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The Financial Situation
HE time is fast approaching when the budget for
T
the fiscal year 1937 must be laid before Congress. The President is reported to be
ciably less than we now have to lay out to cover
interest on the public debt.
spending
In 1927, the post-war yea,r when what was then
much time with appropriate officials in preliminary known as Coolidge economy in Washington was most
work on the figures. In one of his recent conferences effective, Government expenditures totaled very little
with the press he warned Washington correspondents less than $3,000,000,000. During the fiscal year
not to undertake to guess what conclusions he had ended June 30 last, general expenditures (excluding
reached because, he said, he had reached none—a emergency outlays and debt retirements) amounted
warning which adds to the already quite convincing to nearly $3,150,000,000, as compared with someevidence that the Administration is finding its budg- thing less than $2,750,000,000 during the previous
etary tasks difficult and embarrassing.
year. Study of even the revised budget estimates
Committed to a number of costly social experi- of the President, recently made public, shows a
ments, and faced by a general relief situation that continuance of the rising tendency on the part of
these figures. What apobviously is not respond,ing satisfactorily to the
pear to be official, or at
Now Is the Time to Act
treatment that is being
the very least semi-official,
given it, the President ap"It would be a very serious matter indeed if
estimates from Washingwe came into a period of vigorous, active busiparently would like none
ton
definitely suggest some
ness and strong speculative temper on the
the less to wage the coming
further increase in this type
part of the American people with anything
like the present volume of excess reserves in
of disbursement for the
campaign battles upon the
the hands of the member banks. . . .
fiscal year 1937. Here is
strength of a prosperity al"If measures for reducing the excess reserves go very far—and they will have to go
an insidious form of budglegedly created by his efvery far when a period of active business and
etary extravagance that is
forts, and presumably at
speculative enthusiasm comes unless we are
to have an uncontrollable orgy—the Governlikely to prove even more
least would therefore be
ment will have to pay more for its money and
difficult to eliminate than
greatly pleased to court
Government bonds will have to sell lower. If
favor in the business world
meanwhile we delude ourselves with a policy
the so-called emergency
of artificial maintenance of the prices of
by making a convincing
outlays which, of course,
Government securities we should be, then, in
start toward a balanced
must be dropped at some
a very unfortunate position. It is much
better to face realities now, while the money
budget. But a sharp rerelatively early date if we
market resources are so superabundant and
duction in Treasury disare to escape disaster swift
while the Government has so little competition as a borrower."
bursements would not only
and complete.
We are glad to concur in this well-considcause wide dissatisfaction
All these figures, conered opinion expressed by Dr. B. M. Anderamong favored groups in
son Jr., at the annual convention of the
fined as they are to the
Investment Bankers Association a few days
the population, as for exyear or two immediately
ago at White Sulphur Springs.
ample the farmers, but in
ahead, are affected but
The Governor of the Federal Reserve Board,
and others supporting the Banking Act of 1935
all probability would tend
slightly by the huge approbefore the committees of Congress and the
quite observably to reduce
priations scheduled under
country, repeatedly insisted that extraordinary powers be given the Board of Governors
the rate of business activthe social security legislaof the Federal Reserve System in order that
ity for a period and thus
tion recently adopted by
this body might be placed in a position to
temporarily to destroy the
prevent unwarranted expansion of credit.
Congress. This legislation
In large measure the Board now enjoys the
"prosperity" to which the
certainly
is not thought of
powers then sought. In addition, the system
politicians are already
in Washington as of temcan, as it always could, do a great deal to
eliminate the hazards of which Dr. Anderson
pointing with pride. To
porary duration. On the
justly warns by the simple process of disposcontinue the huge deficits
contrary,it is very specifiing of the Government securities owned by
the Reserve banks.
of the past two or three
cally put forward as a perSo far the authorities have shown no intenyears and the methods of
manent program with estition of making use of the power they thus
financing them would be to
possess. If they continue to delay until the
mates of cost running into
situation gets completely out of hand we
court utter disaster.
fantastic figures during the
shall know upon whom to lay the blame.
Here is a situation, morenext decade. Nor do existover,that is by no means
ing budget estimates give
confined to so-called emergency expenditures. These effect to losses that have occurred and unquestionlatter disbursements constitute the most immediate ably will occur in the long list of assets now owned
phase of the problem and for the time being probably by the Government and subsidiary organizations.
the most disturbing, but there is also a very dis- These losses for the most part have not yet been
quieting, steady increase in other types of expendi- "realized" in the accounting sense of the term, but
ture which have for years past been beyond all they will be at some future date when they must
reason. The World War unfortunately accustomed be met either by the taxpayers or by the creditors
us to budgetary figures of astronomical proportions, of the Government or of some of the corporations
and the manner in which we have squandered not whose obligations have been guaranteed by the
millions but billions during the past few years has Treasury.
left us in a condition in which huge sums of money
• Budgetary Improvement now Politically Difficult
seem to mean nothing at all to many of us. We are
losing, if we have not lost, our sense of proportion
But the immediate problem is unquestionably that
as far as such matters are concerned. As recently of so-called emergency and relief disbursements.
as 1916 total annual Federal Government expendi- There is no good reason to doubt the sincerity of the
tures amounted to only some $735,000,000—appre- indications the President has given on many recent
2780
Financial
occasions of a real desire to be rid of these burdens.
The trouble is that he has by lavish gifts to large
groups in the population created an enormous mass of
dependents who are not likely to give up the "easy
money" that has been coming to them if they can
help it, and moreover has permitted his Administration to become committed to numerous enterprises and "projects" which call for continued outlays
of large proportions in future years. If he imagines
that it will be an easy matter to eliminate, or even
very drastically to reduce, such outlays—which we
do not believe he does—he is due for a rude awakening.
The same is likewise true of course of those among
the general public who fondly hope for a much larger
degree of budgetary orthodoxy during the next few
months.
These outlays, of course, ought to be reduced, indeed largely eliminated, at the earliest possible moment. In fact they must be if we are to escape a
sad fate. If the President presently sets his face
sincerely and sternly toward such a goal, his critics
will be among the first to applaud and to lend any
support that is in their power. But nothing is to be
gained by refusing to face the fact that the President
has opened a Pandora's box of trouble in Congress
and in the country generally by his lavish financial
policies of the past few years. He will need, and
must have, the active support of all right-thinking
citizens in every effort he may make to bring an end
to the budgetary situation by which he and the
country are now faced.
How Economies Must Be Effected
Of course this is no mere matter of juggling with
columns of figures in the budgetary estimates. Nor
can the problem be solved, or even partially solved,
by such appeals as have lately been made to the business community to employ more men, or by urging
private agencies to care for the unfortunate. The
trouble goes much deeper. Real progress in relieving
the budget of both emergency and .swollen regular
disbursements will be made only as programs that
inevitably require large outlays are abandoned, and
replaced with broad policies based upon recognition
of the need of old-fashioned economy in public affairs.
In this connection as well as in many others, what the
President had to say the other day about making his
agricultural program permanent is certainly not
particularly heartening. Neither are the implications of the repetition of the farce of asking the beneficiaries of agricultural largesse whether they would
prefer to have the Government continue to send them
checks at regular intervals.
•
Nothing short of a complete reversal of general policies at Washington, whether camouflaged or not, can
make possible real budgetary sanity in this country.
Boondoggling,of course, must go. The prosecution of
costly and needless public works of a more permanent
sort must be discontinued at the earliest possible
moment. The construction of hydro-electric and
other projects which have not an economic leg to
stand on must be stricken off the list. Subsidies to
farmers and a host of others must cease. All this, of
course, goes without saying. But much more is
really required. The much vaunted social security
program (which of course is a gross misnomer) must
be abandoned and liquidated before it involves us in
all manner of financial intricacies and difficulties.
The vast armies of civil employees now in Government service for the purpose of regulating almost
Chronicle
Nov. 2 1935
every phase of our economic life must for the most
part be sent back to creative work.
Such changes as these would, in our opinion, of
themselves so hearten the business world that after
a relatively short period of readjustment many of
the problems of relief and the like would disappear
from the horizon. If, in addition, adequate reform
in banking, currency, tariff and other policies of
major importance were effected, we should soon be
in a position where no one but the professional pauper,
the indolent and the selfseeker would have the slightest desire to go to Washington for help. Unless
alterations of this general nature are made in policy,
it is idle to hope for real soundness either in business
or in budgetary matters. This is a hard doctrine,
no doubt, but it is the only doctrine that in the end
will save us.
The I. B. A. Convention
HE Investment Bankers Association of America
held its regular annual convention at White
Sulphur Springs, W. Va., during the past week.
Those who have attentively studied the addresses
delivered upon this occasion and the reports of the
several committees of the Association have been impressed and encouraged by the serious-minded and
intelligent consideration given the many and difficult current problems by which the business world is
faced to-day. Those in attendance report that the
forums and other informal discussions taking place
during the convention revealed the same broad interest in and commendable understanding of the current situation, not only in the investment banking
field, strictly so called, but in the entire economic
system.
All this is of course in striking and pleasing contrast
to the wordy nonsense so often heard from the dreamers and professional reformers with which the Washington Administration has surrounded itself. No one
can say that the leaders of industrial and financial
thought foregathered at White Sulphur Springs were
less concerned with the general public welfare than
the host of public officials who have taken upon their
shoulders responsibility for all human activities and
relations in this country during the past few years.
No informed man is likely to fail to be impressed by
the immeasurably greater and more realistic understanding of current economic affairs revealed at White
Sulphur Springs.
It was inevitable of course that the legislation and
administrative programs which together compose the
New Deal should have been given extended consideration upon this occasion. It was likewise unavoidable that the essential unsoundness and harmfulness of much of this maze of public activity should be
plainly and directly exposed. In ordinary circumstances, perhaps,the average reader would find in the
many serious problems thus shown to be facing the
community a cause for discouragement. As matters
actually stand at present, we find in these discussions
a source of considerable encouragement, since they
reveal a business community fully aware of the pitfalls
before it and determined to do what is possible to
avoid the dangers by which it is surrounded, and since
furthermore they reveal a willingness to speak the
truth plainly on the part of leaders who have not
always been as much disposed to do so as we should
have liked.
Much of the recent legislation, particularly perhaps in the financial domain or closely related fields,
T
Volume 141
Financial Chronicle
2781
has now been proved by experience to be poorly con- System fell again and are reported at only $6,128,000,
ceived. A good deal of it is in need of outright a decline of $614,000 for the week. Industrial adrepeal, while,other parts of the program as it is now vances were reported at $32,719,000, an increase of
constituted must be materially amended, either by $79,000. Bankers' bill holdings were quite unlegislative action or by administrative changes. As changed at $4,676,000, while United States Governsome of the speakers at White Sulphur Springs were ment security holdings fell $47,000 to $2,430,172,000.
careful to assert, the financial leaders of the country
Corporate Dividend Declarations
owe it to themselves and to the nation to take an
IVIDEND actions the current week are again
active and influential part in the major readjustments
of a decidedly favorable nature. Chrysler
and reconstruction that must be effected during the
years immediately ahead. We are unable to refrain Corp. declared a dividend of 75c. a share on the comfrom expressing our regret that those who control mon stock, payable Dec. 31, which compares with
our national affairs cannot be chosen from the able dividends of only 25c. in previous quarters. Inland
men who took leading parts in the discussions at Steel Co. declared an extra of 25c. and a regular
quarterly dividend of 50c. a share on the capital
White Sulphur Springs.
stock, payable Dec. 2; similar payments were made
fj Sept. 3 last. Columbian Carbon Co. declared
Federal Reserve Bank Statement
O INTERRUPTION is to be noted this week in special dividend of 40c. a share as well as the regular
the rapid advance of member bank balances quarterly of $1 a share on the common stock, paywith the Federal Reserve institutions, or of excess able Dec. 2. The Timken Roller Bearing Co. inreserves over legal requirements. The excess reserves creased the regular cash dividend on the no par comincreased $80,000,000 in the week to Wednesday mon stock from 25c. a share to 50c. a share, and,in
night, and for the first time in history they ex- addition, an extra of $1 a share, both payable Dec. 5
ceeded the $3,000,000,000 level. Needless to say, no 1935. Caterpillar Tractor Co. declared an extra
such accumulation of idle credit resources ever be- dividend of 50c. a share in addition to a regular
fore has been witnessed in any country, and the quarterly of 25c. a share on the capital stock, both
explosive potentialities now are receiving recognition payable Nov. 30; in two preceding quarters extras
in many quarters. Urgent suggestions are being of 25c. a share were paid. General Asphalt Corp.
made to the authorities that steps be taken in time declared a dividend of 25c. a share on the common,
toward diminution of the excess reserve total, either payable Dec. 17, which will be the first distribution
through Federal Reserve sales of United States Gov- on the shares since June 12 1932, when the same
ernment securities or through increase of member amount was paid. Collins & Aikman Corp. declared
bank reserve requirements. It has long been pointed a dividend of 50c. a share on the common stock, payout in these columns that early action might prove able Dec. 2; the last previous distribution on the
possible, and certainly would be advisable, whereas shares was $1, on March 1 1928.
tardiness in applying the brakes would make conThe New York Stock Market
trol ever more difficult, politically speaking, in the
THOUGH activity was well sustained on the
event of a boom such as the idle credit resources
New York stock market this week, prices
invite. But there is even now apparent, in official
circles, a lack of willingness to undertake salutary showed an uncertain tendency. Quotations were
and much-needed measures. If the current discus- marked generally lower in the early sessions, as the
sions and the growing anxiety on this matter fail sharp and continued advances of the previous weekly
to force suitable action it will at least be known period occasioned a good deal of profit-taking and
throughout the land where the actual responsibility precautionary liquidation. Unsettlement also was
caused in some degree by the growing realization
lies.
The actual aggregate of excess reserves over re- of the inherent dangers of the tremendous accumulaquirements was $3,010,000,000 on Oct. 30. The ad- tion of excess reserves. But such factors again
vance of $80,000,000 in the week covered by the latest dwindled in importance as investment and specubanking statistics once again was due almost en- lative interest was stimulated by some good reports
tirely to large gold imports and to Treasury expendi- of earnings of the largest steel companies and by
tures from its own funds. Monetary gold stocks of increases of motor company earnings and dividends.
the country increased $57,000,000, but for the time The advancing tendency of stock prices was resumed
being the Treasury deposited only $47,501,000 gold on Thursday and continued yesterday, so that net
certificates with the fund in Washington. The gold movements were small for the week, and in some
certificate holdings of the 12 Federal Reserve banks instances favorable. Some prominent stocks were
increased to $7,026,623,000 on Oct. 30 against $6,979,- at best levels of the movement yesterday. The ad122,000 on Oct. 23. Cash in vaults increased mod- vances, moreover, were rather general, whereas deestly, and total reserves thus moved up to $7,285,- clines of the early session had a more spasmodic char303,000 from $7,230,201,000. Federal Reserve notes acter. Turnover in the full sessions on the New York
in actual circulation expanded to $3,511,319,000 from Stock Exchange averaged close to 2,000,000 shares.
$3,504,866,000. Member bank balances on reserve
The session last Saturday was active, with most
account moved up to $5,652,989,000 on Oct. 30 from prominent groups of stocks improved. Motor and
$5,575,016,000 on Oct. 23, but Treasury deposits on equipment stocks showed excellent results in the
general account fell in the same period to $60,279,000 brief trading period. Profit-taking was in evidence
from $98,919,000. These changes, together with from the start on Monday, and in that session most
small alterations in other deposits, increased total of the leaders of the previous advance suffered recesdeposits to $6,009,414,000 from $5,965,701,000. The sions. Renewed demand appeared at the lower
ratio of total reserves to deposit and Federal Re- levels, however, and the market firmed late in the
serve note liabilities combined increased to 76.5% day. Several important groups, such as the copper,
on Oct. 30 from 76.3% on Oct. 23. Discounts by the food and rail equipment stocks, showed small ad-
D
N
N
2782
Financial Chronicle
Nov. 2 1935
vances. Movements on Tuesday were small and
The stock market was mostly irregular this week,
irregular, with money market factors an influence with trading volume fairly well maintained. In the
as banks here decided to increase the call and time early sessions prices of equities showed a general
loan rates from the absurdly low figure of 1/
4% preva- decline, but on Thursday the market grew firm, and
lent for months. Realization sales unsettled the this tone was in evidence on Friday. Net gains for
motor and merchandising groups of stocks, but steel the week were moderate, and in a few instances quite
and utility issues were in demand and closed higher. favorable. General Electric closed yesterday at 36
The tendency Wednesday was definitely downward against 351
/
4 on Friday of last week; Consolidated
in nearly all sections of the market. Utility stocks Gas of N. Y. at 29% against 29½; Columbia Gas &
held better than others, owing to the good showing Electric at 15% against 141/
2; Public Service of
of that industry, but other groups drifted steadily N. J. at 443
/
s against 431/4; J. I. Case Threshing Malower, and closings were at sharply reduced levels chine at 1051/
4 against 9834;International Harvester
in some instances. But the trend turned upward at 581/
2 against 58%; Sears, Roebuck & Co. at 591/
4
again on Thursday, with motor and steel stocks in against 601/
8; Montgomery Ward & Co. at 34 against
keen demand. Gains in other sections of the list 341/4; Woolworth at 59 against 571/
2, and American
were less pronounced, but they sufficed to wipe out Tel. & Tel. at 145 against 1443
/
4. Allied Chemical &
most of the losses of the previous day. The advance Dye closed yesterday at 164 against 169/
1
2on Friday
was resumed yesterday, rather broadly. Issues of of last week; Columbian Carbon at 973
4 against 95;
all descriptions tended to move forward, and record E. I. du Pont de Nemours at 1353
/
4 against 135½;
figures for the movement were attained in some National Cash Register A at 187
/8 against 197
/
8; Ininstances.
ternational Nickel at 32% against 31½; National
In the listed bond market mild uncertainty pre- Dairy Products at 17/
1
2 against 17½; Texas Gulf
vailed throughout the week. United States Govern- Sulphur at 32 against 31%; National Biscuit at 35
ment securities improved very slowly, but the move- against 317
/
8; Continental Can at 941/
2 against 943
/
4;
ment was definite and closings yesterday were higher Eastman Kodak at 1661/
2 against 163½; Standard
than a week earlier. Highly-rated utility, railroad Brands at 15 against 14; Westinghouse Elec. & Mfg.
and industrial bonds in the corporate section showed at 893
4 against 86%; Lorillard at 26 against 25/
1
4;
no changes of any significance. Speculative bonds United States Industrial Alcohol at 461/
2 against
were irregular,the downward movements of the early 46½; Canada Dry at 14/
1
4 against 11/
1
2; Schenley
sessions of the week being largely canceled in the Distillers at 547
4,and National Distill/8 against 491/
later advance. Italian bonds held well in the foreign ers at 327
/
8 against 321/
2.
dollar section, while movements elsewhere were
The steel stocks, in the main, closed higher yestersmall and irregular. Commodity price movements day than on Friday one week ago. United States
were mostly toward lower levels, but periods of Steel closed yesterday at 46% against 46% on Friday
strength cut the recessions to hardly more than of last week; Bethlehem Steel at 401/
8 against 393
/
4;
nominal amounts. In the foreign exchange markets Republic Steel at 181/
8 against 173
/
4,and Youngstown
new engagements of gold for shipment from Europe Sheet & Tube at 291/
4 against 271/
4. In the motor
to the United States were reported daily, but on a group, Auburn Auto closed yesterday at 371/2 against
small scale as compared with the flood of gold reach- 43/
1
4 on Friday of last week; General Motors at 541/
2
ing these shores previously. The European gold against 53/
1
2; Chrysler at 861/
4 against 87%, and
units were under mild pressure at times, but in gen- Hupp Motors at 3 against 3%. In the rubber group,
eral they held above the gold export points, indicat- Goodyear Tire & Rubber closed yesterday at 203
%
ing that hoarded gold from England supplied most against 201/
4 on Friday of last week; U. S. Rubber at
of the new shipments. There was a flurry of appre- 15 against 14%, and B. F. Goodrich at 11/
1
4 against
hension regarding Chinese units late in the week,and 10. The railroad shares are irregularly changed for
these currencies were sharply lower.
the week. Pennsylvania RR. closed yesterday at
On the New York Stock Exchange 208 stocks 27% against 27/
1
2 on Friday of last week; Atchison
touched new high levels for the year and 8 stocks Topeka & Santa Fe at 483
/
4 against 49%; New York
touched new low levels. On the New York Curb Central at 22% against 23½; Union Pacific at 95/
1
4
Exchange 135 stocks touched new high levels and against 961/2; Southern Pacific at 18/
1
4 against 183
/
4;
9 stocks touched new low levels. Call loans on Southern Railway at 91/
4 against 91/
8, and Northern
the New York Stock Exchange rose to 3
/
4% on Pacific at 17% against 16%. Among the oil stocks,
Wednesday of this week, which compares with 1/
4% Standard Oil of N. J. closed yesterday at 487
/8
the rate prevailing at the close on Friday of last against 491/
2 on Friday of last week; Shell Union
week. The present rate of 3
8, and Atlantic Refining at 231/
/
4% stands as the highest Oil at 12 against 111/
8
posted on the Exchange since April 12 last, when the against 23/
1
4. In the copper group, Anaconda Copagreement in force at that time for pegging call per closed yesterday at 217
/8 against 211/
8 on Friday
money at 1% was abandoned. The latter rate had of last week; Kennecott Copper at 27% against 25%;
been maintained by leading banks for over a year.
American Smelting & Refining at 601/
2 against 561/
8,
On the New York Stock Exchange the sales at and Phelps Dodge at 251/
8 against 243
/
8.
the half-day session on Saturday last were 1,182,530
Indications of the trend of trade and industry in
shares; on Monday they were 2,112,310 shares; on the United States as a whole were more favorable
Tuesday, 1,708,400 shares; on Wednesday, 2,146,900 than otherwise this week, but they still are someshares; on Thursday, 1,814,240 shares, and on Fri- what inconclusive. Steel-making for the week endday, 2,038,230 shares. On the New York Curb Ex- ing to-day was estimated by the American Iron and
change the sales last Saturday were 260,530 shares; Steel Institute at 51.9% of capacity against 51.8%
on Monday, 489,595 shares; on Tuesday, 377,905 last week. Although the current change is nominal,
shares; on Wednesday, 505,650 shares; on Thursday, the present figure represents a vast improvement
374,710 shares, and on Friday, 484,755 shares.
over last year, when the rate was 25% of capacity
Volume .141
Financial Chronicle
at this time. Electric power production, stimulated
by large sales of appliances, shows excellent results.
The Edison Electric Institute reports production for
the week ended Oct. 26 at 1,895,817,000 kilowatt
hours against 1,863,086,000 kilowatt hours in the
previous week and 1,677,229,000 kilowatt hours in
the corresponding week of last year. Car loadings
of revenue freight in the week to Oct. 26 totaled
707,826 cars, the Association of American Railroads
reports. This is a reduction of 25,121 cars from the
previous week, but an increase of 83,018 cars over
the figure for the same week of 1934.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 977
/
8c. as against 100/
1
2e. the
close on Friday of last week. December corn at
Chicago closed yesterday at 581/
4c: as against 61e.
the close on Friday of last week. December oats at
Chicago closed yesterday at 267
/8c. against 267
/8c.
the close on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 11.40c. against 11.30c. the close on
Friday of last week. The spot price for rubber
yesterday was 13.25c. as against 13.31c. the close on
Friday of last week. Domestic copper closed yesterday at 91/
4c., the same as on Friday of last week.
London
the price of bar silver yesterday was
In
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 of last week.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.915
/
8 as against
$4.91% the close on Friday of last week, and cable
transfers on Paris closed yesterday at 6.59/
1
2c. as
against .6.59%c. the close on Friday of last week.
European Stock Markets
RICE trends on stock exchanges in the leading
P
European financial centers were uncertain this
week, apparently because the factors of political unsettlement again were more numerous. The international difficulties occasioned by the war in Africa
and its European repercussions caused continued
anxiety in all markets, but the protestations of politicians were not always accepted at their face value
and the general opinion appeared to be that some
settlement will result from current diplomatic conversations. On the London Stock Exchange internal
political problems were added to those of the international variety, owing to the start of the election
campaign and the uncertainty that always overhangs
such events. In France, opposition to the deflationary program of Premier Pierre Laval made a pointed
appearance by means of adverse votes on some elements of the project in the Chamber Finance Commission. The German political situation remains obscure, but rising resentment over shortages of butter
and other important commodities is noted. Trade
and industrial reports from the leading European
countries were mildly favorable this week. In the
United Kingdom intense activity is reported in steel
and iron manufacture, probably because of the armament program. French business remains dull, but
some improvement is reported in Germany.
Business was restricted on the London Stock Exchange as trading started for the week. The election
campaign moved into full swing without delay and
the influence of the coming election was evident.
British funds drifted slightly lower, and small losses
2783
were recorded in most industrial stocks. Home rail
issues were steady, while some international securities showed small advances. The tone was not much
changed on Tuesday, when small recessions again
appeared in British funds. There was better demand,
however, for industrial stocks and most international securities improved. Gold mining shares
showed no changes of importance, but the trend was
firm. Although movements on Wednesday were narrow, the trend was firm in nearly all departments.
British funds reflected a resumption of investment
buying, owing to better reports regarding the international situation, and home rail stocks also were
better. The industrial group advanced generally,
while international issues held steady. The advance
was resumed on Thursday, still on a modest scale
and with trading volume small. British funds showed
small advances and similar movements prevailed in
industrial issues, but there were a few features
among the iron and steel shares. The international
group was irregular, with European loans improved
while Anglo-American trading favorites declined.
British funds were steady in a quiet session
yesterday, but industrial stocks remained in fair
demand.
Small declines were the rule on the Paris Bourse
as the trading started Monday, the movement being
attributed entirely to the numerous international
and internal political uncertainties. Rentes dipped
as the League continued to move toward sanctions
against Italy, and French equities also were soft.
African gold mining stocks presented one of the few
points of strength. After a firm opening on Tuesday,
prices again dipped on the Bourse, owing in chief
to indications of Parliamentary opposition to the deflationary program of Premier Laval. Rentes were
fractionally lower, and minor losses appeared also
in most French equities. The international group
was neglected. Initial dealings on Wednesday reflected new recessions, but improvement appeared
thereafter and part of the early losses was wiped out.
Not all of the losses were made up, however, and
most groups of issues showed small losses for the
session. The market on Thursday showed mild signs
of inflation apprehensions. Rentes continued to lose
ground, but there were good advances in some industrial and other equities, while international and gold
mining issues were in distinct favor. The Bourse
was closed yesterday in observance of All Saints
Day.
Trading on the Berlin Boerse was extremely quiet
in the initial session of the week, and the inactivity
of recent weeks thus was continued. Movements were
small in all departments, with gains somewhat more
numerous than losses. In another dull session on
Tuesday, most movements were adverse. Changes
were small and a few modest gains were interspersed
among the minus signs at the close. The tone was
good on Wednesday, especially in the fixed-interest
issue department, owing to celebration of "National
Savings Day." Funds were diverted to Government
and other bonds, which advanced, and the strength
was communicated also to stocks. A cheerful tone
again was in evidence on Thursday, with most sections of the market showing small advances on further investment buying. A few issues managed to
display gains of a point or more. Movements yesterday were adverse in all sections of the list at Berlin.
Equities and bonds alike were lower.
2784
Financial Chronicle
American Neutrality
Nov. 2 1935
such trade is conducted at the expense of human
life and misery.
The note transmitted to the League by Secretary
Hull acknowledges the communication from Geneva
and points out that the Government and people of
the United States are deeply interested in the prevention of war, and hence in the sanctity of treaties
and the promotion of peace in all parts of the world.
Various treaties and declarations are cited in which
the United States insisted upon pacific means in the
settlement of international disputes. "As regards
the situation now unhappily existing between Ethiopia and Italy," Mr. Hull continued, "I may point
out that the Government of the United States put
forth every practicable effort to aid in the preservation of peace, through conferences, official acts, diplomatic communications and public statements, and
emphasized particularly the principles of the Pact of
Paris and the high legal and moral obligations of the
signatories thereto. This country repeatedly expressed its anxiety and the hope that the controversy
would be resolved without resort to armed conflict
and the conviction of the entire nation that failure
to arrive at a peaceful settlement of the dispute and
the subsequent outbreak of hostilities would be a
world calamity." Acting upon its own initiative the
United States Government announced a number of
measures to avoid being drawn into the war, the
note stated. Among them are the Presidential embargo on the exportation of arms, ammunition and
implements of war to both belligerents, the warning
to Americans against traveling on belligerent vessels, and the general statement to American citizens
that transactions of any character with either belligerent nation would be at their own risk.
Mr. Hull took occasion, in his note to the League,
to emphasize particularly the assertion that these
measures are not intended to encourage transactions
with the belligerents, and that "our people might
realize that the universal state of business uncertainty and suspense on account of the war is seriously handicapping business between all countries,
and that the sooner the war is terminated the sooner
the restoration and stabilization of business in all
parts of the world, which is infinitely more important than trade with the belligerents, will be brought
about." Reiterating and reaffirming this policy with
respect to transactions with the belligerents, Mr.
Hull declared that the course thus pursued in advance of action by other Governments "represents
the independent and affirmative policy of the Government of the United States and indicates its purpose not to be drawn into the war and its desire
not to contribute to a prolongation of the war." Realizing the adverse effects of war, and the human
misery and threat to civilization that it entails, the
Secretary added, the United States "undertakes at
all times not only to exercise its moral influence in
favor of peace throughout the world, but to contribute in every practicable way, within the limitations of our foreign policy, to that end." This country, he said, "views with sympathetic interest the
individual or concerted efforts of other nations to
preserve peace or to localize or shorten the duration
of war."
MERICAN policy with regard to the Italo-Ethiopian war and its repercussions at Geneva received a modest measure of elucidation last Saturday, when a note was sent to the League of Nations
in reply to the suggestion that non-member States
communicate their opinions or their decisions to take
action in the present circumstances. A further and
more enlightening indication of policy was made
available Wednesday, when statements were issued
by President Roosevelt and Secretary of State Cordell Hull urging Americans once again to desist from
trade with both belligerents. The League communication, like many of the general statements now being made by the heads of Governments in Europe,
can only be construed as an effort to involve the
United States again in the tangled skein of European
affairs. It set forth the steps taken against Italy
and to all intents and purposes invited similar actions by the non-member States. The reply by Secretary of State Cordell Hull, made after extensive conferences with President Roosevelt, is an exceedingly
sympathetic document, which proclaims in a breath
the American purpose not to be drawn into the war
and not to contribute to a prolongation of the war.
Unfortunately, however, it lacks that stern emphasis
upon American aloofness which would be most fitting at this juncture and calls to mind the statement
by Ambassador-at-large Norman H. Davis, made at
Geneva in 1933, that the United States is willing to
refrain from any action tending to defeat collective
measures against a violation of international peace.
This communication apparently was considered by
President Roosevelt and Secretary Hull an insufficient statement of American policy, for two pronouncements were issued on Wednesday in which
Americans were warned against trading with the
belligerent nations. In these statements, a dispatch
to the New York "Herald Tribune" remarked, the
isolationist doctrine to keep away from entanglements is reiterated, but the undercurrent of sympathetic co-operation with the League's program runs
even more strongly. President Roosevelt remarked
that he had previously carried into effect the will
and intent of the neutrality resolution adopted by
Congress, and had stated that transactions by Americans with either of the belligerents would be at their
own risk. "This Government is determined not to
become involved in the controversy, and is anxious
for the restoration and maintenance of peace," the
President continued. "However, in the course of
war, tempting opportunities for trade may be offered
to our people to supply materials which would prolong the war. I do not believe that the American
people will wish for abnormally increased profits
that temporarily might be secured by greatly expanding our trade in such materials; nor would they
wish the struggles on the battlefields to be prolonged
because of profits accruing to a comparatively small
number of American citizens. Accordingly, the
American Government is keeping informed as to all
shipments consigned to both belligerents." Mr.
Roosevelt indicated in a press conference that he personally had discouraged a large shoe manufacturing
concern from filling an order from the Italian GovEuropean Diplomacy
ernment, for shoes suitable for use by troops. Secretary Hull issued a general statement on the same
OTWITHSTANDING many and puzzling inday, calling upon American citizens to desist from
consistencies, Europe seems to be moving raptrading with Italy or Ethiopia and declaring that ]dly toward some sort of settlement of the difficul-
A
N
Volume 141
Financial Chronicle
ties aroused by the Italian war of aggression against
Ethiopia. British statesmen, quite possibly with the
current election campaign in mind, have been making
dire predictions of additional trouble and suggesting the need for vast increases in British armaments.
The League has proceeded slowly with its program
of sanctions, the immediate rate of progress being
in sharpest possible contrast to the rapid voting of
five types of sanctions late in October. From Paris
have come reports, at first denied in London, that
plans for settlement of the African problem are being
drawn up by experts of the British, French and Italian Governments. Italy has withdrawn some troops
from its colony of Libya, which adjoins Egypt, but
Britain has recalled only a few ships from the Mediterranean and such vessels have been replaced by
others. But in that connection the British election
again may possibly be the sufficient explanation.
London and Paris, meanwhile, seem to be drawing
closer in a military sense, for their experts have been
drafting joint naval plans to fit various contingencies. Some of the best informed European observers
contend that the various lines of development will
tend to merge toward a reasonably understandable
center only after the British election is held on
Nov. 14.
The importance of the British attitude in the
present situation cannot be exaggerated, for it
was entirely at British insistence that the League
moved toward sanctions against Italy. Prime
Minister Stanley Baldwin, speaking to his constituents late last week, made the surprising declaration that the British fleet, acting alone, might
be compelled to blockade an aggressor nation in
carrying out League sanctions. The statement
appeared to fit in poorly with his previous assurances that military sanctions would not be imposed against Italy by Britain alone. The only qualification in the fresh speech was a statement that the
Conservative Government would not take a move of
that sort unless assured beforehand of the sympathetic attitule of the United States. Mr. Baldwin
found it advisable on Monday to add in another election campaign speech that he did not believe the
need for a military blockade could arise in the current situation, and he carried the matter over into
the general field by asserting that the risks of action
are inseparable from the League of Nations, as at
present constituted. In the course of that address,
and again on Thursday, Mr. Baldwin declared pointedly that he still hoped for American participation
in the League and its activities.
Geneva activities this week consisted mainly of the
receipt of acceptances from many nations of the various sanctions proposals. Proposals 1 and 2, calling
for embargoes on arms shipments to Italy and financial assistance to that country, have been in practical
effect for some time. Member States had been asked
to communicate to the League by last Monday their
acceptances of Proposal 3, which forbids imports by
member States from Italy. On the appointed date
only 10 acceptances were available, but they were received in greater numbers subsequently and more
than 30 countries now have indicated acceptance.
Proposal 4, forbidding the exportation of a number
of key commodities to Italy, also received the acceptance of numerous member States. The approving
nations included the largest countries still adhering
to the League, and it may be significant that some
small States made numerous reservations. A co-
2785
ordinating committee was to meet Thursday and
name a date for applications of the sanctions, but
delay was the order of the day,lending color to the
statements that three-cornered peace negotiations
were in progress.
The prospect of sanctions clearly was one that the
Italian Government and people did not relish. Italy
celebrated last Monday the 14th anniversary of the
march on Rome and the establishment of Fascism,
but all reports from Rome agreed that the fetes were
subdued, with the people most anxious concerning
the adverse opinion of the world on their African
adventure. But Premier Benito Mussolini suddenly
resumed his sanguine speech-making as the celebration started, and he uttered defiances of the entire
world. Defensive measures against the sanctions
also were announced, Tuesday, in the form of edicts
for several meatless days in each week, early closing
of offices to save fuel, and similar steps. On Thursday an Italian spokesman indicated at Geneva that
Italy is willing to negotiate for peace before being
subjected to an international series of sanctions.
But there is some evidence to support the hypothesis
that the outline of a settlement already has been considered and perhaps even approved by Great Britain,
France and Italy, in concert. The plans may be
upset, on the other hand, by such incidents as those
reported on Thursday from Rome, where rioting
young Italians stormed stores they believed to be
British, and even moved toward the British Embassy
until the police turned them back. British spokesmen continued to insist they will not withdraw their
fleet from the Mediterranean until Anglo-Italian
problems reach adjustment.
It is more than possible that all these developments are of relatively little significance as compared to the resumption of direct exchanges on a
basis of settlement by British, French and Italian
statesmen. Paris reports of last Saturday gave the
first indications of such conversations, after consultations between Premier Pierre Laval and Sir
George Clerk, the British Ambassador to France.
The Italian Government, it was made known, had
suggested peace on the basis of a division of Ethiopia
into two zones, with Italy to receive possession of a
large area adjoining her present African colonies
and virtual control of a further inland slice which
might possibly exclude the Lake Tsana district in
which Great Britain is interested. This suggestion,
transmitted through the French Premier, appears
to have been received coldly by London. But the
doors were not shut, for there was much additional
diplomatic activity this week. Joint Anglo-French
proposals were said to have been worked out by
Tuesday for submission to Premier Mussolini as an
alternative to the first set of suggestions. It was
admitted in London, the same day, that negotiations
were in progress. Sir Samuel Hoare, Foreign Secretary in the British Cabinet, insisted on Wednesday
that the m.oves toward settlement are within the
framework of the League and do not indicate any
change in British policy.
The War in Ethiopia
Eritrea
toward the south, and from Italian
ROM
Somaliland northward, the forces of Premier
Benito Mussolini started another vigorous push over
the last week-end in their endeavor to gain military
control of Ethiopia. Engagements in the north have
been entirely of a minor character, and the move-
F
2786
Financial Chronicle
ment there can hardly be said to resemble warfare.
The Italian troops marching from Somaliland, however, have encountered some opposition, and a few
killed and wounded were reported on both sides late
this week. The problem of water and transport
remains the chief one faced by the Italians as they
moved cautiously into Ethiopian territory. They
captured numerous wells as they moved this week
some 25 miles south toward Makale, and perhaps an
equal distance northward toward the defiles leading
into the Ethiopian highlands. In all instances, however, the water supplies were polluted, making it
necessary to carry water great distances for the
supply of the troops. Ethiopian resources are being
mobilized steadily for resistance to the Italians at
some future date. It is well recognized that Ethiopian strategy calls for patience until the Italians
have penetrated far into the country, and really
important battles probably will not develop for
some time.
In the meanwhile, British, French and Italian
negotiators quite possibly will settle the entire business to their own liking and quite without reference
to any desires of the Ethiopians themselves. The
British Foreign Secretary, Sir Samuel Hoare, has
indicated that current negotiations are within the
framework of the League of Nations, which may
mean that Emperor Haile Selassie will be left some
formal remnants of sovereignty in any settlement.
The numerous ."war correspondents," meanwhile,
are sending tedious descriptions of the simple
maneuvers and the complicated rumors, while
lengthy descriptions of their own exploits by airplane, muleback and on foot also jam the overworked
communication facilities. The actual war in Ethiopia promises to be the best publicized and least
significant in history.
BritishElection Campaign
HROITGHOUT the United Kingdom election
appeals thundered this week, as the campaign
proclaimed by Prime Minister Stanley Baldwin, with
the approval of King George, got under way. The
ruling Conservatives, well organized, got off to a
flying start, judging by available reports, and the
issues in the campaign are chiefly of the Conservatives' own making. Mr. Baldwin and his associates
are appealing for election on a program of peace
through co-operation with the League of Nations,
while Great Britain increases her armaments to meet
any eventualities that may arise. Apparently, this
theme was overworked a bit late last week, when the
Prime Minister solemnly declared that the sanctions
at Geneva might lead to a naval blockade of Italy.
In another address, last Monday, he qualified the
statement by saying that the question of blockades
probably would not arise out of the present situation, while British policy in any event would be
directed toward that end only if London were
assured of the "sympathetic" support of the great
non-member States.
Sir Herbert Samuel, head of one of the Liberal
groups, predicted, in the course of his campaigning,
that Winston Churchill would be made a Cabinet
member in charge of the defense services in a Conservative victory, and on the basis of such a "swing
to the right," with a general increase in armaments,
opposition to the Conservatives is being fomented.
C. R. Attlee, leader of the Labor pprty since the
resignation of George Lansbury, is campaigning en-
T
Nov. 2 1935
tirely on a peace issue. He is opposing the Conservatives on the plea that the ruling group is asking
a blank check for rearmament, and urges that the
Conservatives really want large armaments so that
the old game of international power politics can be
played to better advantage. It is generally conceded
that the Conservatives will retain control of Parliament as a result of the election, but the Laborites
probably will triple the representation of 50 left to
them in the "panic election" of 1931. Some observers
believe the Liberals also may make some gains. In
the House prorogued last week the Conservatives
had a majority of 400.
French Deflation Program
EVERAL weeks probably will elapse before the
French Parliament reassembles to debate the
urgent question of the numerous decrees promulgated by Premier Pierre Laval under the emergency
powers granted last summer, but already difficulties
are crowding the political path of the Laval regime.
The Finance Commission of the Chamber of Deputies
met last week to whip the decrees into shape for
enactment into law. It was understood when the
emergency powers were granted that they would be
subject to review and acceptance or rejection by the
next session. The period of Parliamentary trial is
almost at hand, and the reaction of the Chamber
Finance Commission is not comforting to M. Laval
and his supporters. Several of the important decrees curtailing Government expenditures were modified materially as the laws were drafted. On
Wednesday the Commission voted overwhelmingly to
exempt large groups of small rentiers and war veterans from the 10% reductions provided by the
decrees, while in other matters also the Commission
took decisions adverse to the Premier's program.
Premier Laval objected to this procedure, and he will
be heard by the Commission next week. The Cabinet
promulgated on Wednesday more than 300 additional decrees, but they are mainly administrative
and of no great significance in the general scheme
of deflation.
S
Japan
HERE is no denying the generally good effects
of such international amenities as the visit to
Japan this week by Vice-President John N. Garner
and a group of American Congressmen. Mr. Garner
and his associates were received with the utmost
courtesy when they landed at Yokohama last Monday, and they were feted royally in a stay that included a reception by Emperor Hirohito. But this
first visit of an American Vice-President to Japan
and the good-will it evoked may well prove to be but
an interlude in the tide of apprehension regarding
Japanese intentions and practices in Eastern Asia.
No indications have become available of a satisfactory adjustment of the recent Russo-Japanese incidents on the border of Siberia and Manchukuo. Nor
is there any lessening of the aggressive tone of Japanese pronouncements regarding China.
Shanghai reports of Tuesday stated that fresh demands had been presented by Japanese officials on
that day for cessation of all "anti-Japanese activity"
in North China, with "vigorous steps" by the Japanese military as the alternative. The Japanese Ambassador to China, Akira Ariyoshi, declared pointedly that China had refused to live up to the terms
of agreements made early this year, and which all
T
Financial Chronicle
Volume 141
the world knows were forced upon China virtually
at the point of a gun. "The first essential for the
development of North China is a halt to the unrest•
and lawlessness and the establishment of a stable
and reliable Government of genuine permanency,"
the Ambassador stated. This statement rings oddly
in view of the fact, recognized by other nations at
least, that Japan exercises no sovereignty over North
China, and is not yet in a position to postulate the
"essentials of development" for the area. Declarations such as the one made by Ambassador Ariyoshi
foreshadow additional trouble in the Far East, and
it is clear that sound American policy dictates complete aloofness in order to avoid embroilment.
Bank of England Statement
HE statement for the week ended Oct. 30 reveals
another gain in gold amounting, in the present
instance, to £341,329 raising the total to another new
high of £195,521,966. This is the eleventh consecutive week in which a new high has been established.
A year ago the Bank's bullion amounted .to £192,650,024. Since the gain in gold was more than offset
by an expansion of £2,875,000 in circulation;reserves
decreased £2,533,000. Public deposits declined £9,099,000, while other deposits rose £5,286,386. Of
the latter amount £3,818,662 was an addition to
bankers' accounts and £1,467,724 to other accounts.
The reserve ratio dropped slightly to 37.76% from
38.49% a week ago; last year the ratio was 47.27%.
Discount Rates of Foreign Central Banks
HERE have been no changes during the week Loans on Government securities fell off £885,000 and
in the discount rates of any of the foreign those on other securities £384,016. Of the latter
Central Banks. Present rates at the leading centers amount £175,381 was from discounts and advances
and £208,635 from securities. No change was made
are shown in the table which follows:
the 2% discount rate. Below are the figures for
in
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
several years.
T
T
Rate in
Effect
Date
Nov. 1 Established
Country
Austria....
Batavia-Belgium—
Bulgaria...
Canada....
hile
Colombia..
zeohoslovakia.....
Danzig....
Denmark..
England...
Estonia__
Finland.—
France....
Germany...
Greets —...
Holland —
PreOnus
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
._
434
5
334
5
331
2
5
4
3
4
7
434
Jan. 25 1933
Oct. 2 I 1935
Aug. 21 1935
June 30 1932
Sept. 25 1934
Dec. 4 1934
Aug. 8 1935
Sept. 30 1932
Oct. 13 1933
Oct. 21 1935
434
6
234
234
534
434
334
5
734
5
Country
Rate in
Effect
Date
Nov. 1 Established
Hungary,. 4
India334
Ireland__ 3
Italy
5
Japan
8.65
434
Java
Jugoslavia. 5
Lithuania.. 6
Morocco... 634
Norway.... 334
.... 5
Poland
Portugal:. 4
Rumania_. 334
SouthAfrica 334
5
Spain
Sweden.— 234
Switzerland 234
Aug. 28 1935
Feb. 16 1934
Juno 30 1932
Sept. 9 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
May 15 1933
July 10 1935
Dec. 1 1933
May 2 1935
414
4
334
434
3
334
634
7
434
4
6
534
6
4
534
5
2
Foreign Money Rates
IN LONDON open market discount rates for short
1. bills on Friday were 9-16@4% as against 9-16@
4% on Friday of last week, and 4% for threemonths' bills as against 4% on Friday of last week.
Money on call in London on Friday was M%. At
Paris the open market rate was raised on Oct. 30
from 24% to 3%, but in Switzerland the rate
remains at 23%.
Bank of France Statement
HE statement for the week ended Oct. 25 shows
a gain in gold holdings of 195,375,638 francs.
Gold now aggregates 72,157,944,791 francs,compared
with 82,475,805,725 francs a year ago and 81,032,035,444 francs two years ago. French commercial
bills discounted and creditor current accounts register
increases, namely 375,000,000 francs and 872,000,000
francs respectively. The Bank's ratio which is now
at 74.92% compares with 80.29 last year and 79.11%
the previous year. Notes in circulation show a contraction of 371,000,000 francs, bringing the total of
notes outstanding down to 82,034,045,495 francs.
Circulation last year stood at 79,466,820,825 francs
and the previous year at 81,098,681,375 francs. The
item of advances against securities shows a loss of
31,000,000 francs. A comparison of the various items
for three years appears below:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Gold holdings
Credit bals. abroad_
•French commercial
bills discounted__
b Bills bought abr'd
Advs. asst. secure__
Note circulation _ _
Cred. curr. accounts
Proporn of gold on
hand to sight liab.
Oct. 251 935
Oct. 26 1934
Oct. 27 1933
Francs
Francs
Francs
Francs
+195,375,638 72,157,944,791 82,475,805,725 81,032,035,444
8,342,155
No change
9,728.271 1.284,769,727
+375,000,000 8,101,783,607 3,997.346,946 3.559,683,427
1.253.271,165
No change
921,605,416 1,301,728,104
—31,000,000 3,129,791,346 3.100.590,883 2,780,580,722
—371,000,000 82,034,045.495 79,466,820,825 81,098,681,375
+872,000,000 14,284,767,742 23,252,861,830 21,327,586,493
—0.18%
74.92%
80.29%
79.11%
a Includes bills purchased in France. b Includes bills discounted abroad.
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Prepious
Rate
Oct. 30
1935
oa. 31
1934
Nov. 1
1933
Nov. 2
1932
Nov. 4
1931
£
£
£
£
X
399,889,000 378,369,499 372,197,364 361,472,011 358,856,922
Circulation
26,225,000 16,893,757 7,541,285 7,018,532 19,877,160
Public deposits
121,076,565 140,231,352 154,350,535 137,569,460 101,144,854
Other deposits
Bankers'accounts. 82,524.413 100,419,410 110,643,752 102,671.840 60,936,340
Other accounts— 38,552,152 39,812,122 43.706,783 34,897,620 40,208,514
85.890,999 80,894,164 77,020,905 78,813,094 57.825.906
Gov't securities
23,480,737 19,648,873 23,019,131 29,489,559 42,841,379
Other securities
Disct.,k advances 11,210,370 8,901,297 8,647,880 11,593,766 10,750,890
12,270,367 10,747,576 14,371,251 17.535,793 32,090,489
Securities
Res've notes az coin._ 55,634,000 74,280,525 79,560,327 53,988,412 38,051.882
Coln and bullion__ 195,521,966 192,650,024 191,757,691 140,460,423 121,908,804
37.78%
Prop.of res. to nab__
47.27%
49.14%
37.33%
31.44%
Bank rate
2%
2%
2%
2%
6%,
New York Money Market
CHANGE for the better at length is to be noted
in the New York money market, less through
demand for accommodation than by what might be
called a gentlemen's agreement among the banks to
maintain call and time loans at levels that afford
some slight remuneration. Beginning Tuesday, one
of the large banks advanced its charge for call loans
/
4% from 14%, and the higher rate was made
to 3
general on Wednesday. There have been no offerings at concessions in the counter or street market.
Time loans gained slightly on Tuesday, as the move
to increase rates started, and by Wednesday such
accommodation was at 1% for all maturities up to
six months. The new figures compare with the uniform rate of 14% prevalent since last April. Other
departments of the money market were unaffected
by these changes. Bankers' bill and commercial
paper rates remained as before. The Treasury sold
on Monday two series of discount bills at extremely
low rates. One series of $50,000,000 bills, due in
133 days, was awarded at an average discount of
0.101%, while a further series of $50,000,000 went
at 0.169%, both computed on an annual bank discount basis.
A
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, Yi of 1%
remained the ruling quotation all through the week
for both new loans and renewals until Wednesday,
when the rate for both new loans and renewals was
3
of 1%. The 3 of 1% rate
raised M of 1% to %
had been maintained uniformly ever since April 22
1935. The market for time money was fairly active
on Monday and Tuesday at 4% and %% on all
maturities. On Wednesday rates advanced to 1%
for all maturities, and business immediately fell off.
D
2788
Financial Chronicle
Nov. 2 1935
Rates are now quoted at 1% for all maturities. PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
The demand for prime commercial paper has been Saturday,
Oct. 26
$35.00
$35.00 I Wednesday, Oct. 30
fairly active this week. Paper has been in good Monday, Oct. 28
35.00 I Thursday, Oct. 31
35.00
Tuesday, Oct. 29
Friday,
35.00
35.00
Nov.
I
1
supply. Rates are Y
i% for extra choice names
The volume of foreign exchange business is at an
running from four to six months and 1% for names
exceedingly low level. The security markets abroad
less known.
are also working in greatly reduced volume, although
Bankers' Acceptances
the day-to-day quotations for gilt-edged issues in
RANSACTIONS in prime bankers' acceptances both stocks and bonds display a firmer undertone.
have been slow this week, due to the shortage It would seem that throughout all markets the larger
of bills, the demand having been far in excess of interests are deferring commitments until the effects
the supply. Rates are unchanged. Quotations of of the sanctions policy can be. more clearly underthe American Acceptance Council for bills up to and stood. There is hesitancy because, while it is genincluding 90 days are 3-16% bid and A% asked; erally held that a European war will not develop, the
for four months,/
1 4.% bid and 3-16% asked; for five large financial interests in most markets are proceedand six months, M% bid and 5-16% asked. The ing with the utmost caution. These special features
bill buying rate of the New York Reserve Bank is of the present market have been manifest since early
M% for bills running from 1 to 90 days, Yi% for in October, and it may safely be said that there will
91- to 120-day bills, and 1% for 121- to 180-day be no change in the technical position of trading for
bills. The Federal Reserve banks' holdings of some weeks.
acceptances remain unchanged at $4,676,000. Open
There is some hesitancy in the foreign exchange
market rates for acceptances are nominal in so far market due entirely to the British elections, which will
as the dealers are concerned, as they continue to take place on Nov. 14.
fix their own rates. The nominal rates for open
At present, especially in the past four or five weeks,
market acceptances are as follows:
sterling is receiving considerable support through
SPOT DELIVERY
the heavy purchases of silver in the London market
-180 Days- -150 Days- -120 Days
Bid
Asked
Asked
Bid
Bid
Asked
for
United States Treasury account. These purPrime eligible bills
34
%
'is
't
34
-90Days- -80Days- -30Days
- chases have been particularly l'eavy in the past two
Bid
Asked Bid
Asked
Aasked
Bid
weeks, owing to the excessive dumping of Far EastPrime eligible bills
he
)f
3i
he
ern silver. It is confidently stated that the daily
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
35% bid
purchases of spot silver for United States account
Eligible non-member banks
35% bid
have been amounting to between 3,000,000 and 4,Discount Rates of the Federal Reserve Banks 000,000
ounces. The United States Treasury is
HERE have been no changes this week in the absorbing virtually all spot offers.
rediscount rates of the Federal Reserve banks.
The spot price of silver has been ranging consistThe following is the schedule of rates now in effect ently close to 29 5-16d. per ounce, but in Tuesday's
for the various classes of paper at the different market the forward quotation dropped 3/
8d. to an
Reserve banks:
even 29d. per ounce. Only once before during the
DISCOUNT RATES OF FEDERAL RESERVE BANKS
entire period ofigrave disturbance in the silver market
which has accompanied the execution of the American
Rate in
Federal Reserve Bank
Previous
Effect on
Date
silver program has such a discount appeared. This
Noe. 1
Established
Rate
Boston
occurred last August, when for one day a discount of
Feb. 8 1934
2
234
New York
2
Feb. 2 1934
134
Philadelphia
Jan. 17 1935
2
7-16d.
235
appeared. Some well-informed opinion holds
Cleveland
May II 1935
2
134
Richmond
May 9 1935
2
234
that
the
forward price may go lower. Support for
Atlanta
2
Jan. 14 1935
234
Chicago
Jan. 19 1935
235
2
the forward market in London appears to be coming
St. Louts
Jan. 3 1935
235
2
Minneapolis
May 14 1935
2
231
from only one source. Holders of silver in London
Kansas City
May 10 1935
2
235
Dallas
2
May 8 1935
234
are selling spot supplies to the American Treasury,
San Francisco
Feb. 161934
24
2
adding to the pressure on the spot market, and are
Course of Sterling Exchange
buying in futures. This is being done apparently
TERLING exchange and the major European only by those who actually need to hold their silver
currencies continue to display greater steadiness stocks in London.
Sterling is also finding some support in the gold
in terms of the dollar, as the feeling grows that the
European nations will not become involved in war sales in London. A peculiar feature of the gold transactions this week was the reported purchase by the
because of the Italo-Ethiopian conflict.
The range for sterling this week has been between Bank of the Netherlands of 20,000,000 guilders of
4 and $4.92 for bankers' sight bills, compared gold from the British Exchange Equalization Fund.
$4.913
with a range of between $4.91 and $4.921
4last week. It is also asserted that the Equalization Fund has
The range for cable transfers has been between been offering gold in the London open market after
8, compared with a range of be- the price has been fixed at 11 a. m. on the basis of
/
2 and .923/
$4.913
the then known supply. These transactions make
tween $4.913/ and $4.923j a week ago.
it
difficult to keep track of the exact amount of gold
The following tables give the mean London check
sold
in London at present. For instance, on Monday
on
Paris from day to day, the London open
rate
market gold price, and the price paid for gold by the of this week the available supply at "fixing" time was
£80,000 and the price was 141s. 6d. Had the EqualUnited States:
ization Fund offered additional gold during the day,
MEAN LONDON CHECK RATE ON PARIS
74.562 I Wednesday, Oct. 30
Saturday, Oct. 26
74.634
there would be no means of ascertaining how much
74.565 I Thursday, Oct. 31
Monday, Oct. 28
74.625
it had sold or of learning the price or the purchaser.
74.595 I Friday,
74.612
Nov. 1
Tuesday, Oct. 29
Much of the gold which came to New York from.
LONDON OPEN MARKET GOLD PRICE
141s. 6d.
I Wednesday, Oct. 30___141s. 4d.
Saturday, Oct. 26
England
in recent weeks is believed to have been sold
Monday, Oct. 28
141s. 6d.
I Thursday, Oct. 31_ __141s. 5d.
Equalization Fund.
Exchange
by
the
Tuesday, Oct. 29
141s. 430. I Friday,
Nov. 1..._141s. 7d.
T
T
S
Volume 141
Financial Chronicle
It is understood that ever since early last week the
foreign exchange market has been in such complete
equilibrium that the exchange control has had very
little occasion to intervene.
The flow of uneasy European funds to this side
is now less excited than it has been since the heavy
gold movement from Europe to the United States
began on Sept. 9. Nevertheless, there is a steady
flow of European money to this side for investment
in the New York security market, creating pressure
against sterling and offsetting to a great extent the
heavy purchases for United States Treasury account
in London. At present it is reported that there is a
decided movement of Swiss funds to American securities. However, not all of this buying is immediately against the pound, as there is a great deal of
buying of American securities listed in London.
These purchases are made through English houses
rather than through London branches of New York
Stock Exchange concerns. In the long run, however, these transactions serve to strengthen the dollar against the pound.
British business continues to show a steady upward trend, especially in capital goods. The London
"Economist" index of business activity, which is
adjusted for seasonal variations, rose sharply in
August and September.
Money continues abundant in the London open
market, with rates showing hardly any change from
day to day, except occasionally on bills of longer
maturity, four and six months. Call money against
bills is in supply at
Two-months' bills are
9-16% to 4%; three-months' bills 4% to 11-16%;
four-months' bills 11-16% to %%, and six months'
bills 4
3 % to %%.
Gold on offer in the London market this week—
that is, gold made available at the official fixing hour,
and not including afternoon sales by the exchange
control or any other source—was as follows: On
Saturday, £70,000; on Monday, £80,000; on Tuesday,
£190,000; on Wednesday, £300,000; on Thursday,
£156,000, and on Friday, 06,000. On Thursday
the Bank of England bought £455,865 in gold bars.
At the Port of New York the gold movement for
the week ended Oct. 30, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,OCT.24-OCT. 30,1 NCLUSIVE
ImportsExports
$26,232,000 from England
14,090,000 from France
4,844,000 from Canada
2,726,000 from India
None
474,000 from Ecuador
217,000 from Chile
139,000 from Holland
5,000 from Guatemala
$48,727,000 total
Net Change in Gold He d Earmarked for Foreign Account
Increase: $106,700
Note—We have been notified that approximately $395,000 of gold was
received from China at San Francisco.
The above figures are for the week ended on
Wednesday. On Thursday $4,924,200 of gold was
received, of which $2,960,300 came from France,
and $1,963,900 from England. There were no
exports of the metal or change in gold held earmarked for foreign account. On Friday $6,069,100
of gold was received, of which $2,543,500 came from
France, $2,089,000 from England, $922,100 from
India and $514,500 from Holland. There were no
exports of the metal or change in gold held earmarked for foreign account. It was reported on
Friday that $86,000 of gold was received at San
Francisco from China.
2789
Canadian funds during the week were quoted in
terms of the dollar from a discount of 11
4% to a discount of 31-32%.
Referring to day-to-day rates, sterling exchange on
SatUrday last was steady in dull trading. Bankers'
/
2@$4.914, cable transfers $4.91/
sight was $4.911
5
er$4.9134. On Monday the pound was firmer in a
slightly active market. The range was $4.914@
.913
4 for bankers' sight and $4.911
/@$4.91%
for cable transfers. On Tuesday sterling continued
to display a firm undertone. Bankers' sight was
8.
4@$4.92; cable transfers $4.91%@$4.923/
$4.913
On Wednesday the pound was steady. The range
was $4.913
4@$4.917
/for bankers' sight and $4.91%
@$4.92 for cable transfers. On Thursday the market
continued quiet and was slightly easier. The range
/
2
was $4.914@$4.91% for bankers' sight and $4.911
@ .91% for cable transfers. On Friday sterling
was steady, the range was $4.914@$4.914 for
bankers' sight and
.913/2@$4.913
4 for• cable
transfers. Closing quotations on Friday were $4.91M
for demand and $4.91% for cable transfers. Commercial sight bills finished at $4.9014, sixty-day
bills at $4.904, ninety-day bills at $4.903', documents for payment (60 days), at $4.9054 and sevenday grain bills at .913/. Cotton and grain for
payment closed at $4.903.
Continental and Other Foreign Exchange
VRENCH francs have been exceptionally steady
for the past few weeks, moving generally just a
fraction above the lower export point for gold from
Paris to New York. However, the franc went below
the gold point on Thursday. This was due to inactivity ip Paris, as the Bourse closed not to reopen
until Monday, in observance of All Saints and All
Souls holidays.
Premier Laval, who appeared before the Chamber
of Deputies Finance Commission last week, recalled
the situation existing when he took over power and
was faced with a 7,000,000,000-franc deficit and the
Treasury's need for 10,000,000,000 francs at a time
when gold exports totaled almost the latter figure.
He stated that the decree laws had made it possible to
effect economies or to create resources of about
11,000,000,000 francs, of which 6,700,000,000 francs
are for the State's budget. He said that the increase
in the national budget will not be more than 4,000,000,000 francs. M. Laval is understood to have
asserted that the creation of an extraordinary budget,
even if it included expenditures which should normally be in the ordinary budget, was justified by
the present exceptional circumstances surrounding
international affairs. The foreign exchange market
has been so quiet and the franc has ruled so steadily
just above the lower gold point, that the British
exchange control has had very little occasion to intervene in the market in behalf of either sterling or the
franc during the past week. In five weekly statements of the Bank of France, issued during October,
the gold holdings of the Bank showed an increase of
279,065,547 francs. The Bank's ratio on Oct. 24
stood at 74.92%, which compared with 80.29% a
year earlier and with legal requirement of 35%.
There is nothing new in the situation of the Italian
lira. The lira, par 8.91, has ruled this week between
8.113/2 and.8.13, having been held at this level by close
co-operation between the Bank of France and the
Italian exchange control. The current statement of
the condition of the Bank of Italy shows that between
Financial Chronicle
2790
Oct. 10 and Oct. 20 the Bank's gold reserves declined
88,000,000 lire. At the end of September, that is,
before war operations really began, it was estimated
that the East African campaign had cost the Italian
Treasury 2,280,000,000 lire, or more than $190,000,000.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
16.95
8.91
32.67
68.06
Range
This Week
6.58% to 6.593i
16.833i to 16.853
8.113i to 8.13
32.48 to 32.54
67.87 to 67.96
Nov. 2 1935
cable transfers at 67.96, against 67.90; and commercial sight bills at 67.93, against 67.87. Swiss francs
closed at 32.503, for checks and at 32.513/ for cable
transfers, against 32.48 and 32.49%2'. Copenhagen
checks finished at 21.94 and cable transfers at
21.95, against 21.94 and 21.95. Checks on Sweden
closed at 25.34 and cable transfers at 25.35, against
25.34 and 25.35; while checks on Norway finished
at 24.69 and cable transfers at 24.70, against 24.70
and 24.71. Spanish pesetas closed at 13.65 for
bankers' sight bills and at 13.66 for cable transfers,
against 13.653/i and 13.663/2.
XCHANGE on the South American countries
presents no new features of importance from
recent weeks. Rates are relatively firm and steady,
moving in sympathy with sterling exchange, though
the market for most of the South American units is
limited in New York. The South American exchanges are now enjoying a greater freedom from regulation and the governments are inclined to lift restrictions on imports. Argentine imports for nine
months ending in September showed an increase in
value of 10.1%, and an increase in volume of 11.7%,
over the corresponding period of 1934. Most of the
increase in imports took place in the third quarter.
At the end of last June Argentina's export balance was
running 60,000,000 pesos ($19,656,000) ahead of
last year. The sudden expansion of imports in most
of the South American countries indicates, fundamental strength in the economic situation of the
respective countries.
Argentine paper pesos closed on Friday, official
quotations, at 32.76 for bankers' sight bills, against
32.76 on Friday of last week; cable transfers at 32%,
XCHANGE on the countries neutral during the against 32 8. The unofficial or free market close
war presents mixed trends. The Scandinavian was 27.15@273., against 271%. Brazilian milreis,
units, sterling bloc currencies, moved in close sym- official rates, are 8Y4 for bankers' sight bills and 8.45
pathy with the pound and in consequence are rela- for cable transfers, against 83'1 and 8.45. The untively steady. Swiss francs, while relatively easy official or free market close was 5.60 against 5.65.
in terms of the dollar, are inclined to firmness with Chilean exchange is nominally quoted on the new
respect to most of the European currencies. The basis at 5.19, against 5.19.. Peru is nominal at 24.91,
Spanish peseta is held by the Spanish exchange con- against 24.94.
trol in close relation to the French franc. The market
XCHANGE on the Far Eastern countries •confor exchange on Madrid is extremely thin in New
tinues to occupy the center of interest in the
York. There is a relatively steady flow of Swiss
funds to the New York security market. This is a foreign exchange market owing to the drastic derecent development and is not expected to attain cline of the Chinese units brought about by the flight
large proportions. Several times last week and again of silver from China to the London market. The
this week the unit in New York dropped below 32.49 movement of silver from China to London has been
going on for the past few years under the stimulus
as against par of 32.67.
of
since
high silver prices inaugurated by the United States
time
are
firmer
than
at
any
Holland guilders
August.
pressure
in
and
Treasury.
In the last year and a half, despite reguJuly
under
the guilder was
Bank
lations
Netherlands
the export of silver decreed by
the
forbidding
this
week
again
week
and
Last
was reported to be buying gold in London, appar- the Chinese National Government, smuggling has
ently chiefly from the British Equalization Fund. been carried on extensively until now the Shanghai
The Bank of the Netherlands is now in the strongest stocks are close to the vanishing point. In Thursposition it has reported since the early part of Sep- day's trading the Shanghai dollar declined to a new
tember. Its present gold holdings of 588,800,000 low level of 31.25. The decline in the value of the
guilders compare with a low point of 536,100,000 Shanghai dollar during October amounted to 17%.
The Hong Kong dollar has also been showing great
guilders on Sept. 30 and with 600,000,000 guilders
on Sept. 9, just before the influx of gold from Europe weakness throughout the month and in Thursday's
to this side began. It is generally understood that trading touched a new low of 44.62. Banks with
much Dutch capital which took flight to this side Far Eastern connections, it is reported, were inearly in September and more which went to Belgium formed that the Hong Kong bank, which manages the
a few months earlier is now returning to Amsterdam. Hong Kong dollar, had suspended support because
Most of the gold which Amsterdam bought recently of the slump in the Shanghai unit, which must not
be permitted to drift too far from the value of the
in London was left earmarked there.
Bankers' sight on Amsterdam finished on Friday Hong Kong currency if trade between the two cities
at 67.95, against 67.89 on Friday of last week; is not to suffer. Intrinsically, the Hong Kong dollar
The London check rate on Paris closed on Friday
at 74.60 against 74.54 on Friday of last week. In
New York sight bills on the French center finished on
Friday at 6.59 against 6.593 on Friday of last week;
cable transfers at 6.593' against 6.59%; and commercial.sight bills at 6.563/i against 6.56%. Antwerp
belgas closed at 16.85 for bankers' sight bills and at
16.853/ for cable transfers, against 16.833/ and
16.843/
2. Final quotations for Berlin marks were
40.24 for bankers' sight bills and 40.25 for cable
transfers, in comparison with 40.24 and 40.25.
Italian lire closed at 8.11 for bankers' sight bills and
at 8.12 for cable transfers, against 8.103/b and 8.113/2.
Austrian schillings closed at 18.80, against 18.81;
exchange on Czechoslovakia at 4.14, against 4.143's;
on Bucharest at 0.80, against 0.80; on Poland at
18.843/
2, against 18.853/2; and on Finland at 2.173/2,
against 2.173/2. Greek exchange closed at 0.933/2 for
bankers' sight bills and at 0.94 for cable transfers,
against 0.933' and 0.94.
E
E
E
Financial Chronicle
Volume 141
is viewed as stronger than the Shanghai dollar, for
it is backed by large amounts of silver, British and
other Government securities, although it is not convertible. Like the American dollar, each Hong Kong
dollar may be exchanged for another Hong Kong
dollar, but not for gold or silver.
Reports from the Far East state that the continued
sales of silver from China reflect partly the adverse
balance of Chinese trade and partly a flight of capital
from China in expectation of further depreciation and
ultimately devaluation of the Shanghai dollar at
some lower level. These reports also suggest that
the Shanghai dollar may eventually be linked with
the Japanese yen. Chinese speculators are bullish on
sterling and there is a great demand for sterling and
also for American dollars in the Chinese centers.
Japanese yen and the Indian rupee, both of which
units move in strict relation to sterling, are steady in
keeping with sterling quotations.
Closing quotations for yen checks yesterday were
283
%, against 28.74 on Friday of last week. Hong
Kong closed at 4432@45 1-16, against 4732@
48 15-16; Shanghai at 30%@313/
8, against 33%@
333/2; Manila at 50, against 49.95; Singapore at
57.70, against 57.65; Bombay at 37.13, against
37.12; and Calcutta at 37.13, against 37.12.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
p
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
OCT. 26 1935 TO NOV. 1 1935 INCLUSIVE
Country and Monetary
Unit
Noon Buying Rate for COW Transfers in New York
Value in United States Money
Oct. 26
Oct. 29
Oct. 28
Oct. 30
Oct. 31
Nor. 1
Europeg
f
$
$
$
$
Austria,schIlling
.187950* .187860• .187950• .187933* .188050* .187950*
Belgium, belga
168415 .168523 .168419 .168334 .168369 .168442
Bulgaria, lev
013250* .013375* .013375 .013375* .013475* .013575*
Czechoslovakia, kron .041387 .041397 .041382 .041380 .041375 .041366
Denmark krone
.219383 .219391 .219538 .219525 .219416 .219359
England, pound sterl'it 4.915833 4.914166 4.918166 .917833 4.914666 4.914250
Finland, markka
.021680 .021666 .021670 .021680 .021666 .021680
France, franc
086903 .065902 .065927 .065906 .065890
Germany, reichsmark 402314 .402325 .402328 .402292 .402328 .065888
.402275
Greece, drachma
009385 .009382 .009387 .009407 .009404 .009392
Holland, guilder
.678676 .678776 .679014 .678676 .679035 .679228
Hungary. pengo
.297000* .296375* .296875 .296375* .296375* .297075*
Italy. lira
.081192 .081208 .081132 .081130 .081161 .081156
Norway, krone
.246866 .246875 .247113 .247089 .246970 .246835
Poland, zloty
.188416 .188416 .188400 .188340 .188333 .188380
Portugal, escudo
.044745 .044795 .044760 .0447M .044775 .044730
Rumania,leu
.007960 .007980 .007960 .007900 .007890 .007970
Spain, peseta
.136560 .136550 .136603 .136564 .136546 .136510
Sweden, krona
.253362 .253362 .253565 .253558 .253425
Switzerland, [rano__ .324789 .325035 .325189 .324985 .324942 .253308
Yugoslavia, dinar__ .022875 .022850 .022875 .022850 .022862 .325010
.022862
AsiaChinaCaere° (y win) doll' .331666 .332083 .321666 .312083 .308750 .305833
Hankow(yuan)dol'r .332083 .332500 .322083 .312500 .309166 .306250
Shanghtti(yuan) dol. .331875 .332083 .321875 .312083 .308958 .305833
Tlentain(yuan) dol'r .332083 .332500 .322083 .312500 .309166 .306250
Hong Kong. dollar_ .476562 .479375 .474062 .458750 .441666 .442187
India, rupee
.370530 .370590 .370895 .371075 .370620 .370510
Japan. yen
287030 .287175 .287150 .287190 .287215
Singapore (8. 8.) dol'r .575000 .575000 .575312 .575312 .575312 .287050
.575000
AustralasiaAustralia, pound
3.903125.3.900937'3.902187 3.902187* 3.900937'3.900625*
New Zealand, pound_ 3.926250.3.924062.3.924687.3.924687.3.923437.
3.923437*
AfricaSouth Africa, pound__ 4.874000* 4.859500•4.864000* 4.863500* 4.8600004
4.859750*
North AmericaCanada. dollar
.987604 .988020 .989557 .988515 .987760 .988880
Cuba, peso
.999200 .999200 .999200 .999200 .999200 .999200
Mexico, peso (silver). .277750 .277675 .277675 .277675 .277675 .277675
.984875 .985375 .987187 .986062 .985375 .986437
Newfoundland, dol
South America.327650* .327312* .327800* .327800• .327650* .327625*
Argentina, peso
.084000. .083813. .083813 083813* .083816* .083813*
Brasil, mlirela
.050000* .050950* .050950* .950950* .050950* .050950*
Chile, peso
Uruguay, peso
.805250• .801500* .801500 .801500* .801500* .801500*
.565000* .558700* .557100 .656000* .567400. .567400*
Colombia. DOM
•Nominal rates; firm rates not available.
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
Oct. 31 1935, together with comparions as of the
corresponding dates in the $revious four years:
T
Ranks of-
1935
£
England_ _. 195.521,966
France a.... 577,263,558
Germany b
2,916,650
Spain
90,381,000
Italy
43,537,000
Neth'iands_
46.818,000
Nat'l Belg.
99,177,000
Switeland. 46.699,000
Sweden _ __.
21,031,000
Denmark..
6,555,000
Norway
6,602,000
2791
1934
£
192,650,024
659,806.445
3,085,650
90,630,000
66,712,000
73,476,000
74,656,000
67,241,000
15,663,000
7,396,000
6,580,000
1933
£
191,757,691
648,256.283
16,374,400
90,413,000
76,204,000
73,086,000
77,424,000
61,652,000
14,163,000
7,397,000
6,573,000
1932
£
140.460,423
663,272,079
37,698,150
90,311,000
62,615,000
86,240,000
74,565,000
89,164,000
11,442,000
7,400,000
8,014,000
1931
t
121,908,804
517,185,812
52,725,700
89,867.000
58,895,000
69,656.000
73,370.000
49.220.000
11.858,000
9,118,000
6,560,000
Total week_ 1,131,502,174 1,257,896,119 1,263,300,374 1,271,181,652 1,060,364,316
Prey. week_ 1.136.856.840 1.258.647_300 1.268.653449 1.267.755.627 1.667.182.740
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1.473,350.
Is the United States to Remain Neutral?
The American reply to the communication from
the Co-ordination Committee of the League of Nations, made public on Oct. 26, is in most respects a
model of diplomatic discretion. It answered the request for information by pointing out that the American Government, in regard to the Italo-Ethiopian
situation, had "put forth every practicable effort
to aid in the preservation of peace through conferences, official acts, diplomatic communications and
public statements, and emphasized particularly the
principles of the Pact of Paris and the high legal
and moral obligations of the signatories thereto."
It recited the issuance of President Roosevelt's proclamation under the neutrality Act "bringing into
operation ... an embargo on the exportation of arms,
ammunition and implements of war to both belligerents," and making it unlawful "for any American
vessel to carry arms, ammunition or implements of
war to any port of the belligerent countries or to any
neutral port for transshipment to or for the use of
either of the belligerents," together with the further
proclamation "warning American nationals against
travel on belligerent vessels and stating that such
travel would be at their own risk." It also instanced,
as "a most important step," the issuance later of
President Roosevelt's public statement "definitely
warning American citizens against transactions of
any character with either of the belligerent nations,
except at their own risk," and the supplementary
statement by Secretary Hull emphasizing the President's warning. The course which had been pursued,
it was declared, "represents the independent and
affirmative policy of the Government of the United
States and indicates its purpose not to be drawn into
the war and its desire not to contribute to a prolongation of the war."
The gratification with which the note is reported
to have been received at Geneva could hardly have
been due wholly to the statements just quoted, since
they do not go beyond a recital of facts and a reiteration of the general interest of the United States in
peace. In the closing paragraph of the note, however,
Secretary Hull, after again referring to the evils of
war and the peace policy of the Government, added
that the United States "views with sympathetic interest the individual or coneerted efforts of other
nations to preserve peace or to localize and shorten
the duration of war." General as this expression of
sympathy is, it appears to have been quite enough
to convince League circles that the United States,
while maintaining a form of neutrality, can in fact
be counted upon to give effective, if indirect, support
to League sanctions. It has been realized from the
first that the policy of sanctions would have only a
qualified success unless the nations that are not
members of the League acted in harmony with it, and
any evidence of co-operative action, however slight,
2792
Financial Chronicle
by the United States is easily the most substantial
endorsement that the League Powers could expect.
The question which now confronts the country is
whether the neutrality that has been proclaimed is
to be weakened by conduct which, while perhaps
technically correct in point of law, will have the
effect of sapping its force, and whether, while adhering to the forms of neutrality, other policies are to
be brought forward with which neutrality cannot be
made to harmonize. We have already expressed regret that Mr. Roosevelt, whose desire to keep the
United States wholly out of foreign entanglements
we have heartily commended, should have followed
his proclamation with an appeal to Americans not
to trade with either belligerent, and a warning that
if they did so it would be at their own risk. If the
comparative volumes of American trade with Italy
and Ethiopia were not so absurdly unequal, such an
appeal and warning would still have been an interference with neutral rights, since a declaration of
neutrality does not in any case carry with it any
restriction of ordinary trade with belligerent countries. Under the circumstances, however, the appeal
and warning, whether actually heeded or not, practically aligns the United States against Italy and
plays directly into the hands of the League. It is
not a question of opposition to Italian policy or sympathy for the unhappy plight of Ethiopia; it is the
question whether the United States, having proclaimed its neutrality, really means to be neutral.
There are disturbing indications that the whittling down policy is one which the Administration is bent upon pursuing. In a statement
given out at Washington on Wednesday, following a conference with Secretary Hull, President Roosevelt, after again saying that "this Government is determined not to become involved in
the controversy and is anxious for the restoration.
and maintenance of peace," added: "However, in
the course of war, tempting trade opportunities may
be offered to our people to supply materials which
would prolong the war. I do not believe that the
American people will wish for abnormally increased
profits that temporarily might be secured by greatly
extending our trade in such materials, nor would
they wish the struggles on the battlefield to be prolonged because of profits accruing to a comparatively small number of American citizens. Accordingly, the American Government is keeping informed
as to all shipments consigned for export to both belligerents." He also disclosed how, in September,
he had discouraged the filling of a large order of
the Italian Government for heavy shoes by the Endicott-Johnson Corporation. Secretary Hull was also
quoted as saying definitely that the Government
wished to "discourage dealings" with the belligerents.
This, of course,is not neutrality, nor is it the spirit
of neutrality. Moreover,it goes far beyond the scope
of the neutrality Act. The authority and duty which
the Act imposes upon the President are limited to
arms, ammunitions and implements of war; neither
in that Act nor in any other is authority given to the
President to interfere in any way with trade in other
articles. What the Administration is doing, in the
disguise of an attack on "war profits," is an attempt
to accomplish by indirection what cannot legally
be accomplished directly. It is interesting to recall
that Congress, when the neutrality legislation was
being considered, refused to give discretion to the
Nov. 2 1935
President in proclaiming neutrality or designating
the articles or commodities whose export should be
prohibited, but expressly limited the prohibition to
the three classes of war materials just mentioned.
There was every opportunity to widen the list if Congress had wished to do so, for war Was imminent,
and preparations for it were actively going on, at
the time the measure was debated and passed.
Another point at which American foreign policy
will bear watching is indicated in a rumor which was
set going from Washington last week, but which has
been overshadowed in the interval by the trade issue.
The rumor is to the effect that the United States,
in the event of substantial territorial conquests by
Italy in Ethiopia, might apply the so-called Stimson
doctrine of non-recognition to any puppet State that
Italy might set up. The Stimson doctrine, announced
by Henry L. Stimson, Secretary of State at the time
of the establishment under Japanese protection of
the State of Manchukuo, committed the United
States to the policy of withholding recognition from
any Government which had been set up in contravention of treaty obligations. The report would not
be entitled to much credence but for the fact that Mr.
Stimson, who has defended his doctrine stoutly in
spite of much opposition, is a leader in the present
criticism of traditional neutrality and in advocacy
of American co-operation with the League.
Until the way in which Italy plans to govern the
Ethiopian territory which it hopes to conquer and
hold is known,the reasons for applying the Stimson
doctrine are not very obvious. There has been no
indication as yet that a puppet State, in the sense
in which Manchukuo has been called such, is contemplated. The danger in bringing forward the Stimson
doctrine in advance lies in the possibility of extending it to include non-recognition of any governmental
arrangements that Italy, if it is successful, may
make. Having qualified American neutrality by
avowed pressure to prevent exports of war "materials" to Italy, it would not be a long step for the
Administration to declare its opposition to territorial gains by Italy at Ethiopia's expense. The opportunity would be offered if, as seems probable, the
Ethiopian Emperor were induced, by pressure from
Great Britain, France and the League, to give a formal assent to such peace settlement as may eventually be made. As the United States is not likely to
invite a controversy with the League and its dominating members, acceptance of the League decision
would be a natural course. The step would not, perhaps, add much prestige to the Stimson doctrine, bu
it would be highly gratifying to the League, especially if, with the aid of informal co-operation by the
United States, the policy of sanctions proved effective in stopping the war.
The general situation, meantime,is no clearer than
it was a week ago. A large majority of the members
of the League have accepted one or another of the
League proposals, and it now seems probable that a
wide economic and financial boycott of Italy may
go into effect, although with further delay until perhaps the middle of November. A considerable check
to Italian trade has also already been administered,
and food rationing and other incidents of a war
status have appeared. The peace outlook, on the
other hand, is more than ever confused and contradictory. Spokesmen for the British Government continue to declare the earngst desire of that Government for peace, but preparations for war have not
Volume 141
Financial Chronicle
2793
been relaxed,the efforts of Great Britain and France all production of bituminous coal and distribution by
to reach an understanding about peace terms are the producers thereof bear upon and directly affect
again reported to have failed, and British demands its inter-State commerce" and render regulation of
upon Italy have been enlarged. Premier Mussolini, such production and distribution imperative, that
on his part, has bitterly denounced the policy of sanc- "the excessive facilities" for production and "the
tions and threatened retaliation, and the Italian overexpansion of the industry" had led to producing,
advance in Ethiopia goes on with no important check. distributing and marketing methods which are
What we are witnessing, in short, is a state of wasteful of the national coal resources, disorganizing
economic war, widened to include most of the im- to inter-State commerce and a "portend" of "the deportant nations and many lesser ones. How much it struction" of the industry itself, and "that the right
will cost is a matter of speculation, but although the of mine workers to organize and collectively bargain
cost will be spread over many nations, the aggregate for wages, hours of labor, and conditions of employwill certainly be large. About the only bright spot ment should be guaranteed in order to prevent conin the picture is the continued insistence, in Great stant wage cutting and the establishment of disBritain and France, that armed interference with parate labor costs detrimental to fair competition
Italy's course is not contemplated, but we cannot yet in the inter-State marketing of bituminous coal."
be sure that that spot will not be obliterated. It is a
The Act accordingly provides for the establishmatter of national concern that Mr. Roosevelt should ment in the Department of the Interior of a National
see no inconsistency between proclaiming neutrality Bituminous Coal Commission of five members, with
and interfering with American trade with Italy. The which is to be associated a Consumers' Counsel. The
appeals which Premier Stanley Baldwin and others duty of the Counsel is to appear for the public in any
have made to the United States to abandon its "isola- proceeding before the Commission, with the right
tion" show well enough how the United States, hav- to examine witnesses or have them summoned, and
ing taken one compromising step, is to be pressed to conduct independent investigations or to call for
to take others.
investigations by the Commission.
A tax of 15% on the sale price of coal at the mine,
on the "fair market value" in the case of captive
or
Federal Control of Bituminous Coal
mines, is imposed by the Act, the tax to be paid
The Bituminous Coal Conservation Act of 1935, monthly by the producer. Any producer, however,
familiarly known as the Guffey or Guffey-Snyder who files with the Commission his acceptance of a
Coal Act, came before the Supreme Court of the Dis- code whose essential features the Act sets out, and
trict of Columbia on Tuesday for a test of its consti- "acts in compliance" with it, is entitled to a drawtutionality. It was in regard to this measure, when back of 90% of the tax. Acceptance of the code or
the bill was before the House of Representatives, that the drawback is not to preclude a producer from
President Roosevelt,in a letter of July 6 to the chair- contesting the constitutionality of any provision of
man of a subcommittee of the Committee of Ways the code or its validity as applicable to his case. The
and Means, declared that"a decision by the Supreme code requirements call for the organization of 23
Court relative to this measure would be helpful as district boards of producers, of from 3 to 17 members
indicating, with increasing clarity, the constitu- each, chosen, to the extent of some even number,
tional limits within which this Government must one-half by a majority vote of the producers of a
operate," and expressed the hope that "your com- district and one-half by votes proportioned to the
mittee will not permit doubts as to constitutionality, annual tonnage of the district, while one member is
however reasonable, to block the suggested legisla- to be chosen "by the organization of employees reption." The case comes before the Court on the appli- resenting the preponderant number of employees in
cation of James W. Carter, President of the Carter the industry in the district."
Coal Co. but acting in this instance as a stockholder,
The code further authorizes the establishment in
for an injunction to restrain the company from com- each district of a marketing agency, with power,
plying with the Act, and to restrain the Government either .on its own motion or at the direction of the
from collecting the "compliance tax" for which the Commission, to fix minimum prices of all kinds, qualAct provides. A temporary injuction in favor of the ities and sizes of coal at the mines, having regard to
company was granted by Judge Adkins on Wednes- what is "just and equitable as between producers"
day, but a temporary injunction against the collec- and to "the interests of the consuming public." The
tion of the tax was refused, and Mr. Carter was re- district boards may also establish reasonable rules
quired to post a bond to protect the stockholders of and regulations, subject in this as in other matters
the company against loss in case a decision on the to the approval of the Commission, "incidental to
question of constitutionality should be adverse.
the sale and distribution of coal by code members
The Guffey Act is an elaborate measure intended, within the district." If the Commission thinks that
so its title declares,"to stabilize the bituminous coal- the public interest requires protection of consumers
mining industry and promote its inter-State com- against "unreasonably high prices," it may establish
merce; to provide for co-operative marketing of bi- maximum prices at figures which shall yield "a reatuminous coal; to levy a tax on bituminous coal and sonable return above the weighted average total
provide for a drawback under certain conditions; to cost" of coal for the district, but "no maximum price
declare the production, distribution and use of bitu- shall be established for any mine which shall not
minous coal to be affected with a national public return cost plus a reasonable profit." A long list
interest; to conserve the bituminous coal reserves of of "unfair methods of competition" which would
the United States; to provide for the general wel- constitute violations of the code is also embodied.
fare, and for other purposes." Section I of the Act
In the field of labor relations, the Act guarantees
adds to these declared purposes a reference to "the the right of collective bargaining, the right of emright of the public to constant and ample supplies ployees "to select their own check-weighman to inof coal at reasonable prices," and declarations "that spect the weighing or measuring of coal," and free-
2794
Financial Chronicle
Nov. 2 1935
dom from obligation, as a condition of employment, spects the Act may perhaps be regarded as a kind
to live in company houses or trade at an employer's of model for Federal regulation of other producing
store. For the adjudication of labor disputes in the and distributing industries if Federal control in that
industry, and under certain circumstances for medi- direction is to be extended.
Whether the effort to make the Act constitutional
ation or arbitration, a Bituminous Coal Labor Board
of three members, one a representative of the pro- has been effective, however, is quite another matter.
ducers, one a representative of the organized em- Aside from the broad attempt to regiment an imployees, and the third an impartial chairman having portant industry and make it, in pretty much everyno financial interest in the industry or connection thing except name, a Government affair, the Act
with its employees, is set up in the Department of contains provisions which may defeat its purpose:
Labor. Maximum hour and minimum wage agree- It treats the mining of bituminous coal as a public
ments negotiated by producers of "more than two- interest, primarily, it would seem, because a good
thirds of the annual national tonnage production for deal of the coal mined enters into inter-State comthe preceding calendar year" and representatives of merce and because the industry itself is badly dismore than half the mine workers employed are made organized. It provides in effect for the allocation
binding upon all producers in the district. Any pro- of annual production among individual mines and
ducer who fails to accept and maintain membership mining districts, and authorizes the establishment
under the code is to be penalized to the extent Of the of maximum and minimum prices for coal at the
amount of the tax on coal produced, with no privi- mines. It makes agreements by a majority of prolege of drawback, and in addition is to be "held sub- ducers binding upon the minority, and penalizes by
ject to other Acts of Congress regulating industries discriminating taxes any producer who does not suband their labor relations or providing for codes of scribe to the code. The prohibition of Government
fair competition therein."
purchases of coal from producers who do not accept
Finally, it is provided by Section 14 of the Act the code, and the extension of the prohibition to conthat "no bituminous coal shall be purchased by the tractors for 'any public work or service, will, if the
United States, or any department or agency thereof, Act is held constitutional, either deprive non-comproduced at any mine where the producer has not plying producers of a considerable part of their busicomplied with the provisions of the code," and that ness or force them to accept the code. Practically,
"each contract made by the United States, or any if the system works, it will raise the price of bitudepartment or agency thereof, with a contractor for minous coal, and to that extent will increase the
any public work or service, shall contain a provision tendency to resort to substitutes.
that the contractor shall buy no bituminous coal to
These are important considerations to which the
use on or in the carrying out of such contract from courts may be expected to give due weight. The acany producer" except one who is certified by the tion of Judge Adkins in refusing one injunction and
Commission as a member of the code. In an an- granting another is not a victory for either side. It
nouncement made by the Commission at Washington merely relieves the particular coal company in the
on Tuesday, it was stated that in the opinion of case from the necessity of complying with the Act
counsel Section 14 is "mandatory," and that "the while the case is pending, and at the same time apeffect of this section appears to be far-reaching and plies the general principle that a tax must be paid,
will apply to railroads serving the Government in or its payment guaranteed, before its validity can
the transportation of mails as well as firms and in- be contested.
dividuals contracting with the Government for the
supplying of materials." Just how sweeping the proThe Course of the Bond Market
hibition might prove to be in operation was not
The bond market has not given a very interesting account
stated, but an intimation was reported to have been of
itself this week. A decline in activity and a lack of any
given by officials that it might include steel com- definite trends have been in evidence.
Net changes have
panies to the extent that they furnished supplies to been small for most issues, although there has been a tendthe Government. In view of the wide range of public ency toward lower prices in some of the weaker rail
bonds.
works now being carried on and the many activities High-grade corporate issues held up well at former levels,
in which the Government is engaged, there would and United States Governments moved only fractionally.
seem to be no reason why, if this interpretation of Bank reserves were renorted at new high levels. Call money
"any public work or service" in which contracting is advanced to %% after having been at the all-time low of
involved is to stand, most of the important industries 14% since April 17 this year. This represents an effort
on the part of the large New York banks to earn a little
of the country may not be affected.
better return on their funds rather than a real increase
The Guffey Act shows numerous traces of efforts in
demand for speculative funds, as, for
to avoid the criticisms and implications of the Su- loans declined $4,000,000 in the week endedinstance, brokers'
Wednesday, the
preme Court decision in the Schechter case. Its em- day the call rate was raised on the Exchange.
High-grade rail bonds have been steady, with only fracphasis upon the disorganization of the bituminous
coal industry and the purpose to increase inter-State tional changes. Speculative rails eased slightly. Among
high-grades, Pennsylvania 4s,
advanced % to 111%,
commerce in coal, its declaration that the mining and Chicago Union Station 4s, 1948,
1963, closed at 109%, up %.
and distribution of coal are "affected with a national Among the lower-grade issues, Baltimore & Ohio 4%s, 1960,
public interest" and that waste in production is a declined 114 to 55%; Erie 5s, 1967, closed at 661,4, off 214
waste of a natural resource, its attempt to give the points, and New York Chicago & St. Louis 41/25, 1978, lost %
closing at 6014.
code whose fundamental conditions it lays down the point,
Utility bonds have been firm to strong this week. Gains
character of a voluntary agreement, and its state- in no instance were exceptional. Among high-grades, Pennment in Section 11 that "State laws regulating the sylvania Water & Power 5s, 1940, closed at 114, up 114 for
mining of coal not inconsistent herewith are not af- the week, and Commonwealth Edison 4%s, 1956, advanced
fected by this Act," all point to a studious effort % to 112. Among lower grades, New York Central Electric
125, 1950, advanced 414 to 90; American Water Works &
5/
to keep the stipulations of the Act strictly within Electric 5s, 1944, gained 2% points, closing at 109%; Cities
constitutional limits. In these and some other re- Service 5s, 1950, at 69 were up 9. New financing continued,
2795
Financial Chronicle
Volume 141
the issues offered this week being $26,000,000 Columbus
Railway Power & Light 4s, 1965, and $7,300,000 Blackstone
Valley Gas & Electric 4s, 1965.
Advances in the industrial bond list have been slightly
more numerous, but not so marked as declines. Steel issues
1
2s,
have been generally higher, with General Steel Castings 5/
1949, at 82, up 2%. Declines in the coal group have been
1
2 being
recorded, Philadelphia & Reading 6s, 1949, at 38/
1
2 to 391/s.
off 2 points, and Hudson Coal 5s, 1962, declining 2/
Bush Terminal 5s, 1955, and New York Dock 5s, 1938, showed
contrary movements, with the former dropping 1% points
to 35/
1
2, and the latter advancing % to 541/s. IL S. Rubber
1
2, near the year's high of 100, for a
5s, 1947, closed at 99/
1
2 during the week.
gain of /
The foreign bond market has remained relatively stable
this week. German bonds showed some strength, principally
the two Government issues. Italian bonds receded, but not
to former low levels. The external 7s of the Government
declined about 5 points on Monday, but held around the 60
level thereafter. Other groups reported no marked changes.
Moody's computed bond prices and bond yield averages are
given in the following tables:
MOODY'S BOND PR10E8t
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGEBt
(Based on individual Closing Prices)
1935
DaUp
44474468
120 Domestic Corporate*
by Ratings
(1. S.
120
Govt.
Bonita
tic
" Corp..
120 Domestic
Corporate* by Groups
96.85
96.70
96.70
97.00
97.16
97.00
106.78
106.60
106.60
106.60
106.60
106.60
110.05
110.05
109.86
110.23
110.23
109.86
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
101.84
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
118.88
118.66
118.45
118.45
118.04
118.45
118.88
118.66
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
100.81
100.17
99.38
100.49
100.49
101.64
102.47
102.81
102.30
101.84
101.31
102.14
100.81
100.81
0831
104.33
99 20
100.00
84.85
119.07
119.07
118.68
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.83
117 43
119.69
116.82
117.22
105.37
111.54 103.32 88.10 97.00
111.35 102.64 87.17 96.08
111.54 102.98 87.04 96.39
111.16 102.81 86.64 96.54
111.16 103.15 87.56 97.47
110.98 103.15 87.04 97.16
111.35 103.48 87.43 97.62
111.16 102.98 87.30 97.62
110.61 102.81 88.51 96.70
110.42 102.98 88.77 97.16
110.61 102.81 86.91 97.00
110.42 102.98 86.12 96.70
110.42 103.32 85.74 98.23
110.42 103.48 84.85 98.08
110.61 103.15 85.35 96.39
110.42 103.48 84.47 95.78
110.42 103.65 85.61 97.31
110.05 103.48 85.23 97.47
110.05 102.81 85.87 97.94
109.68 101.97 84.72 96.70
109.68 101.14 82.50 94.29
109.49 101.47 82.38 94.14
109.86 101.64 82.50 94.43
110.05 101.47 83.35 94.88
110.05 101.47 82.02 93.85
110.05 101.47 82.50 94.29
110.05 100.98 82.87 95.63
Stock E xchang e Close d
109.68 99.68 80.84 94.29
109.49 99.36 79.56 92.82
109.12 98.88 77.88 90.83
109.86 100.17 79.45 93.55
110.61 100.33 79.11 93.26
110.98 101.14 81.42 95.63
111.35 101.64 82.99 97.78
111.16 102.14 83.97 99.68
110.79 101.14 83.60 99.68
110.42 100.49 82.50 99.04
110.05 100.33 82.38 99 04
110.05 100.81 84.35 10049
109.31 99.52 82.26 99.68
109.12 99.52 82.50 100.17
108 94 9999 81 54 0.1
111.92 103.65 88.10 100.49
1.118.07 v5.73 77 55
108.75 99.04 83.72 100.49
93.11 81.78 66.38 85.61
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
90.23
95.93
9458
106.78
94.14
94.58
742.5
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.89
107.89
107.31
107.49
108.71
106.99
1013.941
110.22
106.79
106.7E
96.64
91.1.815
P. U. Indus.
96.54
78.10
96.85
92.39 105.2C
53.55
85.96
83.85
77.33
95.15
97.75
Atm
Aa
4.49
4.50
4.50
4.49
4.49
4.50
3.76
3.76
3.77
3.76
3.76
3.77
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
4.84
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
8.72
3.73
3.74
3.74
3.78
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
4.49
450
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
3.70
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
423
4.07
4.20
4.24
5.20
4.88
3.87
4.30
574
4.83
5.06
A
Baa
r.•
97.94 115.81 107.67
95.74 106.25
Nov. 1_
Oct. 31__
30_29__
28._
26_
WeeklyOct. 2518_
11_
4__
Sept.27__
20._
13_
6__
Aug.302316_
Aug. 9_
2_
July 26_
19_
12_
5_
June 28._
21_
147__
May 31_
241710._
3.
Apr. 28__
19_
12._
5_
Mar.29....
2215_
81....
P'eb. 23_
158_
1_
Jan. 2518II__
4
Low 1935
181g0 1936
Low 1934
High 1934
Yr. AgoNov. 1'34
2 Yrs.Ago
xr,.... 1,vq
5.57
5.60
5.60
5.58
5.57
5.57
5.56
5.63
5.64
5.67
5.60
5.64
5.61
5.62
5.88
5.66
5.65
5.71
5.74
5.81
5.77
5.84
5.75
5.78
5.73
5.82
6.00
6.01
6.00
5.93
6.04
6.00
5.97
xebang
6.14
8.25
6.40
6.26
6.29
6.09
5.96
5.88
5.91
6.00
6.01
5.85
6.02
6.00
609
5.56
6.40
5.90
7.58
6.38
7.63
120 Domestic
Corporate by Groups
- RR.
4Nr.M0
0
,V801'...0000MV0=8000N....W00Mw.000NOMnet..00,0.......
0 oq
..
.
10 000
M
0000=000000
v.64,4 4 oo
444.
4.
.
40444
1444444 4.644444444444.4444.0,
a
RR.
87.96
87.56
87.56
87.83
87.96
87.96
... o•
Bea
103.15
103.32
103.32
103.48
103.48
103.32
•
A
111.92
111.73
111.73
111.92
111.92
111.54
00!..nW3Mtftr.r.030.4.M3WMW0000000C44,0W0MSMNOWOONMM,-13
:t1tIttelcoul zoo
000 0
.ocomtommozeoco—,t,t•oor,r,<Rolc? 1,
0 0 00 uz.3.1,
A4
118.04
118.04
117.84
118.04
118.04
117.84
120 Domestic Corporate
by Ratings
000330
000
0
444
104.33
104.16
104.16
104.33
104.33
104.16
AU
120
1935
DomesDaily
tic
Aterages
444444.4444444444444444444444444v4§
oo
Nov. 1-- 107.55
Oct. 31- 107.44
30-- 107.39
29-- 107.38
28- 107.36
26_ 107.41
WeeklyOct. 25._ 107.43
18-- 107.13
11.- 106.84
4_ 106.67
Sept.27-- 106.73
20_ 106.39
13-- 107.15
6_ 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
June 28- 108.99
21_ 108.80
14.. 108.81
7.. 108.61
Ms,51-- 108.22
24._ 108.66
17._ 108.55
10-- 108.81
3_ 108.89
Ape. 26_ 108.61
19..
12.. 108.25
5._ 108.54
Mar.29.- 108.07
22.. 107.79
15_ 107.94
111
8-- 107.85
1-- 108.22
le.23- 108.44
15_ 107.49
8_ 107.47
1_ 107.10
Jan. 25- 107.33
18- 106.79
11_ 108.81
4 105 76
High 1935 109.20
Low 1,188 105 66
Blab 1934 106.81
Low 1934 99.06
Yr Ago
Nov. 134 104.14
2 Yrs.Ago
Nov. 133 102.58
DOM4J-
tt
30
PerP. U. BMus. Stns.
4.35
4.36
4.36
4.36
4.36
4.36
4.17
4.17
4.18
4.16
4.16
4.18
6.46
6.47
6.52
6.51
6.52
6.37
4.36
4.38
4.39
4.43
4.42
4.42
4.40
4.42
4.44
4.43
4.41
4.42
4.42
4.41
4.40
4.39
4.40
4.44
4.47
4.49
4.51
4.53
4.53
4.52
4.52
4.51
4.59
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
6.81
5.82
5.83
5.88
5.89
5.88
5.97
5.93
4.68
4.68
4.69
4.69
4.69
4.68
4.65
4.68
4 77
4.85
4.88
4.4
4.99
5.01
5 10
4.35
6.13
5.10
6.74
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.16
4.35
4.35
4.97
6.11
6.23
6.4e
6.33
6.19
6.15
6.03
6.02
604
6.01
6.11
6.19
6.11
621
631
5.79
6.9
639
8.61
5.25
4.44
6.71
6.45
4.89
9.01
d
•These prime are corn uted Iron average yields on the basis of one Ideal'"
bond (4 % coupon, maturing la 31 pram) and do not purpdrt to show either the average
level or the average mnova nent of actual Price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond nArket. For moody's index of bond prices by months back to 1928. see the Issue of Feb. 6 1932. Page 907.
* ketual average price of 8 le mg-term Treasury issues. t The latest co npiete list of bonds used In computing these indexes was published in the issue of May 18 1935
page 3291. tt Average 31) foreign bonds but adjusted to a comparable basis with previous averages of 41.1 foreign bonds.
0
01
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Nov. 1 1935.
General trade continued its upswing, despite unfavorable
weather in some parts of the country. Retail trade moved
ahead moderately and wholesale business increased. Industrial operations were generally larger and the textile industry
looks healthier. Electric output rose 1.8% to a new all-time
peak. It is now 13% over the 1934 total. Factories and
mines in Philadelphia reported larger outputs. The demand
at wholesale for Christmas merchandise was very good, and
many are looking for the largest holiday business since 1930.
The automobile industry is proceeding at a better pace.
Steel activity increased a little. Increases were also shown
In coal output and railroad loadings. Sales of silk and
rayon fabrics by mills were 11.4% larger than in the preceding week. Business gains boosted third-quarter industrial profits. Further evidence of business improvement is
seen in reports that two brokerage houses have voted a bonus
of at least one week's salary to all employees and other
firms are expected to take similar action. There was a
substantial improvement in stock trading over the past three
or four months. September farm income from cash crops
was $13,000,000 larger than in 1934. Cotton moved within a
narrow range in dull trading. A feature was the widening
of December's premium over October to 31 points. Grain
markets were depressed by selling influenced by the weakness in foreign markets, but at times rallied on more warlike news from Europe. Sugar, silk and cocoa showed firmness, but other commodity markets developed weakness. In
New York City it rained nearly all week, with temperatures
abnormally high. New York quivered to the shock of an
earthquake a little after 1 o'clock this morning. The temblor did little damage here. The shocks were felt over a
wide area. Brooklyn was the hardest hit by the quake, which
shook 17 States. The affected area ranged from New England and Canada south to Baltimore and Washington, D. C.,
and west to Illinois. Meanwhile, Helena, Mont., was getting
its nineteenth day of.earth tremors, and two persons were
killed there. It was the most severe seismographic disturbance in this area in 15 years. Floods accompanying a
hurricane last week drowned hundreds of persons and inundated whole towns in Haiti. Livestock and crop damage,
it is estimated, will run over $1,000,000. It was the greatest
calamity in Haitian history and resulted from rains accompanying the Caribbean hurricane of Oct. 22. It was very
cold in the Far West. Helena, Mont., on the 30th ult. had
8.2 degrees below zero, the coldest October weather on
record. Havre, Mont., had 4 below, and Glacier Park had 16
below. Saskatchewan and Alberta, Canada, had sub-zero
temperatures and heavy snows on the 28th ult. Floods in the
Chenango Valley area from swollen rivers inundated highways and did considerable property damage on the 31st ult.
Snow blanketed North Dakota and parts of northern and
western Minnesota on the 31st ult., and colder weather was
2796
Financial Chronicle
predicted throughout Kansas. Snow and colder was forecast for Lincoln, Neb. Temperatures in Alaska tumbled to
34 degrees below zero, Fahrenheit, a new October record,
according to Weather Bureau records. To-day it was cloudy
and cool here, with temperatures ranging from 56 to 58
degrees. The forecast was for probably rain to-night and
Saturday. Colder Saturday. Sunday fair and cold. Overnight at Boston it was 48 to 52 degrees; Baltimore,56 to 62;
Pittsburgh, 46 to 68; Portland, Me., 40 to 50; Chicago, 36
to 78; Cincinnati, 60 to 78; Cleveland, 54 to 70; Detroit,
56 to 68; Charleston, 60 to 80; Milwaukee, 32 to 66; Dallas,
52 to 74; Savannah, 62 to 86; Kansas City, 28 to 74; Springfield, Mo., 36 to 78; Oklahoma City, 36 to 70; Denver, 22
to 40; Salt Lake City, 30 to 44; Seattle, 28 to 42: Montreal.
44 to 54, and W1onipeg, 8 to 18.
Moody's Daily
Commodity Index Sharply
Lower for Week
Basic commodity prices this week, as in the week before,
have fallen sharply. The weakness has been principally due
to declines in wheat, corn and top hogs. Wheat has receded
in line with the subsidence of the war-scare, while old crop
cash corn quotations have been depressed by arrival of new
crop corn on the market. Top hog prices have been affected
by seasonal factors and by consumer resistance to higher
prices. Moody's Daily Index of Staple Commodity Prices
closed on Friday at 166.6 compared with 171.0 a week ago.
In addition to the three commodities mentioned above,
declines have also been experienced this week by hides, silk
and rubber. Advances have occurred in the case of wool and
cotton, while cocoa, silvers, steel scrap, copper, lead, coffee
and sugar have remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Jeri.,.._ _Oct. 25
Sat., Oct. 26
Mon., Oct. 28
Tues., Oct. 29
Wed., Oct. 30
Thurs.,Oct. 31
Fri.,
Nov. 1
171.0
170.4
169.4
168.0
168.2
167.1
166.6
2 Weeks Ago, Oct. 18
Month Ago, Oct. 4
Year Ago,
Nov. 2
1934 High
Aug. 20
Low,
Jan. 2
1935 High,
Oct. 7 & 9
Low,
Mar. 18
174.0
174.3
144.2
156.2
126.0
175.3
148.4
Freight Cars in Need of Repairs on Oct. 1 Total 284,427
Class I railroads on Oct. 1 had 284,427 freight cars in
need of repairs, or 15.5% of the number on line, the Association of American Railroads announced on Oct. 30. This was
a decrease of 893 cars compared with the number in need
of such repairs on Sept. 1, at which time there were 285,320,
or 15.6%.
Freight cars in need of heavy repairs on Oct. 1 totaled
231,227, or 12.6%, an increase of 2,457 cars compared with
the number in need of such repairs on Sept. 1, while freight
cars in need of light repairs totaled 53,200, or 2.9%, a
decrease of 3,350 compared with Sept. 1.
Locomotives in need of classified repairs on Oct. 1 totaled
10,335, or 22.6% of the number on line. This was a decrease
of 68 compared with the number in need of such repairs on
Sept. 1, at which time there were 10,403, or 22.7%.
Class I railroads on Oct. 1 had 3,815 serviceable locomotives in storage compared with 3,959 on Sept. 1.
3,172 New Freight Cars Installed During First Nine
Months of 1935
Class I railroads of the United States, in the first nine
months of 1935, installed 3,172 new freight cars, according
to reports received by the Association of American Railroads
and made public on Oct. 30. In the same period last year,
19,109 new freight cars were placed in service, and in the
same period two years ago there were 1,872. The reports
received by the Association further showed:
Twenty-eight new steam locomotives and 101 new electric locomotives
were placed in service in the first nine months of this year. The railroads
in the first nine months of 1934 installed 14 new steam locomotives and 12
new electric locomotives.
New freight cars on order on Oct. 1 totaled 7,441 compared with 5,495
on the same day in 1934, and 275 on the same day in 1933.
The railroads on Oct. 1 this year had on order 14 new steam locomotives
and three new electric locomotives. New steam locomotives on order on
Oct. 1 1934 totaled 37, and on the same date in 1933 there was one.
New electric locomotives on order on Oct. 1 1934 totaled 104. No reports
are available as to the number on order on Oct. 1 1933.
Freight cars and locomotives leased or otherwise acquired are not
included in the above figures.
Revenue Freight Car Loadings Off 25,121 Cars
Loadings of revenue freight for the week ended Oct. 26
1935 totaled 707,826 cars. This is a recession of 25,121 cars,
or 3.4%, from the preceding week, a rise of 83,018 cars, or
13.3%, from the total for the like week of 1934, and an
increase of 65,403 cars, or 10.2%,from the total loadings for
the corresponding week of 1933. For the week ended Oct. 19
loadings were 14.4% above the corresponding week of 1934
and 11.6% higher than those for the like week of 1933. Loadings for the week ended Oct. 12 showed a gain of 15.3% when
compared with 1934 and a rise of 9.5% when comparison is
made with the same week of 1933.
The first 18 major railroads to report for the week ended
Oct. 26 1935 loaded a total of 335,031 cars of revenue freight
on their own lines, compared with 341,634 cars in the preceding week and 295,018 cars in the seven days ended Oct. 27
1934. A comparative table follows:
Nov. 2 1935
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended
Receivedfrom Connections
Weeks Ended
Oct. 26 Oct. 19 Oct. 27 Oct. 26 Oct. 19 Oct. 27
1935
1935
1934
1934
1935
1935
Atchison Topeka a, Santa Fe RyBaltimore & Ohio RR
Chesapeake 8, Ohio By
Chicago Burlington 8,Quincy RR.
Chic. Milw. St. Paul 8, Pao. Byy Chicago & North Western RY
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago dr St. Louis AY
Norfolk dr Western By
Pennsylvania RR
Pere Marquette By
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash By
22.329
30,484
25,877
18,235
20,904
15,668
2,761
2,219
5,488
15,391
40,751
4,709
21,960
61,105
6,777
5.464
29,121
5.788
22,570
31,295
25,531
19,214
21,026
16,824
2,418
2,559
5,909
16,255
42,041
4,900
22,419
61.038
8,919
5,736
29,099
5,881
20,976
28.375
22.272
17,868
18,014
15,426
2,294
3,531
4,360
14,643
33,622
4,168
18,298
54,583
4.899
4,178
24,370
5,141
6,276
15,804
10,129
9,264
7.911
10,662
1,374
1,914
2,922
9,001
39,030
9,157
4.474
38.640
5,308
5,203
6.536 5,879
15,853 13.648
10,197 8.851
9,660 7.458
8,418 6,674
11,784 9.240
1,353 1,383
1,981 1,904
3,064 2,592
9,584 7,525
40,449 33,475
9,567 7.355
4,553 3,685
40,471 33,678
5.675 4,248
6,172 3,886
8,598 8,971 6,315
Total
335,031 341,634 295,018 185,867 193,318 157,232
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Oct. 26 1935 Oct. 19 1935 Oct. 27 1934
Chicago Rock Island a, Pacific By
Illinois Central System
St. Louis-San Francisco By
Total
23,116
32,439
12.948
24,126
33,764
14,492
21,402
28,159
12,985
68.503
72,382
62,546
The Association of American Railroads in reviewing the
week ended Oct. 19 reported as follows:
Loading of revenue freight for the week ended Oct. 19 totaled 732.947
cars. This was an increase of 92.220 cars,or 14.4% above the corresponding
week in 1934 and an increase of 75,942 cars, or 11.6% above the same
week in 1933.
Loading of revenue freight for the cumulative period so far in 1935
jumped ahead in the current week of the corresponding period in 1934.
The total for the first 42 weeks this year-that is, from Jan. 1 to Oct. 19,
inclusive, amounted to 25,312,516 cars compared with 25,272,584 cars in
the same period last year. For the same period in 1933, the total was
23.604.738 cars. In the first seven months this year, revenue freight
loadings were below those for the same period in 1934, but since then there
has been a stimulation in freight traffic with the result that in the past
12 weeks freight car loadings, with the exception of one week, have each
week exceeded the same week in 1934.
Loading of revenue freight for the week of Oct. 19 was a decrease of
1,327 cars, or 2-10th of 1% below the preceding week this year.
Miscellaneous freight loading totaled 297,833 cars, an increase of 10,429
cars above the preceding week, 51,033 cars above the corresponding week
in 1934 and 56,398 cars above the same week in 1933.
Loading of merchandise less than carload lot freight totaled1166,488
cars, an increase of 489 cars above the preceding week, and 3,088 cars
above the corresponding week in 1934, but a decrease of 7.043 cars below
the same week in 1933.
Coal loading amounted to 138,433 cars, a decrease of 9,479 cars below
the preceding week, but an increase of 12,460 cars above the corresponding
week in 1934, and 8,332 cars above the same week in 1933.
Grain and grain products loading totaled 36,118 cars, a decrease of 896
cars below the preceding week, but an increase of 4,826 cars above the
corresponding week in 1934 and 7,528 cars above the same week in 1933.
In the Western districts alone, grain and grain products loading for the
week ended Oct. 19 totaled 24,028 cars, an increase of 3,489 cars above the
same week in 1934.
Live stock loading amounted to. 22,963 cars, an increase of 233 cars
above the preceding week, but a decrease of 4,429 cars below the same week
in 1934 and 753 cars below the same week in 1933. In the Western districts alone, loading of live stock for the week ended Oct. 19, totaled 18,950
cars, a decrease of 3,259 cars below the same week in 1934.
Forest products loading totaled 31.376 cars, a decrease of 1,028 cars
below the preceding week, but an increase of 8.031 cars above the same
week in 1934 and 6.866 cars above the same week in 1933.
Ore loading amounted to 32,307 cars, a decrease of 225 cars below the
preceding week, but an increase of 15,622 cars above the corresponding
week in 1934 and 3.707 cars above the corresponding week in 1933.
Coke loading amounted to 7,427 cars, a decrease of 850 cars below the
preceding week, but an increase of 1,589 cars above the same week in 1934,
and 907 cars above the game week in 1933.
All districts reported increases for the week of Oct. 19 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 September
Week of Oct. 5
Week of Oct. 12
Week of Oct. 19
Total
1935
1934
1933
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
706,877
734,274
732,947
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
632,406
636,999
640,727
1,924,208
1,970,688
2,354,521
2,025,584
2,143,194
2,926,247
2,498,390
3,204,919
2,587,071
682,373
670,680
857,005
25.312.516
25.272.584
23,604,738
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Oct. 19 1935. During this period a total of 112 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 Union Pacific System, the Southern
System, the Illinois Central System, and the Southern
Pacific RR.
2797
Financial Chronicle
Volume 141
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED OCT. 19
1934
1935
Eastern DistrictAnn Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & LouJayCentral 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
Allegeliny DistrictAkron Canton & Youngstown_ _
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek di Gauley
Cambria & Indiana
Central RR.of New Jersey---Cornwall
Cumberland dr 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
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound_ _
Total
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1933
1935
1934
760
1,797
8,518
1,397
31
1,139
5,131
8,819
482
2,352
393
13,250
4,383
179
1,720
7,742
2,811
3,783
2,510
42,040
10,742
1,781
4,900
5,854
6,919
180
256
1,343
658
5,881
3,708
651
2,173
7,728
1,582
30
860
5,693
10,271
386
1,660
266
12,919
2,959
151
2,025
8,661
2,922
3,788
1,780
34,232
10,148
1,963
4,413
4,395
4,655
387
313
1,175
629
5,069
2,955
691
1,673
7,999
1,360
23
1,005
6,104
8,589
401
1,459
174
12,750
2,444
148
1,504
8,684
2,894
2,879
1,928
38,890
10,842
1,805
4,260
4,575
4,331
493
363
1.101
716
5,311
3,735
1,376
257
10,902
2,116
86
1,907
6,819
6.462
96
1,296
3,334
15,737
7,755
1,907
981
7,395
2,739
163
42
40,384
11,982
2,035
9,567
5,054
5.675
24
164
1,403
936
8,971
3,269
973
303
10,537
1,511
60
2,672
6,411
5,983
95
935
2,087
13,703
5,331
1,681
1,169
5,990
3,105
181
67
34,325
10,941
1,819
7,447
4,201
4,300
25
233
834
922
6,584
2,244
151,459
136,939
139,131
160,834
136,669
575
31,295
3,676
303
1,486
6,085
660
400
196
840
1,281
61,038
13,571
8,429
84
3,501
406
27,314
2,938
289
1,064
6,447
498
337
155
999
1,238
54,935
13,321
3,706
62
3,341
365
29,474
3,218
236
a
5,504
805
335
189
960
1,233
57,559.
12,748
7,922
61
3,085
692
15,853
1,579
12
25
11,882
54
32
19
2,867
1,313
40.471
16,119
2,737
0
6,097
536
13,536
868
10
17
10,456
73
23
14
3,063
945
33,426
14,654
1,939
1
5,522
133,420
117,050
123,694
99,752
85,083
25,531
22,419
989
4,186
21,723
17,796
884
3,442
22,592
19,236
729
3,379
10,197
4,553
1,228
721
8,087
3,555
944
605
53,125
43,845
45,936
16,699
13,191
Group B (Concluded)
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah_
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
7,323
1,103
334
129
35
1,146
429
274
6,915
19,505
194
7,699
965
319
159
47
1,632
388
285
6,804
18,995
155
5,183'
1,553
914
388
113
1,444
896
2,562
3,808
13,903
904
4,448
1,371
756
345
82
1,223
767
2,056
3,231
11,539
754
40,233
37,387
37,448
31,668
26,572
1935
1934
1933
1935
1,091
458
1,903
22,980
20,068
164
192
2,038
2,830
454
927
300
1,440
20,174
17,436
142
138
1,978
2,913
336
809
329
1,406
20,119
17,719
138
144
2,003
2,830
294
1,469
384
910
11,421
4,649
371
303
1,525
2,150
738
1934
1,181
336
686
9,565
3,633
232
223
1,372
1,980
603
Total
59.704
51,441
51,271
29,195
24,402
Grand total Southern District
99,937
88,828
88,719
60,863
50,974
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western _ _
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn.& Omaha
Duluth Missabe & Northern_ _ _
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South_
Great Northern
Green Bay di Western
Lake Superior & Ishpeming,.,.
Minneapolis & St. Louis
Minn. St. Paul Sc S. S. M
Northern Pacific
Spokane International
Spokane Portland Sc Seattle,.,. _
759
18,469
2,431
21,026
4,357
8,359
1,250
6,048
339
24,158
651
2,643
2.334
6,889
12,593
227
2,157
568
17,227
2,532
19,121
3,591
4,891
1,373
3,629
340
15,399
782
1,217
2,188
5,554
10,633
201
1,106
711
16,896
2,474
18,129
3,084
7,593
725
4,547
266
15.043
553
2,151
2,011
6.314
10,569
185
974
1,842
11,784
3,197
8,418
3,965
182
420
4,921
134
3.063
450
105
2,164
2,460
3,089
183
1,344
1,538
9,659
2,625
7,023
3,413
49
294
3,672
113
2,754
347
58
1,700
2,059
2,879
263
1.008
114,690
90,352
92,225
47,721
39,454
22,570
3,186
293
19,214
1,352
12,364
2,919
1,671
5,162
1,001
1,668
1,939
1.310
340
21,090
175
300
20,317
711
1,771
21.206
3,016
176
18,685
1,725
12,085
2,640
1,668
4,835
659
1,344
2.038
879
236
17,562
214
342
17,719
563
1,477
23,189
2,865
129
18.899
1,551
11,610
2,755
1,975
4,582
546
1,933
2,128
792
140
18,240
268
282
19,084
372
1,439
6,536
2,537
62
9.660
1,175
7,912
2,527
1,482
3,485
23
1,195
1,173
414
108
4,647
309
1,293
10.541
11
2.756
5,790
1,966
31
7,649
700
6,827
1,811
1,049
2,811
14
1,334
903
229
30
3,531
208
1,133
8,571
7
2,334
119,353
109,069
112,779
57,846
46,928
214
216
225
2,418
2,559
149
1,694
1,415
194
357
885
185
5,909
16,255
59
189
8,857
2,972
8,009
5,270
2,554
335
43
311
225
177
1,893
2,996
130
1,635
1,319
112
317
590
78
4,578
15,020
36
116
8,271
2,827
6.631
5,082
2,075
197
28
169
171
263
1,996
2,262
190
1,499
1,150
166
331
771
120
5,375
16,673
42
274
9,714
2.426
5,791
4,267
1,854
a
17
4,492
428
177
1,353
1.981
1,262
1,817
932
333
856
228
255
3,064
9,564
27
149
4,039
1,689
2,660
3,843
16,898
61
58
3,676
320
192
1,507
1,857
771
1,593
718
360
749
190
190
2,795
7,980
Total
8,313
1,230
413
132
58
1,382
388
344
7,705
20,073
195
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland
Chicago Rock Island & Pacific..
Chicago & Eastern Illinois
Colorado & Southern
Denver Sc Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern,.,.
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana ar Arkansas
Louisiana Arkansas & TexasLitchfield & 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 RR.Ass'n of St. Louis
Wichita Falls & Southern
Weatherford M. W.& N.W
115
3,419
1,510
2,629
3,338
13,906
56
33
Group BAlabama Tennessee & Northern
132
148
143
171
277
Atlanta Birmingham di Coast_
547
659
482
749
666
Atl. & W.P.-W.RR.of Ala
556
1,293
561
774
965
Central of Georgia
3,464
2,451
3,481
4,746
2,376
Columbus & Greenville
301
400
275
409
263
47,932
54.521
55.806
54,644
60,963
Florida East Coast
Total
372
452
503
571
362
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.
"Annalist" Weekly Index of Wholesale Commodity
Prices Again Lower During Week Ended Oct. 29Average for October Above September
The third successive week of decline carried the "Annalist"
Weekly Index of Wholesale Commodity Prices down to
128.3 on Oct. 29 from 129.1 on Oct. 22, the "Annalist"
stated, adding:
Further losses in hogs, lower pork and beef and grains, and a decline in
refinery gasoline prices in Pennsylvania accounted for the drop of the index,
to which butter and lard also contributed. Cotton and wool were higher,
along with pig iron and rubber, in prices.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
(Unadjusted for seasonal variations. 1913=100)
Farm products
Food products'
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
Oct. 29 1935
Oct. 42 1935
122.5
134.6
*116.8
166.5
111.2
111.5
98.0
85.1
123.5
135.8
x117.0
167.5
111.1
111.5
98.0
84.9
Oct. 30 1934
103.8
117.6
108.8
158.8
109.8
112.8
98.8
78.8
129.1
128.3
All commodities
115.1
76.1
78.6
z All commodities on old doll. basis
68.4
•Preliminary. x Revised. z Based on exchange quotations for France, Switzerto
March
1935.
prior
and and Holland; Belgium included
As to the trend of prices during October the "Annalist"
said:
Reflecting the sharp rise during the course of September, the index average for October rose to 129.2 from 127.6 the month before and 116.3 a year
earlier. It Is now the highest since May 1930.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES
(Unadjusted for seasonal variation. Monthly averages of Weekly Data.)
(1913=100)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
z All commodities on old doll. basis
October 1934
October 1935
September 1935
123.7
136.2
*115.4
167.3
111.1
111.5
98.0
84.2
121.5
136.4
x111.0
162.8
110.1
111.5
98.4
82.9
105.6
117.8
109.9
160.2
109.7
112.9
98.8
80.7
129.2
76.6
127.6
75.8
116.3
68.7
•Preliminary. a Revised. z Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
No Change Noted in Index of Retail Cost of Food of
United States Department of Labor for Two Weeks
Ended Oct. 8
The index of the retail cost of food remained unchanged
on Oct. 8 as compared with Sept. 24, Commissioner Lubin
of the Bureau of Labor Statistics of the United States Department of Labor announced Oct. 24, stating:
This comparison is based upon prices of 84 foods, double the number
which has been included in the index since 1921. The additional items are
chiefly meats and fruits and vegetables. The number of items in the
meats group has been increased from 11 to 21. In the fruits and vegetables
group the increase is from 12 to 29, giving this group for the first time its
proper importance in the index. Quantity weights have also been revised
in Computing the revised food cost index.
2798
Financial Chronicle
The indexes in this release are computed on a three-year average base
(1923-2100), rather than on the 1913 base with which retail food prices
have been compared since 1921. This change puts the retail food cost
index on a base comparable with the factory employment and payrolls
index published by the Bureau of Labor Statistics and with business indexes
published by the Federal Reserve Board and the Bureau of Foreign and
Domestic Commerce.
The current index, 79.9 (1923-2100). is 5.4% higher than for the
corresponding period in 1934 when the index was 75.8. It is 18.3% lower
than for Oct. 15 1930. The current index is 124.0 when computed on
the former base. 1913=100. for 42 foods, using the old weights. The
index computed on the old base is 6.6% higher than for the corresponding
period of last year.
Changes over two weeks ago were greatest for eggs, which increased
1.8% and for meats and fruits and vegetables, both of which decreased
0.8%. The greatest regional change was a decrease of 0.9 of 1% for the
New England cities.
INDEX NUMBERS OF RETAIL FOOD COSTS IN THE UNITED STATES•
(Three-Year Average 1923-25=100)
Oct.8
1935
Cereals and bakery products
Meats
Dairy products
Eggs
Fruits and vegetables
Fresh
Canned
Dried
Beverages and chocolate
Fats and oils
Sugar and sweets
All foods
•Prellminary-suldect to revision.
Sept. 24
Oct. 9
Oct. 15
.1935
1934
1930
Two Weeks One Year Fire Years
Ago
Ago
Ago
93.4
101.3
73.5
83.8
51.8
48.9
80.1
60.7
88.1
87.2
66.7
92.7
102.2
73.2
82.3
52.3
49.3
80.9
81.0
68.3
87.4
66.5
91.9
81.4
73.1
73.9
62.0
60.1
82.0
63.8
73.0
64.1
65.7
93.1
111.1
96.5
95.1
95.3
96.0
91.0
91.6
92.9
88.5
66.4
79.9
79.9
75.8
97.8
Prices of cereals and bakery products advanced 0.7 of 1%. due almost
entirely to rising prices of flour and bread. Flour rose 2.3%. with higher
prices reported from 36 cities located in all of the nine regional areas.
Bread prices were higher by 0.7 of 1%. There were advances in 16 cities
in 7 of the 9 geographical areas.
Meat prices fell 0.8 of 1%. This price decline was shared by 18 of the
21 items in the group. The decrease was greatest for sirloin steak (-2.6%).
strip bacon (-2.2%), lamb chuck (-1.9%) and round steak (-1.7%)•
The only increases in this group were for plate beef and canned salmon.
Prices of dairy products rose 0.4 of 1%. Butter prices increased 1.3%
and were generally higher throughout the country. An advance of 0.1
of 1% in the price offresh milk resulted from a reported increase of 0.2 cents
per quart in Denver, due to the use of tokens for payment of sales tax
which made it possible to pay taxes of less than a cent. Cream prices
rose 0.3 of 1%. Cheese and evaporated milk declined in price.
Seasonal advances in egg prices amounted to 1.8% in the past two weeks,
with prices above the level of any October since 1930.
Fruits and vegetables showed a general price decrease of 0.8 of 1%.
For fresh fruits and vegetables, the drop was most marked for spinach.
(-11.4%),sweet potatoes(-3.9%), white potatoes(-3.7%) and cabbage
(-5.1%). Prices of green beans and lettuce advanced sharply. Canned
goods fell in price 1.0%. Prices of dried fruits and vegetables decreased
0.5 of 1%. The New England cities reported the heaviest decline for this
group. 4.7%. In the East North Central cities there was an advance of
2.0%.
Prices of fats and oils fell 0.3 of 1%. Lard prices, which have been
advancing steadily during the past 12 months, dropped 1.0%. Lard compound and vegetable shortening declined 0.5 and 0.1 of 1%• Oleomargarine prices rose 0.6 of 1%.
Prices for the beverages and chocolate group decreased 0.3 of 1%. Chocolate prices dropped 3.2%. No item in this group rose in price. Sugar
and sweets showed a price increase of 0.3 of 1%.
Decreases in average prices were shown in 26 cities. Increases were
reported in 23 cities. Two cities showed no change. Memphis reported
the greatest decrease, 2.5% and showed a decline of 6.9% for meats and
5.2% for fruits and vegetables.
Birmingham reported the greatest increase, 1.1%. In that city eggs
advanced 7.9%.
Wholesale Commodity Price Index of National Fertilizer Association Declined During Week of
Oct. 26
The trend of commodity prices was downward in the
week ended Oct. 26, according to the index of The National
Fertilizer Association. This index declined to 79.3% of the
1926-1928 average from 79.6 in the preceding week, which
was the peak reached this year and also in the recovery
period which began in March 1933. A month ago the index
was 79.0 and a year ago 74.3. Under date of Oct. 28 the Association also stated:
The decline of the composite index last week was due largely to a sharp
decline in the grains, feeds and livestock group index, which fell off for the
second consecutive week and which has declined 6.4% during the past
month. The Index for this group is now somewhat lower than it was at the
beginning of this year. Farm product prices were generally lower during the
week, price declines occurring in 13 items included in the group, including
corn, oats, wheat, feedstuffs, cattle, hogs, and sheep. Lower gasoline
quotations were responsible for a slight decline in the fuel index. The fats
and oils index again declined with the drop caused primarily by lower lard
prices. The index of food prices remained unchanged last week at the
year's peak, although seven commodities included in the group index
declined in price and only four advanced. The seventh consecutive weekly
advance was registered by the textiles index which rose to the highest
level since January of this year, the result of higher prices for cotton, cotton
textiles, wool, and silk; a slight decline occurred in the price of burlap.
An advance in the price of tankage which more than offset a decline in
cottonseed meal accounted for a fractional rise in the fertilizer materials
Index. A continued rise in the quotations for hides, leather, and crude
rubber resulted in the index of the miscellaneous commodities group rising
to a new high peak.
Thirty-one price series included in the index declined in price during the
week and 25 advanced; in the preceding week there were 21 declines and
26 advances; in the second preceding week there were 18 declines and 42
advances.
Nov. 2 1935
WEEKLY WHOLESALE COMMODITY PRICE INDEX (1926-1928=100)
Compiled by the National Fertilizer Association
Per Cent
Each Group
Bears to the
Total Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Latest
Week
Oct. 26
1935
Preceding
Week
Month
Ago
Year
Ago
86.7
67.5
84.7
69.5
71.9
87.9
76.9
83.8
84.7
76.5
95.6
66.0
70.9
101.7
86.7
67.7
87.9
68.6
71.4
87.9
76.9
83.8
84.7
76.6
95.6
65.9
70.9
101.7
85.9
67.2
88.5
66.8
70.5
88.3
77.4
83.1
84.7
74.2
95.4
64.7
70.8
101.6
75.6
69.4
69.8
68.9
68.1
88.4
80.7
81.7
86.0
62.8
93.7
65.2
74.6
99.8
79.3
79.6
79.0
74.3
Group
Foods
Fuel
Grains, feeds and livestock
Textiies
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agriculturalimplements
All groups combined
Decrease of 0.5% in Wholesale Commodity Prices During Week of Oct. 26 Reported by United States
Department of Labor
Wholesale commodity prices declined 0.5% during the
week ended Oct. 26, according to an announcement made
Oct. 31 by Commissioner Lubin of the Bureau of Labor
Statistics, U. S. Department of Labor. In his announcement Mr. Lubin stated:
The decrease during the week brings the all-commodity index to 80.3%
of the 1926 average. This is 5.4% above the corresponding week of a
year ago and 34.7% above the depression low. Compared with the average for 1929, however,the current level of wholesale prices shows a decrease
of 15.7%.
The decline in the general index during the week was the result of sharp
decreases in average prices of farm products and foods. Building materials
and miscellaneous commodities were also fractionally lower. The hides
and leather products, textile products,fuel and lighting materials, chemicals
and drugs, and housefurnishing goods groups, however, were higher.
Metals and metal products remained at the level of the preceding weak.
The index for the industrial group, "All commodities other than farm
products and processed foods," remained unchanged at 78.4, the high point
of the year.
Group index numbers for the weeks of Oct. 19 and 26,
1935, Oct. 27 1934, March 4 1933, the year 1929, and the
percentages of change are shown in the following table
contained in the announcement:
Commodity
Groups
All commodities
Farm products
Foods
Hides and leather
Textile products
Fuel and lighting
Metals, &c
Building materials
Chemicals and drugs_
HousefurnIshings
Miscellaneous
All commodities other
than,‘4c
Oct. Oct. Per Oct. Per Mar. Per
Per
Cent 27
19
26
Cent
4
Cent Year Cent
1935 1935 Crepe 1934 Ch'pe 1933 Ch'pe 1929 Ch'ge
80.3 80.7 -O. 76.2 +5.4 59.6 +34.7 95.3 -15.7
78.6
84.8
95.1
72.8
74.3
85.9
85.9
81.3
81.9
67.4
79.5
85.8
94.4
72.5
74.2
85.9
86.2
81.1
81.8
67.6
78.4
78.4
-1.1
-0.9
+0.7
+0.4
+0.1
0.0
-0.3
-1-0.2
+0.1
-0.3
70.8
11.0 40.6 +93.6104.9 -25.1
75.4
12.5 53.4 +58.8 99.9 -15.1
84.5
12.5 67.6 +40.7 109.1 -12.8
69.9 +4.1 50.6 +43.9 90.4 -19.5
75.0 -0.9 64.4 +15.4 83.0 -10.5
85.5
0.5 77.4 +11.0 100.5 -14.5
85.2
0.8 70.1 +22.5 95.4 -10.0
77.2
5.3 71.3 +14.0 94.2 -13.7
82.8 -1.1 72.7 +12.7 94.3 -13.1
89.8 -3.4 59.8 +13.1 82.6 -18.4
0.0 78.0
+0.5 66.2 +18.4 91.6 -14.4
Mr. Lubin's announcement of Oct. 31 also said:
Despite higher prices for barley and corn, farm products prices dropped
1.1% during the week, due to a 2.6% decline in livestock and poultry
prices and a decrease of 1.8% in grains. The sub-group of other farm
products, including cotton, eggs, seeds and wool, recorded a minor increase.
Lower prices among fruits and vegetables were reported for apples, lemons,
oranges, dried beans, and white potatoes. The current farm product
index, 78.6, is 11% above the corresponding week of last year.
A decline of nearly 1% was registered by the foods group. Higher
prices for the sub-group, "butter, cheese and milk," and the sub-group of
"other foods" were more than offset by a decrease of 2.9% in meats and
smaller decreases in cereal products and fruits and vegetables. Important
individual items for which lower prices were reported were wheat flour,
oatmeal, canned apricots and corn, mutton, veal, fresh pork, dressed
Poultry, cocoa beans, coffee, lard, pepper, and vinegar. Higher prices
were reported for bread in Chicago. dried apricots, raisins, canned string
beans, cured beef, lamb, and cottonseed oil. The present food index.
84.8. is 12.5% above a year ago.
The building materials index declined 0.3% because of weakening prices
for lumber and certain paint materials. Average prices of brick and tile,
cement, and structural steel were steady.
The index for the hides and leathar products group, with an increase of
0.7%, reached a new high for the year and now stands at 95.1. This
Increase was due to sharp increases in average prices of hides, skins and
leather. Shoes and other leather products remained unchanged at the
previous week's level.
Wholesale prices of textile products continued upward, reflecting advancing prices for cotton goods, knit goods, silk and rayon, and woolen and
worsted goods. The sub-group of other textile products, including burlap,
manila hemp, and raw jute, was slightly lower. The index for the group
as a whole, 72.8, is the highest reached this year.
Cattle feed prices dropped over 4% during the week. Crude rubber
advanced 1.5%. No changes were shown for automobile tires and tubes,
nor for paper and pulp.
The chemicals and drugs group registered a minor increase because of
higher prices of fats and oils, camphor, and mixed fertilizers. The index
advanced to 81.3% of the 1926 average.
Seasonal advances in wholesale prices of coal caused a fractional increase
In the index for the fuel and lighting materials group. The petroleum products sub-group, on the contrary, was slightly lower. Coke remained unchanged.
The advance of 0.1% in housefurnishing goods was due to higher prices
for cotton blankets. Average prices of furniture were stationary.
In the metals and metal products group higher prices for motor vehicles
were offset by lower prices for non-ferrous metals, including antimony and
pig tin. The sub-groups of agricultural implements, iron and steel, and
plumbing and heating fixtures were unchanged.
Financial Chronicle
Volume 141
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 Oct. 27 1934 and Oct.
28 1933:
Oct.
19
1935
Oct.
12
1935
Oct.
5
1935
Sept.
28
1935
Oct.
27
1934
Oct.
28
1933
80.3
80.7
80.7
80.5
81.0
76.2
70.9
Farm products
78.6
Foods
84.8
Hides and leather products
95.1
Textile products
72.8
Fue and lighting materials
74.3
Metals and metal products
85.9
Building materials
85.9
Chemicals and drugs
81.3
Housefurnishing goods
81.9
Miscellaneous commodities
67.4
All commodities other than farm
products and foods
78.4
79.5
85.6
94.4
72.5
74.2
85.9
86.2
81.1
81.8
67.6
80.1
85.7
93.8
72.1
74.1
85.8
86.1
80.7
81.8
67.5
79.5
85.3
92.5
71.7
74.6
86.3
86.1
80.2
81.8
67.2
80.9
86.6
91.8
71.6
74.5
86.2
86.1
79.3
81.7
67.2
AACCCOIN•GOCOt•000
55.6
64.2
87.7
76.3
74.5
82.4
83.5
72.7
81.3
65.2
78.4
78.2
78.3
78.2
Commodity Groups
All commodities
oo,e,,,a,ou,c4Noc.
.00
Ow; cr;
GO
Oct.
26
1935
77.1
Decrease of 2% from Year Ago Noted in September
Sales of Chain Stores in New York Federal Reserve
District
Total September sales of the reporting chain store systems
in the Second (New York) District, states the Federal Reserve Bank of New York, "were 2% below a year ago, following moderate increases in the previous two months."
Continuing, the Bank also had the following to say in its
"Monthly Review" of Nov. 1:
The 10-cent and variety chain stores showed sales below a year ago, for
the first time in several months, and the shoe chains reported sales equal to
those of last year, whereas small increases were shown in the previous two
months. Grocery chain systems reported a smaller decline in total sales
than in August, however, and on an average daily basis the comparison
was the most favorable since January. Sales of the candy chains were
slightly higher than last year, the first advance to occur since April, and the
drug chains again reported a substantial increase in sales.
The grocery chain systems were the only reporting line to effect a reduction in the number of stores operated between September 1934 and September 1935: and sales per store of the grocery firms showed a slight increase
over a year ago. Most of the other lines showed increases in the number of
units operated, so that sales per store registered less favorable comparisons
with last year than did total sales.
Type of Store
Perceutage Change September 1935
Compared tath September 1934
Nmnberof
&ma
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
3.3
+1.7
+8.2
+1.0
+10.9
Total
Sales
Sales per
Store
-2.5
-1.7
+10.6
0
-3.8
+0.9
+0.9
-3.4
+2.3
--4.8
-9.0
2799.
Net Sales
Percentage Change
September 1935
Compared with
September 1934
Stock on Hand
Percentage Change
Sept. 30 1935
Compared with
Sept. 30 1934
+26.8
+19.0
+18.7
+17.4
+16.4
+15.9
+15.6
+13.6
+12.8
+12.7
+11.6
+9.8
+8.8
+5.6
+5.3
+2.1
-7.6
-16.5
+3.3
-2.4
+18.8
-25.7
-12.5
Toys and.sporting goods
Men's and boys' wear
Musical instruments and radio
Furniture
Silverwear and jewelry
Hosiery
Luggage and other leather goods
Women's and misses'ready-to-wear
Cotton goods
Home furnishings
Books and stationery
Toilet articles and drugs
Women's ready-to-wear accessories
Linen's and handkerchiefs
Men's furnishings
Shoes
Woolen goods
Silks and velvets
Miscellaneous
-3.8
+9.3
-17.3
+1.2
-1.8
-12.9
-4.0
-0.2
-9.9
-0.7
-3.2
As to sales in the Metropolitan area of New York during
the first half of October, the review stated:
During the first half of October total sales of the reporting department
stores in the Metropolitan area of New York were 0.3% below the corresponding period of a year ago. Somewhat less than the usual seasonal
expansion from September appeared to have occurred in this period of
October, which was attended by unseasonably warm weather and the incidence this year of the Columbus Day holiday on a Saturday.
Electric Output 13.0% Above Corresponding Week
a Year Ago
The Edison Electric Institute in its weekly statement
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Oct. 26 1935 totaled 1,895,817,000 kwh. Total output for the latest week indicated a gain of 13.0% over the
corresponding week of 1934, when output totaled 1,677,229,000 kwh.
Electric output during the week ended Oct. 19 1935 totaled
1,863,086,000 kwh. This was a gain of 11.7% over the
1,667,505,000 kwh. produced during the week ended Oct. 20
1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions
Week Ended
Oct. 26 1935
Week Ended
Oct. 19 1935
Week Ended
Oct. 12 1935
Week Ended
Oct. 5 1935
New England
Middle Atlantic
Central Industrial-- - _
West Central
Southern States
Rocky Mountain
Pacific Coast
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
13.9
7.6
18.7
11.5
5.8
29.6
6.5
10.1
7.5
17.3
6.6
8.6
35.7
7.4
13.0
11.7
12.7
12.3
Total United States_
DATA FOR RECENT WEEKS
Total
-0.3
-2.0
-1.7
New York Federal Reserve Bank Reports More-ThanSeasonal Increase in Department Store Sales in
September-Sales in Metropolitan Area of New
York During First Half of October 0.3% Below
Corresponding Period Last Year
According to the Nov. 1 "Monthly Review" of the Federal Reserve Bank of New York, September sales of the reporting department stores in the Second (New York) District "showed more than the usual seasonal rise and were
10.8% ahead of last year, the largest advance recorded
since March 1934." From the review the following is
also taken:
Sales of the Buffalo, Rochester, Syracuse and New York City stores
showed the most favorable comparisons with a year previous since March
1934, considering differences in the number of shopping days, and Bridgeport. Capital District, Northern New Jersey and Westchester and Stamford stores reported the most favorable in several months. Sales of the
reporting Southern New York State stores showed the same moderate increase as was indicated last month, while sales of the Northern New York
State stores showed a smaller increase than in the previous few months,
and sales of the Hudson River Valley District department stores were lower
than last year, following an advance in the previous month. Sales of the
leading apparel stores in this district were 1834% higher than last year, the
most substantial increase since March 1934.
Stocks of merchandise on hand, at retail valuation, continued lower than
last year in the department stores, and moderately higher in the apparel
stores. The rate of collections was higher this year than last in the department stores and also in the apparel stores.
Percentage Change from
a Year Ago
Locality
Per Cent of Acas.
Outstanding
Aug. 31
Net Sate,
Stock
Collected in
on Hand
September
Feb. to End of
Sept.
Sept.
Month
1934
1935
+11.4
NOW York
+14.6
Buffalo
+14.1
Rochester
+23.1
Syracuse
+6.6
Northern New Jersey
+8.4
Bridgeport
+3.7
Elsewhere
+0.9
Northern New York State__
+5.3
Southern New York State
Hudson River Valley District__ -0.8
Capital District
+7.1
+3.2
Westchester and Stamford
All department stores
Apparel stores
+0.6
+4.0
+1.9
+5.6
+0.2
+3.2
-1.1
-2.1
+0.2
-2.7
-3.4
+1.9
-8.8
-0.6
-0.3
-7.0
43.4
46.5
40.3
31.0
36.4
33.0
24.7
45.7
44.7
42.2
34.0
38.5
36.1
27.6
+0.1
--1.2
+10.8
+0.8
-2.7
39.7
41.9
+18.5
+4.1
+4.8
35.9
38.3
September sales and stocks in the principal departments are compared
with those of a year previous in the following table:
Week of-
1934
1935
Weekly Data for Precious Years
in Millions of Kilowatt-Hours
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
1,669,217.000
Nov. 2...
1.675,760,000
Nov. 9_ - 1,691,046,000
Nov. 18- - -
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
1,617
1,424
1,478
1,491
1,499
1,506
1,508
1,528
1,533
1,525
1,521
1,532
1,582
1.663
1.660
1.646
1,653
1,656
1,647
1,652
1.628
1,623
1,655
1,630
1.727
1,722
1,714
1,711
1,724
1,729
1,747
1,741
1,728
1,713
1,675
1,806
1,792
1,778
1,819
1,806
1,799
1,824
1.816
1,798
1,794
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
Jan__
Feb__
March _
April_
May_
June...
July - __
Aug....
Sept...
Nov...
1935
7.762,513
7,048.495
7,500,566
7.382,224
7,544,845
7.404.174
7.796.665
8,078,451
1934
P. C.
Clege
7,131.158 +8.9
6.608,356 +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 -4-96
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
6,294,302
6,219.554
6.130,077
6,112,175
6,310,667
6.317.733
6,633,865
6,507,804
6,638.424
7,435,782
6,678,915
7,370.687
7,184.514
7,180,210
7,070,729
7,286,576
7.166,086
7,099,421
7.331,380
6,971.644
7,288,025
8.021,749
7,066.788
7,580,335
7,416,191
7,494,807
7.239.697
7,363,730
7.391396
7,337.106
7,718,787
7.270.112
7.566.601
85.564,124
80,009,501 77.442,112 86,063,96' 89,467,099
TotalNote-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Sales of Wholesale Firms During September in New
York Federal Reserve District Above September
1934
In September total sales of the reporting wholesale firms
in the Second (New York) District averaged 13.1% higher
than last year, which, with the exception of the increase in
July, was the most substantial advance recorded this year.
In stating this, the New York Federal Reserve Bank in
its "Monthly Review" of Nov. 1 continued:
Sales of cotton goods and diamonds made the most favorable comparisons with a year previous since the spring of 1934, and sales of hardware
and stationery were above a year ago by the largest percentages in seven
to nine months. The increases reported by the grocery, shoe, drug, paper,
and jewelry concerns were larger than in the previous month, and sales of
men's clothing were ahead of a year ago by almost as large a percentage as
in August.
The amount of merchandise held by grocery and diamond concerns was
lower than a year previous for the first time in about a year. drug and jewelry
stocks continued smaller than a year ago,and only a slight increase in stocks
Financial Chronicle
2800
was reported by hardware concerns. Collections in September were slower
than last year, whereas in the previous two months collections had averaged
better than in 1934.
Percentage Change
September 1935 Compared
with September 1934
Per Cent of Accounts
Outstanding Aug. 31
Collected in September
Commodity
Net Sales
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
"
+2.2
+21.0
+24.4
(a)
+4.7
+8.6
+9.2
+7.4
+16.0
+86.4
+20.8
Stock on Hand
End of Month
-5.5
(a)
-7.5
+1.2
+15.71
1934
1935
93.2
40.8
38.1
57.9
37.1
37.3
44.3
40.6
45.8
21.8'
87.4
47.5
40.0
56.3
35.1
23.2
46.8
52.8
43.2
24.9
54.4
Weighted average
55.6
+13.1
*Quantity figures reported by the National Federation of Textiles Inc., not yet
available.
Clerical Workers in New York State Increased from
1932 to 1935, According to Survey of Merchants
Association of New York-Wage Payments, However, Dropped
Between 1932 and 1935 there was a substantial increase in
the number of clerical employees in plants and business
houses of New York State, but the wages paid to several
classes of employees were lower in 1935 than in 1932, it is
shown in a survey of clerical salaries recently completed by
the Merchants' Association of New York. Ninety-two large
companies furnighed the data on which the compilation was
made, the Association said. The companies responding included railroads, large food concerns, banks, textile concerns, chemical organizations, insurance companies, printing and publishing houses, and miscellaneous corporations.
In an announcement issued by the Association for publication
Oct. 28 it was also stated:
The total number of clerical employees reported by these 92 concerns had
increased from 8,809 in 1932 to 9,149 in 1935, indicating a rise in clerical
employment of about 4%. There were four groups in which the average
weekly wages paid to the clerical employees showed an increase. These
were accountants, where the increase was very slight; auditors, where a
rise of 9.94% was recorded ; file clerks and clerical workers not otherwise
classified. Decreased wages, however, were shown for bookkeepers, both
machine operators and non-machine operators, stenographers, typists, dictaphone operators, telephone operators, office machine operators and chief
and supervisory clerks. The largest decrease shown was for bookkeepers,
where the average weekly wage dropped more than 5%. The increase in
the number of employees was spread over nearly all the clerical groups.
There was, however, a slight decrease in the number of women stenographers,
this decrease being partly offset by an increase in the number of male
stenographers. There was also a slight decrease in the number of typists
and file clerks.
In making the results of the survey public, William E.
Yeomans, Manager of the Industrial Bureau of the Merchants' Association, said:
While this survey was confined to 92 employers, the concerns covered
are so representative in character that the results give a fair indication of
what took place among white collar groups in trade and industry as a
whole between 1932 and 1935. The survey appears to partially support
current statements to the effect that increase in employment of clerical
workers has not proceeded in the same degree as has the increase in
business activity.
Nov. 2 1935
The exports of unmanufactured cotton increased from 133,662,000
pounds, valued at $16,555,000, in August to 267,163,000 pounds, valued
at $31,817,000,in September. This was 17,430,000 pounds more than were
exported in September of last year, but due to lower prices the value of the
exports for the month was $370,000 less than for the same month a year ago.
The exports of unmanufactured tobacco increased from 22,644,000
pounds, valued at $10,079,000, in August to 52,671,000 pounds, valued at
$22,389,000, in September. This compares with 53,097,000 pounds, valued
at $19,995,000, in September 1934.
The exports of apples increased from 544,000 bushels, valued at $1,032,000, in August to 1,349,000 bushels, valued at $2,380,000, in September. This was a sharp gain over September 1934, when 543,000 bushels.
valued at $838,000, were exported.
Although there was slight increase in September over August in the
exports of edible animals and animal products as a group, there were
declines in the export of lard and meat products.
Sloth the metals and manufactures and the machinery and vehicles groups
showed a decline in exports. Among the Individual commodities to show
a decline were-agricultural machinery, motor trucks and busses, passenger
cars and chassis and aircraft.
In the import field, the sharpest drop came in the Imports of sugar, which
decreased from 1,144,695,000 pounds, valued at $26,203,000, in August to
262,445.000 pounds, valued at $6,734,000, in September. Declines also
occurred, although relatively much smaller than those for sugar, in the
imports of grains and preparations, crude rubber, hides and skins and furs
and fur manufactures. Imports of copper increased from 21,136,000
pounds, valued at $1,419.000, in August to 44,477,000 pounds, valued at
$3,100,000, in September. Imports of tin increased from 10,338,000
pounds. valued at $5,138,000, in August to 15,172.000 pounds, valued at
37,415,000, in September.
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND GENERAL
IMPORTS
(Preliminary figures for 1935 corrected to Oct. 21 1935)
9 Months Ending Sept.
September
Exports
Imports
Excess of exports_
Excess of !moons
Month or Period
Exports Including
Re-exports
January
February
March
April
May
June
July
August
September
October
November
December
1935
1934
1935
1934
Increase(+)
Decrease(-)
1,000
Dollars
198,189
161,653
1,000
Dollars
191,313
131,658
1,000
Dollars
1,567,924
1,502,942
1,000
Dollars
1,561,022
1,242,243
1,000
Dollars
+6,902
+260,699
36,536
59,655
64,982
318,779
1934
1935
1933
1931
1932
1930
1.000
1.000
1,000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars
176,223 172,220 120,589 150,022 249,598
162,999 162,752 101,515 153,972 224,346
185,063 190.938 108,015 154,876 235,899
164,127 . 179,427 105,217 135,095 215,077
165,456 160,197 114,203 131,899 203,970
170,244 170,519 119,790 114,148 187,077
173,429 161,672 144,109 106,830 180.772
172,104 171,984 131,473 108,699 164,808
198,189 191.313 160,119 132,037 180,228
206,413 193,069 153,090 204,905
194,712 184,256 138,834 193,540
170,654 192,638 131,614 184,070
1.000
Dollars
410,840
348,852
369,540
331,732
320,035
294,701
266.762
297,765
312.207
326,896
288,978
274,856
9 months end. Sept. 1,567,924 1,561,022 1,105,030 1,187,479 1,841,775 2,952,450
12 months end. Dec.
2,132,800 1,674,994 1,611,016 2,424,289 3,843,181
General ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
166,832
152,480
177,356
170,580
170,559
156,757
177,699
169,030
161,653
135,706
132,753
158,105
146,523
154,647
136,109
127,229
119,513
131,658
129,635
150,919
132,258
96.00e
83,748
94,860
88,412
106,869
122.197
142,980
154,918
146,643
150,867
128,541
133,518
135,520
130,999
131,189
126,522
112,276
110.280
79,421
91,102
98,411
105,499
104,468
97,087
183,148
174,946
210,202
185,706
179,694
173,455
174,460
166,679
170,384
168.708
149,480
153.773
310,968
281,707
300,460
307,824
284,683
250,343
220,558
218.417
226,352
247,367
203,593
208.636
9 months end. Sept. 1,502,942 1,242,243 1,036,632 1.015,720 1,618,674 2.401,312
12 months end. Dec.
1,655,055 1,449,559 1,322,774 2.090,635 3,060,908
1,000
Dollars
Exports (U. S. mdse.)-- 195.537
Imports for consumption 168,689
Month or Period
Exports-U. S.
Merchandise
January
February
March
April
May
June
July
August
September
October
November
December
1935
9. ..0c,
..bnwoo..4cocomc,
September
1935
-700)
,I.
:060;.;
6M,46,
9 Months Ending Sept.
1934
1935
1934
Increase(+)
Decrease(-)
1,000
Dollars
188,860
149,893
1.000
Dollars
1,536 471
1,507,748
1,000
Dollars
1,536,002
1,222,366
1,000
Dollars
+469
+285,382
1934
1933
1932
1931
1930
1,000
1,000
1,000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars
169,577 118,559 146,906 245,727 404,321
159,617
99,423 161,048 220,660 342,901
187,418 106,293 151,403 231,081 363,079
176,490 103.265 132,268 210,061 326,536
157,161 111,845 128,553 199,225 312,460
167,902 117,517 109.478 182,797 289,869
159,128 141,573 104,276 177,025 262,071
169,851 129,315 106,270 161,494 293,903
188,860 157,490 129,538 177,382 307,932
203,536 190,842 151,035 201,390 322,676
192,156 181,291 136.402 190,339 285,396
168,442 189.808 128,975 180,801 270,029
9 months end. Sept. 1,536,471 1,536,002 1,085.279 1,159,739 1,805,452 2,903,072
12 months end. Dec.
2,100,135 1,647,220 1,576,151 2,377,982 3,781,172
Imports for Consumption
January
February
March
April
May
June
July
August
September
October
November
December
168,482
152,234
175,485
166,157
166,782
155,314
174,163
180,444
168,689
128,976
125,047
153.396
14.1,247
147,467
135,067
124,010
117,262
149,893
137,975
149,470
126.193
92,718
84,164
91,893
88,107
109,141
123,931
141,018
152,714
147,599
149,288
125,269
127,170
coaowvw
In September, United States exports of merchandise were valued at
15% more than in August. This increase was of approximately the usual
seasonal porportion. Imports declined .1% in value, while, over a period
of years, they have declined on the average only about 1% from August
to September. Compared with September 1934, exports were 4% greater
in value and imports 23% greater. In the first nine months of 1935.
exports were approximately the same, and imports 21% larger in terms of
value, than in the corresponding period of 1934.
Exports, including reexports, amounted to $198,189,000 in value compared with $172,194,000 in August 1935 and $191,313,000 in September
1934. General imports, which include goods entered for storage in bonded
warehouses plus goods entering consumption channels immediately upon
arrival in the United States, amounted to $161,653,000 in value compared
with $169,030,000 in August 1935 and $131,658,000 in September 1934.
The excess of exports over imports was $36,536,000 compared with
$59,655,000 in September 1934. For the first nine months of 1935, the
export balance was $64,982,000 compared with $318,779,000 in the same
period of 1934.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival, plus withdrawals for consumption from
bonded warehouses, amounted to $168,689,000 in value compared with
$180,444,000 in August and $149,893,000 in September 1934.
As is customary at this time of the year, the principal change in export
trade resulted from the seasonal movement of agricultural commodities.
Exports of agricultural products increased from $42,723,000 in August to
$76,423,000 in September. At the same time, because of the exhaustion
of the Cuban sugar quota in August. agricultural imports declined from
5103,418.000 in August to $84.000,000 in September. The change in nonagricultural imports was slight, while non-agricultural exports decreased
from $127,039,000 to $119,114.000.
During September, there were sharp relative increases in the exports of
unmanufactured cotton. unmanufactured tobacco, apples, dried and
evapOrated fruits, and canned fruits.
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
c0000cwww
carg.*.wwpwp=4.
Country's Foreign Trade in September-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on Oct. 21 issued its statement on the foreign
trade of the United States for September and the nine months
ended with September, with comparison by months back to
1930. The report is as follows:
183,284
177,483
205,690
182,867
176,443
174,516
174.559
168,735
174,740
171,589
152.802
149.516
316,705
243,713
304.435
305,970
282,474
314,277
218,089
216,920
227.767
245,443
196,917
201,367
9 months end. Sept. 1,507,748 1,222,366 1,031,286 1,019,238 1,618,317 2,470,350
12 months end. Dec.
1,636,003 1,433,013 1,325,093 2,088,455 3,114,077
VALUE OF GENERAL IMPORTS OF MERCHANDISE INTO THE UNITED
STATES BY GRAND DIVISIONS AND PRINCIPAL COUNTRIES
GOLD AND SILVER BY MONTHS
9 Months Ending Sept.
September
1935
1934
1,000
Dollars
88
156,805
GoldExports
Imports
Excess of exports_
Excess of imports
1935
1,000
Dollars
22,255
3,585
Increase(--)
Decrease(-)
1934
1,000
Dollars
1,472
1,024,566
1,000
Dollars
50,136
960,213
1,023,094
910,077
17,260
197,965
12,678
64,579
1,000
Dollars
-48,664
+64,353
18,670
156,719
SilverExports
Imports
1,472
45,689
Excess of exports
Excess of imports_ _ _ _
1,424
20,831
44.217
19.407
180.706
1935
1934
+4.582
+133,386
51.901
Gold
Month or
Period
Silver
1933
1932
1935
1934
1933
1932
1.000 1,000 1,000 1,000 1.000 1.000 1,000 1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
9mos.end.Sept.
12 mos.end.Dec.
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
2801
Financial Chronicle
Volume 141
363 4,715
14 107,883
46
51 21,521 128,211
540
44 28,123 43,909
62
37 16,741 49,509
49 1,780 22,925 212,229
168 6,586 4,380 226,117
59
114 85,375 23,474
102 14,556 81,473 18,067
86 22.255 58,282
60
2,173 34,046
61
310 2,957
16
140 10,815
13
1,248
1.661
3,128
1,593
2.885
1,717
1,547
2,009
1,472
859
734
665
1,425
1.638
2,404
1,789
1.741
1,424
1,162
1,698
1,014
1,551
209
269
193
235
343
2.572
7,015
3.321
2,281
464
590
1,611
942
967
1.617
1,865
1,268
828
433
868
1,316
875
1.260
1,472 50,136 318,833 809,438 17,260 12,678 15,707 10,399
52,759 366,652 809,528
16,551 19,041 13,850
149.755 1,947 128,479 34,913
122,817 452,622 30.397 37.644
13,543237.380 14,948 19.238
148.670 54,785 6,769 19,271
140,085 35,362 1.785 16,715
230,538 70,291 1,136 20.070
16,287 52,460 1,497 20,037
46,085 51.781 1,085 24,170
156,805 3,585 1.545 27,957
13.010 1,696 20.674
121,199 2,174 21,756
92,249 1,687 100,872
19,085 3,593 1,763
16,351 2,128
855
20,842 1,823 1,693
11,002 1.955 1,520
13,501 4,435 5,275
10,444 5,431 15,472
30.230 2,458 5,386
30,820 21,926 11.602
45,689 20.831 3,494
14.425 4,106
15,011 4,083
8.711 4,977
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1.554
2,052
1,305
1,494
1,203
9mos.end.Sept. 1024566 960,213 187,640 220,013 197,965 64,579 47,059 15,648
12 mos.end.Dec.
1186671 193,197 363,315
102,725 60,225 19,650
Total Value of Exports and Imports of Merchandise
by Grand Divisions and Principal Countries in
September
The Department of Commerce on Oct. 30 1935 issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
September and nine months ended with September for the
years 1934 and 1935. The following are the tables complete:
Month of September
1934
Imports from-Europe
Northern North America
Southern North America
South America
Aola
Oceania
Africa
1934
Exports toEurope
Northern North America
Southern North America
South America
Asia,
Oceania
Africa
Total
Argentina
Australia
Belgium
Brazil
British India
British Malaya
Canada
Ceylon
•
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Gold Coast
Greece
Honduras
Hong Kong
Iran (Persia)
Irish Free State
Italy
Jamaica
Japan
Mexico
Netherland India
Netherland West Indies
Netherlands
Newfoundland and Labrador-.
New Zealand
Norway
Panama
Peru
Philippine Islands
Poland and Danzig
Portugal
Spain
Sweden
Switzerland
Turkey (Asia and Europe)
Union of South Africa
U. S. S. R. (Russia, Europe &
Asia)
United Kingdom
Uruguay
Venezuela
$
86,579,479
25,370,374
15,883,583
15,312,930
34,567,380
5,601,145
7,998,039
1935
1934
191.312,930 198,188,974 1561021987 1,567,923,543
3,712,255 4,143,074 31,827,146
4,059,387 4.978,109 33,036,584
4,004,520 3,931,384 38,090,718
3,979,179 3,195,916 29,830,002
2,642,786 2,240,118 20,401,692
394,962
444,961 2,924,621
24,850,440 27,417,831 228,542,756
860,491
131,676
113,407
1,180,918 1,283,263 8,067,301
8,970,943 2,461,518 54,809,261
2,157,293 1,466,718 16,407,391
4,333,376 4,785,984 32,076,312
302,639
297,396 2,046,957
1,511,486
077,626 10,958,337
438,937
351,439 4,407,428
246,347
273,346 1,848,682
671,252 1,026,666 4,710,890
748,803
529,991 4,045,048
10,334,041 7,316,194 86,108,550
7,461,372 8,890,611 92,593,152
358,637
251,234 1,532,003
461,973
934,823 3,522,089
568,781
406,989 4,263,852
870,015
776,241 6,319,120
586,073
227,363 2,654.496
673,487
685,086 5,445,811
4,741,659 4,795,887 45,086,223
361,633
336,520 2,817,880
20,033,783 16,995,971 137,336,985
4,610,980 4,915,701 40,490,170
790,892
849,332 6,657,156
1,314,968 1,096,493 9,755,904
4,126,427 3,158,755 39,736,379
507.345
637,457 3,879,226
1,454,926 1,230,871 9,536,643
968,729 1,010,516 8,187,273
1,636,709 1,580,234 13,201,841
1,144,731
953,930 7,384,577
3,331,988 4,846,550 35,849,233
2,082,502 1,726,893 13,397,784
412,707
959,648 5,900,834
3,254,641 3,734,372 27,449,405
3,295,330 2,927,354 22,972,633
626,833 6,020,456
448,499
162,757
622,425 1,942,985
4,663,721 2,739,925 34,544,873
37,348,704
41,455,890
38,132,264
32,390,858
23,447,860
3,318,245
243,639,286
908,329
10,942,617
29,121,267
16,686,678
43,475,921
2,399,866
8,535,765
3,417,118
2,052,566
7,057.596
3,971,799
71,653,562
54,595,949
2,254,915
4,771,854
4,083,867
6,579,159
3,337,246
4,944,758
48,840,090
2,986,523
132,866,551
48,381,469
8,143,592
10,902,052
34,581,181
4,352,212
10,655,162
9,306,584
14,693,574
8,774,727
37,969,759
15,374,032
7,464,418
29,034,005
25,683,733
6,061,897
3,483,247
37,527,303
43,950 11,049,409
753.547
40,119,254 53,513,431 267.129,790
488,690
736,248 4,039,286
1,795,745 1.300,953 14,417,131
15,928,522
269,990,262
4,540,332
14.376.280
1934
$
$
50,014,655 364,466,232
28,577,853 168,368,211
10,841,308 113,000,813
20,663,210 171,930,010
49,023,629 385,776,205
2,205,212 11,563,018
2,326,936 27,138,665
1935
$
412,550.132
207,602,162
171,192,565
209,953,954
450,518,809
19,560,438
31,564,113
50,565,969
2,280,165 5,102,008 21,905,903
10,523,305
778,096 1,668,409 6,676,514
27,993,251
2,118,579 3,874,378 19,112,523
72,151,783
8,596,613 8,028,134 65,854,430
46.462,401
3,865,175 4,554.669 43,332,503
8,877,702 11,096,389 81,266,020 102,112,916
203,251,317
20,982,823 25,976,993 163,525,214
8,667,884
851,225
956.778 8,576,128
18.942,218
1,486,181
823,661 17,512,553
46,008,272
3,470,509 4,317,522 34,681,522
37,846,182
3,564,103 3,741,497 37,989,326
95,779,537
7.439,496 4,895,950 49,745,243
15,353,635
1.642,537 2.102,721 12,745,663
2,025,858
80,390
176.672 1,417,056
4,226,470
126,816 3,409,268
78,067
2,300,044
280,718
220,237 2,215,602
6,341,593
426,432
455,504 7,416.969
8,234,364
817,909
753,458 8.375.524
39,715,566
3,948,347 4,398,008 45,404,031
55,648,207
5,637,239 6,997,75£ 52.824,830
6.266,293
520,800
438,541 3.897.078
7.174,199
525,615
383,246 5,597,552
5,345,173
576,859
546,141 6,152,504
5,257.943
400,058
543,511 4,011,608
2,953,839
172,588
243.142 2,453,847
369,356
574,997
46,618
74,786
23.425,485
2,496,508 2,347,374 25,420,124
1,601,210
162,369
129,109 1,227,937
12,138,423 13,605,173 89,942,686 107.944,782
30,913,098
2,478,508 2,592,898 28,244,340
38,891,210
3,228,251 4,780,801 31,192,916
10,007,451
899,936 1,1132,816 6,117.869
28,329,018
3,556,857 4,282,186 21,327.130
4,135,024
382,008
399,542 3,442,098
7,630,847
532,447
495,816 4,550,926
11,391,176
1,394,051 1,503,487 13,062,505
3,706,083
305,897
331,688 2,978,223
5,040,599
377,917
219,095 4,772,407
77,504,688
1,962,539 7,910,512 80.727,681
7,962,980
407,541
482,071 3,688.197
2,454.587
203,939
122,600 3,310,883
13.000,982
1,071,147
965,431 14,628,860
26,436,682
2,741,312 3,722,922 23,618,860
11,031,990
1,089,463 1,258,827 11.240,802
4,780,286
83,737
134,130 4,318.301
2,624,469
212,344
397,809 2,413.076
854,594 1,031,295 8,75l,442
9,838,405 14,572,312 88,727,214
240,054
580.622 3,634,747
2,061,509 1.735,648 16,655.099
12,554,577
107.620,717
4,913,092
16,156,312
VALUE OF EXPORTS OF UNITED STATES MERCHANDISE AND IMPORTS FOR CONEWMPTION BY GRAND DIVISIONS AND PRINCIPAL
COUNTRIES
Exports United States
Merchandise
September
1935
1935
$
658,561,941
248,158,833
147,525,523
129,604,868
262,428,106
52,819,909
68,824,363
9 Months End. September
131.658,157 161,652,603 1242243,154 1,502.942,173
Total
9 Months End. September
$
$
96,026,264 696,787.030
28,063,217 232,592,373
15,699,728 129,580,164
13,820,952 119,878,072
31,125,267 282,119,346
6,274,813 43,164,650
6.278,733 57,100,352
$
39,161,991
21,383,020
13.177,037
19,014,850
35,485,909
1,320.902
2,114,448
Argentina
Australia
Belgium
Brazil
British India
British Malaya
Canada
Ceylon
Chile
.
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Gold Coast
Greece
Honduras
Hong Kong
Iran (Persia)
Irish Free State
Italy
Jamaica
Japan
Mexico
Netherland India
Netherland West Indies
Netherlands
Newfoundland and Labrador.....
New Zealand
Norway
Panama
Peru
Philippine Islands
Poland and Danzig
Portugal
Spain
Sweden
Switzerland
Turkey (Asia and Europe)
Union of South Africa
U. S. S. R. (Russia, Europe &
Asia)
United Kingdom
Uruguay
Venezuela
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS, AND IMPORTS OF MERCHANDISE BY GRAND DIVISIONS AND PRINCIPAL
COUNTRIES
Month of September
1935
Europe
Northern North America__
Southern North America__
South America
Asia
Oceania
Africa
Total
$
95,671,093
27,123,720
15,536,274
13,705,717
30,970,846
6,252,518
6,276,676
9 Mos. End.
September
1935
$
643,604,241
236,128,408
145,335,462
128,666,532
261,463,527
52,548,736
68,724,434
Imports for
Consumption
September
1935
$
52.914,825
27,333,889
11,845,417
21,790,825
50,119,377
2,260,687
2,423,894
9 Mos. End.
September
1935
S
414,488,682
207,156,652
178,615,784
206,982,651
449,815,845
19.134,201
31,554,370
195,536,847 1,536,471,340 168,888,714 1,507,748,185
48,944,226
4,129,787
37.185,919 4,970,263
Argentina
10,338,905
Australia
4,967,346
41,218,208 1,675,743
27,711,871
3,946,909
36,596,191
Belgium
3,872.811
71.377,348
Brazil
3,171,397
32,242,114 8,204,658
46.431,273
British India
2,198,616
23,241,198 4,722,582
429,901
3,261,938 11,097,945 102,188,457
British Malaya
26,498,111 231,676,190 26,707,653 202,741,433
Canada
8,688,529
958,812
113,24(
906,915
Ceylon
18,981,332
1,256,919
10,796,733 1.515,315
Chile
46,887.705
2,448,942
29,039,348 4,466,222
China
37.596,855
1,437,192
15,487,822 3,728,392
Colombia
4,727,93:
42,685,438 4,698,949 102,027,211
Cuba
14,792,014
2,172,135
290,547
2,349,521
Czechoslovakia
2,027,812
176,089
972,047
8,506,211
Denmark
4,233,591
3,347,096
126,757
347,561
Dominican Republic
2,332,184
229,477
270,398
2,035,684
Ecuador
6,287.198
7,029,559
642.073
Egypt
1,026,385
8,224,981
756,255
620,330
3,880,527
Finland
40,434,452
7,184,901
67,496,083 4,795,658
France
55,743,276
8,816,286
53,311,797 7,326,100
Germany
6,497,925
370,118
251,221
2,251,265
Gold Coast
6.636,178
831.497
934,823
4.755,898
Greece
5,349,190
546,141
401,850
4,022,000
Honduras
5,252.924
537,784
768,340
6,833,432
Hong Kong
2,964,796
227,363
345,068
3,335,867
Iranz(Persia)
485,271
684,647
83,804
Irish Free State
4,908,397
24.841,147
4,742,259
Italy
48,267,620 2,923.941
1,552,371
333,646
2,962.017
138,264
Jamaica
16,961,238 132,446,666 13,888,042 106,482,87(
Japan
31,483,101
4,862,632
Mexico
47,612,448 3,014,012
38,684,769
843,784
Netherland India
8,119,990 4,733,271
10,510,001
1,093,170
10,871,037 1,885,815
Netherland West Indies
3.127,451
27,787,681
Netherlands
34,126,065 4,282.021
4,017,171
4,285,754
617,786
414,312
Newfoundland and Labrador_
7,392,121
1,219,429
New Zealand
10,624,033
544,241
12,259,212
1,005,474
Norway
9,267,169 1,447,720
3,708,429
1,573,474
14,526,847
333,760
Panama
4.572,949
950.697
8,680,789
664,713
Peru
77.527,361
4,838,724
Philippine Islands
37,912,966 7,950.700
7,641,921
1,713,501
497.530
Poland and Danzig
15.233.778
2,506,11:
959,498
7,435,826
141,193
Portugal
13.038,54:
3,734,172
Spain
28,967,488 1,220,667
2,922,697
26,414,961
Sweden
25,541.384 3,721,503
526,804
11.211,031
5,884,397 1,354,724
Switzerland
598,022
4,603,121
3,448,595
Turkey (Asia and Europe)
464,106
2,739,749
2,643,58:
*Union of South Africa
37.496,081
388,615
U.S. S. R.(Russia, Europe &
43,950
12,795,861
15.551,678 1,129,213
Asia)
52,660,139 264.269,363 14,894,690 108,198,491
United Kingdom
735,543
5,043,35:
4,530,120
508,419
Uruguay
1,287,177
14.225.911 1.734.237
Venezuela
16.201.551
2802
Financial Chronicle
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve SystemIncreases Noted in Industrial Production and Employment During September
"Industrial production and employment increased in
September and distribution of commodities to consumers
was in larger volume, reflecting in part seasonal influences.
The general level of wholesale prices showed little change."
In reporting this the Board of Governors of the Federal Reserve System, in its summary of general business and financial conditions in the United States, based upon statistics
for September and the first three weeks of October kissued
Oct. 26) went on to say:
Production and Employment
Output at factories and mines, as measured by the Board's seasonally
adjusted index of industrial production, advanced from 87% of the 19231925 average in August to 88% in September, reflecteing chiefly increases
in the output of iron and steel, lumber, cotton and silk textiles, and anthracite, offset in part in the total by declines in the production of automobiles and woolen textiles. At steel mills activity increased from 49%
of capacity in August to 51% in September,and during the first three weeks
of October continued at about the September level. At automobile factories a sharp decline in output during September, as preparations were
made for new models, was followed in the early part of October by a rapid
advance. Lumber production continued to increase in September. In
the cotton textile industry, where output had been at a relatively low level
since April. activity showed a marked increase in September and there was
also an increase in output at silk mills, while woolen mills, where activity
has been at an exceptionally high level for several months, there was a
decline.
Factory employment showed a seasonal increase between the middle of
August and the middle of September. The number employed at foundries
and in the lumber, nonferrous metals, and machinery industries increased
substantially, while in the automobile industry there was a considerable
decline. At cotton mills employment showed a seasonal increase and at
silk and rayon mills there was an increase of more than the usual seasonal
amount, while employment at woolen mills and shoe factories declined.
The value of construction contracts awarded, as reported by the F. W.
Dodge Corp., was about the same in the six weeks ending Oct. 15 as in the
previous six weeks, reflecting an increase in residential building, partly of a
seasonal character, and a slight decline in other types of construction.
Distribution
Freight-car loadings showed an increase of more than the usual seasonal
amount in September and increased further in the first half of October.
Department store sales also increased by more than the estimated seasonal
amount in September, and for the third quarter the average of the Board's
seasonally adjusted index was SO% of the 1923-1925 average as compared
with 75% a year ago.
Commodity Prices
The general level of wholesale commodity prices, as measured by the
index of the Bureau of Labor Statistics, showed little change during September and the first three weeks of October. Prices of grains decreased in the
middle of October, following a considerable advance, while prices of silk,
hides, and copper increased throughout the period.
Bank Credit
Reserves of member banks continued to increase during the five weeks
ending Oct. 23. reflecting chiefly imports of gold from abroad. At the
end of the period reserves in excess of legal requirements at $2,930,000,000
were at the highest level on record.
At weekly reporting member banks in 91 leading cities adjusted demand
deposits increased by $40,000,000 during the four weeks ending Oct. 16.
while United States Government deposits declined and inter-bank balances
rose to a new high level. Loans on securities decreased by $40,000,000,
while other loans, including commercial credits, increased by $80,000,000.
Yields on both short-term and long-term Government obligations increased from the last week in August to the first part of October and subsequently declined. Other short-term open-market money rates remained
at previous low levels.
Monthly Indexes of Federal Reserve Board
for September
The Board of Governors Of the Federal Reserve System on
Oct. 26 issued as follows the monthly indexes of industrial
production, factory employment, &C.:
BUSINESS INDEXES
(Index Numbers of the Federal Reserve Board. 1923-2=100)•
Adjusted for
Seasonal Variation
Sept.
1935
General IndexesIndustrial production. total.b
Manufact urea_ b
Minerals
Construction contracts, value cTotal
Residential
All other
Factory employment_d
Factory Payrolls _d _
Freight-car loadings
Department store sales, value
Production Indus: by Groups and
IndustriesManufactures:
Iron and steel
Textiles
Food products
Automobiles _b
L-ather and shoes
Cement
Petroleum relining
Rubber tires and tubes
Tobacco manufactures
Minerals:
Bituminous coal
Anthracite
Petroleum, crude
Iron Ore
Eine
Silver
Lead
Aug.
1935
Sept.
1934
p88
p88
p86
87
87
81
71
69
82
p42
p28
p55
38
24
50
29
11
44
81.9 r81.7 r74.0
Without
Seasonal Adjustment
Sept.
1935
Aug.
1935
Sept.
1934
p89
p88
p91
88
86
85
73
70
87
p42
p28
p55
40
24
54
r81.8
45
30
11
775.9
83.6
72.1 r69.6 r58.0
84
87
79
p86
62
82
60
59
P82
79
75
84
p106
81
104
38
63
83
p106
79
99
78
76
120
81
74
52
p100
47
64
103
44
169
129
130
51
88
50
152
79
125
29
p115
59
.._
__
143
89
114
57
169
__
139
84
82
122
p61
p65
p139
70
p57
p65
58
36
p135
133
54
44
__
83
82
59
61
36
79
__
38
138
109
76
59
. 59
60
55
58
57
57
37
83
122
56
102
83
152
76
139
68
62
125
85
58
34
52
p Preliminary.
r Revised.
•Indexes of production, car loadings, and department store sales based on daily
averages. h Revised seasonal adjustment factors for automobiles used in September
Nov. 2 1935
1935. c Based on three-month moving average of F. W. Dodge data centered at
second month. d Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics. Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board. Underlying
figures are for payroll period ending nearest middle of month. September 1935
figures are preliminary, subject to revision.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-25=100) a
Employment
Payrolls
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variation
Adjustment
Adjustment
Group and Industry
Sent. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept.
1935 1935 1934 1935 1935 1934 1935 1935 1934
Iron and steel
74.1 r73.4 65.0 74.7 r73.2 66.0 62.9 r59.6 41.1
Machinery
88.8 787.1 r76.0 91.1 87.3 r78.0 75.2 r71.2 r55.6
Transportation equipment_b 81.4 r83.6 r75.5 75.8 r83.5 r74.2 65.7 r71.6 r52.3
Automobiles_ b
91.0 r94.9 82.1 84.0 r95.1 80.9 72.1 r80.6 54.3
Railroad repair shops
52.4 52.7 55.4 52.8 52.8 55.7 49.1 49.0 45.6
Non-ferrous metals
87.4 r83.7 r75.9 86.9 r82.0 r75.4 70.9 64.7 r54.2
Lumber and products
5.5.4 r54.6 48.0 58.9 r55.3 49.3 47.1 r44.4 33.9
Stone, clay and glass
53.9 r54.8 51.1 55.8 r55.9 52.9 42.2 r40.9 34.7
Textiles and products
96.0 r96.1 72.9 95.9 r92.9 73.1 84.6 778.9 57.5
A. Fabrics
93.2 r93.3 62.7 92.1 r89.9 62.0 80.4 r76.5 49.1
B. Wearing apparel
98.3 r98.4 93.4 100.5 r96.0 95.5 87.8 778.8 70.9
Leather products
85.7 r87.0 82.4 89.0 r90.1 85.7 76.8 r81.7 69.2
Food products
99.1 99.2 110.5 116.6 r109.9 127.1 104.9 r99.8 109.3
Tobacco products
57.3 58.1 62.9 58.9 57.9 64.7 49.4 46.6 50.3
Paper and printing
97.4 r97.1 95.6 97.1 r95.9 95.3 86.1 r83.0 80.3
Chemicals & petroleum prods. 110.3 111.4 108.2 110.7 r107.9 108.6 99.1 r97.0 89.9
A. Chemicals group except
petroleum refining
110.8 r111.8 107.6 110.8 )108.9 107.6 97.8 r95.4 87.9
B. Petroleum refining_
108.2 7110.1 110.9 110.1 r112.2 112.9 103.1 r102.5 96.3
Rubber products
81.7 r80.4 r80.3 81.1 779.1 r79.7 68.8 84.3 56.1
Total _b
81.9 r81.7 774.0 83.6 781.8 r75.9 72.1 r69.6 r58.0
r Revised.
a Indexes of factory employment and payrolls without seasona adjustment com-
piled by Bureau of Labor Statistics. Index of factory employment adjusted for
seasonal variation compiled by Federal Reserve Board. Underlying figures are for
payroll period ending nearest middle of month. September 1935 figures are Preliminary, subject to revision.
b Revised sNtsona adjustment factor for automobiles used In September 1935.
Building Operations in United States During September, According to United States Department of
Labor-Activity 16% Below August
A decline in building activity in the United States is evidenced by the building permits in September, according to a
recent announcement by Commissioner Lubin of the Bureau
of Labor Statistics, United States Department of Labor.
"Measured by the value of permits issued, building construction during the month was 16% below the August level,
the total value of permits for all types of construction being
$74,553,000 as against $88,585,000 in the previous month,"
Mr. Lubin said. "Despite this decline, the value of building
construction for which permits were issued in September
was 88% greater than in the corresponding month of last
year." He added:
The greatest improvement over a year ago was reported in residential
buildings. For buildings of this type the value of permits issued was more
than 21
/
2 times as great as in September 1934 and, in fact, was greater
than during the corresponding month of any year since 1931. Substantial
increases over September 1934 were also shown in expenditures for new
non-residential construction and for additions, alterations and repairs.
From Mr. Lubin's announcement the following is also
taken:
The per cent, of change from August to September 1935 for the different
types of construction is indicated below:
Type of BuildingNumber
New residential
-10.9
New non-residential+10
44
21...3
Additions, alterations, repairs
Estimated Cost
-8.2
-22.5
-14.6
Total
-15.8
New dwellings for which permits were issued during September 1935 are
planned to provide 8 685 family-dwelling units, an increase of 185% OA
compared with September of the preceding year.
The per cent, of increase in September over the same month of a year
ago is shown, by type of construction, in the following table:
Type of Budding-
New residential
New non-residential
Additions, alterations, repairs
N
+um
jintb
+27.8
Estimated Cost
+++16385791.4
4
+18.2
Total
+28.7
+88.1
The data presented in the tables include, in addition to private construction, the number and value of buildings for which contracts are awarded
by Federal and State governments in the 770 cities included in the report.
For August the value of such buildings amounted to $21,480,357; for
September, $10,777,227.
Permits were issued during September for the following important building projects: In New York City, in the Borough of Brooklyn, for apartment houses to cost nearly $1,800,000, for amusement buildings to cost over
$700,000, and for school buildings to cost nearly $2,900,000; in the Borough
of Manhattan, for an amusement building to cost over $1,000,000; in Washington, D. C., for an office building to cost $1,000,000, and in Dallas, Tex.,
for a State centennial building to cost $1,000,000.
Contracts were awarded by the Procurement Division of the United States
Treasury Department for a post office building in St. Louis, Mo., to cost
nearly $4 000,000, and by the Bureau of Yards and Docks of the United
States Navy Department for a naval barracks at Pensacola, Fla., to cost
over $815,000.
During the first nine months of 1935 permits were issued in cities having
a population of 10,000 or over for buildings valued at, approximately,
$587,000,000. This is an increase of $228,000,000, or approximately 62.5%,
as compared with the first nine months of 1934. The value of residential
buildings for which permits were issued in these cities during the first nine
months of 1935 amounted to $197,500,000, or 157.6%, over the value of
residential buildings for which permits were issued during the corresponding period of 1934. The data are based on reports received by the Bureau
of Labor Statistics from 770 cities with a population of 10,000 or over.
Financial Chronicle
Volume 141
ESTIMATED COST OF NEW BUILDINGS AND OF ADDITIONS, ALTERATIONS, AND REPAIRS, TOGETHER WITH THE NUMBER OF
FAMILIES PROVIDED FOR IN NEW DWELLINGS,IN 770 IDENTICAL
CITIES IN 9 REGIONS OF THE UNITED STATES, AS SHOWN BY
PERMITS ISSUED IN AUGUST AND SEPTEMBER 1935
New Residential Buildings
Geograpliic Division
Cities
New England
110
Middle Atlantic
170
East North Central_ 185
West North Central_ 67
South Atlantic
81
31
East South Central
West South Central.. 47
Mountain
23
Pacific
56
Total
770
Percentage change_ _ _
_
Geographic Division
•
Total
770
Percentage change__ _
Families Provided for in
New Dwellings
September
August
September
August
81,656,946
7,531,579
4,818,044
1,893,223
3,831,892
420,160
1,375,897
646,015
3.624,012
82,035,932
8,261,549
4,248,773
2,037,034
3,639,737
749,458
2,459.876
539,003
4,136,837
331
1.867
919
553
1,173
149
555
171
999
402
2,113
811
585
1,009
228
895
145
1.109
825,797,768 528,108,199
—8.2
6,717
—7.9
7,297
New Non-Residential
Buildings,
Estimated
Cost
Cities
New England
110
170
Middle Atlantic
East North Central
185
West North Central_ 67
South Atlantic
81
East South Central
31
West South Central_
47
Mountain
23
Pacific
56
Estimated
Cost
Total Building
Construction (including
Alterations and Repairs).
Estimated Cost
September
August
September
August
81,538.123
8,363,568
4,348,398
4,471,670
3,953,963
605.066
2,416,846
174,415
2,240,560
81,886,001
8,576,338
4,807,040
863,439
11,325.930
1,105,940
2,647,923
895,844
4,185,481
84,843,202
23,038,588
12,588,093
7,735.763
9.831.073
1,511.672
5,179,169
1,410,457
8,415,323
$6,625,583
24,054,028
12,595,318
4,375,992
18,588,209
2,569,184
6,383,470
2,279,067
11,114,660
828,112,609 836,293.936 874,553,340 $88,585,411
—15.8
Outlook for Business Regarded Fairly Favorable by
Guaranty Trust Co. of New York—Continuance of
Improvement Looked for If Government Competition with Private Business and Excessive Spending
Are Avoided
The immediate outlook for business, as far as purely
economic factors are concerned, may be regarded as fairly
favorable, states the Guaranty Trust Co. of New York in
the current issue of "The Guaranty Survey," its monthly
review or business ana financial ,onditions in the Unitcd
States and abroad, published Oct. 28. "If further restri3tions on individual initiative, Government competition with
private enterprise, and excessive public sp rding are avoided,
and if peace is maintained among the leading commercial
nations, it is reasonable to suppose that the gradual improve..
ment of the last three years will continue, "The Survey"
points out. Continuing it says in part:
How swift progress toward recovery may be will depend largely on the
freedom with which business is permitted to operate. The revival that has
taken place thus far has been based in part upon public expendituresfinanced
by large purchases of Government bonds by the banks. As long as this
situation continues, the recovery will contain unsound and unstable factors.
The orderly transition from public to private expenditure as a means of
support for a considerable section of the population is a problem still to be
faced.
In most respects, the business situation in this country at present is more
susceptible of appraisal on the basis of economic factors than it has been for
some time. Recent court decisions have pointed to a likelihood that.
thanks to the courts and the Constitution, business will have protection
from illegal governmental restrictions.
Political Uncertainties Reduced
Moreover, the adjournment of Congress has removed for the remainder
of the year the danger of further legislation tending to becloud the business
outlook and has been followed by statements on the part of the Administration indicating a realization that business expansion is an urgent necessity
and that some of the policies recently pursued by the Government have
had the effect of hampering recovery. One of these was the President's
statement to the effect that business might anticipate a "breathing spell"
after the swift succession of legislative measures to which it had been subjected. Another was his address at Boulder Dam, in which be expressed
the view that it is to private business recovery, and not to governmental aid,
that the nation must look for permanent relief from the burden of unemployment.
Developments of this kind both clarify and improve the immediate outlook for further business expansion. They clarify it by reducing the
probability of experimental legislation of an unpredictable nature and still
more unpredictable effects; and they improve it by strengthening, temporarily at least, the business confidence that now appears to be the main
prerequisite for recovery.
War a Disturbing Possibility
The principal uncertainty of a political nature in the present business
outlook is the possibility of war in Europe. As long as the conflict between
Italy and Ethiopia remains localized, its effects on American business are
likely to be relatively unimportant. But while there remains even a
possibility that the contest may develop into a general European conflagration. that possibility will constitute an unsettling factor in the business
outlook. Even if such an unfortunate development should occur, there are
a number of reasons for believing that its first repercussions on American
business would be less violent than were the effects of the outbreak of the
World War in 1914. Nevertheless, the financial and economic disorders
that would eventually result from a European war would be both disastrous
and world-wide. Fortunately, it appears that the leading nations are
keenly aware of this danger and will go to great lengths to avoid it. The
possibility of the United States being drawn into war seems even more
remote.
"The Survey" observes that "the downward reaction that
followed the advance of the closing months of 1934 and the
early part of 1935 was very slight and now seems to have
made way for a further upswing." It adds:
For the first time since the beginning of the depression, therefore, business has shown a marked rise and has managed to hold many of its gains.
2803
The statistical data showing the increases that have actually taken place
In production, consumption, and distribution in various branches of business
are impressive. An encouraging and significant feature of the situation
is that the durable goods industries have participated materially in the
recent improvement.
In pointing to "one element of doubt and misgiving that
stands out above all others—the monetary situation at home
and abroad," "The Survey" says:
Threat of Inflation a Deterrent
In this country, the amount of excess reserves of member banks of the
Federal Reserve System is approaching the three-billion-dollar mark. This
unprecedented total, which represents a potential base for a huge credit
expansion, is the result of dollar devaluation, gold imports, and governmental borrowing. The last two of these processes are still going on at a
swift rate. Moreover, there is still much sentiment in and out of Congress
for direct and deliberate currency inflation.
The threat of inflation will continue to be a strong deterrent to business
recovery until the budgets of the principal nations are brought into balance
and until the closely related problems of currency stabilization, international
debts, trade barriers, and gold distribution are solved in a sound and
practical manner. With its large resources and its relatively high degree
of economic self-sufficiency, the United States could, by resolute action,
balance its national budget within a short time. Substantial progress in
this direction must be made before any assurance against unhealthy credit
expansion can be felt, for with its present scale of revenues and expenditures
the Federal Government depends upon the banks for its current cash requirements. The problems involved in international currency stabilization are even more complex and will probably require co-operative action
for their solution. As far as can now be foreseen, the outlook for such
action in the immediate future is not bright.
Fortunately, the United States is in an economic position to make considerable progress toward recovery even in the faca of international financial unsettlement.
A definite end to the depression can come only through a recovery of the
normal, sound, and robust type, in which business is free, confident, and
self-reliant. Resort to artifical stimulants, such as currency devaluation,
partial bimetallism, the "economy of scarcity," huge governmental spending, and the like, must inevitably fail in the end,although some of them may
temporarily seem to succeed.
Wholesale and Department Store Trade in Chicago
Federal Reserve District During September—Industrial Payrolls Reported Above August Although
Employment Decreased—Mid-West Distribution of
Automobiles Slackened
The Federal Reserve Bank of Chicago states that wholesale
trade in the Seventh (Chicago) District showed varying
trends during September and department store sales an
increase of 20% in the aggregate over August. September
sales of new automobiles in the mid-West have dropped considerably from the previous month, according to the Bank's
"Business Conditions Report" of Oct. 31, reflecting "the
fact that dealers and distributors are awaiting new models."
It is noted that industrial employment dropped slightly from
August to September while wage payments increased. The
following is from the Chicago Reserve Bank's report:
Wholesale Trade Conditions
September wholesale trade in the Seventh District showed varying
trends: grocery sales expanded 13% over the preceding month, the gain
comparing with one of only 3% in the 1925-34 September average and with
a decline of 3% in the month last year; hardware sales increased about
seasonally in the period 9%; drug sales declined 2%, as they did in September a year ago but as against an increase of 3% in the average for the
month; and electrical supply sales dropped off 11%, whereas the seasonal
average shows a gain of 2% in the period. All groups except the lastnamed, however, recorded heavier increases over a year ago than in the
corresponding comparison for August; the gain in the grocery trade contrasted with a decline a month previous and that of 50% in electrical
supplies with the exception of August was the largest in the yearly comparison since May 1934. In the first three quarters of 1935, grocery sales exceeded those of the same period of 1934 by 23i%. drug sales gained 11%.
hardware sales 19%. and the electrical supply trade 23%. In all groups
ratios of accounts receivable at the close of September to net sales during
the month remained smaller than in September last year.
Department Store Trade
Sales of Seventh District department stores expanded 20% in the aggregate for September over the preceding month, the gain comparing with one
of 27% in the 1925-34 average for the month. The size of the increases
varied widely as among the different cities: sales of Detroit stores showed a
45% gain over August, Indianapolis trade expanded 22 l %,that in Chicago
Increased 15% and in Milwaukee 14%. while total sales of stores in smaller
centers were only 3% larger than a month previous. For the second successive month. Chicago department store trade was less than in the corresponding period of 1934, and Indianapolis trade also registered a fractional
loss for September In the comparison,so that sales for the district as a whole
aggregated only 3% above those of last September. However, owing to
the fact that there was one more Saturday in the month last year, daily
average sales this September totaled 5% heavier than a year ago. A
somewhat greater than seasonal rise-11%—took place in stocks between
the end of August and Sept 30, and they exceeded by 1% those held at the
same time in 1934. The rate of stock turnover for the year 1935 through
September was 3.11 times, as against 2.89 times for the corresponding period
last year.
For the second successive month, the retail shoe trade recorded a more
than seasonal gain over the preceding month:sales by reporting dealers and
department stores exceeded those of August by 59%, while the 1925-34
average shows an increase of only 50%. As compared with last September.
the dollar volume of trade was 7% larger, whereas in the yearly comparison
for August it increased but 4%. For the year through September, sales
aggregate 7% heavier than in the first three quarters of 1934. A further
increase was shown in stocks during September, and at the end of the month
they were 7% above those of a month previous and fractionally larger than
a year ago.
Industrial Employment Conditions
Payroll figures reported for September by Seventh District industries
reflected a rising trend in every major industrial group except the manufacture of vehicles and transportation equipment. This group, constituting
an important portion of the District totals, showed a decrease in wage
2804
Financial Chronicle
payments of 43,6%, thereby lowering the aggregate figure which, nevertheless, registered an increase of almost 3% over a month earlier. Employment
figures for the month recorded a less favorable trend than did payrolls, a
decline of 11% in the vehicles group together with a decrease of 1% in the
paper and printing industries more than offsetting the gains in other groups
and resulting in an aggregate loss of Yi of 1% in the number gainfully employed within the District. Comparisons of current figures with those of
a year ago indicate increases of 7 Yi% in the volume of employment and
18% in aggregate payrolls. . . . Non-manufacturing industries registered a general rise of close to 5% each in employment and payrolls, with
all reporting groups contributing to the gain in the latter and all but public
utilities to that in the former.
Mid-West Distribution of Automobiles
September data on distribution of new automobiles in the Middle West
reflect the fact that dealers and distributors are awaiting new models, current
sales having dropped considerably from those of August and totaling substantially under those of last September at wholesale and moderatly so at
retail. Furthermore, stocks were almost 35% less in number than at the
close of August and 30% lighter than a year ago. As regards used cars, on
the other band. September sales, though declining 25% from the preceding
month, were 22% heavier in number than in the month last year, and
stocks were only 6% lighter than on Aug. 31 and 16% larger than on Sept.
30 1934. Deferred payment sales in September amounted to 43% of total
retail sales of dealers reporting the item, as compared with a ratio of 46%
for August and one of 49% a year ago.
Business Conditions in San Francisco Federal Reserve
District-Improvement of Recent Months Continued into September
According to the Federal Reserve Bank of San Francisco
the improvement in industrial production and employment
in the Twelfth (San Francisco) District which took place in
July and August was "well retained during September."
The Bank, under date of Oct. 25, stated:
Measures of trade were higher on a seasonally adjusted basis. Principally
because of a decrease in non-residential permits, total value of building
permits declined substantially but continued more than double that of a
year earlier. . . .
A reduction in operations at California fruit and vegetable canneries,
customary at this time of year, was approximately offset by an increase in
activity at plants in the Pacific Northwest. Total lumber production declined by about the usual seasonal amount. . . .
Industrial employment in Oregon advanced sharply, while in California
the usual seasonal reduction was reported. Payrolls in Oregon increased
less than did employment, and in California total wage payments declined
considerably more than employment. . . . More than the usual increase took place in District department store sales.
Rainstorms in late September and early October caused minor damage to
unharvested crops but were beneficial in providing needed moisture on
livestock ranges and in preparing the soil for fall planting. Volume of
crops marketed in September was larger than in August, and District prices
for farm products were, on the whole, somewhat higher than in the preceding month.
Review of Industrial Situation in Illinois During September by Illinois Department of Labor-Increases
Noted in Both Employment and Payrolls as Compared with August
In reviewing the industrial situation in Illinois during
September, Peter T. Swanish, Chief of the Division of Statistics and Research of the Illinois Department of Labor, said
that statistical summaries of reports from 4,437 manufacturing enterprises in the State show increases of 3.7% in
employment and 4.5% in payrolls from August. Noting that
the current August-September changes represent the "largest
per cent. Increases in employment and payrolls shown for any
August-September period during the 12 years, 1923-1934,"
Mr. Swanish said:
For the 12-year period, 1923-1934, inclusive, the records of the Division
of Statistics and Research show that the average August-September change
was an increase of 0.7 of 1% in the number employed and a decrease of
0.4 of 1% in total wage payments. The current August-September increases
thus suggest further improvement in industrial activity within the State.
From Mr. Swanish's review the following is also taken:
Compared with the same month of last year, the September indexes of
employment and total wage payments lend additional weight to the statistical fact that industrial activity was on a relatively higher level during
the current August-September period. The index of employment for all
reporting industries advanced 2.2%, or from 74.0 in September 1934 to
75.6 in September of this year, while the index of payrolls moved upward
from 53.7 to 59.8, respectively, or 11.4%.
Changes in Employment and Wages Paid, According to Sex
Reports from 3,717 industrial enterprises, which designated the sex of
their employees, showed increases of 2.5% in the number of male and
5.1% in the number of female employees. Total wages paid male workers
increased 3.6%, while wage payments to female workers increased 7.4%
during the August-September period.
In the manufacturing classification of industries, with 1,994 reporting
concerns, the number of male and female workers increased 1.3% and 6.8%,
respectively. Total wages paid males in manufacturing industries increased
2.5%, while wages paid female workers increased 11.0% during September
in comparison with August.
The non-manufacturing group of industries, 1,723 reporting concerns,
showed increases of 5.9% in the number of male and 2.5% in the number
of female workers employed. Total wage payments to male and female
workers increased 6.5% and 2.5%, respectively.
Changes in Man-hours During September in Comparison with August
For male and female workers combined, in all reporting industries, the
total number of hours increased 3.8%. Total hours worked by male and
female workers during September in comparison with August increased 8.5%
and 11.6%, respectively.
In the manufacturing group of industries, 1,729 concerns reported manhours for both sexes combined, and in these enterprises the total hours
worked were 4.0% more in September than in August.
Nov. 2 1935
Hours worked in 1,678 manufacturing plants, reporting man-hours for
male and female workers separately, increased 2.8% for male workers and
13.0% for female workers.
In the non-manufacturing group, 1,309 establishments reported an increase
of 3.5% in total man-hours worked by male and female workers combined.
Within this classification of industries, 1,176 concerns showed increases
of 6.1% and 6.0% in the total number of man-hours worked by male and
female workers, respectively.
Average actual hours worked by 361,646 wage earners in the 8,038 industrial enterprises reporting man-hours increased from 38.0 in August to
38.5 in September, or 1.3%. In the manufacturing plants, man-hours
increased from 37.5 in August to 38.2 in September, or 1.9%. In the nonmanufacturing plants, the average number of hours worked per week
during September was 39.1, or 0.3 of 1% more than in August.
Noted in Farm Price Index of Bureau of
Agricultural Economics from Sept. 15 to Oct. 15Also Above Oct. 15 1934
The farm price index was 109 on Oct. 15 compared with
107 on Sept. 15, and with 102 on Oct. 15 a year ago, the
Bureau of Agricultural Economics, United States Denartment of Agriculture, announced Oct. 29. It added:
Increase
During the month there were substantial gains in prices of wheat, rye,
rice, flaxseed, cottonseed, tobacco, snap beans, cantaloupes and
lettuce.
Prices of hogs and beef cattle declined.
Since there was no change in the index of prices paid by farmers, the
ratio of prices received to prices paid was 89 on Oct. 15 compared with 87
on Sept. 15, and with 81 on Oct. 15 a year ago.
The farm price of wheat averaged 96.3e. a bushel on Oct. 16,
or the
highest since February 1930. The price on Sept. 15 averaged 86.2c., and
October 15 a year ago, 88.5c.
Corn averaged 71.8c. a bushel on Oct. 15 compared with 78e. on Sept. 15,
and with 76.7c. on Oct. 15 last year. Price declines during the past
month
were largest in the South Atlantic and South Central States.
Hogs averaged $9.56 per 100 pounds on Oct. 15 compared with $10.29 on
Sept. 15, and with $5.20 on Oct. 15 a year ago. The decline was attributed
to heavier tnarketings.
Cotton averaged 10.9e, a pound to growers on Oct. 15 compared with
10.60. on Sept. 15, and with 12.5c. a year ago. There was marked expansion
In domestic mill activity during the past month, and increased
foreign
demand.
Potatoes averaged 46.1c. a bushel in mid-October compared with 48.4c. a
month earlier and with 49c. a year ago. Potato shipments increased
seasonally.
Prices of butterfat rose, averaging 25.9c. on Oct. 15 compared with
24.9c.
on Sept. 15 and with 24.3c. a year ago. Prices of chickens and
eggs also
advanced.
Sales of Farm Products During September Above
August and Year Ago, According to Bureau of
Agricultural Economics
Farmers sold $636,000,000 worth of products in September
compared with $547,000,000 in August and with $623,000,000
In September 1934, the Bureau of Agricultural Economics,
United States Department of Agriculture, announced Oct. 28.
They received, in addition, it is pointed out, Agricultural
Adjustment Administration benefit payments totaling $56,000,000 in September compared with $45,000,000 in August
and $76,000,000 in September a year ago. The Bureau said
that a marked increase in income from August to September
is usual but that this year the increase was greater than
usual. It added:
Sales and benefit payments combined for the first nine months of
1935
have totaled $4,710,000,000 compared with $4,453,000,000 in the
corresponding period of 434. Of this year's total, farmers receiver
$406,000,000
in benefit payments compared with $326,00,000 last year.
The figures
reveal an increase of *187,000,000 in income from sales during
the period.
Should income from sales continue to make about the usual
seasonal
changes during the next three months the total income from farm
marketings
in 1985 would amount to about $6,200,000,000 compared with
$5,831,000,000
In 1934. Rental and benefit payments, in addition, will
be about $600,000,000 this year compared with $556,000,000 in 1934.
Total cash farm income from marketings and from rental
and benefit
payments, on the basis of these figures, would be about
$6,800,000,000 in
1935 compared with $6,387,000,000 in 1934.
Employment and Payrolls in Manufacturing
and
Non-Manufacturing Industries of United
Increased During September Over August States
According to Secretary of Labor Perkins
Approximately 350,000 workers were returned to
employment during September in the manufacturing and
nonmanufacturing industries surveyed monthly by the Bureau
of Labor Statistics, Secretary of Labor Frances
announced Oct. 24. Miss Perkins estimated that Perkins
payrolls in these combined industries were moreweekly
than
$12,000,000 greater than in August. She stated:
The major portion of this gain of over a third of a
million workers wasin
manufacturing industries and retail trade, approximately 150,000
additional
workers being employed in each of these fields. In addition to
these gains.
substantial increases were also shown in anthracite and bituminous
coal
mining, private building construction, and wholesale trade.
The increase of 2.2% in factory employment brought the
preliminary
September index (83.6) to the highest level recorded since November
1930,
while the increase of 3.6% in factory payrolls raised the September
payroll
index to 72.1, which is the highest point reached since may 1931. Although
gains in factory employment and payrolls are usual in
September, the
current gains are particularly noteworthy. They took place in the face
of a
sharp decline in employment In the automobile industry, where the
introduction of new models resulted in a cut in the number of workers employed.
Moreover, 18 other industries, among them beverages, cane sugar refining,
cement and locomotives, also showed appreciable declines in employment.
Gains were registered in both the durable and non-durable goods groups,
seasonal factors contributing largely to the increase of 3.1% in the nondurable goods group. The durable goods group showed a gain of 1.0%.
Comparing the index of employment for the durable goods group in September 1935 with employment in the index base period (1923-2100) the
September index stands at 71.2, which indicates that for every 1,000
workers employed in 1923-25, 712 were employed in September 1935.
while the September employment index for the non-durable goods group
(96.9) shows that for every 1,000 workers employed in the index base
period 969 were on factory payrolls in September 1935.
The expansion in employment and payrolls was general. 71 of the 90
manufacturing industries surveyed showing gains in employment from
August to September and 72 industries reporting increased payrolls.
Among the industries of major importance in which gains in employment
were reported were blast furnaces, steel works, and rolling mills, foundry
and machine-shop products, electrical machinery, furniture, cotton goods.
knit goods, silk and rayon, and men's and women's clothing. A number of
industries allied to building construction reported gains, among which were
the steam and hot water heating, millwork, sawmills, and plumbers'
supplies industries. The machine tool industry, which is a barometer
indicating the placement of orders for power-driven metal cutting machinery
and which has shown steadily expanding employment since October 1934.
continued to absorb more workers. Employment in this industry increased
4.8% from August to September,the September employment index standing
at the highest point since December 1930.
An announcement emanating from the office of the
Secretary, Oct. 24, had the following to say:
Non-Manufacturing Industries
Responding to seasonal activity, retail trade added approximately 150,000
workers to their payrolls in September. The gains were particularly pronounced in the general merchandising group, composed of department.
variety, and general merchandising stores and mail order houses, and in the
group of retail apparel stores. Other lines of retail trade reporting substantial gains in employment were furniture and household goods, coalwood-ice, and lumber and building materials. Wholesale trade establishments also reported increased employment, the gain of 1.1% indicating
the re-employment of nearly 15,000 workers.
Approximately 27,000 workers were re-employed in the coal mining
industry, both anthracite and bituminous coal mines reporting sharply
increased operations. In bituminous mines, this reflected increased output
in anticipation of the strike which occurred in the last week in the month.
The expansion in private building construction employment which began
in March of this year continued, employment increasing 4.5%. Smaller
gains in employment were shown in-metal mining, power and light, yearround hotels, and dyeing and cleaning.
The declines in non-manufacturing employment were not particularly
significant, the largest decreases being 2.0% in quarrying and 1.4% in
laundries. Crude petroleum producing firms reported fewer employees
and slight declines were also reported in telephone and telegraph. electricrailroad and motor bus operation, and banks and insurance companies.
Manufacturing Industries
Factory employment increased 2.2% and payrolls increased 3.6% from
August to September.
A comparison of the preliminary September factory employment index
(8.3.6) with that of September 1934 (75.9) shows a gain of 10.1), or approximately 645,000 workers, over the year interval. The preliminary
September weekly payroll index (72.1) is 24.3% higher than the corresponding index (58.0) in September 1934, or an increase of nearly $28,700.000.
The largest increases in employment were seasonal in character and were
shown in the following industries: Cotton-seed-oil, cake and meal (44.5%).
confectionery (26.0%), canning and preserving (20.7%), radios (19.2%).
fertilizers (18.8%), millinery (16.1%), jeffelry (14.4%), and beet sugar
(9.7%). Other industries showing substantial seasonal gains in employment were women's clothing (7.2%), stoves (5.2%), men's furnishings
(4.5%), furniture (4.0%), cotton goods (3.9%), and shirts and collars
(3.4%).
The lighting equipment industry had 9.0% more employees in September than in August, tools (not including edge tools, machine tools, files,
and saws, (8.4%), clocks and watches and time-recording devices (8.2%).
hardware (6.7%), forgings (5.7%). millwork (5.6%). rubber goods, other
than boots, shoes, tires, and inner tubes (5.2%), and shipbuilding (5.1%)•
The machine-tool industry reported an increase of 4.8% in employment,
and gains of 4.2% in employment in the typewriter industry and 3.0%
in the cash register industry indicate an advancing rate of activity. Among
the industries of major importance in which relatively smaller gains were
reported were blast furnaces, steel works, and rolling mills, foundry and
machine-shop products, electrical machinery, apparatus and supplies, and
sawmills.
The most pronounced percentage decline in employment was a seasonal
decrease of 14.1% in ice cream. Employment in the automobile industry
decreased 11.7%, due primarily to shut-downs for the taking of inventory
and for model changes. Other industries showing decreases in employment
were marble-granite-slate (6.0%), beverages (4.0%), cane sugar refining
(3.8%), cement (3.6%), butter (2.6%), aircraft (2.3%). locomotives
(2.2%), and fur-felt hats (2.0%).
The indexes of factory employment and payrolls are computed from
returns supplied by representative establishments in 90 manufacturing
industries. The base used in computing these indexes is the 3-year average,
1923-25, taken as 100. In September 1935, reports were received from
23.336 establishments employing 3,902,498 workers whose weekly earnings
were $82.463,083. The employment reports received from these cooperating establishments cover more than 50% of the total wage earners
in all manufacturing industries of the country and more than 60% of the
wage earners in the 90 industries included in the Bureau of Labor Statistics'
monthly survey.
The following tabulation shows the percentages of change in employment and payrolls in the Bureau's general indexes of manufacturing Industries from August to September in each of the 17 years. 1919 to 1935.
inclusive:
Employment
Payrolls
In,.
DeInDeYear crease crease Year crease crease
1919_
1920_
1921_
1922.
1923_
1924.
1925 _
l926.
1927_
1.8
2.7
3.4
0.5
2.5
2.0
2.0
1.2
1928_
1.2 1929 _
1930_
1931_
1932_
1933_
1934 _
1935_
2.1
1.0
0.9
0.4
5.3
4.7
2:i
4.7
.InDeInDeYear Crease crease Year crease crease
1919- 4.8
1920 _
1921_
1922_ - 4.8
1923_ 0.5
1924 _ 3.6
1925_
_
1926_
1.0
1927_
--
_
1928_
1.5 1929.
0.7 1930.
1931.
1532.
1933_
co:i 1934.
1935_
0.5
1.4
0.8
1.0
3.8
5-7
4.0
6.8
3.6
In the table fo lowing are presented the indexes of amp oyment and
payrolls for September 1935, August 1935, and September 1934 for all
manufacturing industries combined, durable and non-durable goods groups,
14 industry groups, and the 90 separate manufacturing industries covered
2805
Financial Chronicle
Volume 141
by the Bureau of Labor Statistics. The indexes are not adjusted for seasonal
variations:
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES
(Three-Year Average 1923-1925=100.0)
Payrolls
Employment
Manufacturing Industries-
x Sept.
1935
Aug.
1935
Sept.
1934
x Sept.
1935
Aug.
1935
Sept.
1934
All industries
83.6
z81.8
7,75,9
72.1
z69.6
z58.0
Tunable goods
Non-durable goods
71.2
96.9
z70.5
94.0
264.4
288.3
60.6
86.9
259.0
83.2
245.5
z74.0
74.7
273.2
66.0
62.9
259.0
41.1
74.4
78.8
51.9
7,73,7
77.1
z51.7
65.3
71.7
52.1
64.2
63.7
30.0
281.6
261.3
z29.6
37.3
39.6
28.2
76.6
61.2
51.8
96.0
75.6
7,57,9
48.5
7,93,4
76.7
47.5
45.8
59.7
59.8
46.1
46.0
62.0
57.1
z42.3
39.4
258.7
53.2
29.1
29.2
31.0
54.7
107.3
53.0
102.0
48.8
91.6
39.2
89.6
36.4
280.4
30.7
65.8
58.6 z57.9
105.4 z104.0
58.6
101.0
45.6 7,43.9
105.7 2103.6
40.5
96.2
65.0 z60.0
117.6 2118.7
57.2
120.2
61.0 z55.2
113.2 2105.1
47.0
92.0
87.3
117.8
78.0
67.8
75.2 271.2
136.8 2137.5
55.6
66.7
105.0 z102.0
Durable Goods
Iron and steel and their products,
not including machinery._
Blast furnaces, steel works, and
rolling mills
Bolts, nuts. washers & rivets...
Cast Iron pipe
Cutlery (not incl. silver and
plated cutlery) & edge tools_ _
Forging% Iron and steel
Hardware
Plumbers supplies
Steam & hot water heating apparatus & steam fittings
Stoves
Structural & ornamental metal
work
Tin cans and other tinware__
Tools (not including edge tools.
machine tools, files, & saws)_
Wirework
Machinery. not including transportation equipment
Agricultural implements
Cash registers, adding machines
di calculating machines
Electrical machinery, apparatus
& supplies
Engines, turbines, tractors, &
water wheels
Foundry & machine-shop prods.
Machine tools
Radios a.• phonographs
Textile machinery ,k parts
Typewriters ,k parts
Transportation equipment
Aircraft
kutomobiles
Cars, electric & steam railroad_
locomotives
Shipbuilding
Railroad repair shops
Electric railroad
Steam railroad
Nonferrous metals & their prods
Aluminum manufactures
Brass. bronze. & copper prods
Clocks & watches di time-recording devices
Jewelry
Lighting equipment
Silverware & plated ware
Smelting & refining-copper,
lead. & zinc
Stamped & enameled ware
Lumber & allied products
Furniture
Lumber, millwork
Lumber,sawmills
Turpentine & rosin
Stone, clay,& glass products
Brick, tile. & terra cotta
Cement
Glass
Marble. granite, slate, & other
products
Pottery
91.1
118.5
106.0
88.2
7.85.8
85.1
z70.4
65.9
62.1
257.8
48.0
101.2 101.1
74.0
76.0
96.4
91.9
254.9 2213.8
62.9
62.6
101.7 z97.6
75.8 283.5
442.9 2453.4
84.0 z95.1
33.5 z32.2
21.0
21.5
76.1 z72.4
52.6
52.8
64.6
65.3
51.7
51.9
86.9 282.0
79.1 775.5
78.2
81.8
71.1
66.8
69.7
219.9
62.2
101.3
74.2
296.0
80.9
44.8
37.7
71.3
55.7
65.7
55.0
z75.4
268.1
70.8
73.3
74.4
73.9
62.2 260.0
85.2
80.5
166.3 2133.9
50.4
50.5
92.3 280.0
65.7 271.6
360.3 2378.4
72.1 280.6
31.8 230.4
8.9
9.1
65.6 261.5
49.1
49.0
59.1
59.6
48.5
48.3
70.9
64.7
69.6 265.8
65.8
61.1
46.1
46.7
50.8
127.0
45.4
92.5
52.3
255.6
54.3
40.0
17.4
57.0
45.6
56.9
44.9 •
254.2
7,47,3
48.7
80.7
272.5
271.7
269.8
72.4
73.7
64.5
69.5
77.0
68.2
69.5
56.0
68.8
254.8
z64.2
z52.0
59.2
57.7
52.0
52.1
83.7
80.8
106.2 2101.9
56.9 255.3
76.3 7,73.4
50.1 z47.5
37.2 236.6
100.5 299.1
55.8 255.9
34.0
33.8
51.9 7,53,8
95.7
95.8
69.9
794.4
49.3
65.0
34.6
34.1
96.2
52.9
30.4
54.0
87.3
56.1
89.8
47.1
60.2
40.8
29.2
59.3
42.2
22.5
35.2
85.6
z53.2
z82.3
z44.4
z56.0
37.7
z27.9
259.3
740.9
221.2
235.8
82.3
42.7
z65.5
33.9
44.6
21.8
22.3
52.2
34.7
16.1
33.9
67.4
z29.6
267.0
32.2
68.2
19.0
50.3
220.5
246.6
20.2
41.1
87.3
83.0
78.1
69.8
27.9
69.5
Non-Durable Goods
95.9 292.9
73.1
84.6 278.9
Textiles & their products
62.0
80.4 276.5
92.1 289.9
Fabrics
83.7
64.6
83.4 z80.6
85.9
Carpets az rugs
84.8 281.6
52.0
70.7 z64.8
Cotton goods
71.2
71.8
64.3
82.3 277.1
Cotton small wares
91.1
104.7 2102.9
86.0 284.3
Dyeing & finishing textiles_
83.9
91.9 7,99.9
Hats,fur-felt
88.7 290.5
Knit goods
114.0 2110.4 100.6 114.8 z105.5
78.0
75.5
58.2
67.0 z65 1
Sak & rayon goods
35.8
75.8 :76.9
Woolen & worsted goods.... 95.9 297.3
95.5
100.5 296.0
87.8 z78.8
Wearing apparel
74.3
95.4 293.6
89.5
80.4
Clothing, men's
130.1 7121.4 121.0 109.0 297.9
Clothing, women's
88.6
84.4 7,72,5
Corsets & allied garments... 87.6 285.3
102.4 298.0 101.4
74.6 z67.4
Men's furnishings
76.0
76.1 252.5
Millinery
66.8
57.6
Shirts & collars
109.5 105.9 103.5 109.1 z102.9
89.0 290.1
85.7
76.8 z81.7
Leather & its manufactures
85.5
71.0 z77.7
Boots & shoes
87.5 289.1
86.8
95.2 z94.2
Leather
95.2 7,94,4
Food & kindred products
116.6 2109.9 127.1 104.9 :99.8
Baking
114.6 111.7 115.7 101.6 z95.7
Beverages
171.9 2179.0 176.7 171.0 z189.8
81.1
59.8 760.4
Butter
74.9 776.9
Canning & preserving
218.3 2180.9 204.4 236.9 2216.2
87.9 269.8
93.1
86.1 260.4
Confectionery
Flour
72.6 266.1
77.0 :76.3
80.2
69.3
Ice cream
73.8
85.9
77.3
60.2
Slaughtering & meat packing_
79.4 121.2
74.1
73.2
78.9
Sugar beet
84.6 z77.1
76.9
82.8 270 7
Sugar refining, cane
78.1 z81.1
88.1
70.2 271.3
Tobacco manufactures
58.9
49.4
57.9
64.7
46.6
Chewing & smoking tobacco &
snuff
65.3
64.4
73.7
66.7
65.1
Cigars & cigarettes
58.1
57.0
63.5
47.2
44.2
Paper & printing
97.1 :95.9
95.3
86.1 283.0
Boxes, paper
88.8
86.5
85.3
85.3 :78.7
Paper & pulp
109.2 z108.8 105.4
90.7 287.2
Printing & Pub'g-book
87.6 :87.6
86.3
77.6 276.5
Newspapers & periodicals
98.8
96.5
98.5
9(i.2 288.3
Chemicals & allied products, &
Petroleum refining
110.7 z107.9 108.6
99.1 797.0
Other than petroleum refining.. 110.8 z106.9 107.6
97.8 295.4
Chemicals
108.0 107.7 108.0
98.8 2100.8
Cottonseed-Oil rake, & meal 86.1
59.6
98.1
88.8
62.5
Druggist's preparations
99.5 7,97,3 103.0
97.3 292.0
Explosives
86.2
86.5
93.2
71.3
76.9
Fertilizers
82.6 z69.5
95.0
77.1
63.3
Paints & varnishes
106.7 z105.5
98.8
89.5 287.8
Rayon & allied products
353.6 340.3 305.5 264.1 253.4
Soap
103.1 z98.0
98.6
99.4 293.8
Petroleum refining
110.1 z112.2 112.9 103.1 2102.5
Rubber products
81.1 z79.I 279.7
68.8
64.3
Rubber boots & shoes
58.2 z57.6 z63.4
50.4
49.4
Rubber goods, other than boots,
shoes, tires, & inner tubes_
123.2 z117.1 113.5 108.9 z98.6
}tubber tires & Inner tubes
70.3
69.7
70.4
59.0
55.8
x September 1935 indexes preliminary, subject to revision. z Revised.
57.5
49.1
46.5
40.4
55.8
75.6
79.0
91.0
41.1
24.3
70.9
62.2
85.2
81.0
67.5
75.5
93.2
89.2
67.7
73.6
109.3
99.6
167.0
60.4
199.5
82.6
68.6
60.5
109.2
58.5
72.4
50.3
68.7
47.9
80.3
77.8
79.6
72.4
88.2
89.9
87.9
92.1
92.0
92.3
69.5
78.5
75.8
215.5
87.3
96.3
56.1
50.4
83.7
47.6
2806
Financial Chronicle
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANUFACTURING INDUSTRIES IN SEPTEMBER 1935, AND COMPARISON
WITH AUGUST 1935, AND SEPTEMBER 1934.
(Average 1929=100)
Payrolls
Employ meat
Industry
Trade-Wholesale
Ftetall
General merchandisingOther than general merchandising
Public Utilities
Telephone a:
Electric lighttelegraph--di power .4
manufactured gas
Electric-railroad & motorbus operation & malnt
Mining-Anthracite
Bituminous coal
Metalliferous
Quarrying & nonmetallic
Crude petroleum producing
Services
Hotels (cash payments
only) b
Laundries
Dyeing and cleaning
Banks
Brokerage
Insurance
Fiuilding construction
P. C. Change From
P. C. Change From
Index
Sept.
1935 a
Aug.
1935
Sept.
1934
Index
Sept.
1935 a
Aug.
1935
Sept.
1934
83.7
81.6
91.2
+1.1
+5.0
+11.7
+0.2
-0.1
-0.3
67.2
62.5
76.7
+3.7
+5.6
+11.1
+5.7
+3.1
+3.6
+2.9
79.1
+3.2
0.0
59.5
+4.0
70.4
-0.1
-0.7
74.2
-1.8
+2.8
85.8
+0.2
0.0
83.1
+2.0
+4.8
71.0
46.0
77.0
48.9
50.0
77.9
-0.2
+19.1
+4.9
+5.5
-2.0
-1.3
-2.1
-19.2
-1.5
+15.6
-6.2
-4.8
64.0
38.2
60.4
35.4
35.4
63.2
+1.1
+34.9
+31.8
+6.0
-2.6
+3.5
+2.6
-18.7
+17.5
+36.7
+9.3
+5.9
81.1
83.0
82.1
c
c
c
c
+0.5
-1.4
+3.4
-0.7
+0.8
-0.2
4-4.5
+1.4
+0.1
+2.6
+2.0
+0.5
+1.0
+10.2
63.1
67.9
63.1
c
c
c
c
+1.8
-1.9
+8.4
-0.6
+d
+1.3
+8.2
+3.4
+3.0
+6.9
+1.4
+2.6
+4.4
+24.1
a Preliminary. b The add Lions value of board, room, and tips cannot be coin
puted. c Data not available for 1929 base. d Less than 0.1 of 1%.
Nov. 2 1935
A. J. Brosseau, Vice-President of the Association, said in
another article that approximately 725,000 commercial
vehicles will be produced by the automobile industry this
year, or a 21% gain over 1934 and a total second only to
1929. Robert C. Graham, Chairman of the Association's
Export Committee, said that the introduction of new car
models in the Fall should aid export sales, particularly since
new models can be shipped to the southern hemisphere at
the beginning of the major selling season. He predicted
that export sales during the next model year will exceed
650,000 units, meaning direct and indirect employment for
more than 125,000 men.
Paul G. Hoffman, Chairman of the Association's Safety
Traffic Committee, in a statement made public to-day said
that safety can bect be promoted by creating a better balance
between the car, the road and the driver. The most important need, he continued, is the construction of safer
streets and highways. Alfred H. Swayne, Vice-President of
the Association, asserted that increased motor shipments
have greatly aided the railroads in recent years, and he
estimated that rail revenue on automotive traffic next year
will approximate $400,000,000.
United States Exports of Refined Sugar During First
Nine Months of 1935 Largest for Period Since 1929
Refined sugar exports by the United States during the
first nine months of 1935, January to September, inclusive,
totaled 72,986 long tons, as compared with 56,191 tons during
the same period in 1934, an increase of 16,795 tons, or 29.9%
according to Lamborn & Co. Under date of Oct. 26 the
firm announced:
Slight Recession in Lumber Production and Movement
New business at the lumber mills during the week ended
exports for January-September 1935 are the largest of any correspondOct. 19 1935, as reported to the National Lumber Manu- ingThe
nine months' period in six years, or since 1929, when the shipments
facturers Association by regional associations, and lumber totaled 80,014 tons.
shipmentsfrom the mills, showed some declines from previous
Practically every corner of the world is included in the 50 different counrecent weeks. Production was about 4% below the average tries to which United States refined sugars were shipped during the first
of the preceding five weeks. In the current week, it was nine months of 1935. The United Kingdom leads the list with 18,703 tons,
17% above new business and 16% above shipments. All being followed by Uruguay and Norway with 11.579 and 6,508 tons
items were reported by identical mills as considerably above respectively.
the corresponding week of 1934, production showing larger
excess than either orders or shipments. It is probable that Petroleum and Its Products-Union Oil Restores
,taking all mills into consideration production is running
Crude Oil Prices in California-Standard of Califrom 30 to 35% above the same period of 1934; for the year
fornia Partially Meets Advance-Pennsylvania
to date, it is about the same as last year; during the fourth
Grade Crude Up 16 Cents-Inter-Unit Strife in
quarter present excess will raise the year's level probably
Federal Oil Administration Reported-Hot Oil
to 4 or 5% above 1934. During tha week ended Oct. 19,
Output Off in East Texas-Oil Inquiry Delay
578 mills produced 230,564,000 feet; shipped 199,503,000
Challenged by Independents-Daily Average Crude
feet; booked orders of 196,700,000 feet. Revised figures for
Oil Output Up.
the preceding week were mills, 597; production, 239,642,000
Advances averaging 55 cents a barrel in California crude
feet; shipments, 203,392,000 feet; orders, 201,476,000 feet. oil prices posted on October 26 by the Union Oil Co. were
Figures for both weeks include estimates of hardwood to- partially met by Standard Oil Co. of.California on Oct. 31
tals, exact reports being temporarily unavailable for South- when the latter posted advances ranging from 6 to 30 cents
ern hardwoods.
a barrel. Shell Oil, West Coast unit of Shell Eastern PeNorthern Hardwood was the only region reporting orders above productroleum, met the new schedule instituted by Union on
tion during the week ended Oct. 19. This and Southern Cypress reported
Oct. 28.
shipments above output. Total softwood orders were 16% below producThe Associated Oil Co. late Friday afternoon (yesterday)
tion. All regions but Northern Pine reported orders, all but Northern
announced that it would revise its prices for crude oil to
Pine and California Redwood reported shipments, and all reported producconform with the 80-cent base level established by the
tion, above corresponding week of 1934. Softwood orders at 476 reportStandard of California mark-ups, which became effective
ing mills were 39% above 1934; repprted softwood production at these
mills was 56% above the same week of last year.
Nov. 1. While up to a late hour Friday night, the General
Identical softwood mills reported unfilled orders on Oct. 19. as the
Petroleum Co. and other major units had not announced
equivalent of 29 days' average production and stocks of 161 days' compared
their intentions, it was indicated that they would follow
with 22 days' and 180 days' a year ago.
the lead of Standard of California, on the whole.
Forest products carloadings totaled 31,376 cars during the week ended
"Although the problem of overproduction of crude oil has
Oct. 19 1935. This was 1.028 cars less than during the preceding week,
not been volved," Standard of California said in announcing
8,031 cars above similar week of 1934 and 6,886 cars above the same week
the advances, "a great deal of effort has been made in that
of 1933.
Lumber orders reported for the week ended Oct. 19 1935 by 486 softwood
direction and a high percentage of the producers of the
mills totaled 18.5,022,000 feet; or 16% below the production of the same
State have indicated a desire to cooperate in balancing supply
mills. Shipments as reported for the same week were 187,853.000 feet,
with the demand.
or 14% below production. Production was 219,082,000 feet.
"In the belief that this objective may be accomplished
Unfilled Orders and Stocks
on.a basis of better prices, the company's new schedule of
Reports from 480 softwood mills on Oct. 19 1935, give unfilled orders of
prices is placed in effect. At the same time, it cannot be
822.596,000 feet and gross stocks of 3.451.523 feet. The 472 identical
hoped to maintain crude oil prices unless prices for products
softwood mills report unfilled orders as 620,978,000 feet on Oct. 19 1935.
derived from the crude support them. For that reason, the
or the equivalent of29 days'average production,compared with 459,843,000
company's selling prices for gasoline have been advanced to
feet. or the equivalent of 22 days' average production on similar date a
bring some balance and stability in what has been a very
year ago.
demoralized and unsound market. The stabilization of the
Identical Mill Reports
911 business, California's major industry, is of the highest
Last week's production of 476 identical softwood mills was 217,567,000
importance to the prosperity of this State and to all business
feet, and a year ago it was 137,964.000 feet; shipments were respectively
187,269,000 feet and 135,629,000; and orders received 184,381.000 feet,
therein.
and 132,971,000 feet.
The new per barrel crude oil prices established in three
major fields in the State by Standard of California follow:
Motor Executives Point to Striking Sales Gains as New
York Automobile Show Opens-1935 Production
28% Above Last Year-Commercial Vehicles and
Exports Increase
The automobile industry is currently experiencing its
third successive year of increasing sales, and anticipates
further gains in 1936, Alvan Macauley, President of the
Packard Motor Car Company and President of the Automobile Manufacturers Association, said in an article made
public to-day (Nov. 2), on the occasion of the opening of the
New York Automobile Show. Mr. Macauley pointed out
that preliminary estimates place the industry's 1935 production at 3,675,000 cars and trucks, an increase of 28% over
last year's production and more than two and one-half times
the 1932 output. Export shipments in 1935, he said, will be
approximately 27% greater than last year and almost
triple the 1932 volume.
Signal Santa Fe Kettleman
Gravity
Bills
Gravity
Hill Springs
14-23.9 --- /.75
31
21-26.9
32
1.73
24
33
.77
25
34
26
35
.79
27
.80
.74
38
28
.75
37
.81
29
38
.82
.77
30
39
.83
.78
Signal Santa Fe Kettleman
IIills
Hill Springs
.79
.81
1.81
.82
.83
.83
.84
.85
.86
.86
.87
.87
.89
.88
.90
Union Oil's Kettleman Hills crude was advanced 51 to
72 cents a new price schedule, which became effective
7 a. m., Oct. 26. The new prices there are $1.13 a barrel
on 33 gravity oil, with a 2-cent advance on each gravity
to 36.9 gravity, $1.22 being posted for 37 gravity, with
an advance of 3 cents on each higher gravity to $1.28 on
39.9 gravity.
Union's advances in the Signal Hill field ranged from 12
to 67 cents a barrel. The company posted a price of 75 cents
a barrel for 14 gravity and 77 cents for 17 gravity with a 2-
Volume 141
Financial Chronicle
cent boost on each higher gravity to 19.9 gravity,a price of 84
cents being posted for 20 gravity, with an advance of 3 cents
on each higher gravity to 30.9, which is posted at $1.14 a
barrel.
In the Santa Fe Springs, its advances ranged from 18 to 95
cents a barrel. The new prices there are 75 cents for 21
gravity, 79 cents on 22 gravity, 82 cents on 23 gravity, with
a 4-cent advance on each higher degree to 25.9; 93 cents is
posted on 26 gravity, 97 cents on 27 gravity, with a 3-cent
advance on each higher gravity to 32.9; $1.16 is posted on
33 gravity, with a 4-cent advance on each higher gravity
to $1.36 on 38 degrees. Huntington Beach prices were lifted
to 73 cents and $1.12, respectively, from the former level
of 65 and 43 cents.
The South Penn Oil Co. posted an advance of 15 cents
a barrel in Pennsylvania grade crude oil prices on Oct. 29.
Under the new schedule, Southwest Penn Pipe is posted at
$1.87; Eureka at $1.82 and Buckeye at $1.67. Tidewater
Pipe, Ltd., made a similar advance in the Bradford and
Allegany districts, to a new price level of $2.15. No change
was posted in Corning grade crude oil.
Dissension in the ranks of the Petroleum Administrative
Board and the East Texas Federal Tender Board over the
enforcement of "hot" oil regulations in Texas broke out in
the open during the week when Secretary of the Interior
Ickes disclosed in Washington that he was checking the
present set-up.
"I haven't anything to say on the East Texas situation
until I complete rUy investigation," Mr. Ickes said. "I
want to go into the whole matter of the Federal Tender
Board in East Texas. Certain adjustments may be necessary."
"Hot" oil production in the East Texas area has been cut
to around 35,000 barrels daily, against the recent level of
approximately 50,000 barrels daily, by the intensified drive
against violators by State and Federal officials. Again,
the work of the Federal Tender Board is peventing interState movements of "hot" oil and (or) its products in an important factor in the lower rate.
While a proposed amendment to the Omnibus Tax bill to
increase the levy on crude oil from 2 cents to six cents a
barrel was defeated by the House Tuesday night, the tax
was increased to 23/i cents a barrel. The House also passed
a measure which would levy a tax of 1% on oil pipe line
companies.
The Oklahoma Corporation Commission, meeting in Oklahoma City on Oct. 31, issued new orders fixing the Statewide allowable for November at 492,000 barrels, off 900
barrels from October, and in line with the estimated market
demand for the State for the coming month compiled by the
United States Bureau of Mines.
A resolution was adopted by the National Oil Marketers,
Association, meeting in Chicago on Oct. 31, demanding
that the United States Department of Justice speed up its
investigation of alleged monopolies in the petroleum industry. The resolution was passed after it had been charged
that "for some unknown reason," the inquiry "seemed to
stop dead in its tracks." A special committee recommended
that national legislation be enacted to curb the activities of
the major oil companies.
An increase of 13,500 barrels in daily average crude oil
production in California last week was the major factor
lifting the total for the Nation by 15,150 to an aggregate of
2,797,950 barrels, the American Petroleum Institute report
disclosed. The total compared with estimated market demand of the Bureau of Mines for October of 2,554,200 barrels,
and actual production in the like 1934 period of 2,336,050
barrels. Oklahoma was the only one of the Big-Three"
to show a decline in production.
The following crude oil price changes were posted during
the week:
Oct. 28-Union Oil Co of California to-day posted advances averaging
55 cents a barrel in all California fields.
Oct. 28-Shell Oil, West Coast operating subsidiary of the Shell Union
011 Co., met the advances instituted by Union 011 in California crude prices.
Oct. 29-South Penn 011 increased Pennsylvania grade crude 15 cents
a barrel to $1.87 for Southwest Penn Pipe Line; $1.82 for Eureka and $1.67
for Buckeye. Tidewater 011, Ltd., lifted Bradford and Allegany 15 cents
a barrel to $2.15.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford. Pa
$2.15 Eldorado, Ark.,40
91.00
Lima (Ohio Oil Co.)
1.15 Rusk, Tex., 40 and over
1.00
Corning,Pa
1.32 Darst Creek
.87
illinois
1.12 Midland District, Mich
1.02
Western Kentucky
1.13 Sunburst, Mont
1.23
Mid'Cont., Okla., 40 and above___ 1.08 Santa Fe Springs, Ca1.38 & over-.89-1.36
Hutchinson, Tex., 40 and over__ .81 Huntington. Calif., 30 and over.- 1.12
1.03 Kettleman Hills,39 and over
Spindletop, Tex., 40 and over
90-1.28
.75 Long Beach,31 and over
Winkler,Tex
.70 Petrone. Caned
Smackover, Ark., 24 and over
1.10
REFINED PRODUCTS-CALIFORNIA "GAS" PRICES RAISED...
NEW YORK "GAS"PRICE LIFTED-FUEL OILS ADVANCED..
PENNSYLVANIALUBRICANTS HIGHER-MOTOR FUEL
STOCKS OFF SHARPLY-NEW YORK "GAS" TAXES RISE
Standard Oil Co. of California Thursday night posted
advances of 3 cents a gallon in third-grade and 33/p cents a
gallon in premium and regular grades of gasoline at service
stations in the southern part of the State. The new level,
effective Nov. 1, posted regular grade at 15 cents at the
"pump"in the Los Angeles area, taxes included.
The company also issued new postings advancing the subnormal quotations ruling in the northern area of California.
Advances there were 1 cent in third grade and 1% cents a
gallon for premium and regular in "pump" prices. The new
2807
price lifted service station prices in San Francisco to 15 cents
a gallon, taxes included.
The advances, which followed the company's partial restoration of the crude oil price cuts it posted last August following a complete restoration by Union Oil and Shell, were
quickly met by all major competitors. Richfield Oil, General Petroleum, Associated Oil, Union Oil, and the Texas Co.
all announced that they would meet the new levels immediately.
An advance of X cent a gallon in the tank-car price of
gasoline at New York, Boston and Philadelphia was posted
in mid-week by the Hartol Products Corp. The advance,
which pared the differential between the Hartol posting and
the major companies from % cent a gallon to X cent a gallon
at New York, was not met by any of the major companies.
No announcement as to whether they would take action to
restore the former % cent margin was made.
Forming of the tank-car gasoline markets in up-state New
York developed late in the week, Socony-Vacuum Oil Co.
posting an advance of % cent a gallon at Buffalo and Rochester to 7.67 cents and 7.74 cents, respectively, on Friday.
The company posted an advance of 29 points at Syracuse
and Utica, making the new prices there 7.49 and 7.33 cents,
respectively.
Seasonal strengthening in the localfuel oil market developed
during the week with all major companies joining in revising
the price schedule upward. Socony-Vacuum, Shell Eastern
Petroleum and Richfield Oil moved 41-43 water white
kerosene up M cent a gallon to 5 cents at New York
and Providence.
Other heating oils affected by the forward movement of
prices included No. 1, which was moved up X cent to 5 cents
a gallon, and No. 4 which was advanced
cent a galloia
at New York Harbor to a new posting of 33
4 cents a gallon,
tank car. No.'2 and 3 oil are meeting with increased demand and strengthening of these prices is believed near.
Coincident with an advance in Pennsylvania crude oil
prices Tuesday, a general advance of % cent a gallon was
posted in Pennsylvania bright stock and neutral oils. The
market for these products has been firm recently and the
advance was not unexpected in trade circles.
The export market for gasoline on the Gulf Coast returned
to the high for the year of 53/2 cents a gallon after easing
temporarily. Movement of a cargo at this level was reported
during the week, compared with the last sale at a reported
level of 53A cents a gallon. Demand from abroad is reported
holding strong.
A cut of 1% cents a gallon in retail gasoline prices at Portland, Me., was posted by the Socony-Vacuum Oil to meet
local competitive conditions. The mid-continent bulk
gasoline price structure is firm to strong.
With October gasoline demand estimated about 10% above
the like 1934 month, the record level of consumption was
reflected during the week in a further contra-seasonal decline
in stocks of finished gasoline. A decline of 636,000 barrels
to 41,163,000 barrels on Oct.26 was reported by the American
Petroleum Institute.
The continued decline in gasoline stocks is all the more
significant when it is realized that the industry is currently
operating at mid-summer levels in its refineries and cracking
plants. A fractional gain last week lifted the operating rate
of reporting refineries to 75.6% with daily average runs of
crude to stills rising 23,000 barrels to 2,575,000 barrels.
Total gasoline consumed in New York State during the
first eight months rose 24,509,643 gallons over last year to
1,059,328,032 gallons, the State Department of Taxation
disclosed in announcing that gasoline taxes netted nearly
$42,000,000 for this period, only about $2,000,000 under the
entire total for 1934.
Representative price changes follow:
Oct. 29-An advance of
cent a gallon was posted in Pennsylvania
bright stock and neutral oils.
Oct. 30-Hartol Products Corp. advanced tank-car gasoline prices X
cent a gallon at New York, Boston and Philadelphia to 63.i cents a gallon.
Oct. 30-Socony-Vacuum Oil, Shell Eastern Petroleum Products and
Richfield Oil advanced New York and Providence tank-car kerosene prices
X cent to 5 cents a gallon for 41-43 water white. A similar advance was
made by the three companies in No. 1 heating oil No. 4 oil was lifted
X cent to 3',( cents a gallon, tank-car, at New York.
Oct. 30-Socony-Vacuum Oil lowered its retail price for gasoline at
Portland, Me., 1;i cents a gallon to 1534 cents taxes included
Oct. 31-Standard Oil Co. of California posted advances of 3 cents a
gallon on third-grade and 33 cents on premium and regular grade in the
service station price of gasoline in the Los Angeles area, effective Nov. 1.
lifted prices in the northern part of the State 1 cent on thirdgrade and 1M cents on premium and regular grade for service station
postings.
Nov. 1-Richfield Oil, General Petroleum, Associated 011, Union Oil,
and the Texas Co. met the new postings in service station prices of gasoline
instituted by Standard of California.
Nov. 1-Socony-Vacuum lifted tank-car gasoline prices at Buffalo and
Rochester, New York, M cent a gallon to 7.67 and 7.74 cents, respectively.
Syracuse and Utica bulk prices were marked up 29 points to 7.49 and 7.33
cents, respectively.
Nov. 1-Colonial Beacon 011 Co. met the advance in heating oil prices
at New York and Providence posted earlier in the week by other major
units.
Gasoline, Service Station, Tax Included
5.193
:New York
Cincinnati
5.175
Minneapolis
5.169
.188
z Brooklyn
Cleveland
.175
New Orleans
21
17
Newark
Denver
.20
Philadelphia
.18
.17
Camden
Detroit
.155
Pittsburgh
.19
.165 Jacksonville
Boston
.205 San Francisco
15
.165
Buffalo
Houston
.17
St. Louis
.172
.16
Chicago
Los Angeles
.15
Financial Chronicle
2808
Nov. 2 1935
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery
New York
[North Texas.$.03 X-.03 'New Orleans_$.03 X-.04
(Bayonne)_....$.05 -.05 Los Angeles__ .0434-.05 'Tulsa
.03)4-.04
bulk terminals, in transit and pipe lines. d Includes 24,583,000 barrels at refineries
and 17,216,000 barrels at bulk terminals, in transit and pipe lines.
Fuel Oil, F.O.B. Refinery or Terminal
N. Y.(Bayonne)
New Orleans C
I California 27 plus D
Bunker C
$.95
51.15-1.25 Phila., bunker C
Diesel 28-30 D. __ 1.65
Tax of 16% Imposed on Bituminous Coal Producers
Under Guffey Act Becomes Effective-Not Collectible Until Jan. 2
The 15% tax on bituminous coal producers, imposed
under the Guffey Coal Control Act, became effective on
Nov. 1; it will not, however, be collectible until Jan. 2.
Associated Press advices from Washington yesterday
(Nov. 1) said:
Those of the 15,000 producers who comply with "Little NRA" code rules
to be supervised by the National Coal Commission will receive rebates of
Daily Average Crude Oil Production Rises 16,150
Barrels During Latest Week
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Oct. 26 1935 was 2,797,950 barrels. This was a gain of
15,150 barrels from the output of the previous week. The
current week's figure was also above the 2,554,200 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during October. Daily average production for the four weeks ended Oct. 26 1935 is estimated
at 2,770,500 barrels. The daily average output for the week
ended Oct. 27 1934 totaled 2,336,050 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 Oct. 26 totaled 718,000 barrels, a
Klaily average of 102,571 barrels, compared with a daily average of 176.429
barrels for the week ended Oct. 19 and 130,607 barrels daily for the four
weeks ended Oct. 26.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Oct. 26 totaled 74,000 barrels, a daily average of 10.571 barrels.
compared with a daily average of 11,143 barrels for the week ended Oct. 19
and 12,464 barrels daily for the four weeks ended Oct. 26.
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 2,575,000 barrels of crude oil daily were run to the stills operated by those companies and that they had in storage at refineries at the
end of the week 24,441.000 barrels of finished gasoline, 5,246.000 barrels
of unfinished gasoline and 108.235,000 barrels of gas and fuel oil. Gasoline
at bulk terminals,in transit and in pipe lines amounted to 16,722,000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential charging capacity of all cracking units averaged 563,000 barrels daily
during the week.
56,050
59,050
25,550
155,450
45.950
428.250
60,900
193,350
55,300
59.250
25,550
155,250
44,650
427,100
60,500
193,250
55,450
59,350
25,500
155,250
44,800
426,500
61,000
193,800
58,800
57,100
27,550
138,400
42,850
403,300
58,650
162,000
1.025,500 1,024,550 1,020,850 1,021,650
948,650
iuislana
North
Coastal I.ouislana
Tote kuislana
31,800
123,150
29,950
123,100
23,900
76,700
125,100
156,950
154,950
153,050
100,600
29.200
98,100
39,500
34.300
11,000
• 4,200
50,600
30.150
106.250
54,500
40,800
12,850
4.400
56,950
30,150
106,750
54,800
39,800
13,800
4,350
56,700
30,150
106,050
54,300
40,200
13,150
4,400
56,650
30,700
105,050
30,700
33,800
11,350
3,050
45.550
Total ;est of California_ 2,065.500 2,138,250 2,136,600 2,126,600 1,837,750
Cantonal z
497.700
659.700
646,200
643,900
462,300
Total Jnited States.... 2.554,200 2.797.950 2.782.800 2.770.500 2.336.050
Note-The figures indica ed above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS WEEK ENDED OCT. 26 1935
(Figures in thousands of barrels of 42 gallons each)
District
Stocks a Stocks
Stocks
of
of
b Stocks
of
Fintinof
Gas
Reporing
Daily P. C. ished finished Other
and
Aver- Oper- 00..40- Gaso- Motor
Fuel
Total P. C. age
fled
line
tine
Fuel
Oil
Daily Refining
Capacity of Plants
PatenHai
Rate
Crude Runs
to Stills
East Coast__
Appalachian_
Ind., Ill., Ky
Okla., Kans.,
Missouri__
Inland Texas
Texas Gulf__
La.,
Gulf__No. La.-Ark
Rocky Mtn.
California...
612
154
442
612 100.0
146 94.8
424 95.9
474 77.5 12,121
113 77.4 1,813
379 89.4 7,372
453
330
617
169
80
97
852
384
160
595
163
72
60
789
268
86
531
123
42
38
521
Totals week:
Oct.26 1935
Oct. 19 1935
3,806
3.806
84.8
48.5
96.4
96.4
90.0
61.9
92.6
3.405 89.5
3.405 89.5
4,080
954
4.691
969
293
550
8,320
438
207
1,547
257
55
119
960
195 12,447
80
958
45 4,263
.
745 4,956
1,695 1,499
120 12.066
____
4,838
190
482
110
793
1,965 65,933
2,575 75.6 c41,163
2.552 74.9 d4I.799
5,246
5.073
5,145 108,235
5.290 107.919
69.8
53.8
89.2
75.5
58.3
63.3
66.0
841
249
573
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 24,441,000 barrels at refineries and 16,722,000 barrels at
Calendar Year to Date
Oct. 20
1934
1935
1934 e
1929
Bltum. coal:a
Tot,for per'd 8,095,000 8,188,000 7,152,000 285.025,000282,281.000 421,678,000
Daily aver__ 1,349,000 1,365,000 1,192,000 1,156,000 1,144,000
1,702,000
Pa.anthrcite:b
Tot.for per'd 989,000 1,213,000 1,290,000 41.921,000 46,672,000 57,895.000
170,800
Daily aver._ 164,800 202,200 215,000
189,900
235,800
Beehive coke:
18,200
17,500
Tot,for per'd
671,900
20,500
787,000 5.477,400
2,917
2,688
3.033
Daily aver
3,417
3,148
21,910
a Includes lignite, coal made into coke, local sales and colliery fuels. b Includes
Sullivan County, washiery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from established operations. Does not include an unknown amount of
"bootleg" coal. c Subject to revision. d Revised. e Adjusted to make comparable the number of working days in the three years.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
(The current weekly estimates are based on railroad carloadings and river ship'
meats 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
Week Ended
Oct.
AverOct.12 Oct. 5 Oct. 13 0c1.14 0c1.12 age,
19359 1935 p 1934 r 1933 r 1929 1923e
Alaska
1
Alabama
18
Arkansas and Oklahoma
115
Colorado
167
Georgia and North Carolina
1
Illinois
1.005
Indiana
379
Iowa
74
Kansas and Missouri
189
Kentucky-Eastern_ a
731
Western
178
Maryland
38
Michigan
(5)
Montana
78
New Mexico
28
North and South Dakota
70
Ohio
490
Pennsylvania and bituminous.... 1,733
Tennessee
24
Texas
15
Utah
84
Virginia a
227
Washington
35
West Virginia-Southern.b
1,883
Northern_ c
485
Wyoming
143
Other Western States_d
(5)
Nc.;==..QM.00,OV!..00000C=.01,
M0.0NO
000MMVM.CONVAMMmy,.
FOM
.M.
MS
•
Arkansas
Eastern.
Michigan
Wyomin ;
Montana
Colorado
New M xico
32,100
124,850
Oct. 12
1935d
(s)
164
81
132
(s)
969
299
67
133
677
179
30
17
64
27
60
448
907
71
18
64
167
29
1,597
528
122
s6
(s)
398
88
217
(s) 41
1,558
520
116
161
764
238
35
28
82
58
36
817
3,149
118
26
121
231
68
1,488
805
184
84
1
I
I
439,550
124,750
Oct. 19
1935 c
.o.
499,300
147,700
Panhand le Texas
North TeXa8
West Ce dral Texas
West Te xas
East Cen tral Texas
East Tex as
Southwest Texas
Coastal rexas
Total rexas
Average
Week
Ended
Oct. 27
1934
505,250
149,200
492,900
146,100
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
499.900
150,950
Oklabom a
Kansas-
Production of Bituminous Coal Off 1.1%-Anthracite
Drops 18.5%
The United States Bureau of'Mines in its weekly coal
report states that the total production of bituminous coal
during the week ended Oct. 19 is estimated at 8,095,000
net tons. Compared with the preceding week, this shows a
slight decline-93,000 tons, or 1.1%. Production during
the corresponding week in 1934 amounted to 7,152,000
tons.
Anthracite production in Pennsylvania decreased sharply
in the week ended Oct. 19. The total output is estimated
at 989,000 net tons, as against 1,213,000 tons in the preceding week, a decline of 224,000 tons or 18.5%. Production
during the corresponding week in 1934 was 1,290,000 tons.
During the calendar year to Oct. 19 1935 a total of 285,0L5.000 tons of bituminous coal and 41,921,000 net tons of
Pennsylvania anthracite were produced. This compares
with 282,281,000 tons of soft coal and 46,672,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
4.1a.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
B. of M.
Actual Production
Dept. of
Interior
4 Weeks
Ended
Calcula- Week End. Week End
Oct. 26
Oct. 26
Oct. 19
lions
1935
1935
1935
(October)
90% of the tax.
Already opponents of the Guffey Coal Act, defeated in efforts to obtain
an immediate order restraining the Government from assessing the levy.
have undertaken legal moves designed to test the law's constitutionality
in the Supreme Court.
The Coal Commission said to-day approximately 2,000 mine owners had
agreed to abide by the codes. While this number is small, it said, these
mines nevertheless produce nearly half of the country's total annual soft
coal tonnage.
While a few of the large companies. including the Pittsburgh Coal Company, announced they intended to withhold adherence to the codes, Commission attorneys said the Government, a large consumer, was prepared
to stop all coal purchases from non-signers.
.wM m. .
-00.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Chicago
Standard 011 N. J__$.06% New York3.0534-.05
S000ny-Vacuum.___ .06 h
Colonial Beacon__$.06 h New Orleans_ .0534-.0514
Tide Water 011 Co__ .0614
Texas
.0634 Los Ang.,ex__ .0534-.0414
Richfield 011 (Calif.) .0614
Gulf
0634 Gulf ports.- .0534-.0534
.05;4-.05 34
Warner-Quinlan Co_ .0634
Republic Oil
0634 Tulsa
Shell East'n Pet__ .0634
z Not including 2% city sales tax.
WO. WW.M.WZ,
co.4.0010.05WW0¢MA.CAM.O.M005.4. OW00
00,
1W,
I0,JN...MMWob.MOOP0.0W00 MO.,.
$.02 X-.02 g
WO
.
toObOOcoO.®.flbflo .4O.
..WM014000001..40.4.0WPWONWOOM
Gas Oil, F.O.B. Refinery or Terminal
N.Y.(Bayonne)
Chicago,
I Tulsa
27 plus...3.04 -.04g I 32-36 GO__$.02 X-.02X
$.80
.95
Total bituminous coal
Pennsylvania anthracite_ e
8,188
1,213
6,872
1,040
7,091
1.019
6,856 11.787 11,310
1,236 1,884
1.968
9,401 7.921 8,110 8,092 13.671 13,278
Grand total
a Coal taken from under Kentucky mountains through openings In Virginia is
credited to Virginia in the current reports for 1935, and the figures are therefore not
directly comparable with former years. b Includes operations on N.& W.;C. & 0.;
Virginian; B. C. & G.; K. & M., and on the B. & 0. in Kanawha, Mason and Clay
counties. c Rest of State, Including Panhandle District and Grant, Mineral and
Tucker counties. d Includes Arizona, California, Idaho, Nevada and Oregon.
e Average weekly rate for the entire month. p Preliminary. r Revised. s Alaska,
Georgia, North Carolina and South Dakota included with "Other Western States."
* Less than 1,000 tons.
Volume 141
Copper Price Steady
Though sales of copper for domestic account were tight in volume, as
generally anticipated, the undertone of the market remained steady.
Business booked during the last week totaled around 1,600 tons, bringing
the total sales for the month to date to 65,894 tons. The quotation held
at 9c., Valley. Reports on the movement of copper into consumption
are favorable. In reference to the upward trend in domestic production of
copper,the trade is convinced that a larger output-40,000 tons per monthis necessary to meet the current requirements of the industry.
The foreign market again displayed some uneasiness, owing to the tense
political situation and conflicting reports as to the status of copper on
sanctions against Italy. So far, Italy has been able to obtain copper for
cash in several directions, providing herself with the metal before definite
sanctions go into effect.
Imports of copper into the United States during September amounted to
21.086 tons of bonded material, and 1,151 tons of refined metal on which
the 4c. duty has been paid. This compares with 10,890 tons of bonded
copper and 1,341 tons of dutiable copper imported during September last
year. Dutiable copper is usually purchased by fabricators who have
export orders for copper products on their books but no facilities for manufacturing in bond. The exporters of copper products naturally take advantage of the drawback privileges, with the result that virtually all of the
duty paid on the raw material is returned by the customs authorities.
Exports of refined copper from the United States during August and
September, according to countries of destination, in short tons, were as
follows:
Aug.
Sept.
Mexico
25
Belgium
882
1-,278
Denmark
112
619
France
959
2,288
Germany
1,779
1.377
Great Britain
4,414
8,995
Italy
2,841
5,988
Netherlands
630
516
Sweden
1,804
1,422
China and Hongkong
185
146
Japan
4,731
3,178
British India
112
Other countries
555
898
Totals
28.403
17,331
Lead Firm at 4.50c.
Sales of lead during the last week amounted to about 7,800 tons, a total
well above the average for a seven-day period. Though most of the demand
was for November shipment metal, inquiry for prompt material continued
on a scale that made sellers quite optimistic over the character of the
buying. Lead producers are satisfied that actual consumption is now
running in excess of 36,000 tons a month. There is a strong possibility that
October shipments to consumers will establish a new high for the current
Year. Even those in the industry noted for their conservative views would
not be surprised if the shipments for October totaled 40,000 tons.
Mtl
The steady demand for lead has brought out a firmer undertone, but the
quotation continued at 4.50c., New York, the contract settling basis of
the American Smelting & Refining Co., and at 4.35c., St. Louis. Sales
of its own brands in the East at a premium of Si per ton were reported by
St. Joseph Lead.
That a steady recovery in lead business has been taking place is revealed
in its movement of the metal to consumers. During 1932 the shipments
averaged 26,438 tons a month; in 1933, 28,.930 tons: in 1934, 31,651 tons,
and in the first nine months of the current year, 33,937 tons.
o
The market for Prime Western zinc was inactive last week. During the
calendar week ended Oct. 26, sales reported by the Prime Western division
totaled a little more than 600 tons, which compares with 1,300 tons in the
week previous. Withdrawals of this grade of zinc by consumers are at the
rate of more than 20.000 tons a month, which tends to maintain the price
on the basis of 4.85c., St. Louis. The Joplin ore market was unchanged
but steady.
Tin Futures Active
The spot and near-by position of tin remains tight for want of suppliip,
and the price held above 50c. for Straits throughout the week. The higher
rate of production is now making itself felt in freer offerings of tin for future
delivery. Quite a good tonnage was purchased during the week for delivery
over the first quarter of the year at prices ranging from 47.75c. to 48.05c.
per pound. The premium now obtaining on prompt tin may hold throughout the month of November, according to some observers. Larger supplies
are expected to roach London and New York in December.. Tin-plate
operations in the United States increased from 50% to 55% of capacity
.
during the last week.
Chinese tin, 99%, was quoted as follows: Oct. 24th. 50c.; 25th, 50.25c.;
26th, 50.25c.; 28th, 49.75c.; 29th, 49.50c.; 30th, 49.50c.
Foundry Operations in Philadelphia Federal Reserve
District Declined During September According to
University of Pennsylvania.
The output of gray iron and steel castings declined during
September to the lowest point since last April according to reports received by the Industrial Research Department of
the University of Pennsylvania from foundries operating
in the Philadelphia Federal Reserve District. The declines
of from 20 to 25% offset most of the upward tendency reported during the four previous months, the Research Department said, continuing:
In contrast the production of malleable iron castings declined less than
1% from the peak reached in August. Shipments of castings also declined.
2809
Financial Chronicle
Demand for Lead Fairly Active-Copper and Zinc
Quiet-Tin Futures Unsettled
"Metal and Mineral Markets" in the issue of Oct. 31
stated that demand for lead was in even larger volume than
in the preceding week, sales for the seven days that ended
Oct. 30 being above the average. All sellers regarded the
market for lead as firm, though no effort was made to raise
the price. Copper and zinc again passed through a quiet
period, at least so far as new business was concerned, without
influencing the price structure. Tin remained scarce on
spot, with quotations more or less nominal, but offerings of
the metal for future delivery at a backwardation of about 3c.
per pound resulted in some good business for. first-quarter
delivery. Antimony was easier on unsettlement of the
Chinese market, which was down on exchange. The publication further stated:
Among the steel plants the deliveries decreased more than production.
This fact minimizes the importance of the approximately 5% increase in
the unfilled orders reported at the close of September. The iron foundries,
however, did not have as serious a decline in shipments as in production.
This adds to the significance of the 10% increase in the backlog for iron
castings. Stocks of pig iron and scrap declined during the month among
both groups of plants, while the inventories of coke increased.
IRON FOUNDRIES
29
29
28
4
28
17
25
24
24
8
7
6
6
6
Per Cent
Change
from
Sept. 1934
0.0
-21.3
-24.6
-25.8
-10.7
-0.8
-18.9
+10.4
0.0
+6.7
+0.4
+6.5
-35.4
+52.5
+6.6
+10.3
-4.3
-1.2
+56.1
-42.4
-12.3
+49.6
September
1935
(Short
Tons)
Per Cent
Change
from
Aug. 1935
Per Cent
Change
from
Sept. 1934
8.630
2,003
1,600
403
1,692
2,733
0.0
-20.2
-23.7
-2.7
-24.5
+4.5
0.0
-15.4
-25.2
+77.7
-33.3
+43.7
362
7,156
285
-21.8
-2.0
+26.9
-7.7
+15.3
+79.2
Capacity
10,372
Production
2,718
Gray iron
2,243
Jobbing
2,030
Further manufacture
213
Malleable iron
475
.
Shipments
2,800
Unfilled orders
663
Raw stock:
Pig iron
1,551
Scrap
1,001
Coke
515
STEEL FOUNDRIES
No. of
Firms
ReportOw
8
8
Per Cent
Chance
from
Aug. 1935
September
1935
(Short
Tons)
No. of
Firms
Report+Mg
Capacity
Production
Jobbing
Further manufacture
Shipments
Unfilled orders
Raw stock:
Pig iron
Scrap
Coke
Pig Iron Prices in Widespread Advance-Steel Output
Gains
The Oct. 31 issue of "Iron Age" stated that widespread
advances in pig iron prices, a further upturn in steel production, improved prospects in the automobile industry and a
steadier tone in the scrap trade have given the iron and steel
market renewed buoyancy after almost two months of virtually unchanged operations. The "Age" further said:
Pig iron has gone up Si a ton at Chicago, Granite City, Duluth, Detroit
and Toledo, and has been advanced the same amount effective Nov. 1 at
Cleveland, Buffalo and Erie, Pa. Similar increases are expected early
next month at Pittsburgh, in the Valleys and in southern Ohio. Though
definite word is lacking from Eastern and Southern producing centers,
it is probable that the rise in prices will be nation-wide.
Charcoal pig iron has been advanced 50c. a ton for the second time since
September. Domestic fluorspar, which was marked up $1 to $1.50 a
ton a week ago, has been given another 50c. boost.
The rise in pig iron prices was not a surprise. Production costs were
first increased by the emergency advance in freight rates effective April 18,
and they were given a sharper lift by advances in fuel prices growing out
of the coal strike settlement.
The "Iron Age" pig iron composite, reflecting the mark-up at Chicago,
which is now in effect, has risen from $17.84 to $18.01 a ton. fhis is the
first change in the index, aside from a slight adjustment due to the freight
rate increase last spring, since May 1 1934.
Though rolled steel products would naturally be expected to reflect an
upward adjustment in the prices of primary materials, there is as yet little
talk of advances except for certain forms of semi-finished steel and for coldfinished bars and shafting, which failed to advance on Oct. 1 in line with the
rise in the base price of hot-rolled bars. However, the entire tone of rolled
steel prices is unquestionably stronger, notwithstanding continued concessions on attractive tonnages of reinforcing steel and the reappearance of
a $2 a ton allowance to jobbers on galvanized sheets. The price attitude
of sellers is influenced not alone by increases in raw material costs, but also
by the admittedly growing pressure of a rising cost of living on iron and steel
company employees.
The advances in pig iron prices were preceded by heavy buying, a portion
of which was no doubt speculative. In rolled steel products there has.
as yet, been little accumulation of inventories beyond normal needs except
possibly by some of the agricultural equipment makers, who, however,
look for further sharp gains in their operations in the coming year.
Automotive demand for steel has expanded, though a real rush in business from the motor car makers will probably not develop until after the
national shows. Ford has not yet made any large purchases of sheets for
new model production but is now compiling its needs and taking prices.
Orders will probably be placed next week, though the tonnage to be bought
has not yet been determined. Ford has in stock about 100,000 tons of
billets and 20,000 tons of bars made by its own mills. The new blooming
mill at Rouge is now operating,rolling large ingots for fim stock, and within
two weeks the continuous hot mill will be rolling steel..
Sales of automobiles in advance of the New York show have been in
excellent volume for a number of manufacturers, and unless unexpected
production difficulties arise November assemblies of well over 300,000
cars are believed assured.
Tin plate production has registered an unexpected rise of five points to
55% of capacity. Waning demand for plate for packing cans has been
more than offset by heavier orders for beer can manufacture, for export
and for general line can production.
Steel ingot production has risen from 52 to 5.33i% of capacity, the
highest rate since the second week in February. Operations are up onehalf point to 55 % at Chicago, two points to 62% in the Valleys, one point
to 40% in the Philadelphia district and five points to 69% in the ClevelandLorain area, but are down one point to 40% at Buffalo and two points to
78% in the Wheeling district.
Structural steel awards of 17,900 tons compare with 6,825 tons in the
previous week. New projects total 14,600 tons. Plate lettings aggregate
4,700 tons, and new plate jobs 13,800 tons.
The "Iron Age" composite prices for finished steel and heavy melting
scrap are unchanged at 2.130c. a lb. and $12.58 a gross ton, respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Oct. 29 1935, 2.130c. a Lb.
I Based on steel bars, beams, tank plates
2 130c.1 wire, rails, black pipe, sheets and hot
One week ago
One month ago
2 1300. rolled strips These products make
2.124c. 85% of the United States output.
One year ago
Financial Chronicle
2810
Low
High
1935
2.1300. Oct. 1
2.1240. Jan. 8
1934
2.1990. Apr. 24
2.0080. Jan. 2
1933
1.867c. Apr. 18
2.0150. Oct. 3
1932
1.9260. Feb. 2
1.9770. Oct. 4
1931
1.9450. Dec. 29
2.037c. Jan. 13
1930
2.0180. Dec. 9
2.273c. Jan. 7
1929
2.2730. Oct. 29
2.317c. Apr. 2
1928
2.2170. July 17
2.286c. Dec. 11
1927
2.402c. Jan. 4
2.2120. Nov. 1
Pig Iron
Oct. 29 1935. 518.01 a Cross Ton
Based on average of basic iron at Valley
One week ago
$17.84 furnace and foundry irons at Chicago.
One month ago
17.84 Philadelphia, Buffalo, Valley and
One year ago
17.90 Birmingham.
Low
High
1935
517.83 May 14
$18.01 Oct. 29
1934
16.90 Jan. 27
17.90 May 1
1933
13.56 Jan. 3
16.90 Dec. 5
1932
13.56 Dec. 6
14.81 Jan. 5
1931
14.79 Dec. 15
15.90 Jan. 6
1930
15.90 Dec. 16
18.21 Jan. 7
1929
18.21 Dec. 17
18.71 May 14
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Oct. 29 1935, 512.58 a Gross Ton
Based on No. 1 heavy melting stee
One week ago
quotations at Pittsburgh, Philadelphia
$12.58
One month ago
12.83 and Chicago.
One year ago
9.63
Low
High
1935
$10.33 Apr. 23
$12.83 Oct. 1
1934
9.50 Sept.25
13.00 Mar. 13
1933
12.25 Aug. 8
6.75 Jan. 3
1932
6.43 July 5
8.50 Jan. 12
1931
8.50 Deo. 29
11.33 Jan. 6
1930
11.25 Dec. 9
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan. 29
1928
13.08 July 2
16.50 Dec. 31
1927
15.25 Jan. 11
13.08 Nov.22
The American Iron and Steel Institute on Oct. 28 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 51.9%
of the capacity for the current week, compared with 51.8%
last week, 50.8% one month ago, and 25.0% one year ago.
This represents an increase of 0.1 points, or 0.2%,from the
estimate for the week of Oct. 21. 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
Deo. 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%
193552.5% May 13
52.8% May 20
50.8% May 27
49.1% June 3
47.9% June 10
48.2% June 17
47.1% June 24
48.8% July 1
46.1% July 8
44.4% July 15
43.8% July 22
44.0% July 29
44.6% Aug. 5
43.1% Aug. 12
42.2% Aug. 19
43.4%
42.8%
42.3%
39.5%
39.0%
38.3%
37.7%
32.8%
35.3%
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
47.9%
45.8%
49.7%
48.3%
48.9%
50.8%
49.7%
50.4%
51.8%
51.9%
"Steel" of Cleveland in its summary of the iron and steel
markets on Oct. 28 stated:
Nov. 2 1935
With steadily mounting demands from automobile manufacturers, but
a slackening in new commitments from other large consumers, steelworks
operations continue to move within a narrow range, the national average
last week advancing 1% points to 52,1%.
Since the middle of August the steel rate has not varied more than awe°
points, while it is now two points below the peak reached in February.
Throughout the year automobile production has made exceptional progress;
the agricultural implement industry and tin plate requirements reached
new peaks and equipment and miscellaneous orders have been heavy,
while structural work in the aggregate has remained on a parity with 1934
and railroad purchases have declined.
Last week prospects for additional railroad purchases this year appeared
brighter, mainly because of the need for more freight cars, revealed by
recent heavy freight car loadings. Burlington, having decided to build
in its own shops 1.200 cars and three locomotives,is in the market for 20,000
tons of steel. Norfolk & Western purchased 6,500 tons for car repairs.
and placed 10,000 tons of rails.
Pennsylvania's revised schedule calls for building 11,000 freight cars
and at least 100 locomotives. taking 130,000 tons of rolled steel, though
inquiries may not be issued until late this year. A Northern road which
planned to scrap 5,000 freight cars will rebuild them. Exports inquiries
for freight cars last week developed a potential market for 20,000 tons of
steel.
Structural shape awards last week dropped to 10,721 tons, including
5,700 tons for the Triboro Bridge, New York. Reinforcing bar awards.
6,924 tons, included 3,400 tons for the Bonneville. Ore., dam, and 2,200
tons for Federal housing projects in Cleveland. Three interests shared In
the award of 10,000 tons of 8-inch pipe and fittings by the Standard 011
Co. of Ohio for a 140-mile line from Toledo, Ohio, to Crystal, Mich.
The market situation strongly favored producers of the lighter finished
steels, principally sheets and strip, output of which increased moderately
on specifications from automobile manufacturers. Ford is understood to
have made a substantial purchase of sheets-estimated at 30,000 to 40,000
tons; and, possibly as a protection against a rise in raw materials, it was
reported to have stocked 132,000 tons of billets and 28,000 tons of bars of
its own output-about $8,000,000 worth of finished steel. Automobile
production increased for the third consecutive week to 62,000.
Tractor production has not slackened, but the farm implement industry
Is gradually letting down after operating near capacity most of the year.
This, however, does not reflect any change in the generally good outlook
for that industry.
The advance of $1 a ton in pig iron prices at Chicago was not followed
promptly last week with similar increases in other districts, and many
inciters covered their requirements for the remainder of the year. Domestic fluorspar again advanced 50 cents a ton. The stronger price situation
in raw materials is to a large extent due to wage increases over the past
year. One important steelworks interest last week indefinitely rejected a
Petition from its employee representation group for a 15% wage advance.
On a 6,000-ton bridge project in New York, reinforcing bar prices were
shaded as much as 35 a ton. Mills are reinstating jobbers' allowances of
$2 a ton on galvanized sheets, which were discontinued Oct. 1.
Steelworks operations last week advanced 1 point to 47 at Pittsburgh;
2 to 64. Cleveland; 4 to 62, Youngstown; Wheeling was down 3 to
78;
Buffalo 10 to 40; Chicago 1 to 54, and other districts were unchanged.
"Steel's" iron and steel price composite is up 4 cents to $32.85; the finished steel Index remains $53.70, while the scrap composite is down 4 cents
to $12.67.
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 Oct. 30, as reported by
the Federal Reserve banks, was $2,477,000,000, a decrease
of $8,000,000 compared with the preceding week and an
increase of $22,000,000 compared with the corresponding
week in 1934. After noting these facts, the Board of Governors of the Federal Reserve System proceeds as follows:
On Oct. 30 total Reserve bank credit amounted to 32,474,000,000, an
increase of $2.000,000 for the week. This increase corresponds with Increases of $78,000,000 in member bank reserve balances. $2,000,000 in
money in circulation and $10,000,000 in non-member deposits and other
Federal Reserve accounts, offset In part by increases of $57,000,000 in
monetary gold stock and $4,000,000 In Treasury and national bank currency and a decrease of $29,000,000 in Treasury cash and deposits with
Federal Reserve banks. Member bank reserve balances on Oct. 30 were
estimated to be approximately $3,010,000,000 in excess of legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of $4,000,000 in
holdings of United States Treasury notes was offset by a decrease of $4,000,000 in United States Treasury bills.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks in accordance with the provisions of Treasury regulations issued pursuant to Sub-section (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended Oct. 30, in comparison with the preceding week and with the correEponding
date last year, will be found on pages 2838 and 2839.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Oct. 30 1935 were as follows:
Increase (+) or Decrease (-)
Since
Oct. 30 1935 Oct. 23 1935
Oct. 31 1934
$
$
$
Bills discounted
6,000,000 -1,000,000
-5,000,000
Bills bought
5,000,000
-1,000,000
U. S. Government securities
2 430,000,000
Industrial advances (not Including
527,000,000 commitmls-Oct. 30) 33,000,000
+27,000,000
Other Reserve bank credit
*
+2,000,000
-2,000,000
Total Reserve bank credit
2,474,000,000
+2,000,000
+19,000,000
Monetary gold stock
9,686,000,000 +57.000,000 +1,684.000,000
Treasury & National bank currency-2.401.000.000 +4,000.000
-33,000,000
Money In circulation
5 686,000,000 +2,000,000 +233,000,000
Member bank reserve balances
5,653,000,000 +78,000.000 +1,647,000.000
Treasury cash and deposits with Federal Reserve banks
2,665,000,000 -29,000,000 -306,000.000
Non-member deposits and other Federal Reserve accounts '
556.000.000 +10,000,000 +155,000,000
* Less than $500,000.
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 coming
Monday. The New York City statement formerly included
the brokers' loans of reporting member banks and showed
not only the total of these loans but also classified them so
as to show the amount loaned for their "own account" and
the amount loaned for "account of out-of-town banks," as
well as the amount loaned "for account of others." On
Oct. 24 1934 the statement was reivsed to show separately
loans to brokers and dealers in New York and outside New
York, loans on securities to others, acceptances and commercial paper, loans on real estate, and obligations fully guaranteed both as to'principal and interest by the United States
GovernMent. This new style, however, now shows only the
loans to brokers and dealers for their own account in New
York and outside of New York,it no longer being possible to
get the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for account of others," these last
two items now being included in the loans on securities to
others. The total of these brokers' loans made by the reporting member banks in New York City "for own account,"
Volume 141
Financial Chronicle
including the amount loaned outside of New York City,
stood at $828,000,000 on Oct. 30 1935, an increase of
$4,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Oct. 30 1935 Oct. 23 1935 Oct. 31 1934
Loans and investments—total
7,694.000,000 7,658.000.000 7,123.000,000
Loans on securities—total
1,555,000,000 1.562,000,000 1.417,000,000
To brokers and dealers:
In New York
Outside New York
To others
770,000,000
58,000,000
727,000,000
Accepts,and commercial paper bought
Loans on real estate
Other loans
773,000,000
59,000,000
730,000,000
564,000,000
50,000,000
803,000,000
147,000,000 141.000,000 242,000,000
123,000,000 123,000,000 134,000,000
1,185,000,000 1,187,000,000 1,278,000,000
U.S. Government direct obllgations____3,189,000.000 3,181,000,000 2,804,000,000
Obligations fully guaranteed by United
States Government
382,000,000 381,000,000 254,000,000
Other securities
1,113,000,000 1,083,000,000 994,000,000
Reserve with Federal Reserve Bank..__2,442,000,000 2,416,000,000 1,425,000,000
Cash in vault
58,000,000
55,000,000
44,000,000
Net demand deposits*
8,288,000,000 8,210,000,000 6,488,000,000
Time deposits
595,000,000 655,000,000 647,000,000
Government deposits
196,000,600 195,000,000 473,000,000
Due from banks
76,000,000
82,000,000
59.000,000
Due to banks
2,110,000,000 2,106,000,000 1,652,000,000
Borrowings from Federal Reserve Bank _
Loans and investments—total
Chicago
1,798,000,000 1,790,000,000 1,526,000,000
Loans on securities—total
182,000,000
183.000,000
237,000,000
To brokers and dealers:
In New York
Outside New York
To others
23,000,000
159.000.000
25,000,000
158.000,000
27,000,000
23,000,000
187,000,000
18,000,000
16,000,000
231,000,000
19,000,000
16,000,000
234,000,000
51,000,000
21,000,000
236,000,000
U.S. Government direct obligations
986,000,000
Obligations fully guaranteed by United
States Government
96,000,000
Other securities
269,000,000
972,000,000
689,000,000
96,000,000
270,000,000
77,000,000
215,000,000
Reserve with Federal Reserve Bank__ _ _ 590,000,000
Cash in vault
36,000,000
578,000,000
36,000,000
491,000,000
36,000,000
Accepts,and commercial paper bought
Loans on real estate
Other loans
Net demand deposits*
Time deposits
Government deposits
Due from banks
Due to banks
1.858,000,000 1,838,000,000 1,491,000.000
410,000,000 411.000,000 379,000,000
62,000,000
62,000,000
29,000,000
194,000,000
532,000,000
194,000,000
530,000,000
163,000,000
433.000,000
Borrowings from Federal Reserve Bank_
•Demand deposits subject to reserve. Method of computation changed Aug. 24
1935.
Complete Returns for the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 91
cities cannot be compiled.
In the following will be found the comments of the 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 Oct. 23:
The condition statement of weekly reporting member banks in 91 leading
cities on Oct. 23, issued by the Board of Governors of the Federal Reserve
System, shows increases for the week of $14,000,000 in total loans and
investments. $55,000,000 in net demand deposits (which item includes
Government deposits), $40,000,000 in time deposits and $83,000,000 in
reserve balances with Federal Reserve banks and a decrease of $83,000,000
in Government deposits.
Loans on securities to brokers and dealers in New York and outside New
York increased $10,000,000 and $5,000,000, respectively, while other loans
on securities declined $7,000,000. Holdings of acceptances and conunercial
paper bought and loans on real estate showed no material changes for the
week. "Other loans" decreased $67,000,000 in the New York district and
$50,000.000 at all reporting member banks, and increased $5,000,000 each
In the Chicago. Dallas and San Francisco districts.
Holdings of United States Government direct obligations increased
$37.000,000 in the Chicago district. $13,000,000 in the San Francisco
district and $8,000,000 at all reporting member banks, and declined $15,000,000 in the Boston district and $25,000,000 in the New York district.
Holdings of obligations fully guaranteed by the United States Government
increased $8,000,000. Holdings of other securities increased $37,000,000 in
the New York district and $46,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities. but not now included in the weekly
statement, had total loans and investments of $1,305,000,000 and net
demand and time deposits of $1,420,000,000 on Oct. 23, compared with
$1,297,000,000 and 31.412.000.000, respectively, on Oct. 16.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Oct. 23 1935, follows:
Increase (+) or Decrease (—)
Since
Oct. 16 1935
Oct. 24 1934
Oct. 23 1935
$
+14.000,000 +1,131,000.000
Loans and investments—total _18,981,000,000
Loans on securitiee—total
2,918,000,000
+8,000,000
—156,000,000
To brokers and dealers:
In New York
Outside New York
To others
797.000,000
151,000,000
1,970,000,000
+10,000,000
+5,000,000
—7,000,000
—245,000,000
+89,000,000
2811
Oct. 23 1935
Increase (+) or Decrease (—)
Since
Oct. 16 1935
Oct. 24 1934
Accepts, and coral paper bought__ 316,000,000
Loans on real estate
958,000,000
Other loans
3,261,000,000
—3,000.000
—3,000,000
—50,000,000
—149,000,000
—26.000,000
—50,000,000
U. S. Govt. direct obligations
7,533,000,000
Obligations fully guaranteed by the
United States Government
1,012,000,000
Other securities
2,983,000,000
+8,000,C00
+879.000.000
+8,000,000
+46,000,000
+549,000,000
+84,000.000
Reserve with Fed.Reserve banks
Cash in vault
4,368,000,000
313,e00,000
+83,000,000 +1,372,000.000
+46,000,000
+6,000,000
16.431,000,000
4,500,000,000
498,000,000
+55,000,000 +3,029.000.000
+22,000,000
+40,000,000
—83,000,000 —355,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,956,000,000
4,839,000,000
Borrowings from F. R.banks
* Demand deposits subject to reserve.
24 1935.
—66,000,000
—120.000,000
+398,000,000
+934.000,000
—1,000,000
Method of computation changed Aug.
Premier Mussolini Considers Peace Proposal as League
Meets to Set Effective Date of Sanctions Against
Italy—Hopes Increase for Early Settlement of
halo-Ethiopian Dispute—Anti-British Rioting in
Rome—Britain Maintains Fleet in Mediterranean—
Food Restrictions in Italy
The League of Nations met again this week to consider the
effective date of imposition of sanctions against Italy, and
settlement of the Italo-Ethiopian conflict appeared brighter
when Premier Mussolini of Italy indicated on Oct. 31 that
he is willing to negotiate for peace. At the same time
Foreign Secretary Sir Samuel Hoare of Great Britain and
Premier Laval of France were reported completing a tentative peace plan which it was expected would be submitted to
both Italy and Ethiopia before sanctions against the former
country were placed in effect.
Despite a lessening tension in the international situation as
a result of these peace moves,feeling against England for the
part taken in invoking sanctions continued strong in Italy,
and on Oct. 31 students in Rome staged demonstrations
against Great Britain and attacked stores which they
believed were British-owned. It -was also reported on Oct.
31 that Great Britain had decided to keep its entire fleet
in the Mediterranean until its relations with Italy improved
radically.
Reference to the Italo-Ethiopian dispute in the "Chronicle" appeared in our issue of Oct. 26, pages 2657-58. After
an adjournment of ten days, League members met at Geneva
on Oct. 31, and it was then announced that 49 League
members had already applied the arms embargo against
Italy, that 47 nations are applying financial sanctions, and
that 46 have agreed to a complete embargo on Italian exports. Several nations,however,while agreeing to the application of sanctions, made important reservations. These
countries included Chile, Rumania, Poland and Russia.
It was also reported on Oct. 31 that the League Penalties
Committee would thank the United States Government for
its attitude in the dispute, regarded as strengthening the
League's peace efforts. The remarks of President Roosevelt
and Secretary of State Hull regarding the United States
position in connection with the conflict, together with the
text of Secretary Hull's reply to the League inquiry concerning the United States attitude, are given elsewhere in
this issue of the "Chronicle."
Actual military engagements in the Italo-Ethiopian war
have been few recently, with the Italian troops consolidating
gains made earlier in the campaign. Rumors of an impending drive by Italy, and of a battle in which hundreds of
thousands of troops participated, were unverified late this
week. Transmission of peace suggestions to Premier Mussolini was noted as follows in a Paris dispatch of Oct. 30 to
the New York "Times":
The suggestions for a settlement of the Ethiopian situation elaborated
here by the French and British experts, Count Rene Doynel de Saint
Quentin and Maurice Peterson, have been communicated to Premier Benito
Mussolini of Italy.
These suggestions, it is insisted, must not be regarded as a definite
plan of settlement or in any way as a take it or leave it proposition to the
Italian Government. They are in a sense counterproposals to those made
by Mussolini last week, in the hope that somewhere between the two a
basis for real negotiation may be found.
Meanwhile, in London especially, there is some dissatisfaction that the
news of these counter suggestions should have leaked out, a dissatisfaction
that was expressed to-day to Premier Pierre Laval by the British Ambassador, Sir George Russell Clerk. It had been hoped that it would be possible
to keep these unofficial exchanges of opinion with Rome from the public,
to avoid any irritation of opinion by delay and failure.
It is stated, incidentally, that far too much publicity was given ten days
ago to the plan to reduce the tension in the Mediterranean by the withdrawal of some British naval units and an Italian division from Libya.
When the suggestion was first made the British refused to accept it as a
bargain. Mussolini then announced that he would withdraw one of the
three divisions in Libya as a gesture. At the same time it was pointed out
that twenty-eight ships would be needed to embark this division and that
shipping was unavailable, so it would remain in Tripoli.
Just what has been said and done since is not clear, but the fact remains
that no British ships have been withdrawn and advices from Gibraltar
announce the arrival there to-day of three destroyers, the Rowena, the
Torrid and the Thrustle, belonging to the first anti-submarine flotilla.
The British argument is that the precipitate announcement of new
suggestions and new schemes may lead to premature public hopes and subsequent disappointment and irritation. With that view the French are now
inclined to concur and Premier Laval has adopted the attitude that be will
henceforth deny everything.
2812
Financial Chronicle
Emperor Haile Selassie of Ethiopia, in a statement issued
on Oct. 25, declared that he would not submit to any peace
which left Italy in northern Ethiopia. He thus rejected
suggestions whereby Italy would be permitted to retain her
present position at Aksum, Aduwa and Adigrat in the north
and acquire a strip of eastern desert connecting Eritrea with
Italian Somaliland. United Press advices of Oct. 25 from
Addis Ababa quoted the Emperor as follows:
"A just basis of settlement would always find us ready to co-operate,"
an official spokesman for the King of Kings announced. "The Emperor
would be willing to serve the cause of peace by ceding Ogsden (southern
province) in return for a corridor to the sea, but never on any condition
would he cede an inch of the north country to any one for anything."
"What would Ethiopia do in case the Italians should simply hold whatever territory they already occupy in the north?" the imperial spokesman
was asked.
"Ethiopia," he replied firmly,"would attack the moment her armies were
assembled in the north. Don't forget 1896. The Italians in that year penetrated to Amba Alage, south of Makale, before Menelik collected his
armies and threw them back across the border."
Makale is fifty miles south of the present Italian front lines, running
from Adigrat to Aksum, through Adowa.
"It is inconceivable," he added,"that Mussolini could permit his 250,000
soldiers to travel all the way to Eritrea and then, under League pressure,
turn around and steam slowly back through the Red Sea without firing a
shot. He had to have military successes at Adowa, Adigrat and Aksum.
"By now it is equally inconceivable from the viewpoint of the Ethiopian
authorities that the League or England and France could expect Ethiopia's
million or more warriors to march for weeks to the front and then, on the
basis of a peace arranged in Europe without the participation of our Emperor, meekly turn around and march home again without a serious attempt
to expel the invader."
The Italian Government on Oct. 29 prepared to resist the
imposition of sanctions by League members. Premier
Mussolini issued decrees obliging the people to forego meat
two days a week. He also placed restrictions on food shops
and hotels, and required all offices to close earlier to conserve
electricity and fuel. An unofficial boycott of foreign goods
was also in progress. On Oct. 30 it was announced that a
census would be taken of the Italian merchant marine to
determine the strength of the naval reserve and looking
toward the arming of merchant ships if necessary. This
order was interpreted abroad as preparation for a possible
war in Europe.
Prime Minister Baldwin of Great Britain, in an address
on Oct. 31, said that he hoped the United States would soon
join the League of Nations. Associated Press advices of
Oct. 31 from London reported his speech as follov s:
• Hitting out at isolationists in general, although not mentioning any
one nation in particular, Mr. Baldwin said, in an address before the International Press Society:
"Such a policy is called splendid isolation. Why is it more splendid
to be by yourself than with others.
"Let us keep our feet out of these adjectival enticements and walk in the
way of truth unvarnished. We cannot choose that fugitive cloistered peace
if we would.
"Does any one think that war between great nations can be a limited
war,and that meanwhile we can trade with both sides in prosperous neutrality? We cannot bolt ourselves in an armed citadel and survive."
Mr.Baldwin said that "we believe Italy is rashly departing from her great
traditions" by the war against Ethiopia. At the same time he made a new
plea for Italian friendship and for Italian co-operation with the League of
Nations' efforts to re-establish peace.
"The dispute between the League and Italy is real," he declared. "But
it is no more real than the frienship between Great Britain and Italy. We
have tried to make it clear that we are moving in no spitit of national
antagonism against Italy. If we have failed to make it clear, we must try
again, for behind all our present policy is that underlying truth.
"In being true to our pledged word to the League, we wish also to preserve
an old friendship. But loyalty to our pledge is inescapable.
"All talk of trouble is evil. It is a condition which has been developed in
some quarters overseas and I do not like it.
"We do not dedicate ourselves to such evil, and there is no spirit of
aggression. But weakness and wavering do not give an assurance of peace.
I give you my word there will not be great armaments here."
39
Nations Embargo Exports
of Nations Report 22
Sanctions
of Arms to Italy—League
Have Applied Financial
In United Press advices from Geneva, Switzerland, Oct.
28, it was stated:
bh The League of Nations announced to-night that 39 nations had applied
the arms embargo against Italy, 22 had applied financial sanctions, 13
were ready to boycott export of key products to Italy and six had approved
mutual assistance to league members whose interests might suffer through
their application of sanctions.
Embargo on Shipments of War
Materials to Italy
The following United Press advices are from St. Johns,
Newfoundland, Oct. 25:
Newfoundland Decrees
On instructions of the British Government. Newfoundland to-day
decreed an embargo on export of war material to Italy. Penalty for
violation will be $10.000 fine or 12 months in prison.
Sanctions Against Italy Will not Apply to Vatican,
Pope Asserts—Imports, Loans and Credits to be
Unaffected
From Rome, Italy, United Press advices of Oct. 31, to the
New York "Herald Tribune" of Nov. 1, said:
Pope Pius XI informed the Bishops of Rome to-day that the world-wide
sanctions against Italy would not affect the Vatican or any of the many
ecclesiastical seminaries and institutions in Rome, such as the North
American, Irish, English and various Latin American colleges.
Nov. 2 1935
The Popo said that imports for the Vatican's needs, and those of the
ecclesiastical institutions, would be "absolutely unaffected." Funds, loans
and credits also would not be hampered, the Pontiff added.
Commenting on the Pope's statement, "Osservatore Romano," Vatican
organ, said:
We wish to reassure the superiors of orders and congregations who have
manifested hesitancy about sending youths to Rome that tne Holy See
will watcn in a special manner the interest and welfare of church institutions, which will have every protection from the Vatican.
Egypt to Abide by League of Nations' Action Against
Italy—Will Impose Sanctions as Non-Member
The following advices (Associated Press); are from Geneva,
Switzerland, Oct. 31: 1
Egypt, although not a member of the League of Nations, announced
to-day that it had decided in principle to apply economic and financial
sanctions against Italy.
The following telegram was received at League headquarters from the
Egyptian Foreign Minister:
The Egyptian Government has decided in principle to adhere to the application of economic and financial sanctions in connection with the HaloEthiopian conflict, and execute within the limits of possibility such measures
as may be decided upon by the League of Nations.
The text of the decision follows by post.
The significance of the decision is, League officials said, that Egypt
accepts all the sanctions.
Italy Offers Internal Conversion Loan to Finance
East African War—Subscriptions to Oct. 28
Totaled $1,818,000,000
Subscriptions to an internal conversion loan to finance
Italy's campaign in its dispute with Ethiopia were invited in
every bank in Italy on Oct. 21 by Premier Mussolini. As
to subscriptions received up to Oct. 28, Rome (United Press)
advices of Oct. 30 said:
Subscription to the internal loan being raised to finance the East African
war stood at 22,400,000,000 lire ($1,818,000,000) on Oct. 28, the Government announced to-night.
This includes 20,200,000,000 lire nominal capital obtained from conversion or another bond issue and cash subscription to the new war bonds of
2,200,000,000 llre ($178,640,000)•
With reference to Premier Mussolini's new loan, Associated
Press advices from Rome, Oct. 21, stated:
Bankers estimated about 9,000,000,000 lire in cash (the lira currently is
quoted at 8.13 cents) would come over the counters if all holders of 331
bonds exchange them for the new 5% issue.
In the exchange, the government gets i5 lire in cash for each 100-lire bond.
Financial experts estimated the cost of the Ethiopian campaign at 10,000,000,000 lire and with the funds already available. Fascist authorities believed the premiums for conversion would enable II Duce easily to pay for
the war.
The Bank of Italy still has well over 4,000,000,000 lire ($320,000,000)
in gold, and the government has foreign exchange estimated as high as
3,000,000,000 lire which Italians have been required to surrender.
Purchases of munitions and other essentials abroad must be paid for with
gold or foreign exchange . . .
The deficit last year was 6,819,000,000 lire, about one-third of the budget,
but of that amount,3,766,000,00011re was the cost of a 1934 loan conversion.
% issues, are now being exThose bonds, which were the present
changed for the new 5% bonds.
New Firm Organized in Buenos Aires to Deal in Foreign
Exchange and Securities—G. F. Beal, President of
J. Henry Schroder Banking Corp., is Chairman of
Argentaria, S. A. de Finanzas
Organization of Argentaria, S. A. de Finanzas, in Buenos
Aires, Argentina, to engage in a foreign exchange and general
securities business, was announced in New York on Oct. 31.
Sponsors of the enterprise are J. Henry'Schroder Banking
Corp., New York, international bankers, and certain
European interests. Gerald F. Beal, President of the J.
Henry Schroder Banking Corp. will be Chairman of the new
corporation, and W. F..Beddser, for many years VicePresident in charge of the Buenos Aires branch of the First
National Bank of Boston, will be Director and General
Manager. The Board, among others, includes the following:
Vicente Casares, until recently Chairman of the Banco de Is Provincia
de Buenos Aires; Eduardo F. Bullrich, Member of Government Organization Committee for the Banco Central de is Republica Argentina and the
Liquidation Institute, formerly Director, Banco de Is Nacion Argentina;
Benjamin Garcia Victories, partner in the law firm of Garcia y Garcia
Victories, Buenos Aires.
The following is from the announcement issued Oct. 31:
The new institution will engage in a foreign exchange and general securities business, and will be prepared, in addition, to place at the disposal of
their Argentine and foreign clients a diversity of financial and commercial
facilities both in Argentina and in the principal international markets
abroad. Furthermore Argentaria will be interested in the financing problems of both public bodies and corporate enterprises, as well as in the
study of matters related to organization and reorganization.
Outstanding External Secured Sinking Fund 63/2%
Gold Bonds, due June 15 1957, of Province of Upper
Austria Drawn for Redemption
The Province of Upper Austria is notifying holders of its
gold bonds, due June 15
external secured sinking fund 6
1957, that, pursuant to the fiscal agency agreement dated
June 15 1927, between the Province and The Chase National
Bank, New York, as fiscal agent, it is calling for redemption
all of the outstanding bonds of this issue. The bonds will
be redeemed on Dec. 15 1935 at their principal amount plus
accrued interest to the redemption date, at the corporate
trust department of the bank, 11 Broad Street. Interest
on these bonds will cease to accrue on Dec. 15.
Financial Chronicle
Volume 141
Funds Remitted by Municipality of Graz (Austria) for
Payment of Interest Due Nov. 1 1932 to Nov. 1 1935
on 8% Mortgage Loan Bonds—Rulings by New
York Stock Exchange
The Chase National Bank, New York, has received funds
for the payment of interest coupons due Nov. 1 1932 to Nov.
1 1935, inclusive, on municipality of Graz, Austria, 8%
mortgage loan bonds due Nov. 1 1954.
Ashbel Green, Secretary of the New York Stock Exchange,
issued on Oct. 30 the following rulings by the Exchange on
the above bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities
Oct. 30 1935.
Notice having been received that the interest due Nov. 1 1935 on Municipality of Graz 8% mortgage loan gold bonds, due 1954, will be paid on that
date:
The Committee on Securities rules that the bonds be quoted ex-interer t
4% on Nov. 1 1935;
That the bonds shall continue to be dealt in "Flat" and to be a delivery
In settlement of transactions made beginning Nov. 1 1935 must carry the
May 1 1936 and subsequent coupons.
ASHBEL GREEN. Secretary.
Tenders of Yugoslavia 5% Funding Bonds, due Nov. 1
1956, Invited to Exhaust $71,520 in Sinking Fund
The Chase National Bank, New York, acting for the fiscal
agents, is notifying holders of Kingdom of Yugoslavia 5%
funding bonds due Nov. 1 1956 and fractional certificates
for said bonds, that tenders are invited for the sale of these
bonds and certificates to the sinking fund in an amount
sufficient to exhaust the sum of $71,520, at a price based on
principal alone, exclusive of accrued interest, which will be
added to the stated price, and which, with respect to the
fractional certificates shall be computed from the date thereof.
Such tenders will be received at the Corporate Trust Department of the Bank, 11 Broad Street, New York, up to 12
noon Nov. 12 1935.
$322,485 Shortly to be Available to Purchase Argentina
External Sinking Fund 6% Gold Bonds of 1924—
Tenders Invited by Chase National Bank
Acting for the fiscal agents, the Chase National Bank, New
York, is notifying holders of Government of the Argentine
National external sinking fund 6% gold bonds of 1924,
series B due Dec. 1 1958 that, upon receipt on or before
Dec. 1 from the Argentine Government of $322,485, such
sum, with $393 now in the sinking fund, will be available
for purchase of these bonds at prices below par. Tenders
will be received at the Corporate Trust Department of the
Bank, 11 Broad Street, New York,up to 12 noon Dec.2 1935.
$472,590
Bonds, Issue of June 1 1925, of
Purchased for Sinking Fund
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine National external sinking fund 6% gold
bonds, issue of June 1 1925, due June 1 1959, that $472,590
will be available on or before Dec. 11935, for the purchase
of so many of these bonds as shall be tendered and accepted
for purchase at prices below par. An announcement in the
matter further said:
of 6% Gold
Argentina to be
Tenders should be made to the bankers at a flat price, below par. before
3 p. m., Dec.2 1935. Should tenders so accepted be insufficient to exhaust
the available moneys, additional purchases upon tender, below par, may
be made up to Mar. 2 1936. The notice from the bankers follow receipt of
word from the Argentine Ambassador that $471,645 will be paid into the
sinking fund on or before Dec. 1 1935. The difference between that amount
and $472,590 represents unexpended moneys in the sinking fund.
Oct. 1 Coupons on 7% External Secured Sinking Fund
Gold Bonds of Santa Fe (Argentina) Being Paid
at Rate of 4%
The Manufacturers Trust Co., New York, as special agent
under an agreement dated Jan. 26 1935, as amended (providing for a plan of readjustment dated Dec. 31 1934),
relating to the 7% external secured sinking fund gold bonds
of the City of Santa Fe, Argentina, announces that it has
received funds to pay,at 4%,the Oct. 1 1935 interest coupons
detached from bonds stamped pursuant to the readjustment
plan above.
Securities
of Corporations in Reorganization Under
Bankruptcy Act to be Dealt in "Flat" on New York
Stock Exchange—List of Railroad Bonds Affected
The Committee on Securities of the New York Stock
Exchange at its meeting on Oct. 31, adopted the general
policy that trading on the Exchange shall be "Flat" in all
bonds or other direct obligations of corporations in reorganization under Section 77 and 77B of the Bankruptcy Act.
The Committee will issue rulings as to specific issues as soon
as possible after the Exchange receives official notice that a
petition for the reorganization of the issuer has been approved
by a District Court of the United States, Ashbel Green,
Secretary of the Exchange, announced Nov. 1. It is not
contemplated that any change will be made in the method for
trading in bonds of corporations in reorganization upon
which continued interest payments have been made, Mr.
Green said.
2813
The following is the ruling of-the-Committee on Securities
of Oct. 31: 1,1
',ammo AI 4
1.14
.
The Committee on Securities rules that beginning Nov. 1 and until
further notice the following bonds shall be dealt in "Flat":
Boston & New York Air Line Railroad Co., guaranteed first mortgage
4% 50-year bonds, due 1955.
Central New England Railway Co., first mortgage guaranteed 4% 50year bonds, due 1961.
Consolidated Railway Co., 4% debentures, due Jan. 1 1955: 4% debentures, due 1954;4% debentures, due April 1 1955. and 4% debentures. due
1956.
New England Railroad Co., guaranteed 4% consolidated mortgage 50year bonds, due 1945, and guaranteed 5% consolidated mortgage 50-year
bonds, due 1945.
New York & New England Railroad Co., Boston Terminal 4% first
mortgage bonds, due 1939.
Providence Terminal Co.,first mortgage 4% 50-year bonds. due 1956.
New York, Providence & Boston Railroad Co., 4% general mortgage
gold bonds, due 1942.
Worcester & Connecticut Eastern Railway Co.. first mortgage 4 %
gold bonds. due 1943.
New York, New Haven & Hartford Railroad Co., 334% debentures, due
1954; 33.5% convertible debentures, due 1956; 4% debentures, due 1947;
15-year secured 6% gold collateral trust bonds, due 1940: 4% debentures.
due 1955; 40-year first and refunding mortgage 4M % gold bonds, due 1967;
6% convertible debentures. due 1948, and 33i% debentures, due 1947.
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Nov. 1
1935, interest shall be computed up to Out not including Nov. 1 1935.
Filing of Registration Statements Under Securities Act
The filing of 12 additional registration statements (Nos.
1705-1716, inclusive) under the Securities Act of 1933, was
announced by the Securities and Exchange Commission for
publication Oct. 28 (in Release No. 541). The total involved
is $18,415,016.15, of which $14,665,016.15 represents new
issues, the Commission said, stating:
Included in the total is $7,500,000, the aggregate value of 75,000 shares
of no par value $2.75 cumulative dividend preferred convertible stock and
135,000 shares of no par value common stock, of the Columbia Pictures
Corp.; and $3,750,000 of voting trust certificates representing the 135,000
shares of common stock (Docket 2'1715, Form A-2. and Docket 2-1716,
Form F-1. included in Release No, 537)•
The securities involved are grouped as follows:
Total
Type
No.of Issues
$11.238,666.15
Commercial and Industrial
8
3,426.350.00
Investment trusts
3
• 3,750,000.00
'Voting trust certificates
1
The filing of the registration statements by the Columbia
Pictures Corp. was noted in our issue of Oct. 26, page 2659.
The following is the list of registration statements for which
the SEC reported, on Oct. 28, registration is pending:
Avon Gold Mines. Ltd. (2-1705, Forst A-1) of Montreal, Canada, seeking
to issue 600.000 shares of $1 par value common capital stock, to be offered
to the public at $1.50 a share. George A. Reynolds of Syracuse. N. Y., is
the principal underwriter, and LeRoy E. Phelps of Batavia, N. Y.. is
President of the corporation. Filed, Oct. 16 1935.
Miller'Wholesale Drug Co.(2-1706, Form A-2)of Cleveland. Ohio, seeking
to issue 10,000 shares of no par value common stock, 5.000 shares to be
offered at $15 a share and 5,000 shares at $20 a share. L. P. Miller of
Cleveland. Ohio, is President of the company. Filed Oct. 18 1935.
Eaton ct Howard Management Fund "Al" (2-1707. Form A-1) of Boston.
Mass., seeking to issue 47,000 shares of beneficial interest of no par value.
The shares are to be offered at a price based on the value of the trust
appraised as of a date within 15 days prior to the date of the subscription.
As of Oct. 4 1935,the offering price was $42.05 a share or $1,976,350 for the
47,000 shares. Eaton & Howard, Inc., of Boston, is the principal underwriter. Charles F. Eaton Jr., of Wellesley, Mass.; John G. Howard, of
Cambridge, Mass.; M. Elliott Pratt Jr., of Wellesley, Mass.; Houghton
Carr of Hingham, Mass., and John MacDuffie 2nd, of Brookline, Mass.,
are the trustees. Filed Oct. 18 1935.
Investors Fund of America, Inc., (2-1708, Form A-1) of Jersey City,
N. J., seeking to issue 1.000,000 shares of 25 cent par value common stock.
The price at which the shares are to be offered will be based on the net
assets of the corporation, the original offering price of this issue not to
exceed $1.10 a share. United Sponsors, Inc.. of Jersey City,is the principal
underwriter, and Lucian A. Eddy of New York City is President of the
corporation. Filed Oct. 19 1935.
Airway Cargo Express, Inc., (2-1709. Form A-1) of Wilmington. Del..
seeking to issue 75.000 shares of $1 par value common stock, to be offered
at par. D. E. Wood of Los Angeles. Calif., is President of the corporation.
Filed Oct. 19 1935.
Cape & Vineyard Electric Co. (2-1710, Form A-2) of Falmouth. Mass.,
seeking to issue $750,000 of series A, first mortgage bonds, due July 1
1965. No interest rate is given, but it is stated that under Massachusetts
law, the rate may not exceed 4%. F. H. Golding of Cambridge, Maas.. is
President of the company. Filed Oct. 19 1935.
The Livingston Mining CO. (2-1711, Form A-1) of Boulder, Colo., seeking
to issue 1,055.347 shares of $1 par value common capital stock, to be
offered at 45 cents a share until listed on a National exchange and thereafter
at the market. Benjamin E. Minturn, of Chicago. Ill., is the principal
underwriter, and John R. Wolff, of Boulder, is President of the company.
Filed Oct. 211935.
Cimarron Petroleum Trust (2-1712. Form A-1) of Tulsa. Okla.. seeking to
issue 3.500 certificates of beneficial interest, to be offered at $100 a unit. .
Walter P. Spielberger, of Tulsa, is President. Filed Oct. 211935.
Automobile Finance Co.(2-1713. Form A-1) of Pittsburgh. Pa.. seeking to
Issue 17.488 shares of $25 par value 7% cumulative preferred stock, to be
offered at par, and 4,302 shares of no par common stock, to be offered at
$30 a share. The company proposes to sell four shares of preferred stock
and one share of common for $130. G. A. Pivirotto of Pittsburgh, is President of the company. Filed Oct. 22 1935.
Distilled Liquors Corp. (2-1714, Form A-1) of New York, N. Y., seeking
to issue 50,000 shares of $5 par value capital stock, and warrants for 10,000
shares of the stock being registered. The warrants, which entitle the holders
to purchase the stock on or before Nov. 1 1938, at $15 a share, together
with 23,750 shares of capital stock, are to be issued to the Canadian Industrial Alcohol Co., Ltd., in exchange for 106,000 gallons of specified
whiskey, the trade-name and trade-mark "William Penn," and its business
and good-will in the United States. The remaining 16,250 shares are to be
issued to employees of the corporation selected from time to time by the
board of directors, at prices not less than $15 a share nor more than $20 a
share. Walter H. Hildick,of New York City,is President of the corporation.
Filed Oct. 22 1935.
2814
Financial Chronicle
In making public the above list the Commission stated:
In no case does the act offiling with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
n the "Chronicle" of Oct. 26, page 2659.
Registration Statement Filed with SEC by Iowa
Southern Utilities Co. of Delaware, Centerville,
Ia., for $5,000,000 of First and Refunding 5
Bonds
Announcement was made by the Securities and Exchange
Commission on Oct. 28 (in release No. 544) that the Iowa
Southern Utilities Co. of Delaware, Centerville, Iowa, had
filed a registration statement (No. 2-1719, Form A-2)
that day under the Securities Act of 1933,covering $5,000,000
of first and refunding mortgage 53/2% bonds, series of 1935,
due July 1 1950. The Commission's announcement stated:
According to the registration statement, the net proceeds from the bonds,
together with other corporate funds, are to be used to retire the following
funded debt of the company and its subsidiaries:
First and refunding mortgage gold bonds, series 1923, in the principal
amount of $1,443,100; first mortgage gold bonds of Iowa Southern Utilities
Co in the principal amount of $1,357,600; first mortgage 5%
sinldniC fund
gold bonds of the Burlington Railway & Light Co. in the principal
amount
of $1,324.000; first mortgage 6% gold bonds of Southern Iowa Electric Co.
in the principal amount of $121,400;first mortgage 6% gold bonds of Iowa
Gas & Electric Co.in the principal amount of $522.600; and first and refunding mortgage gold bonds, series A,6%. of Iowa Gas & Electric Co. in the
principal amount of $168,800.
The bonds are redeemable at the option of the company at any time, in
whole or in part, at the following permiums plus accrued interest to date of
redemption: 734% from Nov. 1 1935 to and including Nov. 1 1940, 5%
from Nov. 2 1940 to and incl. Nov. 1 1945, 2% from Nov. 2 1945 to and
incl. Nov. 1 1948. and without premium from Nov. 2 1948 to and incl.
June 30 1950.
The price to the public, the names of the principal underwriters, and the
underwriting discounts or commissions are to be supplied by amendment
to the registration statement. The registration statement states, however,
that it is anticipated that the principal underwriter will be W.C. Langley &
Co. of New York.
E. F. Bulmahn of Centerville, Iowa. is President of the company.
Filing of Registration Statement with SEC by Ohio
Edison Co. for $43,963,600 First and Consolidated
Mortgage Bonds
The Ohio Edison Co. "the Ohio operating unit of the
Commonwealth and Sotithern System," has filed a registration statement(No.2-1725,Form A-2)on Oct.30 covering
$43,963,500 of first and consolidated mortgage bonds,
series of 1935, due 1965, with the Securities and Exchange
Commission under the Securities Act of 1933. The interest
rate on the bonds has not yet been determined. An announcement by the SEC (Release No. 546) issued Oct. 30
also said:
The company states that the net proceeds from the sale of the bonds
will be used by the company to provide funds or to reimburse its treasury
for the retirement or redemption of underlying bonds outstanding in the
hands of the public, retired or proposed to be retired as follows:
Title of Issue
Principal
Amount
Date of
Retirement,
Redemption
or Proposed
Redemption
Price
Amount
The North. Ohio Traction
& Light Co. gen. dr ref.
mtge. gold bonds, ser.
A(6%,due Mar.1'47) $3,000,000 Sept. 1935
$3,225,000.00
10734
series A (6%,due Mar.1July 11 1930
to f
1947)
*612,000 }Sept.30 1935 Various 1 599,895.00
Series A (6%,due Mar. 1
1947)
3,862,500 Mar. 1 1936
4,152,187.50
10734
1st lien & ref. mtge. 5%
gold bonds. series A.
due Aug. 1 1956
4,302,500 Feb. 1 1936
4,517,625.00
105
No. Ohio Pow. dc Lt. Co.:
Gen. & ref. mtge. gold
bonds (514% series,
due Mar. 11953)
10,950,500 Mar. 1 1936
11,498,025.00
105
(534% series due Mar. 1
fJuly 1 1930 to
1951)
*236,000 Sept.30 1935 ( Various
226,458.75
The Pa.-Ohlo Pow. & Lt.
Co. 1st .4 ref. mtge. gold
bonds, 534% series A,
dueJuly 1 1954
19,000.000 Dec. 30 1935
519,760,000.00
104
The Ohio Edison Co. 1st &
ref. mtge. gold bonds 5%
series, due April 1 1957._
2,000,000 Apr. 11938
2,100,000.00
105
Total
$43,963,500
$46,079,191.25
* Purchased through sinking fund.
According to the registration statement, provision has been made to
make the lien of the mortgage a first lien on substantially all the property
of the company. Redemption provisions for the bonds will be supplied later
by amendment to the statement. A sinking fund is to be set up providing
that beginning May 1 1936 and every six months thereafter a sum equal to
34 of 1% of the maximum amount of the bonds outstanding will be set aside
for improvement and sinking fund,of which $150,000 is to be applied to the
purchase and retirement of the bonds at prices not to exceed par and
accrued interest.
No underwriting commitment has yet been made and the price to the
public has not yet been determined.
Wendell L. Wilkie is Chairman of the Board of the company.
Los Angeles Gas & Electric Corp. Files Registration
Statement with SEC Covering $40,000,000 of First
and General Mortgage Bonds
A registration statement(No. 2-1724, Form A-2) was filed
on Oct. 29 by the Los Angeles Gas & Electric Corp., Los
Angeles, Calif., under the Securities Act of 1933 covering
$440,000,000 of first and general mortgage bonds, series of
Nov. 2 1935
4s, due 1970, the Securities and Exchange Commission
announced Oct. 30 (in Release No. 549). The Commission
added:
According to the registration statement, the proceeds from the sale of
the bonds are to be used for the redemption of the following outstanding
bonds of the corporation:
Issue
Redemption
Date
1st dr ref. mtge.5% g. bonds, due 1939
Gen.& ref. mtge. gold bonds:
Series D.6%,due 1942
Series E,534%, due 1947
Series F,5%%,due 1943
Series 0,6%, due 1942
Series H,6%, due 1942
1st & gen. mtge. gold bonds-Series of
5s, due 1961
Mar. 1 1936
105
Mar. 1 1936
June 1 1936
Mar. 1 1936
Mar. 1 1936
Mar. 1 1936
106
105%
103%
106
106
M.1 1936
105
Redemption
PTICE
Principal
Amount
54,891,000
1,937,500
4,999,500
3,809,000
4,000,000
7,545,000
10,000,000
837,182,000
The sale of the bonds are to be used also to reimburse the treasury of
the registrant in the estimated amount of $
for funds used for the
redemption on Oct. 1 1935. of $8,952,000 principal amount of general and
refunding mortgage gold bonds, series I,
%, due 1949, at 105 and
accrued interest.
The bonds are subject to redemption as a whole or in part on any interest
payment date at the following prices, plus accrued interest:
Prior to or during the calendar year 1940, 10734%;
Thereafter and prior to or during the calendar year 1945, 105%;
Thereafter and prior to or during the calendar year 1950, 10234%;
And thereafter at 100%.
The price to the public, the names of the principal underwriters, and the
underwriting discounts or commissions are to be furnished by amendment
to the registration statement. The registration statement states, however.
that it is expected that Myth & Co. will be one of several underwriters and
will act as manager of the underwriting group.
Addison B. Day of Los Angeles is President of the corporation.
Southwestern Gas & Electric Co., hreveport, La.,
Files with SEC Registration gtatement for $16,000,000- of First Mortgage 4% Bonds and $4,500,000
of 4% Serial Debentures
The Securities and Exchange Commission announced
Oct. 30 (in Release No. 548) that the Southwestern Gas &
Electric Co., Shreveport, La., had filed that day a registration statement(No.2-1726,Form A-2) under the Securities
Act of 1933 covering $16,000,000 of first mortgage 4%
bonds, series D, due Nov. 1 1960, and $4,500,000 of 4%
serial debentures, series A (due serially Nov. 1 1936-Nov. 1
1945). The announcement of the SEC added:
According to the registration statement all of the net proceeds from the
sale Of the bonds and debentures, together with other treasury funds, are
to be used as follows:
$12,330,450.44 for the redemption of $11,939,200 principal amount of
first mortgage 5% gold bonds, series A,on or about Jan. 3 1936, at
103%
and accrued interest;
$5,645,078.47 for the redemption of $5,437.400 principal amount of
first mortgage 5% gold bonds, series B,on or about Dec. 30 1935, at
103%
and accrued interest;
$1,707,853 for the redemption of $1,602,000 principal amount of first
mortgage 6% gold bonds, series 0,on or about Dec. 30 1935, at 105% and
accrued interest;
3635,868 for the redemption on Jan. 2 1936, of 6,234 shares of $100 Par
value 8% preferred stock (cumulative) at par and accrued dividends.
The series D bonds are redeemable in whole or in part at any time and
from time to time at the option of the company upon 30 days' notice at the
following prices and accrued interest:
If redeemed on or before Oct.31 1939, 105:
Thereafter, and on or before Oct. 31 1943, 104
Thereafter, and on or before Oct. 31 1947, 103
Thereafter, and on or before Oct. 31 1951, 102
Thereafter, and on or before Oct. 31 1955, 101 0
fhe serial debentures are redeemable in whole or in part at any time
and from time to time at the option of the company upon 30 days' notice
at the following prices plus accrued interest:
103 for debentures maturing on Nov. 1 1941;
102 for debentures maturing on Nov. 1 1942;
101 iforgaturs
orcelrstu
101
mar
nioi1
ngn/O.i19
7v119;
11
100 % for debentures maturing on Nov. 1 1945.
The principal underwriters are Brown Harriman & Co., Inc.. of New
York; Bonbright & Co., Inc.. of New York, and Field, Glore & Co. of
Chicago. The names of other principal underwriters, the price to the
public, and the underwriting discounts or commissions are to be supplied
by amendment to the registration statement. The company is a subsidiary
of the Middle West Utilities Co. A. Lieberman, of Texarkana, Tex.. is
President of the company.
New Form Adopted by SEC-Form C-2 Applies Only to
Certificates of Interest of Limited Type
A new form,known as Form C-2,for the registration under
the Securities Act of 1933 of certificates of interest of a
limited type, representing interests in securities held by a
depositor, has been adopted by the Securities and Exchange
Commission,it was announced Oct. 28. The announcement,
issued by the Securities Exchange Commission, continued:
To be eligible for filing on this form a major part of the certificates must
be for sale to the public for cash, and the certificates must be substantially
equivalent to the deposited securities themselves. The deposited securities
must be of a single class, issued by a single issuer. All voting rights, except
the right to vote for a split-up of the deposited stock, must rest with the
certificate holders.
The form may be used only if the person who deposits the securities with
the depositary has no rights or duties under the deposit agreement after
the securities have been deposited, and only if the deposited securities are
likewise registered under the Securities Act of 1933 in connection with the
sale of the certificates.
The rule providing for the adoption of the new formfollows:
Rule Adopting Form C-2
The Securities and Exchange Commission, acting pursuant to authority
conferred upon it by the Securities Act of 1933, as amended,particularly
Financial Chronicle
Volume 141
Sections 7 and 19(a) thereof, finding that any information or documents
specified in Schedule A of the Securities Act of 1933, as amended, which are
not required to be set forth in Form C-2, as hereby adopted, are inapplicable
to the class of securities and issuers to which such form is appropriate, and
that disclosure fully adequate for the protection of investors is otherwise
required to be included in the registration statement,and that such information and documents as are required by Form 0-2, as hereby adopted, but
which are not specified in Schedule A. are necessary or appropriate in the
public interest or for the protection of investors, hereby adopts Form 0-2
to be used for registration under the Securities Act of 1933 of securities of
the class, and issued by the class of issuers, specified in the rule for the use
of Form 0-2.
SEC Adopts New Form for Registration of Securities to
Be Issued Solely to Holders of Similar Securities
Already Registered
•
The Securities and Exchange Commission has simplified
the procedure for registration on an exchange, under the
Securities Exchange Act of 1934, of securities issued exclusively to holders of other securities of the registrant which are
already registered on the same exchange. Applications for
the registration of such issues may now be filed on a new
condensed form, known as Form 8-A. An announcement
issued by the SEC on Oct. 24 said:
The form may also be used where there has been a change in the terms
of a registered security, without the actual surrender of such security by
the holder in exchange for a new security.
The new form eliminates the necessity of repetition of much of the
material already filed by a registered company. It requires, however, that
information under the heading "capital securities" be brought up to date,
and it requires a description of the security to be registered similar to that
required in the forms for initial registration.
The form covers not only stocks and bonds issued in exchange for registered securities, but also warrants and rights issued in such circumstances.
In this connection,it is pointed out that the rules on "when issued" trading
in warrants and rights, recently promulgated by the Commission, are
inapplicable to warrants and rights which are actually issued except where
such warrants and rights are of short term duration.
Following is the rule adopting Form 8-A:
Rule Adopting Form 8-A
The SEC finding:
(1) that the requirements of Form 8-A, as more specifically defined in
the Instruction Book for Form 8-A, are necessary and appropriate in the
public interest and for the protection of investors, and, insofar as they are
not within the provisions of Section 12(b) (1) of the Securities Exchange
Act of 1934, are of character comparable thereto and applicable to the class
of issuers by which Form 8-A is to be used; and,
(2) that the exhibits required by the Instruction Book are necessary and
appropriate for the proper protection of investors and to insure fair dealing
n the securities registered on Form 8-A,
pursuant to authority conferred upon it by the Securities Exchange Act of
1934, particularly Sections 12 and 23(a) thereof, hereby adopts Form 8-A
and the Instruction Book for Form 8-A.
Amendment to Rule JB-1
The SEC, pursuant to authority conferred upon it by Sections 12 and
23(a) of the Securities Exchange Act of 1934, hereby amends Rule JS-1
by inserting immediately before the paragraph under the caption "Form 10
for Co rporations" the following paragraph:
Form 8-A for Securities Issued in Exchange for Registered Securities—
This form may be used for applications filed on and after Oct. 24 1935, for
the registration of securities, for which the filing of applications for registration of Form 10, 11, 13, 15 or 17 is -authorized, issued exclusively in exchange for securities of the registrant registered, pursuant to an application
on one of said forms, on the exchange on which registration is applied for
on this form. Securities resulting from a modification of other securities
shall be deemed to have been issued in exchange for such other securities.
The foregoing amendment shall be effective Oct. 24 1935,
Registration Statement of Securities Under Securities
Act Effective During September Amounted to
$319,874,100—Second Highest Monthly Total—
$1,770,000,000 Effective Thus Far This Year
Effective registration statements of securities under the
Securities Act of 1933 during the month of September, the
Securities and Exchange Commission announced Oct. 28,
amount to $319,874,100, comparing with $254,062,322 in
August and $36,003,991 in September 1934, and constitute
the second highest monthly total for registrations under the
Securities Act. The average size of the issues effective in
September is approximately $7,616,000,as against $5,081,000
in August and. $1,565,000 in September 1934. The Commission issued the following table:
Types of New Securities Included in 30 Registration Statements Fully Effective
During September 1935
This month,as for three months past,senior securities, to be issued almost
exclusively for refunding purposes, account for approximately three-fourths
of the total dollar amount of the month's registrations. Since March,
when the refunding of higher interest bearing obligations became important,
senior issues have represented more than half of the monthly totals.
Type of Security
Common stock
Preferred stock
Certificates of participation, bpneficial interest, warrants. Scc.
Secured bonds
Debentures
Short term notes
Total
No. of
Issues
No. of
Units
areas
Amount
15
11
8,231,081
791,932
5
8
2
1
108,500
42
Per Cent of Total
Sept.
1935
Aug.
1935
$62,150,776
16,713,528
19.4
5.2
9.8
9.7
710
2.1
6,235,300
157,025,665
77,648,831
100,000
2.0
49.1
24.3
0.0
4.5
40.2
35.8
20.4
$319,874,100
100.0
100.0
100.0
Sept.
1934
3.8
As to effective registrations during the third quarter and
the first nine months of 1935, the Commission said:
During the three months ended Sept. 30 1935, a total of more than
$1,100,000,000 of securities became fully effective, an amount more than
six times the securities registered during the same period of 1934 and 60%
higher than that registered during the entire first half of the current year.
2815
Total 1935 registrations through Sept. 30 aggregate almost $1,770,000,000.
Three-fourths of the issues comprising the third quarter registrations were
bond and debenture offerings, for the most part large issues of public
utility and manufacturing companies; 15% ware common stock issues;
6%, preferred stock issues; and 4%, certificates of participation, beneficial
interest and warrants. The average size of all issues effective during this
Period was approximately $7,670,000 as against $2,180.000 for the same
period of 1934.
Reference to the registration statements which became
effective during August was made in issue of Sept. 28, page
2037.
Denmark Applies to Register Three External Loans
with SEC—Is First European Nation to Comply
with Rules—$104,679,000 Involved
The Securities and Exchange Commission announced on
Oct. 28 that it had received that day from Copenhagen the
application of the Kingdom of Denmark for the permanent
registration on the New York Stock Exchange of three external loans. This is the first European Government to
comply with the provisions of the Securities Exchange Act
of 1934 and the second foreign nation. Recently Argentina
made application for registration of 10 issues of dollar
bonds. The three external loans which Denmark is seeking
to register, and which involve $104,679,000, follow:
$30,000,000 Kingdom of Denmark 20-year 6% external loan of 1922.
due Jan. 1 1942
$25,200,000 Kingdom of Denmark 30-year 5%% external loan of 1925.
due Aug. 1 1955
% external loan of 1928,
$49,479,000 Kingdom of Denmark 34-year
due April 15 1962.
As to the registration statement of Denmark, which was
dated Oct. 10, Washington advices, Oct. 28, to the New York
"Journal of Commerce" of Oct. 29, said:
In its statement the Government reported current revenues of 443,194,000
kronen, of which national taxes and duties comprised 434,762,000 kronen.
The expenditures, which were classified by purpose, amounted to 424.958,000 kronen. As of Sept. 30 1935, the Government claimed gold reserve
of the National Bank of Copenhagen amounting to 127,350,000 kronen.
Notes issued by the bank and outstanding on the same date were placed
at 367,808.000 kronen.
Total imports during 1934 were valued in the statement at 1,354.200,000
kronen, of which 1,306,600,000 kronen were imports for consumption.
Total exports for the year were estimated at 1,234,400,000 kronen, of
which 1,175,500,000 kronen were exports of domestic merchandise and
58,900,000 kronen re-exports.
Total liabilities of the Government were listed at 2,230,000,000 kronen.
including 1.480,000,000 kronen of national securities held abroad on account
of Government and municipal debts, 320,000,000 kronen of national real
estate owned by foreigners and other long term debt, 190,000,000 kronen
of floating foreign debt of banks and 240,000,000 kronen of floating debt
of other enterprises.
Assets were estimated at 705,000,000 kronen, including 290,000,000
kronen of so-called long term assets, 95,000,000 kronen of floating assets
abroad in banks and 320.000,000 kronen of floating assets abroad in other
enterprises.
Reference to the application of Argentina to register its
10 dollar bond issues was made in our issue of Sept. 28,
page 2036.
Counsel of SEC Issues Opinion on Certificates of
Deposit Under Mortgage Bond Agreements—Rules
Registration Under Securities Act Not Required
in Certain Instances
Registration of certificates of deposit or new securities
is not required under the Securities Act of 1933 if they are
issued under a particular type of deposit agreement, under
which deposits of mortgage bonds have been continuously
solicited since before the Act became effective, according to
an opinion given Oct. 25 by the General Counsel of the Securities and Exchange Commission, John J. Burns. An announcement by the Commission said:
The deposit agreement in question is one in which the Committee has the
continuing power, without submission of the matter to depositors, to acquire
the mortgaged property and to transfer it to a corporation or trust and to
issue corporate stock or trust certificates against it to the depositors.
The opinion states that if the agreement specified a date beyond which
deposits would not be accepted, any amendment of the agreement after
July 27 1933 extending the date would involve a new offering requiring
registration. If no time limit was originally specified in the agreement
or if the time limit has not yet expired and dposits have been continuously
accepted, a new offering would not be involved and registration would be
unnecessary.
The following is the opinion of Mr. Burns:
My attention has been directed to a type of deposit agreement under
which mortgage bonds or other securities have been deposited, which agreement authorizes the committee appointed thereunder, in its discretion, to
cause title to the mortgaged property to be vested in a trustee, or trustees,
or in a corporation. Under such type of deposit acreement the committee
is further authorized, in its discretion, to cause the issuance and delivery
to holders of certificates of deposit, of certificates of interest in, or other
securities of, the trust, or certificates for shares of stock or other securities
of the corporation, in which the title to the property becomes vested. The
scope of the committee's discretion is such that the transfer of title to
the property and the issuance and delivery of the securities referred to above
may be effected by the committee without further authorization on the
part of the holders of certificates of deposit, and without affording such
holders an opportunity to withdraw deposited securities.
It is understood that the solicitation of the deposit of bonds or other
securities under such type of deposit agreement was commenced prior to
July 27 1933, and has been continued subsequent to that date in such manner
as not to constitute a new offering of certificates of deposit, and that the
trust or corporation which is to issue the new securities has been or is to
be formed at the direction of the committee acting pursuant to authority
conferred by the deposit agreement.
2816
Financial Chronicle
The effect of Section 3(a)(1) of the Securities Act of 1933, as amended,
is to exempt from the registration requirements of the Act any security
which, prior to July 27 1933, was bona fide offered to the public, except
that such exemption does not apply to any new offering of such security by
an issuer or underwriter occurring on or after that date. The certificates
of deposit issued under such type of deposit agreement, even though issued
and delivered on or after July 27 1933, are, under the circumstances outlined
above, exempt from registration, since the offering of such securities was
initiated by the issuer thereof prior to July 27 1933. The further question
is presented as to whether the securities ultimately deliverable to the holders
of certificates of deposit after the transfer of title contemplated by the
deposit agreement are exempt from registration. There may be some
question whether there is any offering of such securities for sale. But it
seems clear that such offering as may have been made was made prior to
July 27 1933,•since the issuance of such securities was contemplated at the
time of the solocitation of deposits, and, under the provisions of the deposit
agreement, was authorized without further submission to holders of certificates of deposit of the terms and conditions under which the transfer of
title was to be effected and the new securities issued. Such securities,
therefore, seem likewise exempt from the registration requirements of
the Act.
As has been pointed out above, the certificates of deposit and the new
securities are exempt only if there has been no "new offering" thereof on or
after July 27 1933. What constitutes a "new offering" is a question of
fact necessitating in each instance consideration of all of the surrounding
circumstances. However, it seems that at least the following factors should
be taken into account in determining whether a "new offering" is involved.
If the deposit agreement specified a date beyond which deposits were not to
be accepted, any amendment of the agreement, after July 27 1933, extending
such date, would seem to involve a new offering. If, however, there was
no time limit originally specified in the deposit agreement, or if the time
limit originally specified has not yet expired, and if deposits have been
continuously acceptable, it would sem equally clear that no "new offering"
has been involved.
Michael J. Meehan Directed to Appear Before SEC
Incident to Transactions in Stock of Bellanca
Aircraft Corp.—Hearing Set for Nov. 12—Statements by Mr. Meehan and Presidents of New
York Stock and Curb Exchanges—Stop Order
Issued in Case of Corporation's Registration
Statement
In making known that Michael J. Meehan has been called
upon to appear before the Securities and Exchange Commission in connection with transactions in stock of the
Bellanca Aircraft Corp. on the New York Curb Exchange,
the Commission issued the following:
Michael J. Meehan has been ordered to appear before the Securities and
Exchange Commission and show cause why he should not be suspended or
expelled from the New York Stock Exchange, the New York Curb Exchange
and the Chicago Board of Trade for violation of Sections 9(a)(1) and
9(a)(2) of the Securities Exchange Act in connection with transactions in
stock of Bellanca Aircraft Corp. on the New York Curb Exchange. These
sections of the Act are among those which prohibit manipulation in securities on national securities exchanges. The action of the Commission is
taken pursuant to Section 19(a)(3) of the Securities Exchange Act. The
hearing will be held at 10:00 a. in. on Nov. 12 at the Washington office
of the Commission. William Green, Regional Administrator of the Commission's Atlanta office, has been designated to conduct the hearing.
The Commission also announced that a stop order proceeding has been
instituted with respect to the registration statement of Bellanca Aircraft
Corp. of Delaware (File No. 2-1597) filed under the Securities Act of 1933.
A hearing has been set for 10:00 a. an. on Nov. 7 at the Washington office
of the Commission, at which time the corporation may show cause why a
stop order should not be entered. The Commission states that it finds
reasonable grounds for believing that Items 28, 29 and 48, Exhibit E, and
the prospectus contain untrue statements or omit to state certain required
material facts.
With regard to the Commission's announcement, Mr.
Meehan gave out the following statement at the offices in
New York of M. J. Meehan & Co.:
I have been informed that the SEC claims to have found some basis for
complaint against me in connection with Bellanca Aircraft Corp. I am
prepared to prove at any time that I have not, wittingly or unwittingly,
violated any of the provisions of the Securities and Exchange Act, or the
rules of any Exchange of which I am a member.
A statement, as follows, was issued in the matter on Oct. 26
by Charles R. Gay, President of the New York Exchange:
Chairman Landis telephoned me late Friday afternoon [Oct. 251 and, as a
matter of courtesy, advised toe that the SEC intended to institute proceedings against Michael J. Meehan in connection with transactions on the
New York Curb Exchange in the stock of Bellanca Aircraft Corp. This
was the first notice received by the Exchange of any investigation of
Mr. Meehan's transactions, or of any proceeding by the Commission against
him.
At the same time [Oct. 261 Fred C. Moffatt, President of
the New York Curb Exchange, said:
Yesterday afternoon, shortly after my return from Bermuda, I was called
on the telephone by Chairman Landis of the SEC, who told me that the
Commission intended to institute proceedings against M. J. Meehan, a
regular member of the New York Curb Exchange, on account of transactions on the Curb Exchange in Bellanca Aircraft Corp.
The Exchange knew that the SEC had been investigating transactions in
Bellanca Aircraft Corp. and had co-operated in every way with the Commission in securing and furnishing information requested by the Commission. The notice from Chairman Landis was, however, the first intimation
the Exchange had received of the outcome of such an investigation.
The common stock of Bellanca Aircraft Corp. has been listed on the New
York Curb Exchange since Novembet 1933. when it was listed in substitution
for previously listed voting trust certificates which had been listed
since 1928.
From the New York "Times" of Oct. 27 we take the
following:
Mr. Meehan's firm holds memberships in the New York Stock Exchange,
New York Curb Exchange, and Chicago Board of Trade, the seat on the
.
Curb Exchange, where the Bellanca stock is listed.
Nov. 2 1935
Three days ago it was learned that Mr. Meehan had arranged to purchase
for $130,000 the membership of Alfred Poole Duffy, planning to present
It to his son, William M. Meehan, as a gift on his twenty-first birthday.
This transfer will come up for final approval by the Exchange's Committee
on Admissions on Nov. 7.
The registration statement of the Bellanca Aircraft Corp.
was referred to in these columns Aug. 26, page 1363, and
Sept. 7, page 1523.
Problem of Segregation of Functions of Security
Dealers and Brokers Discussed by Officials of SEC
and Leading Stock Exchanges—Chicago Meeting
Reaches No Formal Decision
•Officials of Stock Exchanges throughout the United States
conferred at Chicago on Oct. 28 and 29 with officials of the
Securities and Exchange Conunission. The meeting, held
under the auspices of the Associated Stock Exchanges, was
devoted principally to the question of whether or not functions of security dealers and brokers should be separated.
James M. Landis, Chairman of the SEC, and Commissioner
Robert E. Healy and five leading members of the SEC staff
attended the conference, while 22 Presidents of Stock Exchanges also participated in the discussions. It was reported
on Oct. 30 that the next discussion of SEC officials on this
problem will be held with over-the-counter representatives.
The Stock Exchange officials who attended the meeting
on Oct. 28 were said to be unanimous in the view that the
business of broker and dealer in investment securities cannot
be segregated without serious injury to the Exchanges,
their members, the financial community and investors.
The Chicago "Journal of Commerce" of Oct. 29 reported
this meeting as follows:
Officials of five stock exchanges—Detroit, Minneapolis, Cleveland, Cincinnati and Philadelphia—expressed the view that they would have to close
If the commission ordered a complete segregation of the functions. Outside
the session some of the officials also expressed the opinion that only a few
of the major exchanges—New York Stock Exchange, Chicago Stock Exchange and Chicago Board of Trade—might be able to survive under a
complete segregation of the functions.
Talk With Landis
The opinion was given at a round table discussion with James M.Landis,
Chairman of the SEC. It was attended by other commission members
and by Presidents of 22 stock exchanges. Twenty-four out of the 31
stock exchanges in the country were represented. The 24 stock exchanges
represented have 3.450 members.
Discussions will be continued to-day.
The meeting was solely for the purpose of exchanging views. A conclusion was not reached. To facilitate the discussion attendants were given a
list of suggestions as to how a segregation of the functions might cause
problems on exchange trading floors, how it might affect the smaller exchanges of the country, and how it might affect out-of-town branches of
New York member firms and non-members of the exchanges. All these
were scheduled for consideration.
What It Would Entail
Discussion with those attending the meeting revealed that the largest
problem to be confronted in any segregation of broker and dealer functions
would be in connection unlisted trading and that any complete segregation
would require exchange member houses to give up their unlisted trading
departments, the principal part of the business of which is transacted on a
"net" or dealer rather than a broker "and commission" basis. Questions
as to what proportion of member houses'income was derived from brokerage
and dealer transactions were met with the reply that it varied with the
particular house and also with the kind of trading in vogue at the period
under consideration
Segregation of the broker-dealer function was pointed out as a problem
distinct but somewhat analogous with the segregation of the brokerage
and underwriting function. In the opinion of some attending the meeting
an arrangement partially to separate the brokerage and underwriting
business might possibly be worked out without too serious a disturbance
of the financial and business community, but no one was found who advocated such a course.
Attention also was called to the possibility of correcting abuses through
means other than segregation.
A Washington dispatch of Oct. 30 to the New York
"Herald Tribune" discussed the results of the Chicago
conference as follows:
Meanwhile, it developed that Mr. Landis had given a "off the record"
talk at the conference with security exchange heads at the Chicago meeting
this week, held under the auspices of the Associated Stock Exchanges, in
which he brought forward the need of the small exchanges strengthening
their position. This idea has been in the minds of SEC officials for some
time and Mr. Landis's remarks gave further evidence that the SEC segregation proposal probably will vary according to the character of the security
market involved.
Reports here are that outstanding at the conference was the information
offered, showing different types of trading on small exchanges. The difference in problems was emphasized, it was said, and the opinion is growing
stronger than in its recommendations the SEC will differentiate in favor of
the smaller security markets, with the particular view of preventing their
abandonment and if possible of bettering their position.
It would be a relatively easy matter, It was pointed out, if the SEC
decides to evolve a long-run program of segregation, to exempt at least
temporarily members of smaller exchanges. Complete segregation was
unanimously opposed by the security exchange presidents, under the leadership of W. W. Spaid, president of the Associated Stock Exchanges, at the
Chicago meeting and it is reported that the economic effect on the less
important exchanges,from the viewpoint of volume of trading, was exceedingly well presented.
The SEC recommendation on the segregation problem, to be presented
to Congress in January,is not yet ready. Proponents of segregation are still
to be heard. SEC officials reported that they were well satisfied with the
meeting with the exchange presidents but received no definite recommendations.
The security exchange heads, it was reported, were unanimously in favor
of changing the present "margin formula," under jurisdiction of the Federal
Reserve Board. They desire a straight percentage to govern loans to buy
Volume 141
Financial Chronicle
securities. This attitude gave credence again to reports that the board
may make a change.
The brokers also urged equal margin control on banks, stressing the
possibility of a shift of lending on securities. However, few concrete examples of loans being made by banks, because of lack of Federal control,
were presented to the conference, attended by Dr. Carl M.Perry, Reserve
Board official in charge of margin control.
A reference to the meeting scheduled for this week, appeared in our Oct. 26 issue, page 2662.
Paine, Webber & Co. to Handle Government Cotton
Deals—Will Redistribute New Business of Cotton
Pool in New York Cotton Exchange Futures
A committee of three, which has been working on proposals
whereby a greater number of firms would share in the Federal
Government's cotton futures business, announced on Oct. 31
that "arrangements have been made with the Manager of
the Government Cotton Pool, and the Department of Agriculture, subject to the approval of the Comptroller General,
that all new business in New York Cotton Exchange futures
handled for account of the Manager of the Government's
Cotton Pool, will be given to Paine, Webber & Co. of New
York, for distribution by them among the members of the
New York Cotton Exchange Clearing Association, Inc."
The announcement of the committee, which was composed
of Robert L. Woods, of Paine, Webber & Co. W.L. Johnson
of Shearson, Hammill & Co. and Philip B.'
Weld of Post &
Flagg, was in the form of a fetter to members of the Cotton
Clearing Association. It was stated that 25 firms have
already signified their desire for a share in the business.
"With the understanding that the orders would be handled
by Paine, Webber & Co.," the letter said, "this group has
agreed upon a formula in accordance with which the business
is to be distributed by Paine, Webber & Co. as group managers. An opportunity is now being offered to all members
of the Clearing Association to share in this business on the
same basis." The arrangements agreed upon were given
in the letter as follows:
The Government's business is to be handled by Paine, Webber & Co.,
who shall keep the entire Government account on their books. They, in
turn, will distribute the business to the participating members of the
Clearing Association, who will carry their accounts in the name of Paine,
Webber St Co.
With each order the Government agrees to deposit, with Paine, Webber
& Co., $5 per bale original margin, which amount Paine, Webber & Co.
will deposit with the broker who carries the contracts. The Government
agrees to deposit $10 a bale additional with the Chemical Bank & Trust Co.,
as security against their commitments.
Payments are to be made to or by Paine, Webber & Co. after the close
each day, marking contracts to Clearing House settlement prices. Paine.
Webber & Co. may also call participating brokers for margins during the
day on the same basis as calls are made by the Cotton Clearing Association.
The Government's agencies require that each participant in this business
jointly and severally guarantee all of these cotton commitments of the
Government which are carried through Paine, Webber & Co. It has
been agreed that each member shall deposit in escrow, in a bank approved
for margins by the Cotton Clearing Association, an amount equal to $5 a
bale on the total commitment which he holds for the Government account
through Paine. Webber & Co. The exact form of escrow is to be determined
later. The form of guarantee as written and prescribed by the Government
is enclosed herewith for your information. Losses,if any, will be pro-rated
in proportion to the number of contracts outstanding under this agreement
at the time of the loss.
It was decided that the business should be distributed by the managers
on a basis to be determined by two factors: first, the free capital of the
participating broker, and secondly, the volume of cotton commission
business handled by this broker since Jan. 1 1933. It was determined
that the capital consideration should be weighted as six-tenths of the
total, and the volume of business as four-tenths of the total, in making
up a schedule of ratios according to which the total business should be
divided.
It will also be necessary for you to advise the group managers, Paine,
Webber & Co., of the maximum amount of cotton which you would care
to carry at any one time under these arrangements.
It has been agreed that each participant must have capital equal to the
following amounts:
1. $25 per bale of Government cotton if the broker handles only cotton
business.
2. $30 per bale of Government cotton if the broker handles business on
other commodity exchanges.
3. $35 per bale of Government cotton if the broker is actively engaged
in the stock brokerage business.
The maximum amount which you are willing to carry should not exceed
the amount permitted by the above schedule.
It is also agreed that each participant should receive 2;000 bales of cotton
before any larger amounts are given to the houses with higher ratings.
Capital in excess of $3,000,000 shall not be computed.
Participants in the group will receive non-member commissions for this
business, lees floor brokerage and less a fee of $2 per 100 bales bought and
$2 Per 100 bales sold to be paid to Paine, Webber & Co., as managers.
First National Bank of Boston Says Federal Depression
Deficit Exceeds $15,000,000,000—Revenues Only
About Half of Expenditures—Urges Balanced
Budget to Save Economic System
The cumulative Federal deficit for the depression already
exceeds $15,000,000,000, the First National Bank of Boston
reports in its current New England Letter. The survey
points out that the Government is now spending at the rate
of nearly twice its income, and that for the first quarter of
the current fiscal year the deficit was more than $832,000,000.
There is no sign of any decrease in Federal spending, the bank
continues, and as a result the general public is rapidly becoming tax conscious. After a detailed analysis of various
types of spending and of principal sources of revenue, the
article asserts that the only outcome of the present program
will be "repudiation or the imposition of such high taxes as
2817
to absorb all the surplus funds of business, which in turn
will produce industrial stagnation." The present economic
system in the United States cannot be preserved, the bank
concludes, unless definite steps are taken toward a balanced
budget by the elimination of waste and extravagance and the
confinement of relief expenditures to actual needs. "Unless
this is done," the survey declares, "we face the danger of
irreparable damage not only to Federal credit but also to our
whole economic structure. The bank's discussion reads,
in part:
The spending theorists hold that huge expenditures of public funds will
prime the business pump, stimulate business, solve unemployment and
provide an increasing amount of revenue so that the average person will not
have to pay higher taxes. This is a cruel deception. Profligate spending of
public money not only chills confidence and casts the shadow of fear over
the future but it militates against new undertakings and stifles normal
activity of existing wealth-creating agencies. In the name of relief and
recovery many billions of dollars are being spent through public works
projects but the number of unemployed is practically the same as when
this program began, while more than 17,000,000 persons are on relief rolls.
Relief expenditures beyond those necessary to alleviate distress impoverish
the wealth-creating qualities of the population, discourage thrift, break
down the spirit of enterprise and shift responsibility from the individual
and local communities to the Federal Government. Fhat the country has
already gone far in this direction is shown by the fact that the Federal
Government is now providing about 75% of all relief. It should be obvious
that the Government cannot underwrite all the bills of special groups and
local communities and remain solvent.
Prodigious public spending not only tends to perpetuate unemployment
but it drains the capital funds upon which our economic structure rests.
Without the accumulation of these funds there could be no production
plants and civilization would lapse into a primitive state. In order then
to perpetuate our economic system and keep it in working order there must
be a constant replenishment of fresh capital to make repairs, to replace
obsolete equipment and to provide new productive facilities. During the
depression period, from 1930 to 1933, the amount paid out for wages.
salaries and dividends exceeded income produced by $30.000.000,000 and
so depleted capital funds by that amount. If the present rate of governmental expenditures continues unchecked the only recourse will be repudiation or the imposition of such high taxes as to absorb all the surplusfunds of
business which in turn will produce industrial stagnation.
If reserves disappear, our whole economic system crumbles, our factories
close and commerce is at an end. Under such conditions private enterprise would of necessity cease to function and regimentation of all economic
activity by the Government would follow with the consequence that living
standards would disintegrate.
Savings in Mutual. Savings Bank Christmas Clubs
Reported to Be Above Last Year—Deposits and
Depositors Largest in New York State
Figures recently completed by the National Association of
Mutual Savings Banks show that Christmas Club savings
in the mutual savings banks in the 14 States in which these
institutions operate such clubs will be $4,388,304 above 1934,
the total awaiting distribution amounting to $37,815,223.
Depositors increased in number as well as deposits in
amount, the Association said, the total of accounts rising to
946,496, a gain of 125,599. The average account for the
country was $39.95. The Association on Oct. 29 further
stated:
New York easily led in point of deposits and depositors. In the State a
total of 400,567 savers have to their credit $15,886,281, a gain of $886.586
for the year. By boroughs the figures for the city of New York show these
results: Manhattan, $4,863,838; Brooklyn, $5,593,906; Queens, $798,900;
Richmond, $535,000; Bronx, $337,000.
Up-State cities of New York rank in this order: Albany, $1,205,000;
Rochester, $369,400; Yonkers, $315,000; Schenectady, $330,000; Utica,
$280,000; Poughkeepsie, $170,000.
Massachusetts took second place among the 14 States, having mutual
savings bank Christmas funds of $9,571,339, belonging to 239,624 depositors.
Connecticut ranked third with $3,449,862, the property of 93,022 savers.
Pennsylvania stood fourth, $2,584,915 deposits and 55,173 depositors, and
New Jersey fifth, $1,905,026 deposits and 41,626 depositors. In each case
the totals registered substantial gains
Savings bank officials said that the very satisfactory increase in this
year's Christmas Clubs reflected the better spread of employment and the
increased surplus, no matter how Mall, in the hands of the average citizen.
These accumulated funds will be paid out in the weeks ahead.
Resources and Deposits in Ohio Banks as Shown in
Sept. 30 Statements Largest in Several Years,
Says S. H. Squire, State Superintendent of Banks
In commenting on the reports made by State banks of
Ohio in response to the call as of Sept. 30 1935, S. H. Squire,
Superintendent of Banks of Ohio, said on Oct. 25 that resources and deposits are larger now than for a number of
years. "The marked increase in deposits," he stated, "signifies better economic conditions and also that the faith of the
people in the integrity and solidity of these banks steadily
grows stronger." Superintendent Squire continued:
Total resources of the 465 reporting banks on Sept. 30 1935 were
$1,243,355,780, an increase of $21,583,808 since the call of June 29 1935,
and an increase of $118,027,705 since the call of Oct. 2 1934. Total
deposits on Sept. 30 1935 were $1,075,375,791, an increase of $20,008,888
since June 29 1935 and an increase of $123,457,289 since Oct. 2 1934.
Lane deposit increases were recorded in savings deposits, which totaled
$529,897,593, an increase of $6,514,206 since the preceding June call and
an increase of $46,035,951 since Oct. 2 1934. Individual deposits totaled
$310,946,652, increases of $8,339,132 and $62.154,522, respectively. Time
certificates totaled $48,125,317, a decrease of $179,067 since the preceding
call and a decrease of $498,137 since the call of October a year ago. Funds
on deposit by trust departments totaled $35,220,620, a decrease of $6,321,590
since the preceding call and an increase of $13,802,683 since the call of
October a year ago. "All other deposits" totaled $151,185,609, increases
of $11,656,207 and $1,962,270, respectively.
The information relating to bank investments indicates the discriminating
caution exercised by these banks in their investments. Under this classifica-
2818
Financial Chronicle
tion, on Sept. 30 1935 their holdings were: United States Government
securities, direct and guaranteed, totaled $231,024,650, an increase of
$7,743,688 since June 29 1935 and an increase of $50,442,392 since Oct. 2
1934; State, county and municipal bonds totaled $51,326,507, increases of
$1,800,088 and $7,872,571, respectively; Federal Reserve bank stock totaled
$2,442,700, decreases of $130,750 and 079,900, respectively; "other bonds
and escurities" totaled $116.252,314, an increase of $9,092,216 since the
preceding June call and a decrease of $1,474,749 since the October call
of a year ago.
Real estate mortgage loans reported on Sept. 30 totaled $264,060,370, a
decrease of $2,015,289 since the preceding call and an increase of $11,246,925
since Oct. 2 1934. These totals are included in the totals reported for all
loans and discounts, which were $488,774,101 on Sept. 30 1935, a decrease
of $4,996,023 since the June call and an increase of $5,295,214 since
Oct. 2 1934.
That these banks are continuing to strengthen their position is indicated
by the cash on hand and reserve maintained, which totaled $206,883,084
on Sept. 30 1935, an increase of $2,375,892 since the preceding June call
and an increase of $44,587,566 since Oct. 2 1934.
The reports show that the banks are making further substantial reductions
in their obligations. Bills payable and bonds totaled $376,983, decreases
of $159,222 from June 29 1935 and $1,709,792 from Oct. 2 1934.
With ample unused funds securely stored in bank vaults—with bank
reserves on hand in excess of legal requirements, Ohio's State-supervised
banks are admirably fortified and prepared to meet all proper credit demands
which may cane from business and the borrowing public generally.
Savings and Depositors in Banks in United States
Increased During Year Ended June 29, American
Bankers Association Announces
Savings, including time deposits and postal savings deposited in banks in the United States, increased 4.1% for
the year closing June 29 1935, in comparison with the preceding year, according to reports received by the Savings
Division, American Bankers Association, it is stated in the
issue of "Banking," published by the Association and made
available Oct. 30. The increase amounted to nearly $900,000,000, and the number of savers grew by over 1,750,000.
This percentage gain is nearly double that registered a year
ago over the year closing June 30 1933, which was 2.4%,
W. Espey Albig, Deputy Manager of the Association in
charge of the division, says in analyzing the returns. He
states:
The gain, which is general throughout the United States, amounts to
$899,979,000. In only eight States is a loss shown. Thus, In two successive
years savings in banks have increased. They now stand at $22,652,489,000,
about $500,000,000 less than 10 years ago (1925), and almost $6,000,000,000
below the high point of 1930.
The increase in all classes of individual deposits is notable,
rising from $37,983,726,000 a year ago to $41,721,194,000 as of
June 29 1925, Mr. .Albig says, adding:
This is an increase in volume of $3,737,468,000, or a gain of 9.8%. Thus
the savings increase claims only one-fourth of the gain in individual
deposits. The rest is found among the demand deposits.
The greatest percentage of gain in savings deposits for the past year is
shown in the East Central States, the Southern States and the Pacific
States, in the order named.
During the year banking was in a process of restabilizing itself. The
gains shown in many sections may be regarded as proof of stabilized banking
conditions which called money from unaccustomed places.
Enormous spending for the benefit of the unemployed has caused many
persons to forget that three-quarters of the normal employable population
are at work. Among their normal practices is that of being provident and
putting aside a part of their earnings for a competency.
A most satisfactory development during the year is the
gain in savings depositors, amounting to 1,753,032, Mr. Albig
says, "an increase in which every State except five participated." The gain is due to greater confidence in banks and
increased earnings by the people, he says, concluding:
The number of depositors, 41,315,206, or 32.7% of the population of
the United States, is yet almost 12,000,000 below the high point reached
in 1928, when 44.3% of the inhabitants were represented by savings
accounts.
H. A. Theis Urges Improved System of Records for
Trust Companies—At Regional Trust Conference
Says Public Is Given Erroneous Idea of Influence
Wielded by Trust Institutions
The development of accurate record.: regarding the trust
business would greatly aid the public and would benefit trust
institutions themselves, Henry A. Theis, Vice-President of
the Guaranty Trust Company of New York, said on Oct.
31 in an address before the thirteenth Regional Trust Company Conference of the Pacific Coast and Rocky Mountain
States in Los Angeles. Mr.Theis pointed out that irresponsible statements are frequently made about the value of properties held in trust institutions and the power and control
of those institutions over wealth by reason of the concentration of trust funds. The public, he said, is often given a
greatly exaggerated idea of the value of properties held in
trust and an erroneous conception of the power and control
exercised by trust institutions.
Mr. Theis analyzed the various types of holdings of trust
institutions, and explained that most of them are not under
the actual control of the trust companies, which therefore
do not exercise any influence over any corporation whose
securities they hold. He added, in part:
This leaves the securities held under sole responsibility trusts with either
full or partial discretion as to investments in the trustee. It is only in this
class of trusts that there is any measure of control in the trustee. Even here
It is not as great as is generally supposed. A large number of the existing
trusts are confined to investments authorized by state laws. Most trust
Investments are in bonds and in bonds and mortgages on real estate, so
that not much voting power finally rests in the trustees. Only a few states
Nov. 2 1935
permit stocks for trust investments. On the whole no large volume of
stocks are purchased for trusts even where the trustee has the authority.
Therefore, the voting power of trustees based upon control over stocks held
In trust is relatively slight.
It must be evident to thinking men that trust institutions do not have
and do not exercise any control over states, counties, or cities whose bonds
they buy in the market for trusts. Holding bonds of corporations gives them
no control or power over these corporations, and when it is understood to
what a limited extent these institutions scattered over the country have
voting power of stocks, it will readily be understood that there is no concentrated power there.
Up to the present time no separate method for the collating of trust figures
for statistical purposes has been developed. The office of the Comptroller
of the Currency has published statistical information from national banks.
The figures reported in his statistical tables have been obtained from the
trust institutions from their own accounting control records, each institution reporting according to its own method. Obviously, statistical figures
which have as their source three different methods of accounting control
can have no value in reflecting a true picture of the trust business. In all
three control methods, the figures do not in the least reflect actual values.
Naturally, if these control figures are used for statistical purposes they
misrepresent and mislead. Statistics which have their source in these
three accounting methods are worse than no statistics at all.
If accurate records as to the trust business could be developed, it would
be highly desirable from the public point of view and of great benefit to
the trust institutions themselves. Apparently the only way in which
this could be done would be to obtain actual values instead of bookeeping
figures. rho task would be a tremendous one and would involve considerable expense, but in view of the many misrepresentations and inaccurate statements'wide about the trust business,it might be well worth it.
Stockholder of Manufacturers Trust Co. of New York
Withdraws Action To Test Constitutionality of
Federal Deposit Insurance Provisions of Banking
Act of 1935
The action filed on Sept. 11 in United States District
Court in. New York City by Miss Frances L. Garfunkel, a
stockholder of the Manufacturers Trust Co. New York,
attacking the constitutionality of the Federal Deposit
Insurance provisions of the Banking Act of 1935 has been
withdrawn, according to Miss Garfunkel's attorneys,
Tolins & Jackson. The suit sought to restrain the Trust
Co. from paying the assessments due Nov. 15. The filing
of the suit was referred to in our issue of Sept. 14, page 1694.
$332,193,000 Tendered to Offering of $100,000,000, of
Two Series of Treasury Bills Dated Oct. 30—
$50,325,000 Accepted for 138-Day Bills and $50,046,000 for 273-Day Bills
A total of $332,193,000 was tendered to the offering of
$100,000,000, or thereabouts, of two series of Treasury bills,
dated Oct. 30 1935, of which $100,371,000 was accepted,
Henry Morgenthau Jr., Secretary of the Treasury, announced Oct. 28. The tenders to the offering, which was
referred to in our issue of Oct. 26, page 2666, were received
at the Federal Reserve banks and the branches thereof up
to 2 p. m., Eastern Standard Time, Oct. 28.
Each series of the bills was offered in amount of $50,000,000, or thereabouts. One series was 138-day bills, maturing March 16 1936, and the other 273-day bills, maturing
July 29 1936. Details of the bids to the two issues of bills
were given as follows by Secretary Morgenthau:
138-Day Treasury Bill*, Maturing March 16 1936
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $189,802,000, of which $50,325,000 was accepted. The
accepted bids ranged in price from 99.969, equivalent to a rate of about
0.081% per annum, to 99.959, equivalent to a rate of about 0.107% per
annum, on a bank discount basis. The average price of Treasury bills of
this series to be issued is 99.961, and the average rate is about 0.101% per
annum on a bank discount basis.
273-Day Treasury Bills, Maturing July 29 1936
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $142,391,000, of which $50,046,000 was accepted.
The accepted bids ranged in price from 99.901, equivalent to a rate of
about 0.131% per annum„ to 99.866, equivalent to a rate of about 0.177%
Per annum, on a bank discount basis. Only Dart of the amount bid for at the
latter price was accepted. The average price of Treasury bills of this series
to be issued is 99.872, and the average rate is about 0.169% per annum
on a bank discount basis.
New Offering of Treasury Bills in Two Series to Amount
of $100,000,000—To Be Dated Nov. 6 1935—$50,000,000 of 131-Day Bills and $50,000,000 of 273-Day
Bills
Tenders to an offering of $100,000,000, or thereabouts, of
two series of Treasury bills were received at the Federal
Reserve banks and the branches thereof up to 2 p. m., Eastern
Standard Time, yesterday (Nov. 1). Announcement of the
offering was made on Oct. 29 by Henry Morgenthau Jr.,
Secretary of the Treasury.
• The bills, which will be dated Nov. 6 1935, were sold on a
discount basis to the highest bidders. Each series was
offered in amount of $50,000,000, or thereabouts; one series
was 131-day bills, maturing March 16 1936, and the other
273-day bills, maturing Aug. 5 1936. The face amount of the
bills of each series will be payable without interest on their
respective maturity dates. With the issue of 131-day, bills,
approximately $300,000,000 of the securities will mature on
March 16 1936,in as much as five previous offerings are also
due on that date. There is a maturity of Treasury bills
on Nov.6 in amount of $50,000,000.
The following is from Secretary Morgenthau's announcement of Oct. 29:
Financial Chronicle
Volume 141
The bills will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.126.
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. 1 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 Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be
final. Any tender which does not specifically refer to a particular series
will be subject to rejection. Those submitting tenders will be advised of
the acceptance or rejection thereof. Payment at the price offered for
Treasury bills allotted must be made at the Federal Reserve banks in cash
or other immediately available funds on Nov. 6 1936.
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 Treasury bills are not exempt from the
gift tax.) No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
of any tax now or hereafter imposed by the United States or any of its
possessions.
$253,980 of Hoarded Gold Received During Week of
Oct. 23-$14,040 Coin and $239,940 Certificates
Receipts of gold coin and gold certificates during the week
of Oct. 23 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Oct. 28, amounted to $253,980.04. 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
Oct. 23, amounted to $132,231,195.11. Of the total received during the week of Oct. 23, the figures show $14,040.04 was gold coin and $239,940 gold certificates. The
total receipts are shown as follows:
Received by Federal Reserve banks:
Week ended Oct. 23
Received previously
Total to Oct. 23
Received by Treasurer's office:
Week ended Oct. 23
Received previously
Gold Coin
$13,440.04
30,845,419.07
Gold Certificates
$235,540.00
98,592,640.00
$30,858,859.11
$98,828,180.00
$600.00
$4,400.00
2,273,700.00
285,456.00
Total to Oct. 23
$266,056.00
$2,278,100.00
Note-Gold bars deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 972,384.17
Fine Ounces During Week of Oct. 25
In accordance with the President's proclamation of Dec.21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly mined silver annually,
the Department during the week of Oct. 25 turned over
972,384.17 fine ounces of the metal to the various mints.
A statement issued by the Treasury on Oct. 28 showed that
of this amount 410,328.61 fine ounces were received at the
Philadelphia Mint, 555,111.91 at the San Francisco Mint,
and 6,943.65 fine ounces at the Mint at Denver.
The Treasury's statement of Oct. 28 indicated that the
total receipts from the time of the issuance of the proclamation and up to Oct. 25 were 51,099,000 fine ounces. Reference to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441. The weekly receipts are as
follows (we omit the fractional part of the ounce):
Week Ended1935Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar.29
Apr. 5
Apr. 12
Ounces
467,385
504.363
732,210
973,305
321,760
1,167,706
1,126,572
403,179
1,184,819
844,528
1,555,985
554,454
695,556
836,198
1,438,681
Week Ended- Ounces
1935Apr. 19
502,258
Apr. 26
67.704
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
June 28
407,100
July 5
798,750
July 12
621,682
July 19
608,621
July 26
379,010
Week Ended- Ounces
1935Aug. 2
863,739
Aug. 9
751,234
Aug. 16
667.100
Aug. 23
1,313,754
Aug. 30
509,502
Sept. 6
310,040
Sept.13
755,232
Sept.20
551,402
Sept.27
1,505,625
Oct. 4
448,440
Oct. 11
771,743
Oct. 18
707,095
Oct. 25
972,384
In our issue of Oct. 19, page 2518, we gave the weekly
receipts during the year 1934.
Silver Transferred to United States Under Nationalization Order During Week of Oct. 25 Amounted to
1,909.46 Fine Ounces
Announcement was made by the Treasury Department on
Oct. 28 that 1,909.46 fine ounces of silver were transferred to
the United States during the week of Oct. 25, under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug.9 (given in our columns
of Aug. 11 1934, page 858) was issued, amount to 113,012,393.43 fine ounces, the Treasury announced. During the
week of Oct. 25 the silver, according to the Treasury's state-
2819
meat, was received as follows by the various mints and
assay offices:
Fine Ounces
334.82
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
405.00
739.03
314.56
116.05
Total for week ended Oct. 25 1935
1,909.46
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended- Fine Ozs.
1935Jan. 4
309,117
535,734
Jan. 11
75.797
Jan. 18
Jan. 25
62,077
134,096
Feb. 1
Feb. 8
33.806
45,803
Feb. 15
152,331
Feb. 22
38,135
Mar. 1
57,085
Mar. 8
19,994
Mar. 15
54,822
Mar.22
7,615
Mar.29
5.163
Apr. 5
6,755
Apr. 12
Week Ended- Fine Ozs.
1935Apr. 19
68,771
Apr. 26
50.259
7.941
May 3
May 10
5,311
May 17
11,480
May 24
100,197
5,252
May 31
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
9,404
Aug. 9
4,270
Aug. 16
3,008
Aug. 23
Aug. 30
5.395
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
Aug. 2
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.
Gold Receipts by Mints and Assay Offices During Week
of Oct. 25-Imports Totaled $38,250,762
Gold in the amount of $42,499,329.31 was received by the
mints and assay offices during the week of Oct. 25, it was
announced by the Treasury on Oct. 28. The Treasury
indicated that of the amount received $38,250,761.55 was
imports, $791,302.32 secondary, and $3,457,265.44 new
domestic.
The amount of gold received during the week of Oct. 25
by the various mints and assay offices is shown in the following tabulation issued by the Treasury:
Imports
$7,834.75
38,034,000.00
146,373.75
62,553.05
New Domestic
Secondary
$179,298.60
$1,154.68
466,500.00
189,700.00
40,786.49 1,779,256.67
52,199.52
505,589.17
38,279.05
884.75
980,680.17
14,238.66
Total for week ended Oct. 25-.... $38,250,761.55
3791,302.32 $3,457,265.44
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
President Roosevelt, Incident to Navy Day Observance,
Says Larger Navy Is "Imperative"-Participates in
Ceremonies Opening Maryland Bridge-Will Speak
at Atlanta, Ga., on Nov. 29-Goes to Hyde Park,
N. Y., Home Until After Election
The United States Navy must be increased "to a degree
commensurate with the country's needs, interests and responsibilities," President Roosevelt said in a letter to Secretary
of,the Navy Swanson, Oct. 26, on the occasion of Navy Day,
which was observed throughout the country Oct. 27 and 28.
The President said that it is "imperative" that we should
head the needs of national defense "in the unsettled conditions existing throughout the world."
President Roosevelt on Oct. 26 participated in a ceremony
dedicating the $1,400,000 Choptank River Bridge, a Public
Works Administration project at Cambridge, Md. The
President's yacht Sequoia was the first to pass through the
draw of the structure. The President then made a brief
extemporaneous speech, which the Associated Press reported
as follows:
"Governor Nice, my friends," he said, "I didn't come here to make a
speech but to take part in a little ceremony largely because of my friendship for a neighbor of yours, George Radcliffe.
"About 15 years ago, when I first was associated in business with him,
he began talking to me about the need for a bridge at Cambridge. When
I went to Washington and helped in building the bridge, I was very happy.
"I am told by Senator Radcliffe that no President ever before visited
Dorchester County. If I have a chance I am coming here again to visit
with you."
President Roosevelt on Oct. 28 announced that on Nov. 29
he will speak in Atlanta, Ga., on the occasion of a "homecoming" celebration in his honor by the citizens of that city.
The President will drive to Atlanta from Warm Springs, Ga.,
which he expects to visit for about two weeks in the latter
part of November. On Oct. 30 the President left Washington
for his home in Hyde Park, N. Y., where he will remain
until an undetermined date after election day.
President Roosevelt's letter of Oct. 26 to Secretary Swanson follows:
My dear Mr. Secretary: It is with pleasure that I learn of the plans to
observe Navy Day in accordance with the annual custom of setting apart
the birthday of the late President Theodore Roosevelt for that occasion.
In the unsettled conditions existing throughout the world, it is imperative
that we should heed the needs of national defense. By the passage of the
Vinson-Trammell bill, which authorizes the upbuilding of our navy to the
limits of existing treaties, our National Legislature gave very definite
expression of its purpose to increase the strength of the American Navy to a
degree commensurate with American needs, interests and responsibilities.
Happily recalling my own personal association with our navy, I take
pride in endorsing the commemoration of Navy Day this year and in expressing my own appreciation and that of our fellow countrymen in the navy's
past achievements; also the conviction that the officers and men of the
navy will continue to justify the faith and confidence that their civilian
compatriots have always accorded them.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
2820
Financial Chronicle
New York Board of Trade Committee Urges Repeal of
Silver Purchase Act—Terms Legislation Outright
Gift to Producers from Public Funds
Repeal of the Silver Purchase Act of 1934 was recommended in a resolution adopted recently by the Committee
on Silver Purchasing of the New York Board of Trade, which
termed silver legislation passed in the last two years "an
outright gift to the silver producers from public funds."
The resolution said that the consequences of the United
States silver policy have been disastrous to friendly nations.
The Committee commended President Roosevelt upon his
recent policy in "curbing the radical demands of the silver
bloc—thus demonstrating that this experimental legislation
was a mistake."
In discussing silver legislation, the Committee pointed out
that the price of silver has been increased 400%. The text
of the resolution is given below:
Whereas, The President of the United States on Dec. 21 1933 instructed
the Treasury to accept all newly-mined silver for the next four years at a
net price to the producer of 6434c. an ounce, being 160% in excess of the
previous year's market; and
Whereas, This measure was followed by (1) the enactment in June 1934
of the Silver Purchase bill, directing the Secretary of the Treasury to buy
silver in the world market until either the price of silver should reach $1.29
an ounce or the stock of monetary silver in the United States should equal
25% of the value of monetary gold and silver combined, and (2) by the
• so-called "nationalization" of silver at 50c. an ounce, on Aug. 8 1934, and
by the subsequent regular purchases of silver until the price was advanced
to 81c. in April of this year, involving acquisitions by the Treasury in
excess of 1,000,000,000 ounces to date, with commitments equal to the
entire output of silver in America for about 50 years, and
Whereas, These measures have no monetary purpose and no foundation in
the country's financial or economic needs, but constitute in effect an outright
gift to the silver producers from the public funds, and
Whereas, The consequences of this policy on the part of our Government
have been disastrous to friendly nations, greatly curtailing our foreign
commerce in that direction, and such policy can only open the door to further
predatory and inflationist measures; now, therefore, be it
Resolved, That it is the opinion of the New York Board of Trade that such
legislation is inimical to the best interests of the United States and its
people and to the ultimate economy and recovery of the nation; and be is
further
Resolved, That the New York Board of Trade unqualifiedly favors the
prompt repeal of the Silver Purchase Act of 1934; and be it further
Resolved, That the New York Board of Trade commends the President
of the United States upon his recent policy in curbing the radical demands
of the silver bloc—thus demonstrating that this experimental legislation
was a mistake, and that it is the desire of this body to strengthen the
hands of the President in protecting the Treasury and the economic structure of this country from further inroads; and be it further
Resolved, That copies of this preamble and these resolutions be sent to
the President of the United States, the Secretary of the Treasury, and to the
appropriate committees of Congress.
President Roosevelt Seeks Means of Increasing Employment and Pay Rolls to Level of Production—Says
Industrial Output Has Made Greater Gains Since
Depression Low—President Hecht of ABA Tells
Mr. Roosevelt Bankers Are Prepared to Extend
Loans and Credit
President Roosevelt revealed at his press conference on
Oct.30 that he is personally questioning leading industrialists
to determine why employment and pay rolls have not
increased as rapidly as industrial production since 1933.
The President said that he is seeking not only reasons for
this failure but also suggestions as to how the situation
limy be remedied. He pointed out that latest statistics
show that production is at about 90% of pre-depression
levels, while employment has reached only 82% and pay
rolls only 74%. He admitted that figures on unemployment are inaccurate, and said that the delay in taking an
unemployment census was due to a lack of agreement as to
how the census should be taken and what persons should be
listed as unemployed.
President Roosevelt cautioned newspaper men against
speculating on probable budget allowances for relief and
the Federal re-employment program during the next fiscal
year. He said that he himself did not know what they
would be and that no decisions would be made until inunediately before Congress convenes in January.
A brief report of the President's press conference on
Oct.30 is given below, as contained in a Washington dispatch
of that date to the New York "Herald Tribune":
In the depression, the President said, the production line on a graph
of the situation went down less than the number of employed and still less
than pay rolls. Since 1933 the three lines have been coming up. he said,
but while production is back to about 90% of a base average, the number
of employed is back to only 82% and pay rolls 74%.
Now the problem is to find out why the number of unemployed and Pay
rolls are relatively down, Mr. Roosevelt said. He added that he was asking
industry for the reasons. If those lines remained so far apart the next
question was what to do about it, he said. He declared that ho intended to
have no formal conference on the subject, but was sounding out his visitors.
He agreed with a questioner that technological improvements and use of
the "stretch-out" system in some industries were factors in the lagging
employment.
Leaders at White House
In this connection Daniel C. Roper, Secretary of Commerce, brought to
the White House to-day leaders of the Business Advisory Council to discuss
their future organization and relationship to the Administration. With
Mr. Roper were Harry P. Kendall, Council Chairman and textile manufacturer; Wetmore Hodges and Do Lancey Kountze. Other separate
visitors at the White House were Clarence E. Woolley, head of the American
Radiator Corporation, and Rudolph Hecht, President of the American
Bankers Association.
Nov. 2 1935
Mr. Hecht said he told the President that business statistics continued
to show a steady increase in activities, that the banking structure was
sounder at present than it has been in a long time and that banks were
prepared to extend loans and credits.
Ile added that the confidence of the rest of the world in this country was
amply demonstrated by the huge gold importations which have reached more
than a billion dollars since Jan. 1. At the same time, he reiterated that the
Government, as soon as practicable, should divorce itself of some of its
present financial activities.
In connection with his business survey, the President emphasized that
there were no good figures on unemployment. One week a managing
editor would print that there were 20,000,000 out of work, but this would
include wives, children and dependents. The next week the editor would
say 10,000.000 because the American Federation of Labor said so. The next
week he would complain that there were no figures on the situation at all.
according to the President.
Problem of Job Census
The President insisted that he had been trying for two years to get accurate statistics, but no two persons could agree as to who should be included
on the unemployed list. For example, he said, there was a family which he
knew personally composed of a father, mother and two grown daughters.
The father,fifty-five years old, gets occasional work as a journeyman carpenter. But if the census taker should come to his house on the day when
he has not got a job is he to be listed as unemployed? Then the oldest
daughter, 28 years old, gives occasional piano lessons for pin money. She
may get only $100 to $300 a year. Is she unemployed? The second daughter
Is a second grade teacher, 24 years old, with occasional teaching jobs in
replacement work. Is she unemployed if she happens to be at home when
the census taker comes around?
President Roosevelt Confers with Secretary Morgenthau
and Acting Budget Director Bell on Drafting of
Budget
President Roosevelt conferred at the White House on
Oct. 28 with Secretary of the Treasury Morgenthau and
Daniel W. Bell, Acting Director of the Budget on the
drafting of the budget for 1937. Stating that with $5,500,000,000 said to be the objective, the Washington
advices Oct. 28 to the New York "Journal of Commerce"
reported that the President gave his instructions to hold
next year's budget estimates to this figure. Messrs. Morgenthau and Bell, after they estimated Government expenditures for the current fiscal year at $5,768,000,000 or
$1,234,000,000 below the Presidential budget submitted
to Congress last January. From the same account we quote:
Bell Indicates Program
Acting Budget Director Bell gave the first indications of the President's
determination to send a new budget message to Congress this January that
will be at least $1.500,000,000 less than the $7,002,000,000 outlined a year
ago. Preliminary estimates are $2,200.000,000 for the regular Government
departments in 1937, he said. He added that emergency figures were not
taken up and declined to speculate on their amount. He explained, however,
that he did not look for expenditures to run ahead. In discussing the $2,200,000,000 figure, Mr. Bell said it was exclusive of the $1,300,000,000
debt obligations.
This 1937 estimate for the "old line" Government departments compares
with $2,380,000,000 carried in the Presidential budget message of Jan.2 and
$2,191,000,000 in the Sept. 30 revised estimate of the Treasury for the
present fiscal year.
Secretary Morgenthau refused to give any indication of the 1937 budget
estimates, asserting that "it is the President's budget" and it will be up to
the President to give out the figures if he wants them known before his
budgetImessage goes to Congress in January.
Applying the method of multiplying by four expenditures for the first
quarter to arrive at the likely outlay for the balance of the present year, the
Secretary estimated total expenditures would amount to $5,768,000,000.
This figure would put 1938 expenditures $678,000,000 under the revised
budget estimates of Sept. 30.
4 haw
Rate of Spending
'In other words,the Government would have to spend at the rate of more
than $678,000,000 to bring expenditures to 38,446,000,000 in the revised
budget estimate which compares with $7,002,000,000 fixed by the President
in his message to Congress last January.
Mr. Morgenthau explained that while Treasury experts who have been
making budgetary estimates for many years do not consider it safe to take
the first quarter expenditures as a basis for the yearly estimate "it is being
done this way," he said, referring to tabulations by financial writers.
President Roosevelt Warns American Companies Against
t„„,,,. Trading With Italy or Ethiopia—Government
LI Watching Sales to Belligerents—Secretary of State
L. Hull Declares United States Will Act to Aid Peace
President Roosevelt on Oct. 30 made public a strongly
worded statement in which he reiterated that the United
States intends to maintain neutrality in the Italo-Ethiopian
war, and again warned American business men not to engage
in transactions with either belligerent. At the same time he
announced thht this Government is "keeping better informed
as to all shipments consigned for export to both belligerents."
Pointing out that in the course of war attractive trade opportunities may be offered to supply materials which might
prolong the war, he added that he did not believe "that the
.American people will wish for abnormally increased profits
that temporarily might be secured by greatly extending our
trade in such materials; nor would they wish the struggles on
the battlefield to be prolonged because of profits accruing to
a comparatively small number of American citizens."
The President supplemented this statements with informal
remarks at his press conference on Oct. 30. Secretary of
State Hull, at a press conference on the same day, also issued
a statement declaring that this Government intends to act in
a manner to avoid prolonging the war. President Roosevelt's formal statement follows:
In dealing with the conflict between Ethiopia and Italy I have carried
into effect the will and intent of the neutrality resolution recently enacted
Volume 141
Financial Chronicle
by Congress. We have prohibited all shipments of arms, ammunition and
Implements of war to the belligent governments. By my public statement
of Oct. 5, which was emphasized by the Secretary of State on Oct. 10.
we have warned American citizens against transactions of any character
with either of the belligerent nations except at their own risk.
This Government is determined not to become involved in the controversy and is anxious for the restoration and maintenance of peace.
However, in the course of war, tempting trade opportunities may be
offered to our people to supply materials which would prolong the war.
I do not believe that the American people will wish for abnormally increased profits that temporarily might be secured by greatly extending our
trade in such materials; nor would they wish the struggles on the battlefield to be prolonged because of profits accruing to a comparatively small
number of American citizens.
Accordingly, the American Government is keeping informed as to all
shipments consigned for export to both belligerents.
Secretary Hull's statement follows:
We have been and are each day giving the most diligent and earnest
attention to this and other phases of our situation as it relates to the
Ethiopian-Italian controversy.
At this stage I reiterate and call special attention to the definite implications and the effect of the policy of this Government to discourage
dealings with the two belligerent nations,as set forth in the President's public
statement of Oct. 5 and my statement of Oct. 10 warning our people not
to trade with the belligerents except at their own risk.
The policy of the Government as thus defined rests primarily upon the
recent neutrality act designed to keep the nation out of war, and upon the
further purpose not to aid in protracting the war.
It is my opinion that our citizens will not be disposed to insist upon
transactions to derive war profits at the expense of human lives and human
misery. In this connection I again repeat that an early peace with the
restoration of normal business and normal business profits is far sounder
and far preferable to temporary and risky war profits.
We also quote from a Washington dispatch of Oct. 30
to the New York "Times" regarding the remarks of the
President and Secretary Hull at their respective press conferences on that date:
Informally,in response to questions at his press conference, Mr.Roosevelt
said that a watchful eye was being kept not only on direct shipments but
also on those from the United States that might be transshipped from other
countries to the belligerents.
The declarations of policy were decided upon at the conference held
yesterday by President Roosevelt with Secretary Hull and William Phillips.
Under-Secretary of State. They were made on the eve of the meeting of
the League of Nations to-morrow to resume consideration of the sanctions
question.
Obviously, they were intended to assure the League that this Government
was doing all that lay within its power to discourage the war, and to convey
the same information to those in this country who feel that the Administration should do more than it has in the interests of peace and in support of
collective action through the League to that end.
At the same time, by issuing the statements before the League resumes
its sessions, the Administration emphasized that its steps were being taken
Independently of other governments and on its own initiative.
War Profits Risky, Hull Says
. Secretary Hull stressed in his statement that the Government was
acting not merely in accordance with the letter of the neutrality resolution
but with the purpose of not aiding "in protracting the war."
"An early peace, with the restoration of normal business and normal
business profits, is far sounder and far preferable to temporary risky war
profits," he declared. . . .
The statements were regarded as implying that the course open to the
Administration, with the neutrality resolution as it now stands, had been
utilized to the limit. Nevertheless, the fact remains that the Government
has kept the door open at all times to future moves, and events may offer
new opportunities for bringing the moral influence of the United States
to bear for peace.
How far the President is prepared to in this connection was revealed in
an incident he related at his press conference this afternoon after reading
his statement.
When at Hyde Park, on Sept. 20, he related, he had as a luncheon guest
George F. Johnson, president of the Johnson-Endicott Company, who told
him the company had just received a large order from Italy for heavy
shoes such as could be worn by soldiers. Mr. Johnson asked whether, in
the President's opinion, the order should be filled. Mr. Roosevelt said
that he advised strongly against it.
"Was the order filled?" a correspondent asked.
The President joined in the general laughter and shook his head in the
negative.
From the Washington Bureau Oct. 31 the New York
"Journal of Commerce" reported the following:
American bankers, reporting to the State Department, are understood
to have informed Secretary Cordell Hull they are not financing exports to
Italy, much less to Ethiopia. and are not contemplating making advances in
defiance of the President's warning that business with the belligerent
nations was at the maker's risk.
Secretary Hull to-day received from Secretary of Treasury Morgenthau
two reports from the customs service on the movement of exports to Italy.
These do not show material diminution of our trade, it is said, but this is
probably due to the fact that the statistics cover the period of about the time
that the President issued his warning on Oct. 5rand its influence had not
been felt as yet.
Hull Leaves for Pinehurst
Secretary of State Hull left Washington to-night for Pinehurst where he
expects to spend a week or ten days while President Roosevelt is absent at
Hyde Park. Both will keep in close touch with their respective offices but
apparently there is nothing seen in the immediate future to cause them
particular concern.
President Roosevelt's earlier warning against trading with
the belligerents was noted in these columns Oct. 12, page
2367, while Secretary Hull's warning issued at the same time
was referred to on page 2369 of the same issue.
British Government Issues Warning Against Trading
With Italy
A warning against trade with Italy, was issued on Oct. 31
by the British Government in advance of the League of
Nations meeting to set the date for enforcement of economic
2821
sanctions, according to Associated Press advices from
London from which the following is also taken:
An official announcement, referring to Italian trade debts to Great
Britain, said:
"Firms which contemplate export of further goods to Italy from this
country should bear these facts in mind. In these circumstances, his
Majesty's Government cannot assume responsibility for endeavoring to
aecure payment for goods so shipped."
Observance of Armistice Day Asked by President in
Proclamation—Anniversary, Nov. 11, Regarded as
Particularly Fitting to Express Determination to
Remain at Peace
In issuing his proclamation for the observance, "with
appropriate ceremonies in schools, churches or other places"
of Armistice Day, on Nov. 11, President Roosevelt declares
it to be "particularly fitting" on this anniversary "that we
should express our determination to remain at peace with
all nations, and that our conviction that permanent peace
can and must be attained throughout the world." The
President's proclamation, dated Oct. 29, follows:
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
Whereas, The eleventh day of November 1918 marked the cessation of
the World War; and
Whereas, By Senate concurrent Resolution 18, Sixty-ninth Congress (44
Stat. 1982), the President was requested to issue a proclamation for the
observance of the recurring anniversary of this date, known as Armistice
Day; and
Whereas, It is particularly fitting on this anniversary of the armistice
that we should express our determination to remain at peace with all
nations and our conviction that permanent peace can and must be attained
throughout the world:
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of America, do hereby direct that the flag of the United States be displayed on all Government buildings on Nov. 11 1935, and do invite the
people of the United States to observe the day with appropriate ceremonies
in schools, churches, or other suitable places.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done in the City of Washington this twenty-ninth day of October, in the
year of our Lord nineteen hundred and thirty-five, and the independence of
the United States of America the one hundred and sixtieth.
FRANKLIN D. ROOSEVELT.
By the President:
CORDELL HULL, Secretary of State.
On Oct. 25 Ray Murphy, National Commander of the
American Legion, announced that President Roosevelt will
speak at memorial exercises on Armistice Day in Arlington
National Cemetery.
U. S. Supreme Court to Review AAA Processing Taxes
on Dec. 9—Government Loses Move for Earlier
Hearing-108 New Suits Against AAA Filed in
Philadelphia
The question of the constitutionality of the Agricultural
Adjustment Administration processing taxes will come before
the U. S. Supreme Court on Dec. 9. Solicitor General
Stanley F. Reed had asked that the Hoosac Mills case, involving the legality of these taxes, be heard Nov. 20, so
that the decision might be had in advance of the convening
of Congress, but counsel for the receivers of the Hoosac
Corporation urged that it not be argued before Dec. 29,
and on Oct. 28 the Court granted this request.
A further attack on the constitutionality of the AAA was
instituted in Philadelphia on Oct. 29 by 108 companies in
Eastern and North Central Pennsylvania which are affected
by processing taxes. Protests against the amended AAA
act were lodged by attorneys for prok packers, cigar manufacturers, cotton textile houses and paper manufacturers.
A Washington dispatch of Oct. 28 to the New York
"Herald Tribune" discussed the 110038.0 Mills case, to be
heard by the Supreme Court on Dec. 9, as follows:
There was indication also that the court might hear on a relatively early
day an additional phase of the processing taxes raised by the recent decision of a Federal district in Kansas City and involving processing taxes
levied after Aug. 24, the date upon which the amendments to the AAA
became effective.
The amendments were designed to take care of the question of the
alleged improper delegation of Congressional authority raised in the decision of the Circuit Court of Appeals at Boston in the ealier Hoosac case.
The Kansas City decision invalidated taxes assessed prior to Aug. 24 and
approved them after Aug. 24. Counsel for the Washburn Crosby Co.
has asked to have the questions brought directly from the Federal District
Court to the Supreme Court. Agreement to this procedure by the Government would obviate delay in the Circuit Court of Appeals.
We also quote from a Philadelphia dispatch of Oct. 29 to
the New York "Times" regarding the filing of 108 additional
suits against the AAA:
The concerns apparently had been willing to wait until Dec. 9, when
the Supreme Court will hear the Hoosac Mills suit, which has been set as
a test case against the cotton processing tax.
However. Frederick Rita, special assistant to Attorney General Cummings, precipitated an immediate attack by appearing before Federal
Judge Kirkpatrick yesterday.
Mr. Rita contended that the Congressional amendments of last August removed objections upon which Judge
Kirkpatrick had declared the AAA illegal. Therefore, Mr. Rita petitioned
the court to withdraw his decision and dismiss the old cases.
More Bills to Be Filed
George Wharton Pepper and other counsel for the suing concerns countered to-day by filing 18 supplemental injunction bills against the AAA
and its processing tax. Nearly 100 more bills are to be filed within the
next few days.
2822
Financial Chronicle
These new equity bills assert that the present AAA law goes further
than the original in depriving the "processors" of agricultural produce of
their "constitutional rights."
Under the present act, it is asserted, the processors have only the remotest chance of ever recovering on the taxes paid in, even if the new act
is declared unconstitutional, because Congress has made no appropriation
for a fund.
The complaints contend that the Congressional amendment "legalizing,
ratifiying and confirming" the tax assessments has no force because Congress cannot legalize something that was illegal in the first instance.
Judge Kirkpatrick allowed the 108 firms to file supplemental injunction
bills. He gave a temporary restraining order, enjoining the Revene Department from forcing them to pay the processing taxes, to each of the 16
who filed the bills to-day.
The Hoosac Mills case was referred to in our issue of Oct.
26, page 2671.
U. S. Supreme Court Again Refuses To Review Case of
Thomas J. Mooney
For the third time the United States Supreme Court has
declined to interfere in the case of Thomas J. Mooney, convicted incident to the bombing during the San Francisco
Preparedness Day parade in 1916. The High Court's latest
refusal was contained in an order issued Oct. 28. The
Court's previous denial was noted in our issue of Oct. 19,
page 2530.
Government's Brief In Action Involving Constitutionality of Public Utility Act Brought In Behalf of
American Public Service Co.
The Government's defense of the Constitutionality of the
Public Utility Act is embodied in a brief,—the first half of
which was filed in the United States District Court at Baltimore on Oct. 24, and the second half on Oct. 25. The
brief was filed by the Securities and Exchange Commission
and the Federal Government in the suit instituted by the
trustees of the American States Public Service Co. From
Baltimore Oct. 25 advices to the New York "Journal of
Commerce" said:
In the first brief filed yesterday by the Government the actions of the
trustees, an intervening petitioner who holds a debenture of the company
and whose counsel is John W.Davis, who has been retained by the Edison
Electric Institute to participate in such cases, both of whom declare the
Rayburn law invalid, and another intervening petitioner with a mortgage
bond of the company, who contends that the act is constitutional, was
characterized as "collusive."
Thefirst briefofthe Government was to dispose of the contentions of the
Petitioners "in so far as those contentions involve issues that can even
remotely be considered presented in the proceeding before the court."
But the court asked to hear argument on the question of the constitutionality
of the act and the second brief presents that argument, emphasizing objection, however, "to an adjudication of the constitutionality of an act of
this character as a whole." . . .
The Government brief filed to-day defended the validity of the Rayburn
law, contending that:
1. Congress starts as it has a right to start with the assumption that a
public utility company is affected with a public interest and that a company which controls and dominates a public utility company is likewise
in the constitutional sense a company affected with a public interest and is
subject to restraint and control for the public good under the police power
of Government.
Denies Excessive Power
2. The act in so far as it purports to be based on the power of Congress
to regulate commerce among the several States is not in excess of the power
conferred upon the Congress to that end.
3. The act in so far as it is based on the power of Congress to establish
post offices and post roads is not in excess of the power conferred on Congress
to that end.
4. The provisions of the act are not in violation of the due process clause
of the Fifth Amendment.
5. The provisions of the act do not unlawfully delegate legislative Powers
in violation or the Constitution.
A reference to the above action appeared in our issue of
Oct. 5, page 2212. Proceedings to test the Act, brought by
the trustees of the Central West Public Service Co., were
referred to in these columns Oct. 26, page 2671.
Court Rulings in Guffey Coal Control Act—While
Injunction Is Denied Restraining Government
from Collecting Tax Under Act, J. W. Carter Is
Granted Order Enjoining His Company from Complying with Code—Five Large Companies Refuse
to Accept Pact
The proceedings to test the constitutionality of the Guffey
Coal Conservation Act this week brought two court rulings;
In one instance Justice James C. Adkins of the District of
Columbia Supreme Court sided, on Oct. 30, with the Federal
Government in refusing to enjoin,temporarily the collection
of the 15% compliance tax imposed under the Act, said a
Washington dispatch on that date to the New York "Herald
Tribune," which further reported:
The injunction was sought by James Walter Carter, President of the
Carter Coal Co. of Washington. Justice Adkins granted him a second
temporary injunction restraining the company from voluntarily complying
with the terms of the bituminous code authorized by the Act. Mr. Carter
sought this restraining order on the ground that the chief stockholders, who
are members of his family, wanted to accept the legislation without a legal
test. He was ordered to post a bond of $1,500 a day for 10 days as protec.
tion for the stockholders against possible losses if the Act is held
constitutional.
Justice Adkins indicated that he will decide in about 10 days whether
or not to grant Mr. Carter's plea for permanent injunctions against the
Government and against the directors, stockholders and other officers of
the company.
Nov. 2 1935
Validity Not Involved
The constitutionality of the Act was not involved in the court's action
to-day. Justice Adkins merely took the position that he was not prepared
to enjoin the Government from collecting the compliance tax at this time
because, although the tax becomes operative Nov. 1, the first payment is
not due until Jan. 2. Under the Act all bituminous coal producers must
pay a tax of 15% of the value of the coal at the mine. Operators who
observe the code authorized by the Act receive a rebate of 90% of their
tax, while non-co-operators receive no rebate.
Counsel for Mr. Carter intimated that they were ready to press promptly
an appeal to the District of Columbia Court of Appeals. The Administration
is ready to expedite a test of the law before the Supreme Court, but would,
of course, like to go before the highest tribunal with the support of favorable
lower court opinions on the constitutionality of the taxing power for purposes
of enforcement.
The Government is represented in the case by John Dickinson, who recently
left the post of Assistant Secretary of Commerce to become an Assistant
Attorney-General.
Will Attest Other Acts
The Government to-day tried to show that the suit brought by Mr. Carter
was not based on a real controversy within his organization but was
Intended only to obtain an opinion on the constitutionality of the Act. Mr.
Carter asserted that he had been unable to convince his father and other
important stockholders that the Act was unconstitutional and that he
therefore should have an injunction against them as well as against the
Government.
Arguments on the measure were begun on Oct. 29, when
counsel for the company contended that the legislation was
based on a premise whereby it 'was designed to "nationalize
all industry." Government counsel replied that if the Federal courts have the authority to intervene in the problems
of the soft coal industry after strikes have occurred, Congress has the power to legislate to prevent such problems
from arising.
Reporting the failure of an attempt to obtain a Supreme
Court order blocking the collection by the Government of
the 15% tax, it was stated in a Washington dispatch, Oct. 31,
to the New York "Times," that an application to Chief Justice
Hughes for an immediate temporary restraining order went
over to the full court, as a result of which it cannot now be
heard before Nov. 11. From the dispatch we also quote:
The order was requested by counsel for James W. Carter. . . . The
Chief Justice, who had been appealed to in his capacity as head of the
Fourth Judicial Circuit, declined to act individually, and this threw the
application for the preliminary stay into the hands of the entire court.
The same action was taken on an application by Mr. Carter's counsel for a
temporary injunction against yesterday's order of the District Court requiring Mr. Carter to post $1,600 bond daily for 10 days to indemnify the
Carter Coal Co. if he fails in his legal attack on the Gutfey Act.
The Supreme Court is in recess and the justices will hold their next
conference on Nov. 9. A ruling on the Carter petition is expected two
days later.
The National Bituminous Coal Commission announced on
Oct. 29 that Section 14 of the Guffey Coal Control Act makes
it mandatory for the Government to buy coal only from producers who are members of the bituminous coal code. It had
been revealed on Oct. 24 that five of the country's principal
coal corporations refused to sign this code. This was noted
in the following- Pittsburgh dispatch of Oct. 24 to the New
York "Times":
These companies are the Pittsburgh Coal Co., the largest soft coal operation
In the world; the Consolidation Coal Co., the Pocahontas Fuel Co., the
Berwind-White Coal Mining Co., and the Island Creek Coal Co.
Machinery to carry out the provisions of the Guffey law has been established in Washington under the newly-created Federal Coal Commission.
The law requires all operators to begin payment of 15% of the sales realization of their mines to the Federal Government on Nov. 1. Those who sign
the code will be reimbursed to the extent of 90% of their payments. Those
who withhold assent to the code will not be thus reimbursed.
Whether the operators who have decided not to sign the code will apply
for an injunction to restrain the law from going into effect was not
made
clear here to-day.
Southern Tests Are Pending
Southern corporations have several actions pending in the Federal
courts,
charging that the law is unconstitutional.
The importance of the action just taken by the five corporations lies in
the effect it may have on the price and wage structures of the
industry.
When the National Recovery Administration coal code, which had been
effective for more than a year, broke down, charges of "cut-throat" competition for business among the operators were numerous.
After prices had dropped considerably, the United Mine
Workers of
America urged on the NRA that immediate action be taken to
prevent
further demoralization on the ground that a drastic drop in the price
would
inevitably lead to a demand by the operators for wage reductions.
While this situation was under discussion the miners threw their
support
to the Guffey bill. The operators were divided in their
attitude toward
the measure.
A Washington dispatch of Oct. 29 to the "Times" described
the arguments in the Carter Coal Co. case as follows:
Justice Jesse C. Adkins said he would rule "some time to-morrow" on
a
request for a preliminary injunction to restrain the Carter Coal Co. from
complying with the code prescribed by the Act, and the Government from
enforcing the law's so-called "compliance tax" against the company.
The request was made by William D. Whitney of New York, counsel
for
James Walter Carter, the company's President, whose petition for a permanent injunction with the same aims is on trial. Mr. Whitney branded
the
Act a "gigantic conspiracy in restraint of trade."
Says Action Can Be Deferred
John Dickinson, Assistant Attorney-General, opposed granting the
rary stay on the ground that it would be "widely misconstrued."tempoHe
held that the company would be amply protected if action was deferred
until the conclusion of the trial on the merits, since while the tax
is
effective Friday, first payments are not due until January.
Asserting that the Act was in violation of the anti-trust laws, Mr. Whitney
termed it "an ingenious means" of getting around opinions of the Supreme
Court, holding that Congress does not have the right to fix hours and
Volume 141
Financial Chronicle
wages in industry. Ile said the law invades a great new field and contended
that it may introduce a change "so fundamental as to presage the end of
our civilization."
Commenting on the Government's argument that the mining of coal "contemplates inter-State commerce," and thus makes the industry subject to
Congressional regulation, Mr. Whitney declared such a premise, if upheld,
"would nationalize all industry."
Directs Attack on Taxes
Mr. Whitney then centered his attack on the taxes-15% on the sale
price of coal at the mine, with a 90% rebate for producers who accept the
code, lie contended that the levy would be "ruinous" to the Carter company and other operators because consumers would use competitive fuels.
Mr. Dickinson, in turn, said that the tax was not to be used for the
purpose of extending the powers of Congress into a field of regulation not
conferred by the Constitution.
"If the tax is an aid to the regulation contemplated by the Act," Mr.
Dickinson continued, "the whole argument that this tax is a penalty falls
to the ground."
•
An account from Washington, Oct. 29, to the New York
"Herald Tribune" discussed the decision of the National
Bituminous Coal Commission as follows:
Whether Judge Jesse Adkins in the District Court to-morrow grants the
temporary injunction against the Act sought by the Carter Coal Co. of
Washington, the Commissioners intend to adhere to Section 14 of the law,
which deals with Government coal. A statement issued by the Commission
to-day warning of the "far-reaching" effect of the provision, said:
"In the opinion of counsel for the Commission,this Section of the Act Is mandatory
and gives effect to a policy that purchases of bituminous coal in the cases
abovementioned shall be made only from producers who are members of the bituminous
coal code.
effect
"The
of this section appears to be far-reaching and will apply to
serving the Government in the transportation of mails as well as firmsrailroads
and individuals contracting with the Government for the supply of materials."
Section 14, which bars operators for the sale of coal to the Government
unless they comply with Section 4, the code provision, follows:
'(a) No bituminous coal shall be purchased by the United States, or any department or agency thereof, produced by any mine where the producer has not
complied
with the provision of the code set out in Section 4 of this Act.
"(b) Each contract made by the United States or any department or agency
thereof, with a contractor for any public work, or service, shall contain a provision
that the contractor will buy no bituminous coal to use on or in carrying
such
contract from any producer except such producer be a member of the codeout
set out
In Section 4 of this Act as certified to by the National Bituminous Coal Commission."
Senator Guffey Indicates Intention to Move for Legislation for Regulation of Anthracite Industry
as Soon as Supreme Court Passes on Act Governing
Bituminous Industry
In making known at a Democratic rally near Wilkes-Barre,
Pa., on Oct. 27, his intention to press for enactment of legislation to control the anthracite coal industry, Senator Joseph
Guffey was quoted as saying:
As soon as the Supreme Court passes upon the Guffey coal stabilization
bill I will introduce a bill in the Senate providing similar regulation
of
the anthracite industry.
Guffey Coal Conservation Act Opposed in Resolution
Adopted by Illinois Manufacturers' Association
On Oct. 22 the directors of the Illinois Manufacturers'
Association adopted a resolution condemning the Guffey Coal
Conservation Act and recommended that all Illinois manufacturers oppose any legislation designed to give the Government greater control over means of production. We
quote from the Chicago "Journal of Commerce," which gave
the resolution, in part, as follows:
"We believe that the so-called Gutfey Act, enacted at the last session
of
our Federal Congress and designed to stabilize the coal mining
industry,
will, in actual operation, prove injurious to the employer, the
worker, and
the general public.
"We believe that any legislation that may be enacted
by our Federal
Congress designed to give to our Federal Government a greater
degree of
control over industry generally will, irrespective of its
original form,
eventually embody the principal features of the Guffey Act."
The resolution emphasized the organization's confidence
in the American
economic system, "which has contemplated a distinct
separation between
the functions of Government and private enterprise, and which is
responsible
for the unparalleled development of this country."
Secretary Hull Tells League United States
Will Use
Moral Efforts for Peace, but Will Not Be
Drawn
into War—Note to Geneva on Policy
Incident to
Italo-Ethiopian Dispute—Texts of Communications
Although the United States intends to continue her
efforts
In behalf of world peace, at the same time this nation
avoid foreign entanglements and involvement in war, will
tary of State -Cordell Hull declared on Oct. 26 in a note Secrereplying to the inquiry of the Committee of Co-ordination of
League of Nations regarding this country's attitude in the
the
Italo-Ethiopian war. Dr. Augusto de Vasconcellos,
of the Committee, had on Oct. 21 transmitted to President
countries
which were not League members an outline of the
actions
taken by the League in the controversy and had
requested
Information regarding any similar steps by non-member
States.
Mr. Hull's reply was confined largely to a discussion
of
the measures already taken by the United States. He pointed
out that it is "well known that the Government and people
of the United States are deeply interested in the prevention
of war, and hence in the sanctity of treaties and promotion
of peace in every part of the world," and that the United
States believes in the pacific settlement of disputes. After
describing actions taken by this country incident to the ItaloEthiopian controversy, Mr. Hull declared, however, that
this
course "represents the independent and affirmative policy
2823
of the Government of the United States and indicates its
purpose not to be drawn into the war and its desire not to
contribute to a prolongation of the war."
The following is the communication, dated Oct. 21 1935,
which was addressed to Secretary Hull by the President of
the Committee of Co-ordination:
Sir: As President of the Committee of Co-ordination of measures to be
taken under Article XVI of the Covenant, I have the honor to transmit
herewith to States non-members of the League, in accordance with the
decision of the Co-ordination Committee formed as the result of the recommendation adopted by the Assembly on Oct. 10, the principal recent documents in the Italo-Ethiopian dispute, including the minutest of the Council
of Oct. 7, the minutes of the Assembly of Oct. 9 to 11, and the recommendations of the Co-ordination Committee.
I am instructed to add that the governments represented on the Co-ordination Committee would welcome any communication which any non-member
State may deem it proper to make to nit, or notifications of any action •
which it may be taking in the circumstances.
I have the honor .to be, sir,
Your obedient servant,
AUGUSTO DE' VASCONCELLOS, President of the Committee.
The reply of Secretary Hull follows:
His Excellency Dr. Augusto de Vaeconcellos, President of the Committee of
Co-ordination, League of Nations, Geneva.
Excellency: I have received your communication of Oct. 21, transmitting
certain documents in the Italo-Ethiopian dispute, including the minutes of
the Council of Oct. 7, the minutes of the Assembly from Oct. 9 to 11, and
the recommendations of the Co-ordination Committee, for which I desire to
express appreciation.
In regard to your statement that the governments represented on the
Co-ordination Committee would welcome any communication which any
non-member State may deem it proper to make to you, or notifications of
any action which it may be taking in the circumstances, it is, of course,
well known that the Government and people of the United States are
deeply interested in the prevention of war, and hence in the sanctity of
treaties and promotion of peace in every part of the world; that as a
corollary to their abhorrence of war, with the human sufferings, the impoverishment of States and peoples, business dislocation and embittered feelings
engendered by warfare, we are by tradition strong proponents of the principle
that all differences between members of the family of nations should be
settled by pacific means.
I need only call attention to The Hague convention of 1907 for the pacific
settlement of international disputes; the Pact of Paris, in the negotiation of
which the Government of the United States played an important part; the
anti-war pact sponsored by the Argentine Government and signed at Rio de
Janeiro on Oct. 12 1933, and the various conventions of conciliation and
arbitration to which the United States is a party. These instruments of
Peace impose upon all nations parties thereto most solemn responsibilities,
and no nation can look with complacency upon their non-observance.
As regards the situation now unhappily existing between Ethiopia and
Italy, I may point out that the•Government of the United States put forth
every practicable effort to aid in the preservation of peace, through conferences, official acts, diplomatic communications and public statements,
and emphasized particularly the principles of the Pact of Paris and the
high legal and moral obligations of the signatories thereto. This Government repeatedly expressed its anxiety and the hope that the controversy
would be resolved without resort to armed conflict and the conviction of the
entire nation that failure to arrive at a peaceful settlement of the dispute
and the subsequent outbreak of hostilities would be a world calamity.
When, however, it was found that hostilities actually existed between
Ethiopia and Italy, this Government, acting on its own initiative, promptly
announced a number of basic measures primarily to avoid being drawn into
the war, and which also would not be without effect in discouraging war.
The President of the United States on Oct. 5 1935 issued a proclamation
bringing into operation under an Act of Congress an embargo on the
exportation of arms, ammunition and implements of war to both belligerents.
The issuance of this proclamation automatically brought into operation
another provision of the Act of Congress making it unlawful for any
American vessel to carry arms, ammunition or implements of war to any
port of the belligerent countries or to any neutral port for transshipment
to or for the use of either of the belligerents.
On the same day the President issued a further proclamation warning
American nationals against travel on belligerent vessels and stating that
such travel would be at their own risk.
In addition to the three measures just mentioned, the President took a
fourth and most important step by issuing a public statement definitely
warning American citizens against transactions of any character with either
of the belligerent nations except at their own risk.
This latter statement was later emphasized when I publicly pointed out
that the warning given by the President "certainly was not intended to
encourage transactions with the belligerents" and that "our people might
realize that the universal state of business uncertainty and suspense on
account of the war is seriously handicapping business between all countries,
and that the sooner the war is terminated the sooner the restoration and
stabilization of business in all parts of the world, which is infinitely more
important than trade with the belligerents, will be brought about," and
that "this speedy restoration of more full and stable trade conditions and
relationships among the nations is by far the most profitable objective for
our people to visualize, in contrast with such risky and temporary trade as
they might maintain with belligerent nations."
This policy with respect to transactions with the belligerents I now
reiterate and reaffirm. These steps have been taken for the purpose of
dealing with this specific controversy and the special circumstances
presented.
The course thus pursued in advance of action by other governments,
moat
of which are parties to one or more of the peace pacts to which
I have
referred, represents the independent and affirmative policy of the
Government
of the United States and indicates its purpose not to be
drawn into the war
and its desire not to contribute to a prolongation of the
war.
Realizing that war adversely affects every country, that
it may seriously
endanger the economic welfare of each, that it causes untold
human misery
and even threatens the existence of civilization, the
United States, in
keeping with the letter and spirit of the Pact of Paris
and other peace
obligations, undertakes at all times to not only exercise
its moral influence
In favor of peace through the world but to contribute
in every practicable
way, within the limitations of our foreign policy, to that
end. It views
with sympathetic interest the individual or concerted
efforts of other nations
to preserve peace or to localize and shorten the
duration of war.
Accept, Excellency, the assurances of my highest consideration.
CORDELL HULL.
2$24
Financial Chronicle
Chamber of Commerce of State of Nee.v York Opposed
to $55,000,000 State Bond Issue for Unemployment
Relief—Proposition to be Voted On at Elections
Nov. 5
Declaring that employment in useful occupations is being
retarded by a continuance of the dole, the Executive Committee of the Chamber of Commerce of the State of New
York announced on Oct. 31 its opposition to the adoption
of Proposition No. 1 on the ballot to be voted upon Nov. 5
authorizing a $55,000,000 state bond issue for unemployment
relief. In 1932, 1933 and 1934 the Chamber endorsed the
relief bond issues as emergency measures. It was stated:
While recognizing that the unemployed in serious need should be aided,
the committee took the position that the present method of relief financing
was extravagant and inefficient. The committee urged:
1. That the responsibility for providing relief should be transferred to the
local authorities.
2. That government expenditures should be reduced to help meet relief
needs.
3. That persons not entitled to aid should be eliminated from the relief
rolls.
4. That if further funds were then found necessary they should be raised
by additional taxes.
A report of the chamber committee pointed out that the state's netfunded
debt as well as the budget has increased enormously since 1921. On
June 30 of that year the net debt was 3188,548,712 and the budget for that
year 3145.798,092. On June 30. 1935 the net debt was 3587,891,334 and
the year's budget 3385,115,028.
Loans Under Modernization Program of FHA Totaled
$190,660,564 to Oct. 26
During the week ending Oct. 26 there were 15,990 loans
under the Modernization Credit Plan reported by financial
institutions which extended the loans under Federal Housing
Administration insurance contracts, it was announced
Oct. 29. These totaled $5,321,840. That brought the total
loans reported since the start of the modernization program
14 months ago to 515,159, valued at $190,660,564—all private
capital. The announcement of Oct. 29, issued by the FHA,
continued:
Financial institutions reported 1,533 mortgages selected for appraisal
totaling $5,116,292 during the same week. The cumulative total since
the start of the mortgage program last December is 53,074, amounting to
$205,306,531—also all private capital.
The field offices of the Housing Administration reported that $26,310,854
worth of modernization and repair work had been developed by the program
during the week ending Oct. 26, but not financed by the Modernization
Credit Plan. This figure brings the total work developed since the start
of the program to $990,001,327.
No Sentiment Found to Exist Among Manufacturers
for Legislation to Supplant NIRA According to
President Bardo of National Association of Manufacturers—Committee Named to Present Industrial
Viewpoint on Proposals
C. L. Bardo, President of the National Association of
Manufacturers, made public on Oct. 28 a statement expressing his viewpoint upon suggestions that new legislation be
enacted to supplant the defunct National Recovery Administration, to which reference was made in our Oct. 26
issue, page 2677. George L. Berry, Administrator of the
existing NRA, has issued 5,000 letters to business men
throughout the country proposing conferences in Washington
next month to discuss the question. In his letter he called
attention to President Roosevelt's letter to the last Congress
proposing new measures at the coming session to take the
place of NRA. It has been pointed out that although the
NRA was illegalized by the Supreme Court some 3,000
employees remain upon its payroll, presumably being retained to administer new legislation. Mr. Bardo's statement follows:
There have been reports circulated from Washington that large segments
of industry view with favor some form of new legislation to supplant the
Illegalized National Industrial Recovery Act.
The information which comes to me indicates definitely that virtually no
sentiment exists among either large or small manufacturers for a new attempt by the Federal Government to regulate local industrial operations.
This belief is based not only upon statements from individual members of
the National Association of Manufacturers, but from an informal canvass
made through spokesmen for other industrial groups who lkiewise are in
constant contract with the manufacturers of the country.
The people have recently passed through one attempt to regiment commerce into a centrally controlled collectivist machine. They have seen
the results of bureaucratic interference with the free flow of the nation's
business life. On the other side of the picture they have witnessed the
steadily increasing employment and renewed business activity which has
followed the collapse of NIRA with its arbitrary restrictions.
The National Association of Manufacturers is now making an intensive
study of this entire problem of the Government's Relation to Private
Industry through a representative committee of which James M. Hook,
President of the Geometric Tool Co. of New Haven, Conn., is Chairman.
This Committee has been holding meetings over a period of several weeks
and out of the analysis which it is making will come a fair an complete crosssection of industry's viewpoint.
The report will be submitted next month to individual manufacturers
and other industrial associations throughout the country and will be finally
passed upon at the annual Congress of American Industry to be held in
New York City, Dec. 4 and 5 In conjunction with the convention of the
N.A.M.
International Labor Office Governing Body Approves
Proposal for 40-Hour Week in Textile Industry—
United States Delegates Support Project—Special
Labor Conference to Be Held in Chile
A proposal for a convention to establish a minimum 40hour week in the textile industry was approved on Oct. 24
Nov. 2 1935
by the governing body of the International Labor Office,
which opened its seventy-third session at Geneva. The vote
of 17 to 6 represented an endorsement of efforts made by
the United States delegation during the past six months.
All three United States delegates voted affirmatively.
William Rice Jr., representing the United States Government, and John Possehl, United States worker delegate,
both spoke in favor of the resolution. The proceedings of
the ILO on Oct. 24 were described as follows in a dispatch
of that date from Geneva to the New York "Times":
The British Government held it was premature to consider this proposal
at the June convention. The Japanese Government stressed the differences
between the East and the West, but abstained from voting. The French
Government held that the question demanded urgent treatment.
The governing body elected as its President W. A. Riddell of Canada,
unanimously, as had been expected.
It confirmed the decision of the last International Labor Conference to
hold a special labor conference of American States in Santiago, Chile, from
Jan. 2 to 15, 1936. This will be the first such conference. All American
States, including Costa Rica, the only non-member, have been invited. The
United States Government has promised to send a full delegation.
A decision regarding revision of the child-labor conventions to raise the
school-leaving age from 14 to 15 was postponed until the February meeting,
despite American efforts. Mr. Rice reminded the governing body that the
United States was so interested in this matter that it had proposed it for
discussion at the Santiago conference. After having referred to the National
Recovery Administration cades, Mr. Rice said:
"The United States therefore feels it has made the experiment of a 16-year
age limit, and despite the fact that these codes are no longer part of the
law of the land the child-labor provisions laid down by them are still
being observed to a very large extent. In other words, the experiment recommended itself generally to the United States. The United States, therefore,
is very eager that thire be no undue delay in taking up this question and
in raising the minimum age in child-labor conventions."
New York State Employers' Conference Organized by
Representatives of Trade and Civic Associations—
Will Co-operate in Administration of State Unemployment Law—Recommends Changes
One hundred and twenty-five New York State employers
and representatives of 25 trade and civic associations met
Oct. 24 at the Merchants' Association in New York, and
organized the New York State Employers' Conference. R.
Smith Payne of Troy, N. Y., was chosen Chairman of the
Executive Committee and W. E. Yeomans, Manag3r of the
Industrial Bureau of The Merchants' Association, ViceChairman. It was estimated, said an announcement issued
in the matter for publication Oct. 25, that the employers
represented at this Conference employ a majority of the employees of the State affected by the unemployment insurance
law. The Conference was called specifically to discuss certain problems connected with the administration of the New
York State Unemployment Insurance Law and also to consider several proposed amendments to the law. Reference
to the insurance law was made in our issue of July 27, page
527. From the announcement of Oct. 25 the following is
also taken:
The employers expressed willingness to co-operate with the Department
of Labor in administration of the law and discussed fully the nature of the
reports required. In a resolution unanimously adopted the employers
present went on record in favor of a reporting system which would include
a periodic report beginning in 1936 of the total payroll on which the tax
Is based, and beginning in 1938 a report of each termination of employment
with such data as is necessary to compute benefits.
Under the same resolution the Conference strongly opposed any reporting system which would involve a detailed record of each employee. The
resolution stated that these employers believed that such detailed record
of individual employees are not required by the law, are not necessary for
the proper administration of the law and would cause unwarranted administration expense.
The Conference did not go on record either for or against the principles
Involved in the unemployment insurance legislation, but discussed amendments to the present law which would make it more workable. The amendments which were proposed by the Conference and which the employers
will urge the Legislature to adopt are as follows:
1. The law be amended to provide for employee contributions.
2. The law be amended to provide for an automatic merit rating system
under which a separate account would be maintained with each employer
or group of employers, for part of the employers' contribution; the other
part of the employers' contribution would be paid into the State Pool Account. The employees' contribution would be paid to the State Pool
Account, and the rate of employees' contribution would be equal to the
rate paid by the employer into the Pool Account.
3. That the law be amended to provide that no benefits shall be paid
to employees who are unemployed because of an industrial dispute, or to
employees who have been discharged for misconduct, or to employees who
voluntarily quit work.
The Conference also discussed the proposal which has been made that
the New York State Law be changed to require that the contribution be
based upon the entire pay roll. The Conference unanimously wont on
record against such a proposal as being unfair and wrong in principle. On
the other hand it went on record in favor of changing the Federal law so
that the Federal pay-roll tax would be applied only to the wages of employees eligible to benefits.
Secretary Wallace Debates with Jouett Shouse on AAA
Policies—Head of American Liberty League Says
Crop Control Tends Toward Higher Food Prices—
Minimizes Corn-Hog Referendum
The interests of consumers are not being forgotten by the
Agricultural Adjustment Administration, Secretary of Agriculture Wallace declared in a radio address on Oct. 29.
Speaking on the same radio program, Jouett Shouse, President of the American Liberty League, denounced the AAA,
and charged that since the passage of this legislation lard
prices have advanced 148%;pork chops, 116%;bacon, 117%,
and corn meal, 48%. Mr. Wallace asserted that the AAA
Volume 141
Financial Chronicle
had prevented a greater meat shortage than the one which
followed the 1934 drought by modifying its adjustment.
programs. He said that neither the Government, in its crop
programs, nor the farmer in his acceptance of the control,
has intended that the consumers of this country shall go
hungry. Mr. Wallace said on Oct. 23 that European demand
for American cotton this autumn will approximate the predepression level, and said that the increased export was not
primarily due to the Italo-Ethiopian dispute, but rather is a
natural aftermath of Europe's reluctance to accept domestic
cotton last season.
A Washington dispatch of Oct. 29 to the New York
"Herald Tribune" quoted the following extracts from the
radio speeches by Mr. Wallace and Mr. Shouse:
Pleading for a balanced relationship, Mr. Wallace warned farmers it
would be a "serious and unjust mistake" if they "overreached the city
folds." He promised the consumers he would not engage in a control prowarn which would "cause the American consumer to go short."
Mr. Shouse minimized the AAA corn-hog referendum, pointing out
that the vote was small in comparison with the 4,500,000 farmers who
raise corn or hogs. Then he cited huge price rises of the last 16 months
and warned of more to come. .
"Out of the 4,500,000 potential beneficiaries and 1.000,000 present beneficiaries the latest figures show that less than 750,000 voted," Mr. Shouse
stated. "Of those who voted and who are now being paid by the Government to go along, about one in six, or more than 15%. voted against a continuance of the program.
"There is one thing which the consumers and taxpayers of the Nation—
meaning the entire population—should remember. In the first 16 months
of AAA operations the price of lard advanced 148%, the price of pork
chops 116%, the price of bacon 117%, and the price of corn meal 48%•
What another year or another four years will mean to the consumer can
best be left to his imagination."
On the opposite side, Mr. Wallace said:
"Because we began to anticipate the effect of the drought as early as
May 1934, we were able to modify adjustment programs in such a way
that I can confidently say there is more meat available to the people of the
United States than would have been the case without any AAA. I cannot
expect an excessively bitter man, or those who cherish prejudices, to
believe this. On several occasions I have spoken to city audiences, giving
them numerous details of the adjustment programs and answering their
questions, admitting certain mistakes we had made, but also clearing up in
their minds many things on which their information was astonishingly
inaccurate. Again and again I have been told,'Why is it no one has told
us these things before?'
"Truly, it is almost as difficult to get a farm point of view across to city
people as it is for the camel to go through the eye of a needle.
"They mean well toward each other. And lee me say right here that
while there have been acreage reduction programs so we could stop producing the stuff for which there no longer was a foreign market, we have
never consciously engaged—and do not intend to engage—in a control
program which would cause the American consumer to go short."
Dispute of AAA and Bakers on Proposed Rise in Bread
Price—Consumers' Counsel Contends 1-Cent Increase Would Be Unjustified
Incident to the recent verbal controversy between the
Agricultural Adjustment Administration and. the American
Bakers Association regarding the price of bread and justification for any efforts to raise the retail cost one cent a loaf,
Donald E. Montgomery, Consumers' Counsel of the AAA,
on Oct. 19 sent a letter to Henry Stude, President of the
association, in which he declared that the processing taxes
had justified no more than a rise of half a cent a loaf in
the price of bread. He asked Mr. Stude to give "a complete
and accurate explanation of the facts behind the price
increases that have been made or are now proposed." Mr.
Montgomery listed 15 "pertinent" questions with regard to
proposed price increases. On Oct. 22 the AAA made
public Mr. Stude's reply, in which the President of the
association denied that a general increase of one cent a loaf
was contemplated.
The questions sent to Mr. Stude by Mr. Montgomery on
Oct. 19 follow:
1. Is it your opinion that all bakers should increase their prices of
white bread one cent a loaf? Are you so recommending to the convention?
2. Average bread prices reached their present level a year ago. Have
ingredient costs of a pound loaf increased as much as one cent since then?
The Department's information is that the average increase in cost of
ingredients, in a formula calling for types of flour which have shown largest
increase in price, has been only one-half cent a loaf.
3. How much has the cost of best grades of flour increased in terms
of a pound loaf of white bread? Is it not true that bakers also use cheaper
grades of flour and that prices of such grades of flour have advanced only
slightly, If at all, over a year ago?
4. Do you know what proportion of cheaper flour is now being used
by bakers and can you state affirmatively that the proportion of cheaper
flour now being used is no greater than a year ago?
5. Cannot bread of equal food value be made from flour containing a
relatively high proportion of soft wheat?
6. In 1930 and 1931 bread prices were slow in responding to lower prices
of wheat and flour. In 1930 the "Northwestern Miller" carried an article
stating that "flour costa are an insignificant part of the cost of bread."
You testified much to the same effect before a Senate Committee in 1931.
Do you hold to this view when flour prices are advancing, or only when
they are declining?
7. If bakers should now follow the proposal to increase the price of
bread one cent per pound loaf, is it not true that the margin between ingredient costa and retail prices would be increased to the level of average
margins in the years 1924 to 1929?
8. Do you urge bakers to increase margins to that level prior to the
time when consumer purchasing power also increases to that level? Neither
consumers nor farmers have yet regained their income levels of 1929.
9. Recent statements by some bakers as quoted in the press refer
to the processing tax as a reason for the proposed increase In bread prices.
Is it not true that unless the tax is pyramided it does not amount to more
than half a cent a loaf, for which you have already provided through
Increases in prices shortly following imposition of the tax?
2825
10. Is it not true that millers have been buying light-weight wheat
from farmers at discounts at least as great as. If not greater than, the added
amount of processing tax on those grades of flour?
11. Is it not true that from 1933 to 1934 bakers compensated for increased ingredient costs, including processing tax, by raising the price of
bread almost two cents per pound loaf? Consumers will want to know
what changes in costs have occurred since 1934 to explain increases in the
retail prices since that date.
12. In the New York "Times" of Oct. 18 it is stated that you released
a list of retail prices to "show the increase in the prices of ingredients and
of the resultant product" between March 1933 and Sept. 24 1935. Consumers do not know what goes into a loaf of broad. Should you not
explain how much of each ingredient is used and what it represents in
cost per pound of bread?
13. Prices of shortening have increased, but what has been the increased
cost in the past year of the kind of shortening bakers have actually been
using, and how much does the cost of shortening amount to in a loaf of
bread?
14. You are represented in a press statement as showing that the price
ot eggs has increased 103%. Should you not also state to what extent
eggs enter into the cost of bread? It is our understanding that the usual
loaf of bakers' white oread contains no eggs whatever.
15. The Bureau of Labor Statistics reports that total payrolls in the
baking industry in July and August of this year are approximately 2%
lower than in the same months of 1934. Does this represent a reduced
labor coat per pound of bread?
-
The reply of Mr. Stude was summarized as follows in a
Washington dispatch of Oct. 22 to the New York "Journal
of Commerce":
Mr. Stude's reply was made public to-day by AAA in a brief pres
release bearing the title "AAA welcomes assurance against concerted
bread price move."
"The price of bread," Mr. Stude said, "in a completely localized matter,
subject to widely varying factors. Your letter assumes that we are meeting
to do something illegal as well as impossible. It is erroneous and unfair
in its implications."
In his immediate answer to Mr. Stude's wire, Mr. Montgomery telegraphed his appreciation of the association's assurances to steer clear of
the price situation. His telegram follows:
Sees Public Gratified
"I am sure the consuming public will be gratified by your assurance that
your Association is not supporting a general increase in the price of bread
and I congratulate you and the convention on giving the public that assurance. I agree with you that the price of bread is largely a localized
matter subject, as you say, to widely varying factors. Your statement
makes it clear you agree completely that a uniform and universal increase
in bread prices can not be justified by any of the factors entering into bread
production.
"I am requesting bakers in those cities where price increases are proposed or in effect to state fully the factors which, in their opinion, justify
such increases"
Simultaneously, an examination of Government statistics revealed that
the farmer received an average of 1 6-10c of the price of a pound loafof
bread during September, while the miller, baker, grocer and other handlers, received 6 5-10c.
The Bureau of Labor Statistics reported that the average retail price of
bread of 51 representative cities during September was approximately
of which price the farmer received 23%.
4-10c,
8
The dispute between the bakers and the AAA was referre
to in the 'Chronicle" of Oct. 19, pages 2526-27.
Corn-Hog Farmers Approve AAA Program—Referendum
Indorses Adjustment Policy—AAA Will Lend 45
Cents a Bushel on 1935 Corn
The corn-hog program of the Agricultural Adjustment Administration will be continued in 1936 as the result of a
national referendum on Oct. 26 which showed a large majority in favor of continuance of the policy. On Oct. 30 the
AAA released an official tabulation as of noon that day,
including returns from 21 States, in which it said:
Of the 941,403 producers who voted, 813,063 favored another corn-hog
program while 128,340 voted to discontinue adjustment—a ratio of 6.3 to 1
in favor of adjustment. The 745,415 contract signers polled voted 10.5 to 1
for another program to follow the 1935 program which expires Nov. 30.
The nearly 200,000 non-contract signers who went to the polls voted 2 to 1
for continued adjustment.
Following the tabulation of the vote, the AAA announced
on Oct. 30 that it will lend 45c. a bushel on the 1935 corn
crop to signers of adjustment contracts for this year. The
loan will become effective Dec. 1 and will mature on July 1
1936. The loan rate last year was 55c. a bushel,
AAA spokesmen recently said that if a new corn-hog program is approved a contract for four years probably will
be offered to producers. Secretary of Agriculture Wallace,
in a statement on Oct. 27, said that the recent referendum
means that "corn-hog farmers of the country will be doing
their best to increase hog production next year in such a
way as will not bring about excess overproduction in subsequent years. They realize their triple duty: to the consumer,
to the cause of soil conservation, and to the maintenance of a
fair income for themselves." Chester C. Davis, AAA Administrator, declared that the referendum effectively represents
the viewpoint of most of the country's producers. A Washinton dispatch of Oct. 27 to the New York "Times" quoted
him as follows:
Mr. Davis, in indicating the character of the changes to be made in the
new contracts, also stressed plans for increased hog production, declaring
that there was need to enlarge the nation's pork supply, which was reduced
sharply by the drought. The AAA has proposed an increase of 25 to
30%
to prevent undue rise in cost to the consumer.
The new contracts, Mr. Davis added, would be more specific than these
of 1934 and 1935 in directions for use 'of land taken out of corn.
"In both the 1934 and 1935 programs the producers developed and followed
directions for use of land taken out of corn, which greatly stimulated
planting of legumes and other soil-building crops," he asserted. "The new
contract will be more specific on that point. In common with other new
contracts offered for 1936 it will be required that an area at least
equal
2826
Financial Chronicle
to the number of acres withdrawn from production of crops covered by the
contract must be added to the normal area on the farm devoted to soilconserving and erosion-preventing uses."
Interprets the Result
In direct discussion of the referendum, he said:
"It is only natural that we should be pleased with the apparent approval
of adjustment given by corn and hog farmers. As I view the result, however, the AAA was not an issue as such. The real issue was whether adjustment should be continued in an effort to prevent future overproduction
which would bring low prices and disaster to the farmers.
"Although it has been estimated that some corn and hogs are grown
on approximately 4,500,000 farms, probably 2,500,000 farmers produce
only for home consumption.
"Of the remaining 2,000,000, a large number sell such a limited quantity
of either corn or hogs that the direct effect of the adjustment program
upon them is comparatively small.
"I would like to emphasize that more than a million farmers, who produced three-fourths of the nation's hog crop and considerably more than
half of the corn, co-operated in the 1934-1935 corn-hog programs."
Four-Year Rye Crop Control Program Announced by
Secretary of Agriculture Wallace—Farmers Adjusting Acreage to 76% of Average Past Harvest
to Receive 35 Cents a Bushel
A program to curtail the production of rye during the
years 1936 to 1939 was announced on Oct. 18 by Henry A.
Wallace, Secretary of Agriculture. Under the program, it
is stated, minimum benefit payments of 35 cents a bushel on
each producer's farm allotment will be paid by the Agricultural Adjustment Administration to producers adjusting
their acreage to 75% of their average past harvest. Secretary Wallace's announcement said:
It is anticipated that in many cases producers will plant more than 75%
of their base acreage, as the adjustment is based on harvested, rather than
seeded, acreage.
The contract provides that adjustment payments to co-operating producers are to equal the difference between the average farm price and the
fair exchange value of rye if this difference is not more than 36 cents a
bushel.
If the difference is more than 35 cents a bushel, the adjustment payment is to be at least 35 cents a bushel on allotments.
The rye program has been made necessary (1) because rye production in
1935 is unusually large after two years of drought, (2) because former export
outlets for rye are now sharply limited, (3) because rye supplies for the
current year are approximately double the estimated domestic requirements,
and (4) because prices have declined sharply as a result of these factors.
Incident to the announcement of Secretary Wallace, the
AAA issued the following statistics with respect to rye:
Rye production in the United States this year is estimated at 62,000,000
bushels, compared with 16,000,000 last year, and the 1928-32 five-year
average of 39,000,000. Carryover July 1 WU estimated at more than
11,000,000 bushels and the supplies for the year are estimated to be slightly
less than 64,000,000. Domestic requirements are estimated at 32,000,000
annually.
The average farm price of rye on Sept. 15 was 36% cents a bushel. The
average farm price for the crop year 1934-35 was 71.3 cents a bushel.
Parity price Sept. 15 1935 was 92 cents a bushel.
The 1929 census showed approximately 174,000 rye farmers in this country.
It is estimated that between 75,000 and 100,000 rye contracts covering a
majority of the rye acreage may be signed by farmers in the sign-up campaign. Rye is grown on a commercial scale in 33 States, but 90% of the
rye harvested as grain is produced in Illinois, Indiana, Kansas, Michigan,
Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Ohio,
Pennsylvania, New York, New Jersey, Wisconsin and Iowa.
United States Places Countervailing Duties on Imports
of Polish Rye and Rye Flour—Secretary of Treasury
Morgenthau Acts After Inquiry Finds Poland Pays
Bounty on Exports
Following an inquiry by the Collector of Customs in which
it was determined that Poland is paying export bounties
upon rye grain and rye flour, Secretary of the Treasury
Henry Morgenthau Jr. announced Oct. 22 that he has approved the findings and has directed the collection of countervailing duties on imports of these commodities from Poland. Following is the text of the Treasury decision dealing
with rye grain directed to Collectors of Customs and others
concerned:
The Department is in receipt of official reports which establish to its
satisfaction that the Republic of Poland pays bounties upon the exportation
of rye grain.
The bounties paid by the Republic of Poland are estimated to be at
the present time zloty 7.89 per 100 kilograms gross weight.
Importations directly or indirectly from the Republic of Poland of any
rye grain after 30 days after the publication of this declaration in the
weekly Treasury Decisions will be subject to the payment of countervailing
duties equal to the bounty paid upon the exportation of such rye grain by
that country.
Supplemental declarations of the bounties estimated or determined to
have been paid upon the exportation of rye grain from the Republic of
Poland will be published from time to time. Liquidation of all entries
covering rye grain imported directly or indirectly from the Republic of
Poland after 30 days after the publication of this declaration shall be suspended pending determination or estimation and publication of the amount
of the bounty paid by the Republic of Poland on the exportation thereof.
A deposit of the estimated countervailing duty, calculated in accordance with
the rates of bounties paid as declared above, shall be required at the time of
entry. The facts of each such importation shall be reported promptly to
the Bureau of Customs.
The text of the Treasury•decision dealing with rye flour
is identical, it was announced, except that the words "rye
flour" appear instead of "rye grain" and that the second
paragraph reads as follows:
The bounties paid by the Republic of Poland are estimated to be at the
present time zloty 10.00 per 100 kilograms gross weight.
Nov. 2 1935
In Washington advices, Oct. 22, to the New York "Journal
of Commerce" of Oct. 23, it was stated:
The Treasury's decision represents one of two Administration moves to
stem the flood of protests from agricultural interests over greatly increased
farm imports of this country. During the absence of Mr. Morgenthau, Undersecretary Coolidge imposed a countervailing duty on imports of Danish
butter which amounts to roughly 8 cents a pound.
To-day's decision climaxed two years of investigation into rye imports
by the Customs Bureau, In April 1934 Secretary Morgenthau made a
finding that action against Polish imports was not justified after rye grain
imports from Poland for March that year reached their peak at 1,164,000
bushels. A similar finding on rye flour imports from Poland was made last
July.
Findings Based on Reports
These findings were based on reports of the Department of Agriculture that
the spring crop of 1934 had left farmers' hands and any injury, as outlined
in complaints, was suffered only by processors and handlers of previous crop.
The Tariff Act of 1930 makes imposition of countervailing duties mandatory upon findings that a foreign country subsidizes its exports.
Diplomatic representations made to the State Department by Stanislaw
Patek, Polish Ambassador, are said to have played an important part in
delaying disposition of the case involving rye imports from Poland. During
April of this year at the time domestic growers renewed complaints against
Polish rye imports Ambassador Patek showed an interest in the Customs
Bureau's investigations and made representations to the State Department.
The Ambassador later went to Warsaw, where he remained all summer, and
in the interim the bureau's determination was held up. Only recently the
State Department's negotiations with the Polish envoy were concluded and
the Treasury given free hand to act.
Government Expected to Discontinue Lending Money
to Farmers as Farm Conditions Improve, Governor
Myers of FCA Tells Delegation of Master Farmers
"As farm conditions imnrove—and we think they will improve—we expect the Government to retire from the business
of lending Government money to farmers, and we believe
and hope this will be accomplished by 1938," W. I. Myers,
Governor of the Farm Credit Administration, told a group
of over 100 Master Farmers on Oct. 25. The group was in
Washington on a three-day visit. Mr. Myers said that "this
should eliminate from the FCA all emergency Government
credit and confine its loans entirely to the granting of cooperative credit on a business basis." He continued:
I believe farmers do not want a continuing credit subsidy, and the
permanent institutions of the FCA are set up in such a way that the
farmer-borrowers from these co-operative institutions may eventually own
all of the capital stock in them and the voting power which goes along with
such stock.
The Federal Land bands, production credit associations and other cooperative credit institutions are built to stand on their own feet. The
Government has loaned farmers a part of the capital necessary for their
credit business, and these institutions cannot be truly co-operative until
the Government capital is paid back.
Farm co-operation is not a magic word but a method of doing business,
and farm credit co-operation can help farmers get credit at just as low a
cost as any other type of people can obtain it.
The point of the Governor's remarks was that the purpose
of the FCA is not to lend Government money but to "buy
credit for farmers from the investment markets at the lowest
possible cost." He stated:
The co-operative credit institutions under the FCA are organized to make
loans, not primarily to suit the lender's convenience but to meet the needs
of farmers and take into consideration their point of view so far as that
can be done on a sound basis. I think farmers are prepared to accept the
responsibility as well as the benefits of this co-operative service.
One of the New York Master Farmers present at the
gathering, Oct. 25, was G. W. Lamb, of Hubbardville, N. Y.,
President of the Springfield Bank for Co-operatives, which
provides credit to farmers' co-operative marketing and purchasing organizations in the New England States, New York
and New Jersey. Herbert King, of Trumansberg, President
of the State Farm Bureau, also was among the Master Farmers present.
Improved Agricultural Conditions Reported at Conference of Presidents of Federal Land Banks
At their joint conference, held in Washington recently,
the 12 Federal Land Bank Presidents reported that agricultural conditions throughout the country were better by far
than at any time since the Farm Credit Administration was
organized, according to a statement made Oct. 12 at the
conclusion of the conference by Albert S. Goss, Land Bank
Commissioner of the FCA. In his statement Mr. Goss said:
In spite of the poor wheat yield, most crops are average or better, and
cash farm income figures are at the highest level since 1930. Increasing
optimism is already reflected by improved loan collections and a growing
demand for farm land in practically every Federal Land bank district in
the country.
Although the prices of some commodities leave much to be desired, in
the main there is a satisfactory price outlook, an active retail sales trade,
and a sounder farm credit position, giving real proof of the general improvement in the farmer's financial condition.
In six of the Federal Land bank districts not badly affected by the
drought last year over 90% of all matured instalments of Land Bank Commissioner's loans had been paid up to Sept. 1, and the average for the
country as a whole was 82%.
Although the effects of the drought have acted as a deterrent to general
improvement, there is now ample feed in practically every section of the
country and favorable growing conditions for winter crops, with indications
that drought factors are rapidly being overcome.
Additional evidence of better conditions is shown by the fact that emergency financing of farm debts, which was abnormal though declining at
this time last year, apparently reached bottom some months ago. Since
the beginning of the present marketing season an upward trend in the
demand for farm mortgage loans has occurred, but very few applications
Volume 141
Financial Chronicle
for loans are of an emergency nature. In September emergency requests
to the FCA in Washington from farmers threatened with foreclosure dropped
below 100 per week, which is the lowest level since these requests first started
coming in in the fall of 1933.
Most of the applications for mortgage loans are coming from farmers who
desire to refinance at the lower rate of 4% now available on new loans from
the Federal Land banks, as well as from farmers applying for loans to
purchase farms. Loan applications increased 10% during September compared to August. The Federal Land banks and the Land Bank Commissioner
closed $30,000,000 of loans in September.
Remarks made by W. I. Myers, Governor of the FCA, at
the conference were referred to in our issue of Oct. 12,
page 2381.
Rental and Benefit Payments by AAA in July Totaled
$26,378,361—$35,916,328 Expended by Administration During First Month of 1936 Fiscal Year
During the month of July, the first month of the 1936
fiscal year, the Agricultural Adjustment Administration expended a total of $35,916,328 from available funds of $177,416,353, thus carrying forward into August an unexpended
balance of $141,500,025, according to the monthly Comptroller's report issued Oct. 14. However, it is stated, the balance
carried forward was comprised entirely of unexpended advances and trust funds, as the expenditures made up to
Aug. 1 1935 exceeded processing tax collections by $22,083,470. Processing tax collections for the month of July,
which, the AAA announced, were not available at the time
the report was prepared, would add approximately $15,364,401, reducing this difference to $6,719,069. Incident to
the issuance of the Comptroller's report, the Administration
also announced:
Officials pointed out that both the June and July collections show the
effects of the tie-up of large amounts of processing taxes as a result of
court actions, as collections in June of 1934 amounted to $43,043,375 as
compared to collections of $30,950,261 in June of 1935, and collections in
July of 1934 amounted to $43,013,496 as compared to collections of
$15,364,401 in July of 1935.
Previous to the many court actions which resulted in the impounding and
other non-payment of processing taxes, pending final disposition of these
suits, the receipts from collections closely paralleled budget estimates of
receipts, and officials state that if taxes thus held up were received there
would be an approximate balance in receipts and estimated receipts.
Expenditures during July were made up of $26,378,361 in rental and
benefit payments to farmers operating under adjustment contracts for five
basic commodities; $366,199 for removal and conservation of surplus agricultural commodities; $1,638,765 for drought relief, food conservation and
disease eradication operations; $2,167,412 disbursed in connection with
trust fund operations; $3,504,301 for administrative expenses. and $1,861,288
for refund of taxes.
Of expenditures during the month, those chargeable against definite
appropriations or trust funds amounted to $5,439,140, while those to be
reimbursed by processing tax receipts amounted to $30,477,188.
The total of $177,416,353 available during the months included a net
balance after adjustments, of $146,466,086 carried over from the preceding
fiscal year, to which was added $30,950,261 in processing taxes collected
during June and not previously reported, and $5.80 in appropriation
accounts.
Payments of $11,401,198 to corn-hog producers led in the total amount
disbursed during the month. Sugar adjustment payments amounted to
$8,585,259; cotton payments totaled $4,020,053 ; tobacco payments were
$1,475,871, and wheat payments, $895,977.
Surplus removal operations involved $25,684 for pork and pork products;
$324,129 for dairy products, and $16,385 for peanut diversion payments.
Drought relief, disease eradication and food conservation operations included
$1,362,827 for cattle, principally made up of indemnities to producers in
connection with disease eradication program; $77.20 for drought sheep and
goats; $224,074 for seed conservation, and $51,786 for drought feed and
forage operations.
The only trust fund operation reported, the disbursement of payments to
producers who are participating in the sale of Bankhead cotton tax-exemption
certificates, amounted to $2,167,412.
A previous report of the Comptroller of the AAA was referred to in the "Chronicle" of Aug. 31, page 1462.
Social Security Act "Most Colossal Undertaking"
Government Has Ever Embarked Upon—Arthur D.
Smith of United States Chamber of Commerce
Thus Quotes a Member of the Security Board—
Presidents of Corporations Eligible for Pension as
Well as Employees—Comments at National Association of Cotton Manufacturers
At the meeting of the National Association of Cotton
Manufacturers in Boston, on Oct. 17, members were told
that the new Federal Social Security Act would be the
most costly Government undertaking in history and were
warned against the proposed A. F. of L-Black-Connery 30hour bill and the U. T. W. A.-Ellenbogen bill, or "Guffey
bill for the textile industry." We quote from the Boston
"Herald" of Oct. 18, in which it was likewise stated:
Russell T. Fisher, Secretary of the Association, said the full import of the
social security and Wagner labor disputes bill had not yet been felt, and
said the Ellenbogen bill was so "all-inclusive in anything like its present
form that it would literally transfer the management of the textile industry
into the hands of the Government and labor unions."
John G. Winant, former Governor of New Hampshire and Chairman of the
National Social Security Board, described the Federal Social Security Act
as "an honest effort to give greater security to the wage-earners in industry."
He said that a survey showed that, although most men were not discriminated against because of age when laid off, the elderly worker had a
difficult time securing employment when competing for new jobs. A
second survey showed that unemployment was principally due to closing
of mills because of lack of orders, and not for individual reasons within
the worker's control, he said.
He predicted the cost of unemployment and old age insurance would be
passed on to the ultimate consumer, but predicted that in spite of the late
2827
appropriations
Huey P. Long's successful filibuster against the special
for the Act.
measure, the Federal Government would eventually allot money
to control
movement
Proposing an industry-wide voluntary co-operative
attorney, deplored
production of single yarn, Gilbert H. Montague, New York
Recovery Administhe two-shift system which resulted from the National
of 55 hours
tration codes, and said: "A uniform single shift operation
of the industry
per week would probably do away with most of the mills
normal
average
by bringing production more nearly in line with the
demand." . . .
of the
Arthur D. Smith Jr., Manager of the Department of Manufacture
J. Altmeyer, a
Chamber of Commerce of the United States, quoted Arthur
Social Security Act
member of the Social Security Board, as saying the
ever embarked
was "the most colossal undertaking that this Government has
billion dollars per
five
upon. It will involve the expenditure of four or
annum when it gets into full operation." He continued:
Amounts Staggering
substantially in excess
"The amounts are staggering and represent a sum
expenses of the entire Federal
of the current budget for the normal oprating
and debt service.
Government, including expenditures for national defence
employees would
Government officials recently estimated 10,000 Federal
administrative expense of
be required to administer it, but the estimated
persons.
$58,000,000 would mean the employment of closer to 30,000
this unem"Based upon the estimates of the Senate Finance Committee,
whole $235,a
as
ployment benefit plan will cost employers for the country
in 1960. New
000,000 in 1936; $800,000,000 in 1938; $1,000,000,000
approximate
England's share after the 3% rate becomes effective would
$50,000,000 a year.
manufacturing corpora"It will be noted that the Presidents of our large
terms of the Act, as
tions will be eligible to receive a pension under the
represents a new
well as their most needy employees. The Act, therefore,
Heretofore
departure in the use of the Federal taxing and spending powers.
been based upon
payments by the Federal Government to its citizens have
contractual relationship,
the need of the individual, some real or implied
or for services rendered.
together with
"There is a real question whether the taxes on payrolls,
provisions, will tend to
the taxes imposed under the retirement annuity
their forces
make employers so payroll-conscious as to cause them to reduce
plan to alleviate
wherever possible, and to delay hiring additional help. Any
maximum
unemployment that does not encourage employers to maintain
employment will be defeating its own ends.
Presents Grave Problem
in the Treasury
"The creation of such huge reserves in a special account
problems. If special obligations
of the United States in itself presents grave
if Congress
are to be issued to the account, it is a matter of great conjecture
have a Federal plan for
can wisely spend such vast amounts. If we are to
in the opinion of many
old age annuities, the solution of this dilemma,
pay-as-you-go
insurance experts, is that it should be operated on a strictly
basis.
been
"The history of social security legislation in other countries has
exempted persons
that taxes are either decreased, benefits increased, or
included so that reserves are dissipated."
Death of Judge W. I. Grubb—Had Handed Down
Decisions Against TVA and NIRA
Judge William Irwin Grubb of the United States District
of a
Court of Northern Alabama died suddenly on Oct. 27
heart attack at his home in Birmingham, Ala. Judge Grubb,
who was 73 years old, gained national prominence when he
handed down decisions holding unconstitutional important
New Deal legislation, including the Acts of the Tennessee
Valley Authority and the National Industrial Recovery Act.
The findings in the latter case were referred to in the
"Chronicle" of Nov. 3 1934 (page 2769), and the ruling in
the TVA case was noted in our issue of March 2 1935 (page
1407). Judge Grubb, who had been on the bench of the
Northern Alabama court for more than 25 years, was a
staunch supporter of the Eighteenth Amendment before the
repeal of prohibition. He was appointed to the Federal
bench in 1909 by President Taft. The Birmingham "AgeHerald" of Oct. 28 summarized some of his principal decisions as follows:
Many notable decisions were handed down by Judge Grubb during his
decision
long tenure on the bench. Probably foremost of these was his recent
holding the TVA legislation unconstitutional.
Judge Grubb, in addition, rendered a decision in 1934 holding the NIRA
unconstitutional on all points, but the case, intended by the Government
to be a test, was later withdrawn by the Attorney-General before it reached
the Supreme Court.
The noted Standard Home mail fraud trial in 1914, the Sam Ring trial
over by
in 1934, and a long list of other important trials were presided
Judge Grubb.
Judge Grubb enjoyed an enviable record among members of the bench
and bar of Alabama. Considered a deep student of law, Judge Grubb is
said to have had one of the best records of any Federal judge in the
matter of judgments sustained by the higher courts. His rulings, moreover,
were regarded by lawyers here as prompt and accurate, and his jury charges
were considered excellent examples for clarity and accuracy.
Judge Grubb made a special point, in addition, to keeping the legal
machinery in his court moving at top speed, and seldom were there docket
congestions in the Northern Alabama District Court.
Ability Well Known
On many occasions Judge Grubb was called to New Orleans to sit on the
United States Court of Appeals for the Fifth District. In addition, he
presided over trials in New York and many other cities, where he was
widely known for his legal abilities.
In 1929 Judge Grubb was named on the noted Wickersham Commission,
appointed by President Hoover to make a special study of crime conditions
and prohibition.
Judge Grubb was mentioned both here and in the national capital on
several occasions during his career as a Federal judge as a jurist of Supreme
Court timber.
Vice-President Garner Reaches Japan—Emperor Hirohito Receives Vice-President and Speaker Byrns of
House of Representatives
Vice-President John N. Garner, whose proposed visit to
Japan and the Philippines, was noted in our issue of Oct. 19,
2828
Financial Chronicle
page 2520, reached Japan on Oct. 28, landing at Yokohania.
According to a wireless message (Oct. 28) from that city
to the New York "Times" it marked the first time a VicePresident of the United States entered Japan, and he received
a welcome befitting such an .occasion. From the same
advices we quote:
As the liner President Grant, a day ahead of schedule in spite of having
bucked a 50-mile gale, glided through the narrow gateway of Tokio Bay
and on toward Yokohama, she was cheered by shrill steamer whistles,
greeting not only Mr. Garner but also the Congressional and newspaper
delegation that is accompanying him to the inauguration at Manila of the
first Philippine President. On the pier here the highest officials waited.
surrouneed by surging crowds, among whom uniformed school children
were conspicuous. . . .
Greetings to Japan were voiced in statements by Joseph W. Byrns,
Speaker of the House of Representatives; Senator Joseph T. Robinson of
Arkansas, Senator Gerald P. Nye of North Dakota, William Allan white.
Kansas editor, and Clark Howell, Georgia publisher.
Accompanied by Speaker Byrns, Vice-President Garner
was received by Emperor Hirohito in a formal audience at
Tokoi. They were escorted to the Palace by members of
the Japanese Cabinet and Edwin L. Neville, Charge d'Affaires of the United States Embassy. Associated Press
accounts from Tokio Oct. 29 said:
The trio (Messrs. Garner, Byrns and Neville) remained for ten minutes
talking with the Sovereign through a Foreign Office interpreter in the
famous Phoenix Hall, audience Chamber of the Palace. The subject of
their conversation was not disclosed. . . .
A few hours later, a strenuous round of official and unofficial formalities
over, the Garn.v party set sail on the liner President Grant for Kobe, en
route to Manila for inauguration of the Philippine commonwealth.
The Vice-President first was a guest at a luncheon tendered by Premier
Keisuke Okada and Foreign Minister Koki Hirota. He tried chopsticks
on such dishes as raw fish and other sea foods.
At a reception in the embassy, the Vice-President and his wife were
hosts to high Japanese officials and various foreign diplomats. The Garners
and Mr. and Mrs. Byrns were in the receiving line. For two hours they
shook hands with members of the Cabinet and other officials.
Following the departure of Vice-President Garner and
his party from Seattle on Oct. 16, the liner President Grant
sailed through Puget Sound to Victoria, British Columbia,
where they were entertained at a dinner given by the new
Liberal Premier, Duff Pattullo, representing the province,
and by the Victoria Chamber of Commerce.
Return from Abroad of Joseph P.Kennedy, Former
Chairman of SEC
Joseph P. Kennedy, who had been in Europe since his
resignation as Chairman of the Securities and Exchange
Commission more than a month ago, returned from abroad
on Oct. 29 on the steamer Berengaria. It is reported that
Mr. Kennedy has made no personal plans as yet concerning
his future activities. The resignation of Mr. Kennedy,
and the subsequent appointment of James M. Landis as his
successor, was referred to in our issues of Sept. 28, page 2039,
and Sept. 21, page 1876.
B. W. Thoron Appointed Director of PWA Financial
Division—Succeeds P. M. Benton
Promotion of Benjamin WarderThor-on-to Director of
Emergency Administration of Public Works Fins:"...
cial Division was announced Oct. 31 by Public Works
Administrator Harold L. Ickes. Mr. Thoron succeeds
Philip M. Benton who has resigned as the Director of the
PWA Financial Division to re-enter the investment banking
business in New York City which he left in 1932 to go with
the Reconstruction Finance Corporation as a special adviser.
In July 1933, Mr. Benton was transferred from the RFC
to PWA. Mr. Ickes' announcement of Oct. 31 said:
Mr. Theron, who graduated from Harvard University in 1919 and Massachusetts Institute of Technology in 1922. prior to entering the Government
service, had private experience both as a consulting civil engineer and as
an investment banker. He joined the PWA staff when it was organized
in 1933. During the past two years he has served as Assistant Director of
the Financial Division and as Acting Director during the absence from
Washington of Mr. Benton, and has been the executive in charge of the
PWA Finance Division which has had the duty of supervising the loan
portion of non-Federal allotments to thousands of municipalities. The
Government has loaned many millions of dollars for the construction of
useful public work and part of the security taken for these loans has already
been sold at a cash profit to the Government of approximately $2.500,000.
Railroad Retirement Board Appointed by President
Roosevelt—M. W. Latimer, J. A. Dailey and L. M.
Eddy Named to Body to Administer Railroad
Retirement Act
President Roosevelt on Oct. 30 appointed the three members to the Railroad Retirement Board which will administer
the recently enacted Railroad Retirement Act of 1935. Those
named to the Board by the President are Murray W. Latimer
of New York, Chairman, to represent the public; James A.
Dailey of New York, to represent the carriers, and Lee M.
Eddy of Missouri, to represent the employees. In Washington advices, Oct. 30, to the New York "Times" of Oct. 31,
it was stated:
Mr. Latimer, who was a member of the Railroad Retirement Board that
was abolished when the U. S. Supreme Court held last year's retirement
measure invalid, is an authority on pensions and on actuary. His term
will be two years.
Mr. Dailey is Secretary of the Pension Board of the New York Central
Railroad. His term will be for three years.
Mr. Eddy, who was with Mr. Latimer on the previous Pension Board,
will serve the 4-year term. He has long been a student of old-age retirement and is a member of the Order of Railway Telegraphers.
Nov. 2 1935
The text of the Railroad Retirement Act of 1935 was given
in the "Chronicle" of Sept. 21, page 1837. Also in our issue
of Sept. 21 (page 1838), we gave the text of the Railroad
Pension Tax Bill providing for a rail pension tax to provide
funds to pay annuities to those retired under the Retirement
Act.
E. K. Mills and W. C. Teagle Renominated as Directors
of Federal Reserve Bank of New York
The New York Federal Reserve Bank, through J. H. Case,
Chairman of the Board, announced on Oct. 30 the renomination of Edward K. Mills, President of the Morristown Trust
Co., Morristown, N. J., and Walter C. Teagle, President of
the Standard Oil Co. (New Jersey), as class A and class B
directors, respectively. They were chosen by member banks
In Group 2, consisting of member institutions having capital
and surplus of from $301,000 to $1,999,000; if elected, they
will serve until Dec. 31 1938. The renomination of Mr. Mills
and Mr. Teagle, whose present terms expire on Dec. 31, was
recommended by a committee appointed for the purpose
representing the Bankers Associations of New York, New
Jersey and Connecticut; this was noted in our issue of
Oct. 5, page 2218. The Reserve Bank announced that the
election polls will be open from Oct. 31 to Nov. 15. A summary of the careers of the two men was issued as follows
by the bank:
Edward K. Mills
Edward IL Mills was born on July 25 1874, at Morristown, N. J. He
was graduated from Princeton University in 1896 and from the Law School
of Columbia University in 1899. lie is a member of the bar of the States
of New Jersey and New York, and practiced law at Morristown from 1899
until 1924. During this period he acted as counsel for numerous banks in
Morris County, New Jersey, and at various times was Assistant Prosecutor
of the Pleas, Counsel for the Town of Morristown, Judge of the Court of
Common Pleas of Morris County, and a member of the New Jersey State
Senate.
Mr. Mills's first banking office was as a director of the First National
Bank of Morristown. lie served in this capacity until January 1924, when
he was elected President of the Morristown Trust Co., which office he since
has held. Mr. Mills is also Vice-President of the Morris County Savings
Bank and a director of the Prudential Insurance Co. of America. He has
served as a class A director of the Federal Reserve Bank of New York since
Jan. 1 1933.
Walter C. Teagle
Walter C. Teagle was born on May 1 1878, at Cleveland, Ohio. He was
graduated from Cornell University in 1899. After his graduation from
college he returned to Cleveland and entered • the employ of Schofield,
Shurmer 1(t Teagle, a firm engaged in oil refining and distribution, of which
his father was the active head. In 1900 this company and others were
merged into the Republic Oil Co., of which Mr. Teagle was Vice-President
until 1903.
Subsequently Mr. Teagle was associated in various capacities with the
export department of the Standard Oil Co. (New Jersey) from 1903 to 1914;
became President of Imperial Oil, Ltd., of Canada, and later of the International Petroleum Co., Ltd., of Canada (1914); and returned to the
Standard Oil Co. (New Jersey) as President in 1917, which position he
since has occupied.
Mr. Teagle has been a director of the Standard Oil Co. (New Jersey)
since 1910, and in addition he is a director of the Coca-Cola Co., a trustee
of Cornell University, and has served as a class B director of the Federal
Reserve Bank of New York since Jan. 1 1933.
J. D. Stern Appointed Director of Philadelphia Federal
Reserve Bank—Publisher Named by Board of.
Governors of Federal Reserve System
J. David Stern, New York and Philadelphia publisher, has
been appointed a class C director of the Federal Reserve
Bank of Philadelphia, it was announced Oct. 21. The appointment was made by the Board of Governors of the
Federal Reserve System, which has the 'authority to name
three of the bank's nine directors. Mr. Stern succeeds to a
vacancy caused by the death last January of Alba B. Johnson, whose term would have expired Dec. 31 1936. Incident
to the appointment of Mr. Stern to the Board of the Philadelphia Reserve Bank, Washington advices, Oct. 21, to the
New York "Herald Tribune" of Oct. 22 said:
The publisher, who owns the Philadelphia "Record" and the New York
"Post," has been a strong supporter of the monetary and banking principle?
of Marriner S. Eccles, Governor of the Board of Governors of the Federal
Reserve System. His papers have strongly advocated establishment of a
central bank and of Government credit control, and Mr. Stern appeared as a
witness before the Senate Banking and Currency Committee last session to
urge the passage of the Eccles banking bill.
Classed as a liberal Democrat, Mr. Stern is a frequent visitor to the
White House, particularly for monetary and banking discussions. He
advocates a Government control going beyond the principles embodied in
the Banking Act of 1935, a compromise measure developed from proposals
of Governor Eccles.
With Governor Eccles sure to continue as head of the reorganized Board
of the Federal Reserve System under the new banking law, according to a
previous Presidential announcement, Mr. Stern's appointment was taken
as one directly from the Governor.
Orrin G. Wood Elected President of Investment Bankers Association at Annual Convention in White
Sulphur Springs, W. Va.
At the annual convention of the Investment Bankers
Association, held in White Sulphur Springs, W.Va., October
26-30, Orrin G. Wood was elected President for the year
1935-36. Mr. Wood, of Estabrook & Co., Boston, succeeds
Ralph T. Crane, Vice-President of Brown Harriman & Co.,
Inc., New York. Alden H. Little and C. Longford Felske,
both of Chicago, were re-elected Executive Vice-President
and Secretary, respectively. D. T. Richardson, of Kelley.
Volume 141
Financial Chronicle
Richardson & Co., Chicago, was elected Treasurer. The
following were elected Vice-Presidents:
Earle Bailie, of .1. & W. Seligman & Co., New York (re-elected); Sydney
P. Clark, of E. W. Clark & Co., Philadelphia; Albert P. Everts, of Paine.
Webber & Co., Boston; George P. Hardgrove, of Ferris & Hardgrove,
Seattle; and Daniel W. Myers, of Hayden, Miller & Co., Cleveland (reelected).
Chamber of Commerce of State of New York to Hold
Annual Banquet Nov. 21—Senator Dickinson of
Iowa and Governor Ehringhaus of North Carolina
to Be Speakers
Governor John C. B. Ehringhaus, of North Carolina, and
United States Senator Lester J. Dickinson, of Iowa, have
accepted invitations to speak at the 167th annual banquet
of the Chamber of Commerce of the State of New York, it
was announced Oct. 27 by President Thomas I. Parkinson.
The dinner will be held at the Waldorf-Astoria hotel in
New York City on Nov. 21. It was stated:
With these two speakers and President Parkinson. who as toastmaste
will sound the keynote of the dinner, members of the Chamber and their
guests will have an opportunity to bear the views of men representing
different interests and political beliefs who are ably qualified to discuss
conditions in their respective sections of the country. One speaker is the
Democratic Governor of a leading Southern State with tobacco and cotton
raising and manufacturing among its chief industries; one is a Republican
Senator from the heart of the farm belt in the Middle West. while Mr.
Parkinson, a New Yorker, is head of one of the world's largest insurance
companies—the Equitable Life Assurance Society of the United States—with
policy holders in every walk of life in all parts of the country.
Advance reservations for the dinner, it is pointed out,
indicate that it will be one of the most largely attended ever
held by the Chamber.
Bankers' Conference to be Held at University of Illinois
in Urbana, III., Nov. 4 and 5—Speakers Include
Prof. H. Parker Willis F. C. Brown, Counsel of
FDIC, and Governor Martin of St. Louis Federal
Reserve Bank
A Bankers' Conference will be held at the University of
Illinois in Urbana-Champaign, Ill., on Nov. 4 and 5. The
Conference is sponsored by the College of Commerce and
Business Admimstration of the University, with the co-operation of the Illinois Bankers Association and local county
banking federations in about 18 counties in Illinois.
Professor H.Parker Willis, noted economist, and Professor
of Banking in Columbia University, New York, will speak
on the subject "The Future of Government Bonds" at the
first evening session. "The Aims and Objectives of the
Federal Deposit Insurance Corporation" will be discussed by
Francis C. Brown, Counsel of the FDIC in Washington,
D. C. at one of the sessions. Governor W. McC. Martin,
of the Federal Reserve Bank of St. Louis, will give the closing
address of the Conference at the afternoon session on Nov.5,
on the subject,"The Federal Reserve System under the New
Banking Act." President A. C. Willard and Dean C. M.
Thompson of the University, will speak at the Conference,
and a number of round tables on vital banking matters will
be conducted by bankers and faculty members.
Banking and Association Policies to Be Discussed at
Meetings of Committees and Commissions of
American Bankers Association at New Orleans,
Nov. 11-14
Intensive discussions of banking and association policies
and final preparation of reports for consideration at the
general and divisional sessions of the American Bankers
Association convention to be held at New Orleans, Nov. 1114, will be provided for in a schedule of committee and commission assignments announced in New York, Oct. 31.
These meetings, which will be held at the convention headquarters, the Roosevelt Hotel, will cover such subjects as
Federal legislation, economic policy, convention resolutions
and many association administrative matters, it is stated.
The following is from the announcement of Oct. 31:
On call of the Chairmen the following committee meetings will be held:
Protective Committee, Savings Division Executive Committee. State Bank
Division Executive Committee, Administrative Committee, Resolutions
Committee, Bankruptcy Committee, Finance Committee and Special
Committee on Section 5219 U. S. Revised Statutes.
For Nov. 11, the following meetings have been scheduled: Insurance
Committee, 9 a. m.; Committee on Banking Studies, 9:30 a. m.: round
table conference officers of clearinghouse associations under auspices of
Bank Management Commission, 9:30 a. m.; Trust Division Executive
Committee, 9:30 a. m.; National Bank Division Executive Committee.
9:30 a. m.; Economic Policy Commission, 9:30 a. m.; Committee on Taxation, 10 a. m.; Commerce and Marine Commission, 12:30 p. m.; State
Legislation Committee and State Legislative Council, 2:15 p. m.; Agricultural Commission, 2:30 p. m.; Federal Legislation Committee and Federal
Legislative Council, 3:30 p. m.; Foundation Trustees, 4:30 p. m.: public
Education Commission, 5 p. m.: Bank Management Commission, 6 p. m.;
Membership Committee, 6:30 p. m.; Executive Council, 9 p. m.; Resolutions Committee, on call of chairman; Administrative Committee, on call
of chairman.
Nov. 12: Ex-Presidents' Luncheon, I p. m.; State Secretaries Section—
Board of Control. 2 p. m.; Nominating Committee, 5 P. m.; Conference,
State Bank Division Officers and State Bank Commissioners, 6:30 p. m.;
Administrative Committee, on call of chairman; Resolutions Committee,
on call of chairman.
Nov. 13: Membership Committee, 8 a. m.; Administrative Committee, on call of chairman; Resolutions Committee, on call of chairman.
Nov. 14: Resolutions Committee, on call of chairman; luncheon to
Rudolf S. Hecht as retiring President of the Association. 1:30 p. m.; organi-
2829
zation of new Executive Council, 3 P. m.. followed by Administrative
Committee meeting.
The Agricultural Commission will hold a subscription breakfast Tuesday.
Nov. 12. at 8 a. m., at the St. Charles Hotel. Oscar Johnson. Manager
Cotton Pool Agricultural Adjustment Administration, will speak on The
Cotton Situation as it Affects National Life."
A number of non-association meetings under the auspices of special groups
will be held during the convention as follows: Nov. 11. Northern Trust
Breakfast; Central States Conference Luncheon. Nov. 12, Philip A.
Benson Dinner. Nov. 13, Indiana Bankers Breakfast, all at headquarters
hotel.
•
The general Association convention sessions will be the
mornings of Nov. 12, 13 and 14 at the Orpheum Theatre.
The other public meetings will be held at the Roosevelt
Hotel, as follows: Nov. 11, 9:30 a. m.; Savings Division;
2 p. m., State Bank Division; 7:30 p. m. Constructive
Customer Relations Clinic. Nov. 12, 2 p. m. IsTational Bank
Division; the State Secretaries Section. Nov. 13, 2 p. m.
Trust Division. The detailed program of the coming convention of the American Bankers Association was given in
our issue of Oct. 19, page 2532.
Annual Convention of Investment Bankeis' Association
of America—President Crane Warns of Danger of
Unreasonable Taxation Incident to Increasing
Government Debt—J. J. Burns Counsel for SEC
Defends Security Act and 20-Pay Period—Public
Utility Act Declared Unsound by E. Seligman—
•
B. M. Anderson, Jr., on Excess Reserves—C. R.
Hook Urges End of Government Restriction and
Control
Marked by discussions of moment, the annual convention
of the Investment Bankers Association of America, which
opened at White Sulphur Springs, W. Va., on Oct. 26, was
brought to a close on Oct. 30. From the heading above an
inkling is given as to some of the topics which were brought
before the convention, but the subjects indicated embraced
only a part of the formidable program presented. The
convention was formally opened on Oct. 28 by President
Ralph T. Crane, Vice-President of Brown Harriman & Co.,
Inc., of New York, who took occasion to refer to "our
unbalanced budget with our increased Government debt,"
as one of the serious effects of the depression. Ultimately
our budget must be balanced, he said, "and then will come
the problem of paying this debt through taxation." Mr.
Crane observed that "we are just beginning to feel some of
the tax pressure, Government, State and local, but added
that "so far there have been indications of improvement in
business management policies that have resulted in enough
profits to offset some of this heavy burden." "If taxes
continue to mount higher," he said, "business eventually
may not be able to overcome the handicap. I am assuming,
however," he added,"that the common sense of the American
people will curb unreasonable taxation before it is too late."
Referring to the fact that the Securities Act of 1933 (as
amended) has been in operation practically a year, President
Crane noted that "various provisions of the Act seem to be
unnecessarily expensive to the issuing corporation or not
practical from the standpoint of the public and the investment banker. In Mr. Crane's view "the time has come when
careful thought should be given to further amendments."
John J. Burns, Counsel for the Securities and Exchange
Commission, addressing the convention on Oct. 28, declared
that reform of the Securities Act "will come only when the
futility of the law has been demonstrated, or when more
ingenious sanctions have been evolved." Mr. Burns early in
his remarks stated that "probably the most baffling problem
of the Securities Act of 1933 with which we have been
engaged of late, involves the effectiveness of the 20-day
waiting period required by law in the case of offerings of
new security issues, and its value as a deterrent to the evils
which the statute aims to correct." Mr. Burns went on to
say that "from the Commission's point of view, administratively this period of delay is highly desirable, in fact,
essential, in order to allow sufficient time for a proper
examination of a registration statement. In part, Mr.
Burns added:
"Frankness also compels me to say that it it be established that the
waiting period, as presently drawn, be unentorciable in fact, even with
the weapons with which the law has armed the Commission, then it would
be the part of wisdom to seek a more realistic, a more satisfactory solution
of the problem.
it goes
"It is claimed that this part of the law is like prohibition, i.
beyond the limits within which the law can effectively control human conduct. It is, so they tell us, palpably unenforciable. Well, we will have
to be shown. In view of the legislative history of this section, it is most
unlikely that its actual repeal would take place in the absence of a conclusive
case against the present law. Reform will come only when the futility of
the law has been demonstrated, or when more ingenious sanctions have
been evolved." . . .
"I am not free at this time to discuss the broad problems involved In the
Commission's task of regulating over-the-counter markets. Althoughlit
would be premature to speak to-day about the details of our plans for
exercising control under Section 15, I should perhaps repeat an observation
made many times before:that it is the objective ofthe commission to provide
as effective control over those markets as has been Imposed upon the
organized Exchanges."
Problems created by the excess reserves of member banks
of the Federal Reserve System were discussed at the Oct. 30
session of the Association by Benjamin M. Anderson Jr.,
Ph.D., economist of the Chase National Bank of New York.
Dr. Anderson pointed out that "the excess amounted on
Oct. 16 1935 to more than $2,900,000,000"; that the figure
2830
Financial Chronicle
stood early in 1934 at around 900 million dollars, so that
there has been an increase in less than two years of $2,000,000,000. In discussing what might be done to control the
volume of excess reserves Dr. Anderson said in part:
Raising the discount rates at the Federal Reserve banks, by itself, would
mean nothing at all to-day. It should be done as a part of a general
program of control, but, by itself, it would be ineffective because the Federal
Reserve banks have almost no discounts; almost no member bank would
be put under pressure by a higher discount rate. The total of rediscounts
for the whole country stands to-day at $9,000,000. There are, however,
two other measures which can be used, one a familiar measure and the
other as yet untried. The first is the selling of Government securities by
the Federal Reserve banks. They hold $2,430,000,000 of Government securities, and, by the sale of all the Government securities they hold, they could
reduce the excess reserves to something under $500,000,000. The other
measure is the raising of the reserve requirements of the member banks.
The Banking Act of 1935 puts it in the power of the Federal Reserve Board
to raise reserve requirements up to a maximum of double the existing
requirements. The existing reserve requirements, as of Oct. 16 1935, were
$2,624,000,000. Doubling the existing reserve requirements would, therefore,
very nearly use up all the excess reserves.
A combination of these two measures, clearly, would be adequate to
take up all the excess reserves and very much more, if each were used to
the limit. The excess reserves are, therfore, controllable under the existing
laws, and with the existing powers of the Federal Reserve authorities.
It may be added that the Treasury has large independent powers in connection with the money market. It has vast powers to expand member bank
reserves to the extent that it utilizes the assets of the Stabilization Fund.
But the Treasury has power also to contract member bank reserves in view
of its large deposits with the member banks. If it transferred these balances
from member banks to the Federal Reserve banks, it could, of course,
thereby reduce their reserves with the Federal Reserve banks dollar for
dollar by the amount so transferred.
The problem is manageable, therefore, and would be manageable even
though a great deal more gold came in from abroad than we have yet
received.
Nov. 2 1935
railroad securities thus far purchased by PWA in financing
employment-creating projects throughout the country. In
declaring that "many shrewd minds are to-day devoting
themselves to an effort to defeat the claims of creditors in
both private and public municipal reorganizations," David
M. Wood, of Thomson, Wood & Hoffman, on Oct. 27 told
the Convention that "attempts to destroy the enforceability
of municipal securities have been largely through the medium
of State legislation. In many instances, said Mr. Wood,
"the creditor finds the entire political force of a State deliberately placed in his path as an obstruction to the enforcement
of his claim," and he added "he is meeting that attack through
the medium of the bondholders' committee."
Mr. Wood declared that "almost certainly bills will be
introduced making municipal securities and municipal reorganizations subject to the supervision of some Federal
bureau," and he predicted that at the next session of Congress
"efforts will be made to amend the Municipal Bankruptcy
Act so that a municipality may fill a petition in bankruptcy
without the consent of its creditors, and to require the
Federal court to approve a readjustment plan without the
consent of the holders of a majority in amount of its outstanding claims."
It was noted in White Sulphur Springs advices Oct. 30
to the New York "Journal of Commerce" that B. Howell
Griswold, Jr., of Alex Brown & Sons, Baltimore, Chairman
of the Investment Bankers Conference Committee,counselled
the delegates to accept the long-term view of Federal regula,
tion and to cease harmful competitive ,practices that come
under the general head of "gun beating. It was also noted
in these advices:
Mr. Griswold's committee is engaged in working with the SEC on a workable Program for the originating and distribution of securities under the
securities law.
The assertion that "the unsound and even belligerent
efforts to achieve mass social betterment through the legisThe report of the Committee on Railroad Securities, of
lative and taxing power of Government ignores the funda- which Fairman R. Dick of Dick & Merle-Smith is chairman,
mental principle of real social security" was made by Charles is an analysis of the railroad security situation, stated (we
R. Hook, President of the American Rolling Mill Company, quote from advices to the New York "Times")that the future
in addressing the Convention of the Association on Oct. 30. credit position of the carriers depends almost entirely on
Mr. Hook, who is a member of the Government's Durable government policy and the extent to which taxes are imGoods Industries Committee, further asserted that "Re- posed. The report struck an encouraging note in predicting
employment and continued prosperity will never come from that the railroads will be able to improve their credit positions
anything but increased low cost production.""What industry next year if left alone, citing the substantial increases in
needs and has a right to expect," declared Mr. Hook, "is an traffic as reflected in carloadings.
end to the futile struggle for the social control of economic
Discussing "Business and Its Immediate Prospects"
functions. Put an end to Government restriction and control, Sidney J'. Weinberg, of Goldman, Sachs & Co. of New York,
and the burdens incurred by the high cost of Government stated that
gives every indication of a further exand there will be generated one of the greatest surges of pansion andbusiness
demand for new industrial capital cannot be
buying we have ever experienced."
postponed much longer.
Mr. Hook directed attention to "the plight of railroad
While we are unable to refer further here to the various
Industry, where Government restriction and control is by no other discussions and reports which claimed attention, an
means an innovation." "High costs," he continued, f"virtually extended account of the convention will be given in these
dictated by Congress, necessitating the fixing of high freight columns at a subsequent date.
rates, established by the Interstate Commerce Commission,
have effected a steady decline of freight traffic." "The
Public Utilities," he added, "face a comparable situation.
Threatened by the Public Utilities Holding Bill on one hand, ITEMSIABOUT BANKS, TRUSTLCOMPANIES, &c.
and on the other by the prospect of having the Federal GovDarwin S. York sold his seat on the Commodity Exchange,
ernment as a competitor, it would be a brave executive who Inc., Oct. 30, to Henry A. Block,for another at $1,700, up,
would recommend the construction of new facilities in the $100 over the last previous sale.
face of such conditions. As a result the buying power of
another of the durable goods industries' good customers is
Harvey D. Gibson, President of Manufacturers Trust Co.,
seriously curtailed." Mr. Hook added:
New York, announced, Oct. 28, that Errett Dunlap Jr., Nelson
"I am not unmindful that public works of a non-competitive nature
M. McKernan, Thomas S. Olsen, Francis S. Williamson and
constructed in times of economic stress are of some benefit to the 'citizen,"
William B. Whitman, all connected with the Correspondent
he said. "But when the Government invades the field of private enterprise,
Bank Department of the institution, were named Assistant
we simply remove men from private pay rolls and add them to the relief
Secretaries at a recent meeting of the Board of Directors.
rolls of the Government. We violate the rights of the stockholder and
to the burden of the taxpayers."
we add
Pointing out the opportunity afforded for effecting permanent recovery, Mr. Hook said: "In my opinion, the development of an integrated housing industry, properly organized for the production of homes, to make the advantages
of low cost mass production available to the people, represents the greatest potential develonment of the times."
"An appraisal of the Public Utility Act of 1935" was
presented at the Convention by Eustace Seligman, of
Sullivan & Cromwell, Attorneys of New York. Mr. Seligman declared the act to be uneconomic, unsound, unfair and
unconstitutional. He is indicated as saying also that the law
completely disregards the principles written into the Constitution separating the powers of the Federal Government
and the States. Writing from White Sulphur Springs Oct.
29 the Financial Editor of the New York 'Herald Tribune"
said:
Several promotions and appointments were announced as
follows on Oct. 31 by the Public National Bank & Trust Co.,
New York: Cornelius Donovan, heretofore Assistant Trust
Officer, was made Trust Officer; Thomas T. Dunn was
appointed Assistant Vice-President of the trust department;
Harold C. Fay was made Assistant Trust Officer, and T.
Merton Cahill was made Assistant Cashier of the bank's
office at Broadway and 25th Street.
The Lafayette National B- ank, Brooklyn, N. Y., has
elected Charles J. Mylod a director. Mr. Mylod is President
of the Lawyers Mortgage Guarantee Corp., New York.
Three member firms of th-e New York Stock Exchange
have distributed a bonus of one week's salary to their employees. Two of the firms, Hirsch, Lilienthal & Co. and
'Redmond & Co. made the payments this week while Hornblower & Weeks, made a distribution a week ago.
A spirited discussion from the floor followed Mr. Seligman's address,
and the opinion was expressed that if the Federal Government is successful
in its attempt to regulate the utilities through its power over tho use of the
mails, every corporation in the country will then become subject to the
bureaucratic whims of misguided theorists in Washington, and state lines
will cease to have any significance.
This discussion was "off the record," and the speakers requested they be
not named.
On Oct. 30, Arthur W. Guyer was appointed President of
the Dartmouth National Bank of Hanover, N. H., succeeding
the late Perley R. Rugbee, according to Hanover advices
on that date to the New York "Times," which added:
"Public Bodies and the PWA!" was the subject of an address before the Convention on Oct.27 by Philip W.Benton,
Director of Finance for the Public Works Administration.
A profit to the Government of more than $2,500,000 as a
result of PWA bond sales was reported by Mr. Benton.
He also stated that already approximately $220,000,000 of
PWA bonds have been sold or retired, this representing more
than 60% of the municipal bonds and nearly 40% of the
Vice-Chancellor Buchanan of New Jersey on Oct. 30 approved a 5% dividend, the first, to creditors of the Middlesex Title Guaranty & Trust Co. of New Brunswick, N. J.,
which was taken over by the State Banking Department on
Feb. 14 1933. The dividend will amount to $62,877. A dis-
Mr. Guyer served more than 20 years as Town Treasurer, and has been a
member of the Board of Precinct Commissioners and the Town Finance Committee. He is serving his third term as a member of the State Legislature.
5
Volume 141
Financial Chronicle
• patch from Trenton, N. J., to the New York "Times" on the
date named, from which this is learned, continuing said:
The bill of Senator John E. Toolan of Middlesex for $15,000 for legal work
in liquidating the company was held up. Senator Toolan received $20,000
in June 1934 for similar work.
George Young Jr. was elected President of the Passaic
National Bank & Trust Co., Passaic, N. J., on Oct. 25, to
succeed the late James B. Ackerman. Mr. Young has been
affiliated with the bank for 13 years, as Assistant to the
President, Cashier and Executive Vice-President. Passaic
advices to the New York "Times," in reporting Mr. Young's
promotion, added:
Mr. Young is a graduate of Dartmouth, 1914, and the Tuck School of
Finance and Administration, 1915. He served overseas 14 months on the
staff of the 333rd Artillery Brigade, retiring in 1919 with the rank of
Major.
Advance payments to depositors in the Victory Banking
Trust Co. of Girardville, Pa., and in the Pennsylvania Liberty Bank & Trust Co. of Wilkes-Barre, Pa., were announced
on Oct. 22 by Luther A. Harr, State Secretary of Banking,
it is learned from the Philadelphia "Record" of Oct. 23,
which also supplied the following details:
Checks totaling $32,871, or 10% of the deposit liability of $328,714,
will be mailed to the 1,136 depositors of the Victory Banking Trust Co. of
Girardville (Schuylkill County), on Nov. 8. This will be the third payment
the bank has made since it closed on Sept. 30 1933, and will bring the
total received by depositors to $131,393, or 40%. Further payment can be
expected from this bank.
Depositors in the Pennsylvania Liberty Bank & Trust Co. of Wilkes-Barre
will receive checks totaling $130,588, or 5% of the deposit liability of
$2,649,078, on Nov. 18 This will be the fifth distribution to the 11,044
depositors since the bank closed on Sept. 21 1931, and will bring the total
received by them to $1,179,106, or 45%. Additional distribution can
also be expected from this bank.
A subsequent issue of the "Record" (Oct. 25) stated that
checks totaling $19,951, or 5% of the deposit liability, will
be mailed Nov. 16 to depositors of the Brownsville Trust
Co., Brownsville, Fayette County, Pa., according to an announcement the previous day by the Secretary of Banking.
We quote the paper further:
This will be the fourth payment the 2,757 depositors will have received
and makes the total distributed $229,617, or 571
/
2% of the deposit liability
of $399,217. The bank closed Aug. 18 1930.
The payment was made possible by liquidation by the Department of
Banking without recourse to the Reconstruction Finance Corporation. The
deputy receiver of the bank anticipates additional distribution will be made
before liquidation is ended.
Effective Oct. 21, the Union Trust Co. of Pittsburgh, Pa.,
took over the assets and assumed the liabilities of the City
Deposit Bank & Trust Co. of Pittsburgh. The office of the
latter is now being operated as a branch of the enlarged trust
company (Union Trust Co.).
Announcement was made on Oct. 23 by Luther A. Harr,
State Secretary of Banking for Pennsylvania, that checks
totaling $147,778 will be mailed within 30 days to the 250
holders of certificates in the mortgage trust pool of the
closed Manayunk Trust Co. of Philadelphia. The Philadelphia "Record" of Oct. 24, from which this is learned,
went on to say:
This payment, representing 423% of the face value of the certificates—
$270,065—is made in accordance with the ruling of Judge Robert E.
Lamberton of Court of Common Pleas No. 5, that holders of these certificates
enjoy the same status as depositors and are to be paid dividends as depositors.
Sufficient funds were transferred from the mortgage pool account of the
closed bank to permit payment of 42%%, the same percentage which
depositors of the bank have received to date.
The court's ruling also erquires that from whatever is realized through
liquidation of the pool, face value $293,200, the Secretary of Banking shall
segregate 92.11% for the certificate holders and pay 7.89% into the general
assets of the bank, that percentage representing the bank's equity.
Following Judge Lamberton's decision in favor of the certificate holders,
appeal to the Supreme Court was considered by Secretary Harr. Upon
advice of counsel that a previous decision of that court gave the Secretary
of Banking no right to appeal in a dispute between two groups of creditors
of a closed bank—in this case the holders of mortgage trust pool certificates
and other depositors—no appeal was taken.
According to the Washington "Post" of Oct. 24, T. Hunton
Leith was elected Cashier of the Security Savings & Commercial Bank of Washington, D. C., at a meeting of the
directors on Oct. 23 to succeed the late Samuel R. Baulsir.
We quote the paper:
Mr. Leith was born in Loudoun County, Va., in 1893 and came to Washington in 1902, attending the public schools and Enlerson Institute. In
1914 he became associated with the Security Savings & Commercial Bank,
was elected Assistant Cashier in 1926 and Secretary in 1934. He saw
service overseas during the World War with the 60th Artillery.
2831
The United States Circuit Court of Appeals upheld his conviction and
sentence, and was, in turn, upheld by the Supreme Court. The mandate
of the Court of Appeals ordering House to prison was received to-day.
According to United Press advices from Springfield, Ill.,
on Oct. 19, the State Bank of Rock Island, Rock Island, Ill.,
on that day was authorized by State Auditor Edward J.
Barrett to make a payment of 25% on waived deposits. The
payment amounts to $171,387 and is the first to depositors,
the dispatch said.
Concerning the affairs of the closed Cosmopolitan State
Bank of Chicago, Ill., the Chicago "News" of Oct. 26 had
the following to say:
The depositors' committee of the Cosmopolitan State Bank reports that
depositors representing more than 75% of the total required to assure
a return of 40% of the money frozen since the institution closed two
and one-half years ago have signed waivers of 60% of their funds. The plan
involves a Reconstruction Finance Corporation loan, formation of a new
Cosmopolitan National Bank and immediate payment of 40% of claims to
depositors.
Macy E. Watkins was recently elected President of the
Macomb County Trust Co. of Mt. Clemens, Mich., we learn
from the "Michigan Investor" of Oct. 26, which, in part,
also said:
Mr. Watkins succeeds the late Charles G. Niemetta. Mr. Watkins had
been serving the company as Executive Vice-President and Trust Officer.
He is President of the Macomb County Bankers Association, and for two
years was Chairman of Group 10 of the Michigan Bankers Association. . ..
Mr. Watkins . . . joined the trust company after having been a
member of the new business staff of the Union Trust Co. of Detroit. When
the Citizens Savings Bank was closed he took over the liquidation as receiver
and obtained a 20% payoff for the depositors.
We learn from the "Commercial West" of Oct.26 that controlling interest in the First Trust & Savings Bank of Armstrong, Iowa,formerly owned by E. F. Knowles of Rockwell
City, Iowa, has been purchased by C. I. Smith of Grove
City, Pa., who took possession of the institution on Oct. 15
and succeeded Mr. Knowles as President and director. The
paper continued:
John F. O'Nell remains as Cashier and the clerical force is undisturbed by
this sale . . . Mr. Knowles will continue in his present connection as
Reconstruction Finance Corporation representative in Oskaloosa.
The Chattanooga "News" of Oct. 21 indicates that the
First National Bank of Chattanooga, Tenn., will distribute
approximately $300,000 in dividends early in November. Announcement to this effect was made by Charles S. Coffey
on Oct. 21 following his return from Washington. We quote
the "News", in part:
The dividend will be paid as soon after Oct 27 as possible, the receiver
explained. He expects that this will be early in'November. Approximately
$227,000 will be paid to holders of First National participation certificates.
This represents 40% of the judgment of $500,000 entered in their favor
as a result of court litigation plus about $27,000 in interest.
A dividend of approximately $35,000 will be paid to take care of the
expense incident to the litigation and the expense of establishing the nonnovated creditors. The amount is less than 1% of the total amount established
as non-novated creditors. In addition, the Reconstruction Finance Corporation will be paid a dividend of the same percentage totaling about $30,000.
The RFC waived its right for participation in the 40% dividend to socalled excluded creditors, but must share in all other dividends. It must,
therefore, participate to the extent of the per cent, paid in the "expense
dividend."
The dividend to the certificate holders will be paid by check to E. H.
Lawman as special receiver under the Federal court's decree. Mr. Lawman,
who is pool receiver, will distribute the amount. The expense dividend
will be paid to the Federal court for distribution to attorneys and others.
Excluded creditors who share in a dividend include, besides the certificate
holders, any who may estbalish claims in pending litigation. The last
report of the receiver showed about $1,000,000 cash on hand. The Washington authorities must be assured that the amount on hand is sufficient to
take care of any of the pending claims which have not yet been decided.
Full information required will be dispatched to Washington, probably the
last part of the week, said Mr. Coffey.
The dividend will not be paid until after Oct. 27, since that is the
deadline for filing proofs of claims.
The RFC, under its agreement to step aside in the present 40% dividend,
is entitled to "catch up" on dividends before future payments are made
to the excluded creditors of the First National.
It is learned from the Houston "Post" of Oct. 22 that Guy
Heath has been elected Vice-President and Cashier of the
City National Bank of Houston on Oct. 21. The paper, in
part, also stated:
His [Mr. Heath's] early banking experience was obtained in the First
National Bank of El Dorado, Ark. Later he served a number of years as
active Vice-President of the First State Bank of Normangee, Tex., where
he was reared. He became State Bank Examiner in 1930 and Departmental
or Chief Examiner with the State Banking Department in August 1933. He
resigned to become Vice-President and Cashier of the City National Bank of
Houston. . . .
Middletown, Ohio, advices by the Associated Press on
Oct. 23 reported that stockholders have approved plans for
a merger of the First & Merchants National Bank of that
city and the American Trust & Savings Bank of Middletown.
Announcement of a final dividend of 3.71% to depositors
In the defunct Broadway National Bank of Denver, Col., was
made by F. L. Kokrda, the receiver, on Oct. 26. The payment
amounts to $72,750. The "Rocky Mountain News" of Oct. 27,
authority for this, supplied further details as follows:
J. Arthur House, President of the Guardian Trust Co. of
Cleveland, Ohio, when it closed in 1933, surrendered to the
Federal authorities on Oct. 29 to begin his six-year sentence
for misapplication of the bank's funds. Cleveland advices
by the Associated Press reporting this further said:
Payment of the final dividend brings the total repaid to creditors to
$1,564,690.21, or 77.71% of the total amount of money involved. The first
payment was made Sept. 8 1926.
Loss to creditors amounted to $450,158.83, Mr. Kokrda's report showed.
A total of 7,137 claims were filed during the lengthy period of liquidation.
Liabilities offset amounted to $309,363.03.
2832
Financial Chronicle
Cost of the receivership amounted to less than 8% of the total sum involved, Mr. Kokrda said.
From the "Commercial West" of Oct. 26 it is learned that
J. E. Young was recently promoted from the office of
Cashier to the Presidency of the First National Bank of
Fairfield, Mont., while Mrs. Nettie E. Young was elected
Cashier. The paper continued:
Mr. Young joined the bank as Cashier in the fall of 1929 and Mrs. Young
has been actively connected with the bank during the last two years.
The bank was organized by the late Ed. Hirshberg in 1929, at which time
be was elected President of the institution. He held that office at the
time of his death.
4_
G. M. Wallace, President of the Security-First National
Bank of Los Angeles, Calif., on Oct. 15 announced the promotion of J. C. Steelman Jr. to Manager of the Wilson and
Hollywood branch of the institution, and of Edward H.
Stamm to Trust Officer at the Santa Barbara branch. The
Los Angeles "Times" of Oct. 16 further said:
Mr. Steelman takes the place of Harold B. Yundt, who has been transferred
to the head office, and Mr. Stamm succeeds Lawrence J. Toomey, who has
been assigned new duties in the trust department, head office.
The retirement of John B. Fitzpatrick as a Vice-President
of the Bank of America National Trust & Savings Association, head office San Francisco, Calif., under the bank's
pension plan, effective Oct. 31, was announced recently,
according to the San Francisco "Chronicle" of Oct. 23, from
which we quote futther:
Mr. Fitzpatrick, a dean among San Francisco bankers, who has been
active in banking affairs of this city for almost half a century, has been
one of the senior officers of the Market-New Montgomery branch of Bank of
America for the past five years.
The Santa Barbara branch of the Bank of America National Trust & Savings Association, head office San Francisco, Calif., was opened for business on Oct. 21 in a new
*200,000 bank building. Santa Barbara advices, on the date
named, appearing in the Los Angeles "Times," in stating
this, also had the following to say:
The formal opening was attended by A. P. Giannini, founder and Chairman
of the Bank Board and Chairman of Transamerica Corp.; Arthur Reynolds,
Vice-Chairman, from San rancisco, while from Los Angeles came Dr. A. H.
Giannini, Chairman of the Executive Committee and in charge of Southern
California activities ; Dwight L. Clarke, Executive Vice-President; C. L.
Cavanaugh and R. D. Gordon, Assistant Vice-Presidents, and 0. E. Hart,
Assistant Personnel Director.
Warner Edmonds, Vice-President, heads the local branch, with L. N.
Ackerson as Assistant Manager.
William George Gooderham, President of the Bank of
-Toronto, Toronto, Canada,and prominent in financial circles
of that city, died on Oct.27 in his 83rd year. In addition -to
holding the Presidency of the Bank of Toronto, Mr. Gooderham was President of the Canada Permanent Mortgage
Corp. President of the Canada Permanent Trust Co., and
President of the Manufacturers' Life Insurance Co.
Nov. 2 1935
tation. Specialties were in demand throughout the session
and showed moderate gains as the market closed. Parker
Rust Proof was the center of the buying and climbed upward
3% points to 6434. Quaker Oats pref. also was in demand
and moved briskly forward 334 points to 145.
The trend of the market was generally upward on Thursday,
but considerable irregularity was apparent during the afternoon trading. Alcohol stocks attracted a large amount of
buying and there was some demand for the specialties and a
few of the mining and metal issues. The gains were generally
in major fractions, but there were occasional exceptions such
as Fajardo Sugar which forged ahead 534 points to 14634;
Great Atlantic & Pacific Tea Co. n.v. stock which improved
4Yi points to 132; Long Island Light 7% pref., 33i points
to 86 and Ohio Public Service pref. which moved up 23i
points to 993
4.
Following the lead of the big board, many of the active
stocks among the specialties, mining and metal shares and
oil issues moved sharply ahead on Friday. The improvement in these stocks soon extended to the entire list and
substantial gains were registered by many of the speculative
favorities. Trading was brisk and the transfers reached
approximately 485,000 shares. Outstanding among the
gains were Aluminum Co. of America, 334 points to 82;
Chesebrough Manufacturing Co. (4A), 5 points to 125 and
Gulf Oil of Pennsylvania, 334 points to 67. As compared
with Friday of last week, prices were higher, Allied Mills
closing last night at 19 against 17 on Friday a week ago;
4; American
Aluminum Co. of America at 82 against 773
Light & Traction at 153
% against 1334; Cities Service at 234
against 23/s; Commonwealth Edison at 9734 against 95;
Consolidated Gas of Baltimore at 85% against 8434; Distil5 against 2934; Duke Power at
lers Seagrams Ltd. at 33%
65 against 623
4;Electric Bond & Share at 16% against 15%;
Fisk Rubber Corp. at 73,4 against 63; Gulf Oil of Pennsylvania at 67 against 65; Newmont Mining Corp. at 6134
5 against 83
against 5934; Niagara Hudson Power at 9%
%;
4, and South Penn Oil
Parker Rust Proof at 70 against 603
Co. at 28 against 27.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Nov.1 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange
Stock*
(Number
of
Shares)
Bonds (Par Value)
Domestic
Foreign
Foreign
Government Corporate
260,530 12,902,000
489.595 3,820,000
377,905 4,287,000
505,850 5,122,000
374,710 3,602.000
484,755 8,300,000
19,000
33,000
67,000
18,000
47,000
38,000
2,493,145 826,033,000
8210,000
Week Ended Nov.1
1935
1934
545,399
2,493,145
Stocks-No,of sharesBonds
826,033,000 $13,092,000
Domestic
626,000
210,000
Foreign government- 192,000
374,000
Foreign corporate
Total
$74,000 32,985,000
98,000 3,951,000
63,000 4,417,000
43,000 6,183,000
41,000 3,690,000
55,000 6,391,000
1374,000 828,617,000
Jan. 1 to Nov.1
1935
1934
55,557,862
51,520,986
$969,394,000
13,508,000
$810,031,000
30,985,000
10,995,000
22,294,000
THE CURB EXCHANGE
$993,897,000
$863,310,000
$26,617,000 $13,910,000
Total
Public utilities and specialties moved briskly forward
during most of the present week, and while there was some
irregularity apparent from time to time due to profit taking
COURSE OF BANK CLEARINGS
this was generally absorbed without serious check to the
Bank clearings this week will again show an increase comadvance. Trading has been fairly heavy, though for the
most part changes have been small and without special pared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
significance.
Steady buying among the public utilities, specialties and the country, indicate that for the week ended to-day (Saturoil shares was the feature of the trading during the brief day, Nov. 2), bank exchanges for all cities of the United
session on Saturday. Practically every active group was States from which it is possible to obtain weekly returns will
represented in the upward swing, the advances ranging from be 7.9% above those for the corresponding week last year.
major fractions to 5 or more points. The volume of sales Our preliminary total stands at $5,492,479,909, against
for the day totaled 261,000 shares with 338 issues traded in. $5,089,759,867 for the same week in 1934. At this center
The changes on the upside included among others, Dow there is a gain for the week ended Friday of 3.8%. Our
•
Chemical, 23,4 points to 1023; Fisk Rubber pref., 23
4 comparative summary for the week follows:
points to 55; National Sugar, 2 points to 16; Parker Rust
Per
Clearings-Returns by Telegraph
Proof, 1% points to 6234; Singer Manufacturing
2
Cent
Week Ending Nov. 2
1935
1934
2234.
points to 295 and A.merican Hard Rubber, 134 points toCo.,
New York
$2,610,770,920 32,515,989,671
+3.8
Irregular price movements and narrow changes were the Chicago
181,400,623 +25.9
228,329,902
outstanding characteristics of the curb trading on Monday. Philadelphia
238,000,000 +16.0
276,000,000
-2.2
184,000,000
180,000,000
The dealings were fairly heavy, the transactions reaching Boston
Kansas City
55,360,417 +30.4
72,199,542
approximately 490,000 shares. .At the close of the session, St.
Louis
+6.6
63,200,000
67,400,000
Francisco
97,131,000 117.6
114.241,000
the declines predominated, Bunker-Hill Sullivan showing a San
19.9
Pittsburgh
73.265,332
87,823,045
loss of 13( points to 473
4;Columbia Pictures Corp., 5 points Detroit
54,816,913
51.0
82.795,245
47,230,744 t21.3
57,310,997
to 65; Ford of Canada B, 23
4 points to 363‘; A. 0. Smith, Cleveland
13.6
41,024,270
46,584,267
2 points to 50 and Driver Harris Co., 1 point to 32. Other Baltimore
New Orleans
15.9
28,094,000
32,565,000
prominent issues closing on the downside were American
+7.7
Twelve cities, five days
$3.856,019,918 $3,579,512,970
Cyanamid B, Aluminum Co. of America and Gulf Oil of Other
569,949,191 +11.9
cities, five days
637.713,340
Pennsylvania.
+8.3
all cities, five days
$4,493,733,258 $4,149,482,161
Narrow price changes were again the rule on Tuesday AllTotal
998,746,651
940,297,706
+6.2
cities, one day
thougt the trend was slightly higher, particularly during
Pntal all n0le. I,. evaal,
as Inn A70 0110
55 050 TAO 507
.1.7 0
the final hour. Trading continued brisk but the total sales
were below the preceding day. Public utilities were again
Complete and exact details for the week covered by the
in demand, but there was also considerable interest shown foregoing will appear in our issue of next week. We cannot
in the specialities and oils. The gains included such active furnish them to-day, inasmuch as the week ends to-day
leaders as Babcock & Wilcox, 2 points to 68; Commonwealth (Saturday) and the Saturday figures will not be available
Edison, 2 points to 9634; Holly Sugar, 2 points to 85; North until noon to-day. Accordingly, in the above the last day
American Match, 2 points to 56; Pennsylvania Salt, 2 points of the week in all cases has to be estimated.
to 105 and Western Power pref., 23i points to 10134.
In the elaborate detailed statement, however, which we
Profit taking developed during the early trading on present further below, we are able to give final and complete
Wednesday but the most of this was quickly absorbed and results for the week previous-the week ended Oct. 26.
the trend continued to move upward with little or no hesi- For that week there is an increase of 17.3%, the aggregate
of clearings for the whole country being $5,569,677,237,
against ,747,510,235 in the same week in 1934. Outside
of this city there is an increase of 20.7%, the bank clearings
at this center having recorded a gain of 15.1%. 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 increase of 15.1%, in the Boston Reserve District of
7.4%, and in the Philadelphia Reserve District of 20.5%.
The Cleveland Reserve District has managed to enlarge
its totals by 30.2%, the Richmond Reserve District by
22.2%, and the Atlanta Reserve District by 15.7%. In the
Chicago Reserve District there is an improvement of 19.7%,
in the St. Louis Reserve District of 19.8%, and in the
Minneapolis Reserve District of 21.3%. The Kansas City
Reserve District enjoys an expansion of 32.6%, the Dallas
Reserve District of 39.9%, and the San Francisco Reserve
District of 23.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Oa. 26 1935
1934
1935
Ine.or
Dec.
Total
111 cities
Outside N. Y. City
1933
1932
5,569,677,237
2,251,417,636
4,747.510,235 +17.3
1,867,817,520 +20.7
4,731384,375
1,616,679,700
3.902,488,003
1,502,811,657
289.581.904
328.734.181 -11.9
307.177.021
252.486.857
32 Cith89
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Oct. 26
Clearings at
1935
1934
Inc. or
Dec.
1933
1932
9;
First Federal Reserve Dist rict-Boston
Maine-Bangor._
533,456
423,539
Portland
1,702,115
1,468,332
Mass -Boston.. 201,688,697 193,612,566
L, Fall River_ _ _
759,353
607,355
Lowell
360,273
334,176
639.294
New Bedford_ _
708,920
Springfield.._
2,693,381
2,209,275
1,860,410
1,437,281
r Worcester
Conn.-Hartford.
10,957,605
7,119,582
New Haven_
3,240,220
3,420,847
R.I.-Providence
13,036,200
10,084,500
458,228
323,729
N. H.-Manch'er
Total(12010169)
237,909,859
221,569,455
Second Feder al Reserve D 'strict-New
N. Y.-Albany..
5,834,461
11,405,061
Binghamton.._ _
872,082
804,973
Buffalo
25,215,998
31,200,000
Elmira
616,166
411,215
Jamestown..
642,499
418,973
New York.._ 3,315,259,611 2,879,692,715
6,828,037
5,066,295
Rochester _ _ _ _
Syracuse
3,524.025
2,805,359
Conn.-Stamford
3,551,302
2,591.634
N. J.-Montclair
.250.000
248,215
Newark
16,588,023
14,686,560
Northern N. J.
32,799,147
26,082,060
+1.9
+15.9
+4.2
+25.0
+7.8
-9.8
+21.9
+15.5
+53.9
+5.6
+29.3
+41.5
456,577
1,289,313
184,133,110
599,339
286,172
679,880
2,156,593
1,353,424
7,942,484
3,598,400
10,849.400
352,561
305.243
1,630,070
183,000,000
623,658
260,732
656,589
2,380,700
1,862,456
5,876,869
2,972,862
10,916,300
364,215
+7.4
213,697,253
210,849,694
York9,764,576
-48.8
3,675.628
603,526
+8.3
533,725
23,164,737
+23.7
22,544,890
599,942
+49.8
652,775
+53.4
415,640
438,218
+15.1 3,114,504.675 2,399,656,346
4,683,313
+34.8
5,192,665
2,555,915
+25.6
3,264,915
2,790,277
+37.0
1.934.370
233,611
+0.7
334,937
+12.9
13,786,198
17,184,058
+25.8
22,374,119
22,463,767
Total(12 cities) 3,417,965,353 2,969,429,058 +15.1 3,195.476,529 2.477,876,294
Third Federal Reserve Dist rIct-Philad elphia
Pa.-Altoona
292,402
269,055 +8.7
Bethlehem..
a408,140
a2,312.556 -82.4
Chester
228,870
204.576 +11.9
Lancaster
1,116,980
844,683 +32.2
Philadelphia _ 341,000,000 283,000,000 +20.5
Reading
1,033,688
930,200 +11.1
Scranton
2,220,134
1,881,399 +18.0
Wilkes-Barre..
819,724
756,313 +8.4
York
1,108,229
911,877 +21.5
3,054,000
N..I.-Trenton._
2,461,000 +24.1
Total(9 cities).
350,874,007
291,259,103 +20.5
Fourth Feder at Reserve D istrict-Clev elandOhio-Akron....
Canton
48,740,988
Cincinnati
_
38.971,616 +25.1
68,034,768
Cleveland
55,901,913 +21.7
8,760,300
8,443.900 +3.7
Columbus
1,339,420
Mansfield
956,000 +40.1
Youngstown ....
pa -Pittsburgh. 115,122.586
81,563,041 +41.1
279,199
b
231,870
771,889
236,000,000
906,292
1,583,003
1,274,713
822,540
1,901.000
255,493
a285,383
217,372
932,406
243,000.000
1,462.161
1,969,973
1,365,448
777,244
2,582,000
243,770,606
252,562,097
36,239,657
52,898,447
6.632,900
824,351
75,774,197
35,380,749
57,398,133
7,031,700
719,689
is
65,077,399
185,836,470 +30.2
172,369,55'2
165,607,870
Fifth Federal Reserve Dist rict-Richm ond95,599 +79.3
171,385
W. Va.-Hunt'on
Va.-Norfolk.._
2,039,000
1.583,000 +28.8
38,009,702 +14.2
43,411,835
Richmond _ _
1,163,810
970,918 +19.9
B.C.-Charleston
47,437,471 +23.0
58.347,221
Md.-Baltimore _
12,073,228 +43.1
17,277,907
D. C.-Wash'ton
84,666
1,659,000
28,554.510
798,600
37,516,816
11,501,102
261,915
1,786,000
29,351,398
716,821
48,468,583
14,396,340
100,169,918 +22.2
80,114,694
94,981,057
+24.0
+27.7
+13.4
+22.8
+11.3
+5.8
+0.6
+35.2
3,346,978
8,758,503
32,500,000
1,045,530
566,887
8,926,000
12,379,891
774,218
2.084,284
8,673,997
26,100,000
941,689
391.298
6,203,435
8,081,438
711,173
+92.3
+28.5
114,567
19,438,418
80,319
24,639,345
+15.7
87.800,792
77,906.978
Total(6 cities).
Total (6 cities).
241,998.060
122,411,158
Sixth Federal Reserve Dist rict-Atiant
2,315,795
Tenn.-Knoxvide
2,870,674
10,952,742
Nashville
13,991,853
43,400,000
Ga.-Atlanta__ _
49,200,000
1,089,000
1,337,790
Augusta
1,023,169
919,051
Macon
12,292,000
Fla.-Jacks'nville
13,010,000
Ala.-131rmingh'm
17.965,489
17,858,987
1,080,273
Mobile
1,460,363
Miss -Jackson..
99,935
192,142
Vicksburg
28,615,798
36,210,328
La.-NewOrleans
Total(10 cities)
137.261.808
118.623.581
11 -,4c. Ended Oct. 26
Clearings at
1934
1935
Inc.or
Dec.
$
Seventh Feder al Reserve D istrict-C h cage84,236
47,640 +76.8
Mich.-Adrian..
397,437
342,689 +16.0
Ann Arbor
87.370,640
66,056,527 +32.3
Detroit
2,190,440
1,506,206 +45.4
Grand Rapids_
965,812
724,400 +33.3
Lansing
875,834
526,793 +66.3
Ind.-Ft. Wayne
11,777,000 +8.1
Indianapolis..
12,498,000
1,063,256
648,875 +63.9
South Bend
3,959,853
3,727,193 +6.2
Terre Haute.,.
15,410,082
14,021,298
+9.9
Wis.-Milwaukee
937,290
617,014 +51.9
Iowa-Ced.Rap.
6,830,197
5,981,702 +14.2
Des Moines...
3.239,505
2,370,641 +36.7
Sioux City...
Waterloo
351,493
419,558 -16.2
III.-Bloom'ton
266,584,785 227,963,100 +16.9
Chicago
668,630
579,711 +15.3
Decatur
3,336,392
2,513,591 +32.7
Peoria
688.096
554,924 +24.0
Rockford
932,536
837,771 +11.3
Springfield....
1933
1932
14,012
422,156
51,263,142
1,209,728
485,875
278,545
8.854,000
488,708
2,816,460
11,181,325
184,491
4,023,906
1,758,194
67.940
348,406
45,548,460
2,074.175
386,100
766,460
9,588,000
991,097
2,714,511
10,421,382
495,105
4,180,783
1,692,330
254,893
192.678.692
395.080
1,817,111
550,582
639.943
855,734
162,362,445
384,444
1,729,922
379,460
1,117,277
341,218,833 +19.7
279,316.843
246.104,031
Eliffith Federa I Reserve Dis trict-St.Lo 01111is
81,300,000
67,900,000 +19.7
28.353,024
22,654,333 +25.2
21,942,492 +14.9
25,218,899
58,800,000
17,814,081
19,255,779
51,100,000
16,004,786
14,727,175
Total(19 cities)
$
s
Federal Reserve Dists.
$
$
%
237,909,859
221,569,455 +7.4
213,697,253
210,849,694
1st Boston.. _.12 cities
3,417,955,353 2,969,429,058 +15.1 3,195,476,529 2,477,876,294
2nd New York _12 "
350,874,007
291,259,103 +20.5
243,770,606
252,562,097
3rd Philadelphia 9 "
172,369,552
165,607,670
4th Cleveland__ 5 "
211,998,060
185,836,470 +30.2
122,411,158
100,169,918 +22.2
80,114,694
94,981,057
5th Richmond _ 6 "
87,890,792
77,506,878
6th Allanta__10 "
137,261,808
118,623,581 +15.7
7th Chicago _19 "
408,381,514
341,216,633 +19.7
279,316,843
216,104,031
8th Bt. Louis _ 4 "
98,117,850
82,204,090
135,230,923
112,892,825 +19.8
70,557,822
62,323,499
9th Minneapolis 7 "
98,116,514
80,871,684 +21.3
10th Kansas City 10 "
129,689,761
97,791,609 +32.6
85,227,543
80,602,544
11th Dallas
63,351,996
45,285,682 +39.9
45,905,412
38,384,899
5 "
12th San Fran_ _12 "
236,483,284
160,739,469
183,364,217 +23.5
143,065,150
Canada
2833
Financial Chronicle
Volu.ae 141
408,384,514
Mo.-St. Louis..
Ky.-Louisville..
Tenn.-Memphis
Ill.-Jacksonville
Quincy
359,000
Total(4 cities).
135,230,923
-9.3
248,000
372,129
112,892,825 +19.8
96,117,860
82,204,090
Ninth Federal Reserve Dis trict-M an eapolis
2,777,396
2,235.120 +24.3
Minis -Duluth..
64,983,554
54,720,429 +18.8
Minneapolis...
19,179,495 +25.7
24,113,958
St. Paul
2,116,853
1,587,565 +33.3
N. D.-Fargo
599,243
430,634 +39.2
S. D.-Aberdeen
688,907
429,633 +60.3
Mont -Billings.
2,836,603
2,288,808 +23.9
Helena
2,426,394
49,874,609
14,424,132
1,447.074
444,678
309,963
1,630,972
1,952,718
43,725,628
12,763.350
1,511,516
462,366
258,409
1.649,512
98,116.514
80,871,684 +21.3
70,557,822
62,323,499
Tenth Federal Reserve Dis trict-K a as as City
79,498
120,817 -34.2
Neb.-Fremont.
188,731
51,283 +229.0
Hastings
1,548,588 +62.7
2,519.777
Lincoln
33,353,243
25,266,479 +32.0
Omaha
1,411,844
1,762,564 -19.9
Kan.-Topeka _ _
1,703,469 +62.9
2,774,263
Wichita
63,548.691 +34.5
85,452,104
Mo.-Kan. City.
2,776,329
+6.6
2.959,833
St. Joseph_ _
477,994
441,393 +8.3
Col.-Col. Sprgs_
492,474
571,996 -13.9
Pueblo
35,054
1,351,337
19,952,165
1,218,019
1,695,793
57.860,786
2,431,854
355,356
327,179
72,602
84.367
1,260,925
16,909,727
1,409,581
3,119,607
54,487,158
2,317,823
486,801
453,953
97,791,609 +32.6
85,227,543
80,602,544
s+99.3
+38.1
+43.2
+61.7
+30.1
710,943
35,404,819
5,623,419
2,469,000
1,697,231
560.184
28,536,205
5.287,324
2,268,000
1,733,186
45,285,682 +39.9
45,905,412
38,384.899
Twelfth Feder al Reserve D istrict-San Franc'sco--19,813,576
22,823,434 +28.6
29,344,711
Wash.-Seattle..
5,554.000
8,131,000 +27.4
10.361,000
Spokane
557,629
828.243 +2.0
845,131
Yakima
16,141,370
25,358,811
19,910,920 +27.4
Ore.-Portland..
9.422.801
11.331,870 +18.8
13,481.346
Utah-S. L. City
2,611,112
2.667,163 +18.7
3,166,296
Calif.-Long Bch
2.091,274
2,830,677
2,151.814 +31.5
Pasadena
2,733,576
4,461,095 +48.6
6,630,773
Sacramento _ _
98,114,095
San Francisco. 128,885,000 106,490,292 +21.0
2,008,793
2,687,519
2,126,007 +26.4
San Jose
613,36
1,166.582 -9.7
1.053,901
Santa Barbara_
1,077,87
1,858,119
1,275,797 +45.6
Stockton
19,015.492
4,659.000
513,828
15,198,561
8,488.796
2,323,361
2,000,657
4.741,683
82,821.415
1.349,599
790.438
1.162,320
Total(7 cities).
Total(10 cities)
129,689,761
396.000
Eleventh Federa I Reserve Di strict-Dalla
522,153
1,040,619
Texas-Austin _ _
36,306,434
50,138,866
Dallas
4,649,896
6,656,853
Ft. Worth....
1,777,000
2,873,438
Galveston
2,030,199
2,642,220
La.-Shreveport.
Total(5 cities).
63,351,998
226.483,284 183,364,217 +23.5 160,739.469 143.065,150
Toil(12 cities)
Grand total (111
5,589,677,237 4,747,510,235 +17.3 4,731.184,375 3,902.468,003
cities)
Outside New York 2,254,417,628 1,867,817,520 +20.7 1,616,679.700 1,502,811.657
Week Ended Oct. 24
arfnos at1934
1935
Canada$
88,586,133
Toronto
71,191,996
Montreal
55,462.669
Winnipeg
14,220,440
Vancouver
16,749,673
Ottawa
3,630,602
Quebec
'1,929,113
Halifax
3.606,412
Hamilton
7.998,890
Calgary
1,369,576
St. John
Victoria
1,222,850
2,262,186
London
3,423,708
Edmonton
Regina
5,867,900
Brandon
284,655
494,556
Lethbridge
1,889,246
Saskatoon
736,037
Moose Jaw
Brantford
692,468
598.535
Fort William....
437,952
New Westminster
296,892
Medicine Hat...
496,614
Peterborough
481,064
Sherbrooke
842,365
Kitchener
1.919.828
Windsor
384,187
Prince Albert....
700,493
Moncton
470,094
Kingston
380,781
Chatham
370,921
Sarnia
603,068
Sudbury
ri,..1 faa offlas0
280.681.004
a Not included In totals.
tioning at present
•Estimated.
Inc. or
Dec.
1933
1932
$
%
122,957,707 -28.0
93,004,892 -23.5
50,494.226 +9.8
14,570,073 -2.4
4,584,701 +265.3
3,637,899 -0.2
2,235,628 -13.7
3,876,574 -7.0
8,091,753 +31.3
1,821,770 -24.8
1,322.301 -7.5
2,666,196 -15.2
3,805,909 -10.0
5,238,653 +12.0
321,196 -11.4
473,653 +4.4
1,658,498 +13.9
528,364 +39.3
757,511 -8.6
660,382 -9.4
441,370 -0.8
269,540 +10.1
553,852 -10.3
487,066 -1.2
1.133.720 -25.7
1,876,352 +2.3
312,925 +16.4
829,380 -15.5
538,314 -12.7
412,450 -7.7
407,202 -8.9
764.124 -21.1
$
109,522,043
77,039,816
64,210,207
13,841,384
4,184,654
3,427.624
1.947,101
3,603,602
5,299,369
1,530.110
1,310,170
2,632,321
3,044,609
4,212,408
306,776
332,845
1,319,769
463,784
858,096
555,585
407,703
187,496
531.310
916,982
806,517
1,925,235
246,258
711,114
451.087
427,748
329,281
594.017
$
77,325,884
68,974,092
51,846,497
12,154,184
3,727,612
3.363,231
1,759,201
3,017.792
6,702,637
1.665,561
1,146,672
2,358,739
3,297,972
4,437.741
308,712
372,192
1,595.542
638,678
647,277
435,346
413,748
227.432
494.212
498,878
720,062
1,776,432
258,882
712,355
468,841
368,122
354,148
418,183
326.738161 -11 0
007 177 021
252 488 R57
b No clearings available. c Clearing House not func-
Financial Chronicle
2834
Committee of Public Utility Executives to Co-operate
with SEC in Preparation of Rules Governing Industry-Committee to Continue However to Combat Unfair Competition by Government in Utility
Field
The Committee of Public Utility Executives, which has
maintained an office in a hotel in Washington, D. C., it was
indicated on Oct. 25 plans to move (about Nov. 1) to offices
in The Securities Building in that city. Philip H. Gadsden,
Chairman of the Committee, in making this known said:
We propose to continue our efforts to protect the interests of the investor in public utility securities. The constitutionality of the Public
Utility Act of 1935 will be tested promptly so that a final determination by
the Supreme Court may be obtained as soon as possible. If the Act is
declared unconstitutional, doubtless other legislation will be proposed. If
it is declared constitutional, we must redouble our efforts to obtain amendments to the Act which will make it regulatory and not destructive.
In the meantime, we recognize that until and unless it is declared unconstitutional, this Act is the law of the land. We have accepted the
Invitation of the Securities and Exchange Commission to co-operate and
have advised Chairman Landis that our office in Washington will be prepared
to facilitate the Commission's work in Preparing the rules and regulations,
&c. with a view toward making the Act as little burdensome on the Industry
as possible.
It is important, however, that there should be no misunderstanding of
the effect of this law. It is the most drastic and destructive piece of legislation which has ever been passed by Congress. If enforced as intended by its
sponsors, it will dismember practically every large holding company system
and destroy in large part the investment of millions of men and women.
We want the investors in public utility securities to know that we propose
to continue the fight against this law, which has been inspired by vindictiveness and is punitive in its purpose. We shall continue our efforts to combat
the unfair and un-American competition by the Federal Government in
the public utility field.
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. 16 1935:
GOLD
The Bank of England gold reserve against notes amounted to £193,673,266
on the 9th inst., as compared with £193,642.833 on the previous Wednesday.
In the open market the total amount which changed hands at the daily
dixing during the week was about £2,800,000, most of which was taken for
the United States of America, prices having ruled at about dollar parity.
Shipments of gold from France to New York have tended to diminish.
Quotations during the week:
Oct.10
Oct. 11
Oct. 12
Oct. 14
Oct. 15
Oct. 16
Average
Per Fine
Ounce
141s. 9d.
1415. 934d.
141s. 9d.
141s. 934.:1.
141s. 9d.
141s. 734d.
141s. 8.92d.
Equivalent Value
of .£ Sterling
lls. 11.846.
lls. 11.80d.
us. 11.846.
lls. 11.80d.
115. 11.84d.
us. 11.96d.
lls. 11.85d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 7th inst. to mid-day on the 14th inst.:
Exports
Imports
£5,500,349
British South Africa
E1,816,932 U. S. A
118,582
British West Africa
163,338 Netherlands
217.316
Kenya
8.102 France
53,605
British India
563,792 Switzerland
British Malaya
5,390
11,034 Other countries
Australia
59,340
New Zealand
38,895
Netherlands
49,643
France
90.322
Belgium
2,464
Switzerland
8,974
Argentine Republic
341,040
Other countries
10.982
£5,895,242
£3,164,858
The S. S. "Viceroy of India". which sailed from Bombay on the 12th
instant carries gold to the value of about £112,000 consigned to London.
The following are the details of United Kingdom imports and exports
of gold for the month of September 1935:
Exports
Imports
British West Africa
£263,567
Union of South Africa
5,330,476
Southern Rhodesia
353.827
British India
12,483
4,811.913
British Malaya
13,105
Australia
735.232
New Zealand
82.206
British West India Islands and British Guiana..
15,356
Netherlands
920.104
764.073
1,486,919
France
430,615
Sweden
1,018.628
Switzerland
885,724
75,674
Norway
16,250
Austria
5,600
Venezuela
47,252
United States of America
15,984,083
Other countries
35,941
93,274
£13,016,570 £20,365,732
SILVER
Until to-day, when the forward quotation eased 1-166., prices &ring
the week under review had remained unchanged at 29%d. for cash and
29 7-166. for two months' delivery.
There have been no new features, purchases for the American Treasury
still being the chief support, but there has been buying by the Indian
Bazaars, although the same quarter also made re-sales; there were further
offerings from China and some selling by speculators to liquidate bull
commitments.
The market has been rather quiet, but the tone is quite steady and no
change of importance is anticipated in the near future.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 7th inst. to mid-day on the 14th inst.:
Nov. 2 1935
Imports
British India
British Malaya
IIongkong
Australia
Japan
New Zealand
Canada
Soviet Union
Belgium
France
Austria
Netherlands
Abyssinia
Costa Rica
Argentine Republic
Other countries
Exports
£48,836
8,855
1,465.455
17.784
477,612
3,062
17,200
36,970
31,370
25.526
5,300
3,666
19,900
5,200
3,469
2.487
U. S. A
Netherlands
Sweden
Fiji
Irish Free State
Other countries
£1,303,174
23,19810.600
1,570
1,315.
2,531
£2,172,692
£1,342,388
Quotations during the week:
IN LONDON
-Bar Silver per Oz. Std.-Bat Silver per Oz. Std.Cash
2 Months
Cash
2 Months
Oct. 10
2934d.
29 7-166. Oct. 15
2934cl.
297-16d.
Oct. 11
297-16d. Oct. 16
2934d.
2934ci.
2934cl.
Oct. 12
29 7-166. Average- __-29.375d.
29346.
29.427d.
Oct. 14
297-166.
9934d.
IN NEW YORK
Oct. 9-15,inclusive, 6534 cents per oz..999 fine.
The highest rate of exchange on New York recorded during the period
from the 10th inst. to the 16th inst. was $4.91 lAl,and the lowest $4.90.
Stocks in Shanghai on the 12th inst. consisted of about 281,000,000 dollars and 39,600,000 ounces in bar silver, as compared with about 280,000,000.
dollars and 40,200,000 ounces in bar silver on the 5th inst.
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Oct. 26
Silver, p. oz. d_ 29 5-16d.
Gold. p.fineoz_141s. 6d.
Consols,2Si %_Holiday
British 334%
W.L
Holiday
British 4%
1960-90
Holiday
Wed.,
Tues.,
Mon.,
Thurs.,
Frt.,
Oct. 30
Oct. 29
Oct. 28
Oct. 31
Nov. 1
29 5-166. 295-166. 29 5-16d. 295-166. 295-166.
1418. 66. 141s.435d. 1415. 46. 141s. 5d. 141s. 76.
8331
83%
8331
83%
8336
10335
10334
104
104
104
11431
11431
115
115%
115%
The price of silver per ounce (in cents) in the United
States on the same days has been:
Bar N.Y.(for'n) 6534
U.S. Treasury_ 50.01
U. S. Treasury
(newly mined) 77.57
6531
50.01
6531
50.01
6531
50.01
6531
50.01
6534
50.01
77.57
77.57
77.57
77.57
77.57
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
BRANCH AUTHORIZED
Oct. 19-The First National Bank of Portland, Ore.
Location of branch: Town of Nyasa, Malheur County, Ore.
Certificate No. 1199A.
VOLUNTARY LIQUIDATION
Oct. 21-The Wallowa Nat. Bank of Enterprise, Enterprise. Ore.. $50,000
Effective, Oct. 12 1935. Lig. Commitete, A. M. Paco, 0. N.
Miller and I. J. Ratcliff, care of the liquidating bank. Absorbed by: "The First National Bank of Portland," Portland, Ore. Charter No. 1553.
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
Acme Wire
50c
Agnew Surpass Shoe Stores, pref. (guar.)
$134
All Canadian Common Stock Trust Shares
16.41c
Allegheny Steel
25c
Preferred (guar.)
$1 %
Allentown Bethlehem Gas,7% Pref. (quar.)---- 8734c
Allied Kid, common and class A
1234c
American Arch (quarterly)
25c
American Business Shares, Inc
2c
American Factors. Ltd.(monthly)
20c
American Home Products Corp
20c
American Tobacco Co.. corn, and coin. B (quar.) $134
Artloom Corp., preferred
$1 %
Associated National Shares, series A
9.545e
Babcock & Wilcox (interim)
4%
Bandlni Petroleum Co. (monthly)
5c
Beacon Mfg. Co., preferred (guar.)
$134
Belden Mfg. Co.(quar.)
$134
Extra
$134
Berland Shoe Stores, 7% preferred
14134
Bethlehem Steel, 7% cumulative preferred
$134
Bigelow-Sanford Carpet, pref. (quar.)
$134
Blackstone Valley Gas & Electric. pref. (s.-a.)- $3
Blue Ribbon Corp.. Ltd.,634% preferred
h50c
Borden Co.. common (quar.)
40e
Boss Manufacturing Co.. common (quarterly)
$134
Bourne Mills (quarterly)
50c
Buck Hill Falls (quarterly)
1234c
Byron Jackson (quar.)
1234c
Extra
c
Buffalo, Niagara & Eastern Power, pref. (quar.)
40c
Bulolo Gold Dredging
$1.40
25c
Caterpillar Tractor (quarterly)
25c
Extra
15c
Champlain Oil Products, Ltd.. prof
50c
Chase (A. W.) Co., Ltd., preferred (guar.)
Chicago Wilmington & Franklin Coat6% preferred
h$134
75c
Chrysler Corp
Collins & Aikman (resumed)
50c
$1 %
Preferred (quar.)
Columbian Carbon Co
$1
40c
Special
Columbus Dental Mfg. (guar.)
$1
$134
7% pref. (guar.)
623-4c
Connecticut Power Co. (quar.)
When Holders1
Payable of Record
Nov. 15 Oct. 31
Jan. 2 Dec. 16
Nov. 1 Oct. 15
Dec. 16 Nov.30
Doc. 2 Nov. 15
Nov. 12 Oct. 31
Nov. 1 Oct. 28
Dec. 2 Nov. 20
Dec. 1 Nov. 15
Nov. 10 Oct. 31
Dec. 2 Nov. 14
Dec. 2 Nov. 9
Dec. 1 Nov. 15
Nov. 15 Oct. 31
Nov. 20 Oct. 31
Nov. 15 Nov. 1
Nov. 15 Nov. 9
Dec. 14 Dec. 9
Nov. 1 Oct. 25
Jan. 2 Dec. 6
Dec. 1 Nov. 18
Dec. 2 Nov. 14
Nov. 1 Oct. 29
Dec. 2 Nov. 15
Nov. 15 Oct. 31
Nov. 1 Oct. 24
Nov. 15 Nov. 1
Nov. 15 Nov. 5
Nov. 15 Nov. 5
Jan. 2 Dec. 14
Dec. 10 Nov. 12
Nov. 30 Nov. 15
Nov. 30 Nov. 15
Nov. 15
Nov. 10 Oct. 31
Nov. 1 Oct. 25
Dec. 31 Dec. 2
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Dec. 2 Nov. 14
Dec. 2 Nov. 14
Oct. 31 Oct. 25
Oct. 31 Oct. 25
Doc. 2 Nov. 15
Name of Company
2835
Financial Chronicle
Volume 141
Per
Share
When Holders
Payable of Record
Name of Company
Per
Share
When Holders
Payable of Record
20c Nov. 11 Oct. 31
American Factors, Ltd. (monthly)
25c Dec. 15 Dec. 1
Consolidated Diversified Standard Security_ __
American & General Securities, com. A.(guar.)_ 734c Dec. 2 Nov. 15
25c Dec. 16 Nov. 8
Consolidated Gas
Dec. 2 Nov. 15
75c
$3
preferred
(quarterly)
Crown Drug,7% preferred
h43 Hc Nov. 15 Nov.11
25c Jan. 1 Dec. 14
American Hardware Corp. (quar.)
7% preferred (quarterly)
43 Hc Nov. 15 Nov. 11
50c Nov. 1 Oct. 21
American Investment Co. of Illinois, A (quar.)
Crown-Zellerbach, preferred A & B
h75c Dec. 1 Nov. 13
25c Nov. 15 Nov. 4
American News, N.Y.Corp.(bi-monthly)
50c Dec. 2 Nov.20
Dayton Power & Light Co.,6% pref. (monthly)
American Paper Goods. 7% preferred (quar.). $14 Dec. 15
35c Dec. 2 Nov. 15
Deere & Co., pref. (quar.
75c Nov. 15 Nov. 4
American Power & Light Co., $6 preferred
70c Nov. 1 Oct. 28
Derby Gas & Electric, 363 preferred
6234c Nov. 15 Nov. 4
$5 preferred
$7 preferred
75c Nov. 1 Oct. 28
6231c Nov. 15 Oct. 31
American Re-Insurance Co.(quarterly)
Detroit Paper Products (quarterly)
25c Dec. 2 Nov.20
'h$631 Dec. 2 Nov. 8
American Smelting & Refining, 2d preferred
20c Dec. 1 Nov. 15
Dexter Co. (quarterly)
$1.31 Dec. 2 Nov. 8
1st preferred (guar.)
Diamond Ice & Coal Co., 7% pref. (guar.)- $131 Nov. 1 Oct. 25
50c Dec. 16 Dec. 2
American Sumatra Tobacco Corp.(extra)
20c Dec. 2 Nov.25
Durham Duplex Razor, $4 preferred
2c Nov. 15 Nov. 1
Amporo Mining Co
12)4c Oct. 15 Oct. 1
Eastern States Gas Co.(guar.)
25c Dec. 2 Nov. 15
Armstrong Cork (quarterly)
Equity Fund. Inc. (quarterly)
• Sc Nov. 15 Oct. 31
Dec. 2 Nov. 15
25c
Nov.
Ready
(Gt.
Brit.)
(interim)
Extra
30
10%
Ever
35c Feb. 1
Asbestos Mfg. Co., $1.40 cony. pref. (guar.)._
50c Nov. 1 Oct. 29
Fall River Gas Works (quarterly)
$3 Dec. 2 Nov. 8
Associated Dry Goods Corp., 1st preferred
15c Nov.30 Nov. 15
Fishman (M. H.) Co., Inc. (guar.)
Atlantic Coast Line RR., preferred (semi-ann.)_ $234 Nov. 12 Oct. 24
Fitz-Simons Sr Connell Dredge & Dock(guar.)— 12%c Dec. 1 Nov. 20
1234c Jan. 1 Dec. 20
Automatic Voting Machine(quar.)
Extra
1231c Dec. 1 Nov.20
1234c Apr. 1 Mar. 20
Quarterly
SOc Nov. 15
Food Machinery Corp..631% Pref.(mo.)
1234c July 1 June 20
Quarterly
$1 Dec. 15
631% preferred
20c Jan. 1 Dec. 15
Avondale Mills. A & B (quarterly)
10c Nov. 1 Oct. 24
Fuller Brush Co., A (quarterly)
50c Dec. 15 Dec. 5
common
Mills.
Dec.
General Asphalt (resumed)
Badger Paper
17 Nov. 26
25c
Dec. 1 Nov.20
Bamberger (L.) & Co.,(N. J.)Globe D Publishers, pref. (guar.)
$1
3131 Dec. 2 Nov. 15
Goodyear Tire & Rubber, $7 pref
6)4% cumulative preferred (quar.)
$1 Jan. 2 Nov.30
20c Nov. 11 Oct. 10
Bangor Hydro-Electric (quarterly)
Greenfield Tap & Die, $5 preferred
$1 Nov. 1 Oct. 31
75c Nov. 8 Nov. 4
50c Jan. 6 Dec. 16
Bankers & Shippers Insurance Co., N.Y
$6 preferred
Nov. 8 Nov. 4
25c
-Guggenheim & Co., $7, 1st pref. (guar.)
Oct.
Nov.
29
15
$131
Extra
50c Nov. 15 Oct. 25
75c Dec. 1 Nov. 16
Hackensack Water Co.(semi-annually)
Best & Co. (quarterly)
25c Nov. 15 Nov. 1
7% preferred A (quarterly)
43 He Dec. 31 Dec. 14
Blauner's, Inc. (quarterly)
75c Nov. 15 Nov. 1
Hazel-Atlas Glass Co.(quarterly)
Preferred (quarterly)
$131 Jan. 2 Dec. 14
Highland Dairy, Ltd., 7% pref. (quar.)
Block Bros. Tobacco Co..6% preferred (quar.).. 3134 Dec. 31 Dec. 25
$131 Oct. 5 Sept.28
Dec. 2 Nov. 6
s75c
Corp.,
opt.
$3
cony.
pref.,
Hope Webbing Co.(guar.)
Ridge
ser.
1929
$1% Nov. 1 Oct. 15
Blue
Dec. 31 Nov.30
$2
Horn & Hardart (N. Y.) pref. (guar.)
Boston& Albany RR
$131 Dec. 2 Nov. 12
$2.125 Jan. 2 Dec. 20
50c Dec. 2 Nov. 15
Inland Steel (quarterly)
Boston & Providence RR.(quar.)
68 He Nov. 15 Nov. 1
25c Dec 2 Nov. 15
Extra
Bouriois, Inc., $231 preferred (quarterly)
25c Dec. 1 Nov. 9
Jones (J. Edw.) Royalty Trust, series D particiBrach (E.J.)& Sons(quarterly)
$1 Nov. 25 Nov. 20
$3.23 Oct. 31 Sept.30
pation certificates ($50())
Brewer (C.) & Co., Ltd. (monthly)
$1 Nov. 25 Nov. 20
Series E participation certificates 1$100)-- — $1.20 Oct. 31 Sept.30
Extra
$1 Dec. 25 Dec. 20
52c Oct. 31 Sept.30
Series F participation certificates $100)....-Monthly
3734c Dec. 14 Nov.30
36c Oct. 31 Sept.30
Series G participation certificates $1001_
Bristol Brass (quarterly)
25c Dec. 14 Nov.30
22c Oct. 31 Sept.30
Series H participation certificates $100 ---Extra
$I Dec. 14 Nov.30
15c Oct. 3 Sept.30
Series I participation certificates 1$100 ---Special
50c Dec. 2 Nov. 8
Series J participation certificates $500)---- $3.55 Oct. 3 Sept.30
Bristol-Myers(quarterly)
10c Dec. 2 Nov. 8
25c Oct. 31 Sept.30
Series K participation certificates $100)Extra
63c Oct. 31 Sept.30
$2 Nov.30 Nov. 8
Series L participation certificates $100)Brooklyn Edison Co. (quarterly)
Kansas City Stockyards of Maine (quarterly) _ $131 Nov. 1 Oct. 15
Brooklyn-Manhattan Transit Corp., pref.(qu.)_ 31% Jan. 15 Jan. 2
31% Apr. 15 Apr. 1
Nov. 1 Oct. 15
Preferred (quar.)
5% preferred (quarterly)
$14 Dec. 1 Nov.20
h$1 Oct. 28 Oct. 21
Keith (Geo. E.) Co.,7% preferred
Brooklyn Teleg. & Messenger Co.(quar.)
Dec. 2 Nov. 15
75c Jan. 2 Dec. 1
Lake Superior District Power,7% pref.(quar.)_ $1
Brooklyn Union Gas(quarterly)
10370
1 Feb. 29 Feb. 15
Wire
(initial)
6% preferred (quarterly)
&
$131 Dec. 2 Nov. 15
Brown Fence
25c Nov. 11 Oct. 31
Lee (H. D.) Mercantile Co.(quar.)
Bryant & May.Ltd.(interim)
Sc Nov. 15 Nov. 1
50c Dec. 1 Nov. 15
Lehn & Fink Products Co..common (s -a.)
Buffalo Ankerite Gold Mines (quarterly)
Nov. 15 Oct. 31
Luzerne County Gas & Electric, $7 pref. (quar.) $1
Bunker Hill & Sullivan Mining Sz Concentrating
Nov. 15 Oct. 31
$6 preferred (quarterly)
50c Dec. 2 Nov. 15
Co
$ig Dec. 2 Nov. 12
Manhattan Shirt (quar.
3 1i%
Burmah Oil Co. (initial)
15c Dec. 5 Nov. 2
50c Jan. 2
Massachusetts Plate Glass Insurance
Burroughs Adding Machine Co
45c Dec. 5 Nov. 2
1).1c Dec. 1 Nov. 15
McClanahan Oil (initial)
Special
40c Jan. 2 Dec. 14
Memphis Natural Gas Co., $7 pref. (guar.)._ _ _ $1
Jan. 2
Calamba Sugar Estates (guar.)
Mercantile American Realty Co., pref. (quar.)_ $1% Oct. 15 Oct. 15
35c Jan. 2 Dec. 14
Preferred (quarterly)
Mercantile Stores Co., Inc.,7% pref.(gnarl
3734c Dec. 16 Nov.30
$131 Nov. 15 Oct. 31
California Packing (quarterly)
er
Midland Grocery
preferred (semi-annually ___
$134 Nov. 15 Oct. 31
$3 Jan. 2 Dec. 20
California Water Service, pref.(quar.)
Midland Mutual Life Insurance Co. (quar. ___ $234 Nov. 1 Oct. 28
25c Nov.30 Nov. 9
Campbell, Wyant & Cannon Foundry Co
Minneapolis Gas Light Co. (Del.), 7% pref___ $131 Dec. 1 Nov.20
20c Dec. 1 Nov. 15
Campe Corp. common
6% preferred (guar.)
r3714c Dec. 1 Nov. 15
$1% Dec. 1 Nov. 20
Canada & Dominion Sugar. Ltd.(guar.)
Montgomery Ward, class A (guar.)
Nov. 15 Oct. 31
$131 Jan. 2 Dec. 20
3134
pref.
(s.
-a.)
Iron
Foundries.
6%
Canada
Motor Wheel Corp.com.(quar.)
50c Nov. 15 Oct. 31
15c Dec. 10 Nov.20
Canadian Converters (guar.)
New York Hanseatic Corp. (quarterly)
$1 Nov. 15 Nov. 10
Canadian Hydro-Electric, preferred (quar.)---- r$1 34 Dec. 2 Nov. 1
1900 Corp., class B (guar.)
1234c Nov. 15 Nov. 1
25c Nov. 15 Oct. 31
Canadian Oil Cos.(guar.)
Northam 'Warren Corp., cony. pref. (quar.)
hill Dec. 1 Nov. 15
75c Nov.30 Nov. 15
Carman & Co., Inc., class A
Nova Scotia Lt. & Pr. Co., Ltd.,6% pref.(qu.)_
Dec. 2 Nov. 16
$131 Jan. 1
Carnation Co.7% pref. (quar.)
'Ohio State Life Insurance (guar.)
$131 Apr. 1
$234 Nov. 1 Oct. 16
7% preferred (quar.)
Pender (David) Grocery, class A (quarterly)__ _ 87)4c Dec. 2 Nov. 21
$1 Jan. 1 Dec. 12
Case (J. I.),7% preferred
Plymouth Fund, Inc., A (quarterly)
50c Nov. 9 Oct. 22
Dec. 1 Nov,15
Castle (A. M.)& CO. (quarterly)
Rainier Pulp & Paper, A (guar.)
$1.20 Jan. 2 Dec. 20
Dec. 1 Nov. 12
Cayuga & Susquehanna.RR.(semi-ann.)
Class B (resumed)
75c Nov. 15 Oct. 31
Dec. 1 Nov. 12
Cedar Rapids Mfg.& Power (quar.)
Roos Brothers
25c Nov. 15 Nov. 5
25c Dec. 20 Dec. 1
Central Cold Storage (quarterly)
Savannah Gas Co.,7% preferred (quarterly)_ _ _ 433'c Dec. 1 Nov. 20
Central Massachusetts Light & Power Co., 6%
Second Investors Corp.(R. I.), $3 pref. (guar.)
Nov. 15 Oct. 31
$I%
75c Dec. 1 Nov. 15
preferred (quarterly)
:Security Insurance Co. (quarterly)
35c Nov. 1 Oct. 18
Central Mississippi Valley Elec. Prop., preferred $131 Dec. 2 Nov. 15
Sherwin-Williams Co., common (quar.)
10c Nov. 15 Nov. 6
$1 Nov. 15 Oct. 31
Centrifugal Pipe Corp.(guar.)
6% preferred, series AA (guar.)
$134 Dec. 2 Nov. 15
3131 Dec. 2 Nov.20
Century Ribbon Mills, preferred (quar.)
Southern California Edison Co., Ltd.
15c Nov. 15 Nov. 1
Chain Belt
6% preferred, series B (guar.)
37%c Dec. 15 Nov.20
$131 Dec. 2 Nov. 1
Investors,
Inc.,$5 pref.(quar.)
Chartered
.Southington Hardware Co. (quarterly)
$331 Jan. 1 Dec. 6
25c Nov. 1 Oct. 22
Chesapeake & Ohio pref. (semi-annual)
Squibb (B. R.)& Sons first preferred (quar.) _ _
Nov. 1 Oct. 24
75c Dec. 2 Nov.20
Chestnut Hill RR.Co.(quar.)
Nov. 15 Nov. 5
Stamford Water (quarterly)
25c Dec. '2 Nov. 9
Chicago Mail Order (quarterly)
-Standard American Trust Shares
$6.93 Nov. 1
1234c Dec. 2 Nov. 9
Extra
Standard Coosa-Thatcher Co.,7% pref.(guar.)- $D 34 Jan. 15 Jan. 15
Chicago Junction Rys. & Union Stockyards Co_ $231 Jan. 2 Dec. 14
.Standard Oil of California (quarterly)
25c Dec. 16 Nov. 15
3134 Jan. 2 Dec. 14
6% preferred (quarterly)
Sterling Products,Inc
95c Dec. 2 Nov. 15a
25c Dec. 2 Nov.21
Chicago Yellow Cab
Sterling Securities, 1st preferred (resumed).....
$3 Nov. 15 Nov. 12
25c Nov. 29 Nov. 8
Copper (resumed)
Chile
Sun Oil Co., common (quar.)
q25c Dec. 16 Nov.25
$131 Jan. 1 Dec. 20
Cincinnati Union Terminal, pref. (quar.)
Preferred (quar.)
$131 Dec. 2 Nov. 9
$134 Jan. 2 Dec. 20
Clearfield & Mahoning Ry. (8.-a.)
Dec. 2 Nov.20
Susquehanna Utilities Co.,6% preferred (quar.)
Cleveland Electric Illuminating Co., pref.(qu.)_ 5131 Dec. 1 Nov. 15
'Taylor & Fenn Co.(guar.)
Nov. 1 Oct. 24
& Pittsburgh Ry..7% guar.(quar.)_ _ 8734c Dec. 1 Nov. 9
Cleveland
'Timken Roller Bearing Co
50c Dec. 5 Nov. 20
50c Dec. 1 Nov. 9
Special guaranteed (guar.)
Extra
Dec. 5 Nov. 20
Sc Dec. 30 Dec. 15
Climax Molybdenum Co.(guar.)
-United States Steel Corp., preferred
Nov. 29 Nov. 1
1234c Dec. 1 Nov. 6
Colgate-Palmolive-Peet(guar.)
Vanadium-Alloys Steel Co
50c Dec. 2 Nov.22
25c Dec. 1 Nov. 6
Extra
Venezuelan Oil Concessions (interim)
Is
Preferred (quarterly)
5134 Jan. 1 Dec. 5
Oct. 31 Oct. 29
Vica Co. (liquidating)
20c Nov. 15 Oct. 19
Columbia Gas & Electric Corp.. common
Dec. 2 Nov. 15
Vick Chemical Co., Inc. (quarterly)
3134 Nov. 15 Oct. 19
series
A
preferred
(guar.)
Extra
Dec. 2 Nov. 15
Nov. 15 Oct. 19
$1
preferred
series
No.
26 (quar.)
SV
Dec. 2 Nov. 15
Virginia Coal & Iron (quarterly)
31H Nov. 15 Oct. 19
5% cony, preference, series No. 15 (quar.)
Nov. 15 Nov. 5
Walker & Co. A
Dec. 10 Nov. 29
e50%
Corp
Pictures
Columbia
Welch Grape Juice Co., preferred (quarterly)
Nov.30 Nov. 15
75c Dec. 2 Nov. 14
Preference_
Dec. 2 Nov. 15
Wesson Oil & Snowdrift Co., Inc.. pref.(quar.)
Dec. 10 Nov.25
$1
Xenia
&
Columbus
Oct. 25 Oct. 15
Western Groceries (Iowa),7% Preferred
Commonwealth Utilities Corp.Westinghouse Electric & Manufacturing
Nov.30 Nov. 12
31% Dec. 2 Nov. 15
(quarterly)
preferred
C
631%
Dec. 2 Nov. 15
Westvaco Chlorine Products (quar.)
8734c Nov. 15 Oct. 31
Concord Gas Co..7% preferred
Nov. 15 Nov. 1
Whitman(Wm.) Co., Inc., preferred
87c Nov. 15 Oct. 31
Preferred (quar.)
Nov. 1 Oct. 29
Wilson & Jones (tr.-a.)
$1 Dec. 31 Dec. 25
Confederation Life Assoc.."Toronto" (guar.) _ _
Dec. 1 Nov. 15
$1
Light
&
Power,
631%
pref.
(guar.)
_
Connecticut
Dec. 1 Nov. 15
$1
Below we give the dividends announced in previous weeks
531% referred (quarterly)
O
Nct.. 31
15a
Nov. 15
2ov
51.125
Railway
Sr
Lighting
Co
Connecticut
.and not yet paid. This list does not include dividends an5 Oct. 31
No
ov:15
51.125 N
Preferred (quarterly)
H Dec
nounced this week, these being given in the preceding table.
Consolidated Cigar Corp.. preferred (quar.).._ $1s2
Nov. 1
Consolidated Oil, preferred (quarterly)
•
5234 Dec. 1 Nov. 15
Consumers Glass
Per
When Holders
$131 Dec. 1 Nov. 15
7% preferred (guar.)
Share Payable of Record
Name of Company
Power Co.—
Consumers
$5 preferred (guar.)
$131 Jan. 2 Dec. 14
Nov. 1
e3313%
Abbott Laboratories
El% Jan. 2 Dec. 14
6% preferred (quarterly)
Sc Dec. 1 Nov. 14
Affiliated Products(monthly)
$1.65 Jan. 2 Dec. 14
preferred (quarterly)
6.6%
77 preferred (quarterly)
$2 Nov. 9 Oct. 31
3131 Jan. 2 Dec. 14
Alaska Packers Association (quarterly)
$5 Nov. 9 Oct. 31
50c Dec. 2 Nov. 15
Extra
preferred (monthly)
$131 NOV. 15 Nov. 1
50c Jan. 2 Dec. 14
Albany & Vermont RR
6% preferred (monthly)
$431 Dec. 14 Dec. 4
Alexander & Baldwin, Ltd
55c Dec. 2 Nov. 15
preferred (monthly)
6.60%
Jan. 2 Dec. 20
55c Jan. 2 Dec. 14
Allegheny & Western By.. guaranteed (s.-a.)--preferred (monthly)
6.60%
5 c Dec. 1 Nov. 11
Allen Indusaies (quar.)
75c Nov. 15 Oct. 25
Continental Can Co., Inc.. common
75c Dec. 1 Nov. 11
1234c Nov.30 Nov. 15
Preferred (guar.)
Copperweld Steel (guar.)
20c Nov. 9 Oct. 31
Nov.22 Nov. 2
m
Alpha Shares, Inc.. partic. stock (8.-a.)
Corp
Cord
50c Dec. 31 Dec. 15
Sc Nov. 15 Oct. 30
Aluminum Mfgs. (quar.)
Cresson Consol. Gold Mining (quarterly)
3131 Dec. 31 Dec. 15
2c Nov. 15 Oct. 30
7% preferred 'quar.)
Extra
American Bakers Co.. 7% pref. (semi-ann.)— -- $334 Jan. 2 Dec. 16
$2 Dec. 28 Dec. 20
Crum & Forster, preferred (quar.)
$1 Nov. 15 Oct. 25a
American Can Co.. common (quarterly)
3154 Dec. 14 Nov.30
Cuneo Press. Inc.. 631% preferred (guar.)
75c Jan. 2 Dec. 12
$2 Nov. 18 Nov. 12
American Chicle (quarterly)
Delaware & Bound Brook RR. Co.(quar.)
25c Jan. 2 Dec. 12
3131 Dec. 1 Nov.20
Extra
Denver Union Stockyards, preferred (guar.)
-a.)
(e.
15c Dec. 14 Dec. 5
ser.
Y.),
% Jan. 3 Nov. 15
(N.
A
e234
_American Fork & Hee (quarterly)
Shares
Deposited Bank
20c Dec. 14 Dec. 5
Extra
$181
58!
6%
Financial Chronicle
2836
Name of Company
Per
Share
When Holders
Payable of Record
Detroit Hillsdale & Southwestern RR. (s.-a.)__
$2 Jan. 6 Dec. 20
Diamond Match (irregular)
25c Dec 2 Nov. 15
Diem & Wing Paper Co.,7% pref.(quar.)
$114 Nov. 15 Oct. 31
Dominion Bridge (quarterly)
r30c Nov. 15 Oct. 31
Dow Chemical Co
50c Nov. 15 Nov. 1
Preferred
I %% Nov. 15 Nov. 1
Dow Drug (resumed)
15c Nov. 15 Nov. 4
Eastern Gas & Fuel Assoc. prior pref.(quar.)___ 31.125 Jan. 1 Dec. 14
10
4
N
$134 Jan. 1 Dec.
6% preferred (quar.)
Eastern Shore Public Service,$6 A pref.(qu.)_ _ _ 3134 Dec. 1
$114 Dec. 1 Nov. 10
$6 preferred (quarterly)
East Mahanoy RR. Co (8.-a.)
Dec. 15 Dec. 5
$1
Eaton Manufacturing Co., common (quar.)
25c Nov. 15 Nov. 1
124c Nov. 15 Nov. 1
Extra
Economical-Cunningham Drug Stores
5c Nov. 20 Oct. 5
Eddy Paper Corp
40c Nov. 30 Nov. 15
El Dorado Oil Works (quarterly)
3734c Dec. 2 Nov. 18
Electric Shareholdings, $6 cony. pref
p5114 Dec. 2 Nov. 6
Emerson's Bromo Seltzer, 8% preferred
50c Jan. 2 Dec. 14
Empire & Bay Shore Telep. Co.,4% gtd.(guar.)
$1 Dec. 2 Nov. 20
Empire Power Corp., participating stock
75c Nov. 9 Oct. 30
Employers Re-Insurance Corp. (quar.)
40c Nov. 15 Oct. 31
Erie & Pittsburgh RR. Co.. 7% gtd. (quar.)__ _ 8734c Dec. 10 Nov. 30
Guaranteed betterment (quar.)
80c Dec. 1 Nov. 30
Faber Coe & Gregg, Inc. (guar.)
50c Dec. 1 Nov. 15
Fair (The), cumulative preferred
55334 Nov. 15 Nov. 4
Cumulative preferred (quarterly)
$114 Nov. 15 Nov. 4
Farmers & Traders Life Insurance (quar.)__.
$234 Jan. 2
$234 Anr. 1
Quarterly
Fire Association of Phila. (8.-a.)
31 Nov. 15 Oct. 25
50c Nov. 15 Oct 25
Extra
Florida Power Corp.,7% pref.(quar.)
8734c Dec. 1 Nov. 15
Preferred A (quarterly)
$1A Dec. 1 Nov. 15
Franklin Telep. Co. 24% gtd. stk. (s.-a.)
$111 Nov. 11 Oct. 15
Freeport Texas (quarterly)
25c Dec. 2 Nov. 15
Preferred (quarterly)
5114 Feb. 3 Jan. 15
General Cigar, preferred (quar.)
5134 Dec. 2 Nov. 22
Preferred (quar.)
$134 Mar. 2 Feb. 20
Junel'28 May 22
Preferred (quar.)
$it
3
25
1
General Foods (guar.)
425ce
6 Nov. 15 Oct.O
General Metals Corp. (quar.)
Nov. 6Oct.
2
Georgia RR. & Banking (quar.)
$214 Jan 15 Jan
Globe Wernicke preferred (quar.)
50c Ian. 1 Dec. 20
Golden Cycle (guar.)
40c Dec. 10 Nov. 30
Extra
$1.60 Dec. 10 Nov.30
Grace(W. R.) & 0).6% preferred ,s.-a.)
S.3 Dec. 30 Dec. 27
Preferred A (quar.)
32 Dec. 30 Dec. 27
Preferred B .8 -a.)
54 Dec. 30 Dec 27
Granby Consolidated Smelting & Power Co__ _
$5 Dec. 2 Nov. 15
Grand Union Co., $3 cony. preferred
3734c cDec. 1 Nov. 12
Gray Telephone Pay Station
3134 Nov. 15 Oct. 8
Great Lakes Dredge & Dock (quar.)
20c Nov. 15 Nov. 4
Extra
50c Nov. 15 Nov. 4
Great Western Electro-Chemical (quarterly)-- 80c Nov. 15 Nov. 5
6% preferred (quarterly)
30c Jan. 2 Dec. 20
Greyhound Corp.. pref. A (guar.)
$m Jan. 1 Dec. 21
Gurd (Chas.) & Co.. 7% preferred (quar.)
$134 Nov. 15 Nov. 1
Hale Bros. Stores (quar.)
I5c Dec. 2 Nov. 15
Hancock Oil of California. class A & B (quar.)__
25c Dec. 1 Nov. 14
Hanna (M. A.) Co.,5% pref.. initial (guar.) _.
% Dec. 1 Nov. 15
Hardesty (R.) Mfg. Co.. 7% pref. (quar )
Dec. 1 Nov 5
st
Hartford Times, Inc.. $3 preferred (quar.)
75c Nov. 15 Nov. 1
Hawaiian Commercial & Sugar Co.(extra) _ _
50c Nov. 15 Nov. 15
Hawaii Consol. By.. 7% pref. A (quar.)
20c Dec. 15 Dec. 5
Heels Mining Co
10c Nov. 15 Oct. 15
Heileman (G.) Brewing (quar.)
15c Nov. 15 Nov. 1
Extra
10c Nov. 15 Nov. 1
Hercules Powder Co., preferred (quar.)
1 % Nov 15 Nov. 4
Hershey Chocolate (quar.)
75c Nov. 15 Oct. 25
Convertible preferred (quar.)
51 Nov. 15 Oct. 25
Hibbard. Spencer. Bartlett & Co.(monthly)_.
10c Nov. 29 Nov. 22
Monthly
10c Dec. 27 Dec. 20
Highwood-Sarcee Oils, Ltd
3c Nov. 4 Oct. 28
Hobart Mfg.. class A (quar.)
3734c Dec. 1 Nov. 18
Class A extra
25c Dec. 1 Nov. 18
Class B
V. Dec. 1 Nov. 18
25c Dec. 1 Nov. 18
Class B extra
Hollander (A.) & Son (quarterly)
1234c Nov. 15 Oct. 31
Holland Land (liquidating)
$1 Nov. 4 Oct. 24
Hollinger Consolidated Gold Mines (monthly)-- rl% Nov. 4 Oct. DI
Honolulu Plantation Co. (monthly)
I5c Nov. 10 Oct. 31
Hooven & Allison Co., 7% preferred (quar.)_ _ _ _ $134 Dec. 1 Nov. 15
Oct.(c 26
Hormel (Geo. A.) & Co.(guar.)
25c Nov. 15 Oct
Nov.
. 15
Preferred A (guar.)
ov.6
$1 A N
Oct. 26
Preferred B (annual)
.57
Hutchinsen Sugar Plantation (monthly)
10c Nov. 5 Oct. 31
Illuminating dr Power Security (guar.)
$1 Nov. 9 Oct. 31
7% preferred (quarterly)
$1% Nov. 15 Oct. 31
Imperial Chemical Industries
5w234% Nov. 9 Sept. 13
Imperial Life Insurance (quar.)
$334 Jan. 2 Dec. 31
Indiana Pipe Line Co
15c Nov. 15 Oct. 18
Extra
Sc Nov. 15 Oct. 18
Ingersoll-Rand, common
50c Dec. 2 Nov. 4
International Harvester, pref. (quar.
$134 Dec. 2 Nov. 4
iron Fireman Mfg (quar.)
2.5c Dec. 2 Nov. 9
Jantzen Knitting Mills, preferred (quarterly)-- V% Dec. I Nov. 25
Kalamazoo Vegetable Parchment (quar.)_
15c Dec. 30 Dec. 30
Kansas City St. Louis & Chic. RR., pref. (qu.)- $134 Feb. 1 Jan. 17
25c Nov.30 Nov. 13
Kayser (Julius) & Co
Kelvinator of Canada. Ltd..7% pref.(qu.)
5134 Nov. 15 Nov. 5
Kendall Co., preferred series A (guar.)
5134 Dec. 2 Nov. 9a
Kentucky Utilities. 7% jr. preferred
8734c Nov. 20 Nov. I
Keokuk Electric,6% preferred (quarterly)
VA Nov. 15 Nov. 9
Keystone Steel & Wire, preferred
5134 Jan. 15
25c Jan, 1 Dec. 20
Klein (D. Emil)(quarterly)
31% Feb. 1 Jan. 20
Preferred (quarterly)
Kroehler Mfg. Co.. 7% pref. (quar.)
$1% Dec. 31
$134 Dec. 31
Class A preferred (guar.)
Kroger Grocery & Baking (quar.)
40c Nov.30 Nov. 8
$134 Feb. 1 Dec. 20
7% preferred (quarterly)
$134 Jan. 2 Dec. 20
6% preferred (quarterly)
3734c Dec. 31 Dec. 20
Landers Frary & Clark (quar.)
25c Nov. 15 Nov. 5
Landis Machine (quarterly)
$13
4 Dec. 15 Dec. 5
7% preferred (quar )
Lansing Co (quarterly)
25c Nov. 15 Nov. 10
Lanston Monotype Machine (quar.)
$I Nov.30 Nov. 20
15c Nov. 30 Oct. 31
Lehigh Coal & Navigation (send-ann.)
Lexington Utilities Co., pref. (quar.)
31% Nov. 11 Nov. 1
Lexington Water,7% preferred
55134 Dec. 2 Nov, 20
Libbey-Owens-Ford Glass (quar.)
30c Dec. 16 Nov. 29
40c Dec. 2 Nov. 1
Life Savers Corp. (quar.)
Liggett & Mayers Tobacco (guar.)
$1 Dec. 2 Nov. 15
Common B (quarterly)
$1 Dec. 2 Nov. 15
Lincoln Telep. & Teleg.. 6% pref. (guar.)
11134 Nov. 10 Oct. 31
Lindsay Light & Chimical (quar.)
10c Nov. 18 Nov. 9
20c Dec. 1 Nov 15
Link Belt
Preferred (guar.)
5134 Jan. 2 Dec. 14
$1.10 Jan. 10 Dec. 14
Little Schuylkill & Navigation RR.& Coal
Loblaw Groceterias, A & B (guar.)
r25c Dec. 2 Nov. 14
Lock Joint Pipe. pref. (guar.)
32 Jan. 1 Jan. 1
Loew's Inc., Preferred (quarterly)
$134 Nov. 15 Oct. 31
Loose-Wiles Biscuit Co.
5% preferred (initial, quarterly)
$1.34 Jan. 1 Dec. 18
Lord & Taylor, 1st pref.(quar.)
VA Dec. 2 Nov. 16
$2 Nov. 11 Oct. 17
2d preferred (quarterly)
I A Nov. 15 Oct. 31
_ :
Los Angeles Gas & Electric preferred (quar.)
1% Jan. 1 Dec. 20
Ludlum Steel, preferred (quar.)
Lumbermen's Insurance Co.(Phila.) (s.-a.) _ _ _ _ 51 34 Nov. 15 Oct. 25
Lunkenheirner Co. (guar.)
1234c Nov. 15 Nov. 5
514 Jan. 1 Dec 21
6A % preferred (quar.)
50c Dec. 2 Nov. 8
Macy (R. H.) & Co.(quar.)
Nov. 2 1935
Per
Share
When Holders
Payable of Record
MacMillan Co.(guar.)
25c Nov. 15 Nov. 15
$5 preferred (initial. quar.)
3134 Nov. 8 Nov. 8
Madison Square Garden
I5c Nov. 29 Nov. 15
Manufacturers Casualty Insurance (quar.)_.
40c Nov. 15 Nov. 1
Matson Navigation Co.(quarterly)
$1.15 Nov. 15 Nov. 10
McBryde Sugar
15c Dec. I Nov. 20
McClatchy Newspapers. 7% pref. (quar.)
4334c Dec. 1 Nov.30
McIntyre Porcupine Mines, Ltd
10% Dec. 2 Nov. 1
McLennan, McFeeley & Prior. Ltd.. A & B_ _ _ _
10c Dec. 30 Dec. 23
% preferred (quarterly)
5134 Jan. 1 Dec. 23
Meadville Telep. Co. (quarterly)
3734c Nov. 15 Oct. 31
Metropolitan Storage Warehouse Co
c Nov. 1 Oct. 17
Mid-Continent Petroleum
25c Dec. 2 Nov. 1
Mine Hill & Schuylkill Haven RR.(s.-a.)
$1
Feb. 1 Jan. 15
Minneapolis-Honeywell Regulator Co
75c Nov. 15 Nov. 4
Extra
25c Nov. 15 Nov. 4
Preferred (quarterly)
$1 34 Jan. 1 Dec. 20
Monmouth Consol. Water Co.,7% pref. (quar.) $134 Nov. 15 Nov. I
Monogram Pictures Corp (quar.)
I5c Feb. 1
Monsanto Chemical (quar.)
25c Dec. 14 Nov. 25
Extra
25c Dec. 14 Nov. 25
Montgomery & Erie RR.(semi-annual)
17340 Nov. 10 Oct. 31
Semi-annually
1734c May 10 Apr. 30
Montreal Light, Heat & Power Co. (quar.)_ _ _ _
$2 Nov. 15 Oct. 31
Moody's Investors Service, preference (quar.)_
75c Nov. 15
. 1
Moore Dry Goods (quar.)
Jan.
Jan.
Morris Plan Insurance Society (guar.)
$13451 Dec. 1 Nov. 26
Motor Products
50c Nov. 9 Oct. 31
Mountain Fuel Supply (initial)
10c Dec. 21 Nov. 30.
Muskogee Co.,6% cum. pref. (quar.)
$134 Dec. 2 Nov. 20
Mutual Chemical Co. of Amer.. 6% pref. (qu.)_ $134 Dec. 28 Dec. 19
Mutual Telep. Co.(Hawaii)(monthly)
8c Nov. 20 Nov. 9
National Biscuit (quar.)
40c Jan. 15 Dec. 13
Preferred (guar-)
134 Nov.30 Nov. 15.
National Casket (8.-a.)
134 Nov. 15 Oct. 31
Preferred (quar.)
$134 Nov.30 Nov. 18
National Founders Corp., 3334 pref. A (quar.)_ _ 8734c Nov. 6 Oct. 25
National Lead, preferred A (quar.)
$134 Dec. 14 Nov.29
National Power & Light Co.. corn. (quar.) _ _ _ _
15c Dec. 2 Nov. 4
National Short Term Securities common (quar.) 134c Dec. 20 Dec. 15.
Preferred (quar.)
1734c Nov. 20 Nov. 15
Nehl Corp., 1st preferred
552.625 Nov. 15 Nov. 1
1st preferred
551.31% Dec. 31 Dec. 16.
Neiman-Marcus Co.7% pref.(quar.)
5134 Dec. 1 Nov. 20.
Newberry (J J)& Co., 7% preferred (quar )-- 31
9
1 Nov. 16
New Jersey Zinc (quarterly)
SOc Nov.
Oct 21
Norfolk & Western By, (guar.)
$2 Dec. 19 Nov. 30.
Adj. preferred (quar.)
$1 Nov. 19 Oct. 31
North American Edison Co., pref. (quar.)
$134 Dec. 2 Nov. 15
Northern RR.Co. of N. J. 4% gad.(guar.) -$1 Dec. I Nov. 21
North l'ennsylvania RR. Co.(guar.)
$1 Nov. 23 Nov. 18'
North River Insurance (quar.)
I5c Dec. 10 Nov.2%
Extra
Sc Dec. 10 Nov. 29
Oahu Ry.& Land Co.(monthly)
15c Nov. 20 Nov. 9'
Oahu Sugar Co. (monthly)
20c Nov. 15 Nov. 6
Ohio Oil
15c Dec. 14 Oct. 31
Preferred (quarterly)
$1.A Dec. 14 Dec. 2
Old Dominion Co.(resumed)
25c Dec. 14 Nov. 27
Onomea Sugar Co. (monthly)
20c Nov. 20 Nov. 9
Ontario & Quebec By.(semi-ann.)
$3 Dec. 2 Nov. 1
Debenture (semi-ann.)
234% Dec. 2 Nov. 1
Owens-Illinois Glass Co., common
V Nov. 15 Oct. 30
Paauhau Co. (monthly)
10c Nov 5 Oct. 30
Pacific Fire Insurance (quar.)
75c Nov. 4 Nov. 2.
Extra
50c Nov. 4 Nov. 2
Pacific Gas & Electric. 534% preferred (guar.). 3434c Nov. 15 Oct. 31
607 preferred (quarterly)
3734c Nov. 15 Oct. 31
Pacific Lighting (quar.)
6(10 Nov. 15 Oct. 19
Parker Pen (quar.)
25c Dec 1 Nov. 15
Quarterly
25c Mar. 1
Quarterly
25c June I
Quarterly
25c Sept. 1
Parkee Rust Proof ((Mar.)
75c Nov. 20 Nov. 9
Extra
$1 Nov. 20 Nov. 9
35c Nov 20 Nov 9
Preferred (s.-a )
Peninsular Telephone 7% pref. (quar.)
$134 Nov. 15 Nov. 4
Pennsylvania Power Co.
58 preferred (guar.)
$134 Dec. 2 Nov.20
55c Dec. 2 Nov. 20'
$6.60 preferred (monthly)
Penmans. Ltd.(quarterly)
75c Nov. 15 Nov. 5
Penn State Water Corp., $7 pref. (guar.)
$1 % Dec. 1 Nov. 20.
Pepper (Dr.) (quar.)
20c Dec. 1 Nov. 15
Petersburg RR.(s -s.)
5134 Apr. 1 Mar. 25
Phila. Germantown & Morristown RR. Co.(qu.) $134 Dec. 2 Nov.29
Philadelphia Suburban Water Co., pref.(guar.). $1
Nov. 30 Nov. 12ai
Phillips Petroleum (quar.)
2Sc Nov 30 Nov. I
Extra
25c Nov. 30 Nov. I
Phoenix Finance Corp., 8% pref. (quar.)
50c Jan. 10 Dec. 31
Pittsburgh Ft. Wayne & Chicago Ry. (quar.)_ _ $134 Jan. 2 Dec. 111
707 preferred (quar.)
V% Jan. 7 Dec. 19
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (guar.)
$134 Dec. I Nov. 20
Pollock Paper & Box Co.. pref. (quar.)
$134 Dec. 15 Dec. 1
Procter & Gamble (quarterly)
3734c Nov. 15 Oct 25
Public Service Corp. of N.J..8% pref.(mthly.).
50c Nov.30 Nov. 1
Public Utilities Corp.(quar.)
16134 Nov. 9 Oct. 31
Pullman. Inc
3734c Nov. 15 Oct. 24
Quaker Oats, preferred (quar.)
$134 Nov. 30 Nov. 1
Quebec Power Co. (quar.)
r25c Nov. 15 Oct. 25
Reading Co. (quar.)
50c Nov. 14 Oct. 17
1st preferred (quarerly)
50c Dec. 12 Nov. 21
Reynolds Metals Co., common (quarterly)
25c Dec. 2 Nov. 15a
% cumulative preferred (quarterly)
3134 Jan. 2 Dec. 20
Roan Antelope Copper Mine (initial)
Is Nov. 12 Set 25
Rochester Gas & Elec., 7% pref. B (quar.)___ _ '$1 % Dec. 1 Nov. 13.
6% preferred C & D (quar.)
$1
Dec. 1 Nov. 13
Rolland Paper.6% preferred (quar.)
$1
Dec. 1 Nov. 15
Rolls-Royce. Am. dep rec. ord. (Interim)
xt05
Nov. 13 Oct. 10
Ruud Mfg Co.(guar.)
lOc Dec. 16 Dec. 6
St. Louis Bridge Co.6% 1st pref.(semi-ann.)--$3 Jan. 2 Dec. 15
3% 2d preferred (semi-annual)
$134 Jan. 2 Dec. 15
San Carlos Milling Co.(monthly)
20c Nov. 15 Nov. 2
Scotten Dillon Co
30c Nov. 15 Nov. 6
Seaboard Oil of Del. (quarterly)
15c Dec. 14 Nov.30
Extra
10c Dec. 14 Nov. 30
Second International Securities, 1st preferred_ _ 6234c Jan. 2 Nov. 15
Securities Investment Co. of St. Louis,8% pref.
(quarterly)
$2 Jan. 1
Selfridge Provincial Stores
234% Nov.30
Ordinary
w23407 Dec. 2 Nov. 14
Amer. dep. rec, for ordinary
w2 % Dec. 9 Nov. 14
Serve'. Inc.. common (Initial)
1234c Dec. 2 Nov. 20a
7% cum. preferred (guar.)
$134 Jan. 2 Dec. 20a
Shawinigan Water & Power Co.(quar.)
rl c Nov. 15 Oct. 23
Shenango Valley Water Co.6% pref. (quar•)- 1613.5 Dec. 1 Nov.20
Sioux City Gas & Electric Co.,7% pref.(guar:). 5134 Nov. 11 Oct. 30
Sioux City Stockyds, Co., VA part. pf. (quar.) 37 A c Nov.
. 15
15 O
Ncotv
.. 14
6
Solvay American Investments. pref.(quar.)--134 Nov.
$
South American Gold & Platinum Co
IOC Nov. 27 Nov. 15
Southern California Edison Co. common (qu.)-- 3734c Nov. 15 Oct. 20
c Nov. 15 Oct. 31
Southern Canada Power Co., Ltd. (quar.)
t.
. 3
Spiegel, May. Stern,634% preferred (quar.)
$134 Feb. 1
10
5
o
Oct.
Square D Co.. preferred A
Stanley Works,6% preferred (quar.)
37340 Nov. 15 Nov. 2
25c Nov. 15 Oct. 31
Stein (A.) & Co
734c Nov. 14 Nov. I
Sterling Brewers, special
Dec. 2 Nov. 1
Stewart-Warner Corp.. common (s.-a.)
25c Dec. 2 Nov. 1
Extra
$1
Dec. 2 Nov. 15
Strawbridge & Clothier 6% pref.(quar.)
$134 Nov. 15 Oct. 21
Syracuse Lighting,6% preferred (quar.)
$134 Nov. 15 Oct. 21
634% preferred (quarterly)
Nov. 15 Oct. 21
8 preferred (quarterly)
Name of Company
1
2837
Financial Chronicle
Volume 141
Per
Share
Name of Company
Swift & Co.special
Quarterly
Tampa Gas,8% preferred (quarterly)
7% preferred (quarterly
Tampa Electric (quarterly
Preferred A (quarterly)
Telephone Investment Corp. (monthly)
Tennessee Electric Power Co.
5% first preferred (quar.)
6% first preferred (guar.)
7% first preferred (quar.)
7.2% first preferred (quar.)
6% first preferred (monthly)
6% first preferred (monthly)
7.2% first preferred (monthly)
7.2% first preferred (monthly)
Tex-O--Kan Flour (quar.)
Quarterly
Thatcher Mfg. preferred (quar.)
Thompson (John R.)
Thompson Products preferred (guar.)
Tide Water Power Co., $6 pref. (quar.)
Tobacco Products Export Corp
Toronto Elevators, Ltd
Twin Bell Oil Syndicate (monthly)
Union Oil of California (quar.)__
United Biscuit of America (quarterly)
Preferred (quarterly)
United Corp., Ltd., A
United Engineering & Foundry (quarterly)_ _ _ _
Preferred (quarterly)
United Gas & Electric Corp.(N.J.) common__ _
United Gas Improvement (quarterly)
•
Preferred cquarterlY
United Light & KY. Co. (Del.)
7% preferred (monthly)
6.36'Z preferred (monthly)
6% preferred (monthly)
7% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
United New Jersey RR.& Canal Co.(quar.)
United States Petroleum (s.-a.)
United States Pipe & Fdy Co., corn. (quar.)....
1st preferred (quar.)
United States Playing Card (quarterly)
Extra
Upper Michigan Power & Lt. Co.,6% pf.(qu.)_
6% preferred (guar.)
Utah Copper
Utica Clinton & Binghamton By.—
Debenture stock (0.-a.)
Utica Gas & Electric 7% pref. (quar.)
6% preferred (quar.)
Utility Equities Corp., $53.i div. priority stock_
Wagner Electric, preferred (quarterly)
When Holders
Payable of Record
25c
25c
$2
$114
56c
$114
25c
Nov. 15 Oct. 28
Jan. 1 Dec. 2
Dec. 1 Nov. 20
Dec. 1 Nov. 20
Nov. 15 Oct. 31
Nov. 15 Oct. 31
Nov. 11 Oct. 20
$1
Jan. 2 Dec. 16
2 Dec. 16
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Dec. 2 Nov. 15
Jan. 2 Dec. 16
Dec. 2 Nov. 15
Jan. 2 Dec. 16
Jan. 2 Dec. 14
Apr. 2 Mr14 '36
Nov. 15 Oct. 31
Nov. 15 Nov. 4
Dec. 1 Nov. 25
Dec. 1 Nov. 9
Nov 15 Nov. 1
Nov. 15 Nov. 1
Nov. 5 Oct. 30
Nov. 9 Oct. 19
Dec. 1 cNov.4
Feb. 1 Jan. 16
Nov. 15 Nov. 1
Nov. 8 Oct. 29
Nov. 8 Oct. 29
Nov. 6 Oct 28
Dec. 31 Nov.30
Dec. 31 Nov.30
$13.4 Jan.
$114
$1.80
50c
50c
60c
60c
15c
150
900
123.ic
$1.%
$134
10c
Si
$2
25c
40c
$114
h50c
25c
$134
$1
25c
$1
58 l-3c Dec. 2 Nov. 15
53c Dec. 2 Nov. 15
50c Dec. 2 Nov. 15
58 1-3e Jan. 2 Dec. 16
63c Jan. 2 Dec. 16
50c Jan. 2 Dec. 16
$255 Jan. 10 Dec. 20
lc Dec. 15 Dec. 5
123.4c Jan. 20 Dec. 31
30c Jan. 20 Dec. 31
25c Jan. 1 Dec. 21
25c Jan. 1 Dec. 21
$1% Nov. 10 Oct. 31
$1% Feb. 10 Jan. 31
Nov. 18 Nov. 4
$1
$2;4
El%
$1%
$114
$114
Dec. 26 Dec. 16
Nov. 15 Nov. 1
Nov. 15 Nov. 1
Dec. 2 Nov. 15
Jan. 1 Dec. 20
Per
Share
Name of Company
When Holders
Payable of Record
Washington Ry. & Electric Co. 5% pref. Btu.). $1% Dec. 1 Nov. 15
$2% Dec. 1 Nov. 15
5% preferred (s -a.)
15c Dec. 1 Nov. 15
Wellington Fund (Phila.)
10c Dec. 1 Nov. 15
Extra
West Jersey & Seashore RR.(8.-a.)
$114 Jan. 1 Dec. 14
Westland Oil Royalty Co., class A (mo.)
10c Nov. 16 Oct. 30
Class A (monthly)
10c Dec. 15 Nov. 30
West Penn Electric. 7% cum. pref. (quar.) _ _
$134 Nov 15 Oct. 18
$1% Nov. 15 Oct. 15
6% cumulative preferred (quar.)
West Virginia Pulp & Paper Co 6% pref.(qu.)_
$13•6 Nov. 15 Nov. 1
30c Nov. 15 Nov. 1
Wilcox-Rich Corp class B (quar.)
10c Nov. 15 Nov. 1
Will & Baumer Candle Co., Inc
Williamsport Water Co., $6 preferred (quar.)_ _ $1)4 Dec. 1 Nov. 20
12;ic Dec. 2 Nov. 15
Wilson & Co.. Inc., common
Woolworth (F. W.) Co. (quarterly)
60c Dec. 2 Nov. 8
Worcester Salt Co., 6% preferred (quarterly)
$1% Nov. 15 Nov. 5
25c Dec. 2 Nov. 20
Wrigley (Wm.) Jr. Co. (monthly)
25c Jan. 2 Dec. 20
Monthly
25c Feb. 1 Jan 20
Monthly
25c Mar 2 Feb 20
Monthly
25c Apr. 1 Mar. 20
Monthly
a Transfer books not closed for this dividend
c The following corrections have been made:
New Hampshire Fire Ins. Co. guar. div. of 40c. payable Oct. 1 to holders
of rec. Sept. 14. previously reported as New York Fire Ins. Co.
Grand Union Co., payable Dec. 1, previously reported as Nov. 20.
United Biscuit Co.. holders of rec. Nov.4 previously reported as Nov.15.
e Payable In stock.
jPayable in common stock. p Payable in scrip. h On account of accumulated dividends. I Payable In preferred stock.
m Cord Corp., stock div. of 36-1000ths share of American Airlines and
18-1000ths share of Canadian Colonial Airways.
is Amer. Cities P. & S. Corp. div. of 1-32 of one sh. cl. B stk., or at the opt. of
the holders, 750. cash. Notice must be received by the Corp. within 10 days after
the record date of holders desire to receive cash.
o Stockholders of Square D Co. approved a plan to pay off accrued
dividends of 56.8714 a share on class A preferred stock by the issuance
of a new share of class A preferred stock for each $29.50 of accrued dividends.
p Electric Shareholding Corp. $6 pref. pays 44-1000ths of one share of
common or at the option of the holder, $13.4 in cash.
q Sun Oil Co. declared that out of the authorized unissued common stock
of the co. a stock dividend be issued in proportion to respective holdings
of com. stock at the rate of 7 shs. of new stock to each 100 shs. held. Said
stock when issued to be full paid and non-assessable.
r Payable in Canadian funds. and In the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s Blue Ridge Corp., opt. $3 cony. pref., ser. 1929: 1-32 of one sh, of corn.
stk.. or. at the option of the holder. 75c. cash. Note: Stockholders desiring
cash must notify the corporation on or before Nov. 16 1935.
Payable in special preferred stock.
u Payable in U. S. funds. e A unit. w Less depositary expenses.
z Less tax. y A deduction has been made for expenses.
z Per 100 shares
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct. 30 1935,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED FRIDAY, Oct 26 1935
Clearing House
Members
*Surplus and
Undivided
Profits
• Capital
$
Bank of N.Y.& Tr. Co_
6,000,000
Bank ot Manhattan Co__
National City Bank.___
Chemical 13k. & Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
Corn Each. Bk. 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. CoNew York Trust Co.._
Comm'l Nat. 13k. & Tr.
Pub.Nat. Bk.& Tr. Co.
Totals
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21.000.000
15,000.000
10,000.000
50,000.000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12.500.000
7,000,000
8,250,000
/114 ORA
nnn
Na Demand
Deposits,
Time
Deposits,
Average
Average
$
$
10,747,300
137,447,000
25,431,700
375,144,000
41.898.100 a1,311,133,000
49,711,100
420,337,000
176,813.400 61,319,699,000
10,297,500
391,997,000
61,523.900
708,356.000
16,726,200
214,866,000
450,461,000
90,301.700
497,085,000
58,021,900
3,711,500
42,450,000
70,850,900 e1,630,303,000
46,107,000
3,377,200
83,748,200 d749,574,000
5,314,800
16,022,000
77,983,000
7,825,200
288,565,000
21,851,600
7,682.400
65,861,000
5,272,500
72,664,000
730 707
inn a 515 554 nnn
$
5,755,000
32,958.000
148,607.000
21,632,000
42,052,000
78,300,000
17,930,000
20,404,000
4,353,000
960,000
2,525,000
52,856,900
103,680,000
272,000
3,204,000
18,933,000
1,620,000
39,568,000
RQR
ens non
Oct. 30 1935 Oct. 23 1935 Oct. 31 1934
S
$
$
Assets—
Gold ontlificatas on hand and due from
2,943,471,000 2,930,387,000 1,730,436,000
U. S. Treasury-s
1,786,000
1,910,000
1,011,000
Redemption fund—F. R. notes
48,696,000
52,299,000
53,776,000
Other cash•
2,999,157,000 2,983,697,000 1,780,918,000
Total reserves
1,579,000
Redemption fund—F. R. bank notes
discounted:
Bills
Secured by U. S. Govt. obligations
2,799,000
2,272,000
2,163,000
direct .4 (or) fully guaranteed
2,215,000
4,574,000
2,049,000
Other bills discounted
4,212,000
4.487.000
7,373,000
1,796,000
7,600,000
1,796,000
7.582.000
2,500,000
447,000
79,866,000
484,432,000
180,019,000
79.868,000
483,198,000
181,253,000
140,957.000
448,075,000
188,723,000
744,317,000
744.317,000
777,755,000
Total bills and securities
757,925,000
758.182,000
788,075,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
258,000
5,969,000
121,017,000
12,077,000
28,955,000
258.000
8,600.000
128,693,000
12.077.000
27,973,000
296,000
6,062.000
109,329,000
11,523,000
32,151,000
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
......
Certificates and
Total U. S. Government securities
•As per official reports: National, June 29 1935; State, Sept. 28 1935: Trust
companies. Sept. 28 1935.
Includes deposits in foreign branches as follows: (a) $210,906,000 (5) $80,291,000:
(c) $68,471,000: (d) 823,839,000.
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 Oct. 25:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. Oct. 25 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans.
Other Cash, lies. Dep.. Dep Other
Disc. and
Including N Y and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Trade Bank of N. V.
$
22,637,000
4,582,876
$
83,400
234,159
$
2,857,800
1,082,367
Brooklyn—
Pr.nnirt'R National__.
4.542.000
87,000
1.117.000
Manhattan—
Grace National
(frost
Deposits
$
$
1,467.700 23.482.200
119,364 4,896,851
369.000
5.622.0015
TRUST COMPANIES—AVERAGE FIGURES
Iles. Dep., Dep, Other
Loans,
Disc. and
Investments
Manhattan--
Empire
Federation
Fiduciary
Fulton
Lawyers County _ _
United States
Brooklyn—
Brooklyn
-
Cash
N. F. and
Elsewhere
Banks and
Trust Cos
Gross
Deposits
$
$
$
$
$
8,453,000 3,229,000 58,815,500
142,947
543,458 2,365,056 8,254,117
6,999,043
506,532
10,170,580
.564,339
9,096,258
16,675,500 .3,481,100 1,818,500 .2.486,400 19,912,700
.29.446,400 .7,656200 1,383.000
35,961,000
59,995,297 29,929,927 18,364,624
79.633,206
48,815,500 *9,548,000
79,346,000
2,925,000 33,963,000
9,
1 117111
2 2QR 225
5 321 71,
)
88,000 108,511,000
54105 541
.Includes amount with Federal Reserve solo lows: Empire, $8,340,100; Fiduciary,
8293,500: Fulton, 83,262,400; Lawyers County, 38,983,200.
Other securities
Foreign loans on gold
Total assets
3,925,358,000 3,917,480,000 2,729,933,000
Ltabittiles—
756,567,000 753,015,000 650,275,000
F. R. notes in actual circulation
27,749.000
F. R bola notes in actual circulation ne
Deposits—Member bank reserve accet. 2,750,676,000 2,709.302,000 1,654,479,000
59.158,000
44.270,000
10,690,000
U 8 Treasurer—General account_ _
3,843,000
8,072,000
9,351,000
Foreign bank
99,755,000
149,885,000 149,292,000
Other deposits
Total deposits
Deterred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies.
All other iialdhci,H
2,920,602,000 2,910,936,000 1,817,235,000
118,255,000 128.778.000 104,144.000
59,527,000
50,989,000
50,983,000
45,217,000
49,964,000
49,964,000
7,250,000
7,250,000
4,737,000
7,500,000
7,500,000
9.048,000
21,049,000
14,237,000
3,925,358,000 3,917,480,000 2,729.933.000
Total liabilities_ _ ............
Ratio of total reserves to deposit an
81.4%
72.2%
81.6%
F R. note liabilities combined
Contingent liability on bills purohasei
140,000
for foreign correspondents
Commitments to make industrial ad
9 5201 nnn
Q 721 nnn
715 005
551141011
•-other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 69.0e cents, thaw certificates being worth less to the extent of the difference; the difference Itself having been appropriated as profit by the Treasury
envisions 01 the Gold Reserve Act of 1934.
,
under the'
Financial Chronicle
2838
Nov. 2 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, Oct. 31,
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."
CONBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 30 1935
Oct. 30 1935 Oct. 23 1935 Oct
16 1935 Oct. 9 1935
Oct. 2 1935 Sept. 25 1935 Sept. 18 1935 Sept. 11 1935 Oct. 31 1934
A SSETS
S
S
S
S
71
$
s
S
$
Gold Ofs. on hand dr due from 13.S.Treas.' 7,026,623,000 6,979,122,000 6.898,648,000 6,725,656,000 6,634,653,000 6,551,132,000 6,551.132,000 6.536,039,000 4,966,481,000
18,470,000
22,032,000
19,727,000
18,687,000
19,250,000
20,031,000
20,503,000
21,210,000
19.660,000
Redemption fund (F. It. notes)
238,953,000 232,392,000 218,896.000 207,251,000 206,946,000 223,585,000 218,048,000 217,951,000 223,407,000
Other cash •
7,285,303,000 7,230,201,000 7,136,014,000 6,952,157,000 6,861,259,000 6,794.748.000 6,789,683,000 6,775,200,000 5,211,920,000
Total reserves
Redemption fund-F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
1,829,000
2,999,000
3,129,000
3,407,000
3,335,000
4,779,000
4,646.000
6,128,000
6,742,000
4,676,000
32,719,000
4,676.000
32,640,000
4,150,000
5,437.000
5.311.000
5,178,000
a4,890,000
a4,657,000
4,703,000
4.935,000
6,071,000
5.106,000
5,404,000
5,581,000
9,425.000
9,687,000
10,489,000
9,547.000
9.638,000
11.177,000
10,985,000
4,679,000
32,477,000
4,686,000
32.721,000
4,689.000
30,070,000
4,888,000
30,132,000
4,682,000
30,230,000
4,685,000
1'9,550,000
6,082,000
6,149,000
238,923,000 238,970,000 238,939,000 238,954,000 238,962,000 238,946,000 238,978,000 266,561,000 395,578,000
1,635,087,000 1,630,682,000 1,632,121,000 1,636,574,000 1,679,569,000 1,687.969,000 1,692,227,000 1,642,418,000 1,411,707,000
556,162,000 560,567,000 559,128,000 554,681,000 511,681,000 503,281,000 499,068,000 521,231,000 622,886,000
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
2,430,172,000 2,430,219,000 2330.188,000 2.430,209,000 2,430,212,000 2,430,196,000 2.430.273,000 2,430,210,000 2,430,171,000
Total U. S. Government securities
Other securities
Foreign loans on gold
181,000
181,000
181,000
181,000
2,473,876,000 2,474.458,000 2,476,950,000 2,477,384,000 2,475,460,000 2,474,563,000 2.474,823.000 2,475.1322,000 2,453,387,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banksUncollected items
Bank premises
All other assets!
641,000
21,447,000
507,936,000
50,169,000
41,932,000
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
42.492,000
638,000
22,119,000
507,143,000
50,074,000
42,473,000
643,000
20,369,000
619,461,000
50,071,000
43,081,000
639,000
18.077,000
504,445,000
50.017,000
49,127,000
811,000
19,744,000
439,993,000
52,974,000
48,094,000
10,381,304,000 10362,622,000 10,495,514,000 10022,009,000 9,995,212,000 9,891,758,000 9,998,111,000 9,873.127,000 8,228,752,000
Total assets
LI ABIT.ITIES
F. R. notes in actual circulation
F.R. band note.; In actual circulation.
3,511,319,000 3,504,866,000 3.504,558,000 3,498,789,000 3.481,907.000 3.430.168,000 3.426,791,000 3,422,834,000 3,160,777,000
28,664,000
Deposits-Member banks reserve account 5,652,989,000 5,575,016,000 5.534,326.000 5.329,807,000 5,223,616,000 5.235.730,000 5.136,134,000 5,388,277,000 4,005,999,000
53,994.000
98,919,000
27,337,000
92,293,000
60.327,000
90,841,000 112.231.000 224,496,000
U. S. Treasurer-General a000unt-60,279,000
22,919,000
21,848,000
19,108,000
14,826,000
8,952,000
14,687,000
21,451,000
18,581,000
Foreign bank;
25,402,000
Other deposits
270,744,000 269,918,000 284,414,000 298,059,000 291.675,000 240.109,000 225.299,000 167,635,000 154,558,000
6,009,414,000 5.965.701.000 5,895,653,000 5,703,019,000 5.620,819,000 5,809,621,000 5.605,037,000 5.601.830,0004,261,802,000
Total depoolts
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
508,913,000
130,356,000
144,893,000
23,457,000
30,698,000
22,254,000
547,197,000
130,395,000
144,893,000
23,457,000
30,698,000
15,415,000
76.5%
Commitments to make Industrial advances
27,047,000
26,914,000
3
3,749,000
597,000
876,000
247,000
659,000
Maturity Distribution of Bills and
Short-term Securities1-16 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 dayabills bought In open market
16-30 days bids bought In open market
31-60 days bills bought in open market
61-90 days bills bought In open market.-Over 90 days bills bought in open market
Total billa.liought In open market
Total indu.strial advances
475,791,000
130,518,000
144,893,000
23.457,000
30.694,000
14,848,000
549.267,000
130,522,000
144,893,000
23,457,000
30.694.000
13,653.000
508,593,000
130,931,000
144,893,000
23.164,000
30,694,000
13,794,000
623,209,000
131,586,000
144,893,000
23,164,000
30,694,000
12,737,000
501,271,000
134,046,000
144,893,000
23,164.000
30,778,000
14,311,000
438,939,000
146,777,000
138,383,000
845,000
22,291,000
30,274,000
0,381,304,000 10362,622,000 0,495,514,000 10022,009,000 9,995,212,000 9,891,758.000 9,998,111,000 9,873,127,000 8,228,752,000
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
1-90 days Industrial advances
Over 90 days Industrial advances
751,389,000
130,355,000
144,893,000
23,457,000
30.697,000
14,512,000
76.3%
759%
75.6%
75.4%
75.2%
75.2%
75.1%
70.2%
465,000
26,892,000 a 26,840,000
26,538,000
3,218,000
11
7,508,000
340,000
303,000
1,325,000
71,000
$
7,887.000
332,000
1,233,000
129,000
57,000
$
9,698,000
203,000
519.000
702,000
55,000
3
8,577,000
728,000
1,178,000
347,000
155,000
10,489,000
9.547,000
9,638,000
11,177,000
10,985,000
444,000
1,435,000
653.000
2.157,000
280,000
572,000
1.603.000
2.233.000
1,648,000
499,000
1,452,000
1,083,000
2,092,000
221,000
513,000
1,859,000
1,101,000
684,000
486,000
3,811,000
4,686,000
4,689.000
4,688,000
4,682,000
4.685.000
6,082,000
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
25,994.000
1,556,000
1,317.000
505.000
1.645,000
26,207.000
1,264,000
1,282,000
797.000
648,000
25.559,000
37,000
2,000
136,000
46,000
5,928,000
32,721,000
30.070,000
30,132,000
30,230,000
26,859,000
26,748,000
$
4,369,000
85,000
1,329,000
308,000
651,000
$
$
7,617,000
7,224,000
273,000210,000
670,000 . 748,000
849,000
870,000
163,000
388,000
$
8,416,000
380,000
761.000
845,000
87,000
6,128,000
6,742,000
9,425,000
9,587,000
165,000
682,000
521,000
3.308,000
695,000
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
4,676,000
4,676.000
4,679,000
1,698,000
195,000
754,000
794,000
29,278,000
1,804,000
214,000
615,000
898,000
29,109,000
1,764,000
319,000
508,000
712,000
29.174,000
32,719,000
32,640,000
32,477,000
26,791,000
29,550.000
6,149,000
28,925,000
35,560,000
34,445,000
1-15 days U. S. Government securities
27,500,000
31,537,000
30.600,000
27,983,000
30,800,000
27,500,000
22,760.000
28,925,000
35,560,000
16-30 days U. S. Government securities
23.360,000
33.439.000
27,612,000
27,600,000
55,310.000
31-60 days U. S. Government securities
50.860,000
145,880,000 143,660,000 132,223,000
47,360,000
85,370,000
48,985.000
59,320,000
64,287,000 146.360,000 163.310,000 162,180,000 132,923,000
61-90 days U. S. Government securities
56.925,000
53,010,000
2,175,554,000
2,170,638.000
2,165,169,000
U.S.
2
Over 90 days
,148.945,000 2,164,992,000 2.191,878,000 2,236,267,000
Government securities- 2,176.507,000
38,990,900
16,875,000
209,275,000
52,699,000
305,047,000
2,430,172,000 2.430,219,000 2.430.188.0002,430.209.000 2.430,212.000 2,430,196,000 2.430.273,000 2,430.210.000
622,886,000
Total U.S. Government securities
1-15 days other securities
16-30 days other securities
31-80 days other securities
81-90 days other securities
Over 90 days other securities
Total other securities
181,000
181,000
---..
181,000
181,000
181,000
181,000
Federal Reserve NotesIssued to F. It. Sank by F. It. Agent-- 3,312,938,000 3.813.252,000 3,799,535.000 3,792,283,000 3.758.512,0003,738,120.000 3,718,559,000 3,719.110.000 3,443,685,000
Held by :Federal Reserve Bank
301,619,000 308.386,000 294,977,000 293,494,000 276,605,000 297,952,000 291,768,000 296,276,000 282,908,000
In actual circulation
3,511,319,000 3,504,866,000 3.504,558,0003,498,789,000 3.481.907,000 3,430,168.000 3,426,791,000 3,422,834,000 3,160,777,000
Collateral Held by Agent as Security for
NMI Issued to BankGold ctfs. on hand dr due from U.S.Treas. 3,712,018,000 3,698,018.000 3,691,018,000 3,658.018,000 3,620,588,000 3.509,588m0 3,569,768,000 3,553,548,000 3,224,416,000
5,240,000
8,182,000
9,716.000
9,238,000
By eligible paper
7,970,000
8.091.000
4,668,000
9,026,000
8,131,000
U. IL Government securities
138,000,000 147,000,000 139.000,000 180,900,000 173,900.000 162,900,000 169,400,000 187.900.000 277,800.000
Total collateral
3,854,686,000 3,850,258,000 3,837,988,000 3,827,049,000 3.803,514,000 3.770.579,000 3.747,350,000 3.751,164.000 3,511,454,000
•"Other cash" does not Include Federal Reserve notes.
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. 31 1934. these certificates being worth less to the extent of Me difference, the difference itself having been appropriated as proflit b7 the Treasury under the
provisions or the Gold Reserve Act of 1934.
Financial Chronicle
Volume 141
2839
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STAlEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 30 1933
Two O'Mara (00) Omitted
Federal Reserve Bonk of-
Total
-Boeton
New York
Phila, Cleverand Richmond Atlanta
Si. Louts Mtnneop. Kau. City Dams Sam Pram,
Cnkago
- ------RESOURCES
8
8
3
1
S
$
$
1
$
$
$
old certificates on hand and due
from U. S. Treasury
7,026,623,0 449.720,0 2,943.471,0 403,462,0 467,067,0 220,730,0 160,716,0 1,318,684,0 220,406,0 144,815.0 186,504,0 109,688,0 401,360,0
19,727,0 3,288,0
edemptton fund-F. R. notes
1,910,0 1,572,0 1,440.0 1,479,0 2,719,0
997,0
911,0
402.0
946,0
742.0 3,321,0
trier cash_•
53,776,0 30,066,0 14,574.0 11,728,0 9,877,0
233,953,0 31.244.0
30,700,0 12,531,0 10,072,0 14,467,0 7,061,0 12.857.0
s
$
Total reserved
7,285,303,0 484,252,0 2,999,157,0 435,100,0 483,081,0 233,937,0 173,312,0 1,350,381,0 233%848,0 155,289,0 201,917,0 117,491,0 417,538,0
Ills discounted.
See. by U. S. Govt. obligations
2,999,0
194,0
2,163,0
151,0
50,0
97,0
54,0
5,0
133,0
20,0
132,0
direst & (or) fully guaranteed
Other bills discounted
9.0
2,049,0
3,129,0
11,0
43.0
70,0
27.0
55,0
765,0
98,0
Total bills discounted
6,128,0
203,0
4,212,0
151,0
75,0
142,0
61,0
Ills bought In open market_.
adustrIal advances
. S. Government securities.
Bonds
Treasury notes.
Certificates and bills
4,676,0
32,719,0
345,0
2,954,0
1,796,0
7,600,0
474,0
6,895,0
445,0
1,783,0
173,0
4.463,0
168.0
1,073,0
556,0
1,929,0
54,0
75,0
897.0
98,0
160,0
80,0
413,0
63.0
1,806,0
126.0
1,124,0
122,0
1,815,0
328,0
864.0
233,923,0 14,425,0
1,635,087,0 108,478.0
556.162.0 34,773,0
79,866,0 16.348,0 19,069,0 10,209,0 8,241,0
484,432,0 122,288,0 150.660,0 80.653,0 65,101,0
180,019,0 38,484,0 48,295,0 25,854,0 20,868,0
25,623,0 9,420,0 12,958,0 9,514,0 15,815,0 17,435.0
243,634,0 74,923,0 47,538,0 73,703,0 45,935,0 137,742,0
86,432,0 23,857,0 15.074,0 23,627.0 14,725,0 44.154,0
Total V S. Govt. securities_ 2,430,172.0 157,676,0
.ther securities
181,0
744,317,0 177,120,0 218,024,0 116,716,0 94,210,0
355,689,0 108.200,0 75,570,0 106,844,0 76,475,0 199,331.0
181,0
2,473,876.0 161,178.0
757,925,0 184,640.0 220,327,0 121,494,0 95,512,0
358,174,0 108,747,0 77,514,0 109,172,0 78,510,0 200,683,0
641,0
48,0
21,447,0
378,0
507,936,0 56,687,0
50.169,0 3,168.0
41,932.0
509.0
258,0
66,0
61,0
23,0
23.0
5,969,0
938,0 1,359,0 2,868,0 1,200,0
121,017,0 38,112,0 47,923,0 43,595,0 17,805,0
12,077,0 4,754,0 6,632,0 3.028,0 2,331,0
28,955,0 4,964,0 1.807,0 1.137,0 1,570,0
4,0
3.0
77,0
16,0
45,0
17,0
2,571.0 1,308,0 1,104,0 1,459,0
299,0 1,994,0
69,906.0 22,232,0 13,484,0 29.708,0 18,805,0 28,662.0
4,967.0 2,628.0 1.580,0 3,449.0 1.686.0 3,869,0
574,0
271,0
470,0
422.0
373,0
880.0
Total bills and securities
Oups from foreign banks__
ed. Res. notes of other banks
rncollected items
ank premises
II other resources
Total resources
10381304,0 706,220,0 3,925,358,0 668,574,0 761,190,0 406,082,0 291,753,0 1.786,650.0 369,038,0 249,444,0 346,095,0 217,687,0 653,213,0
LIABILITIES
'. R. notes In actual clreuistIOn. 3,511,319,0 302,259,0
756.567,0 256.300,0 332,270,0 178,044,0 149.319,0
811,857,0 150,969,0 106,446,0 133,960,0 67,775,0 265,553,0
',posits:
Member bank reserve account_ 5.652,989.0 314,089.0 2,750.676.0 272.239.0 341.043,0 160.919,0 104,963,0
U. S. Treasurer-Gen. scot
10,690,0 1,692,0 4,560,0 5,751,0 3,195,0
60,279,0 3,362,0
Foreign bank
25.402,0 1.829,0
9,351,0 2514,0 2,413.0
914,0
940.0
Other deposits
270,744,0 3,430.0 149,885.0 66,318,0 1.908,0 2.354,0 3,210,0
838,626,0 170,431.0 110,093,0 168,406.0 109,265,0 312.239,0
12,572,0 4,173,0 2,689,0 2,698,0 2,622,0 6,275.0
2.946,0
762.0
609,0
686,0
660,0 1,778.0
5,687.0 9,343,0 5.373,0 1,566,0 5.935,0 15.735.0
Total deposits
6,009,414,0 322.710,0 2,920,602.0 342.763,0 349,924,0 169,964,0 112,282,0
lieferred availability Items
:spited paid In
urplus (Section 7)lupins (Section 13-b)
Ceserve for contingencies
II other liabilities
Total liabilities
508,913,0 56.966,0
130,356,0 9,435,0
144,893,0 9,902,0
23,457.0 2,874,0
30.698,0 1,648,0
22,254,0
426,0
859,831,0 184,709,0 118,764,0 173,356,0 118,482,0 336,027,0
118,255,0 37,272,0 47,749,0 43,245.0 16,801,0
50,983,0 12,298,0 12,297,0 4,591,0 4,170,0
49,964,0 13,470,0 14.371,0 5,186,0 5,540,0
7,250.0 2,098,0 1,007,0 3,335,0
754,0
7,500,0 2,995,0 3,000,0 1,411.0 2,516,0
14,237.0 1,378.0
371,0
306,0
572,0
72,206,0 23,077,0 14,931,0 28.839.0 20.965,0 28,517,0
11,995,0 3.730,0 3,003,0 3,872,0 3.786,0 10,196,0
21,350,0 4,655.0 3,420,0 3,613,0 3,777.0 9.645,0
1,391,0
547,0 1,003.0 1,142,0 1,252,0
804.0
5,325,0
834,0 1,363,0 2,046,0
891,0 1,169,0
2,605,0
460,0
708,0
479.0
287,0
425.0
10,361,304,0 706,220,0 3,925,358,0 668,574,0 761,190,0 406,082,0 291,753,0 1,786,650,0 369,038,0 249,444.0 346,095,0 217,687,0 653,213,0
Lotto of total res to dep. & F. R
note liabilitien combined
;ontingent liability on bills pur.
chased for for'n correspondents
:ommittments to make Industrial
advances
76.5
77.5
81.6
72.6
70.8
67.2
66.3
80.8
69.7
69.0
65.7
63.1
69.4
27,047,0
3.335,0
9,526,0
803,0
1,829,0
1,827,0
532,0
529,0
2,364,0
141,0
1,303,0
599,0
4.259.1
•"Other Cash' does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Total
Boston
Chia:ion
St. Loofa Vtrineay. San. City Dallas San Frau
Phila. Cleveeand liklantond Atlanta
------ ----- -----------$
$
$
$
$
$
$
S
S
$
$
872,947.0 267,687,0 348.723,0 187,785.0 167,098,0 844,392,0 157,207,0 110,432,0 142,628.0 74.292,0 302.148.0
32,535,0 6,238,0 3,986,0 8,668,0 6,517,0 36,595.0
116,380,0 11.387.0 16,453,0 9,741,0 18,679.0
New York
iederal Reserve notes:
$
$
Issued to F.11.11k.by F.R.Agt_ 3,812,938.0 336,699,0
Held by Fed'i Reserve Bank_ 301.619,0 34,440,0
In actual circulation
3,511,311)0302,259,0
'collateral held by Agent as security for notes issued to tks:
Gold certificates on hand and
due from 13,8, Treasury
3,712,018,0 341,617.0
Eligible paper_
4.668.0
203,0
U. 8. Government securities__ 138.000,0
Total collateral
3,854,686,0 341,820,0
756,567,0 256,300,0 332,270.0 178.044,0 149,319,0
811,857,0 150,969,0 106,446,0 133,960,0 67,775,0 265,553.0
873,706,0 270,000,0 339,440,0 168,000,0 118,685,0
2,760,0
151,0
61,0
75,0
142,0
10.000,0 20.000,0 52.000.0
861,000,0 156.632,0 105,500.0 131,000,0 70,175,0 276,263.0
54,0
98,0
60.0
160,0
895.0
1.000,0 7,000,0 13,000,0 5,000.0 30,000.0
876,466.0 270.151,0 349,515,0 188,142.0 170,746.0
861,000,0 157,686,0 112,569,0 144,895,0 75,273,0 306.423,0
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 91 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves. The comment of the 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.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING
CITIES. BY DISTRICTS. ON OCT. 23 1935
(In Millions of Dollars)
Federal Reserve DistrictLoans and Investments-total
Total
Boston
New York
Phila.
Cleveland Rtelknond
Atlanta
Chicago
St. Louts Millman Kan. CUP
Dallas
San Praia.
18.981
1,147
8,534
1,101
1,258
367
351
2,216
553
378
614
448
2,014
Loans on (families-total
2,918
182
1,732
177
164
52
39
218
61
32
46
41
174
To brokers and dealers:
In New York
Outside New York
To otners
797
151
1,970
5
24
153
778
61
893
13
13
151
5
159
1
51
2
37
27
191
4
57
1
31
1
3
42
1
40
9
165
acceptances and comnri never bought
1 oans on real esstate
Other loans
316
958
3,261
42
87
280
144
240
1,325
22
68
172
3
68
147
6
17
77
3
12
109
27
30
305
9
38
112
9
5
130
25
14
125
1
21
127
25
358
352
U.S. Government direct obligations_
Oblige. fully guar. by U.S. Gott
Other securities
7,533
1.012
2,983
372
20
164
3,414
411
1,268
281
93
288
649
34
193
122
35
58
108
26
54
1,202
110
324
201
42
90
140
17
45
240
48
116
164
50
44
640
126
339
Reserve with Federal Reserve banks
Cash in vault
4.368
313
253
93
2,474
67
186
14
175
21
74
12
37
7
621
46
120
10
61
5
105
12
66
9
196
17
16,431
4,500
498
1,016
307
12
8,665
1.063
217
874
283
27
787
476
32
257
138
6
227
134
16
2.126
563
71
453
170
10
279
124
8
526
155
10
353
121
19
868
966
70
1,956
4,839
124
225
154
2,167
168
284
155
213
106
130
107
119
285
636
126
216
97
108
261
335
153
172
220
234
Net demand depoeits•
Time depoeits
Government deposits
Due from banks
Due to banks
Borrowings fruit' F. R. banks
• includes Government deposits.
Financial Chronicle
2840
aim
ginamilli
or,„tintrog" (gfirrinirle
Nov. 2 1935
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Nov. 1
Figures after decimal point represent one or more 32ds of
a point.
Int.
Rate
William Street. Corner Spruce. New York.
June 151936....
Dec. 15 1939._
Mar. 15 1939...
June 15 1940Sept. 15 1936._
Mar. 15 1940_
June 151939...
Sept. 15 1938_
Dec. 15 1935-
134%
146%
136%
134%
114%
1$6%
234%
234%
29401.
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.
o
1
Daily Record of U. S. Bond Prices Oct.20 Oct. 28 Oct.29 Oct. 30 Oct.31 Nov.
114.3C
114.29
114.25
114.26
114.27
114.25
High
Treasury
how. 114.25 114.23 114.23 114.25 114.25 114.26
Ois 194742
Close 114.25 114.24 114.26 114.25 114.29 114.30
3
7
4
13
14
2
snits...
Total sales in 51.000
Hig0 110.15 110.17 110.19 110.17 110.16 110.20
110.18
110.16
110.17
110.15
110.15
110.15
iLow.
1944-54
4s;
Close 110.15 110.17 110.17 110.17 110.16 110.21
115
1
1
25
1
7
Total sales in 51,000 units..
105.4 105.4 105.5 105.3 105.2
Illiiii 105
104.31 104.31 104.31 105.2 105.2
Low_ 105
434s-334s. 1943-45
105.3 105.2 105.3 105.2
105
Close 105
12
4
65
III
61
_
Total sales in $1.000 units_-1
(High 108.28 108.24 108.26 108.24 108.27 108.29
108.29
108.24
108.24
108.23
108.24
108.28
iLow.
IMO. 1946-66
Close 108.28 108.24 108.26 108.24 108.24 108.29
1
22
1
25
16
2
Total alas in $1,000 units...
_-__ 106.8 106.6 106.11 106.11 106.10
(High
_-_ 106.8 106.6 106.8 106.8 106.10
1.0w_
11944. 1943-47
____ 106.8 106.6 106.8 106.11 106.10
Close
6
3
13
2
16
____
_
Total sales in $1,000
units_(High 102.25 102.23 102.22 102.22 102.23 102.29
102.22
102.21
102.21
102.18
102.21
102.21
11.0w_
3s. 1961-55
Close 102.21 102.21 102.22 102.22 102.21 102.29
117
7
63
29
5
73
Total sales in $1,000 units_ _
High 102.15 102.14 102.13 102.11 102.19 102.24
1..ow_ 102.15 102.10 102.8 102.11' 102.17 102.20
is, 1946-48
Close 102.15 102.10 102.13 102.14 102.19 102.24
180
13
154
53
37
3
_
Total sales in $1,000
____ 107.7 107.11 107.11
High 107.9 107.7
units_107.9
107.11
107.7
____
107.7
107.8
Low.
11945, 1940-43
____ 107.7 107.11 107.10
Close 107.8 107.7
37
1
3
____
50
5
Total sates 11 51,000 antis___
...------High 107.15 107.13 107.10
...---__-.
Low_ 107.15 107.13 107.10
ME 1941-43
Close 107.15 107.13 107.10
25
1
9
Total sales in $1,000 units__
____ 103.15 103.14 103.14 103.17 103.18
(High
-___ 103.12 103.11 103.11 103.14 103.18
f L0w_
$345. 1946-49
_--_ 103.12 103.11 103.14 103.17 103.18
(Close
54
25
48
19
6
____
Total sales In $1,000 units__
(High 103.10 103.11 103.7 103.7 103.12 103.15
Low 103.10 103.4 103.3 103.6 103.10 103.13
314s, 1949-62
Close 103.10 103.4 103.5 103.7 103.12 103.15
59
157
19
277
1
3
_
Total sales In $1,000
High 107.21 107.22 107.21 107.22 107.23 107.26
units_Low_ 107.21 107.22 107.18 107.19 107.22 107.22
1445. 1941
Close 107.21 107.22 107.20 107.19 107.23 107.26
30
77
4
26
I
7
Total sales In 51.000 units_-.
(High 104.25 104.23 104.23 104.24 104.25 104.29
{1ow. 104.22 104.22 104.21 104.22 104.22 104.24
11114s. 1944-46
(Clow 104.23 104.23 104.23 104.22 104.24 104.28
20
106
10
48
31
5
Total sales in $1,000 units_ .
100.2 100.3 100.8
(High 100.2 100.1 100
100.2
99.29 99.29 99.30 100
Low. 100
214s. 1955-60
100.1 100.3 100.8
99.31 100
Close 100.1
'
135
149
228
203
109
55
Total sales in $1,000 units__
High 100.25 100.23 100.23 100.25 100.27 100.29
100.26
100.23
100.21
100.19
100.23
100.25
Low.
234s. 1945-1947
Close 100.25 100.23 100.20 100.21 100.25 100.29
190
429
225
169
100
15
_
rota ,sates in $1.000
1111g0 102.20 102.22 102.19 102.18 102.18 102.21
Federal Farm Mortgage units.Low 102.20 102.18 102.18 102.18 102.18 102.21
11341, 1944-64
Close 102.20 102.22 102.19 102.16 102.18 102.21
10
2
5
15
6
3
Total sales($ 11000 units.
101
High 101.1 101.1 10031 100.31 101
Visderal Farm Mortgage
100.30
100.29
100.30
100.28
Low 101.1 101.1
3.. 1944-49
Close 101.1 101.1 100.28 100.30 100.29 101
9
9
47
I
14
5
_
TOM sales Si $1.000
(High 101.11 101.9 101.10 101.8 101.11 101.12
Federal Farm Mortgage units_Law_ 101.11 101.9 101.10 101.8 101.8 101.10
3s 1942-47
Close 101.11 101.9 101.10 101.8 101.11 101.12
27
26
1
20
10
4
Total sales In $umo msg..
Federal Farts Monastic, Illit(High100.4
____ 100.5
____ 100.4
Low 100.4 100.2
294s. 1942-47
_-_- 100.6
__ _. 100.4
Close 100.4 100.2
____
26
1
___.
1
5
Total salesin 51.000 mtgs.__
High 100.28 100.28 100.24 100.25 100.28 100.31
Home Owners' Loan
Low 100.25 100.25 100.23 100.24 100.24 100.26
31. series A. 1944 52
(Close 100.28 100.25 100.23 100.24 100.26 100.3!
114
35
119
5
36
33
Total sea,. .n 5,,000 units.
99.26 99.25 99.24 99.24 99.26 99.28
(High
Loan
0..aers'
Home
99.24 99.23 99.21 99.22 99.23 99.24
•Sis. series B. 1939-49 t Low
(Close 99.24 99.24 99.23 99.23 99.24 99.28
178
201
198
131
156
33
Total sates in 81 (00 undo
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
99.31 to 99.31
3 Treas.2%8,1955-60
United States Treasury Bills-Friday, Nov. 1
Rates quoted are for discount at purchase.
Nov. 8 1935. -___
Nov. 13 1935
Nov 29 035
Noe.27 1935
Dec. 4 1935
Dec. 11 1935
Dee. 18 1935
Dec. 24 1935
Dec. 31 1935
Jan. 8 1938
Jan. 15 1936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
Feb. 26 1036
Mar. 4 1936
Mar. 11 1936
Bid
0.15%
0.15%
0.15%
0.20%
0.20%
0 20%
0.20%
0 20%
0.201
0 20'
0.20'
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Bid
Asked
Mar 18 1936
Mar. 25 1936
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
Apr. 22 1936
Apr. 29 1936
May 8 1936
May 13 1936 .___
May 20 MI6
May 27 1936
June 3 1936
June 10 1936
June 17 1936
June 24 1936
July 1 1936
July 8 1936
July 15)936
July 22 1936
Jilly 90 1020
0.20%
0 201
0.20%
0.20%
020%
0.20%
0.20%
0 20%
0.20%
0.20%
0.20%
0 20%
0.20%
0.20%
0.25%
026;
0.25%
025%
0.25%
005v,_
Asked
---..
-___.
Bid
100.22
100.9
100.24
100.19
101.8
101.1
102.25
104.10
100.18
Asked
Maturity
1111.
Rate
Feb. 1 1938Deo, 15 1936-Apr. 15 1936-June 151938.....
Feb. 15 1937_
Apr. 15 1937...
Mar. 15 1938...
Aug. 1 1936...
Sept. 15 j937__
254%
254%
216%
234%
3%
3%
3%
334%
3%
ow -4
Maturity
8,1:22;94888
PUBLISHED WEEKLY
WILLIAM B. DANA COMPANY, Publishers,
Asked
Bfd
104.16
102.31
101.13
105.7
103.20
104
105.11
102.13
105.8
104,18
103,1
101.15
105.9
103.22
104.2
105.13
102.15
105.10
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY
Week Ended
Nov.1 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
State,
Railroad
Stocks,
Number of and Miseell. Municipal di
Poen Bonds
Bonds
Shares
$4,708,000
7,475,000
7,366,000
7,101,000
6,855,000
9,405,000
$636,000
1,069,000
1,416,000
1,202,000
897,000
1,132,000
11 mw 610 542.910000
36.352.000
1,182,530
2,112,310
1.708,400
2,146,900
1,814,240
2,038,230
Sales at
New York Sloth
Exchange
Stocks-No. of shares_
Bonds
Government
State and foreign
Railroad & industrial
Total
Week Ended Nov. 1
1935
1934
Total
Bond
Sales
United
States
Bonds
$162,000
801,000
1,167,000
1,121,000
1,304,000
1,287,000
35,506,000
9,345,000
9,949,000
9,424,000
9,056,000
11,824,000
2584200n IAA Ins non
Jan. 1 to Nov. 1
1935
1934
2,673,750
280,624,750
280,569,371
$5,842,000 $24,324,000
8,372,000
6,352,000
42,910,000 28,468,000
$635,515,000
317,069,000
1,782,292,000
$787,301,700
519,349,000
1,922,681,000
11,002,610
$55,104,000 $61,164,000 32,734,876,000 33,229.331,700
Special Committee Appointed by American Institute of
Accountants to Study Social Security and Public
Utility Acts-Will AlsoAct in Advisory Capacity
In view of the problems presented by the Social Security
and Public Utility Acts of 1935 to corporations and others
served by the public accounting profession, the American
Institute of Accounts has appointed special committees to
study each of these Acts and accounting questions which
may arise in their administration, it was announced by the
Institute in New York, Oct. 30. The announcement said:
The special committee on the Social Security Act is composed of:
Fred 5. Duncombe, Chairman, Chicago; Alexander H. Beard, New York,
and John K. Mathieson, Philadelphia.
It is the purpose of this committee to make a careful study of the Social
Security Act and any regulations which may be issued under its provisions
and possibly, on the basis of that study, to make recommendations. Mr.
Mathieson and the Secretary of the Institute have conferred with a representative of the Social Security Board at Washington and tendered to
the Board the co-operation of the Institute's Committee.
The members of the special committee on the Public Utility Act of 1935
are as follows:
J M Bowlby, Chairman, Chicago; Paul Grady, New York, and E. C.
Christensen, New York.
This conunittee will hold itself in readiness to Co-operate with the Securities and Exchange Commission in any matters on which advice might
be sought. The Secretary of the Institute has called on members of the
Commission and has advised them of the existence of the special committee
and its readiness to be of service. Since that time the committee has been
asked for an opinion on preliminary drafts of initial administrative provisions.
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
I Companies reported In receivership.
a Deferred delivery.
n New stock.
r Cash sale.
z Ex-dividend.
V Ex-rights
u Adjusted for 25% stook dividend paid Oct. 1 1934.
"Listed July 12 1934: par value 109. replaced fl par, share for share.
24 Par value 550 lire listed Juno 27 1934; replaced 500 lire par value.
22 Listed Aug. 24 1933; replaced no par stock share for share.
"Listed May 24 1934; low adjoined to give effect to 3 new shares exchanged to,
1 old no par share.
"Adjusted tor 66 2-3% stock dlyteend payable Nov. 30.
"Adjusted for 100% stock dividend paid April 30 1934.
"Adjusted for 100% stock dividend paid Dec. 31 1934.
"Par value 400 lire: listed Sept. 20 1934; replaced 500 lire par value.
•1 Listed April 4 1934; replaced no par stook share for share.
42 Adjusted for 25% stock dividend paid June 1 1934.
42 Listed under this name Aug. 9 1934; replacing no par stock. Former name.
American Beet Sugar Co
44 From low through drat classification, loan 75% of current.
"From last classification and above, loan of 55% of current.
4s Listed April 4 1931; replaced no par stock share for share.
4/ Listed Sept. 13 1934; replaced no par stock share for share.
u Listed June 1 1934. repanwd Seemly-Vacuum Corp. 325 stock share for share.
The National Bectuities Exchanges on which low prices since July I 1933 were
made (designated by superior figures In tables) are as follows
u Pittsburgh Stock
"Cincinnati Stock
I New York Stock
w Richmond Stook
"Cleveland Stock
New York Curb
St Louis Stook
24
Stock
Springs
"Colorado
New York Produce
"Salt Lake City Stock
New York Real Estate ,5 Denver Stock
"San Francisco Stock
Detroit Stock
Baltimore Stock
"San Francisco Curb
17 Los Angeles Stock
Boston Stock
22 Sao Francisco minim
Is Los Angeles Curb
Buffalo Stock
Seattle Stook
"
Paul
MInneapolis-fit.
1$
Stock
Calitornia
"Spokane Stock
Stock
Orleans
"NOW
Chicago Stock
2, Washington (D. Ca
Chicago Board of Trade 25 Philadelphia Stock
I Chicago Curb
2841
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
Oct. 26
Monday
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Nov. 1
$ per share $ per share $ per share 8 per share $ per share $ per share
*48
50 *48
50
*48
50
48
48
*48
50
*48
50
_ *11312 115 *11312 115 *11312 11478 *11312 11434 *11312 11434
*69
*11312--*70
72
7112 71
6812 70
71
70
70
70
71
838 834
84 858
814 834
838 853
818 858
834 88
*93
96% *9418 95
*9418 9638 *9418 9638 *9418 9638 *9418 9653
*3353 3334
*3412 3478 *3414 3412 3358 3414 3353 34
*3312 34
1612 1612 1614 1678 1612 1714 17
1714 17
1738 1718 1712
1712 1858 1758 1814 1712 1734 *1612 1738 17
17
1712 1734
738 738
718 714
7
7
714
7
718
7
7
718
16212 16212 16212 16334 164 165
164 164
164 164
164 16412
112 112
1
1
118 138
138 112
112 178
138 112
*71
__ *71
_ _ *71
_ *71
- _ *71.
-- *71
14 1414 1418 1414 14 1418 1378 1414 1378 14
1378 1418
*218 214 •218 214
218 218
2% 218 *Vs 214 'Da 214
138 112
138 112
138 138
138 112
138 138
138 138
818 514
5
5
5
514
518 *5
*412 5
412 412
*4
434 *4
478 *4
453
438 *4
4
4
48 *4
*338 5
*4
5
*334 5
334 334 *353 5
*334 5
*1334 14
14
1418 1334 1378 *1212 1334 *1234 1334 *1234 1334
2834 2878 2834 2918 2834 29
28
2734 28
28
29
2834
*16912 170
16334 16512
165 16612 16514 166
16712 168
16812 170
'12738 129 *12738 129 *12738 129 *12738 129
129 129 *127 128
714 718
713 738
714 738
714 738
714 74
714 714
73
7312 7234 7234 7214 7214 *7138 7278 7214 7214 7271( 7314
3512 3778 3578 3718 3534 3812 3412 36
3434 3534 3578 3634
1612 1738 1714 1734
17
*1634 1778 1634 1634 1634 1634 17
3
3
278 3
278 278
278 278
3
318
234 234
'3012 31
29
30
31
*2912 31
30
2912 2912 30
33
7212 7338 71
71
72
74
7412 75
76
7514 74
7538
1
5378 5378 54
54
5414 5538 54
5412 54
543
5312 54
3714 3738 38
35
3634 3514 3712 36
3678 3578 3714 36
6412 6438 6412 6412 *6212 6514 65
64
65
651 *6212 65
3534 37
37
37
*34
36
36
36 "35
358 3538 36
12612 12612 12634 127
127 12714 *127 128 *127 128 *127 128
14612 14634 143 14678 143 14412 14278 14334 142 14314 142 143'8
*15814 160 *15814 160 *15818 160
160 160's 160 160 *15814 162
2212 2318 2234 2378 23
2314 2214 2384 23
231
2314 241
.5112 5434 53
55
5314 5334 53
53
54
5312 5312 5753
2212 2412 2414 27
26
2514 2512 2534
2612 2512 2513 25
•10712 110
110 110 a108 108 *108 110 *110 112 *110 112
93 93
93
93
93 93
9134 913
9178 917
9134 913
•30
35 *30
35
*30
35
*30
*30
35
35
35 *30
*514 558
512 51
514 558
*5
5
5
534
*478 514
3058 31*2 3018 3138 2978 3012 30
3318 3538
3138 3058 33
1338 1378 14
15
1412 1518 1334 1438 14
1414 1334 14
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
No account Is taken on such
Rases &au Jan. 1
Os Basis of 100-share Lots
Lowest
Highest
hag 1
1933 to Bases for
Sept-30 Year 1934
1935
High
Low Low
$ petal $ pal glare
35
43
30
89
111
89
21
44
-6
-117
;
65
704 z85
16
3478
1412
634 1188
6
318
738
814
474
474
358
9134 113
8018
Ds
384
34
$ per share
Par 3 per share
Shares
No par 32 Apr 3 50 Sept 27
10 Abraham & Straus
100 110 Jan 10 116 Oct 23
Preferred
26 51 June 25 73 Oct 21
600 Acme Steel Co
938 Aug 17
414 Mar 15
No par
15,500 Adams Express
100 8434 Jan 2 95 Oct 25
Preferred
No par 28 June 6 3,534 Oct 22
1,000 Adams Mill!,
8 Jau 12 I 712 Nov 1
10
7,600 Address Multtgr Corn
412 Mar 18 1838 Oct 26
No par
4,200 Advance Rumeli
838 Feb 11
6125ept 20
3,500 Affiliated Products Ino-No par
No par 10438 Mar 18 165 Oct 30
2,100 Air Reduction Inc
17s Jan 7
34 Apr 3
9,200 Mr Way Elea Appliance 37o par
Alabama & Vicksburg RR Co 100 75 Sept 26 74 Sept 26
__
-1-6153 237,
10 1314 Oct 17 32018 Jan 9 1818
7;900 Alaska Juneau Gold Min
234
112
312 Jan 8
772
112June 24
No par
200 A P W Paper Co
218 Aug 17
114
514
34 Mar 30
No par
34
5,100 2Alleghany core
48, 16%
211 Mar 21
100
238
812 Aug 15
Pref A with $30 war,
1,100
2
4
2 Mar 27
100
1458
714 Aug 15
Pre! A with 340 warr
100
134
7 Aug 15
37s 142*
134 Mar 28
100
Prof A without warr
100
658
818 Apr 2 1038 Aug 19
23.5% prior cony pref __No par
500
1314
15
231,
No par 21 Jan 12 3012June 19
4,900 Allegheny Steel Co
7,100 Awed chemical & Dye...No par 125 Mar 18 173 Sept 18 10712 11518 16014
12218 130
100 123 Apr 20 139 Oct 31 117
100 Preferred
318
318 Mar 13
312
734 Oct 16
814
No par
42,100 Allied Stores Corp
254 6312
49
100 z49 June 17 7514 Oct 21
1,200
5% Uref
1034 2384
1038
No par 12 Mar 13 3758 Oct 28
35,000 AIM-Chalmers Mfg
114 20
111r
2,700 alpha Portland Cement__ No par 14 Mar 13 2014 Jan 6
vs
724
218
418 Aug 30
215 Mar 14
1
1,900 Amalgam Leather Co
45 i
25
2114
50 26 June 25 33 Apr 22
1,400
7% preferred
39
553,
27
Ma Jan 11 76 Oct 30
No pa
10,900 Amerada Corp
2514 as
20
4112June 1 573.4 Feb In
3,200 Amer Agrie MOM (Del) No pa
111s 2541
1118
10 134 Jan 12 38 Nov 1
16,600 American Bank Note
40
50181
344
6512
Oct
17
43
Jan
11
50
Preferred
130
psi fig
194
2,600 Am Brake Shoe & Fdy-No par 21 Mar 29 8818 Aug 12
133
96
100 119 Jan 8 12812 Aug 27 88
Preferred
210
9014 11484
26 110 Jan 16 14958 Oct 22 80
8,000 American Can
12614 16218
100 15184 Jan 4 168 May 3 120
Preferred
300
2538July
Mar
13
10
31
10
par
12
3378
No
Car
&
Frly
18,100 American
564
32
2518
.100 254 Mar 13 57% Nov 1
Preferred
9,300
4
412 1214
8 Jan 30 27 Oct 28
No pat
7,400 American Chain
19
40
14
100 38 Jan 11 110 Oct 28
7% preferred
400
434
68 Feb 8 96 June 8
No pa
4614 7054
700 American Chicle
20
22
354
Am Coal of NJ (Allegheny Co)25 30 Mar 26 3414 Aug 2
318
2
A Oct 22
238 Mar 14
612
It
500 Amer ColortYPe Co
2084
2084 624
47,400 Am Compel Aloohol Corp-__2( 2218Mar 18 3538 Nov 1
618 Feb 5 1734June 11 *1518
614 134
it
12,200 American Crystal Sugar
el, 7274
32
r% 2nd pref
10( 5784 Jan 2 135 Sept 12
70 -ii
79114 16
i164 -6612 tioia if iti ii •tii ii
100 72 Aug I 8612Sept 17 72-300 6% lot pro!
14 Da
114
3 Jan 1
34May 24
112 134
1
6
114 138 21,000 Amer Encaustic TIling-No yap
138 112
158 134
158 134
*74 5
*74 8
*7
234
878 Aug 17
244 Apr 2
8
4
10
8
200 Amer European See'4...--No pal
*712 814
8
818 818
37, 1314
658 718
634 7
914 Aug 17
612 7
2
No pat 2 Mar 13
638 7
638 714
634 678 19,000 Amer & For'n Power
3212 3213 3234 3311 3134 3212 33
1184
No pat 14 Mar 16 42 Aug 12
1134 30
Preferred
3312 3378 3334 3334 5,100
35
1214 1214 1234 1333 1212 1318 13
Ms 1718
378
Vs Mar 14 17 Aug 19
No par
1218 1278 4,000
1312 1253 13
2nd Preferred
2714 2714 27
28
11
25
1014
12 Mar 30 3814 Aug 12
2612 2612 27
No pen
2618 2638 2,100
26
27
28
$0 preferred
13
13
*1314 1312 •13
814
8 Apr 18 1518 Oct 5
1014 2253
1318 1312 1,200 Amer Hawaiian S 8 Co __JO
13
1338 1338 1338 13
378 4
4 Oct 22
378 4
378 4
3 Oct 15
358 378 11,700 Amer Hide .4, Leather new___ _1
334 334
334 378
*32
321
3234 3278 33
28 Oct 14 3312 Oct 14
50
3314 32
3278 3112 3158 3134 3212 3,500
6% cony pre now
3538 3678 36
3678 3614 3631 353a 3618 3518 3614 3512 36
1 3 294 Apr 12 3714 Aug 12 -2484 1581 -3638
7,500 Amer HOMO Products
3
314
278 3
278 3
3
10
214
212 278 *212 234
478 Jan 17
178 Oct 16
No par
212 212 7,900 American Ice
19
1912 1914 1914 1712 18
2684 6514
18
100 144 Oct 17 3784 Feb 16
1734 1734 1,500
1718 1718 *1718 18
6% non-cum prof
834 878
93, 912 14,400 Amer Internal Corp
858 9
84 878
Os 11
412
978 Aug 22
912
No par
9
858 94
412 Mar 18
---- ---____ ____ ____ --_- ---- ---- ---- _____ $ AM L Franee & Foamitepref100
134 Mar 13
$14 10
114
6 Jan 18
13
1834 185 1878 1814 1812 18
1838 1838 1918 12,700 American Locomotive
1812 18
9 Mar 13 2034 Jan 9
/Vo par
1414 UPI
9
5712 5812 59
6014 5914 5912 58
5914 5712 5912 60
63
3514 7484
32
100 32 Mar 19 63 Nov 1
8,600
Preferred_ .
2734 2838 28
2812 28
28
28
2838 2758 2838 28
2814 3,300 Amer Mach & Fary Co___No par 1812 Mar 13 2938 Oct 15
12
124 2318
93 10
934 10
984 934
34 2014
3
968 953 2,200 Amer Mach & Metale__--No par
9'2 984
984 984
414 Apr 4 104 Oct 4
*912 10
*9'2 10
914 912 *938 10
*912 10
414 10
411 Apr 4 10% Oct 5
Voting true* etre
No par
200
*912 10
3
2638 2638 2614 2634 26
2638 2614 2614 2612 27
131k
Mar 15 2834 Oct 7
No par
127s 274
1274
27
11,200 Amer Metal Co Ltd
28
__ *122 -123 123 *1254 ___ 126 126 *12634 130
63
91
63
6% CODV preferred
100 72 Jan 2 126 Oct 31
300
122•28 -30 •28
2934
-- •28
*28
2911 •2734 294
*28 -30
30
2034
Amer News, N Y Corp_ No par s24 Jan 3 3018May 7
31
3414
734 8
774 818
734 8
778 838
8
84
3
112
912 Aug 17
112 Mar 13
8
838 50.600 Amer Power & Light____No par
134
437k
4312 4414 43
4312
44
4314 451.. 4412 4538 x4434 4512 21,100
Ms Mar 13 4912 Aug 12
No par
101s
1184 MN
26 preferred
3714 3778 37
38
374 3734 3714 3938 3834 3938 x3834 3938 19,100
94 2614
818
838 Mar 13 4112 Aug 12
No par
$5 preferred
1778 1814 1734 18% 1734 18
1734 1818 1734 1814 62,800 Am Rad & Stand 01111.7 No par 1012 Mar 13 1834 Aug 15
1738 18
10
984
1711
'154____ •154 158 *154 158
158 158 *154 158 •154 158
Preferred.
100 13412Mar 1 159 Sept 28 10712 1114 13778
60
2878 291g 2814 2914 2814 29
2838 2812 2878 37.100 American Rolling Mill
2778 2878 28
1318 3814
1218
25 1534 Mar 18 2914 Oct 25
*9234 94
92
93
92
92
*91
92 •90 92 •90
92
100 American Safety Reser ...No par 66 Mar 14 9534July 25
se
ea%
3388
1334 1334 1334 1334 1358 1334 1334 1414 1414 1538 1558 1634 18,900 American Seating v t a___No pa
78,
2
214
418 Mar 12 1634 Nov 1
2112 2112 2112 22
2112 22
22
2238 2212 221
2212 2212
15
630 Amer Shipbuilding Co_No par 20 Mar 14 2614 Jan 7
174 30
564 5738 5612 5958 5734 5978 58
5938 5878 5978 59
6034 43.300 Amer Smelting & Refg-No pat 8158 Apr 3 6034Nov 1
2814
304
514
142 14212 14212 143
*141% 142
14212 14212 14134 1421 *14134 14234
700
100
Preferred
100 121 Feb 4 144 May 8
125
71
112 112 *11112 1121 *11112 11212 11212 1121 112 112
*111 112
1,100
2nd preferred 6% cum
57
100 103 Feb 14 11714 Aug 6
714 10918
72
72
*72
724 72
7214 72
7214 72
721
7112 714 2,400 American Snuff
48114 71
43
25 63 Jan 16 76 June 26
*13618 140 *13618 140 *137 140 •137 140 •137 1393 •137 13934
Preferred
106 1274
106
100 125 Feb 20 143 July 1
1912 1958 1834 1958 1834 1913 1918 1978 -1958 2014 1978 2038 20.100 Amer Steel Foundrleg----No pat
12 Mar 14 2038Nov 1
1014
104 2653
10014 101
103 103
*10014 103
10212 10212 10312 10312 104 105
100
Preferred
52
6974 93
100 88 Feb 4 106 July 27
3814 3614 3612 3653 3812 361
364 3638 3614 361
3611 36% 1,500 American Stores
2 334
4
No
3212
par
AM'
43
'
Jan
9
37
544
5334 56
5412 56
5334 54
5318 54
5318 8338 5378 54
6,000 Amer Sugar Refining
72
46
454
100 5058 Oct 18 7018 Feb 16
13612 137 *136 140 *1364 140
136 136
140 1401 139 139
1,400
Preferred_
1034 1294
14012May 6 102
1264
Jan
100
3
2578 257
2534 26
26
26
2558 2558 2514 2514 2614 2658 2,900 Am Sumatra Tobacco___No par 1812 Jan 29 27 Aug 22
11
13
8
4
34
144 1447 142 14538 14212 144
144 145
14434 145
144 146
15,700 Alter Telco & Teleg
9874 1004 1254
100 9878 Mar 18 146 Oct 25
10014 10034 10014 101
10112 10134 10112 1011 101 101
101 10112 3.100 American Tobacco
6318
3
10234Sept
30
724
Apr
25
654
854
10312 10334 103 1031 10214 103'l 10214 10234 10212 104
103 10412 7.300
Common class B
89
67
.25 7434 Mar 21 10512Sept 28
647s
•135 138 *136 138 *13712 139 *13612 139 *137 139
139 139
100
Preferred
100 1291s Jan 18 14038July 31 105
1074 1304
412 412 *412 5
412 412 *412 5
412 412
800 /AM Type Founders
4,2 412
5
13
24 Mar 18
No par
24
684 Jan 18
24
24
234 2312 23
24
24
25
25
23
24
25
310
Preferred
9 Mar 15 2614 Oct 1
100
714 2834
7
1834 1934 1834 1914 19
1834 181a 19
1733 1778 18
1938 116,500 Am Water Wks & Elee-No pat
71g
1258 275s
718 Mar 13 1934 Oct 30
9034
91
90
•90
91
903
4
*8812
*91
91
*8812 95
9134
500
1st preferred
No par 28 Mar 19 91 Oct 31
64
80
48
912 934
914 953
914 91
958 934
938 912
914 912 3,400 A03011011/I Woolen
No par
47s Mar 13 1038 Sept 27
478
7
1718
61
6312 6134 631.; 6134 6238 62
preferred
6218 7.800
6034 62
62
621
.100 354 Mar 18 6414 Oct 22
3512
36
8384
78
78
*34
78
78
*34
*34
711
*78 1
78
7
300 :Am Writing Paper
1
58 Mar 29
184 Jan 18
1
41,
5
8
438 43
"438 6
412 458 *412 434
414 414 1.000
412 438
24 174
Preferred
No par
24
214Mar 15
612 Jan 18
414 414
438 41
414 414
358 378 3,500 Amer Zino Lead & Smell...1003 Mar 13
4
414
.438 438
3
538May 23
3
3
4
9
*4412 47
4212 4414 40
*4412 473 *4412 47
*4412 50
40
300
Preferred
25 31 Mar 20 49 Aug 21
3618 804
31
2114 2158 2078 2111 2078 2134 2138 22 99,900 Anaconda Calmer MInIng-.60
21
21'4 2078 217
8 Mar 13 234 Oct 7
8
10
1734
29
29
2912 2912 *2838 29
2634 2714 2778 29
2858 30
3.100 Anaconda Wire & Cable_No par 1618 Apr 1 30 Oct 30
914 1858
758
155, 1534 1553 1534 1534 157e 1534 16
1634 1684 1534 17
2,100 Anchor Can
_No par 10788ept 25 1788 ran 4
1078
1318 2434
104 104
10038 10033 '10038 104 *101 104 *101 104
•10038 104
20
58.50 cony preferred_No par 9612 Oct 2 109 A or 28
84
106
80
*8
914 •814 9
91
*8
*8
91
*814 914 .914 914
Andes Copper Mining
31
318 Mar 21 1014 Oct 8
10
41a 1018
48
4912 4,000 Archer Daniels Midi'd-No par 36 Jan 16 52 Aug 1
4914 498 4914 4934 4812 4918 4838 49
4914 497
me 394
214
___ *11838 ___ •119
_
--- •119
--- ___ -_
*11858 ___ •11858
7% preferred
100 117 Aug 22 12214July 19 106
117
10
•105 10518 105 165 *11858105 105
10518 105
1051s •10414
12 10512 10512
400 Armour & Co (Del) pref -100 97 Apr 3 108 Aug 15
264 10332
64
42
458 41
438 438
438 478
438 434 27,300 Armour of Illinois new
45
434 478
a
314 Apr 3
618 Jan 3
314
34
685
6518 6412 65
6514 6512 65
6534 66
66
65
6512 2,700
66
$6 0021, pre
No pax 6518May 1 703s Jan 10
4814
4614 7114
Preferred__
•100 10134 *100 10134 *100 10112 *100 101 *100 10012 *100 10012
100 85 Jan 2 1064 Feb 4
64
86
3114
4012 40
4134 14,300 Armstrong Cork Co--No par 2538 July 19 4134Nov 1 * 13
3978 4012 40
4012 3912 4038 3938 4014 40
--For footnotes see page 2840
New York Stock Record-Continued-Page 2
2842
MGM AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Oct. 26
Monday
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Noy. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
per share Shares
8 per share $ per share
718
714
5
718 7%
718 758 3,700 Arnold Constable Corp
rIref
oom
errCeio
drp
No par
914 __ A00 Art
9% 918 *84 94 318
100
*90 -- *90
-- *90
1514 1512 1512 1618 2,900 Associated Dry Goods
I
1512 15%
100
108 108 *10712 10854 10712 10712 -210 6% lit preferred
7% 2d preferred
100
*8812 8934 *8812 92
*8812 92
25
10 Associated 011
3734 3734 "37
3812
3812 "37
48
49
48
493,2 4814 4914 20,800 Atch Topeka & Santa Fe__110
Preferred
100
1,600
86
85
*85
8512 8538 87
100
14,400 Atlantic Coast Line RR
2434 25% 2438 2514 2514 26
512 512
190 At G & W I BB Line/I....No par
512 512
*512 578
4,7% 914 *712 914 *712 914
Preferred
100
25
2214 2234 2238 2234 2212 2318 12,700 Atlantic Refining
No Par
45% 4612 4,600 Atlas Powder
45
45
4514 45
Preferred
100
140
112 112 •112 11234 11278 113
600 Atlas Tack Corp
No par
8%
812 812 •8
878 *8
No par
4134 25,900 Auburn Automobile
4114 4234 4114 4318 37
N par
7% 712
712 7% *714 7% 1,500 Austin Nichols
Prior A
No pa
42
*40
42
*38
4112 *40
Aviation Corp of Del (The)-__15
3
314 312
New.
3% 328
3% 312
314 338
Ps 312 6,600
314 3%
3
3
318
3
314
3
318 34,500 Baldwin Loco Works.--No Par
314
234 318
3
318
Preferred
100
2738 25% 27
24
26% 2814 2434 2718 2412 2578 13,600
26,4 28
/00
15% 1538 1512 15% 1478 15% 14% 15
14% 15% 1434 1514 19.400 Baltimore & Ohio
Preferred
100
3,300
19
19
1914 1912 1 ,14 1912 1812 1914 1812 1914
1812 19
Bamberger
(L)
&
Co
pref.-100
70
110
*10834
"10834
110
110
110
110
110
•10834
60
4412 4412 4438 4438 44,
400 Bangor & Aroostook
*4412 45
45
*44
45
4 44
,
2 45
Preferred
100
30
115 115
*11314 114 •11314 114 *113,4 114 *11314 114
114 114
No par
700 Barker Brothers
834 834 *812 9
812 84
8% 888 *9% 9
834 9
614% cony preferred--4-100
80
•7382 76
*73
7612 *7312 78
74
74
74
"75
78
74
6
978 10% 1018 10,4 1018 10% 24,600 Barnsclall Corp
1014 1012 1018 1012 10
10%
No par
49% 49% 49% 49% 50
5118 50
5312 4,200 Bayuk Cigars Inc
5112 51
5038 50
1st preferred
100
10
110 110 "110 11378 *11012 11378 •11012 11378 *11012 11372 *11012 11372
25
1,100 Beatrice Creamery
16
18
16
1614
"16% 1612 16,4 1812 16,4 1614 16
16
Preferred
100
•___- 104 •__- 104 *---- 104
10072 104 •10078 104 *10078 104
Beech Creek RR Co
50
*3312 3814 *3312 3614 *33% 364 *3312 384 *3312 3614 *3312 36,4
9212 93,4 92% 93
92
9334 2,500 Beech-Nut Packing 00--------0
9312 9312 9234 93
0134 92
1312 1354 1312 1334 1314 13,2 1338 1334 1314 13% 134 13% 4,300 Belding Hemingway Co.-No per
100 Belgian Nat Rys Part Peel
4 8018 8018 80,8 *79
*7034 8014 *79,
,
4 8212 *7934 8212 *79% 8212
IS
2238 31,800 Sandie Aviation
2212 22
2232 2112 22
22% 22% 22
2138 22% 22
No Par
2,600 Beneficial Indus Loan
1918 1834 18% 18% 1878 1834 1878 1834 19
1834 19
19
No par
56% 5512 5638 5512 5534 5434 55
5612 5612 56
5414 5414 1,900 Beet & Co
39% 3934 3812 3', 3812 40
3838 39% 38% 40% 3934 40% 77,400 Bethlehem Steel(Jorp-No par
7% preferred rves Inc.. No 100
5,400
10618 10734 10714 1075g 107% 10812 10712 109% 109 110
107 107
par
*24
2538 *2312 2412 2234 23
2414 1,100
2234 2312 2312 2312 24
par
1334 13% 13% 14
13% 14
1314 1338 13,4 13,
4 13% 1378 6,700 Blaw-Knox Co
NO
N
Bloomingdale Brothers
2112 *1834 21,2 "2034 2112 *2034 2118 *2034 21% •2034 2118
*21
Preferred
100
•111 11112 *111 11112 •111 11112 *11134 11112 11112 11112 *111 11112
20
100
82
170 Blumenthal & Co pref
80
8014 *804 83
*80
80
8012 80
80 .7012 84
5
14% 1434 1338 1412 13
1434 1478 14% 15
1334 1314 1312 36,600 Boeing Airplane Co
49
6
7,400 Botin Aluminum & Br
50
5014 4934 5°
4914 47% 4812 4712 4778 46% 48
No par
290 Bon Am, claw A
9612 96
964 9612 96
95%
9612 *9518 9512 954 9512 95
No par
42
42
400
42
43
42
*4014 41% 4178 4178 4178 4178 42
CngB Co
B (The)
15
2538 2512 25
15,300 Borden
2514 2514 2512 2514 25% 2534 26
2512 25
Borg-Warner
Corp
10
13,900
6234 6314 82
62
6314 8012 6114 60
,
4
5912 60% 5934 60
100
*5
612 *54 612 *54 612 *513 612 *518 612
100 Boston & Maine
8
6
*78
178 *114
2
218 *112 2
300 :Botany Cons Mills clue A...50
*138 2
134
•13s
178
No par
15
20,200 Bridgeport Brass Co
1588 14% 1514
1518 15
1434 15
1438 1514 1434 15
5478 5538 53% 55
5234 53% 5214 53% 52,
4 5412 53% 5412 26,900 Briggs Manufacturing-No Pot
No par
54
54
55
5434 53
53
5212 53% 5314 53% 53% 5412 3,800 Briggs & Stratton
0
4112 4134 41
4134 41
41
414 4114 41
4114 4114 4112 2,100 Bristol-Myers Co
212 2,8
2,4 214
214 2,4
2% 272 7,900 Brooklyn & Queens Tr-No par
2% 212
214 2%
"2238 2312 *2214 2312 2212 2212 22% 2273 23% 2312 2414 2534 3,700 Preferrtd
No par
42
42% 42
4212 42
No par
42h 42
4288 42
4232 4234 4454 12,600 Bklyn Mash Transit
9712 98,2 1,300
9812 9812 *9712 9878 9812 9812 98
$6 preferred series A-No par
98% 98
98
1,900 Brooklyn Union Gas
58
58
No Par
58
5914 5914 58% 5812 5714 5812 5714 58
58
I
No inn
*60
61 • 8014 6014 60
6034 59,2 5912 60
608 1.100 Brown Shoe Co
60
60
Preferred
100
"12188 12178.
'121% 12178 *12188 12178 *12138 ----------------------75
2,600 Brune-BaIke-CoUender-No par
84 812
812 812
7
738 8
8
10
678 5,200 Bucyrus-Erie Co
618 6%
6% 65*
614 614
6
619
814
Preferred
6
10,400
1234 12
12
1218 12
123
, 1134 12
1214 13% 1353 14
7% preferred
100
90
89
85
•85
90
•85
90
*85
85
89
88
Ms 89
Mfg
Budd
(E
0)
No
par
63 69
2711
0
6
;
58
67
9
14
67
73*
714 712
714 74
74 714
7
100
6512 6712 68
6953 6812 691 *66
6912 *6712
R7%ighptereferred
14,700
%
1
al
78
78
1
%
1
78
1
%
78
95 10
No par
93
934 10
934
95* 95* 28,800 Budd Wheel
914 912
953 984
No par
934 10
978 978
10
10
1,300 Bulova Watch
10
10
934 10
10
10
No Par
2132 5,800 Bullard Co
1934 2012 1912 1984 1953 2114 21
2053 2034 2012 207
No par
103 Burns Bros class A
114
"1
112 *1
114 *1
114 *1
112 *1
114
1,4
Class 13
No par
570
*12
%
"2
88
*12
34
12
12
kl
52
'2
NI
7%
preferred
100
330
712
7
•7
8
*714
738 8
7
8
712 812
71
2512 2618 255, 2613 *25
2588 2514 2534 29,000 Burroughs Add Mach-No par
253* 2572 2514 257
Bu
ns
eb
.
b T
nteurtm
e
No par
*112 2
*14 2
"188 2
100:
138 158
*112 2
.1%
134
100
*434 612 *438 612 •458 612 .438 612 *458 612 *434 612
100
510 Bush Term !Hsu pref ctts
14
1314 14
13
1534
14
14
13
15
1434 1534 *14
5
21g
2
214
21
2%
24 214 1,700 Butte Copper & Zlno
214
218
*212
214 211
34
5,
No par
800 B
84
34
tB
ye
ure
ttec
riock
(ACo
w
34
34
*33
34
34
34
34
"3
No par
4,300
18
1753 1814 1782 1734 1714 1818 1714 1784
1852 1712 18
30
57
*5212 57
Preferred
100
57
57
*52
57
*54
*53
58
.53
57
3538 35
No par
355* 3,700 California Packing
3512 3512 35
3518 3412 33
3412 3478 35
800 Callahan Zino-Lead
h
1
.12
12
12
*12
h
h
h
h
h
h
h
53
9,300 Calumet & Heals Cons Cop-25
553 55,
512 55
538 5%
588 534
55*
58 5%
2634 2712 2712 2818 277 2914 291g 3238 21,600 Campbell W & 0Fdy.-No par
28
277 2818 27
1434 55,000 Canada Dry Ginger Ale
1112 1134 1112 1253 12
a
13
12.8 1318 13
1334 14
20 Canada Southern
100
56
.353
56
5612 •5314 57
*5312 56
*5314 ---918 26,100 Canadian Pacific
26
9
94 953
914 912
914 938
94 914
9% 914
39
39
*3812 39
*38
39
*39% 3934 *39l 3934 3934 3978
No par
600 Cannon Mills
1214
1238 124 1238 12
1212 1234
•12
1
124 1234 12% 1278 1,800 Capital Adminis al A
Preferred A
_ 170
46% 4512 46
4412 46
45
45
4634
46 .46
10
4634 *46
Carolina Climb & Ohio Ry-.100
*35 -.- •86
*85 ____
90
"05
____ *85
iio Stud
92
•90
*92
9212 92
92
92
92
"90 -9292
92
100
100
9778 looN 991s 10434 101 103 99 1038, 100 10134 10138 10514 28.700 Case (J I) Co
Preferred certificates
270
123 123
123 123
123 1241* 124 12414 *124 125
*123 125
100
5712 5612 5712 5512 56
57
5734 57
5512 5612 558 5614 7,400 Caterpillar Tractor • No par
29
33,000 Celaneee Corp of Ant____No par
30
2914 30
281 297
283 293
2 1 30
2 3 21
-------------------412 478
_ ---- ----- ----_
No par
__ ---- 1,100 Klelotex Corp
_ ---ii,.. _____ ____ ____ __._ ____ ____ ____ ____ ____ ____
Certificate,
No par
Preferred
100
100
25
2514 iLE8 "if- -iii8 -27" "iiTs "2-6-5i "Hii "2-61; "iiiig "214 4,500 Central Aguirre Asso
No par
•49
100 Central RR of New Jersey....100
*49
51
51
53
53
53 .49
*49
*49
51
51
84 878
838
1.818 812 *8
No par
9
918 "888 9
.834 878 2,101/ Century Ribbon P41112
Preferred
*100 10212 *100 10212 *100 10212 *100 10212 *102 10212 *102 10212
100
2 38,900 Cerro de Pasco Copper...No pa
5818 5914 .5738 5914 5812 80,4 5534 5978 59% 6084 6014 61,
634 712 6,300 Certain-Teed Products-No pa
672 732
678 7'8
634
778
678 74
852 634
7% preferred
1,340
6512 6612 8512 66
66
68
66% 67
66
100
6318 6518 64
*4312 71
100 Checker Cab
"7
8
•7
*7
8
*7
8
5
7
712
7
4512 *4538 46
314412 4478 45
4512 45% 4478 4538 *4434 4512 1,500 ChesapeakeCorp
No par
Co
445 444 448 45
8,000 Chesapeake & Ohio
4412 45
4514 44% 45
454 4514 45
25
1
1
•1
300 :Chic & Eaat III Ry Oo
•114
112
112 *1
112
100
1
1
"112 2
6% preferred
1% 1% *1h 2,2 •114
100
112
112 *114
100
1,2 •114
74
1
1
1
1,000 Chicago Great Western
1
1
1
1
1
1
100
*1
112
Preferred
234 234 *23
234 234
2% 2%
900
27,
100
25, 23, *254 3
Whie Ind & Louise' pref--100
*114 2,2 *114 212 *114 212 •114 2,2
•114 234 *114 2
3214 32,
2 3134 3214 32
3312 3312 3214 33
6
3214 3212 2,600 Chicago Mall Order CO
32
1
112 '1
14
118
900 :Chic 8,11182 St P & Pae-No Par
1
1
•14
114
1%
1
14
1,
4
134
134
Preferred
188 138 3,100
134
134
1713
100
134
138
178
13/1
2,8
218 214
218 218
2
218
218 218 4,000 Chicago & North Western-_100
24
24 218
512 512 *512 578
700
5
Preferred
100
5
,
2
5
5'2
518 518 *5
512
1012 1034
11
1114 1034 11
1012 1073 1012 1012 1034 1112 5,400 Chlcago Pneumat Tool-No par
Cony preferred
2 4312 4414 4234 43,2 43
43% 4312 438 43,
No par
4553 2,100
4312 44
18
14
114
14
114
114 *114
14
14
114 1,500 :Chicago Rock lot & Pacific__100
14 14
100
212 212
212 212
2
,
4 2
7% preferred
700
,
4
2% 2%
214 214 *238 234
238 2h *2
100
100
238 *2
6% preferred
232 *2
*24 234
214 *213 232
4.912 1334 *12
No par
10e Chicago Yellow Cab
1334 1234 1234 *8
1212
1212 91
1212 •11
$ per share $ per share $ per share
714 738
738 728
7/
1
4 7%
9
918 *818 9
*818 9
"90 -- *90 -- - *90 -16% 1534 16
16% 16% 16
10834 10834 *10712 108
*10834 109
*8812 92
"8812 92
*8812 92
*3012 3912 *3012 3912 •3012 3812
49
50% 4834 4934
5014 49
86
8434 8434 86
*3434 86
2434 2514 2484 2588 2412 2578
6
*5
512
512 512 "5
912
914 *7
*634
914 *7
23% 22% 2314
2314 23% 23
45% 4578
4434 4512 4588 46
•11014 1114 *1104 11112 112 112
8% 8%
834 854
834 834
4312 4412 4212 4312 41% 4234
712
712
712 712 *74 712
44
*38
42
*38
44
*38
6341634
For footnotes see page 2840
Nov. 2 1935
Rano' Since Jan. 1
Of Basta of 100-share Lott
Lowest
$ per share
4 Mar 6
354 Mar 15
70 Apr 25
712 Mar 13
80% Apr 3
48 Mar 12
2954 Feb 21
3554 Mar 28
66% Mar 28
1913 Apr 3
3 Mar 6
6 Mar 5
20% Oct 3
3254 Apr 3
106% Jan 2
4 Mar 13
15 Mar 18
512May 6
3512May 7
3 Mar 13
284 July10
113 Feb 26
712 Apr 3
712 Mar 13
9/
1
4 Mar 13
10054 Feb 21
361s Mar 12
10614 Mar 18
314 Feb 25
82 June 21
574 Mar 6
3714 Mar 14
107114 Jan 11
14 Oct 10
100% Jan
3314Sept 24
72 Feb 2
1114 Mar 18
79 Sept 19
11% Mar 13
1514 Mar 18
34 Jan 30
2153 Mar 18
55% Mar 18
14% Mar 19
obs Mar 14
1653Juno 19
10314 Jan 22
2814 Mar 13
6% Mar 18
395 July10
90 Jan 31
38% Oct 3
21 Mar 29
2814 Jan 15
8% Mar 27
%June 6
8% Apr 30
24% Feb 7
23% Jan 17
3054May 25
1% Apr 18
wsmay 2
3614 Mar 16
90 Jan 4
43 Mar 18
53 Mar 11
12113July 24
3/
1
4July 5
4% Mar 14
8/
1
4 Mar 15
62/
1
4 Mar 22
3/
1
4 Mar 15
23 Mar 14
14 Sept 11
212 Mar 21
3%May 18
8% Mar 13
14July 9
14 Mar 20
3 Mar 16
1314 Mar 14
1 Apr 8
514 Apr 3
10 Mar 28
114 Mar 12
%June 3
1153 Afar 14
32 Mar 14
3014 Aug 1
14July 8
212 Mar 13
74 Mar 13
8%Sept 27
00 Apr 9
853 Oct 2
80 June 1
454 Mar 21
32% Feb 25
8214 Feb 27
85 Mar 20
45/
1
4 Mar 18
8312 Apr 11
3613 Jan 16
1913 Apr 20
11
/
4 Apr 3
114 Mar 8
111
/
4 Mar 20
2214 Feb 13
34 Mar 18
613July 31
9614 Mar 14
8853 Jan 15
354 Mar 13
23 Mar 12
41
/
4 Mar 27
86 Mar 12
37% Mar 12
1 Apr 26
%June 3
54 Feb 28
1% Feb 28
1 Mar 30
1984June 7
Mar 29
54 Mar 29
Mauna 29
3/
1
4July 1
454 Mar 14
20 Mar 13
34July 9
15a Mar 30
11
/
4July 22
914July 19
!MOM
lily 1
1933 Co Based for
Sept.30 Year 1934
1935
MO
Low Los,
Per Mar*
Per oh $ per share
2%
812 Oct 15
4
312
978 Oct 21
1014
74 Sept 25
63% 70'8
6384
7%
17/
1
4 Oct 15
7% 1814
44
109 Sept 18
46
90
36
90% Oct 16
6474
36
26
4014 Aug 7
29/
1
4 404
3554
57%July 29
44514 7334
91 June 26
7012 90
5314
3714 Jan 4
2412 5414
19%
713 Aug 31
6
16
1013 Aug 17
8
712 24
28 May 16
2114
2115 1514
4712Sept 17
18
3514 50%
110 Sept 19
76
83
107
9 Oct 23
4
5% 16/
1
4
4512 Oct 21
15
161
/
4 6746
14 Jan 2
4
Mt
Olt
27%
63 Jan 2
3114 05
3
554 Jan 3
8% 10%
414 Aug 23
28
112
4l
61/4 Jan 9
16
2814 Oct 30
712
1
4
1514 64/
13 Sept 11
712
12/
1
4 3412
23 Sept 11
918
3734
15
86
110 Sept 13
8614 10274
4914 Aug 9
2914
3512 464
964 115
110 May 8
91%
214
10 Oct 18
612
214
7713 Oct 18
14
/
4
151
/
4 381
1055may 16
5%
5% 10
23
5313 Nov 1
45/
1
4
23
115 May 16
80
1091
/
4
59
8/
1
4
19 Mar 1
/
4
10/
1
4 191
55
10814June 18
100
55
3314Sept 24
27
31
36
95 Sept 12
64 .68 76%
7
1453Sept 11
8% 1514
79
11714Mar 7
3684 127
2413 Oct 21
954
954 3374
1954July 5 I 12
13% 1914
21
56% Oct 28
26
40
2153
411:Sept 19
2614 4914
4438
110 Nov 1
54% 82
1454
27538881 30
19% 40
1412 Oct 10
6
1614
16
17
23/
1
4 Aug 16
20
65
88
112 June 19
109
28
28
83 Oct 1
5614
61
/
4
1688 Oct 5
654 1114
3354
59% Jan 8
6412 08%
100 July 18
68
76
94
47%July 17
40
18
2858July 23
1R11;
1112
8514 Oct 22
1614 8143
8 Sept 7
354
5% )914
75
3
2/
1
4 Oct 26
812
1553Sept 25
55/
1
4 Oct 26
Ti"
81
/
4
101
/
4
55 Oct 26
14
2712
25
41h 06t 26
26
3712
1/
1
4
312 Jan 8
3/
1
4
8/
1
4
14
8174 Jan 3
311
/
4 881a
25/
1
4
46% Aug 10
2814 44%
6914
100 Aug 8
82% 97
71% Aug 13
43
46
80%
Aug
2
41
63%
40
61
13514 April 117
11814 12514
3/
1
4
4
10%
9% Oct 24
3/
1
4
813May 23
3%
9%
15 May 23
6
47
9112July 16
50
76
3
758 Oct 15
3
7%
8982 Oct 28
16
10
44
/
1
4
1 Oct 15
2
10 Oct 21
213
11 Sept 12
2%
612
23/
1
4 Oct 1
574 1514
244 Jan 25
1%
6
132 Feb 7
1
814
8
9% Jan 23
4
1514
2618 Oct 29
10%
1014 Nig%
31
/
4 Jan 21
/
1
4
ki
374
2
10% Jan 22
2/
1
4
912
4%
614 21
2212 Jan 21
2% Apr 26
1%
1%
314
154 Jan 3
lig
454
111
/
4
1354 8254
2053 Jan 7
32
60% Aug 21
40
6774
42% Feb 18
16
' 18% 44%
14
1%
1% Jan 3
2::
1334 Oct 8
254
6%
6
3253 Nov 1
6
1574
853
1214 29%
16% Jan 7
cps 584
44
5614 Oct 5
9%
1214 Aug 9
UN 1814
2214
4014 Oot 15
2815 8814
414
1313 Sept 7
554 1014
26
4673 Oct 8
2614 39
86
60
88 Aug 29
74
9214
95 July 18
70
70
85
8654
30
1051
/
4 Nov 1
5674 99
125 Oct 23
56%
23
3854
15
58 Oct 22
174 44%
35% Jan 7
17%
Ds
574
64 Oat 1
lla
74
1
4
4/
1
4May 21
6% 22%
212
3914 Sept 27
18% 32%
29 May 8
18%
92
84
68
62/
1
4 Aug 17
614 12%
Si,
12% Jan 16
82
110%
75
10912 Jan 2
30% 64%
2354
63% Apr 25
2%
314
7114
712 Oct 25
171
/
4 35
10%
68 Oct 28
4/
1
4 1512
4%
754 Oct 11
48%
2913
34
4744 Aug 15
1
4
37%
39/
1
4 48/
47145ept 11
11
/
4
7
214 Jan 12
l's
8
254 Jan 8
114
512
214 Jan 7
3/
1
4 111
/
4
414 Jan 4
11
/
4
7
254 Sept 12
3412Sept 9 IP 8%
854 19
14
2
812
3 Jan 3
34
312 1314
4% Jan 4
11
/
4
3% 15
5% Jan 7
3/
1
4
554 28
1053 Jan 8
3/
1
4
12 Scut IA
354
974
1414
4712Sept 18
1414 28%
/14
I%
614
253 Jan 9
11
/
4
233
9%
413 Jan 9
114
4 Jan 10
2
8
912
9% 316
12% Oct 29
...
new York Stock Record-Continued-Page 3
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 26
Monday
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Nov. 1
Sales
for
the
1Veelt
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Par
28
28
2734 2734 2712 2712 2612 2738 27
27
*27
10
800 Chickasha Colton 011
2712
514 832
No par
55, 1,900 Childs CG
514 512
538 518
5
54 514
514
518
23
2312 23
23
23
2312 2312 2312 23
2334 2414 2414
25
240 Chile Copper Co
8434 8614 8334 86
8738 8814 8618 88
8418 87
8478 8634 196,300 Chu7sler Corp
5
1434 1434 1414 1412 1414 1414 1418 1418 1418 1418 1414 1412 1,200 City Ice & Fuel
No par
77
78
78
7734 79
77
100
7612 7612 76
Preferred
76
77
280
78
*37
. *37 - __
37
37
*37
_
*37
_
100
*37
_ _
80 City Investing Co
5 .-5
478 -5
6
4% -478
44 478
2,600 uny Stores new
44 -4-7;
434 -43;
2118 21% 1934 2114 1912 2018 20% 2012 2078 2134 2138 2312 16,600 Clark Equipment
No par
*40
_ _ _ *40 . - *40
_ *40 . *7512
_ *7512 _
100
___
C C D dr St LOUL3 pref
43
4-i *4212 li
*4312 -44
42 -42-1-2 4234 li
425 4-2-3-4 1,300 Cleve Graphite Bronze Co(The) 1
*8514 ---- *8514 ---- *854 -- -- 85
87
85
50
*85
87
87
40 Cleveland & Pittaburgh
*43
*43
. *43
_
*43
. *43
Spec'l grt 4% betterment stk 50
___
*22 1312 *2112 I312 *22
2312 *43-*2178 2312 *2112 -ii *214 -23
Cluett Peabody & Co__-No par
*116 11878 115 116
115 115 *114 115 *114 115 *114 115
100
40
Preferred
276 27612 273 275 *265 275
270 270 *270 276
No par
276 276
900 Coca-Cola Co (The)
5714 5712 *5612 5714 *5612 57
*5678 57
5614 5612 '5614 57
No par
Class A
600
_ *540
__ *540
•540_ *545
.*533
_ '533
__ _ . Coca Cola Internal Corp_No par
1814 -1-8-12 1778 -1-8-14 18 1838 1778 18-18
1818 li
1888 1814 17,000 Colgate-Palmolive-Peet- No par
10534 10534 *105 10512 *105 10512 1054 10534
105% 106 *10534 106
100
6% preferred
600
40
4012 39
4014 3814 3934 3814 4012 3914 4014 39% 4012 22,600 OollIns & !Altman
No par
107 107
107 107
107 107 *105 107 *105 107
100
Preferred
200
107 107
*8
87
*8
878 *8
834 *8
878 *8
No par
878
420 Colonial Beacon 011
834 84
338 378
234 338
234 234
212 212
312 35
314
312 12,100 :Colorado Fuel & Iron
No par
1334 1334 1334 1334 15
184 2012 20
20
Preferred
100
2134 1912 2178 3,020
*16
18
*16
18
*16
18
*16
18 .16
100
18
Colorado & Southern
*16
18
15
15
15
1514 144 1512 1414 1512 1434 1434 *14
100
41% lst preferred
470
1534
•1012 1212 *1012 1212 *1012 1212 *1012 1212 *1012 1212 *1012 1213
100
6% 2d preferred
9512 9512 94
9534 9314 947
9312 94
9312 9512 96
98
4,600 Columbian Carbon v t ct --No par
6312 644 6112 633
61
6112 6118 6214 6078 6118 *6212 6312 4,100 Columb Pict Corp v I 21.--/Vo par
145 1514 1588 1534 154 155
1412 148 1412 1514
1512 1534 164,900 Columbia Gas & Eaeo----No par
90
90
897 90
8958 8958 89
884 8812 89
89
Preferred eerie. A
100
8912 1,400
•76
. 7618 7618 *77
100
*77
5% preferred
10
*77
___
5012 114 *7649 48%
5114 49
4978
-4912 49 -504 495, -5038 26,700 Commercial Credit
10
25
7% 1*3 preferred
50
Preferred B
25
__
-011018 112
-i iio iii aiioT4 n183 Ho filiz *iii338 iiii2 1161± 11612 "Loa&
534% preferred
6284 6314 6114 62
No par
61
6214 20,400 Oomm Inveet Trust
6018 61
61
61
6112 60
*11114 11234
1123, 112% •11114 11258 *11184 1125, 113 113 11278 1127
Cony preferred __ _ _ __ __No par
300
*101 10112 10034 1018 100'l 101
99 10034 9914 9912 9912 9984 4,300
34.25 cony pf ser of 1935 No par
1818 1812 1818 1838 1734 1818 1712 1734 1712 1814 1734 1858 45.100 Commercial Solvents____No par
218 214
218
214
2
No par
24 238
214
24 238
24 214 144,900 Commonwith & Sou
6412 66
No par
66
6412 65
6834 8934 71
674 6958 67
56 preferred serlea
6814 5,900
*814 912 *834 94 *834 914 *814 94 *834 918 *834 918
par:
Ine
No
Conde Nast Pub.,
4034 4112 4038 4112 4014 401
Ne par
4014 4012 3934 40
397 4012 5,600 Congoleum-Nairn Inc
1414 1414 1414 1412 147 15
No par
*1414 15
*1414 15
*1414 15
600 Congrefts Cigar
29
31
3012 315, 2912 32
27
3118 2634 2734 234 2612 3,510 Connecticut Ry & Lighting..-100
.46
47
48
100
47
4712 454 4714 4478 4558 3914 4318 1,240
47
Preferred
8
814 814
834
No par
8
814
814 94
834 934
812 812 6,600 Consolidated Cigar
*6734 69
*6758 69
100
*6734 70
*6734 70
6734 673
Preferred
67
60
6712
*7218 75
*7218 75
*7218 75
72
7218 70
100
70
69
69
Prior preferred
70
*7288 110
*724 110
*7218 110
*6818 110 '684 110
*684 110
Prior pref ex-warrants---.100
3
5
5
514
514 5,
514 512
1
54
514 514
514
514 3,100 Oonsol FIlm Indus
19
1918 1858 188 1812 1878 1838 1878 1834 1878 1812 183
No par
Preferred
4,200
2914 3014 289 2958 2914 3014 2938 2978 2912 2378 64,100 Oonsolidated Galt Co
2958 30
No par
10012 10012 9934 10014 9914 9934 9934 100
10014 10034 10034 101
No par
3,000
Preferred
37
37
334 334
35
334
No par
334 334
1,600 Congo! Laundries Corp
34 35,
312 35
914
9
918
8
834 918
878 9
834 9
No par
94 914 62,000 Coneol 011 Corp
*11178 . _
11212 11212 *1114 - - "11134 - -- •11078 - - *11134 11312
100
100
8% preferred
312 1
*312 -4
379 4
*37** -378
*312 114 *313 414 1,200 Consol RR of Cuba pref
100
84
5,
78
1
34
78
78
34
78
No par
78
78 4,900 Consolidated Textile
78
1612 1734 16
1538 1534 153, 17
1712 1634 1712 1634 17
20
24,800 Container Corp class A
68 612
614 718
634 714
No par
67
7
712 37,500
7
73,
74
Class B
77
84 812
814
84 818
778 8
8
778 818
8
2.400 Continental Bak class A No par
*1
1
1
118
14
112
118
Dr
1
118
14 118 3,800
No par
Claaa B
6414 64
63
6418 64
*62
6212 6212 63
64
100
*63
6434 1,200
Preferred
9512 9318 9414 934 94
9434 9534 94
93
934 93
20
944 10,700 Continental Can Inc
1712 1712 17
174 17
1612 1658 164 1718 4,300 Cont'l Diamond Fibre
5
1612 17
1714
4134 42
41
42
413 4134 4112 4178 4178 4178 4178 4178 2,500 Continental Insurance
2.50
112
158
134
134 2
112
112
134
14
134 2
1
134 56,500 Continental Motors
2378 24
2338 244 2318 2334 2318 237
2338 2414 2378 2414 58,800 Continental 011 of Del
6
*57% 573
57
5612 57
5612 57
5712 57
5612 5712 57
1,450 Corn Exchange Bank Trust Co 20
673
6518 6718
6812 6712 6858 66
25
6834 674 6758 6758 6912 27,200 Corn Products Refining
*15412 157 *15412 157 *15412 157
100
156 156 *155 157 *155 157
Preferred
100
512 534
512 558 32,200 00ty Inc
538 534
No par
578 614
578 64
538 578
378 3734 3734 3734 3734 37-78 3734 377
3734 377
3734 3734 2,900 Cream of Wheat one
No par
No par
157
1638 1634 1612 1634 157 1638 15
1538 164 1614 1634 11,900 Croaky Radio Corp
4114 41
4012 4114 40
4214 4114 4134 4012 4118 42
No par
434 11,100 Clown Cork & Seal
*4512 457
46
46
457 46
*4534 4718
*4534 47
04534 47
No par
900
$2.70 preferred
*914 96
941s 944 *938 957
9458 9438 *88
•94
96
96
70 Crown W'mette Pap lst ptNo par
512 512
512 55,
558 534 6,100 Crown Zellerback vi 4.--No par
512 558
538 512
54 512
25
2512 244 2534 2412 2558 25
*2534 26
26
2534 26
3,200 Crucibte Steel of Amerloa___100
*8412 8512 8514 8514
*82
8512 *8212 844 *8278 8412 8412 85
100
Preferred
600
118
112 *110
1
114
118 '1
114
No par
900 Cuba Co (The)
114
14
114 *1
77
77
77
*8
•13
9
8
8
88
*778 8
50 Cuba RR 6% pref
100
7%
618 634
5% 614
614 634
612 612
614 612
614 658 12,600 Cuban-American Bugs,
10
6212 6634 6618 67
58
61
*63
67 '6314 6612 6412 6412
100
650
Preferred
411 4178 4112 4112
*4114 42
4114 4114 *41
41
4114 41
50
900 Cudahy Packing
1618 1634 174 1778 17
1712 1718 1712 1778 1834 1812 1884 8,600 Curtis Pub Co (The)
No par
9512 9512 9612 9712 100
9514 955, 96
9638 97
9612 97
3,800
Preferred
No par
234 278
234
278
234 27
234
234 27
28
234
27 15,400 Curtiss-WrIght
1
3
73
77
734 77
7
8
734 8
8
734 77
773
16,400
Class A
1
*91
90
90
*92
95
95
*91
92
92
*91
95
95
20 Cushman's Sons 7% pref ---100
*70
75
*61
"61
75
*70
75
75
*70
*70
75
75
No par
8% preferred
393 4014 3934 4018 3914 3912 3812 3938 3812 3812 3814 3814
1,700 Cutler-Hammer 1no
No par
8
8
84 812
812
*734 8
8
8
*712 814
600 Davega Stores Corp812
5
4934 50% 4938 5178 5118 5314 5258 5478 5412 5512 5412 564 21,400 Deere & Co
No par
28
28
28
28
28
28
2734 275
28
28
2712 28
2,400
20
Preferred
35
3518 3412 3512 34
3318 3458 334 3414 34
35
3458 4,400 Delaware & Hudson
100
1412 1518 1412 1438 1438 1438 1412 147
1514
1514 15
15
7,200 Delaware Lack & Welltern...-150
*218 3
214 214 .212 27
*212 234
*214
23
238 238
200 Deny &Rio Or West prof
100
112 113
11014 11514 11434 1154 115 11612 11812 11812 1,900 Detroit Edlson
•110 114
100
*278 314 *278 4
*278 4
*278 43
"278 4
'278 4
Detroit & Mackinac Ey Co_100
*54 7
*514 7
*514 7
*514 11
*514 7
*514 7
6% non-cum preferred-- -100
40
40
40
4014 40
3914 3914 40
*4014 4078 40
40
800 Devoe & RaynOlde A_--N-o par
*1164 12012 *11634 120 *11634 12012 *11634 12012 *11634 12012 *11634 1204
.., _
1st preferred
100
3712 3712 *374 38
374 384 38
3814 38
*3712 38
38
1,500 Diamond Match
No par
381 3814 *38% 39
*384 39
3878 38% *38,2 39
3834 3834
700
Pa:11013341n¢ preferred
25
gg
3734 378
38
383 39
3912 3712 3814 3712 38
387
11,700 Dome Mines Ltd
No par
838 833
884 8%
812 858 3,800 Dominion Stores 1.111
84 838
858 804
814 834
No par
3258 33
3212 324 33
32
3384 32
3258 33
3234 3314 22,300 Douglas AIrcraft Co Inc -No par
2612 2612 2612 2612 2512 2512 2512 2512 1,300 Dresser(SR) Mfg cony A No par
26
24% 25% 26
1312 *13
13% •I3
1338 135 1338 •13
*13
1358 *13
1312
Convertible class B
No par
700
18 311 *14 12 014 12
12
*4
12
100 Duluth S S & Atlantic
*14
*14
12
100
*313
"32
52
*,2
54
*38
58
52
"4
52
100
*38
52
Preferred
47
6
54 6
512
6'3 7
634
434 434
*458 42
9,100 Dunhill International
1
•1612 1712 •1658 1733 17
*1614 1714
17
17
17
*1614 17%
No par
200 Duplan Silk
*114 11412 11412 11412 *114 11412 *114 11412 11412 11412 *114 • 116
Preferred
100
20
1354 136
136 13612 1345, 13634 13414 1354 13334 13512 134 135
8,300 DuPont deNemours(E.1.)&00.20
131 131 *131 13134 13179 131% 1314 1317
132 132
131 131
6% non-voting deb
100
1,600
11112 11214 *11214 1147o *11214 11478
*11012 11134 11112 11112 111 111
190 Duquesne Light let pref.--100
*15 . -- •15
_ •15 - _ _ ... Durham 'foolery Mills pref-100
•1514 _ __ *15 _
•1514
014 .-612
.
612 -617
612 -6.58 _6% -1f78
634 -7
678 -7
_5
3.200 Eastern Rolling Mills
166 166
16612 16083 3,100 Eastman Kodak (N J)--No par
163% 164% 164 16514 165 166
163 163
160 160 *155 160 *158 160
160 160 *155 160
•155 160
6% cum preferred
100
60
3018 3038 2934 3018 2938 2934 2858 297 22858 2914 2812 287
No par
8,700 Eaton Mfg Co
678 678
64 6%
7
838 2,300 Eitingon Sohild
612 612 *1338 678
612 612
No par
3614 37
375 3814 374 3818 364 3718 3558 3678 3512 37
6
39,800 Elec Auto-Llte (The)
100
1125, 113
Preferred
100
•112 11314 *112 11314 *11212 11314 *11212 113 *11238 113
90 10
912 10
9q
912
3
20,300 Electric Boat
914 912
9'2 93,
978 10
614 614 4,600 Elea & Mus Ind Am shares
618 64
618 614
64 614
64 614
612 612
53
538 6
53
680
514
541
558
514 588
534 6
47,300 Electric Power & Light --No par
No par
264 2734 2678 2712 2634 2838 2814 2912 2812 29 .2812 2914 32,300
57 preferred
244 254 2558 2618 2511 2512 251 4 251. 11,300
No pa.
2438 254 2418 25
Se preferred _
For footnotes see page 2840'
2843
Rasa Slam Jas. 1
Os Basis of 100-share Lola
Lowest
$ per share
25 Sept 17
312Mar 15
9 Feb 23
31 Mar 12
12 Oct 8
6934Sept 10
35 Oct 7
34 Apr 30
1214May 15
87 Sept 20
2758Ju1y 3
80 Mar 26
48 June 25
20 July 27
110 Aug 19
16178 Jan 2
538 Apr 20
450 Sept 5
1518June 1
101 Jan 3
9 Mar 13
69% Mar 13
Ps Jan 10
18 Mar 13
5 Mar 14
1034 Feb 28
7 Feb26
658 Mar 9
67 Jan 15
341 Jan 16
338 Mar 13
3512 Mar 13
31 Mar 15
394 Jan 2
29 Jan 5
524 Jan 7
2912 Jan 3
110 Oct 23
5814 Feb 7
111 Mar 13
977 July 29
1612 Oct 3
34 Mar 6
2918 Jan 4
57 Mar 18
27 Mar 15
9 Feb 7
2314 Nov 1
394 Nov 1
7 Mar 14
62 Mar 28
69 Nov 1
7212 Oct 23
312May 31
1414May 31
1578 Feb 20
7218 Feb 23
112 Mar 12
64 Mar 13
10812 Feb 5
211 Jan 25
38 Aug 10
834June 5
278June 10
412 Mar 13
58 Apr 1
6614 Jan 28
6234 Jan 15
7 Jan 15
28% Mar 13
04 Jan 2
1518 Mar 14
4114 Mar 11
60 Oct 2
14814 Oct 8
418 Mar 13
3578 Jan 15
1134Sept 24
231:Mar 14
4318 Jan 4
7413 Mar 13
312 Mar 18
14 Mar 15
4718 Apr 12
1 Jan 28
5 Jan 5
518July 22
4012 Jan 3
z3914 Oct 3
15 Mar 15
894 Mar 14
2 Mar 12
614 Mar 15
73 Mar 23
61 June 8
16 Mar 13
6 June 7
2214 Mar 18
19 Jan 15
2318 Mar 26
11 Mar 13
11 Feb 27
55 May 13
2 Aug 12
54 Oct 2
35% Aug 28
11412Mar 8
2618 Jan 2
3412 Jan 7
3418 Jan 15
6%May 29
1718 Mar 12
1312 Mar 15
6% Mar 18
14June 13
14June 21
2 June 6
1234May 21
103 Mar 20
8658 Mar 18
126% Feb 8
104 Feb 18
1712May 16
334 Mar 13
11013 Jan 16
141 Jan 4
1658 Jan 16
314 Mar 27
1938June 1
107 Jan 23
333 Mar 15
55gSept 21
118 Mar 15
3 Mar 13
212 Mar 13
Hlohtst
July 1
1933 lo Rases for
Sept.30 Year 1936
1935
Low boo
11lel
$ per share 3Perth
30 Aug 19
15
712 Ja13 7
318
9
2514Sept 13
2614
883 Oct 25
14
2434May 20
635,
100 May 3
37 Oct 29
3714
314
54 Oct 26
612
2312Noy 1
71
89 Aug 23
45 Oct 16
278
80
87 Oct 31
31
48 June 25
20
2818 Jan 7
128 May 20
90
278 Oct 25
85
4518
5712 Oct 26
450 Sept 5 200
9
1914Sept 13
66
1064 Oct 22
4034 Oct 25
9
10712 Oct 23
6934
818 Nov 1
5
512 Jan 21
4
5
2818 Jan 21
22 Sept 11
1084
17348ept 11
7
1414Sept 10
63,
98 Oct 23
45
1718
81 July 8
31g
1534 Oct 30
3518
90 Oct 23
7618 Oct 29
31
58 Oct 18
114
22
3212May 14
32
5934May 13
33 Jan 25
23
11912 Aug 10 112
72 Aug 15 "2214
8412
11518 Jan 29
105 Oct 15
978
2378 Jan 7
15%
27 Aug 14
34
71 Oct 30
175,
1U May 17
5
164
4112 Oct 24
714
1514 Aug 17
49 July 19
2334
41
5812Sept 20
514
1012 Jan 9
304
74 Jan 24
454
82 Feb 28
80 Mar 6
4514
74 Jan 16
138
2218 Feb 15
734
3412 Aug 14
1578
101% Aug 21 371
412 Oct 19
112
1018May 17
64
11212 Oct 28 103
5 May 14
218
118 Jan 5
38
1734 Oct 29
414
712 Nov 1
2
93 Aug 14
412
1% Aug 17
,
3
6784 Aug 9
4414
9534 Oct 261 37
6
1738 Oct 281
42% Aug 14' 20
2 Oct 26
14
1214
2414 Oct 28
4018
6034 Aug 19
5512
7838July 10
165 May 23 133
314
672 Jan 3
23
3978 Mar 4
7
1718 Oct 25
188*
4318 Nov 1
32
4734 Apr 20
29 740
9438 Oct'
314
534 Nov 1
14
28 Sept 18
30
8612Sept 18
84
15, Feb 19
3
10 May 15
812May 13
212
1412
8034Nlay 13
3518
4718 Jan 2
2278 Jan 8
10514June 13
hg Sept25
104 Jan 2
92 Oct 30
72 July 27
91 Oct 241
834 Oct 251
5638 Nov 1
28 Sept 5
434 Jan 7
1918 Jan 2
45, Jan 8
11812Nov 1
6 Jan 17
1212May I
50% Jan 2
12012July 8
24034 Aug 14
4112May 3
4318May 17
1258 Jan 28
35 Oct 21
2612 Oct 29
13%Sept 18
58 Aug 27
24 Aug 6
7 Nov 1
19 Aug 6
11412 Oct 28
1364 Oct 2s
132 Oct 28
115 Aug 5
23 Mar 6
8 Jan 7
166 Oct 30
164 July 26
3058 Oct 23
8.38 Nov 1
3834 Oct 21
11312Sept 25
10588ept 20
833 Feb 18
712 Aug 17
32 Aug 17
28 Aug 17
$ per share
194 3084
35, 11%
1014 175,
2914 60%
1714 2438
67 9212
3714 52
4
218
884 21%
71
9034
7018
38
24%
95
9514
5012
814
918
6818
78
45
46
115
1614
57
314
1818
1021s
10
74
5
3%
104
Ws
13
11
68
2118
65
52
41
1811
231
38
24
284
94
9
85,
32
408g
3314
30
7714
4118
1914
7814
71
4014
304
53
304
5114 61
91
114
15s; 3e3;
38
1
ills
8
22
74
32
55
5%
31
454
49
15,
108*
1818
371
112
714
108
34
12
618
2%
514
12
4414
6614
6
33%
14
1514
6018
6512
135
3%
28
8
1814
3518
47
34
17
44
72
314
34
204
87
1318
134
3812
4312
218
2
514
334
754
73
8412
61
11
94
512
6
1018
1018
1014
1014
38
2312
14
11
314
112
634
55
5
2
15,10
29
20
99
8911
21
21
2812
2758
25
32
11
834
1414
1118
8
84
5
318
14
38
4
14
3
2
13
1234
92
92
41 5072 100
10414 115
90
35
21
13
312
44
79
6512
120
120
10
1218
6
314
15
1158
80
75
3
3
04
44 212
214
118
658
3
6
212
625,
1384
36%
1418
61
58
13%
75
7478
70
614
2038
4738
95
4%
1414
11318
65,
218
135,
518
145,
2%
64
644
1134
364
2%
225,
51
8612
15012
97
3614
1718
3614
4414
84
658
381*
71
312
1012
97
65
5238
2984
954
214
12'4
91
90
214
84
344
1914
734
3314
134
84
7
1814
6514
117
284
5412
6614
33
2
20
1178
1%
24
111*
237k
1104
103
128
1075,
3018
12
116
147
22
19
31
110
7
9
9
21
19
New York Stock Record-Continued-Page 4
2844
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 26
Monday
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Nov. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Nov. 2 1935
Rowe Sense Jan. 1
Os Farts of 100-shars Lots
Lowest
Highest
$ per sh $ per star,
34
82
31 3378
14
172
52
334
1
58
45
45
63
112
120
128
14
2
834
1018
101s 2312
11
2612
11
12
254
13
412
5
104
74
938 2472
84
1454 284
634
9
23
50
50
68
632,
7
144
3
9
2714
2
3
1012
4
1
238
312
334 124
478
7
184
25
30
774
4
1114
4
33
3418 62
40
62
107
50
62
98
84
24
13 234
54
1
2
1
4
78
1618
20
31
2014
2334 354
16
33
30
x85
87
106
2514
1318
13
6718
7118 924
53
6914
4534
1258
15
25
2
1738
2
17 104
1012 2158
8is 22
818
4414
55
911
IV.
014
258
174 2712
164
84
84 174
65 Oct 11
20
20
63
2912 Nov 1
1714
214 5038
124 Oct 18 11213 11312 1604
3313
2713 Aug 14
1213
14
12 Jan 24
434
5
194
258 Aug 22
78
PS
08
7
1114 Oct 26
8
20
1014Sept 11
54
54 1113
10018 Sept 16
6412
73
87
44 July 15
2534
30
4338
2312
12
2038July 31
1134
x1338 Oct 17
612
612 144
146 Aug 13 100
100
1084
814 Aug 23
6
5
104
134 Aug 21
2
214
615
1538Sept 6
4
414 12
14
5912 Oct 18
1412 33
6414July 27
244
27
594
14512 Oct 7
97
97
1271/
3618 Oct 29 • 16
164 254
3778July 8
28
$64
28
14
112 Aug 22
38
1
1512 Aug 19
64
64 19
18 Aug 20
624
11
21
18 Apr 6
'22
712
13
621,,
6134 Feb 0 44 35
50
51
7213 Oct 25
51
644
11978 Oct 24 10012 103
118
544 Nov 1 "223*
2451 4.3
113 Sept 5
84
894 109
834 21
84
1634 Oct 10
3
44 Sept 13
65,
34
1012
4114 Oct 24
1012 '2512
109 Oct 16
614
7312 08
4 Aug 12
1 18
2
538
1558
2313 4524
3538 Oct 31
10113
109 Oct 2
80
90
214 Aug 14
4
1
358
3114 Oct 31
10
264
10
2634Sept 11
813
1018 2338
23 July 9
714
10
20
4012July 29
14
1758 4813
1912 Aug 7 1 713
812 1474
93 Aug 6
72
4612
67
718 Oct'1
218
252
638
64 Oct 281
1312
1614 30
384 Oct 1
12
154 2858
111 Oct 14
804
83
10712
158 July 19
1 18
434 Jan 25
1;
3
212
16
'23
18 Jan 7
1438
9613
120 June 29
964 120
8
18
713
1178 Jan 7
6534 Nov 1
264
513 624
2678 Jan 7
1534
1812 £1',
64
8614
92 Jan 10 13 5318
858 Nov 1
212
372 1134
20
3812 7112
70 Nov 1
112
14
44
412 Oct 25
4
1338
4
134 Oct 25
834
214
4
5 Jan 7
40
313
144
2934 Jan 3
31 18
a*
3012 Oct 25
1018
212Sept 5
58
29 Oct 25
2334
- 28-411:
.3
25
3814Sept 7
812 154
734
1414 Oct 22
1214 3211
958
2734 Oct 28
25
25
354
324May 6
110
99
102
140 May 4
21
30 Sept 12
18
iti -59
66 Sept 19
73 Oct 15 9 5
234May 13
sa
4
74
714 31
4314May 11
5
1614
9 Aug 16
4
6
12
3554
30 Oct 30
12
1514 42
28 Aug 23
254
47
83
87 Nov 1
1978
204 264
30 Sept 30
26
27
31
34 June 20
8 Oct 28 * 314
34
24
13 Oct 28
34
34 114
25
20
63
105 Oct 16
84
108 June 3
77
1014
t___
104 Oct 31
12
1/
26 Sept 13
-2-434
82
119 Oct 31
87
100
1314 Oct 1
14
14
74
1413
1934 92
109 July 24
$ Per Chars
Par I Per share
$ per share $ per share $ per share Shares
No par 39 Mar 21 5218 Oct 28
5034 5138 5112 5112 514 5112 3,400 Eleo Storage Battery
78 Jan 10
14 Mar 29
No par
600 /Elk Horn Coal Corp
*38
12
12
*38
12
2
178 Aug 17
58 Apr 1
50
118 118
4001 6% Part preferred
114
*118
1
*78
60 5254 Jan 16 66 Sept 5
600 Endicott-Johnson Corp
6258 6258
*-258 63
*6258 64
100 12534 Jan 10 132 Apr 23
120,1 Preferred
131 13112
130 130 *130 131
118 :vier 16
778 Aug 19
678 738
718 712 9,0001 Engineers Public Serv____No par
4
2,0001
No
par 14 Mar 19 47 Oct 30
$5
cony
preferred
4612
47
47
464 4678 *454
No par 144 Feb 7 50 Oct 30
354 preferred
49
49
4812 4934 2,300
4978 50
1513 Mar 19 521 t Oct 30
No par
36 preferred
800
52
5214 *50
5518 4912 4912
738 Aug 21
412 Aug 8
No par
534 54 3,700 Enultable Office Bidg
534 6
534 534
718 Mar 20 14 Jan 4
100
1014 3,400 Erie
10
10
1038 1012 10
Mar
26
177
8 Aug 14
812
100
preferred
First
3,600
1314 13
1314
*1312 1378 13
624 Mar 12 13 Jan 7
100
Second preferred
1,200
858 84
858 834 *858 9
101 Erie dlt Pittsburgh
50 8912 Feb 18 8534 Nov 1
8534 8534
*6114
_ *6114 73
5 1012 Mar 19 1478 Aug 17
1158 -1-1-58
1134 1212 1212 1212 4,000 Eureka Vacuum Clean
5 15 May 7 2314 Feb 21
1814 1858 1814 1814 1812 1834 2,200 Evans Products Co
5 Jan 18
2 Apr 30
par
Exchange
Buffet
Corp___No
390
33
4
*35
8
*358 4
*358 4
24 Jan 19
58 Mar 26
25
158
470 Fairbanks Co
158
118
118
138
112
938 Jan 18
4 Mar 19
*558 534
100
Preferred
64 714 1,140
6
714
11
2612
Aug 23
Jan
17
par
Fairbanks
Morse
&
Co___No
2,600
24
2414
2412 2334 24
24
100 72 Jan 17 128 Oct 22
Preferred
460
12714 128
127 12712 12712 128
12734 128
12612 128
127 127
1934 Aug 17
538 Mar 15
15
5,400 Federal Light & Tree
19
184 1814 1834 1834 1912 1834 1918 *18
1814 1814 18
Preferred
No var 48 Jan 8 285 Aug 16
180
*77
85
82
*7834 82
7834 79
82
7612 7612 *7912 82
300 Federal Mln & Smelt Co___ 100 40 Apr 3 72 Apr 26
66
66
*61
68
69
65
65
66
66
*61
68
*61
100 54 Apr 1 95 May 28
Preferred
200
*83
90
*83
90
*83
90
90
*84
90
90
90
*85
712Sept 30
334 Mar 23
7
7
*638 7
678 74
7
738 *7
718 3,200 Federal Motor Truck ____No par
*7
718
412 Jan 7
2 July 6
34 34 1,100 Federal Screw Worke____No par
313 *314 312
313 312 *314
334 334
334 334
Aug 19
25
318
Fob
7
8
par
Federal
Water
Seer
i
No
4,000
214
214
212
*214
23
8
214 214
238 238
214
2
2
24
2458 2438 2412 2358 2358 2314 2378 2338 2358 2358 2412 5,000 Federated Dept Stores_ _No par 164 Mar 29 25 Aug 8
4134 4218 42
42
*42
4212 42
4212 4212 4212 4212 4212 2,200 Fidel Phen Fire Ins N Y-.._2.50 2812 Mar 14 4212 Oct 30
16 Apr 9 25 Sept 26
Filene's(Wm)Sone Co___-No par
*2212 2412 *2314 2412 *2314 2412 *2213 2412 *2234 2412 *2234 2412
100 1064 Mar 6 114 July 3
50
83.4% preferred
11112 112 *110 112 *110 112 *110 112 *110 112 *110 112
10
1318May
2 184 Jan 7
6,800
Firestone
Tire
A
Rubber
1612
1512
157
8
153
4
1638 1512 16
1512 1512
1614 1614 16
100 8412 Apr 8 96 Aug 13
Preferred series A
9514 9514 954 9514 9512 954 9512 9558 9534 1,300
9514 9514 95
4712 4714 4734 5,800 First National Eitoree____No par 45 Oct 4 5878 Aug 12
47
49
4914 4814 49
4612 49
4612 47
2312 Aug 15
100 Florshelrn Shoe class A__ _No par 19 Feb 21
23
23
*23
25
*22
25
*23
25
*22
25
*22
25
64 Jan 7
214 Mar 6
No par
318
318 318
3
314
314 338
314 314
338 358 2.900 /Follansbee Bros
318
6638
Oct 23
Jan
15
2014
par
No
2,400
Food
Machinery
Corp
653
4
653
4
66
66
66
6512
66
6512
6512
6512
6434 6512
2112
Nov 1
15
Mar
94
par
No
184 194 1934 2112 22.100 Foster-Wheeler
1878 19
1838 1878 1812 1878 1812 1914
No par 6038 Mar 15 100 Oct 29
220
Preferred
100 100
*92
9912 9934 9934 100 100
*91
9234 9312 99
258June 7 104 Jan 7
No par
Foundation Co
___
3534 Oct 21
1 1934 Mar 21
3414 3412 3412 2,000 Fourth Nat Invest w w
34
35
35
34
3412 34
3438 3412 35
858 Mar 15 1734July 15
Fox Film Olas, A
No par
$ per share $ per share $ per share
5112 521g 51
5112
5178 52
12
12
12
12
33
12
1
1
1
1
*118
138
6312 6312 6312 6312 6312 64
131 131
*130 131 *130 131
612 64
2
2
4
44
46
454 4634 4512 46
48
49
49
49
4514 48
51
52
*49
55
52
52
553 534 *512 534 0558 534
1012 1012 1014 1078 1014 1058
1438
1313 1334 1378 1378 14
84 84
9
94
84 9
. *6114
_
*6114
_ *6114
4
1214 -1-2-12 1158 12.38 1158 -1.13184 1834
1858 1858 1834 19
4
4
*358 412
4
418
138
114
*114
138 *114
138
534 534
54 54
*538 54
24
2412 2412 2434 2414 2414
140
59
*5118 5712 57
*56
57
57
57
57
60
57
27
28
27
2718 274 27
2714 2714 2812 2812 2912 23,300
16018 *12114 16018 *122 16018 *12114 16018 *12114 16018 *12114 16018
120
25
22
*21
22
22
224 2412 2412 25
2112 21
410
1012
94
9
9
*814 9
9
912
912 1012 *9
2,000
2
2
2
*2
218
218
24
218
218
24
218
270
*1018 11
11
11
11
1114 11
978 978 1012 11
934
912 058
914 94 6,800
038 038
914 914
94 914
200
9934 9934
103
*97 103
*98 102
100 100
*97 103
4178 4134 4212 4112 424 4178 4213 4214 4338 4214 434 19,800
1918 1938 15,000
19
1812 1914
1858 1914
1858 184 1878 18
6,100
1134 12
1214 12
124 114 12
1214 1218 1214 12
160
142 142 *13912 141
142
14013 141 *13912 14012 140 14012
3,200
64 7
658 7
64 7
718
7
7
678 7
3,700
5
5
5
44 5
434 5
518
44 5
5
1314 13
1318 12
12
114 1218 12
1234 1234 1314 3,100
5912 2,100
59
5712 5812 5812 5812 5813 5814 5914 '8
58
1,800
55
*54
55
5413 5418 5412 5314 5418 5234 53
*53
50
143
*140
142 143
143 143
142 *140 142 *140 142
85,700
354 3538 36
3558 361g 3518 36
354 3534 354 36
3278 3212 3278 3212 3278 3238 3234 3212 3338 3234 334 19,200
78 12,200
34
34
78
34
78
34
78
34
78
4
11
70
11
12
*1012 12
*1012 12
*1012 12
1018 11
100
13
*11
13
*11
13
*104 13
1112 1112 1134 *II
18
*11
18
*11
18
*11
18 .11
18
*914 18
4318
4318 *39
4318 *40
434 *40
4318 *40
4318 *39
72
*7014 71
704 71
7034 7034 7034 7114 2,300
7134 71
*119 12012 *119 12012 0119 12012
_ .*119__ *119
5258 -5318 5158 5278 52
5314 5318 5458 288,800
-54-14 5318 -5-4
1,700
11712 118
11712 118
118
11714 118
1174 11778 *11712 118
500
*1334 1434 1334 1334
1334 14
1434 01334 1434 1414 1414
500
34 314
338 338 *314 312
312 *314 312 *338 34
41
4018 4114 4014 40.8 1,500
4013 40
4034 4014 4012 40
70
107 107
10634 10634 *107 10712 *107 1071
107 107
107
334 378 4,300
34
338 312
312 334
312
3
312 378
8,000
35
3334 3413 3412 3514 344 353g 3358 35
334 34
*89 107
*89 107
*89 107
107
*89 107
218 18,200
214
2
2
178 2
178
178
134 2
14
3134 4,500
3178 3138 3138 31
334 31
32
32
33
31
2512 2424 2538 5.800
2558 2514 2513 25
2512 2434 254 25
_ _
_
_ _
_ _ _
380
ii ;55 33-34 '35T4 33-34 5i -3-5- 574 16 5.618 36-18
1714
164 1714 1678 1718 12,000
1714 174 1738 1678 1718 17
2,000
884 8812 8814 8814 8812 89
811
90
a8812 8812 88
612 64 8,400
612 658
74
678 718
612 638
678 64
60
6014 6014 6018 6012 2,500
6312 6212 64
6214 6314 60
Fkin Simon & Co Inc 7% p1_100 3014 Apr 2
10 1714 Mar 18
Freeport Texas Co
100 11212Juno 27
Preferred
15 Mar 13
Fuller (0 A) prior pref___No gar
434 Mar 13
$6 2d pre
No par
78May 21
Gabriel Co (The) cl A
No par
7 Mar 30
Gamewell Co (The)
No par
54 Mar 13
Gen Amer Investors
No par
Preferred
No par 8434 Jan 10
5 3258 Mar 12
Gen Amer Trans Corp.
General Aephalt
10 1134 Mar 15
5
738 Mar 29
General Baking
No par 115 Jan 10
$8 preferred
5
514 Mar 4
General Bronse
2 Mar 20
General Cable
No par
4 Mar 26
Class A
No par
Mar 14
19
100
7% cum preferred
General Clear Inc
No par 50 Mar 25
100 12712 Jan 2
7% preferred
No par 204 Jan 15
General Electric
30 Sept 17
General Footle
No par
14 Feb 25
Gen'l Gas & Elea A
No par
8 Oct 16
Cony pref eerles A
No par
$7 pref class •
No par 11 Mar 5
$8 pref class A
No par 1534 Jan 16
32 Oct 7
Gen Ital Edison Elea Corp
General Mills
No par 597s Feb 6
100 118 Jan 3
Preferred
10 2658 Mar 13
General Motors Corp
$5 preferred
No par 110712 Jan 4
10 Mar 20
No par
Gen Outdoor Adv A
3 Aug 9
Common
No par
1752 Feb 5
NO par
General Printing Ink
$6 preferred
No par 9312 Jan 22
14 Mar 13
Gen Public Service
No par
NO par 1553 Mar 13
Gen Railway Signal
100 80 Jan 2
Preferred
1
34 Apr 2
Gen Realty de Utilities
144 Mar 20
$6 preferred
No par
General Refractoriee
No par 164 Jan 30
Voting trust certife
No pa
164 Jan 16
14 Apr 13
Gen Steel Canines pref No par
Gillette Safety Rasor
12 Mar 14
No par
Cony preferred
No par 704 Jan 4
24 Mar 13
No par
Gimbel Brothers
100 18 Mar 27
Preferred
3714 3714 3778 7,900
3734 3714 3758 37
140
110
10858 10858 10878 109 *10812 110
__ _ _ __
-27g *212 -23-4 2-,500
iig -278
278 -2-78
258 -2-3-4
258 -2- g
1678 174 1678 174 1e,600
1738
1634 1718 1678 174
17
1738 17
100
*115 11734 *115 11734 *115 11734 *115 11734 116 116 *11534 117
1038 1018 1114 48.000
10
1014 1018 1058 1014 1034 10
1058 10
5814 5914 5934 63
63
6112 6214 6214 6534 13,800
62
6312 62
194 1938 2034 39,100
1814 1938 19
2012 2058 194 2032 1938 1934
1,300
81
81
79
8012 7934 7934 79
*8018 81
8014 8014 80
858 7,800
8
712 8
758 734
712 758
74 74
758 778
540
70
673
4
6312 65
6612
62
62
63
61
6112 6112 63
37
334 4 138,600
418
312 4
312 4
37g
414
414 412
124 1234 124 124 3.700
*1238 1278 1258 13
124 1234 1258 1278
313 358
312 312
312 338 *312 338 1,100
312 312
312 312
1934 2014 2018 2018 *1934 2018 1834 2014 2014 2038 204 2012 3,100
2912 2934 29
2912 2918 2912 2914 2912 5.100
2934 294 29
30
_ _
_ _
_ _ _
_ ____
- 1.4 -2814 2:0010
2i 28-18 2.g
2-ii2 -28-13 .20.1.2 -2Al2 2g1-4 -2-8-12 HiTs -211 I .
1,700
32
3278 3278 32
3214 3213 3214 3214 3212 33
3212 33
1334 1414 6,400
1334 14
1334 14
1334 14
1334 14
1358 14
81,300
2714
271g
265
8
2718
2612
2634 2718 2678 2734 2634 2718 2612
28
2858 29
3038 2938 3014 2814 2914 2818 2834 2834 2914 15,800
510
133 134 *131 13334 *131 13334 *131 1333
133 133
130 132
45
*47
*27
45
*27
45
*27
45
*27
45
*27
45
.50
65
*50
65
65
*50
65
*50
65
*50
90
*50
7014 69
694 6858 7018 6812 6918 6834 6918 10.900
7034 7114 69
700
*158
14
112 112
134
178
14
14
158
158 *158 2
250
32
*26
28
28
3134 3134 31
32
*2612 31
25
26
1,000
814
858
4
838 838
84 818
8
*814 83
814 *8
9
29
28
28
29
2914 2914 28
30
2934 2934 2912 2931 2,700
800
*2234 24
*2212 244 *2212 2358 *2234 24
2358 2358 2413 27
290
87
83
*82
8412 82
87
81
8218 8412 85
*7313 80
400
2934 *29
2934 *29
*2812 29
*29
2934 *29
2934 2812 29
20
*33
*3134 34
34
34
*3134 34
34
35
*3134
*3134 35
8
7
7
714
64 618
7
7
638 634 *612 714 7,100
1,500
1278 13
13
124 124
1234 124 124 13
124 1278 13
90
102 102
103 103
102 102
103 103
0101 102
103 103
2338 Feb 7
Gildden Co (The)
No par
Prior preferred
100 1044 Jan 2
Rights
78July 15
Wobel (Adolf)
14 Apr 26
5
No par
1438May 2
Gold Dust Corp vie
$6 cony preferred
No par 11.112May 3
Goodrich Co (13 F)
No par
713 Mar 13
Preferred
100 40 Mar 15
Goodyear Tiro & Rubb__-No par
1534 Mar 13
lst preferred
No par 70 Apr 11
Gotham Silk Hose
No par
212 Apr 4
Preferred
100 20 Apr 3
Graham-Paige Motors
1
114June 25
Granby Cone M Sin & Pr____100
514 mar 19
Grand Union Colt Me
24 Mar 15
1
Cony pref series
No par
1438May 20
Granite City Steel
No par 184 Mar 29
Rights
34Sept 17
Part paid rots
No par 2234 Oct 2
Grant (VV T)
No par 26 Mar 26
01 Nor Iron Ore Prop
No par
914 Mar 19
Great Northern prat
100
958 Mar 12
Great Western Sugar____No par 2658 Jan 15
59
2634
*117
2112
*813
218
1012
9'2
*99
4138
1812
1218
*13734
718
44
*1318
574
544
*____
3514
324
78
*1018
*812
*914
*39
7134
*119
5338
117
*1334
*314
40
*10634
*338
3234
*89
178
32
2512
51
17
8934
7
6318
3738 38
*109 110
*101
2538
*117
11
*105
3678 3712 37
110 110
109
__ 1014 10134 *102
2513 2512 2558 2512
118
118 118
118
1112 1114 1138 114
106 106 *105
106
104 *10214
2558 2558
118 *117
1114
1114
106
106
For footnotes see Dace 2840.
10334 10334 104
2578 2512 2558
119 110
119
1138 1078 1114
106 *105 10614
10334 10334
2514 2558
*118 120
1112
*11
1064 10614
70
3,400
30
1,200
90
Preferred
100 119 Jan 2
Green BaY & Western RR Co_100 21 Apr 12
Greene cananea Copper
100 34 Feb 6
Greyhound Corp (The)
5 46'0 July 17
Guantanamo Sugar
No par
1 Feb 1
Preferred
100 19 Feb 16
Goa Mobile & Northern
100
4 Mar 7
Preferred
100
6 Apr 3
01111 States Steel
12 Mar 29
No par
Preferred
100 48 Mar 29
Hackensack Water
25 214 Jan 16
7% preferred class A
25 30 Jan 18
4 Mar 19
Hall Printing
10
613 Apr 30
Hamilton Watch Co
No par
100 63 Jan 4
Preferred
Hanna (M A) Co $7 pf___No par 101 Jan 2
55 preferred
No par 10012Sept 26
16 Mar 15
Harbison-Walk Refrao
No par
Preferred
100 9934 Jan 7
54 Feb 6
Hat Corp of America el A____1
100 81 Feb 6
632% preferred
Any 1
1933 to Rascal for
Sept.30 Year 1934
1935 ----Low Low
High
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Monday
Saturday '
Oct. 26
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Nov. 1
$ per share $ per share 46 per share $ per share $ per share $ per share
5/
1
4 5/
1
4
434 538
438 478
4/
1
4 478
434 5
5
514
*110 11134 *11138 11134 11134 11134 11138 11138 1111
/
4 1111
/
4 *11114 112
*134 140 *134 140 *13212 140 *132 140 *132 140 *133 146
*160 16812 *160 16812 *160 16812 *160 16813 *160 16813 *160 16812
2611 2612 2512 261
26
/
4 25
2512 2512 2514 26
2534 2678
87 87 *8618 87
8618 8634 87 8714 8612 8612 85/
1
4 8512
126 12613 126 12634 12614 127 *126 127 *125 127
126 126
12112 12113 *12112 12178 *12112 12178 *12112 1211
/
4 *12112 12178 *12112 12178
*76
77
77
77
77
77 *7614 77 *7514 77 *76
7678
113/
1
4 114 *11014 11413 114 114 *11014 114
*110 114
114 114
2034 2114 2114 2112 2012 2138 2118 2238 23
2414 2438 2514
014 0/
*0
014
0
014
1
4
0
0
878 012
878 878
*392 400 399 399 *392 398 392 393 *370 398 390 390
41/
1
4 41
41
41
41
*41
411
/
4 4178 42
41
41
42
2458 2378 2414 2338 2414 2312 2558 2558 27
2414 2458 24
*7014 73
73
6812 6812 *70
70
7013 *6813 70
70
70
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Shares
2
11,500 Hayes Body Corp
25
400 Hasel-Atlaa Glass Co
Helms (0 W)
23
Preferred
100
No par
11,000 Hercules Motors
Na par
800 Hercules Powder
57 cum preferred
100
140
Preferred called
10
No par
400 Hershey Chocolate
Cony preferred
No par
400
No par
18,100 Holland Furnace
2,500 Hollander & SOW (A)
5
100
400 Homestake Mining
1,400 Houdallie-Hershey ol A ....No par
Class B
No par
52,500
800 Household Finance part pf--50
Houston Oil of Tex tem 0191_100
4
418 414
3/
418
1
4 4
334 4
4
334 4
Voting trust cite new
25
418 12,700
/
4 5314 5234 53
5338 521
52 .5234 53
5214 5334 53
54
5
7,400 Howe Sound Co
3/
1
4 3/
1
4
314 3/
1
4
314 3/
1
4
314 314
3/
1
4 312
332 334 5,400 Hudson & Manhattan
100
*814 8/
*8
9
9
914
1
4
100
912 1034 4,000
834 834
878 10
Preferred
16
1634 1534 1618 1514 15/
1658 17
No par
1
4 1512 1612 1614 1634 42,100 Hudson motor Car
314 3/
1
4
314 312
3
3
318
3
314
3/
1
4 314
10
318 25.200 Hupp Motor Car Corp
1
4 1534 15
1513 1534 15/
100
1534 15
1512 1434 1514 1434 151g 13,300 Illinois Central
2034 2078 2012 2118 2113 2213 2112 2234 *21
2134 2112 2112 3,400 6% prat series A
100
54
521
/
4 5238 *53
*5212 5312 5214 5234 5218 5214 5238 5338
100
Leased lines
230
878 8/
1
4
812 *734 814 *734 814
838 *8
8/
1
4 834 *8
110
RR Sec otfa aeries A.-1000
*258 278 *258 2/
*218 3
1
4 *258 2/
1
4 *258 278 *238 278
10
Indian Refining
34
3413 33
3413 3212 3312 3258 3334 33/
1
4 34
34
3414 9,900 Industrial Rayon
No par
11312 11312 11213 11212 111 111 *111/
112 114
1
4 11213 1112/
1
4 11434
No par
200 Ingersoll Rand
*130
_ _ *130
*130
- *130
100
-- *130
_ *130
Preferred
_
__ 1,_
9512 -967
95/
1
4 -9638
-8
- 97 1712 97/
9834 -1
4 -9834 9812 19
No par
9914 _11,600 Inland Steel
6/
1
4 678
658 678
612 6/
1
4
634 634
612 678
6/
20
1
4 634 3,500 Inspiration Cone comer
6
6
*6
61
/
4
1
*578 61
6
6
/
4
5/
1
4 578
600 Insuranshares Cas Inc
6
61
/
4
2058 2138 20
20/
1
4 20/
2278 22,100 tInterboro RapldTran vs a _100
1
4 2034 2014 2014 1958 2058 21
*2
258 *2
258 *2
258 258 *214 258 *214 258
258
20 Internet Rys of Cent Amer __100
*218 3
*2/
*218 3
No par
*212 3
1
4 3
*218 3
*218 3
Certificates
*1014 1034 *1012 1034 1034 11
100
1212 14
11
111
/
4 1112 12
Preferred
600
*21
/
4 212
218 218
218 218
214 214 *21g 212
214 212 3,800 Interoonti Rubber
No par
7/
1
4 734
7/
1
4 7/
1
4
7/
1
4 712
718 714
738 7/
1
4
No par
7/
1
4 714 1,000 Interlake Iron
314 314
3
No par
314
314 314 4.800 Internal Agiloul
3
314
3
3
318 3'8
*3012 32
3014 3014 3014 3034 30
3012 31
31
32
30
100
Prior preferred
1,400
*180 183 18112 18213 1811
18014 18014 182 182
/
4 18112 180 181
1,600 Int Business Machlnes-No oar
614 614
63* 638
1
638 638
612 634
612 634
638 612 2,900 Internal Carriers Ltd
1
4 2938 3138 3158 3278 20,400 International Cement.--No par
2834 2032 2812 20/
2834 2938 2834 29
5834 5914 5814 5958 58
57 58
No par
57/
1
4 5812 18,900 Internal Hamner
58/
1
4 5658 58
•143 143/
1
4 *143 14378 14378 14378 *14412 144/
1
4 145 *145 14534
1
4 144/
100
Preferred
400
314 3/
1
4
3/
1
4 3/
1
4
3/
1
4 314
314 338
318 314
318 314 4,900 Int Hydro-El Sys el A
25
312 358
358 358 *312 334
338 338
/
4 334
312 312 *31
700 Int Mercantile Marine-No par
3114 3158 3118 3112 3114 3158 31
3113 3118 3158 311
/
4 3238 63,700 lot Nickel of Canada-_--No par
*12514 12612 *12513 12612'512534 12613 *12512 12613 *125/
1
4 12512
1
4 12612 125/
100
Preferred
100
Internal Paper 7% !ref
100
*212 234 *234 234
213 212 1,800 Inter Pap & Pow ol A---No par
212 212
21
/
4 2/
1
4
234 234
•114 13* *114 138
No par
118 114
114 114
Class B
114 114
11
/
4 114
700
*1
118
1
11
/
4
1
1
1
1
'
578 1
No par
1
1
2,100
Class 0
1434 15
1412 15
1412 15
14
1438 1438 15/
1334 15
100
1
4 8,600
Preferred
3514 3512 *3478 3514 3414 3472 3414 3452 3452 3534 3512 3614 4,000 Ins Printing Ink Corp---No par
*10612 107 107 107
106 107 107 107 *10611 10678 *106 10678
100
Preferred
60
2634 2634 26/
1
4 2658 2658 2634 *26/
1
4 2634 *2612 2634 2634 2634 1,700 International Salt
No par
'4738 48
4778 4778 4778 48
48
48
48
48
48
No par
4814 1,600 International Shoe
24/
1
4 2438 2418 2418 *2214 2312 22
2214 21
211
21
100
/
4 2158
600 International Silver
/
4 7712 76
7612 7713 761
7713 74
7534 *7414 7512 7412 7412
100
250
7% preferred
10/
1
4 1114 1012 10/
1
4 1014 1058 1014 10/
1
4 1058 1012 1034 37.600 Inter Telep & Teleg
1
4 10/
No par
/
4 1338 1312 1314 1312 13
144 1414 1334 141
1314 1314 1413 7,700 Interstate Dept Storee-No par
*75 85 '
575 85 *75 80 '
575
100
80 *75 80 *75 80
Preferred
*12/
1
4 1312 1313 131
/
4 *1213 1314 '
51213 1312 13 13 *13
No oar
1312
300 Intertype Corp
25
2513 2512 26
2638 2638 2534 2614 2512 2512 2434 2514 1,200 Island Creek Coal
1
'113____ *115
--_ *115
1
___ *113
--- *113
Preferred
___ ___ _
- - *113
55
55
55 -5514 55 -55
541
/
4 -55
No par
55 -5g *5412 -55
900 Jewel Tea Inc
8634 8712 8534 8714 84/
1
4 86
Al, par
8512 8634 85
86
85 87 12,400 Johns-Manville
___ 124 124
12412 12413 *124 12412 *12412 12412 13121 12412
100
30
*124*---- 153 *-___ 153 *____ 153 *__ 153 *____ 153 *__ -- 153
Joliet & Chic RR Co 7% gtd-100
8314 84
84
8414 83 84
8212 8313 83/
8314 84
1
4 84/
1
4 1,390 Jones & Laugh Steel pref.. 100
*118_
*118 _ __ *118 _ _ *118 - __ *118 - -- *118 - __ ___- Kamm City P & L piece BNo par
*638 -6
1
4
6
100
-6
500 Kansas City Southern
6
-6/
1
4 *578 -614
*6/
1
4 -61
614 -638
4
*10
1012 1012 1012 10/
1
4 1058 *978 1012
100
978 978 10
Preferred
700
10
/
4 17/
1734 1814 1714 1738 171
1
4 1714 1714 1714 1734 1734 1734 1,800 Kaufmann Dept Stores $12.-50
*27
2714 27
27 *2612 27
2612 2612 *2612 27
5
*2612 27
500 Kayser (J) & Co
•90 99
90 90 '
585 94 *85
94 *85 94 *85 94
100 Keith-Albee-Orpheum prat-100
5
No par
6% preferred
28
29
2714 2131 22 -2838 22 1518 iii2 /978 2834 -298 -27,566 Kelley Hayes Wheel conyelA-1
2512 2612 2518 2634 2512 26
2538 27
2738 22,500
257g 2712 27
Claes B
1
1334 14
1358 14
1334 14
1358 13/
1
4 1358 1334 1358 1378 9,600 Kelvinator Corp
No par
9212 9212 9114 9112 *9114 92
9214 9214 *9214 94
92
92
120 Kendall Co WI pt set A .No par
2538 2558 2514 2614 2578 2638 2558 26/
1
4 2618 2678 26/
1
4 2778 115,400 Kennecott Copper
No par
•18
1834 19
19
*18
19/
1
4 *1812 1912 19
1912 '518
19
No par
600 Kimberly-Clark
*3
312 *318 312 *318 312
314 314 *314 338
312 4
1,000 Kinney Co
No par
'29
29
31
29/
1
4 2912 31
2912 2912 2912 2912 29
33
Preferred
No par
930
2714 2738 267g 2714 2678 271g 27
2714 27
2714 27
2714 12.800 Kresge (El El) Co
10
*10812 109 *10812 109 *10811 109 *10813 109
108/
1
4 10812
10812 109
7% preferred
100
40
4,5
5/
1
4
518 518 *5
5
5
518
514
5
*478 5
No par
400 Kresge Dept Stores
*62 100 *65 100 *70 100 •70 100
80 80 '
570Preferred
100
10
'573
78
75
75
.75
7812 7612 -f612
7812 *73
300 Kress (S H)& Co
No par
2612 2718 2658 2718 2618 2634 2612 2714 2634 2714 27
2713 15,500 Kroger Groo & Bak
No par
2112 2112 2112 2112 2112 *18
2112 2112 *18
2012 *18
80 Laclede Gas Lt Co St Louts -.100
2112
*35
3758 3758 35
38
36
36
*36
36
37 *36
37
100
6% preferred
100
23/
1
4 2378 2314 23/
1
4 2338 2334 23
2312 23
23/
1
4 2278 2312 7,200 Lambert Co (The)
No par
*738 9
*738 814 *738 9
8
8
*738 878 *738 834
100 Lane Bryant
No par
1012 1078 1018 1038 1038 1034 1038 105* 1012 1138 6,400 Lee Rubber & Tire
11
11
5
*1212 1278 13
13
1312 1312 1314 1312 13
1334 1373 14
2,800 Lehigh Portland Cement
30
99/
1
4 9934 100 100 *9934 100
*9934 10014 *9934 100
100 100
7% Preferted
100
40
8/
8/
1
4 9
91
/
4
834 878
1
4 834
9
813 858
858 834 2,700 Lehigh Valley RR
50
2
214
214 214
214 238
214 214
23g 212
238 212 5,700 Lehigh Valley Cow
No par
10/
1
4 1034 1012 1058 1058 1034 11
111
/
4 1114 12
1158 1134 3,100
Preferred
60
9112 9214 9218 9218 9214 9238 2,900 Lehman Corp (The)
9112 92
92
93/
1
4 9238 93
Nova'
1
4 1278 1234 1278 1234 1278 12/
13
1312 12/
1234 13
1
4 1318 3,700 Lehn & Fink Prod Co
6
46/
1
4 4814 4714 4914 4714 4818 4612 4838 4613 4714 4678 4712 28,200 Libbey Owens Ford Glass.. No par
834 9
834 9
834 81
/
4
858 8/
1
4
'858 9
834 9
7,600 Libby, McNeill & Libby_No par
2518 2514 z25
2412 2413 25
25
25
25
25
2434 2434 2,100 Life Savers Corp
5
11434 11434 11412 11514 *114 115
115 115
'114 116
11412 115
600 Liggett & Myers Tobseco--25
155 15514 11512 116
11512 116
11434 11512 115 11534 11512 116
Series B
3,400
25
161 16114 161 161
160 160
*15712 161 *15712 161 *15712 161
500
Preferred
100
18
1814 1814 1812 1818 1812 1712 1778 1758 1758 3,300 Lily Tulip Cup Corp____Nopar
1712 18
2334 24
2334 2412 2413 2512 5,100 Lima L000mot Works____No par
2378 2478 2334 24
2414 245
413/ 4134 41
42
4112 4112 42
42
*4112 42
*4112 42
No par
1,500 Link Belt Co
/
4 3518 3412 35/
1
4 85
1
4 3558 21,100 Liquid Carbonia
35/
1
4 34/
1
4 3534 341
3313 3378 33/
No par
47/
1
4 4938 48
4812 4812 49
4734 4834 4738 49
4858 49
No par
17,800 Loew% Incorporated
106 10612 1,000
10712 10713 *10738 10712 107 10714 110511 10512 10558 106
Nova,
Preferred
214 212
238 212
214 214 19,000 Loft Incorporated
218 218
214 238
214 212
No par
218 238 5,200 Long Bell Lumber A___ No par
214 2/
1
4
*178 2/
1
4
214 212
2/
1
4 212
2/
1
4 2/
1
4
38
38
3712 37/
1
4 3734 3814 3814 3812 2,400 Loose-Wiles Biscuit
3734 38
38
38
25
10778 108 *10738 112 *108 112 *109 112 *109 112 *109 112
5% preferred..
100
200
2534 2618 13,000 Lorillard (P) 00
2514 2513 2514 2512 2518 2512 2514 2534 2534 26
10
139 139
138 139
*13814 13912 139 13912 13814 13934 13814 139
100
180
7% preferred
No par
34
/
1
4
/
1
4
/
1
4
/
1
4
34
/
1
4
34
34
78
78 6.800 :Louisiana Oil
78
912 912 *84 10
10
1014
812 10
*814 94
100
912 94
Preferred
670
1
4 20/
2012 20/
1
4 20
1
4 20
2014 2018 20/
2014 4,800 Louisville Gas & El A--_No par
2038 2038 20
4512 4614 45
4578 4614 3,400 Louisville & Nashville
4534 4578 4578 4534 46
4434 46
100
2512 2412 2478 2438 2412 2414 2434 8,300 Ludlum Steel
2512 2614 2538 2618 25
1
1
4 13113
129 129 *125/
1
4 129
13214 13214 13112 13113 129 129 *125/
Na par
Cony preferred
400
38
3912 3912 38
3734 *3612 3734
*37
3734 *37
40
40
10
500 MatiAndrews & Forbes
•12518 127 *1251g 127 *12518 127 *126 127 *126 127 •126 127
100
6% preferred
For footnotes see page 2840
2845
gasps Saco Jas. 1
Oa Basil of 100-8kars Lots
Lomas
Iltobesi
.
/
1
41/
1
41
1933 to Rased for
Sepr.30 Year 1934
1936
Low Lgig
High
$ per share S por la
$ per shall
612 Oct 5 3 1
11
/
4 Mar 18
65
85 Jan 2 11712Ju1y 24
94
127 Jan 5 141 June 4
142/
1
4 Jan 10 162 June 19 120
5/
1
4
1
4 Oct 19
11 Jan 8 27/
40
71 Mar 12 90 Oct 16
1
4
122 Feb 9 128 May 3 104/
1
4
121/
1
4 Aug 28 12158 Aug 29 121/
44
7314 Apr 4 8138 Jan 19
104 Jan 25 118 July 17 80
4
1
4 Nov 1
534 Mar 15 25/
31
65 Mar 29 11 Jan 2
338 Feb 5 412 May 14 200
7
3078 Mar 14 42 July 31
2%
613 Mar 13 27 Nov 1
49 Jan 2 7012 Oct 30
43
918 Mar 15 1734 Jan 2
91s
11
/
4
11
/
4 Mar 13
438 Oct 13
20
43 Jan 15 56 Apr 26
2%
512 Jan 21
234 Feb 27
613
612 Mar 14 1312 Jan 21
614 Mar 26 1712 Oct 23 1 6
3/
1
4 Jan 7
/
1
4 Apr 5
%
9/
1
4 Mar 14 17348ept 19
9/
1
4
15
15 Apr 11 2412Sept 13
40
40 Mar 21 57% Jan 10
41g Mar 30 10 Jan 4
414
2/
1
4
234May 10
218 M82 16
2312May 8 3638 Oct 21 se 1314
45
6012 Mar 13 z11434 Nov 1
109 Jan 7 130 July 18 105
4614 Mar 22 9914 Nov 1
26
2/
1
4 Feb 27
2/
1
4
838 Oct 8
2
678 Aug 2
4 Mar 1
8/
1
4 Mar 15 2358Sept 11
51
/
4
2
438 Jan 25
2 Oct 7
214
5 Jan 3
134 Oct 14
6/
1
4
914May 21 18/
1
4 Jan 10
112
3 Jan 7
112May 1
4
414 Mar 7
8/
1
4Sept 6
8 Jan 2
258July 11
Da
10
1
4 Jan 25
26 June 1 42/
1
4
1491k Jan 15 187 Sept 12 125/
332
712Sept 11
Vs Mar 12
1833
2278 Mar 13 33 Jan 7
1
4
3418 Mar 18 6011Sept 13 23/
135 Jan 2 152 May 9 110
43 Aug 19
14 Mar 15
114
11
/
4
612 Oct 3
178June 20
2214 Jan 15 3238 Nov 1 51 1438
12378 July 11 13013 Mar 14 101
834
11
/
4
3/
1
4 Oct 4
VaMar 15
178 Oct 4
38July 11
38
114 Oct 4
38May 7
38
4/
1
4
4/
1
4 Mar 13 18 Oct 11
9
/
4 Nov 1
2112 Jan 15 361
981s Jan 2 108 Sept 24 65
20
2514 Oct 21 3614May 14
88
014 Mar 19 4814Ju1y 26
16
16 July 19 28 Jan 4
40
6013 Mar 21 78 Oct 19
558
558 Mar 13 1538Sept 13
878May 8 1658Sept 9
234
1614
7012June 27 90 Aug 19
434
618 Mar 13 1312July 23
2412 Oct 22 36 Jan 8
20/
1
4
85
110 Jan 22 12012 Apr 9
26
49 Mar 13 37 Aug 8
3813 Mar 13 8813 Oct 23
3611
87
11713 Mar 15 12634 Aug 14
130 Feb 19 130 Feb 19 115
45
50 Apr 4 8434Sept 11
977s
11514 Mar 20 120 Aug 1
334
3/
1
4 Mar 13
834 Jan 7
6/
1
4
61
/
4 Mar 12 1338 Aug 14
514
7/
1
4 Feb 6 1934 Oct 15
12
1534 Jan 17 28 Oct 24
15
34 Mar 7 9018 Oct 23
34
238 Jan 17
/
1
4 Apr 4
5
6 Apr 4 22 Aug 12
2/
1
4
6 Jan 25 2978 Oat 31
11
/
4
314 Mar 1 2712 Oct 31
/
4
1
4 Jan 9 11 61
1034 Aug 27 18/
55
84 Mar 21 96 July 9
1334
1334 Mar 13 2778 Nov 1
938
10 Mar 5 19 July 16
538 Jan 3
258 Oct 4
214
12
23 Mar 29 38 Jan 23
1014
1934 Mar 13 2738 Oct 23
9914
10312 Apr 26 113 Apr 9
2
2 May 21
6 Oct 21
12
42 Jan 11 80 Oct 31
661k Apr 5 79 Oct 29
2734
19
/
4 Aug 12
2214May 16 321
12
12 Mar 22 27 Aug 16
1914
19/
1
4Mar 27 48 Aug 20
1933
2135 Oct 3 2812 Jan 8
41s
9 Jan 3
5 May 13
538
8% Mar 14 1272 Jan 7
9
109e Mar 14 172s Jan 7
73
8934 Jan 3 102 June 21
5
/
4 Jan 7
5 Mar 13 111
11 Mar 13
11
/
4
3/
1
4 Aug 14
512May 1 1314 Aug 14
4
1
4 mar 28 9538Sept 12
5834
67/
107s
1011 Oct 1 1714 Jan 23
21
2112 Mar 30 4914 Oct 28
958 Oct 18 8 214
638Sept 10
21 Mar 14 2514 Oct 30
1538
9414 Apr 5 120 Aug 6
7112
9334 Apr 4 122 Aug 8
7314
1511
/
4 Jan 30 167 May 4 123
144
1512 Oct 16 1913 Apr 25
13/
1
4
1
4 Nov 1
1312 Mar 14 25/
IN Mar 13 43 Oct 16
111
/
4
2412 Mar 13 35/
16/
1
4 Oct 31
1
4
1912
3114 Feb 7 50 Oct 22
102 Feb 1 108/
1
4 Oct 18
66
I Mar 15
I
258 Oct 28
2/
1
4 Feb 14
114 Mar 12
1
33 Apr 25 4158July 25
33
10778 Oct 26 10814 Oct 16
1
4
1812 Mar 26 2618 Sept 18 -14/
9813
124 Apr 5 14434 Aug 7
/
1
4July 16
178 Jan 7
/
1
4
412
4/
1
4June 19 1412 Jan 8
1038 Mar 18 2318 Aug 19
103*
34 Mar 29 47/
34
1
4 Jan 7
7/
1
4
124 Mar 28 2612Sept 18
9014 Jan 4 135 Sept 18
50
38 Oct 29 46 Feb 19
21
87%
113 Feb 8 130 May 13
i per Mare
11
/
4
638
74
96%
101
145
123/
1
4 153
5/
1
4 12/
1
4
69
8138
111
125/
1
4
ISTIs /134
83 1031s
484 10/
1
4
538 13
310 z430/
1
4
11
84
21%
87s
43
54
1213 2934
213
Ps
35/
1
4 57/
1
4
4
1218
9
2614
61
/
4 241
/
4
17
7%
13/
1
4 Ws
21
50
4834 66
7/
1
4 2414
238
434
19/
1
4 3214
4912 7334
105
11638
304 56
2/
1
4
6/
1
4
41
218
5/
1
4 1713
2
7
213
6/
1
4
7/
1
4 2234
218
5/
1
4
4
1114
2
614
15
371
/
4
131
164
41
12%
1838 2754
234 484
110
137
91g
21e
2
6
21
2914
1158 130
10
25
2
612
/
1
4
311
38
234
8/
1
4 2478
9
264
100
66
21
32
38
601
/
4
19
4534
59
8412
74 1784
34 1615
2138 81%
5% 10
2414 36
90 110
33
3712
39
Ms
21
101
135
40
45
77
977s 1413
6118 19114
1014 27/
1
4
6
10/
1
4
1378 181
/
4
20
37/
1
4
1
als
5
20
3
10
Ps
712
1158 211
/
4
/
4 94
151
2318
16
97a 181
/
4
3
7/
1
4
13% 41
1332 224
101 5114
213
74
19
55
36
6418
23/
1
4 3358
6312
20
60
27
2214 31%
1414
6
1412
7
11
20
731* 90
911 2114
2/
1
4
5
6
165*
6434 78
Ills 23/
1
4
2212 Ws
--1-7-1
/
4 -24
73 110
7612 11114
129 1623
10
2612
15/
1
4 381,
11/
1
4 use
1618 3638
2072 37
72
1115
11
/
4
3
1
3
3314 za414
-1-534 -2212
102 z130
/
1
4
Ps
714 2313
12
21
3738 6212
8/
1
4 19/
1
4
60
97
30
424
95
11114
New York Stock Record-Continued-Page 6
2846
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 26
Monday
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Nov. 1
Sales
for
the
Week
Nov. 2 1935
Zasee Noes Jae. 1
Os Baste of 100-1hari Lots
STOCKS
NEW YORK STOCK
EXCHANGE
Loral
Highest
July1
1983 to Ramp for
Sept.30 roar 1934
1935
Low Los
High
8 per share $ per oh
For $ per share
$ per share 3 per share $ per share $ per share $ per share $ per share Shares
2314 24
23
1858
2334 24
2314 2318 24
Na par 1858June 1 281s Jan 8
24
248 234 244 8,400 Mack Truck, Ina
No par 3013 Apr 1 554 Oct 25 804
5418 5434 5334 54
5312 54
53
5418 5212 5314 523 5314 5,000 Macy (R H) Co In
24
54 Jan 2 10538e01 12
.812 912
858 833 *834 912 .834 912 .834 912
300 Madi8on Sq Gard•t 0-No par
834 834
124
334 3312 3412 3434 3318 3312 34
*33
35
3414 1,200 Magma Copper
10 1818 Jan 18 37 Oct 5
3414 34
Mahoning Coal RR Co
50 515 Aug 20 515 Aug 20 515
214May 14
72 Feb 6
*1
114
114 114
400 :Manati Sugar
100
114 114 *1
114 *1
114 *1
114
Is
1
100
4 Jan 7 10 May 24
612 8
612 612 *68
520
Preferred
61
/
4 78
7
734
612 612
778
7 Oct 15
3 Apr 29
3
No par
618 658 *578 64 '534 612 *534 638 *534 638 *534 638
100 Mandel Broe
14
370 :Manhattan Ry 7% guar---100 29 Apr 23 864 Oct 16
*63
6519 63 63
63 63 '61
64
66
63
63
64
Mod 5% guar
28
26
1
4 Mar 15 30 Sept 11
1004
2518 253g 2434 25
*2414 25
100 13/
2514 2734 10,800
2412 25
10
13
13
1314 1518 1412 1412 1417 1412 *1414 1434 1478 1534 5,100 Manhattan Shin
25 10 Mar 28 1534Nov 1
3 May 23
1
1
1 Feb 23
*158 134
134 134
134 134
134 134
134
134
134
134 1,200 Maracaibo 011 Explor
878 Nov 1
8
81
/
4
5
8
818
818 812
838 878 24,100 Marine Midland Corp (Del)_...5
514 Apr 1
838 812
814 812
14July 22
100
%June 14
200 Market Street Ry
%
*12
34
*12
34
34
34
34
34
*34 1
*84 1
2
6 Jan 8
Preferred
212 Oct 24
100
*178 3
*178 3
*219 334 *2
334 *14 334 *178 334
87
Prior preferred
3
530
334 Mar 1 1034June 27
'814 84 *8
878 1012 1014 1017 .878 978 *878 10
100
2nd preferred
24 Jan 8
100
1 Mar 15
*138 24 *1% 214 *118 212 .138 238 *138 238 *138 238
4
12
3858 3838 3753 3818 38
38
38
No gar 20 Mar 13 4013 Oct 17
38
3712 38
3814 3814 1,000 Marlin-Rockwell
60
12
1214 1218 124 1218 1219 1218 1214 1218 1214 10,100 Marshall Field & Co
1134 12
834 Mar 14 1212 Oct 29
No par
91s Jan 7
24
No par
4 June 27
634 818
71
/
4 734
7/
1
4 71
/
4
64 678
678 64 *512 718 2,300 Martin-Parry Corp
2313
324 3278 3238 33
3238 3278 3218 3238 3238 3258 8,400 Matbleson Alkali Works_No par 2334 Mar 14 3334Sept 18
3253 33
Preferred
120
100 138 Jan 2 154 Oct 31 1054
*151 153
153 153
153 153 153 153 153 154 *154 155
23
10 3579 Mar 29 545s Sept 9
54
54
5312 5312 5234 5352 53
5319 5313 5314 531 5318 2,100 May Department Stores
1514 3,000 Maytag Co
814
15
15
1458 1453 15
15
513 Jan 30 1538 Oct 18
15
15
1478 15
15
No par
400
.4914 4934 *4914 4938 4914 4912 *4914 50 .4914 50 *4912 4978
Preferred
8%
No par 33 Jan 15 54 Oct 11
Preferred ex-warrants-No par 324 Jan 7 55 Oct 11
*4614 53 *48
51
*48
51
*48
51
8
51 .48
51
*48
180
Prior preferred
27
10012 10114 101 10118 10118 10114 1011g 1011
/
4 *10014 10138 101 10118
No par 8413 Jan 4 103 June 17
22
800 McCall Corp
3334 3334 3314 3314 3334 3334 3212 33
33
33
33
33
No par 28 Mar 14 3512June 17
34
714 Apr 3 1453 Oct 15
128 1253 1214 1212 1214 1214 12
12
12
1214 1178 1214 6,800 :McCrory Stores classA_No par
Close B
11
/
4
1238 *1114 12
500
84 Apr 3 1304 Oct 15
1214 124 *1214 1238 *12
1214 1214 1134 12
No par
*98 102
Cony preferred
313
*96 102
*9614 101
*9512 102 .9512 101
100 5714 Feb 5 100 Oct 24
*9614 101
*1453 1478
4
500 McGraw-Hill Pub Co-_No par
714 Mar 28 1513 Oct 22
1514 1514 *1412 1519 1419 1412 *1412 1512 *144 15
2858
12,600 McIntyre Porcupine Mines____5 3434 Nov 1 45185e00 28
3514 357
3518 36
35
3534 3434 3518 s3418 3412 3334 35
1,200 McKeesport Tin Plate-No par 904 Jan 16 12712Se00 14 674
*124 126
12418 12453 12453 126 *12234 126
12534 126 *12234 126
5
575May 22
918 Nov 1
818 834
833 9
818 878
812 94 76,500 MoKesson & Robbins
34
818 838
814 812
94
46
49
4938 5134 5034 5278 51
Cony prat scrim A
5318 514 5258 5119 5378 42,200
50 32 May 24 5378 Nov 1
6,800 McLellan Stores
133g 1378 1338 1378 13
1312 1318 1314 1278 13
1318 14
818 Apr 1 1553 Jan 3
34
No par
6
20 8% cony pref ear
11114 11114 111 111 .111 113 *111___
13 112 Oct 17
*11114 113 *11114 112
1,000 Melville Shoe
174
6012 6012 6018 8019 6012 6112 61
6114 *6034 62 *6153 62No par 41 Jan 2 6111 Oct 29
3
814 Oct 21
714 74 7,000 Mengel Co (The)
1
3 Mar 12
74 7/
1
4
718 74
7/
1
4 734
7/
1
4 712
718 74
540
7% preferred
2034
5412 56
534 5412 5433 55
5434 55
5112 5212
5278 53
100 20% Mar 20 608g Oct 21
29
29
*27
140 March & Min Tramp Co_No par 22 Apr 12 30 Oct 26 5 22
2)34 30
2912 *27
28
2919 *2812 2912 28
3358 3378 3338 3612 3614 38
3978 29,300 Mesta Machine Co
3718 3814 3778 3918 39
5 24% Jan 18 3978 Nov 1 11 8%
213Mar 13
634 Oct 8
213
538 534 1,700 Miami Copper
512 534
538 578
512 558
538 538
5
54 512
10
94 Mar 15 1438 Nov 1
1212 1234 1214 1234 1238 1238 1234 1373 £1384 1414 14
1438 44,900 MId-Continent Petrol
Ws
2318 2338 2318 24
64
2311 2372 2212 23
814 Mar 12 24348ept 18
221
/
4 2253 2212 2318 8,300 Midland Steel Pre()
No par
80
11312 11412.113 11378 11378 115
8% cum 1st pref
44
11412 11412 11412 11412 *113 11434
100 8018 Mar 8 11618 Oct 9
900 Minn-Honeywell Rego...No par 58 Jan 15 128 Oct 25
*120 12712 125 125 *122 12419 125 126
126 127 z126 127
2053
107 107
20
6% pref eerie* A
*10634 107
10834 10634 *10834 109 *1064 108 *10678 108
100 105 Jan 9 x11114June 19 1 88
*105 10533 *105 10558 *105 10558 *105 _*105 __ _ •105
Preferred called
10514 Oct 7 10514 Oct 7 ...
458 478
434 5
434 478
4
Mar 15
112
434 11
434 478
478 54 7,200 Minn Mollne Pow Impl -- No par
534 Jan 2
378 M
60
60
59
59 "59
80
6134 2,300
Preferred
15
5873 60
594 60
61
Nova' 31 Mar 14 6134 Nov 1
4.4
14
4.4
14
*18
14
*18
14
*18
14
18
18
18
100 :Minneapolis & St Lonis___100
4 Mar 4
% Jan 7
*1
112 "1
112 *118
114
1
500 Minn St Paul & SE3 Marle_100
1
114 114
213July 11
1
114 Apr 24
Is
1
*112 214 *138 24 •138 218 *13g 218 *112 213 *112 24
7% preferred
10
1
4 July
I Mar 6
ioo
*138 134
134 134
150
4% leased line one
134 134 *138 134 *113 134 .138 134
8 Jan 14
11
/
4
100
114 Mar 29
14
144 14
1414 1334 1334 13/
1
4 1334 14
1538 1513 1513 8,100 Mission Corp
1033
No par 10/
1
4 Apr 9 1678Ma1 16
5
3,800
433
434 5
438 453
438 434
438 412
414 438
Mo-Kan-Texas RR
213July 22
213
of4
Jan 7
No par
1034 11
57
1078 1114 1014 1034 1018 1012
Preferred mica A
94 1012 1014 1034 8,900
100
57sMay 7 144 Jan 7
Ilz 119
138 138
/
4
119 1,000 :Missouri Pacific
114
119
112 119 '114
153 11
1
1 July 8
3 Jan 4
100
234 234
2/
1
4 234
400
Conv preferred
2/
1
4 234 *23g 234
238 238 *233 234
113 Mar 80
4 Jan 7
113
100
2118 2112 2012 2138 2038 21
2034 2112 2078 2138 2078 2114 8,500 Mohawk Carpet Mille
1034
20 1004 Mar 13 2112 Oct 28
9212 9314 92 9314 92
3,400
9314
92
9158 9234 92
93
9234
Monsanto Chem Co
10 55 Feb 29 944 Oct 21 "24
3414 3478 34
3434 3338 3414 3278 3334 33
3334 3334 3438 49,400 Mont Ward & Co Ine----No par 2154 Mar 12 3734Sept 11 I 1514
*5512 5812 *5512 5658 5912 5612 5512 5512 53
53
300 Morn!(J) & Co
53 .51
Na par 50 Sept 19 86 Feb 25 I 344
*83
70
8312 8312 *6334 70
80 Morris & Essex
6312 64
*6312 70 *6312 70
50 6113 Apr 18 6513May 24 I 5534
4
34 3,800 Mother Lode Coalition-NO par
58
%
58
34
*13
11sMay 1
ks
38
38
34
38
33
/
1
4 Apr 4
49 49
48
49
4719 48
x47
4734 47
481
/
4 4819 4834 3,900 Motor Products Corp___No par 174 Mar 18 5212 Oct 21
1514
1318 1338 1312 1338 1314 1312 1234 1312 1318 1314 1314 1312 7,100 Motor Wheel_
64
753 Mar 12 1473 Oct 15
5
15
15
15
15
15
15
1458 1458 143 1438 1418 1433 1.100 4411111ss Mfg Co Class A....7.50
1
4 Aug 21
1614 Oct 22
9/
94
1414 1334 14
94
1412 1412 14
Class 13
1312 14
1312 1378 1378 1418 2,100
94 Aug 23 1513 Oct 22
1
73
73
73
/
4
210
73
73
73 "7014 72
71
72
711
/
4 711
Preferred new
62
No par 62 Sept 4 7713 Oct 18
209 2034 2014 2014 *1878 2014 19
800 Munsingwear Inc
19 *1953 2014 201
/
4 2014
10
Ni par 11 Apr 8 2112 Oct 24
2018 2038 1919 2014 1813 1914 188* 1918 1834 1938 1918 1933 62,500 Murray Corp of Amer
358
10
414 Mar 18 2033 Oct 28
500 Myers F & E Bros
*4819 48
4634 4634 *4634 4734 4638 4634 4678 4678 *47
48
184
No par 30 Jan 12 474 Oct 25
1818 1812 1784 1838 1712 1818 1673 1778 1878 1738 1738 1778 34,700 1.7ash Motors Co
11
No par 12 Apr 27 194 Jan 7
200 Naebville Chan & St Louis -100 14 Mar 14 2711 Jan 8
*1319 1912 18
1814 1818 1818 1818 1818 *1712 18
14
1719 1712
918 6,700 National Acme
8
833 9
9
44 Mar 13 1014 Sept 12
918 953
8/
1
4 873
834 878
834 878
1
912 912
94 919
914 914
914 912
918 91
/
4
9
914 3,400 National Aviation Corp-No par
514
64 Feb 26 1033Sept 17
33
3212 3312 3314 3414 33/
2214
3178 3214 32
1
4 Oct 31
1
4 3538 3434 3514 74.500 National B1201112
10 2214 Apr 1 35/
*147 153 "148 152 *150 153 *149 153 "150 153 .150 153
7% cum pref
100 14153Mar 7 152 Aug 17 1294
19
1912 1878 1938 1812 1918 1838 1878 1838 19
14,800 Nat Cash Rest/ter
1914 20
12
No par 184 Mar 14 2018 Oct 25
1734 18
1712 1778 1738 1778 1712 18 31,400 Nat Dairy Prod
No par 127, M112 21 1814 Oct 16
114
178 18
178 18
140
7% pref class A
•1094 ____ *1094 ____ '10912 ____ 112 112
112 112 *112 ____
100 108 Sept 28 112 022 30 1 80
*10818 _ __ "10812 - _
*108 - _ *108 _ _ *108 _
_ - _ - _ -7% pre( class B
100 x108 Sept 3 108 Aug 19 x108
233 -24
4
25* -258
212 2311
212 -238
213 2-58 *1084-258 258 6,2119 :Nat Department€11ores_No par
113 Mar 7
453 Jan 17
2834 2912 29
2934 31
3034 2,430
3
3012 3014 31
2978 31
30
Preferred
100 17 Apr 2 3414 Feb 16
3233 3338 3213 3338 3214 3273 3133 3253 321s 3234 3234 3314 69,800 Nati DIM Prod
No par 2318May 2 338 Oct 21
16
400 Nat Enam & Stamping_ No par 21 May 31 3213July 8
29
29 *2612 2878 *2712 2873 "2734 284 288 2913 *28
29
10
100 National Lead
190 190 "188__ *188 220 "188 224 "188 223 *188 200
100 145 Jan 18 190 Oct 25
8704
*15734 18058 *15734 180% •15734 18018 *15734 16038 •15734 18078 *15734 16058
Preferred A
100 150 Jan 18 18213May 23 122
120
•132 134 "132 13319 "132 13312 "1324 13312'133 13319 13319 1344
Preferred B
100 12159 Jan 28 14013July 30
99%
47 Mar 15 1438 Aug 17
10
1018 10
4%
1014
978 1014 1014 1034 1038 1084 £1012 1038 40,100 National Few & LI
No par
Nat Rye of Mez Iss 4% pt _100
12July 12
1 Jan 10
*12
34
•12
14
*12
34
*Is
14
*111
34
*12
34
as
3g
4
2d preferred
100
14 Mar 19
4 Jan 2
*14
33
*14
33
*14
38
"14
18
*11
313
*14
72
14.400 National Steel Corp
7212 7214 7273 7314 75
734 73/
1
4 7234 7319 7134 73
88
25 4038 Mar 13 75 Nov 1
1713 1719 1713 18
1734 1734 1712 1814 18
1812 1813 1834 6,200 National Supply of Del
25
9 Mar 13 204 Aug 17
9
1,650
67
83
87 67
6614 6714 6633 8718 67 67
6714 6714 69
Preferred
100 36 Mar 20 7788 Aug 17
97
3,500 National Tea Co
94 10
1
4 Jan 4
z81
/
4
9/
1
4 10
*934 10
978 10
934 10
No par z814 Mar 13 11/
978
98
97
94 10
934 97
74 Jan 15 12 June 11 41 353
934 934
934 978 3,400 Natomas CoNo par
934 93
4
39
39
3814 39
381
/
4 3814 3814 3834 1,200 141312112112 Bros
*3814 3919 3812 39
No par 2114June 6 4134 Oct 21
*51512 5712 *5512 5834 .5512 5634 *5512 5634 5534 5534 *5512 57
100 Newberry Co (J J) ...._No par 4313 Jan 2 61 Aug 9
15
20
7% preferred_
80
*11418 116
11418 11458 *11314 116 *11314 116 *11314 116 .11314 116
100 109 Jaz125 117 May 7
33
:New Orleans TM/& Max...100
8 July 29
3%July 13
Mlz 7
*411 7
*412 612 *512 612 *353 612 *353 012
77
77
912 Oct 21
438
833 8%
812 834
814 878 16,800 Newport Induetrlea
438 Mar 12
84 84
81/4
84
1
4,700 N Y Air Brake
114
27
28
31
28
2819 28
2812 29
301
/
4 304 30% 30
No par WI Mar 12 31 Nov 1
2338 2413 2312 2414 23
2378 2212 2338 2212 2314 2238 233g 67,000 New York Central
124
No Par 124 Mar 12 2714 Sept 19
2,800 N Y Chic & St Louis Oo
1038 1012 1034 1034 1078 11
6
11
11
10/
1
4 114 1034 11
6 Mar 12 18 Jan 4
100
94
22
2212 22
2278 21
100
94 Mar 12 25 Jan 7
2134 20
2078 197g 2038 2034 2212 9,200
Preferred series A
434 434 2,260 New York Dock
4
514 Aug 29
2
*3
412 "3
4/
1
4 *314 41
2 Mar 14
44 '31s 4
100
960
4
1012 1014 '10
1013 10
121
/
4 1019 114
100
4 Mar 29 1253 Oct 30
104 1014 1258 11
Preferred
30 NY & Harlem
125 125 *121 125 "122 12519 "122 129 "122 129 '122 129
50 112 Mar 11 139 June 12 101
Mar
Mar
14
11414
14
"125 140 "125 140 '125 140 "125 140 *125 140
125 140
Preferred
11414
112
50
88
I,
28
38
14
34
34 3,000 IN Y Investors Inc
No vaz
14May 31
4 Aug 14
•513
34
13
18
53
38
20 NY Lackawanna & Weetern_100 9813 Oct 30 99 May 22
784
9553
96
96
964 9812 *93
97 *____ 97
8/
1
4 Jan 4
1
4
2/
258 Oct 23
3
314
3
318
218 3/
1
4
273 318 9,400 j/4 Y N El & Hartford-----100
i'
is 3/
1
4
513 314
100
Con. preferred
538 Oct 23 1833 Aug 13
6
634 6%
858 718
7
74
658 634 9,500
88
64
853 84
800 N Y ()nano & Western
338 338
6 Jan 19
238
378 378 *334 378 *338 4
378 4
100
354 334
213 Mar 15
Is
2148ept 30
11
/
4 2,000 NY Railways prof
11 Mar 29
"112 134
14
112 119 *153 112 *138 14
14 138
No par
1,
/
1
43fay 22
*118
_
100
112Sept 26
_
Preferred stamped
_ •114 *114 - 114 114 *118
•1141138 -11-38 1112 11
- -3; 1138 1-1-38 11
11 -11-14 1,900 NY Shipbldg Corp pan esk____I fps Mar 14 164 Jan 7 518
113* 103g If
*66
6734 66
66
66
61
65
100 51 Oct 9 87 Jan 7
66
66
66
65
65
90
7% preferred
62
*82
83
81
82
150 NY Steam $6 pref
69
80 83
83
83 "81
83
8234 8234
No par 89 June 5 92's July 15
*94
96
94
94
93 93
90
79
9218 9218 93 93
17 tel preferred
9218 9218
No par 79 May 28 100 Aug 2
Noranda Mines Ltd
25
No par 8034 Jan 15 43 May 22
•4 1
.
/
1
4 z
4/
1
4 1
100 :Norfolk Southern
158 Aug 13
1
34 Aug 6
`12 1
1
.
19 1
100
34
194 195
195 19612 *194 19512 19512 19512 19312 19512
900 Norfolk & Western
*195 198
100 158 Mat 13 19612 Oct 29 138
70
105 105 *105 106 "105 106 *10412 108
Adlas .4% pret
•105 106
105 105
77
100 99 Jan 10 108 June 18
2314 22% 231* 23
2434 2412 2558 2458 2518 2518 2512 152,900 North American Co
9 Mar 13 2558 Oct 30
9
23
No par
50 354 mar 15 533 Aug 18
5234 53
53
53
.524 53
*5233 53
31
53
53
5238 5238 2,300
Preferred
418
4
418
418
4
4
378 4
18,200 North Amer Aviation
4
418
378 4
2
43313e01 13
2 Mar 13
I
e9612 97
*9634 97
*9612 9634 9612 9638 97
9714 *0712, 9734
800 No Amer Edison pre:____No par 67 Jan 3 9734 Oct 18
39
50 864 mat 29 99 Aug 20
*.___ 9834 *---- 9812 *--- 9812 *--_- 9834 ---- 9812 *---- 9838
Northern Central
71
A
For footnotes ... DAMP 2840
100
851
s Mar
$ per share
22
41%
354 021
/
4
204
7
1519 32314
-33
-11-34
184
94
3
84
20
41
1014 29%
104 20%
141
3/
1
4
54
9
4
2%
2
814
3
12/
1
4
1
414
17
32
8/
1
4 19%
4
1204
334 40%
110
188
30
4584
44
8/
1
4
10
193
8204
9
49
924
24
82
lls 1213
114 1238
5/
1
4 68/
1
4
4
1012
384 504
79
951a
414
914
1178 4284
17%
1
913 9213
26
42
811 11
24
52
254 8804
220/
1
4 25%
24
oh
94 1444
612 2172
864
44
ad
65
87
107
. __ ..
-178
.
5%
154 el
104
14
%
853
14
54
14
74
;
43s -117
12
84%
14
6
218
9%
124 22%
,
39
815
20
3504
831
/
4
37
58
71
38
1
15/
1
4 4438
658 16%
--
II
15
873 111/
14
835k
1258 32
1904 6814
34
8/
1
4
514 184
2578 3918
131
1484
12
2353
13
181g
I
1771
3
2134
18
3159
164 Ws
136
170
14618
122
10013 12113
633 1513
14
Vs
as
1
344 584
10
21%
$313 80
9
1804
714 10%
ei, 3014
ill
497a
100
112
5
25
34 13
iiis 2884
1833 4514
9
267s
16
434
Vs 82
5
9
108
1081
/
4
112 120
Is
IJ
83
98
344
6
104 3753
44 1198
fo
I%
-1113
72
73
90
804
14
101
82
1014
34
35,
474
Si
Ili
89/
1
4
994
10971
4571
41,
187
10013
2514
15
854
7414
9214
_
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 26
Mood so
Oct. 28
Tuesday
Oct. 29
1Vednesday
Oct. 30
Thursday
Oct. 31
Friday
Nov. I
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
IVeek
Rang. Since Jan. 1
On Basis of 1004bars Lots
2847
July 1
1933 In Range for
Sept.30 Year 1934
1935 -c
o-i,
j-- Low
High
----$ per sh 3 per share
1318
144 3614
33
43
33
14
152
412
29
60,4
20
812
812
154
1638
312
-353
-638
70
95
70
434
5,3 144
1118
1213 1932
108
92
92
3
338
8
712
9
25
28
30
47
97
97
1144
60
94
60
27 5
1
-1-18
-6-3;
313
312 1114
612
1
2
Lowest
Highest
3 per share
$ per ,hard
1318 Mar 28 2172 Jan 7
3574 Jan 18 5112 Oct 24
1' July 12
24 Jan 4
s20 Mar 20 3212 Jan 3
1418May 17
914 Mar 18
1614 Oct 2 2412 Nov 1
312July 23 1358 Oct 14
75 Jan 16 101 Oct 31
434 Apr 3 10 Nov 1
114 Apr 4 22 Aug 5
106 Jan 7 125 July 5
414 Mar 14 174Sept 7
2234 Jan 16 8413 Aug 27
38 Mar 12 5258 Oct 8
1144 Mar 23 11512 Mar 29
80 Mar 12 125 Nov 1
14 Aug 5 1718 Aug 23
212 Jan 7
1 Mar 26
8 Mar 30
358 Oct 15
4 Jan 7
1 Mar 27
1218 2342
1238
29 Oct 30
25 1318 Mar 6
Pacific Gas & Electric
19
2034 37
19 Mar 18 5214 Nov 1
No par
Pacific Ltg corp
12
34
19
21 Jan 2
12 June 19
No par
Pacific Mills
69
854
100 70 Jan 2 11578 Sept 18 '68',
Pacific Telep & Teleg
103
116
9914
100 11112 Jan 14 138 Sept 26
6% preferred
938
512
1138 Aug 23 3 5
634July 11
Pee Western 011Corp____No par
712 Oct 22 3, 24
24
64
312 Mar 13
No par
Packard Motor Car
1034 12
814
5 1034 Jan 9 12 June 14
Pan-Amer Petr & Trans
12
12June 20
52
24
138 Jan 7
Panhandle Prod & Ref __..Nopar
613
7
612 Mar 12 1912 Aug 14
2111
100
8% cony preferred
8
8 Aug 28 12 Sept 19
1
Paramount Pictures new
84
100 76 Nov 1 10134Sept 19
First preferred
914 Aug 28 1414Sept 18
- 914
10
Second preferred
118
54 Aug 7
14
-54
214 Mar 27
10
:Paramount Publlx Ors
17
11
354
1734 Jan 11
11 May 20
•1617 18
1
'16'2 1834
17
600 Park-Tilford Inc)
16
1612 1634
1634 17
*1714 18
2
674
6 Apr 26
24
214 Mar 21
1
334 434
34 44 12,300 Park Utah 0 M
378 4
378
4
378 4
378 4
Is
212 Oct 1
2
54 Apr 18
111
112
112
112
158
112
112
134
*158
134
1,2
112 3.300 Parmelee Transporia'n___No par
112
5
718Sept 3
44 Oct 3
No par
538 512 5,400 Pathe Film Corp
5,2 538
512 512
512 512
512 534
558 534
814
9.12 -1112
15 May 23
814 Feb 28
1312 1358 1312 1312 3,500 Patin° Mines & Enterpr No par
.1312 14
1418 144 *1378 14
1334 14
34
34 July 12
3
1
478
14 Jan 4
Us
1
14
2,600 Peerless Motor Car
118
118
118
1
lle
118
1,4
114 *14
4458
4458 67
No par 6412 Feb 5 81 July 8
*68
436
69
6878
69
6912 6912 6912 6912 6734 6734 *66
500 Penick & Ford
5113
7438
354
843
4
Sept
18
Apr
3
5714
par
No
7914
80
79
7912
(J
C).
6,100
8012
Penney
70
8012 80
7934 8012 7918 80
172
612 Aug 21
173
514
214 Mar 13
412 412
*412 458 *412 478
44 478
500 Penn Coal & Coke Corp_ _-__10
414 412 •412 458
284
3 Mar 9
272
7
No par
5'2 Aug 6
418 414 4,300 Penn-Dixie Cement
4
44
378 4
418 418
4
4
414 414
124 324
10
18 Mar 11 2734 Aug 17
10(1
Preferred series A
2312 2312 2338 2338 2314 2314 2314 2314 2358 244 2414 2414
1,800
1714
2018 37
174 Mar 12 30',Sept11
50
2734 2733 274 28,400 Pennsylvania
2712 2778 2712 2838 2758• 2818 2718 2734 27
1953 66
30 Feb 5 394 Apr 1 33 1012
No par
3112 3412 33
3212 3212 3212 3212
600 Peoples Drug Stores
3314 3338 03212 33
33
1124
80
86
100 1084 Oct 7 11634 Mar 28
Preferred
60
11212 11212 *11212 11278 11278 11278 *112 1124 *11258 11278 1124 11278
1734
1914 634
1734 Mar 7 4312 Aug 171
100
4034 3734 3912 6,000 People's 0 L & C (C1310
40
4058 41
40
4114 3978 41
4l2 40
8
2
2
3 Jan 71
213 Feb 28
100
Peoria dr Eastern
234 *218 212 *218 234 *218 258 *218 258
*218 234 *218
38
914
914 Mar 13 25 Oct 22
12
100
23
24
900 Pere Marquette_
23
2312 2234 2314 234 2338 23
*23
2412 24
1412
18
51,2
100 1612 Mar 13 52 Oct 21
4612 4612 4612 4612
*45
49
49
Prior preferred
49
*4634 51
300
*4634 51
1318 43
12
100 13 Mar 15 4013 Oct 22
*34
3978 3514 3514
37
37
37
Preferred
800
•37
3938 3912 3912 37
914
94 1771
1312 Oct 7 1938 Feb 4
No par
*1438 1434
1378 1138
*1438 15
400 Pet Milk
*1438 15
*1414 15
*1414 15
758
814 1414
1158May 23
74 Mar 14
1
11
1012 11
1118 7,900 Petroleum Corp of Am
1058 103
104 1034 104 104 1034 1034
11 Oct 2 1534Sept 18 11 2
1312 134 1334 14
1338 133
1334 14
14
1418 134 14
12,600 Pfeiffer Brewing Co._ __No par
1134
1314 1-84
1234 Mar 15 2618 Oct 7
25
2434 2414 2434 2378 2417 2414 2458 2438 2518 23,200 Phelps-Dodge
2334 2412 24
2414 37
2112
50 23 Feb 27 45 July 9
4312 434 4314
4312 4334 431, 44
040
4312 *4153 432 041
700 Philadelphia Co 6% pref
384
39
6434
No pat 3812 Mar 5 7618 Aug 20
74
74
74
74
*7278 7313 7312 7312 7312 7312 *7313 75
600
36 preferred
2
6
4 Jan 8 3, 112
158July 26
1314 212 *178 212
20 :Philadelphia Rap Tran Co___50
158
134 *178 21
•134 24 *14 214
VI
16
3
6
Jan
12
30
312July
50
*414 434 *34 5
34 41
378 373
•312 438 *34 414
7% preferred
100
134
472 Jan 9
lis Mar 21
34
634
No pat
238 258
212 258
212 258
258 258
258 234 6,900 Plilla & Read 0 & I
258 258
1018
1112 4833
10 3514 Mar 12 5712 Nov 1
5434 5712 41,300 Phillip Morris & Co Ltd
491 1 494 4934 5038 5012 5112 5112 54
4958 50
7
21
512
tal Mar 22 11 Jan 4
No par
*74 81. •712 812 *778 812
400 Phillips Jones Corp
734 8
*714 84
812 812
48
7472
48
100 5312 Apr 1 80 Oct 31
77
80
*7312 79 - 07312 79
*7312 79
*7634 80
*7312 79
7% preferred
30
1338 s2034
11
1334 Mar 12 35 Nov 1
No par
3434 x3418 3434 3418 35
3334 3418 3312 3418 3358 34
53,200 PhIlip3 Petroleum
34
1312
34
3
912
Oct
22
Mar
21
3
5
812 818
94 918
918 95,
*9
958 *9
912
912 .9
5001 Phoenix Hosiery
50
64
44
100 50 July 8 7612Sept 13
Preferred
201
*75
80
*75
80
*75
7712 *75 ---- *75 ---75
75
4
48
113
Apr
27
5
8
Jan
8
14
25
12 1,400 Pierce Oil CorD
*38
*4
12
38
.
1
15,
4
38
12
033
12
24
611 1044
618 Apr 15
234July 24
10
4
4 - *334 44 0334 4
4
4
Preferred
200
*312 434 *334 414
4
2
4
113
Jan
8
5
8July
16
No
pa
Petroleum
2,500
7
8
['term
7
8
78
78
78
78
78
78
kl
4
78
78
1812 3434
18
31 Apr 8 3712 Oct 23
No par
3678 3678 *3634 3678 1,100 Pillsbury Flour
3712 3712 *3634 3714 37
3634 37
37
7014 87
6558
6553 Aug 26 7612 Jan 25
*50
79
*5014 79
Pirelli Co of Italy Amer shares__
1350
79
*50
79
.5014 79
*5014 79
74 1812
7
13
127
8
Aug
14
7
Mar
100
of
Pa
Coal
9
9
9
9
*812 012 *812 912
300 Pittsburgh
*834 912 *858 912
4211
26
26
100 2812July 11 4434 Aug 13
36
3614
*36
37
37
*3614 44
Preferred
300
*3614 4234 *3614 414 37
100 172 Feb 14 180 Aug 21 14114 1414 169
*175 181 *175 181 *175 181 *175 180 *175 180 *175 180
Pitts Ft W & Chic pref
412
1138
418
11
9
Jan
512
Mar
13
par
612 7
014 638
658 634
613 634
64 64 13,700 Pittsburgh Screw & Boit__ No
6
614
1514 43
1514
100 2213 Mar 13 55 Oct 1
45
45
44
44
44
44
47
47
45
46
45
45
90 Putts Steel 7% 011113 pref
112
312
1
12
Mar
21
218
Jan
1
*114
110
Corp
100
Coal
2
*114 2
*114
2
0114
*114 2
*114 2
Pitts Term
64
84 194
100 1014 Apr 4 16 Sept 13
*1012 1414 *11
1414 *11
1414 *11
6% preferred
10
*11
12
12
1414
1414
5
118
118
312Sept 11
114 Mar 20
25
*234 338 *234 3
278 3
300 Pittsburgh United
234 234 .234 278 *234 278
2558 6978
2412
100 2412 Apr 4 59 Sept 9
5512 5512 5512 5512 54
55
*52
5412 *5158 5312 5312 544
Preferred
170
10
27
64
1714 Aug 14
678June 4
15
15
*15
16
*15
16
*12
1514
110 Pittsburgh & West Virginia 100
1534
154 1534 *14
134
5
1
238 Aug 30
1 Mar 21
No par
24 218 0134 218 •134
31 134 218
100 Pittston Co (The)
0134 2
*134 2
2
714 164
612
64 Mar 15 1158May 17
5
1012 1012 1014 1058 1014 1038 101 1 1012 1018 104 1012 1012 3,600 Plymouth 011 Co
144
6
6
64 Mar 15 1112 Jan 9
No par
9
8
834
834 918
914
9
834 878
94 1018 12,900 Poor & Co
1018
- class B
238
614
158
458May 10
158 Mar 19
412 44
414 414
412 412
No par
438 412 *418 412 1,800 Porto 1110-Am Tob 01 A
412 412
14
1
V.
112 Jan 8
14 Feb 28
114
112
1
1
No par
138
138
114
114 .1
114
114 *1
1,000
Class 11
1012 3941
448
813 814
812 812
44June 13 1658 Jan 7
8
8
814
818 814
77
8
838 1,700 :Postal Tel & Cable 7% wet _100
4
14
5
21
52May
14
148
178
34
Jan
par
144
No
2
24
2
238
8
178
9,800 /Pressed Steel Car
178 23
144
178
558 24
54
131 1 *123.1 1338 1318 1412 1334 1414
1338 134 13
1112May 14 17 Jan 21
100
14
1412 3.100
Preferred
3318 444
3318
5014 5112 50
5014 .51
No par 4233 Jan 12 5334July 23
5034 50
50
5034 50
51
5012 6,800 Procter & Gamble
10214
I t712
31
101
23
11917
11919
.11918 11934 *11912 11934 1194 120
*119 11912
11934 120
860
5% pref (set of Feb 1'29)_100 115 Jan 2 z12034May
45
25
2038
4312 4358 434 44
434 44
No par 2033 Mar 5 454 Oct 30
4412 17,400 Pub Set Corp of N J
44
4538 434 4458 44
84
67
597
8
Aug
8
100
Feb
20
par
623
3
No
099
9938 994 994 9912 9912 9912 0912 09914 0913 9914 9914
900
35 preferred
78
97111
73
0112 11214 11214 11214 *112 11212 *112 11212 x11212 11212 11234 11312
100 73 Mar 14 11312 Nov 1
6% preferred
90
106
88
84
130 130 *128 13018
*124 12512 12512 126 *126 129 *12614 130
100 854 Mar 18 130 Oct 31
7% preferred
40
119,2
105
99
14512 14512 13144 14478 •142 14412 14412 14412
*14378 14412 145 145
100 100 Mar 14 14512 Oct 29
30
8% preferred
8742 10413
8378
*111 11278 *111 11278 *110 11278 *11053 11218 '11059112 '11059112
PubSerE1&0aspf$5_Nopar 99 Jan 5 113 July 30
3514 591
/
4
3012
3518 3478 3558 3558 37
3314 3414 34
354 3634 3612 3718 41,300 Pullman Inc
No par 2912 Oct 11 5272 Jan 9
1138 1178
1138 1178
578
618 1473
1158 124 1134 1218 117,100 Pure Oil (The)
1078 12
11
1114
1218 Oct 31
54 Mar 21
No par
80
49
10914 111
49
11012 112
10712 109
105 10634 106 108
111 111
100 4958 Mar 18 112 Oct 31
1,600
8% cone preferred
97
99
98
3312 63
99
98
9912 98
93
3312
98
093
96
9918 3,400
100 65 June 25 9912 Oct 30
6% preferred
16
1638
1638 16
1638 16
838 1944
94
1612 16
16
163
16
16
1734 Oct 15
834 Feb 1
6.700 Purity Bakeries
No par
8
818 838
411
94
758 8
734 8
818
4
778 818 139.600 Radio Corp of Amer
734 8,8
812 Oct 16
4 Mar 13
No par
5614 5614 564 56,4 5614 56l4 2,000
234 881s
22
*5534 5614 554 5614 554 56
50 50 Mar 18 6212 Jan 25
Preferred
46
7613 7914 77
7914 764 79
15
784 7712 7817 14,100
1338
7712 7912 77
Preferred B
No par 3514 Mar 12 81 Oct 21
44 519 40,700 tRadio-Kelth-Orph
44 518
478 5
44 5
114
6 Oct 21
44 518
14
44
54 538
114 Mar 13
No par
244 2478 2412 2478 *2412 2478 2478 253
1418 23
1114
2434 2518 244 25
No par 1612 Mar 13 2612 Oct 15
3.000 Raybeetos Manhattan
344 3414 34
3514 35
35
35Is 56%
2978
35
.3514 3512 3514 354 *35
1,400 Reading
50 2978 Mar 28 434 Jan 7
*4012
4318
*41
4318
*4012 4313
*4112 4318
3312 4138
28
•1012 4314 *4012 4318
1st preferred
60 38 Apr 6 4212 Oct 14
•3512 36
*3512 3634 *3512 3612 53512 3612 *3512 36
*3512 36
27
2918 $912
50 33 Apr 17 3734Nlay 14
3c1 preferred
14
313
•8118 914 *834 914
5
9
812 81
10
9
9
*9
938
313 Apr 4 11 Aug 16
10
2,600 Real Silk Homier"
,
*6012
*6014
63
*60
63
*60
63
63
64
*59
35
204
63
6014
Pretarred
100 2013 Apr 2 6113 Oct 18
*59
6
24 214 *218 238 2,500 Reis (Rohl) & Co
214 24
2'2
158
1
214
2$8
No par
2
234 234
3 Oct 25
1 Mar 26
*14
17
*14
17
*13
17
/
4
*1512 167 1314
54 381
538
1614
17
8 Mar 12 17 Oct 25
100
100
17
let preferred
1412 1438 1412 14,700 Remington-Rand
134 1458 14
1458 15
514
1518 Oct 26
1
7 June 1
1478 1518 1434 15
6
1333
323/ 71
2434
100 7134 Jan 15 99 Aug 26
lilt preferred
7814 784 7814 7812
7712 774 7712 78
25 69 Aug 22 7812Nov 1 69-7712 7712 7758 78
86 preferred
2318 2318 234 1,400
23
23
25 2118 Oct 15 2312 Oct 23
.2312 2373 2312 2312 224 2318 23
Prior preferred
21$4
984 1-1-4•1.02 117 *102 117 *102 117 *102 117 *102 117 *102 117
Renns & Saratoga RR Co...100 9812June 10 110 Mar 1
512
4
374 4
414 18,400 Iteo motor Car
378 418
2
413 414
2
458 Oct 22
5
214 Mar 13
1812 63,100 Republic Steel Corp
18
9
1012 2534
1978 Sept 9
9 Mar 15
No par
1833 1778 1838 1734 1838 1712 1818 1758 18
18
8034 8112 8034 8114 82
83
81
81
8112 80
19
100 2858 Mar 18 83 Nov 1
4,700
81
6% cony preferred
81
334 6738
6% cony prolr pref ser A..100 7812 Oct 2 88 Oct21_8612 8634 3,900
8514 864 8612 87
8412 85
8514 8513 8434 85
912
6
512 Apr 3
10
912 9,2
-5
934 Oct 18 33 -3
918 912 09
1,300 Revere Copper & Brass
914 912 *9
9
9
22
22
10 13 Apr 17 2312 Oct 30.
22
2312 22
2338 23
114 284
4 10
1,200
class A
•201 x 2112 2112 2234 23
100 75 Apr 9 10812 Oct 31
46
90
35
10612 10712 10812 10812 *105 107
102 1051 1 105 105
Preferred
140
101 101
2412 2458 244 25
1712 Apr 29 2638 Oct 21 43 958
2458 2458 25
3,300 Reynolds Metals Co ____No par
134 27
,
4
2478 2513 2438 2412 24
100 101 June 10 11014 Oct 22 101
110 110 *11018 1124 *109 11214
100
53,5% cony prof.
*10912 11012 1310978 110 .10912 110
-612 1-6
1 1214 Mar 20 2734 Oct 22 47 8
254 2658 2513 2534 2434 2578 4,500 Reynolds Spring
2614 2658 2534 26
27
27
565
8
5612
583
4
5612
584
57
3934
5934 5334
17,500 Reynolds (R J) Tob class B___10 4318Mar 26 57 Sept 12
5634 564 56,8 5634 5614 5634
10 554 Apr 22 6514 Oct 29
6534 065
6534 *65
5514
65
6514 *65
*63
68
57
40
624
Class A
654
*5834 68
No par
18
1858 1812 1812 *1818 1812 1,100 Ritter Dental Mfg
19
19
518 13,2
518
514 Mar 26
17
19 Oct 29
17
1634 17
20
2178 Feb 25 3030.1ay 17
28
2838 2838 2838 3,100 weee 4,,7,
28
281 1
20
.1.0.,,,r
,
o,3.•thre) ._
28
3318
*28,4 2838 284 2838 28
For footnotes see page 2840
$ per share S per share S per share $ per share $ per share $ per share Shares
1714 1758 17
1712 1612 1714 1658 174 17
1778 17
32,100
18
190
5014 5034 5014 51
5012 5012 *5012 51
*504 51
51
51
2
218 2,000
178
178
178
178 2
178 *14 2
178
134
50
2812 2812
*2414 28
*24
28
*24
28
234 234 2434 26
114 1138 1118 1138 21,600
1111
1118 1112 x11
1138 1134
114 1178
20
1934 20
2018 2012 20
204 2234 2212 2412 24,900
1934 20
1214 1212 13,000
1112 1234
1112 12
1178 1212 1134 12
1258 1234
101 101
*98 10018 *95 105
200
*10014 __ *98 110
84 878
9
914
814 81 1
914 914
812 -8-12
3,900
9
10
15,900
1914 1934 1958 20
2012 1934 2018 1033 20
194 2018 20
12214 12214 *12018 121 *12014 121 *12018 121
30
12014 122
122 122
1534 16
1514 1618
1534 1612 1518 1614
32,500
1534 1814
1614
16
*77
7918 7712 7834
76
7712 76
*7612 7918 76
1,300
77
78
*5258 53
*5258 53
20
*5258 54
5258 525, *5253 54
*524 53
*11634
_ *11634
_ *11634
- *11634
*116_ *11634
10,200
978 x120 1-2-24 11912 1.-ii12 119 1-2-2.3-4 12312 125
712 11634 1111614 111538 1558 2,700
1518 1514
1512 1514 154
1514 1514
1512 1512 15
2
112
134 *112
112
112 *112 2
2
2
100
134
2
4
54
4
438 44
*41 4
*418 5
518
120
434 434
*414
*212 3
*2
3
*238 3
*238 3
*214 3
*214 3
2812 2878 2812 29
20,500
2838 2812 2712 2812 274 2838 2814.29
5134 5214 12,100
474 4934 4812 5034 50
5114 5012 51
47
48
1712 1712
1612 1678 1514 1514
17
17
1714
900
*174 1712 *17
10
115 115 *11412 115 *114 115 *11412 115 *114 115 *114 115
30
*13534 13634 *13534 13634 *13534 13634 13634 13634 13634 13634 *13634 138
1014 1014 1038 1014 1014 1038 1038 2,700
1014 10
1038 1038 10
638 634
614 658
64 634 151,200
612 64
634 678
634 6g
100
•1112 1134 114 114 *1114 1134 *1112 1134 *1113 1134 *1112 1134
78
1
78
78
1
1
1
1
118
6,400
118
1
138
18
*16
174 *16
18
18
1812 18
17
18
1512 16
260
059 10
834 912 95,250
938 953
914 958
834 05,
to
1038
81
8314 76
8412 824 834 81
15,500
82
87
91
904 02
1178 1214 104 1158
1118 1138 1114 1158 104 1114 48,900
1238 13
Par
100
Northern Pacific
50
Northwestern Telegraph
Norwalk Tire & Rubber ,....No par
50
Preferred
No par
Ohio Oil CO
Oliver Farm Equip new_No par
Omnibus Corp(The)vto_ No par
100
Preferred A
OPpenhelm Coll & Co_ __No par
No par
Otis Elevator
100
Preferred
No par
Otis Steel
100
Prior preferred
No par
Outlet Co
100
Preferred
25
Owens-Illinois Glass Co
Pacific Amer. Fisheries Ina____5
10
Pacific Coast
No par
181 preferred
No par
2d preferred
Corp
Mills
2,65
438 412
418 412
fio
7438
New York Stock Record-Continued-Page 8
2848
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 26
Monday
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Nor. 1
$ per share S per share S per share S per share S per share
4438 4438 4434 4434 45
4518 4512 4512 4758 478
*3
334 *3
338 *3
3/
1
4
318 318 *3
3/
1
4
21
2114 201
/
4 2112 2058 2112 2012 21
2114 2112
1
1
118
118
1
1
118
1
1
*1
112 112
11
/
4 134 *112 158
/
4
112
112
158 11
818 814 *734 84 *8
812 *8
812
8
814
*1414 18
*1414 18
*15
*1414 18
18
*1414 18
3414 3434 3412 35
3418 35
34/
1
4
34
344 34
110 110 *109 110
110 110 *110 11014 110 110
/
4 112
1104 11134 1101
11038 1104 11014 111
11014 11014
1034 1114 1038 11
11
111
/
4 *11
1114 1058 1114
4814 49/
1
4 4712 4818 4812 50/
1
4 5014 5212 53
55
312 334
312 312
314 312
314 3/
1
4
3/
1
4 338
1612 1712 1658 1714
1714 18
16/
1
4 1714 1714 17/
1
4
6812 70
69/
1
4 7014 70
7012 69/
1
4 7014
1
4 7014 69/
12
12
12
12
12
12
12
12
12
12
*118
11
/
4 *118
11
/
4 •118
138 *118
138
138 *1
/
4 3014 3138 3014 311
3034 311
/
4 30
31
3014 31
*3
314 *3
314
3
314
3
3
*3
314
6012 6112 .59/
5934
1
4 6012 58/
1
4 59/
1
4 5814 5938 59
314 314 *3
314 *3
34 *3
31
/
4 *3
313
318
31/4
65
6614 6614 65
65
65
65
65
65
6514 *6514 6612
1138 1112 1114 1112 1114 11/
1
4 1118 11/
1
4 1118 111
/
4 1118 1138
914 912
914 9/
1
4
938 9/
1
4
1
4
9/
1
4 958
958 10,8
O's 9/
2118 2118 2034 2114 2114 24
2238 23
2414 2478
2234 24
414 438
41
/
4 4/
4/
1
4 518
1
4
412 434
412 41,
5
5/
1
4
1
4 45
4314 4314 43/
4434 45
4434 45 - 4412 4618 4312 46
*3014 3138 31
31
*294 3138 3014 3014 3012 3012 *2912 3114
*3612 38
*3612 38
*3612 38
3658 3653 3712 38
-*371
11 1114 11 1138 11 11/
1
4 1118 1112 1138 111
2-12
/
4 1112
100 10018 100 10012 10014 10214 10134 102
10134 1024 103 10412
1112 1118 1158 11
1114 1112 11
/
4 1114 12
1114 111
1134
171
/
4 1734 1718 1814 1758 1812 1738 1838 1712 18
1758 1838
47
5
5
518
5
5
5
518
518 518
54
5
1338 1312 1318 1312 13
1378 1312 1418 1438 1612 1614 17
*95
*95/
9512 9512 96
1
4 97/
1
4 97
105 105
9818 99 103
4234 4234 *40
4212 42
4212 *40
42
42
42
*3912 42
62
63
6312 6312 63
63
63
63
6212 e213 6338 6312
2778 2818 2714 2734 2718 2758 2658 2714 2634 2712 27
2914
1238 1258 1214 1258 12
1
4 1218 1238
124 12
1233 124 12/
/
4 11178 1111
•111 1111
/
4 111/
1
4 11178 *111 112 *111 112 *111 11134
24
2414 2418 2578 254 25/
1
4
1
4 25
254 2514 2512 2512 25/
140 140 *140 143 *14018 145 *14014 143
14014 14014 *14014 143
2412 25
25
2534 25/
1
4 2638 2512 2634 2518 25's 2514 26
$ per share
*4458 4434
*3
334
2118
21
118
11
/
4
158
134
812 812
*1414 1712
35
35
11014 11014
111 11134
11
111
/
4
491
/
4 4934
31. 334
175
; 18
6878 69
12
52
• 11
/
4 11
/
4
31
3138
3
3
6078 6138
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Nov. 2 1935
Range Stars Jas. 1
Os Basta of 100-share Lots
Lowest
HIghesl
July 1
1933 to Rasps for
Sept.30 Year 1934
1935 ----High
Low Lou
Shares
1.100
100
9,400
1.300
1,200
290
3 per share 3 per oh $ per share
Par $ per share
Royal Dutch Co (N Y shares)__
294 Mar 12 4778 Nov 1
2858 3918
2858
Rutland RR 7% pref
5/
1
4 Jan 3
3 Apr 18
3
100
412 15
St Joseph Lead
1
4 Oct 4
/
4 Mar 13 23/
10 101
10/
1
4
1514 2773
:St Louis-San Francisco ____100
2 Jan 8
34June 6
41
/
4
14
34
1 Apr 3
let preferred
100
248 Jan 8
1
118
618
St Louis Southwestern
100
6 Apr 15 14 Jan 12
6
8
'20
Preferred
100 12 Mar 4 2178May 13
12
13
27
4,800 Safeway Stores
No par 324 Oct 3 48 Jan 2
32/
1
4
3814 57
160
6% preferred
100 10434 Mar 11 11314June 29
80
84/
1
4 108
9018
100 10612 Feb 7 11418June 19
340
7% preferred
9818 11318
2,200 Savage Arms Corp
6 Jan 15 1278 Oct 7
No par
34 1214
413
49,700 Schenley Distillers Corp
6 22 Mar 12 55 Nov 1
1718
1718 3878
4 Jan 2
6,300 Schulte Retail Stores
11
/
4 Apr 4
1
11
/
4
3
8
8 Apr 4 204 Jan 18
1,420
Preferred
100
15
8
301
/
4
940 Scott Paper CO
No vas 55 Jan 2 7012 Oct 30
3714
61
604
14
78 Jan 4
8,600 :Seaboard Air Line
14June 29
No pat
's
2
11
/
4 Aug 14
100
Preferred
58
100
/
1
4 Aug 1
1
318
1
4May 9
9,900 Seaboard OH Cool Del___No par 2034 Mar 12 35/
19
201
/
4 381
/
4
478 Jan 26
700 Seagrave Coro
2/
1
4 Oct 14
218
No var
218
558
32,300 Sears. Roebuck & Co
30
No var 31 Mar 12 8112 Oct 28
31
51 14
314 Oct 26
118
414
11
/
4
1
400 Second Nat Investors
118151ay 6
1 40 Apr 3 8614 Oct 25
Preferred
220
30
32
52
I
758 Mar 13 1214 Sept 11
13,100 Servel Inc
318
438 9
714 Mar 14 104 Oct 10
10,700 Shattuck (F (3)
6
No par
61
/
4 13/
1
4
9 Mar 14 2478 Nov 1
4
26.100 Sharon Steel Hoop
No par
518 1314
538 Sept 6
31
/
4 Mar 12
8.200 Sharpe & Dohme
No par
314
4
7/
1
4
3,000
Cony preferred ter A
Aro par 24112 Oct 17 50 July 23
30
3814 49
400 Sheaffer(WA) Pen Co_ _No par 30 Oct 5 3114Sept 21 z 75*
180 Shell Transport & Trading___12 2038 Jan 2 38 Oct 31
19
Iii
16-18
51224far 19 12 Nov 1
51,700 Shell Union 011
518
No par
6
114
6,400
Cony preferred
100 6318 Mar 21 10412 Nov 1 p4513
57
89
6,600 Silver King Coalition Mines___5
8/
1
4 Feb 15 1938 Apr 28 n 54
8
1212
Mar
15
1812
45,900 Simmons Co
Oct 29
8
6
No var
818 2418
434 Oct 24 1834 Jan 9
5
5,500 Simms Petroleum
10
714 1718
6
11,200 Skelly 011 Co
25
6/
1
4 Jan 15 17 Nov 1
6
1118
42
1,400
Preferred
100 60 Jan 22 105 Nov 1
511
/
4 685*
50 Sloes-Sheff Steel & Iron
12
100 13 Mar 20 4434 Oct IL
15
2712
220
7% preferred
15
100 24 Mar 12 68 Sept 30
184 22
/
4 Apr 3 2914 Nov 1
10.800 Snider Packing Corp_ __No par
151
34
6/
1
4 1934
57.600 Socony Vacuum 011 Co-Inc__ _15 10/
1
4 Aug 30 1534May 24 *3 912
121
/
4 191
/
4
200 Solvay Am Invg Tr pref
100 1071
86
10812
/
4 Jan 15 112 Oct 1
76
20
11,000 So Porto Rico Sugar
No par 20 Jan 30 2833May 24
20
394
120
Preferred
100 132 Feb 4 150 July 5 112
115
137
3
30,400 Southern Calif Edison
25 1058 Mar 13 2614 Oct 30
104 2241
--- ----- ------------------ ---Southern Dairies class A __No Dar
1
4July 12
5/
1018
618 1018
3 May 6
-18i2 icii-2 -iii4 I-61-4 -iii8 -1-9-18
1234
1478 33/
1
4
.8 178
100 1234 Mar 18 2112Sept 11
__ ,___) Southern Pacific Co
8 88
12 30
512July 8 16/
512
111
1
4 Jan 4
/
4 361y
9
9/
100
1
4 18,600 Southern Railway
914 938
94 934
918 9,2
94 94
9/
1
4 934
1334 1314 1334 13
1318 1338 13
7 July 71 2058 Jan 4
Preferred
1312 1278 1314 1278 1314 0,400
7
14
_100
41,4
*28
28
*25
*26
28
28
*27
100
Mobile & Ohio stk tr cafe __100 15 July 23 334 Jan 12
2712 27
15
314 4734
27 .2412 28
*618 634 *614 634 .633 658
5
8 Aug 17
500 Spalding (A 0)& PrOs___No par
5 Mar 14
614 6/
1
4
614 614
614 614
5
13
*5514 5734 *551
/
4 5734 5734 5734 *5514 57/
10
let preferred
1
4 *5514 5734 *5514 5734
100 42 Apr 2 6812 Aug 19
3014
30,
4 74
*9012 9214 9214 9212 9212 9212 9212 9312 9234 93
750 Swing Chalfant & Co Inc pref.100 5918 Apr 3 94 Aug 27
93
20
93
30
66
538 553
1
4 Oct 30
2/
1
4
7/
/
4 Mar 13
6/
1
4 678 96,300 Sparks WithIngton
534 614
31
614 74
No par
614 718
612 678
278
8
758 7/
1
4
7
738
7
714
8/
1
4 Oct 18
7
712
840 Spear & Co
314June 25
14
714 714
No par
71
/
4 74
2
74
*75
80
*75
80
*76
80
*70
Preferred
80
*76
80
644
*76
311
/
4
80
100 65 Mar 23 81 Oct 21
39
3314 3312 3334 3334 3314 3314 3314 3334 33
1
4May 11
1,200 Spencer Kellogg & Sons __No par 32 Apr 3 38/
1214
33
33
33
15/
1
4 3318
12
1238
1218 1238 12
1214 12
21,800 Sperry Corp (The) v to
71
/
4 Mar 14 1312Sept 18
1213
/
4 12
1
121
/
4 111
12
358
5/
1
4 111
/
4
1334 1412 1438 1478
1312 14
1412 1434 1434 1434 1458 14/
1
4 4,100 Spicer Mfg Co
8/
1
4 Mar 14 1512 Oct 22
6
No par
6
13
441
/
4 4418 44
44
44
44
420
*43
45
45
44
Cony preferred A
18
4312 44
/
4 Feb 14 4712July 22
No par $31
2134 41 14
7914 81
7812 7934 775* 7812 7612 7714 77
5,700 Spiegel-May-Stern Co
7812 7812 79
74
No par 4378 Mar 27 84 Oct 21
19
7634
*10414 10518 *10414 10518 *10414 10518 *10414 10518 *10518 10618 10518 10518
100
63.3% preferred
/
4July 26 10518 Nov 1 3 45
100 1011
14
1418 14
1414
14
1418 13/
1
4 14/
1
4 1458 1434 1434 15
88,400 Standard Brands
/
4 Jan 3
121:Sept 18 191
No par
1212
17.14 -3 ,4
*12512 12714 126 126
124 12512 12612 12612 12634 127 *12418 12678
160
Preferred
No par 12258June 4 130 Apr 9 120
12114 127
558 578
5/
534 612
1
4 638
612 Oct 2S
558 5/
218 Mar 15
5/
1
4 614 21,000 Stand Comm Tobacco
1
4
558 578
218
No par
3
8
41
/
4 5/
1
4
4/
1
4 514
914 Aug 17
18,200 :Standard Gas & El Co No par
14 Mar 15
5
434 5
514
11
/
4
48 514
434 5
3/
1
4 17
7
712
7
7/
1
4
7
1
4 Aug 17
714
7
71
/
4
712 18,100
7
718
134 Mar 15 11/
7
11
/
4
Preferred
No var
4/
1
4 17
17/
1
4 1712 1714 1712 16/
18
18
1612 3,200
4/
1
4 Mar 15 2558 Aug 12
1
4 1714 *15
$8 awn prior pref
4/
1
4
16
16
No par
10
33
1712 19
18
1938 1738 1838 1634 1814
27 CUM prior pref
1634 17
1678 1818 18.200
8
6 Mar 15 2712 Aug 17
No par
1114 38,8
*2
218
21
/
4 218
218
218Sept 9
218
2
2
*178
218
178
178 1,200 Stand Investing Corp
/
1
4July 17
/
1
4
No par
78
178
*11318 11312 *11318 113/
200 Standard 011 Export pref-100 111 Jan 3 116 Apr 6
9418
1
4
1
4 *1134 113'2 113 113'8 *11234 1134 *11234 113/
9818 114
37
37/
1
4 3612 3718 3638 3718 35/
Ms
27/
1
4 Mar 15 3878May 24
1
4 3678 3612 3678 3634 3714 30,600 Standard Oil of Cant
2614 6278
No par
28
2814 2758 2838 2734 28
2738 28
23
2738 2778 2712 2778 27.700 Standard 011 of Indiana
25 23 Mar 15 2838 Oct 28
2318 271
/
4
*21
22
*2114 22
22
22
100 Standard 011 of Kansas
*2112 2218 *22
19
10 20 Oct 2 32 Feb 18
2t1
22/
1
4 *2112 23
41
4912 4973 49
/
4
49/
1
4 4858 49
394 501
331
1
4 4914 35,300 Standard 011 of New Jersey-...25 35/
/
4
4878 48/
48
1
4 Mar 18 501215lay 23
48/
1
4 48
27
27
2612 27
264 2714 2612 2612 26
1
4 1,700 Starrett Co (The) L s____No par
2612 2634 27/
1212 Mar 14 2712 Oct 25
6
6
151
/
4
1
4 664 6512 65/
6558 6618 65/
1
4 651
/
4 66
67
4,700 Sterling Products Inc
45/
1
4
65/
10 5834 Jan 15 6778 Aug 13
671
1
4 6634 67
/
4 6618
218 21
2
/
4
2
218 218
2
1,400 Sterling Securities el A___No par
11
/
4 2
2
218Sept 10
2
114
2
3
1
118 Mar 19
6
6
614 612
34 Mar 28
638 638 2,300
614 61
612 Oct 28
/
4
618 618
24
64 614
3
7
Preferred
No par
4512 4512 45
*4514 48
45
400
45
45
5012
*48
2818
48
48
Convertible preferred
50 36 Mar 5 48 Oct 31
30
3818
1734 1818 1778 1818 1734 1818 1734 1818 51718 1758 175* 1734 19,300 Stewart-Warner
1
4 Oct 22
61
/
4 Mar 6 18/
41a
5
44 10,,
1058 1114 104 111
1438 Nov 1
1
4 188,200 Stone & Webster
9/
1
4 104 1018 1118
/
4 1114 1258 1278 14/
2/
1
4 Mar 14
212
3/
1
4 1332
No par
7/
1
4 778
7
758
612 6/
1
4
7/
1
4 712 148,200 :Studebaker Corp (The) new__1
8 Oct 24
214 Apr 17
1
4
612 634
214
6/
1
4 7/
73/
1
4 74
7418 75
7212 7212 *7114 73
1,400 Sun 011
7278 73
73
73
42
No par 6018 Mar 20 7512June 13
-51-18 -7-414
120 12014 119 120
120 120
240
12012 12012 *120 12012 12012 12012
118
96
100
Preferred
100 11518 Jan 10 121 Mar 23
2634 26
2614 2512 2512 264 2638 2614 2612 1,900 Superheater Co (The)____No Dar x11 Apr 4 2634 Oct 23 all
2512 2612 26
1118 2514
213 23s
238 212
212 2/
1
4
2/
1
4 2/
258 2/
1
4
1
4 28,100 Superior Oil
258 234
3 Apr 17
/
4 Jan 2
1
11
114
114
3/
1
4
1118 1118 11
11
1034 1114 1058 11
11
1218 1134 1214 8,300 Superior Steel
1
4 Aug 27
3 Mar 18 12/
458
100
458 151
/
4
2214 22,8 2214 22
2214 2238 22
2214
2214 4,000 Sutherland Paper Co
2134 22
22
10 17/
1
4 Oct 8 23 Oct 22 3 534 . - - -300 Sweets Co of Amer (The)
1
4
712 712 *714 8
*858 7/
7
*7,2 85*
714 *612 8
9 Sept 30
50
314 Mar 6
314
813
-5/
1
4
1912 1934 1914 1934 19
19/
1
4 18/
1
4 1914
18/
1
4 1918 1878 1018 14,900 Swift & Co,
25 1.5 Sept 16 2012 Oct 21 I 11
*38
12
*38
12
14
*38
12
*38
12
:Symington Co
.38
14 Apr 15
12
*38
12
78 Jan 4
No par
-44
II:
*212 3
*212 3
*2/
1
4 3
3
3
278 278
600
Class A
114 Apr 29
No par
332Sept 30
3
114
3
118
538
634 7
6/
1
4 7
6/
1
4 712
713 734
7/
1
4 778 7,000 Telautograph Corp
7/
1
4 734
9/
1
4 Jan 9
5
614 Sept 20
614
/18 151
/
4
8
7
718 738
7/
1
4 49,800 Tennessee Corp
7
7
714
6/
1
4 718
634 7
4 Mar 15
7/
1
4 Oct 24
5
318
34
61
/
4
2212 2278 2258 2318 2214 2278 2214 2234 2258 2318 23
2314 35.400 Texas Corp (The)
1818
35 1812 Mar 13 2334May 17
191
/
4 2938
3118 3134 3112 321 1 3112 32
3214
12,100
311
/
4 311
Texas
313
4
/
4 31
32
Gulf Sulpt or
1
4 Apr 4 36/
No par 28/
1
4 Feb 19
22/
1
4
30
2314
858 878
8/
1
4 94
812 834 17.000 Texas Pacific Coal & 011
812 834
814 878
812 8/
1
4
10
314 Jan 2
21
/
4
9/
1
4 Oct 7
218
812
1014 1038 10
1018
9/
1
4 10
1
4 9.200 Texas Pacific Law Trust
9/
1
4 9/
934 9/
1
4
9/
1
4 10
6
1
818 Jan 15 1218May 14
634 12
*18/
1
4 1912 *1812 19
200 Texas & Pacific By Co
18
1914 1914 18
19
*1814 1978 *18
100 14 Apr 12 2534 Jan 10
1312
1318 43,4
36
3612 3558 36
36
39/
1
4 15,200 Thatcher Mfg _-_._. ___No par
3712 3612 3834 3738 3838 38
1318151ay 8 3934 Nov 1
8
8
18
60
258/
1
4 60
*59
5912 5912 5912 60
*59
59/
1
4 59/
1
4 6012 2,100
521
/
4
23.60 cony pref
No par 60 May 4 6012 Nov 1
3858
39
/
4 1114 *11
*1114 1134 111
*1014 11
1134 1034 11
800 The Fair
*10/
1
4 1118
.No par
51
/
4 Apr 10 12/
1
4 Oct 19
4
1218
4
40
*100 103 *100 103 *100 103 *101 103
*9434 106
100 100
Preferred
50
83
45
8114 Jan 7 100 Oct 16
7
618
67
8
61
/
4
63
8
6
65*
638
614 638
8,800 Thermold Co
812 7
1
218
212 Mar 7
94
24
714 Oct 25
3/
1
4 *3
314 *3
*3
314
314 *3
700 Third Avenue
318 338
3
3
2
loo
4
2 Juno 28
814
5 Jan 5
02612 2812 2838 2838 *2712 2838 2838 2833 *2734 28
200 Third Nat Investor,
28
*27
13/
1
1
4 2218
16 Mar 15 2812 Oct 25
13
8
8
8
8
500 Thompson (J R)
8
8
8
8
*7/
1
4 8
45
*712 818
11
41
/
4
25
814Sept 13
5/
1
4 Jan 7
24
2418 2378 2414 2314 234 2214 234 22/
/
4 12,000 Thompson Products Inc__ No var 13/
1
4 2334 2334 241
10
1
4 Mar 13 241
201
/
4
10
/
4 Oct 23
244 278
234 3
258 2/
314 13,500 Thompson-Starrett Co___No par
3
1
4
212 2/
1
4
212 3
Oa Mar 15
11
/
4
312 Jan 7
134
612
19
.15
*17
2012 *16
19
*15
19
2114
19
19
400
20
33.50 cum pref
17
3412
No par
17 Apr 23 2314 Aug 8
17
1014 1012 1014 10/
24,700
1
4 1014 1012 1014 10'2 1033 10/
11
Tidewater
10
3
4
1
4
Assoc 011
8
No par
7/
1
4 Mar 18 12 May 23 113 718
1418
9914 9912 9914 9934 9912 9934 10018 10034 10012 101
2,300
9934 100
Preferred
7 431
/
4 641, 87
100 84 Jan 8 10358 Aug 17.
.41
43
*41
43
*41
43 '
341
Tide Water 011
43
*41
43
*41
43
24
40
18
No par 2634 Mar 15 4312Sept 4
9
8/
1
4 81
914
/
4
834 918
8/
1
4 8/
1
4
914 17,300 Timken Dettolt Axle
97 Aug 9
834 918
9
378
1
4 Mar 15
10 4/
3
84
14,100 Timken Roller Bearing-No par 28/
6212 63
6112 63/
1
4 611
/
4 6214 5812 6178 5912 6034 6034 62
24
41
21
1
4 Mar 15 64/
1
4 Oct 21
47 Mar 12
914 94
912 934
912 934
012 934
958 934 51,400 Transamerica Corp
912 034
41
/
4
No par
934 Oct 28
518
818
12,900
*1034 1078 1034 1034 1058 11
/
1
4
1058 1134 1178 1212 1258 13
Transcon & Western Al! Inc__ 5
1
4 Nov 1
714 Mar29 13/
7,4
- -1434 1478 1412 15
1418 8,000 Traneue & Williams St'l No par
14
1412 1312 14
1
4 14
1358 13/
518 Mar 14 15 Oct 25
412
-2-4 -I-312
678 6/
1
4
/
4
634 718
6/
1
4 71
/
4
6/
1
4 61
6/
1
4 634
6/
1
4 7
29,600 Tel-Contlnental Corp
No par
11
/
4 Mar 13
714 Sept 10
61
/
4
178
3
*96
97
*96
9712 ,396
96
9712 *96
200
9712 06
06
96
6% preferred
51
6014 78
No par 69 Apr 4 90 Oct 24
1
4 *434 4/
4/
1
4 4/
412 458
1
4
458 45*
678May it)
4/
1
4 434 4,000 Truax Traer Coal
118
434 434
3/
1
4 Oct 14
No par
14
51*
3,600
Truscon Steel
952
7/
1
4 7/
338
1
4
758 Aug 27
Ps
71
/
4 714
7,8 74
74 714
7
312 Mar 13
714
714 714
10
1758 1778 1734 17/
18
1838
1738 1814
13
1
4 1734 1818 1838 1938 20,100 20th Cent Fox Film Corp_No par
/
4 Nov 1
13 Aug 28 191
2858 2758 281
2738 2838 28
/
4 2712 28/
10,600
1
4 27/
1
4 2814 2814 29
Preferred
/
4 Oct 3 29 Nov 1
No par 241
241
/
4
438 4/
1
4
418 41
/
4
434 514
51 1 4,900 Twin City Rapid Trans No par
212June 5
5
5
538
5/
4/
1
4 Oct 30
1
4 5
34
1-1
/
4
-8-4
39
6
41
/
4
2912 304 2934 31
30
3614 341
/
4 39
3712 39
3712 4034 3,470 Preferred
100 18 Mar 18 4034Nov 1
4b4 44
214
238
218
214
218
44 434
1
/
4 37,000 men & Co
518 Nov 1
i
412 51
118June 10
4
's
No par
80
8112 7914 7914 79
80
79
8014 8018 8014 .80
82
3,500 Under Elllots Fisher Co No par 53/
1
4 Mar 29 8214 Oct 15
224
36
5878
*12912 133 *12912 133 *12912 133 *12912 133 *12912 133 *12912 133
95
102
Preferred
100 12612July 17 133 Apr 5
12878
3714 3712 374 3712 37
37
3612 37/
1
4 36/
1
4 3718 3612 3634 3.400 Union Bag & Pap Coro.__No par
3914 11072
29 May 28 504 Jan 22
25,
6912 70/
7038 71
7112 7214 7114 72
70
1
4 6934 71
7118 20,500 Union Carbide & carb___No par 44 Jan 15 7212 Oct 21 "3-i
351
/
4 5078
201
/
4 2018 2038 204 205* 2018 2038 13,700 Unton 011 California
2014 20
20
19/
1
4 20
1118
1118
/
4 Feb 6 2018 Oct 30
204
25 141
-
-
•__100
I
For footnotes see page 2840
HIGH AND LOTS' SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Oct. 26
Monday
Oct. 28
Tuesday
Oct. 29
Wednesday
Oct. 30
Thursday
Oct. 31
Friday
Nor. 1.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
100
Union Pacific
100
Preferred
No nor
Union Tank Car
5
United Aircraft Corp
United Air Lines Transp v t c 5
United American Bosch__No par
No par
United Biscuit
100
Preferred
__No par
United Carbon
united-CarrFastener Corp No par
No par
United Corp
No par
Preferred
5
United Drug Inc
10
United Dyewood Corp
100
Preferred
No par
United Electric Coal
No par
United Fruit
No par
United Gas Improve
No par
Preferred
100
:United Paperboard
United Piece Dye Wks___No par
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---preferred
100
612%
---_
----------------- ---- ---- -534 -578
534
-6
5/
1
4 -.578
534 -578
6
618
United Stores class A____No par
-,
4 9200
2
No par
*70
*71
75
75
75
78
78
75
75
Preferred elan! A
400
*70
7458
75
*64
1,100 Universal Leaf Tobacco .No par
6412 641; 6414 6418 6438 64,4 6432 6458 65
65
65
100
Preferred
15312 15312 153 153
153 153
15312 15312 15414 15414 154 15412
170
100
40
3512 3512 38
3834 3914 3912 3912 3912 3912 39
670 Universal Pictures let pfd
39
78
1
1
78
1
1
112 25,700 :Universal Pipe & Bad
1
78
78
138
139
78
100
1012 1012 *1018 11
Preferred
1012 1338 1212 1312 3,380
10
10
1018 10
20
1912 1978 19
1938 1878 1934 194 1934 1918 1912 1934 2014 8,400 U 8 Pipe & Foundry
No par
*2012 2034 2034 2034 2012 2034 2038 2012 *2038 2058 2038 2038
1st preferred
800
No par
*2
3
*2
3
*134 3
*214 3
200 U S Dtstrib Corp
*234 3
278 278
100
*174 1738 1612 1732 1634 1634
Preferred
17
1838 17
1612 17
1714
930
No par
26
2614 2514 26
2514 2514 2,400 U 8 Freight
2512 2434 25
25
2512 25
No par
1034 11
1034 11
11
1058 1034 1012 114 *104 11
1114 3,500 US & Foreign Secur
*86
8812 *87
No par
8812 8812 *8712 8812 8812 8812 89
88
Preferred
89
300
20
8212 8312 8212 8312 8312 8334 8334 84
83/
1
4 8412 8314 8414 5,400 US Gypsum
100
15912 15912 15912 15912 15912 160
preferred
*158
160
160
160
7%
560
160
160
5
858 858
818 812
84 94 1,800 U 8 Hoff Mach Corp
834 84
838 858
8
812
4618 4634 4612 4758 12,600 U 8 Industrial Aloohol___No par
4578 4614 4434 46
4634 4739 4612 47
No par
*814 812
812 812
758 758 *74 84
8
8
814 814
500 U S Leather v I e
No par
*1412 1478 1434 15
144 2,700
1312 1358 14
Clam, A v I a
1412 1458 1312 1414
100
*69
72
Prior preferred v t a
*69
*69
70
70
*69
7078 *69
069
72
72
No par
Impt
678 718 49,300 U S Realty dc
638 714
618 658
6
618
534 64
51
/
4 6
No par
1414 15
1458 1478 14
1478 134 1438 1358 14
1378 1414
20,100 U S Rubber
100
3912 3978 38
151 preferred
3912 23,100
3978 3738 3878 3612 3712 3634 3734 37
50
9812 9,300 U 13 Smelting Ref & Min
9534 9612 96
96
9614 9578 9712 9578 9612 9434 96
50
*71
72
Preferred
7112 7278 1,500
721s 7212 73
71
71
71
71
71
100
4678 4712 4612 4718 4638 474 4538 4678 4538 4612 4578 4718 114,400 U 8 Steel Corp
100
11014 11012 110 11014 109 11012 109 10914 210712 10812 108 100
Preferred
4,800
No par
U 8 Tobacco
*13878 13978 0135 13978 *135 13978 *13618 13978 *13618 13978 *13612 13978
100
Preferred
*16014 16912 *16014 16912 *16014 16912 *16014 16912 16014 16014 *16014 16912
30
1
258 234
234 278
234 3
278 318
238
234 9,900 Utilities Pow & LI A
234 3
par
Ye
1
1
114
118
Vadsco
Sales
1
118
1
114
1
118
D.1 20,600
1
100
2514 26
2612 2612 2618 2618 2712 28
Preferred
180
*3034 _ _
2834 29
1858 1778 1838 18
1778 1818 18
18
18
1812 1814 1-8-34 6,700 Vanadium Corp of Am___No par
5
313s 3138 31
3134 *3034 31
1,900 Van Raalte Co Inc
3114 3134
3078 31
31
31
100
*110 11112 11012 11012 11012 11012 *11012 112 *11012 112 *11012 112
7% 1st pref
50
5
03934 4012 3934 4018 *3958 4012 3912 3912 03978 404 4014 404
900 Vick Chemical Inc
*574 73
*5718 73
*5718 73
Vicks Shreve & Poe By Co pf_100
*5718 73
*5718 73
*574 73
44 418
4
418
24 378
414 41. 18,400 Virginia-Carolina Chem __No par
438
4
378 4
100
2912 2934 2812 2812 2812 29
6% preferred
2912 3112 3114 3239 14,200
2834 30
100
•115 121 *119 121 *118 121 *119 121
7% preferred
800
12012 12012 119 119
par
__No
110 110
110 110
$6
pf
Pow
10912 110
Virginia
El
&
10912 10912 10918 10918 10812 10912
730
*3
*3
*3
4
4
4
4
10 Virginia Iron Coal & Coke_ 100
*3
4
*3
4
4
100
*1612 22
*1612 22
*1612 22
6% pret
*1612 22
*1612 22
*1612 22
$ per share $ per share $ per share
9534 9412 9534
9434 9534 94
*8712 8834 8714 8712 *8712 8818
*2234 23
2278 23
2238 23
2058
1978 2012 20
20
2014
9
878 94
914
878 9l
*1412 15
1478 1478 *1312 144
2238 2238 2238 2272 2234 23
112 112 *11218 11434 *11214 11434
71
7114 7038 7114 7114 7112
19
*1812 1914
*1812 1918 19
512 6
512 578
54 558
4112 4178 4114 4238 4112 4214
1012 1078 1038 1058 1014 1038
*12
1214
12
12
*11
1134
*8114 85
*8114 85
*8114 85
458 478
434 478
412 434
69
6814 69
70
6912 7012
1714 1712 174 1712 171 1712
*10714 10738 10738 10738 10712 10712
614 614
0.518 612 *518 638
S per share $ per share $ per share Shares
9412 9514 5,800
9312 9412 9312 95
400
88
8812 88
8818 8818 *88
2214 2212 2234 2314 2,500
2258 23
1958 2058 1958 2018 1934 2014 30,400
918 938
9958
914 912 21,600
100
*1312 1478 *1312 1478 *1312 1478
2412 z2358 2418 8,900
2278 2314 23
10
*11214 11434 *11214 11434 *11214 11434
7134 2.000
7018 7034 7034 7034 71
1,100
20
*184 19
19
1878 19
6
618 223,600
6
618
578 614
42
4278 424 4212 4258 4312 25,100
1014 1058 12,300
1014
10
1038 10
: 1178 1318 4,600
1138 1134 1133 117
84
84
*8114 85
*8114 85
100
412 458
41. 452
458 434 3.300
6812 6912 6838 6934 7,100
6834 69
1712 1734 171 1734 51,900
1712 18
107 107 *10678 10712 1,100
107 107
*514 6
0514 6
100
*514 6 .
*70
74
*71
*70
74
*71
74
74
74
*70
*70
74
*115 __ - *115 _ .*115
_ _ *115 .
_ *115 _ _ *115
2
218
2
2 _-2
2
178 17g
14 _---1-78 0134 -2312 334
312 334
312 34
338 34
338 338 *314 312
258 258 *214 212 *214 234 0214 258 *214
258 .214 253
9
9
9
812 834
812 -812
9
878 9
858 878
2914 2958 2912 2912 2912 2912 2914 2938 2918 2914 2834 2938
*11812 11834 *11812 11834 *11812 11834 11812 11812 *116 11812 117 117
334 4
4
4
358 34
378 418
34 34
334 334
9
9
*858 914 *858 878
858 858 *818 838 .818 85,
*2
218
178
14
2
2
2
2
2
2
178
178
40
40
40
03912 4114
3912 40
4012 40
41
*3912 40
712 74
734 818
712 734
74 758
714 74
738 758
4612 4738 4412 4612 44
4512 4614
44
4512 4512 46
45
9.8
98
9.1
5/3
58
98
54
52
2.1
98
34
94
4
418
334 378
378 4
34 334
384 384
334 44
1112 1132 •1138 1134 01058 1134
1078 12
*94 1078 *812 10
*22
2314 234 2334 23
2214 23
2212 2212 22
23
23
534 534
578 6
6
618
578 618
534 534 *534 578
•80 __ *80 _ _ 080 _ _ *80 _ _ 85
85
*80 _ __
-114
•1
114 01
*1
114 *1
114 *1
114 *I
-114
5114 4934 5018 50
5212 5038 5114 50
5212 5314 50
5014
83
83
83
83
8414 84
84
84
*8378 8412 84
84
83
8114 8112 82
82
8212 8212 8212 8212 8234 84
85
92
92
*92
95
91
92
*9414 100
91
9114 914 93
804 8018 8012 82
82
83
85
85
8234 8312 84
8612
118 11812 11712 118
*118 119 *11812 119
11738 118
11712 11712
•112 11312 112 112
112 112
112 11214 111 112
112 112
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -----734 8
8
814
8
838
734 734
71
8
016
1638 *1534 1614 1512 1512 16
154 1538
15
15
16
158
112 158
158
112 112
158
158 *112 134
134 134
1
4
414
358 338
378 4 4
8 414
312 312 *3,
334 4
6078 6212 6214 6312
6112 6338 6114 6212 6034 63
62
63
2738 26
2678 2618 27
2514 2718 26
26
2678 2634 2778
87
8938 8812 9134 8858 9158 8812 9038 8912 9038
87
88
118 118 *11914
120 120
*11614 118
1195,1195, *11914 122
2512 2538 274 2678 30
2912 3012 29
2314 2412 24
3112
37
*36
3634 37
*3512 3612 3512 37
37
•36
*3512 37
2312 234 234 2312 2478
2314 23
2378 2479 234 2358 23
*20
35
*20
35
*20
35
*20
35
40
*20
*20
35
*44
50
50
*44
50
*44
*45
50
*44
50
*45
50
264 27
2734 2734 28
2612 26
*26
2634 2612 2612 26
*92
*92
94
94
92
94
*92
92
94
94
94
*92
1412 1458 1458 1618 16
1658 16
1658
15
1514 1412 15
1478 147s
15
1434 1514
1538 1534 154 1534 1514 1412 15
178
178
14 14
2
178
178 *178 2
2
*134 2
1212 1138 12
*1112 12
1212 1238 1238 *12
*114 1178 12
24 218 *2
218 24
214 214
218 218
218
218 218
---- - - ---- ---- ---- ---- ---- ---- ---- ---- ---- ---7
678 7
64 7
64 7
718
64 7
678 -;i
7058
574
1912
.1514
3612
4714
*77
3412
658
80
3914
2738
8912
94
513
70
71
5758
58
2058 2058
474 4734
3914 39
4714 4912
79
79
3412 *3234
658
678
81
8112
3912 3834
2758 274
8934 89
958
10
618
638
2849
New York Stock Record-Concluded-Page 9
Volume 141
71
71
5812 5712
2112 20
4712
49
39
40
4912 4914
7912 7912
3434 3458
658
7
*75
85
3914 *3812
2778 2718
119012
90
912
10
518
614
For footnotes gee page 2840.
7134
5834
2112
4938
394
4914
7912
3458
634
83
39
28
95
958
514
714
56o
20
4712
37
4714
79
3412
638
84
3838
2658
93
9
518
72
7178 7214
7138 72
57o 5791 5512 584 5918
2112 1912 2012 2012 2138
4812 4778 474 4612 4914
36
36
36
38
38
*4718 49
4714 *4714 49
79
79
79
79
79
3434 3472
3434 3438 35
658 678
634 7
61
/
4
*75
*77
82
84
8212
3878 3878 3938 3812 4078
2734 2938
27„ 2718 28
98
98 100
95
93
938 934
914
978 1034
538 534
518
558
514
Rawe Sines Jens.1
On Basis of 100-s8are Leto
Lowest
$ per share
8212 Mar 28
794 Mar 14
2014 Oct 16
978 Mar 13
44 Mar 13
7 Mar 29
2014'May 16
111 Oct 1
46 Jan 28
1712 Oct 3
14 Feb 27
2034 Mar 13
834June 14
41:Mar 13
65 Mar 21
314July 18
6012 Oct 1
914 Mar 18
8713 Mar 15
218 Jan 28
114June 3
10 June 3
34 Apr 4
46 Apr 3
51 Mar 15
13314 Feb 9
29 Aug 3
78 Oct 16
938 Oct 19
1
4 Mar 14
14/
1914 Jan 7
„June 24
5 July 26
11 Mar 14
412 Mar 12
6514 Mar 26
4012 Mar 12
143 Jan 11
5 Feb 8
3518 Mar 13
318 Mar 15
712 Mar 16
53 Jan 22
3 Mar 13
91g Mar 13
2412 Mar 14
92 Sept 11
6272 Jan 3
2712 Mar 18
7358 Mar 18
11918 Jan 4
14934 Feb 11
1 Mar 15
12 Mar 15
1914 Apr 11
1114 Apr 11
1114 Feb 7
91 Feb 20
34 May 28
70 Aug 6
24 Mar 18
1712June 1
85 Jan 4
724 Jan 4
2 June 22
15 Feb 19
Mahal
$ per Mare
11112 Jan 10
9012July 3
2612 July17
2138 Oct 21
1058 Oct 11
1534 Aug 2
2612 Jan 9
118 Aug 7
7134 No v 1
20 Nov 1
658 Aug 17
4412 Aug 17
1314 Jan 7
1378 Sept 7
9012May 23
712 Jan 9
9234May 14
1414 Aug 17
10712 Oct 14
53:Sept 27
572 Jan 7
3312 Jan 24
74 Jan 3
78 Oct 28
864July 15
15412 Nov 1
4034 Mar 15
218 Jan 18
1938 Mar 6
22 Jan 7
2112Ju1te 25
312 Oct 4
2038 Oct 4
2614 Oct 25
1314 Sept 9
90 Aug 16
8412 Oct 31
160 Oct 8
938 Sept 27
49 Oct 21
912Sept 18
1614 Sept 18
73 Sept 11
714 Oct 31
1714 Jan 3
42118 Jan 7
1244 Apr 25
7334July 14
4834Sept 18
11312 Aug 21
14034May 16
165 Aug 3
414 Aug 13
114 Oct 28
29 Oct 31
2134 Jan 7
3234 Oct 16
11012 Oct 15
41 Oct 18
70 Aug 6
452 Jan 3
3238 Nov 1
12012 Oct 31
110 Oct 17
458Sept 10
1518 Feb 28
July 1
1933 to Range for
Sept.30 Year 1934
1935
uw• Lo o
110$
---$ per sh 3 p‘r :Aare
13378
90
8212
6272
7138 89
1334
1552 2884
818
84 1514
314
64
314
7
8
17
214 2914
19
10414 107
120
204
35
5038
2 518
112
218
-87-li
2034
2114 3778
914 184
618
234
333 1073
50
59/
1
4 7514
3
318
714
4912
59
77
914
1113 204
8212
86
9918
158
1
338
114
4
1334
10
30
68
218
214
814
46
54
76
37
6014 83
10814 11212 140
15
1673 4613
7,
78
3
414
414 24
12
1512 33
1314
1612 1952
58
14
4
4
4
14
1.1
11
2712
1514
6
412
60
834 78
3414
3414 514
110
115
148
34
652 1014
32
32
6434
34
518 1178
7
7
1984
45
415
80
1234
3
4
24
94
11
2418 614
1718
5314
9638 141
544 654
5112
2712
2938 594
6714
8714 994
8134
99
140
12458 126
150
11 4
112
518
12
94
14
1914 2212
1914
3124
14
1114
3/
1
4
412 124
544 2544 98
234
2458 3624
80
80
80
178
172
51
/
4
10
10
26
5714
59/
1
4 84
60
65
80
2
34
9
15
1618 27
36
100 6312 Mar 29 83 May 10
Vulcan Detinning
95
100 1094 Feb 5 11612 Aug 9
Preferred
1
238 Jan 8
1 Apr 1
100
:Wabash
11
/
4
1/
1
4 Mar 1
334 Oct 25
100
Preferred A
1,500
1
1 May 22
234 Jan 19
100
Preferred B
100
914 Oct 23 1 378
418 Mar 15
No par
1,800 Waldorf System
No par 2634June 8 3234 Aug 5 9 1518
2,200 Walgreen Co
100 114 Jan 7 120 Apr 24 1 80
63.2% preferred
40
114
414 Oct 21
14 Feb 28
No
par
8,000 IWalworth Co
1014 July 17
5
5 Mar 14
No par
200 Ward Baking clam! A
14
214 Oct 17
11
/
4 Feb 28
No par
1,000
Class B
24
100 284 Jan 12 4314 Aug 6
Preferred
1,700
214
812Sept 18
214 Mar 15
5
43,500 Warner Bros Picture,
12
25
Oct
4734
Mar
13
1412
par
prof
No
980
$3.85 cony
sti
114 Jan 2
„Mar 15
No par
3,400 :Warner Quinlan
212
614 Jan 7
212 Mar 15
No par
8,100 Warren Bros
778
772 Mar 20 17 Aug 6
No par
700
Convertible pref
1312
No par 2058 Aug 7 32 Sept 19
900 Warren Fdy & PIDe
3
4 Mar 14 612 Oct 22
150 par
2,800 Webster Elsenlohr
80
100 85 Apr 29 90 Feb 18
Preferred
10
„
14July 3
1 Jan 5
1
Wells Fargo & Co
15
13,000 Wegaon Oil& Snowdrift ._No par 304 Jan 15 5412 Oct 24
49
72 Jan 29 8414 Oct 31
No var
1,300
Cony preferred
34
34 Mar 6 85 Nov 1
No par
260 Weal Penn Else alms A
3978
100 3978 Mar 6 93 Oct 31
350
Preferred
36
100 38 Mar 14 8612Nov 1
430
6% preferred
8812
100 10412 Jan 17 120 July 29
130 West Penn Power prof
781
/
4
270
100 95 Jan 2 114 Aug 14
6% preferred
14
214 Jan 8
118June 8
Went Dairy Prod al A____No par
53
73 Jan 8
38May 1
No par
512
94 Jan 7
512 Mar 15
100
2,600 Western Maryland
712 mar 30 1638 Oct 25
712
100
400
3d preferred
118
338 Jan 7
118 July 19
100
2,100 Western Pacific
238
74 Jan 7
232 Feb 26
1,900
100
Preferred
2058
Oct
21
6438
14
Mar
8
58,400 Western Union
205
_ -100
18 Mar 27 2818 Aug 13 11 1534
Brake___Na pur
29,300 Westingh'se Air Telegraph2772
63,300 Westinghouse El & Mfg
50 3258 Mar 18 9134 Oct 24
77
80
123 Preferred
50 90 Feb 5 120 Nov 1
5
10 Mar 18 3112 Nov 1
27,200 Weston Elea 1netriiml-No par
15
240
Class A
No par 29 Jan 4 374 Oct 17
1214
1634 Mar 13 25 Oa 25
9,700 Westvaco Chlorine Prod No par
18
Wheeling & Lake Erie By Co_100 18 Jan 3 3512Sept 9
21
25 Mar 14 47 Oct 11
8% non-cum preferred____100
1112
6,700 Wheeling Steel Corn
1414 Mar 28 28 Nov 1
NO Dar
34
600
Preferred
100 464 Jan 12 94 Nov 1
672
46.700 White Motor
64 Mar 15 1852 Jan 3
50
13
3,100 White Rk Min Spr elf __No par
1258 Oct 4 2412 Jan 9
14
114 Mar 15
1,000 White Sewing Machine___No par
234July 29
4
1514July 27
600
No par
8 Jan 11
Cony preferred
1
258 Jan 8
600 Wilcox Oil & Gas
1 Mar 14
5
2278
-_ Wilcox-Rich Corp class A _Na par
34 Feb 5 3512May '27
318
738 Oct 21
378 Apr 3
No par
49,300 Wilaon & Co Inc
1114
/
4 Jan 3
No par 2512 Feb 7 311
Class A
, 58
$6 pref
2,100
100 58 Apr 2 75 Feb 2
35
26,700 Woolworth ilr WI Co
10 51 Jan 15 651:June 18
111
/
4
14,200 Worthington P & w
/
4 Mar 12 2112 Jan 7
100 111
2512
3,270
Preferred A
100 2512 Mar 13 494 Oct 29
20
Preferred B
100 20 Apr 4 40 Oct 28
6,000
12
No par 3512 Mar 13 5378 Apr 24
60 Wright Aeronautical
73/
1
4 Mar 13 8234 Apr 26
900 Wrigley (Wm) Jr (DeD No par
473
:
25 1734 Apr 9 35 Oct 25
1138
1,500 Yale & Towne Mfg Co
258June 6
10
52,000 Yellow Truck & Coach el B
258
7 Oct 25
100 3112May 8 85 Oct 28
260
25
Preferred
18 Mar 18 4072Nov 1
7,200 Young Spring & Wire___Ne par
1018
13 Mar lb 2938 Nov 1
23,500 Youngstown Sheet ,k T___No par
1258
100 384 Apr 11 100 Nov 1 "30
1,900
53.2 preferred
114May 6 1034Nov 1
Ye par
22,100 Zenith Radio Corp
118
258June 7
1
19,300 Zonite Products Cory
258
534N0v 1
___
52
95
138
338
14
4
2214
8412
34
6
114
24
3/
1
4
15
1
314
8
1312
3
65
34
1524
534
4412
51/
1
4
45
8912
7814
134
74
9/
1
4
358
08
2912
1578
274
82
6
1618
1471
2412
24
1113
34
15
8
112
44
84
812
872
2972
1162j
612
12
358
36
81
/
4
314
378
134
2878
31
7
90
24
3514
744
70
80
26812
11058
105
64
212
174
23
812
174
6672
36
47'4
95
154
294
271.
29
36
29
57
284
2114
14
5
2
2718
Pt
1214
314
37:
114
5/
1
4
3418
9
32/
1
4
Il
/
4 -554
-411
1312 314
3112 53
2352 42
1672 75
5412 76
14
2213
2/
1
4
74
38
474
13
224
1258 3314
34
5914
112
434
34
7/
1
4
2850
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Nov. 2 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-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote In the week In which they occur. No account is taken of such sales in computing the range for the year.
July ii
Wide
-.7.,.
BONDS
r 3 Range or ; 1933 to
5-. Sept.30
Frldap's
N. 2 STOCK EXCHANGE
1 .1 r.,,
1935
Week Ended Nov. 1..7.6.
-., MO & Asked 51,:3
Low
U. S. 000000ment.
Treasury 4$4s
Oct 15 1947-1952 A 0 114.23
Treasury 3%L._
Oct 15 1943-1945 A 0 104.31
Treasury 4s
Dec 15 1944-1954 J D 110.15
Treasury 33(2
Mar 15 1948-1958 M S 108.23
Treasury 334s
June 15 1943-1947 J D 106 6
Treasury 3s
Sept 15 1951-1955 M S 1024.8
Treasury 3s
June 15 1946-1948 J D 102.8
Treasury 341s
June 15 1940-1943 J D 107.7
Treasury 3%8
Mar 15 1941-1943 M S 107.10
Treasury 3445
June 15 1948-1949 J D 103.11
Treasury 312s
Dec 15 1949-1952 J D 103.3
Treasury 3342
Aug 1 1941 F A 107.18
Treasury 3416
Apr 15 1944-1948 A 0 104.21
Treasury 27/26
Mar 15 1955-1960 M S 99.29
Treasury 234s
Sept 15 1945-1947 M S 100.19
Federal Farm Mortgage CarpMar 15 1944-1964 M S 102.18
3%,
as
May 15 1944-1949 M N 100.28
88
Jan 15 1942-1947 J J 101.8
Mar 1 1942-1947 M 18 100.2
23(31
Home Owners' Mtge Corp35 series A
May 1 1944-1952 51 N 100.23
2%,
Aug 1 1939-1949 F A 99.21
Ift• No.
43
114.30
150
105.5
110.19 254
67
108.29
40
106.11
102.29 294
102.24 440
96
107.11
35
107.15
103.18 152
103.15 516
107.26 145
101.29 220
879
100.8
100.29 1,128
102.22
101.1
101.12
100.6
41
85
88
33
100.31
99.28
342
897
Low
__
____
State & City-Se. Rote below.
Foreign Govt & Municipals
Agricultural Mtge Bank (Colombia)*Sink fund 6s Feb. coupon on__1947 F A *15
18 ---1
1612
'Sink fund 64 April coup on .___1948 A 0 1612
9.512 96
19
Akershus (Dept) ext 56
1963 MN
738 12
634
1945 J J
•Antlogula (Dept) coil 75 A
978
74 12
1945 J J
'External 2 f 76 ser B
1
7
7
*External s f 75 2er C
1945 J 1
714
8
7
'External if 72 ser D____
1945 J 1
7
74
7
'External s 178 1st ter
1957 A 0
74
712
2
*External see s f 76 2d fler _ -1957 A 0
712 21
634
'External sec 8 1 78 3(1 ser
1957 A 0
6
Antwerp (City) external 5s
1958 J 0 9658 97
Argentine 0011 Pub Wks es
1960 A 0 9634 9712 37
Argentine 6s of June 1925
1959 1 0 9678 9712 87
1959 A 0 9658 97
16
Eat!6 1 86 of Oct 1925
1957 M S 0678 9738 42
External 8168 eerie, A
1958 J 0 9634 9738 57
External 89 series B
Esti st 66 of May 1926
1960 M N 9678 9712 32
External sit,(State R7)
1980 M S 9634 9738 42
Eat] Os Sanitary Works
1981 F A 9634 9738 .50
Est! 88 pub wks May 1927 _....196l M N 9634 9714 49
9358 43
Public Works esti 5142
1982 F A 93
127
Australia 30-year 56
1055.8 J1 10312 105
External 59 011027
1957 M S 10312 10478 84
9818 178
External g 4445 of 1928
1956 M N 9738
8834 89
Austrian (Govt) 8 1 76
1957 1 J
5,
61
3158 3178
*Bavaria (Free State) 63.48
1945 E A
Belgium 26-yr esti 6148
1949 M S 10634 108
17,
1955 J .1 10418 10514
13
External e t 65
171.
External 30-year a f 7s
1965 1 D 11358 114
271
Stabilisation loan 78
1966 MN 10734 108
Bergen (Norway) ext 8 t 5s
ii
1960 51 S 10118 10118
1950 A 0 2818
'Berlin (Germany) e t 6148
2812 18
'External sinking fund es
1958 1 D 2678 2712 261
"Bogota (City) eat] 8188
978
7
1114
1945 A 0
15
7
'Bolivia (Republic of) extl 88_ _1947 M N
634
23
6
512
*External secured 7s
1958 J .1
1069 M 8
3
512
'External sinking fund 78
6
19
27
•Brazil (U El of)external 88
1941 J I) 26
*External 816%,of 1928
1957 A 0 1912 2014 49
2033 33
*External 51 644a 01 1927
1957 O 0 1934
.78 (Central fly)
1952 J D 2012 2114 44
•§Bremen (State of) coal 78
1935 M S
Brisbane (City) 6 1 58 ______
1957 M S
Sinking fund gold 513
1958 F A
20-year.16,...1950 11 D
Budapest (City 00•60 July 1 1935 coupon on
1962 1 D
Buenos Aires(CRY)6)413 11-2
1955 J J
External 2 15, aer C-2
1960 A 0
External .169 ser C-3
1960 A 0
'Buenos Aires (Proy) exti 68
1961 M S
1961 M Ei
•851 stamped
1961 F A
*External a 1 844s
'0%e stamped
1961 F A
Bulgaria (Kingdom of)*sinking fund 72 July coup off1_967 J J
*Sink fund 734s May coup 011_1968 MN
•Caldaa Dept of (Colombia) 73.42_1948 J J
Canada (Dom'n of) 30-yr 48
1960 A 0
69
1952 MN
4 4s
1936 F A
*Carlsbad (City) 2 I 88
1954 1 J
*Cauca Val (Dept) Colom 7%2_1948 A 0
•Cent Agri.) Bank (Ger) 70_
1950 M S
*Farm Loan 51 es
.-15 1960 J J
July
'Farm Loan 8 f es
Oct 15 1960 A 0
*Farm Loan Osser A _ .Apr 15 1938 A 0
1942 MN
While (Rep)-Exti 5 f 78
*External sinking fund es
1980 A 0
Feb 1961 F A
•Ext sinking fund 89
J
city ref ext 81 es
Jan 1961
Sept 1981 M 1
*Ext sinking fund es
*External sinking fund es. __1982 M 13
1963 MN
*External sinking fund 68
*Chile Mtge Bk 13146
D
1957
D
*Sink fund 614s of 1926
1961
*Guar s 1 (Sa
196I A 0
'Guar a 1 65
1962 MN
*Chilean Cons Munio 78
1960 5.1 S
3134 3212
94
9458
9318 9412
10114 10138
1834
1528
84
728
624
74
74
64
614
612
7458
44
44
4458
44
4414
444
4418
4418
45
214
7758
78
7372
4212
2614
8812
864
9234
91
6214
22
2012
1158
54,
4
4
2172
18
1758
1812
Range
Since
Jon. 1
Low
113.8
102.28
108.24
107
103.38
10C.20
100.20
104.15
104.14
101.28
101.15
104.15
102 24
98.23
99.26
High
117.7
108.28
112 8
110.25
107.29
104.10
104.10
108.23
108.28
105.11
105.9
108.28
108.19
101.28
101.3
101.14
99.18
100
98.24
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 1
r.
July 1
Week's
4
Z7,
1933 to
Range or
Fridag's
g.r.n., Sept.30
33.:G
4y. 1314 & Asked 25,
8 1935
Los'
Foreign Govt. & Muffle. (Coe.)
Cuba (Republic) 56 011904
1944 M 8 998
External 59011914 ser A
19441 F A 100
1949 F A , 93
External loan 4142
Sinking fund 534s
_Jan 16 1953 1 J 9812
•Public wks 5148 ___June
__30 1945.1 D 35,
1959 M N
812
•Cundinamarca 6148
Czechoslovakia (Rep of) 86
1951 A 0 10112
Sinking fund 8s ser B
1952 A 0 101
Denmark 20-year esti es
1942 .1 J 10212
9912
External gold 514s
1965 F A
External g 4 44,2__Apr 15
1962 A 0 8978
Deutsche Ilk Am part elf 6s _ _ _1932
48
(*Stamped extd to Sept 1 1935_ _ ,,__
Dominican Rep Cost Ad 5%8_1942 M El 6818
let ser 53.4a 01 1926
1940 A 0 65
281 series slnk fund 53431
1940 A 0 64
•Dresden (City) external 78
3078
1945 M N
104.5
102.20
102.24 *E1 Salvador (Republic) 8e A _ _ _1948 J J
j j
101.20
*Certificates of deposit
1967 J J
Estonia (Republic of) 7s.
1945 151 S
8918 102.18 Finland (RepublR) ext Os
External sink fund 610
98 20 101.6
1956 M S
*Frankfort (City of) sr 6 ge
1953 M N
French
5Fls.t.e
:
:
rR
I 11p9:
._ I
D:
u
73s :
0
1 eftaettpl4e7
6n55
1 .1
d.
i4..a _ .....109
04
1949 J D
*German Govt International21
1612
9012
634
Ws
7
7
634
878
034
88
go%
90
90
904
904
90
80
90
go
8412
98
98
9212
81
3312
32
91334
1134
1118
934
1052
1014
10
972
126
994
9838
9858
9878
984
9812
9838
9858
9824
9512
10658
10612
9912
9812
37
29
9314 109
9314 10712
1004 119
97 11014
93 10118
2518 38
21 18 3812
978 18
54, 912
4
8
4
814
397g
23
3112
18
1758 3134
1812 3114
39
6114
55
6478
2512
70
72
67
67
4352
------------36
3514
3512
2
35
96
96
2
484
10512 10578 12
70
10234 10314 52
7012
263s
26
20
9
17352 176
7 126
17612 18 12712
175
6512
35
844
10312
1014
2118
16512
16912
654
62
90
108
10434
3514
190
190
Haiti (Republic) 5162 set A
1952 A 0
1946 A 0
'Hamburg (State) es
*Heidelberg (German) Intl 714(2_1950 J J
1960 A 0
11e181ngfors (City) ext 6%.
Hungarian Cons Municipal Loan•71.45 unmatured coupons on 1945 „I J
•72 unmatured coupon on
1926 1 J
*Hungarian Lan , 51 Inst 7346_1961 MN
1961 M N
'Sinking fund 714s ser It
Hungary (Kingdom of).7%8 February coupon on
1944 F A
Ir1sh Free State esti at 88
1960 MN
Italy (Kingdom of) exti 7.
1951 J D
Italian Cred Consortium 75 A ____.37 M 8
External sec 5 175 see B
1947 M 5
Italian Public Uttlity esti 72
1952 J 1
Japanese Govt 30-yr 21 6 48
1954 F A
Esti sinking fund 5142
1965 M N
Jugoslavia State Mortgage flank•76 with all unmat MIT- --1957 A 0
2412
2512
25
25
38
3714
35
35
*3418 37 __-11312 11312
1
5812 654 365
*80
8934
__
.5112 57
34
50
55
48
9612 9778 73
85
87
70
314
92
504
68
48
4214
77
0712
3418
10812
5014
68
44
4012
90
774
4918
116
9412
99
89
85
101)
894
27
1338
1312
12
12
058 10
918
1041, 105
182
11012 11138 47
23
10078 101
50 ---*43
812
814
8
8
39
38
9
324 3314
3314 27
3218
3834 22
3714
1312 1334 13
1212 1)4
12
1212 29
114
1212 58
12
1212 26
12
1214 151
12
1238 102
108
3
1178
II
13
1218
41
1058 1134 11
1138 12
11
35
1012 11
858
8612
9912
084
4212
858
294
26
2614
274
7
5
618
618
618
64
6
734
972
712
74
5
852
101
106
10078
4212
814
34
264
2614
35
12
104
1012
1012
1012
1058
1034
1034
11
10,
3
1034
914
254
2
4
1712
____
3018
1712
3518
2212
2978
29
31
30
26
27
2
23
*Leipzig (Germany) 5 1 78
2932
1947 F A *3058 37
Lower Austria (Province of)*7445 June 11935 coupon 012..1950 J D 100
50
13
100
74
31
614
*Medellin (Colombia) 614s_ _ _1954 J D
634
*Mexican Irrig Aastng 444s
5418
714 ---1943 MN
3
'Mexico (US) ext1 56 of 1899 E1945 Q 4 *61r
712 ---4
I
478
'Assenting 62 01 1899
1946 ---7
7
418 __
518
•Ancenting 6e large
--- 5334
---- ---- ---*Assenting Is small
____ ---*48011904
5 ---1954---- *--;T
612
'Assenting 46 01 1904
'
8 4'4
5 ---1054 ---3
1
4
4
314
*Assenting 45 01 1910 large_
---314_
*Assenting 48 of 1910 small
-------------641
678 ---c(Treas 88 of 13 assent (large)_1933 3 J *512
_
.1 J ------------514
•18mall
Milan (City, Italy) esti 8%5 _-_-1952 A 0 46
53
39
138
Minas °ernes (State of, Brazil)1414
1412
'6%. Sept coupon off
13
6
1958 M il
•6 1129 Sept coupon off
134
141159 M S 1412 1412 12
2
5
1918
1918
1434
1434
1434
85
814
494
3834
50
461g
70
1658
25
2658
29
2712
3914
98
95
0212
774
65
78
6514 *Montevideo (City of) 72
1952 .1 D 41
3812
*External 6 I es series A
195g M N
1858 New So Wales (State) est! 55
1957 F A 10218
19
A pi. 1958 A () 10212
External 8 1 66
Norway 20-year extl es
1943 F A 10612
14
20-year external Os
8
1944 kr A 106,
10812
4
30-year external es
1052 A 0 102,
11458
40-year 8 2 5442
19415 J I) 10238
10312
External gink fund 66
1063 M S 10218
8212
Municipal Bank esti 8168
1970 .1 I) 10214
1312 ciluremburg (City) mat 65
26
1952 V A
584 Oriental Devel guar 65
3953 M 8 86
47
Extl deb 5148
80
1958 M N
4834 Oolo (City) 30-year s 1 es
r / 101
1955 m ,
6514
17
Panama (Reel ext1 512s
1953 J D *106
154
5538
•Extlat ger A
1963 M N
1512
48
_
'Stamped
1512 Pernambuco (State of)•72 Sept coupon off
1512
1947 M S 1214
1528 *Peru (Rep of) external 7a. _ ._ _1959 M S
1614
1512
'Nat Loan esti 6 f es lin iter _ Hie() J D
1338
1412
*Nat Loan esti a f es 26 ser_ _1961 A 0 1334
1434 Paland (Rep of) gold 62
1940 A 0 7734
144
Stabilization loan 8 1 is
1947 A 0 102
1414
Externai sink fund a 86
um J 1 90
1212 Porto Alegre (City 01)388 June coupon off
15
1961 J D
47
•74(a July coupon off
14
me J J
Prague (Greater City) 7342
36
9934
1952 MN
•Prussla (Free State) esti 6%8_1951 51 S 2734
384
*External 9 1 ea
1952 A 0 2712
37
Queensland (State) extlo f 712 _ _ _ _1941 A 0 108
2412
25-year external es
1947 F A 10714
2412 *Rhine-Main-Danube 78 A
1961) M S 53334
2512 Rio de Janeiro (City of)9438
485 April coupon oft
1946 A 0 1412
13
9112
6148 Aug coupon oft
.1953 F A
0412 Rio Grande do Sul (State of)4814
08s April coupon off
1946 A 0 16/2
.65 June coupon old
6312
1988 J I) 1318
1338
•72 May coupon off
53
1966 M N
11713 June coupon off
8014
1967 J 0 71318
Rome Wityi exti (14(2.
1952 A 0 48
38
Rotterdam (City) esti es
1964 M N *11114
327a
18
204
14
12
1438
6012
554
12
4838
10812
11612
110
3912
37
33
25
1
__
___
2
29
*25
*2518
26
324
84
82
82
6618
51 82
67
52
1978 38
1978 27
15
__,
1514
4
15 ____
9078 32
5
86
1
6412
4714
9
2
6312
4
47
9
75
38
86
10613
106
334
2712
2311.
2312
93
3612
31
10418
gm
401,
36
364
294
2552
2712
2532
3338
26
2312
49
10738
9522
22
82
2212
16
10114
22
34
15
95
9112
5
9112 15
6
7278
5778 41
75 --„
5714 25
3712 ----22
2734
22
11
2138 2712
2734 32
3014 4735
67
2012
15
6614
4112
9714
9738
10314
•Chinese (1Tukuang fly) es ..
D *3312
1951
*Cologne (City) Germany 6%2_1950 M 8 2712
Colombia (Republic of).88 Apr 1193S coupon on__Oct 1961 A 0 1914
1914
*68 July 1 1935 coupon on_ _Jan 1961 1 J
*Colombia Mtge Bank 6142
1947 A 0 1214
1514
*Sinking fund 75 011928
1946 M N
*Sinking fund 7.0? 1927
1947 F A *13
Copenhagen (City) 58
1952 1 D 8912
1953 MN 8478
25-year g 4148
*Cordoba (City) extls f 76
1957 F A 6412
45
'75 stamped
1957
*External sink fund 75
1937 MN 6312
*75 911,1001)ed
47
1937
Cordoba(Pro.) Argentina 75
1942 J J 7318
Costa Rica (Republic o1)3518
•7s Nov 1 1932 coupon on
1951 MN
2214
4,7, May 1 1930 coupon on.... _1951 ____
2138
_
1614
92
92
1
26
27
3
*2318 2314 ___
2
10334 104
3114
8718
8558
97
1218
1214
3
17
2
1
13
3012 3334 491
29
2812 32
•53,58 Unstamped
*German Rep ext1 Ts etamped 11140 A -0 3812 4134 125
3
• 78 unstamped
1949 __ a3712 03712
*German Pro, & Communal 1199
(Com Agri° Loan) 6146
1958 J D 4214 4234 21
Graz (Municipality of)•831unmatured coupons on
1954 M N *8712 199 ---11178 59
Or Brit & Ire (U K of) 534s
1937 F A 110
14% fund loan £ opt 1960
1090 M N al 1214 al 1314 32
3538 ---'Greek Governments 1 sir 761964 M N .25
•75 part paid
I see i l'it
2314
2314
3
*8 r wore(' An
24
I
•68 part pald
1968 ---- 24
29
68
684
75
1218
1214
48
7012
65
64
3178
Low Low
ii(oh
884
9412 10034
834
90 101
6178
84
9858
61
77 100
19,4
234 42
812 1432
834
7724
9513 1074
77
9512 108
7978
9834 105
75
93 101
61
8212 Ms
41
40
36
38
2512
8
8
9
3
33
9414
29112
291
7238
5738
*69
5634
17101 No.
9078
1
100
5
96
20
100
17
36
49
912 49
10112
3
101
I
10312 60
100
64
91
100
Rauge
Since
Jan. 1
28
43
31
444
97
514
4
4
65g
614
---5'4
414
34
312
712
434
39
108
1014
812
4
114
11
-554
8
7
7
8
834
8512
13
1938
131g 194
41
10
3812
2
104
121
10312 29
10712 25
107
20
10312 100
10314 45
10272 23
10214
2
2614
11
87
12
80
5
10218 15
2714
25
7334
734
88
874
8318
7878
76
8012
22
64
5914
73
3114
29
9634
9634
10312
10312
10014
9938
984
98
3214
774
7458
99
107 ____
57
13
5038 33
89
2478
27
10212 1074
40
19
3012 6412
1278 11
17
9
1414 154
1438 123
80
43
103
17
9112 20
84
7
5
424
66
63
6352
16 ,
6
14
5
10014
.5
12
2814
2818 42
6
109
3
10714
35 ----
1212
12
7714
2212
2212
114
8334
3214
1212 22
22
12
98 10534
2212 37
2212 3814
1057s 11019
10315 109
3214 4312
5
29
134
1134
1358 1952
1134 184
1612
6
19
14
16
1414
1458 --100
55
120 ----
14
1252
1234
1234
404
14315
14
234
1258 22
1234 21
127,8 214
4012 8714
110 i310a
1434
1358
1112
12
738
718
71
0978
7978
42
3858
104
10312
10712
107
1044
104
103
10212
3524
90
8558
10314
154
214
1712
1758
8318
12612
9878
1
For footnotes see Page 2033.
NOTE-Sales of State and City seam deli Occur very rarely on the New York Stock Exchange, dealings in such securities being 810109t entirely over the counter'
Bid and asked quotations 9°,707, by ,ArtIv9 dealers in these securitle9, will he found on a subsequent page under the general head of "Over-the-Counter Securities'
New York Bond Record—Continued—Page 2
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 1
-
Wool,
July 1
4 1933 in
r.: Ranoe or
44 .:".
Friday's
t;11 Sep1.30
.
.
1.1, ii. Bid & Asked cc $5 1935
Low
Foreign Govt. &Munk.(Cosa.)
Roumania(Kingdom of Monopolies)—
2318
.70 August coupon off
1959 F A
*Searbruecken (City) its
1953 J 3 *
Sao Paulo (City of, Brazil)—
*Fis May coupon off
1952 MN *15
1212
*External 6%s May coupon off 1957 MN
San Paulo (State of)—
23
.8s July coupon oft
19362 J
*External 8s July coupon off......1950 J J 1612
1956 M S 1458
*External 7,Sept coupon off
1312
1985 .7 J
*External 6s July coupon off
*Secured of 70
1940 A 0 76
eSanta Fe (Pro, Arg Rep) Te.... _ -1942 M 5 *50
*Stamped
49
*Saxon Pub Wke (Germany) 78_1945 F A
35
3114
*Gen ref guar 63,42
1951 M N
*Saxon State Mtge Inst 7s
19452 D .535
*Sinking fund 563,48
19462 D 35
Serbs Croats & Slovenes (Kingdom)—
1062 ____ 2518
*85 Nov 1 1935 coupon on
- 2434
ne Nov 1 1935 coupon on
1962
.1958 2
---JD 6818
Metes(Pro• of) esti 7s
*Eillealan Landowners Assn ea ___1947 F A 4712
Solssons (City of) esti Co
1938 M N *16278
Styria (Province of)—
4,70 Feb coupon off__
1946 F A 9534
Sydney (City) Of 5340
1956 F A 9912
Taiwan Elm Pow a f 5340
Tokyo City be loan of 1912
External, I 511s guar
*Tolima (Dept of) esti 75
Trondhjem (City) lot 541e
Upper Austria (Province of)—
*76 unmatured coupon on
*L'xt16340 unmatured coups
*Uruguay (Republic) esti 8s
*External 0168
*External 0 t 65
Venetian Pro, Mtge Bank 70
Vienna (City of)—
*es Nov coupon on_
Warsaw (City) external 7,
Yokoharra (City) esti Co
1971 2 J
1952 M S
1961 A 0
1947 M N
1957 MN
8034
7058
8038
9
99
FRO No
Low
2458
3978
2058
50
10
17
1438
7
1312
1112
23
1658
1458
144
7712
1
17
4
11
22
1518
1212
1234
1034
81
5478
5034 --30
2
35
32
7
40
3634
3
17
38
2912
28
39
3612
2612
2538
6934
4712
36
13
4
2
1914
17
42
2514
117
9534
9978
1
12
4714
76
8212
72
8231
918
99
9
4
17
6
1
58
5384
69
812
6334
1945 J 0 *95
1957 1 D *93
1946 F A
3714
1960 MN 3812
3814
1964 M N
1952 A 0 4.5318
5134
--------4111
3738 11
33
9 2612
39
3814
3 2658
90 ____
51
1.952 MN
1958 F A
1961 3 0
8712
67
847a
8712 10
6714
3
851. 5
RAILROAD AND INDUSTRIAL
COMPANIES.
•ItAbltibi Pow & Paper let 5o_1953 .1 D
Slams Express coil tr g 4s
1948 M 8
Adriatic Elm Co ext 7s
1952 A 0
Ala 01 Sou 1st cons A be
1943 J D
lot cons 4s ser B
19432 0
*Albany Ferrer Wrap Pap (is__ 1948 A 0
*60 assented
1948 Alb & Snag let guar 8340
1946 A 0
:Allegheny Corp coil tr be
1944 F A
Coll & cony 58
1949 J D
*Coll & cony 50
1950 A 0
*,5a stamped
1950
?Oleg & West let gu 48
—
1998 A0
Alleg Val get) guar 848
1942 M 8
Allied Stores Corp deb 434s
1950 A 0
Allis-Chalmers Mfg deb 5a
1937 M N
*Alpine-Montan Steel 70
_1958 ----
2912
96
52
108
10212
4814
550
101
77
6712
2314
1612
94
108
974
101
*89
Am Beet Sugar Cs ext to Feb 1 1940 F A *102
Am & Foreign Pow deb 58
2030.M 8 7218
American Ice s f deb 5s
1953 1 D 72
Amer I G Chem cony 534*
1949 81 N 11212
Am Internet Corp cony 5%e
1949 J J 10012
Am Rolling Mill cony deb 4145_1945 M S 11714
Am Telep & Telog cony 46
1936 M 8 10078
30-year coil tr 5$
19462 D 10858
35-year Of deb 58
19602 3 11314
20-year stilling fund 5348
1943 SIN 113
1939 J J 1094
Convertible debenture 43.4a.,
1965 F A 11314
Debenture 5s
t*Ani Type Founders 6s afs
1940 ---- 66
Amer Water Works & Electric—
Deb g 6s aeries A
1975 MN 9438
10-year 56 cony coil trust
1944 M S 107
t*Am Writing Paper lat g 6s
1947 J J 33
*Certificates of deposit
*2518
*Anglo-Chilean Nitrate 7s
2734
1945 MN
1•Ann Arbor 1st g
_ _1995 Q J 66
Ark & Mom Bridge &48....Terbs
.1964 M 8 *951.
Armour & Co (III) 101 434*
1939 J 0 104
lot 1).1 e f 4s8Cr 11 (Del)
1955 10 A 954
Armstrong Cork deb 4s
19502 J 10414
Atch Top & S Fe—Gen g4.,
Adjustment gold 4a
Stamped 4s
Cony gold 4s of 1909
Cony 41)of 1905
Cony g 48 issue of 1910
Cony deb 41.10
Rocky Mtn Div 1,1 48
Trans-Con Short L let taCal-Ads lot & ref 4513 A
Atl Knox & Nor 1s1 g bs
ALI & Chad AL lst 4%s A
1st 30-year bs series B
All Corot Line lot cone 48 July
General unified 4140 A
L & N cell )nold 4s____Oct
May 1
10 yr cull tr As
1995 A 0 10818
1995 Noy 10212
1995 M N 10318
1955 J D 10312
19552 D 103
1960 J D *100
10483 D 10712
1965 .11 J 10412
1958 J J 11012
1962 M 8 110
18482 D *1124
1944 J J *
10443 J 102
1952 M 8 9358
1964 J D 7712
1952 MN
7414
1945 M N 90
3078
9634
5314
108
10212
50
5258
41
63
10212
8
7712 69
6812 100
25
18
1812 83
2
94
10812 10
98
63
102
75
90
1538
61
51
804
74
38
4412
83
4714
41
13
8
62
93
9258
8312
50
10212 - -7414 413
7412 18
56
113
10112 60
12014 540
101
6
43
109
114
(51
114
101
11038 27
122
114
6734 36
80
32
62
764
86
10212
1004
10112
10034
103
105
100
20
36
13
3
16
1
19
97
133 58
11012 570 80
3378
5 18
35 ---- 2012
2912 98
34
6734 38 27
97
7818
10414 50 75
9614 167 9034
10434 50 103
10878
10212
10312
10312
10312
76
1
7
1
14
108
105
11058
1104
24
3
1
25
8414
75
7518
75
7414
78
884
79
89
874
12138 -- --
994
1004 10258 24
944 60
7834 39
75
71
I)3o 163
8678
86
714
ells
57
DO
For footnotes see page 2855
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
2851
my 4
•4
Weit
."2.
Rae.
1033 to
Z.
Rasps or
... o
BONDS
flang0
,44 Sept.30
Sines
tts.
ir, Friday's
Sines
N. 1' STOCK EXCHANGE
Jan. 1
...3.. Bid ct deka 5455
193b
Week Ended Nov. i
Jan. 1
---- — -----Loss
Mob No. Los) Low
Hillk
HOU
Low
27
27
424
1948 J J 3434 3538 26
AU & Dan 1st g 48
3412
23
7
23
2812
1948 3 1 28
26 40
2318 3612
3514
51
3514
6
50
5012
3
1
SS
coil
tr
5e
1959
Atl
Gulf
&
W
I
78
50
1937 J 1 10612 10612
4 101
10612 10814
Atlantic Refining deb 50
1941 J J 101
2
75
90 101
101
1312 194 Austin & N W let ffU Iff be
1112 194
1
9514 105
9514
103
:Baldwin Loco Worke 1st 5s__ _1940 01 N 103
166
9512 10412
8214
1948 A 0 9914 100
Bait & Ohio lot g 4s___July
30
23
54
1995 J 0 7114
7214 84
54
7712
Refund & gen 5s series A
1458 2334
9418
101 10912
10534 126
_1948 A 0 105
lOt gold 55
July
1234 21
59
101
6314
8112
8614
so
IS
1995
J
Ref
&
gen
(ts
series
C
21
13
9314 100
7688
116
9714 98
1941 M N
P. L E & W Va Sys ref 4s
7278 9114
744
86
991S
Southwest Div let 354-5.0
1950 1 1 9434 9514 77
29
753
4 88
61
8512
8614
1
Tol & Cth Div lot ret 48 A
1959 1
65
62
5222 76
5212
112
71
2000 M s 69
Ref & gen 50 series D
474 6314
1960 F A
3812
55
3812 6134
5634 269
Con• 4(4o
2912 424
1996 PA 8 69
5212
7012 60
5212 7612
Ref & gen M 58 ser F
28
40
1943 I J 113
3
9412 110 11438
113
Bangor & Aroostook let 5s
55
3.5
7418
10014 10614
10434 24
1951 1 .1 104
Con ref 40
524
35
27 0112 103 11218
1951 -.- 210978 110
4s stamped
5
9458 103 118
112
1942 2 2 112
Batavian Petr guar deb 44s
36
24
64
68
60
6534 ---1980 1 D *64
Battle Crk & Slur lat gu 3s
2218 36
8512 75
103
34
100
88
1
1013
4
1013
4
1
1930
Beech
Creek
let
gu
g
4s
6114
43
894 100 102
1936 1 1 *10134 ____ --26 guar g 58
158 17512
96
98
66
Beech Creek ext let g 3%a
1951 A 0 *96_
11 103
11314 12012
11918 -1949 1 1 118
Bell Telep of Pa So series B
99
88
3 10314
11634 12658
1960 A 0 12358 124
let & ref 5» 'what) C
95 10212
Belvidere Delaware cons 334s........1943 3 J *101
10714 11211
34
82
2412 874 Beneficial Indus Loan deb ea .._.,l946 M 0 11112 1-12
2712 44
2738
7
6612 76
*Berlin City Elec Co deb 634o _ _1951 1 D 3114 3112
1959 F A
2812 2834 14
2412
2412 -394
*Deb sinking fund 6348
7438 86
2
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04
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all-year p m & Impt of 134
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994 10234
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25-yr cons 38 4%s ser D
82 10358
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90
1944 1 0 *10812 10912 ---3114 4112 Big Sandy lot 4s
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11 10312 11434 121
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1947 M N *12412 12578 ---- 10514 1184 128
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---16
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8
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VILAS & HICKEY
ow York Stock Exchange — Members — New York Curb Exchange
49 WALL STREET
-
11.
-
NEW YORK
Telephone HAnover 2-7900 — A. T. & T. Teletype NY 1-911
Private Wires 10 Chicago, Indianapolis and Si. Louis
New York Bond Record-Continued-Page 3
2852
4_
110NDS
N Y. STOCK EXCHANGE
Week Ended Nov. 1
wur,
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8112 Donner Steel 1st ref 78
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36
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1942 3 J 10412 10412
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1940 j j"105
121
97
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1957
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96 Gannett Co deb Ile ser A
1990 MN 9034 9034
St L Div 10t coil It 041
4
7354 101 10534
1943 F A 10312 10312
85
10312 10318 Gaa & El of Berg Co cone g be___1948 J 13
---- ---1940 M S *95
Spr & Col DM let g 48
_ _ ____ 10358 1151s 11711
95
72
---- ---9518 •IGelsenkirchen Mining Se
J *95
1940
60
75
6i
W W Val DM 1st g 414
64
4
1934 PA 8 *117123512
87
10338 10514 Gen Amer Investors deb be A -1952 F A 10214 10314 16
---- ---1 *105
Cleveland & Mahon Val 050 ____1938
99 105
71112
2 11012 109 110
1942 A 0 10912 10912
Gen Cable let at 530 A_ _ -.1947 1 1 034 98% 39
Clev & P gen gu 430 ser B
86 100
48
___
__ 105
A 0 *10232
457 -. 3312
Series B 334e guar
105 105 *Gen Elec (Germany) Ulan-15-1945 J 3 *40
60% 50
1942 j j *107
--__ ---00/
1
4 10738 112
*13 f deb (1148
Series A 4340 guar
40
50
33
We __-1940 3 D *40
____ ____
1948 MN *10212 -------- -90
*20-year of deb 68
4912
Series 0 3Me guar
42
40
4512
N
3014
4
M
1948
____ ____
___ ____ Gen Pub Serv deb 574e
1950 A F *105
Settee D 3348 guar
901/
103
76
5
103
103
J
19893
10512 10512 Gen Steel Cast 5(fe with wart _ 1949 3 J 79
1977 F A 0108
Gen 434e ser A
54
71
--------11
84
94
82
1981 J 1 *10512 ---- ---- ___ ---- ---- ISKIen Theatres Equip deb 88_1940 A 0 1458 1532 191
618 less
2%
Gen & ref mtge 434s ser B
812 1612
214
15
1514 73
•CertMcatee of deposit__
104
3
7812 10012 10714 :KM & Ala Ay 1st cons 5e
1961 A 0 104
18
Cleve Sho Line lot gu 434e
11
9
14% 1412 10
J
19453
74
9278 104
1972 A 0 10212 10314 21
18
1r•Oa Caro & Nor lot ell tie
Cleve Union Term gu 030
24
_ ____
18
19843 J *1578
71
99% 107
85 1004 Georgia Midland 101 8,
1973 A (3 99
105 0 1 Si Berke B guar
32
48
4
3314
33
1646 A 0 32
80
94
52
66
1977 A 0 905s 91
Mts 14148 settee()
9211 104 10712 *Good Hope Steel& It sec 7e
1945 J D *10634_-_-- ---3314 4434
3314
Coal River Ry let gu la
5
34
1945 A 0 34
38
08
7
38
-6641
(*Colon Oil cony deb 65
1938 J 1 65
Goodrich(B F)Co let 634e
10838 19
8912 10734 10938
1947 J J 108
1943 F A 92313 9512 16
921a 10111
8812 9512
2612
63
(*Colo Fuel & Ir Co gen 8 f be
Cony deb Ile
D 10014 10034 111
1945.7
1558
22
1934 F A 3114 3534 245
3534 Goodyear 'Fire & Rub let 511 -1957 M N 10412 105
12•Col Indus Mt & coil be gu
8384 10312 106
88
30
50
481: 7384 Gotham Auk Home/5
1980 M N 5018 52
8912 100
mm as_
8212
um 3 D 9812 100
81
Colo & South 4340 err A
17
3684
8
li•Gould Coupler lot. 168-----1940 F A 3414 3512 24
5918
69
99 Gouv & Gewegatehle lot Si.
101 101
Columbia0& E deb 58---- May 1952 81 N 9814 9834 86
1949 1 D *.„- 101 ---- 101
.
9
6018
68118 9878 Or R & I ext let ICU II 434i-------1941 3 1 *107_--- --f Debenture Si
Apr 16 1952 A 0 9814 9852
Mae 10412 1054
161
58
68
9814 Grand Trunk Ry of Can guar 68_1936 M 5 10334 14
39 10014 10312 1071s
Debenture ba
-Tan 16 1961 3 3 97311 • 98
109
1948 A 0 109
90 90
___ --90
10214 11034 Owe Point Term let gu Os
Col & H V lot tat g41
1
94
1947 J D 880
8614 97
5814
73
1967J J 10538 10578 13
9812 107% Gt Cone Ei Pow (Japan) 70
Columbus Ay P & L lat 4Mel
1944 F A 9234 -9412 10
11112 ---10554 11212
11
1955 F A •109
7838 9318
66
21
1st & gen e f OMB
Col & Tol let ext ae
19501 1 9012 91
112% 30
9511 11011 11934 Great Northern gen 7e ear A
82 10212
711,
1949 F A 112
Comml Invest Tr deb 6340
19363 1 10008 10212 1024
37 68%
105
1943 A 0 *10234 - -------93
96 10512
100 10314
Conn & Passum Riv lot 48
1st & ref 41318 series A
1961 .1 1 104
93
103
1951 J 3 *1071
75 103
84
Ws 10618 10772
- - -- Conn By & L let &ref 430
1952 1 J 102
General 5142 series B
2-10712
1951 J .7 10712
69
9838
57
5
96152 106 10812
Stamped guar 4348
39733 .1 9812 9712 120
General 53 series C
116
83
93
5372
General 4340 settee D
19763 J 11135 93
6234 93
5312
1977 7 J 9118 93 377
General 414o series E
Cent Par let ref gu g 40
Through Short L lot su se
Guamnteed g 51
Cent RR & Bkg of Ga coil ba
Central Steel let go 188
Certain-teed Prod 5156 A
Charleston & Bay'h 101 70
Champ Corp cony 5e
10-year cony 0011 58
Cbee & Ohio 1st con g 50
General gold 434*
Ref & impt 414e
Ref & lmpt 4365 ser B
Craig Valley let ba_May
Potts Creek Branch let 40
R & A Div let COD g 45
2d consol gold 46
Warm Spring V let g 54
Mo
1949 F A 10114
1954 A 0 *10014
8334
F
A
1960
1937 M N 65
1941 M N 12152
1948 M S 88%
1938 1 1
1947 MN 10534
19443 D 106
1939 M N 112
1992 M B11812
1993 A 0 11014
1995 3 .1 10934
1940 J J *10714
19463 J
19893 J 111
1989 J J *102
1941 M 8 *107
Elms No
10134 128
10114 8512 80
65
1
122
3
9012 78
A-z
.
For footnotes see Page 2855.
New York Bond Record-Continued-Page 4
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 1
Wed'.
July 1
Range or
4.1_ 1933 to
iE Friday's ..ez1 Sept.30
...a. Bed 41b Asked gold
1935
.
1‘s
a.
Range
dined
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 1
2853
III
It
...a.
Wig.e
Range of
Friday's
ea & &stet:
Jedy 1
4 _ 1933 to
et .'s SeP7.30
gtQ 1935
Range
SOW
Jas. 1
Low
Fliab No. Low Low
Hig?
Low Low
High
8918 10278 10772
1
105
3812 3818 Lab Valley Term H,let gu gill -.1941 A 0 105
26
3
8914 11312 117
---312 818 Lea & Bast let 50-yr 58 go
1965 A 0 *114
130 13412
8 117
1944 A 0 13312 13414
881/4
-- - - Liggett & Myers Tobacco 70
11672 12338
1951 F A 12112 12212 11 103
50
58
5358 -8712
____
8112 104 104
1962 M N *10514 _
Little Miami gee ge eerie. A
82
4912
60
10312 106
76
1941 A 0 10434 111/514 27
65
6614 6614 Loewe Inc deb a 1 61
8012
41
41
5212 13
1952 J 13 48
4912
494 5614 Lombard Elec User A
0814 104 10614
Long Island gem gold 48
19383 D *10412 10514 ---90 102
50
1949 M 13 10112 10112
1 0714 100 105
Unified gold 42
9512 10512 108
5
31
9212 10024 10438
38/
1
4 402
1937 M N 10014 10112
20-year pm deb 56
9934 1054
8534
1949 M 16 9934 10034 46
Guar ref gold 42
3314 4912
3312
12514 13238
6 110
131
1944 A 0 130
91
112/
1
4 11712 Lorillard (P) Co deb 78
9852 1124 11878
4
1951 F A 11878 11878
58
42
30
20
3812
51
58
774
Louisiana & Ark let Se ger A
1969.1 1 7414 75
1074 114
86
1952 MN 11134 11218 17
1213
Louisville Gas & El(Ky) 531
13
15
Ws 102 107
10
105
Louis & Jeff Bdge Co gu g ge .....-1945 M B 105
70
5414 95
107 ____ 100
106/
1
4 10714
1937 M N *106
9012 10418 10634 Louisville & Nashville 52
88/
1
4 10414 10512
1940.1 J 10738 10778 84
89
101 1035817nIfled gold 471
81
10334 10713
2003 A 0 10538 10614 33
61
let refund 5Sis series A
85
98
8072 10334 107
27
35
let & ref 55 sailed B
2003 A 0 1054 106
35
4478
9812 104
74
2003 A 0 10018 10114 234
10152 11334 11978
12t & ref 4322 series C
984 10614 109
1941 A 0 •____ 10758 ____
80
90/
1
4
6314
Gold 58
102
105
82
____
____
10412
F
A
1946
2514
Paducah
&
Mem
Div ge
2514 3972
1989 M 8 •75
7812 ____
744 8312
54/
1
4
St Lou!. Div 26 gold Its
10852 111
92
3
Illinois Bell Telephone 54
1956.5 D 10514 1053
1949 M S al1012 al1058
22 10312 10514 11114
Mob & Montg 1st g 434*
77
86
Illinois Central let gold 42
567s
1951 J J *10312 --------83
1952 .1 1 7958 7958 10
South By Joint Monon 4e
103 1064
10418 108
let gold 3322
80
12
1955 M N 10512 106
1951 1 .1 *10112 --------7611
All Knoxv & CM Div gs
99 103
Extended let gold 330
44/
1
4
1951 A 0 *10112 --------78
84e 99
1944 P A *8314 91 ____
9918 102
*Lower Austria Hydro HIS MI
lst gold 3s sterling
1951 M 16 *7512 --------66
___
Collateral trust gold As
1952 A 0 7258 7312 63
-67 .
57
13312 P1MeCrory Stores deb 630...._1941
8114 108
4612
10712 10734 12
Refunding 42
1995 M N 6714 6958 47
56/
1
4
Proof of claim tiled by owner
6712 8632
Purchased lines 37217
148
103
68 --__
1952 3 J *
9334 103
53
McKesson & Robbins deb 5328-1950 MN 102
56
70
71
35
11
9
1
4 ____
23
SI
Collateral trust gold gs
1953 MN 60
5214
594 754 ft•Manati Sugar let. I 730----1942 A 0 *2012 25/
*2012 ____ ____
Refunding 52
84 24
va
7014
1955 M N *7878 81 ____
7478 9412
*Certificates of deposit
812 82
612
15-year secured 830 g
34
98
1936.1 1 94
82
iPatmpd Oct 1931 coupon...1942 A 0 *2012 ____ ____
89 101
4
12
2112
40-year 454e
424 534
4212
123
Atte 1 1986 F A 5134 53
*Certificates of depoelt.
.. ---- ---- ---- ---Cairo Bridge gold 48
4
94 3012
1950 3 D *102- ---If•Flat stamped modified___1942 ---- *2012 2938 __
7012
9858 10212
712 36
712
1951 1 .1 *804
5
2018
Litchfield Div let gold 3e
*Certificates of deposit- 20
81
8812
7338
--- ---60
7838
7
gg
6512
-89
Loulsv Div & Term g 334e .....-1953 J 1 88
0 7112 754 290 35
9234 f•Manhet By (NY)cons g 48 .-1990 A35
47
7512
Omaha Div let gold 38
-. 6758 7112 248
68 _--_
1951 F A•_
60
*Certificates of deposit
6518 77
37/
1
4 65
27
29
Bt Louis Div & Term g ile
r2t1 42
74
76
61
77 ____
19613 1 *____
2013 i b 5812 60
1
90
98
82
824
1
73
Gold 3345
87
3714 Manila Elec RR & Lt 8 f 52
1951.1 1 87
1953 M 8 9112 9112
68
8018
4934
1
Springfield Div let g334
9718 9834 Manila RR (South Lines) 4s
67
1
1951 1 1 9812 9812
1939 MN 7918 7978
61
70
61
1
1959 MN SI
61
Western Lines let g ge
85
8912
--------76
1951 F A *88
let ext 48
Ill Cent and Chic St L& NO---- --60
447 ---PMan GB & NW let 354.1941 1 1 *---Joint let ref 52 series A
19633 D 60
5238
6078 75
5212 7818 Mfrs Tr Co ctfg of [Argo in
7114 95
50
13
1943 1 13 9212 94
let & ref 4322 serles C
4934
9
4914 73/
19033 D 5812 5714
A I Namm & Son let 62
1
4
55
8078
41
10814 14 10114 106 109
Illinolg Steel deb 4 34*
1940 A 0 108
Marion Steam Shovel 2 f Se
1947 A 0 7712 8078 28
63
94
80
31
3
34
2
3224 4314 Market St By 75 ser A_April ---_1940 Q .7 9112 93
*finder Steel Corp mtge 611
1948 F A 34
wi N 9714 99 36 17
Ind Bloom & West let art 48
791
/
4 99
1940 A 0
- ---Mead Corp let 68 with warr
8912 104 104
1950 .7 .1 *102-4112 98
9714 98
45
5
5414 29
72
Ind Ill & Iowa let g 42
1957 A 0 48
95 10012 Merldionale Elm let 7s A
10218 1084
77
1953 7 .1 106
2
1956 1 3 12
10614
7
1514 27
t'Ind & Louisville 1st ial 45
Mete Ed let & ref 52 ser C
7
16
9578 10818
1965 J 3 •106
67
20
Intl Union By gee Si ear A
107 _--1988 M S 10714 108
let g 4322 series D
96
104 10614
74
96 10134
6
9912
100
A
0
1950
Gen & ref 5e series B
1965 1 7 01065
9814 106 107
-- ---Matron Wat Sew & D 5Sie
Inland Steel 1s6 4S4 ger A
9/
1
4 17/
1
4
4
16
16
8-10614 34
1978 A 0 10558
9
79
103/
1
4 10738 1t•Met West Bide El(Chle)40 -1938 F A
1981 F A 10414 106
17s --- ._-_2 ____
1977 88 S *__
let Ms 1434* ger B
21
80
10314 10614 *Me:Internet let 45 ustd
1996 1 D 29
2918
6
294
29 -33
*MIAs Mill Mach let a 1 717
Unterboro Rap Tram let 52
9112 282
1966 1 3 90
5812
8114 9412 Michigan Central Detrolt & Bay
934 1004 10414
*Certificates of deposit
4
90
. 89
1940 1 .1 10234 103
55
8678
City Air Line 42
8674 9212
MO-year 62
83/
1
4 9012
8318
1957 M S *81
90 ____
1932 ..A 0 7012 7534 442
1914
50
8412
Jack Lane & Sag 33411
8412 10012 10518
*Ca Mutes of deposit
6
..,... 70
44
73
1952 M N 10214 103
2014
let gold 3341
4812 81
70
11•10-year cony 7% notes
9612 18
1979 J 1 95
193288 S 9534 97
9312 9912
131
5712
Ref & Impt 4322 series C
84
97
6618 80
*Certificates of deposit61/
1
4
1940 A 0 *8914 7334
5712
82
9412 Mid of NJ 1s2 ext 5*
deposit__ -_ 9312 944 80
Interlake Iron let 58 B
10114 10312
90
9
1951
7512 7612 16
1939 M 8 10114 10138
72
8212 MIdvale St & 0 ooll tr g f de
50
7712 101
57
lot Agile Corp 1st & colt tr 561961 J D 100
10034 42
Milw El By & Lt 1st 52 B
Stamped extended to 1942
56
7612 10034
10014 22
M N 9878 99
1971 J 3 100
23
let mtge 56
52
9112 9934
int Cement cony deb 52
624
__ ____
1948 MN 10334 10414 85
74
9712 10412 113.MIlw&Nor let ext 434e (1880)1934 1 D ____
77
PInt-Ort Nor let 62 ear A
U
58
1
7512
1952 1 J 35
37
25
232
1939 -- 7512 -2912 41
let ext 4348
664 6524
5812
*Adjustment Ss ger A__ --July 1952 A 0
714
2
858 26
611
/
4 6138
472
4/
1
4 1114
Con ext 41
/
48- -.. _1939 z,-_.
•Ist 52 series B
31
83
3412
3512 21
34
1956 3 1 32
23
93
23
3814 l'8811 Spar & N W let -gu 4*.,-1947 61 8 35
*1st it 58 series C
1955 1 J 33
70 ____
6438 6422
6012
34
111
1941 1 .1 .55
23
23
3714 PVIllw & State Line let 3348
Internet Hydro El deb 62
1944 A 0 4212 45
412 84
206
4
12
614
7
1934 M N
2814
2814 5814 I•Minn & St Louts (+sotto
13
tot Mere Marine 2 f Ss
1
3949 M B
12 Me
112 11
6812 48
1941 A 0 88
87
•18. & refunding gold 4s
4658 72
1
Internet Paper 55 ger A & B
1 .
Di
1
De
112
DM Q F
1947 J 3 81
8614 258
*Ref & ext 50-yr 197 ger A
68
8814
47
26
3
4
26
34 37
Ref s I Bs series A
28
1955 1.4 5 58
292$ 66
1938 J J
6212 165
3552 6658 8881 P & EIS M COD g 42let gu
3114
1978 30
19/
1
4
lot Rye Cent Amer let 5s B
2812 18
1938 .1 / 26
1972 M N 79
4612
4
80
Let cone 6s
70
83
31
424
let coil trust 6% g notee
31
18
1938 3 1 3358 34
1941 M N 7934 7934
4918
3
1s1 cons faigu as to let
744 8578
16
1114 2712
1st lien & ref 634e
25 ___
1940 .1 1 *21
80
1947 F A 77
let & ref 138 sole* A
88
8112
4312
10
1518 26
Int Teton de Teleg deb g 434. ____1952 1 J 67
15
1558 26
1949 M 8 1518
50
7212
6612 78
25-year 53217
37
6112
674 8512
19
1978 3 .1
Cony deb 43217
1939 J J 7818 80
79
80
584 8312
12
137
1s1 ref 534* series 13
-------85
Debenture 58
1941 M N *81
1955 F A
40
172
7112 73
let Chicago Term 2 f 48
5512 7614
Investors Equity deb BO A
19413 13 10014 10014 33
8012
99 104
12
3334
18
Deb 158 ser B with weer
32
33/
1
4 14
1959 1 J
1948 A 0 101
82
2
101
99 10352 7•Mo-111 RR 15155 Bailee A
Without warrants
5012 81158
6012
122
10114
_ _1946 A 0 101
19903 D 6312 69
6
82
99 10314 Mo Kan & Tel let gold ge.
314 73
384
34
Plow. Central Ry 1st & retg 43_1951 M 13
/
4 23s
1962 1 1 4434 471
84 22
/
1
4 172 Mo-K-T RR pr liens,ser A
34
2734 62
32
James Frank & Clear let ge
91
19593 D 8118 82
28
1962 1 .1 4012 43
66/
1
4
74
40-year 4s series B
83/
1
4
2812 64
344
31
1978 .1 .1 4134 44
Prior lien 434s serial D
12
Hal A & G R let gu g lie
111
/
4 3612
12
101
1938 3 1 100
99
994 101
*Cum adjust 5s ser A
Jan 1967 A 0 1812 2018 232
Kan & NI 1st gu g gs
3111
20
20
1990 A 0 10218 10212
14
l965 F A 2212 24
6
70
t•Mo Pal 1st & ref 5s ser A
97 103
f•EC C Ft 8 k M By ref g 44
19
2714
19
1938 A 0 324 3312
5
2114 22bs
2914 41
204
*Certificates ot deposit
714 87
*Certificated of deposit
612
A 0 *2958 314 ____
5/
1
4 104
572
28
28
*General 42
3918
1975 m S
K C Pow & Lt let mtge 4328.....1981 F A 11134 112
1912 30
191
/
4
108
14
96
110/
1
4 114
*1st & ref 55 eerie. F
1977 M 8 2212 24
Kan City Sou let gold 34
1812 274
18/
1
4
1960 A 0 67
3
5114
6914 20
211
/
4 22
_
6112 7814
•Certificaten of deposit
Ref & impt 58
1934 2934
Apr -_1950 J .1 5712 59
1914
86
24
53
86
52
*let & ref 5, scrim 0.
744
1978 MN 23
Kangas City Term let 42
1960 .5 J 10612 107
1878 27
1872
5
8412 10514 109
43
2278 227
*Certificates of deposit_
Kansas Gas & Electric 432e
1980.5 D 10412 10434 14
334
46
51
334 778
434
7014 100/
*Con* gold 5345
1
4 1054
1949!MN
•Karntadt (Rudolph) let as
1943 M N *38
1912 30
1912
92
4012 ---1334
32
45
*1st & ref g 52 series H
1980 A 0 2212 24
*CM w w stmp (par $845)-1943 ---. *23
1958 26
1952
6
31 ____
13
22
228
26
42
*Certificates of deposit
*CDs w w tamp (par 2925)--1943 --- 32
32
1
1912 3014
1912
25/
1
4
274
2212 24
1931 F A
2514 38
*let & ref Sc series I
*Ctrs with werr (par to25)__1943 -18/
1
4 27
1872
2
2318 2318
2612
23
21
227
23
- _
31
*Certificates of deposit
Keith (B F) Corp let 62
1948 M B 91
9112 62
44
674 924 •Mo Pee 3d 72 ext at 4% July -1938 MN *68
787s
76
691
/
4
93
Kendall Co 5122
1948 M 5 10234 1031s
81
85
81
7
68
1011
/
4 10352 Mob & B1rm prior Use(6*
J
---*8319463
j .4 *70
Kentucky Central gold 44
1987.1 J 10638 10618
-10 __ _
70
70
5
8052
80
1002 1074
Small
Kentucky & Ind Term 4141....„1961 J 3 *8858 91 ____
3532 48
36/
1
4
73
77
46 __L.
9512
1945 3 J *36
let M go
gold 45
Stamped
1961 J J *9518 9978 ____
80
96 10112
3952 447s
3958
57 _-__
J J *37
Small
Plain
1961 1 1
____
93
99 10212 pMobile & Ohio gen gold ge---1938 P.4 S *._ _
88 ____
30
- 2
Hinge County El L & P6*
1937 A 0 10812 1-0112
4 103
3
12
-9 -15i
9
10814 10834
11
*Montgomery Div let g 52-.1947 F A
Purchase money 62
1997 A 0 *150
155 ____ 118
44 9
413
5
618
618
*Ref & impt 4322
145/
1
4 155
1977 M S
1949 F A 10112 102
}Kings County Elev let g 44
31
66
5
912
5
94 103
1
4 27
634
7/
*Sec 5% noted
1938 M S
19643 J 112
Kings Co Lighting 1st 58
112
2 10014 110 1144
19543 1 •11712 118 __ 10511 11712 122
First and ref 634*
70
79
854
23
83
Mohawk & Malone 1st gu g 4s
1991 M S 81
Kinney(OR)& Co 734% notes ..1936J D *10338 10572 __
774 1004 105
Monongahela By let 884,ser A.._1960 M N 10414 10434 23 10212 10212 10434
Plireuger & Toll el A fel ctfs....1959 M S 3234 34/
1
4 53
1014
16012 104
87
1
1
4 10358
26/
1
4 374 Mont Cent let gu 68
t937 J J 103/
9732 10214
7914
/
4 10134 12
1st guar gold 54
1937 1 .1 1011
1950 M S 10712 10712
Lackawanna Steel leas A
2
9412 10532 10912 Montana Power let Si A
934 10718
77
48
1943 J .1 10612 107
1939 A 0 10112 102
Laclede Gas Lt ref& ext 52
46
90
9718 10218
67 100
6012
9834 49
Deb 5s series A
1982 1 D 98
1953 F A 734 75
17
Coll & ref 5328 sales C
4619
5918 81
Montecatini Min & Agric1
4 74
1960 F A 72/
11
Coll & ref 534.saris. D
48
94
69
59
66
7
1937 J ./ 6962 73
Deb it 71
_4 80
___
1942 F A *734 ____ ____
Coll tr (Is series A
98/
1
4 10172
88
1
r I., 7212 Montreal Tram let & ref 55
/
4 10138
1941 3 1 1011
1942 F A 57314
--- ---Coll tr 6s series B
86
77
7C18
- - ---- -3
1955 A 0 8212 8212
Gen & ref s f 5s series A
1937 1 J 10134 1-02
5
ri 10114 170314 Oen & ref s 1 55 eerie. B
Lake Erie & West let g 56
82
8512
7214
____ ____
'1955 A 0 *82
--------5-14
100
1941 3 J 100
1
51
24 gold 617
704 71332
85 10038
Gen & ref 81 41isseries C
1995 A 0 *76
19971 D 9834 9912 22
79
Lake Si,& Mich So g 3Sig
74
82
9712 10212
71.114
3
Gen de ref 8f 5seeriee D
1955 A 0 8134 8134
1834 201
19543 J
/
4 243
434
•Lautaro Nitrate Co Ltd 68
7
82
2114 Morris & Co 1st, f 4142
111 10518
1
4 10412 16
19393 .1 104/
1954 J J 10212 10414
7
774 10172 1064 Morals & Essex let gu 3345
Lehlgn C & Nev g 1 434e A
70
8812 85/
1
4
1
4 86
2000 .1 D 8812 89/
1954 / 3 104
10412
6
Cons oink fund 434* ger C
92 1112
80
77
11
102 106
93
Constr M 51 ser A
1955 M N 93
10412
1965 A 0 104
Lehigh & New EM RR 4s A
104 104/
7____
8312 9632
653s
1
4
8534 17
Constr M 434s series B
1955 MN 85
1945 M $ *5832 82 ____
Lehigh & NY let gu g 46
6212
98 201
98
131
201
55
734 Murray Body let mtg 634e
1942 .7 D 184
64
2
Lehigh Val Coal let & ref if 58-1944 F A 9614 9614
10334 110
95
8718 97/
1
1
4 Mutual Fuel Gas 1st gm g 5a
1947 MN 10812 10812
1954 F A 6978 71
10
33
55
let & ref et 55
80
Mut Un Tel god t3s en at 591941 m N "106/
1
4 10912 ---8931 1)2 108
1964 F A 871
311
/
4
3
/
4 69
51
let & Fete 16*
72
Namm (A I) & Son-See Mfrs
_-Tr1974 F A 6812 68
32
5
52
let & ref, 1 55
1
4 8012 ____
73/
1
4 Nash Chatt & St L 4sser A
78
1978 F A *79/
8424 97
1938 1 3 *9512 96 ____
Secured 6% gold notes
73
10218 10514
4
91
1937 F A 10412 10412
914 Ms Nash Flo eel3 1st gu g 52
92
F
A
Be
1954
9212
79
6
Leh Val Harbor Term gu
9212 104
5014
19
6014 6234
Nassau Elec gu g 45 and
1951 1 .1 5612 58
1940 3 J 8212 85
7574
6
82
Leh Val N Y 1st gu g 474g
864 10212
3
10238
6512
1942 J D 102
99
Nat Acme let e 1 Be
2003 M N 3514 3838 78
3014
74/
30/
Lehigh Val(Pa) cons g 42
1
4 10218 105
1
4 5032 Nat Dairy Prod deb 514g
1948 F A 10334 10414 145
2003 MN 3858 4012 16
83
General cons 434.
99
33
99 10112
5414 Nat Distillers Prod deb 434s
1945 AI N 10118 10112 217
14
45
200338 N 44
39/
1
4
General cons fol
39/
1
4 60
Lou
Mob Ne.
Feb •4558
*Green Bay & West deb etts A
-- ---Feb *582 --738 ____
*Debentures ctts B
Greenbrier Ry let gu 4s
1940 MN *1061
-- ---1950 A 0 86 2-7
87
Gulf Mob & Nor let 534* B
/
4 8114 4-1
let mtge Seseries C
1950 A 0 791
Gulf & 8 I let ref & ter 59 ---- Feb1952 J 3 *55
- - ---___ .1 J 5614 18-14
Stamped
1
Gulf States Steel deb 5322. -1942 J D 1004 10034 31
Hackensack Water let 4e
1952 J .1 *10634 107 ---3712 ____
*Hansa SS Lines 6* with warr
1939 A 0 *33
1949.5 J *3418
•Harpen Mining Oa
__ ---1-1-514 13
Hocking Val let cons g 454*
19993 .1 115
33 ---I1•110e (R)& Co let 6348 ger A-1934 A 0 *---First mortgage
Oct 1 1944 A 0
4 ____
'Holland-Amer Line es (flat)-.1947 MN *__
Housatonic By cons g 52
1937 MN 5414 88
7
II & T C let g 52 lot guar
1937.1 J *10412 106 ---39373 J 10314 10358
Houston Belt & Term let 121
4
Houston 011sink fund 530 A.....1940 51 N 9634 9734 28
Hudson Coal lets f 55 ger A
19623 13 3912 4134 89
1949 MN 11858 11858 10
Hudson Co Gas let g Se
Hud de Manhat let 5s ger A
1957 F A 8212 8314 64
104
*Adjustment income 56 -.Feb 1957 A 0 2812 30
For footnotes see pace 2855
New York Bond Record—Continued—Page 5
2854
.
Nov. 2 1935
2
Wears
.1
BONDS
::.:.1
Rang.., ; 1933 to
&mos
BONDS
Range
5We
N. Y. STOCK EXCHANGE
N. T. STOCK EXCHANGE
Since
LI-I Sept.30
FrideD.3
—..
:
1
.4 e: Sid & Asked ,,ez 1935
Week Ended Nov. 1
Jae 1
Week Ended Nov. 1
Jan. 1
-- —
—
-- -----,
,ner
ri Sok No
111.9
Loss Low
Low Low
ROB No
Um
IRO
*Net Ry of Nfex Or lien 444
4
1957
Ontario Power N F let 52
99
1943 F A 11012 111
109 1134
.7 J
01 1
*Jan 1914 coupon on
21: Ontario Transmission let be
3
9412 10834 11712
1945 MN 10918 110
*214
1946 1 D 10712 10758
*Assent .nium war rct No•oa--.
Oregon RR & Nay coma 42
21, 5
238
t
258 12
4
8314 105 109
'Guar 42 A or '14 coupon
lini
Ore Short Line let cone g 5a
1946 1 1 *114
11712--100
11418 11812
47
*Assent cash war rct No Son _
Guar sty' cons 52
____
*2
1948 J 1 11778 11778
2
lit
3 ---00% 1154 11912
2.
*Nat RR Me: or lien 4442
liiii
Ore-Wash RR & Na,42
10358 100
1961 1 J 103
7714 101 106
*Assent cash war rct No 4 on_
_ --_
*278
338 .._ _ _
272 84
, Oslo Gas & El Wks extl 58
2
7
6512
1983 M F 210034 101
94 101
•Iet consol 4.
li1L1
Otle Steel 1s1 mtg.6eser A__- -- _1941 M 8 9934 10012 61
20
69% 10012
*Assent cash war rot No 4 on__ __ __
214 __
*2
234
2
4%
1965.3 D 10514 10612 141
Nat Steel let coll a f 48_
4
4212 19
10258 10612 Pacific Coast Co lot g ba
1948 1 13 40
25
36
45
:Naugatuck RR Iota 48
1954 M N *50
Pacific Gas & El gen & ref 52 A
05
61 __-56
60
1942.3 1 10558 106
60
9812 10112 109
19483 D *11734
Newark Consol Gas cons be
97
193.4 F A
9734 16
10112 11312 7.2018 Pao RR of Mo let extir 42,4
80
97 1015
,
:New England RR guar 52
1945.3 ------54 __ _
81
•2d extended gold 52—.4
73:
6858
84
1938 3 1 *9212 9312 ---,
91 100
Canso! guar 4e
1945 J 1 50
Pacific Tel & Tel 1s8 52
70
50
1
60
50
1937 J 1 1054 10514 22 10314
105 1071,
New England Tel & Tel be A _1952 1 0 121
12234 17 10438 1154 124
Ref mtge 52 series A
1952 M N 10934 11014 14 10414 10918 11312
let g 43-4* series B
1961 M N 118
_ ---11834 14
9914 11238 12312 Paducah & Ills let 2 f g 4 W..-- —1955 1 J
93
105 105,2
884 100
NJ Junctlon RR guar let 42
*40
1986 F A *9914
1:4Pau-Am Pet Co (Cal)cony 68_1940 1 0 *106--42 ---2518
_ - --,
3312 46
824
NJ Pow & Light let 440
___
41
1980 A 0 105% 1-0-34
4134
94 106
*Certificates of deposit
6
8
681,
25
3314 46
New ON Great Nor 52 A
7218
1983.3 1
4838 77
4838
7434 22
Paramount Broadway Corp_
NO & NE let ref&impt 43.4* A
1952 J 1 *38
•Ist M e f g 38 loan ctts__ ____1955 F A 5714 6058 12
46 _--,
35
63
35
6012
5714 63
:New Orl Pub See, let 52 A
1952 A 0 8412 8534 33
5512 85% Paramount Pictures deb 6.-----1055 1 J
9118 9658 578
93
9112 973
38
1955 .1 D 84
First & ref 52 aeries B
14614 17 10414 13014 163
555* 8514 Par1s-Orleans RR ext 542
1998 M 8 2144
8512 85
38
New Orleans Term 'stir. 40_
1953 .1 1 8112 8178 25
1953 -- -- *3578 38 --•Park-Lexington 63.4O Mrs
58%
6934 87
8
1712 3534
:•N 0 Tex & Men n-o Inc 52
1935 A 0 *22
Parmelee Trans deb Oa
1538 27
1214
14
23
3512
1944 A 0 3373 3512 16
1054 A 0 3012 3012
•Ist be series It
Pat & Pasealc CI & E cone be
.---- 102
1814 34
4
14
116 11814
1949 M S *1171
•let be eerie. C
1956 9 A *2912 3234 197 33
•Paulleta Hy lot ret a t 7.
1414
4534
1942 M S *50 2-78-32 -- -87
94
•let 4 Ase merles 0
28
1959 F A
28
11
1418
187o 3112
34
Penn Co feu 3145 ooll Sr A
•leit 6411 aeries A
20
1
141,
1954 A 0 3012 30,2
94
3
102 10258
1937 M 5 10258 10258
1945.3 1 *105
N & C Bdge gen guar 434.
1941 F A *10278 --------8150 100 103
Guar 33.4. coil trust ser B
10212 10712
92
Guar 342 trust ctfa C'
.--- ---984 10234
83%
1942 J D *102
NY Cent RR cony 62
1944 NI N 10612 10414 221
.-Guar 33.4, trust etre D
9834 1121.
9834
814
98 103
1944 J D
1998 i i 8314 8434 64
Consol 4,eerie, A
1034 10312 10
Guar 42 eer E trust etre
7312 477
-84
841, 993 10312
1952 M N *103--Rat & impt 414e series A
4314 73
4314
2013 A 0 674 6912 179
Secured gold 434,
82
10434 107%
1963 M N 104% 10478 14
4612 7914
464
Ref & Impt 5e eerie,: C
10014 331
2013 A 0 7212 7412 355
28-year 4s
____
100 10014
1963 F A 100
NY Cent & Bud RI. M 5144
1941 NI S 87% 8812 20
7112 931,
9834 Penn-Dixie Cement lat 62 A
7378
1997 .7 I 94
55
92
9518 52
Debenture lie
79
071, Pa Ohio & Det let & ref 4.192 A-1977 A 0 10414 105
1942 J 1 9534 97
78
88
11
67
103 1064
Ref & impt 4142 eer A
43
7318
2013-.6712 6914 157. 43
44e series B*106
78
- -- .r. 101% 1044 1067
7838 8914 Pennsylvania PAL 1st 4140
--- 117
Lake Shore coil gold 342
j 10512 10614
1998 F 4 84
7512
8678 40
84
98% 10614
A 0
19
9811 *I
1943 M N 10818 1094
Micb Cent coil gold 33.4*
8418 851.
79
2
4878 Pennsylvanla RR cone g 42
1998 F %
9814 107 111
5
85
NY (7121e & St 4 let g 4o
11112 22
1937 A 0 10158 1015.
Consol gold 4,
8
10038 10212
3
77
1948 M N 111
944 108 11412
Refunding 5190 Berke A
01338 108 1131,
43 eter! atm: dollar May I
1914 A t 6812 7012 105
4312
51
77
1948 M N *10934 ____ ---Ref 444o eerie, C.
7
1978 I.31 S 58
984 11412 11912
47
160
68
3634
61
Consol sinking fund 43.4,
1960 F A 11712 118
1933. A 0 6312 6412 25
1965 .11 0 106% 10758 171
91-yr 0% gold note., _ ___
435* 714
80% 10454 10918
General 4 4* series A
411,
•Deposit receipts for 13e
11338 53
1935 _
32
6012
87% 109 115%
52
5834 60
General ba eerier] B
1968J 0 113
NY Connect let an 4340 A
1936 F A 10150 10112 58 101
1053 F 0 10612 10634 23
10138 106
924 10614 10814
Secured 6%.
let guar 5s aeries 11
86
81
106% 10834
1953 F 4 *106%
1964 %I N 10612 107
Secured gold 5.
106 108
99
1991 F A
N Y Dock let gold te
67
411,
88
59% 74%
15
1970 A 0 9534 9612 120
681 1
Debenture g 4 42
9038 97%
Serial 5% note,
421, 58
7534 100% 107
1938 A 0 5258 5412 53
General 41(e series D
30
1981 A 0 10414 104% 87
NY Edison lot & ref 6 Ate A
1011 A 0 10978 11038 63 1081, 10078 1144
911, 997a 1067
1984 1 1 10350 10458 87
Gen tntge 442 ser E
,
let lien & ret be series B
19 100
104* 31 0 1065
1943 A 0 11434 115
, 10634 11 1024 10512 109% Peop Gas L & C let cons 62
1105* 118
let lien & ref ba Belles C
80
1951 A 1 . 10712 108
1947 M S 10614 10712 20
9834 10712
5 10234
106 11014
Refunding gold Fe
N Y & Erie—Bee Erie RR
60
Peoria 1k Eastern let cons 42
6012 7334
8934 14
1940 A 0 69
N Y 0a2 El Lt H & Pow g ba
4
3
1941 1 0 122
5
122% 22 1044 1164 12434
*Income 4,
5
April ____1990 AM
4
9'2
Purchase money gold 42
_ .-___
*108
1941 F A 11112 112
831, 102 10814
A
115
Peoria
&
95107%
F
7
Pekln
1974
17n
lat
54
6
81
9412 ___
N Y Greenwood L gu g 5.
194e M N *
70
51
Pere Marquette let am A be
8214 97
75
973
1956 J 1 9518 -9714
NY & Harlem gold 3142
2004 61 N 1132C2 103
1956 J 1 8312 85% 50
let 4, eertee B
4812
98 103
8314
69
86
2
N Y Lack & West 49 ger A
1988 M P 854 88
87
1972 M N
9712 13
let g 442 series C
9712 10272
9714
9244
411
68
88
434e aeries B
3
9918 10212 1085*
1972 M N 10312 104
NY LE& W Coal& RR 542_1942 PA N
6
754
94
99
Phila Ball & Wash let g 44
99
6
987
99
, 108 112
1943 MN 11034 1104
NY L E & W Dock & Impt 52_1943 J 1 *10412 --------87
General 5e eeriee B
10412 107
954 113 119,4
1979 F A 11634 11634 . 5
NY F. Long Branch gen 4.
1041 M S *10232
1977 1 J 11134 112
7
87
10812 11358
951, 1014 1041, General g 4 Ata eerier, C
NY A, N Eng (Bost Term)4s
--------------------General 44i:series D
1981 1 D 109% 110
1939 A 0 *45
, 107 11218
15 1008
Phila Co sec fe eerlee A
my J D 100
101 12 166
6114
7912 10112
1967
m N 1074 10712 10 100
:NT YNH&Hn-c deb 42
1947 PA 8 25
Phila Elec Co let & ref 442
25
39
2
28
251.
105 110
Non-cony debenture 342
1947 M 87 2612 273
1971 F A 1073. 10778 31
384
let & ref 42
22
18
27
89% 10414 10814
Non-con• debenture 33.4o
2114 37
1954 A 0 27
Phil,: & Reading C & I ref 5.2
57
56
31
485*
2418
2812 53
5234 75
1973 1 J
Non-cony debenture 42
1949 PA F 38
4034 126
1956 3 1 26
Cony deb 150
2234 40
3012
2712 55
28
3012 5378
Non-cony debenture 48
247
211
3912 Philippine Ry let a t 42
1956 m N
30
178
245, 28
2014
1937 31 23
2650
2214 2771
Cony debenture 334e
1956 1 1 254 2772 22
1939 J D 10114 101 12 25
20% 3650 Phillips Petrol deb 0442
2414
8414 10114 104
Cony debenture 62
1948 1 .1 27
25
62
Pillsbury Flour Mills 20-yr 60
2914 156
1074
30
7 10214 10514 109,4
1943 A 0 107
Collateral trust 69
PirellI Co(Italy) cony 70
1940 A 0 381. 4012 87
75
3512 93
75
404
2
82
75 10412
1952 Fa N
Debenture 4,
1214
199
1 1s 111 18
15
1214 3014 Pitta C C & St L 43.4o A
2
,4 41
1 100
100
1957 M N
A
Nt 0
138
16
108% 11211
225 7,4A
4440
0
94
111199
let & ref 444e aer of 1927
1967 1 D 2512 2734 367
--------59
231* 45
Series B 43-4. guar
274
1084 112
Harlem R & Pt Chee let 4...._1954 M N
_ ____ 100% 109 1117,
Belles f3 4 3.4,guar
80
84
8212 87
9514
82
NY 0& W ref If 411
40
June 1902 M a 4112 43
•108
61
9734 1075 110
112-34 - - Series 04. guar
120
40
General 4,
321,
1055 1 0 34
321, 49
1949 F a 10478 10478
6
i
894 10414 1047
3534
Series E 33.4, guar gold
:1N Y Providence & Boeton 42 _ _ /42 A 0
101 12 10112
8118
Series F 42 guar gold
--------981.
_ ____
1953.3 D *108
NY & Putnam let con gu 42
5614
75
1993 A 0 *99-1957 M N *108
--------08
*8212 838714
Reties 0 42 guar
1055, 100-4
*1.9 Y Rye Corp Inc 62___Jan
1738 1978 56
1965 A D1
_ ___
8
19
4
9618 107 110
Serlea H cons guar 42
1960 F A
•Inc 62 assented
1065 1I5
1014 1034
1938
2
115
1014
99
1963 F A *1081934 23
Series I eons 434o
11358 1184
95
95
Prior lien 62 series A
1965 J .1
Series J cons guar 4142
1
2
58
9612 11358 117
115
705* 96
1964 M I's 115
Pr. lien 6s assented
90
1965 ---. 95
1970 1 D 11338 11334
9
97
90
96
General 741 52 series A
6
8634 1113. 11614
1971 A 0 11278 11318 25
Oen mtge baser Ft
8514 1113. 11614
NY & Mehra Gaa lot Se A
1951 FA N •109
96
1977 J 1 106
Gen 4 3.4,aeries C
1054 11012
10614
104 108
3
75
11012 N Y Steam 62 Berle° A
1947M 1.: 110
108 11134 Pitta Sh & L E let g 5a
6
98
110
1940 A 0 *11212 .........__
97
110 114
let mortgage 52
90
1951 M N 105% 10634 22
lat consol gold be
10434 10734
1943J 1 *11212 --- ---- 11034 11034 1135s
let mortgage 50
1956 NI N 10614 106%
914 lool loms Pitts Ya & Char 1014a guar
3
_ ——
94
10714 10714
1943 M N
NY 6101(/& West let ref be
63
46
4014
1937 1 J *50
*Pitts & W Ya let 434* ear A......_1958 J D •105--5478 ____
63
63
1
63
53
68
1937 F A .42
3d gold 434.
41
62
let M 4449 eerie,))
1958 A 0 63
45
41
6318 21
Si', 67
513
General gold be
let M 414e eerie. C
37% 614
1
1940 F. A 43
43
3134
34
47
1960 A 0 625* 65
47
68
Terminal 1st gold be
974
100
1943 M N .99
Pitts Y & Aeh let 4a oar A
100
7234
.... --__
9234 107 10934
1948 1 0 *1071
NY Telep let & gen e f 442
1939 M N 1105, 111 14 32 10218
109 11134
1982 F A 11512
let gen E5, aeries B
8-11512
2
97
114 11611
N 'Y Trap Rock let 6e
1946 J D 7712 80
56
86
455
6
(Se stamped
85
1948 ---, 79
Port Arthur Can & Dk Co A
711
80
21
76
14
614
75
85%
1953 F 6 7512 77
N Y Weetch & B let eer 1434e _1948 1 1 1218
171,
14
12'8 32
147
let ratite lia eerie, B
76
82
68
1953 F A *7512 77 - - Port Gen Elec let 4 42 ger C
3712
5014 80
l980 Ni S 7034 724 323
Nlag Lock .30 Pow lot 5a A
1st 5.2 1935 extended to 195.0
1041, 108
90
1955 A 0 10738 108
18
J 1 *1071
- -10658 10658 107,2
Niagara Share(510) deb 54a _ 1960 M N 9434 10158 32
48
6214 9458 Porto Rican Am Tot, eon, 94_1942 .1 J
5812
26-04 47
2814
-42
504
•Norddeutache Lloyd 20-yr of 62_1947 NI N 84
8514 1•Poetal Teleg & Cable coil 52___1953 J 1 324 34
85
63
7
38
203
2518 254 524
New 4-6%
5212 It•Ftessed Steel Car cony g 5,_ ,1933 1 J
42
1947 M N *44
47 __ . 3578
544 12
53
384
38,4 564
Nord Ry ant sink fund 6442
171
135
1950 A 0 z15814 16012 29 1051,
:Providence Sec guar deb 4.
1957 M N •____
1978 _ _ _
20
20
36
it•Norfolk South let & ref 5e ----BM F A
10
194 :Providence Term lot
1314
5
1412 68
1956 M 8
. . 8112
8850 9112
9(., 1844 Pub fiery El.30 let & 42
*Certificates of demelt
*812 13
4
-_.
1971 A 0 *45--107
108 __ref 42
28
8814 104 10814
3
it•Nortolk & South let g (52
4718 4718
1941 M. N
Pure 011 Co e P 44s w w
354 50
4
144
_1950 .1 .1 100
10314 998
9512 10314
9512
N & W Ry let cone g 4,
1101, 117
33
9114
1996 0 A 11458 115
Purity Bakeriee of deb be
993 10014 19
78,4
8234 100,2
1948 1 .1
Pocah CA C joint 49
1941 1 0 10614 10612
106 10812
2
08
North Amer Co deb be
1961 F A 101
8114 1034 2•Radio-Keith-Orpheum pt pd etre
74
8118
102
No Am Edison deb 58 ear A
tor deb 60 & corn stk (6.5% 9d)-744 1024
56
1957 PA 8 10038 10012 12
___
454 161
1
161
35
161
784 103
Deb 5340 ear B
180
Aug 15 1E163 F A 102
56
103
1•Debenture gold 62
2612 8834
15
1941 J 0 7834 8212 20
7112 101
Deb be oar C
Reading Co Jersey Cent coil ea 1051 A 0 95
Noy 16 1989 M N
71
9912 101
64
113 1004
73
9512 43
North Cent gen & ref 152 A
1974 M 8 *116
1211: _
Gen de ref 43.4e series A
118 120
98
711
47
19973 J 1054 106
104% 1084
Gen & ref 4 342 aeries A
1974 PA 8 *11014 11134 Gen & ref 4142 aerial B
110 112
88
1997 1 J 1054 106
41
794 104% 10812
:•North Ohio let guar g 52
40
4634 Rem Rand deb 5142 with warr _1047 PA N 104
65 ____
..
35
1945 A 0
99 104%
63
10412 48
•Ex A pr'33-Oct'33-Apr'34 cpne-___
*_..
1 45
50 ____
5440 without warrants
35%
45
45
1947 M N 10418 10418
0911 1045*
9912
1
•Stmprl as to sale Oct 1933, &
Rensselaer & Saratoga 92 PI_
1941 PA N __ _
- ------ ---*Apr 1934 coupons
45
3818
*45
343
8
Repub
I
&
50
S 10-30-yr be 2 f
16314 107
1-08
13 -80
6
1940 A 0 10.
Nor Ohio Tree & Lt fle A
Ref & gen 634o series A
1947 M P 10850 l08% 20
744 1044 11018
6111
9484 1053.
1953 1 1 10412 104% 26
North Pacific prior lien 46
101 107
79
Republic Steel Corp 4345 ser A....1950 NI S 10812 11012 598 10312 1025o 11012
1997 Q .1 10214 10314 109
Gen lien ry & Id g 32 Jan __ _2047 Q F 7014
6012 767o Retere Cop & Brass 62 ser A
504
7118 91
10714 108%
RS
4
1948 M r 108
10812
Ref &Mot 4388 aeries A
2047 J 1 824 8334 49
7112 897k •Rheinelbe Union of 78
60
43
2612
32
2
334 335*
1946 1 .1
Ref &Impt tle eerlea B
8812 10234 *Rhine-Ruhr Water Aeries 82
20473 1 974 9434 144
881,
2014 394
25
1
3212 3212
1953 1 .1
Ref & impt be eerie, C
82
9614 •Rhine-Weetphalla El Pr 78
2047.3 1 8912 90
13
64
324 44
3212
5
1950 M 04 33
3
3
Ref & Mut be aeries D
2047 J 1 89
82
38
98
61
90
*Direct mtge 68
313 4314
2
3212 3212
3154
1952 PA N
Nor Ry of Calif guar g ba
1938 A 0 *108
105 1083
*Cone mute Eta of 1928
100
3178
302 43
1953 F A *3212 33 ____
Nor State, Pow 25-yr ba A
103 108
89
1941 A 0 10614 10634 28
*Cone MS.of 1930 with wan _1955 A 0 a3258 a3258
1
3112
3114 4314
let & ref S-yr 62 ser B
1941 A 0 107
10514 10812 12•Richfield 01106 Calif (Se
93
10718
5
31
32
72
20
25
35
1944 PA N
Northwestern Teleg 43.4, ext
1944 1 J *1027
101 10112
•Certlficatee of deposit
_ .. _ 100
3014 302 62
m N
1912
2412 35
Norweg Hydro-El Nit 542
1957 MN 10018
88 10012 R1463 & Meet let a 45
810-618 14
32
685*
4478 __
32
46
1948 51 N *40
Mehra Term Ry let gu 64
99
___ .._
104% 10714
1952 1 J *1063
Og & L Cham let an g te
1948 J 1 2258 2378 12
2218 6014 *Rime Steel let a t 7s
29
8-55 __
45
48
1955 1. A *5214
60
Ohio Connecting Sty let 48
1943 M S 10752 10758
1 10534 105% 1075, Rio Grande June let gu 5s
95 ____
851, 954
70
1939 1 D *90
Obi° Public Service 748 A
1946 A 0 11214 11234
10914 113
:•Rio Grande Sou let gold 42...._1940 J 1
7
89
*112
4 --_12
1
1
lot & ref 70 eerie.))
1947 F A Ill
10754 1124
78
11112
*Guar 42 (Jan 1922 coupon)_ _1940 I 1 •1
6
1
1
I
Oblo River RR let g 5*1936 .11 D •101% 10238 —__
10034 104
*Rio Grande West let gold 44_ _1939 1 1 604 -61,4 50
90
62
61
8234
General gold 52
1937 A 0 *1027
87
10158 10414
241,
*let conk coil Cruet 4s A
244 4712
1940 A 0 2712 2812 47
3•0111 Ben Coal 1,1 6,
1944 F A *20
10
22 ____
13% 21
P74at's
Jule I
r 7 Rang. or ; 1933 to
2
..7...
F',Way's
14,t; Sept.30
:..1O.; /314 & Asked co Z 1935
For footnotes see page 2855.
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 1
New York Bond Record—Concluded—Page 6
7.,
Weeks
Jetty 1
:-.';
Range or
4 1933 ft
Friday's
la Se p1.30
Z.t
1935
i::13
.
: bid eilt Attid 41,Z
2855
:
Range
Since
Jas. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 1
w eeic s
Jolt 1
rg Range or ; 1933 to
Sr.
Friday's
4Z. Bid ..t Asked 25,
1935
2
Ltz. sert.30
Range
Since
Jan. 1
Low Low
Low
PIGA No
Hitth
2
9438 10414 10938
Union Elec Lt & Pr(Mo) Ss
1957 A 0 10414 105
10
994 10114 10612
1954 1 .1 10512 106
Un EL & P (III) let g 514a A
13
104
1
1945 A 0 2012 2012
2512
2.1 Union Elev By (Chic) be
11612 121
Union Oil of Calif 6s series A
1942 F A *11812 119 ---- 105
1947 31 N 11014 11412 58.. 10912 116
12-year 48 cony deb
1074 11312
32 -114.
1947 J .1 11078 112
Union Pao RR let & 10 gr 40
8012 10334 1084
June 2008 M 1 10512 10572 81
let Lien & ref 42
14
103 108
81
1987 J J 10418 10518
Gold 430
113 120
99
12
June 2008 M 9 11412 11434
lot lien de ref be
9912 1044
764
/
4 lO3'z 67
1988 J D 1021
105
Gold its
1947 1 J 105
St Joe de Grand Isla let 4e
8314 103 107
7
4 10538 1054 10818
1937 M 8 10332 10334 20
St Joe Sty Lt Eft & Pr let 513
96 10432 United Biscuit of Am deb 58 —1950 A 0 10612 107
70
95
87
53
1953 M S 9112 9234 96
United Drug Co (Del) be
19962 ------89
St Lawr & Adr let g 513
8612 90
6414
974 10738 11212
1944 M S *10912 ____ ---1996 A 0 *____
U N J RR & Can gen 4e
241 gold 68
81 ---80/
1
4 85
70
254 35
1514
_ ---1934 J 1
WI:Rifted Rye St L let g 48
St Louie Iron Mt & Southern—
904 100
56
209
99
1001947 1 J 025-62
6312 21
•1111v & G Div lot g 4s
1933 M Is
US Rubber let & ref 5s ser A
4518
5412 71
98 100
8518
63
1937 MN *9934 10114 ---*Certificates of depo-it
United S S Co 15-year 6s
*58
54
69
52
3134 3134
Mit L Poor & N W let gu 58__ _1948 1 .1
1
30
5612
37
3214 43
28
75
1955 J 3 75
7714 *Un Steel Works Corp 634e A _ _1951 J D 3338 3312 10
St L Rocky Mt & P58 stp 3
37
3
80
33
4212
27
2
1961 J D 333* 3332
1112 1232 39
*Sec. e t 630 series C
1950 I J
934
t*Eit 1-San Fran pr lien 4e s
931 1714
324 41
23
8
3312 3314
*Sink fund deb 634s ser A
1947 1 J
812 1524
812
1138 16
1012
*Certificates of deposit
9834 120 14134
1951 A 0 *____ 134 ---Un Steel Works (Burbach)7s
1312 1312
*Prior lien 5s series B
1950 J .3
934 18
934
6
16
3134
13
224
934 1811 t•Univen3a1 Pipe & Bad deb 68 _1936 J ID
904
1112 12
2012 27
14
*Certificates of deposit
4138
32
3212
2
1953 A 0 3232 3234
*Con M 434e series A__-- —1978 MI S
734 144 *Unterelbe Power & Light 6s
734
104 1138 00
94
85
504
94
94
1944 A 0 93
74
74 134 Utah Lt & Trac lst dr ref be
938 1078 57
___.
*CUB of deposit etamped
69% 9434
5534
1949 F A
9318 9434 136
Utah Power & Light let 58
116 118
80
83
. 1989 NI N
19934 --7- 109
31
Utica Elea L & Plot of 850 ___A950 1 J •117
St L SW let 4S i bond ctfe
/35
51
64
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/
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5912 6012
1947 J D
20 it 40 Inc bone( ctfe
N4).
_- 1989 J J
5012 5234 55
7
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2014 63
18
5934 6214 19
48
4978 168
1959 F A
let terminal & unifying be_ __ ..1952 1 .1
Debenture be
351a
3518 6414
66
1414
59
22
4878 5212 28
1990 J J
85
Gen A ref g 58 ear A
541. Vanadium Corp of Am cony be ....1941 A 0 84
27
27
10614 10714
99
10
100
Vandalla cone g 4e series A
1937 J 1 100
1955 F A 10634 10714
81 Paul City Cable cone be
45781* 103
9
10214 107
101
Guaranteed 1313
1957 MN *10612 --------85
1937 1 J *100
Cons s t 4s series 13
79
454
99
2
134
44
1934 J J •24 ____ ____
1988 1 D *10314---_
:*.it P & Duluth let con g 4e
84
10112 10412 414Vera Cruz & P 1st gu 434a
4
4
3
J J
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1947 1 J *
t•St Paul E Or Trk let 414e
sifJuly coupon off
-2-9-78
- ---, 45
___
334 1612
3
1212 13
19
932 -11-3-4
1942
I•St Paul & K C Sh L gU 4365_ _1941 F A
11- I75; •Vertientes Sugar 7s etre
1118
7
6 10114 10518 10814
1954 1 D 10518 10514
1943 .1 J 10714 10738 41
St Paul Minn & Man 5
9218 10412 10938 Va Elec dr Power be Belies B
10418 1074
88
104
1955 A 0 10418 10412 41
Mont ext let gold 413
1937 1 D 104
15
1st dr ref 6159 Ber A
88
101 1044
5612 654
6
50
1
M
194i3
63
65
58
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1940 1 J 010314 1034 ---,
Iron
Coal
A
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lst
g
Va
993
4 10312
85
99 10278
91
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117
St Paul Un Dap ba gnat
1972 .1 J 117
1936 M N 100
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113 1184 Virginia Midland gen be
96
2
1
7574
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101
2003 1 ./ 101
Va dc Southwest lot gu be
634
84
55
8618
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0
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J
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723
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,
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1958 A
1943
let cons be
7412 9078
11018 113
89
16
1962 MN 1114 11214
San Anionio Publ Serv let 6e
1952 1 J 10814 108h
7
70
1004 10934 Virginia By let be series A
106
10314
8411
113
MN
5
1053
8
10512
Santa Fe Pres & Phan let be
1942 NI S •
series
B
1962
let
mtge
43413
95
11238
108
52
Schulco Co guar 634e
1946 J J *50
34
34
52
1939 MN
8912 96
5738
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Stani Dell
9434 9634 SO
544 :Wabash RR let gold be
534 --- 264
29
5778 81
1939 F A
-75
Guar a I 634e series B
7612 66
48
1946 A 0 .50
*2d gold 58
29
3214 55
5312 65
05212 65
Stamped
1954 1 ./ *6478 --------50
let lien g term 4i1
28
28
55
9815 102
1989 MN *11118 11212 _
1941 J J ------------70
Heloto V & NE lot gu 48
Pet & Chic Ext let 5s
90
10918 115
7178
53
45
70 ____
It•Seaboard Alr Line let g 4e
Des Moines Div lat g 4s
1939 1 .1 •_ _
1950 A 0 *1312 17 __
634
11
18
*1312 17
4512 6214
38
1941 A 0 *5312 56 ____
*Certificates of deposit
Omaha Div let g 334e
1014
1512 17
8312
77
56
____
1950 A 0 1234 1278
•____
85
M
1
Div
g
4s
1941
l•Gold 48 stamped
2
Toledo
&
Chic
10
10
20
1214 244
124
12
A 0 12
22
2
2112 23
1014
*Certain of deposit stamped
2•Wabash By ref & gen 531e A
1975 M e
104 20
13
21
2
11
5
20
2
*Adjumnient 5e
Oct 1949 F A
20
*CertifIcatm of deposit
5
212
2
31s
12
23
1•11efundlng 4s
54
5/
1
4 12
1949 A 0
2012 224 37
414
*Ref & gen be series 13 _ ___ __1978 F A
12
414
9
1018 2012
5
5
1012
334 8
334
2
*Certificates of deposit
21 __
_*Certificates of deposit
1134 22
1134
612
7
*1st & cone 6s aeries A_
1945 M 4
45
1978 A 0 2012 2114 135
*Ref & gen 434e series C
412
412 1174
137g 204
512
5,2
11
*Certificates of deposit
81912 2112 ___,
8
*Certificates of deposit
312
34 10
1104 2312
11.34
1412 1558
5
:Mil A BIrm 1st g he
1933 M 8
9
22
1980 A 0 21
*Ref& gen be series D
812
812 1718
1012 20
104
---*Certificates of deposit
3
33
t•Seaboard All Fla 6s A ctts
1212
34 38
1935 A 0
7
7778
7638
214
214
412 :•Walworth deb 634e with warr _1935 A 0 71
414 _
4312 76
4812
*Series II certificates
1935 F A .3
2
75
75
214
*634s deposit receipts
24 418
7518
36
35
10012 41
Sharon Steel Hoop of 534ff
1948 F A 100
1212
75 ____
A 0 *71
*Without warrants
80 10072
3618 86
Shell Pipe Line e f deb 58
1952 M N 10338 10418 37
1818
29
*1st (linking fund 6s ser A_ __ _1945 A 0 8112 85
86
10234 10514
5914
104
Shell Union 011 e t deb be
5914
56
1947 M IS 103
42
8414
8014
45
*Deposit receipts
7838 10218 10414
85
85
Shinyeteu El Povr let 63413
1952 J D
68
6
7612 88
4812 8413
58
•§Slemene A Halake s f 78
24
58
1936 1 J
IC
1939 M S 8214 8412 122
Warner Bros Pict deb fis
39
78
58
21
4212
40
4212
*Debenture a t 654s
24
36
1951 M S
2332 35
1939 M 8 21
3
39
5034 :Warner-Quinlan Co deb es
11118
31
53
Sierra & San Fran Power be
30
1949 F A 111
3634 45
6
1941 M B 3514
*Warren Broe Co deb 68
864 10314 113
3512 3612
2913 2934
*Silesia Elea Corp s t 634e1946 F A
____
3
3612
3512
1
*Deposit receipts
2578
2578 3912
80
80
Silesian-Am Corp coil tr 7s
71
33
7218 15
1941 F A
76
79 ---454 7212 Warren RR let ref gui if 334e__ __2000 F A *---94
91
Skelly 011 deb 534e
79
984 10312 Washington Cent let gold ile ___1948 Q M *---1939 M 9 10212 10234 40
9212 -- -80
1034 10612
86
Socony-Vacuum 011334e
101,8 139
1950 A 0 101
106 ____
1945 F A *105
10038 10118 Wash Term let gu 3340
10878 1067A
South & Nor Ala cone gu g 58_ 1936 F A *10238 --------99
94
1945 F A *107_ ____
let 40-year guar 40
103 10434
Gen cone guar 50-year 5s
981s 105 112
1
014
1963 A 0 *114
1939.3 J 11014 11--------89
112 11612 Wash Water Power of 51
2 10314 11514 1225*
1181.4
Westchester Ltg 58 stpd gtd __ _1950 J D 118
South Bell Tel & Tel lot of as
6 10014 106 11112
1941 1 J 10672 10712 49 10312 106 110
1946 M 13 10738 108
West Penn Power ear A be
17 10178 11414 122
Southern Colo Power 6s A
119
1963 M 8 118
1947 J .1 10012 10134 22
let be aeries E
6014
82 10218
10814 11112
So Pao toll 4s(Cent Pao coil)
101
78
1949 J I) 76
31
1956 J D •10712 1074
48
let see be series G
6012 834
let 434e (Oregon Lines) A
1977 M S 8312
105,2 109,2
Ws 170
--------9014
1
.1073
8
1
41
ser
H
1961
65
let mtge
7312 874
Gold 434e
7212 7312 105
1968 M 1
44
5615 7618
43
874 93
7213 7332 63
614
Gold 4345
1952 A 0 951; 9612 100
1969 M N
Western Maryland lot 48
5512 76
96 10512
66
7214 7312 174
Gold 434e
22
1977 J .1 1044 105
1981 MN
let dr ref 534f3 aeries A
42
7578
56
104 107
San Fran Term 1st 4s
10412 11 100
10434 34
1937 1 J 104
1950 A C 104
8018
9912 10612 Weat N '7 & Pa let g bs
102
Ho Pao of Cal let con gu 85*
10834
78
I
0
10612
10612
A
1943
1937 MN 010612 1074 _
gold
4e
Gen
1064 10778
100
25
37
So Pao Coast let gu g 4,
53
23
1946 M 1 2612 29
1937 1 J
95
10012 10012 2•Weetern Pat let be ear A
3634
So Paa 11.11 let ref guar 4a
25
_
99
9312 9734 152
1965 J J
2618
29
1946
•50 Assented
8014
89
9834
1st 4s, Stamped
- 1944 10514 26 -1 12 10112 10514
1938 J .1
1955 ----------------97
Western Union colt trust 6i3
97
97
82
9934
6712
1950 M N 9834 9938 62
Funding & real eat g 434e
Southern RI lot eons 855
100 10312.
82
92
8314 108
1994 J .1
77 10318
1936 F A 10332 10312 55
15year 6240
74
Devi & gen he series A
8211 10314
711
/
4
4112 44
44
1956 A C
/
4 103
1951 1 D 1011
25-year gold 65
260
28
28
624
Devi & gen 6e
80 102
72
1966 A 0 5213 55
126
1960 M E 10132 102
65
30-year be
3512
3512 81
Devl & gen 634e
31
4312
.58
27
1958 A 0 56
6
3234
33
*Westphalia Un El Power 68...„1953 J .1
80
3518
3518 88
Mom DI• let g be
7412 86/
1
4
88
1996 J 3 *7312 764 _
7912 8058 27
23131 1 J
9212 West Shore let ils guar
69
60
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8912 88
5344
7014 8238
____
1951 1 ------78 ____
1
76
76
Registered
2361 1 .1
East Tenn reorg lien g 50
1938 M 5 *534 9713 __.
73
95 103
Mobile & Ohio coil tr 4s
3934 15
1938 M $ 37
10434 52..103 10434
Wheeling & LB By 4(3 ser D
1966 M S 103
29
29
87
[Tweet Bell Tel let & ref 55
10214 109
1 614 13 104
1954 F A 106
-81
RR let coneol 4s
1949 M S *10614 107 ____
10578 111
t*Spokane Internet let g 58
10014 105
12
134
70
1956 3 1
16
6
6
1948 J J 10312 104
34 Wheeling Steel Corp let 534e
6
14
Stand 011 of N Y deb 434e
101
1951 .1 D 101
90 102
13
60
57
102
0
454e
series
B
96
10112
A
ref
1953
let &
101 10412
___ ___
Staten Island RY let 434e
_
1943 J D
66
4318
9612
1936 J J *9718 100 ____
__ White Sew Mach (113 with warr
964 --_
II•Stevens Hotels fie eerie, A
1818 _-8
9812
1 18
1945 J 1 __86
45
1
1
12
1 J
Without warrants
9812 9812
13- -2-138
*Studebaker Corp cony deb 6,
l945 1 J
89
6512 7212 496
84
4212
39
4
39
Pardo a I deb 6s
8312 84
1940 M N
735*
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1936 .1 1
-2•WIckadre Spencer St'l let 70 1935
9814
Swift & Co let M330
10414 10412 ---1950 M S *1004-814 1812
414
6
34 1011z 10112 1-0-412
16
16
_
*Ctf dap Chase Nat Bank
Syracuse Ltg Co let 865
1941 1 D •11818 --------103
7
334
1812
16
1612 39
*Ctfe for col & ref cony 70 A ___1935 MN
116 12134
38
50
33
8
47
45
Wilk & East let KU g 513
1942 1 D
Tenn Cent let tle A or II
1947 A 0 64
67
26
434
544 69
1
Tenn Coal Iron & RR gen Se
1951 J 1 11838 119 4
10212 10572
5 10118 113 12134 WIII A SF let gold be
1938 J D•10532 --------86
Tenn Copp & Chem deb tie 13
1944 M 9 10232 10318
99
60
4
98
-176
9812 99
9115 10312 Wilson & Co 181 M 4s series A
1955 J J
97
Tenn Elea Pow let fle ear A
1947 l D
9814 106
1044 10812
13
90 104
544
Winston-Salem 13 13 let 48
19603 .1 *10412 108 ___
1
Term Assn 01St L lat g 434e
1939 A 0 10934 1094
74 1312
738
99
/*Wig Cent 60-Yr let gen 4s
1038 11
1949 J 1
10812 112
1014
115
1944 F A 115
let cone gold 5e
74 1012
718
*77,,
9 ____
2
98
*Certificates of deposit
10911 11614
1953 1 1 10312 10338
Gen refund of g 4e
4
412 734
71
412
712 ____
*Sup dr Dui di• & term let 411_1938 MN
10111 108
*634
7914 8114 54
'Texarkana & Ft 8 KU 5I-he A
1950 F A
4
712
4
*514
74
6414
•Certificatee
of
deposit
761s 961
/
4
10312 132
Taxa, Corp cony deb be
1949 A 0 103
66
1
4 10434 :Wor & Conn East let 43.4a
934 102/
58 ____
1943 J J •____
84
9912
1943 J J 099
Tea A N 0 con gold 5fi
8912 10014
Youngetown Sheet A Tube 58_1978 J .1 9934 10014 167
83 100
6314
2000 1 D 11432 11438
Texas & Pao let gold be
2
8912 10012
82
let mice 03 5e ear B
113 120
6314
1970 A
9978 10012 90
1977 A 0 9138 9112 23
Gen dir ref be series 13
55
79
94
9012 9112 32
1979 A C
Gen & ref be series C
531
9334
12
79
r Cash sales not included in year's range. a Deterred delivery sale not Included in
54 3
91
9138 Is
1980 J D
Gen & ref be series D
7912 931
year's range. n Under-the-rule sale not Included In year's range. 5 NegotiabilltY
1964 M 8 10338 104
lox Pae-Mo Pao Ter 5%6 A
67
a
8912 104 1 Impaired by maturity. t Accrued
Interest payable at exchange rate of 54.8665.
58
59
1960 1 J
44
Third Ave Ity let ref 4e
38
5012 5912 :Companies reported as being In bankruptcy, receivership, or reorganized under:
*AM Ina be tax-ex N Y_Jan _1960 A 0 2212 234 73
1838
1838 284 Section 77 of the Bankruptcy Act, or securities assumed by such companies.
1937 1 1 10138 1014
Third Ave RR lat g 51
4
8514 10014 103
•
8
,
4 8514
/
1
4
•70 Friday's bid and asked price. • Bonds selling flat.
1955 M 8 *944 9434 ____
Toho Elea Power 1st 70 A
Tokyo Elm Light Co Ltd—
sales in which no account Is taken in computing the range, are shown below.
1953 ./ D 8018 8034 65
574
72 852, e Cash
let tie dollar series
Antioquia 7s, 3d series, Oct. 29 at 7)4.
983, 9834 80
9714
Tol & 01)10 Cent ref & bout 3)(o_ _1960 J D
9714 9834
1950 A 4.
8912 90
60
Tol 85 L & W 185 4*
2
81
9414
z Deferred delivery sales in which no account is taken in computing the range, are
1942 NI 5 *1051
- ____ 103
Tol W VA 0510 48 ear C
given below:
103 103
1946 J D •9712
210212
.- ____
82
'Toronto ha m & Iluff 1s1 g 4s
9614 1024
Bangor & Oroostook 48, strop., Oct. 29 at 10974.
1949 61 9 *11734 11834 ___ 10138 11214 11812
Trenton GA El let 860
Buenos Aires 6s, ser. C-2, Nov. 1 at 9135i.
Trl-Cont Corp 5s cony deb A__ _1953 1 J 11514 11638
7 11212 11212 1164
6s, Apr., 1960, Nov. 1 at 91.
88
1943 M N
88
Truax-Traer Coal conv 6 the
35
2
94
70
1940 AI N 10312 10378
Trumbull Steel let e 580
6
6711 100 104
Nord. Rys, 634s, 1950, Nov. 1 at 15534.
1955 M 14 *754 87 __ .._
654
*Tyrol Hydro-Elec Pow 734e..
75
96
Oslo Gas & El. 5s, Oct. 29 at 1004.
1952 F A 07414 a7414
*Guar sec a f 7s
431s
I
7128 9012
Paris Orleans 5348, Nov. 1 at 14194.
1946 M S 9412 9512
1:1115(swa Elea Power s 1 73
3
6918
87
9812
Royal Dutch 4s, Oct. 31 at 11031.
Low
Ma No
Rocb G&E gen M 5348 ser C.. __1948 NI S 10612 10658
3
Gen mtge 434e series D
1977 Ni S
-_- - -7-7
1982 M F *11141081; 10814
Gen mtge be scrim E
4
1012 11
1934 M 1
32
11811. I Ark & Louie lot 434e
1945 A 0 z11212 11212 13
Royal Dutch 4e with warr
1948 A 0 *32
3412 --*Ruhr Chemical of 60
2512
8
22
1949 J 1
Rut-Canada lat gu g 4e
1941 1 3 *2018 25
Rutland RR let con 414*
-__
High
Low Low
10612 10978
96
10s 11138
80
8912 1061, 110
74
768 14
9038 1054 13612
3218 38
3218
30
22
4014
3134
30
51
2856
Nov. 2 1935
New York Curb Exchange-Weekly and Yearly Record
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown In a footnote In the week in which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Oct. 26 1935) and ending the present Friday (Nov. 1 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
of Prices
July 1
Sales 1933 to
Sep.30
for
Week
1935
Range Since
Jan. 11930
July 1
Week's Range Sales 1933 to
for SeP.30
of Prices
Week
1935
STOCKS
(Continued)
High Shares Low
Par Low
High
Low
High Shares Low
Par Low
2151
Oct British Col Power cl A. •
84 Jan 41
Acme Wire v t c com__ .20 37
64
404
500
200
254
100
614 634
Feb 1104 Sept Blown C06% prof
6654 103
Adams Millie 7% let 91-100
54
1,300
834
114 Mar Brown Forman Distillery-1
8
July
5
400
5
74 74
Aero Supply Mfg cl A.._..'
Mir Bruck Silk Mills Ltd
•
4
Class B
4
54 June
134 24 3,100
•
3934
50 38
450 26
July Buckeye Pipe Line
7
354 Jan
200
3
6
6
Agfa ADSCO Corp com
I
1,800 144
Oct Buff Niag & East Pr pref 25 234 24
1854 Feb 46
4351
300
5
Ainsworth Mfg Corp_ ___10 42
200 r 66
851st preferred
• 102 103
291 Oct
•I•
14 Mar
300
2
•
Air Inveetors corn
234
350 1654
47
Oct Bulova Watch $331 ['ref • 46
1234 Mar 22
9
200
Cony pref
• 204 21
3951 1,050 28
54 Sept Bunker 11111& Sulu van __10 47
Warrants
214 Feb
600
54
916
34
300
51
I%
14
•
Apr 4131 Sept Burco Inc corn
30
100 30
40
A labamarlt Southern..__ 50 40
50 20
53 cony pref
7834 July
• 314 33
4154 Jan
26
•
Ala Power $7 prof
Warrants
16
Jan 694 July
• 644 67
37
$6 preferred
40 25
14
ti
1 16
ti Feb
54 Feb Burma Corn Am dep rots_
Algoma Consol Corp corn _•
254
•
731 834 3,700
% Mar Butler Brothers
10
116 Aug
7% preferred
" '16
51
•
51 Sept Cable Elea Prod vs 0
May
Allied Internati Invest_ _.•
11
16
231 Nov Cables & Wireless Ltd"is Feb
14 24
Alliance Investment com_•
400
9,4
300
116
Am deprcte A ord she _ El
194 Aug
1%
13-4
554
124 Jan
• 1644 1931 11.900
Allied Mills Inc
300
Am dep rcts B ord she Li
916
5,6
%
Mat 824 Sept
Aluminum Co common__ _• 764 824 7,100 32
32
200
334
Amer dep ram pref she El
44 434
694 Mar 1064 Sept
100 10431 106
1,000 54
6% preference
Is 154
954 Feb 1634 Nov Calamba Sugar Estate_ _20
Aluminum Goode Mfg__• 16
700
8
1634
3.400
531
104 Sept Canadian Indue Alcohol A•
744 10
74 Mar
Aluminum Ind corn
100 2 6
94 94
•
451
500
B non-voting
Nov
51
754 834
Mar
•
1,300 17
Aluminum Ltd com
17
51
• 46
14
Nov Canadian Marconi
14 114 5,100
600 37
504 Apr 88
1
6% preferred
88
100 77
14
Apr Cern)Syndicate
7
25e
24 254 5,200
24
251 Jan
C warrants
Apr
5 4 Mar Carman & CoD warrants
5
5
6
Conver4ble cilia! A _ ___•
54 Oct
American Beverage com I
I
44 54 3,900
134 Feb
200 134
Nov Carnation Co coin
19
• 19
Jan 73
American Book
41
57
10ol
Co _ _ _ _100 73
73
-C
ar
inaP &L $7 pref • 9154 9151
50 33
Amer Capital
10 27
$6 preferred
82
254 Aug
• 82
134 Apr
1
Clara A corn
10c
434
5,600
854 11
14 Aug Carrier Corporation
•
Common elms B._ __ 10c
Jan
34
900
11
716
716
9 10
2234 Oct Castle(AM)de Co
954
164 May
•
10
$3 preferred
Catalin
34
11,500
Sept
Corp
10
82.4
94
July
of Amer. __I
•
76
55.50 prior pref
46
Celanese Corp of America
Am Cities Pow & LiOct
400 81
7% let partici met ___100 1064 10734
mar 47
29
Class A
454
25 45
125 2354
300 75
Class B
7% Prior preferred _ _ _100 107 1084
434 54 15,300
1
54 Aug
4 Mar
h
64
200
Oct Celluloid Cory cora
754
Amer Cynamid class A__10
124 2034 Apr 28
774
16
25 1654
87 div preferred
30
Mar 2851 Oct
15
• 30
Class B n-v
10 254 274 16,700
84
73g
ye
Jan 80
40 40
Mar
le preferred
83
Amer Dist Tel N J com_ •
• 80
Oct
Apr 115
III
98
7% Cony preferred _ _10(1
500
9
1654
Amer Equities Co corn _ ._ I
14 Feb
34 Sept Cent Bud 0 .4 E v s ri _ • 16
34 1,200
3
1
10 70
66
Amer Fork & lioe Co corn • 20
1531 Sept 224 Oct Cent Maine Pr 7% pref 100 66
150 1534
21
Cent
11.
P
&
100
L
Aug
40
39
Amer Founders Coro._ _ _I
7%
54
'
316
pref. __ toil
PIG 6,000
NO Mar
'lb
lie
14 14 2,900
4444 Oct cent & South Weal -ITtil_l
7% prof serteaB
200
851
13% Jan
3954
50 38
Oct Cent States Mee com
Si
1%
154 10,500
8% 1st pref ser D_
44
i
50 3754 3934
300
8
1334 Jan
pref
a%
Aug
Amer & Foreign Pow warr_
850
554
1
without warr 100 10
14 Mar
13
14
700
434
434
2
7% preferred
Amer Gee & Elee corn_ • 3754 4031 30,400 1634
2551 3,250
100 19
164 Feb 4014 Oct
Oct
134
Preferred
175
Convpreferred
100 15
• 107 109
16
1,000 574 804 Feb 109
Cony pref op ger'29_100 104 13
2431 Sept
Amer hard Rubber com_50 214 2254
950
54
44 Apr
450
4
354
Amer Laundry MIten
211 23
2451
1,900 104
54 64 6,400
•
1231 Mar 2434 Oct Centrifugal Pipe
500
9
Amer L & Tr corn
26 1354 159-4 17,300
174 18
74
74 Mar 1654 Aug Cherie Corporation
1
Aug Cheeebrough Mfg
50 105
6% preferred
25 2451 2434
200 16
174 Feb 26
25 125 125
454
Oct Chicago Rivet & Man_ • 2354 2451
Amer Mfg Co corn..1,200
114 1254
334 Apr 14
225
354
1,16 May Childs Co pref
Amer Maracaibo Co554
100
214
4
1
y, 6.200
23
4
4 Mar
Oct Cider Consol Mining Co....1
4
Amor Meter Co
Mar 19
1,975
• 1534 19
54
8
Amer Pneumatic Service_*
134 Aug Cities Service corn
254 114,600
51
Jan
2
•
1
' h
Preferred
Amer Potash & Chemical.' 28
Oct
64
12,000
30
100 11
1234 Apr 30
284
• 26
Preferred Is
54
Am Superpower Corp com •
500
33.4 Aug
54 Mar
2
254 44,700
•
34
234 254
8
Preferred BB
•
• 6934 71
Feb 7631 Aug
let preferred
400 44
44
Aug Cities Sart,P & L $7 prof _• 32
Preferred
74
37
100
33%
734
74 Mar
• 3031 3351 5,400
631
$8 preferred
100
Amer Thread Co pref. _6
Jan
4.54 Aug
3
4
• 294 2931
City Auto Stamping
500
3
Amsterdam Trading
94 954
•
11% Jan
1551 May Claude Neon Light. Ine_i
Li.
American shares
700
34
•
M
113.4
1,100 2114
Anchor Post Fence__ _ _ _•
54 May Cleve Else Ilium com
51
100
• 423-4 44
51
4
54 Mar
Cleveland Tractor corn. • 1336 1454 5.900
134
Anglo-Iranian Oil Co Ltd14
1551 Aug Clinch field Coal com_ _ -100
Am dep rcts ord reg_ _£1
9
1434 May
May
1,200
51
Angostura 1.Viipperman__1
4
694 July Club Alum Utensil co___•
44 434
1,800 ( 231
14 134
751
Oct Cockshutt Plow Co corn_ _•
2 354
Apex Elec Mfg Co COM_ •
44 Apr 10
554
Appalachian El Pow pref_' 106 106
Jan 10636 Oct Cohn & Itoeenberger
80 57.4 71
•
4
3,200
•
4 1
54 Aug Colon 011 Corp corn
Arcturus' Radio Tube.__ -1
h
h
500
St
'ii Mar
1,425 15
24 Aug Colt's) Patent Fire Arms.25 38
Arkansas Nat Gas oom___•
3834
2
234
700
34
4 Mar
Common Mass A
231 Aug Columbia Gas & Mee14 24 6,600
•
4
4 Feb
Aug
Cony 5% pref
954 3,450 32
100 90
Preferred
7
10
151
24 Mar
554 654 2,100
Arkansas P & I. $7 pref._• 8354 8355
8334 Oct Columbia Oil & Gas vte_ •
4
10 254 4134 Jan
4 'fis 3,800
114 Oct Columbia Picturee
40 194
Art Metal Works corn ____5 1094 II%
33i Mar
1,900
134
• 614 65
Associated Else Industries
1,900 • 304
93-4 Aug Commonwealth Edison _100 84
Amer deposit rota_ _ El
9734
300
a
834 831
534 Feb
Co umonwealth & Southern
Assoc Gas & EleoAug
Common
Warrants
2
1
Si
1
3,4
h 11,500
154
Si Apr
800
Si
24 Aug Community P & L $6 prof• 1531 1531
Class A
3
50
4 14 8,900 •
1
51 Mar
Si
4
$5 preferred
54
800
4
13‘
1034 Aug Community Wager serv„.
134 Feb
6
5
1,000
•
Oct232 Aug
Corno Mines
Option warrants
14 174 10,100 • 80
'
Ie.,
1
64
244
in 10.400
8
Assoc Laundries of Amer..'
1254 1,200
4
4
100
3-4
t, AU.,
31 Aug Cimino Shoe Machinery_ _ i 11
46
Associates Investment Co • 30
Aug
3634 Oct Conn Gas de Coke See $3 pf• __
324
700• 854 30
14 Sept235 Jan 0 uisolidaterl Aircraft ...1
6
Associated Rayon corn...'
1451 154 12,200
154
300
I
194
Oct Consolidated Automatic
Apr26
Assoc Telep $1.50 pref _ •
22
13
Atlantic Coast Fisheries.-•
100
Merchandising pref__._'
451 June 1054 Jan
lie
2
794 954 5,900
Si
Si
18
Jan Consol Copper Mines__ _a
6'2c
Atlantic Coast Line Co_ -50
18
54 108,400
Mar 30
43.4
Atlas Corp common
135j Aug Congo]0 E LAP Balt coin • 834 853-4 4,300 4535
• 124 13
18.200
754 Ma
74
July Consol Min & Smelt Ltd_25 1884 18854
Apr54
10 115
47
$3 Preference A
800 35
5251
• 51
Warrants
44 Aug Consol Retail Stores
34 534 4.900
14
14 Mar
351 34 5,100
St
5
64 Jan
8% preferred w w___100 90
MISR P13
,41000 Coro
210 124
334 Mar
91
700
24
554 534
•
Sept Consol Royalty 011____ ,,
Automatic-Voting Mach_• 111.1, 12
13
i
400
700
14 2
lit
Jan
5
Coot0 & E 7% Jrior of 100 83
Anton-Fisher Tobacco425 29
8454
Feb Continenta1011 d xi ex _ I
54
Class A common
110 4314
Oct 80
10 5351 5454
41
Continental riecuritlee. _•
2
Babcock & Wilcox Co_ _ __• 5944 68
Oct Cooper Bessemer cam
1,900
Mar 63
234
1,200 184 28
74 854
•
Baldwin Locomotive warr_
354 Jail
53 prof A
4 1,4011
4
900 12
34 Feb
• 334 3531
Oct Copper Range Co
Baumann(L)tuo7T•Pfdluo 50
•
May 50
15
30 11
50
3
51,4 June Cord Corp
Bellanca Aircraft • I c _I
254 34 6,500
14
434 7,200 • 2
14 Apr
4
b
Jan Corroon & ReynoldsBell Tel of Canada
May 132
100 13034 13051
25 1044 123
July
4
Common
B enson & Hedgee corn. •
4,600
134
1
334
474
1
131 Feb
56 preferred A
July
•
Cony prof
10
300 10
14
.50
Mar
• 45
5
May Coeden Oil corn
1
Blotfords line corn _ _ _ .__• 1254 13
•,4 1,000
54
14
300
44
854 Feb
4
is,
Preferred
•
$2.50 cony pref
MIY
334 Apr 35
23
100
Oct Courtaulds MaBliss(E WI & Co corn _ _ ...• 13
15
351 Mar
14
144 8,900
Am
Ridge
Corp cow __ _ I
nlius
depress on reg...ii
23.4 Aug
13
1,100
1
8
13
Mar
1
234 251 4,900
May Cramp(Wm)& Sons Ship
• 4354 44%
$3 opt cony prig
500 28% 354 Mar 46
& Eng Bldg Corp__ ._100
Oct
Blumenthal (3) & Co
16
• 12
24 Jan
34
900 , 5
134
Jan Crane Co °um
Bohack (11 C)Co com 5
2154 12,600
June
II
•
7
5
26 19
275 32
Preferred
Feb
7% let pret
Oct 65
100 40
40
40
100 115 1174
10 60
Creole
Botany Consol Mills com.•
11,300
54
Petroleum
.4 Oct
Si May
Si
5 204 22
34
Boudols Inc
454 Feb Crocker Wheeler Elee
854 051 9,500
3
331
•
June
454
700
3
•
23,100
Borne Scrymser Co _ _ __.25
113.5 Sept Croft Brewing Co
'it
9
Mar
4 1
6
94
100
I
8
254
200
Bower Roller Bearing_ _.5 324 3454 8,100 .9 *94
Mar 3554 0;•,. Crowley M liner & Co_ _•
7% 734
IR
54
BrasilllanTr Lt & Pow
136
754 744
°
134 8,400
600
731
74 Aug 104 Jan Crown Cent Petroleum_l
1,200
Oct Crown Cork Internet' A.' 11
54
Bridgeport Machine
12
• 10
109-4
1131
2,000
351 Jan
54
•
131 Aug Cuban Tobacco corn vto-•134
Brill Cordate B
4 Mar
4
200 1531
134
•
Claes A
• 34% 36
154 Sept Cuneo Press corn
1
Jan
300
4
1
6914
Brill° Mfg Co corn
84% preferred
•
May
7
100
64 Apr
631
134 13,000
151
'iu
• 2551 2551
Clue A
Aug OW Mexican Mining-50C
150 2234
25
Jan 28
44
54 1,000
Brit Amer 011 coup
5
1654 June Darby Petroleum corn _ ...5
•
1454 Mar
1254
200
8
1351
Registered
•
June Davenport Hosiery MIlls_• 13
1454
June 16
16
De Havilland Aircraft CoBritish Amer Tobacco4
Am Dep Ras ord reg Li
2854 2834
200 244 264 Oct314 Jan
Am dep tete ord beareril
1,700
154
944 94
Am dep rcts ord reg__41
2454
2651 Apr299-1 July Detroit Gray Iron Fdy _ .._5
114
100
54
154
00
Derby
dc
British Celanese LidRef Corp corn:
•
20
June
Prmferred
Ma
•
4
300
2
2
3% 334
Am flop rcte on reg _ _10e
For footnotes gee page 2861.
UV
Range Since
Jan. 1 1935
Low
High
214 July 254 Mar
254 Sept
Aug
9
551 Oct
951 Jan
Oct ,
17'% Oct 18
304 Jan
42
Aug
1441 Jan 24
Nov
694 Jan 103
Nov
2451 Mar 47
Nov
30
Mar 504 Oct
54 Feb
Aug
2
20
Feb 33
Sept
h Jan
4 Aug
14 Mar
3
Oct
531 Aug
854 Oct
Jan
54 Aug
1
54 Mar
9111 May
154 June
214 June
June
Aug
May
May
June
May
354 Mar
20
Feb
734 Oct
64 Jan
154 Mar
131 Mar
5
234
11
10
251
454
Jan
Jan
Jan
Feb
Oct
Aug
Apr
12
1954
914
82
1951
4131
1054
Sept
July
Oct
Oct
Feb
Aug
Oct
May 1124
90
9754 Mar 11131
Oct 15
7
244 Oct 36
694 May 83
Oct
Oct
Jau
Jan
Oct
84 Mar
1754
63
Oct 66
204 Jan 4331
2
•iii Mar
n Mar 2
1
Mar
1434
2
Mar 2531
18
14 Mar
14
51 Mar
454 June
64
124 Mai
19
115
Mar 157
1234 Jan 254
Apr
30
16
131
4 Jan
27-1
Si Mar
30
64 Mar
4 Mar
334
Mar
6
26
714 Mar 42%
651 Mar 39
94
314 Jan
914 Mar
4
2354 Jan 4654
54 Jan 1854
151 May
2
34
4 Aug
654 Oct
854
1- .11 Mar
7
254
34 June
25
Jan
40
Aug
Nov
Aug
Aug
Aug
Aug
Oct
Aug
Aug
Oct
Sept
lab
Oct
Jan
Apr
Aug
Nov
Aug
Oct
Aug
Aug
Oct
634
17
5431
57
814
414
44
May
Aug
Apr
June
Sept
Aug
Mar
Sept
Oct
Mar
32
li Mar
38
Jan
9536 Nov
1.4 Sept
7034 Aug
47.4
Jan
014
34
544
X
1
054
46
7
Jan
Jan
May
Sept
Oct
July
June
h
2031
1
254
1854
47
164
54
1
524
13434
2
3454
I
36
4
2
334
164
334
234
Jan
4
Jan
55j
Jan 894
Feb 18854
Jura
54
Jan 91
Feb
2
Mar 8454
Mar
54
44
Apr
Apr851
Jail 3574
594
Feb
5
Mar
Nov
Aug
Aug
June
Apr
Mar
Sept
Oct
Jan
Nov
Aug
Nov
Nov
Oct
stay
Oct
May
Aug
Oct
Nov
Oct
Sept
14 Mar
22
Mar
4 JulIe
"14 July
454 Nov
Nov
50
lt Jan
Feb
2
114 Miii
1454 July
Si Mar
4 An11
Mar 214 Non
7
Feb 1174 05
87
Mar 234 Oci
10
Mar
Jul)
10
4
Oct
1
34 Oct
231 Feb
731 Oct
14 Oct
44 Feb
114 Jul3
754 Mar
134 July
5
Ain
30
Feb 39
Oe
87
Feb 106
Oe
151 Aug
294 Jan
4
Oct
64 Mal
8
June
16
Jai
13
4
h
20
Jan
May
Apr
Feb
1554 Ale
11
Aui
2
Mai
Eel
20
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Par Low
•
Diamond Shoe Corp
Pictograph Products _ __ _2
75.5
Distilled Liquors Corp 5 11
Distillers Co LtdAmer deposit rev' _ £1
2255
DIstIllersCorn Seagrams-• 29%
Doehler Die Casting--..• 25
Dominion Steel & Coal 1325
454
Dominion Tar air Chemical*
Douglas (W L) Shoe Co100
7% preferred
Dow Chemical
• 102
•
Draper Corp
Driver Harris Co
10 32
100 105
7% preferred
Dubiller Condenser Corp_l
51
fluke Power Co__ ____ _10 62%
Durham Hosiery class IL.°
Durham Duplex Razor*
$4 prior pref w w
Duval Texas Sulptiur
•
911
Eagle Fisher Lead Co___20
7%
East Gas & Fuel AssocCommon
3
•
654% prior preferred_100 54
100 3634
6% preferred
Eastern Stalleable Iron_ _ _5
5,5
awit States Pow corn B_..•
%
$6 preferred series B___' 17
$7 preferred series A___• 174
Easy Washing Mach "B".•
651
Economy Grocery Stores.• 18
Edison Bros Stores com...• 39
•
155
Eisler Electric Corp
Klee Bond & Share coin_ _ _ 5 1594
$5 preferred
• 60%
$6 preferred
• 6851
Else Power Assoc com
515
1
Class A
1
555
Eleo P & I. 2d pref A
• 1414
Option warrants
111
Electric Shareholding47%
Common
1
$1i cony pre w w
• 85
Elec Shovel Coal $4 pref' 634
eJectrographic( oru corn.! 14
Elgin Nat Watch Co_ _15
Empire District El 8% _100 37
Empire Gas & Fuel Co100 26
6% Preferred
655% preferred
100 29
7% preferred
100 2954
8% preferred
100 32
Empire Power Part Atk__• 19
Emsco Derrick & Equip_ _5
Equity Corp corn
10c
2
Eureka Pipe Line
50 37
European Electric CorpOption warrants
55
Evans Wallower Lead__ •
7% preferred
100
Ex-cell-0 Air & Tool
3 15%
High Shares
8%
1155
3,100
1,600
200
2255
3415 106,500
3,000
27
455
200
103
33
105
3.4
65%
Low
951
194
11
Low
104 Jan
215 July
11
Aug
High
1731 Oct
8% Oct
163.t Apr
1734
894
3
214
354
Mar
21
1394 May
1055 Mar
4% Oct
455 Jan
2334
3415
27
515
7
July
Nov
Oct
Feb
Mar
Mar 16
Mar 10555
Oct 62
Apr 3455
Mar 105
1 54,
Feb
Jan 654
June
51
Mar
July
Aug
Oct
Oct
Apr
Oct
Feb
12
1,600 sa 3654
54
954
500
10 48
100
4
500 33
55
1134
5,800
754
751
2
12
80%
52
13
914
51
37
54
12
Aug15
Oct
631 June 1255 Feb
1,600
354
734
Oct
355 3,000
575
60
4234 1,575
50
535
700
13.4
150
174
200
1755
600
6%
50
18
200
39
1% 5,700
1715 250,200
2,300
623-4
71% 5,300
655 4,700
655 12,500
125
15
115
600
235
53
38
___
54
4
5
24
154
6
14
355
25
2634
231.
215
25-4
34
24 Mar
5
54
Oct6651
36% Oct5334
515 Oct
54
194
55 Jan
4
18%
Mar
5
Apr
18%
3
Jan
735
16,14 Aug 20
39
244 Jan
54 Jan
135
334 Mar 2094
34
Jan 69
3711 Jan
78
24 Mar
655
64
215 Mar
251 Feb 20
15 Mar
234
Jan
July
Aug
Nov
Aug
Aug
Aug
Sept
Jan
Sept
Oct
Aug
Aug
Aug
Aug
Aug
Aug
Aug
6
91
6%
1554
51
34
1
1
64
1234
51 Mar
40
Jan
Jan
1
6
Jan
23
Jul
14
Jan
6
91
651
16
3151
39
Aug
Nov
Oct
Aug
Oct
Aug
150
50
250
150
700
731
8
8
851
9
12
1%
333.4
Mar
Mar
Mar
Mar
Apr
June
Jan
May
35
36
37
40
20
1351
215
38
May
May
May
May
Nov
July
Sept
Feb
1,700
'is
54
315
6
July
Apr
Aug
Feb
"Is
55
7
203i
June
May
May
Oct
July
955
Jan 150
594
Jan
Mar 11%
Mar
11
Oct215i
2835
Nov
Feb 29
Sept26
Sept%
51
Oct
74A
Jan
Sept
Oct
July
Oct
Nov
Oct
Nov
Oct
Aug
Jan
Feb
Aug
1,500
500
50
300
50
37
26
29
31%
33
20
23-4
37
15
1715
751
8
8
1 8%
4
II 24
1
5,500
50 30
lit
35
2
4,600" 215
394 Mar
Fairchild Aviation
1
1,400
251
754
83-4
77-4
I.a.lardo Sugar Co
100 119 150
2,200 59
71
Falstaff Brewing
1
34 394
700
251
215
Fanny Farmer Candy .....1
1011 1151 3.300" 251
734
Fansteel Metallurgical
•
8
1,000
11
131
134
Fedders Mfg Co corn__ _.• 19% 20
500 --1931
Fed Compress & Warelise_. 27
50
__ _
27
2815
Ferro Enamel Corp com • 2755 28
1,900
794
10%
Flat Amer deo recto
1551
1851
tsidello Brewery
1
51
15 6,500
Si
54
*
Film Inspection Mach
74
Si
7551 31
Fire Association (Phila.) 10 72% 7214
57
First National Storm7% 1st preferred_ _100
110
112
Fisk Rubber Corp
1
57
% 73-4 19,800
415
511
$8 preferred
4551
1,275 3555
100 5255 57
FlIntokote Co CIA
• 289i 3015 9,200
351
11%
Florida P & I. $7 oret
851
1055
• 5034 6055 1,800
,
Ford Motor Co LtdAm den rots ord reg..L1
814 834 2,300
794
434
Ford Motor of Can al A-• 2815 303-4 15,300
2351
894
Class It
2555
350 1434
• 35
393-4
Ford Motor of FranceAmerican dep rcts _100
100
251
394 394
234
Foremost Dairy Prod cob'
15
500
11
Si
%
Preferred
51
600
•ta
334
•
%
Froedtert Grain & MaltCony preferred
450 1414
143.4
15 1515 1534
Jan 117
Aug
Oct II% Jan
Oct 88
Jan
Mar 3035 Nov
Mar 6055 Nov
Mar
June
June
934
8214
3915
Jan
Jan
Oct
Jan
51ar
June
455 Slay
.34 Mar
I% Mar
Am
1714 Aug
General Alloys Co
•
h
234 234 2,300
St Apr
2%
Geo Electric Co LtdAm dap rots ord reg £1
1,000
1154 Mar
94
1551
1554 15%
Gen Fireproofing corn -- •
43.4 June 1094
3
900
915 103-4
Gen (lite & Elea• 11
$6 conv pref B
50
11
8
514
Oct153.5
Gen Investment corn
1
% I
1,000
151
lig Mar
Biz
$8 cony pref class B
•
8
15
Jan 224
Warrants
%,
'is Jan
•34
Gen Outdoor Adv 6%01100
62
Oct68
lien Pub dery 56 prer .___. 623.4 621.5
40 20
24
Mar 6434
stock
_
Co
_•
A
74
Gen Rayon
155
900
55 Oct
51
1%
1,250 38
General Tire & Rubber _ _25 434 50
34% Oct 714
100 5614
100 929-4 97
89
6% preferred A
Apr 99
Georgia Power $8 pref _.. _• 8234 8455
02
Jan 8551
575 35
$5 preferred
•
50
50
Apr 68
Gilbert (A C) corn
1
200
451
434
•
434
131 May
Preferred
2494 Mar 40
22
•
Glen Alden Coal
1351 May 24
• 183-4 2015 6,400 10
Underwriters
1110_2 11
400
Globe
11
5%
7
Jac 11%
16% Ape 28
100' 10
Godchaux Sugars class A,• 2034 204
200' 351
CIIVEUI B
651 Oct 117-4
•
755 735
Goldfield Congo! Mines_10
51
7,6 3,800
55
h Jan
34
1
916
Gold Seal Electrical
11
55
800
55 Aug
1
135
300
14 May
24 25(
Gorham Inc class A com_•
351
• 1934 1955
150 11%
1151 July
2054
$3 preferred
Gorham Mfg Co1 17)4
1,100 103-4
16%
Via agreement extended
123-4 Mar 18
1,300
5)4 Mar
454
Grand Rapids Varnish. • 104 1034
1151
855 Mar
100
Gray Telep Pay Station • 174 18
18
8
Great At!& Pao TeaMar 140
121
200 115
Non- vot corn stock
• 12751-132
12255 Jan r135
120 120
7% 1st preferred____100 12731 13355
May
20
300 1914
26
25
25 25
Gt Northern Paper
315
Greenfield Tap & Dle_ - •
414 Mar
53:
4
7% 8% 3,500
4
b
700
54
025
Grocery Stores Prod v t-Fe
74
%
4
Guardian Investors
1
11 Ma
51
Si
5054 Mar 7451
6,700 43
Gulf Oil Corp of Penna 25 63
67
25 90
55
Jan 87
Gulf States UtIl $6 pref_' 85
85
331 Mar
555 634 3,200" 3
Hall Lamp Co
•
73,4
Handley Page Ltd200
151
33-1 Mar
751 74
Am del) Ms prof ___8 sb.
754
5054 Jan 71
4855
Hartford Electric Light_26
151
200
4
15-4
Hartman Tobacco Co___ _•
51 AM
154
*4 Oct
251
100
1
355
255
Ilarvard Brewing co
25-4
For footnotes see page 2861.
2857
1July-1
July
Week's Range Sales 1933 to
Sales 1933 to
Range Since
Sep.30
for
of Prices
STOCKS
for
Sep.30
Jan. 1 1935
Week
1935
(Continued)
Week
1935
Oct
Nov
Oct
Apr
Aug
Oct
Aug
Oct
Oct
Feb
Jan
Mar
Sept
July
Oct
Oct
Jan
Sept
51a)
May
Apr
Feb
May
Oct
Jan
Sept
Sept
Aug
July
Jan
Oct
Aug
Aug
May
Sept
Oct
Oct
Jury
Slay
May
Range Since
Jan. 1 1935
High
Low
Par Low
High Shares Low
June 1034 Aug
7
200
951
•
894
294
Hazeltine Corp
Apr
1135
1251
4
Feb
5,100
8
10
25
Mining
ecla
Co
LI
•
1
155
134 Sept
300
% Jan
lx•
Helena Rubenstein
5255 June
Jan
100 14
37
48
10 48
Heyden Chemical
2314 May
254 July
•
18
Hires(CE)Co cl A
8%
1134 Oct 2054 Jan
Hollinger Consol 0 M
5 1334 1355 2,100
Jan
Oct
850" 8% 30
92
86
Holly Sugar Corp eom_• 82
"34 100 Feb 108 Sept
ioo
Preferred
2
•
8
Jan
Aug
194
Holophane Co corn
751 Aug
54 Feb
3
11011 (Henry) A Co cl A_ •
Aug
9 16
1634 July 18
Hormel (Coo A) & Co_ •
304
• 30
Feb 31% Sept
450 1514 20
Horn& Harlan
110 8351 10234 Jan 108
May
100 105 106
7% Preferred
1951 Oct
1155 Jan
734
Hud Bay Min & Smelt__• 1734 1855 10,100
Jan 64
64
May
• 59% 604 9 900 5.2294
Humble 011 & Ref
Huylers of Delaware Inn1% Oct
% Ma
516
134 1,000
74
1
Common
2,500 201.4 204 APr 35
Oct
7% pref stamped--100 2934 35
Aug 26
26
26
Aug
7% pref unstam ped_ _100
5
211
Aug
200
2,
4 Mar
451 451
Hydro Electric SecurIties_.
115
24 215 2,900
6
154 Oct3% Oct
Hygrade Food Prod
Jan
Mar
26
38
550 17
RYgrade Sylvania Corp_• 3635 374
• 32%
Illinois P & L $6 peer
100 32
6% preferred
Illuminating Shares cl A__ 5 52
Imperial Chem Industries
855
Amer dcpceit rcts____£1
Imperial 011 (Can) coup__• 2034
• 213-4
Registered
Imperial Tob of Canada_5 13
Imperleal Tobacco of Great
34
Britain and Ireland___£1
455
10
Iruntne Pipe Line
Ind'polls P & L 655% P1100
Indian Ter Ilium Oil•
Non-voting class A_
•
2%
Class 13
Industrial Finance1
V t c common
100
7% Preferred
Insurance Cool N Amer_10 69%
International Cigar Maeb •
Internet Holding & Inv_ •
Internal Hydro-Eleo954
50
Pref $3.50 series
Internal Mining Corp_ __1 104
294
Warrants
International Petroleum
3694
Registered
354
International Products _ _ _.•
134
Internal! Safety Razor I_.
Internat.
!UtilitY•
355
Class A
I
7,6
Class H
•
$7 prior pref
Warrant.
Interstate Equities Corp50
$3 cony pref A
• 2734
Interstate Hos Mills
Interstate Power $7 PreL• 1834
Investors Royalty corn_ _25
Iron Cap Copper com_ _ _10
253.4
Iron Fireman Mfg v t c _ 1(
1
1494
Irving Alr Chute
51
a
Italian Superpower A
Warrants
Jersey Central P & L100 70
515% Preferred
100 7514
6-4, preferred
8715
preferred
100
7%
134
Jonas & Naumburg
2.50
Jones & T.aughlin Stee1.100 2734
Kansas G & E 7% pref.100 55
Kingsbury Breweries _ _ __I
234
1
Klitry Petroleum
Kirkiand Lake 0 M Ltd 1
• 18
Klein(Emil)
Kleinert Rubber
10 7X
3
Knott Corp corn
1
Holster Brandin LW__ _El
Koppers Gas & Coke50ion 98
6% preferred
Kress (Sh) & Co pref._ MO
1134
I
Kreuger Brewing
Lackawanna RR of NJ 100
Lake Shore Mines Ltd _,
Lake). Foundry & Mach.. _I
Lane Bryant 7% ore 100
1
Lefeourt Realty corn
•
Preferred
•
Lehigh Coal & Nay
Leonard 011 Develop _ _ 25
Lerner Stores common_ _•
6% pref with warr
•
Lion Oil Development
Lohlaw Groceterlas cl A_.•
1
Lockheed Air Corp
•
Lone Star Gas Corp
Long Island Ltg•
Common
100
7% preferred
100
Prof class B.__ _
Loudon Packing 'lbw ___•
Louisiana Land A Est:rine.'
Lucky Tiger Comb G M 10
5
Lynch Corn com
•
Manuel Stores Cor D
100
OM% prat w w
•
Mamie Consol Mfg
Marconi Internal MarineAmerican deprecelpte_El
•
Margay Oil Corp
Marion Steam Shovel..__*
Maryland Camualty
1
s
Masonite Corp co m
Mans Utit AMMO' VIC
1
•
Massey-Harriz corn
Mayflower A ssoc,atm._ _•
May Hosiery M ills$4 pref w tv
•
McColl Frontenac 011 com•
McCord Rail & Mfg B__•
McWilliams Dredging____*
•
Mead Johnson & Co
Memphis Nat Gas com..6
Mercantile Stores cora_ •
leo
7% preferred
Merritt Chapman & Scott•
,A preferred _ _ _100
6%
Mesabl
'
Iron Co
•
Metropolitan Edison$6 preferred
•
•
Mexico-Ohio 011
Michigan DMA 011
•
Michigan Sugar CO
•
Preferred
10
10
10
3415
13%
14
3435
%
85
2151
2155
13
500
8,700
100
700
6
1034
1154
951
8
Oct95-4 Jan
1594 Mar
22'-4 May
1594 Mar 2294 May
12
Apr 14% July
3451
5
3,300
300
2315
355
48
3194 Mar
351 Mar
Jan
55
23-4
500
7155
1,450
1055 1,325
114 1,800
334 3,000
3734 16,100
355
111
200
700
355
4
400
1,200
2955
1955
2,000
110
2534
157-4
1
1,250
800
1,000
70
76
88
154
2815
50
80
70
300
150
1
2'%
500
1,200
18
734
355
100
200
300
9951
1215
1% 2)4
2015 2015
515
57%
7,6
55
6751 6734
106
106.431 4,4
655 7
10% 1034
3531 Aug
June
6
874 July
1
155
151
154
Jan
Feb
47-4
4%
Apr
Apr
51
1
8415
18%
4
51
1
52
29
4
July
May
Mar
May
Aug
131
8
7235
334
1
Feb
Aug
Aug
Feb
June
3%
794
251
1534
23
1
54
351
105-4
255
28
29%
254
51
Mar 1394
Aug
1594
Nov
634
Mar 3991
Feb3334
Jan
4%
July
14
Aug
Jan
Jan
May
Oct
Aug
Aug
151
34
35
'is
14 Jan
34 Jan
Apr
35
'ii Mar
154
1.11
7
1
%
334
2)4
55
55
455
%
35
31
Aug
Aug
Apr
Aug
20
22
8
1
%
145-4
•351
%
31
Jan 254
June 294
Jan 27
251
June
11
June
Apr 26
Jan
1634
Mar
154
Oct%
Aug
Nov
Apr
May
Slay
Oct
Oct
Aug
Aug
42
60
604
4
15%
83%
34
54
II
994
5
1
43
60
6031
51
18
8355
54
194
55
15
6
14
.14
'I6
Feb 70
Oct
May 76
Oct
Apr 90
Aug
Apr
194 Oct
Mar 3014 Jan
Mar 10754 Sent
255 Jan
July
May
3
Ma
I'm Jan
Aug
22
Jan
Slay
73-4 Apr
Aug
334 Nov
Jan
Oct
7i• May
475 u 54
72
Mar s100
Sept
:1115 Apr
124 Mar
10
1394 Sept
2,300
43j Mar
494
20 594
3,400. 3211
4
5,800
25
1,000
1
100
7
6,400
54
2,800
'is
300 1094
50 40
200. 3
15
4,800 ._
5,500
454
7534
4534
4
67
151
18
574
%
40
9151
3%
1734
634
434
Feb 78
Oct58
Mar
331
Jan 80
Oct24
2254
Jan
Oct
834
51
Apr
Jan 70
Feb 107
6%
Mar
1951
Feb
Oct 2134
Mar 1054
May
Mar
Nov
Jan
Slay
Aug
Aug
May
Aug
Sept
Apr
July
Oct
Oct
Mar
Jan
Jan
Oct
Jan
June
Mar
June
July
OcI
6
83
74
83-4
934
34
42
10
6515
334
Aug
Nov
Nov
Oct
May
Apr
Aug
Jan
Oct
Jan
384
10
6555
234
14
2
400• 15
2,200
1
170
12
200 25
2
48
37
7
45-4
314
2631
555
47
214
8
1815
435
294
63
13.4
551
5335
600
300
500
2,000
60
600
1,800
50
65*
4
114
1
814
1
3
88
8
4
14
111
56
1
315
41
June
835 Jan
Feb
Oct
19
Mar
434 Oct
Jan
294 Sept
Oct63
Oct
Feb2
Aug
551 Jan
Mar
Jan
58
Sept
22
12
4,100
134
4,250 • 1235
300 4494
1,500
• 11
4,900
834
60
500
%
200
5)4
.5,
40%
1234
3%
2134
55
154
931
70
51
8
IN
Feb44
Sept1551
754
Apr
Jan 5334
Apr 86
Mai
44
27%
July
Jan 95
3%
Jan
Mar 23%
May
.1-4
Mar
Jan
Oct
Nov
Oct
Sept
Nov
Oct
Aug
Aug
Oct
46%
1,400
31
2,200
2
1,700" .55
200
24
80
4
135
%
1
Jan
Jan
Oct
Mar
Feb
96
255
34
154
8
May
Nov
May
June
June
455 515 13,200
340
88
78
6955 74
725
900
8
7
851 934 21,800
6% 755
4734 53%
84
86
%
334 3,
2194 274
234 2%
214 2115
115
235
.%
- 55-4
3715 Aug
ao
Aug
5255 Oct
6,800
450
325
76
76
4634 5714
33-4
234
38
9
63
2134
,..
5
14
4
294
623-4
134
494
5351
Jan
Jan
Jan
36%
36
523-4
255
294
1
555
2
38
32
New York Curb Exchange-Continued-Page 3
2858
STOCKS
(Continued)
July 1
Week's Range Sales 1933 to
of Prices
for
Sep.30
Week
1935
Range Since
Jan. 1 1935
Par Low
Low
High Shares Low
Middle States PetrolClasaA vie
154
•
800
35 Mar
35
134
Class B•I a
31 Mat
4
716 1,200
35
•
Middle West 11411 corn _ _•
2,000
11/
g
716
'Is Jam
$6 cony pref ser A w w_.•
235 24
200
31
31 Ain
Certificates of dep ' 2
2
34
200
"15 Apr
Midland Royalty Corn$2 cony pref
4
450
731 734
•
731 Nov
Midland Steel Prod
• 17
Mar
5
451
400
18
Midvale Co
Jan
• 38
40
35
300 184
100
15,6
Mining Corp of Canada _ _•
1
1
'is Mar
Minnesota Mining & Mfg_• 1954 194
Jan
12
25" 735
It,
I% July
Miss River Fuel rights_
Miss River Pow 6% pfd 100 10735 107%
Feb
82
60 65
Mock Judaea Voehr1nger-• 1735 183,1
1031 Mar
64
1,900
Mob & Had Pow let pref.. 78
3034 Mar
80
420 303.4
24 preferred
Mar
9
9
• 3834 3934
500
Molybdenum Corp
1
II
1135 5,000 • 235
735 Jan
Montgomery Ward A
• 139 14134
Jao
137
519• 56
Montreal Ls Ht & Pow_-• 32
3255
200 2634
2834 May
Nfoody's Invest Service-• x40 540
Jan
23
50 16%
Moore Corp Ltd corn_
•
184 Feb
12
Preferred A
100
Jan
125
90
Mtge 13k of ColumbiaAmerican Shares
331 Aug
135
Mountain Ar Gulf 011
1
31 Feb
4
Mountain Producers_ --Ill
435 Jan
334
455 531
1,400
3,6
v Jan
Mountain Sts Pow com_ •
Mountain Ste Tel &Tel 100 133 13435
120 100
10531 Mar
Murphy(0 Cl Co
72
Jan
• 12735 128
300 3134
100 112 112
Apr
8% preferred
112
100 105
Nachman-SprinfIlled Corp.
National Baking Co corn _1
Nat; Beiiaa Hess cow_ _ _1
14 2
Nat Bond & Share Corp-.. 41
413:
National Container CorpCommon
• 23.
23
$2 cony prof
•
National Fuel Gas
• 1835 19
National Investors own_ _1
155
1%
$5.50 preferred
I 80
81
Warrants
34
54
Nat Leather corn
135
1
•
National P & L $6 pref
• 7135 7535
Nat Rubber Mach
•
5
634
Nat Service common
15
34
I
Cony part preferred_ •
National Steel Car Ltd_ •
Nat Sugar Refining
• 24
2631
Nat Tea Co 535% pf___ 16
935 935
National Transit___12.50
935 934
Nat Union Radio Corp..] 55
135
Nehl Corp corn
431 435
•
let pref
•
Neiener Bros 7% prei_lOtt 109 111
Nelson(Herman)Cor p__ _5
64 634
Neptune Meter clams A ___•
935 1035
Nestle-Le NI lir Co cl A
•
Non Cant Ewe corn___ 101)
7
73,1
7% Preferred
100 53
60
New Bradford 011
5
235 24
New Eng Tel & 'rel. _ _ _100 111 111
New Jersey Zinc
25 69
713,1
New Meg & Aril Land _l
14
136
New Haven Clock Co_ _•
951 935
Newmont Mining Corp_ lb
5934 6135
•
New PCOCCaa COM
N Y Auction Co com
334 335
•
NY Merchandise
• 3034 33
NY & Honduras Rosarlo10 4331 44
N Y Pr & Lt 7% pret___100 9935 9935
$6 preferred
• 9131 9134
N Y Shipbuilding CorpFounders attares
9
9
1
NY Steam Corp corn
• 16
17
N Y Telell 854% Drat _100 118 11835
NY Transit
1
431
431
NY Wat Sent6% pfd_ _100
Niagara Had PowCommon
18
84 955
Class A opt ware
55
31
Class B opt warrants
14
135
Magma ShareClass B common__ A
755 835
Class A preferred-100
Niles-Bement-Pond
• 2635 273,1
Niptsaing Mines
5
2
235
Noma Electric
1
355 431
Nor Amer LS & PrCommon
1
331
254
$8 preferred
• 3235 3935
North American Match._. 54
56
No Amer Utility Securities*
231 3
Nor Cent Texas 011 Co 13
355 34
Nor European 011 com_...1
3%
35
Nor Ind Pub tier 6% pfd100 70
70
7% preferred
100
Northern NY Utilities
7% 151 preferred_ _ _ _100 102 102
Northern Pipe Line
10
731
7
Nor Ste Pow corn class A100 18
2435
orthweet Engineering_' 1335 1935
Novadel-Agene Corp
• 3435 40
13,600
1,100
• 431
55
13:
2834
50
4,300
700
100
100
1,600
1,850
1,900
2,000
10
29
1134
44
35
31
51
32
2
N
st
High
235 May
9i.May
5,6 Aug
34 Oct
Oct
3
10
2034
4355
154
1934
35
10754
1831
82
3935
1434
14434
344
x40
2234
137
Jan
Sept
Sept
Apr
July
Feb
Nov
Nov
Oct
Oct
July
May
Aug
Oct
July
June
sg
35
535
1
1344
13715
118
Apr
Feb
May
July
Oct
Oct
Apr
Mar
3: Sept
134 May
294 Feb
1135
134
254
4131
Oct
Oct
Jan
Oct
June
July
Mar
Mar
Mar
Feb
Mar
Feb
Oct
Apr
23
35
19
151
81
1116
135
8435
94
SS
Oct
Mar
Oct
Jan
Oct
Aug
Jan
Aug
Mar
Jan
Jan
Aug
Feb
May
July
Oct
May
Aug
Oct
Jan
Oct
Jan
Nov
Oct
Aug
6
1834
30
114
35
55
31
31
4854
494
34
31 Apr
1134
15
21
2,300 24
9
2,500
9
631
64
2,100
31
4,800 • 35
200
231
31
50
31
500 2031 90
435
200
2
635
335
.500
li 1
274
535
535
510
35
100 35
2
135
500
50 6 75
102
1,650 4731 49
1
4
500
331
14
300
344
6,200 34
12
105,1
131
15
200
254
300 15
33
200 1735
6134
50 59
5334
10 5355
x
May
163,1
Oct 85
935
Apr
1035
Feb
154
May
ci
Mar
5134
July
Feb 111
/4
Apr
13
May
54
July
75(
June
Mar 60
Feb
334
June 111
713,1
Apr
24
May
11
May
Mar 6134
20
Jan
Feb
334
Jan 33
Feb 6934
Jan 10031
92
Jan
134
44 Mar
435
100
22
May
12
700 12
11335 May 121
250 113
435
Apr
3
100
3
20
4635 Feb 774
Oct
Oct
Jan
Oct
Nov
Aug
Aug
Nov
Apr
Aug
Oct
Jan
Aug
Mar
Sept
Aug
24
A
34
235 Mar
A Jan
34 Mar
034 Nov
Si Aug
154 Aug
235
7 34
731
1,000
2,100 • 154
4,800
%
235 Mar
Oct
82
834 Mar
July
2
34 Jan
835 Aug
Oct
82
Oct
28
Apr
3
535 Oct
55
66,200 •
3
4,950
50 18
1,200
31
200
134
200
'la
10 21
2034
35 Mar
431 Mar
2435 Jan
34 Jan
Jan
2
15 Jan
Feb
32
3851 Mar
134
3935
56
454
354
916
70
71
50 4515
455
500
631
46,300
4,800
3
13,700 "143.4
6535 Jan
531 Jan
831 Mar
54 Jan
185( May
Oct
103
7% Oct
243: Nov
1935 Nov
Nov
40
Jan
Feb
Jan
Jan
A pr
Feb
Mar
Oct
Ayr
Mar
Jan
Jan
Feb
Oct
May
Feb
Jan
June
Mar
Mar
Jan
June
Sept
Oct
Fel,
Sept
Mar
Apr
Feb
July
July
Mar
Apr
Sept
33
Aug
104
Aug
108
11111 Oct
9931 Oct
114 May
135 Aug
1055 Aug
431 Oct
35
: Oct
2935 Oct
2735 Oct
Oct
105
Sept
72
34 Sept
194 Sept
z4131 Nov
4434 Feb
314 Sept
531 Nov
4731 July
19
Sept
7031 Nov
1231 Oct
384 Sept
Feb
7
July
12
1064 Oct
4134 July
July
70
Jan
11
Oct
3
1835 Oct
50,000
1,500 9
900
4,300
Ohio Brass Co oil B corn__
. 2974 314
275" 10
Ohio Edison $6 pref
• 100 10031
50 4535
0010 011 8% pref
100 10335 10535 1,000 814
100 11034 111%
200 80
Ohio Power 6% pref
Ohio P S 7% 1st pret _ _100 9931 9931
10 71
011stooks Ltd coal
651
5 1154 1131
500
Outboard Motors B com.•
194
135
4
300
35
Class A cony prat
•
400'4
94
9
Overseas Securities
431
4
1,200
•
13,1
Pacific Eastern Corp
331 374
2,700 99 134
1
2935
Pacific0& E6% 1st pf _25 29
1,900 1855
514% 1st prat
"105
25
Pacific 1.14 $8 pref
• 1045,1 105
650 0 664
Pacific P & L 7% pref _ _100
__72
Pacif,c Pub Sere u0n-V011.•
200" 55
335 354
• 1735 1755
let preferred
100" 155
Pacific Tin Klee stk
• 38 x4155
1,250 10
1,800 3135
4035
Pan Amer A irwayi.__ _10 39
Pantepec 011 of Venes
1
3
4
335 23,400
I
Paramount Motor
44 534
400
34
Parke, Davis & Co
• 44
4435 1,700 1934
5 4
Parker Pen Co
10
Parker Rust-Proof corn ._• 6031 7034 7,950 0 39
Patchogue Plymouth Cp_•
435
• 3735 3735
100 244
Ponder o Grocery A
•
Class B
531
•
Peninsular Telep corn
5
30 6635
Preferred
100 mg 10631
25 24
Pa Cent It & Pow $2.80 pt. 3835 3834
$5 preferred
67
•
1
Penn Mel Fuel Co
235
235 3
36,800
131
1
Pennroad Corp v Sc
10(
18
6
Pa Gas & Elea class A _ _ _• 18
For footnotes See page
•
STOCKS
(Continued)
19
70
89
8535
9091
954
34
335
134
2
2054
1834
71
70
I
731
25
36
151
355
3231
17
39
1235
34
531
531
7934
24
67
534
131
934
Aug
Nov
Oct
Aug
Oct
May
Oct
Oct
Week's Range
of Prices
High
Par Low
• 107 1074
Pa Pr & Lt $7 prat
$8 preferred
• 103 103
Penn Salt Mfg Co
50 103 108
Pa Water & Power Co____' 723,1 78
Pepperell Mfg Co
100 6855 704
Perfect Circle Co
• 414 4335
Philadelphia Co corn
931 935
•
Phnentx SecuritiesCommon
231 33,1
1
$3 cony prat see A___10 3835 3931
Ple Bakeries Inc corn
• 1055 1134
Pierce Governor corn
•
634 7
Pines Winterfront Co
335 434
5
Pioneer Gold Mines Ltd i
935
9
Pitney-Bowes Postage
Meter
61,1
6
•
Pitts Bessemer & Le RR _50
Pittsburgh Forgings
1
534 7
Pittsburgh & Lake Erle_50 64
6634
Pittsburgh Plate Glasa_25 904 9234
l'ond Creek I'ocahontas_ •
Potrero Sugar com
231 334
5
Powdrell & A lexander_ _ • 2055 2035
Power Corp of Can com •
831 8%
Pratt tc Lambert Co.. • 28
2834
Premier Gold Mining_ __.1
135
135
Pressed Metals of Amer • 1631 1635
Producers Royalty
ti,
316
I
Properties RealisationVoting trust 0tta_33 I-3c 17
17
Propper McCallum Ilos'y •
716
31
Providence Gas Co
• 124 1235
Prudential Investors
835 9
•
$6 preferred
• 08
98
Pub Serv of Colo7% 1st pref
100 9935 102
Pub Serv of Indian $7 prel• 2534 36
$6 preferred
14
• 12
Public Fiery Nor Ill corn •
Common
51
80 51
6% preferred
100
7% preferred
100
Public Service Okla7% or L pref
100
6% prior lien pref _100 87
87
Pub Htil Secur $7 pt pf-•
31
35
Puget Sound P & L* 38
3915
$5 preferred
$8 preferred
• 1434 1635
Pure 011 Co 6% pret_10(
Pyrene Manufacturing-10
531
535
Nov. 2 1935
July 1
Sales 1933 to
Sep.30
for
1935
Week
Shares Low
40 744
10 724
100 4235
600 4134
120 5231
450' 21
500
4
4,100
600
2,800
200'
500
3,100
76
716
231
39
31
555
131
2931
34
31 34
235
331
48
12
8
43,1
124
Aug
Aug
Aug
Sept
Oct
May
Mar
Mar
Jan
Feb
Apr
Aug
Jan
Jan
May
July
Jan
June
Jan
7
37
7
7354
924
25%
33(
2334
952
30
24
165;
•14
June
Sept
Nov
Sept
Oct
lob
Oct
Oct
Feb
Jan
Apr
Oct
Jan
133'(
54
1034
43:
59
1231 Apr
194
44 Mar
135
1034 May
124
434 Mar
034
Jan 100
83
Aug
Feb
Sept
Sept
Sept
20
480
180
•
300'
9
•
90
8
5
94
9
28
38
90
8
5
174
16
784
77
Nov
Nos
No,
Aug
Oct
July
Feb
25
200
81
54
51
May
RI
Nov
87
31 Feb
RI
87
1
731
5
3355
134
13
Mar
63,1 Mar
3431 Mar
235 Jan
404 Aug
1834 Aug
70
June
751 Sept
1,000
134
29
2
51
304
" 10
11,600
44
200
74
631
50
700 1535
5,500
35
150
931
1,900
34
4,000
864
4,400
50
1,100
700
3,500
50
2,875
1,300
800
35
A
1
1734
Its
5
175
7731
700
716
255 19,500
42
320
100
31
900
7
100
134
2931
100
200
31
575
3435
235
1,900
134 10,600
131
134
200
135
50
30
30
234 231
7935 82
7931 81
35
35
634 7
334 331
1834 1835
135
131
2431 2535
120 12175
109 10955
292 295
2,100
1,400
1,000
2
5.4
38
3755
334
1
13:
A
43,1
55
431
635 635
2835
27
484 4851
35
35
lie June
116 June
351
12
31
35
43
454
232
Aug
Sept
Feb
Feb
Oct
Feb
Apr
Mar
Apr
Apr
July
July
Aug
4%
2
35
9
34
235
A la
85
6
Mar
134 Apt
134 Aug
Aug
8
4 Feb
2334 Aug
157,1 Ma3
Jan
41
334 Apr
55 mar
6034
35
I
1735
'le
534
Mar
Aug
Mar
Mar
Sept
Mar
54 Jan
2534
55
1234
%
434
4
28
Mar
JUnt
Mat
Mar
Mar
Mar
Oct
Jan
55 Mar
48
Mar
4635 Mar
24
135
31
35
600
335
335
2,700
155
114
1,100
1431
200 1435
31
31
700
124
600 12
84
3231
'
1,500
170 2 004 106
235
40 119
2435 2,600
21
11,000
234 3
435 8,600
431
Apr 102
Jan
36
Jan
14
Feb 40
Feb 51
Al,, 102
Jan 83
May
Nov
Aug
127
Jan 137
Oct
13235 Feb 147
July
13
Oct 13
Oct
63( Mar 1735 Nov
1
1
184
2
40
164
3531 30
2855
28
2634
26
5
3351
234
51
4631
1834
51
731
1131
23
134
931
4
54
13
34
17
35
34
51
4,600
4531 5154
Low
High
804 Jan 1074 Oct
77
Jan 103
Oct
7615 Apr 108
Oct
5335 Jan
Nov
78
524 Apr 894 Jan
31
Feb 4335 Oct
4
Mar 1355 Aug
135 Feb
2751 Feb
831 Apr
2
Jan
35 Jan
834 Mar
31
1634
34
1
31
84
80 9106
Quaker Oats corn
• 136 137
20 111
100 145 145
6% Preferred
__
Quebec l'ower Co
•
44
275
Hy & Light Scour com ___• 17
1735
Rainbow Luminous Prod•
34
35
35
300
Class A
Class B
•
li•
Raymond Concrete Pile33,1
Common
•
12
$3 convertible preferred •
500•
35
Raytheon Mfg v t c____CiOr
211 3
35
1,200
•
Bed Bank 011Co
35
35
Reed Roller Bit Co
•
1,200
•
735
7
434
Reeves(D) corn
1%
300
Reiter-Foster 011
31
•
11
900
• 1035 10%
Reliable Stores corn
154
14
200
Reybarn Co Ine
331 34
is
31
Reynolds Investing
135 4,800
135
)
900 ll 64
Rice Slit Dry Goods
• 1035 114
31
100
Richfield 011 prat
31
31
21
1
235
620
Richmond Rad corn
334 34
65
Rochest 0&E 6% Dpi 100
6
100
Rogers-Majestic class A_•
634 635
31
200
Roosevelt Field. Int)
135 134
5
1,000
35
Root Petroleum Co
231 335
I
8
31.20 cony pref
20
4
400
Rossla International
31
31
•
Royalite OilCo23%
: 38
3935
1,900
814
Royal Typewriter
• 7534 7734
325 25
Ruberold Co
24
1,0011
Russets Fifth Ave
.5
9
8
55
300
134
1
•
Ryan Consul Petrol
Safety Car Heat & Light106
St Anthony Gold Mines_ 1
St Regis Paper corn
1C
7% preferred
100
Salt Creek Consol 011____I
Salt Creek Producers...10
•
Savoy 011
Schiff Co corn
•
Schulte Real Estate oom *
Scoville Manufactur1ng_28
Securities Corp General.*
Seeman Bros Inc
•
Segal Lock & Hardware__'
Beiberling Rubber oom___*
Selby Shoe Co
•
Selected Industries Int,Common
I
15.50 Prior stock
38
Allotment certificates__
Selfridge Prov StoresAmer dep reo
£
Sentry Safety Control_ _ _.•
Beton Leather corn
.
Shattuck Dann Mining _ 8
Shawinigan Wat & Power..•
Shenandoah Corp corn
]
$3 cony pre
25
Sherwin-Williams oona. _25
8% preferred A A____100
Singer Mfg Co
100
Singer Mfg Co LtdAmer den roe ord reg.it
Sioux City 0& E7% pt 100
Smith (A 0)Corp corn__•
Smith (L C) & Corona
Typewriter•t o com___•
Sonotone Coro
I
So Amer Gold & Plat
1
Sou Cant Eason5% original preferred_26
Preferred 13
28
534% Miseries0
28
South'n N E Telep___ _100
Southn Colo Pow cl A ___2!
Southern Nat Gas ecom__•
Southern Pipe Line
10
Southern Union Gas com..•
Southland Royalty Co__5
South Penn 011
28
Bo'weet Pa Pipe LIne.....50
Spaniah & Gen CorpAn dep rein ord bestr_El
4m den refs ord rea_it
Range Since
Jan. 1 1035
55 Oct
51 Sept
5
25
3
I
4331
8
31
12
34
14
124
154
415
103
93:
234
44
11
716
2831
3955
78
9
114
Jan
Jan
Oct
Fell
Oct
Oct
May
Oct
Oct
Jan
Jan
Aug
Oct
Oct
Jan
May
Sept
July
May
May
Oct
Oct
Oct
83
Aug
35 Jan
335 Aug
43
Aug
Jan
1
754 Nlav
13.i Oct
334 Jan
A Sept
36
Oct
331 Aug
50
May
15: Oct
24 Jan
Apr
34
254
85
85
Oct
Oct
Oct
235 Jan
Sept
35 June
Jan
Mar
May
7
Jan
Sept
4
May
11134 Jan
131 Aug
A p•
Aug
Mar 26
Jan 1217,1 Oct
Aug 1134 Mar
July
Mar 301
274 Feb
7415 Oct
Jan
29
335 Aug
7135 Oct
72
May
2455
335
535
Oct
Oct
Oct
3954
2834 Jan
100 17 26
17% Jan
2835
700 1535
1515 Jan
2645
2,200" 1445
Jan 124
104
100
435
Jan
9
1
A
11
A Jan
116
400
335 Jan
335
100
5
1
A Oct
Si
9
44 Jan
44
1,000
634
2134 Mar 2835
6,30(1 1515
50 3435
4534 Feb 524
July
Oct
Oct
Apr
Aug
Aug
Sept
Apr
July
Oct
Feb
1,000
31
'Is
6
1
354
Feb
Apr
Apt
31 June
'35 Apr
55 Oct
"16 Sept
4
New York Curb Exchange-Continued-Page
_
Volume 141
STOCKS
(Continued)
July 1
Week's Range Sales 1933 to
for Sep.30
of Prices
Week
1935
Range Since
Jan. 1 1935
Low
High Shares Low
High
Par Low
May 44
900 .6 70C 17
Oct
42
43
Square D clam B com-__ _1
Oct
May 40
29
750'
6 3
Class A pref
• 3661 38
100
1,35
155 Apr
3% Oct
3% 3L1
Stahl-Meyer Inc com.
34 Jan
Si Aug
200
31
%
4
Standard Brewing Co_ _ _ _.•
150 23
2934 Mar 3534 July
Standard Cap & Seal corn _E 3334 34
Standard Dredging Co• 4.
295 Aug
235 Aug
•
Common
Oct
5% July
17
• 15
300' 195
Cony preferred
17
Apr
29
10%
10%
Sept
300
26
Stand Inveeting $5.50 pt.'
27
18
Jan
21% Feb
Standard Oil(Ky)
10 20% 21% 3,800 1331
May
Standard 011(Neb)
25 11% 11%
400
731
7% Mar 12
1134 Mar 19% May
Standard Oil (Ohio) glom 26 16% 19% 10,300 11%
Sept 9994 May
100 91
5% preferred
25 7634 89
91
I
Mar
5
1
Aug
Standard P & L corn
•
1%
1% 5,100
4% Aug
31 Apr
•
1%
135 8,500
91
Common class B
Aug
9
8
Oct 21
• 15
50
15
Preferred
I
is,. June
Standard Silver Lead
35 3,500
34
91.
31 Apr
1
Ape
1
% Oct
Starrett Corporation
Ns
334 Apr
6% preferred
10
1%
1%
800
Si
Si Mar
42% Mar 50% July
•
32
Steel Co of Can Ltd
•
14% July
934 Mar
5
Stein (A)& Co com
103
Jan 107
Feb
80
100
6347 preferred
1001* 2%
3
4
Apr
Sterling Brewers Inc
Oct
1
335 335
1035 June
791
17
Nov
Stetson (J B) Co COM____• 15% 17
325
135 May
2
Jan
1
Stinnes (Burro) Corp
5
*
17
Oct
Stroock (S)& Co
431
631 Jan
31 Sept
3% Feb
HMS Motor Car
1% 3,700
31
•
1
Mar 1534 Sept
5%
10
Sullivan Machinery ------12
200
12
200
234
5% Aug
534
5
234 Mar
Sun Investing nom
•
•
34
40
Mar 4631 Sept
$3 cony preferred
Sunray 011 _
1
%
% Apr
2% Oct
234 2% 18,600
1
Sunshine Mining Co__10c 16%
June
18% 12,900 36 2.40 10% Jan 25
6 5%
Sutherland Paper Co__ _10
Sept
1831 Sept 19
15,4
231 Mar
5% Sept
SwanH'Inch 011 Corp____ 15
Swift International
15 3031 32
3,500' 1931
2734 Sept 36% Apr
Swims Am Mao prat_ __ _100 44
150 3234 44
Oct 5834 Feb
45
2
Feb
83•Iss 011 Corp
1
355 May
1,200
1
231 2%
Syracuse Ltg 6% Prof _ _100
89
89
Apr 100
Aug
54 June
3% Nov
Taggart Corp corn
31
•
23,4 3% 7,000
Tampa Electric Co corn ' 3631 38
2334 Mar 38
Oct
1,000 2134
Tastyeast Inc el A
1
295 3,400
23,1 Oct
94
91 July
23.4
734
11% Jan
27
June
Technicolor Inc coin
• 1834 2031 15,400
Ted -Hughes Mince
1
4
394 Jan
454 Mar
854
43.4 17,500
48
45
Feb
Tenn El Pow 7% 1st pf 100
7634 July
Tenn Products Corp come
34
31
400
it
61e July
91 Jan
234 July
4% May
Texas Cult Producing____•
231
265
33,4 14,600
75
Feb 9834 Oct
Texas P & L 7% pref__100 98
30 75
9831
Texon 011 & i.and Co_ _ _ _•
454
5
64 Jan
Mar
69-4 634 2,500
Oct
Thermold 7% prof
NO 45
175 20
223,4 May
50
47
Mar 683-4 Oct
Tobacco Allied Stocks
•
3734 60
134 Feb
Tobacco Prod Exports___•
355 Oct
234 2% 3,300
Si
Tobacco Securities Trust
1954 Apr 24
1834
Am den ran ord reg__41
Jan
5
July
7
Jan
5
Am dep rets dot reg _ _El
18
2334 Jan
33
Apr
Todd Shipyards corp. •
68
Jan 102
Toledo Edison 6% pref 100101% 101%
50 51
Oct
584 83
Jan 109
100
Oct
7% vreferred A
Tonopah Belmont Devel_ I
55 Apr54 Apr
lie
Tonopah Mining of Nev__1
34
.%
200
35
34 Feb1% Apr
Trans Lux Pict ScreenCommon
134 2 An
3% 3% 8,200
3% Sept
I
rct-conttnental warrants_
235 Sept
134
134
1,600
34
Si Ma
Triplex Safety Glass Co-1634 July
Am dep refs for ord reg__
1934 Nov
200 1134
1934 193-4
Tri-State TelArTel6% pf 10 103,4 1061
500 11 734
1031 June
1034 Oct
Trunz Pork Stores
•
7
6% Oct
9
Jan
Tublze Chatillon Cor p_ _ _1
3
Apr
834 Oct
1,500
3
63,4
73,4
Class A
1
267
/5 2535
935
2891 Oct
100
1031 July
Tung-Sol Lamp Works_ _ _• 1034 1031
234
1091 Ore
331 Apr
3,100
$3 cony pref
29
Jan 46
Oct
400 12
• 45
46
Unexcelled Mfg Co
10
Union American Inv'g_ •
Union Gas of Can
•
7% 865
Un Oil of Calif rights
Union Tobacco corn
•
34
I.4
Union 'Traction Co
60
United Aircraft Transport
Warrants
831 9
United Chemicals coin
•
$3cum & part pref
• 39
39
ii...r..,, ore warrants
13-4
131
United Dry Docks corn __•
%
5,4
United Founder,
I
h
134
United Gan Corp (tom _ 1
3% 4
Pref non voting
• 79
8131
Option warrants
5.5
1114
United 0 & E 7% prof _100 8231 8235
United Lt & Pow corn A__•
234 2%
Common class B
435
' 434
Se cony let vet
• 173,4 21%
United Milk Products.. •
•
$3 preferred
United Molaseen CoAm dep rots ord ref___ Cl
435 465
United N J RR ec Canal 100 251 251
United Profit-Sharing_ •
134
13,4
Preferred
i0
Untied Shoe Mach corn _25 8494 8534
Preferred
216 39
39
U S Dairy Prod class A_ •
•
Class B
U 11 Vice Pow with Warr-1
31
'IF
Warrants
•
U S Finishing corn
Preferred
100
1
1735 19
11 el EMI Co class Ii
•
1% 195
U 8 Intl Securities
• 71% 73
let pref with warr
U Si Lines pref
•
35
55
10 3534 3534
US Playing Card
US Radiator Corp corn_ •
19
100 18
7% preferred
U el Rubber Reclaiming_ •
United Stores v t e
34
•
34
234 2%
Un Verde Extension _ __50c
2•
235
211
United Wallpaper
Universal Comm)011----10
8 16
16
Universal Insurance
Universal Pictures corn_ _1
• 2435 273-4
Universal Products
Utah Apex Milting Co_fr
Utah Pow & Lt $7 pref_• 4331 47
Utah Radio Products_ __ _* ___ __
Utica Gas & Eine 7% Vt100
334 4%
Utility Equities Corp_•
7435
• 72
Priority stock
•
Si
34
Utility & Ind Corp
•
235 3
Cony preferred
134
I
1
URI Pow & LI corn
1434
7% preferred
100 14
Venezuela Mex 011 Co__ ill
294 3
1% 23-1
Venesuelan Petroleum___5
•
Vogt Manufacturing
•
434
434
Warm A It•eratt Co
•
Wahl (The) Co corn
•
Walt{ & Bond cil A
•
Class II
For footnotes see page 2861.
2
16
8
35
100
*6
Cl 335
23,4
1934
4
34
55
4
Mar
Mar
May
June
Jan
June
3
234
13
Si
!I
35
35
15
35
48
Si
I
3%
334
25-4
2134
%
sit
%
34
35
35
64
Si
1
334
3
29
Mar
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Mat
Jan
Mar
Feb
Mar
Jan
Jan
900
600
100
3,200
3,400
45,100
20,000
4,100
700
20
15,900
300
30,900
8
20
491 Jan
800
234
251
Oct
10 191
900
34
35 Mar
6
75,4 Feb
1,225' 47
70
Jan
40 8051
36
Jan
26
%
31 Oct
35
54 July
35
2,900
% Jan
%a Jan
'32
h Mar
35
5
Oct
5
15,200
535
1035 Mar
300
%
54 Mar
200 8934 413-4 An,
600
6,4
31 Apr
501* 1434 8034 Star
134
1% June
150" 5
10
July
34
31 Feb
1,200
%
34 Mar
2,500
25,4
235 Oct
135 Aug
8,500
1
27 1.20
331 Jan
50
534
7
Jan
i
2
Aug
650 6 4% 13
July
55 July
16
Jan
700 1334
Aug
6
%
1
A pr
77
84
9,300
54
% Mat
971
30 534 Jan
200' 4
3
,
- May
1.100'
ji
1
Mar
34 Feb
3.100• %
33-4 Mar
500
3%
200
1% Mar
134
St
46,800
1, Jan
8
Jan
234
334
400
334 Mar
11
h
2
Aug
43,4 Feb
33,4
SS Mar
34
STOCKS
(Concluded)
Week's Range
of Prices
High
Par Low
%
Si
Walgreen Co warrants__
1'%
1%
1
Walker Mining Co
Walkerafirann-Oooderhm
&NVorts Ltd coin_ _ _ _• 2735 3131
• 16% 1734
Cumul preferred
1 17% 18%
Wayne Pump corn
1
34
3t6
Wendell Cooper
4% 5
1
Western Air Express
51
Western Auto Supply A • 50
Western Cartridge pref _100 100% 100%
Western Maryland RI
7% let preferred____100
Western Power 7% pref 100 101% 101%
western Tab & Stat vi c_• 16% 16%
Westmoreland Coal Co_ __•
West Texas Util $6 pref__•
Westvaco Chlorine Prod100 102% 104
7% preferred
5%
5
West Va Coal & Coke____'
895
8
•
Williams(R CI & Co
11
W Illms 011-0-Matlc Heat..• 11
34
%
Wil-km Cafeterias Ina___1
•
235 2%
Cony preferred
26
• 26
Wileon-Jones Co
*
Winnipeg Electric
1
531 5
Woodley Petroleum
Woolworth(F W)Ltd26%
2661
Amer de170811 rcts -- - -58
6% 7%
WHOt-Hargreavee Ma __•
13,4
F
155
Yukon Gold Co
2859
July 1
Sales 1933 to
Sept.30
for
Week
1935
Shares Low
4
500•
800
6,4
35,500
400
16,400
6,100
600
500
.50
Range Since
Jan. 1 1935
Low
3.1. Oct
31 Jan
High
14 Feb
I% Sept
2234 Oct 3254
2035
1634 Jan
124
1864
123,4 • 1231 Aug 19%
ti
'le June
'16
5%
2
2
Jan
4734 July 6091
17
Jan 102
62% 98
Feb
Mar
Oct
55e,
Oct
Mar
July
35
65
6%
Ct 434
22
4634
7434
12
7
28
Mar 66
Mar 102
17%
Feb
June
12
Jan x4835
Sept
Aug
Sept
Aug
Sept
100 60
2,600
35
500
7
100' 231
95
600
2%
100
100
13,4
900
2
99
3
7
3
95
234
18
131
334
Jan 105.
53i
June
July
17%
11
Apr
Sept
1316
June
6
Jan
2731
14
July
Jan
634
June
Oct
Jan
Nov
Feb
Jan
May
July
Sept
100
200
800
33,100
11,800
1735
534
et
Mar
24
691 Aug
% Mar
2831 Aug
10
Mar
234 July
$
BONDSOct
Jan 107
Abbott's Dairy fie -1142 106% 106% 1,000 8634 102
Alabama Power Co104%
July
8834
Jan
63
103
37,000
10134
1946
let & ref 58
8391 Jan 101% July
35,000 5434
99
1951 98
Int & ref 56
8334 Jan 101% July
6,000 55
1956 9834 99
let & ref Sc
Jan 9594 July
73
1968 8735 8935 8,000 4734
188 & ref Sc
July
90
1987 8234 8331 71,000 4434 6631 Jan
let & ref 448
108
Sept
Jan
9234
15591
106%
13,000
106%
'52
Aluminum Co,f deb be
Aug
973,4 Jan 104
Aluminium Ltd deb 5e 1948 101% 101% 26,000 59
535 Aug
1%
135 July
Amer Comity Pow 544 53
734
Mar
July
6,000
734
1731
15
Am El Pow Corp act, 8n '57 1431
Oct
89% Jan 107
Amer GI & El deb 511_2028 105% 106% 80,000 86
4331 Aug
Jan
5,000 1334
18
Am Gas & Pow deb 65_1939 4235 43
4034 Aug
1734 Jan
4,000 1234
3734
1953 36
Secured deb be
9634 Oct
5091 Jan
Am Pow & Lt deb 6,_ _2016 9435 96% 242,000 383,4
Feb
1,000 973.1 10331 Jan 106
Amer Radiator 434e _ _1947 106 106
9434 Apr10334 Oct
45,000 62
Am Roll Mill deb be _ _1948 102% 103
Nov
Jan
100
74
41
100
59,000
99%
6,A938
cone
Amer Seating
Jan 10631 May
101
Appalachian El Pr 58_1956 10535 10574 32,000 64
Mar
5,000 99
10595 Fell 109
A Mralachlan Power 55_1941 10731 10731
Jan
11234 Oct
8434
111%
1129,4
11,000
58
2024
Deb 6e
July
7391 Jan98
Arkansan Pr & Lt 5s__1955 96% 97% 66,000 50
Oct
62 287,000 2034 2934 Feb 62
Associated Elea 4 A s_ _1953 55
Associated Gas & El Co143,4 Mar 4234 Nov
1938 4034 4234 62,000 12
Con, deb 534,
Nov
Nov 41
__
41
3,000
41
41
Registered
Feb 35
13
Aug
33% 34,000
934
Cony deb 434s 0-1943 31
11
Mar
3434
Oct
9%
3434
506,000
39413
3034
435s
deb
Cony
igen 3334 3734 635,000 11
129-4 Mar 3734 Oct
Cony deb se
12
Mar 37% Oct
37% 362,000 1194
1968 34
Deb 5s
1434 Mar 384 Aug
48,000 11
1977 35% 38
Cony deb 548
77
9,000 3834 60
raw
77
API 77
Oct
assoc Rayon Sc
7734 Nov
7735 40,000 34
573-4 Jan
Alma T & T deb 535s A '55 74
31
Oct
30
38,000
9
1434 Jan
Arum Teiep Mil 5%11_1944 29
31
Oct
1434 Jan
8
2834 29% 19,000
Certificates of deposit_
20
Jan
6994 Oct
68
4,000 1355
1933 68
fla
Oct
70
Jan
20
5.000 1334
6734 70
CM Of(MOM*
Mar 8934 Sept
78
8,000 47
Atlas Plywood 5 Sis _ _1943 8735 88
4
Sept Baldwin Loco IS orksJan
76,000 3234 3231 Apr81
61
On with warrants _ _ _1938 57
26
Oct
Jan
5991 172,000 3034 3064 Apr 68
fls without wart _ _ _ _1939 55
835 Nov
34 June Bell Telep of Canada10934 Mar 11534 Apr
let M be series A _ .. _1955 112% 112% 17,000 98
h Jan
11135 Feb 118% Aug
45,000 97
5
Apr
let NI 5,s series B___1957 11431 115
July
7,000 9734 11294 Jan 120
1960 11535 11535
be merles C
July
12631 Jan 138
134
9,000
102
133
10
Oct Bethlehem Steel 6e__1998
5,000 76% 10274 Jan 1073.4 Oct
731 July Binghamton L H & P 5e 46 107 107
9134 Aug
Jan
4534
33,000
88%,
8934
693,4
1968
s
Klee
4%
Birmingham
Aug
40
8034 Aug
Jan
56
8,000 3834
I% Aug Birmingham Gas 58_1959 75% 76
Jan
May 109
10234 106
71, Jan Boston Conseil Gas .58_1947
Jan
70
25,000
29
9131 Aug
88
8735
Pow
18.1954
131 Aug Broad River
Jan
435 Sept Buff Gen Elea be -1939 107 107% 8,000 10234 10634 Aug 10994
May
105
Apr 110
102
1956
Gen & ref Sc
84
Sept
"is Aug
July
Apr 103
97
40,000 71
8235 Oct Canada Northern Pr 5e 'be 100% 101
Mar 11235 Jan
105
3.4 Aug Canadian Paz Rg 63_1942 10634 107% 33,000 98
Oct
65
8834 Jan 102
7
Sept Capital Adminis 58.._l953
8331 Jan 10035 May
2265 Aug Carolina Pr & 1.1 5&_.J956 9735 9831 133,000 4631
Aug
11331
109
Aug
11234
11234
3,000
9454
454 July Cedar Rapid, M & P5,63
89
Jan 10594 Oct
38
Aug Cent Aide Lt & Pow be 1960 105 10534 12,000 7234
Mar 444 June
39
5,000 3354
cent German Power 651934 43 43
Apt 10931 Mar
106
53-1 Jan Cent III Light be _ .._ _1943 10735 10754 6,000 99
251
Oct Central III Pub Service7634 Jan 9954 Oct
1956 99% 9934 20.000 50
191 Apr
be series E
9334 Aug
67
Jan
9
923,4 61,000 4534
Sept
1M & ref 494* ser F_1967 92
Nov
OS
Jan
7C
70,000 49
1968 973-4 98
8535 Sept
511 eerier.°
8731 Jan 9334 Aug
4,000 46
4034 Aug
1981 9134 9211
434% series H
Oct
Jan 106
101
35 Sept Cent Maine Pow as D_1955 104% 10531 6,000 80
9534 Jan 1027-4 Sept
5,000 72
1957 1023-4 10234
6,6 Feb
4Sis series E
72
Jan 984 July
% Aug Cent Ohio Lt & Pow 581950 9534 9731 20,000 5534
Jan 87% July
63z Jan Cent Power Os ser D_ _1957 8231 8435 28,000 374 59
593,4 Jan 8434 Aug
8035 169.000 3734
2
Jan Cent Pow & 1.3 let 56_19341 79
Oct
Mar 63
26
Oct Cent States Elect 5.._.1948 8634 63 552,000 25
(-•
19
Nov
534e ex-warr
1954 5931 6534 955,000 2534 2534 Mar 6534 Oct
4834 Jan
7131 Aug
2
Aug Cent Statee P & L 546.'53 65% 6634 84,000 29
92% Jan 10534 July
7335 Sept Chic Dist Rico Gen 448•70 104 10455 17,000 62
64 Feb Chic Jet Ry & Union 8th
10534 Jan 11034 May
2,000' 90
3854 May
1940 109 109
Yards be
Aug
8734 Jan 103
5,000 51%
3% Aug Chic Pneu Tools 534.1942 102% 102%
June
6534 Jan SO
22
Aug Chic RP!68 ctfs
1927 7251 753,4 128,000 43
Feb 8934 Aug
4035 58
20,00
87
I% Aug Cincinnati St Ry 535s A '52 85
Aug
47
6635 Feb 93
134 Jan
as series 13
1955
454 June Cities Service 53
673,4 92,000 2831 3031 Mar 6734 Nov
1966 60
Oct
33,4 Aug
6.000
_
3231 Mar 62
62
62
Registered
Nov
69 1905000 283,4
Cony deb bn
1950 60
2931 Feb 69
1134 Feb
19
6034 60% 1,0002934 Feb 6033 Oct
Aug
Registered
564 June CitiesService Gat 534e 42 9255 9455 85,000 4
-3% 6355 Jan 9434 Oct
2794 Oct Cities Service Gas Pipe
Oct
8431 Jan 103
17,000 55
1953 1023,4 103
Line 6s
151 Jan
6531 751,000 2635
47
2636 Feb 6534 Nov
Nov Cities Sera P & L 634,1952 57
Nov
3
Oct
534e
1949 5734 65 287,000 2734 27% Feb 65
Feb
42
1,000 33
3335 Aug 47
100
Aug Commerz & Privet 535s'37 42
461 Nov Commonwealth Edison7134 Oct
13,000 8634 10935 Jan 1135-4 July
let M 5e series A _1953 112 112
June
Jan 113
8,000 8634 109
1st M 56 merles B___1954 11134 11235
13-4 Aug
Oct
44 Aug
3,000 8031 10535 Jan 112
1s8 435s series 0-1956 111% 112
13,4 Aug
2,000 7934 1043.1 Jan 11234 Nov
let 435s series D__1957 11131 112%
July
943,4 Jan 105
1734 Aug
Int M de serlee F___1981 104% 105 107,000 693.4
3
1965 10295 103 113,000 9834
9831 Aug 10335 Oct
May
331s series It
Oct
85
Jan 105
234 Oct Corn weatin Subsid 5356'48 1033-4 10434 55,000 54
Aug Community Pr & LI 5,1957 64
6434 95,000 3334 5134 Mar 7334 Aug
17
634 July Connecticut Light & Power
11934 Jan 12534 Oct
1951
112
4
Sept
75 serlee A
July
10
1956
9834 10834 Jar 110
Aug
434,series C
105% Oct 109% Jan
1962
102
I% May
Se mem D
'
,
,
I
New York Curb Exchange-Continued-Page 5
2860
Week's Range
of Prices
BONDS
(Continued)
Conn River Pow 58 A 1952
Coneol Gas (Balt° City)56
1939
Gen mtge 455a
1954
Consol Gan El Lt & P(Balt)
let ref a f 48
1981
Consol Gas CHI Colet & colt as ser A_ _1943
Cony flab 6%.w w .1943
Consol Pub 74s stmp_ 1039
Consumers Pow 4%3_1956
1936
1s5 & ref 51
Cont'l Gas & El 58._ ....1958
Crane Co 55_ __Aug-1 1940
Crucible Steil Sc
1960
Cuban Telephone 734.1941
Cuban Tobacco be. _1944
Cudahy Pack deb at 6s 1946
Cumberld Co P& L 64158
Dallas Pow & Lt C. A_1949
1952
6. series C
Dayton Pow & Lt 58_1941
Delaware El Pow 5358_'59
Denver Gaa & Elea 5a-1949
Derby Gas & Elec 5a __1946
Des City Gas 68 ser A.1947
as 1st merles B
1950
Detroit Internal BridgeAug. 1 1952
6159
Certificates of depoeit_
Aug 1 1952
Deb 79
Certificates of deposit_
Dixie Gulf Gas 649_1937
Duke Power 455s
1967
Eastern Util Invest 50_1954
Elea Power & Light 59_2030
Elmira Wat.LI & RR 58'56
El Paso Elec 5e A___-1950
El Paco Nat Gas 6348_1943
With warrant,
1938
Deb 634e
Empire Diet El 51_ _1952
Empire Oil& Ref 53411942
Ercole Marelli Elect Mfg1953
655e A ex-warr
Erie Lighting 68
1967
European Elea Corp Ltd1965
6141 x-warr
European Mtge Inv 78 C'67
Fairbanke Morne 58_1942
Farmers Nat Mtge 78_1963
Federal Sugar Ref 6&._1933
Federal Water Sere 548'54
Finland Realdentlal Mtge
Banks 68-5eStamped1981
Firestone Cot Mills 59 '48
Firestone Tire & Rub 58'92
First Bohemian Glass is '57
Fla Power Corp 546_1979
Florida Power & LI 58 1959
Gary Elec & Gas 69 eXt-'44
Gatineau Power 181 5,1956
Deb gold fle June 15 1941
Deb limeades B
1941
General Bronse 66___ _1940
General Pub Sere fal 1953
Gen Pub UM 648 A_1956
General Rayon C. A__11348
Gen Vending as ex war '37
Certificates of deposit__
Gen Wat Wks & E158_1043
Georgia Power ref bs_ _1967
Georgia Pow & LI 5e...l978
Geafurel rie x-warrantri 1953
Gillette Safety Razor 59 '46
Glen Alden Coal 4...1985
Gobel (Adolf) 6548___193a
with warrants
Grand Trunk Ry 648 1936
Grand 'I runt West 48_1950
Gt Nor Pow 58 strop_ _19%
Great Weatern Pow 6.1946
Guantanamo & Wastes'58
Guardian Inventors 58.1948
Gulf Oil of Pa 5s
1947
Gulf States Uts 58._ _1958
4348 series B
1961
Hackensack Water 56.198b
ba series A
1977
Hall Print as stm p_ _ _ _1947
Hamburg Elec 7s_ _1935
Hamburg El Undergrouno
& St fly 5340
1938
Hood Rubber 534,,,,,,.1936
To
1936
Houston Gulf Gas/18_1943
8558 with warrants_ 1943
Houston Light & Powerlet 58 aer A
1953
1s1 415s ger D
1978
let 455s ser E
1981
Hungarlan-Ital Ilk 755s '63
Hydraulic Pow 5s._.,1950
Ref 4( Inthr 55
1951
Elygrade Food t3s A - - -1949
as series B
1949
Low
High
10555 1054
July 1
Sales 1933 to
for
Sept.30
Week
1935
1104
103
9955 1143's
108
Oct 113
Jan 122
May
July
112
July
8434
224
97
10955
104
5455
104
10354
8534
56
10734
1054
1104
10734
109
103
110
9851
16434
100%
Nov
May
June
Mar
Jan
Nov
July
Oct
June
Oct
Feb
Aug
Mar
Aug
Mar
July
July
July
Feb
Nov
884 10851
Jan
51
29,000 33
13,000
445
434
7,000 70
87
10,000 88
10655
8,000 moi. No%
42
518,000 33
17,000 7734 102
43.000 604 9555
12,000 50
614
35
38
1023
4 1024 3,000 102
1024
104% 105
9545
11,000 65
1083% 1084 9,000 1003% 106
10534 10555 1,000 94
104%
1054 1053% 17,000 994 105%
102 103
12,000 65
8615
10715 10734 7,000 9234 10534
0555 973% 45,000 563%
83
1044 10431 29,000 76
99
99 10034 129.000 6714 9111
Jan
Jan
Mar
Sept
Oct
Jan
Jan
Apr
Mar
Aug
Oct
Jan
Sept
Feb
Oct
Jan
Jan
Jan
Jan
Jan
110
7,000
8134 8155
2034 21
97
96
1084 1094
10034 10034
813.4 844
103 1033%
10234 10234
8055 824
511
334
34
55
5.4
43-4
5.1
4
6,000
6,000
2,000
5,000
15
15
4,000
7251 7434 385,000
10331 104
9,000
105
2,000
105
9434 0735 118,000
68
7534 360.000
46
46
17,000
1064 10655 2,000
4155 414
10355 103%
73
4,000
5,000
774 66,000
9955 y993-5 6,000
1033% 10334 11,000
104 10455
7.000
9254 9234
1.000
9415 9555 35,000
894 91 222,000
874
82
67
66
96
914
7455
50
1934
20
78
9634
7534
34
44,000
90
8411 95,000
68
17,000
6714 16,000
97
30,000
9715 9,000
764 45,000
2,000
50
23
21,000
2215 18,000
794 29.000
97% 149,000
7651 21,000
34
3,000
9254 9234 199,000
823
13,000
% 83
101% 10134
5,000
90
13,000
91
3
234
2
134
34
4
31
51
10115
76
85
105
10
22
bb
84
91
9011
7
64
5
584
46
100
78
85
24
58
384
115
15
35.000
6,000
39,000
17,000
27,000
1,000
57,000
6,000
3135
10051
102
103%
98
14,000
32
1004 1,000
13,000
102
10451 19.000
99
6.000
28
55
85
40
2051
1064 10631 13.000
1044 10434 17,000
19634106% 18,000
.57%
57 s
Oct 69
Jan 10655
Jan
Oct
Apr
85
Aug 98
3434 Apr 5555 Jan
July
964 Jan 101
454 Aug .5545 Jan
24 Slay
14 Feb
3134 Jan 7735 Oct
6354
633-1
7951
714
60
60
5955 5915
8155
65
74
54
2315 514
4915
36
4
2
4
2
384 5851
5454 814
5841
40
3155
30
93
10134
63
8451
58
106
10551
10134
11034
106
7434
40
53
57
Jan 10555 Oct
Oct
Jan 102
Jan
9734 Nov
Jan 7534 Nov
Apr
9855 Mar 100
86
85
10254 June 1064 Mar
103
89
Apr 1054 Mar
92% Oct 9215 Oct
61
July
97
48
Jan
76
454 6851 Jan 9155 July
5514
105%
10434
10044
110
106
7035
40
2,000
715 Apr
Jan
7
Jan
Apr
255 Apr
Jan
111 Apr
Mar
Aug 1034 May
Jan 1084 Mar
June 1631 Jan
10
334 Feb 7435 Nov
8534 Jan 1024 Oct
Oct
894 Jan 105
5634
25
46
41
69
983%
63
10215
934
10
24
97
62
55
983%
98
60
37
108% 108%
BONDS
(Continued)
Low
Low
High
S
3,000 8755 10335 Jan 10615 June
9134
79
80
42
10051
100
13,000 404
1,000 42
Idaho Power 5a
1947 10.5 10655 8,000 86
Illinois Central RR 081937 66
6,000 60
66
III Northern UM 68-- -1967 107 107
7.000 8255
III Pow & L 1.8 Cc ser A '53 074 984 82,000 48
18t & ref 5358 ser B_1954 93
17.000 46
94
let & ref 58 Pier C---1958 89
59,000 4241
90
Registered
89
89
.2,000
St deb 548 May 1957 85
854 11,000 924
Indiana Electric Corp88 merles A
1947 9074 913% 7,000 543.4
6558 series B
1053 9374 95
13,000 58
1951 814 83
S.earths C
47,000 45
Indiana Gen Serv 59_1948
93
3.000 44
Indiana Hydro-Elea 5. 68 8954 90
Indiana & Mich Elea 5a'55 10555 106
13,000 70
be
1967
884
Indiana Service 58.-1950 61
6435 85.000 3351
let lien A ref 5n. _ _1963 61
64
62,000 22
Indianapolis Gas 51-A-1953 9214 9435 14,000 68
IncIpolLs P & L As ger A '5/ 1044 1054 70,000 73
Intercontinents Pr 6s-1948
3
111
4,000
3
International Power See614e serial C
1955 4555 487-4
5,000 534
1957 55
.55
76 series E
1,000 5751
1952 32
.53
78 aeries F
2.000 5531
International Salt 5a_1951 1073.4 10734 7,000 833%
International See 5,..1947 9415 96% 132,000 43
Interstate Ire & 1414345'46 10251 102% 22,000 533.5
Interstate Nat Gas(4_1936
103
For footnotes see page 2861.
Range Since
Jan. 1 1035
70
10155
8655
10215
107
1735
25
105
9455
8735
10855
105
60
37
30
84
87
93
76
10334
1014
104
42
1114
105
47
50
Jan
90
Apr 9955
Apr 9951
Apr 9855
Mar 97
Mar 973-5
81
Jan
Aug 674
23
Jan
Jan
224
8455
Jan
Jan 100
Jan 80
May 5855
Sept 10555
Jan 93
Nov
Jan
Jan
Jan
Oct
Oct
Aug
July
Oct
Nov
Aug
July
July
Jan
Feb
Sept
9355
10,534
05
10831
10951
5251
63
10734
10531
10251
11115
10855
7755
51
Feb
Jan
Aug
Aug
Oct
Slay
Aug
Jan
July
July
July
Feb
Apr
Feb
Apr
Oct
Oct
Feb
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Apr
July
June
Aug 4151 Feb
Jan 10154 July
Jan 104
Oct
Jan 1043-4 Oct
Mar 9955 June
Aug
Sept
Jan
Aug
Jan
Nov
Apr
Sept
107
10515
10615
55
114
108
6454
63
Mar
Mar
Mar
Jan
July
Sept
Jan
Apr
May
Nov 109
105
Mar 804 Jan
60
10251 Jan 1074 Aug
July
7554 Jan 100
6954 Jan 9551 July
July
94
6655 Jan
Nov
Jan 80
74
Jan 89
Aug
57
July
Jan 94
64
Aug
Jan 96
68
Jan 833% Aug
60
10634 Oct 10751 Mar
624 Jan 91
July
Jan 10655 Sept
99
July
10754 Jan 112
6555 July
3614 Jan
July
3514 Jan 65
Jan 10515 Aug
80
9734 Jan 105% July
14 Star
415 Mar
413% Oct 7734
46
Oct 854
Oct 803%
49
1054 Apr 108
6854 Jan 9734
Apr 10234
89
10434 May 1054
Jan
Feb
Feb
Apr
Oct
Sept
Jan
Week's Range
of Prices
Nov. 2 1935
July 1
Sales 1933 to
for Seyt.30
Week
1935
Range Since
Jan. 1 1935
High
Low
Low
Low
$
High
Interstate Power 58_1957 79;4 804 106,000 37
57
Jan 8334 Aug
Debrnture as
1952 6751 6955 76,000 2655
38
Jan 72
Aug
Interstate Public Servicebe aeries D
49.000 41
1958 784 83
52
Jan 83
Nov
a 55 a eerier( F__
1958 734 78 102,000 42
4751 Jan 78
Nov
Divest Coot Amer1947 101
58 series A w w
1,000 67
101
92
Jan 101
Oct
7,000 67
without warrants
91
993% 10034
Jan 10015 July
lowa-Neb L & P 58_1957 1024 1034 41,000 66
88
Jan 104
Oct
ba aeries B
4,000 5634 86
1981 1024 103
Jan 1034 Oct
Iowa Pow & 1.1 4559_1958 10515 1054 15,000 72
100
Jan 106
July
Iowa Pub Serv 59
1957 1004 10134 34,000 5735 8234 Jan 102
Oct
19,000 41
team Hydro Elea 71_1952 4335 50
40
Oct 8355 Apr
Isotta Franshini 78_ _ _1942 63
6,000 55
65
55
Aug 95
June
Italian Superpower of Del
Deb tle without war _1963 4134 4534 5,000 40
35
Oct 664 Feb
Jacksonville Gas 5s___194.3
34,000 48
48
Stamped
53
51
May 57
June
10515
Jamaica Wat 8119 548'55
9634
Apr 108
Mar
Jersey Central Pow & Lignt
Ss series B
10151 Jan 106
1947 101 10434 17,000 77
Oct
9354 Jan 103
448 series C
1961 10334 10334 79,000 7034
July
Jones & Laughlin SU be '39 10731 10751 7,000 1024 10615 Jan 10734 July
Kansas Om & Elec 6._2022 113 1133% 31,000 6134 90
Jan 1153% Aug
25,000 55
Kansas Power be
9834 July
1947 964 97
7734 Jan
Kansas Pow .3.: Lt as A.,'55 mg 10734 2,000 8055 105
Jan 10755 Mar
As eerie. B
100
Jan 107
1957 106 10634 13,000 70
July
Kentucky Utilities Co48,000 46
6254 Jan 91
1st mtge be ser FL _1961 9251 94
Oct
73
Jan 105
655e aerie" D
1948 10034 1013% 6,000 55
July
15,000 50
89
534s aeries F
Jan 98
1955 9635 97
July
454
67,000
624
Jan
be series I
1089 024 9334
9311 Oct
Kimberly-Clark 5s. _ _1943 10354 10334
1,000 8234 102
Jan 1044 Sept
11,000 72
1014 Feb 1043% Sept
Koppers GA C deb be 1047 103% 104
Sink fund deb 550_1950 104 1044 8,000 76
103
Feb 10534 June
Kreege(SS) Co 5e..___1945
100
Certificates of deponit_. 10035 100% 1,000 85
Aug 10331 Feb
42,000 50
5655 Apr 85
Laclede GM Light 55481935 81
85
Nov
1,000 91
100
Jan 101
Larutan Gas Corp 6158 '35 100 100
Mar
Lehigh Pow Scour 88_ _2028 10655 107
56,000 54
914 Jan 108
June
Lexington Utilltieebe_1952 100 10055 18,000 5454
Jan 1004 July
75
21,000 57
9855 Jan 106
Libby MeN & Libby Se '42 10334 104
Aug
1.000 8215 101
Lone Star Gas 5e
Jan 10535 Aug
1942 1043% 1044
20,000 65
9515 Jan 107
Long Island Ltg as. _1945 1064 107
Oct
10555 Feb 10855 Mar
100
Los Angeles G& E 58 1930
58
1961 1064 1o63,4 2,000 8735 10311 Jan 10734 Aug
Jan 110
as
Feb
1942 10834 10831 10,000 9951 108
Jan 10951 Feb
107
7.000 94
6159 series E
1947 10755 108
94
10435 Jan 10711 May
51.59 series F
1943
Louisiana Pow & Lt 5,1957 10255 10355 88,000 6135 884 Jan 10355 June
1,000 79
Jan 10854 Apr
104
LoulevIlle GAS 434s C1061 10714 10754
75,000 2255 50
July 864 Feb
Manitoba Power 5341_1951 6055 65
82
Maas Gal deb 5.
Oct 96
June
1958 8434 9055 391,000 70
8754 Mar 1024 Jan
515e
1948 20
243% 373,000 80
McCord Radiator & Mfg66,000 33
6e with warrants _ _ _1943 02
May 944 Aug
94
67
Memithie P & L 58 A 1948 10245 103
34,000 70
9051 Jan 104% June
41,000 63
89
Jan 105
Oct
Metropolitan Ed 4.9 E-1071 10334 105
1.000 73
6e series F
10034 Jan 1074 Oct
1982 107 107
66
Middle States Pet 13541 '45 91% 934 31,000 de
Jan 9344 Oct
Middle West Utilities354
5
Jan 223% Oct
199 ctfe of deposit-1932 2031 2235 86,000
314
441 Jan
2215 Oct
1933 2014 2254 70,000
&lona of del)
34
a% Jan
2255 Oct
1934 2055 223-4 84,000
68 °Hs of den
454 Jan 224 Oct
355
1511 HUI of depoalt_ _1935 2055 2234 169,000
20,000 53
824 Jan 82
76
Midland Valley 5a _ _ _1943 75
July
Milw Gas Light 449_1967 102% 10335 49,000 90
10214 Oct 10855 Jan
9431 Jan 106
Minneap Gas Lt 11551_1950 104 1044 27,000 67
Aug
7934 Jan 9654 July
Minn P & L 4148
9631 108,000 64
1978 95
be
1955 1004 10074 21,000 5854 8854 Jan 10114 July
8955 29.000 3551 6231 Jan
9151 July
Mirielsmippl Pow 5s.._195/1 88
Mina Pow & Lt be_ _ _1957 8856 90
Jan
72
9311 July
47,000 40
Miiialmalppi River Fuelan ex warrants
Aug
1044 10135 10255 5.000 89
94
Mar 103
Miss River Pow let 59 1951 10754 1073% 26,000 954 10655 Jan 10851 May
Missouri Pow & Lt 5158'55 10645 10655 8,000 7015 1014 Jan 10751 Sept,
63,000 33
41% Mar 58
Feb
Missourl Pub Sere 51_1947 5745 GO
Monongahela Weal PennPub Fiery 64 ser 5.1953 105 10511 45,000 58
Jan 10551 Oct
86
Mont-Dakota Pow 5558'4
2.000 4755 674 Jan 874 July
8574 87
Montreal L II & P Conlet & ref 5n mar A _ __195I 1064 107
7,000 9451 10451 Mar 10751 Jan
2
Munson S S 634. ww_1937
June
535 Aug
2
Narragansett Elea be A '57 105 10535 33,000 914 10231 Apr 10615 Feb
9331 10234 Oct 1054 Feb
158 aeries B
1957
Naanau & Suffolk Lig 581'45
10055 Jan 104% May
98
Nat Pow & Lt 68 A2026 95
7151 Jan
964 106,000 51
9854 Sept
Deb 5. aeries B____2930 8334 8555 179,000 42
613.1 Jan 894 Aug
Nat Pub Serv 5s ctfs....1978
355 Mar
1555 Aug
355
1355 1455 195,000
Nebraska Power 4sie_ 1981 10934 11055 4.000 83
10731 Jan 111
May
8s eerles A
1,000 704 1014 Jan 117
Aug
2022 11134 11134
Nelener Bros Realty 48 '411 103 10355 23,000 35
90
Jan 10315 Oct
87
Nevada-Callf Elea 5e_1956 84
Apr 8545 Aug
8554 100,000 54
New A materdam Ga 58.'48 10935 10915 9,000 85
10015 Jan 1094 May
N F. Gas & El Amin 58_1947 6935 714 230.000 34
4714 Mar 714 Aug
Cony deb 58
Mar 7151 Aug
1948 6954 714 35,000 334 48
Cony deb 138
1950 6834 714 181.000 3334 47
Mar 7134 Aug
New Eng Pow Man 5a.1948 81
8355 162,000 4614
514 Mar
8334 Nov
Debenture 5 55/1_ _ _ _1954 8551 8715 133,000 60
574 Mar 874 Nov
New On Pub Serv 430'35
4734 Jan 88
7355 744 13,000 3254
May
5s stamped
Aug
Oct
60
70
64,000 60
1942 6835 70
an aeries A
304 Jan 68
68,000 26
Oct
1949 6151 68
N Y Central Elea 5148 '50 95
9955 65,000 66
77
Jan 99% Nov
NY Penn & Ohio 448 1950 107 10711 12,000 10335 1034 Mar 10741 May
NY P&L Corp lat 4158 '07 105 10555 41,000 73
8955 Jan 10551 June
NY State0& E 4351_1980 103 1033% 53,000 584 85
Jan 10334 Oct
Int 549
9934 Jan 10834 June
1962 10755 107% 2,000 77
NY & Weetch'r Ltg 443004 103 103
9914 Jan 106
2,000 81
May
Debenture 5e
3,000 96
111
1043.4 Jan 11214 Oct
1954 111
Niagara Fall. Pow 611_1950 1074 108
Mar
10634 Sept 110
14,000 104
ba aeries A
994 10535 Apr 10931 Feb
1959
Nippon El Pow 648_1953 8834 884
8254 Feb 90
June
1,000 63
No Amer Lt& Pow 58_1936 10134 10134 3,000 8155 10054 Jan 10251 June
5%a series A
Aug
4431 Mar 89
1956 8715 89 148,000 2554
Nor Cons Utll 554s_ _ _1948 46
Aug
2055 Mar 48
4755 26,000 1854
No Indiana CI & 508.1952 10655 10651 3,000 71
9951 Jan 1064 Nov
Northern Indiana PSbaser's@ C
Jan 101
Sept
77
38,000 5131
1966 100 101
&merles D
July
7634 Jan 101
36,000 5355
1969 1004 101
4 46 aerie(' E
0655 Oct
7145 Jan
1970 9535 9655 33,000 4954
No Ohio PAL 541_1951 10651 10634 15.000 69
10135 Jan 108
Oct
Nor Ohio Traci & Lt be '50 10531 107
Jan 108
Sept
100
8,000 65
No States Pr ref 4543_1961 10115 105
July
9051 Jan 105
68,000 71
July
Jan 104
88
54% note,
1940 103 1034 9,000 89
N'weetern Elect 158_ _ _1945 10055 10155 12,000 07
Sept 10311 Oct
97
N'weetern Power an .4_1960 39
Jan 40
Oct
84 28
11,000
40
40
Jan
Oct
28
834
Certificate, of depoelt_ _ _
21,000
40
40
N'weetern Pub Sere 5.1957 9455 9654 107.000 474 72
Jan 963% Aug
Ogden Gas 59
Jan 10515 July
96
194a 10251 10314 21.000 7341
Ohio Edison int 58_
um 10555 1064 185,000 6331 97% Jan 10636 Oct
Ohio Power lst ba 11 1952 106 10635 13,000 88
10454 Apr 10855 Jan
let & ref 4153 ear D 1956 10455 10551 19,000 8351 103% Oct 10634 May
Ohio Public Service Coas series C
1953 10855 10814 10,000 704 1053-4 Jan 11015 July
June
59 aeries I)
5,000 804 9955 Jan 105
1954 10135 1043%
10755 Sept
554e aeries E
1004 Ja
1961 10655 10634 2,000 63
Okla Ga. & Elea 59_1950 105 10535 33.000 8854
99
Jan 1054 Sept
611 merles A
Julio
9034 Jar 10 t
1940 10256 10311 13,000 63
.
New York Curb Exchange-Concluded-Page 6
Volume 141
Juh,
BONDS
(Continued)
1
Week's Range Sales 1933 to
for Sept.30
of Prices
1935
Week
$
High
Low
11,000
84
Okla Power & Water bs '48 83
16,000
93
1941 91
Oswego Fella 65
Pacific Coast Power ba 1940
Pacific Gas & El Co16,000
1941 11834 119
lat 65 eerier' B
5,000
1955 10534 1035.1
Is series D
1957 1074 10774 14,000
1st & ref 445 E
lit & ref 4355 F
1960 10735 10734 5,000
Pac Invest 55 ser A _ _ _1948 954 964 17,000
Pacific Ltg & Pow 55_1942
Pacific Pow & Lag 68._ 1955 814 8235 147,000
1938
Palmer Corp 65
5,000
Park & Tilford Os_ __1936 101 101
Penn Cent L & P 455's 1977 9834 9934 75,000
6,000
1979 10235 103
56
944 95% 70,000
1971
Penn Electric 45 F
Penn Ohio Edison1950 101 1024 80,000
as series A xw
9735 55,000
Deb b 45 Belles B_ _1959 96
Penn-Ohio P & L 535-5 1954 10434 10534 31,000
10,000
1958 1054 106
Penn Power bs
Penn Pub Sera as 0 1947 10635 10734 16,000
1954 1034 1034 2,000
be series D
Penn Telephone 55 C_1960 105% 10535 15,000
13,000
Penn Water Pow 55_....1940 1124 114
1968
6355 series B
Peoples Gas L & Coke1981 854 8634 108,000
45 series Li
1957 10334 10334 55,000
Miseries C
435 5% 45,000
Peoples Li & Pr 55_ _ _1979
25,000
Phila Electric Co 5s._1988 11235 113
27,000
Piffle Mee Pow 5%s._1972 110 111
Fhila Rapld Transit 65 1962 8731 8731 3,000
25,000
Phil Sub Co G & E 64657 10735 108
Hale Suburban Wat 55 '55
41,000
Pledin't Hydro-El 63.55 '60 4131 47
Piedmont & Nor 51._ _1954 1034 1044 23,000
Pittsburgh Coal 65_ ___194a 106 1064 2,000
42,000
97
Pittsburgh Steel 65___1948 96
Pomeranian Elea 50_ 1953
5,000
1939 10431 10431
Poor & Co 61
Portland Gas & Coke 55 40 7934 8034 31,000
Potomac Edison ba _ _ _1956 1054 10634 16,000
1961
434s series F
Potomac Mac Pow 65_1936
Potrero Sugar 7s
1947
Stamped
, 8355 864 9,000
PowerCorD(Can) 434s SW'
Power Corp of NY 535s'47
Power Securities 6s_ _ _1945 9735 984 47,000
3134 11,000
Prussian Electric 6s _.1954 31
Pub Hera of N H 445 B '67 10434 1054 45,000
Pub Sera of NJ 6%pet ctfs 1324 13335 14.000
Pub Sera of Nor Illinois1956 10831 10934 35,000
let & ref 55
11,000
65'erica C
1968 104% 105
4345 series D
1978 100 1004 8,000
13,000
a 345serles E
1980 99% 100
151 & ref 455. per F_1981 9935 10031 32,000
Pub Sera of Oklahoma1961 10535 10535 1,000
be series C
1957 10331 10335 6,000
Unties D
Pub Serv Subsid 545.1949 9735 9831 27,000
Puget Sound P & L 548'49 8331 8431 275,000
lit & ref be series 0_1950 80 81 41,000
lit & ref 454s ser 13_1950 7531 7735 105,000
Quebec Power ba
1968
Queens Boro GI & E 445'58
545series A
1952
Reliance Managemt 5s 1054
With warrants
Rochester Cent Pow 551953
Rochester Ry & LS 55.1954
Ituhr Gas Corp 6345_ _1953
Ruhr Housing 63.4s.._1958
Hate Harbor Water 445 '71,
St Louis Gas & Coke 65'57
San Antonio P S 53 13_ _'58
San Joaquin L & P 63 13'52
Sande Fails Si
1955
Saxon Pub Wks 8a _ __ _1937
Schulte Real Eatate(3s with warrants_ _1935
Si ex-warrants
1931
scrIPP(E W)00 53.45.1943
Seattle Lighting 55._ _1949
Serval Ins 65
1948
Shawinigan W & P 635s '67
6345 series B
1968
18155581155C
1970
1st 53555erles
_1970
Sheridan Wyo Coal
D_501947
Sou Carolina Pow 55_1967
Southeast P & L 6s.....2025
Without warrants
Sou Calif Edison 5s...1954
Ref NI 3315 May 1 1960
Ref al 3315 B July 1 1960
Hou Calif Gas CO 444_1961
Sou Calif Gas Corp 155 1937
Sou Counties Gas 430.'68
Sou 110111ana a & E 5355'57
Hou Indiana Ity 4s____1961
Hou Natural Gas as_ _ _1944
Unstamped
Stamped
13'weetern Assoe Tel 6s '61
Southwest0& E be A _1957
1957
65 series II
S'wentern LS & Pr 135_1957
ii'wea tern Nat Gas 84_1955
Ho'Went Pow & Lt 55_2022
H'WeLl$ l'ub Hera as_ _ _1945
1942
Staley Mfg 65
Stand Gas & Elea 65_1935
Certificates of deposit_
1935
Cony 85
Certificates of deposit_
1951
Debenture as
Debenture135Dec 11966
Standard Inveetg 5355 1939
1037
fs ex warrants
1957
Stand Pow & Lt 65
Standard Telep 645_ _1943
Stinnes (Hugo) Corp1938
Deb 7s ex-warr
_
7-4% Bram lied _.1936
Deb 75 ex-warr____1948
7-4% stamped_ _1946
Super Power of III 4355 68
1970
lit 6345
1961
85
Syracuse Mg 5555.___1954
1957
be ((cried B
Tennessee Elea Pow 5s 19156
Tenn Public)Service 5s1070
Tern,Hydro Elea 645 1953
Texas Elec Scribe 55.1980
Teams Gan Mil (Is__ 1945
1034 10334
99
9,000
9934 20,000
Low
40
4534
6b
1114 Jan 1204
10534 Oct 10831
Jan 108
101
10035 Jan 10734
Mar 9935
87
Jan 117
110
5735 Jan 864
Jan 1044
102
9234 Jan 101
8435 Jan 10034
9335 Jan 1053/
98
7435 Jan
5134
July
Jan
Oct
Oct
July
Apr
July
June
Oct
July
June
July
10234
974
106%
1084
108
106
10731
11435
109
Oct
Oct
mar
Feb
July
Aug
July
Sept
Sept
Jan
89
July
Jan
104
3931
35
74
924
6634
60
86
103
89
6635 Jan
6134 Jan
10335 Jan
Apr
105
Jan
100
Jan
95
10335 Jan
11035 Jan
10534 Slay
564
68
135
1044
100
4434
98
9535
39
69
89
79
25
80
6735
72
65
101
13
41
53
50
4135
29
8234
102
72
89
135
11135
10755
7535
1064
10235
37
9334
10535
89
25
9835
6735
994
9334
10235
34
41
7834
76
76
2934
104
118
Mar
May
Apr
Jan
July
Oct
Oct
Jan
Jan
AIR
June
Apr
Feb
Jan
Jan
Sent
Jan
June
Mar
Jan
Feb
Aug
Jan
Jan
84
11454
1114
9035
109
1064
754
104%
10835
9835
35
105
8834
1064
10734
10534
71
64
8834
1034
9834
42
10634
13334
Aug
Mar
July
Sept
Mar
Mar
Jan
Oct
Feb
Jan
Feb
Oct
July
July
July
Jan
Oct
Oct
Jan
Oct
Oct
Feb
May
Sept
62
5835
634
5234
5235
904
89
81
804
80
Jan
Jan
Jan
Jan
Jan
10954
10535
104
103
1024
July
July
July
July
July
6035
55
4031
3734
3835
3335
9431
9334
7935
554
5335
5034
Jan 1054 Oct
July
Jan 104
Jan 9934 Aug
Jan 8434 July
July
Jan 83
7774 July
Jan
101
85
102
88
614 86
Apr 10531 July
Oct
Jan 107
May
Jan 100
Oct
Oct
Sept
k eb
Feb
June
Aug
July
June
Jan
Feb
22,000
17,000
48,000
1.000
61,000
15,000
16,000
15,000
4,000
5,000
11
7
2174
Jan
1035 Feb 2135
435
6635 96
Jan 103
2835 Jan 604
17
Jan 10654
101
61
Apr 10135
8335 90
Apr 10031
90
63
Apr 10631
98
73
6331 9135 Apr 101
38
Jan 63
47
Jan 97
73
41
Sept
Sept
July
Nov
June
Aug
Aug
July
Aug
Aug
Nov
10231 382,000
10535 -15,000
984 96,000
9834 38,000
10634 19,000
10134 5,000
10334 3,000
1074 20,000
23,000
53
3734 6435 Jan 10251
904 10535 Oct 108
9751 964 Oct 9831
9731 9654 Oct 9834
78% 974 Jan 10635
Sept 10235
8334 101
754 9835 Jan 105
9634 10534 July 11034
25
Mar 614
25
Nov
Feb
Oct
Oct
July
Mar
Aug
Jan
June
81
53
66
8034
6331
40
93
60
9231
(SO
7135
45
60
25
49
37
77
55
103
83
3731
3734
48
__
3734
3735
4755
__
32
30
31
2835
824
64
6435 85
2555
253.4
16
2334
Oct
Oct
Oct
Aug
Sept
July
Aug
Oct
Oct
Mar
Jan
Oct
Jan
Oct
Aug
Aug
Slay
June
Aug
Oct
1735 19
1024 103
574 6035
106 106
984 983,5
9854 984
102% 10374
9854 984
5335 5355
964 97
9935 101% 113,000
10135 1014 7,000
9,000
89
8935
55,000
10335 104
31,000
103% 104
94% 9534 12,000
7,000
9231
92
94
9635 11,000
101% 10234 5,000
104 10435 13,000
57
0834 55,000
5635 36,000
55
57
584 43,000
5635 22,000
56
50
5274 189,000
49
53 281,000
944 22,00(1
93
9535 2,000
95
52% 364,000
49
1,000
47
47
10,000
3,000
2,00(1
13,000
35,000
35,000
5435
40
55
42
10431
10335
62
42
55
45
105
10454
107
10755
3,000
93
81
4754
9931
30
42,000
14,000
30,000
69,000
6,000
92
80
423-4
9834
20
Oct
Jan 100
Mar 83
Oct11335
Oct433-4
Aug 343,5
May 10935
June 144
Jan 105
Jan 126
Sept111
Aug 4231
82
314
111;1
33
254
10535
6
9231
10735
108
304
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Feb
Oct
Feb
Oct
Feb
Mar
Jan
Jan
Mar
Jan
10131
102
8954
1044
1043i
9531
954
964
102%
106
88
5634
68
5635
61
6031
95
9535
5936
48%
Week's Range
of Prices
BONDS
(Concluded)
High
Low
Nov
Jan 84
48
Nov
6531 Jan 93
July
9935 Jan 106
101
91
824
824
69
102
35
85
62
57
6,000 554
97
55,000 2234
83
11334 9,000 100
4,000 2835
35
23
1,000 91
107 107
335
1374 30,000
12
10235 103% 28,000 64
88
1094 10935 1,000 101
3334 3331 2,000 3074
96
77
113
34
100
1054
9835
9835
1054
1014
10335
1074
52
Range Since
Jan. 1 1935
4334 Apr 62
3035
Nov
3435 May 51
26
Feb
Slay 55
38
29
Aug
2934 May 5334 Sept
25
Jan 105
86
59
Oct
854 Jan 1044 Oct
66
10031 Jan 10634 Aug
70
June 1084 Feb
10335 106
10635 Apr 10934 July
97
814 Jan 100% July
48
754 Feb 854 July
40
Oct7534 Feb
404 38
854 Jan 10031 Aug
60
Oct
1331 Jan 30
12
Texas Power & LS 50.1956
1937
5s
2022
65
Thermoia Co 65 atpa_1937
Tide Water Power 55_1970
Tietz (Leonard) 7355_1946
1982
Toledo Edison 55
Twin City Rao Tr 545'55
1944
Ulen Co deb 65
1944
Os 2d stamped
Union Amer Inv 55 A.1948
Union Elec Lit Power1954
bs merles A
1967
be series 13
1957
445
1940
United Elec NJ 4s
United El Serv 75 x-w_ 1958
United Industrial 63481941
1945
lot 5 f 6s
1975
United LS & Pow 6s
1974
6351
Apr I 1959
5351
Un Lt & RYS (Del) 54a '52
United Lt & RYS(Me)1952
as eerie, A
1973
65 series A
1930
U S Rubber as
635% serial notes 1937
684% serial notes_ __1938
635% serial notes_ _1939
835% serial notee__1940
Utah Pow & Lt 85 A__2022
1944
4345
Utica Gas & Elec 55 D_1956
1952
bs Series E
2861July 1
Sales 1933 to
Sept 30
for
1935
Week
Low
3
62,000 65
14,000 87
20,000 51
18,000 55
62,000 49
25
10674 10734 41,000 79
6634 734 449,000 19
4,000 33
644 71
6434 70 129,000 54
1014 10134 4,000 78
Low
1034
1054
102
89
9635
High
105
10534
10235
904
9734
10634
106
1124
444
3354
3335
604
64
96
754
10634
106
11234
46
334
34
6434
6735
97
804
101
6034
10034
10234 71,000
6435 54,000
10054 6,000
10334
103%
10434
8734
8831
10654
106
1,000
1034
9,000
104
1,000
104%
884 13,000
8954 17,000
2,000
106%
2,000
106
1937
Val vollve 01150
Vamma Water Pow 554557
Va Public Serv 545.4.1946
1950
15t ref be ser B
1946
64
Waldorf-Astoria Corp
75 with warrants_ 1954
1937
Ward Baking fis
1968
Wash Gas Light 55
Wash Hy & Elect 45 _1951
Wane Water Power 55_1960
West Penn Flee bs__ _2030
West Penn Traction 5s..'60
West Texas URI ba A _1967
West Newspaper Up 6s '44
west United G & E 5355 55
Wheeling Mee Co 59 .1941
Win Elec Pow be A__1954
Wiso-Minn Lt & Pow Si'44
Wise Pow & Lt be E_ _1956
1958
Is series F
Wise Pub Serv 85 A_ 1952
Yadkin Ely Pow 55_1941
1937
York Rys Co be
2,000
1,000
8,000
18,000
3,000
3,000
418,000
45,000
11,000
380,000
95
94
90
89
8455 87
47,000
22,000
19,000
Range Since
Jan. 1 1935
Low
9434 Jan
10334 Jan
8335 Jan
67
Jan
7834 Jan
Feb
32
10535 Jan
4534 Jan
424 Apr
54
Aug
943-4 Jan
High
Oct
105
10635 Aug
103
July
93
Aug
9834 July
4031 Feb
108
Sept
7334 Nov
Nov
71
70
Oct
Oct
102
Apr
Apr
Sept
Jan
Oct
Sept
Sept
Jan
Mar
Jan
Mar
10834
10835
10735
116
71
4254
43
6435
6735
9834
804
Feb
Feb
Mar
July
Jan
July
Feb
Nov
Nov
July
Nov
514 8234 Jan
Feb
30
25
8935 1004 Oct
9931 Jan
60
9874 Jan
60
Jan
98
69
9835 Jan
60
Jan
55
45
Jan
5234 62
May
104
92
10435 Jan
91
103
6435
103
10335
10354
105
10534
8835
8935
1084
10935
Aug
Aug
Feb
Sept
Aug
Sept
Sept
Nov
Oct
July
July
99
924
9035
9635
3835
33
33
28
264
50
31
75
75
52
45
45
106
104
1054
10831
354
33
33
28
29
78
394
Oct
9031 Mar 100
9535 Jan 1034 June
9931 July
Jan
73
July
6835 Jan 95
5635 Jan 8834 July
2034
1064
10635
10535
10635
984
10235
824
5935
10535
108
10635
106
10035
994
10635
107
10435
Oct
Aug
Aug
Slay
Oct
Oct
July
May
Feb
July
May
Mar
00
Oct
Oct
Oct
Oct
Sept
1934
21
Oct38
10
20
OCt 3435
Oct3535
20
2134 Aug 34
Jan
Jan
Jan
Jan
6235 6234 3,000
12,000
65
64
735 735 8,000
2536
2734
734.
Apr
54
Jan
69
735 Mar
66
70
11
4,000
4,000
30
22
6835
61
July
34
Aug
30
9234 May
Apr
86
554 Jan
Feb
49
9831 Jan
9335 Jan
11,000
66
2835 19,000
2835 11,000
2,000
33
1,000
264
1035 2,000
734 2,000
363-1
23
214
23
21
435
335
1014
1031
935
2634
2334
5435
23
2235
3035
21
631
54
1054
1034
935
5235
4431
Aug
Aug
Aug
Jan
Aug
Mar
Mar
Oct
Aug
Oct
Jan
Jan
72
3835
37
39
34
12
10%
1731
1534
13
7334
60
Feb
Feb
Feb
Feb
Feb
July
July
Jan
Jan
Feb
Nov
Oct
1354
133.1
735
62%
8
935
104
104
1
31
I
35
13
44
535
AS(
13
13
11
8234
1034
935
1031
1031
I
31
1
4
46
4335
94
Oct
Oct
Oct
Oct
Sept
Aug
Sent
Aug
Sept
Sept
Sept
Aug
Jan
Oct
Mar
24
2435
1335
94
1431
1434
1534
14
431
431
5
4%
57
5334
114
1231
Jan
Jan
Jan
Jan
Fe,
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Nov
June
Aug
July
435
92%
76
31 83
3,000 75
65,000 4635
14,000 60
60,000 41
21,000 21
17.000 64
100
6,000 97
1,000 61
34,000 52
21,000 51
10,000 784
8,000 634
12,000 70
17
1734 21,000
10531 1054 24,000
10531z10534 3,000
10634
9734
10134
80
33
105
10631
98%
10235
8131
3554
10534
106 1064
106 106
9934 1004
9935
99
106 10635
1064 1064
103 1034
5
1044
10054
99
964
6334
84
63
21
9135
106%
10435
94
7631
75
9635
9534
9451
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
FOREIGN GOVERNMENT
AND MUNICIPALITIES-
,
Agricultural Mtge Bk (Col)
20-year 70.__..1934-1946
With coupon
1947
20-year 7s
1951
Baden 75
Buenos Aires (Province)1952
75 stamped
1947
7345 stamped
1948
Cauca Valley 75
Cent Bk of German Slate ,t
1951
Prov Banks as B
65 series A
1952
1955
Danish 5355
1953
65
Danzig Port & Waterways
External 634s
1952
German Cons Munic 75 '47
Secured 6s
1947
1939
Hanover (City) 71
Hanover(Prov)6 45 194b
Lima (City) Peru 6355__'58
Certificates of deposit.
195i
Marano 78
1958
75 coupon off
1951
aledellIn 7800r E
1951
Mendoza 7345
1931
411 stamped
Mtge Bic of Bogota 75_1947
Issue of May 1927
Issue of Oct 1927
Mtge 13k of Chile 85_1931
Mtge Bk cf Denmark 55'72
Parana (State) 75_.._1958
Coupon off
Rio de Janeiro 834t.1959
Coupon off
Russian Govt 6355_1919
835s certificatea_ _ _1919
1921
548
5355 certificates..___1921
1945
Santa Fe 7s
7s Stamped
1945
1945
Santiago 75
1961
78
19
19
3531 3531
31% 32
6235
2754
2734
33
26%
104
735
1,000
94 935
73% 73%
6254 65
2,000
1,000
7,000
13
1,000
13
20,000
11
11
2,000
88
88
1055 104 7,000
124 1235
2,000
13-4
35
135 23,000
135 21,000
1
55
494
1054
1034
135 9,000
7,000
57
19,000
53
2,000
11
7,000
1035
184
10
MA
,
June
June
Jan
• No par value. a Deferred delivery sacs not included in year's range. n Under
the rule sales not included In year's range. r Cash sales not included in year's
range. z Ex-dividend.
81 Price adjusted for split-up.
82 Price &dinned for stock dividend.
z Deferred delivery sales not included in weekly or yearly range are shown below:
United Aircraft & Transport Warrants, Oct. 26 at 935. Wash. Gas Light 5s,
1958, Oct. 31 at 10654.
y Under-the-rule sales not included in weekly or yearly range are shown below:
Finland Residental Mtge. 13k, 65, Oct. 30 at 101.
Abbreviations Used Above--"cod," certificates of deposit; "cons," consolidated:
w,e.
"cum," cumulative: "cony," convertible. 'an " mortgage; "u v" non-voting stock.
.. - w,..-with
' warrants;---x
'Issued;-"v t c." voting trust
us certificates.
, -w I,a '
when
without warrants.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables). are as follows:
18 Cincinnati Stock
88 Pittsburgh Stock
New York Stock
18 Cleveland Stock
New York Curb
88 Richmond Stock
,8 Colorado Springs Stock "St. Louis Stock
New York Produce
New York Real Estate 18 Denver Stock
.
8 Salt Lake City Stock
Baltimore Stock
l• Detroit Stock
is San Francisco Stock
V? Los Angeles Stock
27 San Francisco Curb
Boston Stock
82 San Francisco Mining
"Los Angeles Curb
Buffalo Stock
"Minneapolis-St. Paul
89 Seattle Stock
California Stock
Stock
"Spokane
.
8
New
Orleans
Stock
Stock
Chicago
10 W ashinzton(D.0a stock
Chicago Board of Trade 83 Philadelphia Stock
1 Chicago Curb
2869
Financial Chronicle
Nov. 2 1935
Other Stock Exchanges
Week's Range
of Prices
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, Nov. 1
Unlisted Bonds
Alden 6s
Unlisted Bonds (Concluded)
-------Park Place Dodge CorpWith v t c
Bid
9
1212
17
15
1712
2612
2912
79 Madison Ave Bldg 5e
2124-34 Ilw ay 3Idgs ct fa _
2450 Bway Apt Hotel BldgCertificates of deposit_ _ .
29
52
Unlisted StocksCity & Suburban Homes,
Bit
1941
3812
Brierfield Apt Bldg ctfs_ _
Carnegie Plaza Aunt
Bldg 68
Dorset Se <We
Asa
A at
715 21
1937
1941
5th Ave & 28th Bid 6;48'45
5th Ave & 29th St Corp 6E348
912
312
Orders Executed on Baltimore Stock Exchange
STEIN BROS.&BOYCE
Established 1853
ó.S. Calvert St.
39 Broadway
BALTIMORE, MD.
NEW YORK
Hagerstown, Md.
Louisville, Ky.
York,, Pa.
Members New York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
Sales 1.7331,
for Sep.30
Week 1935
Range Since
Jan. 1 1935
Stocks (Concluded) Par Low
High Shares Low
Low
High
New Rug Tel & Tel__ _ _100 109 111
579 75
884 May 112
Aut
NY N Haven&Hartford100
603
355
3
255
855 Auj
234 Oct
Northern RR (N H)_ __100 107 107
10 83
Feb 112
103
Auj
Old Colony RR
338 56
Juni
100 47% 51
4854 Oct 72
Old Dominion
1,700
4 Feb
34
95c
1% Oe
13-4
Pennsylvania RR
849 1734
50 27
Sep
1734 Mar 30
2834
Quincy Mining
300
1% Oc
650 65c
25
51 Jan
51
Reece Butt Hoe Mach _10 15
225
8
15
1351 Mar
16% Jul)
Reece Folding Mach Co_10
155
200
1%
1%
155 Aug
211 .111111
Staawmus Assn it ons
64
93,4 104 2,882
8
.•
Feb 104 Oc,
Stone & Webetsr
5,942
•
9% 1234
24
24 Met 12% Oc
Suburban Elec Sec com_ _ _•
100
1%
55 Aug
55
2
I%
Sep
2nd Preferred
22
25
351
• 22
July 22
18
Oc
Torringtoa Co_
89
206 35
.._• 87
Jan 93
69
Juli
Union Twist DrIllCo
__90
94
5 2255 234
2355 Oc
1234 Jan
United Founders Corp_ I
854
51
51 Mar
155 AM
4 1
United Gas Corp
1
55
335 4
1% June
210 0
455 Sep
U Shoe Mach Corp ....... 25 8434 8535
1,206 47
Sep
Jan 86
70
Preferred
433 3034 3531 Jan
100 3955 40
4055 Seri
Utah Apex Milling
A
5
A
100
A
A July
155 Jul
Utah Metal & Tunnel
520 60c 11,195
60c 490
1
Oct
214 Jai
Waldorf System Inc
355
•
100
855 9
94 Oc
454 Mar
Warren Bros Co_ _
. ,._•
355 435
230' 255
6 A Jul
254 Sept
Warren (SD) Co com
10
455 Jan
4%
* 12
12
12
Sep
BondsEast Mass St RySeries A 410
Series B Is
tarn,, ri rt.
1948
1948
1015
73
73
on
76% $22,000
8255 21.900
00
500
3255
34
35
4994 Jan
50
Mar
Jan
63
7615 No,
8234 No,
90
Oc
Baltimore Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
Week's Range
of Prices
Sales
for
Week
Jail, 1
1933 to
Range Since
Jan. 1 1935
sepi.30
Listed and Unlisted
1935
StocksPar Low
High Shares Low
High
Low
Arundel Corp
• 22
23%
698 1134
1534 Mar 2334 Oct
Atlantic Coast L (Conn) 50 2734 2755
Jan
98 18
Mar 31
20
A Aug
Balt Transit corn v t o
•
55
181
1
35
Aug
Si
1st pref v t c
"
255 3
212
355 Sept
255 Oct
3
Black & Decker corn
2,532
* 1955 20
751 Jan 20
431
Oct
Preferred
25 33
3334
119
Ches & PotTel of Balt pf100 118 119
Mar
53 111
Apr 120
111
Consol Gas EL & Pow....* 83
85
111 4534 53
Jan 90
Aug
5% preferred
100 115% 11534
10 91
Sept
104% Jan 117
Davison Chemical Co _ _ _ _•
%
716
9c
470
Mar
31 July
1
Eastern Sugar Assoc corn 1
17
1,446
19
655 July
134
19% Oct
Preferred
1 22% 25
620
July 26
11
Sept
33,4
Fidelity & Deposit
20 86
87
Sept
58 153.4 4134 Feb 90
Fidelity & Guar Fire__ _ _10 38
385
210
2255 Jan 40
8
Aug
Houston 011 pref
100
9% 10
5
1,240
Feb
4
10% May
Mfrs Finance lot pref _ _ _ 25
2d preferred
25
Merch dr 'Miners Transp_ _•
1%,lononINPennPS7%p125
MtVer-WoodM Ills pref 100
New Amsterdam Casualty5
Northern Central Ry _ _ _ 50
Penne Water & Pow corn "
US Fidelity dr Guar
2
11
155
28
23%
4954
9%
97
75%
1034
11
1%
29
23%
5034
955
97
77
1134
71
10
190
30
17
442
4
104
1,270
•
BondsBaltimore City4s Annex Inapt
1951 112% 1124
5600
Balt Transit 4s (flat). _ 1975 14
1455 21,000
B 5s (flat)
1975 80
1,000
80
A cc tri.t,
1970 14t1 151.
1 10r1
535
55
21
1255
1935
551
71
4154
234
534
55
21
1555
39
6
88
63
555
May
June
Mar
Jan
Sept
Mar
Mar
Jan
Jan
11
155
29
23%
5134
1055
9835
77
1151
Oct
Jan
Oct
Oct
Oct
Aug
Aug
Nov
June
107
95
Feb 112% Aug
1535
1334 Oct 18% Aug
79
Sept 81
79
Oct
lfi
14
Oct 1734 Sent
Boston Stock Exchange
Oct. 26 to Nov. 1, both inclusive compiled from official sales lists
Week's Range
of Prices
StocksPar Low
Amer Pneumatic Serv CoCommon
1%
25
6% non-cum pref
50
4
lot preferred
50 22
Amer Tel & Tel__ _ _ 100 1424
Bigelow-Sanford CarpetFreterred
100 94
Boston & Albany
100 113
Boston Elevated
100 6734
Boston & MainePrior preferred
100 20
CIA 1st pref stpd.._100
5%
Cl B 1st pref stpd_ -100
655
CI D let pref stpd__ _100 10
Boston Per Prop Tr
100 1434
Calumet & Ilecla. ______ 25
551
Continental Sec Corp__ _5
5
Copper Range
26
43,4
High Shares
2
455
23
145%
94
115
68
2355
63,4
631
10
14%
554
5
434
•
East Boston Co
90c 90c
East Geis & Fuel AssnCommon
•
351
234
100 36
4251
0% cum pref
il 54% prior preferred 100 54
60
Eastern Mass St StyCommon
100
2
23-4
lot preferred
100 28
37
Preferred B
100 11
1355
Adjustment
100
5
555
Eastern S S Lines com___•
555 6
43
211 preferred
43
Ed I son Elea Blum
106 158% 166
Employers Group_ _ .___ .• 1834 2034
General Capital Corp.__ _* 3455 3434
Georgian Inc(The) A p6.20
155
155
Gilchrist Co
•
5% 6
Dinette Safety Razor _ _ • 16% 1734
Hathaway I3akerles pret •
Class A
•
Class B
•
Int Hydro-Elec Sys cl A.25
Island Creek CoalCommon
1
25
Isle Royal Copper
Maine CentralCommon
100
100
Preferred
i.... • i..,,,,,,,,.. •
--
Low
465
55
380
2
106 10
2,731 1 9834
Range Since
Jan. 1 1935
Low
High
54 Mar
June
2
1234 Jan
984 Mar
Oct
2
53,4 Oct
July
23
1464 Jan
15
301
317
60
88
55
82
May 96
July
Mar 122
88
Sept
584 Apr 714 Aug
245
316
20
45
120
360
100
433
124
334
53,4
6
84
234
2
3
12%
900
355
555
6
94
234
23.4
3
Mar
Apr
Apr
Mar
Jan
Mar
May
Feb
2655
955
12
14
1534
6%
5
54
Aug
Aug
July
July
Oct
Oct
Oct
Oct
254
Jan
100
55
136
679
914
2
3711
53
2
36
54
Mar
Oct
Oct
853
720
755
1,327
500
45
1,179
862
355
10
195
470
55
431
1
768
4%
33
9734
654
18
55
2%
74
A
5
155
78c
4%
34
974
II%
2434
35
3
12%
2%
May
Jan 37
Apr 1334
ui
July
Apr
755
Mar 45
Feb 106
22
Jan
Mar 3434
155
Aug
Apr
655
Mar
1954
Oct
44 Jan
53% Aug
6834 July
Oct
Oct
Oct
Oct
Aug
Aug
Nov
Aug
Oct
Apr
Oct
Aug
39
40
10
10
255 35(
3
3
20 1034
25
54
410
55
6 1 1%
174 May
2
Jan
55 July
1% Mar
374 Oct
Oct
10
2
Oct
455 Aug
2555 2555
95c 95c
5' 204
100 800
Aug
25
55 Mar
34
13.4
7
16
21
245
72
43.4,
11%
931 Oct
Sept
23
2014
Oct
For footnotes see page 2865
July 1
Sales 1933 to
for Sep.30
, Week
1935
8
18
2214
tan
43,4
8
'nu
Jan
Jan
041.1 Lt,,
CHICAGO SECURITIES
Fob
Oct
Paul FI.Davis &ea
Members:
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
1Veek's Range
of Prices
5511/ 1
Sales 1933 to
Sep.30
for
Week
1935
Range Since
Jan. 1 1935
StocksHigh
Par Low
Low
High Shares Low
Abbott La mretories corn_• 122 12655
1263,4 Oct
290 344
Adams (J 3) Mfg corn_ _ _• 18
Mar 2234 May
12
1855
160
5
Adams Ito ,alty coin
555 5%
355 May
•
155
350
63,4 May
Advance A lum Castings_5
13,4 Mar
554 Oct
4% 555
155
1,550
Allied Pro mots Corp ol A_• 34
36
2,300
54
12
1s13 3611 Oct
Amer Pub 3ery Co pref_100 32
3
334
210
734 Jan 3355 Oct
Armour & Co common 5
455 455 2,850
351
014 Jan
334 Apr
Asbestos 1% lfg Co corn__ _1
155 Mar
3,550
155
44 Oct
451
4
Associates Invest CoNew conmon
1,200 084 2955 Aug 3655 Oct
• 29% 32
Automatic Products corn 6
104 Oct
Jan
6
214
934 1034 3,150
Automatic Wash cony pref.
255 Nov
150
2
% June
51
254
Baskstay Belt Co corn-. 15
451 11
May
590
1734 Oct
1734
Balaban & Katz Corp pf100 100 100
July
20 8755 l'eb 100
10
Bastian-BIeasing Co tom.'
255 July
2%
735 Oct
655 734 8,150
Bening A latlon oom
Mar 2415 Oct
4,850
12
• 21% 2234
934
Berghoff IrewIng Co,
254 Jan
1
4% 434
1,050
2
4% AM
Blobs Mfg Co cl A cony _.•
14 Jail
14
100
2% 24
234 Apr
Borg War ter Corp oom_10 5955 6334
4,200 113.4
2834 Jan 65% Oct
7% pref n.red
40 87
1074 Ott 113
Mar
100 1083,4 109%
Brach & S ins(E J) corn...• 1534 17
Oh
700
1335 Jan
1755 Oct
Brown Fe to & 5% ireClass A
14% Jan 3055 Oct
1,900 g5
* 2951 3055
Class B
Jail
4
26% 4,205 gl%
• 24
2635 Oct
Bruce Co EL)corn
• 1551 17% 8,480
Apr
5
5
1794 Nov
Butler Fir triers__
755 855 25,400 5 254
534 Aug
855 Oct
. In
Canal Coinstruct cony pref*
Oct
3
30
234 2%
55 Apr
35
Castle & CD(A M)com....10 41
4155
300 10
Sept
1734 Jail 44
Cent Cold Stor Co com_20 16
1134 Apr17
455
Oct
420
17
Cent III P ob Serv pref.._..• 48
50
1,950 104
134 Jan 50
Oct
Cent III SecurCommo 1
4 1
1
55 Jan
154 Aug
4
750
$155 co V preference_..• 14
15
350
754 Feb15
551
Nos
Central 8 WCommo I
1
1% 5,800 8
1%
Jan
54
8i,
13-4 Aug
Prior II n met
• 4255 46
124 Jan 46
Ocl
2
660
Preferre j
355 Mar 2055 Oct
2
• 20
204
670
Chain Bel Co coca
39
2155 Jan 39
• 38
160 14
Ocl
ao
Cherry Durrell Corp corns 40
404
Chic City Si Con part coin *
54
A
Chicago Corp aommon_•
3% 44
Prefern.d _ ___ __ ___ .• 45
4534
Chicago Elee Mfg class A.• 21
26
Chic nextShe shaft suri_5 35
3594
Chicago 1% all Order com _ _5 33
33
Chic & No West Ry com100
2
255
Chic Rive:di Mach cap -• 24
2455
Chic Tow 1 Co cony pref.• 9955 100
Chic Yell w Cab Inc C111).• 12
123.4
Cities Setsilee Co cora_ _ _•
2
2%
Club Alur i Uten Corn
•
155
134
Coleman %Dec Stove cum* 30
30
Common •ealth }Anson WO 94
98
Consum I CoCoinmo 2
%
%
5
6% Prlor prof A
100
54 54
cum Preferred.. _100
3% 335
Continent 11 SteelCommo 1
• 3034 3954
Preferre d
100 1155,4 118
Cord Corp cap stook
3% 455
o
Crane Co oommon
25 1894 2155
Prefer!' d
-100 115 116
Cudahy Paching pref _100 107 107%
Curtis Lig Ming Inc coin_ _*
2% 2%
Curtis Mf 1 Co corn
955 9%
5
Dayton R abber Intg corn..
734 7%
Cumul )1 A pref
35 174 18
Decker(A If) & Cohn corn10
3
354
Deep Roc t(Moony pref_..•
551 551
Dexter C 0 (The) corn...5
951 10
Eddy Pap Corp(The) corn• 24
244
Elea Boosehold 1:1811 osp_5 1851 1855
Elgin NatI Watch Co_ IR
2041 31
260
100
21,800
800
100
200
100
250
2202
120
350 1
21,050
400
170
1,960
2,650
10
10
5
A
1
2034
3
7
834
155
455
5851
94
4
51
555
3034
184
54
1
29
12
134
1554
155
13
80
94
4
51
174
47
55
1
1
Si
Jan
Jan 404 ON
Feb
Si Fel
434 Cie
Apr
4631 Oc
Jan
Oc
Oct26
Jan 364 Oc
Mar 3414 Sep
531 Jul
Jun
Mar 254 Oc
Oc
Jan 100
1255 Oc
May
24 Au
Apr
Ma
3% Sep
Or
Apr SO
Oc
JAW 98
55 Feb
July
M Mar
134 Sep
8% Sep
Oc
5
Feb 39A,
8
16,700
5
Jan 118
70
130 40
555
Mar
2
5,000
2
7
10,000
214
5
Jan 116
113
130 32
104% Oct 10751
100 90
2
3
Jan
2
21
1000* 451
555 Jan
1231
234 May
1,100
234
794
84 May
84
194
100
1
Jan
54
40
3%
3
80
3
May
551
455 Jan
355
10
380
434 134 Jan
24%
580
185,4
Apr
12
6
4,300
64 144 Fell 32
600
mar
No
Or
Sep
Ni,'
Oc
Oc
Oc
Ant
Oc
Sep
No,
Or
Oc
Or
Oc
Oc
2
w
w.m
r.w
4
4
4 1
4
4
14
4
414 44
32
324
914 11
50
50
164 17
1034 114
284 30%
4
34
36% 40
1
114
44
324
4
30
4
54
13%
634
20
1334
814
27
264
18
42
314
44
2
44
3334
134
31
434
6%
1934
731
20
1334
8%
27
2734
19
44
44
414
214
50%
50
103
11034
.55
544
105
1114
M
4
234
w
2%
4
24
4
3
24
14 July
6
Feb
Mar
5
1
514
34
10
34
Jan
Jan
Ma
On
Sept
7
Oct
024
26
Mar
26
9
Mar
2
1314 Jan
34
• 51
mar
24 39
124 229 Jar
% Apr
Ii
22
Oct
2 25
634 Mar
64
154 Jan
4
20
July
20
34
34
II,
4
4 Jan
% Mar
14
4
%
%
134
7
Jan
Apr
Apr
Apr
June
Jan
Oct
Feb
234 Sept
21
Oct
94 Oct
74 Oct
Oct
45
5% Nov
1034 Oct
64 Apr
854
414
35
294
6034
53
1%
33
1234
634
25
Oct
July
Nov
Oct
2%
Oct
Aug
Oct
Jan
Jan
Oct
Oct
Sept
4 Aug
344 Oct
4
14
2%
1%
434
324
Aug
Aug
Aug
Aug
Oct
Oct
Oct
Sept
Jan
64 Jan
4234 Jan
14
July
II
.54
20
4%
19
Si
6
41
6
22
Si
6
34
Mar
Jan
Aug
Mar
Mar
114 Oct
304 Nov
% Aug
40
Oct
1% Jan
1
17
136
264
14
1834
234
334
54
114
3
10
Feb
4%
Mar 37
13.4
Apr
Feb 314
Mar
534
6%
Jan
1934
Jan
10
Jan
Mar 22
14
May
May
934
Mar 28
Jan 274
Mar 19
Feb44
434
Jan
434
June
44
Sept
34
10
13.4
29
3
1
2
7%
3
10
4
0
21
4
1%
14
914
9
28
38
135 13654
143 145
234 234
%
34
%
si
14
164
Apr
3
30
2
204
5
1,14
24
High
Jan 184 Oct
Jan 134 Oct
74 Jan
Oct
Jan 284 May
Oct 114 May
Oct
Jan 24
Mar 2934 Nov
May
7% Oct
Oct
11
May
84 July
Oct
Sept 11% July
1914 Mar
July
Mar 26% Nov
94 Oct
Sept
97
Jan
Sept
Feb 61
Oct
Nov
Feb 26
Jan 32
Nov
50
Jan
Oct
Sept 404 May
Jan
84 Sept
11.4 Nov
Jail
40
Jet
Oct
Oct
Aug 78
60
Mar
Oct
Jan 10614 Oct
2% Jan
Jaly
4 Jan
25
Oct
4
1
2
10
3
W.
74
38
35
29%
57
53
1
2214
124
614
24%
•
834
54
14
15%
6%
1714
17
4
6
5%
10
16
634
5
60
30
134
1814
154
314
34
3
0
7234
22
85
34
14
21
4.43
7
37
33
284
57
49
1
22
114
54
24
Ws]
74
7
394 45
54 57%
10
10%
414 4%
106
Ill
20
2
3
134
2
14
15
13
134
56
564
Sangamo Electrlo Co corn • 27
27
Signode Steel Strap CoCommon
104
• 10
30
Cumulative preferred _ 30 30
18
Blvyer Steel Castings com.• 18
2
2
Sou Colo l'ow CIA corn_ _25
S'weet Gas & El 7% p1100 97 102
46
Southwest Lt & Pow pref_. 46
77
St Louis Nat Stkyds cap_ _* 76
Standard Dredge•
4
434
Common
Convertible preferred _ _• 144 174
1
1
Stutz Motor Car Co corn_*
314
15 31
Swift International
Swift &Co
25 18% 1934
84
8
Thompson (J R) com......25
34
3
Utah Radio Product corn.•
•
3.4
4
Utll & Ind Corp com
Convertible prof
•
234 3
Viking Pump CoCommon
• 13
1334
Vortex Cup Co• 164 17%
Common
Class A
• 33% 34%
•
414
Wahl Co com
33.4
Walgreen Co oommon
• 2834 2934
Purcha.se warrants
34
"
Ward Montgomery & CoA• 139 140
For footnotes see page 2865
m
24
234
19
19
8% 9
n
w
3
2714
'ww7mco'm
2
25
w.—bm
g 88SE8SSSa4§§ 88888 StS 88 888S88888S88'88S8SS8888-618SES
0SS0= Sco So0cco ES
7%
24
2934
74
11
8
104
1734
26%
94
97
6034
26
32
50
344
734
1134
40
78
584
10534
114
834
3
2%
10
334
84
12%
3%
44
64
10
16
24
3%
424
9
34
9
"7
19
134
1,.,
5
724
74
65
Week's Range
of Prices
Range Since
Jan. 1 1935
Low
Low
4
4
9
814
11
0
-
Nachman Springfield corn*
National Battery Co pref-•
Nati Elec Pow cl A corn....'
Natl Gypsum cl A com 5
National Leather corn _ _ _10
Nat'l Republic Invest TvGum cony preferred_ _ _•
National Standard com •
Nat'l Union Radio com....1
Noblitt-Sparks Ind corn •
North Amer Car com
•
Northwest Banoorp oom •
Northwest Eng Co com
Northwest CBI 7% pref 100
7% prior lien pref _ _ _ _100
Ontario Mfg Co corn
•
Oshkosh Overall Co com •
Cony preferred
•
l'arker Pen (The) com_ _10
Penn C1118 & Elm corn
•
Perfect Circle (The) Co.._•
Pines Wintertront com
15
Potter Co(The) corn
•
Prima Co corn
*
Public Service of Nor IliCommon
•
Common
60
6% preferred
100
7% preferred
100
Quaker Oats CoCommon
•
Preferred
100
Rats Pack Co(The) com10
Raytheon MfgCommon v t o
50c
6% preferred v t a
5
Reliance Mfg Co com..10
nonins IIos M cony pref *
Ryerson & SODS too corn_ _•
18
1234
614
22
4
WW.0•40.
La Salle Est Unlv com__5
Lawbeck 6% cum pref_100
Leath & CoCommon
*
Cumul preferred
•
Libby McNeil& L1b1:07..-10
Lincoln Prtg CoCommon
•
50
7% preferred
Lindsay Light com___ _10
Preferred
10
Lion 011 Refining Co com _•
Loudon PackingNew corn
•
Lynch Corp corn
5
McCord Rad & Mfg A •
McGraw Electric corn _ 5
McQuay-Norris Mfg com"
McWilliams Dredging Co-•
Manhattn-Dcarborn com_*
Mapes Cons Mfg cap _--•
Marshall Fleld common.•
Mer & Mtn Sec di A corn-1
Prior preferred
•
Mickelberry's Food Prod1
Common
Middle West UtilitiesCommon
•
$6 cony pref A
•
Midland United Co*
Common
Cony preferred A
''
Midland Util 7% pr lien100
100
6% prior lien
Miller dr Hart cony pref _•
Modine Mfg Co corn
•
Monrot ChemicalCommon
•
Preferred
•
Muskegon Mot spec el A..'
High
wwlobWm
Stocks (Concluded) Par Low
Fitz Simons & Connell
Dock & Dredge Co corn • 18
Gen Candy Corp cl A __ --5 12
4
Gen Household ULU corn.•
Godchaux Sugars lot A_ -• 19
Class B
*
734
Goldblatt Bras Inc com _• 2334
Great Lakes D & D oom • 27
Hall Printing Co com_._1
6
Harnischfeger Corp com_10 1034
74
Heileman Brew Co G cap _I
Borders Inc corn
* 104
Hormel & Co(Geo A)corn• 1734
Houclaille-Hersney CI B..• 234
8%
25
Illinois Brick Co
Ill North UL!! Co pref__100 964
Independent Tool v t o- --* 584
Iron Fireman Mfg v 1 e
• 25
Jefferson Electric Co Com _• 30
Kalamazoo Stove corn.....' 47
Katz Drug Co corn
1 334
7%
Kellogg Switchboard com10
Ken-Rad T & Lamp Com A• 10%
50 38%
Ky UM ir cum pref
6% cumul pref
100 76%
KeYstone SU & Wire cons_• 57
100 105%
Preferred
14
Kingsburg Breweries cap _1
July 1
Sales 1933 to
for Sep.30
Week 1435
.w7o
w0g;
1Veek's Range
of Prices
•
2863
Financial Chronicle
Volume 141
114
63-4
334
14
394
14
32
X
134
34
1934
• 11
44
•
4
4
34
2
13-4
54
24
4
154
4
50
4%
2114
11
8
31
44
14
14
Oct
Aug
Oct
Oct
Oct
Oct
Nov
Aug
July
Jan
Oct
Aug
Oct
Nov
Oct
Oct
Oct
A pr
1844
i6%
61%
7334
Jan 5634 Oct
Jan 564 Oct
July
Jan 105
July
Jan 115
28
33
23%
Jan 1363e Oct
July
Feb 148
Jail
Oct 30
94 Apr
34 Jan
't I eh
914 Apr
20
Jan
8
Jan
Oct
3
2
Oct
Oct
16
14
July
5634 Oct
28
I%
Oct
12
Jan
1114 Jan 374
5
Mar 184
1
3
Mar
544 Jai 102
254 Jan 46
78
63
Jan
Aug
Aug
Oct
Sept
Nov
Aug
Aug
%
34
I
2714
1434
54
4
4
4
Oct
Oct
Feb
Feb
Oct
Sept
Oct
Aug
Aug
634
Mar
44
Mal
174
Aug354
Sept30
May
203.4
Mar
8%
Mar
3%
Mar
134
Mar
434
Jan
14
20
16
Jan
3541
31
Jan
44
1
Apr
264 June 3234
13.4
14 Oct
Jan 1434
27
Aug
Aug
June
Oct
Aug
Jan
May
Stocks (Concluded) Par Low
Wautesna Motor Co corn • 96
19
Wieboldt Stores Inc corn.*
Williams-011-0-Matic corn. 10
Wisconsin Ban cabaret corn'
24
2
Yates-Amer Mach pt pt.•
Zenith Radio Corp com__•
9
BondsChicago Ry 1st m 5s_ _1927
Certificates of deposit _ __
July 1
Sales 1933 to
Sep.31
for
Week
1935
High Shares Low
100
960 21
204
700
914
234
12% 5,450
3
300
1%
24
450
34
104 15,050
1%
74
75
87,000
43
Range Since
Jan. 1 1935
High
Low
Oct
30
Jan 100
Feb 204 Oct
11
24 Mar
12% Nov
3% Feb
2
June
Ii May
2% Oct
14 Apr 104 Nov
67
Jan
77
June
BALLINGER & CO.
Members Cincinnati Stock Exchanm
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System-First Boston Corporation
•
Cincinnati Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
July 1
Week's Rance Sales 103310
Range Since
Jan. 1 1935
of Prices
for
Sep.30
Week
1935
High
Low
High Shares Low
Sept
11
54 July
514
9
270
Oct
1234 Mar 24
145 2 104
234
334 Oct
1
13
3%
1% Jan
4
Apr
14 Feb
4
14
550
Sept 244 Oct
20
2434 8,635 20
Oct
28 10014 10034 Sept 105
105
214 Jan 1434 Oct
1
425
1454
Oct
7214 Jan 101
586 62
101
4%. July
24
227
44
23-4 Apr
Aug
156 60 34 624 Jan 91
86
May
Jan 28
119 164 21
254
Oct
Jan 45
54 25
10
44%
124 Sept 16% Oct
7
32
16.4
As. rye
54 Oct
5 I May
5
25
534 554
Jan
9
54-July
2
35
6% 64
74 Oct
34 Mar
34
846
74 74
Oct
94 Mar 18
8
151
18
18
Mar
734
1634 Jan 29
180
294 2914
Sept
7
Oct
83.6
3
44
7
734
Oct
Feb 42
27
92 22
40% 41
Aug
234 May 32
28 1 19
2634 27
6% Oct
2
Mar
2
68
634 6%
63' 334 434 Jan 53% July
50
51
July
9% 16% Oct 20
180
164 174
714 May
Oct
4
2%
380
44 4%
27% Jan 4734 Oct
207 12
464 4714
May
65 14% 2934 Jan 39
3514 36
3
7% May
Jan
2
272
5% 6
Par Low
Stocks84
Aluminum Industries_ _ _ _*
Amer Laundry Mach _ ...20 224
3
8
Baldwin
3%
•
Burger Brewing
100 21
Champ Coated
100 105
1st preferred
• 14
Churngold
Cincinnati Gas & Elec. _100 100%
4
Cincinnati Street Ry _ __ _50
Cincinnati Telephone_ _ _50 84
CM Union Stock Yard_ • 24
* 444
Coca Cola A
• 15%
Crosley Radio
Dixie Ice Cream
Dow Drug
Eagle-Picher Lead
Formica Insulation
Gibson Art
Goldsmith
Hobart CIA
Kroger
Meteor Motor
PRO
Randall A
B
Rapid
U S Playing Card
LT S Printing
5
•
20
*
•
•
*
•
*
•
•
•
•
10
*
OH 10 SECU RI TI ES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.-Cherry 5050
CLEVELAND, - - - OHIO
Cleveland Stock Exchange
Oct. 26 to Nov. 1, both inclusive compiled from official sales lists
July 1
Ranoe Since
Week's Rance Sales 193310
Jan. 1 1935
of Prices
for Sep.30
1935
Week
High Shares
•Par Low
Stocks10
14
Air-Way Elec A DO pf _ _100 14
65
• 4534 48
Allen Industries, Inc
55
* 394 394
Preferred
1,597
Apex Electric Mfg
11
9
•
61
Prior pref,
80
100 76
10
35
Canfield 011
100 35
190
144
City Ice & Fuel
• 14
10
Preferred
100 7634 763.4
2,850
Cleve-Cliffs Iron, pref _ ...• 40% 44%
1,100
Cleve Elec 1116% pref _ _100 110% 112
18
Cleveland Ry
61
100 61
3.680
61
Cleve Ry "cts of dep"_ _100 60
1,335
17%
Cliffs Corp v t c
• 16
65
47
Electric Controller & Mfg • 47
143
35
Faultless Rubber
• 34
90
Federal Knitting Mills_ • 48
50
190
Foote-Burt
• 104 1134
90
Greif Bras. Cooperage A • 3234 3334
88
Hanna M A 37 cum pre_ _• 10114 1014
200
Harbauer
2014
• 20
Interlake Steamship
*
Jaeger Machine
•
Kelly Island Lim & Tres. _•
Lamson & Sessions
•
Leland Electric
•
McKee A G cl B
•
Medusa Portland Cement•
Murray Ohio Mfg
•
National Refining
25
Preferred
100
•
National Tile
Nestle LeM ur cum cl A_ _ _•
Nineteen Hund C cl A _ _•
Ohio Brass 13
•
•
Packer Corporation
•
Patterson-Sargent
•
Richman Bros
•
Selberling Rubber
100
8% cum pref
1
S M A Corp
Truseon Steel 7% pref _100
•
Vichek Tool
Weinberger Drug Inc
•
27
934
224
3
104
1534
134
18
44
424
5
234
294
29.4
84
25
57
134
5
123-4
78
53-4
15
29
914
2414
414
1214
20
13.4
18
434
43
634
234
294
324
8%
25%
5714
154
5
14
78
8
154
High
Low
Low
Nov
14
Nov
14
14
Nov
84 Jan 48
2
Feb
Apr 45
39
174
Oct
11
Jan
4
34
Nov
55 June 80
50
Sept ,
Sept 35
35
35
Oct 2414 May
12
1 14
May
Sept 100
16334 73
Mar 444 Nov
15
15
994 1104 Jan 11534 July
Oct
3534 5314 Apr 64
Apr 66
Aug
3414 50
Apr 17% Oct
5
5
July
Jan 52
144 21
Oct
Jan 35
30
21
Oct
Max 50
2934 40
1114 Oct
Jan
5
4
Jan 333.4 Oct
27
16
1003-4 100% Sept 101% Oct
Jan
June 23
18
414
372 20
129 *2 1
521
63.4
214
25
3
200
5
455
6
150
2%
50
2%
40
49 40
1
1,802
1
450
119 21
10
221
34
100
116 1034
234 38
1
150
3
100
8%
421
284 25
1
522
7
136
204
4%
11
24
43.4
0
12
3
24
40
1
2
234
19
64
19
46
1
3
9
25
2
1234
Oct
Mar 29
Jan 114 Oct
Jan 2414 Oct
434 Aug
May
May 134 Oct
Oct
Jan 20
Jan 17 June
Mar 1934 Oct
714 Apr
Mar
May
Sept 65
Mar
63.4 Oct
534 Jan
Sept
Sept
Jan 30
Sept
Jan 33
Jan
83.4 Oct
Apr 2734 Sept
Sept
May 59
Jan
3
June
8% Jan
Aug
Jan 14% Oct
Oct
Apr78
214 Nov
Feb
Jan
1634 A tie
2864
Financial Chronicle
Nov. 2 1935
Week's Range
of Prices
WATLING,LERCHEN & HAYES
Stocks (Concluded) Par Low
Square D Co A pref
• 37
Standard 011 of Calif
36%
Taylor Stilling Cory
20
Transamerica Corp
•
951
Union Oil of Calif
25 19%
Universal Cons 011 Co_ _10
6%
Weber Showcase & F pf__*
5
Wellington 011 Co
1
80c
Members
New York Stock Exchange
New York Curb (Associate)
Detroit Stock Exchange
Buhl Building
DETROIT
Telephone - Randolph 5530
Detroit Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official
July
Week's Range
of Prices
sales lists
1
Range Since
Jan. 1 1935
Sales 1933 to
for
Sep.30
Week
1935
StocksPar Low
High Shares Low
Auto City Brew com
1
134 1% 27,319
1
Baldwin Rubber A
35
• 31
4,130
6%
Bower Roller Bear com_ _ _5 33
33
117 I 6%
Burroughs Adding Mach." 2534 26
1,746 1 1034
Chrysler Corp con
5 8834 8855
1,090 2934
Consolidated Paper com-10 2334 2434 2,850
634
Continental Motors corn_•
1% 2
1,944
%
Crowley :Milner com
84 2.355
2%
8
•
Delsel-Wemm-Gll com_ _10 1534 1634
1.725
434
Detroit & Cleve Nav com10
134
300
134
134
Detroit Edison com __ _ _100 115 115
153 1 55
Detroit Forging com
•
2% 3% 3,025
1
Detroit Mich Stove com 1
%
2% 354 4,485
Detroit Paper Prod com_ _• 23
2334 1,605
3%
Eureka Vacuum
5 1254 1234
515
634
Federal:Mogul corn
•
9% 9% 1,614
3
Federal Motor Truck cona•
7
7% 1,036
234
Federal Screw Works corns
3% 334
235 1 1
High
Low
Jan
Sept
2
1
Nov
6% Mar 35
Oct
Mar 35
16
Nov
Apr 26
14
Mar
834 Nov
31
1234 Jan 2534 Oct
Nov
2
% Mar
8% Nov
234 Mar
8% Feb 1634 Nov
2% Apr
134 Mar
Oct
Mar 115
65
Feb
334 Nov
1
.51 Apr
334 Nov
91% Jan 2455 Oct
1034 Mar 1455 Aug
Oct
334 Mar 10
734 Oct
3% Mar
Jan
June
434
23.4
General Motors coin_
10
Goebel Brew com
1
Graham-Palge Mot corn_ _1
Hall Lamp com
•
Hoover Steel Ball com 10
Houdaille-Hershey B..- -•
Hudson Motor Car
*
Kresge(S S) corn
10
Lakey Fdy & Mach com..1
McAleer Mfg com
•
Mich Steel 'rube corn_
•
Michigan Sugar corn
"
Preferred
10
Motor Wheel com
5
Murray Corp com
10
Midwest Abr
Packard Motors corn
•
Parke-Davls & Co
•
Parker-Rust-Proof com •
Pfeiffer Brew com
•
3,556 22 22%
54
57% 28,132
3%
434 12,077
1%
5%
1,423
3
1,248
1
1034
234
2634 3,268
6.695' 6
17
27
612 I 10%
5,7952
%
3
3%
525
134
3
2434 1,050
6,810
%
1
5%
266
234
13%
6%
422
1.710' 3%
19%
4% 7.605
3
634 9.60221 234
44%,
749 2 19
70
757 2 39
1,795 11 2
14
2654
3%
1%
334
354
636
634
20
1%
1%
3
34
255
734
5
3
334
33
40
77-4
Mar
June
June
June
Feb
Mar
Mar
Mar
Aug
June
Jan
Apr
Jan
Mar
Mar
Aug
Apr
Jan
Sept
May
54
5%
4%
7
1034
2634
1755
27%
3
43-4
2454
134
7%
1455
20
4%
734
47
70
1534
Nov
Nov
Nov
Oct
Nov
Nov
Oct
Oct
Nov
Oct
Oct
May
July
Oct
Oct
Oct
Oct
July
Nov
Sept
Reo Motor Car coin
5
4
434 3,567
2
Rickel (14W)
2
4% 26,514
2%
River Raisin Paper
*
534 5% 5,245
1
Scotten-Dillon corn
10 26
26
281 1734
Square DB
• 4234 42%
100 70
Stearns com
• 1434 14%
375
434
Timken-Detroit com_ _ _ _10
8% 934 1.180
3
Preferred
100 101 102
68 54
Tivoli Brew com
1
3
3% 11,574
134
Truscon Steel com
10
734 7%
301 1 334
United Shirt Dist com_ _.•
5% 5%
1,800
%
U S Radiator pref
100 18
100
18
5
Universal Cooler A
•
I%
5% 6% 4,300
B
7,572 55c
14 2
•
Universal Prod com
* 2634 27%
551
434
Walker & Co units
• 23
24
6%
530
Warner Air Corp
1
% 134 37,296
55
WOIV Brewing com
1
34
*ig
3,065
%
Youna(L A) Steel & Wire • 39
39
165 12
2%
274
23.4
20%
7%
774
43.4
93
1%
3%
2%
10
334
1
9
1334
55
%
1854
Feb
4%
Feb
4%
Jan
5%
Jan 26%
Jan 42%
Mar 15
Ma
9%
Mar 103
Sept34
Mar
734
July
5%
May 20
Sept634
Apr
2
Feb 27%
June 24
July
151
OctI%
Mar 39
Oct
Nov
Oct
June
Nov
Sept
Aug
Aug
Oct
Sept
5234
5%
3%
5%
1034
2334
1534
2634
2%
3%
23
A
534
1354
1834
4
634
44%
62
1334
3%
No
Sept
Aug
Oct
NON
Nov
Nov
Mal
Nov
Los Angeles Stock Exchange
Oct. 26 to Nov. 1, both inclusive compiled from official sales lists
Week's Range
of Prices
July 1
Sales 1933 to
for Sep.30
Week
1935
Range Since
Jan. 1 1935
StocksPar Low
High Shares Low
Bandit-11 Petroleum
1
3% 3%
700
2
13olsa Chlca 011A
10
3% 47
% 6,100
1%
13
10
500
2
1%
23.4
Broadway Dept St Istpf100 86
88
61 42
Byron Jackson Co
• 1634 1734
600 26 334
Citizens Nat Tr & SBk_20 2634 2655
150 18
Claude Neon Elec Prod_..." 1134 12% 2,000
7%
Consolidated Oil Corp_ _ _ _•
9
9%
900
65.4
Consolidated Steel
•
1 /7i 1%
1,300
90c
Preferred
9% 934
*
4%
300
District Bond Co
25
7
7
100
434
Emsco Der & Equip Co _ _5 13% 14
700
23.4
Gladding MeBean & Co..*
9% 10
2,400
434
Golden State Co
8
*
854
300 26 4
Hancock Oil A corn
• 17% 19
800
6
Kinner Airpl & Mot Corp 1
45c 5254c 20,700 3 10c
Langendorf Utd Bak A _ _ _• 1034 1034
12 26 154
Lincoln Petroleum Co
10c
I
12c 4,900
9c
Lockheed Aircraft Corp_ _4
634 7
2,100
90c
LA Industries Inc
2
151
1%
2011
50c
L A Gas & Elec 6% pref100 113 114
66 7355
LA Investment Co
10
5
5
1,000
I%
Mascot Oil Co
1
39c 39e
550
19c
Merchants Petroleum Co 1
19c
19c 4,100
15c
Mills Alloys Ine A
3
*
3
50c
50
Low
High
Apr
4
2% Sept
4% Nov
2% Oct
1% Apr
234 Oct
Oct
Jan 04
60
.7% Jan
1734 Oct
Aug
1934 Apr 33
10
1231 Oct
July
634 Mar 10% May
1.10 Feb
234 May
4% Mar 10
May
7
64 July
July
Aug
15
Jan
7
1034 Sept
434 Star
5% Apr
834 Nov
934 Jan 2234 May
38c Jan 773ic Sept
1034 Oct 1034 Oct
9c Oct
80c Feb
7% Oct
1.10 Jan
2%, Sept
6(34 Feb
Oct
Jan 114
81
7% Apr
Jan
5
40c May
26c Jan
19c Oct
19c Oct
2% July
534 Fa
Nordon Corp
5
14c
14c
Oceanic Oil Co
1
49c 49c
Pacific Clay Products
6
6
6%
Pacific Finance Corp_ _ _.10 1734 18%
Preferred A
10 12% 1234
Pacific Gas & Elec Cp _ -25 28
28%
6% Ist pref
25 2951 29%
555% 1st pref
25 27
27
Pacific Lighting Corp_ _ ...• 5134 5134
Preferred •
• 104 104%
Pacific Western Oil
• 10% 1034
Republic Petroleum Co_ _10
234 2%
Security-First Nat Bk___20 47% 48
Security Co Units
• 39
405.4
Sierra Trading Corp._ _25c
2c
2c
Signal Oil & Gas A com_ _ ...•
9% 934
So Calif Edison Co
25 2434 2634
Original pref
25 353.4 35%
6% preferred
25 2834 28%
534% preferred
25 264 2634
So Calif Gas6% pref _ _._25 2834 2834
SoCountles Gas 6% pf 100 107 107
CI.Marn Pnniffr rn
'inn
18
1914
For footnotes see p..4re 2865.
70
35c
234
9%
10%
1334
2034
183-4
205g
72
73.4
1%,
33
1551
it
5%
10%
29
1734
1634
23%
80
1351
7,000
(3c
130
35e
2,100
23-4
1,900
631
100
9
200' 1255
1002 18%
100 26 16%
100 1 19
50 26 66%
100 2 5
1,200
14
1,300 25
156 13
7,000
tc
200
1%
5,500' 1034
100 26
2.0002 1534
2,300 1434
100 22 19%
15 75
1.100' 1214
MiningBlack 'Mammoth Cons_10c
Calumet Mines Co..._10e
Zenda Gold Mining
1
June
18c Aug
600 API
Jan
Jan
6% Oct
Jan 22
Aug
14
Jan
Aug
Feb 28% Nov
Feb 2951 Oct
Oct
Feb 27
Star 5154 Nov
Oci
Jan 105
Au3
Jan
11
Aug
35-4 Aug
Apr4934 Ala
Star 4034 Gel
Oct20 Oci
Star 15
Jul)
Star 264 oc,
Feb3954 Juni
Jan 28% 0c,
Jan 2656 Dc'
Jan 2834 0c,
Or
Jan 108
Mar 2114 See
July 1
Sales 1933 to
for
Sep.30
Week 1035
High Shares Low
37
100 10 3
1,300 26%
37%
300
20%
8
33,600
2055 7,100 1 1155
751 2,100 271.20
5
175
355
80e
100
50c
8c 10e 19,000
555c 5%c 2,000
6c
6c 1,000
UnlistedAmerican Tel & Tel_ _..100 14254 145%
Bethlehem Steel
• 38% 39%
Cities Service
254
234
General Electric
33% 35%
General Motors
10 52% 54%
Montgomery Ward
33% 34%
Packard Motor Car
6% 6%
Radio Corp of America _ -•
7% 8%
Tide Water Assoc Oil _ _ _ _* 10% 1055
Warner Bros Pictures__ _ _5
7% 7%
•
6c
3c
Sc
556 1 98%
200 21%
3,300
400 6 16
300 22 22%
500 1 15%
1,600
2%
600 1 4
1,300 26 7%
1.200 1 2
Range Since
Jan. 1 1935
Low
27% Apr
28% Mar
11
Jan
4% Star
Jan
15
Jan
2
5
July
550 May
High
3854 Oct
3855 May
Sept
21
9% Oct
20% Nov
ri% May
July
5
1.00 July
17c Jan
6c Sept
3c July 13%c Jan
Sc Aug
220 Jan
Star 145% Sept
Mar 40
Oct
Slur
3
Aug
Mar 35% Oct
Mar 54% Nov
Mar 37% Sept
Mar
7% Oct
Apr
8% Oct
Apr 11 3-4 May
2% Star
855 Sept
9951
23%
34
21%
27
22
355
Established 1874
DeHaven St Townsend
Members
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW YORK
1415 Walnut Street
30 Broad Street
Philadelphia Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
:Jowl
Rance Since
Week's Range Sales 1933 to
Jan. 1 1935
for Sep.30
of Prices
Week
1935
StocksPar Low
American Stores
• 3634
Bankers Securities pref _50 14%
BellTel Co of Pa pret _100 119%
Budd (E G) Mfg Co
•
63•5
Rights
51
Budd Wheel Co
•
934
Elec Storage Battery _ _ _100 50%
Horn& Harden(Phil)com• 103
Horn &Hardart(NY)com• 2934
Low
High Shares Low
High
Oct 4234 Jan
1,219 33% 33
36%
Feb
5%
15%
11
512
1534 Oct
201 109% 11434 Apr 121% Sept
120%
7% Oct
1,588
7%
3
354 Mar
948 1
% Sept
%
134 Oct
1
1,054 1 2
10
25.4 Star 10% Oct
525.1
907 33% 40% May 52% Oct
Sept
103
10 68
813-4 Feb 104
Feb 3134 Sept
110 2 15% 21
30
Lehigh Coal& Navigation*
968
4% 534
5%
55-4 May
8% Aug
Lehigh Valley
50
225' 5
834 8%
534 Mar 1155 Jail
Mitten Bk Sec Corp pref 25
134 Jan
%
654
4 Aug
A
134
Pennroad Corp v t c
2
2% 3
Sept
•
Mar
3
11,563
1%
154
Pennsylvania RR
50 27
1754 Star 30% Sept
2854 3,700 I 17%
Penna Salt Mfg
50 10254 110%
Mar 1103.4 Nov
1,200 2 42% 79
Phila Elec of Pa 85 pref___• 113 114
103% Jan 114% Oct
69 90
Philo Elec Power pee(... _25 33% 3436 1,072 2955 31% May 3434 Aug
Phila Insulated Wire
• 2234 23%
70 1054
193.4 Feb 2555 May
Phlla Rapid Transit _ _ _ _50
Jan
2%
1% Mar
1%
103
1%
7
4
7% preferred
3% Mar
279
3% 4%
50
3
6% Jan
Phila & Read Coal & Iron_*
1% June
151
60
4% J1111
23.4 254
Philadelphia Traction
925 11
9% 1134
50
054 Oct 2234 Jan
Scott Paper
85
7134
* 70
Series 116% pref __ _ _100 110% Ill
100
Tacony-Palmyra Bridge_ _' 2936 292%
25
Tonopah Mining
1002
1
%
%
Union Traction
796
3% 3%
50
United Gas Impt com_ .._• 17
11.080 1
18
Preferred
781 1
• 1067-4 107%
Westmoreland Inc
50
• 12% 12%
Westmoreland Coal
83
• 10
1034
37% 56
109
95
17%
183.4
%
li
3%
334
9%
9%
82% 8734
655
65-4
431
534
Jan 71%
Star 112
Apr 30
Feb
1%
Mar
6%
Feb 1854
Feb 108
Feb 1254
10.4
July
10ct
June
Oct
Apr
Jan
Aug
Oct
Oct
Oct
BondsPlec & Peoples tr ctfs 4s'45 10
Jan
1154 520,000 12
10
Oct 21
Phila Elec (Pa) 1st 5s_ lfliiii 11214 11254
1.000 2 10431 11055 May 113% rel,
Pittsburgh Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official
Week's Rance
of Prices
StocksPar Low
Allegheny Steel corn
• 28%
Arkansas Nat Gas pref _100
6
Armstrong Cork co._
39%
• 13%
13Iaw-Knox Co
Carnegie Metals Co
4%
1
Clark (DL)Candy Co...5
4%
Columbia Gas & Elec. _ • 14%
Devonian Oil
io 14%
Duff-Norton Mfg
12%
Duquesne Brew corn
6%
Electric Products
•
3
Follansbee Broe pref.._100 10
Fort Pittsburgh Brew._ _1
1%
Harb-Walker Refrac corn • 24%
Koppers Gas & Coke p1100 083.4
I.one Star Gas Co
• 1034
Mesta Machine Co
5 33%
Mountain Fuel Supply. 5%
July 1
Sales 1933 to
for Sep.30
Week
1935
High Shares Low
30 1 13%
28%
475 2 13.4
6%
40% 1,010 2 13
14
512
5% 14,940
90c
5
200
3
2,727 1 3%
15%
15
10
12%
SO
6111
7
600 3 1
3
2
100
5
150
10.%
1%
275
134
25%
95 12
90
65 54
4%
10% 0,772
8%
873
38%
5,298
Natl Fireproofing/ pref-100
1
1
Pittsburgh Brewing Co_ _*
2
2
• 17% 18%
Preferred
Pittsburgh Coal pref. _ _100 36% 3651
Pittsburgh Forging Co_ _1
5% 7
Pittsburgh Plate Glass_ _25 90
01%
Pittsburgh Screw & 13olt_•
7
6
Pittsburgh Steel Fdry--•
3
3
Preferred
ioo 11 11
Plymouth 011 Co
5 1034 1034
Renner Co
1%
1
Ruud Mfg Co
5 133'l 14
San Toy Mining Co
2e
20
1
Shamrock Oil& Gas
2
2%
United Eng & Fdry
23% 24%
Vanadlum Alloy Steel....• 29
30
Victor Brew Co
75c
70e
1
WestIllations° A ir Brake_ _" 25% 27
Westinghouse El dr Mfg_50 87
9134
25
225
375
35 1
2,520
050 1
4,628 1
200
15
20
600
275
1,000
3,870
2,455
109
900
599
689 1
1%
15
26
2
30%
4%
1%
10
634
1
7
2
75
18%
15%
1534
27%
sales lists
Range Since
Jan. 1 1935
Low
High
20% Jan 30 June
Mar
I
63-4 Aug
Mar 4054 Oct
17
9% Star 157
% Aug
5% Oct
1% Jan
5% Aug
Mar
3
3% Mar 15% Oct
Nov
15
1031 Jan
Oct 125-4 Oct
12
Apr
8
3% Jan
3% Aug
Jan
2
July
8
Apr 15
1% Oct
231 Jan
16% Mar 255g Sept
Sept
Mar 100
73
4% Mar 1054 Oct
24% Jan 38% Oct
4% July
534 Aug
I
2
15
30
254
47%
5%
1%
0
0
1
7
2c
75c
18%
18
70c
1855
32%
Jan
Jan
Star
May
Mar
Apr
Mar
June
Oct
May
Oct
Feb
Jan
Jan
July
Jan
Oct
Star
Mar
2
4
25%
38%
6%
92%
8%
4
1234
1155
1%
14%
Sc
3.00
24%
30
1%
27%
91%
Jan
Stay
Apr
Bert
Oct
Oct
Jan
Feb
Aug
May
Apr
Aug
Apr
July
Oct
Oct
Jan
Aug
Oct
'my I
Week's Range Sales 1933 to
of Prices
for Sep.30
Week 1935
Stocks (Concluded) Par Low
High Shares Low
Unlisted215 64
Lone Star Gas 6% pref _100 100 100%
80 7434
100 107 107
634% preferred
252 1 %
Penrond Coro v t c
*
23/. 2ti
I.
2865
Financial Chronicle
Volume 141
Week's Range
of Prices
Range Since
Jan. 1 1935
I
Low
High
Mar 100% Oct
69
July
Jan 107
90
134 Apr
2% Sept
ST. LOUIS MARKETS
M. SI MON & CO.
Business Established 1874
Enquiries Invited on all
Mid.Western and Southern Securities
MEMBERS
New York Stock Exchange
New York Curb (Associate)
Chicago Board of Trade
St. Louis Stock Exchange
July 1
Sales 1933 to
for Sep.30
Week 1935
High Shares Low
Stocks (Concluded) Par Low
880 21
* 253.4 2534
Leslie-Calif Salt Co
665 z 234
8%
Lib
com_*
834
McNeill
&
Libby
7 90c
7,851'
634 7
Lockheed Aircfrat Corp__
Los Ang G & E Corp pfd100 112% 11334 407,581 75
1
170
134 1%
Lyons-Magnus Inc B_ _•
6
400
a 1734 1734
(I) Magnin & Co com
1
5,398
Merchant Cal Mach nom 10 1234 14
120 .3
10
Market St Ry prior pref100 10
14,98 27 3
Nat'l Automotive Fibres.* 313,4 38
3%
1,89
*
93,4 10
Natomas Co
4
39
100
654 6%
No Amer Inv corn
14
1
100 5734 5735
6% preferred
65 1434
52
100 52
53.5% preferred
6%
2.925
14
North Amer Oil Cons___10 13
115 13
2834
Occidental Insur Co_ - - _10 28
Oliver United Filters A---* 37% 38% 1.560
154
4,237
* 11% 13
Range Since
Jan. 1 1935
High
Low
Jan
22% Apr 26
93.4 Oct
6% Aug
Oct
734
Oct
53,4
81% Jan 113% Oct
Aug
3
Mar
1
8% Jan 17% Oct
Nov
Jan 14
2
4% Mar 10% June
Nov
Feb 38
13
7% Jan 11% May
8
Aug
Mar
5
Oct
31% Mar 59
Oct
Mar 55
26
9% Mar 15 June
21% Mar 2931 Aug
1234 Jan 38% Oct
2
Apr 12% Oct
434 Jan 11% June
4
155
15 1034 1134
Paauhau Sugar
25 2754 2834 6,021 I 12% 13% Feb 28% Oct
Pacific G dr E corn
Z
Jan 2934 Oct
20%
25 2834 2934 3,561 18%
6% 1st preferred
Telephone Central 3350
Jan 27% Oct
1,390 163( 18
25 2654 27
534% preferred
51% Nov
Mar
2034
I
19
1,319
47
5134
corn
a
Pacific Lighting Corp
Jan 104% Oct
317 66% 71
* 10434 10474
6% preferred
3% Sept
3,4 Feb
•
3% 334 3,050 17 34
Pacific P S non-vot com_.
734 Feb 19% Sept
730
Non-voting preferred _ _* 1734 17%
35 673,4 70% Jan 115% Sept
Oct. 26 to Nov. 1, both Inclusive, compiled from official sales lists Pacific Tel & Tel nom_ _100 114 11434
Jan 136% Oct
33 I 99% 111
100 136 136%
6% preferred
July 1
70% Oct
Ma
36
7034 6,090 21
* 66
Paraffin()Co's corn
Range Since
Week's Range Sales 193310
254 Aug
75
34 Jan
1% I%
a
Si
pref
Whistle
Plg'n
Jan. 1 1935
Oct
for Sep.30
24
Jan
of Prices
10
5
1,484
Ry Eq & Realty 1st pref a 2254 2334
Week 1935
27
Aug
Ma
2
21%
30
: 21
Series 1
253$
Aug
Sep
5%
134
252
20
20
Series 2
Low
High
StocksPar Low
High Shares Low
Jan 22% Sept
9
5
23
769
1 21
Mar 12
Oct Roos Bros nom
7
3
American Inv "B"
12
575
Aug
a 12
Feb 103
85
35 61
100 100 100
Preferred
Oct
53
Mar 62
192 42
Brown Shoe corn
* 60
6034
6
Jan 3534 Oct
1
85
Burkart Mfg corn
* 35
3534
20 6734 88% Jan 11434 Sept
113%
11334
pfd_100
pr
Pow
7%
L
&
S
J
Jan 4534 Oct
25
8
25
Jan 10434 Oct
Coca-Cola Bottling com 1 4534 4534
77
18 65
6% prior preferred__ _100 10451 10434
4%
534 Mar 12
34 Sept
Aug
60
Curtis Mfg com
5
9% 934
200
54 Jan
%
3,4
May 2034 Oct Schlesinger&Sons(BF)eom*
16
10
6
3% Oct
• 2034 2034
Dr Pepper nom
1% July
1
310
3%
334
100
Preferred
Feb
Nov
17% Jan 21
132 13
11%
5;4
Ely & Walker D Gds com25 18
Mar
*
19
5%
2.482
1134
117.4
2% Jan
534 July Shell Union Oil eons
165
234
Falstaff Brewing corn__ _ _1
334 3%
Mar 2134 Sept
1834 1934 2,421 12% 13
2
Oct
434 Jan Southern Pael/le Co- _100
Sept
223
2
4
Hamilton-Brown Shoe corn
Jan
2
234
13,4
144
3%
3%
%
A
a
Gate
Golden
2
July
5
Nov Sou Pao
1
6% Nov
160
Hussmann-Ligonier corn_*
4% 5
5% Jan
4
200
6
6%
Co_ _*
42% Mar 48% Aug Spring Valley Water
59 38
International Shoe corn • 4734 48
Mar 38% May
_'
4 36
373.4 3,039 26% 28
9
Oct 10 Sept Standard Oil Co of Calif_
May
165
9
12
9
Mar
Johnson-S-S Shoe corn •
934
7%
734
3,335
1034
1074
a
434
434 Aug
5% July Tide Water Ass'd Oil corn_
8
*
434 534
Key Company corn
10 43% 83% Feb 102% Aug
100 100 100
6% preferred
9% Oct
140 12% 15% May 24% Sept Transamerica
Laclede Steel nom
20 23
23
4% Mar
93.4 9% 104,428
•
Corp
2034 5,537 11% 14% Feb 20% Oct
Aug Union Oil Coot Calif____25 19
Apr 60
223 39
53
Jan 16% May
a 56
58
MeQuay-Norris corn
5
4
775
9% 10
73$ Feb 3234 Nov Union Sugar Co corn_ - __26
15
6
May
Moloney Electric "A" • 3234 3234
1734 Jan 26
150 16
23
23
25
7% preferred
9 Sept
634 Apr
105
6
854 8%
7% Oct
Mo Port! Cement nom_ _25
6% Oct
734 1,693 27 1.20
7
Oil
Consol
Universal
18
Apr 2234 Oct
150 14
Oct
2234
Natl Bearing Metals corn • 22
734 10% Jan 28
1.760
27
2654
Co.10
Steel
Pipe
&
Western
150 1034 1034 Aug 1634 Feb
a 11% 11%
Natl Candy corn
Feb 1534 Oct
6
234
35
Apr Yellow Checker Cab C0A5O 1534 15 34
1134 Aug 15
10 10
14
National Oats corn
a 14
1
Jan
2
Oct
95
1
Pedigo-Lake Shoe corn_ a
1% 134
8% July 1234 Jan
6%
10%
290
Rice-Stix Dry Gds nom--* 10
Nov
104
Jan 115
80 90
1st preferred
100 115 115
Apr 10134 Oct Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
1 70
92
2nd preferred
100 10134 101%
40c 50c Oct2% Sept
76
•
50c 1
Scullin Steel prof
Juty I
265 115% 119 May 125% Sept
Southw Bell Tel pref_ _100 121 121%
Range Since
Week's Range Sales 193310
315
734
834 May 10% Jan
Stlx,'Seer & Fuller com •
934 10%
Jan. 1 1935
Sep.30
for
Prices
of
Jan
Oct
1242
29
634 12%
Wagner Electric com_ _ _ _15 2534 21%
1935
Week
Jan 113 Sept
109
100 11234 112%
95 90
Preferred
High
Low
High Shares Low
Par Low
StocksBonds.50 27
3234 Mar 4534 Sept
20 45% 453.4
2634 Oct 3234 Alli American Factors
tUnited Railways 48_1934 2634 26 34 82000 18
Mar 14534 Nov
548 I 9874 99
American Tel& Tel- __ _100 14134 14534
470 July
21e Mar
20c
500
29e 29c
American Toll Bridge_ _._1
734 Jan 1136 Aug
3
200
• 1034 1054
Anglo National Corp
Jan 19
July
13.4 10
5 1634 1734 1,785
Argonaut Mining
Oct
Oct 11
Members
50
734 11
* 12% 1234
Atlas Corp
Feb 1134 Oct
2
1
330
1154
5 11
New York Stock Exchange
z Atlas Imp Ds1 B
Sept
634
Oct
9,470
574
6%
63.4
1
574
Bancamerica-Blair
San Francisco Stock Exchange
4 July 1134 Oct
1
835
13
* 11
California Art Tile A
San Francisco Curb Exchange
Nov
Apr 54
34
10 22
54
Municipal and Corporation Bonds
Chicago Board of Trade
Calif Ore Pow 6% pref _100 54
334 Aug
% Mar
%
3,201
2%
2
a
Chicago Stock Exchange
Cities Service
PRIVATE LEASED WIRES
Mc May
32c Apr
40e 440 1,7002 'a
1
Claude Neon Lights
New York Curb Ex. (Asso.)
Mar 9534 Sept
68
750 40
9534
San Francisco
Los Angeles New York Cotton Exchange
* 94
Crown Will lat pref
Oct
210 1634 38 June 68
• 6434 68
2nd preferred
Oakland
Portland
New York
Seattle New York Coffee & Sugar Ex.
Aug
2234 Feb 30
125 17
29
29
a
Dominguez
Oil
Exchange,
Inc.
Commodity
Beverly Hills
Honolulu
Tacoma
Oct
1
Mar
35c
23c
155
1
1
10
Honolulu Stock Exchange
Dumbarton Bridge
Stockton
Fresno
Sacramento
315 North Fourth St., St. Louis, Mo.
St. Louis Stock Exchange
San Francisco Curb Exchange
DEAN WITTER&CO.
San Francisco Stock Exchange
Oct. 26 to Nov. 1, both inclusive compiled from official sales lists
Juty 1
Week's Range Sates 1933 to
of Prices
for Sep.30
Week 1935
Range Since
Jan. 1 1935
StocksPar Low
Low
High Shares Low
High
14
Alaska Jtmeau Gold Min 10 14
Jan
14
Oct 20
110 14
Anglo Calif Nat Bk of S F20 15
Jan 1634 Aug
7% 12
401
15
434 434 1,957
Assoc Insur Fund Inc_ _ _10
34
4% Oct
131 Jan
13
Atlas Imp Diesel Eng A__5 12
8
Aug 13
Oct
16,208
134
Jan 187
238 120% 143
Bank of California N A.100 170 171%
Aug
* 163$ 17% 7,633
Byron Jackson Co
73,4 Jan 17% Oct
334
Jan 24
Calamba Sugar nom-- - -20 2234 23
505 1534 19
Sept
Oafamba Sugar 7% pref _20 2134 2134
25 17% 2134 Apr 2234 Sept
Calaveras Cement Co coma
1
Aug
%
306
534 Sept
434 474
preferred
100
65
65
31
Feb 65
50 30
7%
Oct
10
% 1
California Copper
54 Feb
1
4,000
;$
Nov
4
Calif Cotton Mills com..100 1534 2234 8,071
1034 Jan 2234 Oct
Aug 3234 Feb
3,506 1634 31
California Packing Corp..* 3434 36
•
Caterpillar Tractor
Chrysler Corp
Claude Neon Elea Prods__ a
•
Clorox Chemical Co
Cst Cos G & E6% 1st pf100
*
Cons Chem Indust A
Consolidated Oil
Crown Zelleroach v t o___•
a
Preferred A
•
Preferred B
Di Giorgio Fruit corn_ _ _10
100
$3 preferred
a
Eldorado Oil Works
Emporium Capwell Corp *
Emsco Derrick & Eq Co 5
Fireman's Fund Insur-__25
Food Mach Corp com____ a
Foster & Kleiser corn_ _ __10
Galland Mere Laundry-- _ a
Gen Paint Corp A nom- _ _•
a
B common
a
Golden State Co Ltd
a
Hale Bros Stores Inc
Honolulu Oil Corp Ltd-.•
Honolulu Plantation_-20
*
Hunt Bros A com
Hutchison Sugar Plant- _15
Island Pine Co Ltd nom .20
25
Preferred
Langendorf Utd Bak A_ _ _ *
.
5634 5734 1,473 15
430 80
8534 8634
12
745" 734
1234
33
3334
410 1834
10234 10254
22 5634
1,164 2134
3234 33
460 15
15
153.4
33,4
14,707
534 6
333 27
8334 8534
35 26
8434 8434
176
2% 2%
254
170 16
30
3034
692 13
26
26
5
1634 1734 2.629
1334 1434 1,974" 234
.
140 44
97
98
557 1034
6434 6534
%
450
334 334
75 3134
50
49
5
774
333( 35
%
434 43.1 1,280
4
734 854 13,629
8
831
1434 1534
2,837 1034
2034 21
50 1734
2934 2931
11
1134 3,333
37.4
20
7
1834 1854
%
73.4 834 1,280
454
200
28
28
387
534
11
1134
134
440
4
4
3634
80
10
2934
77
27%
15
334
5034
50%
254
2234
18
554
1234
Jan 57% Oct
Oct 8634 Nov
Aug 1234 Nov
Jan 37
JULY
Jan 10234 Aug
Jan 33
Nov
Oct 1634 Oct
Apr
6
Nov
Mar 8534 Nov
Mar 8434 Oct
Oct
434 July
Jan 38
Jan
Jan 2654 May
Jan 1734 Oct
July 1534 Aug
7154
2034
1
39
1434
134
4
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
May
Jan
Jan
Jan
Mar
May
83.4
1434
26
734
7
3
2034
534
1%
98
66
5
53
35
634
834
1534
21
3234
1134
19%
10
29
1134
4
Oct
Oct
Sept
Aug
Nov
Aug
Nov
Oct
Oct
May
Oct
July
May
May
Oct
Oct
Jan 50 May
Aug 74 Sept
Oct
Oct 16
Mar 54% No8
Apr 1034 Sept
Sept
Aug 61
July 2254 Sept
Oct 3.95 may
280 Fet
Jan
1.20 Jai
Jan
Oct760 Sept
Apr 2134 Sept
33e Mal
Oct
Oci
Jan 43
Aug
734 Oc
Jan 1634 AM
Oe
4
Mar
Oct 177.4 Oc
Feb 38
Jul)
Ap
6
Oct
Jan 1934 Mc
Ap
July 31
49
70
16
5434
103.4
59
2134
3.10
25c
1.10
51e
21
23e
423.4
63,4
1534
4
1774
36
4%
1934
303,4
110 403,4
10 35
685
3,038 17 22%
1,100" 434
275 17
60 16.80
920 2.50
5c
3,665
47e
.5,110
1.100' 10c
9
27
20c
3,550
171 30
434
1,430
5
660
15,4
8,987
100" 634
15 30
2
3,800
5
1,933
35 16
4034
46
143.4
2634
5
48
21
2.95
13c
66e
450
1134
180
3234
431
954
134
1734
3234
334
11
2734
a
734 8%
Radio Corporation
93(
7
•
Riverside Cement
a
574 634
Schumacher W Br
22
• 19
Preferred
36
a 36
Shasta Water
26 34
25 25
South Calif Edison
2634
25 26
534% preferred
25 2834 2834
6% preferred
35
Sou Pacific G G pref _ ....100 35
Stetcher-Traung pref _..100 10434 10434
1
24c 24c
United States Pete
734
4
25
Vice.Company
20 593( 6034
Watalua Agricuit
a
734 734
Warner Brother Pict
VVAAAArn Air Fvnrana
1
AU
47.4
4
692
2,223
534
35e
400
1,070 3.05
35 11
2.110' 1034
1 1434
736'
400 2 1534
20 1434
15 57
Mc
1.000
6
205
166 29
110' 234
1002 2
834 Oc
Mar
4
534 Aug
934 00
6% Oc
90c Mar
00
22
May
334
Jan 3754 Sep
22
103,4 Mar 263,4 Oc
1634 Jan 2634 Oc
1734 Jan 2834 Oc
Jan 36 Sep
17
Aug 10434 Oc
90
270 Ma
170 Sept
734 Jul
Oct
4
3634 Jan 6034 Oc
8% Ser
5
Aug
5% Or
3% Aug
20
Ewa Plantation
Foster & Kleiser pref-100
a
General Metals
10
General Motors
•
Gladding McBean
Great West Elec.-Chem-a
•
Preferred
1
Idaho Maryland
1
Italo Petroleum
1
Preferred
1
2 Kinner Airplane
Marine Bancorporation *
1
Pete
Occidental
s
20
Onomea Sugar
*
Packard motors
Pacific Amer Fisheries- _ _5
1
Pacific Eastern Corp
10
Pacific Finance
Pae Port Cement pref--100
1
Park Utah Mines
20
Pineapple Holding
20
Pioneer Mill Ltd
48
70
1534
52
93,4
5834
21
3.00
21e
98e
480
21
220
42
634
1534
334
1734
36
374
18
3034
•No par value. c Cash sale. a Ex-dividend. v Ex-tights. 'Listed. t In default.
g Price adjusted because of stock dividends. split-um dro.
r New stock. f Low price not including cash or odd-lot sales.
The National Securities Exchanges on which low prloos since July 1 1933 were
made (designated by superior figures in tables) are as follows:
22 Pittsburgh Stock
I. Cincinnati Stock
New York Stock
t. Richmond Stock
12 Cleveland Stock
New York Curb
2 St. Louis Stock
14 Colorado Springs Stock .
s New York Produce
n Salt Lake City Stock
12 Denver Stock
4 New York Real Estate
26 San Francisco Stock
Is Detroit Stock
s Baltimore Stock
27 San Francisco Curb
,7 Los Angeles Stock
'Boston Stock
ss San Francisco Mining
,11 Los Angeles Curb
7 Buffalo Stock
.
2 Seattle Stock
Is Minneapolis-St. Paul
9 California Stock
sa Spokane Stock
r• New Orleans Stock
'Chicago Stock
si Washington(D.C.)Stock
111, Chicago Board of Trades, Philadelphia Stock
II Chicago Curb
2866
Financial Chronicle
Nov. 2 1935
Canadian Markets
LISTED AND UNLISTED
Provincial and Municipal Issues
PM indi of Alberta61
Jan
1 1948
434s
Oci
1 1956
Prov of British Columbla44s
Feb 15 1936
66
July 12 1949
dies
Oct
1 1953
Province of Manitoba—
!ha
Aug 1 1941
5e
June 15 1954
as
Dec 2 1959
Prov of New Brunswick—
ties
June la 1936
4re a
Apr 15 1960
AM
Apr 15 1961
Province of Nova Scotia—
£34a
Sept 16 1952
di
Mar 1 1960
Toronto Stock Exchange
Ask I Province of OntarioBid
Ask
9414 95121 634s
Jan
31937 110414 105
89
9012
5a
Oct
1 1942 10712 10812
66
Sept 15 1943 112 114
100 10012
May 1 1959 11114 11214
9812 9912
es
June 1 1962 10212 10312
94
9512
434.
Jan 15 1985 10634 10112
Province of Quebec10112 103
%far 2 1950 10711 109
4948
104 106
4e
Feb
11968 10612
10512 107
May 11961 10814 10912
4945
Province of Saskatchewan10134 10234
494e
May 1 1936 100 10012
10712 10912
5a
June 15 1943 99 100
107 109
Nov 15 1946 100 10112
534s
4346
Oct
1 1951 93 9412
10712 109
109 11012
56
Canadian
Bonds
Wood,
Gundy
14 Wall St.
New York
& Co., Inc.
Private wires to Toronto and Montreal
Industrial and Public Utility Bonds
Abitibi P & Pap otfs 61 1953
Alberta Pacific Grain 60 1946
Asbestos Corp of Can 58 1942
Beauharnoie L H & P 5%8'73
Beauharnois Pr Corp 5e 1973
Bell Tel Goof Can 58-1955
British-Amer Oil Co 58_1945
Brit Col Power 534.__A960
Se
March
British Columbia Tel 153 1961)
Burns & Co 534s-3 Yes _1948
Calgary Power Co fie___1960
Canada Bread 6e
1941
Canada Cement Co 5345 '47
Canadian Canners Ltd as'50
Canadian Con Rubb 6a.1946
Canadian Inter Paper as '49
Can North Power 5a__ _1953
Can Lt & Pow Co 58_1949
Canadian Vickers Co 68 1947
Cedar Rapids M & P 56 1963
Comsat Pap Corp 5%3_1961
Dominion Canners 68_1940
Dominion Coal 55
1940
Dom Du & Klee 6348_1945
Dominion Tar as
1949
Donnaconna Paper bies '48
Duke Price Power 8e.
._1966
East Kootenay Power 75 '42
Eastern Dairies de
1949
Eaton (T) Realty 5s
1949
Fam Play Can Corp 68_1948
Fraser Co 6s unstamped '50
65 stamped
1950
Gatineau Power di_ _ _ _1956
General Steelwaree 6e 1952
Great Lakes Pap Co 1st 6150
Smith H Pa MUla 534s-1953
Bid list
/2914 2934
8812 90
8712 ___
8812 8912
34
3512
11212 113
10412 10512
103 104
1 Imo too tot
105
___
65
68
9134 9212
10434 10534
103 10312
10312 10412
10312 --6912 7014
10034 101
99%
77% 79
112 11234
f1e12 1512
10712 109
1031
___
_114.14 8434
10014 10114
35
38
10218 10238
861
___
8412 86
9912 10012
101 102
f60
___
54
___
8312 84
94
95
/363 3712
103'I 104
Int Pow & Pap of Mid fis'68
Lake St John Pr & Pap Co—
6Yes- —J__—Feb 1 1942
8ies
Feb 1 1947
MacLaren-Que Pow aiia '61
Manitoba Power 534._195l
Maple Leaf Milling 53481949
Maritime Tel & Tel firt_1941
Massey-Ilarrle Co 5s__1947
McColl Frontenao 011631949
Montreal Coke & M 5346 '47
Montreal Island Pow 5345'57
Montreal L H & P ($50
par value) 3a
1939
66
Oct 1 1951
Montreal Tramway.68.1941
New Brunswick Pow 58 1937
Northwestern Pow Ila _1960
Certificates of deposit_ _ _
Nova Scotia L & P 5e_1958
Ottawa Lt Ht & Pr fra_ _1957
Ottawa Traction 534e..1955
Ottawa Valley Power 694s'70
Power Corp of Can 4Yea 1959
Dec 1 1957
M
Price Bros & Co Os
1943
Certificates of deposit__
Provincial Paper Ltd 00'47
Quebec Power 55
1968
Shawinigan Was& P 4%11'87
Simpson/1 Ltd fla
1949
Southern Can Pow 5...1955
Steel of Canada Ltd 13e-1940
United Grain Grow 5s.. _1948
United Securles Ltd 5345'52
West Kootenay Power as '56
Winnipeg Elea Co 55....1935
de
Oct 2 1954
Bid Ask
100 10011
/22
25
73
/71
6612 68
64
6411
/38
-107
--.
86
87h
10334 10434
10113
10234 10334
/4912 51
10634 107
10114 102
83
85
41
40
40 41
102 103
1043 --9411
92
86 87
86
87
931 941;
82 85
85
82
1003 1018
1044 1051;
9838 0871
10214 103
105 106
111
941r 281
7712 781
105 106
9812 -64 643
Rai way Bonds
Bid Ask
Ask
Bid
Canadian Punta Ry—
'Canadian Pacific Ryer' Perpetual debentures__ 8412 85
434e
Sept 1 1946 101 1014
(14
Sept 15 1942 10714 10734
5a
Dec 11964 10312 104
4348
Dec 15 1944 93
95
4SSs
July 1 1960 9812 99
as
July 1 1944 111 11112
Dominion Government Guaranteed Bonds
5(4 458
Canadian National RICanadian Northern RI4345
Sept 1 1951 10812 10914
7.
Dec 1 1940
4945
June 16 1955 11034 11112
63es
July 1 1946
eies
Feb 1 1958 10834 10914 Grand Trunk Pacific Ry—
eies
July 1 1957 10734 10814
es
Jan
1 1962
Se
July 1 1969 11214 11234
ft
Jan
1 1962
5s
Oct
1 1969 11312 114 Grand Trunk
Se
Feb 1 1970 11312 114
68.
Sept 1 1936
Railway-
Rid
Ask
1027s 103
121 122
104
98
106
9812
10314 10334
Toronto Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
ofPrices
Week
Stocks—
Par Price Low
High Shares
Iftgh
Low
• 1.05
Abitibi coin
1.00 1.15
6% preferred
100
5
534
Alberta Pacific Grain A. •
2
2
Preferred
100
184 19
Amer Cyanamid B
10 2634 26% 27
British American 011
• 16
15% 16
Beatty Bros coin
9
84 9
Preferred
100 89
89
89
Beauharnois Power coin_ •
3%
3% 434
Bell Telephone
133
13134133
Blue Ribbon corn
1% 14
6%"7, preferred
50
26
26
too
2.00 Jan
2,575 55
July
9% Jan
1,735
4
Oct
2% Apr
10
2
Oct
Jan
40 15
Sept 29
1,700 164 Oct 283,4 Oct
5,332 144 Apr 1694 May
Jan
60
834 Oct 15
35 85
Mar 95
Aug
Feb
766
7
21% Apr
276 1184 Apr 135% Feb
40
134 Oct
334 Feb
11 19% May 29
Feb
Friday
sales
Last Week's Range for
Sale
ofPrices
Week
Stocks (Concluded) Par Price Low
High Shares
Range Since Jan. 1 1935
Low
Brant Cordage 1st pref __25
30
30
555 27%
Brazilian corn
"
734
734 7% 1,537
7%
Brewers & Dist corn
" 1.30
1.10 1.40 20,985 50
B C Power A
•
26
27%
546 21
Building Products A
• 29
28% 29
395 25%
Burt(FN)corn
25 36
36
3734
307 28%
Canada Bread corn
3% 3%
"
355
334
2
1st preferred
100
91
92
20 63
B preferred
100
2834 2834
10 17
Canada Cement corn
•
890
534 634
634
5
Preferred
•
54
53
309 49%
•
Canada Packers corn
196 50
7431 75%
Preferred
11034 111
100 111
459 110
Canada Steamships pref100
8
7% 8
75
6
Canada Wire & Cable A_ •
1334 13%
5 1334
Canadian Bakeries A.- -•
2
2
2%
68
1
Preferred
100 28
25
28
50 15
Canadian Canners corn. •
1st preferred
100 84%
Cony preferred
•
7%
Canadian Car corn
•
5%
Preferred
25 11%
Canadian Dredge corn- —• 364
Preferred
100 110
Can Gen Elec corn
so 155
Preferred
50 58
Can Indust Alcohol A_.--•
9%
84
Canadian °a corn
•
Preferred
100 120
Canadian Pacific Ry
9%
_25
Canadian Wineries
354
•
Cockshutt Plow com
•
Consolidated Bakeries- —• 164
Consol Smelters
25 188
Consumers GAS
100 189%
Cosmos Imperial Mills_ _ _• 17%
Preferred
100
44 5
513
334 Sept
8334 84%
88 75
July
44 Sept
634 794 1,950
4% Oct
5
534
350
11;4
11
185 10% Oct
34
37
1,857 19% Mar
110 110
7 106
Aug
155 160
29 145
Sept
5734 5934
520 574 Oct
8
1034 29,070
634 Aug
7
834 1,915
64 Oct
1341 14;2
887 11
Oct
120 122
May
80 113
9
8% Oct
9% 3,338
3
34
380
234 Oct
7% 7%
6% Mar
410
16
1634
902 114 Jan
188 192
474 12534 Mar
188 190
286 184
Oct
17% 18
350 14% Apr
105 10651
20 10231 Jan
Dominion Coal pref
25 16% 154 164 2,815
Dom Steel & Coal B_._25
454
44 .5
3,263
Domionion Stores
•
8% 9
834
3,097
Eastern Steel Products- --*
834 834
170
Preferred
100
80
80
1
Fanny Farmers own ' • 11% 10% 12
15,865
Ford of Canada A
• 28% 28
30% 16,001
Frost Steel & Wire
8054 80%
Goodyear Tire corn
* 61
81
65
197
Gen Steel Wares corn - - - -•
3%
34 34
50
Preferred
100 544 54
544
399
Gt West Saddlery pret-100
15
15
10
Gypsum Lime dr Alabast.•
54
5% 531 2,850
Harding Carpets
•
2% 3
345
Hamilton Cottons pref.-30
23
234
45
Hinde & Dauch
* 10% 104 11
1,895
Imperial Tobacco
134
5 134 13
1,730
Int. Milling 1st pref___100 102
10194 102
480
Internatl Nickel corn
* 3254 31% 3234 19,152
Int Utilities A
*
24 24
14
Kelvinator corn
Laura Secord Candy corn Loblaw Grooeteriaa A- _ - •
•
Maple Leaf Gardens
•
Preferred
Maple Leaf Milling corn- •
Preferred
100
Massey-Harris corn
Monarch Knitting pref _100
Moore Corp com
•
A
100
100
Muirheads Cafeterias pfd10
National Grocers
•
Ont Equit 10% paid__.100
Orange Crush 2d pret_ _ _ -•
Page-Hersey Tubes com- •
Photo Engravers & Elec. •
Porto Rico pref
100
Pressed Metals corn
•
Riverside Silk Mills A. •
Russell Motors corn
_100
Preferred
100
61%
18
16%
44
2634
5%
634
16
6% 634
61
61%
1734 18
16% 17
75c
1.00
4
4%
1.25 1.25
3
3
44 54
89
89
26
27
145 149
170 170
3
3
54 5%
634 734
45
45
79
81
23% 233e
80
80
16
16%
28% 29%
25
25
94
94
10
55
3,025
1,859
52
75
1,81
50
1,93
57
8
5
27
6
2
19
1
677
125
2
10
Loan and Trust—
Canada Permanent_ _ _ _100 128
126
Huron & Erie 20% paid_ _•
84
National Trust
100
14
Ont Loan & Debenture- -50 110% 11034
Landed Bank de Loan..100
54
Toronto Gen Trusts_ _100 80
80
128
84
14
11034
54
80%
Oct
Jan
Oct
Jan
July
Oct
Jan
Oct
Aug
Jan
Jan
Oct
July
Jan
Jan
Oct
Oct
64
94
9%
8%
17
374
111
160
64%
Jan
Jan
Jan
Jan
Jan
Oct
Oct
Oct
Jan
9%
75
127
13%
6
83‘
17
12334
193
20
108
Jan
Jan
Mar
Jan
Mar
Aug
to% may
may
Oct
Aug
Aug
May
14% Sept 18% July
3% Apr
Jan
6
6% July 1234 Jan
Aug 10
5
Jan
58% Jan
Feb
7% Mar 12
Oct
23% June 32% Jan
68
Jan 86
Oct
59
Oct 7234 July
Aug
3
534 Feb
51% June 5434 Oct
14
Sept 20
Jan
4% Oct
7% Jan
2% Sept
3% May
23
Oct 3034 Feb
10
Oct 12
Jan
12
Oct 14% Aug
99
Oct 102
Oct
22% Feb 3234 Oct
1.50 May
434 Aug
ootr
64 Oct
8% Feb
59
Oct 63
Jan
17
Oct
July
16
Oct 18% Mar
50
July
1.00 Oct
34 Oct
5
Apr
40
Oct
1.50 Oct
1
July
Mar
5
3% Mar
5% Jan
71% Jan 90
Aug
17
Jan 2734 Oct
118% June 149
Oct
135
Jan 170
Oct
3
Oct
Feb
6
44 July
04 Feb
6
July
854 Feb
20
Apr 55 June
754 Sept 88 June
21
Oct 2434 May
70
May 91
Jan
Ma
8
1634 Oct
27
Jan 30
2
Feb 30
Oct
70
Jan 96
Aug
Simpson's Ltd B
10
10
10
51
5
Preferred
100 74
74
7834
145 62
Standard Chemical com_ •
5
5
20
4
Steel of Canada com
534 5134 53%
742 42
Preferred
25 48% 47% 48%
260 41
Sterling Coal
100
34 334
575
2
Tip Top Tailors corn
834
834 834
50
7
Preferred
100 97
95
97
90
73
Tucketts pref
100 146
148 146
5 146
Twin City Rapid corn_
•
5
5
55
2
Union Gas Co corn
•
834
74 834 4,722
4
United Steel Corp
•
2%
2% 2%
215
2
Walkers(Hiram)corn_ _• 3034 2834 30% 24,282 23
• 174 17
Preferred
1734 2,671 164
Western Can Flour corn_•
434 531
105
24
Preferred
100
35
37
127 20
Weston Ltd ((leo) corn_ _ • 15
960 134
1434 15
WInnlPea Electric pref.l00
7
7
10
434
Zimmerknit corn
•
24 2%
62
234
Banks—
Canada
50 52
51% 53
46 51 34
Commerce
100 148
148 150
100 122
Dominion
100
179 184 ,
110 141
Imperial
100
180 182
98 157
Montreal
100 183
182 186
48 153
Nova Scotia
100
258 259
47 245
Royal
100
161 161
10 133%
Toronto
100 203
200 203
101 183
*No par value. f* Flat price.
High
Jan 30%
Sept 104
Jan
1.40
July 30
Oct 314
Apr 36
June
54
Apr 92
Apr 30
Oct
84
Oct 64%
May 75%
Sept 115
July 1131
Oct 20
Aug
2%
Aug 28
2, 118
9 82
2 15
100 107
1
54
9
80
log
may
Jun
11
June 90
July
634
Ma
534
Apr 48;4
Aug
4
Oct 12%
Jan 98%
Oct 146
Ma
5
May
834
Aug
5
Oct 33
Jan
1834
Apr
6
Apr 52
17
Sep
May
934
Oct
534
Oct
Jan
July
Oct
Oct
Jan
June
Feb
Oct
Oct
Oct
Jan
Feb
Mar
Feb
Mar
Sept
Jan
Jan
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
6634
169%
201%
2084
203
305
173
230
May
Jan
Feb
Mar
Jan
Jan
Jan
May
Oct
Oct
Jan
Apr
Oct
Oct
150
103
1754
115
75
125
Feb
Feb
July
Sept
May
Feb
2867
Financial Chronicle
Volume 141
Canadian Markets-Listed and Unlisted
Toronto Stock Exchange-Curb Section
Toronto Stock Exchange-Mining Section
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
ofPrices
Week
Stocksl'ar Price Low
High Shares
Low
High
Blitmore Hats corn
•
Brewing Corp com
*
Preferred
*
Can Bud Breweries com_ _•
*
Canada Malting com
canada Vinegars com
*
Cndn Wirebound Boxes A •
Bruck Silk
•
DistIllers-Seagrams
•
Dominion Bridge
"
Dom Tar & Chemical com •
100
Preferred
*
English Electric B
Hamilton Bridge com _ _ _ _*
Preferred
100
•
Honey Dew pre(
Humberstone Shoe corn .. _•
Imperial 011 I.td
•
Inter Metal Industries_ _ _•
Preferred
100
International Petroleum_ _*
McColl-Frontenac 011com•
100
Preferred
Montreal L,H & Pr Cons.•
National Breweries corn •
National Steel Car Corp _ _•
5
North Star Oil pref
1.85
11%
7%
33%
26%
18
5
33%
32
414
62
20
34
21%
28
3794
13
98
3434
2.90
21
1.49
10%
64
33%
25
18
1754
30%
30%
4%
58%
5
3%
20
7
32
21
%
27
28
37
12%
9734
31%
3754
13%
2.90
21
10
1.90 1.977
615
11%
7% 1,350
33%
895
231
27
18%
280
205
18
3434 32,566
1,138
32
434
675
471
62%
11
5
10
3%
20
85
7
9
40
34
21% 13,152
200
3
20
29
38% 13,806
13% 4,186
98%
334
855
34%
128
3794
125
13%
250
2.95
Ontario Silknit corn
16
14
• 16
Preferred
100
95
99
Power Corp of Can corn __.• 10
9
10
Rogers-Majestic
•
634
63.4 6%
Robert Simpson pref _ _100
106 10634
Shawinigan Water & Pr..° 19% 18% 19%
Supersilk pref
65
100
65
Supertest Petroleum ord....• 28% 2834 30
Tarnblyns I.td(C) pref _100 112
112 112
393.4
Toronto Elevators com_ _ _" 3934 36
114% 117
100 117
Preferred
United Fuel Invest pref 100 20% 20% 21%
Itrollrny•llllln Ilresur
a
!A
2
21%
13
1.00
8
5%
29
24
15
15
13%
2434
3%
42
3
3
19
6
28
15%
2
25
28%
1134
94
27
31
12%
1.50
440
8
165 75
245
634
6,250
5%
55 103
515 14%
5 58%
110 21%
5 110
470 33
47 108
345 15%
74.
2
Apr 25
Oct
Oct
4% May
Oct 22% May
Oct
8% May
Apr 35
July
Sept 29
May
Apr 18% Oct
Afar
1854 Sept
Apr 34% Oct
Jan
Mar 34
June
7% Mar
Jan
70
Mar
Jan
6% Feb
July
534 Jan
Jan
July 33
Apr
8 June
July 34
Oct
Feb 22% May
Oct
6
Apr
Oct 45
Max
Mar 3934 May
Oct 15% Jan
July 10034 Mar
May 35
Oct
Feb 3794 Oct
Oct 18% Jan
Jan
4.00 Feb
Jan
16
Jan 99
June 10%
Oct
9
Apr 109
Mar 20
Jan 70
Feb 31%
Oct 114
Aug 42
Mar 129%
May 29
()et
4
Oct
Oct
Jar
Jar
Sept
Jar
Apr
Selo
Sept
Jar
Jar
Juno
TA,
Toronto Stock Exchange-Mining Sectinn
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
Sales
Friday
Last IVeek's Range for
Range Since Jan. 1 1935
Week
Sale
of Prices
Par Price Low
StocksLow
High Shares
High
* 1514c 15340
18e 40,600 15340 Nov
Acme Gas & Oil
26c Mar
1 6034c
Afton Gold
38c May 7714c Sept
59c 613.-4c 20,225
1
47c
47e 50c 4,850
Ajax Oil& Gas
400 Sept
1.09 Mar
•
Aigold Mines
40e
400 40c
500
40e Aug
57e Apr
•
Algoma Mining
3c 3%c 2,500 231e Jan
80 Mar
• 4.02
Anglo--Huronlan
3.75 4.02 2,367
3.60 Oct
4.50 May
Arntfield Gold Mines_._ _1
1.05
1.00 Oct
1.00 1.05 3,065
1.19 Sept
1
Ashley Gold
12e
130 2,000 6%o Sept
32c Jan
Astoria Rouyn
2c Oct
1
2%c 214c 4,000
Sc Mar
1 3%c 33.40
Bagamac Rouyn
4c 6,600 3%c July
14e Jan
Barry-Ilollinger
40 5%c 26,000 2%c May
1
Sc Sept
Base Metals
13e Oct
19c 37.000
•
19c 15140
94c Apr
1
Bear Exploration
72c
14e Feb
700 7214c 53,225
1.06 Aug
Beattie Gold Mines
1.25 Oct
• 1.32
1.26 1.40 2,300
2.16 Jan
Big Missouri
310 Feb
1
68c
630 74e 86,843
75c May
18e July
Bobjo Mines
19%c 21c 7,400
38c Jan
1
4.30 July 12.50 Jan
Bralorne Shoes
5.50 5.90 3,460
_•
5.50
BR X Gold Mines
1130 3,000 7%e July
Dc
24c Apr
50c
2.35 Oct
1
Buffalo Ankerite
2.65
2.50 2.70 6,255
3.50 Mar
Mc Oct 3%c Jar
Buffalo Canadian
• 1340
lc 1140 11,000
•
Bunker 11111
4c Jan 834c Atr
70 714c 8,040
Calmont Oils
Canadian Malartic
Cariboo Gold '
Ca.stle TretheweY
Central Patricia
Chemical Research
Chibougamau Pros
Clericy Consul
Coniagas Mines
Coniarum Minos
Dome Mines
Eldorado
Falconbridge
Federal Kirkland
Franklin Gold
God's Lake
Goldale
Goodfish Mining
Graham Bousquet
Granada Gold
Gmndoro
Greene Stabell
Gunnar Gold
6c
500
1
6c
600 63%c 19,785
* 6234c
450
1
1.10 1.10
1
95c
9Ic 958 11,415
1
2.10
1.91 2.10 86,210
•
80c
800 85e 2.800
17e 36,500
• 1534e 14%c
• 394c
3c
4c 90.250
5
2.50
2.40 2.60 5,700
• 1.55
1.55 1.58 2,588
• 38% 38% 3934
932
1
1.56
1.50 1.60 83,070
• 4.05
4.31 4,95 33,197
1
234e
2c
3g 3,500
1
6c
4e 634c 71,200
• 1.50
1.46 1.54 40,338
1
11c
Ito 1134c 3,200
1 12%c 7.35o
14c 15,893
1
3c
30
3c
500
1
22c
220 22%c 2,999
•
614c 7%e 6,400
1
1730 17%c 1,200
1
60c
600 65e 10,850
4c
Mc
950
56c
1.12
700
Sc
2c
2.15
1.35
35
1.02
3.25
2e
3c
1.24
lle
40
2c
18c
534c
15c
48c
Sept
8c Pet
Feb
73e Vet
July
1.50 Jun(
Jan
1.34 Api
Jan
2.10 Nos
Oct
2.35 Jar
Jan
270 Ma
Jan
Sc Ap
Sept3.60 Fe)
July
2.60 Jar
Jan 4334 Ma!
Jan
2.93 Ap
Jan
4.95 No,
Jan 434c Fel
Oct40e A01
Star
2.24 Jar
Slay
200 Jar
June
14c Oc
July
7c Ma
July
400 Ma:
Aug
120 Jal
Oct
35c jai
Feb
97c Ma
1
294e 2%c 2,500
Halerow Swayze
2e June 814c
45c
36c 46e 22,400
Hard Rock Gold Mines _ __ 1
35c Oct
490
I
5c
Sc 594c 11,500
Aarker Gold
4c June
10e
5 14.50 13.45 14.00 5,280 11.65 Oct 20%
Hollinger Consol
1
434c 4.14c 1,000 434c Oct
Homestead Oil
13c
62c
1
62c
61140
11,900
Gold
Ilowey
59c Oct
1.10
130
16c 86,470 97
1
15c
40 Sept
J NI Consolidated
200
35e
37e 17,175 3334c July
1 35%c
65e
Kirkland Lake
47%
2.060 46% Oct 58
1 4734 47
Lake Shore Mines
2c 7,000
1
2c
13(0 Oct
1940
Lamaque Contact
8c
1
3e 33.4c 14,100 2440 Jan
3%c
8c
Lee Gold Mines
1
17e 15340
17c 55,858
12c Sept17c
Label Oro G Mines
• 5.35
5.25 5.25 10.670
4.15 Aug
7.25
Little Long Lac
Nfacassa Mines
Manitoba & Eastern
Maple Leaf Mines
McIntyre Porcupine
McKenzie Red Lake
McMillan Gold
MeVittie Graham
McWatters Gold
Merland Oil
Mining Corp
Moneta Porcupine
Morris Kirkland
Newbec Mines
NipIssing
Noranda
North Can Mining
Olga Oil& Gas
Paymaster Consol
norm',('.nIt1
2.83
2.77 2.89 45.920
1
•
M
4940 5%c 15,800
1 6%e 534c 6%c 66,300
3,545
36%
5 3534 34
1.05 1.10 15,450
1.08
1
110 8,000
100
Mc
1
14340 l4%c 4,425
1
1.58 1.74 23,850
• 1.73
800
15c
•
15e
1.05 1.15 3,284
•
1.05
6c 2,700
6c
1
Mc 13.950
540
1 5534c
2C 1,500
1940
•
2.05 2.15 1,625
2.15
5
7.307
4034 4154
• 41
200 24c 12,775
•
22e
40 454 133,100
• 434c
1 2534c 23340 251ic 45,966
70e 8lc 14.075
81c
1
1.31
3e
2140
34
96c
734e
10e
45c
14c
900
Sc
350
1%c
2.05
31
16e
294e
16c
50c
Ja
Oc
Ja
Ma
NIa
Ja
Ma
Nia
Ma
Ja
At
No
Fe
July
3.05 0(
Feb
12e Ja
Sept13%c Ja
Nov 46
Mr
Sept1.45 Ja
Aug 4634c Ja
June
40e Ja
Jan
2.15 Mt
Sept270 Ma
Mar
1.50 Jul
Oct160 Ja
Oct79c Sei
Jan
4c Al
Oct2.95 At
Jan 43
Ma
July
31e Ja
Sept614e Ma
Feb
320 Jun
Sept83c Jur
Friday
Sales
Last Week's Range for
of Prices
Week
Sale
High Shares
Stocks (Concluded) Par Price Low
1
Peterson Cobalt
1
Pickle Crow
1
Pioneer Gold
1
Premier Gold
Prospectors Airways_._ _,•
1
Read-Authier
1
Reno Gold
Red Lake Gold Shore_ - _..•
1
Roche Long Lac
*
Royalite Oil
2c
3.08
9.45
1.71
2.85
78c
77c
40e
4c
23
2c
2c
2.84 3.08
9.10 9.60
1.58 1.72
2.61 2.85
78e 81c
77c 82c
39c 43c
334c 414c
23
23
13,500
37,241
4,725
10,700
1,900
6,000
7,500
31,400
37,600
757
Range Since Jan. 1 1935
High
Low
13ie
2.10
9.00
1.36
1.25
558
73c
258
2Nc
18
914e
Feb
May
3.08
Jan 12.25
Aug
2.05
Jan
3.05
Jan
98c
Oct
1.67
Aug
43e
Oct 10!ic
Mar 27
Apr
Nov
May
Apr
Mar
June
Mar
Oct
Mar
May
5.20 Mar
2.00 Oct
2.65 2.85 6,870
1
2.80
San Antonio
1.25 Apr
55c Jan
650 67c 1,000
50c
Sheep Creek
1.00 May
45c Mar
80c
77e 80c 15,218
1
Sherritt-Gordon
2.40 Oct
3.28 Mar
1
2.62
2.58 2.64 11,995
Siscoe Gold
15c Mar
20 Oct
• 334c 214c 334c 83,100
South Tiblemont
39c Jar
1 17.14c 1734c
18c 14,120 14340 July
St Anthony Gold
32c Mar
20c 1934c 21140 18,200 1314c Jan
•
Stadacona Rouyn
1.25 Jan
1.73 2.10 34,810
2.10 NON
• 2.10
Sudbury Basin
11c Mar
30 Sept
4c 2,000
1
4c
Sudbury Contact
I
88c Jul)
38c Jan
658 6634c 5,800
Sullivan Consolidated:
2.70 Mai
1
2.33
2.01 May
2.22 2.34 15,085
Sylvanite Gold
1
33c
250 Sept
3Ic 36e 14,700
67c Apr
Tashota Goldfields
4.65 Mai
3.70 Jan
4.04 4.18 24,950
• 4.15
Teck-Hughes Gold
DOe 4,050
958 Ma)
•
55c Feb
87c
Texas Canadian
1
1.45 Jar
330
1.00 Aug
1.04 1.05
Toburn Gold
i3c 1,000
1
12c Oct 30%c Jar
13e
Towagamac Expl
• 1.09
80c May
97c 1.09 45,810
1.09 Nos
Ventures
86c Ma)
*
50e July
65c 67c 6,900
Waite-Amulet
24e Mai
7c Jan
15c 13.800
Wayside Consolidated_50c 14940 1434c
*
114c July 1014 c Jar
2c 234c 20,000
White Eagle
234 c
3c 2,000
7c Jac
1
3c July
3c
Wiltsey Coghlan
9.90 Ma
• 7.10
6.90 Aug
6.90 7.25 20,485
Wright-Hargreaves
-,.,„5,.......5... rm.!
•
3257
35e 3S(1(1
211e Jul,
She Ms
Toronto Stock Exchange-Mining Curb Section
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
r,d,y
Sales
Last Week's Range for
Range Since Jan. 1 1935
Week
Sale
ofPrices
High Shares
Par Price Low
Low
High
StocksAldermac Mines
Brett-Trethewey
Canadian Kirkland
Central Manitoba
Coast Copper
Cobalt Contact
Dalhousie Oil
East Crest 011
Iludson Bay Alining
Kirkland-Townsite
Lake Macon
Malroble Alines Ltd
Nordon Corp
Oil Selections
Parkhill Gold
Pawnee-Kirkland
Pend-Oreille
Porcupine-Crown
Preston-East Dome
Ritchie Gold
Robb-NIontbray
Sudbury Mines
Wood-Kirkland
1
1
1
5
1
.•
•
•
5c
134c
134c
33.4c
2.35
1 %c
28c
26c
Sc
18
18%
14e 1334c
5
1
1
1
1
1
1
1
1
1
4%c
21e
434c
lc
5%c
6c
234e
Sic
120
4%c
1934e
134c
65c
4c
2c
Sic
534e
534c
434c
Sc
1%c
1%c
40
2.45
134c
280
Sc
18%
1434c
1.500 4%c June
110
2,000 134c Oct
3c
5,200
lc June 334c
734c
9,250
3c July
400
1.50 Mar
3.25
3,500 134e Oct
Sc
2,750
200 Aug
39c
1,000
Sc June
12c
1,610 11.50 Jan 20.00
1,500 1234c July 3334c
294e 2,500
%c 1,000
14c 6,500
4%c 9,300
22e 4,350
134c
500
658 2,400
43-4c 25,000
2e 5,000
lc 2,000
6c 28,750
634c 43,200
434c
500
2c
%c
334c
334c
18c
lc
45e
3c
lc
he
2c
3c
33.4c
Oct
Jan
Mar
Jan
Aug
Feb
Mar
Jan
June
July
Apr
Jan
Oct
7c
3c
17c
7c
320
434c
84c
634c
334c
2%c
934c
73-ic
774e
Apr
Mar
Jan
Feb
May
Apr
Oct
Jan
Oct
Jan
Apr
Jan
Aug
May
Feb
Apr
May
Aug
Sept
Feb
Aug
May
Aug
Montreal Stock Exchange
Oct. 26 to Nov. 1, both inclusive, compiled from official sales lists
•
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1935
Sale
ofPrices
Week
Par Price Low
High Shares
StocksLow
High
99
99
Agnew-Surpass Shoe pref • 99
•
1.75 2.00
Alberta Pac Grain A
100
18
Preferred
1954
12
12
Amal Flee Corp pref_ _50
934 10
Associated Breweries__ • 10
160
108% 10834
Preferred
834
Bathurst Pow & Paper A_*
834 9
17
17
Ilawlf (N) Grain pref __100
100 13234 131% 133%
Bell Telephone
•
Brazilian T L & P
7%
734 7%
• 2734
Brit Col Pow Corp A
2634 27%
4%
•
B
434
334
• 1834
Bruck Silk Mills
1734 1834
• 29
Building Products A
2854 29
•
6%
534 63.4
Canada Cement
100 57
53
Preferred
5734
• 22
2134 22
Can Nor Pow Corp
• 1.50
Canada Steamship
1.25 1.50
100
Preferred
834
734 834
Canadian Bronze
2934 30%
5%
5
534
Cndn Car & Foundry._._•
25 11%
Preferred
1134 12
• 23% 2234 2334
Cndn Celanese
Preferred 7%
100 1153-4 115 116
Canadian Cottons
100
Preferred
100
Cndn Foreign Inv pref _100
Cndn General Elec pref.50
Cndn Hydro-Elec pref_100
Cndn Ind Alcohol
•
•
Class B
Canadian Locomotive__ •
Canadian Pacific Ry _ __ _25
Cockshutt Plow
Cons Mining & Smelting_25
Dominion Bridge
•
Dominion Coal (new)....100
Dominion Glass
100
25
Don Steel & Coal B
Dominion Textile
•
100
Preferred
•
Dryden l'aper •
Eastern Dairies
•
Foundation Co of Can_ _ _ _*
General
@FedFRASER