3914
1314 1378
712 73
*60
65
*58
4
5134 .5212
1338 1358
*1412 15
1412 1434
*72
74
21
21
1812 1878
47
47
1634 1714
18
18
912 10313
*918 93*
3438 3514
*150 153
2112 22
1812 1872
111 11212
*111
_ _
24 -278
32
32
3234 3338
2838 2838
195 195
*160 161
•135 14014
1078 1138
*12
Tuesday
Nov. 12
Sales
for
the
Week
I
loan &wet Jac 1
On Basis of 100-sear4 Lots
LOt0081
molsst
Jim, A
1933 fo Rases for
Oct. 31 Year 1934
1935
Low Low
litge
$ per sears 5 per sit 5 per share
Par $ per share
1838
22
Mack Trucks Ina
No par 1838June 1 2812 Jan 8
4134
3012
354 6212
Macy (R H) Co Inc
No par 304 Apr 1 5518 Oct 25
24
7
Madison SQ Clara V t 0
258
Ne par
512 Jan 2 1058Sept 12
1214
154 x2314
Magma Copper
10 1832 Jan 16 37 Oct 5
MahonIng Coal RR co
50 515 Aug 20 515 Aug 20 515
-3-4
:Manatl Sugar
78 Feb 6
214May 14
-72
100
4
1
13.4
94
Preferred
4 Jan 7 10 May 24
100
3
712 Nov 8
Mandel Bros
3 Apr 29
8
812
No par
20
41
14
:Manhattan By 7% guar___100 29 Apr 23 6618 Oct 16
1014 2938
Mod 5% guar
1034
100 134 Mar 15 30 Sept 11
10
1012 2058
Manhattan Shirt
25 10 Mar 28 16 Nov 15
1
118
338
Maracaibo 011 Explor
1 Feb 23
3 May 23
1
9
Marine Midland Corp (Del).._,,5
5
512
514 Apr 1
914 Nov 6
38
Market Street By
12
238
i 00
%June 14
112July 22
2
2
814
Preferred
100
212 Oct 24
5 Jan 8
3
Prior preferred
3
1214
100
334 Mar 1 1034June 27
2nd preferred
4
1
414
100
1 Mar 15
24 Jan 8
12
17
32
Marlin-Rockwell
No par 20 Mar 13 4012 Oct 17
Marshall Field & CO
82
8/
1
4 194
No par
634 Mar 14 1414 Nov 7
23*
1258
4.
MartIn-Parry Corp
4 June 27
912 Jan 7
No par
2312 404
Mathieson Alkali Works No par
2312
2334 Mar 14 33349ept 18
136
Preferred
100 138 Jan 2 155 Nov 2 1054 110
May Department Store,
,Sept 9
23
30
4534
10 3578 Mar 29 545
924
44
Maytag Co
314
54 Jan 30 20 Nov 4
No par
36
10
834
Preferred
No par 33 Jan 15 .54 Oct 11
9
3'234
Preferred ex-warrants__No par 3212 Jan 7 55 Oct 11
8
0212
Prior preferred
27
49
No par 8412 Jan 4 103 June 17
24
32
22
McCall Corp
No par 28 Mar 14 3512June 17
14 1212
:McCrory Stores olaseA No par
34
74 Apr 3 14 Oct 15
Class 13
118
114 1238
612 Apr 3 1338 Oct 15
No par
Cony preferred
514 8338
312
100 5714 Feb 5 101 Nov 15
4
4
1012
McGraw-Hill Pub Co___No par
74 Mar 26 1534 Nov 7
McIntyre Porcupine M1nes____5 3334 Nov 1 4518Sept 28
2852
3812 5012
McKeesport Tin Plate___No par 9012 Jan 15 12712 Sept 14
674
79
9518
312
414
914
5
572May 22
918 Nov 1
McKesson & Robbins
1172 4234
Cony pre! series A
912
50 32 May 24 5378 Nov 1
34
1
1712
McLellan Stores
812 Apr 1 15% Jan 3
No par
6
94 924
6% cony pref set A
100 8512 Mar 13 112 Oct 17
42
174
20
Melville Sboe
No par 41 Jan 2 6514 Nov 6
3
312 11
Mengel Co (The)
838 Nov 14
3 Mar 12
1
2034
24
52
7% preferred
100 2034 Mar 20 6034 Oct 21
March .12 Min Transco Co_No par 22 Apr 12 30 Oct 26 I 22
254 3334
Mesta Machine Co
5 2418 Jan 15 3978 Nov 1 37 814 2201s 254
Miami Copper
634 Oct 8
212
278
04
212 Mar 13
5
1414
218
918
MId-Continent Petrol
912 Mar 15 1678 Nov 7
10
612
012 214
Midland Steel Prod
814 Mar 12 2434Sept 18
No par
44
44
85.
8% rum 188 pref
100 5018 Mar 6 11618 Oct 9
50
70
Mllw Elec Sty & Lt Co 6%pref100 85 Nov 4 85 Nov 4
50
05
2058
SO
par 58 Jan 15 14412 Nov 7
87
107
6% pre series A
100 105 Jan 9:11114June 19 3 08
I'd Preferred called
10514 Oct 7 10514 Oct 7 10514_Minn Moline Pow Impl __No par
6 Nov 7
14
14
-54
34 Mar 15
154 41
16
Preferred
No par 31 Mar 14 6412 Nov 7
14
138
38 Jan 7
4
:Minneapolie & St Louis__.100
la Mar 4
14
Minn SI Paul at SS Marie-100
212July 11
358
34
4 Apr 24
7% preferred
1
1 14
5,8
4 July 10
1 Mar 6
ito
4% leaaed line elf,
114
112
712
3 Jan 14
114 Mar 29
100
Miselon Corp_
1058
-- - - No par 104 Apr 9 1678MaY 16
MO-Ran-Texas RR
212
212July 22
64 Jan 7
4-is
1-47s
No par
12
3432
Preferred eerie, A
578
572May 7 144 Jan 7
100
0
1
112
2M1seouri Pacific
3 Jan 4
100
1 July 8
Cony preferred
218
934
112
4 Jan 7
100
112Mar 30
1312 2238
Mohawk Carpet Mills
1034
20 104 Mar 13 23 Nov 7
8158
Monsanto Chem Co
39
10 55 Feb 29 9134 Nov II "24
Mont Ward & Co Ine____No par 2134 Mar 12 38 Nov 13
1514
20
3538
Mortal (J) & co
634
37
344
No par 50 Sept 19 66 Feb 25
Morris & Eseex
71
58
60 814 Apr 18 6512May 24' 5534
14
Mother Lode Coalltion___No par
Is
1
14 Apr 4
1 1smaY 1
1514
1514 4438
Motor Products Corp_ __No par
1712 Mar 18 53 Nov 12
038 1634
Motor Wheel
614
5
718 Mar 12 1478 Oct 15
Mullins Mfg CO Class A,.__7,50
1614 Oct 22
914 Aug 21
914
---- -Class 13
912
1
912 Aug 23 1512 Oct 22
62
Preferred new
No par 62 Sept 4 7712 Oct 16
10
-1-8
15
Munsingwear Inc
1314 Mar 26 2112 Oct 24
No par
3%
378 11.
1
Murray Corp of Amer
434 Mar 13 2038 Oct 26
10
134
16
Myers F dr E Broe
3358
No par 80 Jan 12 4712 Oct 25
11
1238 32
Nash Motor, Co
11 Apr 3 194 Jan 7
No pal
14
194 4614
Nashville Chatt & St Louis __100 14 Mar 14 274 Jan 8
Shy
872
3
National Acme
1
412 Mar 13 12 Nov 15
1038 Sept 17
53*
National Aviation Corp..._No par
514 134
634 Feb 26
2
4912
2214
257
Nov
6
1
363
8
National Biscuit
Apr
10 2214
1484
7% cum pret
100 14118Mar 7 152 Aug 17 12912 131
12
2358
Nat Cash Register
12
1312 Mar 14 22 Nov 8
No par
13
Nat Dairy Prod
1114
19 Nov 12
1834
1278 Mar 21
No par
7% pref class A
100 108 Sept 28 11314 Nov 6 5 80
7% prof class B
.106 Sept 3 108 Aug 19 x106
41g Jan 17
13
I -3-7-2
:Nat DepartmentStoresNo par
112 Mar 7
3
5
2818
Preferred
100 17 Apr 2 344 Feb 16
16
16
3138
Nat1Distil Prod
No par 2312May 2 3412 Nov 2
6434 .*62
*60
6434 *60
6434 *62
6434
34 5,000
58
58
4
58
34
38
34
5014 5112 5134 5278 51
4934 53
12,500
53
1312 1312 1358 1312 1358 4,300
1318 1358 13
400
1412 1412 *1434 154 15
15
15
15
1414 1434 1412 1478 14
144 1438 1434 2,200
73
240
7312 74
7312 *7214 7312 7212 73
*2018 21
2078 2078 21
21
2078 2118
700
1818 1918 1734 1838 1838 1834 1858 1878 33,900
4612 4612 *4614 47
46
300
*4614 47
46
17
1712 17
1714 1718 1818
1712 18
32,100
21
860
1814 1814 1814 1934 1912 2018 20
978 1038
52,900
94 1038 1038 1114
11 12 12
934
9
9
9l4
*9
9
912 958 2,000
3414 3514 3412 3514 3478 3578 3538 3534 26,600
*150 153 *150 153 *14814 153 *14912 150
2078 22
2078 2118 20
2118 2018 204 30,100
1814 1834 1812 1878 1812 1878 28,400
1814 19
90
111 11112 *10912 11212 *10912 112
111 111
*111.
_
*111
- _ *111
.*111
_ - _ --234 -278
234 -278
278 6,000
278 .-3
234 _--32
31
3212 32
31
33
3112 3218 1,150
3138 3338 3112 3218 3178 3238 3158 32714 65,000
2814
*28
1,300 Nat Enam Se Stamping
2814 28
28
28
2834 28
No par
1,000 National Lead
205 205
196 196 *19712 200
200 202
100
100
161 161 *156 161 *156 161 *156 161
Preferred A
100
50
Preferred 13
*13512 14014 013514 1354 *135 140 *135 140
100
1012 1118 1012 1038 1012 1078 1012 1078 26,300 National Pow & Li
No par
34
*12
34
*12
34
.12
84
*i2
Nat Bye of Mex 1,14% ist--100
*14
3,
*14
3,
*14
58
Cl,
38
211 preferred
100
7812 7912 7834 814 8234 8331 8234 8358 18,700 National Steel Corp
25
1612 17
1612 17
1712 1818 1734 1734 1,300 National Supply of Del
25
66
67
380
6514 66
66
67
6612 67
Preferred
100
958 11,500 National Tea Co
934 10
934 934
834 958
9
No par
978 1038 101/1 1038 1014 1014 1014 1014 5,700 Natomas Co
No par
500 Nelener Brat
*3812 39
*3812 39
39114 3938 3834 3918
N. par
5612 5658 5512 5512 5514 5514 5512 5534 1,000 Newberry Co (T J)
No par
90
113 113 2113 113 *112 113
7% preferred
112 113
100
30 :New Orleans Texas & Mex 100
512 512
*338 6
*38 •512 *358 512
9
958
834 9
878 938
878 9
9,800 Newport Industries
1
33
3434 35
35
4,600 N Y Air Brake
33
34
3512 34
No par
2238 2334 2238 2384 2418 2478 2412 2512 155,100 New York Central
No par
1234 13
1378 133* 1334 5,000 N Y Chic & St Louie Co
1112 1212 12
100
2434 2534 2434 2778 28
30
2812 3038 31,600
Preferred eerie, A
120
50 New York Dock
*312 4
312 312
*312 414 *312 4
100
12
11
900
12
1218 12
1134 1012 1058
Preferred
100
•122 127 *122 127
60 N Y & Harlem
125 125
125 125
50
*125 140 '3125 140 *125 140 *125 140
Preferred
50
78
1
78
1
1
8,300 IN Y haveritore Ina
78
78
31
No par
NY Lackawanna & Weetern_100
*____ 9612 •____ 96 •____ 96 *_ 96
9,100 :N Y N H & Hartford
24 24
234 278
27s 3
278 3
100
638 634
658 678
658 7
678 _ 718 5,500
Cony preferred
100
4
418 412
4
438 478 5,300 NY 03tario & Western
334 4
100
2
218
178
178 •134 218
178
178 5,800 N Y Railways pref
No par
*112__
'3112
- *112 218 *112 218
100
Preferred stamped
1134 12
11 --1158 1114 1138 1112 1212 8,000 NY ShIpbhig Corp part stk___I
*6218 68
65
65
*6212 65
65
65
40
7% preferred
100
84
84
*82
84
*82
84
*82
84
60 NY Steam 36 prof
No par
•95
96
95
95
96
96
*94
96
30
$7 hit preferred
No par
*34 1
1
1
*114
112
200 :Norfolk Southern
4
7
100
19312 196
19412 195
19614 19912 200 200
1,300 Norfolk & Western
100
10514 106 *10514 106 *10514 106
106 106
70
Adlas ,4% pre
100
2618 274 2514 2638 2658 2738 2614 27
65,900 North American Co
No par
5212 53
53
5312 5255 5314 5314 5312 2,400
Preferred
60
478 512
518 6
578 61 1
5513 6 225,139 North Amer Aviation
1
700 No Amer Edlaon pref____No par
9978 9978 9934 9934 *9712 99
99
9934
5____ 9758*---- 9712 *____ 98 *___. 08
Northern Central
50
For footnotes are page 3182.
STOCKS
NEW YORK STOCK
EXCHANGE
Nov. 16 1935
21 May 31
145 Jan 18
150 Jan 18
121% Jan 26
es Mar 15
12July 12
14 Mar 19
038 Mar 13
9 Mar 13
36 Mar 20
2814 Mar 13
712 Jan 15
2114June 6
4312 Jan 2
109 Jan 25
34July 13
438 Mar 12
1812 Mar 12
1214 Mar 12
6 Mar 12
97s Mar 12
2 Mar 14
4 Mar 29
112 Mar 11
1144 Mar 14
4May 31
9612 Oct 30
258 Oct 23
558 Oct 23
255 Mar 15
Is Mar 29
14May 22
618 Mar 14
51 Oct 9
69 June 5
79 May 28
4 Aug 6
158 Mar 13
99 Jan 10
9 Mar 13
354 Mar 15
2 Mar 13
57 Jan 3
8812 Mar 29
3212July 8
205 Nov 15
1624May 23
14012July 30
1438 Aug 17
1 Jan 10
12 Jan 2
8334 Nov 14
2078 Aug 17
7738 Aug 17
1138 Jan 4
1238May 24
4134 Oct 21
61 Aug 9
11812 Apr 23
8 July Pi
978 Nov 7
3512 Nov 14
274 Sept 19
1378 Nov 14
3038 Nov 15
514 Aug 29
1258 Oct 30
139 June 121
11414 Mar 14
118 Nov 8
99 May 22
84 Jan 4
16% Aug 13
6 Jan 19
214 Sept 30
14 Nov 9
164 Jan 7
87 Jan 7
02I July 15
100 Aug 2
158 Aug 13
200 Nov 15
108 June 18
28 Nov 8
5338 Aug 16
614 Nov 14
9978 Nov 12
99 Aug 20
10
8714
122
9934
478
58
ii
33
0
33
x814
31 358
4
15
HO
35,
438
1112
1214
6
94
2
4
101
112
14
7812
23*
53*
2%
4
818
51
69
79
84
138
77
9
31
3
30
71
1618
135
122
10012
6%
34
38
3412
10
334
9
74
04
31
100
0
fits
1112
18$8
11
10
2re
5
108
112
38
83
6
104
4.4
38
3278
170
14618
12112
1512
232
1
5814
2118
60
1814
1038
3014
4972
112
25
13
2824
4514
264
4314
32
3
10814
120
14
95
24,8
8752
11%
134
112 2271
72
8934
73
994
10972
90
pi
41,
187
161
10012
82
1014 2514
45
34
252
834
474 744
9214
81
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Nov. 9
Monday
Nov. 11
Tuesday
Nov. 12
$ per share $ per share
1912 2038
5012 51
218 218
*24
2914
1114 1112
2134 2212
124 1214
*101 105
1112 1114
2058 204
12212 12212
1512 154
8478
*79
5253 5253
*11634_
12412 1173-4
16
16
238 212
614 814
314 328
Wednesday
Nov. 13
Thursday
Nov. 14
Friday
Nov. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 3 per share $ per share $ per share Sharer
Par
1834 2012 19
2014 2014 2112 2012 2114 90,100 Northern Pacific
100
51
51
51
51
51
51
5034 5034
330 Northweetern Telegraph
50
2
2
*112 2
154 2
154
152 1,500 Norwalk Tire & Rubber __No par
*24
29
*24
29
*24
2918 *24
2918
Preferred
50
1114 1112 1118 1138
1138 1138
1112 12
23,400 Ohio 011 CO
No par
2158 22
2138 2214 2234 2234 2234 2412 6,900 Oliver Farm Eautp new_No par
1112 1238
1134 1212 1258 134 1234 1438 48.100 Omnibus Corp(The)vto„ No par
*102 105 *10212 105 *10258 105
10212 10212
Preferred A
500
100
1012 11
104 1078
1012 1114 1034 1034 1,800 Oppenheim Coll & Co____No par
2018 2078 20
2038 2038 2112 2034 21
16,500 Otis Elevator
No par
*12034 12212 .12114 12212 *12112 12212 *12112 1221*
Preferred
10
100
1518 1558 1538 1678
1612 1678
1634 1712 65,200 Otts Steel
No par
*81
83
*81
83
83
8412 *83
85
500
Prior preferred
100
*50
52
*50
5212 *50
53
*50
53
40 Outlet Co
No par
*11634
*11634
*11634
-- *11634 -_ _
Preferred
100
12513 1-2-9
126 11712 126 1-2-814 12734 128
-7,600 Owens-Illinois Glass Oo
25
16
1718 1714 1734
1614 1734 1614 1678 28,200 Pacific Amer. Fisheries Ino____5
212 212
213 212 *212 258
212 258
750 Pacific Coast
10
614 638
614 614 *612 612
7
752
170
1st preferred
No pa
*3
358 *234 3
314 312
334 334
240
26 preferred
No par
30
3012
2912 3012 29
2958 2934 3012 30
3014 10,800 Pacific Gas & Electric
25
5414 5434
5114 5334 5134 531
5312 5478 54
55
5,600 Pacific Ltg Corp
No par
17
17
*15
17
*16
1634
1634 17
164
1634
No par
800 Pacific Mills
*115 1164
11678 118 *11712 118 *118 11818 11818 11812
90 Pacific Telep & Teleg
100
*13712 138
138 138 *138
*137
_
*137
40
6% preferred
100
912 10
914 94 *914 -912
94 -953
914 -fo
7,500 Pao Western Oil Corp____No par
612 658
614 678
614 612
614 64
612 634 106.800 Packard Motor Car
No pa
*1114 1134
•111 4 1134 *1114 1134 *1114 1134
1114 1114
100 Pan-Amer Petr & Trans
5
*14
14
*1
114
112
118 *118
114
114
114
800 Panhandle Prod & Ref---No par
*16
181
•16
18
*17
174 *1518 1734 17
17
preferred
8%
cony
20
100
958 912
9
912
872 912
9
972
938 958 25.100 Paramount Pictures new
1
78
78
78
7812 7678 7712 77
8114 80
8078 12,400
First preferred
100
1132 1158
1114 1152 1114 1132 114 114
1152 1178 24,900
Second preferred
10
__ :Paramount Pubtlx Ws
1
•-l2
.0-1-8 -2-0
1
4
-.1912 -2-61-8 -2613 -if- -ii.C2 If,
'; ,-- -....;)i -2-15; ---900 Park-Ttlford Inc
1
4
418
4
418
4
44
418 414
4
418 14,000 Park Utah (7 M
1
134 232
218 212
212 234
238 24
273 318 34,100 Parmelee Transporta'n_No par
54 534
534 578
534 812
6
652
6
634 24,700 Pattie Film Corp
No par
1312 1312
1314 1314
1314 1314
1314 1314 1314 1312 1,900 Patine, Mines & Entente Nova,
1
1
*1
Ps *1
Do
1
118
118
114
3
NO Peerless Motor Car
7112 72
70
73
7034 71
71
72
7214 73
1,900 Penick & Ford
No par
8012 8012
8014 8112 7934 8012 8014 8112 81
8212 8,300 Penney CI C)
No par
534 538
5
512
434 44 *412 5
5
514 2,800 Penn Coal & Coke Corp ___ 10
334 334
4
4
372 4
334 44
34 414 4,200 Penn-Dixie Cement
No vat
2114 2111
*214 24
*22
24
*2218 2414 2414 2414
Preferred series A
200
100
2778 2838
2714 2814 2713 2812 2858 2958 2918 2934 58,900 Penner.vania
50
*3134 3214
3134 3134 3134 3134 3134 3134 3214 34
1,400 People* Drug Stores
No par
*112 11214
*112 11214 *112 11214 112 112 *111 112
Preferred
140
100
36
3634
3512 3534 3534 36
3614 364 36
3718 3,100 People's 0 L & 0(Chic)
100
*214 314
*214 314 *212 314 *212 312 *212 312
Peoria & Eaatern
100
024
2434
2418 2434 2414 2414 2558 2612 27
273
4
2,000
Pere
Marquette
100
58
58
58
60
58
5818 60
GO
58
59
100
Prior preferred
1,600
40
4034
4034 41
*3978 42
42
42
42
4212 1,400
100
Preferred
1512 1552
154 1558 1553 1558 *154 1534 *1518 1534
400 Pet Milk
No par
11
1132
104 11
1052 1034 11
1114
1112 1152 7,700 Petroleum Corp of Am
5
1434 1412,
14
1412 1334 144 1334 1414
1334 1414 19,200 Pfeiffer Brewing Co-----No par
2434 2478
24
2478 2414 2478 2458 2514 2434 2538
28
16,300 Pbelpe-Dodge Corp
44
44
Stock
44
44
43
4514 444 45
*43
45
50
1,900 Philadelphia Co 6% pref
*83
844
8514 8514 8412 85
*82
85
*80
85
No par
600
86 preferred
•172 212 Exchange
*178 214 *174 212
212 212
212 24
200 :Philadelphia Rap Tran Co___50
*4
432
*4
414 *4
433
412 5
514 6
690
50
7% preferred
234 238 Closed214
212
218
214
211
212
214 212 10,100 Phila & Read 0 & I
No par
6112 6178
6114 6212 6114 6178 6158 6238 61
6134 9.100 Phillip Morrie & Co Ltd
*9
10
934 Armistice
*9
1038 *9
1038 *9
1038 *9
1032
Phillip., Jonas Corp
No par
*7734 80
*7734 80
*7734 80
*7712 80
*7712 80
100
7% preferred
3513 3534
Day
3434 3632 3454 3512 3534 3614 36
3678 55,300 Philips Petroleum
No par
4858 9
*84 878 *812 914
834 9
5
*812 9
300 Phoenix Hosiery
771
77
*75
*75
_
*75
79
*75
Preferred
10
100
12
12
38
12
12
12
12
12
12
12
Pierce
3,300
011
25
Coro
*4
432
412 412
414
412
412 45;
434 44
Preferred
700
1011
28
28
75
78
*78
78
1
74
78
78
1,500 Pietas Petroleum
No par
*35
3612
3514 3514 35
35
236
3712 37
375
8
Mills
No
par
Flour
Pillsbury
1,100
*5018 79
*50
79
*50
79
*50
79
*50
79
Pirelli Co of Italy Amer shares_
914 1012
934 11
*10
1078 *10
1034
1012 11
100
3,000 Pittsburgh Coal of Pa
*3718 38
*3618 3912 *35
40
*3512 3778 3718 3778
200
Preferred
100
*175 180
*176 180 *176 180
176 176 *____ 181
100
30 Pitto Ft W & Chic prat
7
714
678
714
7
714
7
71.
!
738
814
Pittsburgh
Bolt__
par
Screw
23,100
No
&
*4518 49
4634 47
*4418 47
47
474 48
48
290 Pine Steel 7% cum pref
100
*114 2
172 2
*112 2
*138 2
.132 2
400 Pitts Term Coal Corp
loo
*11
14
14
1414
1412 1412 *11
1412 1412 1412
220
100
6% preferred
.24 314
234 234 *234 314
34 333
34 338 1.000 Pittsburgh United
25
53
54
53
5312 54
5913 61
5712 58
60
Preferred
1,940
100
*1312 16
16
16
*1534 16
16
1718
16
1718
920 Pittsburgh & West Virginia _100
*134 24
•134 24 .134 218
134
134 *112 14
No par
100 Pittston Co (The)
1114 1112
1134 1214 1172 1212 1154 12
114 1214 14,000 Plymouth 011 Co
6
1012 1058
934 1012
932 1034 1018 1034 1012 1032 8,000 Poor & Co class B
No par
512 578
512 572
5
532
518 514
478 5
2,900
RIO-Am
Porto
Tob
No
ol
par
A_
134 2
2
24
134
134
134
134
158
158 3,400
Class B
No par
814
812
84 812
838 838
81* 914
834 94 5,800 :Postal Tel & Cable 7% peel _100
2
2
174 2
172
172
178
172
178
14
Steel
:Pressed
Car
No par
1,600
*1234 1338
•1214 124 •1212 13
13
1312 1234 1338 2,000
Preferred
100
4814 4912
4818 4812 48
4812 4712 4812 4634 4814 9,700 Procter & Gamble
No par
*11934 121
120 121
120 120
120 12014 *120 122
450
5% pref (ser of Feb 1'29)_100
4412 4434
4312 45
4312 444 4414 45
4412
45
10,700 Pub Set Corp of N J
No par
100 10014
9974 10018 *994 100
100 100
10012 101
1,900
15 preferred
No par
11434 11434
115 115 *115 11614 11412 115
114
800
*128 13012
100
6% Preferred
12934 12934 *12934 13012 .12934 13014 *1293 115
4 13012
100
100
7% preferred
*142 145
145 145 *142 147 *143 147 *14212
100
8% preferred
100
*109 113
•11012 11112 *11012 11132 *11012 11112 *11012 147
11112
Pub Ser El & Gee pf 85_No par
3312 3372
3212 3332 3252 3334 3412 36
3558 3612 25,200 Pullman Inc
No par
1134 1218
1114 1212 1114 1134
1134 12
1134 124 40,200 Pure 011 (The)
No par
10814 10814
10934 11012 110 11034 111 11214 112
11312
760
8% cony preferred
100
*96
97
95
95
95
96
*97
98
98
98
6%
800
preferred
100
1534 1584
1514 154 1514 1512 1532 1512 21514 151
2 6,400 Purity Bakeries
774 812
No par
814 834
838 914
938 1012
934 10 612,600 Radio Corp of Amer
5614 5614
No
par
56
56
5578 56
56
56
5578 56
3.100
Preferred
77
50
76
7812 814 8112 8458 8434 8612 8212
8512 31,700
No v,,,
Preferred B
512 514
478
614
474 5
44 558
512 534 74,400 :Radio-Keith-Oro/1
2512 2512
No par
25
2512 25
254 2512 2534 2558 2534
3,000
3438 3432
Manbattan
No par
34
34
34
34
3414 3612 3712 3734 2,600 Raybestos
Reading
*1012 43
*4012 43
50
*4012 43
*401* 43
*4012 43
1st preferred
3614 3614
*3512 3612 36
50
36
*36
3612 *36
3612
300
26 preferred
50
93
4
10
10
934
978 10
10
10
934 10
1,500 Real Silk Hosiery
10
6758 70
70
7112 72
72
72
72
72
72
190
Preferred
*214 231
218
100
233 *218 214
214 238 *214 234
GOO Reis (Robt) & Co
No
1772
par
*16
*1314 18
*1314 181 .13
18
*13
1734
1st preferred
1438 1484
100
1418 1438 14
1412 1438 15
1434 15
15,900 Remington-Rand
1
__
---- ---____ ___
let
preferred
100
•79
78
80
7872 79
791
79
-------1,200
36 preferred
2318 234
23
25
234 23
23
*23
231 .2234 23
500
Prior preferred
*101 105
25
*101 104 *101 104 *101 104 *101
104
Renns & Saratoga RR Co ___100
378 4
4
44
378 4
334 4
378 4
18,400 Reo Motor Car
1814 1834
5
1734 1852 18
19
194 1978 1914 1984 83,400 Republic
Steel Oorp
9134 92
No par
9214 9434 94
9614 96
97
9312 95
4,900
6% oonv preferred
87
100
88
8612 88
8734 891
90
02
9014
913
2
6% cony proir pref ser A.-100
4,000
*9
914
9
9
914 914
9
9
954 94 1,300 Revere Copper & Brass
2034 2034
5
2058 2074 *19
2052 *204 2012 2058 2134
800
Class A
106 107
10
10634 10634 106 107Ic 107 107
107
108
Preferred
330
100
25
25
2434 2518 2478 254 22414 2514 2414 2413
6,100 Reynolds Metals Co ____No par
*110 112
•111 112 *111 112
112 112
111 111
200
51i% oonv prof
100
2478 2518
25
2518 2512 2534 2534 2638 2572 26
3,100 Reynolds Spring
5652 57
1
5612 57
5634 5714 57
58
5712 58'8 14,800 Reynolds(R J) Tab class B___10
.65
67
67
67
65
65
65
65
*65
67
Class A
80
10
1812 1812
1712 1814 18
18
1832 1832 •1714 18'8
1,100 Ritter Dental Mfg
No par
*294 3012
294 3012 3012 31
3078 31
314 3114 3,800 Roan Antelope Conner Mines __
For footnotes see page 3182
3189
Range Since Jae. 1
On Baits of 100-share Lots
Lowest
8 per share
1312 Mar 28
3574 Jan 18
1!, July12
420 Mar 20
94 Mar 18
1614 Oct 2
312July 23
75 Jan 16
434 Apr 3
1112 Apr 4
106 Jan 7
414 Mar 14
2234 Jan 16
38 Mar 12
11412 Mar 23
80 Mar 12
14 Aug 5
1 Mar 26
312 Apr 221
1 Mar 271
1312 Mar 6
19 Mar 18
12 June 19
70 Jan 2
11112 Jan 14
834 July 11
313 Mar 13
1034 Jan 9
12June 20
612 Mar 12
8 Aug 28
76 Nov 1
914 Aug 28
214 Mar 27
11 May 20
214 Mar 21
54 Apr 18
472 Oct 3
814 Feb 28
a. July 12
6413 Feb 5
5714 Apr 3
214 Mar 13
3 Mar 9
18 Mar 11
1714 Mar 12
30 Feb 5
1084 Oct 7
1734 Mar 7
24 Feb 26
914 Mar 13
1612 Mar 13
13 Mar 15
1312 Oct 7
74 Mar 14
11 Oct 2
124 Mar 15
23 Feb 27
384 Mar 5
158July 26
312July 30
134 Mar 21
3514 Mar 12
512 Mar 22
5312 Apr 1
1334 Mar 12
3 Mar 21
50 July 8
I. Apr 27
234July 24
52July 16
31 Apr 8
6534 Aug 26
7 NIar 14
2614June 6
172 Feb 14
512 Mar 13
2212 Mar 13
1 Mar 21
1014 Apr 4
114 Mar 20
2412 Apr 4
672June 4
1 Mar 21
612 Mar 15
812 Mar 15
153 Mar 19
14 Feb 28
44June 13
52May 14
612May 14
424 Jan 12
115 Jan 2
2084 Mar 5
624 Feb 20
73 Mar 14
854 Mar 18
100 Mar 14
99 Jan 6
2912 Oct 11
572 Mar 21
4932 Mar 18
65 June 25
8/
1
4 Feb 1
4 Mar 13
50 Mar 18
3514 mar 12
114 Mar 13
1612 Mar 13
294 Mar 28
36 Apr 6
33 Apr 17
34 Apr 4
2012 Apr 2
1 Mar 26
8 Mar 12
7 June 1
7134 Jan 15
69 Aug 22
2112 Oct 15
9812June 10
214 Mar 13
9 Mar 15
2852 Mar 18
7812 Oct 2
54 Apr 3
13 Apr 17
75 Apr 9
1712 Apr 29
101 June 10
1214 Mar 20
4318Mar 26
5514 Apr 22
W.Mar 26
217
.Feb 25
litoheat
Jury 1
1933 1 o Ramo for
Oct. 31 Year 1934
1935
Lo
. Low
Illol
3 per ehar2 3 per ea
2172 Jan 7
1318
5112 Oct 24
33
214 Jan 4
118
324 Jan 3
20
144May 17
812
2412 Nov 1
1614
144 Nov 15
312
10212 Nov 15
70
1154 Nov 8
44
22 Aug 5
114
125 July 5
92
1752Sept 7
3
8412 Aug 27
712
5252 Oct 8
28
11512 Mar 29
97
129 Nov 12
60
1734 Nov 13 27 5
258 Nov 15
1
3 Mar .30
312
II Jan 7
1
3058Nov 8
124
56 Nov 6
19
21 Jan 2
12
11812 Nov 15 a7 6812
138 Sept 26
9914
1132 Aug 23 3 5
712 Oct 22 '
3 253
12 June 14
814
12
14 Nov 7
1912 Aug 14
812
12 Sept 19
8
10134Sept 19
81
914
1414Sept 18
552 Aug 7
14
2152 Nov 14
11
6 Apr 26
2
„
318 Nov 15
712Sept 3
478
15 May 23
8'4
las Jan 4
34
81 July 8
644
8434Sept 18
3512
612 Aug 21
172
512 Aug 6
234
2734 Aug 171 10
3012 Sept 111
1714
3958 Apr 1 33 104
11634 Mar281
80
434 Aug 17
1714
3 Jan 7
2
2734 Nov 15
94
60 Nov 12
1412
4212 Nov 15
12
1932May 4
94
1152Sept 23
752
1534 Oct 18 I, 2
2618 July 7
1134
4512July 13
2112
8514 Nov 12
3814
4 Jan 8 al 112
8 Jan 12
3
474 Jan 9
134
6312 Nov 7
1013
11 Jan 4
512
80 Oct 31
48
374 Nov 6
11
912 Oct 22
3
44
77 Nov 9
14
4 Jan tt
614 Apr 15
234
Ile Jan 8
88
374 Nov 15
18
7812 Jan 26
6552
1278 Aug 13
7
4434 Aug 13
26
180 Aug 21 14114
9 Jan 11
44
55 Oct 1
1514
24 Jan 12
1
16 Sept 13
614
3128e50 11
112
61 Nov 15
2412
1714 Aug 14
64
238 Aug 30
1
1214 Nov 6
64
1112 Jan 9
6
572 Nov 9
152
218 Nov 12
'4
164 Jan 7
434
48
34 Jan 21
17 Jan 21
614
533 July 23
334
121 Nov 7 11 101
4532 Oct 30
204
101 Nov 15
6974
115 Nov 8
73
13018 Nov 8
84
14512 Oct 29
99
113 July 30
8372
527a Jan 9
2912
1214 Nov 6
54
11312 Nov 15
49
9912 Oct 30
3312
1734 Oct 15
832
1012 Nov 14
4
624 Jan 25
22
8612 Nov 14
1382
6 Oct 21
114
2612 Oct 15
1112
6314 Jan 7
2974
4318 Nov 6
28
3734May 14
27
11 Aug 16
34
72 Nov 13
2012
3 Oct 25
1
18 Nov 7
533
1512 Oct 26
514
99 Aug 26
2434
81 Nov 15
89
2312 Oct 23
2118
110 Mar 1
9812
455 Oct 22
2
1972Sept 9
9
97 Nov 14
19
92 Nov 14
7812
10 Nov 6 a 3
2312 Oct 30 •• 10
10812 Oct 31
35
2638 Oct 21 U 952
11214 Nov 7 101
2734 Oct 22 4, 6
584 Nov 15
3934
67 Nov 12
5514
19 Oct 29
518
3114 Nov 15
20
$ per liar.
1412 364
33
43
153
VI
29
404
812 1572
- - - --3-58
-633
70
95
54 1452
1212 1932
92
108
352
8
9
25
30
47
97
1144
60
94
-14
-6-32
34 1114
2
612
1232 234
2034 37
19
34
69
8512
103
116
54
94
234
632
1034 12
54
24
7
2112
fa;
17
24
13
-8-7;
354
674
2
911 11.11
1
672
444 67
5112 7414
14
54
272
7
124 327.
2014 37
1932 66
86
11214
1914 4374
8
2
12
38
18
5112
1314 43
914 174
84 1414
1-314
1-87
;
264 37
49
064
6
2
615
15
34
68
.
1113 4853
7
21
68
7472
134 22034
412 1312
64
50
4
14
412 108
.
84
2
184 3434
7014 87
712 184
26
424
14112 169
612 1178
1514 63
112
34
84 194
14
5
2552 594
10
27
la.
5
714 1634
6
les
232
64
1
81,
1012
04
552
334
1024
25
67
78
88
108
874
3514
64
49
3312
84
612
234
15
14
1612
3514
3312
2914
5
35
132
688
6
32/
1
4
394
5
22
443
,
1174
45
84
9714
106
11912
10412
594
144
80
83
1934
912
564
46
44
23
564
414
$912
14
60/
1
4
6
3884
1332
71
1-1-42
1012,
334
- -1
1114
46
1811
fil
-612
294
87
54
20
612
2514
gm
-- __
144
2812
90
2734
1-6
5353
13274
1312
3318
New York Stock Record-Continued--Page 8
3190
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 9
Monday
Nov. 11
$ Per share $ per share
4534 4534
312
*3
2012 2034
118
151
112
112
*Vs 812
18
• "15
3134 32,4
*10812 10914
110 110
118 1112
38
5214 5359
*314 338
1734 1818
*7014 71
58
12
*118
114
3112 32
314
3
6212 631s
318
314
67
67
1134 12
912 912
2334 2438
438 412
41
41
*2934 3158
*3734
1134 -12-14
106 106
*11
1112
1814 1834
5
5
14
15
*103 106
4334 4334
6434 65
2878 29
12
1214
*111 11158
2512 2512
*14114 143
Tuesday
Nov. 12
Wednesday
Nor. 13
Thursday
Noy. 14
Friday
Nov. 15
S per share $ per share 3 per share 3 per share
4634 4634 47
4714 4714 *4714 48
47
314 4
3
314
3
3
3
3
2012 2078 2078 2114 2138 2314 2238 23
118
72
1
118
1
1
1
1
134 134
112 178
138
112
112 112
*712 814
812 914
8
812
*718 812
19
"15
18
18
*15
18
*15
17
3314 3438 3312 3514
3238 3234 3212 34
109 109
10812 10812 10812 10812 "108 109
10912 110 '110 11114 110 11114
10912 110
1112 1158 1178 1114
4 1138 11
504
5034 53,8 5058 5134 5118 5238 5112 5338
318 314
312 338
318
332
338 312
1714 18
1714 1814 1758 1814
1712 18
7012 7134 72
70
71
7014 71
70
12
58
38
12
12
12
58
'2
138 1 38
114
114
114
*1
114 *118
3134 3214 3218 3338
3158 32
3112 32
314 314
314 314 '314 312
314 314
62
6338 6134 6278 6312 6538 6514 66
318 314
314 314
318
318
«318 314
68
6712 67
6714 67
67
6714 67
1178 1214 1178 1214 1218 1212 1214 1212
1018 1012 1014 1038
958 10
959 958
23
2378 2312 2478 2478 2512 2438 25
459 434
458 434
434 434
458 478
*4118 4214
4134 42
*4112 42
4012 41
3012 3012
31
*3018 3158 301.2 3012 *30
*3814
_
_
_ •3814
33t8 3814 *3814
1334 -1-4-18
1314 li
1178 1234 1258 li
10912
108
11012 111
10714 10912 109 110
1138
11
11
1138 1078 1.114
1078 11
1778 1858 1734 1838 1812 1938 1812 1914
5
5
Vg
5
478 518
5
518
1658
1512 1614 16
15
1.5
15
15
10312 104 *10312 105
10334 10334 *101 104
5334
51
47
50
45
45
*4212 44
70
68
68
6578 6478 6578 66
64
2834
2812 2814 2858 28
28
2812 28
1214 1214 1258
12
1214 1134 1218 12
*111 11158 15111 11158 '111 11158 *111 11158
2.514 2512 25
2638 2634 2738 2658 27
143 143 *143 145
*14114 143 *14114 143
2578 2638 2578 2638
2512 2614 2512 26
2614 2612
_
"His "1914 -1858 -1- 1-.3 -16E8 1618 5'78 1612
-18r2 .1914
105
8
10
978 1012
918 978
87s 934
914 958
1234 1314 127/4 1358 1378 1412 1438 15
1278 137s
28
*26
28 "26
28
*2512 30 '27
*2312 30
712 758
712
718
714
712
738 758
7
718
63
63
62
62
*5812 65
60
61
62
*60
9438
93
93
9112 9112 *92
*9012 93
9212 9212
638 634
614 612
6
614
6
638
61s 614
712 8
7
7
734
612 7
7
738 738
*--_- 80 •____ 80 (1_ __ 80 •____ 80
____ 80
33
3212 3212 3278 33
3134 3214 31
3212
32
1134 1218 1158 12
1178 1234 1214 1278
1218 1214
1434 1434
14
14
14
1412 1412 15
Stock
1414 1412
46
45
543
45
44
4434 45
44
*4312 45
7714
7718 7813 Exchange
7634 7812 76
7414 77,4 7414 77
*10312 10458 '101 10514 *10414 10514 15101 10514
*10312 10558
1538
1412
1458
1514
Closed15
1412
143
4
147
8
1518
15
127 128 •12234 12834 129 129
125 127
"125 12678
658 758
582 578
534 678
67s 818
512 558 Armistice
512 534
518 538
538 578
512 558
534 6
75a
7
634 734
634 7
634 718
Day
75* 734
17
16
16
16
1714 1714 17
16
1612 1718
183
8
18
163
4
1758
1634 1738 1778 1834
1734 18
214 238
'218
238
218 218
218
214 214
218
11212 11212 *11212 115
811214 11214 *11214 114
11238 11238
3712 3718 3712 x3718 3734 3712 3858
37
3738 3778
28
2838 2778 2818 228
2838 281s 2834
2818 2838
27
*2212 .
25
*23
24
24
25
25 '23
4834 4958 4858 4912 24918 4958 493B 5038
4878 4938
2912 3014 31
29
30
3134 3114 32
28
28
6712 6734 26512 66(2 6638 6634
6714 68
6718 6734
214 214
*2
214 *2
214 214
214
218 214
63
4
718 718
*834 75*
7
734 8
7
714
50
*43
*42
*42
50
*43
50
50
•4212 48
1714
17
1712 17
1678 1714 1658 17
1718
17
1158 1278 1112 1258 13
1358 1258 1312
1212 13
7
672 71,
7
738
718
738
738
738
714
7414 7414 7478 75
73
73
7334 73
73
73
12014 12014
12012 12012 •120 12014 120 120
*120 12012
2612
26
26
2632 26
2412 2534 26
26
26
212 234
212 258
238 212
212 212
238 258
1112 12
1078 1078 1078 1112 1134 121 4
1118 1118
22
22
22
2238 22
2218 2214 22
2212 2258
758 758 *634 758
*638 758 *612 758
15654 738
1938
19
1914 19
1914 1918 191 4
19
1912 1938
12
12
58
*12
12
12
28
12
12
538
*258 3
"258 3
"258 3
3
3
258 258
714
712 712
758
714
714
714 738
*738
712
634 714
618 612
614 638
612 7
6
658
2518
2314 2418 24
2258 2338 2234 23
2278 2314
3018 3111 3958 3138
2934 31
3012 31
3078 3138
812 878
838 858
812 838
838 812
812 858
952 1038
958 978
912 934
934 978
934 978
2012 2134
21
1912 1912 1834 1912 20
19
19
3914 3812 39
3534 3634 3634 3914 38
3534 3578
6014
60
1560
61
*59
61
61
61
61
*59
1134 12
12
12
102 1134 *1112 12
*1112 1134
*9434 97
*9434 97
*9434 97
*9434 97
*9434 97
818 914
658 7
718 818
678 714
612 678
212 3
314
3
312 .3
3
*3
3
3
2812 2812 2812 2812 29
2814 2814 "28
2813 2818
"738 838 "738 838 *712 812 *712 812
'8
812
2338 2414 2318 2358 2378 2418 2314 2378
2418
24
272 314
234 278
258 234
258 278
234 234
2112
1812 1812 1812 2012 20
1518
20
2112
1520
1114 1158 1118 1158 1138 1178 1134 12
1138 1158
102 102
10218 10218 10212 10358 10318 10334
*10134 102
4312
4312 "41
4312 *41
*41
4312 1541
*41
4312
938 934
932 934
878 1018
912 1018
958 934
6618 6712 66
6712 6814 683a 7012
67
67
66
11
1138
1114 1114 1112 1158 12
11
1078 11
1412 1338 14
14
1334 1378 1312 14
1334 1412
1414 1412
1358 1438 1234 1418 1438 15
1414 1414
712
714
714 758
7
714
7
714
7
714
159212 94
94
94
94
93
9434 *91
93
93
518 514
438 478
434 434
434 53*
458 434
734 8
718 712
678 714
758 8
714 714
1878 19
1834 1914 1914 2134 2034 2114
1834 1834
2812 2912
2778 2838 2758 28
2812 30
2838 2812
538 538
514 514
5
5
458 514
514 514
3912
38
38
3812 3912 39
38
38
3812 3812
334 373
358 378
334 334
334 4
*334 4
8112
8112 80
80
8058 80
8034 81
81
81
*____ 133 *____ 133 •125 133 *125 133
"129 133
3758
37
3738 3714 3714 3714 3772 37
3718 3738
7058 7214 6912 7012 7012 7314 7234 7312
7158 72
2014 2034 2014 2012 2012 2034 2012 21
2012 2012
For footnotes see page 3182
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
Royal Dutch Co (N Y shares)__
100
Rutland RR 7% pret
10
St Joseph Lead
101 Louis-San Francisco ____100
100
lst preferred
100
St Louis Southwestern
100
Preferred
No par
Safeway Stores
100
6% preferred
1136
7% preferred
No par
Savage Arms Corp
5
Schooley Distillers Corp
1
Schulte Retail Stores
100
Preferred
No par
Scott Paper Co
No par
:Seaboard Air Line
100
Preferred
Seaboard 011 Co of Del ___No par
No par
Seagrave Corp
No par
Sears. Roebuck & Co
I
2,300 Second Nat Investors
1
Preferred
680
1
41,400 Serve! Inc
No par
18,100 Shattuck (F CO
No par
14,200 Sharon Steel 110013
No par
2,400 Sharpe & Dohme
Cony preferred ser A
No par
800
200 Sheaffer (W A) Pen Co_ _No par
50 Shell Transport & Trading___.12
No par
58,900 Shell Union 011
100
Cony preferred
5,200
4,300 Silver King Coalition Minos___6
No par
19,400 Simmons Co
10
8,500 Simms Petroleum
25
6,000 Skelly 011 Co
100
Preferred
300
100
790 Sloss-Sheff Steal & Irom
100
7% preferred
1,460
5,400 Snider Packing Corp_ __No par
15
73,700 &cony Vacuum Oil Co Inc
Solvay Am Invl Tr prat__ _100
No par
7.900 So Porto Rico Sugar
100
40
Preferred
25
8,300 Southern Calif Edison
Southern Dairies class A __No par
100
69 100Southern Pacific Co
100
29,400 Southern Railway
100
Preferred
14,300
Mobile & Ohio stk Cr Ms _100
1,400 Spalding (A 0)& Bros___No vor
100
170
let preferred
240 Spang Chalfant & Co Inc pref_ 100
21,500 Sparks Withington
too par
2,120 Spear .8 Co
No par
100
Preferred
1,900 Spencer Kellogg & Sons __No par
41,400 Sperry Corp (The) v l a
1
1,800 Spicer Mfg Co
No par
410
Cony preferred A
No par
6,400 Splegel-May-Stern Co
No par
634% preferred
100
69,900 Standard Brands
No par
250
No par
Preferred
50,800 Stand Comm Tobacco
No par
14,900 :Standard Gas & El Co No par
7,500
Preferred
No par
$6 cum prior pref
No par
1,000
17 gum prior prat
No par
7.800
5,600 Stand Investing Corp
No par
600 Standard 011 Export pref___100
No par
15,900 Standard 01101 Cant
27,000 Standard 01101 Indiana
26
10
500 Standard 011 of Kansas
58,400 Standard 01101 New Jersey
25
5,300 Starrett Co (The) L S____No par
11)
4,900 Sterling Products Inc
1,200 Sterling Securities al A___No par
No par
Preferred
1,100
60
Convertible preferred
5
14.000 Stewart-Warner
No par
40,200 Stone & Webster
64,600 :Studebaker Corp (The) new_l
No par
2,400 Sun Oil
100
80
Preferred
2.400 Superheater Co (The)____No par
1
9,500 Superior Oil
100
3,900 Superior Steel
10
1,300 Sutherland Paper Co
100 Sweets 00 01 Amer (The)
60
25
10,300 Swift & Co.
No par
800 :Symington Co
No pat
Class A
300
5
2,200 Telautograph Corp
5
11,000 Tennessee Corp
25
63,400 Texas Corp (The)
No par
25,400 Texas Gulf Sulpt or
6,900 Texas Pacific Coal & 00
10
1
21,500 Texas Pacific Lan( Trust
100
2,800 Texas & Pacific Sty Co
7,900 Thatcher Mfg..._.. __No par
No par
400
$3.60 cony pre
..No par
800 The Fair
_100
Preferred
35,000 Thermold Co
1
100
1,900 Third Avenue
1
600 Third Nat Investors
25
Thompson (J R)
6,500 Thompson Product,Ina_ No par
6,700 Thompeon-Starrett Go___No per
$3.50 cum pre
No par
800
No par
28,800 Tidewater Assoc 011
Preferred
100
2,200
Tide Water 011
No par
10
34,500 Timken Detroit Axle
14,500 Timken Roller Bearing___No par
No par
64,700 Tranaamerica Corp
8,100 Transcon & Western Air Inc___ 5
4,200 Transue & Williams St'l_ - No par
29,000 Tri-Continental Corp
No par
No par
400
6% preferred
No par
8,100 Truax Traer Coal
10
5,200 Truscon Steel
15,400 20th Cent Fox Film Corp_No par
Preferred
No par
18,800
700 Twin City Rapid Trans No pa
300 Preferred
100
No par
1,700 Ulen & Co
2,500 Under Elliott Fisher CO No par
100
Preferred
4,00 Union Bag & Pap Corp __No par
22,300 Union Carblde & Carb_--No par
25
10,800 Union 011 California
Shares
500
2,000
18.400
1,100
1,100
330
10
13,300
170
370
3,400
41,400
2,500
2,140
270
7,100
300
7,400
1,200
44,900
Nov. f6 1935
lianga Silted Jam.1
Pe Basis of 100-ihars Lots
Lowest
$ per share
2912 Mar 12
3 Apr 18
1014 Mar 13
34June 6
1 Apr 3
6 Apr 15
12 Mar 4
3134 Nov 9
10484 Marl!
109 Oct 1
6 Jan 15
22 Mar 12
134 Apr 4
8 Apr 4
55 Jan 2
14J1,ne 29
58 Aug 1
2034 Mar 12
278 Oct 14
31 Mar 12
118May 6
40 Apr 3
752 Mar 13
714 Mar 14
9 Mar 14
312 Mar 12
4012 Nov 12
30 Oct 5
2082 Jan 2
512 Mar 19
6318 Mar 21
838 Feb 15
6 Mar 15
434 Oct 24
612 Jan 15
60 Jan 22
13 Mar 20
24 Mar 12
151.4 Apr 3
1058 Aug 30
10712 Jan 15
20 Jan 30
132 Feb 4
1058 Mar 13
3 May 6
1234 Mar 18
512July 8
7 July 51
15 July 23
5 Mar 14
42 Apr 2
691s Apr 3
318 Mar 13
314June 25
65 Mar 23
31 Nov 13
714 Mar 14
811 Mar 14
1314 Feb 14
4378 Mar 27
10134 July 26
1212Sept 18
12258June 4
212 Mar 15
112 Mar 16
1114 Mar 15
434 Mar 15
6 Mar 15
75 July 17
111 Jan 3
2734 Mar 15
23 Mar 15
20 Oct 2
3584 Mar 18
1212 Mar 14
5834 Jan 15
118 Mar 19
318 Mar 28
36 Mar 5
658 Mar 6
212 Mar 14
214 Apr 17
6012 Mar 20
1154 Jan 10
ill Apr 4
158 Jan 2
5 Mar 18
1772 Oct 8
314 Mar 6
15 Sept 16
14 Apr 15
Ds Apr29
614Sept 20
4 Mar 15
1611 Mar 13
2884 Apr 4
3,4 Jan 2
812 Jan 15
14 Apr 12
13181fay 8
50 May 4
514 Apr 10
6112 Jan 7
212Mar 7
2 June 28
16 Mar 15
518 Jan 7
1338 Mar 13
15s Mar 15
17 Apr 23
752 Mar 18
84 Jan 8
2634 Mar 16
452 Mar 15
2838 Mar 15
47s Mar 12
714 Mar 29
518 Mar 14
17a Mar 13
69 Apr 4
353 Oct 14
312 Mar 13
13 Aug 28
2158 Oct 3
212June 5
18 Mar 18
118Jurie 10
5334 Mar 20
12612July 17
29 May 28
44 Jan 15
1434 Feb 6
Highest
Jaw 1
1933 to Range for
Oct. 31
Year 1934
1935 ----Low Low
Mon
8 per Mars it's'
, oh $ Dor share
2858 39,8
2858
4778 Nov 1
3
412 15
512 Jan 3
1014
2338 Oct 4
1514 2772
458
08
2 Jan 8
34
1
618
112
212 Jan 8
6
20
8
14 Jan 12
12
13
27
2178May 13
384 57
3213
46 Jan 2
8434 108
80
11314June 29
9018
11412June 19
9812 1131:
518 1214
412
1278 Oct 7
17is
17,11 3872
5614 Nov 2
3
8
134
4 Jan 2
15
3034
8
205* Jan 18
51
6052
3714
72 Nov 15
„
's
2
78 Jan 4
318
1
58
158 Aug 14
19
35788,lay 9
2034 3888
588
218
212
478 Jan 26
30
31
51 14
66 Nov 15
112
414
118
314 Oct 26
re
52
30
68 Nov 15
438 V
312
1212 Nov 141
634 1378
6
1012 Nov 14
4
518 1314
2534 Nov 6'
778
4
314
638 Sept 6
$814 49
50 July 231 30
3114Sept 21 3 712
IV
I6-1,
19
3814 Nov 12
In,
8
512
1418 Nov 151
57
89
111 Nov 14 7 4512
12i,
8
1932 Apr 261 35 514
818 2418
6
19121slov 6
434
714 1718
1834 Jar, 9
6
11 18
6
17 Nov 1
5112 6812
42
106 Nov 4
15
12
271/
5334 Nov 15
1811 42
15
70 Nov 15
634 1934
312
30 Nov 7
1212 19,11
1534May 24 43 912
86
70
1081:
112 Oct 1
20
3938
20
2833May 24
137
115
150 July 5 112
3
1018 22,2
27 Nov 8
512 10 8
1018
532July 12
1478 3334
1234
2112Sept 11
Ills 30
512
1612 Jan 4
-1
4114
14
7
2052 Jan 4
311, 4734
15
3314 Jan 12
13
5
5
8 Aug 17
1014 74
3014
6812 Aug 19
66
30
20
9438 Nov 15
8
27a
278
738 Oct 30
2
738
112
812 Oct 18
39
364
6112
81 Oct 21
125*
1554 3318
3614May 11
1158
55a
358
1312Sept 18
13
6
6
1512 Oct 22
2154 4114
18
4712July 22
19
714
7634
84 Oct 21
10518 Nov 1 3 45
1714 3514
1212
1944 Jan 3
12114 127
130 Apr 9 120
8
3
212
818 Nov 11
352 17
Ds
914 Aug 17
458 17
134
1138 Aug 17
33
10
434
2558 Aug 12
11/4 38,,
6
2712 Aug 17
178
78
78
238 Nov 15
9612 114
9412
116 Apr 6
2614 625,
2612
387sMay 24
23
2311 2714
2834 Nov 15
41
26
19
32 Feb Is
3914 505*
3318
5012May 23
1588
6
6
32 Nov 15
4714 054
4634
68 Nov 12
114
3
1
214 Nov 9
7
$
258
8 Nov 15
$O
2818
38,8
48 Oct 31
41a 10,
412
1858 Oct 22
1338
37a
212
1438 Nov 1
214
8 Oct 24
42
ills 74.14
7512Juue 13
118
100
96
121 Mar 23
1112 2514
2634 Oct 28 811
114
314
114
3 Al" 7
452
eh
1534
1234 Aug 27
- __-- - 23 Oct 22 ,3 514
-634
-2115
318
9 Sept 30 1
2012 Oct 21 • 11
14
II,
-38
7s Jan 4
538
112
114
3588ept 30
614
2 12 1515
978 Jan 0
634
318
318
738 Oct 28
1958 2932
1612
2518 Nov 15
4314
30
2234
3634 I,eb 19
21, 612
212
914 Oct 7
12
034
6
1212May 14
131
. 431,
1312
2584 Jan 10
8
18
8
40 Nov 2
5218
$O
3858
61 Nov 8
4
1218
4
1258 Oct 19
83
50
AIS
100 Oct 16
918
212
212
914 Nov 15
4
814
2
6 Jan 6
1318 2212
13
29 Nov 15
47s 11
4.(8
814Sept 13
2014
10
10
2458 Oct 23
134
512
Pe
312 Jan 7
2412
17
17
2314 Aug 6
1435
8
12 May 23 37 711
Ws 87
10334 Nov 15 .7 4332
40
24
18
4312Sept 4
371
8,2
3
1018 Nov 7
41
24
21
7012 Nov 15
)4 12
51s
478
12 Nov 15
-- -714
1514 Nov 6
-459 -1-312
412
1512 Nov 6
634
3
178
758 Nov 8
6014 78
61
9718 Nov 2
512
15s
112
678May 10
Ps
958
33
,
8 NOV 14
13
2134 Nov 14
243a
30 Nov 14
Iss
-8-12
34
534 Nov 6
89
5
4is
42 Nov 2
1
1
4
518 Nov 1
2212
36
587k
8214 Oct 15
102
12852
95
133 Apr 5
3914 604
29
5012 Jan 22
354 5078
7312 Nov 15 "34
1112
15
Nov
1112 20,2
21
HIGH AND LOW SALE PRICES-PER SHARE, NOT PRR CE.VT
Saturday
Nov. 9
Monday
Nor. 11
3191
New York Stock Record-Concluded-Page 9
Volume 141
Tuesday
Nov. 12
Wednesday
Nov. 13
Friday
Nov. 15
Thursday
Nov. 14
'Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Rases Sf9e4 has. 1
Os Basis of 100-share Lots
Lowest
Highest
Juni 1
1933 to Raw.:for
Oct. 31 Year 1934
1935
High
Low LOW
3 per share i Per sh $ per shore
par $ per share
13372
90
8212
S Per share $ per share S per share 5 per share $ per share $ per share Shares
100 8212 Mar 28 11112 Jan 10
10034 10112 16,400 Union Pacific
968 9934 968 10012 9934 102
7134 89
6272
9614 97
14 9012Ju1y 3
Mar
7912
100
Preferred
600
4 8512 .8512 87
/
851
85
85
8678 87
88
4
133
*87
17
2
155
2612July
25%
16
Oct
4
/
201
No par
2414 3,800 Union Tank Car
24
2334 238 2334 2414 x2378 24
2312 2312
812
812 15,4
938 Mar 13 2134 Nov 14
5
52,200 United Aircraft Corp
4
/
61
1934 2052 203 2134 2038 21
2018 2114
4
1
3/
314
2012 21
11
Oct
8
105
13
Mar
412
r2_5
I
•
Transp
978 1018 34,800 United Al? Lines
10
938 10
10%
4
1
038 9/
17
8
7
9,2 95
7 Mar 29 1734 Nov 13
par
4 1734 1738 1758 1712 1712 2,800 United American Bosch_No par 2014May 16 261k Jan 9
/
1514 1712 171
19
1434 1512
2114 2914
No
Biscuit
2,800 United
2312 24
2312 2418 2358 2358 2312 24
.24
120
2414
100 111 Oct 1 118 Aug 7 10414 107
Preferred
80
115 115
*111 115 *111 11434 114341,115
*1101211484
5032
201
35
4
/
No par 46 Jan 28 7617 Nov 15
7613 3,300 United Carbon
72 . 7312 74
72
71
7012 71
2 518
6
7112 7184
Nov
2312
3
Oct
1712
par
No
Corp
1,000 United-CarrFastener
23
4 23
1
*2238 2212 *2233 2212 2212 22/
22
2278
112
8
Nov
218
8%
7
27
112 Feb
No par
614 658 174,900 United Corp
614 658
618 63
618 658
2034
2114 3778
638 634
No par 2034 Mar 13 4412 Aug 17
Preferred
4312 4414 4314 4418 43% 4414 4314 4334 13.300
14
4313 4358
7
2
6,
Jan
9
4
/
1314
181
14
4June
83
6
1018 1038 1018 1033 1038 1058 1014 1012 13,700 United Drug Inc
10
10
310 10%
28
412 Mae 13 1378Sept 7
10
1338 1378 4,700 United Dyewood Corp
1314
1358
1314 1358 13
1314 1312
4
1
75/
50
598
9012May 23
21
Mar
65
100
Preferred
220
90
86
86
86
7:4
86
.8112 86
31
13 1 86
86
86
3
712 Jan 9
314July 18
No par
458 514 11,300 United Electric Coal
458 458
412 412
412 458
458 434
89
4912
77
9234May 14
1
Oct
6012
par
No
Fruit
Unfted
11,000
7058 7134
6834 6914 6818 6858 6834 72
6812
68
914
1112 2018
4 Mar 18 1812Nov 8
1
9/
No par
33,860 United Gas Improve
1712 17/
4 1734 18
1
1734 18
1712 18
1734 18
8212
86
0988
No par 8712 Mar 15 10912 Nov 15
Preferred
500
109 100 .10912 10912
10834 10834 *10812 109
.108 109
358
1
Sept 27
152
634
28
Jan
218
100
Paperboard
200 /United
512 512
4 538
/
.518 512
512 512 *518 512 .51
1334
4
112
4 Jan 7
1
5/
114June 3
United Pleoe Dye Wks___No par
-___
---------68
30
10
------24
Jan
---3312
3
---Juno
---- ---100 10
6 .y2% preferred
814
2%
212
711 Jan 3
312 Apr 4
37,600 United Stores class A____No par
534 814 A 578 6
534 6
538 612
76
54
46
511 55
No par 46 Apr 3 78 Oct 28
Preferred clam A
300
"6958 7412 72
7218 7218 7218
73
73
73
.68
6014 63
37
par 51 Mar 15 70 Nov 15
No
Tobacco
Leal
Universal
2,300
6912
70
6912
6912
69
6812
6811
6914
6734 6878
4 11212 140
/
100 133i2 Feb 9 158 Nov 12 1081
Preferred
110
157 157 •155 158
157 158 *155 157
•157 158
1672 4618
15
100 29 Aug 3 55 Nov 9
200 Universal Picture/ 1st pfd
*5014 5414 5312 5312 .,5312 5434
4 55
/
521
74
5434 55
3
78
218 Jan 18
Oct 16
4
1
/
1
Rad
&
Pipe
:Universal
4 11
/
11
114 5,800
1
4 * 114
/
114
11
1
114
118
414 24
6
4
/
41
Mar
8
193
19
Oct
8
93
100
Preferred
340
8
12 ,12
12
1112 12
12
38 „
1112 1112
12
1512 33
20 1434 Mar 14 22 Jan 7
Foundry
A
Pipe
S
13
8,700
3
8
205
.
20
1
20
4
1958
203
..
194
10%19&
19
20
1612 1952
1314
No par 1914 Jan 7 21 12June 25
1st preferred
4 2114 1,200
/
2.211
2034 201
4 2012 2012 2078 L 21
/
2034 20%
4
112
52
312 Oct 4
%June 24
No par
500 U S Distrib Corp
4 2% le 2% 2%
/
21
.2
212
212 *2
212
*2
4
14
4
July 26 2058 Oct 4
5
100
Preferred
1,5:30
17
1712 1812 31734 1938
1634 17
17
2712
1712 1712
11
11
It
Nov
3012
14
Mar
11
par
No
7.000 U S Freight
291
4 30
283 2938 2058 3013 2958 297
/
2858 2934
1514
412
11
412 Slur 12 1.31,Sept 9
No par
5,300 US ek Foreign Secur
12
1218 1234 4 12581 13
1212 12
12
1212 1212
60
631a 78
No 1ar 8514 Mar 26 9412 Nov 8
Preferred
400
9212 9213 . 91 4 91
92
9212 9212 92
9212
*02
4
/
611
3412
3412
7
Nov
87
12
ar
M
4012
20
83121 84% 9,300 US Gypsum
84
82
7914 84/
4 7634 81
1
8558 86
148
115
100 143 Jan 11 160 Oct. 8 110
referred
7
220
159 159
*15812 16012 *15812 16014 159 159
.15812 16012
101
314
8
65
4
/
7
1018Nov
6
Feb
5
6
938 938
22 938 958 2,200 U 8 Hoff Mach Corti
9,2 934 .
32
938 934
32
4 914
1
9/
4
1
64/
Mar 13 40 Oct 21
4618 4638 4738 14658 4714 11,700 U S Industrial Aloobol___No par 3518
4614 4778 46
4613 4714
117k
312
512
18
912Sept
15
Mar
4
/
31
par
Vo
c
1
v
Leather
812 817 • 871 102 1,600 17 S
812 812
88 812
*814 878
7
1934
7
1614 Sept 18
712 Mar 16
No par
Clam. A v t c
1334 14 '1358 1418 2.200
1358 14
14
1312 14
14
80
45
65
100 53 Jan 22 73 Sept 11
Prior preferred v 50
200
69
69 .67
68
.67
68
68
.67
68
68
1258
3
4
914 Nov 14
3 Mar 13
No par
834 914 57,500 U S Realty & Impt
778 838
878
812 ,914
8
814 85
24
11
918
94 Mar 13 1712 Jan 3
No par
13,600 U S Rubber
1412 15
14
1518 1418 1412 1412 15
1434 1518
6114
4
/
241
1712
7
100 2412 Mar 14 4238 Jan
1s5 preferred
41,400
4018 41
4 398 4012 4013 411
1
4018 41
3958 40/
5314
9658 141
60 92 Sept 11 12412 Am 25
9,300 U S Smelting Ref & Mln
9634 9534 965; 9414 96
9234 9512 95
9514 9534
5412 6512
51 12
50 6272 Jan 3 733 July 14
Preferred
300
73
72
72
.7112 73 .69
72
72
7178 71%
2712
2958 5972
18 5018 Nov 14
Mar
2711
100
Corp
Steel
S
U
4 4738 4618 4814 49
/
5018 4914 50'8 174,400
461
4612 47
6712 991,
6714
15
Nov
116
18
Mar
8
735
100
Preferred
13,300
112 116
11138 112
10812 111
108 110
110 11013
140
99
81%
No ye. 119% Jan 4 14034May 16
Tobacco
S
U
600
13612
*136
8
137
136
138%
1363
13812
137
13614 13614
150
126
100 1494 Feb 11 165 Aug 3 12459
Preferred
30
164 165' *162 165 .162 164
162 162
•16012 165
31
414
Sin
13
1
8
7
15
Aug
1'1
1
mar
338 12,700 Utilities Pow & LI A
3
314
3
128
24
318
3
12
4
1
3/
3
333 378
2 Nov 9
12 Mar 15
par
No
Sales
Vadsco
4
/
11
134
134 28,100
158
178
113 2
158
178 2
1914
1914 2212
9
Nov
5612
April
1914
100
Preferred.
420
55
*53
5612 5218 55
5412 55
53
' 5412 5612
14
1114
31%
7
, Jan
213
No yar 11 14 Apr 11
1812 1958 1934 2018 1952 20
11.200 Vanadium Corp of Am
1834 19
1878 19
334
412 12%
1114 Feb 7 33 Nov 14
h
32
3212 3212 3,000 Van Raalte Co Inc
4 33
/
3214 x32
321
32
3112 32
4 35414 58
/
541
100 91 Feb 20 1 . 3 Nov 15
70
_ .11114 11434 113 113
Stock
*11214 115
7% 181 Mr
111 11214
2438 3634
4
/
231
34 May 28 4218 Nov 15
5
Inc
Chemical
Vick
4218
41
8
2,000
41
415
413
2411
4
41
413
*111--4
/
.4058 42
80
80
80
Aug 6
_ _ _ Vicks Shreve 82 Pac Ry Co pf_100 70 Aug 6 70
4 73
/
.5718 __ *5718
.5718 73
*5718 73 Exchange *571
588
172
4
/
11
452 Jan 3
212 Star 18
378 378
418
Virginia-Carolina Chem __No par
378
4 -4-18 3.100
1
3/
4
4
38 410
28
10
Nov 1
32$8
1
1712June
100
preferred
2914 2934 3034 31
2912 29
3178 4,300
29
6%
Closed30
30
14
84
598*
31
Oct
57
12011
4
Jan
85
100
7% preferred
100
115 115 .113 120 *113 120 *113 120
•115 120
80
60
65
721k Jan 4 11012 Nov 2
80 Virginia El & Pow $fl pf No par
109 10912 Armistice *10938 1008 10018 10918 *10938 100% 10938 1005*
9
2
358
734 Nov 14
2 June 22
8
414 012
714
*6
712 73
67
360 Virginia Iron Coal & Coke_100
414
*3
1618
27
15
14
Nov
30
19
100 15 Feb
30
30
40
5% pref
*26
00
*25
25
28
3984
Day
2234 2234
21
52
10
38
May
83
100 6312 Mar 29
210 Vulcan DetinnIng
7612 77 .7312 77
7512 76
75
73
*6712 74
112
95
95
100 10914 Feb 5 11612 Aug 9
_ .11512 ___ _ _ ___
Preferred
.115 - _ '115 _ _ •11512
•1I5 __
1
470
4
/
11
258 Jan 8
1 Apr 1
100
2
•178 2
4 _-1
/
1,400 :Wabash
158 •112 158
1% -•112 1
81
134
258
4
/
412 Nov 15
1
Mar
11
100
A
Preferred
414 412 15,000
312 414
4 312
/
31
318
3
318 314
812
114
1
19
Jan
2%
22
May
1
100
Preferred B
100
234
234 234 *238 433
214 214 .2
.214 24
072
4
914 Oct 23 6 3%
Cs Slur 15
par
No
87
System
87
87g
9%
Waldorf
834
1,100
2
87
9
9
.812 87
2214 2972
2614June 1 3234 Aug 5. 1518
No par
298 3078 3014 3218 8,600 Walgreen Co
2958 2953 2914 297
*2938 30
84% 1161,
100 119 Jan 7 120 Apr 24 .80
632% preferred
115 115
330
.11433 116 *1145* 11612 _11412 115
116 116
4
/
61
4
/
11
4
/
31
414 Oct 21
28
Feb
4
/
11
par
No
Co
/Walworth
4
/
41
414
412
418
418
5,800
4
418
4
4
4
12
5
5
4 July 17
1
5 Mar 14 10/
No par
200 Ward Baking Muse A
8%
734 734 *752 858
•75
.758 85
.734 858
),
3,
114
114
214 Oct 17
114 Feb 28
par
No
B.
I%
17
Class
8
17
8
1,000
4
.13
4
13
4
13
2
13
14
134
36
34
24
100 2812 Jan 12 4314 Aug 6
Preferred
500
3934 3934 3912 3934
40
3978 397 *39
.3912 40
4
/
81
214
4
23
15
Nov
912
15
Mar
214
6
918 912 141,100 Warner Bros Pictures
838 918
814 812
814 878
812
8
3172
16
12
14% Mar 13 5058 Nov 14
No par
5014 2,920
5058 49
4 48
/
$3.85 cony pref
4634 481
48% 49
37
4714 4834
1
58
181
152 Mar 15
4 Jan 2
/
No par
114 8,000 /Warner Quinlan
78
78
34
34
34
72
*34
34
34
1338
314
212
1318 Jan 7
212 Mar 15
No par
37
8
5
3
4
3
Brom
3
2,100
8
Warren
35
359
8
5
3
4
8
37
338 3%
285*
8
4
/
71
6
77
Aug
17
20
Mar
par
No
pref
Convertible
10
11
*912 1013
2 10
*10
200
11
•10
•10
1138
13% 31
1312
No par 2052 Aug 7 32 Sept 19
234 2358 235* 1,800 Warren Fdy & Pipe
23 .2314 2359 23
23
.2212 2334
7
3
3
612 Oct 22
4 Mar 14
No par
57
6
578 61
6
4
/
618
578 57
2.000 Webster ElsenloOr
.5% 618
90
05
60
18
Feb
90
29
Apr
85
100
Preferred
"80
__ . •80 _ . .80 . _ *8() - - ____
*80 _ _
4
/
21
34
34
I32July 3
1 Jan 5
1
4
/
11
118 -114
114 .118 -.
.118 -114
10 Wells Fargo & CO
*11
4 -114
/
.11
186g 3554
15
5238 5234 15,500 Wesson Oil & Snowdrift -..No par 305* Jan 15 5412 Oct 24
5012 5212 527 53
5038 51
5034 5138
7484
491j
49
31
Oct
4
/
841
29
No par 72 Jan
08314 831
4 1,000
/
*83
8414 .8314 84
Cony preferred
8358 84
83,8 8314
4412 70
34 Mar 6 894 Nov 81 34
No par
58:2 8812 88
8858 8814 8812 j,•8514 89
130 Weei Penn Elea clam A
.88_
3978
518* SO
100 3978 Mar 6 9914 Nov 8
98
1
*95
08
98%
Preferred
,
96
120
•96
.
07 -9-8
06 2
96
86812
45
38
12
Nov
91
14
Mar
36
100
88
88
88
88
8812 87
6% preferred
91
220
90
00
01
8912 11053
8812
100 104% Jan 1 7 120 July 29
119 11014 '11914 11934 j,11812 11914
150 Weal Penn Power pref
119 119
.119 120
14
105
4
783
78
14
Aug
114
2
an
J
98
100
112
4
112
1113
112
112 112
200
•111 112
6% preferred
112 112
4
/
61
18*
4
/
11
214 Jan 8
ilsJune 8
Weal Dairy Prod el A__-No par
....-- ------- ---- ---- ---- ---- ---- 11---- ---212
,8
8
32
Jan
78
I
%May
par
No
a
t
v
B
Class
__
---- ---- ---- ,---- ------- ---- ---4
---- ---/
171
712
84
7
Jan
8
97
15
512Mar
75
100
814 852 -7.665 Western Maryland
4 812
/
81
8
8
8
7,2 818
9,4 23
712
712 Mar 30 1712 Nov 7
100
1678 167
17
18
10
*15
rko 36 preferred
.1514 16
•1512 1612
258
1
:
8
Ds
7
Jan
19
35*
118July
100
8
15
112
3
15
8
.
15
8
•112
15
15
8
15
.158
3,500 Western Pacific
134
4
/
171
458
232
778 Jan 7
2% Feb 28
100
4
4
4
418 438 Y 414 414 2,300
4
Preferred
414 414
2052
2912 867
7112 7358 7034 7338 7312 7532 7334 74% 84.800 Western Union Telegraph-100 2038 Mar 14 755* Nov 14
71
338
1578 38
18 Mar 27 3258 Nov 15 33 1534
31
31% 123112 3258 55,000 We8tingiVee Air 13rake___No rx.r
2814 2014 2814 31
2734 2814
7
47'.
27,
2772
92% 9434 0412 0578 . 9414 9538 37,000 Westinghouse El & Mfg
9234 95
50 3258 Mar 18 957 Nov 14
0258 9438
95
82
77
15
Nov
4
1223
5
Feb
90
50
1
12212112234
12212
*12212
.
-,
*122
preferred
70
1s8
2214
12214 12212
1512
6
5
7
Nov
32
18
10 Mar
282-2-914 29 -292814 2912 2818 2812 2,800 Weston Elec InetrumlNo par
*2914 30
15
1658 2912
4 Oct 17
/
No par 29 Jan 4 371
37
3714 3714 3612 3612 *3612 37
37
130
Class A
37
.36
8
147
2714
1214
25
Oct
25
7
13
Mar
4
163
par
2314 24
2234 23
2258 227
2414 2434 4,300 Westvaco Chlorine Prod No
23
23
24% 29
18
.20
35 .20 I 35 '20
35 .20
35
Wheeling & Lake Erie Ry Co_100 18 Jan 3 3512Sept 9
35
"20
24
36
21
25 Star 14 50 Nov 2
.4518 50
•4518 50 .4518 50
.4512 50
6% non-cum preferred___100
.4518 50
1113 39
1112
14
Nov
3214
28
31
3118 3214 313 321
1414 Star
3012 29
29
No par
4 10,100 Wheeling Steel Corp
/
30,4
30
57
34
34
13
1k
Nov
10212
12
Jan
46
100
4
1013
8
1013
101
4
4
10212
.1015
1013
1013
10014
1.500
Preferred
8
10112 1015
87
4
/
281
18
vs Star 15 1832 Jan 9
511
1512 168 1634 1734
1512 157
4 1712 51,000 while Mawr
/
171
1512 154
4
21,
2
31,
9
Jan
1259
2412
4
Oct
1258
13% 1412 1334 14
1514 1412 15
15
3,000 White Rh Mln Syr elf ____No par
1514
•15
37
1%
Do
234July 29
1% Mar 15
178 .178 2
17
17
178
2
214 2,300 White Sewing Machine___No par
2
.17
5
ID,
4
27
4July
151
11
Jan
6
par
No
11
11
8
11
"105
1012
11
1072
preferred
Cony
128 2,500
1.118
11
534
2
1
2% Jan 8
1 Mar 14
5
2
218
.2
218
218 .2
2
2%
700 Wilcox 011 & Gas
218
.2
2718 3412
2272
34 Feb 5 3612Mav 27
Wilcox-Rich Corp clam A _No par
---- ---- ---- ---- ---- ---- ---- -___ ---9
414
4
/
37
31
21
Oct
8
75
3
Apr
718
No par
718 z7
7
7
714
718 00,800 Wilson & 00 1110
7
718
7
1214 321
4
/
111,
No par 2512 Feb 7 311 Jan 3
Class A
63
_ 100 138 Apr 2 75 Feb Ts
7312 7434 7414 74-34 -3,506
737 7414 7312 737
$6 pref
-77578 -ii35
-14 -5'4
41
IR
10 61 Jan 15 6514June
5713 5634 5713 5634 5734 ,
.27,000 Woolworth (F W) CO
5734 56
57
5788 88,8
1312 31 7,
11%
4:Star 12 2418 Nov 6
/
100 111
2218 235* 2218 2214 2,600 Worthington P & W
2114 2134 2114 22
2214 22,4
3112 53
2512
100 25% Mar 13 57 Nov 4
55
54
Preferred A
5312 54
5112 5334 5114 54
1,190
54
53
42
235
20
100 20 Apr 4 4412Nov 6
42
4212
4
41
13
413
4212
41
40
Preferred
4112
2,500
404
404
1672 75
12
No par 3512 Mar 13 53,8 Apr 29
4 4912 4812 4814
/
471
47
47
48
.46
80 Wright Aeronautical
*4712 493
76
8411
4
474
28
Apr
4
823
13
Mar
4
7711 7734 1,400 Wrigley (Wm) Jr (Del)NO per 733
7814 7814 78
7812 771
4 78
/
70
.78
14
22,2
4
/
111
4 Nov 8
/
25 1734 Apr 9 351
34
34
34
3214 3214
34
800 Yale & Towne Mfg Co
34
34
3414
34
712
4
/
21
258
252June 6
10
814 Nov 15
67
658 7
718
7
814 79,000 Yellow Truck & Coach el B
658 678
65* 67
28
67%
25
100 3112May 8 91 Nov 15
91
84
82
83
84
Preferred
84
480
834 84
84
84
13
4
/
221
1018
18 Mar 18 41% Nov 12
par
WIre_...No
&
4134
8
4114
8
413
Spring
415
4058
407
5,100
417
Young
404
40% 403:
1258
1258 3354
4 Nov 14
/
13 Mar 15 351
4 47,200 Youngstown Sheet & T--No par
3414 3538 3434 35/
1
3134 333
3118 33
3212 33
591
34
100 3812 Apr 11 10018 Nov 9 "30
preferred
997g
4
9912
4
983
.983
983
4
"98
660
51.1
10018
10018
100 10018
4
/
41
1 12
1 12
1 12Slay 6 1314 Nov 14
No par
1234 1314 12
128 18,500 Zenith Radlo Corp
13
1112 11
11
1114 1112
.
71
VI
25
614 Nov 6
258June 7
I
57
6
5% 61
4
/
14,200 Mohr Products Corp
534 57
558 5%
558 5%
,p
For footnotes see Page 3182 .
3192
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Nov. 16 1935
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest -except for
income and defaulted bonds.
NOTICE-Casla 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
ig. T. STOCK EXCHANGE
Week Ended Nov. 15
Z._
Wan
fitly 1
r. Z1 Range or ; 1933 to
Friday's
ii•E
!II Oct. 31
'o, MA tt Asked 65.2 1935
U. S. Government.
Low
Treasury 41‘e
Oct 15 1947-1952 A 0 2115.5
Treasury 31ls
Oct 15 1943-1945 A 0 105
Treasury 45
Dec 15 1944-1954.6 D 110.20
Treasury 311'8
Mar 15 1946-1956 M S 109.2
Treasury 3148
June 15 1943-1947 J D 106.3
Treasury 38
Sept 15 1951-1955 M S 102.15
Treasury 3s
June 16 1946-1948 J D 102.15
Treasury 3448
June 15 1940-1943.6 D 107.7
Treasury 34*
Mar 15 1941-1943 M S 107.4
Treasury 3149
June 15 1946-1949.6 D 103.14
Treasury 314e
Dec 15 1049-1952.6 D 103.10
Treasury 3148
Aug 1 1941 F A 107.15
Treasury 334a
Apr 15 1944-1946 A 0 104.23
Treasury 231*
Mar 15 1955-1960 M S
99.27
Treasury 2515
Sept 15 1945-1947 M S 100.23
Federal Farm MOrtgaire Corp312s
Mar 15 1944-1964 M S 102.14
85
May 15 1944-1949 NI N 100.25
Is
Jan 15 1942-1947 1 J 101.7
21Je
Mar 1 1942-1947 M S 100.1
Home Owners' Mtge Corp3s series A
May I 1944-1952 M N 100.20
2,
pis
Aug 1 1939-1940 F A
99.17
RI- No
30
115.9
105.10
66
110.28 470
6
109.5
106.13
29
102 25 271
102.25 281
107.10
83
107.11 129
103.25
93
103.18 487
107.22 295
104.31 114
100.6
003
559
101.1
102.20
101
101.13
100.8
13
49
58
116
100.30
99.26
528
577
Range
Since
Jan. 1
Low
Low
113.8
102.28
100.24
107
_ 103.38
100.20
100.20
104.15
104.14
101.28
101.16
104.18
10124
98.28
_--99.2a
High
117.7
106.28
112 8
11025
107.29
104.10
104.10
108.23
108.28
105.11
106.9
108.28
106.19
101.28
101.5
101.14
99.16
100.
98.24
104.5
102.20
102.24
101.20
____
99 16 102.18
5620 101.9
ttttt Si City-See sole below.
Foreign Gold & Municipals
Agricultural Mtge Bank (Colombia)*Sink fund 65 Feb. coupon on__1947 F A
1414
1478
4
1612
2
*Sink !und 65 April coup on ____1948 A 0 1612
Akershum (Dept) ext Se
1983 IM N
9634 9714 55
•Antiounia (Dept) coil 7s A
1945 J .1
658
678
6
1945.6 .1
*External a I 79 ser B
634
634
1
*External a f 7e tier C
1945 J J
612
65s
2
'External s f 7e ser D_,....
1945 1 J
612
7
10
*External e f 7s let ear
63
4
A
0
1957
63,
2
*External sec,17* 2d ser
1957 A 0
614
678
6
*External sec 91 70 3c1 ear
1957 A 0
614
678
8
Antwerp (City) external 58
1958 I 0 98
99
22
Argentine Govt Pub Wks 65
1960 A 0 9712 9838 38
1959 il D 9712 9858 90
Argentine 6s of June 1926
Exti s 1 Bs of Oct 1925
1969 A 0 9712 9838 20
External a f fle aerie@ A
1957 M S 9758 9812 101
External 68 series B
1958 1 0 9758 9838 63
Extl a 111* of May 1926
1960 M N 9758 9838 67
External vi 6s (State Ry)
1960 M 5 9734 9858 81
Exti 69 Sanitary Works
1961 F A
9734 9858 100
Extl Eis pub wk* May 1927 --1981 M N 9712 9812 41
Public Works ext1 54*
1982 F A 94
9512 54
Anetralla 130-year 55
1955.6 1 105
10612 61
Externaa 55 of 1927
1957 M 5 10512 10612 106
External g 4145 of 1928
1966 M N 9878 9914 118
Austrian (Govt) s 1 7e
1957 J J
90
9018
7,
I
*Bavaria (Free State) 814e
1945 F A
3078 3118 10
Belgium 25-yr ext16145
19495! 5 10812 10912 19
External 9 1 6e
1955 1 1 10512 107
64
External 30-year 6171
1955 1 D 11438 118
19
1966 MN 10778 109
Stabilization loan 7s
26
Bergen (Norway)ext a! 55
1960 M S 101
I
101
•Beriln (Germany) 516148
1950 A 0 2814
2812 11
'External sinking fund 85
1958 .1 D 2678 2718
5
*Bogota (City) extl 9 f 89
1945 A 0
978 1178 39
*Bolivia (Republic of) ext189_ _1947 M N
612
658 17
*External secure 7s
1958 J J
512
512
71
'External sinking fund Ts
1969 M 13
512
512
5
*Brazil (U El of)exteoal 85
1941 .1 D 2638 2758 38
*External a I 6%e ut 1928
1957 A 0 2014 211s 87
*External s f 64v of 1927
1957 A 0 2012 21
90
4.78 (Central RY)
1952 J D 2114 2214 23
'(Br emen (State of) eat! 74
1935 M S 32
3238
7
Brisbane (City) a f 59
1957 M 8 9478 9534 17
Sinking fund gold Se
1958 F A
9434 9558 19,
20-year s 1 6e
1950 J D 10114 102
15'
Budapest (City 01)'68 July 1 1935 coupon on
1962 J D 3438 3514 32
Buenos Aires(City)614e B-2 __ADM .1 .1 9434 9532 16
External a f tie ear C-2
1960 A 0 92
92
I
External s 1 68 ear C-3
1960 A 0 92
92
1
*Buenos Aires (Prov) exti 6e
1961 M 13 *68
76 ---•69 stamped
1961 M E3 5734 59
124
*External a f 845
1961 F A
____
*8149 stamped
1961 F A *68577s 583
_-4 28
Bulgaria(Kingdom of)*Sinking fund 78 July coup 0111_967 J J
1314
15
11
*Sink fund 7413May coup 011_1968 MN
1318
1358
8
•Caldas Dept of (Colombia)7148_1946 .1 .1
Canada (Dom'n of) 30-yr 48
1960 A 0
1952 MN
58
43.48
1936 F A
*Carlsbad (City) 8 1 89
1954 1 J
*Cauca Val (Dept) Colom 7149_1946 A 0
1050 M S
*Cent Agri° Bank (Ger) 75
*Farm Loan *1 6*
July 15 1960 J .1
*Farm Loan e 1 fle
Oct 15 1980 A 0
*Farm Loan 65 ear A - _Apr 1151938 A 0
*Chile (Rep)-Ext1 a 1 7s
1942 M N
*External sinking fund de
1980 A 0
•Ext sinking fund 65
Feb 1961 F A
•Ry ref 42:2 s f 6s
Jan 1961 1 J
*Ext sinking fund 6s
Sept 1961 M S
*External sinking fund 65
1962 M 5
*External sinking fund 69
1963 M N
*Chile Mtge Bk 6149
1957.6 D
*Sink fund 8149 of 1926
1981 1 D
*Guar 8 1 Bs
1961 A 0
*Guar e f 65
1962 M N
*Chilean Cons Music 78
1960 M S
834
9
4
10514 10534 11
11114 11178 86
10034 10078
6
54318 50 ___
*712
9 ____
39
40
11
3334 34
17
3318
3438 25
3858 40
29
1312 1418
8
1134 1278 87
12
1234 68
12
1258 59
1214
1212 27
1214
1212 35
12
1212 65
11
11
5
1258
1258
6
1034
11
29
103.1
11
19
1034
23
11
*Chinese (F1ukuang Hy)5s
1951 J D 42
*Cologne (City) Germany 6544_1950 M S 2712
Colombia (Republic 01)•65 Apr 1 1935 coupon on_Oct 1961 A 0 18
.08 July 11936 coupon on_Jan 1961 .1 .1
1778
*Colombia Mtge Bank 83-46
1947 A 0 1312
*Sinking fund 79 of 1926
1946 MN
1358
*Sinking fund 7s or 1927
1947 F A
1318
Copenhagen (City) Se
1952 .1 D 8934
25-year g 445
8.514
1953 M N
*Cordoba (City) ext1 a f 75
1957 F A 5318
.74 stamped
1957
47
*External sink fund 711
1937 MN 6412
074 stamped
1937 , 53
cordoba (Pro.) A rsrentina 72
1942 .1 J 75
Costa Rica (Republic of)•78 Nov 1 1932 coupon on
1951 MN *32
*711 May 1 1938 coupon on
195I ---- 2414
42
2712
1
5
1914
181y
1312
1358
1314
91
88
531s
473s
6412
53
7714
53
40
I
5
2
34
13
3
12
1
2
12
25
13
141 t
3312
32
971 t
use
1118
934
1051
1014
1834
153.
64
7
624
7
7
638
614
612
74%
24
44
4422
44
4414
4412
4414
4412
45
4114
7758
78
7378
4212
9012
858
65.8
81,,,
612
634
131 1
61 t
88
Ws
90
90
9014
90111
90
90
90
90
8412
98
98
9218
81
978
126
9912
9858
9858
gars
9812
9812
9858
9822
9834
0512
10653
10812
9912
9812
2614
8812
8612
9234
91
6214
22
2012
972
518
A
4
2172
18
1758
1812
29
9314
9314
10112
97
93
2518
21 1s
955
51s
4
4
23
is
1758
1812
37
10912
1071:
119
11014
10118
38
3812
18
912
8
814
3978
3112
3134
3114
MI,
10
29
68
6812
75
31 14 4112
8718 9714
8553 9738
97 10212
2934
4014
36
3614
2914
2558
2712
2538
3218
84
82
82
6618
5152
67
52
12
12
12
12
858
8618
9912
9818
4212
814
29ii
26
2614
2718
7
5
618
618
614
618
8
754
978
718
712
5
858
101
106
10031
4212
8
34
2614
2614
35
12
1012
1012
1012
1012
1034
1034
1034
11
1055
1012
924
22
22
3338
26
18
19I2
14
12
1438
6012
5512
12
251s
IS
1755
1355
13-,,,
1318
85
8114
4434
3834
50
4612
70
1712
____
3018
1712
2978
BONDS
N, T. STOCK EXCHANGE
Week Ended Nov. 15
r,
Week's
July 1
r.%,1 Range or .71 w 1933 to
4';..:
Friday's
,
41,
-. Oct. 31
.r.,07. Bid dt Asked t4t3 1935
Rause
Since
Jan. I
Foreign Govt. & Munk.(Cos.)
High No. Low Low
Low
Rich
Cuba (Republic) 59 of 1904
I
1944 M S 9934 993.1
6818
9412 10034
External 5e of 1914 ser A
1949 F A 9912 100
15
8312
90 101
External loan 44e
8178
3
84
1949 F A 0512 9512
985s
Sinking fund 534s _ _Jan 15 1953 1 J 9912 100
11
61
77 10014
*Public wks 54s -.:June 30 1945 J D 34
35
77
2312 42
1934
•Cundlnamarca 634s
914 26
1969 151 N
812
812
812 1438
CseehoeloYakla(Rep of) 81
9
7734
105
1951 A 0 104
9512 10714
Sinking fund 8s vet B
1952 A 0 10312 10358 22
9512 108
77
Denmark 20-year extl 69
10358 38
1942 1 J 103
7978
9834 105
External gold59
A 9978 100
81
75
13
18
0 9
3 101
1955 F 44
External g 414e_Apr 15
8212 91335
1962 A 0 9038 '9114
Deutsche Bk Am part ctf 6s
1932
**Stamped extd to Sept 1 1935_ _ __ M S 44
70
2
39
48
39
Dominican Rep Cast Ad 548_1942 M 8 70
7134 23
40
6114 72
tat ser 6148 of 1926
5
1940 A 0 6512 67
36
67
55
2d series sink fund 514s
1940 A 0 65
13
5478 67
67
36
*Dresden (City) external 75
1945 MN *3118
32 ---2512
2512 4355
*E1 Salvador (Republic) 88 A
6512 6512
64 ____
1948 J .1 *_ _ __
36
*Certificates of depoett
1 J *3118
35
34 -___
35
82
Estonia (Republic of) 7,
4
4812
8411 97
1967 1 J 97
97
Finland (Republic) ext 68
5945 M S 10532 10814 19
70
10312 108
External sink fund 8149
10312 11
1956 M S 103
7012 10118 10434
*Frankfort(City of) 9 f 6%e
1953 M 15/ 2614
2118 3514
2614
20
3
French Republic ext1 7348
1941 1 D 17418 17514 42 126
18512 190
External 78 of 1924
5 12712 16912 190
1949 I D 17818 17814
*German Govt International5145 of 1930 stamped
3234 125
1985 j 13 31
2138
2138 3712
•514s unstamped
31
3134 15
__
2734 32
1965
*German Rep e‘t1 79 stamped_ 1949 -AI5 39
7014 475s
3934 73 /014
•75 unstamped
1949 -------3734 --------3513 37,2
*German Pro, ck Communal Bits
(Cons Agric Loan) 6 48
23
1958 J 13 4312 44
2312
38
4832
Graz (Municipality of)•8s unmatured coupons on__1954 M N *9012 9 1
86 10812
6
2
-42
Or But & Ire (U K of) 549
34 10612 10612 116,2
1937 F A 10734 109
04% fund loan £ opt 1980
9532 106 119
1990 M N al 14i4 11412 20
*Greek Government liver 7s
3514 ---3318 3912
1984 M N *25
22
•79 part paid
3514
_
2712
2112 37
1964- _ *25
*5? Reeured as
Is.
bone F -A
2558 2558
1
2314 3:1
85 part paid
2312
23
1968 --__ *2018 2478 ---25
Haiti (Republic) s 1 6s vet A
71
1952 A 0 9314 95
67
*Hamburg (State) 618
6
1946 A 0 28
2011t
226
*Heidelberg (German) exti 749_1950 J J *2318 25 ---15
Heleingfors (City) ext 6148.
2
8614
104
1980 A 0 104
Hungarian Cons Municipal Loan•7%s unmatured coupons on 1945 J J 29
.5
2412
29
*71 unmatured coupon on
1
2512
1946 J 1 29
28
*Hungarian Lan 1 M Inet 7%,....196l MN *25
---- ----.5
*Sinking fund 74e ser B
29
28
2
25
1961 MN
Hungary (Kingdom of)•7148 February coupon on
36
10
37
3118
1944 F A
Irish Free State mai a 15*
92
1960 M 11 *11114 116 __,_
Italy (Kingdom of) extl 7s.
1951 .1 II
6012 85
186
5014
Italian Cred Consortium 78 A
_'37 M 8 8612 88,2 __1
63
External sec e f 78 der B
-1947 M 9 54
5512 " 41
Italian Public Utility ext179
4012
1952 1 J
5312 5512 82
Japaneee Govt 30-yr e f 643
1954 F A
77
98
9878 73
Ertl clinking fund 54s
1965 M N
6712
8638 8818 116
Jugoslavia State Mortgage Bank*711 with all unmet coup_ __A957 A () 26
11
27)4
23
*Leipzig (Germany) 9 f 76.
1947 F A *3058 37 __-Ms
Lower Austria (Province of)074s June 1 1936 coupon on1950 J 0 .100
10412 --,
150
*Medellin (Colombia) 64e
614
634 10
1954 J D
614
*Mexican Irrig Asetng 44s
1943 MN
*41.8
714 ---3
*Mexico (US) esti 58 Lf 1899 £_1945 0 1 *Vs
712 ---4
*Assenting 55 01 1899
1945 Q .1
712
712
Vs
5
'Assenting 5s large
.358
414
__
51s
--*Assenting ss small
__
____ ---- ---*44 of 1904
455
5 -- -1954 .1 D *____
*Assenting 4e 01 1904
458
408
1954 J e
3
5
'Assenting 48 01 1910 large
6
314
4
4
*Assenting 48 of 1910 small ____ ___
358
334 14
318
•ITreas s of'13 silent (large) 1933 J 1 *--__
534
6 __
y y ------------434
•ISmall
Milan (City, Italy) extt 814s _A1)52 A 0 1
153
108
39
Minas Geraes (State of, Brazil)•1346 Sept coupon off
3
1334
1958 M S 1338
13
•8 4s Septcoupon off
1959 M S 1358
10
14
1318
3914
98
95
9212
7718
65
78
8514 *Montevideo (City of) 7e
19623 D 4134
*External a f 6s series A
3814
1959 MN
1858 New So Wales (State) Intl 58 _
1967 F A 10314
19
External e f 5e
Apr 1950 A 0 10234
Norway 20-year 6161 6e
1943 F A 10858
14
20-year external 69
1944 P A 10858
10812
30-year external 64
1952 A 0 10278
114%
40-year 5 1 5 34*
1965.8 D 103
10312
External sink fund 58
19413 M 13 10238
8212
Municipal Bank intl a f Se
1970 .1 0 *10214
1312 •Nuremburg (City) eat! 69
26
1962 F A
5812 Oriental Devel guar 6s
1953 M 8 86
47
Fat' deb 54e
1958 M N
8258
404 Oslo (City) 30-year 8 f 68
1955 NI N 10118
5,514
17
Panama (Rep) en)5%,
1953 J D 106
15,4
•Extl a 1 set A
1963 M N 66
1512
*Stamped
5818
1512 Pernambuco (State of)1512
ns Sept coupon ott
12
1947 M 18
1538 *Peru (Rep of) external 79
1959 M S 1712
1512
*Nat Loan esti 8165 let set
1960 J 0 12
1412
'Nat Loan 48=51 6f, 3d ser__ _1961 A 0 12
1434 Poland (Rep of) gold Os
1940 A 0 79
1414
Stabillzation loan s f 72
1947 A 0 10112
1414
Externai sink fund g 88
92
J J
1960
1212 Porto Alegre (City of)•85 June coupon oft
1961 1 0 *16
47
S48 July coupoc off
1966 J J
1334
38
Prague (Greater City) 745
'Prussia (Free State) sit' BAIL_ 10
51 N
S *10
9.5
52
1 P4
208's
3612
*External 8 f 88
__1952 A 0 2734
37
Queensland (State) ext1 5175 _ _1941 A 0 109
2112
26-year external 6s
1947 F A 108
2112 *Rhine-Main-Danube 79 A
1950 M 5 *3358
251,
, Rio de Janeiro (City of)944
*8:1 April coupon off
1946 A 0 *1458
9112
614e Aug coupon oft
1953 F A
1234
6412 Rio Grande do Sul (State of)4814
*8s April coupon off
1946 A 0 *17
6412
•88 June coupon ott
13
1968 .1 D
53
*74 May coupon off
1966 MN
1334
8014
•75 June 00111830 off
1967 -I D
1414
Rome (City) extt 64s
1953 A (0 5114
38
Etotterdam (City) eztl (le
1964 M N 112
3272
82
2212
111
10114
95
30,2
31
10118
2412
2512
25
25
38
3714
35
35
3418
10812
5014
68
44
4012
90
7714
49.,
116
9412
99
89
85
100
8975
25
43
31
447/,
97
814
4
4
658
614
--554
414
314
31s
512
453
39
106
1055
818
4
1134
11
-534
8
7
7
8
834
8512
1938
13
1318 1955
4212 13
39
15
10
10414
10412 25
10712 33
10712 17
10312 38
10312
8
10314 55
10212 ____
3
28
863e
5
8358 25
10112
1
2714
25
7334
7312
88
8712
8318
7872
76
8012
22
64
5914
73
3114
29
9654
9834
10312
10312
10014
9938
9812
98
2214
7714
7458
99
10612
6678
5934
2
10
55
89
2478
27
10212 10712
4()
67
3612 60
1218
1778
1358
1338
7914
10412
9312
13
7
57
49
11
30
27
84
7
5
484
158
83
6358
11 55
12
738
714
71
9978
797s
18__ _
-1
1334
10
2618
8 _ _ _:_i
1212
12
7
27
2142
1212 22
22
12
37
534
9
2.8
2,2 10
12
28
6
10912
1
108
35 ___
2212
114
8334
3214
1538 ____
1414 51
1312
1134
1358 1958
1134 1812
18' ____
55
14
11
1418
1
1414
54
55
1
112
14
1258
1234
1258
4012
9216
14
2312
1258 22
1234 21
12,c 21,3
4012 5714
110 13955
2212
1057s
10318
3214
4212
39
10414
10412
10712
103,2
10.114
104
10314
10212
3544
99
8.552
10314
1573
2114
1712
1735
8355
12612
967a
3654
11012
109
431 5
For footnotes see page 3197.
.
NOTE-Sales of State and City securities occur very rarely on the New York Stock Exchange,
dealings in such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers In these securities, will be found on a subsequent, page
under the general head of "Over-the-Counter Securities'
Volume
New York Bond Record-Continued-Page 2
141
3193
July 1
Wears
:ra
Rases or ; 1933 fo
Noma
... ,5
BONDS
BONDS
Nano*
.....
811., Oct. 31
Friday's•..
Slats
iii LN. Y. STOCK EXCHANGE
Since
N, T. STOCK EXCHANGE
Jan. 1
....o. 824 st Astad nit4
1935
Week Ended Nov. 15
Week Ended Nov. 15
Jan. 1
Low)
El(o) No. Low Low
MO
Low
Foreign Govt. &Munk.(Cosa.)
&to) No. Low
Low
MO
27
3512 18
27
424
1948 J 1 33
Roumania(Kingdom of Monopolies)AU & Dan let g 4/1
344
23
23
7
29
2412 25
*75 August coupon off
1948 4 1 28
2d 45
27 2058
1959 F A
2312 3812
3514 51
3514
23
1959 1 J 4918 50
3978 •Saarbruecken (City) 68
1953 1 J *
Atl Gulf & W I SS coil tr 55
50
50
78
10614 10814
Sao Paulo (City of. Brazil)1937 1 J 10614 10614 10 101
Atlantic Refining deb be
90 101
75
3
101
1
4 1412 10 1312
•88 May coupon off
1941 4 .1 101
1952 MN 14/
1312 1938 Austin & N W let go g be
1112 1972
1438 1412
*External 8)4s May coupon of/ 1957 M N
5 1112
9514 105
9514
2
San Paulo (State of):Baldwin Loco Works 1st 5s__ _1940 M N 10312 10312
8214
9512 10412
1
4 9978 117
'88 July coupon off
1938 1 4
Bait & Ohio let g 4s___July -- --1948 A 0 99/
2418 2418
30
6 1518
23
7114
7258 288
54
1995.1 D
54
*External 8s July coupon off
1950 .1 J *1838 20 ---_
7712
1212
1458 2334
Refund A gen 511 melee A
9418 101 10912
1234
*External 75 Sept coupon off
1956 M 5 *1412 1612 ____
__1948 A 0 10412 10518 92
let gold be
July
1234 21
1995J D 8034 8214 68
59
6314 864
1968 J J
1414
*External fis July coupon off
1455 14 1034
Ref & gen 88 series C
13
21
9314 100
7638
97
9758 47
*Secured if 78
1941 MN
1940 A 0 7934 81.
P. L E & W Va Sys ref 4s
40 81
7278 9114
86
7414
28
9912
Southwest Div let 34-5*
1950 4 1 944 95
61
7534 88
8618 34
4Banta Fe(Pro, Arg Rep) 7s_...1942 M S 5512 5534
1 86
1959 1 .
4 17
Tol & Cin Div let ref 48 A
65
52
5212 76
5212
82
1
4 71
*Stamped
2000 M S 69/
5212 54
12 38
Ref & gen 5a series D
474 6214
3812 611
3812
554 5718 230
*Saxon Pub Wks(Germany) 7s__1945 F A
/
4
3312 34
Cony 448
1960 F A
3 2912
2912 4214
5212 7612
5212
176
*Gen ref guar 64e
1051 M N 3138 3134 12 28
1996 M S 6912 71
Ref & gen M be set F
28
40
1943
J
110
11438
9412
____
J
*11314
*Saxon State Mtge Inst 78
1945.2 13 35
be
Aroostook
let
3612
Bangor
&
55
2 35
35
7418 1004 10614
13
*Sinking fund g 64e
37
1946.2 D *34
Con ref 4s
1951 4 J 10134 1-65
35
35
5212
Serbs Croats & Slovenes (Kingdom)1961 ---- 10918 10934 33 11112 103 11218
45 stamped
9458 103 118
1
•88 Nov 1 1935 coupon on
109
1942 i J 109
1982 MN 2512 2714 16
Batavian Petr guar deb 434s
1914
24
36
64
68
60
•78 Nov 1 1935 coupon on
3
64
1962 MIN 2514
1989 1 0 64
27
Battle Crk & Stur let go 38
47 17
2218 36
Silesia(Fro, of) exti 7s
.1958 1 11 69
6912
4 42
8512 75
*Silesian Landowners Assn 69 -.1947 F A
100 103
88
4912 4912
4 2514
1936 4 1 *10112 10134 ---43
6114 Beech Creek let go g 45
Solesons (City of) extl 65
1938 1 1 *10134 --------8912 100 102
1938 MN *16278
117
2d guar g ba
158 1764
Styria (Province of)95
98
66
_ ____
1951 A 0 *9712
Beech Creek ext let 8348
11314 12012
28 103
*721 Feb coupon off_
-_1946 F A *98
1948 1 4 11914 120
Bell TeleP of Pass series B
99
86
4714
/
4 12658
Sydney (City) 5164*
12434 49 10314 1181
1960 A 0 124
1955 F A 10012 10114
let & ref be series C
9 75
95 10212
Belvidere Delaware cons 3;is
1943 -I J *101
Taiwan Elea Pow a f 1548
-gi
10714 11212
1946 M 8 11114 nil* 19
1971 1 4 8112 8212 12 58
744 8738 Beneficial Indus Loan deb 88
2712 44
Tokyo City bs loan of 1912
27/
1
4
4
1952 M S 7138 711
*Berlin City Else Co deb 8%!--1951 4 0 3158 3134
6612 76
3 5334
/
4
2412 3912
2412
2858 29
External 6 1 54e guar
5
1961 A 0 8114 8234 12 59
1959 F A
*Deb sinking fund 84e
7432 88
2412 391
/
4
2412
*Tolima (Dept of) extl 7e
812
1
8/
1
4
852
1947 M N
1955 A 0 2712 2752 13
*Debentures fla
852 1214
Trondhjem (City) 1st 54e
2752
2
30
411
/
4
1957 M N
13 6334
9852 99
91
100 *Berlin Else El & Underg 848_1956 A 0 3212 3212
9912 10412
9912
182
Upper Austria (Province of)1960 J J 10314 104
Beth Steel cons 1)1 4 Hs ser D
*75 unmatured coupon on
1945 1 0 *____ 109 ---- 5134
95 11012
10255 11012
•Ext1 8%s unmatured coups...1957 1 D . _
90
1944 1 13 *10812 109 ____
_ -___
82 10358 Big Sandy 1st 48
414
3412 45
25
*Uruguay (Republic) anti 8s
1948 F A .3'718 --1950 M S *3712 48 ____
33
384 24
3612 4738 Bing ir Bing deb 64.3
5912 8052
5914
59
*External e f 6e
75
1987 M 5 72
3612 3732 36 2612
1960 M N
3414 4112 Boston & Maine let be A C
6012 8212
8012
74
76/
1
4 25
*External a f Cs
1955 M N
1964 M N
36/
let M 58 eeries II
/
4
1
4 36/
1
4 27 261
3418 42
5912
75
56
15
Venetian Pro, Mtge Bank 7e _ _1952 A 0 *5318 --------51
0
68
70
A
1961
let
g
448
ser
JJ
51
83
20
4038
Vienna (City of)26
3
20
2334
:Boston & NY Air Line 1st 4e.. _1955 F A
584 20
*(le Nov coupon on
514
3
1314
1934 A 0 13
II•Botany Cons Mills 645
1952 MN
1 5252
8612 8612
80
96
6
1712
6
Warsaw (City) external 7s__ __ _1958 F A
1
---- 1312 1312
*Certificates of deposit
63
7418
68
6914 15 0
Yokohama (City) eat' 65
3261 J 0 8512 8614
If•Bowman-Blit notate let 7e_ __1934
8014 90
9 83
M B
*6
_ ____
434
434
412
Stmp as to pay of $435 pt red
93
82
6812
10
ii
1941 4 1 85
Brooklyn City RR let 55
3949.2 I 108
10638 11012
8 103
10914
RAILROAD AND INDUSTRIAL
Bklyn Edison Inc gen 55 A
1952 Jr J 10712 10712 23 10212 106 110
COMPANIES.
Gen mtge bs series E
861
/
4 1044 10734
178
1968 1 J 10638 107
•iltAbItIbl Pow & Paper 1st 58_1953 1 0 2834 30
26
4112 Bklyn-Manh R Tee!66 A
1
4
93 15/
104 10558
98
A damaExprees coil tr *45
1949 1 0 10414 10478 42
1948 M R 98
15-year sec 65. series A
7 61
99
85 100
55
71
5258
Coll trust 48 01 1007
_
1947 4 D 9612 97
Bklyn Qu Co & Sub con gtd 5s1941 MN *6934 74 ____
97
309612
65
7732
5734
1
Adriatic Llec Co ext Is
72
1941 1 1 72
1952 A 0 54
5512 13 -51112
1st 5e stamped
5012 10014
11012
1005
8
7212
43
Ala at Sou 1st cons A be
11018
A
10912
1950
F
1943.2 0 *1071
/
4 10858
8012
104 10814 Bklyn Union El 1st 858
1
4 121
1st cons 4e eer B
19433 0 103
1945 jil N 11852 11914 33 1034 114/
2 74
103
9812 103/
1
4 Bklyn 17n Gas let cone g be
*Albany Ferrer Wrap Pap 68
2 10514 11858 128
1947 M N 126
1948 A 0 50
126
let lien & ref 68 aeries A
38
6452
5334 11 38
4.65 aasented
158
_ ___
.
1948 1936 1 J
Cony deb g 545
4412
*544412 4612
Alb & Sum let guar 34s
10318 1-66-14
93
5
1946 A C 10214 10214
5950 J D 1.15--ii4 1-65.
Debenture gold ba
2 83
9912 10418
tAlleghany Corp coil tr be
4 10012 10758 111
1944 F A
1957 MN 10914 10912
8178 8634 355 4724
151 lien & ref be series B
644 8634
Coll & cony 58
1949 1 0 70
7934 545 41
5212 7934
*Coll & cony 55
8818 1011
/
4 10314
____
1950 A 0 2412 3912 513 13
1938,J J ---13
3912 Bruns & West 1st fru g 48
*55 stamped
9612 10884 11158
8
18
1950 -__1981 F A 11012 11012
8
2734 1157
2734 Buff Gen El 4345 series 13
8
Mica & West let au 4s
103 107
1998 A 0 *92
91
9
103
1937 M 5 103
9334
Buff Roch & Pitts gen g be
8412 94
62
Alleg Val gen guar g 4s
1942 M r 10812 10812
5112 70,
4
50
1957 M N 6114 6234 44
4 93
10512 10914
C.1111301
..l
441'
Allied Stores Corp deb 445
2
15,
1950 A 0 9778 9814 63 9252
9
1553 24
16
9252 9814 II•Buri C R & Nor 1st 5c m1155_1934 A 0 1552
14
2015
Allis-Chalmers Mfg deb 55
14
1
100 102
16
1937 M Is 10034 101
32 8312
16
*Certificates of deposit- ...,
9212
*Alpine-Montan Steel 78
76
_ 1955 M 8 9112 9112
39
2
79
1952 A-0 79
2 50
87
9734 Mush Terminal let 45
35
51
1018
1955 1 1 37,2 4012 37
*Como'58
Am Bt
Beet Sugar 88 ext to Feb 1 1940 F A 10212 10212
5212
70
31
18
4
563
6 80
ex
1980
A
0
Bidgs
tax
Ss go
98 10312 Bush Term
Am & Foreign )'ow Sob
b 552030 M 8 65
7738 92
54
6914 372 32
17
88
92
1945 MN
49
7612 By-Prod Coke lat 54.3 A
American Ices f deb 58
1951 .1 L
74
26 62
75
6914 8812
Amer I 0 Chem cony 548
1
4 10714 109
1949 M 1% 11212 113/
4 102/
1937 MN 10714 10712
1
4 47 764
10412 11334 Cal G & E Corp unf & ref 5s
Am Internal Corp cony 548... 1949 1 J 101
10312 1052*
85
9
10314 103 65
10514
1940J I 105
854 1(131j Cal Pack cony deb ba
Am Rolling Mill cony deb 448_194 M S 11934 12658 1035 10212
253 15
Da
53
8
10
1942 A 0
10212 12658 *Camaguey Sugar 711 etre
Am Telep & Teleg cony 4a
10614 11312
79
4
1962 A 0 10914 10912
1936 m r 10078 10078
2 1004
Canada Sou cons go be A
10034 104
30-year coil tr bs
1
4
9114 10252 113/
1946 4 0 109
1957 1 1 10778 10852 74
10712 11014 Canacllan Nat guar 44e
10912 58 10112
35-years f deb Es
9634 107 118
1960.8 4 113
11118 114
11338 123 10034
Guaranteed gold 50
July 1989 1 .1 11214 11212 21
10814 12012
20-year sinking fund 53.4e
9612
81 103
1943 MN 113
12
114
Oct 1969 A 0 11358 114
1111
/
4 114
Guaranteed geld Ss
10772 11674
Convertible debenture 4Hs_1939 4 J 10912 11014 66 105
9634
5
Guaranteed gold 5s
1970 F A 11414 11414
10812 11012
105 11734
9434
Debenture 55
1965 F A 113
/
4 11212 17
11334 147 100
Guaranteed gold 448-June 15 1955 1 0 1111
111 114
f*Am Type Founders Os etre_ _1940 A 0 69
9152 10314 1157i
52 20
71
1956 F A 10912 10912 29
Guaranteed gold 448
31
71
Amer Water Works & Electric9152 10312 11455
Guaranteed gold 4 HsSept 1951 M 5 10834 10934 38
Deb g Miseries A
1975 MN 98
1
4
75 58
100
8378 100
Canadian North deb guar 79-1940 4 0 10258 1024 10 1024 10258 107/
10-year bs cony coil trust
11652 125
1944 115 13 10914 11134 297 80
80 113
1946 1 .1 12212 12318 14 10512
Debenture gold 634s
t•Arn Writing Paper lot g Os .l947 J J 30/
9 18
1
4 3214
19/
1
4 36
*Certificates of deposit
*2514 344
8112 8912
2012
52/
1
4
204 3514 Canadian Pas 13.31 4% deb etk perpet_ 1 J 8334 8434 99
*Anglo-Chilean Nitrate 78
1945 M N 21
994 10414
115
28
66
314
1946
5 1013
4 10234 34
Coll trust 434s
7/
1
4 2934
10153
/*Ann Arbor 1st se 48
3 27
1995 (4 J 69
69
9438 109 11234
Is equip trust ctfs
1944 1 3 11112 11238 12
5012 7012
Ark & Mern Bridge & Ter 58
1964 M 18 95
1 781s
7314 10114 10712
95
Dec 1 1954 1 0 103/
1
4 10334 43
87/
1
4 97
Coll trust gold 59
Armour At Co (Ill) 1st 44e
1
4
1939 J D 10118 10414 29 75
9512 103/
6414
Collateral trust 448
1960.2 .1 9818 9834 103
102 10412
let NI s f 4s ser 13 (Del)
4558
1955 1, A 9514 9552 176 9034
40
19
5
45
1949 .2
9034 9614 Mar Cent 1st guar It 45
4558
Armstrong Cork deb 48
19503 J 10412 10434 68 103
109
108
9512
let
&
0
58
1938
10312 105
1
13
13
108
Clinch
10814
Caro
10612 1104
8914
let & cons g (3s ser A __Dec 15 1952 ./ 0 10912 10934 15
Atch Top & S Fe-Gen g 4s
1995 A 0 10734 10834 97 8414
78
68
_
72 ____
71
1981 1 D *
101378 1114 Cart & Ad 181 80 g 4a
Adjustment gold 49
1095 Nov 10118 10418
24
39
24
2712 ____
1 75
101 10612 *Cent BranehU P 1st g 4s
1948 J 13 ;;24
Stamped 48
1995 MN 10314 10378 13 754
.
10134 10818 Cent Dist Tel 1st 30-yr 55
1943.1 0 *10834-_ _ _ 10358 10714 1095
Cony gold 48 of 1909
1955 1 D *101
39
75
4734
39
10012 10412 /*Central of Ga let g be-__Nov 1945 F A
8
46
17-34
Cony 48 of 1905
1955 1 D 10212 1-62-34 23 744
2114
13
100 106
1945 MN 22
2614 169
•Coneol gold 58
13
Cony g 4s issue of 1910
1980 1 D 102
7
14
6/
1
4
100 10312
3 78
102
*Ref dc gen 54s aeries B
1959 A 0 11
43
12
Cony deb 44s
1948 1 D 10712 10814 25 884
634 1412
10412 110
*Ref amen be aeries C__ _
1359 A 0 11
7
58
12
Rocky Mtn Div let 48
1965 1 J •10452 105 ____
1712 21
174
3
79
•ChattDlypur money g -4a__ _1951 J 0 21
10014 10572
21
Trans-Con Short L 1st 48
1958.1 J 11078 11114
5 89
19
20
19
3
10712 11212
20
*Mac & Nor Div 1st g be
1946 1 J
20
Cal-Ariz let & ref 448 A
1962 111 5 111
15
15
15
227, ____
11112 27 8714
1087z 11212
*Mid Ga & Atl Div Dur m 58_1947 J .1 ._ _
All Knox & Nor 1st g 5s
1946.2 0 *11212 118 __
25
9934
19
110 11312
_ ____
*Mobile Di• let g be _
_ 19411 3 3 *ii
19
At!& Char' A I. let 4%s A
_
1944 .1 1 *
9912
_ 8672
99 106
10418 10418 105
Cent Hudson G &E 1st & ref 3118 1965 M S *10412 1-0-5-12 __
1st 30-year 58 series 13
1944 J J ioi.
22 86
7112 9712
101
65 43
100 11032 Cent 1.11 Else & Gas 1st be
1951 F A
9612 97
All Coast Line let cone 4e July1952 M 8 9338 95
83 714
9012 10312 /dent New Engl 1st gu 48
3972 6734
4172
3975 4232 14
1981 J J
General unified 44.4e A
1964 J D 7712 80
88 6112
1
4
7134 9212 Central of NJ gen 868
100 108/
90
1987 J 1 100
20
101
L & N coil gold 45 ____Oct
1952 MN 74
76/
1
4 101 57
8734 9871
78
2
General 45
1987 1 1 8734 8734
8812 8212
May 1 1945 M N 9352 9412 47 8/12
10 yr cull tr 68
8912 100
Visa*
Jump t
:-._
.7 1933 lo
.
,... 7
Rang. or
- ...
Frtday's
VA Oct. 31
4
1 3.. Bid & Asks/ to*5 1935
For footnotes see page 3197
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Telephone HAnover 2-7900 - A. T. & T. Teletype NY 1-911
Private Wires to Chicago. Indianapolis and Si. Louis
New York Bond Record—Continued—Page 3
3194
N
BONDS
v. STOCK EXCHANGE
Week Ended Nov. 15
.
-.;
July 1
Range Of
47,.. 1933 to
i3
........
Friday'sg "-7._ Oct. 31
1935
.
57. Z. Bid & Asked to ery
Rams
Since
Jan. 1
BONDS
N. T STOCK EXCHANGE
Week Ended Nov. 15
Nov. 16 1935
.
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Guaranteed g 5e
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(Megan Corp conv 5s
10-year way coil 55
Chem & Ohio lot con g ba
General gold 4948
/
4s
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Ref & Impt 41
/
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Craig Valley lot bs__May
Potta Creek Branch let 40
R & A Die! lot con g 40
26 consol gold 4s
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Lew
1949 F A 10114
1954 A 0 10132
1960 F A 83
1937 M N 63
1941 MN *121.2
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1944.7 D 108
1939 MN 111
1992 M B 11778
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1973 J 1 9713 99
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1978 J .1 9112 93
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1977 1 J
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/
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For footnotes see page 3197
29
4114
10412 1087,
99 108/
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4
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2334 25
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4 47
105 1071
/
4
7214
8912
105
10034
10412
947a
10234
10713
105
1121
/
4
714 21
111114 105
90 1111
/
4
10813 1081
/
4
1231
/
4 128
3134 4112
40
32
1041
/
4 101514
92 10134
10173 10612
101114 1061
/
4
951
/
4 102
80
70
104 106
78
65
74
66
6/4
78
5212 1414
74,3
52
1141,1171
/
4
11312 11714
105 111
4434 -Fii
9612
81
83
96
79/
1
4 9634
8012 101
63/
1
4 04
5012 117
4314 47
67
00
/
4
6/
1
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512 12
412
358
3
10153
10314
106
23
6
6
4
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/
4
10678
11013
4634
84
70
11512 1171,
59
76
99 105
86 100
401
/
4 50
50
40
4111
/
4
40
/
4 103
901
94
54
618 HA,
613 1612
18
It
24
18
1
1
3314 4434
10734 10913
921,10312
10313 108
/
4 100
821
42
17
101 BB
/
4
1041,1081
10312 10713
90 90
86/
1
4 97
1
4
7833 93/
82 10212
96 10012
75 10412
99
89
9312
63
8234 93
.
New York Bond Record-Continued-Page 4
Volume 141
BONDS
N. v STOCK EXCHANGE
Week Ended Nov. 15
July 1
ee 00A a
r,,
; 1833 to
/tangs or
',..'
I. Oct. 31
: Friday's
57
c
1935
- Bed &diked azse
---10.
Low
Feb .4418
*Green Bay & West(lab ctfe A
728
Feb
•Debentures ctfe B
1940 MN *1064
Greenbrier Ry let gu 40
1950
0
A
85
B
Gulf Mob & Nor let 532a
1950 A 0 7814
let mtge So aeries C
Gulf & S I lot ref & ter be ____ Feb1952 J „I *5612
J J *5614
Stamped
1942 1 D 101
Gulf Statee Steel flab 534e
4,
let
1952 J I •10633
Hackensack Water
19311 A 0 *3712
•Hanea SS Lines 60 with warr
3614
1949 J .1
•Ilerpen Mining 827
1999.7 J 11538
flocking Val let cone g 4 34o
1911 A 0 30
*Hoe (R).t: Co 1st mtge
1458
•Holland-Amer Line 60 (flat) ___..1947 M N
1937 MN 60
FIousatonio Ry cone g be
1937 J -1 .105
II & T C iota 5s lot guar
1937 J 1 10414
Houston Belt & Term 1st be
1940 MN
9934
Houston Olisink fund 5340 A
1962 1 D 40
Hudson Coal let .1 Se ser A
1949 MN 119
tiudeon Co Gas Iota be
1957 F A
8112
Bud AA Manhat let be eer A
*Adjustment Income be __Feb 1957 A 0 2914
Range
Since
Jan. 1
High
Low Low
3818 3818
36
3
312 838
8814
50
5352 8712
2
86
82
50
494
7912 23
6614 664
--------55
4912 5614
494
90 10214
60
10214 29
951: 10512 108
10712 3712 4638
-01
42 ---3314 4912
3314
3614
11252 1774
11512 12
91
30
30
2
30
15
13
124
1
1458
5414
5414 95
6014 17
iii.,8 10438 10634
_ _ -___
101 10433
89
8
1-04-38
85 10018
81
10018 51
99,4
35
35
79
42
1 10158 11334 11978
119
9038
80
634
8212 132
2534 3978
2534
98
30
Etta' No.
_ __ --7
-738
9 10312
10514
Illinois Bell Telephone be
1956 3 D 105
83
1951 1 J 10312 10312
2
Illinois Central let gold 4e
1951 1 1 .10112 --------78l
let gold 3340
78
1951 A 0 *7021, ____
Extended let gold 3340
1951 M S *7514 ---- ----66
let gold 30 sterling
57
46
1952 A 0 701
: .2
Collateral trust gold 40
5618
1955 M N 66
173
6712
Refunding 48
80 __
_
se
1952 J J *
Purchased lines 334e
5234
1953 MN -ii
11
59
Collateral trust gold 40
79
,
7
7014
1
1965 NI N
Refunding be
82
7
9384
1
1936 7 J 93.
15-year secured 834B a
51*'
A
F
4212
11966
168
Aug
40-year 44*
5312
3
3
7018
1950 1 D 102
102
Cairo Bridge gold 40
7338
Litchfield Div let gold 313
1951 3 3 *804
6512
-g8-- - --5
1953 J 1 88
Loulav Div & Term g 332e
80
: 3
11951 F A 6712 671
Omaha Div lot gold 30
81
1951 1 1 *
St Louie Div & Term g 30
8212
_
1951 -I 1 *
Gold 3320
82
67
1951 1 3 ;g§i2
Springfield Div lot g 3340
75
3
-85
85
Western Linea let a 401951 F A
ill Cent and Chic St LA NOD 58
524
18113 J ,,
214
Joint let rmt is sorts, A
60
4934
66
let & ref 434e series C
0563 3 '' 5412 56
6 10114
18411 A 0 10712 10734
Illinois Steel cieu 4228
31
6
3324
3234
A
F
•Ilseder Steel Corp mtge 61). __ _1948
894
1940 A 0 *102
Ind Bloom & Weal lot ext 4a
- ---_72
98 _ _ _ _
1950 .7 .1 *95
Ind III & Iowa Iota 40
7
1
t•Ind dc Louisville let gu 401956 3 3
18
, 18
96
---Intl Union RI gen 60 ser A
107
*106
1965 3'
9814
1
1965
1 *10618
Gen & ref be aeries B
79
Inland Steel let 432 ser A
1-05-3;-- -6, 105
A 0
,s., a
1978
,
80
let M .1 6340 ear B
10512 47
^ 105
'
3-
105 11114
103 10612
99 103
9912 102
____ ____
834
67
66
8832
68
71
754
57
7478 9412
89 101
4212 6318
9958 10212
#018 8812
88
9234
6518 77
76
74
fi714
78
9718 9834
8912
85
3195
July 1
Wig,
:7,
Range
_ 1933 to
Rang. or ;
t_1 1
BONDS
Since
„kl; Oct. 31
Friday's
s':
N Y STOCK EXCHANGE
Jan. 1
Bid
Z
aisi.
71
....
1935
diked
&
15
Nov.
Ended
Week
--he
FliaA No. Low Low
Low
10278 10778
8918
Leh Valley Term Ry let ffU g 58_1941 A 0 *10434 ____ ---117
71318
894
____
_
8
*1143
1965 A 0
Let & East let 50-yr be gu
130 13433
3 117
114-58
1944 A 0 134
Liggett & Myers Tobacco 75
11572 12318
1951 F A 12218 12314 52 103
be
8112 104 104
__
1982 MN *10514
Little Miami gen 40 swim A
108
10318
23
---76
8
_1045
104
0
A
1941
Loew's Inc deb a f 80
801:
41
41
4814 25
1952 .1 D 4718
Lombard Elm 7a ser A
0014 194 10614
1
1938 J 1) 10.514 10514
Long Island gen gold 4s
105
8714
9914
1
10258
8
1025
F
1949 M
Unifled gold 4,7
9218 10034 10438
2
1937 M N 10112 10112
20-year pm deb be
9712 10518
8534
1949 M F 9912 10018 59
Guar ref gold 40
12514 13238
110
3
13012
130
1944 A 0
Lorillard (13)Co deb 70
9858 11212 11912
11912 19
118
a
F
1951
be
773i
381:
58
7734 113
7414
1969 J .1
Louisiana & Ark 15t 5e ser A
1074 114
88
1952 M N 11112 11134 10
Louisville Gas & El(Ky) be
102 107
7512
7
105
10412
F
M
1945
g
Louis & Jeff Ildge Co gu 4s
100
1064 10734
10638
1937 M N .106
Louisville & Nashville be
884
104.8 1084
---1071073379
1940.7 1 107
Unified gold 40
10334 10712
81
33
10614
10518
0
A
2003
let refund 5320 series A
10334 107
8078
2
107
2003 A 0 107
let & ref be aeries B
9812 104
74
10158 67
2003 A 0 101
let & ref 4340 aeries C
10614 109
9812
---2
1075
I
*10612
A
1941
Gold 513
102 105
82
10434 ---1946 F A *104
Paducah & Mem Div 40
7412 834
5412
1980 M r •724 77 ---St Louis Div 24 gold 32
10858 Ill
92
11078 -__
1945 M S *110
Mob & Montg lot g 434e
86
77
5872
5
8012
80
1
J
1952
40
Monon
joint
South Ry
10432 108
80
3
1955 M N 10534 10534
Ail Knoxv & Cin Div 40
842 99
4412
91 ___
*Lower Austria Hydro El 634e. 1944 F A *85
1941
I•INicCrory Stores deb 5340
8134 108
461:
MN 10814 11034 38
Proof of claim tiled by owner
9334 103
53
10278 90
McKesson & Robbins deb 540_1950 M N 10212
35
II
9
1
1
It•Manatt Sugar lot of 734o_._1942 A 0 *19 2 22 2 ---84 34
74
3
22
22
*Certificates of deposit
32
818
612
___
*1918
0
12•Stmpd Oct 1931 coupon_1942 -A12
21 12
4
10
-1-9
19
*Certificates of depoeit
4
204
914
---_
2212
*1918
0
A
11.*Flat stamped modified__ _1942
35
712
712
5
20
20
*Certificates of deposit
7832
60
35
(. 7112 7214 59
t•Manhat RY(NY)cone g 40 _1990 A-47
75,2
79
35
8
6718
687
--*Certificates of deposit
3712 65
27
56 ____
2013' D *51
*2d 40
98
00
82
9312 _--1957 NI 9 *91
Manila Elee RR & Lt of be
68
8012
3
.
1939 FA N *734 75 -49
Manila RR (South Lines) 4e
70
51
61
5
61
61
N
M
1959
40
let ext
50
4472 ____
1941 1 J *____
5212 7832 /*Man G B & N W 1st 3340
In
partio
of
Ws
Co
Tr
Mfrs
4
733
4934
714 95
60
96 __
1943 1 D *92
A I Namm & Son let 80
106 109
41
8118
65
8014
1947 A 0 79
3234 434 Marion Steam Shovel a 160
94
60
83
11
91
894
J
Q
1940
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A
ser
70
Ry
St
Market
104 104
47
7313• 10014
103
10014
N
NI
9834
1945
95 10012 Mead Corp let 60 with warr
98
9112
4112
8
5278
1957 A 0 50
Meridlonale Else 1st 70 A
18
7
1024 10818
77
17
1953 1 1 10514 106
104 10634 Metr Ed let & ref be aer C
10818
954
87
24
F
8
10714
1073
1989 121
let g 4340 seriee D
106 107
74
96 1014
12
1950 A (1 10012 101
10384 10738 Metrop Wet Sew & D 5340
94 1712
9
1478 ---1938 F A 01214
10334 10614 it•Met West Side El(Chic)4/4
.... _ _
14
2 _
1977 M S *____
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33
29
2918
____
35
1"'
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1
19193
170
e
8114 9412 *Mies Mill Mach let
Unterboro Rap Tran 1st lis
9018 3035,64
1966 3 3 8914
867a 9212 Michigan Central Detroit & Bay
8673
*Certificates of deposit
10012 104,4
9314
.2 8818 894 15
7& 10318 14
102
-,
1
1940
40
Line
City
8413
Air
1914
50
79
69
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1932 i v1 6
2•I0-year 6s
834
8318 9312
90
1957 M 1 *81
2
Jack Lane & Sag 33417
2014
484 81
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84.: 10012 10558
64
;;-- 64
1952 1M h 10312 10334 23
let gold 334e
574
84
97
1932 as S 934 94
§•10-year cony 7% notes
70
9312 W if
1
41
07
97
1
1
1979
C
Ref & Rapt 434e series
674
944
82
9124 55
Nis
*Certificates of deposit
4
/
811
4
664 No
7014
1940 A 0 7014
Mid of NJ 1st ext 50
85
72
1951 M N 8112 85
Interlake Iron lot bs B
57
774 10214
53
128
1961 J D 10134 10234 97
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5e
let
Lt
&
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El
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Int Agri° Corp 1st & colt tr 5s56
784 10212
1971 J J 10134 10218 13
lot mtge be
M N
9118
10014
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6214
99
loo
16
52
---- ----,-1st ext 434s (1880)1934 1 D-74
9712 19412 15*Milw&Nor
1948 441 N 10312 1033499
Int Cement cony deb 5s
77
58
58
1
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75
1931' --1st art 44e
25
2512 41
finl, 65a4
1952 1 J 3512 36
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31
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8
3018 3212 13
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1947
40
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let
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J
1956 .1
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6-4,8 6438
48
63/12
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23
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4
4,2 8.8
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1934 54 h
284
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i *-3
A O
4j
48
95
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12
12 212
---12
1
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refunding
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3
4658 72
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4_81.
.1 a311
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1 J
947
10
lot Mere Marine s f 6s
112
1
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8714
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2834 37
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2834
2814 7.5
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14 8312 8714 165
a 98 i 272 im
con
34
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1955
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&
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68
3552
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3114
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194 31
1972
5
170
26
1
4
3
s 68
25
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193/
lot cons be
451s
70
83
1972 M N 63l."
RI
lot Rye Cent Amer 1st be B
4218
31
11
i
3112 3338 31
7S2
1939 I J
4
'
78
494
1s1 cons 56 gu as to lot
7418 8541
1941 M N
15t coil trust 6% g notes
1812 2712
16
4
3
20
20
8314 84
194/ J 1
123 & ref 6s sedes A
8112
88
43'1
1947 F A
1
lot lien & ref 634s
1518 26
771., 771,
1814
1947.
F
--NI
15
•1512
50
7212
25-year 5340
lot Felep & Teleg deb g 434s
1952 1 1 '" "
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4
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6 511
794 7912
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178 47
212 69
101 ref 534e aeries B
584 8312
1939 1 J 6
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--------85
40
74 8 401
817
- *81
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7
1941 M Al
101 Chicago Term of 4,
55,2 764
195,5 F A
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189
8015
99 104
1947 1 D
3412
18
Investors Equity deb 55 A
12
82
6
3312 3412
1957 1 J
10018 18
1948 A 0 100
99 10358 t•Mo-111 RR let be series A
,,
Deb 50 ser B with warr,
5012 1:19,
5012
161
3
112
14
199( 1 I) 651g 69
02
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82
99 10314 Mo Kan & Tex let gold 40
73
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warrants
2734 82
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2734
65
42
43
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i
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86.2
74
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8334
038
1959 1 D
2812 84
James Frank & Clear 1st 4..s
2812
4312 4434 59
8078 8178 24
1973. 1 .1
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1114
114 3°,2
2134 164
Jan 1967 A 0 1934
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70
97 103
1990 A 0
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30
20
20
73
2314
22
10212
A
1967 F
2934
4
2934 41
t•Mo Pac let & ref be ser A
1936 A 0 102
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19
27,4
19
15
2112 2214
3918
deposit
el
28
28
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37
31'4
33
o
A
deposit
of
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54 1114
54
199
714
64
30
1
M
3012
11
96
1976
*General 4s
A
1101e 114
K C Pow & Lt 1st mtge 44s__1961 F
1912
30
1912
300
235
8
8
213
1950 A 0 11238 11234 17
514
(IO2 7844
1977 M 1
*let & ref 60 series P
Nan City Sou 1st gold 35
1812 2714
1812
2212 46
21
62
6612 75
•Certlficatee of deposit
52
7412
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Apr 1950 .1 J 65
193
4
4
2934
193
92
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2112
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h
57
M
1978
1960 a 3 5414
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844 10514 109
Kansas City Term 1st 4s
184 27
184
7
2112 2214
27
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7034 10014 10512
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1980) J D 10638 10834 34
778
4
3
4
3
152
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MS
45a
10414
1949
134
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32
45
1943 MN 10433
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1912 30
1912
13
4
2134 2312 129
42
1980 A 4
26
42
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1943 ---- 42
1958 26
11353
2312 __
2114
__;
28
deposit*
4
263
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of
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2514
2514
38
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1943 --- 11112 3014
191I
2112 2334 265
1981 I-A
3233 35
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. 23
23
31
•Ctfs with warr (par 5925)_1943 ___
8
1875
1878 27
2112 2112
44
7
2612
*Certificates of deposit
8712 9433
Keith (13 F) Corp lot 6s
1946 FA s 26
6933
83
76
---784
29
MN
•____
9414
-19313
9212
68
Kendall Co 532s
10112 10333 •Mo Pac 347o ext at 4% July 1948 M $
__ .
30
88 ____
10314 12
80
10412 10712 t•Moblle & Ohio ROD 501d 4e_7938 M S *____
Kentucky Central gold 4s
1987.7 J 103
1812
9
9
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F
•11
---1212
5s____1947
9512
Div
77
let
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33
g
73
J
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&
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1961
434s
Kentucky
412 9
412
538 12
518
1977 M S
50
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2- - - -,
-91
95 10112
Stamped
1961 J J 089
912
5
5
5
7
7
19313 M S
93
7
9978 9979
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Plain
99 10212
1961 J J
1937 A 0 •100
10712 101434
--------103
Kings County El L & P 58
79
8512
1
7
70
1991 M S 82 8 824
1 118
Mohawk & Malone 1st gu g 4s
14512 155
1997 A 0 10712 10712
Purchase money 6s
21 10212 10212 105
66
1
150
Monongahela Ity 1st NI 4s ser A.1960 MN 10438 105
94 103
1949 F A 150
Kings County Elev 1st g48
1004 10412
87
8
10412
1937 J J 104
1954 J 1 10212 10212 19 1004 110 11412 Mont Cent let gu Oa
Kings Co Lighting 1st 58
974 111214
7914
6
1937 .7 J 10158 10214
1 10512 11712 122
tat guar aoid Se
1954 J 1 11412 11412
First and ref 640
934 1071g
77
48
107
8
1065
J
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1943
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119
774
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D
A
&
be
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62 100
504
67
99
1962 1 D 9812
1945 J ii 11018 11212 4:i
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8 1121,,
110,
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34
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1959 M s 33
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1937
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1941 .7 1 102
1939 A 0 10158 102
let & ref Se
9714 10218 Montreal Tram
Laclede Gas Light ref & ext 55
86
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--------7033
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0
A
1956
74
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78
F
A
1953
81
of
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82
7234
1955 A 0 *8314 ____ ____
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74
75
40
1960 F A
80
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Gen & ref of be serlee B
Coil & ref 540 series D
7614 7314
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____ ____
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0
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1955
7512
7512
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IF
1942
7114
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44e
f
2
s
series
ref
C
7114
&
7512
Gen
aeries
60
tr
Coll
82
74
7014
___
_
*8314
0
A
1955
1942 F A
Gen & ref of be series D
Coll tr 61 series 10
1021 5 77 1010.
.1 075
82
101 11154
2
.
--- 8
1939 .7 J 10414 1045
10214
1937 J
103'4 Morris & Co lot of 494o
Lake Erie & West 1st g 5s
L
85:8 4533
70
2000 J D 854 8738 124
1941 J 1 *99
81
85 19038 Morris & Essex let gu 334e
10014 -24 gold 5s
92 102
77
38
4
943
79
7
9934
1965 NI N 94
199. 1 1) 99
Constr M be ser A
9718 10212
Lake Si. & Mich Su g J SIO
8312 0033
854
23
434
1955 MN 8352 85
1954 I 1 184 2012 387
7
2114
Constr NI 4 40 merles B
•Lautero Nitrate Co Ltd 60
201
98
98
98
189
180
D
J
103
J
25
1942
10218
1954 1
7712 10178 1084 Murray Body let mtg 834s
Labial, C 44 Nay e f 4340 A
4 110
1033
85
5")
11
108
v
1947 M. N 108
_ _1954 5 .1 1021a 10218 14
102 106
Mutual Fuel Gas lot gu g be
Cons sink fund 44s ser
102 it18
8
893
1091
10412
10474
8
*1065
N
0
0
M
A
104
1965
6e
4
1941
101
gtd
1013
ext
Slut
Tel
A
b%
cUn
at
4s
Lehigh & New Eng RIO
6112 11
044
55
1948 M S 62
73'4 Namm (A I) & Son-See Mfr-e-TrLehigh & N Y 1st gu g 40
8434 97
78
82 ____
64
5
9614
1978 F A *8114
9614
1944 F A
874 9734 Nash Chatt & Si L 40 ser A
Lehigh Val Coal let & ref of be
1024 10514
91
33
I
55
1937 F A *____ 105 ___
80
Nash Flo AS let gu g 50
7214 721 1
1951 F A
let & ref at 60
504
15014 6234
5412 551, 60
51
72
Nassau Else gu g 4s etpd
3112
3
1951 i J
1984 F A 6712 6934
let & ret e f 50
9414 10212
6512
2
32
52
1942 I D 10238 1024
1974 F A *6818 68 ---7312 Nat Acme let e t 60
let & ref 0 t 50
105
10218
147a
131
104
10412
73
1948 F A
1938 1 J *9534 97 --9114 964 Nat Dairy Prod deb 53(e
Secured 6% gold notes
99 10334
99
79
5133 104
1946 M N 101,4 10134 147
19.54 F A 9178 9212
Nat Distillers Prod deb 440
Leh Val Harbor Term gu be
99
____
754
82
8212
__
194011 1 •__
I.eh Val N Y let an g 448
304
3014 504
2003 M NI 3014 3514 266
Lehigh Val (Pa) C012 a 45
33
132
5414
33
2003 M NI 3312 38
General cons 4320
391:
3818 60
87
2003 61 NI 3818 43
General oone be
26
I
For footnotes .00 ORO,3197
3
I
3196
MONDS
N. T. STOCK EXCHANGE
Week Ended Nov. 15
New York Bond Record—Continued—Page 5
Week's
Rams Of
Friday's
• & Asked
for
*Nat By of Me:pr lien 434e
1957
*Jan 1914 coupon on
J J
218
•Aseent cast war rct No 4 on__
238
*Guar 48 A or '14 coupon
1977
•Ament mob war rct No 5 on__ __
*2
*Nat RR Mel or lien 434e
1928
*3
*Assent lash war rot No
•Ist °afloat 48
1951
*Assent cash war rot No 4 on__.._
214
Nat Steel let coil a t 48
1985 JD 106
:Naugatuck RR let g 4e
1954 MN 45
Newark Consol Gm cons 58
1948 3D 11812
:stew England RR guar be
1946 j j
Consol guar 48
1945 J J 45
New England Tel & Tel 5e A...._1952 3D 1214
let g 4348 series B
1961 MN 11818
NJ Junction RR guar let be
1988 P A *9914
NJ Pow & Light let 4341
1980 * 0 105
New On Great Nor 58 A
1983 J J 72,
4
NO & NE let ref&impt 43413A...1952• j 38
INew On Pub Sery let Si A
85
1952 A
First & ref 5e series B
1955 3D 85
New Orleane Term let gn 4e
1953 J
8012
I•N 0 Tex & Mex n-c Inc 58
1935 * 0 no
'let 58 series 13
1954 * 0 28
*1st 5. series C
19533 P A 2834
*let 6148 series D
1958 P A 27
*let 534* series A
1954 AO 2812
N & C Bdge gen guar 448
1945 J J *106
Elbe No
Jed. 1
1933 to
Oct. 31
1935
Low
&woos
Aiwa
Jas. 1
Low
HUI
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 15
Nov. 16 1935
Week's
13 Range or
Friday's
Ble & Asked
July 1
1933 so
Oct. 31
1935
Rams
Since
Jan. 1
for
;IVA No
Low Low
ANA
Ontario Power N F let 58
8
99
1943 P A 11034 110,
109 11312
4
214 Ontario Transmission let 56
2
9412 10834 11712
1945 MN 11012 11012
2
Oregon RR & Nay corn g 48
6
9
1948 3D 107% 109
8314 105 109
Ore Short Line let CODB g fie
3 100
118
1948 33 117
1144 11812
34
2
112
Guar sty 1 cons 58
es
1946 3, 11773 11834 39
9933 11618 11912
Ore-Wmb RR & Na,4s
10434 110
1981 J J 104
7714 101 106
3%
278 8112 Oslo Gal & El Wks extl 58
2
9
101
101
6512
1983 M
94 101
Otis Steel 1st mtge fle eon A
20
1941• B 10018 100% 89
0914 10038
4
2
4%
214
2%
10258 10634 Pacific Coast Co let g 5e
10834 135
4
25
19413• D 4414 49% 20
36
4978
3
45
45
Pacific Gas & Mean & ref 58 A
65
60
I942 33 10534 10818 123
9812 10412 101+
1 10118 11311 12018 Pm RR of Mo let ext g 4e
11812
97 101118
80
1938 P A *9314 9678
50
7S
*2d extended gold 54
81
68%
84
1938 ii *9012 94
91 100
2
47
45
50
Pacific Tel & Tel let tos
70
1937 33 10514 105% 10 10314 105 10712
24 104% 1154 124
122
Ref mtge 58 series A
4 10414 1091a 1131a
1952 MN 10912 109%
9914 11232 12313 Paducah & Ills lets f g 434e
3
11818
105 10513
93
1955 J J *106
9934
8812 100
8212
1I•Pan-Am Pet Co (Cal)conv 68_1940 3D 3912 16"
$512 48
251a
10538 26
94 106
8812
•Certificatee of deposit
2314 46
3938 4012
6
25
7334 21
48%
483s 77
Paramount Broadway Corp—
2
38
35
•let M s f g 38 loan etre_ ____1955 FA 57
53
35
597s 26
5513 63
58
8714 60
5512 88
38
,
4 Paramount Pictures deb Os__ _1955 33 9214 9312 236
90% 9714
911a
112
87
857a 8774 Paris-Orleans RR ext 54e
ss
140 214012 • 19 10414 18014 163
1988 M
4
8012
69
,
4 87
58%
I'Park-Lexington 11344 este
1
35% 3578
8
1953 J
1711 38
23
15ss 27
Parmelee Trans deb tis
1214
14
1944 A0 39
46
,
33
4 68
4814
48
29
1814 34
Pat & Passaic G & E cons 55
14
MS •l1712
116* 11814
102
1949
3
lirs 33 •Paulleta Ry let ref e f 75
3834
*50
1414
87
94
1942 M
4574
2812
2, 14%
187s 3112
1412
25
30
20
Penn Co go 334s oolltr A
34
94
102 102%
1937 M •10238
92
Guar 330 coil trust ser B
10212 10713
8178 100 10314
1941 P A *103%
Guar 314e trust ctfe('
J O *10318
9884 102%
83
7
4
1942
NY Cent RR cony fla
1944 MN 10774 10938 274
9874 11212
98%
Guar 33413 trust Otte D
98 103
8112
1944 J O *103
Consol 4e scrim A
1998 FA 8134 83
7812 877
190
64
, Guar 4e ser E trust etre
MN 1024
get4 10312
841.
1952
A0
Ref & impt 4 Hs series A
2013
4314 73
6734 7038 282
4314
Secured cold 434s
N
82
104% 107%
1963
Ref & lmpt 5e scrim C
2013 A
76
73
338
4813 7914
28-year 48
48%
100 101
1983 FA loory kW" -551 100
el Y Cent& Hud Riv AI 330 —1997• .e 93% 95
70
92
7372
9814 Penn-Dixie Cement let6e A
22
7112 9312
65
1941 MS 8818 89
Debenture te
1942 1 .1 9514 9812 31
88
67
9711 Pa Oblo & Det let & ref 434e A_1977 * 0 10412 105
10
103 10612
78
Ref & Impt 434e ser A
2013 A0 67% 7034 244
43
43
430 aeries B
7318
33 *106%
1014 10412 10674
1981
Lake Shore colt gold 1134e
F
86
1998
864 26
78% 8914 Pennsylvania P & L let 434s
64
7512
98% 10614
1981 * 0 10534
Mich Cent coil gold 33ee
1998 FA *5412 851,
79
65
887a Pennsylvania RR cone g 48
9814 107 111
1943 MN *110
N Y Chic & IR L let g 4e
1937 A0 10034 10138 24
77
1001* 10212
Consol gold 48
MN 111
944 108 11412
1948
Refunding 534e series A
1974 * 0 7018 7441 72
57
4312
48 Merl stpd dollar May 1
77
98% 108 113%
1948 MN 11114
Ref 434e eerie! C
5918 6334, 809
1978 M
47
36%
66
Consol sinking fund 434i
984 1141i 1191s
1960 P A 117
•13-ye 8% gold notes
4114
1938 A0 67
83 1 535
4314 83
General 434e merles A
3D 1074 10814 162
80% 10411
.1091s
1985
*Deposit receipts for 6s
6112 71
219
1935
as
71
52
General 58 serial B
87% 109 11578
1968 3D 11318 11334 69
NY Connect let au 434i A
1953 118 10738 10738
3
vste 10614 1084
Secured 634e
P A 1014 10114 38 101
10118
106
1936
let guar fre series B
2
1953 P A 107% 10778
1067s 108%
99
Secured gold 58
81
108 108
loas MN 1064 10678 204
N Y Dock let gold 44
1951 P A 6512 6712 16
spa 7474
414
90% 97%
86
Debenture g 434,
1970 A0 9834 974 182
Serial 5% notee
1938 * 0 5314 531$ 39
421g 58
30
General 434e series D
10412 220
75% 100% 107
1981 AO 104
tg Y Edison list & ref 634e A
1941 A0 11014 11078 50 108% 1097s 1141a
Gen mtge 448 ser E
9972 1067a
914
93
1984 J J 10414 105
let lien & ref 58 series B
1944 A0 1081* 10834 14 10211 10612 109% Poop Gas L & C let eons
AO 114% 11434! 0 100
11038 118
68
1943
let lien & ref Si eerlee C
1951 AO 10733 10734 20 10214 106 11014
M
Refunding
80
10518
981
4 1074
gold
lo612
M
16
1947
N Y & Erie—See Erie RR.
Peoria & Eastern let oone 48
604 734
80
8912
5
1940 * 0 69
NY Gas El Lt HA Pow g Si.._. 1948 3D 121% 122
17 1041. 110% 12484
Income 48
4
Apr
4
9%
54
April
8
—1990
Purchase money gold 4e
15
1949 P A 11212 113
95
107% 115
Peoria & Pekin 17n 1st
831s 102 10814
1974 ✓ A *108
N Y Greenwood L gu g 5a
1948 MN
9212 ---8214 97 Pere Marquette let eer11348
81
173
78
51
97%
94
If
A
Vs
---1966
NY & Harlem gold 33411
MN
4
2000
102
98 103
8314
let 48 sales B
139
69
86
84
86
4811
1956 J
N Y Lack & Weet 48 ear A
1973 MN
9514 40
9312 10278
92%
Mt g 434e series 0
112
68
ts
89
1980 MS 8514 89
434e series B
10278 ---1978 MN
891a 10212 108%
NY LE& WCoal&RRIS4s...1942 MN *97
94
751s
99
PDS& Bait & Wash let g 4e
1
98% 108 112
1943 MN 11012 11012
N Y L E & W Dock & Impt 58_1943 J
*105
10534 ---10412 107
87
General 5e series B
3
91313 113 11914
1974 P A 11714 118
NY A Lone Branch iren 48
9512 10112 1041s
1941 M •103%
General g 434s eerie. C
'
87
9
10812 113%
*11134
1977
NY & N Eng(Bost Term)4s
1939 * 0
General 4148 series D
2 10014 107 112%
4
1981 • D 10914 1111:11Philo Co leo 58 series A
111
79% 10312
3D 101
614
103
1967
:NYNH&Hn-edeb4a
M
*25
1947
25
25
Philo Elm Co let & ref 430
39
105 110
100
1967 MN 10712 108
Non-cony debenture 334e
1947 ▪ B *234 26
22
22
1st & ref 48
Ws
P A 10738 107% 44
89% 10414 10814
1971
Non-oony debenture 310
1954 * 0 24
2412 20
2114 $7
Phi's & Rending o & i
2114
164
4914 75
• J 4914 53
4838
re:Is — 19
Non-cony debenture 48
"
63
1955 3, 23
2,5
2274
Cony deb (la
224 AO
3012 53%
304
1949 MS 3012 36% 206
Non-cony debenture lie
N
2318 26
1956
104
20
20
8912 Philippine RY let 8 r 4e
7
3
2214 27%
24
243
8
2014
1937
Cony debenture 345'
3
24
1958
24% 13
20% 36% Phillips Petrol deb 1148
2078
8414 101 104
10114 51
1939 3D 101
Cony debenture de_
'
3 26
1948
27% 227
25
25
52
Pillsbury Flour Mille 20-yr 6s---19 * 0 107% 109
7 10214 10514 10914
43
Collateral truet 13e
114
1940 * 0 3612 40
Pirelli Co (Italy)cony 78
354 63
3512
MN
75
*717
75 10412
8
85
1952
Debenture 431
1957 MN
1234 14
82
1214 3014 Pitts C C & St L 44e A
1214
3 100
108/8 1124
1940 * 0 11138 111%
let & ref 434s ser of 1927
1987 3D 3434 2812 151
2312 45
23.2
Seriee B 448 guar
10813 112
99
1942 * 0 *110
Harlem R & Pt Chee let 4e_1954
N 8214 83
57
9514
80
80
Scrim 0 4 he guar
10014 109 111%
1942 MN •110
NYO&Wrefg1s
June 1992 hi S 4118 43
105
40
40
61
Scrim 13 4e guar
9714 1074 110
1113;
1945 MN •108
General 4s
1855 3D 31
34% 50
31
3212
49
Series E 330 guar gold
P A *103
8912 10414 10473
1949
IN Y Providence & Boston 4e
342 * 0 *71
8118 10112 10112
Series F 48 guar gold
3D
9812
11114
*108
1953
N Y & Putnam 1st con gu 45
1993 * 0 8212 82'2
5
76
8714
1164
Seriee 0 4e guar
11114
MA 11;913
98
1957 MN *108
:1174 Y Rye Corp Inc 6e___Jan
1985 Apr 194 2278 88
4
8
2278
Berle. If cons guar te
9618 107 110
1960 P A *108
*Inc 6e assented
1985
1914 22,
4 20
1014 22,
1014
4
Serie., I eons 4348
1137
99
.11834
116
1963 P A 115
Prior lien fis series A
*9612 9912 __-1985
80
70% 98
Series J cons guar 434e
2
964 1187a 117
115
1984 MN 115
Pr. lien ffs assented
984 99
45
1965
90
90
99
General M 53 eerie. A
D 113% 11312
5
8614 1117s 11814
1970
Gen mtge User B
4
8514 1117s 11814
1975 * 0 11318 11334
N Y & Rlchm Gm 1st 14 A
1951 MN 10814 10812
9
10614 11012
98
(len 4348 series C
104 108
75
108
10814 32
1977
N Y Steam 13/3 series A
,
4 110
6
1947 MN 109
108 11134 Pitts Va & Char 1st M guar
98
1074 1074
94
1943 MN •105
let mortgage rre
1
1951 MN 10614 10614
10434 10734 *Pitts & WV.let 431e ear A__1958 3D 8634 673*
90
53
4
68
as
mortgage
511
let
1
106
1958 MN 106
9111 10414 107%
let M 4 34. series B
5114 71
75
5134
71
1958 * 0 68
N Y Sum & West let ref Be
'
3 53
1937
2
53
46
4014
83
let M 4349 series C
47
A0 66
47
7078
70% 147
1960
20 gold 4 348
P
A
43
1937
43
2
52
41
41
Pitts Y & Ash 1st User A
4
9214 107 109,
1948 3D *107
General gold 5a
1940 P A *4212 45
3714 5112
8174
let gen fre series B
114 1181s
fir
97
1982 P A *115
Terminal let gold Si
100
1943 ▪ N 100
12
100
97
7274
NY Telep lit & gen If 4341
23 1021. 109 31134 Port Arthur Can & Dk Os A
1939 MN 110% 111
8574
74
6114
7412
1953 P A 74
N Y Trap Rock let 68
1946 J O *74
457,
58
et mtge 8e eerie. B
86
82
74
74
74
66
1953 P A
6s stamped
19411
79
*75
78 85
78
Port Gen Elm let 448 ser 0 __ _1980 M
15014 80
143
73
75
374
N Y Weetch & B let ger 14341 _1948
10
1211 146
let 55 1935 extended to 1950
32
10
1214
▪ J 10712 10712
5 106% 106% 107%
Porto Moan Am Tob eon, 84_1942• J 64
42
28
67
2814
87
Niag Lock &0Pow let 56 A
1955
10412 108
10714 10712
8
90
'Postal Teleg & Cable coil 5s...._1953 J
362
34%
3212
25 la 25% 5214
Niagara Share(Mo) deb 534e __ _ _1950 ▪ N 9714 98% 107
021‘ 100
ss
I/*Pressed Steel Car cony g 5s___1933 3J 54
54
3814 5614
2
3814
•Norddeuteche Lloyd 20-yr e t 68-1947 M
8
63
844 8412
38
8514 :Providence Sec guar deb ess
1974 35
22
20
1957 MN
New 4-6%
21
44
1947 MN 44
42
5212 ZPrOvldenee Term let 4/1
3672
8864 9112
8114
1956 MS *51
Nonl RI ext sink fund 6348
1950 A0 15534 15712 64 10312 135 171
PubtlierY El& G let & ref 4s
AG 10714 108
10
108%
104
3534
1971
it•Norfolk South let & ref 58
P
A
14
1981
14% 78
10
a
1912 Pure 011 Co s f 4544 w w__ ...._ _1950 3, 10314 10413 569
gals
95% 104%
*Certificates of deooelt
fps 1874 Ptvlty Bakerlee a
1112 1212
6
e
1 deb rei
8214 101%
101% 42
1948 1 .1 101
7814
11•Nortolk & South let g 5e
1
1941 MN 48
1414
48
351a 5074
N & W Ry let cons g 4e
1996 0* 11414 11478 90
914 11012 117
I•Kadio-Keith-Orpheum pt VI ctfe
Pocab CA C lolnt 48
1
1941 3D 10734 10734
98
for deb 8s & com etk (85% pd) . - 3D •145
106 1084
4/314 181
as
North Amer Co deb 58
P
A
1983
10334 104% 267
611s
8114 10458
**Debenture gold 68
261$ 8834
ir 77
1941
4
15
7834
No Am Edison deb 58 ear A
102
102% 23
1957 M
744 10258 Reading Co Jersey Cent coil 48_1951 * 0 9478 9513 20
56
93 1004
73
Deb 534e eer B
m3
Aug 15 1983 P A 10212 10312 59
10312
513
Gen & ref 434s Belles A
1 j 1054 106
1044 1084
50
1997
79
Deb User C
Nov 15 1969 MN 10012 10212 72
7112 102,
as
Gen & ref 434e series B
4
j 10514 106
7
1997
7914 104% 10812
North Cent gen & ref as A
1974 ▪ B *116
12114
98
Rem Rand deb 5)4e with warn
118 120
99 1047s
83
-.1947 MN 10412 10434 48
Gen & ref 4148 series A
1974 M
*11134 113
110 112
88
gips 104%
53413 without warranto
9912
N
3
10413
1947
10413
5012 5012
/*North Ohio let guar I 58
1945
40
35
501, Ran/miser & Saratoga Sign
1941 MN
*5011 547s
*Ex Apr'33-0cV33-Apr'34 cpne-_ _
45
Repub I AS 10-30-yr 511 s f
45
3534
Far. 107
AO I08l 1-063.
16
80
1940
4
**RM.!! as to sale Oct 1933, &
Be? & gen 54e series A
9434 110515
6112
1953 1 I 104% 104% ' 18
*5012 55
*Apr 1934 coupons
34%
384 50
Republic Steel Corp 434s son A__1950 MS 10934 113
739 102% 102% 113
Nor Ohio Tra e & Lt fle A
1947 MS 108% 10878 13
74% 1044 1101s
Purch money 1st 11 cony 548_1954 hi N 10718 10813 189
1064 10814
North Pacific prior lien 4e
1997 Q 1 101% 10214 68
101 107
76
Revere Cop & Brass 68 ear A
10714 108%
70
1948 Mb 10418 10812
Gen lien ry & Id g 34 Jan _ _2047• F 68
7034 94
68
rot
76% •Rheinelbe Union s f 7e
113
32
3312 3312 11
26%
1946 J
Ref & impt 44e aeries A
5912 223
2047 33 86
744 8978 •Rhine-Ruhr Water eerier,(4...._1953 39 *2838 30
ao
2614 $9%
25
Ref & MB de eerie/ B
6818
5512 10234 •Rhine-WeetPhalla
2047 ▪ J 9834 10234 480
3212 44
8212
2
32.8 3258
1950 MN
El
Pr
711
Ref & impt 5e series C
2047 J
91% 95
82
69
64
9614
*Direct mtge 68
3114 43%
3114
N
7
3234 23278
1952
Ref & lmpt 58 series' 13
2047
91% 9412 73
82
81
96
*Cone mtge 68 of 1928
31% 43
31%
1953 P A *3234 3312
Nor RI of Calif guar g Se
1938 * 0 *108
105 10838
100
314 4312
*Cone M tle of 1930 with warr__1955 * 0 3234 3278
31%
7
States
Nor
Pow 25-yr Se A
1941 * 0 106% 11;6; 28
103 108
89
35
26
ft•RIcbtleld Oil of Calif de
18
20
MN
31
30
1944
1s1 A ref 6-yr 68 ear B
1941 * 0 10634 107
13
10514 10812
93
2411 35
*Certificates of deposit
44
1912
MN 30
31
Northwestern Teleg 434e ext-1944
101 10114 Richm Term RI let uu Se
*102%
100
104% 10714
99
•
J
1952
*10638
Norweg Hydro-El Nit 534e
1957 MN 9934 101
31
88 101
683s
48
*Rims Steel let s f 78
45
60
1955 P A *5214 59
81% 9511
Rio Grande June let gu 58
70
a90
1939 JO a90
Og & L Cbam let gu II 48
1948 3, 19% 20
6
19% 504 I'Rio Grande West let gold 4e_ 1939 .1
22%
6014 82%
9
61
63
65%
Ohio Connecting Ry let de
1943 M
*108
1054 1054 1073s
2412 4712
*1st con & coil trust 48 A
28
1949 50 2734 30
Ohio Public Service 7348 A
1948 * 0 112
11214 15
10914 113
89
let & ref 78 series B
11112
1947 P A 111
7
107% 11214
78
Ohio River RR let g 88
1936 3D 10134 101,
6
10034 104
90
4
General gold 5e
1937 A0 10312 10312
1
87
101% 10414
2•0Id Ben Coal let 0.
1944 P A 20
2
20
13% 21
10
*iaii.
For footnote8 see page 3197.
218
2%
214
1.2
218
24
Volume 141
BONDS
N. V STOCK EXCHANGE
Week Ended Nov. 15
New York Bond Record-Concluded-Page 6
July 1
7.
Woolf
r.I
Rasp' or ; 1933 E
•.r.
11
Friday's
VI Oct. 31
Z.; x7 Bid 44 Asksrl
1935
BONDS
N. V STOCK EXCHANGE
Week Ended Nov. 15
Rawls
Sines
Jan. 1
High
Lots Low
10612 10978
96
108 11138
96
8912 10612 110
758 14
758
9038 1054 13612
3218 38
324
2412
1812 4014
30
22
51
FIWA No
LOW
Koch G&E gen M 54413 ser C.-_1948 M S 10678 1068
3
__
Gen mtge 4345 series D
1977 NI 5 *1117
2
109 ---1962 M 9 109 8-Gen mtge 5e series E
1012 19
1934 al 9 1014
lit•It 1 Ark & Louis lot 44s
2
1945 A 0 11278 113
Royal Dutch 4s with warr
- ---1948 A 0
*Ruhr Chemical a 16*
*2114 28
1949 1 J *3212--Rut-Canada 1st gu g 48
23
24
8
1941 1 J
Rutland RR let con 44s
1947 J J *10534
&Joe & Grand Ishii lot 40
7
St Jos Ry 1.1 Ht & Pr let be
1937 NI N 10312 1034
864 --St Lawr & Adr tot 050
1996 1 1 *
81
-21 gold 68
1996 A 0 *
St Louis Iron Mt & Southern5812 5912 21
1933 MN
Wily & 0 Div lot g 45
61
*
•Certificatee of depo-it
30
31
1.5
t•St I, Poor et N W lot gu 5s __ __I948 J J
7212
7
St L Rocky Mt & P5* etp 1
1956 J 1 72
10% 134 205
2*St 1.-San Fran or lien 40 • _1950 1 J
*Certificates of delimit
934 1334 183
1134 1312 37
*Prior Hen 50 series II
1950 1 1
1178
5
1158
*Certificates of deposit
912
1114 352
'Con M 4413 series A __ __ __1978 M 6
810 1012 213
•Ctfe of deposit stamped
8314
70
644
70
454
52
30
37
93
812
934
934
734
712
79
80
26
61
St L El W let 4ei, bond OM
1989 M N
2e g 40 Inc bond etre
4112
No.
_- 1989 2 .1 *584 60 --,lot terminal & unifying be_ __ .. 1952 1 1 5312 5612 36
354
44
4638 83
Gen & ref rg 5s ser A
27
1990 J .1
1937 1 J *10012
St Paul City Cable cons 5/1
i 937 1 J *10012 10034 454
Guaranteed 5s
1•4t P & Duluth lot con g 4s. 1968 1 D ------------84
2912 _--45
2.81 Paul E Gr Trk lot 444s.1947 / 2 *____
1214 1314 24
11
I•Eig Paul & K C Sh L gu 454s
1941 F A
10818 30
9218
SI Paul Minn & Man 5
1943 1 2 108
2
86
1937 J D 104
104
Mont eat let gold 4s
85
tPacific ext gu 4s (large)
1940 1 2 10314 10338 14
11838 11
Ht Paul Un Dep 5e00ar
96
1972 1 J 118
55
1943 1 1 8512 88
43
8 A & Ar Pass let gu g 4e
3
70
San An,onlo Publ Serv lot 65
1952 .1 .1 10878 10938
*___
11312
Santa Fe Pros & Phen lot be
----95
NI
S
1942
34
52
52
Schulco Co guar 844s
1946.3 J
4
Htarnped
2612
5038 .5212
1948 AO *52
29
70 ---Guar of 644e series B
28
Stamped- - *5512 65 ---_
90
Scioto V & N E 1st gu 4e
1
1989 14-14 11134 11134
634
It•Staboard Air Line 1st g 45-1950 A 0 *1312 16 --1
1014
131" 1310
•Cert0icates of deposit
13
31- 0 1234
1950 .
10
13
**Gold 48 stamped_
A 0 *1114
13 ---1014
wertils of deposit stamped
2
2
2
2
•AdJustment be
Oct 1949 F A
5
1959 A 0
512 47
414
0•Refunding 4s
514
4
414
___
334
•Certificatee of deposit
'let & cons (ls series A
413
534
7
1945 M 5
100
__
438
512 163
*Certificates of deposit
3,2
15
21•Aill & Birm let g40
1933 M S 14%
9
813
3
1•Soaboard All Fla 6s A ctfe_ _1935 A 0
*3
*Series II certificates
1936 F A
1948 F A 102
Sharon Steel Hoop of 544e
Shell Plpe Line s 1 deb 55
1952 M N 10334
Shell Union 011 e f deb 5s
1947 M N 1034
Shinyeteu El Pow lot 64s
1952 1 0 85
1935 J .1
59
•1181emene & Betake e 1 75
*Debenture s 1 6440
1951 M 5 4214
Sierra A San Fran Power 5s
1949 1 A 11118
*Silesia Elea Corp of 6 45
30
1946 F A
SlIlerilan-Am Corp coil tr 70
72
1941 F A
Hkelly 011 deb 8%s
19311 M E 10238
Socony-Vacuum 011345
1950 A 0 10154
Routh & Nor Ala cone gu g 55.. _1936 F A 10238
Gen cons guar 50-year 5*
1963 A 0 *114
31,
214
- 39
414
214
103
97
35
1044 49
86
104
10
7838
58
86
2
39
59
4
4214
36
1
112
13
8634
3018
2
254
7212 14
33
RO
10234 10
10214 177 10038
09
10258
5
--------85
South Bell Tel .5 Tel let e f 55_1941 1 2 10734
Southern Colo Power fis A
1947 J 1 1024
Ho Pac coil 4s(Cent Pao coil)
1949 J D
7512
let 44413 (Oregon Lines) A
1977 M 8 8212
1969 M 8 7278
Gold 44413
(Sold 414411
724
1969 MN
Gold 44s
1981 M N 7212
1950 A 0 10338
San Fran Term let 4e
Ho Pea of Cal lot con gu g 5/1
1937 MN *10612
So Pee Coast let gu g 4s
1937 J J
So Pao RR let ref guar 45
1955 J 1 9718
1st 4s, Stamped
1955
10812 26
22
103
24
78
144
84
7414 104
7410 82
318
74
10514 19
10738 ---975
208
Southern Ry let cons g be
Devl & gen 45 series A
1)021 & gen 6s
Devi & gen 64a
Mom Div let g 50
St Louts Dly let g 48
East Tenn reorg lien g 55
Mobile & Ohio coll tr 45
8 west Bell Tel let & ref 55
/'Spokane Internet 101 g 50_
Stand 01101 N Y deb 445
Staten letand fly lot 434o
I/*Stevens Hotels 6s series A
*Studebaker Corp con* slob 65
Sunbury & Lewiston lot 4e
Swift & Co 1st M3423
1994 1 1 8213 85
186
1956 A 0 42
4514 341
1956 A 0 5212 56
144
1956 A 0 5514 59
158
1996 1 1 75
75
7
1951 1 2
7378 74
3
1933. M S *9534 984 __
1939 M S
36
3978 56
1954 F A 10618 10634 16
1314
1955 1 1
1338 11
1951 1 0 10118 10118
4
1943 1 D
1945 1 1 •1918
21 _ _
1945 1 1 6612 70
1938 2 .1 *10012
_
1950 M 6 10438 104-78 43
I enn Cent let 13e A or B
Tenn Coal Iron & RR gen 55
'I'enn Cocos & Chem deb (is B
Tenn Elea Pow let 65 ser A
Term Assn ot St L let g 434s
let cone gold 5s
Gen refund sf g 40
'Texarkana & Ft S gu 549s A
'10185 Corp cony deb 5s
'lox & N 0 con gold bs
Texas & Pao let gold 5s
(len & ref 65 wire) 13
(sell & ref 5s series C
Oen & ref 58 eerie* D
Tex Pao-MO Pao Ter 544s A
1947 A 0 6712
1 120
1951 1 .
1944 M E 103
1947 1 D 98
1939 A 0 *11054
1944 F A 115
1953 1 2 10312
1950 F A
8078
1944 A 0 103
1943 ./ 1 9812
2000 1 D 11438
1977 A 0 8912
1979 A c
8912
1980 1 B 8934
1964 M 3 10414
164
74
28
3512
3518
60
5314
73
29
104
6
98
9612
12
39
9814
10112
434
32
70
2 1014
120
80
10318 13
9912 80
5438
--------99
15
98
5
71
10414 39
644
83
39
9312
10314 141
9914
5
64
11434
8
82
bb
91
34
9018 26
5312
54
15
90
87
2
10434
57
5811
1960 1 1
'Mira Ave fly bet ref 4s
1960 A 0 2114
2234
*AM Inc be tax-ex N Y_Jan
102
1937 J 1 102
Third Ave RR let g 55
9434
1955 M 9 94
Toho Eleo Power 1st 7s A
Tokyo Elec Light Co Ltd--1953 J D 8012 8238
1st Os dollar series _ _
J D 9838 9812
__-_
Tol & Ohio Cent ref &impt_43...1960
1950 A 0 90% 91
'Vol SI L & W let Ile
M 5 *10818_
1942
ear
C
Ohlo
40
Tol W V &
1946 J D *9712 -99
Toronto ham & Buff let g 48
1949 M 9 *118
11834
Trenton 0 h El Isle 55
'Fri-Coot Corp 5s cony deb A __ _1953 J 2 11814 11838
90
290
1943 NI N
Truax-Traer Coal cony 03.40
1940 AI N 104
10412
_
Trumbull Steel 151 01
80
SO
68-74413_ -1955 M N
*Tyrol Hydro-Elec Pow
80
1952 0 A *78
*Guar sec 5 f 70_
1945 M 8 0114 9412
Ullgawa Elea Power 8 t 78
10312
8014
48
55
44
43
42
804
100
95
6018
97
103 107
96 1045
8612 90
8014 85
5412
54
30
80
933
812
91
934
71
74
Low
1957 A 0 105
Union Elec Lt & Pr(Mo)55
On E I. & P (III) lot g 54 A -a _1954 / .1 10534
_
1945 A 0
2•1Union Kiev 112 (ome)54
119
1942 F A *__Union Oil of Callf (is series A
1947 M N 114
12-year 4s cony deb
1947 J J 11118
Union Pac RR let & Id or 45
June 2008 M 9 105
lot Lien & ref 4s
1967 J J 10478
Gold 444s
lot lien & ref Es
June 2009 M 9 11512
1968 1 D 102
Gold 4s
1950 A 0 10612
United Biscuit of Am deb 53
1953 M 9 9234
United Drug Co (Del) 55
1944 el 9 *11018
U N I RR & Can gen 45
27
1934 J 1
02•United Rye St L let g 413
1947 1 .1 10014
US Rubber lot & ret be ser A
1937 al N 10114
United 8 S Co 15-year 6s
Utah No
10510
6
7
106
24 __-8
119
11512 59
11134 31
10534 74
10534 36
11512
6
10314 53
13
107
94
124
1114 ---1
27
291
101
I
101,4
Rang*
Since
Jan. 1
Low Low
Ht04
9438 10414 10938
9914 1014 1064
13
2512
1014
10t
1164 121
10912 10912 116
10774 1134
94
8012 10334 10538
103 108
81
113 120
99
7638
9912 104%
10558 10538 1084
87
95
53
9712 10738 1124
1534
253* 35
9012 101
56
98 10114
8515
71
69
5712
3214 43
26
21
33
33
7714 •Un Steel Works Corp 64* A_ _ 1951 J D
33
4212
27
5
33
33
1951 1 D
*Sec. s f 64413 series C
1714
3218 41
23
1
3318 3318
1947 1 J
*Sink fund deb 6445 ser A
1538
120 1414
983
1951 A 0 *__ 130 -Un Steel Works (Burbach)75
18
18
3134
13
2458 2534 10
184 /*Universal Pipe et find deb (is 1930 1 D
4.138
32
32
10
32
1953 A 0 32
1412 •Unterelbe Power & Light Bs_
9.514
85
504
34
9514
943
4
A
0
1944
ref
be
13,
Utah
Lt
let
&
&
Trac
7
142
553
4
69% 9512
1949 F A • 9434 9512
Utah Power & Light let be
244 6834
20%
74
581
1947 1 D 55
Util Power & Light 5440
84
95
2014 83
162
18
5214 55
141A,F A
Debenture Rs
493 6'92
9414
010
69
1941 A 0 8534 8712 26
3518 8414 Vanadium Corp of Am cony 50
10634 10714
1955 F A *10658 --------99
27
5412 Vandalia cons g 45 series A
1)l24
107
--------85
SIN
*10612
1957
Cons of 40 series B
7814 100
412
2
1114
0218 __ ---1934 1 .1
*Vera Crum & Plot go 448
79
99
4
4
3
*218 -------.1 I
•1July coupon off
10112 10412
334 1612
3
1 34 44
934
1942 .1 D
_ •Vertientes Sugar 75 ars
14
10518
10114
108
10514
_*105
.1
D
1954
series
B
Power
be
Va
Lice
&
11
1738
10418 1074
86
1955 A 0 10418 10418 15
let & ref 58 58 ser A
10412 109%
5812 66
60
70 -___
1949 M e *66
101 10434 Va Iran Coal & Coke let 055
99 10275
91
100 ---1936 M N *98
9934 10312 Virginia Midland gen 50
94 10112
754
10112 18
2003 1 J 101
113 11878 Va & Southwest let gu be
6338 84
55
72
7334 19
1958 A C
lot cons 15s
11018
113
89
27
11212
112
M
N
1962
7412 904 Virginia fly lot 5s series A
8412 10314 106
5
1962 al N 10514 10512
lot mtge 4440 series B
10034 109%
108 11238
57%
894 9834
974 984 77
1939 MN
34
52 :Wabash RR lot gold be
5778 81
48
1939 F A
7852 7912 15
.211 gold 5s
29
5412
5312 65
50
____
*653
8
1
2
1954
3214 55
108 lien g term 4s
984 102
70
_ ____
1941 1 1
Det & Chic Ext lot 55
28
55
714
53
45
____--67 _ _ _ _
1939 1 .1 *64
Des Moines Div let g 4e
10918 115
4512 6214
38
3
56
1941 A 0 56
11
Omaha Div 1010 348
18
834
77
58
85 1941 M E *_Toledo & Chic D12, g 4e
1314 17
1214 25
1214
100
25
10
20
2•Wabash fly ref & gen 540 A _1975 M E 22
13
22
11
2
2178 22
*Certificates of deposit_
1078 20
2412
12
12
2214 2412 100
•Ret & gen be series B _ _ ___ 1976 F- A
318
2
1012 2012
1012
25 ____
*21
*Certificates of deposit
414 9
1134 231 1
113
2138 2314 86
1978 AO
*Ref & gen 44413 series C
334 8
1378 2212
11
2212 21
22
*Certificate/3 of deposit
412 114
115 2412
1134
1980 A 0 2134 2412 61
*Ref & gen be aeries D
312 10
1012 21
1012
1
21
21
*Certificates of deposit
813 1.710
33
7778
1212
7
7434
2•Walworth deb 64° with warr _1035 A 0 71
4812 76
4812
6
6914 71
•614s deposit receipts
24 412
38
7518
1212
6
713
8
74
A
0
214 418
*Without warrants
364 86
184
47
1946 A 0 8314 84
80 103
*15t sinking fund lie ser A
594
594 86
8212 844 44
10238 1054
*Deposit receipts
10218 10414
24
Ma 8912
1939 54 5 8478 8912 174
Warner Bros Pict deb 6s
7612 88
21
40
21
2878 148
1939 M F 22
:Warner-Quinlan Co deb 63
76
58
53
31
30
1941 M 9 3512 3614 24
39
5034 *Warren Bros Co deb 65
351g 3612
351g
1
3510 3512
10334 113
*Deposit receipts
80
80
70
79 ____
2578 3912 Warren RR lot ref gu g 344s_ __2000 F A *
94
91
79
9212 ____
454 7212 Washington Cent lot gold 48 _...l948 Q M *.. __
10338 10612
88
__ ____
1945 F A
9044 10312 Wash Term lot gu 31411
10878 1084
94
109 _ - _ _
*107
1945 F A *10538-10038 1021 1
let 40-year guar 40
9818 105 112
8
1939 J .1 11012 11058
10238 10434 Wash Water Powers 150
4 10314 11514 12258
12034
112 11612 Weetcliester Ltg be stpd gtd __1950 J D 119
106 111 12
8 10014
1948 M 9 10814 107
West Penn Power sec A be
2 10172 11414 122
1963 P4 9 11818 119
106 110
lot be series E
10514 11111
9 101
1956 J D 10712 10738
82 103
1st sec be series0
90,4 10515 11038
5
1961 1 J 11014 11014
let mtge 4s ser H
8012 8334
7312 8712
874 98
8112
1952 A 0 9538 9572 104
5612 764 Western Maryland 1st 4e
96 10534
66
59
1977 1 J 10414 105
let & ref 5440 series A
5512 76
104 107
3 100
1937 1 J 10412 104%
7575 West N 7 & Pa lot g 50
56
102 10834
78
7
105
1943 A 0 105
Gen gold 4s
9912 10612
25
37
23
10612 10778 /*Western Pao lot be ser A._ _ _1946 121 P 2938 3214 118
3834
25
.
2918 3112
1946
•fis Assented
10012 10012
1014 106
854
-11818
1938 1 .1 10538 106
89
9834 Western Union coil trust be
82 102
674
84
9934 102
1950 MI N
Funding & real cot g 4%s
97
97
100 11,414
92
1936 F A 10314 10338 73
15-year 844s
8212 10414
7138
1961 .1 D 10212 10414 118
77 10318
25-year gold 5/3
80 10212
72
1960 M 9 10112 10212 304
28
8212
30-year be
31
4338
27
10
3212 33
3512 81
*Westphalia Un El Power Bs__ 1953 1 J
7412 8814
68
47
7778 79
2361 1 J
West Shore let 4s guar
3518 86
7014 82%
---11
76
75
2361 ) .1
Registered
69
9212
6912 88
103 104%
95 103
Wheeling & L E fly 43 ser D__ _1966 M 5 *1033.4 1044 ____ 103
10214 109
53
5
29
1949 M 5 106% 10634
RR tat consol 4e
67
10014 105
70
Wheeling Steel Corp let 5445
1948 .1 J 10314 1034 51
10578 111
90 102
80
57
6
1953 A 0 10134 102
144
let & ref 43.4o series B
65
9612
434
__
100
101 10412 White Sew Mach 6s with warr
1936 1 ./ *97
9812
68
45
6
9718 9812
Without warrants
1 J
89
84
4212
7
8414
83
13
2138
Panic of deb 6s
1940 M N
39
7312 2•WIckwire Spencer St'l let 78
1935
818 1812
44
_
1712 28
16
J J
•Ctf lap Cheat, Nat Bank
7
1812
338
1718 112
16
10112 10478
•Ctfs for col et ref cony 75 A ___1935 M N
36
50
33
11
1942 .1 D 4334 45
Wilk & East let gu 060
544 70
10212 10614
88
9
113 1215k Will & SF lot gold 15/3_ _ __ __ 1938 1 D 10818 10614
993
98
98
9938 89
99
9113 10312 Wilson & Co 1st M 43 series A__ _ _1955 J J
10438 10812
83
_
108
90 104
*104
Winston-Salem 550 151 40
J
1
1980
738 1312
738
53
912 __10812 112
912
2•Wis Cent 50-yr lot gen 4s
1949 J .1
718 1012
718
718
74 22
10912 11614
*Certificates of dePoeill
412 734
413
10112 106
712 ____
*634
*Sup & Dul di* & term let 4s__1936 M N
4
712
764 981/4
4
734 ---*Certificates of deposit,-*514
68
10238 1043 2Wor & Conn East let 4%s
-,-- -_- 1943 1 I- -----------101
8912
8314
83 100
144
Youngstown Sheet & Tube 543-1978 1 1 10014 10
8912 101
6314
113 120
148
let mtge a f 5s ser B
1970 A 0 10012 101
79
94
794 9334
7912 9312
r Cash sales not included In year's range. a Deferred delivery sale not Included In
8913 10434
- year's range. n Under-the-rule sale not included in year's range. 4 Negotiability
5012 5912 Impaired by maturity. 2 Accrued interest payable at exchange rate of $4.8665.
1858 264
2 Companies reported as being In bankruptcy, receivership, or reorganized under
1004 103
8512 9514 Section 77 of the Bankruptcy Act, or securities assumed by such comptoies.
37
67
5
3
38
1838
854
7014
48
56
7
____
____
___
5712
0714
80
103
82
10138
72
974
91
103
9614
1124
853e
9s34
9412
103
10212
1194
4
10
3
35
6712
4512
434
694
70
100
75
7133
87
94
10412
96
904
984
5 11212 11212 11812
___2
3197
:
isle 1
Week's
flows or ; 1933 to
:. 44
.!: I:
Friday's
!If, Oct. 31
1935
4i Bid ,± Asked ,S65
• Friday's bid and asked price. • Bonds selling flat.
e Cash sales In which no account is taken in computing the range, are shown below:
No sales.
2 Deferred delivery sales In which no account Is taken in computing the range, are
given below:
Treasury 4419, 1947-52, Nov. 15 at 115.
Hamburg 74s, Nov. Oat 2844
Paris-Orleans 54s, Nov. 12 at 141.
Rhine-Westphalia 6s, 1952, Nov 12 at 33.
Truax-Traer Coal 645, Nov. 12 at 914.
3198
New York Curb Exchange-Weekly and Yearly Record
Nov. 16 1935
NOTICE-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the neck, 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 (Nov. 9 1935) and ending the present Friday (Nov. 15 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
STOCKS
Week's Range Sales
of Prices
for
Week
July 1
1933 to
Oct. 31
1935
Range Since
Jan. 1 1935
Par Low
High Shares Low
High
Low
Acme Wire•to corn__ _20 3934 42
Nov
42
1,200
634
84 Jan
Adams Millis 7% 111 91100
664 103
Feb 11035 Sept
Aero Supply Mfg ci A_
•
July
11% Mar
5
5
Class B
4
14 235 2,200
•
Mw
34
31 June
Agfa Ansoo Corp com_
I
July
3
34 Jan
7
Ainsworth Mfg Corp___10 4734 48
18% Feb 51
5
Nov
500
Alr Investors oom
24 Oct
1%
131
•
300
h mar
1,.
Cony pret
• 20
1234 Mar
22
Oct
214
500
9
Warrants
%
14 Feb
35 Sept
AlabamaGt Southern_50 40
4134 Sept
40
30
75 30
Apr
Ala Power $7 pref
• 76
77
4135 Jan
7834 July
200 26
$6 preferred
• 65
6931 July
Jan
37
67
70 25
n
1,6
Algoma Consol Corp com •
4 Feb
31 Feb
7% preferred
•
14 Aug
xl 1,6
A Mar
Allied Internati Invest_ •
Nov
May
'16 4
Alliance Investment corn..
Nov
14
14
''16 Feb
100
'16
Allied Mills Inc
• 19
54 124 Jan
203t Nov
20
10,900
Aluminum Co oommon_ _• 8634 911,4 4.800 82
Mar 9134 Nov
32
6% preference ' 100 110 114
Nov
650 54
8935 Mar 114
Aluminum Goods Mfg • 16
935 Feb 1634 Nov
164
300
8
It 6
Aluminum Ind corn
1014 Sept
73-4 Mar
Aluminum Ltd corn
17
5934 Nov
• 5731 5935
Mat
500 17
6% preferred
37
6031 Apr 884 Nov
100
C warrants
231
2% Jan 7 Apr
1) warrants
5
Apr
8
64 Mar
American Beverage corn_ _1
1
435 434
600
535 Oct
13.4 Feb
American Book Co_
_10C
41
Nov
67
Jan
73
Amer CapitalClass A corn
10c
Nov
1
1% Apr
3
515
Common class B-.10c
31 Jan
N Aug
1,700
31
35
$3 preferred
9-e
100
164 May
Nov
25
25
• 25
$5.50 prior pref
July X95
Nov
76
• x85 z85
50 46
Am Cities Pew & LtClass A
25 45
Mar 47
4534
300 2334 29
Oct
i
Class B
54 53-4
6% Nov
34 Mar
6.300
%
Amer Cynamid clams A_10
1234 204 Apr 28
Oct
Class B n-v
10 2834 29
15,400
84
Mar 2935 Nov
15
Amer Dist Tel NJ oom •
734
76
Mar
Jan 80
98
111
Apr115
7% Cony preferred_ IOU
Oct
Amer Equities Co corn_ __ 1
135 Feb
1
3% Nov
Amer Fork J.: Hoe Co corn. 17
500 154
1514 Sept 2231 Oct
183-4
Amer Founders Corp____1
41
'Ns Aug
34 6,400
916 Mar
316
50
814
7% metseries B
1331 Jar, 4434 Oct
a% let pref set D_--60 36
41
Oct
36
100
134 Jan
8
Amer & Foreign Pow wart.
34 435
1,100
134
135 Mar
535 Aug
Amer Gas & Elec corn__• 3834 4134 13,500 164
164 Feb 4234 Nov
Preferred
• 10831 11134
825 574 8034 Feb 11 134 Nov
Amer Ilard Rubber com _50 20
44 Apr2434 Sept
224
400
4
Amer Laundry Mach_ 21
2434 Oct
20
124 Mar
224
800 1034
Amer L & Tr corn
21
164 Aug
1435 1534 6,300
74 Mar
734
6% preferred
25 244 2434
Aug
1734 Feb 26
200 16
Amer Mfg Co corn_._100 12413
14
335 Apr
Oct
334
100
Amer Maracaibo Co
I
,,,, n 1,500
1916 May
31 Mar
%
Amer Meter Co
8
• 16
Mar 19
534
Oct
17
1,050
rt
ei
Amer Pneumatic Service_ •
1
135 Aug
Jail
Amer Potash & Chemical _• 27
100 11
1234 Apr,30
Oct
27
Am Superpower Corp corn •
331 Aug
36
4 Mar
2% 331 43,600
151 preferred
Feb763
44
4 Aug
' 6831 6935
400 44
Preferred
• 304 3634 3,100
734 Mar 373-1 Nov
735
4
Amer Thread Co pret - _ _6
Jab
435 Nov
435 445
200
3
Amsterdam Trading
American shares
1534 MaY
1135
114 Jan
•
Anchor Pont Fence
•
%
13,6
300
'
916 Nov
N.
34 Ma
Anglo-Iranlan Oil Co LtdAm dep rots ord reg__£1
9
1431 May
1534 Aug
Angostura wupperman-1
634 July
900 1 234
May
4
44 5
Apex Elec Mfg Co corn_ _ _• 10% 1234
44 Apr1234 Nov
200 11 335
Appalachian El Pow pref.' 106 10635
71
Jan 10635 Oct
40 5735
Arcturus Radio Tube_ _ _1
% Aug
31
1,300
31
h
•re Mae
Arkansas Nat Gas oom___•
3
254
Nov
244 2,000
% Mar
54
Common class A _ _._._ •
235 24 5,500
4
34 Feb2% AUR
Preferred
It
6
7
Aug
231 Mar
634 5,600
1%
Arkansas P & I. 97 pref __•
8334 Oct
2534 41% Jan
Art Metal Works com____f
1174 Oct
331 Mat
10
14
1135 2,800
Associated Else Industries
Amer deposit rots_ _ _ _ el
935 935
94 Nov
535 Feb
500
6
Assoc Gas & ElseCommon
1
14 14 1,500
2
Aug
34
31 Apr
Class A
335 Aug
/
1%
X Mar
14 17,100'
X
95 Preferred
104 Aug
151 Feb
134
631 7
1,000
•
Option warrants
44 Oct
1,700
'se
31z Aug
'32
'32
Assoc Laundries of Amer.*
% Aug
34 Aug
N
Associates Investment Co * 2934 3054
350 9 8%
28% Nov 363-4 Oct
Associated Rayon corn...'
235 Jan
14 14
134 Sept
300
1
68.90e Telep $1.50 pre_ _.•
26
Oct
13
Apr
22
Atlantic Coast Fisheries_..
2
104 Jan
44 June
9
1031 9,500
Atlantic Coast Line 00-50 294 2934
30
Jan
Mar
18
100 18
Atlas Corp common
Nov
14
• 13
13% 34.400
735 Mar
734
$3 preference A
Apr 54
47
July
300 35
• 5234 524
Warrants
431 Aug
331
7,800
334
14
14 Mar
Atlas Plywood Corp
831 Nov
•
335 Mar
7
834 3.300
24
A utomatio-Voting Maoh_e
114 1235 3,200
Sept
Jan
13
6
134
Axton-Fisher TobaccoClass A common
10 5434 55
Feb
Oct 60
210 434
41
Babcock & Wilcox Co-- - -• 644 74
Mar 74
Nov
1,175 1834 28
g Feb
Baldwin Locomotive warn.
335 Jan
35
34
400
tr aumann(14&007%PfdlUO 50
10 11
May
15
50
Oct
50
Bellanca Aircraft•I o_ _ _I
235 231
1,000
154
14 Apr
54 Jinre
Bell Telof Canada
May 138
Nov
100 137 138
50 10434 123
Benson & Hedges corn_ ___•
July
131
134 Feb
4
Cony pref
•
July
131
10
Mar
5
Blokfords Inc corn-- .--6
14
May
434
84 Feb
13
1331
200
$2 50 cony pret
•
3335 Apr35
23
May
Blauners Inc
•
12
Nov
Nov
16
16
tines(E W)& Co corn _ ___• 1314 144 4,300
15
331 Mar
Oct
14
Blue Ridge Corp oom._ _ _1
Mar
1
44 Nov
335 34 22,500
1
$3 opt cony prof
' 4334 46
3535 Mar 45
May
4,600 2834
Blumenthal (8) & Co
16
Oct
• 12
231 Jan
1234 1,000
5
Boback (11 C)Co com__ •
11
Jun
Jan
5
8
831
175
7
7% Ist pref
loo
Oct85
Feb
40
40
Botany Consol Mills com •
34
31 May
4 Oct
Bowie's Inc
54 Nov
Jun
3
44 54 2,400
•
3
Borne Scrymser Co.._ 25
1134 Sept
9
Ma
6
934
200
6
Bower Roller Bearing
5 3155 33% 4,800 '• 634
Mar 353-1 Oct
16
BONCIllan Biltmore hotels
7% lot met
100
135
Jan
134 Jan
3
BrasillianTr LI & Pow....0
84 935 4,300
731
74 Aug104 Jan
Bridgeport Machlne
• 119-4 12
1235
Jan
Oct
34
3.800
34
•
%
1
Brill Co Poles!B
131 Aug
4 Mat
4
900
Class A .
135 235
•
900
Jan
%
1
234 Nov
°deo Mfg Co cam
May
635 Apr
7
54
100
635 634
•
Class A
•
224 25
Jan
28
Aug
Brit Amer IA coin
• 15% 153-4
16% June
1434 Mar
100 1234
Registered
•
1434
June
June
16
16
British Amer TobaccoAm dep rots ord bearerel
244 2631 Oct 31% Jan
A m dpo reto nrr) rer) 0'
344 2631 Apr 2955 July
For footnotes see page 3203
('4
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Oct. 31
1935
High
Par Low
British Celanese LtdAm dap ITU ord reg__10e
34 34
British Col Power el A _ _ _• 2834 28%
Brown Co 6% pref
100
6
6
Brown Forman Distillery -1
834 814
13rurk Silk Mills Ltd
.
Buckeye Pipe Line
42
60 41
Buff Nlag & East Pr prat 20 23% 2414
$5 1st preferred
• 10231 10335
Bulova Watch $334 pref.... 47
4835
Bunker Hill & SullIvan__10 43
48
Burco Inc eom
134
•
131
93 cony pref
• 36
36
Warrants
31
31
Burma Corn Am dep rcts_
235 3
Butler Brothers
8
835
10
Cable Eleo Prod•t o
•
31
34
Cables & Wireless LtdAm dep rots A ord she_ El
1%
131
Am dep Ms B ord ells El
516
4
Amer dep fete pref she £1
5
534
Calamba sugar Estate_30
Canadian Indus Alcohol A•
935 12
13 non-voting
834 10
•
Canadian Marconi
135
1%
1
Carib Sy nrilcate
25,
34
234
Carman & CoConvertible clam A
•
Carnation Co corn
• 1834 19
Carolina P & L 97 pref • 03
93
$6 preferred
•
carrier Corporation_ __ _ •
9% 103-4
Castle (A MI & Co
10
Catalin Corp of Amer__ __ I
104 12
Celanese Corp of America
7% let partici pret _100 109% 110
7% prior preferred__ _10U 107 107
Celluloid Corp corn
lb
941 1334
$7 div preferred
• 38
4834
Is preferred
• 89
90
Cent Hui 0 & E•t e • 1534 16
Cent 'Maine Pr 7% pref 100 73
73
Cent P & L 7% prof_ _ we 39
3934
Cent & South Wert -11t11.1
131
134
Cent States Etc° corn_ _ _ _1
131
155
6% Pre( without ware 100
17
1934
7% preferred
MO
27
31
Convpreterred
100 1934 193.5
Cony pref op ser'29 100 174 19
Centrifugal Pipe
5
54
•
Charier Corporation
I
1831 1934
Cheeebrough Mfg
25 125 126
Chicago Rivet & Mach_ • 2334 2734
Childs Co pref
100 24
2534
Chlet C0/1901 Mining Co...1
ti
h
Shares
Low
STOCKS
(Continued)
Cities Service cm
•
Preferred
•
Preferred B
.
Preferred BB
•
Cities Serv P & L $7 pref_'
96 preferred
•
City Auto Stamping_ _ __.•
City & Suburban homes Ill
Claude Neon Lights Inc_ _1
Cleve Else Ilium com
•
Cleveland Tractor corn_ •
Clinchfleld Coal corn. _100
Club Alum liten•11 Co_ _ •
Cock-shutt Plow Co corn_ •
Cohn & Herten berger
•
Colon Oil Corp corn
•
Colt's Patent Fire Arms_25
Columbia Gas & ElecCony 5% pref
100
Columbia 011 A Gas vie..•
Columbia Pictures
•
Commonwealth Edison _101
COmmonwealth & Southert
Warrants
Community P & L $6 pre'•
Community Water Berv •
COMO Mlflea
1
Campo Shoe Machinery._1
Conn Oas & Coke Sec $3 pf•
Cmsolidaterl Aircraft ._ I
Consolidated Automatic
Merchandising pref.
•
Consol Copper Miner __ __A
Consol(I E LAP Balt corn•
Cowl Min & Smelt Ltd_25
Consol Retail Stores
I
8% preferred w w___100
Consol Royalty 011
ir
Cons0 & E 7% orior of 100
Continental 011 3f Mex. _I
Continental securities_ •
Cooper Bessemer cern ___.•
93 pref A
•
Copper Range Co
•
Cord Corp
/3
Corroon & Reynolds-.
Common
1
96 preferred A
•
Coeden °Hoorn
1
Preferred
100
Courtaulda LtdAm deo rote ortl rea--61
Cramp(Wm)& Sons Ship
& Eng Bldg Corp_ _100
crane Co corn
26
Preferred
100
CreolsPetroleurn
6
Crocker Wheeler Elee
•
Croft Brewing Co
I
Crowley Milner ar Co__ •
Crown Cent Petroleum_ _ 1
Crown Cork Internatl A __•
Cuban Tobacco corn vto_•
Cuneo Frees corn
•
63-4% preferred
100
Curd Mexican Mining__ 50c
Derby Petroleum com___O
Davenport Hosiery Mills...
De Havilland Aircraft CoAm Dep Rots ord reg £1
Detroit Gray Iron Fdy.
_ _ _5
3,300
10,400
1,400
•re
••.
334
6 lb.,
54
4,200
44
900
14
5,300
133
10,300
4
'it
33-4
20
731
64
134
14
Mat
Ma3
Mai
Fel
Oct
Jut
Mat
Mal
14
'.•
6%
23%
12
to
234
44
_lune
Jan,
'
Nov
Aug
Nov
May
June
Mr y
$
1333
33
27
6,200
431
9 10
34
22.600
631 Jar
17
Jar
544 Jar
57
Feb
8% Oct
4135 Aug
434 Ate
12
1934
93
83
194
4135
12
Sept
July
Nov
Nov
bet)
Aug
Nov
1,100
10
90
200 81
974
175 75
7
634
2,600
163.4
2435
825
693'I
50 40
334
800
8
83
10 63
2034
175 it
21,
800
lite
ti
h
29,000
1
1
750
2
2
600
133
25
133
54
4
300
434
334
3,900
1234
9
1,200
115
100 105
434
1234
1,200
210
64
16
34
100
5,
42
42
114
3%
4,4
464
15
150
250
3,800
100
1,300
2,300
5,600
I%
234
4,400
1
34
45
43
3,700
1,625
94
9934
1
2,150
2,700
974
2,300
X 25,500
916
200
1541 16
100
4
35
14 11,000 2
134
1331
13
500
1534 1534
High
June
Mar
4
29% Nov
July
Sept
Aug
9
Oct
94( Jan
Oct
18
Oct
Jar
Aug
12
Jab
2435 Nov
Jan 103% Nov
4834 Nov
Mai
Mat
504 Oct
Fel
Aug
2
Feb
Nov
36
Jan
4 Awl
Mal
Oct
3
Atte
8% Nov
Jan
1
Aug
42
3734
10
3%
7,4
4531
134
94
Low
2
21%
234
534
1735
3034
14%
694
244
30
31
20
4
1,
4
534
31
2
2134
24
53-1
1715
350 46
1,100
1434
500 t 66
850 1634
625 26
700
4
25 20
200
'16
1
1,
200
2,100
2%
1,500
%
500
25
125
3,200
254 3 122,900
3034 5,300
29
800
334
334
N
Range Since
Jan. 1 1935
6,500
May 1124 Oct
Mar 1 1114 Oct
Oct
It
Ian
Oct 4834 Nov
Noy
Me) 90
.74 Aug
Mar
Nov
Oct 73
4234 Aug
Jan
235 Nov
Mar
Mat
Aug
2
Mar
204 Nov
Mat
3434 Nov
Mar
2034 Nov
Nov
Mar
19
Joni
631 Oct
1935 Nov
Mar
Feb
Mar 157
Jan
2736 Nov
Jan
API
30
14 Apr
Jan
51
64
4
6
734
634
3
3
111.
2134
114
13-4
4
635
54
34
15
Si
614
4
6
735
634
34
331
III
234
535
134
31
69.4
54
%
25
331
Mar
Mar
3134
Max
331
Mar
30
Mar
424
Mar 42
Jail
114
Nov4
NI tte
%
Jar, 4614
Jar
1834
May
2
Aug
34
Oct
834
Mar
7
June
234
45
Jan
Nov
Nov
Aug
Nov
Aug
Nov
Nov
Apr
131:0
Aug
Apr
June
Sept
Aug
32
4
11235
3034
32
Mar 100
1 35
34 Mar
38
Jan 7014
6734 Jan
973.4
Nov
Sept
Aug
Nov
h
3
4
8o
5
46
6
34
5r2
31
1
935
46
7
4
2031
1
235
1814
47
1635
Aug
Aug
June
Apr
Mar
Sept
Oct
Jan
Jan
May
Sept
Oct
July
June
',la
Sept
Nov
H Jan
'16
% Jou
62c
1
Jar
5A. Nov
431 12,000
3,800 4534 6235 Jan 8934 Nov
89%
1344 Feb 195
Nov
90 118
195
531 Nov
June
2
h
435
600
Nov
92
240 1231 3454 Jan
92
I
Nov
Feb
1
3
1,100
3
Mar 8934 Nov
36
475 29
89
4
35 Mar
is May
Apr
4% Aug
2
2
7% 74
200
234
354 Apr
IT Oct
35, Nov
12
500
1634 Jan
3031 32
531 Oct
3
334 Feb
Sept
6
234 Mar
331 4% 4,600
'2
44
8731
186
44
90
24
87
435 4%
52
52
31
31
31
1
137-4
133-4
900
100
200
1,500
1
10
35
"i•
134 Mar
Mar
22
4 Juin
n$1 July
415 Nov
Nov
52
14 Jell
Feb
2
100
8
1144 Mar
1434 July
h
20
214 10,000
50
11744 11754
2134 2234 11,400
9
9% 6,500
35
154 9.900
131
154
114
11
3
435
3431 3434
3,100
1,700
600
100
135
63-4
33,700
2
500
634
935
931
1.201
5
32
5%
334
h
23*
34
ai
131
154
0044
',e
4
8
4
131
54 Aug
h Ma
Nov
Mar 23
7
l"eb 1177-I Oct
87
Ma
2334 Oct
10
July
Mar
10
4
Oct
1
34 Oct
Nov
9
294 I- eb
34 Feb
11.4 Oct
114 July
734 Mar
14 July
Aug
5
30
Feb 39
Oct
87
Feb 106
Oct
14 Atm
24 Jan
Oct
4
634 Nov
June
16
8
Jun
13
4
Jan
May
1531 Apr
11
Aug
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
July 1
IVeek's Range Sales 1933 to
Oct. 31
for
of Prices
Week
1935
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of Prices
3199
Sales
for
Week
July I
1933 to
Oct. 31
1935
Range Since
Jan. 1 1935
High
Low
High Shares Low
Par Low
Nov
June 13
7
• 10% 13
2%
8,100
Hazeltine Corp
Feb 12% Apr
4
6
1134
4,800
25 10
Hecht Mining Co
Sept
Jan
13.4
3-4
Helena Rubenstein
Nov
Jan 56
37
900 14
56
10 49
Hayden Chemical
2534 July
22
Nov
18
•
Hires(CE) Codl A
84 1131 Oct 2011 Jan
1454 1434 2,900
Hollinger Consol 0 M___5
Oct
30
Jan 92
850
2334 July Holly Sugar Corp corn_ • 863-4 89
21
Mar
14 34
Sept
100
Feb 108
100
Preferred
3554 Nov
135-4 May
6
Aug
Jan
2
14
•
1015 Mar 2714 Nov Holoptiane Co Corn
7% Aug
54 Fet.
3
100
734
734
Holt (Henry) & Co cl A _ _ •
414 Oct
A Ss Fen
18
Aug
16% July
16
•
4% Jan
7
Mar Ilormel (Geo -A) & Co
3134 Sept
Feb
• 2954 304 1,160 154 20
Horn & Herders
10334
Nov
1024
Jan
10
8311
10854
1083.1
100
7% preferred
12
Mar 16
Mar
19% Oct
1114 Jan
734
Bud Bay Min & Smelt.... 184 1954 18,600
804 Mar 10534 July
64
May
44
Jan
6,000"224
62
• 60
Humble 011 & Ref
62
Aug
Oct 62
Apr
13
3434 Oct Huyiers of Delaware Inc131 Oct
34 Mar
1
Common
9135 Mar 105
Oct
38
Nov
4 2034 Apr
1,000 205
pref stamped____100 3514 38
34 Feb
1 % Apr
Aug
Aug 25
26
20
754 pref unstam ped_ _100
37
Jan
6534 Nov
5% Nov
24 Mar
24
1,000
511
434
Securitles.•
Electric
Hydro
4 June
4 Feb
3%
Oct
131
Oct
1%
1,300
231
234
1
By grade Food Prod
40
Nov
26
Jar
425 17
12
Aug 15
Oct Bygrade Sylvania Corp..* 3731 39
4134
Nov
Jan
1334
10
3,400
•
38
395-1
$6
prat
63.4 June 124 Feb Illinois P & L
40
Nov
14
Jar
250 10
40
100 36
5% preferred
354 Mar
7.4 Oct
3411 Jan 5311 Nov
25 3431
Illuminating Shares el A__• 533-6 5335
211 Mar
5'
Jan Imperial diem Industries
911 Jan
8
Oct
6
Amer deposit rote -£1
54
Oct 6634 July
2251 May
2034 2231 10,800 1034 154 Mar
364 Oct 5311 Aug Imperial Oil (Can) ectup_ 11
224
May
Mar
154
1134
500
234
2
•
Registered
431 Nov
511 Nov
1431 July
Apr
12
94
1,100
31 Jan
151 Aug Imperial Tob of Canada_5 1334 134
4 Mar 1834 Aug Imperical Tobacco of Great
3534 Aug
234 3154 him
Britain and Ireland___ £1
1
Apr
183j Aug
June
6
331
33-4 Slam
1,200
511
55-1
10
Jan
3
714 Sept Indiana Pipe Line
8714 July
48
5,5
Jan
Ind'polls & L 634% p1100
1634 Aug 20
Jan
Blum
011
Indian
Ter
244 Jan
Nov
3935
454 Apr
1% Jam
1
100
234
234
Non-voting class A _ _ _ _•
4 Jan
1 31 Oct
44 Apr
138 Feb
134
300
•
231
234
Clam B
331 Mar 204 Aug
34
Aug Industrial FinanceJan 69
131 Feb
July
34
200
14
1
131
V t common
374 Jan
78
Aug
8
Aug
1
Slay
1
100
7% preferred
234 Mar
731 Nov
724 Aug
52
Mar
3431
1,300
6934
713-4
le
of
N
Amer_
Co
24 Mar
711 Nov 'neural:um
3434
Nov
29
Slay
300 1831
3431
234 Feb 20
Aug international Cigar Mach • 33
131 Nov
"4" Aug
4 Mar
231 Aug Internal Holding & Iv..*
Intermit y dro-Eleo1334 Aug
311 Ma
3%
811 1011 2,300
50
34 Mar
Prof $3.50 series
74 Nov
154 Jan
734 104 Aug
1,900
40
9434 Nov Internal Mining Corp _ _1 103.4 1134
Jan
(1% Jan
234 Nov
234
5,200
334
331
Warrants
1
Jan
6% Oct
Mar 39% Mat
28
1514
28,900
3834
International
Petroleum.'
3531
6
16
Aug
334 Oct
29%
Feb
23
23
Registered
July
314 Oct
414 Aug
24 Jan
1
1,600
2%
14
Jan 40
Nov International Products...*
1% Aug
31 July
31
200
131
1%
Internatl Safety Razor B..*
Internat'l Utility74 Mar 35
May
411 Aug
111 Jan
114
300
314
•
Class A
8
510r 36
May
14 Aug
34 Jan
34
2,100
34
1
Class B
37
8
Mar
May
Apr
Apr 35
35
35
•
$7 prior prof
may
831 Mar 40
Mar
34 Aug
'Is
'is
Warrants
9
r
21
Ap
Nov
Interstate Equities Corp12
June
1334 July
2534 Aug
20
Jan
1534
50
$3 cony pref A
134 Jan
234 Sept
June 32% Nov
22
31
2,700 12
• 28
Interstate Hos Mille
38
334 Man
Feb
27
Am
8
Jan
7
80
Interstate Power $7 preL• 20% 22
24 Slay
1
June
1
ii‘
,June Investors Royalty corn. 25
:4 Nov
34
Nov
3lJune
31
% SlaY Iron Cap Copper corn.. _10
ii Apr
20
Oct
33,
1431 Apr
500
338 Aug
7
May Iron Fireman Mfg v I c__1(' 2511 26
17
Nov
334 Jan
234
1,800
1531 1611
1
Feb 2034 Oct Irving Air Chute
Aug
135
Mar
31
54
600
13,4
•
"16
Italian Superpower A
34 Ails
54 Oct
Warrants
234
714 Nov
1
7)4 734 2,000
Fairchild Aviation
94 Sept
100 151
550 tog
71
Jersey Central P & LJars
15911
Fajardo Sugar Co
73
Nov
43
Feb
125 42
300
100 7234 73
2%
24 Ja
34 4
54% preferred
1
Jan 1%1 Novl
Falstaff Brewing
76
Oct
60
Slay
60
• 100
6% preferred
711 Moe 1214 Nov
1131 1231 1,700° 211
Fanny Farmer candy
1
Nov
9231
Apr
6031
GOA
30
100 9034 9115
300
134
7% preferred
134 Mar
12
Nov
Fansteel Metallurelcal • 1034 11
54 Apt
1% Oct
2.50
200
&
Naumburg
Jonas
2031
1911
Oct
2034
1934
2131
Fedders Mfg Co corn._
Oct
•
3334 Nov
Ma
3,400 151: 18
33%
27
2834 Nov Jonah & Laughlin Steel_100 30
Nov
Fed Compress & arehse_*
1,600
1034 Pet
29
734
Ferro Enamel Corp corn_ • 2734 28
Oct
Nov
8334 Ma 110
8315
10
110
110
pref_100
1554
1834 Sept 26
Flat Amer dep recta
Aug Kansas G & E 7%
231 Jan
3.4 July
51
GOO
134
131
Kimsbury Breweries_
1,000
34
11 Sept
iridello Brewery
4 Jan
'is
M
1
Lighting
County
Kings
4
4
Oct
34
Feb
Film Inspection Mach....°
Nov
95
Ma
75
75
100
pref B
125 *1 31
57
Jan
76
Nov
Fire Association (Phila.) 10 7414 76
3
May
134 Ma
34
1,100
2% 3
Kirby Petroleum
First National Stores"rir Jan
Aug
31
Ltd
1
Lake
(i
M
Kirtland
Jan
110
112
117
Aug
7% let preferreCi_ _100
22
May
15
Jan
931
•
6,400
44
44 Oct 1134 Jan
Klein(Emil)
611 7
FIFA Rubber Corp
I
1034 Nov
Aug
6
6
1,300
8
1034
10
Kleinert Rubber
6031 1,000 85
4531 Oct 88
Jan
100 59
$6 preferred
451 Nov
Jun
1'-4
300
434
434
Knott Corp corn
354
1134 Mar 3515 Nov
Flintokote Co el A3331 35% 4,100
7t• May
516 Oct
516
Holster B rendes Ltd_ _El
600
Nov
831
104 Mar 61
5614
Florida P & L $7 pref____: 54
Koppers Gas & CokeCoFord Motor Co Leas100
Sept
72
Mar
54
.
450
9831
100 98
6% preferred
934 Jan
834 831 3,600
43.4
754 Mar
Am dep rots ord reg.£1
124 Mar
z114 Apr
300 10
12
Kress ISIS) A: Co pref _ _100 12
15,900
831
2331 June 3238 Jan
29
Ford Motor of Can ol A._• 26
1434 Nov
44
Mar
434
6,400
14.31
13
1
• 35
200 i4,.t
36
Class B
2534 Ante 393-4 Oct Kreuger Brewing
78
May
59% 75% Feb
Lackawanna RR of N J 100
Ford Motor of FranceMar
4931 5015 3,400 " 324 45% Oct 58
Lake shore Mines Ltd _
231 Jan
211
American depress _100
44 May
334
Nov
14
Mar
31
700
215
231
100
Lakey Foundry & Mach-)
Foremost Dairy Prod corn'
4 Mar
14
34
14
4 Mar
Jan
67
Jan 80
25
5m
100
June
Preferred
34
114 Mar Lane Bryant 7% Met 100
3-6
34
•
2% May14 Oct
100
24 231
Lefoourt Realty own
Fromitert Grain & Malt224
Aug
16
Jan
7
500
2031 204
174 Aug
Preferred
1434 Am
750 14%
Cony preferred
19 1534 1534
834 Aug
Nov
5
511
5
631 10,100
24 211
1,200
214 Oct Lehigh Coal & Nay
General Alloys Co
•
51 Apr
3,6 May
54 Apt
400
54
3i
Leonard 011 1)evelop___25
(len Electric Co Ltd7031 Nov
40
Jan
500 10%
70
• 69
1134 Mar
16% Nov Lerner Stores oommon
164 1654 1,600
934
Am dep rete ord reg._ CI
Sept
9135 Feb 107
40
1031
3
431 June
900
lien Fireproofing corn ___ _•
934 9.11
6% pref with warr__100
Oct
13% A pr
3
Mar
300 .4 3
538 6
Lion Oil Development...
Gen Gas &
1734 Feb 194 July
15
8
Oct 154 Apr Loblaw Groceterlas cl A..'
$6 cony pref B
534
•
6
Nov
z73-4 Oct
6
6% 3,100 Is 90c
500
1
SI, Mar
Gen Investment corn_ _1
111 Aug Lockheed Air Corp
1
434 Mar 1031 Nov
log 1031 6,900 4So
•
3
15
2811 Nov Lone Star Gas Corp
Jan
$6 cony pre! class B
Ltgiu
3,600
Warrants
332
*ye Aug Long Island
31e Jan
'is
6
Aug
2
Mar
2
44 531 6,600
120 62
Common
60
Gen Outdoor Adv 6%pf100 634 6334
Nov 68
Oct
48
Jan 90% Nov
210 38
90 20
100 8831 9034
24
Gen Pub Sere 16 mei .___• 6931 70
Mar 70
Nov
7% Preferred
79
Nov
Jan
37
32
625
134
100 7735 79
200
Pref class 11
131 .F eh
Gen Rayon Co A stock_.'
111
34 Oct
8% Oct
7
Oct
24
100
734 714
1,125 3431
General Tire & Rubber_ _25 50
34% Oct 7135 Jan Loudon Packing new _ _ •
5331
934 May
1%
431 Jan
831 931 17,800
50 56% 89
6% preferred A
Apr 99
100 944 95
Mar Louisiana Land & Explor_l
34 Apr
334
June
2
250 35
Georgia Power VI pref___' 8415 86
52
Jan 88% Nov Lucky Tiger Comb G NI 10
Nov
89
Jan 118
70
25 50
• 70
70
•
Apr 70
$5 preferred
50
Nov Ludlow Mfg Associates
42
Aug
9
15
2631
Ma
1,100
384
1
474 Oct Lynch Dorn corn
134 May
•
Gilbert (A C) corn
5 37
10
Jan
Jun
534
1
Preferred
22
241.4 Mar 40
• 811 931 2,900
Oct MangelStores core
July 654 Oct
47
12
20
1811 1934
6435
64%
5,800 10
pref
w
w
100
1331 May 24
Olen Alden Coal
64%
Jan
Jan
Oct
3
335
2134
2131
100
11% 1,150
22
22
Globe Underwriters Inc_ 2 11
1114 Nov Mapes Consol Mfg
515
Jar
7
• 10
1631 Apr 28
Godchaux Sugars class A.•
Marconi Internet MarineMay
851
Nov
8
Jun
611
100
200 ▪ 334
8% 831
734
•
7
Clam 13
American dep receipts_ £1
634 Oct 11% May
Oct
4
19
Feb
4
300
5,500
18
Goldfield Canso! Mines_10
31
11
• 17
34 Apr Margay 011 Corp
31
4 Jan
4.31 Oct
134 Ma
1 35
700
100
3314 4
1
'le
716
1
54
Gold Seal Electrical
54 Aug
Feb Marion Steam Shovel__ •
Sept
2%
Jan
131
211 234 3,700
14
200
331
334
34 Nov Maryland Casualty
1
134 May
Gorham Inc class A corn.*
Nov
Oct 72
814 56
340
• 20
20
50 11%
• 634 72
20% Nov Masonite Corp corn
113.4 July
$3 preferred
Aug
2
1
Fe
alaas Util ASSOC Vt0
1
Gorham Mfg CO551
Nov
334
Mar
3
2154 2,900 1014 12% Ma
19
.5%
531 5,200
2154 Nov Massey-Harrie corn
V Se agreement extended
Nov
41
Jan 59
38
200
10%
10
4%
1.000
.•
57
ish._
58
11%
Sept
arn
Mayflower
53-4
Ma
V
Aseocratee
:
Rapids
Grand
831 Mar 2111 Nov May Hosiery Mille8
Gray Telco Pay Station_ _• 194 21% 3,300
Mar
44
40% Feb
22
•
$4 pref w w
Great Atl & Pee Tea1534 Jan
124 Sept
12
60 118
121
Ma 140
Aug McColl Frontenac OR corn*
Non-vot corn stock__.• 131 13231
734 Nov
34 Apr
14
30 120
12235 Jan s135
64 734 6,000
McCord Rad & Mfg B •
July
7% 1st preferred____100 128 12935
214 Jan 5354 Nov
1,600 * 1215
200 1954
52
20
May
25 2138 2215
26
Jan McWilliams Dredging_ _ • 50
(It Northern Paper
1111 Nov
331 Feb
34
1,100
9
43-6 Ma
334
831
• 1031 1131 1,700
915 Nov Mead Corp corn
Greenfield Tap & Die- _ _•
Nov
Apr 90
400 441t 55
• 8734 90
34
34 Fe
.34 Aug Mead Johnson & Co
Grocery Storm Prod•II o26
44 Sept
134
Mar
131
200
34
3.31
500
34
31
1
51
.4 Nov Memphis Nat Gas com_ti
54 Mar
Guardian Investors
Nov
27%
954
July
814,
1,300
50% Mar 744 May
Mercantile Stores mon_ • 2334 2674
Gulf MCorp of Penna_25 6531 6915 10.100 43
Oct
95
Jan
70
50 60
90
55
40
100 90
7% preferred
Jan 87
Sept
Gulf States CBI $6 preL.•
Aug
34
Jan
31
35
2,930
320
334
614 Nov
634
Merritt Chapman & Scott• 3
7
634 634
Jan
Gypsum Lime & Alabast _•
Nov
29
Ma
8
511
500
631% A preferred__ _100 2534 29
354 Mar
•
54 64 1,500 '3
734 Oct
Hail Lamp Co
,May
1)
516 Nov
're
2,300
•
Mesabi Iron Co
X
516
Handley l'age Ltd134
314 Mar
74 Oct Metropolitan EdisonAm dep rcte pref __ _8 eh.
May
96
Jan
•
80
4531
preferred
484
5034
Jan
$6
71
July
Light
_26
Electric
Hartford
231 Nov
54 Jan
74
200
24 2%
•
1,700
134 Slay Mexico-Ohio 011
3-6
34 Apr
114
1%
liartman Tobacco Co....'
34
May
Oct
134
134
100
234 2%
•
234 Oct
234
34 May Michigan (las & 011
1
214
24 1,300
Harvard Brewing Co
High Shares Low
•
Par Low
1/
0s
200
yi
134
Derby 011 & Ref Corp corn'
20
•
Preferred
90,
•
Diamond shoe Corp
74 831 3,500
13t
pictograph Products____2
Distilled Liquors Corp__ I 1134 1234 4,900 11
Distillers Co LSO300 1754
Amer deposit rcts _. £1 2231 2234
84
DIstillere Coro Seagrains-• 3211 353.4 78,600
3
Poenler Die Casting - _.• 2534 264 3,100
234
Dominion Steel& Coal 1325
354
Dominion Tar & chemleal.
Douglas (W L) Shoe Co50 12
100 144 16
7% preferred
• 10111 10334 1,200 23554
Dow Chemical
140 52
60
• 58
Draper Corn
94
600
10 2811 3031
Driver Harris Co
48
100
7% preferred
4
600
31
Dubliier Condenser Corp_l
"Is
6534
400 33
In 64
Duke Power Co
Durham Hosiery class B. •
34
Durham Duplex Razor74
$4 prior pref w w
1,700
2
Duval 'reins Sulptur____: 1034 1034
731 731
700
33.4
Eagle Plaher Lead Co.._20
East Gm & Fuel Aesop334 33-1 3,400
231
•
Common
61
400 53
414% prior preferred_100 59
6% preferred
100 404 4334 1,400 3634
534
Eastern Malleable Iron_ _ _5
114 14 1,300
4
East States Pow corn B_.•
4
$6 preferred series 13__5
5
•
$7 preferred swims A
631 634 1,700
214
Easy Washing Mad,"B".•
506 154
Economy Grocery Stores.* 174 1734
700
6
Edison Bros Stores oom--• 364 3834
131 131
1,700
4
Eisler Electric Corp
•
334
1531 1731 35,200
Elea Bond A Share corn_ _ _
6631 1,600 25
64
$5 Preferred
5,100 264
714 75
$6 preferred
234
531 634 1,500
Elea Power Assoc corn...I
534 611 . 3,100
24
Class A
50
234
Flee P & L 2d pre! A
• 164 1654
500
4
234 24
Option warrants
Electric Shareholding4
400
64
6
Common
1
350 34
Pt%
kr couv prof w w ___ • 91
Elec Shovel Coal $4 pref. •
100
1
1234 1234
i.tectrographIc t ore corn
614
25
Elgin Nat Watch Co_ __15 3015 303-1
50
1211
40
40
Empire District El 6% _100
Empire Gas & Fuel
75
74
100 3034 30.4
6% Preferred
-75
8
31
100 29
614% preferred
400
8
100 314 3411
7% preferred
354
300 13 84
100 33
8% preferred
400
4
empire Power Part Mk__• 2031 21
16 23-4
Emsco Derrick & Equip _ _ 5
1
24 234 14,300
Equity Corp cons
10c
.50 30
36
50 36
Eureka Pipe Line
European Electric Corp5,100
516
31
Option warrants
•
31
Evans Wallower Lead_
2
100
7% preferred
Ex-cell-0 Air & Tool
3 1731 1931 16.600 5 24
Low
% Apr
Feb
20
1034 Jan
24 July
11
Aug
High
2
May
Feb
20
18
Nov
831 Nov
164 Apr
•
•
For footnotes see page 3203.
3200
STOCKS
(Continued)
New York Curb Exchange-Continued-Page 3
Week's Range ,Sales
of Prices
for
Week
July 1
1933 to
Oct. 31
1935
_
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of Prices
Sales
for
Week
July I
1933 to
Oct. 31
1935
Nov. 16 1935
Range Since
Jan. 1 1935
Par Low
High Shares Low
Low
High
High Shares Low
Par Low
Low
High
Michigan Sugar Co
•
4
15,6
400 .9 4
4 Mar
1% June Pennroad Corp vie
434 82,700
2%
I
154 Mar
13.4
435 Nov
Preferred
10
534 5%
500
235
3
1. eb
June Pa Gas & Elea clue A __ • 19
8
1934
200
6
934 Apr 2034 Nov
Middle States PetrolPa Pr & Li $7 prof
• 10634 10634
30 7434 8044 Jan 1079-4 Oct
Clem A v to
•
234 335 9,800
N
54 Mar
3% Nov
$6 preferred
•
7234 77
Jan 103
Oct
Class B vie
•
9,6
15,6 3,600
34
34 Mar
Ism Nov Penn Salt Mfg Co
75 4234 7634 Apr 116
50 115 116
Nov
Middle West QUI corn. •
34
31 2,300
•,, Aug Pa Water & Power Co__ _ _• 81
ID
516 Jan
900
85
4134
5334
Jan
85
Nov
$6 cony pref sec A w w_ •
31 Apr
34
33-4 Oct Pepperell Mfg Co
458 52%
529-4 Apr 894 Jan
100
66%
70
Certificates of dep_ •
3
Oct Perfect Circle Co
316 Apr
44
9 21
31
•
Feb 4335 Oct
Midland Royalty CorpPhiladelphia Co coos
300
4
4
• 10
10%
Mar 13% Aug
$2 cony prof
8
•
200
4
10
83'4
Jan PhIla Elec Co $5 pref
73-4 Nov
2'90
•
112% Nov 113% Nov
Midland Steel Prod
• 16% 17
400
5
4%
Mar 20% Sept Phoenix SecuritiesMidvale Co
• 40
41%
225 18%
35
Jan 4334 Sept
Common
41
3
1
3% 9,600
15-4 Feb
335 Nov
Mining Corp of Canada. •
Hit
316 Mar
'
1% Apr
$3 cony prof ser A __ _10 39
200 18% 2734 Feb 48
3934
Aug
Minnesota Mining & Mfg_ •
'
9 744
12
Jan
19% July Pie Bakeries Inc corn
400
•
934
10
Apr
12
334
Aug
834
Miss River Fuel rights_
1,6
44 Feb Pierce Governor oom
46 July
2
600 9 1
734
Jan
6%
•
8
Sept
Miss River Pow 6% pfd 100
65
82
Feb 107% Nov Pines Winterfront Co_
31
5
35 Jan
4% Oct
Mock Judson Voehringer_• 17% 17%
100
634
10% Mar
18% Nov Pioneer Gold Mines Ltd__I
834
9
934 4,600
834 Mar 12% May
Molt & Bud Pow 1s1 preL• 80
83
800 30% 30% Mar 83
Nov Pitney-Bowes Postage
• 41
2d preferred
41
25
9
Mar 4134 Nov
9
Meter
Mar
5
•
635 734 6,700
23,4
73,4 Nov
Molybdenum Corp
10% 11% 10,700• 23-s
1
744 Jan
14% July Pitts Bessemer & Le RR_50
29
3334 Mar 37
Sept
Montgomery Ward A
• 138 139
380' 56
127
Jao 144% May Pittsburgh ForgIngs____ 1
1,000
2% Jan
2
7%
641
7% Nov
Montreal La Hs & Pow
• 35
35
400 26% 26% May
35
Nov Pittsburgh & Lake Er1e_50 65% 69%
2,170 51
51
Feb 7334 Sept
Moody's Invest Service_ •
16%
23
Jan x40
Oct Pittsburgh Plate (11asa _28 96% 9934 3,300 3051
4634 Apr 99% Nov
Moore Corp Ltd com__ •
12
18% Feb 22% July Pleasant Valley Wine Co_l
234 Nov
100
3
3
3
Nov
Preferred A
100
Jan 137 June Pond Creek Pocahonta.s_ •
90
125
3 10
18% Aug 2534 Feb
Mtge Ilk of ColumbiaPotrero Sugar corn
7,000
%
31 Jan
5
3% 331
3% Nov
American Shares
I%
334 Aug
4% Apr Powdrell dr Alexander _ _._• 21
500
23%
74
7% Jan 23% Nov
Mountain & Gulf 011
1
34
34 Feb
36 Feb Power Corp of Can com • 10% 11%
6%
634 Mar
250
11% Nov
Mountain Producers____11,
4% 5
1,500
6(4 May Pratt & Lambert Co_,,,
454 Jan
334
2,200 1534
23
July 3434 Nov
30
3434
Mountain Sts Pow com_ •
July Premier Gold Minton_ _ _. 1
1
31 Jan
36
2,300
1%
%
1% Jan
24 Apr
13-4
Mountain Ste Tel & Te1100 134% 135%
20 100
105% Mar 135% Nov Pressed Metals of Amer...,' 17
250
17%
934
931 June 17% Nov
• 132% 133
Murphy(0 C.1 Co
300 31%
72
Jan 137% Oct Producers Royalty
Jan
1
%
316
•,,, Jae
4,100
A
li
8% preferred
100 112% 113
125 105
Apr 116
112
Apr Properties Realisation3Q(19 4%
Nachman-Sprinfilled Corp. 12
13
Mar 14% Nov
8
Voting trust otts.33 1-3r
100 12% 12% Apr 19% Aug
17% 174
National Baking Co corn I
%
% Sept
1% Oct ProPper McCallum Rosy •
%
9,6 1,300
%
54 Mar
1% Feb
Nati Miss Bees(tom _ __ _ i
1% IN
5,800
I% May
254 Jan Providence Gas Co
134
10% May
•
12% Sept
104
Nat Bond & Share Corp__• 41% 43%
400 2836
29% Feb 43% Nov Prudential Inventors
4% Mar
436
900
934
9%
Nov
•
9%
National Container Corp$6 preferred
83
Jan 100
100 59
• 100 100
Sept
Common
•
10
18% June 23
Oct Pub Serv of Colo$2 cony pref
•
30
July
35
29
Mar
7% lot pre
90
90
Apr 102
100
Nov
National Fuel Gas
• 18
19% 5,300 II%
11% Mar 20
Nov Pub Mery of Indian $7 pre!• 3444 3434
8
20
8
Jan 36
Nov
National Investors cora 1
2,000
1% 2
35
35 Mar
Nov
2
$8 preferred
5
Jan
30
5
14
•
14%
15
Nov
$6.40 preferred
1 84
85
40 35
65
Mar 85
Nov Publio Mery Nor III oom_ •
• 931
1734 Feb 5234 Nov
Warrants
"is
% Nov
.34
31
500
4 Feb
Common
16
100• 9
Feb 51
60 50
51
Oct
Nat Leather corn
•
1
13.4
500
St
31 Mar
14 Jan
6% Preferred
28
7834 Apr 102
101
July
National P dr L $6 prof _ • 7534 7935 1.150 32
4854 Feb 84% Aug
7% preferred
38
77
Jan 83
100
Feb
Nat Rubber Mach
•
434 5% 2,600
2
431 Oct
934 Mar Public Service OklaNat Service common
I
% 1,500
34
Ila Nov
Its
34 Jan
7% pr L pref
81
100 97
May
10 141
97
Nov
97
Cony part preferred •
%
7ts
300
34
31 Jan
6% prior lien pref_ _100
34 Apr
54
87
Nov 87
Nov
National Steel Car Ltd__ *
May
11%
15
1654 Aug Pub Util Secur $7 pt pt.•
Feb
450
3%
2%
334
Nov
34
34.
• 25
Nat Sugar Refining
2634
1,900 21
21
Oct 85
Feb Puget Sound P & LNat Tea Co 534% pf_10
934 931
150
9
9
94 May
Apr
$5 preferred
13
741
Mar 4931 Nov
875
• 44
47
National Transit____12.50
1,100
931 9%
641 Feb
1034 July
6%
$6 Preferred
631 Mar 2134 Nov
5
600
• 1734 1934
Nat Union Radio Corp _ _1
1
54
1,400' 4
%
1% Oct Pyrene Manufacturing-1C
May
1%
2% Jan
300
731 Sept
535 535
Nebraska Pow 7% pret_100 113 113%
30 96% 113
Nov 11331 Nov
•
Nehl Corp corn
4% 434
100
M
234 Mar
May Quaker Oats corn
6
50'106
127
Jan 139
• 13834 139
Nov
1st pref
•
31
50
July 514 Aug
6% preferred
13234 Feb 147
100 141
10 i Ii
July
141
Neisner Bros 7% pref _ _106 112 113%
150 2034 90
Feb 11331 Nov Quebec Power Co
•
13
13
Oct 13
Oct
Nelson(Herman)Corp-6
536
63-4
434 Apr
200
2
•
Jan Sty & Light Secur corn ..•
634 Mar
435
18
Nov
1734 18
50
Neptune Meter clams A ___•
944
9.44
200
335
834 May
Oct Rainbow Luminous Prod13
Nestle-Le Mur Co cl A_ •
• 1
2% July
Class A
64 Jan
•
34
116 June
51 Oct
Nei Calif Ewe com____106
734 7%
130
534
7% Nov
534 June
Class It
% Sept
34
100
"
tie June
31
'is
7% preferred
100
Mar 60
35
Oct Raymond Concrete Pile35
New Bradford Oil
2% 2%
1,
900
1%
2
Feb
351 Aug
Common
•
3%
334 Aug
5
Jan
6 75
New Eng Tel & Tel_ __I00
June 111
102
Oct
$3 convertible preferred •
Jae
10
10% Oct 25
New Jersey Zino
25 70
76
5,150 4734 49
Apr 76
Nov Raytheon Mfg•I o_- -60
%
46 Feb
3
Oct
New Max & Arts Land_ __I
1% I%
800
34
May
I
234 Jan Red Bank 011 Co.
34 Feb
1% Nov
35
900
%
1%
•
goo
New Haven Clock Co,.__•
134
934 10
11
Oct Reed Roller Bit Co
354 may
.
43
43
Oct 4334 Oct
Newmont Mining Corp_ lf
6134 66
5,800 34
3441 Mar 60
Nov Reeves(D) pow
494
3,200
43-4 Feb
•
634
8
7
Oct
New Proms corn
•
Aug Reiter-Foster 011
Jan 20
1034
12
..
3,6
3,6
Apr
200
'la
34 May
hz
•
N Y Auction Co com
334 334
200
35
134 Feb
351 Aug Reliable Stores corn
44 Mar 12
134
2,700
• 1031 1134
Oct
N Y Merchandise
•
15
2534 Jan
343/ • Noy Reybarn Co Ins
2
134
Apr
1,500
334 Nov
if
3% 3%
NY & Honduras Rosariolf
39
403-4
600 1734
33
Feb 6934 Apr Reynolds Investing
134 Jan
1% 3,100
% Apr
31
1%
NY Pr & 1.1 7% pref___10( 9834 9934
220 59
6134 Jan 100% Aug Rice Stix Dry Goode
160 74 636
July 14% Jan
9
• 1011 1031
• 91
$8 preferred
91
20 5334
Oct
5334 Jan 92
Richfield Oil pref
36 July
4
300
31
134 Aug
31
26
Shipbuildin
N Y
g CorpRichmond Rad corn
234 Aug
234
500
331 3%
1
434 Oct
Founders shares
8
1
834
800
1334 Jan
438
434 Mar
Rochest(3 &E 6% Opt 100 103% 103%
85
Ain. 10334 Nov
50 65
N Y Steam Corp corn__ •
12
Aug Rogers-Majestic class A_ •
22
12
May
6
Mar
6
9% Jan
N Y Telep 64% prof _10( 11836 119
350 113
Mar Rooeevelt Field, Inc
11334 May 121
1,400
31
134 Apr
23-4 May
134
I
134
NY Transit
.
1
3
434 Sept Root Petroleum Co
3
Apr
2%
I
Aug
1
500
.34
3
454 Sept
34
N Y Wat Serv 8% PM_ _100
20
4834 Feb 7734 Aug
$1.20 cony pref
8
8
Aug II
July
20
Niagara Hud PowRoselle International
34
100
% Feb
7t6 May
•
516
516
Common
It
854 9% 18,900
10% Nov Royalite011Co
2%
2% Mar
233.4 2334 Aug 2634 May
•
5,6
% 1,900 7
Clara A opt warr
34
34 Jan
716 Nov Royal Typewriter
1534 May 43
835
• 4034 43
Nov
4,200
Class B opt warrants
141 1%
500j
Nov Ruberoid Co
34
2
% Mar
41
Jan 8334 Nov
800 25
• 8034 8234
Niagara ShareRuseets Fifth Ave
234
334 Apr
5
9
Oct
Class 11 common _ _ __ is
8
9
5,100
9% Nov Ryan C00/101Petrol
2% Mar
234
34 Mar
134 May
54
400
1%
•
1
Class A preferred____100
7 34
Oct
82
Oct 82
rillee-Bement-Pond
• 27% 32
4,300
731
Nov SafelY Car Heat & LightlOO 80
834 Mar 32
6034 Mar 8434 Nov
650 35
8435
NIptasing Mines
5
234
Apr St Anthony Gold Mines 1
3
254 1,9006 14
July
2
700
3l6
316
34
34 Aug
44 Jan
Noma Electric
434 4% 3,700
1
55-4 Oct St Regis Paper cum
%
% Jan
1
18,000
1
Mar
IP
2%
3%
334 Aug
Nor Amer Lt & Pr7% Preferred
100 40
470 1734
43
1734 Mar 43
Aug
Common
234 336 10,500 9
I
34
Salt
% Mar
Aug
Creek Congo! 011____ 1
434
%
Ill, 1,500
1is
1
Jan
'is Sept
• 3635 393-4
$6 preferred
2,500
3
631 Mar 41% Nov Salt Creek Producers___ lb
634
1,200
514 Mar
5
63-4
7% May
North American Match..• 56
150 18
Oct Savoy oil
2435 Jan 56
56
I%
•
135
10(1
44 Jan
31
Nov
13-4
No Amer Utility Securities*
245
100
34
234
444 Aug Schiff Co corn
34 Jan
• 30
600 13
2534 Mar 3334 Jan
3034
Nor Cent Texas 011 Co 5
1%
2
Jan
341 Oct Schulte Real Estate oom •
34 Jun(
34
44 Sept
,,,, Jan
5.6 may Scoville Manufactur
Nor European 011 corn._.I
100
I,
316
515
ing_25
33
17
600
1934 Mar 36
323-4
Oct
NOt Ind Pub Ser 6% pfd100 75
7534
120 21
32
Feb 7535 Nov Securities Corp General.*
4
34 Mar
334 Aug
166 7635 7634
7% preferred
80 203.4
3834 Mar
763.4 Nov Seeman Bros Inc
• 4754 473-4
100 34
43(5 Mar 60
May
Northern N Y Utilities
Segal Lock & Hardware •
131
134
5,300
34
34 Mar
1% Oct
50 4534
7% 1s1 preferred_ __ -100 10134 10134
4534 Jan 103
Oct BelberlIng Rubber oorn__.•
2
231
1,400 • 1
1
Oct
2% Jan
Northern Pipe Line
600
534 Jan
10
735 8
8
Nov Selby Shoe Co
434
• 30
100
30
15%
28
Jan
34
Apr
Nor Ste Pow corn class A100 24
6,900
27
634
634 Mar 27% Nov Selected Industries Ino.orthwest Engineering__• 1634 18%
1,800
Nov
3
Common
534 Jan 20
I
236 234 4,600
54 Mar
St
2%
Oct
Noyadel-Agene Corp.__ • 3834 3935 3,100" 14 34
40
Nov
15.50 prior stock
1834 May
25 83
500 38
86
48
Mar 86
Nov
Allotment eertificatee...
833-4 8534 1,050 3735
463-4 Mar 8534 Nov
Ohio Brass Co el 13 corn....' 29
500 It 10
Sept Selfridge Prov Stores- '
19
Jan 33
3134
• 10334 103%
Ohlo Edlson $6 pref
Aug
50 4534
Feb 104
70
Amer dep tee_
I
134
24 Sept244 Jan
Ohio (411 6% Drat
100 103% 103%
400 8134 89
Jan 108
Aug Sentry Safety Control___
.•
34
% Nov
% 2,100
q, Jan
31
Ohio Power 6% pref _ I00 109% 111
30 80
8634 Jan 11141 Oct Beton Leather corn
6%
•
500
7
334
336 Mar
May
7
Ohio P S 7% 1st pref _ _100 98
98
10 71
9034 Apr 9954 Oct Shattuck Dann Mfning.. _6
13.4
4
434 Nov
134 Jan
434 3.600
011stooks Ltd corn
6
Nov Shawinigan Wet & Power.• 2035 2034
12
95-4 Feb
634
Nov
1454 May
400 1434
2034
Outboard Motors B come
234 Nov Shenandoah Corp com !
131
234
34
1,500
% Mar
134 2
Nov
2
3,100
SI Apr
%
Class A cony pref
•
9
1034
1,000 16 4
3% Oct1054 Aug
$3 cony pref
2t 345-4 3934 4,500 12
1254 Mar 3934 Nov
Overseas Securities
•
5%
500
134
134 Apr
53-4
534 Nov Sherwin-Williams corn_ _23 12435 128
Nov
Jan 128
84
1,850 3 3234
Pacific Eastern Corp
I
4
Mar
2
434 Nov
434 6.600 17 14
6% preferred A A____100 107 108
Aug 11354 Mar
120 • 90% 106
Pacific0& E6% 1st pf _25 2934 2934
1,500 1844
2934 Nov Binger Mfg Co
2034 Jan
July
100 294 298
301
Mar
119
235
470
let
pref
534%
1,000's lex
26 2636 27
1834 Jan
2734 Oct Singer Mfg Co LtdPacific Ltg $6 prof
• 105 10634
300 's M34
71
Feb 1063-4 Nov
Amer dep roe ord roe El
334 Aug
2
214 Feb
PacificIP & L 7% pref_ _100
Sept Sioux City GA E 7% p1100
Oct 72
_70
70
7434 Oct 7434 Oct
40
Pacinc Pub Serv non-vot.•
43.4 4%
1,100 17
54
May
I
434 Nov Smith (A Cli Corp own
72
May
Jan
• 47
29
49
1,100 1534
let preferred
• 20
700 ,7 14
2034
734 Feb 2044 Nov Smith (L C) & Corona
Pacific Tin epee sit
• 4234 453-4 2,100 10
Jan 45% Nov
25
Typewriter v t 0 corn....' 19% 203,5
2434 Oct
Feb
8
500
334
Pan Amer A Irways __ _ _10 3834 40
5,700 313.4
June 4434 Feb Monotone Corp
36
Apr
1
33-4 Oct
1
11,600
236 3
I
Pantepec 01101 Venes__. 1
33-4
334 13,700
yi
334 Sept Mo Amer Gold & Plat
1% Mar
534 Oct
ax Apt
445
I
414 14,700
15-4
Paramount Motor
I
334
5% Nov SOU Calif Edison33-4 Mar
Parke, Davis & Co-• 44
44%
4734 July
3254 Jan
1,100 1934
5% original preferred _25 35% 36%
28% Jan 3934 July
175 '128
Parker Pen Co
0
June
19
Sept
4
17
Preferred B
17,4 Jan
283-4 Oct
26 27% 28% 1,300 15%
Parker Rust-Proof coal- -• 70
7534 5.050w 39
Nov
Sept 79
39
634% Metseries C_ _ _ _26 26
263-4 Oct
400" 145-4
2634
1634 Jan
Patchogue Plymouth Cp.•
434
1234
Oct
123-6 Oct
South'n N E Telep_ __100
Jan 24
104
Apr
100
• 40
Fender o Grocery A
40
40
50 2434
Nov Southn Cob Pow el A ._25
Feb
34
Jan
1
145-4 Aug
35
Class 11
•
5%
Feb Southern Nat Gas com..•
534 Sept
7
%
% 4,300
'16
36 Jan
34 Aug
Peninsular Tele', corn__ •
July Southern Pipe Line
12
5
534 Mar
354 Jan
5
334
100
Sept
10
434 4%
Preferred
100
6634 7934 Apr 10841 Oct Southern Union Gee corn.•
5
54
36 Oct
1
Al,,
Pa Cent Lt & Pow 32.80 Pf•
24
24
Feb 4134 July Southland Royalty Co-__5
1,200
441 Jan
634 July
434
641
634
$5 preferred
•
Nov 70
67
July South Penn Oil
65
Mar 2835 Oct
3,000
213-4
28
11534
27
25
1
7
Penn Men Fuel Co_ _ _ _
200
11
734
234
Jan So'west Pa Plre Line__ 50 41.4 4434
534 July
10(1 344 4434 Nov 5214 Feb
tixotos flee page 3203
For
I
New York Curb Exchange-Continued-Page 4
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Range Since
Jan. 1 1935
Low
High Shares Low
Par Low
filch
Spanish & Gen CornAm dep rots ord bear_il
34 Oct
7%
34 June
34
200
34
Am dep rots ord reit --£1
300
34
16
'to
1116 Sept
'is Apr
700* 70c 17
40
42
May 44
&Ware D class B com___ _1
Oct
1,500 12 3
313,6
Class A pref
• 30
29
May 40
Oct
14 Apr
154
Stahl-Meyer Inc com
•
34 Oct
4
100
Standard Brewing Co___..'
4 Jan
34 Aug
516
516
525 23
Standard Cap & Seal com_5 3334 3334
293i Mar 3534 July
Standard Dredging Co•
Common
236 Aug
9
4
234 Aug
•
Cony preferred
17
Oct
551 July
9
1%
200 1034
Stand Investing 35.50 ipf_• 2844 30
1031 Apr 30
Nov
10 2144 2334 5,800 1354
Standard 011(Ky)
18
Jan
2344 Nov
1134
Standard 011 (Neb)
25 11
300
74
12
74 Mar
May
1 Nov
7,600 1134
Standard 011 (Ohio) Corn 26 1834 23
1134 Mar 234
100 95
50 7636
95
5% preferred
89
Sept 9934 May
•
2
Standard P & L corn
234 4,700
1
1
Mar
5
Aug
•
144 234 3,200
Common class13
Si
.4 Apr
436 Aug
22
• 22
8
50
Preferred
Nov
8
Oct 22
916
.ei
8,200
Standard Sliver Lead__ _J
31
31 Apr
15t,June
1,400
%
7,6
Starrett Corporation
1
al,
Oct
1
Apr
34
10
231 234
1,700
8% preferred
334 Apr
46 Mar
36
Steel Co of Can Ltd
4234 Mar 5036 July
32
•
• 13
1334
Stein (A)& Co corn
400
5
934 Mar
1431 July
100
834% preferred
103
80
Jan 107
Feb
100 11 214
Sterling Brewers Inc..,, 1
3
39,4 334
Oct
4
Apr
•
Stetson (J B) Co com_
714
Nov
1044 June 21
Stitinep (Hugo) Corp
b
13i May
1
Jan
2
• 18
22
Stroock(5)& Co
600
22
634 Jan
444
Nov
134
131 2,800
•
Stutz Motor Car
51
14 Sept334 Feb
Sullivan Machinery _ _ _ _ • 124 1434 1,500
54
10
Mar
1534 Sept
631 631
Sun Investing corn
•
200
234 Mar
236
634 Nov
• 48
200 34
48
$3 cony preferred
40
Mar 48
Nov
234 234 10,200
1
Hunray Oil
h
4 Apr
274 Oct
1844 10,900 39 2.10 1031 Jan 25
Sunshine Mining Co__10c 17
June
10
9
Sutherland l'aper Co_
V,./
1844 Sept19
Sept
374 4
SwanFInch Oil Corp____ 15
600
14
231 Mar
54 Sept
15 2934 3034 6,300' 1944
Swift Internacional
2744 Sept 3831 Apr
5251
5wIss Am Eleo pref_ __ _100 48
900 3234
44
Oct 5834 Feb
Sweet 011 Corp
1
1,500
1
2
Feb
23,4 254
354 May
Syracuse Mg 6% Pref_.lOO
89
89
Apr 100
Aug
334
•
1,200
344
Taggart Corp corn
51
54 June
374 Nov
Tampa Electric Co corn..' 36
3736
200 214 223.5 Mar 3834 Nov
13,000
Tastyeast Inc cl A
1
234 3
51
4 July
3
Nov
Technicolor Inc corn
• 18
1854 6,700
27
744 II% Jan
June
434 434 6,100
_ 1
Teck-Hughes
3%
334 Jan
454 Mar
Tenn El Pow 7%
Mines__lot pf100
45
48
Feb
7834 July
Tenn Products Corp com•
51
100
34
34
Jan
118 July
316
3
314 7,100
Texas Gulf Producing_ _ _ _ •
234
235 July
454 May
10 75
Texas P & L 7% pref _ _100 9844 9834
75
Feb 9844 Oct
1,600
634 634
Teton 011 & Land Co_ _ _ _•
5
Mar
44
674 Jan
554
100 49
850 20
Thermold 7% pref
2231 May 5534 Nov
Tobacco Allied Stocks_ _ _ • 6974 7034
100 3734 80
Mar
7034 Nov
3
Tobacco Prod Exporte_ __•
Si
43,4 28,800
136 Feb
434 Nov
Tobacco Securities Truett
Am drip rcts ord reg....£1
18%
1931 Apr 24
Jan
Am dep rots dof reg....£1
5
July
5
7
Jan
3034
_.• 29
500 18
Todd Shipyards
2334 Jan
33
Apr
10 51
Corp_Toledo Edison 8%
pref 100 104 104
68
Jan 104
Nov
preferred
A
100
7%
5814
83
Jan 109
Oct
Tonopah Belmont Drivel.]
,134 Apr
34 Apr
116
34
34
Tonopah Mining of Nev__1
1,700
Si Feb
%
131 Apr
ScreenIlan, Lux Plot
4
Common
1
434 9,500
136
2
Apr
434 Nov
1% 234 2,400
TM-Continental warrants_
36 Mar
%
234 Sept
Triplex Safety Glass CoAm dep rcts for ord reg.. 1934 1954
500 1136
164 July
1911 Nov
TrI-State Tel&Tel 6% 171 10
9 794
104 Oct
1034 June
Triniz 1'ork Stores
•
9
Jan
634 Oct
634
Tublze Chatillon Corp_ __I
5%
3
5,400
731
3
Apr
834 Oct
25
Class A
1
2534
300
1094 July
934
284 Oct
8% 103,4
Tung-Sol Lamp works_ •
3,600
214
331 Apr
1031 Oct
$3 cony pref
• 47
100 12
47
29
Jan 484:Nov
Unexcelled Mfg Co
3
3
13.
2
300
234 Mar
4
Sept
Union American Integ. •
18
Oct
1934 Star 26
•
9
Union Gas of Can
976
1,106
3
4
May
954 Nov
tin Oil of Calif rights
Si June
Si June
%
Union Tobacco corn_ ___.•
34
Si
400
31 Jan
h Jan
716
Union Traction Co
Ni
5
4
June
Apr
31 34
United Aircraft Transport
834 9
Warrants
500
354 Mar 10
3
Oct
United Chemical, corn,..'
631
7
200
734 July
234
244 Mar
•
213.4 Air40
13
33 cum & part pref
Aug
Alto tefl 1 orp warrants_ _
4 131 8,800
134 Aug
h Mar
Sf
34
5,6
United Dry Docks com ._ •
2,100
31, '
a Apr
7.1 Jan
13%
United Founders
1
151, 26,600
4
1.'i Mar
131 Aug
334
334 19,800
United Otte Corp oom_ I
4
74 Mar
434 Sept
Pref non-voting
• 7934 82
1,900 15
35
Mar 84
Sept
Option warrants
34 6.800
94
34
1514 Aug
4 Mar
United (3 & E 7% prof _100
64
46
Jar
85
Nov
United Lt & Pow corn A_ _ •
231 3
17,700
54
4 Mar.344 Aug
•
4
44
Common class B
1
200
1
Feb
7
Sept
• 2014 2231 11,900
$6 cony 1st prat
334
334 Mar
2334 Nov
United Milk Products_ •
3
Jan
3
444 July
,• 394 3934
$3 preferred
25 20
29
Jan 3934 Nov
United Melanges CoAm dap rote on]ref...&'t
24
44 Jan
53,i Jan
United NJ RR A Canal 100
251
194
Oct 251
Oct
United Profit-Sharing__ •
134
134
700
34
83i
36 Mar
151 Apr
Preferred
1.0
8A
100
8
9
Sept
731 Feb
United Shoe Mach oom _ 26 8534 864 1,400* 47
70
Jan 8644 Nov
Preferred
40
25 39
370 3014
36
Jan
6044 Aug
US Dairy Prod class A_ _ _•
31 Oct
31
34 Sept
Class B
5% Feb
h July
h
US Flee l'ow with wan*. 1
11
34
5,100
h Jan
34
Si Aug
Warrants
Is
,
106
1u
1
,
2
Jan
53
, Jan
'u
1
14 1,100
U H Finishing oom____ •
%
4 Mar
2
Jan
Preferred
100
5
b
Oct
5
Oct
13
Co
class
.
1834 1936 9,500
U S Foil
534
1034 Mar
2034 Nov
1%
•
136
1,700
U H Int'l Securities
44
41 Mar
2
Aug
2,300 3974
let pref with wart
• 7134 7334
4134 AD, 7344 Sept
•
134
131
2,100
US Lines prof
3,5
Si Apr
17i Nov
10 36
100" 1444
36
11S Playing Card
3031 Mar 884 May
34 334
500
134
U S Radiator Corp corn_ •
14 June
354 Aug
1(10
18
10
225 36 16
10
7% preferred
July
22
Aug
13 S Rubber Reclaiming_ •
134 Aug
56 Feb
ki
31 2,000
"te
United Stores v I o
•
134 Jan
36 Mar
31
256 3,100
244
Un Verde Extension--Mr
23,4 Oct
234
434 June
2*
211
134 Aug
1
334 8.400
United Wall Paper
355 Nov
39 1.20
I Tniversal Consol Oil_ _10
34 Jan
634 Feb
8
7
Universal Insurance
Jan
544
19
Aug
43,6 5
200
2
I
Universal Pictures com__ I
Aug
544 June
850" 434
• 2654 2731
13
Universal Products
July
2734 Oct
,h
600
h
Si
Utah Apex Milling Co---8
h July
144 Jan
975 134
16
Utah Pow & Lt $7 Pref • 50
Jan
5231 Nov
52
Utah Radio Products_
Aug
•
•
3
1
54
Oct
Utica Gas & Eine 7% p1.100
84
Apr 100
77
Aug
4,900
Utility Egultleot Corp....'
434
554
531 Nov
34 Mar
%
875
30 434 Jan
Priority stock
• 7334 77
78
Nov
600'
Utility & Ind Core
Si May
1
134
•
A
1% Aug
•
56
700•
3
Cony preferred
1
Mar
344
434 Aug
Util Pow & Lt corn
h
2,100'
li Feb
1
134
14 Aug
34 Mar 1734 Nov
351
850
100 1534 1634
7% Preferred
Venezuela Max 011 Co_ _10
200
136 Mar
134
3
3
3
May
Venezuelan Petroleum- 5
r,. Jan
34
144
234 Oct
234 12,600
Virginian Ity
67
Nov 76
50
76
100 75
Nov
Vogt Manufacturing
8
254
Jan
17
•
Aug
Wenn A Irerart Co
304 mat
34
1,400
64 Tilly
5
•
474
For footnote, see page 3203.
STOCKS
(Concluded)
eek's Range
of Prices
High Shares Low
Par Low
9
•
44
Wahl (The) Co corn
34
•
Walt% & Bond CIA
4
•
Class B
YA,
34
4 2,800'
Walgreen Co warrants_ _ _ _
14
134
I
•to
200
Walker Mining Oo
Walker(Hiram)-Gooderhlu
27,400 2044
& Worts Ltd corn_ _ • 2874 32
800 1234
Conn il preferred
• 1634 1734
1834 1934 13,000 1234
1
Wayne Pump corn
4,000
It,
1
In
34
Wendell Copper
2
800
Western Air Express
534
5
1
650 17
5031
Western Auto Supply A • 49
25 6234
Western Cartridge prat _100 9931 994
Western Maryland Re
40 35
6934
7% let preferred__ _ _100 68
10 65
Western Power 7% pref 100 10144 1014
200
1654 1644
644
Western Tab & Stat vi is.•
Westmoreland Coal Co_ •
West Texas Urn $6 Peer-• 55
55
Weetvaco Chlorine Prod100 1024 1024
7% Preferred
44 5
Wert Va Coal & Coke,__,•
834 834
Williams(R C)*00
•
1334
W Illms 011-0-Static Heat _ • 13
4
34
W11-1cm Cafeterias Inc
I
•
Cony preferred
wIleon-Jones Co
2634
• 26
•
Winnipeg Electric
1\ Ise Pow A I.t 7,i, pre( 100
1
534
534
Woodley Petroleum
Woolworth(F W)Ltdbs 2834 284
Amer depoett rote
74 734
Wright-Hargreaves Ltd_.•
174
A
Yukon Gold Co
13.4
BONDS-
50
21 45,4
22
25 60
56
1,400
7
100
1,600' 231
200
3i
234
400
14
2634
2
900
500
9,700
5,200
1744
534
lie
Range Since
Jan. 1 1935
Low
2
Aug
434 Feb
36 Mar
.31
Oct
.44
Jan
High
4
Sept
10
Aug
154 May
134 Feb
134 Sept
Feb ,
Mar
Oct
Ma
Oct
Mar
July
2214
Oct 3244
Jan
1644
1836
1231 Aug
1974
%
'is June
2
Jan
54
4734 July 604
98
Jan 102
4834 Mar 6936 Nov
7444 Mar 10231 Nov
1744 Sept
12
Feb
12
55
7
28
June
Jan
99
3
7
3
34
234
18
134
6244
334
Jan 105
June
551
1736
July
Apr
1344
191a
Sept
8
June
2734
Jan
July
134
Nov 6244
Jan
634
24
Mar
63/1 Aug
Si Mar
Aug
Nov
June
Oct
Jan
Nov
Feb
Jan
May
July
Nov
Sept
2844 Nov
10
Mar
234 July
$
1,000
Abbott's Dairy 54-.1942 106 106
Alabama Power Co1946 103 10334 45,000
let & ref 511
1951 9934 10034 120,000
let & ref 5e
1958 9831 9974 74,000
1st & ref 58
14,000
91
1968 90
let & ref 58
1987 834 844 82,000
let & ref 434e
Aluminum Cot f deb be '52 1064 10731 11.000
Aluminium Ltd deb 6n 1948 1014 10234 45,000
3.000
234
236
Amer Com'ity Pow 530 53
Am El Pow Corp deb 6e '57
Amer 0 & El deb 5,.2028 10544 106 259,000
2,000
45
Am Gas & Pow deb 138.1930 44
1953 3954 404 39,000
Secured deb 56
92
9344 166,000
Am Pow & Lt deb 6e 2011
4,000
Amer Radiator 434e._1947 10434 10534
Am Roll Mill deb 5e_194e 103 10354 107,000
Amer Seating cony 68_1936 100 10031 17.000
Appalachian El Pr 58_1951 10544 10554 31,000
Appalachian Power 5&194l 10731 10734 3.000
23,000
2024 113 113
Deb ter
Arkansas Pr & Lt 9e 1951, 974 9774 88,000
Associated Elea 4%8_1953 6034 6334 152,000
Associated Gas & El Cu-4554 23,000
1938 43
Cony deb 534s
6,000
3431 35
194e
Cony deb 434e C
1940 3431 3636 199,000
Cony deb 434s
leer, 3534 3834 109,000
Cony deb 58
1968 3534 3836 13.7.000
Deb be
1,000
37
37
Registered
4134 44,000
1977 39
Cony deb 63.41
1910 75
75
3,000
A MOO Rayon 58
7731 35,000
Assoc T & T deb 534e A '59 76
Assoc Telep URI 5346_1949 284 2934 40,000
3,000
29
29
Certificate,of deposit_
2,000
67
1933 67
88
2,000
67
67
Ctfe of ()epee!'
15,000
Atlas Plywood 5348-1943 883,4 89
Baldwin loco NA orks,
1 6134 6931 85,000
64 with 1, arrants_ __193
6734 263,000
tle without warr____1938 60
Bell Telep of Canada1st M 55 eeriest A___1955 11294 11334 10,000
1,1 60 5s series B-1957 11434 11534 23,000
15,000
1980 116 116
54 pellet C
7,000
Bethlehem Steel 6a..1990 133 134
9,000
Binghamton L H& P5*'46 107 107
57,000
Birmingham Elec‘34e 1968 8934 91
7834 14,000
Birmingham Gee 58-1959 75
1,000
Hasten Consol Gas 58_1947 10634 106%
10,000
91
Broad River Pow 513_1954 90
Buff Gen Eleo 51
1939 107 10834 13,000
1,000
Can & ref 58
1956 10774 107%
Canada Northern Pr 5e '53
Canadian Poe Ry 6s 1942
Capital A dmInie be_ _ _1953
Carolina Pr & Lt 58_ _1956
Cedar Rapt& M & P-5, 53
Cent Ariz Lt & Pow Se 1960
Cent German Power 681934
Cent III Light 5e....1947
Central Ill Pub Service5s series E
1956
lst & ref 434s ear F_1967
beserlenC1
1968
434% series TI
1981
Cent Maine Pow 58 D_1955
4Sia series E
1957
Cent Ohio IS & Pow 6e1950
Cent l'ower be eer D,.1957
Cent Pow & Lt lst 58.1956
Cent States Eleo 6,_ _ _1948
530 ex-warr
1954
Cent States PA L 5%11.'53
Chic Lest Elea Oen 4%8'70
Chic Jet Ry & Union Stk
1940
Yards M
Chic Pneu Tools 5348_1942
1927
Chic Rio Sect?,
Cincinnati St Ry 534s A '52
es series B
1955
Citlee Servlee 58
1966
Registered
Cony deb for
MO
Cities Service Gas 534e '42
Cities Service Gas Pipe
Line fle
1943
Cities Serv P & L 534,1952
1949
534e
Comnieris & Privet 534e '37
Commonwealth Edisonlet M 5e series A _ _ _1953
1s8 M Se Barlett B___1954
let 430 series 0_1958
let 434e eerier D__1967
1et M es series F__ _1981
1965
334s series II
Com wealth Subeld 534s'48
(0”,aiinitv Pi.* ti km 1067
3201
_
July 1
Sales 1933 to
Oct. 31
for
1935
Week
10074 10134 23,000
10734 10844 42,000
9834 9934 91,000
11234 1124 3.000
10531 10531 13,000
103
108
2,000
40,000
100 101
9274 9334 91,000
62,000
9831 99
9,000
9234 93
10534 10534 15,000
10331 1034 34,000
9535 9636 34,000
8636 32,000
85
8234 158,000
81
624 643,4 193,000
6434 66 402,000
68 101,000
66
10431 10456 25,000
109
10234
72
8734
8731
66
66
6614
9494
1094 21,000
10236 9,000
7334 8,000
8734 10,000
8834 17,000
693-4 46,000
1,000
66
70% 959.000
9534 95,000
8634 102
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
10444
10131
10134
9544
90
108
104
534
1734
107
45
404
9614
106
10344
10031
10631
109
113
98
644
July
July
July
July
July
Sept
Aug
Aug
July
Oct
Nov
Nov
Oct
Feb
Nov
Nov
May
Mar
Nov
July
Nov
12
931
936
11
1134
I/
3834
34
9
8
134
1334
47
1431
13
11
1234
12
13
144
60
5794
1434
1434
20
20
78
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Slur
4534
37
37
3994
39
38
44
77
7774
31
31
694
70
8934
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Oct
Oct
Oct
Oct
Sept
3234
3034
3236 Apr81
3034 Apr 68
98
97
9734
102
7631
453,4
384
1024
29
10234
102
10934
11134
11231
12644
10234
6934
56
1013
70
10654
105
Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
Aug
Apr
11534
11854
120
138
107%
9134
8034
109
9136
10944
110
Jan
Jan
Apr
Aug
July
July
Oct
Aug
Aug
Jan
Aug
Jan
May
July
97
Apr 103
71
105
Siar 112% Jan
98
8831 Jan 1054 Nov
65
4654 8331 Jan 10034 May
Aug11331 Aug
944 109
Jan 10554 Oct
89
72t4
4434 June
39
Ma
3334
Apt10931 Mar
108
trto
7634 Jan 101
60
9334
Jan
67
453.4
Jan 99
7G
49
6731 Jan 9334
96
Jan 106
101
80
9534 Jan 10334
72
9844
Jan
5534 72
59
Jan 8751
3734
693,4 Jan 8454
3744
26
Mar 6534
25
2554 Mar 6734
2534
7134
4854 Jan
29
9231 Jan 10534
62
Nov
Nov
Nov
Aug
Oct
Nov
July
July
Aug
Nov
Nov
Aug
July
10534 Jan 11034 May
90
5134 8754 Jan 103
Aug
June
6634 Jan 80
43
58
Feb 8954 Aug
4036
6634 Feb 93
47
Aug
2834 3054 Mar 6974 Nov
Nov
3231 Nov 66
2944 Feb 7034 Nov
2854
9531 Nov
4334 6334 Jan
55
2634
2734
33
11151
11231
11334
113
10531
10231
10336
64)4
8834
863.4
8034
794
6936
9851
54
334
14,000
14,000
14,000
2,000
115,000
43,000
63,000
66,000
Oct
8831
8334
8334
73
664
1054
9731
194
736
894
18
174
5051
10331
9434
74
101
10544
8436
734
2934
15,000
10254 103
6031 6651 575,000
6131 66 193,000
11294
11234
1134
113
10534
103
10434
65
Jan 107
63
5434
65
4734
4436
9254
59
154
734
81
1334
124
3834
974
62
41
84
99
58
50
2034
844 Jan 10334 Nov
2636 Feb 6634 Nov
27.4 Feb 6634 Nov
Feb
3334 Aug 47
10934 Jan 11354
Jan 113
109
10534 Jan 11334
10434 Jan 113
9454 Jan 10534
9851 Aug 10336
85
Jan 105
5114 Mar 7314
July
June
Nov
Nov
Nov
Oct
Oct
Aug
New York Curb Exchange-Continued-Page 5
3202
BONDS
(Continued)
Week's Range
of Prices
Low
Connecticut Light & Pow-,
1951
78 merles A
1956
440 merles C
1962
Se series D
Conn River Pow be A 1952'
Como! Gee (Ballo City)1939
Se
1956
Gen mtge 43.4.
Consol Gas El Lt &P (Balt,
1981
let ref a f le
Consol Gal UtIl Colet dr coil fle ser A 1943
Cons deb 6)4c w w .1943
Consol Pub 74isstmp_1939
consumers Pow 648.-1958
1936
let de ref be
Cont'l Gas & El be__ _1955
Crane Co be_ __Aug-1 1940
1940
Crucible Steel 5/1
Cuban Telephone 799.1941
Cuban Tobacco be. _1944
Cudany Pack deb et 58 1946
Cumberld Co Pot L 648'56
Dallas Pow & Lt 68 A-1949
1952
58 series C
Dayton pow & Lt 58-1941
Delaware El Pow 540_'59
Denver Gas & Elec 55_1949
Derby Gal & Elec 58__1946
Det City Gas 68 eer A_1947
1950
bs let eerier! B
Detroit Internat BridgeAug 1 1952
630
Certificates of deposit_
Aug 1 1952
Deb 7e
Certificates of deptelt
Dixie Gulf Gas 640_1937
1967
Duke Power 448
High
10844 109
105% 106
Sales
for
Week
July 1
1933 to
Oct. 31
1935
$
Low
112
July
87
23
100
10944
104
864
1044
1034
854
56
10799
10544
Nov
Nov
Nov
Mar
Jan
Nov
Nov
Oct
June
Oct
Feb
Aug
Sept 11094
2,000 10099 106
1044 F eb 107%
1,000 94
2,000 994 10531 Nov 109
8644 Jan 103
14,000 85
6,000 9244 10535 Jan 1 10
Jan 99
83
16,000 5699
Jan 106
99
37,000 76
74,000 8734 914 Jan 102%
Mar
Aug
Mar
July
July
Nov
Nov
Nov
4,000
10,000
854 88
2144 224 8,000
1,000
1074
1004 7,000
86% 552,000
10144 9,000
33,000
103
2,000
85
108%
106
10599
103
108
09
105%
102%
102
102
1064 106%
5,000
6,000
3,000
1,000
103
9944
1104
1144
88% 1064
Jan
51
499
87
10639
10044
42
102
9544
614
38
1024
964
Jan
Jan
Mar
Sept
Nov
Jan
Jan
Apr
Mar
Aug
Oct
Jan
83
44
70
88
100%
33
7744
6034
60
35
102
65
745 Apr
Jan
3
23.4
Apr
7
Jan
2
14
234 Apr
34
4 Jan
144 Apr
34 Mar
St
1014 Aug 103% May
76
Jan 1084 Mar
105
85
June
10
6,000 10
Eastern UM Invest 58_1959 1499 17
334 Feb
13,000 22
Elec Power & LIght5/1.2030 724 73
854 Jan
Elmira Wat,L11 &RR 58'56 101% 101% 6,000 55
894 Jan
24,000 64
e4 Paso Elec be A _ _1950 1034 104
ti I Paso Nat Gm 630_1943
Jan
664 91
With warrants
9039 Jan
1938
25
Deb (1948
Jan
67
Empire Dist El 68_ _1952 9699 973.4 67,000 46
51
Jan
hmplre OH& Ref 544-0 1942 7544 774 90,000 41
Ercole Marelli Elea Mfg1953
Oct
46
46
534o A ex-warr
Jan
1987 106 100
100
Erie Lighting be
3,000 78
European Elea Corp LidAug
85
1885
65
834. x-warr
344 Apr
40
1,000 24
European Mtge Inv 760'67 40
9644 Jan
Fairbanks Morrie be_1942 10344 103% 16,000 fig
4599 Aug
Farmers Nat Mtge 7s..1963
3899
1.4 Feb
Federal Sugar Ref 68._1933
14
314 Jan
Federal Water dery 548'54 764 78
43,000 15
Finland Residential Mtge
9899 Mar
Banks 68-5eStamped1981 994 9944 4,000 86
Firestone Cot Mills 58 '
10244 June
48 10344 104
36,000 85
Apr
103
Firestone Tire & Rub fie '42 10444 104% 12,000 89
9234 Oct
First Bohemian Glass 7s'57
61
Jan
76
Fla Power Corp 540_1979 9734 9934 87,000 48
Florida Power & Lt 50 1958 9034 914 190,000 444 6859 Jan
Gary Elec & GM 58 ex1-44 884 894 88,000 6334 634 Jan
57,000 714 794 Apr
Gatineau Power let 58 1956 843.4 85
60
Apr
Deb gold 6ri June 15 1941 68% 6934 17,000 60
1941 8844 6934 30,000 594 594 Apr
Deb 88 merles B
8144 Mar
General Bronze 65._ 1040 9534 06
8,000 55
74
Mar
97
4,000 54
General Pub dery be __1953 96
Oen Pub UM 6 40 A_1956 7744 7934 45,000 234 5144 Jan
48
Nov
45
1,000 36
General Rayon Se A__1948 48
Jan
2244 12.000
4
2
Gen Vending 68 ex war '37 21
Certificates of depoelt__
22
23
4
Jan
3,000
2
31,000 384 664 Jan
Gen WM Wks & E158- 1943 804 83
Georgia Power ref 58-1967 9734 984 112.000 54% 814 Jan
Georgia Pow & Lt 58-1978 79
6659 Jan
81
68,000 40
30
Gestural as x-warrante 1963
3)99 May
101% Sept
Gillette Safety Rasor 68 '46
93
Glen Alden Coal 4e___1965 924 93
8499 Jan
96,000 53
Gabel (Adolf) 634.._1910
80
81 34 13,000 89
Apr
70
with warrants
Nov
Grand Trunk Ity 6 40 1936 101 101
8,000 9834 101
1,000 63
91
8699 Oct
Grand Trunk Welt 48_1950 91
Gt Nor Pow 5s stmp_196‘ 10734 1073-9 4,000 1024 10244 Feb
Jan
Great Weitern Pow 681948 108%I 108% 17,000 984 107
Guantanamo & Weet 6a '58 43
174 Jan
43
1,000 10
Mar
6034 41.000 24
25
(inardian Investors 5s..1948 55
1947 1064 107
Apr
Gulf 011 of Pa 55
16,000 97
106
9444 Jan
5.000 62
(lull States UM 58-1956 10434 105
1981 1024 103
20,000 56
4348 eerie. B
87% Jan
Hackensack Water be_1988
984 10814 Jan
1977 10434 105
104% Nov
8,000 98
511 series A
July
Hall Print as stinp
1947 73
80
75
27.000 60
June
37
Hamburg Elec 7o.,.....1935
37
Hamburg El Undergrounn
31
1938 31
1,000 28
30
& St Icy 548
Aug
Jan
Flood Rubber 5448-1936 1004 100% 18,000 55
84
1936 103 10444 17.000 65
Jan
87
70
Jan
93
Houston Gulf Gas 68_1943 1044 10434 16,000 40
9844
7,000 2934 76
Mar
8 Sie with warrants_1943 98
Flotuiton Light & Power1953 105 105
3,000 9194 1034 Aug
lot 5a ser A
10199 Sept
1978 10444 105% 18,000 79
lot 410 ser D
Jan
1981 1044 1054 29,000 80
104
1st 440 ser E
42
42
Aug
Hungarlan-Ital 13k 7448'63
1004 1114 Jan
Hydraulic Pow 58_ _1950
Nov
1951
100
105
Ret & impr 5s
5644 13,000 4044
47
Apr
Flygrade Food 68 A _ _ _1949 .55
50
559.4 11,000 42
Sept
1949 .55
des/glen B
Nov
10544
106%
17,000
88
105
1947
Power
be
Idaho
Mar
lilinole Central RR 58 1937 65
65
28,000 60
eo
8244 1024 Jan
Ill Northern 14115s_ .1957
III Pow & L let Se ser A '53 9834 100 178,000 48
754 Jan
694 Jan
let & ref 540 ser B.1954 92% 97 126,000 46
6699 Jan
lot & ref be ser C___ 1956 8944 92 174,000 4299
Jan
48,000 3234
St deb 5448 May 1957 844 87
V
indiana Electric CorpJan
1947 934 94% 22.000 5434
84
6e series A
Jan
68
98
14,000 58
1953 96
5348 (series B
Jan
60
1951 8434 87
65.000 46
Se series C
1064 Oct
93
Indiana Gen Serv bs_1948
23,000 44
6299 Jan
Indiana Hydro-Elea 58 'Es gtti 94
Jan
Indiana & Midi Elec 55'65 105 me% 2,000 70
99
1957 1084 1084 13,000 8899 10744 Jan
Se
Indiana Service 5e
1950 6399 66
3644 Jan
76,000 2344
35% Jan
1963 62% 654 41,000 22
let lien & ref be_
80
Jan
Indianapolis Gas .58-A.1952 964 9799 19,000 68
A
'fi'r
ser
105
P
&
L
68
polls
10531
37,000
73
9799 Jan
Ind
Intercontinents Pr 6s.1948
14
3
4
8,000
144 Mar
luternational Power deo414 414 Oct
5 He swim 0
46
46
Oct
1957
70 /erten E
Oct
1952
49
49
F
series
75
International Salt 68_1951 1074 107% 8,000 8399 10434 Apr
6534 Jan
International uee Se .1047 9494 95
57,000 43
For footnotes see page 3203.
12544 Nov
July
110
1094 Jan
1064 June
May
July
108% 109
108%
106
1054
lox
1074
9844
10544
1014
Jan
Jar
Oct
Jan
Oct 113
Jan 122
6,000
10234 102%
105 1054
BONDS
(Continued)
High
Low
1194
112
98% 1084
105%
12,000 102
27,000 873.9 10334
1184 119
1074
1003.9
854
1024
102%
85
Range Since
Jan. 1 1935
Nov
17
Nov
76
10299 Oct
Oct
105
10544 Oct
102
Oct
97% Nov
7734 Nov
69
1064
Jan
Oct
Apr
98
554 Jan
101
July
554 Jan
24 May
Nov
78
100
1054
1054
9239
9944
9144
0044
994
994
9899
97
9744
81
67%
23
23
8444
100
81
5644
10534
93
Apr
Mar
Mar
Oct
Nov
July
Nov
Jan
Jan
Jan
Oct
Oct
Aug
July
Oct
Nov
Aug
July
Nov
Jan
Feb
Sept
931-6
1054
95
1083,4
1094
524
63
107%
1.0654
103
11144
10634
774
51
Feb
Jan
Aug
Aug
Oct
May
Aug
Jan
July
Nov
July
Feb
Apr
Feb
4131
101%
104.4
105
9944
Feb
July
Nov
Nov
June
107
10544
1064
.55
114
108
6444
63
109
8034
1074
100
97
94
89
Mar
Nov
Mar
Jan
July
Sept
Jan
Apr
May
Jan
Aug
July
Nov
July
Aug
994
98
87
1074
94
1064
112
664
854
1054
1054
499
Nov
Nov
Nov
Mar
Nov
Sept
July
Nov
Nov
Aug
July
Mar
77% Jan
854 Feb
804 Feb
108
Apr
9734 Oct
Interstate Tin & Si! 440'46
Interstate Nat Gas 69_1936
Interstate Power 68_1957
1952
Debtnture Se
Interstate Public Service1956
be series D
1968
410 series F
Inveat Cool Amer1967
be settee A w w
without warrants
lowa-N eb L dr P bs___1957
1961
5e series B
Iowa Pow te Lt 448_1955
Iowa Pub Serv 58
1957
learco Hydro Elea 71_1952
Isotta Fran/Mini 7e_ _ _1942
Dalian Superpower of Del
Deb as without war_1963
Jacksonville Gas 54_1942
Stamped
Jamaica Wat Sufi 5%o'55
Jersey Central Pow & Light
1947
58 merles B
1961
440 series C
Jones & Laughlin EltI 6s '39
Week's Range
of Prices
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Range Since
Jan. 1 1935
Low
Low
S
High
Apr 1034 Nov
7.000 5344 89
103
1044 May 1054 Jan
Jan 8331 Aug
67
so% 814 155,000 37
38
Jan 72
Aug
46,000 2644
6744 70
Low
102
HPM
102%
8534 47,000
84
7939 8135 68,000
994
104%
103%
1054
101
45
80
5,000
100
32,000
105
2,000
104
10544 14.000
101% 33,000
5,000
48
4,000
85
414 44
10,000
51
5234 18,000
3,000
1074 10744
41
42
67
67
56
5644
72
5754
40
55
35
62
4741
Jan
Jan
Jan
92
91
Jan
88
Jan
Jan
86
Jan
100
824 Jan
40
Oct
55
Aug
35
Oct
48
May
48
9644 10545 Apr
Jan
854 Nov
814 Nov
101
1004
105
104
106
102
834
95
Oct
July
Nov
Nov
July
Oct
Apr
June
664 Feb
57
108
June
Mar
Oct
106
105
July
10744 July
104% 1043-4 18,000 77
1034 10499 48,000 704
2.000 10299
107 107
10134
934
1064
Jan
Jan
3,000
15,000
8,000
6,000
6199
55
8044
70
90
774
105
100
Jan 1154 Aug
9844 July
Jan
Jan 1084 Nov
Jan 107
July
35,000
10,001
7,000
29,000
8,000
13,000
14,000
1,000
624
73
89
624
102
10134
103
5644
100
914
75
9834
101
9544
10599
I0331
107%
107
1044
8899
104
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Jan
Jan
Jan
Jan
87,000
1,000
46
55
50
464
824
72
76
60
91
54
544
67
8244
65
100
874
99%
94
94
814
79
654 694 43,000
934 9544 218,000
96% 98 117,000
224
70
80
Kansas Gas dt Elec 8o_2022 113 1134
984
Kansas Power Sc
197 98
Kansas Pow & Lt 68 A_'55 1074 1074
1957 106% 106%
ba series B
Kent ucky Utilities Co91
9399
let mtge Sc am H..1961
1948 1014 10299
634o merles D
1956 96
540 series F
9699
1969 914 93
68 series I
Klmbetly-Clark 58-1943 103 10344
KODpet a0& C deb is 1942 1034 1034
Sink fund deb 548.1950 10499 105
85
Laclaae Gan Light 6 401938 85
Larutan Gas Corp 64s '35
Lanigh Pow decur 68..2020 106% 1074
Lexington Utilltles58_19b2 100% 1014
Libby MaN & Libby 58 '42 104 1044
Lone Star Gas 5s
1942
Long Island Ltg 6s___1945 105 106
Los Angeles G& E fai 1939 106 106
fe
1961
60
1942 1074 1074
1947 107% 107%
534eseries E
540 series F
1943.
Louisiana Pow & Lt be 1957 10399 1044
Louisville G&E 444801981 105 105
ManItobaPower 548_1961
Mass Gan deb as
1950
540
1946
McCord Radiator & Mfg68 with warrants,_1943
Memphis P& L Se A _1948
Metropolitan Ed 4s E _1071
68 scrim F
1982
Middle States Pet 694s '46
Middle West Utilities.58 Ws of aapoelt_1932
&tette of den
1933
6e ctfe of Sep
1934
58 efts of aeposit
1936
Midland Valley 58._ 1943
Milw Gas Light 4448_1987
MInneap Gan Li 4441_1950
Minn P & L 4448
1978
ge
1956
NEW/slop! Pow 6e
1956
Miss Pow & Lt _
1957
Mississippi River
Fuelbe6s ex warrants
1949
Mies River pow let se 1961
Missouri Pow & Lt 548'56
Missouri Pub Serv 68_1947
Monongahela West PennPub Fiery 63-4 eer B_ 1963
Mont-Dakota Pow 5446'4
Montreal LIT & P Conlet & ref 5a ear A ___1961
Munson S S 644e ww_ _1937
Narragansett Elea be A '52
be series B
1957
Nassau & Suffolk L1g 6.45
Nat Pow & Lt 68 A
2026
Deb be merles B
2030
Nat Pub Serv 58 ctfs_1978
Nebraska Power 448_1981
(laserien A
2022
Nelsner Bros Real
@FedFRASER