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The Financial Situation
somewhat unusual, rather confusing and conTHEflicting
course of developments in world affairs
without great change. Ex-President Hoover
two have done very little to render relief any less
"necessary" than it has been right along. This, to be
sure, is only one of the troublesome problems with
which the Administration is faced when it turns to
the budget for the fiscal year 1937, but it is an important one, and one whose solution will in an important degree determine the size of the deficit.
continues
was roundly applauded during the week when he
launched a vigorous attack upon many of the policies
of his successor in office. Most people seem to agree
with the former President that real health in the business world must necessarily await better management
A Step in the Right Direction
of our affairs, and of the budget particularly. Yet if
HE exact terms of the reciprocal trade treaty
one may judge from the reports appearing in the
signed on the 15th by representatives of the
press, confidence on the part of the rank and file in
substantial further enlargement of business activity United States and Canada were made known early
and profits seems to be but little restrained by such this week, when the text of the document itself was
given to the press. Our
strictures as those for
trade
with Canada has of
apis
Hoover
which Mir.
Believe
What
Farmers
course
been very large and
of
foretaste
plauded. A
I know
believe
I
"I
am
a
State.
from
farm
whole profitable for
the
on
expected
be
may
what
better than Rexford Tugwell how the farmers
past. Foolish
many
years
for
comes
time
the
when
of this country really think and feel. And
I say to you now that these men and women
tariff charges on goods
•the Federal Government
on the farms reject this proposed alliance,
passing from one of the
to decide upon a defiwhich brazenly seeks to subvert the existing
countries to the other have
social order. They have been through prinite relief program for the
vation and acute distress, but they cannot
of late years tended more
coming fiscal year was
be brought to surrender their faith in our
and more to reduce the volpresent institutions through subsidy under
afforded during the past
what is advertised openly to be a class-operume of such trade, and
week by the discussions
ated, nearly communistic scheme.
in
considerable degree to
growing out of the Mayors'
"They may feel that they have been the vicbut
the construction
maladjustments,
stimulate
of
tims
serious economic
conferences. The Presithey still believe that these problems can be
in Canada by
plants
of
$4,dent asked for some
worked out within the framework of the
to procapital
American
you
that
all
exConstitution. And, despite
000,000,000 to be
others to the
may
and
hear
from
Mr.
Tugwell
markets.
Canadian
for
vide
present
the
pended during
contrary, they still believe that more can be
All this has naturdly refiscal year for relief puraccomplished for the future through their
own self-reliance than by dependence upon
resulted in a quite unwarposes, mostly on projects
Government doles or the omniscience of comranted and expensive interclosely akin to those of
missars operating a so-called 'planned economy'from Washington!"
ference with natural ecothe older Civil Works AdThere is little that we need add to this
nomic forces. The treaty
ministration. The theory,
statement made by Senator Dickinson of
which has now been signed
or at least the hope, was
Iowa before the Chamber of Commerce of the
State of New York except to express the hope
by the two Governments in
that by the end of the curthat he is correct in his appraisal of the good
question undertakes, in
rent fiscal year very much
sense of the farm population in his part of
country.
the
part at least, to lessen the
less need for relief would
Certainly there is every reason why the
imposed upon
hardships
exist, and that it would be
farmers should hold such views. It may be
and Canadian
American
quite simple to make matrue, as is likely to be true of most forms of
advantage
a
immediate
that
subsidy,
certain
unwise and exby
business
jor reductions in relief
accrues to farmers from the policies of the
rates. Natutariff
treme
appropriations and outAdministration. But those engaged in agrisomewhat
are
a
who
culture
take
to
inclined
only part
goes
it
rally,
genthe
Recently
lays.
longer view of the situation must at once
goal that
the
toward
way
eral trend of official speech
recognize the fact that no permanent health,
either for the farmer or for the country as a
must be reached before
on this subject has been towhole, can be expected from programs that
trade between Canada and
ward somewhat greater ormerely take from one group in the population
the United States will be
and give to another, thus robbing some of
thodoxy, with some quite
what is their due and stimulating unwholewhat it ought. But it is a
hopeful expectations of
some growths in the subsidized groups.
beginning, a step in the
substantial bugetary imright direction, for which
provement as an expected
result.
the Administration is entitled to full credit.
The disposition of the Administration to take a
Vested Interests in Relief
position on tariff matters more in line with reason
The Mayors of the cities, however, are close to and common sense than has been the rule in recent
the local situations. They hear the complaints that years seems to have made some members of the
are already being made about changes in the condi- "brain trust" uneasy and certain groups within the
tions under which relief money is being distributed, Republican Party hopeful—both from a political
and they are in a position to obtain first-hand impres- point of view. That is to say, some Presidential
sions of the enormous vested interests that have been advisers apparently fear and some Presidential
created by all this relief. This situation as reflected opponents hope that such tariff ideas as those emat the Mayors' conferences during this week first led bodied in the Canadian reciprocity agreement just
Mr. Hopkins, and later the President himself, to give signed will not be good vote-getters. While the
assurances that Federal relief outlays would continue President is apparently determined to stick to his
after June 30 1936. Of course, it is carefully stated guns as far as the treaty is concerned, and furtherthat such disbursements are to be made only so far more to insist,in the abstract at least, that something
as "necessary," but it seems apparent that the enor- shall be done to strengthen international trade and
mous recovery and relief outlays of the past year to and that we must be ready to buy if we hope to sell,
T
3272
Financial Chronicle
he has shown himself rather §ensitive to reported
purchases of foreign materials to be used in the
Public Works Administration construction projects.
Public Works No Exception
There is no reason, as far as we are aware, why
public works should be an exception to the general
rule of buying in the cheapest markets• available.
Readers of these columns need not be reminded, we
are sure, of the fallacy involved in the supposition
that the purchase abroad of materials means so much
less work and profit for the business community
within this country. It may or may not mean
smaller production of the particular articles imported, but each importation makes possible the sale
abroad of other American products, thus tending to
strengthen the situation in both importing and exporting countries. But so much fallacy in the matter of imports has for 60 long passed as sound sense,
and prejudice on the subject is so nearly universal,
that no one need be particularly disturbed by
such manifestations as have been recently appearing in connection with public works. The important thing is to encourage the development of
greater rationality concerning the tariff and related
subjects, and not to be unduly depressed about the
difficulties that lie in the path of such endeavor.
We hope that the Republican party will heed the
counsel of its abler members and not undertake to
make a small-minded issue of this tariff question.
What is needed is straighter thinking and more
candid treatment of the subject on the part of both
the major political parties.
Testing the Holding Company Law
NES are evidently being formed for a broad test
of the constitutionality of the public utility
holding company legislation adopted by Congress
late last summer. The results of the decision of the
Federal court in Baltimore are now said in some
quarters to be open to question on grounds of procedure. Doubt is expressed in high quarters as to
whether the Supreme Court will consent to pass upon
the constitutionality of the law in connection with
this case. Evidently, however, the industry and,
according to the latest reports, public officials are
arranging the technicalities in such a way that a
decision in this highly important matter may be had
from the Supreme Court at the earliest possible moment. Of course no one can doubt the wisdom of
this effort, which seems to have been precipitated by
refusal of many of the leading companies to register
with the Securities and Exchange Commission as
required by the law that is thus being brought into
question.
Much of late has been said concerning the possibility of registering with the Commission without
the surrender of the registrants' rights to contest the
constitutionality of the Act under which they are
registering. These highly technical phases of the
subject may of course be well left to the lawyers.
For our part, we can see no good reason why the
companies should go to the expense, which is substantial, of registering with the Commission as long
as the constitutionality of the requirement that they
do so is so distinctly under a cloud. A good deal of
criticism has recently been leveled at an official of
one of our large industrial concerns for a suggestion
that the business community "gang up"in opposition
to the New Deal. It is possible that the suggestion
was couched in unfortunate terms, but the idea that
the time has come for American business to assert
LA
Nov. 23 1935
itself against the attacks that have in such overwhelming numbers been launched in Washington
during the past few years seems to us to be an eminently good one—and, fortunately, one that appears
to be taking wide hold at the present time. We may
add that we cannot agree that recent utterances of
Administration leaders have done much to eliminate
the necessity for such action.
Federal Reserve Bank Statement
O INTERRUPTION in the steady upward
march of unused credit resources is to be
noted this week in the combined condition statement
of the 12 Federal Reserve banks. Monetary gold
stocks of the country advanced $57,000,000 in the
week to Wednesday night and are now not far from
$10,000,000,000, which figure they are evidently
destined to attain before the end of the year. The
Treasury deposited with the gold certificate fund
only $37,492,000 of such instruments in the same
period, while Treasury funds in the general account
with the Federal Reserve banks were depleted to the
extent of $27,314,000, and it is due immediately to
such developments that member bank reserve deposits in excess of requirements again advanced.
The official estimate of the total was $3,070,000,000,
or $20,000,000 higher than a week earlier. Needless
to say, the latest total again represents a record.
With gold engagements from France continuing at
a high level, and National bank notes steadily being
retired, it would seem that new additions to the idle
credit resources will continue despite the usual increase of currency in circulation during the holiday
period. The problem thus posed is receiving consideration in official quarters, as well as all informed
unofficial circles, but there is an evident indisposition to take corrective action.
Gold certificate deposits lifted the total in the
fund to $7,161,648,000 on Nov.20 from $7,124,156,000
on Nov. 13, and the new figure naturally is a record
high. Cash in vaults increased and total reserves
of the System moved up to $7,422,356,000 from
$7,377,336,000. Although total money in circulation
declined, Federal Reserve notes moved up to $3,570,416,000 from $3,562,087,000. Member bank deposits
on reserve account advanced to $5,781,642,000 from
$5,745,948,000, and this gain, together with advances
in foreign bank and other deposits, more than offset
a decline in Treasury deposits on general account,
60 that total deposits moved up to $6,093,638,000 on
Nov.20 from $6,072,609,000 on Nov. 13. The advance
in total reserves overshadowed the gain of circulation and deposit liabilities, with the result of an increase in the reserve ratio to 76.8% from 76.6%.
Discounts by the System dropped sharply to
$5,422,000 from $9,066,000, and a recession also was
recorded in industrial advances, which dropped to
$32,562,000 from $32,689,000. Open market bankers'
bill holdings receded $3,000 to $4,674,000, while holdings of United States Government securities increased $72,000 to $2,430,244,000.
N
Corporate Dividend Declarations
AVORABLE dividend declarations by corporations increased in volume the present week and
were of a diversified nature. Remington Rand, Inc.,
declared two initial quarterly cash dividends of
311/
4c. a share on the new 5% prior preferred stock,
payable Jan.1 and April next; an initial semi-annual
dividend of $3 on the $6 preferred stock was also
declared, payable April 1 in 5% prior preferred stock
as approved by the company's recapitalization plan.
F
Volume 141
Financial Chronicle
Columbia Pictures Corp. on Nov. 19 declared a quar.terly disbursement of 25c. a share on its new common
stock and voting trust certificates for common stock,
payable Jan. 2; two semi-annual 21/2% stock dividends were also declared on the above issue, payable
in common stock on Feb. 3 and Aug.3 1936.
Included among the companies which increased
their payments were the Commercial Investment
Trust Corp., which declared a quarterly dividend of
75c. a share on its no par common stock and an
extra of 25c. a share, both payable Jan. 1 next; in
the previous quarter 70c. a share was distributed on
this issue. International Harvester Corp. increased
the payment on its no par common stock from 15c.
a share to 30c. a share, payable Jan. 15. Kennecott
Copper Corp. declared a dividend of 20c. a share on
its no par common stock, payable Dec. 26, and compares with 15c. a share paid on Sept. 29 last. Pennsylvania Water & Power Co. also increased the dividend on its common stock by the declaration of $1 a
share, payable Jan. 2; previously, 75c. a share was
paid on this stock. General Refractories Co. resumed payments on the no par common stock by the
declaration of 50c. a share, payable on Dec. 30 out
of earned surplus; on Nov. 25 1931 a dividend of
25c. a share was paid on this issue. The Homestake
Mining Co. declared a special extra dividend of $20
a share on its capital stock, payable Dec. 5; National
Lead Co. an extra of $1 a share in addition to the
regular quarterly of $1.25 a share on the common
stock, payable Dec. 31 1935; (S. H.) Kress & Co. an
extra disbursement of $1 a share on the no par
common stock, payable Dec. 10. Congoleum-Nairn,
Inc., an extra of 25c. a share in addition to a regular
quarterly of 40c. a share on the no par common stock,
both payable Dec. 16, and Cincinnati New Orleans &
Texas Pacific Ry. an extra distribution of $3 a share
and a semi-annual dividend of $4 a share on the common stock, both payable Dec. 26. The Florsheim
Shoe Co. declared a special dividend of 25c. a share,
in addition to a regular quarterly of like amount, on
the no par class A common stock, and a special of
121/2c. a share, along with the regular quarterly payment of similar amount on the no par class B common stock, all payable Jan. 2 next. Libby, McNeill
& Libby marked the resumption of dividends on its
7% cumulative pref. stock by the declaration of $3
a share, payable Jan.1 1936. On July 1 1931 a regular semi-annual dividend of $3.50 a share was paid.
Foreign Trade in October
HE foreign trade of the United States increased
very heavily in October. Merchandise exports
in that month were valued at $221,215,000 and
imports $189,240,000, an excess value of exports of
$31,975.000. The value of exports in any month
has not been so high since March 1931 and of imports
since March of that same year. In October of last
year exports amounted to $206,413,000 and imports
$129,635.000. The•increase in exports in October
this year was equal to 7.2% and of imports 45.9%.
A part of the increase in the value of both exports
and imports this year over 1934 was due to the
higher range of commodity prices this year. This
applies to the greater part of the increase in exports
in October, if not all of it. Raw cotton again contributed heavily to the increased exports this year.
Other merchandise groups where gains were shown
were vegetable food products, vegetable products
inedible, tobacco, machinery, automobiles and metals.
For Petroleum and petroleum products there was a
T
3273
decrease in value. The increase in imports was
largely in food products, animals and animal products, textile fibers and manufactures, raw silk and
vegetable products, inedible.
For the ten months of the current year the value
of merchandise exports has been $1,789,889,000,
against $1,767,435,000 for the same time last year,
an increase this year of only 1.2%. Exports this
year were the highest in value for the ten months
than for any year since 1931. The value of imports
for the ten months this year was $1,692,182,000
compared with $1,371,878,000 for the same time a
year ago, an increase this year of 24.1%. The excess
value of exports over imports for the ten months
amounted to $96,707,000 this year, against an excess
in exports for the ten months of 1934 of $395,557,000.
Cotton exports in October were 735,435 bales, the
largest for any month since January 1934. The
value of cotton exports for the past month was
$45,872,673, against $43,656,516 in October last
year, the increase this year being 5.1%. Exports
other than cotton last month were valued at $175,342,000, an increase of 8.0% over a year ago.
Imports of gold in October jumped to $315,424,000,
much the highest total for any month since the
record total of February 1934. Gold exports last
month were valued at only $76,000. For the ten
months of 1935 gold imports have touched a new
high for any year, the value being $1,339,990,000,
against $973,223,000 for the same period in 1934.
Gold exports so far this year were only $1,548,000,
against $52,309,000 a year ago. The excess value of
gold imports so far this year has been $1,338,442,000,
compared with $920,913,000 for the same time in
1934. Silver imports in October were higher again,
amounting in that month to $48,898,000, while exports decreased heavily to only $260,000.
The New York Stock Market
RRATIC movements developed this week on the
New York stock market, the gains of one day
being largely offset by the losses of the next. The
pendulum swing of the market was a daily matter,
and it appears to reflect nervousness regarding the
long advance in prices and the increasing speculative
activity. Uncertainty over the sanctions which were
imposed upon Italy beginning last Monday, and the
question whether France will long be able to maintain the franc without another devaluation, also
added to the unsettlement. There were indications
that leading utility holding companies will refuse
to register under the law with the Securities and Exchange Commission,and the dispute with the Federal
Administration caused some nervousness. Notwithstanding all such factors, gains in stock prices were
more pronounced than the recessions, and many high
records for the year again were recorded. All indications pointed to a tremendous and growing speculative interest in equities. Trading on the New York
Stock Exchange averaged more than 3,000,000 shares
in the full sessions, and the 4,000,000-share level was
approached at times. Most trade and industrial indices reflect slow but steady improvement, largely
in line with seasonal expectations, and a solid basis
for at least part of the advance in stock prices thus
appears to exist.
Trading on the New York Stock Exchange was
heavy last Saturday and prices of leading equities
moved sharply higher, with steel stocks in better
demand than others. After a firm opening on Monday, prices reacted generally, With profit-taking in
E
3274
Financial Chronicle
evidence throughout the list. Liquor shares were
softer than others, owing to the decrease in import
duties on whiskies provided for in the reciprocal
treaty with Canada. Sharp advances and new high
levels were recorded Tuesday, with enthusiastic public buying of shares apparent in many directions.
All prominent groups of issues showed gains, with
the exception of lowest-priced reorganization railroad- stocks. Market leaders in the steel and utility
groups established records for the movement, and
many specialties also were distinctly better. Once
again the trend was reversed on Wednesday, with
realization sales heavy. Most of the prominent issues
drifted downward, but a few low-priced speculative
favorites resisted the trend. Indicative of the character of the trading is the fact that a substantial
part of the dealings occurred in a few cheap shares.
The pendulum swing of the market carried levels
higher on Thursday, with railroad and gold mining
stocks in best demand. Utility stocks gained a little,
owing to increasing attacks on the utility holding
company measure. Swift advances in a limited number of specialties also appeared. After early firmness, yesterday, another wave of liquidation developed and prices dro,pped swiftly, the ticker running
10 minutes behind in the final hour of trading. Industrial issues found little support, and the sharpest
recessions were recorded in that group, but utility
and carrier stocks also tumbled.
In the listed bond market movements were diverse.
Highest-grade investment issues were idle and at
times stagnant. United States Government securities showed no changes of any consequence throughout the week. Genuine investment interest in corporate bonds was concentrated in the new issues,
which amounted approximately to $175,000,000 for
the week. Speculative bonds were in keen demand
at almost all times, with low-priced carried issues
in the forefront of the upward movement. Italian
issues drifted lower in the foreign section because
of sanctions, but most other foreign dollar bonds
reflected better demand. Commodity markets moved
higher in general. Wheat advanced sharply on reports of damaging heat in Argentina and most,other
grains also were improved. Cotton moved irregularly, and other staples also reflected uncertainty at
times. In the foreign exchange markets all currencies of the gold standard countries were under
pressure. French francs reflected a huge capital
flight, and gold engagements were reported daily
for shipment to the United States. Guilders and
Swiss francs also fell below the gold export point
late in the week. Some of the funds from the Continent moved to London, and sterling exchange was
supported by the movement, with the result that the
exchange was strong on the New York market as
well. Italian lire remained under heavy pressure,
and the forward discount widened continually.
On the New York Stock Exchange 362 stocks
touched new high levels for the year and six stocks
touched new low levels. On the New York Curb
Exchange 189 stocks touched new high levels and 10
stocks touched new low levels. Call loans on the
New York Stock Exchange remained unchanged
4%.
/
at 3
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 1,639,480
shares; on Monday they were 3,198,320 shares; on
Tuesday, 2,883,140 shares; on Wednesday, 3,814,777
shares; on Thursday,3,279,560 shares, and on Friday,
3,918,510 shares. On the New York Curb Exchange
Nov. 23 1935
the sales last Saturday were 270,580 shares; on Monday, 549,270 shares; on Tuesday, 421,505 shares; on
Wednesday, 672,185 shares; on Thursday, 521,305
shares,.and on Friday, 687,450 shares.
The stock market the present week was without
definite trend, and while losses occurred on some
days, gains were in evidence on others, and prices
at the close yesterday as compared with Friday a
week ago were somewhat mixed. General Electric
2against 40 on Friday of last
1
closed yesterday at 38/
week; Consolidated Gas of N. Y. at 33 against 32;
8 against 141/
4; Public
Columbia Gas & Elec. at 141/
Service of N. J. at 45 against 441/8; J.I. Case Threshing Machine at 1041/
2 against 10934; International
8 against 641
/
4; Sears, Roebuck & Co.
/
Harvester at 625
4 against 65%; Montgomery Ward & Co. at
at 643
37% against 37%; Woolworth at 57% against 571/2,
4. Aland American Tel. & Tel. at 153 against 1491/
lied Chemical & Dye• closed yesterday at 1641/2
against 1631/
2 on Friday of last week; Columbian
Carbon at 953
4 against 96; E.I. du Pont de Nemours
/
4 against 1421/2; National Cash Register A
at 1423
at 20% against 201/
2; International Nickel at 38%
against 3734; National Dairy Products at 191/8
4 against
against 1834; Texas Gulf Sulphur at 323
31%; National Biscuit at 34% against 351/2; Continental Can at 95 against 97; Eastman Kodak at
1671/2 against 172; Standard Brands at 14% against
1514; Westinghouse Elec. & Mfg. at 93 against 951/4;
Lorillard at 251/
2 against 26%; United States Indus8
/
trial Alcohol at 48 against 47; Canada Dry at 123
against 13½; Schenley Distillers at 50% against
2, and National Distillers at 301/
521/
8 against 3134.
The steel stocks are irregularly changed for the
week. United States Steel closed yesterday at 48
against 491/2 on Friday of last week; Bethlehem Steel
at 487
/8 against 47%; Republic Steel at 19% against
19%, and Youngstown Sheet & Tube at 34 against
3434. In the mOtor group, Auburn Auto closed
yesterday at 373
4 against 371/2 on Friday of last
week; General Motors at 57 against 58½; Chrysler
at 8514 against 89, and Hupp Motors at 21/2 against
2%. In the rubber group, Goodyear Tire & Rubber
/8 on Friday of
closed yesterday at 21% against 217
2 against 141/2, and
1
last week; U. S. Rubber at 14/
8. The railroad
/
B. F. Goodrich at 12 against 123
shares in some instances closed higher yesterday
than the close on Friday of the previous week. Pennsylvania RR. closed yesterday at 28% against 2934
on Friday of last week; Atchison Topeka & Santa Fe
at 51% against 52%; New York Central at 257
/8
2 against 101/
against 25%; Union Pacific at 1011/
4;
1
4 against 201/
Southern Pacific at 213
8; Southern
Railway at 11% against 10/
4, and Northern Pacific
1
2 against 20%. Among the oil stocks, Standat 221/
ard Oil of N. J. closed yesterday at 49 against 49%
on Friday of last week; Shell Union Oil at 14/
2
1
against 14, and Atlantic Refining at 24/
4 against
1
251/
8. In the copper group, Anaconda Copper closed
yesterday at 24 against 22/
4 on Friday of last week;
1
Kennecott Copper at 277
/8 against 28; American
Smelting & Refining at 61/
4 against 59, and Phelps
1
2against 24%.
1
Dodge at 25/
Reports of trade and industrial activities in the
United States were mostly favorable this week, and
stock quotations reflected the trend to some degree.
Steel-making for the week ending to-day was estimated by the American Iron and Steel Institute at
53.7% of capacity, or the best level since June 18
1934. The increase for the week was 1.1 point's, or
2.1%, and the current rate contrasts with 27.6% at
Volume 141
Financial Chronicle
this time last year. Production of electric energy
for the week ended Nov. 16 is reported by the Edison
Electric Institute at 1,938,560,000 kilowatt hours as
against 1,913,684,000 kilowatt hours in the preceding
week and 1,691,046,000 kilowatt hours in the same
week of 1934. Car loadings of revenue freight for the
week to Nov. 16 were reported by the Association of
American Railroads at 628,330 cars, a decrease of
25,195 cars from the preceding week, but a gain of
43,296 cars over the loadings for the similar week
of last year.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 99c. against 96%c. the close on
Friday of last week. December corn at Chicago
closed yesterday at 60c. as against 603/gc. the close
on Friday of last week. December oats at Chicago
8c. the close
/
4c. as against 271/
closed yesterday at 263
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 12.30c. as against 12.35c. the close on
Friday of last week. The spot price for rubber
yesterday was 13.00c. as against 13.21c. the close on
Friday of last week. Domestic copper closed yester4c., the same as on Friday of last week.
day at 91/
In London the price of bar silver yesterday was
291/
4 pence as against 29 5/16 pence per ounce on
Friday of last week, and spot silver in New York
closed yesterday at 65%c., the same as on Friday
one week ago.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at$4.93% as against
$4.92% the close on Friday of last week, and cable
transfers on Paris closed yesterday at 6.58%c. as
/
4c. the close on Friday of last week..
against 6.583
European Stock Markets
RICES of securities moved irregularly this week
on stock exchanges in the principal European
financial centers. The international situation remained clouded owing to the imposition last Monday
of economic sanctions by League member States
against Italy, and this factor contributed to the unsettlement in the several markets. The London Stock
Exchange reflected profit-taking at the high levels
attained last week after the Conservative success at
the polls, bift an upward trend again was established
late this week. On the Paris Bourse pronounced unsettlement developed, with rentes forced to the lowest
levels of the year because of the many uncertainties
of the internal political situation. Fears that the
Laval Cabinet may be forced to resign and thus abandon the attempt to deflate caused a huge flight of
capital from France and heavy gold shipments to
the United States were reported daily. Trading on
the Berlin Boerse was interrupted by a holiday on
Wednesday, and prices showed no changes of any
consequence in the slow dealings. Trade and industrial reports from Great Britain and Germany reflected continued improvement in those countries.
The position in France now is most uncertain. Indicative of the French situation is an announcement
by the Bank of France, issued Thursday, that the
discount rate will be raised to 5% from 4%, while
the rate for advances on security collateral was
raised at the same time to 6% from 5%. It was indicated that the Parliament will assemble Nov.28 to
debate the deflationary program of the Laval Government.
p
3275
Cheerfulness prevailed on the London Stock Exchange as trading started for the week, but profittaking developed in the course of the session on Monday and British funds were irregular. In the industrial section good gains were recorded by stocks of
companies that will benefit from the rearmanent
program to which the Conservative Government is
committed, but other stocks were dull. International
securities were stimulated by favorable week-end
advices from New York. Tuesday's dealings were
marked by another wave of realization sales. British
funds showed small losses, but industrial issues held
fairly well despite the liquidation. Chinese and Japanese issues dipped on the reports of pending changes
in north China, but Anglo-American trading favorites were firm. After early uncertainty on Wednesday, fresh buying was noted at London and prices
of almost all securities were advanced. British
funds received investment support, while a number
of good features appeared in the industrial list. Foreign securities were better, with the exception of
Far Eastern issues. Disclosure on Thursday that
British coal miners favored a strike for higher wages
placed a damper on the stock trading, but prices
held rather well. British funds remained in demand,
and the effect of the threatened mining troubles was
apparent chiefly in uncertain movements in the industrial issues. International obligations were
marked upward almost without exception. Modest
demand was noted yesterday for nearly all securities. British funds, industrial stocks and international issues alike were better.
Quotations were lowered on the Paris Bourse,
Monday,owing to the imposition of sanctions against
Italy and the fresh complications introduced by an
incident at Limoges, where French fascists fired
upon their political opponents. Rentes drifted lower
and almost all French equities likewise were marked
downward. Coal mining stocks were an exception.
Indications that the Chamber Finance Commission
would refuse to compromise on its stand against
some of the deflationary proposals of Premier Laval
caused fresh declines on Tuesday. Rentes declined
sharply and bank stocks also lost ground, but some
of the industrial issues reflected good inquiry. International securities advanced in reflection of the
flight from the franc. These tendencies were continued in the early trading on Wednesday, but a reversal occurred late in the day owing to reports of
dissension among the opponents of the Laval regime.
Rentes closed above their lows, while French equities were moderately irregular. International issues
drifted lower. Disclosure on Thursday that the Bank
of France lost nearly 1,000,000,000 francs gold in
the course of a week was accompanied by the announcement of the increased discount rate, and new
recessions were noted in rentes. French equities were
soft, but keen demand was noted for gold mining
stocks and international securities. Sentiment improved on the Bourge yesterday. Rentes showed
small gains and other issues also were higher.
Little trading was done on the Berlin Boerse during the first session of the week, and most securities
drifted downward in the idle market. Some of the
German coal mining shares improved, apparently because of the heavy Italian purchases, but other
3276
Financial Chronicle
groups declined and fixed-interest issues also were
soft. Movements on Tuesday were small, with trading again of very modest proportions. Small fractional gains and losses were about equally prominent. The Boerse was closed Wednesday in observance of Repentance Day. The trend on Thursday was
heavy, but only the speculative favorites were affected to any appreciable degree. A few declines of
2 to 3 points were recorded, while the bulk of issues
moved fractionally lower. Fixed-income issues were
stagnant and unchanged. Gains of 1 to 2 points
appeared. yesterday on the Boerse, largely because
a favorable interpretation was placed on political
talks with French officials.
Nov. 23 1935
United States and a guarantee is extended of lowest
rates on 767 items and sub-items on the tariff schedules of that country. Widespread reductions are effected on many agricultural products of this country; potatoes were transferred to the free list, oranges placed on the free list for part of the year and
cotton bound to the Canadian free list. Numerous
reductions are made by Canada on imports of American machinery, industrial equipment, iron and steel
mill products, oil products, cotton fabrics and similar items. American tractors were placed on the
free list, while magazines and periodicals also are
to be admitted free. Benefits were extended by Canada to American commercial travelers with samples,
and amelioration was promised of the Canadian system of arbitrary valuation of certain imports.
In negotiating this accord the principle plainly
was followed of granting concessions specifically on
products that are of peculiar importance to the two
countries concerned. When making the terms public, President Roosevelt stated that commerce between Canada and the United States might double
within two years. It was pointed out that threefourth of our dutiable exports to Canada were affected by the Canadian concessions, while two-thirds
of Canada's exports to this country would be benefited similarly. In a comprehensive announcement
regarding the accord,the State Department in Washington pointed out that it is "of major importance to
the producers and consumers of both countries, and
the stimulating effects of which on industry and
commerce as a whole will be a material factor in general economic recovery on both sides of the border."
The agreement, it was added, "should assure a
marked increase in the exports of each country to the
other, and that means a marked increase in their
total export trade, since Canada is the second largest customer for our exports and since the United
States is the second largest consumer of Canada's
exports."
The Brazilian Congress, after protracted consideration of the Brazilian-American reciprocal trade
treaty negotiated last February, finally gave its approval to that accord late last week and the pact now
is expected to become operative within a short period.
The major concession of the United States in that
accord was a guarantee that coffee will remain on
the free list, but duties are to be lowered on a number of items of Brazilian production. Brazil agreed
to lower import rates on 67 tariff classifications, including some important American manufactures. It
is not believed in Brazil that the United States will
gain marked trade advantages from the treaty. Active negotiations were started in Washington early
this week on the proposed reciprocal agreement between Holland and the United States. President
Roosevelt received a delegation from The Netherlands
on Monday and conclusion of the accord is anticipated within a few weeks.
Trade Treaties
ISCLOSTJRE of all details of the new trade
treaty between Canada and the United States
shows that the pact is by far the most important so
far negotiated under the reciprocal tariff bargaining
powers granted to President Roosevelt by Congress
last year. The treaty was negotiated two weeks ago
during a visit to the White House in Washington by
Prime Minister Mackenzie King. It was signed on
Nov. 15 by Mr. King and Secretary of State Cordell
Hull, and statements then made manifested the most
cordial good-will on both sides. President Roosevelt
made the terms available for publication last Monday, and, in general, the treaty received wide praise
on both sides of the border. Special interests that
are directly affected promptly protested some of its
terms and organized to wage a fight against the new
accord. Representatives of the lumber industry in
this country were particularly vociferous in their
protestations, as the treaty provides for sharp reduction in the import duties on several types of Canadian lumber. Industrial interests in Canada expressed concern to their own Government regarding
the numerous reductions in Canadian duties on
American products. Such protests were to be expected, however, and they detract little from the
widespread praise heaped upon the treaty. The accord is to be effective Jan. 1, 1936, and there are
already indications that it will stimulate the Administration program of concluding similar accords
with many countries throughout the world.
Under the accord both countries remain obligated
to grant each other most-favored-nation treatment,
Canada specifically exempting from that provision
the component parts of the British Empire, while the
United States exempted its possessions and Cuba.
This merely continues the status prevailing before
the treaty was signed. The concessions made can be
summarized only briefly here, as they are,sweeping
and inclusive. The United States agrees to reduce
import levies for fixed quotas of cattle, some dairy
and other agricultural products, and specific descriptions of timber, such as Douglas fir and Western
hemlock. Duties are to be lowered on Canadian hay,
Blocked Balances in Brazil
horses, halibut and minor fish supplementing the
goods,
live
New England catch, some types of leather
ESOURCES of the Export-Import Bank of
poultry, apples, maple sugar, ferro-manganese, ferroWashington are to be made available to aid
silicon and acetic acid. On all whiskies aged four American business concerns in realizing dollars on
years or more in the wood the import duty is to be their funds held in blocked accounts in Brazil, it
reduced to $2.50 a gallon from $5 a gallon. It is also was stated in Washington, Tuesday. Such blocked
provided that the United States will not raise duties funds were estimated in Washington at $20,000,000
on certain important Canadian exports and will keep to $30,000,000, but an official statement by the Brazilian Finance Minister last week indicated that the
on the free list other products of a like nature.
The concessions by Canada provide for specific amount is $21,650,000. The officials of the Bank,
duty reductions on 180 items imported from the which was organized with United States Government
D
R
Volume 141
Financial Chronicle
funds to aid trade, made the declaration immediately
after the Brazilian Congress ratified the reciprocal
trade accord negotiated last February, and it was indicated that the plan is contingent upon the treaty
coming into full effect. The project for making dollars available against the blocked balances also is
intended to aid trade, it was said. Non-interest bearing notes of the Brazilian Government, to be issued
against the blocked funds, are to be purchased by the
Bank up to 60% of holdings of individual firms, but
not more than $17,000,000 notes will be so purchased.
Offerings of Brazilian Government notes to the Bank
will be examined, according to Washington reports,
from the viewpoint of the applicant's need for cash
to transact other deals in foreign trade. The provision for purchase of up to 60% of notes held is
without recourse to the seller, and it is suggested
that additional purchases might be made if indemnity against loss is furnished by the holders of the
notes.
Naval Conference
RANGEMENTS rapidly are being completed
for the naval conference in London, which
will begin on Dec. 6, but every passing event seems
to diminish the prospect for success in the negotiations for limitation or reduction of sea strength. It
was announced at Washington last Tuesday that the
American delegation will be headed by Norman H.
Davis, Ambassador-at-large and disarmament expert. Mr. Davis has represented the United States
in all recent conferences on armaments. He will be
assisted by Admiral William H. Standley, Chief of
Naval Operations, and William Phillips, UnderSecretary of State, as well as the usual staff of experts and technicians. Mr. Phillips is to remain at
London only for the first week or two of the conference and he will then return to Washington in order
to report to the President. Japanese delegates
already are en route to London,and extensive French
and Italian groups also will attend. It is ever more
obvious that the United States is the only country
really interested in prolongation of the Washington
and London naval accords. Japan has denounced
the Washington treaty and desires equality with
Great Britain and the United States, on the basis
of her own present naval strength. Great Britain
wants the size of battleships reduced and the right
to build an increased number of swift cruisers.
France and Italy both are dissatisfied with their
own quotas, and French grievances regarding the
Anglo-German naval pact probably will be aired at
the coming conference. Russia is assuming greater
importance as a naval Power, and the position of
that country also will play a part in the discussions.
The formal expressions at the gathering undoubtedly
will be most amicable, but there is no blinking the
fact that a naval race already is in progress and is
not likely to be halted by any doings at London
next month.
N
Sanctions Applied
OMPREHENSIVE economic sanctions, as a
means of halting a war already in progress,
were applied against Italy by more than 50 member
States of the League of Nations, beginning last
Monday. The League gave ample warning of this
action, which was taken only under the unrelenting
pressure of the British Government, but the experiment nevertheless represents a new and highly important phase in the development of the Geneva
C
3277
organization. Application of the sanctions was
greeted in Italy in an almost festive mood, with flags
flying and an atmosphere of external cheerfulness.
Rome reports made it clear, however, that the
Italian Government and people are fully aware of
the drastic implications of the international boycott
of Italian goods and the prohibition on exports of
key materials to Italy. A fierce, burning resentment
was felt throughout Italy toward the countries engaged in this form of coercion, and especially toward
Great Britain. Indicative of the feeling was an
attack by Fascists in Rome on four Americans, last
Saturday, who were mistaken for Englishmen. Premier Benito Mussolini made it plain that Italy will
not forget the "ignominy and iniquity," and will hold
each of the nations responsible individually.
Only a few of the League States balked at imposition of the first and second sanctions proposals,
calling for an embargo on exports of war materials
to Italy and the extension of financial aid in any
form to that country. Fifty nations agreed to support the vital proposals three and four, which prohibit imports of any kind from Italy save gold and
silver and a few cultural items such as books, and
which call for a prohibition of exports to Italy of
key materials which are useful in war. There was
also quite general acquiescence in proposal five, providing for mutual aid to the countries affected most
directly by loss of trade with Italy. The Italian
authorities made what preparations they could for
the sanctions, and reports of a huge freight traffic
movement into Italy last week suggest that the
preparations may be effective for some time to come.
The effectiveness of the embargo on key materials
is open to question,since the United States, Germany
and other countries are not included. No doubt
exists, however, regarding the swift and drastic
effect upon the Italian economy of the embargo on
imports by member States from Italy, for necessary
foreign exchange soon must be lacking to pay for
even the most essential raw materials, if that prohibition is long maintained.
The United States Government, far too sympathetic with the League view of this European problem, indicated late last week its concern regarding
a considerable increase of exports to Italy from this
country. Although no authority for such action
seems to exist, Secretary of State Cordell Hull
warned against exports to Italy of oil, copper,
trucks, tractors, scrap iron and scrap steel. "This
class of trade," Mr. Hull said, "is directly contrary
to the policy of this Government, as announced in
official statements dl the President and Secretary of
State, and it is also contrary to the general spirit
of the Neutrality Act." The inference is plain that
the present Administration tends to follow the lead
of the Geneva organization despite the adverse decisions of the American people and their representatives in Congress. It was assumed in Washington
that authority will be sought from the forthcoming
Congress to embargo trade with Italy much in the
manner that League States already have done.
Encouraged by the attitude of the United States
Government, members of the League Committee on
Sanctions started last Thursday to consider means
for extending the sanctions to include coal and oil.
It was reported in London dispatches that the British Government is conducting active but confidential
negotiations toward international measures for curtailment of Italian supplies of such commodities.
Late last week the British Government informed the
3278
Financial Chronicle
League that it would permit no imports from Germany, Switzerland, Hungary, Austria or Albania,
unless they are accompanied by certificates of origin
to prove they are not from Italy. German authorities announced that they would not comply with the
British demand for certificates of origin, and the
issue between London and Berlin has not yet been
settled. In Italy, strenuous efforts were started to
offset the imposition of sanctions. An announcement at Rome, Tuesday, declared that a gold monopoly had been bestowed upon the National Institute for Foreign Exchange. All Italian transactions
in gold were placed under the control of that body,
and orders were issued that any metal offered must
first be placed at the disposal of the Institute.
Italians were urged by their Government to hunt
and fish in order to supply their needs. An order
issued on Thursday provided for the immediate
release of 100,000 soldiers from the army for a period
of three months,so that their activities in agriculture
and industry might stimulate the national output.
The sanctions of the League States proved no bar
to the resumption of negotiations by British, French
and Italian representatives for early adjustment
of the differences created by the Italo-Ethiopian war.
Premier Pierre Laval of France started such conversations last week,even before sanctions were applied.
British, French and Italia:n experts gathered in
Paris on Thursday to discuss a settlement of the
Italo-Ethiopian conflict. It was indicated at Geneva
by British spokesmen that any such settlement must
be in accord with League requirements, but it would
appear that League reservations would not prevent
virtual partitioning of Ethiopia. Emperor Haile
Selassie is on record as accepting a League suggestion for foreign advisers and extensive economic concessions. Whether Ethiopia will continue to regard
that commitment as binding now is a question, however, for a notification was sent to the League on
Wednesday to the effect that Ethiopia would refuse
to consider peace terms by which Italy would gain
anything from her aggression.
Eight Weeks of War
HE war started by Italy against Ethiopia eight
weeks ago is developing steadily along lines
that all experts anticipated, with the guerilla tactics of the Ethiopians now proving of some importance against the Italians. No further advances
by the Italian troops are to be noted this week,
although one column emerged safely from a terrible
march through the Danakil desert to northern Ethiopian territory that already iras in the hands of
Italian forces. Announcement was made in Rome,
last Saturday, that General Emilio de Bono, commander of all Italian forces in East Africa, would
be replaced by General Pietro Badoglio, and it was
accepted generally that the change signified impatience at Rome with the rate of advance of Italian
troops. In the north, attempts were made by the
Italians to consolidate their gains, and only brief
sortees were made south of Makale. An extensive
Ethiopian force, reported to consist of no less than
30,000 well-armed warriors, appeared behind the
Italian lines in the north and engaged in hampering
attacks on lines of communication. In the south an
advance column of mobile Italian troops retreated
rapidly from a position near Daggah Bur, which the
Italians said they captured more than a week ago.
Fighting is developing in the southern sector of the
war at a number of points, but all reports are hazy
T
Nov. 23 1935
as to the actual results. An Italian air force swept
down upon an Ethiopian army on Tuesday, and
Italian reports stated that 2,000 Ethiopians were
killed. The Ethiopians stated that only 10 of their
number actually were slain in this encounter. The
Ethiopians claimed on Wednesday that they had
captured 63 out of 70 Italian trucks carrying an
Italian advance force in the south. Contrasting
claims are to be expected in the current phase of
the conflict, but they indicate at least that the opposing forces are coming to grips.
British Politics
OME of the policies to be pursued by the National Government in Great Britain during coming months are fairly clear, owing to the overwhelming victory achieved at the polls by Prime Minister
Stanley Baldwin and his supporters on Nov.14. The
newly-elected Parliament is to meet on Dec. 3, and
an extensive debate on foreign policy will be inevitable, as there are many aspects of the British
reaction to the Italian war against Ethiopia that
still need elucidation. Mr. Baldwin already is considering the points to be made in the King's speech
at the opening, it is said. That he will urge rearmament on a large scale is obvious, since the campaign
was conducted partly on that issue. Improvements
in the British old age pension and unemployment relief schemes are anticipated, while railroad, highway
and home building projects probably will be developed in order to provide employment. Latest returns
of the election show that the National Cabinet will
have the support of 428 members, while the Opposition groups will be able to muster only 182. There
are still some seats undetermined, and final results
probably will give the Baldwin Cabinet a majority
of 250. Ramsay MacDonald, who joined the National Government four years ago, was defeated in
his constituency and his son, Malcolm, also failed
of election. Resentment felt by the Laborites
against the former Labor party head obviously was
responsible for the defeats. It is surmised in London that Mr. MacDonald will be permitted to retain
his post of Lord President of the Council, and it may
be that a holder of a "safe" constituency will resign
so that the former Labor Prime Minister can be reelected to Parliament.
S
FrenchlFascism
MINOUS implications were read this week into
a clash between French fascists and socialists
and the temporizing attitude of the Cabinet headed
by Pierre Laval toward the growing strength of the
fascist organizations. The clash occurred at
Limoges, last Saturday, when groups of socialists
taunted several thousand people attending a meeting of the Croix de Feu, the fascist organization
headed by Colonel Francois de la Rocque. The
fascists promptly brought firearms into use and
wounded more than 15 of the socialists. Political
repercussions were instantaneous and widespread,
and they complicated further the position of M.
Laval, who must face Parliament on Nov. 28 and
defend his deflationary program. To a considerable
extent, M. Laval is relying upon support from Left
groups in order to carry his program through the
Parliament. The incident at Limoges inflamed
socialist sentiment, but M. Laval refrained from any
measures against the fascists, and his policy was
likened to that of Dr. Bruening in Germany while
the fascists under Hitler were making progress.
O
Volume 141
Financial Chronicle
Colonel de la Rocque openly defied all the Left parties and somewhat brazenly asked the Government
for protection from attacks by revolutionaries.
Socialist Deputies already have indicated their
intention of interpellating the Government on the
matter when Parliament assembles. Since the Laval
regime has lost strength in any event because of the
unpopular deflation program, it is not believed likely
that the Cabinet will survive beyond the end of this
year. In many quarters, moreover, it is suggested
that defeat for M. Laval may also mean the end of
efforts to prevent franc devaluation, and a huge
capital flight from France has developed on this
basis. Gold continues to move to the United States
in large volume by all available vessels. The weakness of the franc was so pronounced on Thursday
that the American Stabilization Fund was credited
in foreign exchange circles with making dollars available and earmarking gold in return. The Bank of
France discount rate was raised on Thursday to 5%
from 4%.
3279
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria-Batavia-___
Belgium___
Bulgaria...
Canada__
bile
Colombia—
zechoslo.
yak's__
Danzig____
Denmark_ _
England__
Estonia....
Finland__
France _ _ _ ...
Germany__
Greece ____
Holland ___
Rate fn
Effect
Date
Nov.22 Established
Previous
Rate
314
4
2
6
214
4
4
July 10 1935
July 1 1935
May 15 1935
Aug. 15 1935
Mar. 11 1935
Jan. 24 1935
July 18 1933
4
414
214
7
__
414
5
314
5
314
2
5
4
5
4
7
314
Jan. 25 1933
Oct. 21 1935
Aug. 21 1935
June 30 1932
Sept.25 1934
Dec. 4 1934
Nov. 21 1935
Sept. 30 1932
Oct. 13 1933
Nov. 13 1935
414
6
214
214
534
414
4
5
714
4
Country
Rate in
Effect
Date
Nov.22 Established
Hungary
4
India-,
314
Ireland__ 3
Italy
5
Japan
3.65
04
Java
Jugoslavia_ 5
Lithuania... 6
Morocco
614
Norway
314
Poland._ _ 5
Portugal
4
Rumania_. 314
SouthAfrica 314
5
Spain
Sweden
234
Switzerland 214
Aug. 28 1935
Feb. 16 1934
June 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
Pretrims
Rate
414
4
314
414
3
334
614
7
414
4
6
534
6
4
514
3
2
Foreign Money Rates
IN LONDON open market discount rates for short
bills on Friday were 9-16@/% as against 9-16@
on Friday of last'week,and 9-16@%% for threemonths' bills as against 9-16@%% on Friday of last
week. Money on call in London on Friday was JA%.
At Paris the open market rate remains at 27A% and
in Switzerland at
China and Japan
WIFT changes occurred this week in the external
Bank of England Statement
aspects of the new crisis forced upon China by
HE statement for the week ended Nov. 20 shows
the Japanese authorities, but it may well be doubted
an increase of £692,607 in gold -loldings, raising
whether the visible indications really reflect any
L198,069,294, the highest the figure has
total
the
alteration of the Japanese desire to extend the
As the gain in gold was attended by a
been.
ever
hegemony of the Tokio Government over most of
of 0,549,000 in circulation, reserves
contraction
Eastern Asia. Fears of another Shanghai incident
0,242,000.
Public deposits increased L5,821,rose
dwindled, as the Japanese naval authorities took no
deposits
other
while
decreased 0,125,685. The
000
action in connection with the murder of a Japanese
sailor two weeks ago. But Japanese plansfor setting latter consists of bankers'accounts and other accounts
up an "autonomous" State in North China appeared which decreased £1,926,088 and £199,597,respectiveto be on the point of fruition early this week, and ly. Loans on Government securities rose £145,000
no illusions were entertained anywhere regarding the and other securities 035,712. Other securities consignificance of any such move, which would closely sists of discounts and advances, which dropped off
resemble the Manchurian incident and its aftermath. £1,392,620, and securities, which increased L1,728,Japanese military authorities were reported even in 332. The discount rate remains at 2%. A comthe Japanese press to be pressing for the establish- parison of the different items for five years appears
ment of such an autonomous State in an area of below:
BANK OF ENGALND'S COMPARATIVE STATEMENT
China proper embracing 95,000,000 people. Semiofficial Japanese reports stated that the powerful
Nov. 20
Nov. 22
Nov. 25
Nov. 21
Nov. 23
1932
1935
1933
1931
1934
Japenese army in Manchuria would be used to pre£
£
£
£
£
vent any interference with the "autonomy" move- Circulation
398,901,000 376,904.842 367,528,001 357.847,472 354,400,879
21,629.000 25.337,937 18,766,389 26,531.015 27,033.736
deposits
ment in North China. But an abrupt change oc- Public
127,441,173 133,562,383 139,569,528 111,823,788 97,984.604
Other deposits
Bankers' accounts_ 90,940,664 95,890,889 102,990.827 78,081,780 59,844,438
curred on Wednesday, when the establishment of
36,500,509 37,671,494 36,578,701 38,742,008 38,140,166
Other accounts
Government secure
83,620,999 80,091,413 67,816,066 68,581,740 56,580,906
the independent State suddenly was postponed in- Other
24,072,428 20,822,484 24,069,403 29,979,384 43,931,116
securities
Dect.& advances_ 9,712,648 8,640,773 8,547,835 11,958,451 12,698,193
definitely. Statements were made by the Foreign
14,359,780 12,181,711 15,521,568 18,020,933 31,232,923
Securities
Reserve notes & coin 59.170,000 •75,790,892 84,240,537 57,578.227 42,283,383
Office in Tokio to the effect that the autonomy move- Coin and bul1ion 198,069,290 192,695,734 191,768,538 140,425,699 121,684,262
of reserve
ment is a purely domestic affair of China, and that Proportion
33.82%
53.20%
41.61%
39.69%
47.69%
to liabilities
2%
907..
2%
2%
6%
no aggression is contemplated by the Japanese
authorities. Quite possibly the answer to the change
Bank of France Statement
in Japanese declarations is to be traced to a conferHE weekly statement dated Nov. 15 shows a
ence in Washington on the Chinese situation, held
decline in gold holdings of 933,354,791 francs,
Tuesday, between American officials and the British
Ambassador, Sir Ronald Lindsay. It was stated bringing the total down to 70,389,377,512 francs.
after that conference that no concrete moves are Gold holdings a year ago aggregated 82,070,919,489
contemplated immediately, but the evidence of in- francs and two years ago 79,282,907,160 francs. The
creased anxiety regarding the Far East in England proportion of gold on hand to sight liabilities is now
73.82%; last year it was 80.74% and the year before
and the United States was unmistakable.
79.95%. French commercial bills discounted and
Discount Rates of Foreign Central Banks
creditor current accounts register increases, namely,
HE Bank of France on Nov. 21 raised its discount 279,000,000 francs and 157,000,000 francs, while
rate from 4% to 5%,at the same time advances advances against securities s'inw a loss of 14,000,000
on securities were increased from 5% to 6% and the francs. Notes in circulation record a decrease of
advances on 30-day bills were raised from 4% to 5%. 664,000,000 francs, bringing the total down to
The 4% discount rate had been in effect since Nov. 14 81,880,170,910 francs, in comparison with 80,193,1935, at which time it was raised from 3%. Present 476,130 francs a year ago and 80,706,164,870 francs
rates at the leading centers are shown in the table two years ago. A comparison of the different items
which follows:
for three years appears below:
S
T
Tien. ern
T
T
3280
Financial Chronicle
BANK OF FRANC'ES COMPARATIVE STATEMENT
Changes
for Week
Nov. 15 1935
Nov. 16 1934
Nos. 17 1933
Francs
Francs
Francs
Francs
—933,354,791 70,389,377,512 82,070,919,489 79,282,807,160
No change
37,649,571
9,672,300
7.830,380
Gold holdings
Credit bats. abroad_
a French commercial
bills discounted
+279,000,000 8,090.730,476 3,387,854,810 3,371,3102,06
b Bills bought abr'd No change
1,249,301,197
921,034,250 1,241,163,038
Adv. against secure_
—14,000,000 3,234,762,838 3,195,625,116 2,808.127,124
Note circulation- _ _ —664,000,000 81.880,170,910 80,193,476,130 80,706,164,870
Credit current accts. +157.000,000 13,476,472,550 21,459,444,243 18,460,744,555
Propor'n of gold on
hand to sight liab_
—I)5RM
72 R29Z.
Rfl 74(9,.
79.95%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE statement for the second quarter of November
reveals a gain in gold and bullion of 274,000
marks. The total of gold which is now 88,072,000
marks, compares with 78,170,000 marks last year and
397,585,000 marks the previous year. Reserve in
foreign currency, silver and other coin, notes on other
German banks and other assets register increases,
namely 25,000 marks, 21,552,000 marks, 3,626,000
marks and 27,069,000 marks, respectively. The
Bank's ratio is now 2.39%; a year ago it was 2.28%,
and the year before 12%. Notes in circulation show
a contraction of 73424,000 marks, bringing the total
down to 3,906,000 marks. Circulation a year ago
was 3,614,901,000 marks and two years ago 3,368,818,000 marks. A decrease appears in bills of exchange and checks of 158,467,000 marks, in advances
of 701,000 marks, in investments of 399,000 marks,
in other daily maturing obligations of 24,844,000
marks and in other liabilities of 8,753,000 marks.
Below we furnish a comparison of the various items
for three years:
T
Nov. 23 1935
having been reported this week. Rates are now
quoted at 1% for all maturities. The market for
prime commercial paper has been moderately active
this week. Paper has been in fair supply and the
demand has been good. Rates are y
i% for extra
choice names running from four to six months and
1% for names less known.
Bankers' Acceptances
HE market for prime bankers' acceptances has
been fairly steady this week and while there
have been a few more bills available, the supply
continues inadequate for the requirements. Rates
are unchanged. Quotations of the American Acceptance Council for bills up to and including 90 days
are 3-16% bid and M% asked; for four months, Y
l%
.
bid and 3-16% asked;.for five and six months, Mi%
bid and 5-16% asked. The bill buying rate of the
New York Reserve Bank is %%for bills running from
1 to 90 days, 4
31% for 91- to 120-day bills, and 1%
for 121- to 180-day bills. The Federal Reserve banks'
holdings of acceptances decreased from $4,677,000
to $4,674,000. Open market rates for acceptances
are nominal in so far as the dealers are concerned, as
they continue to fix their own rates. The nominal
rates for open market acceptances are as follows:
T
SPOT DELIVERY
—180 Days— —150 Days--120 Days—
Bid
Asked
Bid
Asked
Bid
Asked
Prime eligible bills
34
'Is
M
—90Days— —60Days— —30Days—
Bid
Asked
Bid
Asked
Bid
Asked
Prime eligible bills
'Is
34
Ns
34
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
% bid
Eligible non-member banks
% bid
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for TVeek
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curl._
Bills of each, and checks
Silver and other coin.._
Notes on other Ger. bks
Advances
Investments
Other assets
Liabilities—
Notes in circulation....
Other daily matur.obllg
Other liabilities
Propor. of gold ds torn
curr, to note circurn_
Nov.151935 Nov.15 1934 Not'. 15 1933
Retchsmarks
Reichsmark: Retchsmarks Retchsmarks
88,072,000
78,170,000 397,585.000
+274,000
52,882,000
21,204,000
No change
21,034,000
7,917,000
4,258.000
5,465,000
+25.000
—158,467,000 3,753,746,000 3,508,532,00 2,861,852,000
+21,552,000 196,903,000 266,187,000 256,879,000
12,117,000
13,691.000
+3,626,000
12,236,000
60,825,000
84,577.000
—701,000
41,629,000
—399.000 660,208,000 749,725,000 513,699,000
+27,069,000 715,971,000 666,745,000 543,612,000
—73,424,000 3,906,245,000 3,614,901.000 3,368,818,000
—24,844,000 667,272,000 869,767,000 428,673,000
—8,753,000 279,533,000 264,420,000 233,844,000
+0.05%
2.39%
2.28%
Discount Rates of the Federal Reserve Banks
HERE have been no chnages this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Rate in
Effect on
Nov. 22
Date
Established
Previous
Role
2
134
Feb. 8 1934
Feb. 2 1934
234
2
12%
Boston
New York
Jan. 17 1935
2
Philadelphia
234
New York Money Market
Cleveland
134
May 11 1935
2
Richmond
2
May 9 1935
235
Atlanta
2
Jan. 14 1935
234
EW developments were entirely lacking in the Chicago
2
Jan. 19 1935
234
Louis
2
Jan. 3 1935
234
New York money market this week. Gold St.
2
May 14 1935
Minneapolis
234
Kansas City
2
May 10 1935
234
poured into this country from Europe, and idle Dallas
2
May 8 1935
234
an Frandsen
2
Feb. 16 11)54
9IX
credit resources increased steadily, but there was
Rates
for
accommodation.
effective
demand
little
Course of Sterling Exchange
were unchanged in all departments of the market.
exchange has been exceptionally steady
TERLING
Call loans on the New York Stock Exchange held
in
terms
of the dollar for the past five weeks
4% for all transactions, whether renewals or new
at 3
The
market at present is extremely
foreign
exchange
loans. Time loans with maturities up to six months
dull,
and
with
dollar
sterling at a premium with
the
were offered at 1%, with takers few. Bankers' bill
respect
other
to
all
currencies.
The range for sterling
change,
but
a
no
and commercial paper rates showed
4 for
modest increase in the amount of such paper out- this week has been between $4.915A and $4.935
standing appears to be in progress. The Treasury bankers' sight bills, compared with a range of besold, on Monday, another $100,000,000 of discount tween $4.915A and $4.9234 last week. The range
bills. One series of $50,000,000, due in 117 days, was for cable transfers has been between $4.9134 and
4
4, compared with a range of between $4.913
awarded at an average discount of 0.071%, while $4.933
and
exceptionally
$4.927
A
a
week
ago.
Sterling
is
273
days,
went
another series of $50,000,000, due in
at 0.142% average discount, both computed on an firm in terms of the French franc owing to the severe
pressure on the franc.
annual bank discount basis.
The following tables give the mean London check
New York Money Rates
rate on Paris from day to day, the London open
EALING in detail with call loan rates on the market gold price, and the price paid for gold by the
Stock Exchange from day to day, Yi of 1% United States:
remained the ruling quotation all through the week
MEAN LONDON CHECK RATE ON PARIS
74.77
Nov. 16
74.687 I Wednesday, Nov. 20
for both new loans and renewals. The market for Saturday,
74.666 I Thursday, Nov 21
74.806
Monday, Nov. 18
remains
at
a
standstill,
no
transactions
Nov.
22
74.968
Tuesday, Nov. 19
74.68 I Friday,
time money
N
S
D
Financial Chronicle
Volume 141
LONDON
Saturday, Nov. 16
Monday, Nov. 18
Tuesday, Nov. 19
OPEN MARKET GOLD PRICE
141s. 5d. I Wednesday, Nov. 20___141s. 43.6d.
141s. 5d. j Thursday, Nov. 21___141s. 5d.
Nov. 22___141s. 3d.
1418. 6d.I Friday,
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
$35.00
Saturday, Nov. 16
$35.00 I Wednesday, Nov. 20
35.00
35.00 I Thursday, Nov. 21
Monday, Nov. 18
35.00
Nov. 22
Tuesday, Nov. 19
35.00 I Friday,
Sterling and all British markets have experienced
great buoyancy in consequence of the unexpectedly
large majority, of around 240 seats, which the National Government polled in Thursday's general election. The middle classes recorded a heavy vote in
favor of the Government, a practical endorsement of
its plans to spend large sumslin the years immediately
ahead for strengthening the national defenses and
especially for modernizing its naval and air forces.
This program will involve a considerable expansion
of contract operations of various kinds. It is believed also that the Government will yield to the
wighes of the Labor Party and extend more generous
unemployment benefits. It will carry out and has
already begun a vast improvement in road building
and will give important assistance to the railroads.
It appears assured that both British credit and business confidence will be greatly revived by the victory
of the Government.
•
All indices favor a continuation of trade revival and
trade extension overseas. Industrial shares are likely
to receive•fresh stimulus in the London market and
bankers there look forward to a great extension of
loans. The latest trade indices are very favorable. The
gross railroad traffic receipts for the first 45 weeks of
the year show an increase of £1,106,000 over the
corresponding period a year ago, and 40% of this
improvement has been recorded in the past six weeks.
Foreign trade returns indicate that for the first ten
months imports have increased £7,120,000 over the
same period last year, while exports are up £25,887,000.
The great revival of confidence in the pound is
also reflected in a renewal of the movement of funds
from other centers to London, chiefly from the
Continent. A large part of these funds, however,
comes from France and this movement, accompanied
by heavy outflow of gold from Paris to London, is
not so welcome from the British bankers' point of
view. At present the demand for sterling in Continental and other quarters, which causes a considerable premium for future sterling, is partly offset by
the movement of some British funds into the New
York securities market. Exports are now at a fiveyear peak.
The London "Financial News" index of 30 industrial stocks based on the level of July 1935, as 100,
stood on Nov. 14 at 104.5, compared with 102.8 a
week earlier, with 95.1 a month ago, with 87.9 at
the beginning of the year, and the low record of 41.6
in June 1932.
British bankers and industrial leaders seem undisturbed over the application of the Italian sanctions.
It is doubtless true that they will inflict hardship in
certain cases and present arrangements to discharge
Italian commercial debts in Great Britain may break
down. The Chamber of Commerce of London is
pressing the Government to make good any capital
losses incurred by traders, its contention being that
as the sanctions are political their cost should be
borne by the nation. In financial circles in London
this is regarded as a reasonable demand and the total
cost to the country should not be heavy.
3281
The,rgeneral improvement in business is reflected in
the Bank of England statement, which showed an
increase of £21,996,000 in circulation over a year ago.
It is believed that the general spending during the
Christmas and New Year's holiday period will call for
at least £40,000,000 more than last year. The Bank of
England continues to add to its gold holdings, which
are now £5,373,556 more than a year ago, standing
at a new high of £198,069;290, which compares
with £192,695,734 a year ago, with £150,000,000
recommended by the Cunliffe Committee, and with
£136,880,252 in the statement issued just previous
to the suspension of gold in September 1931. The
bank's gold is valued at the old statutory price of
2d.an ounce. It cannot be positively known,
84s. 103/
but it is generally believed in London that the bank
buys gold from the Exchange Equalization Fund and
will continue to do so until such time as there is a
definite check in the increasing circulation. Circulation now stands at £398,901,000, due entirely to trade
expansion.
Money continues abundant and easy in the open
market. Call money against bills is in supply at
%. Two- and three-months' bills are quoted
9-16% to /%, four-months' bills M% to 11-16%,
3 %. All the gold
and six-months' bills, 11-16% to 4
on offer in London this week was taken for unknown
destination, believed to be chiefly for account of
individual hoarders. These hoardings in London are
in a great many cases accumulations by corporations
and other industrial interests having large international transactions where gold is frequently required.
On Saturday last there was available £330,000, on
Monday £155,000, on Tuesday £340,000, on Wednesday £334,000, on Thursday £365,000, and on Friday £340,000. On Friday of last week the Bank of
England bought £50,785 in gold bars. On Thursday
the Bank bought £150,644 in gold bars.
At the Port of New York the gold movement for
the week ended Nov. 20, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,NOV.14-NOV. 20,INCLUSIVE
Exports
Imports
$48,400,000 from France
India
2,549,000 from
None
929,000 from England
449,000 from Canada
338,000 from Russia
$52,665,000 total
Net Change in Gold Held Earmarked for Foreign Account
Decrease $68.000
Note—We have been notified that approximately $1,053,000 of gold was
received at San Francisco, of which $810,000 came from Australia and
$243,000 came from China.
The above figures are for the week ended on
Wednesday. On Thursday $2,800 of gold was received from Guatemala. There were no exports of
the metal, but gold held earmarked for foreign account increased $2,800. On Friday $13,110,800 of
the metal was received, of which $11,412,500 came
from France and $1,698,300 from Canada. There
were no exports of the metal or change in gold held
earmarked for foreign account. On Thursday it was
reported that $71,000 of gold was received at San
Francisco from China. On Friday, $274,000 of gold
was received at San Francisco from China.
Canadian funds during the week were quoted in
terms of the United States dollar from a discount of
1 3-16% to a discount of 1%.
Referring to day-to-day rates sterling exchange on
Saturday last was fractionally up on previous close in
dull trading. .The range was $4.92@84.923. for
bankers' sight bills and $4.92% @ $4.929/ for chble
3282
Financial Chronicle
transfers. On Monday the market was dull and
fractionally easier. The range was $4.91%@$4.92
for bankers' sight and $4.919@$4.923/ for cable
transfers. On Tuesday in quiet trading sterling was
inclined to firmness. Bankers' sight was H .92@
%. On Wed8@$4.925
2;cable transfejs, .923/
$4.923/
nesday the pound was steady. The range was $4.92
@.$4.92M for bankers' sight and $4.923/8@ .92%
for cable transfers. On Thursday sterling continued
8@
firm in dull trading. The range was $4.923/
5 for
$4.933/ for bankers' sight and $4.923'1@ .934
cable transfers. On Friday t ie market was firmer
in lig A trading while fluctuations were narrow. The
range was $4.933s@$4.93% for bankers' sight and
$4.933'4,@$4.93% for cable transfers. Closing quotations on Friday were $4.93 for demand and
.93% for cable transfers. Commercial sight bills
finished at $4.93, 60-day bills at $4.923, 90-day
bills at $4.91%, documents for payment (60 days)
at $4.92, and 7-day grain bills at $4.92%. Cotton
and grain for payment closed at $4.93.
Continental and Other Foreign Exchange
HE French franc continues under severe pressure.
On Thursday the Bank of France again increased its rediscount rate, this time from 4% to 5%.
The 4% rate became effective only Thursday of last
week, when it was raised from 3%. The action was
doubtless taken in a renewed effort to halt the outward flow of gold from Paris before it should threaten
the stability of the franc. On Thursday the rate for
advances on securities was lifted from 5% to 6%
and on 30-day advances from 4% to 5%. Fears of
eventual devaluation of the franc continued to find
expression in the French press, with financial sources
pointing to a drop in the value of government bonds
on the bourse, the difficulty of borrowing money,
and bad business as signs of fear. Technically the
position of the French franc is sufficiently sound, as
the ratio of gold reserves continues far higher than
the legal requirement of 35%.
The current statement of the bank shows a further
loss in gold holdings of 933,354,791 francs, offset in
part by a considerable drop in circulation which helps
to maintain the ratio. The decline in gold holdings
follows a reported decrease.last week of 667,060,114
francs. Since the current statement,that of Nov. 14,
an additional 1,000,000,000 francs of gold has been
engaged for shipment at the Bank of France.
Bankers believe that another increase will be made
in the rediscount rate very soom. Since early in
September the Bank of France has shipped to the
United States approximately $361,000,000 of gold.
Gold has likewise been leaving France for Holland,
Belgium and London. There can be little doubt that
the present pressure against the franc is due almost
entirely to uneasiness over political animosities and
budgetary uncertainty. Parliament will reassemble
Nov. 28, when M. Laval's policies are expected to
encounter strong opposition.
Italian lira quotations are entirely nominal. It
would seem that Italy has itself imposed a financial
blockade this week in order to check the extensive
"bootlegging" of lire in various "black bourses" which
has been caused by the strict foreign exchange control.
The so-called "black bourses" or "bootleg" operators
in foreign exchange have appeared in every market
where strict exchange control has been enforced.
New York banks reported this week that for several
days they have been unable to make payments to
T
Nov. 23 1935
Italy or to receive payments involving the purchase
or sale of lire, so that trading in New York was
brought to a virtual standstill. No official announcement of a new policy has been made from Rome, but
it is believed that permission for exchange transactions is now required to be obtained from the Superintendent of the exchange control. The latest tightening of regulations is apparently directed against
non-sanctionist as well as sanctionist countries.
Heretofore the Italian importer was required to give
documentary evidence that his requirements for foreign exchange were based on actual commercial transactions within the framework of the regulations.
Now the exchange control must be satisifed with
the origin of the exchange changing hands.
On Nov. 19 the Italian Government passed a decree
establishing a gold monopoly, designed to press into
the public service all private holdings of gold in Italy.
The National Institute of Foreign Exchange (the
Italian exchange control) took over control or all
gold transactions at home and abroad, under a licensing system. The public was offered 5% interest on
gold turned over to the monopoly.
The Italian bank statement, which should have
appeared at the end of October, has not yet been
published, and it is not likely that any publication of
a financial nature will be allowed by the Government
so long as the present disturbed state of affairs continues. There can be no doubt that had October
statements been issued by the Bank, they would
reveal extensive gold losses. The League sanctions
took effect on Nov. 18. Up to that time the Bank
of France had been co-operating in support of the
bra and since early in September a great deal of the
Italian gold went to Pads, offsetting to some extent
the gold losses of the Bank of France.
The Belgian situation continues to show improvement despite the fact that there has been no expansion
in Belgian foreign trade since July. While Belgium
has lost gold chiefly to Holland in recent weeks, the
backing is at the high figure of 3,437,600,000 belgas
on Nov. 14, representing a ratio of gold to notes of
82.47% and a ratio of gold to total sight liabilities of
67.73%.
The situation of the German mark continues to
present an increasingly unfavorable outlook. Statistical and other information coming from Berlin affords no reliable guide to the course of business and
fiscal events. The purchasing power of the mark
internally is becoming more and more impaired. The
official figures as to the rise in prices, that is, cost
of living, are far lower than competent observers find
to be the case. As long as the depreciation of the
mark was limited to the many varieties of blocked
marks, traded at heavy discounts up to 70% and
80%, it could be maintained that this meant only a
depreciation of the "external currency," while the
domestic purchasing power of the mark remained
unimpaired. This fiction can no longer be maintained. It is known that Dr. Schacht, Economic
Commissioner and President of the Reichsbank, is
seriously perplexed. Heretofore he has stoutly affirmed that the mark would not be devalued. It
now seems that in his perplexity he is inclined to
turn toward devaluation. In spite of the depreciation of the various subsidiary mark "currencies," Dr.
Schacht has thus far by skillful maneuvering succeeded in keeping the quotations for mark bank notes
(so-called gold or free marks) in Amsterdam,!Zurich
Financial Chronicle
Volume 141
3283
Bankers' sight on Amsterdam finished on Friday
and other places close to the nominal parity. This
Ger67.56, against 67.91 on Friday of last week;
at
of
was possible as long as the rigid enforcement
transfers at 67.57, against 67.92, and comcable
exthe
forbidding
man foreign exchange regulations
port of mark notes limited the supply of these notes mercial sight bills at 67.54, against 67.89. Swiss
on foreign exchanges. The scarcity of notes artifici- francs closed at 32.35 for checks and at 32.36 for
2. Copen/
2 and 32.521
ally maintained in this way kept the quotation of the cable transfers, against 32.513/
mark up. It is impossible for anyone in or out of hagen checks finished at 22.04 and cable transfers at
Germany to arrive at a correct understanding of the 22.05, against 21.97 and 21.98. Checks on Sweden
Reich's finances or of prices, employment, costs or closed at 25.44 and cable transfers at 25.45, against
25.37 and 25.38, while checks on Norway finished
wages in Germany.
The following table shows the relation of the leading at 24.79 and cable transfers at 24.80, against 24.72
European currencies still on gold to the United States and 24.73. Spanish pesetas closed at 13.64 for
bankers' sight bills and at 13.65 for cable transfers,
dollar:
Range
Old Dollar New Dollar
13.64 and 13.65.
against
Parity
This Week
Parity
France (tram)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
3.92
13.90
5.26
19.30
40.20
6.63
16.95
8.91
32.67
68.06
6.58K to 6.59
1.6.89M to 16.93
8.10 to 8.11
32.35 to 32.52
67.37 to 67.92
The London check rate on Paris closed on Friday
at 74.94, against 74.70 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.57%, against 6.583 on Friday of last
week; cable transfers at 6.58%, against 6.589, and
commercial sight bills at 6.55%, against 6.55%.
Antwerp belgas closed at 16.91 for bankers' sight
bills and at 16.92 for cable transfers, against 16.893/
and 16.90. Final quotations for Berlin marks were
40.23 for bankers' sight bills and 40.24 for cable
transfers, in comparison with 40.23 and 40.24.
Italian lire, nominal 8.09 for bankers' sight bills and
at 8.10 for cable transfers, against 8.10 and 8.11.
Austrian schillings closed at 18.78, against 18.80;
exchange on Czechoslovakia at 4.13%, against
4.13%; on Bucharest at 0.80, against 0.80; on
Poland at 18.83, against 18.84, and on Finland at
%. Greek exchange closed at
2.183/2, against 2.173
sight
for
bills and at 0.94 for cable
bankers'
0.933/
transfers, against 0.933/2 and 0.94.
XCHANGE on the countries neutral during the
war follows the trends apparent during the past
few weeks. The Scandinavian currencies move in
close relation to sterling exchange. The Amsterdam
market is showing great soundness and the money
situation there is strong, as the Bank of The Netherlands has shown remarkable recovery since Oct. 17,
when its rate of rediscount was 6%, whereas on
Thursday of last week it had by gradual reductions
been brought to 33/2%. The current statement of
the Netherlands bank showed gold holdings of 622,200,000 guilders, as compared with 536,100,000
guilders on Sept. 30. The bank's gold coverage is
now 74.2%, against 62.2% on Sept. 30. The private
discount rate is now down to 338%, against 5%% at
the end of September. Other money rates show
similar trends. The Amsterdam Stock Market is
optimistic and strong. The United States list in
Amsterdam is especially buoyant.
However, in the late trading on Thursday, owing
to the tension in France, the lending gold bloc country, the guilder and the Swiss franc went off sharply
in New York. Thd guilder (new dollar parity 68.06)
cracked 54 points to 67.37. This means that Holland
once again faces the possibility of gold exports to
New York, with a possible stiffening of money rates
in Amsterdam to the embarrassment of the Dutch
Government. Swiss francs late on Thursday dropped
2 points to 32.39 cents (new dollar par 32.67
103/
cents). The drop in Swiss does not early the implication of gold shipments to this side.
E
XCHANGE on the South American countries
continues to display a more satisfactory tone.
Buenos Aires dispatches on Saturday last stated that
the Government has moved to abandon foreign exchange control and to discard the auction system
employed for sale of official exchange as soon as the
date is set for the new regulations to take effect.
The reserve fund was declared sufficiently large to
regulate the market and provide exchange demands
of holders of advance permits. The 20% tax on
exchange purchases will remain in force for nonholders of the permits. The American ExportImport Bank has offered to advance $17,000,000 to
take over notes issued by Brazil to American exporters in paying off blocked commercial balances in
Brazil.
Argentine paper pesos closed on Friday, official
quotations at 32% for bankers' sight bills, against
32.80 on Friday of last week; cable transfers at 32.89,
/s. The unofficial or free market close
against 327
was 273.1@27%, against 27.15@273.. Brazilian
milreis, official rates, are 834 for bankers' sight bills
and 8.44 for cable transfers, against 834 and 8.45.
The unofficial or free market close was 5.65 against
5.60. Chilean exchange is nominally quoted on the
new basis at 5.19, against 5.19. Peru is nominal at
25.78, against 25.32.
E
XCHANGE on the Far Eastern countries presents
no new features from those of recent weeks.
An article on the effect of fie American silver policy
in China by Dixon H. Leavens in the Harvard
"Business Review" concludes with these words: "To
some extent China's troubles are an unavoidable
result of the world depression, and will tend to be
alleviated by any recovery which takes place elsewhere. Internal political and economic weaknesses
also handicap her progress. Her monetary problems,
however, have been accentuated by a professedly
friendly nation, which has taken action embarrassing
to China merely for the sake of satisfying certain
economically insignificant but politically important
interests at home. There is little that the Chinese
Government can do except to continue its present
restrictions, and to hope that the Arne...jean Administration will resist all further pressure which tries to
force it to a more rapid execution of the Silver Purchase Act of 1934."
Closing quotations for yen checks yesterday were
28.72, against 28.65 on Friday of last week. Hong
Kong closed at 37@37 7-16, against 36%(§,36 15-16;
Shanghai at 29%@29 15-16, against 29 13-16@29%;
Manila at 50.00, against 50.05; Singapore at 57.90,
against 57.75; Bombay at 37.28, against 37.17, and
Calcutta at 37.28, against 37.17.
E
3284
Financial Chronicle
Nov. 23 1935
Foreign Exchange Rates
carry into statutory form the demands of the people
for
governental action. If State action is impotent,
to the requirements of Section 522
Federal
action is imperative if public necessities
of the Tariff Act of 1922, the Federal Reserve
demand."
Bank is now certifying daily to the Secretary of the
Commentators on the decision were quick to point
Treasury the buying rate for cable transfers in the out that the Tenth Amendment of the Constitution
different countries of the world. We give below a defines the situation in quite a different way.
record for the week just passed:
According to that Amendment,"the powers not delFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
egated to the United States by the Constitution, nor
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
prohibited by it to the States, are reserved to the
NOV. 16 1935 TO NOV. 22 1935 INCLUSIVE
States respectively, or to the people." There is nothNoon Buyino Rule for Cable Transfers in New York
ing here
here, apparently, nor in the body of the ConstiCountry and M
Value in United Stales Money
Unit
tution,
sustain the contention that the States inNov. 16 Noy. 18 Nov. 19 Nov. 20 Nov. 21 Nov. 22
tended such a sweeping surrender of authority as
EuropeS
$
$
S
$
$
Austria,schilling
187683* .187700* .187783* .187766* .187700* .187683*
Judge Hamilton's decision affirms. Still less does
Belgium, belga
.168911 .168934 .168946 .168996 .169030 .169069
Bulgaria, ley
013375* .013375* .013375* .013375* .013375* .013375*
the Constitution confer upon the Federal GovernCzechoslovakia, kron .041353 .041373 .041367 .041371 .041350 .041348
Denmark, krone
219608 .219466 .219625 .219745 .219908 .220233
ment, or upon any of its three departments of ConEngland, pound stern;4.920166 4.916666 4.921666 4.923916 4.926166 4.935250
Finland, markka
.021705 .021690 .021690 .021735 .021730 .021740
gress,
Executive and courts, the right to determine
France,franc
.065867 .065883 .065870 .065866 .065824 .065825
Germany, reichsmark .402278 .402278 .402300 .402232 .402130 .402228
that a State is "impotent," and upon that finding
Greece, drachma
009395 .009390 .009400 .009395 .009387 .009381
Holland, guilder
to base a claim of Federal right. The Constitution
.678985 .678985 .678935 .678800 .676109 .675192
.296000* .296250* .296250* .296250* .296000* .295875*
Hungary. Deno
does not require, nor does it expect, that the States
Italy, lira
.081060 .081023 .080957 .080978 .080970 .080992
Norway, krone
.247141 .246991 .247170 .247343 .247420 .247850
shall act perfectly in the spheres severally reserved
Poland, zloty
.188220 .188230 .188240 .188240 .188200 .188160
Portugal, escudo
.044735 .044735 .044752 .044733 .044758 .044858
to them; on the contrary, it leaves them to act wisely,
Rumania,leu
007980 .007990 .007880 .007895 .007868 .007862
Spain, peseta
136482 .136485 .136496 .136485 .136419 .136410
or foolishly, or not at all, according to the standards
Sweden, krona
.253600 .253500 .253637 .253804 .253925 .254333
Switzerland, franc
.325067 .325053 .324946 .324860 .324237 .323475
of public conduct that the people and their State
Yugoslavia, dinar_
.022862 .022862 .022862 .022850 .022862 .022862
AsiaGovernments
may choose to set up. The only reChinaChefoo (yuain) dol'r .294166 .294166 .294583 .294583 .294583 .295000
straint
that
is
put upon them is that they shall not
Hankow(yuan) dol'r .294583 .294583 .295000 .295000 .295000 .295416
Shanghal(yuan) dol. .294375 .293958 .294166 .294583 .294166 .294791
refuse
recognize
the Federal Constitution which
to
Tientsin(yuan) dol'r .294583 .294583 .295000 .295000 .295000 .295416
they have established, and interpose no obstruction
Hong Kong, dollar_ .361875 .359375 .354687 .355937 .355312 .365937
India. rupee
.371090 .371125 .370965 .371435 .371220 .371776
to the enforcement of such Federal laws as Congress,
Japan, yen
286135 .285500 .285240 .285985 .285600 .286460
Singapore (S. S.) doi' .575625 .575625 .575312 .575625 .575625 .576875
under the specific authority,delegated to it, shall
AustratasiaAustralia, pound
3.905625*3.904375* 3.906582* 3.908125*3.907187* 3.917187*
from time to time enact.
New Zealand, pound. 3.936250*3.934375* 3.936875* 3.938437*3.937500* 3.947500*
AfricaSo elementary a principle would hardly need to
South Africa, pound-.4.865500*4.862250*4.866000*4.868250*4.870250*4.878500*
North Americabe
stated or recalled were it not for the fact that repCanada, dollar
988437 .987760 .988636 .989401 .989147 .990234
Cuba, peso
.999200 .999200 .999200 .999200 .999200 .999200
resentatives
of the Department of Justice, in arguMexico. peso (silver)_ .277675 .277675 .277675 .277675 .277675 .277675
Newfoundland, dol
ing for the Government in some of the New Deal
.985937 .985250 .986251 .986937 .986625 .987750
South Americacases now or recently before the courts, have obviArgentina, peso
327900* .327775* .327975* .328075* .328225* .328262*
Brazil, milreis
.083837* .083764* .083764* .083764* .083731* .083731*
ously proceeded upon rather different assumptions.
Chile, peso
.050950* .050950* .050950* .050950* .050950* .050950*
Uruguay, peso
.801500* .801500* .801500* .801500* .801500* .801500*
Some very extraordinary claims of Federal authorColombia, peso
.565400* .561800* .563400* .560200* .560200* .559500*
ity have lately been put forward which, if granted,
*Nominal rates; firm rates not available.
would not only make the "impotence" of the States
Gold Bullion in European Banks
a foregone conclusion whenever the Federal GovHE following table indicates the amount of gold ernment chose to act, but would also completely
bullion (converted into pounds sterling at par override State authority where the ability of the
of exchange) in the principal European banks as of State to act was perfectly clear. A review of some
Nov. 21 1935, together with comparisons as of the of these contentions will be instructive as showing
how the Administration regards the Constitution
corresponding dates in the previous four years:
and accepted principles of law and public policy.
Banks of1935
1934
1931
1933
1932
In the brief which was filed with the Supreme
£
£
£
£
£
Court
on Monday in connection with the hearing,
England__ _ 198,069.290 102,695,734 191,768,538 140,425,699 121,684,262
France a._ 563,115,020 656,567,356 634,263,257 666,466,294 543,005,586
early in December, of the Hoosac Mills processing
Germany b.
3,351.900
2,865,950
37,867,900
47,069.100
17,432,550
tax case, Government counsel, referring to the deciSpain
90,318,000
90,647,000
90,433,000
90,323,000
89,871,000
Italy
42,575,000
59,329,000
66,158,000
62,716,000
76,277,000
sion of the Circuit Court of Appeals at Boston that
Netherlands
50,532,000
72,687,000
86,250,000
73,410,000
74,685,000
Nat. Belg
124,105,000
74,651,000
73,102,000
73,081,000
77,580,000
the Agricultural Adjustment Act involved an unSwitzerland
46,719,000
69,067,000
89,165,000
55,250,000
61,691,000
Sweden....
21,602,000
11,443,000
15,708;000
11,854,000
14,254.000
constitutional delegation by Congress of the power
Denmark._
6,555,000
7,396.000
7,400,000
9,121,000
7,397,000
Norway6,602,000
6,580,000
6,578,000
8,014,000
6.560,000
to tax, cited the amending Act of the last session of
Total week_ 1,153,544,210 1,254,176,040 1,252,359,345 1,274,721,893 1,089,532,948
Congress to support the contention that "there is
Prey. week_ 1.132.998.191 1.255.542.133 1.257.816.602 1.274.428.320 1.084.600.715
no delegation of the legislative authority with rea These are the gold ho dings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
spect to the rate of the tax." Congress it was urged,
abroad, the amount of which the present year Is £1,051,700.
had "provided a fixed mathematical formula which
fixes
the rate," the formula being "the difference
What the Government Thinks of the
of the current average farm price and the fair exConstitution and the Law
change value of the commodity." "In any event," it
In the remarkable decision which Federal District was said,"the issue concerning improper delegation
Judge Elwood Hamilton handed down on Nov. 14, at of legislative power is immaterial because Congress
Louisville, sustaining the constitutionality of the has expressly ratified the assessment and collection
Guffey-Snyder Coal Act, Judge Hamilton said, of these taxes. By this ratification Congress has
among other things: "The people of ,the States in- made unquestionable the exercise of its own discretended when the Constitution was adopted to sur- tion, and has specifically determined itself that the
render all the rights they had to promote the gen- taxes at the rate and upon the subject here involved
eral welfare that could not be done by the States were proper and advisable." As the ratification reacting independently. The Congress should first de- ferred to was made retroactive, the implication of
termine if the Act proposed is in the interest of the the argument would seem to be that Congress, havgeneral welfare; second, can the States acting in- ing unconstitutionally delegated the taxing power
dependently accomplish the result; third, if not, to the Executive, can make the exercise of the power
should the central Government take action; and valid by simply declaring it to be such and bolstering
fourth, search the Constitution for authority to its action by fixing rates for the future.
PURSUANT
T
Volume 141
Financial Chronicle
An attempt was also made to distinguish between
the processing taxes and earlier taxes designed to
regulate commerce, on the ground that the agricultural program rested upon voluntary co-operation by
the farmers. The nature of the "voluntary" action
in which the farmers were invited to engage was effectively exposed by the Attorney General of Georgia,
in a brief filed on Nov.15 in behalf of Gov. Talmadge,
who is attacking the constitutionality of the Bankhead Cotton Control Act. The method of the Agricultural Adjustment Act, it was contended, was "to
subsidize such farmers as would contract to have
their farms and businesses run from Washington."
The "voluntary" submission to regulation "was soon
followed by compulsion,"first through the Bankhead
Act,then through the Tobacco Control Act,and later
by the provisions for controlling the production and
sale of potatoes. In each of these cases,it was pointed
out, it is made a criminal offense to handle the commodity unless it is tagged, stamped or marked in
prescribed ways, and while those who submit to the
regulations are supplied with tags, stamps or markers free of charge, those who do not submit "are
charged anywhere from 33-1/3% to 100% of the
value of the commodity," and in addition must face
the practical loss of their property as well as incur
criminal penalties imposed by the Act. It is a statute
with these provisions which is being urged upon the
Supreme Court as constitutional and in the interest
of the "general welfare."
Government counsel could hardly have relished
the position in which, as lawyers bound to uphold
the Constitution, they were left by District Judge
William C. Coleman in his decision at Baltimore, on
Nov. 7, holding the Public Utilities Act of 1935 "invalid in its entirety." According to Judge Coleman,
Congress "flagrantly exceeded its lawful powers
under the commerce clause...in that the provisions
of the Act are, neither by their expressed language
nor by any reasonable implication, capable of being
restricted to the regulation of public utility holding
companies when engaged in inter-State commerce
or in transactions that directly affect or burden
inter-State commerce," but extend to "virtually
everything that such companies do, intra-State as
well as inter-State." The Act was further arraigned
as unconstitutional in that it "arbitrarily and unreasonably," and also "completely," denied the use
of the mails as a penalty for non-compliance and as
a means of compelling compliance, and "flagrantly
violated the requirements of due process of law" under the Fifth Amendment by imposing penalties, prescribing regulations or restraints, etc. which were
"expressly arbitrary, unreasonable and capricious."
One wonders why, if the provisions of the Act are
of the character which Judge Coleman describes,
their repugnancy to the Constitution was not perceived while the Act was being framed, or how Government counsel, presumably well versed in constitutional law, could argue seriously in behalf of provisions which the Court so strongly condemned.
Retroactive legislation, intended to penalize acts
which were not illegal when they were performed, has
generally been regarded as both unconstitutional
and manifestly unjust. An attempt has been made,
however, by the Government to collect an "income"
tax, to the amount of 50%, on profits from the purchase and sale of silver made shortly before the
enactment of the Silver Purchase Act of 1934, such
tax being provided for in the law itself. The Government contended that the tax was necessary in order
to prevent speculation in silver, and that it was justified under the monetary powers of Congress. The
validity of the Act at the first of these points was
emphatically denied by the Court of Claims, in a
decision made public on Nov. 14, on the ground that
"the nature and amount of the tax burden imposed
3285
could not have been understood and foreseen by the
taxpayer at the time he made the purchases." "It
should perhaps be noted," said Judge Green, "that
our conclusion can affect only a very few cases so
far as the Silver Act is concerned. A contrary decision, however, if ultimately sustained, would have a
very far-reaching effect in enabling similar retroactive taxes to be imposed on practically every kind
of business transaction which involved a purchase
and sale."
Perhaps the most striking example of the lengths
to which the Government claims a right to go is to be
found in a suit brought by the Wisconsin State Banking Commission against certain building and loan
companies in that State, contesting the constitutionality of a provision of the amended Home Owners'
Loan Act of 1935 which authorizes the conversion
of institutions with State charters into Federal savings and loan associations by action of 51% of the
stockholders, notwithstanding any prohibitions in
the laws of the State. The Act was challenged by
the Commission, in arguments before the United
States Supreme Court on Tuesday, as an open invasion of State rights in the creation and control of
purely local banking and loan institutions. Government counsel did not deny the Wisconsin contention that "if the Federal Government can thus seize
our building and loan associations, logically it can
take away all of our corporations"; on the contrary,
it was admitted, under sharp questioning by members of the Court, that any State corporation could
be taken over and transformed into a Federal agency
under a Federal charter. In answer to a question
by Associate Justice Sutherland, it was conceded
that a flour mill might be so appropriated and reconstituted.
The policy of a Government can be determined in
two ways: by observing the things it does or refrains
from doing, and by examining the arguments which
it employs in defense of its conduct. There is implicit
in every statute a constitutional argument, since it
is to be presumed that the statute meets the requireents of the Constitution, but the argument is not
always apparent until it is set out in response to
a suit. An examination of such arguments as we have
here instanced shows how far the Administration is
prepared to go in bending the Constitution to its
program. It is inconceivable that such claims will
be sustained by the court of last resort, for if they
were there would be few public or private rights, as
those rights have heretofore been understood, which
the Federal authority could not invade.
Depreciation Accounting in Railroad
Practice
Railroad accounting, by force of law, is exclusively
controlled by the Interstate Commerce Commission.
The courts have held, in substance, that no matter
what misleading results follow observance of the
official regulations, the questions of accounting in-.
volved are merelyformal,so that enforced compliance
does not constitute a justiciable injury against which
relief is available. They assert, and it is a corollary
essential to the rule, that in any proceeding in which
the accounts may be offered to support the contention
of either party, allowance can and should be made
for any deviation from accuracy caused by conformity
with a regulation that is not soundly based. In
other words,the official and lawful system of accounting carries no presumption of the verity of any of its
apparent conclusions that is not obliged to yield
whenever it is condemned by sound reasoning and
whenever it becomes of importance enough to be
regarded as entitled to the curative intervention of a
3286
Financial Chronicle
court. It is most likely that, before much more time
has elapsed, it, will be necessary to examine the Commission's formula on depreciation from this point of
view. Its results will soon have to be tested as to
their truth.
Succinctly stated, the Commission, which has not
yet enforced its threatened extension of the principle
to roadbed and structures, insists that, in regard
to each item of equipment, each locomotive and each
passenger and freight car,from the date of its acquisition to the time at which it is supposed to have no
value other than as "scrap" to be recovered in demolition, there shall be uniform monthly charges to operating expenses, equivalent to the quotient derived
by dividing its estimated service life, expressed in
months, into its original cost diminished by the estimated scrap-value upon the date, long in the future,
when it is estimated that, because of obsolescence
rather than use or wear, it will probably go out of
service. Contra items are credits to the "depreciation reserve," against which the only permitted
charges must correspond to equal credits to the property account for equipment, all for the purpose of
withdrawing the particular item of equipment, to the
extent of these accumulated charges to operating
expenses, both from the assets account and from this
appropriated reserve. This rule has been enforced
since July 1 1907, rigorously since about three years
later. A principal consequence is that the operating
expenses, as currently recorded in the accounts and
reported to the public, are swollen by fictitious
amounts representing no expenditures whatever,
while net railway operating income, the item _most
referred to as indicating the financial condition of any
railroad, is correspondingly reduced by the deduction
of amounts not expended and of money that actually
remains available for income purposes. Another consequence is the accumulation, year by year, of an
immense reserve that is unused and useless. On
Dec. 31 1933, the Commission reported this reserve
(including a relatively very small reserve against
estimated depreciation of roadbed and structures)
at $2,707,942,000 and, as it stubbornly and regularly
increases at the rate of about $100,000,000 annually,
it cannot now be very appreciably below $3,000,000,000.
It is unbelievable that the full extent of the current
distortion of financial statements, such as the regularly published monthly reports of operating revenues
and expenses and of net income, is commonly recognized, even by many of those who are obiged
frequently to use and rely upon such statements.
For example, for the first eight months of the year
1935, the data for Class I railroads, exclusive of
switching and terminal railroads, are:
Maintenance of equipment charges:
Representing actual outlays
Estimated, but not expended:
Depreciation
Retirements
Total
$316.004,228
127,737,216
1,193,988
$444,935,432
It will be seen that, disregarding the item for retirements, which is another story and for the purposes
of the present discussion negligible, the fictitious
charges for depreciation increased the apparent operating expenses by no less than 40.42% of the sum
really expended for keeping the equipment in condition for the tasks which it may have had to perform.
The proportion, of course, ;tends to increase with
every economy in the actual costs of maintenance
and, when savings in that item are really,imperative
and inescapable, as they may have been recently in
Nov. 23 1935
the case of some railroads, the efficiency and success
of management in meeting unavoidable necessities
is, at least in part, obscured and concealed under a
gloss of misleading accounting. So, after deducting
taxes, the figures tabulated above led to a statement
of $263,738,164 as the net railway operating income
for the eight months that ended with Aug. 31 1935,
and 77.04 as the operating ratio, although, if the
unwarranted deduction of estimated depreciation had
not been made, the official income figure would have
been $392,669,368 and the ratio would have appeared
as 71.20. Bearing in mind that each 1% in the
operating ratio amounts, at the present time and
upon an annual basis, to about $32,000,000 in net
railway operating income, the detrimental extent of
the distortion is undeniable and needs no demonstration.
Some consequences of this method of accounting
are readily illustrated in connection with certain railroads which are now being operated under the authority of Federal courts. Data for four such railroads
follow:
Amount
Missouri Pacific—
Depreciation of equipment:
1929
1934
* Other maintenance of equipment:
1929
1934
Rock Island—
Depreciation of equipment:
1929
1934
* Other maintenance of equipment:
1929
1934
Wabash—
Depreciation of equipment:
1929
1934
* Other maintenance of equipment:
1929
1934
New Haven—
Depreciation of equipment:
1929
1934
* Other mainteance of equipment:
1929
1934
Average
Per Mite
$3,096,584
4.644,570
$415
632
17.275.901
10.755,048
2,317
1,463
3.899.200
4,480,056
480
539
22,418,015
10,220.604
2,764
1,229
1,766,665
1,755.527
700
715
10,713,826
4,185,952
4,245
1,705
4.193,184
3,922,434
1,967
1,896
17.318,653
8,188,380
8,125
3,959
* Excluding charges representing portions of the value or cost of retired
equipment, not previously charged to operating expenses.
These contrasts are almost too anomalous and
incongruous for comment—it is indeed strange that
four railroads, so financially involved that appeal to
the extraordinary processes of the Bankruptcy Act
became expedient, should be required, by regulations
having substantially the force of an Act of Congress,
to show in their accounts, contrary to the facts, that
in one great item of expense they have been unable
to effect any economy whatever, unless the very slight
reduction by the New Haven may be regarded as
sufficient to amount to an exception. And it may
be remarked, parenthetically, that this New Haven
reduction may possibly be related to heavy charges to
retirements of equipment during an early portion of
the period.
Many other illustrations of the tendency of this
official system of accounting to distort the facts and
to mislead all but the most sophisticate among those
who rely upon the reports could easily be given.
Those adduced may, perhaps, suffice to raise fie
question whether those accountants are not justified
who argue that the methods of replacement and retirement accounting ought to be restored to legality
and again made available, at least within the discretion of any management hereafter choosing to
revert to that system, which was universally followed
until the present official system was substituted
under compulsion. Should that course be adopted,
the income accounts would cease to be burdened
with fictitious charges which approximate $200,000,-
Volume 141
Financial Chronicle
000 annually, and an appropriated surplus, which
amounts almost to $3,000,000,000 and will soon exceed that sum unless change is made, would become
a free surplus. Managements would again be enabled to cut the cost of equipment depreciation and
of all equipment maintenance much more nearly to
fit the current cloth of financial capacity supplied by
revenues. If rectification should become desirable,
which is very likely under any system of accounting,
the rectifying charges would be made, as it is at least
arguable that they always should be made, directly
to the profit and loss surplus. That all such charges
should be to profit and loss, instead of to current
expenses during any period, and that they should be
controlled as to time and amount by managerial discretion, are conclusions supported by the fact that
they arise chiefly out of obsolescence, i. e., the eventual substitution for a locomotive, or some other
item of equipment, of a better and more efficient
instrument for performing the same or a similar and
enlarged operating function, the better instrument
not having been within the same state of development, or more usually, within the limits fixed by the
amount of available capital, at the time when the
superseded instrument was provided and placed in
service. Since in the progress of mankind and of
knowledge and invention such events as the development of a superior car or locomotive, or other form
of motive power, are not subject to any "law of large
numbers" or to any "doctrine of chances or of probabilities," their occurrence and recurrence are not
susceptible of reliable computation. The application under such conditions of an arbitrary "straig'it
line" rule, which cannot be based upon known or
discoverable facts and which is certain not to accord
with the experience that will be contemporaneous with
its operation, may satisfy the autocratic and bureaucratic mind, but it is certain to result in grotesqueries
such as the accumulation of a nominal res ve of
nearly $3,000,000 00 at the end of a period • ring
wh ch the Am
an railroad industry has encoun ed
the ost s re and sustained adversity of its cent y
ce
s Ethiopia Becoming an Incident?
The announcement on Nov. 16 that General Emilio
de Bono, commander in chief of the Italian forcesin
Ethiopia, had been recalled and that Marshal Pietro
Badoglio had been appointed in his place has aroused
considerable speculation regarding the reasons for
the change. The reasons, none of them official, given
at the moment do not appear to be entirely convincing. It is true that there has been some popular
criticism in Italy that the campaign was not progressing fast enough, but General de Bono has a
distinguished military record, and military critics
elsewhere have found nothing to complain of in his
plans or their execution. It has been suggested that
a younger man—General de Bono is sixty-nine--was
needed for the strenuous work which the Italian
troops are being called upon to perform, but Marshal
Badoglio is sixty-four, and the difference in age can
hardly have been the controlling reason. Nor does
the fact that Marshal Badoglio is the Italian chief
of staff appear to demand his transfer to Ethiopia,
for the Ethiopian operations, while obviously difficult, are certainly not what military men would
regard as of a major character. Both men have had
experience as colonial administrators, but the time
for administering Ethiopian territory as an Italian
possession has quite distinctly not yet arrived, and
possibly may not arrive at all, and either officer
3287
would apparently be qualified for the task whenever
its duties had to be taken up.
The intimation that the change is connected with
a possible widening of the area and character of the
conflict, while it has as yet no assured factual basis
to support it, nevertheless has elements of plausibility which entitle it to consideration. Evidences
are multiplying that the war in Ethiopia, now some
two months in progress, is entailing other possibilities which are giving European statesmen much concern, and that advantage is being taken of it to push
forward other plans which may seriously endanger
workl peace. The steady advance of the Italian forces
in the direction of Lake Tana, the source of the Blue
Nile, raises the question whether, if the Lake Tana
region is occupied, Great Britain will regard the occupation as a menace to the water supply of Egypt
and to its hold upon that country. Egypt is not a
British possession, but in spite of its nominal independence Great Britain continues to claim a supervisory authority over it, especially in international
relations, and its position with reference to the Suez
Canal makes it of military importance in the British
plan of controlling at all hazards the Mediterranean
route to India and the Far East. The recent riots
in Egypt have served to emphasize the deep resentment which many Egyptians particularly the
'
of British
younger element, feel at the continuance
influence in the country, and while there is no evidence that the opposition has any love for Italy or
desires anything except complete political and economic independence, Italian success in Ethiopia
would certainly not leave the political status of
Egypt unaffected.
The general election in Great Britain, again, has
strengthened and, perhaps, enlarged the importance
of the British factor in the conflict. With a ma,
jority of upwards of 244in the House of Commons and
a popular majority of more than a million among the
voters the Baldwin Government has a free hand to
proceed on any lines it may choose to follow. Exactly what its policy is to be in regard to Italy and
Ethiopia will probably not be known until the new
Parliament convenes, but it is clear that the policy
of sanctions has been approved, that France is not
likely to be deferred to unless it agrees with Great
Britain, and that British support will continue to be
(riven to the League. It was made known, while the
electoral campaign was going on, that the British
''
Government would refuse to acquiesce in any settlement that was made in Ethiopia unless the League
lso approved, and since the League has condemned
e Italian program and resorted to sanctions to
d eat it, a settlement based upon conquest, whether
of he whole country or only of a part, would seem
to be ruled out of consideration in advance.
There was a disturbing report, however, during
the electoral campaign, that the Government intended, if it were returned to power, to put an end
to Italian hopes of dominating the Mediterranean
and to make that sea, with some friendly considera- •
tion for France, virtually a "British lake." The assurance was said to have been used to insure the
support of the Labor Party, and while the Labor
members number more than 150 in the new House
of Commons and technically are to be reckoned as
part of the Opposition, it is expected that in foreign
policy, at least as long as the Ethiopian war goes
on, Labor will support the Government. If the
Mediterranean policy of the new Government is in
accord with this report, it seems clear that something
more than the defeat of Italy's war plans in Ethiopia
is contemplated, and that Italy is to be punished,not
only for waging an "aggressive" war but also for
presuming to challenge British supremacy in the
Mediterranean. It is matter of common knowledge
that Premier Mussolini, ambitious to make Italy in
3288
Financial Chronicle
every respect a great Power, has been jealous of
British supremacy and has felt that Italy, with its
peculiar geographical position on the Continent and
with colonial possessions in North Africa as well
as in Italian Somaliland, was entitled to control.
The success of the British policy, if policy it be,
would inevitably injure Italian prestige and materially check its political advance.
All this has a direct bearing upon naval policy,
and particularly upon the outlook for the naval conference which is expected to meet early in December.
The London correspondent of the New York "Times"
pointed out, on Nov. 14, that while the British Labor
Party had urged during the campaign that the present British navy "was amply powerful to fulfill any
obligations under the League of Nations Covenant"
and protect the British Empire from attack, the Conservatives had "asked the voters for a mandate to rearm without even stating the extent of the rearmament needed or the amount it would cost," and that
whatever the conference might decide "the British
will go right ahead with increasing the number of
their cruisers and also beginning a thorough-going
modernization of their navy, which may cost as much
as £150,000,000 in the next five years." The need
for such extensive rearmament is certainly not inspired solely by a purpose to maintain British naval
supremacy in the Mediterranean, although that is
doubtless one of the reasons. The impelling motives
must be sought in other directions. The "Times"
writer suggests one of them by quoting an English
naval expert to the effect that the United States,
since 1930, "has more than doubled her cruiser tonnage, increased her aircraft carrier tonnage by 90%,
and created an entirely new force of destroyers and
submarines," and that "when the ships now being
built are ready, the United States will possess the
most formidable cruiser fleet in the world." The
other and related motive is unquestionably the expectation of a war in whose history the Ethiopian
struggle will appear only as an incident.
War under any circumstances is to be regretted,
but it is particularly unfortunate that war and rumors of war should disturb the world at a moment
when industrial and commercial recovery, hopeful
but not yet completely assured, needs all the encouragement that peace and general good-will can
give. However justifiable a policy of sanctions may
be thought to be, there can be no question of its adverse effect upon international trade and finance.
The total foreign trade of Italy is not the largest
in the world, but it is important for a number of
countries on both the import and the export sides,
and no country can afford to lose or jeopardize even
a minor market in a long range view of the conditions of world recovery. If, moreover, the cutting
off of exports and imports leads Italy to seek a
greater economic self-sufficiency and independence
than it has previously had, there will be permanent
economic rearrangements from which other countries
will suffer. In the years when sanctions were merely
talked about, no occasion for applying them having
as yet arisen, they were sometimes spoken of as an
economic substitute for war. Now that they are actually in force, clearer thinking shows that they are
in fact a form of war, that they add greatly to the
difficulties of observing neutrality, and that the national animosity and retaliation which they naturally engender are likely to be intensified in proportion as enforcement is made more rigorous.
Were it not for such far-reaching plans as have
been credited to Great Britain, the mere imposition
of sanctions ought to stimulate efforts for peace.
Unhappily, there is no sign as yet that the negotiations with Italy which the British and French Gov-ernments are reported to be continuing, and which
France, at least, is taking very seriously, are making
Nov. 23 1935
any real progress. On the contrary, it becomes increasingly clear that the sticking point is not the
future status of Ethiopia but the control of the
Mediterranean, the future status of Italy in Europe,
and, more remotely but nevertheless of great importance, the relations between Germany and
France. The dark shadow of Soviet Russia and the
political situation in the Far East has also been
thrown across the picture. Speaking of the recent
industrial progress of Russia, and particularly of
the increase in the productivity of labor, Mr. Ordjonikidze, Commissar for Heavy Industry, told a
congress at Moscow on Monday that "this movement
has so strengthened our country, and will make it
so powerful, that no Hitler and no Japanese imperialists will have ground for thinking they ean trespass
on a strip of Soviet land." A generation ago, such
a provocative statement would almost certainly
have led to a diplomatic demand for explanations;
to-day it testifies to the tense feelings which prevail
in foreign offices and the chip-on-the-shoulder attitude which fascism and imperialism alike have produced.
Great wars have often resulted from some small
or local incident. The assassination of an archduke
at Sarajevo in.1914 was not, all things considered,
an affair which should have upset the nations, but
it proved to be the provocation to a world war. If
the statesmen of Europe really desire peace, they
will use their utmost powers to see that no fuel is
added to the fire that Italian ambition has started
in Ethiopia.
World Production and Prices, 1925-1934
Geneva: The League of Nations.
Chapter I of this report deals with the production and
stocks of primary products, general industrial activity, and
the activity of individual industries and the production of
the raw materials used in those industries. Chapter II
compares the quantitative changes in recent years in production and trade, including merchant shipping, while
Chapter III analyzes price movements for the period. A
large amount of statistical and reference material is given
in appendices. The inquiry shows a continuance through
1933 and 1934 of the recovery in productive activity that
began in 1932, a moderate rise in commodity prices in 1934
in terms of national currencies, a fall of gold prices in world
markets, "though at a much slower rate than previously,"
improvement in employment and industrial activity in most
countries, and a considerable reduction in • the stocks of
primary products. • Agricultural production fell off about
3% in 1934, "partly as a result of widespread drought and
partly owing to deliberate restriction in certain countries,"
while the world output of non-agricultural raw materials
rose by 12%. "The rapid decline in commodity prices
which berm in 1929 was stopped in many parts of the world
in 1933,' but "though changes in the general price levels
were on the whole comparatively slight in 1934, wholesale
prices tended to rise in most countries with depreciated
currencies, and to rise more than the cost of living or retail
prices."
The report is obtainable in this country through the World
Peace Foundation,8 West 40th Street, New York.
The Course of the Bond Market
In an otherwise uninteresting bond market, railroad bonds
have advanced substantially this week. The railroad Ban
average price registered a new high for the upturn which
has proceeded irregularly since March. This strength, which
has been evident also in railroad stocks, reflects the recent
rapid improvement in rail traffic and net earnings. Outside
of the medium-grade and speculative rails, there has been
very little movement in bond prices. United States Governments showed almost no fluctuations. The second rise in
the French bank rate within a week brought it up to 5%, yet
withdrawals of gold appear to be continuing while gold
stocks in this country again have recorded new highs.
High-grade railroad bonds have moved in a narrow range,
with but small fractional chances. Union Pacific 4s, 1947,
closed unchanged for the week at 111%; Atchison gen. 4s,
1995, declined % to 10814 ; Pennsylvania 48, 1948, advanced
% to 111%. Lower grades, after.being dormant for several
weeks, as a whole showed substantial gains, in sympathy
with the improved railroad stock market. Illinois Central
4%s, 1986, advanced 2% to 55; Kansas City Southern 5s,
3289
Financial Chronicle
Volume 141
4 to close at 58; New York Central 4%s,
1950, gained 21/
2013, at 70 were off 14.
New offerings represented the principal development in
the utility bond market this week, $136,792,500 principal
amount having been issued. The larger offerings were $43,963,500 Ohio Edison 4s, 1965; $40,000,000 Los Angeles Gas &
Electric 4s, 1970; $30,000,000 Kansas Power & Light 4%s,
1965, and $10,379,000 Public Service New Hampshire 3%s,
1960. For the most part, the new bonds were high-grade and
had little effect on the market. Lower-grade issues tended
upward, but price movements have been confined to fractional amounts.
Gains in the industrial list were almost unanimous until
Friday, when a setback in stock prices resulted in declines
for some convertible bonds. American Rolling Mill cony.
43/
4s, 1945, after selling higher, closed at 123 for a net loss
of 3 points. The Baldwin Locomotive 6s, 1938, w. w., stood
out with a gain of 12% points, closing at 81. The building
group was led by Walworth 1st Os, 1945, which advanced 5
points to 89. Studebaker 6s, 1945, closed at 73, up 3% points,
while the Murray Body cony. 6%s, 1942, advanced 17 points
to 204. United Drug 5s, 1953, were the strongest of the
retail issues, closing at 95 for an advance of 1 point.
Foreign bonds have been fairly strong. South American
issues were characterized by generally better prices, with a
particularly good recovery for Brazilian issues. The bonds
of Scandinavian countries continued strong, but Italians
were lower upon imposition of sanctions.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICESt
(Baud on Average Yields)
MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Prices)
4_ 107.68
2_ 107.61
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_ 100.05
19_ 109.19
12_ 109.00
5_ 108.95
June 28_ 108.99
21_ 108.80
14_ 108.81
7__ 108.61
May 31... 108.22
24_ 108.66
17._ 108.65
10-- 108.61
3._ 108.89
Apr. 26_ 108.61
19_
12_ 108.25
5- 108.54
Mar.20_ 108.07
22. 107.79
15. 107.94
8.. 107.85
1_ 108.22
no. 28_ 108.44
15_ 107.49
8- 107.47
1- 107.10
Jan. 25.. 107.88
18_ 106.79
11_ 106.81
4.. 105.76
High 1935 109.20
Low 1t135 106 66
High 1934 106.81
Low 1934 99.06
Yr.A ro Nov.22'34 104.62
2 Yrs.Apo
Nov.22'33 98.81
104.33
104.33
104.33
104.16
104.16
104.33
104.33
104.16
104.51
104.51
104.51
104.51
104.33
103.65
103.65
103.48
103.82
103.65
103.99
103.82
103.82
103.48
103.48
103.82
103.48
103.32
103.48
103.15
103.65
103.32
103.32
102.64
101.64
101.64
101.81
101.97
101.64
101.81
101.81
100.81
100.17
99.36
100.49
100.49
101.64
102.47
102.81
102.80
101.64
101.31
102.14
100.81
100.81
100.33
105.37
99.20
100.00
84.85
97.94
79.45
As
A
113.07 103.82
113.07 103.82
112.88 103.65
112.88 103.82
112.69 103.82
112.69 103.65
112.50 103.48
112.50 103.32
112.50 103.15
112.50 102.98
Stock E xchang
112.31 103.15
112.31 103.32
112.11 103.48
112.11 103.48
Stock E xchang
111.92 103.48
111.92 103.32
111.92 103.15
111.73 103.32
111.73 103.32
111.92 103.48
111.92 103.48
111.54 103.32
111.54 103.32
111.35 102.64
111.54 102.98
111.16 102.81
111.16 103.15
110.98 103.15
111.35 103.48
111.16 102.98
110.61 102.81
110.42 102.98
110.61 102.81
110.42 102.98
110.42 103.32
110.42 103.48
'110.61 103.15
110.42 103.48
110.42 103.65
110.05 103.48
110.05 102.81
109.68 101.97
109.68 101.14
109.49 101.47
109.86 101.64
110.05 101.47
110.05 101.47
110.05 101.47
110.05 100.98
Stock E xchang
109.68 99.68
109.49 99.36
109.12 98.88
109.86 100.17
110.61 100.33
110.98 101.14
111.35 101.64
111.16 102.14
110.79 101.14
110.42 100.49
110.05 100.33
110.05 100.81
109.31 99.52
109.12 99.52
108.94 98.88
113.07 103.82
108.67 98.73
108.75 99.04
98.11 81.78
108.21
97.00
88.38
77,181
Baa
▪
ao
105.37
105.37
105.20
105.20
105.20
105.03
104.85
104.68
104.51
104.33
Aaa I
120 Domestic
Corporates by Groups
m oomocommmmncocommoossammcommooMoom wwwwwWww weer,m www%wwwwww
mv-i7.1.4p:4,aw 74-4-4-4.4-a-aftaoww .4074-40° w000mo
ba.o.-pa r.awwwrom-aw owwwwpwpr.o. art.cma.m.
k:.aitsgediagleoOOtboinCorosioiugiustaboi4O;i6O;;.26goi.;. eCosioMMiwk;.4*7eitO4.4.
coo= owoom oo
ow
wacm,
ow o...aw .0.00o4. -a bao w b2-4w.-...aooa•wow o
Nov.22-- 107.48
21-- 107.54
20._ 107.56
19-- 107.57
18_ 107.53
'16-- 107.56
15.. 107.52
14_ 107.52
13_ 107.51
12- 107.58
11.9-- 107.66
8- 107.67
7... 107.71
6_ 107.76
120 Domestic Corporates
by Ratings
▪ n
U. ti.
120
Ont. DomesBonds
tic
*4.
Corp.'
.4909.-/F4F9090 woomm comm909.me
.
owccommr.4-4Gowcopommoomw ,
P. 0.40c-4.4.4www=c=ocomvc Cba,:r.24.k.C.WWWWb'ekceb4.6iDWWWWW
n24222n bi4WW 0000000000
WGO66Wie;1.0c22e.b4.bWabb
4.000
sowwwwwww4.
vsamcww
0-4www.4-4 -4-4 0=0 0000-4-iwoo.1-400
1935
Daily
Au:rages
RR.
P. U. /tutus.
98.09
98.09
97.62
97.78
97.62
97.31
97.00
96.70
96.39
96.39
d
96.54
96.70
96.85
97.00
d
96.85
96.85
96.85
96.70
96.70
97.00
97.16
97.00
107.31
107.31
107.31
107.14
107.31
107.14
107.14
107.14
106.96
106.96
111.16
111.16
111.16
111.35
111.16
111.16
111.16
110.98
110.79
110.61
106.96
106.96
106.96
106.78
110.61
110.61
110.61
110.61
106.78
106.78
106.78
106.60
106.60
106.60
106.60
106.60
110.42
110.05
110.05
97.00
96.08
96.39
96.54
97.47
97.16
97.62
97.62
96.70
97.16
97.00
96.70
96.23
96.08
96.39
95.78
97.31
97.47
97.94
96.70
94.29
94.14
94.43
94.88
93.85
94.29
95.63
d
94.29
92.82
90.83
93.55
93.26
95.63
97.78
99.68
99.68
99.04
99.04
100.49
90.68
100.17
100.00
100.49
90.69
100.49
86.61
106.60
106.25
106.07
105.37
105.54
105.54
105.89
105.54
105.20
105.87
105.72
105.54
106.54
105.72
106.89
106.07
105.89
105.20
104.68
104.83
103.99
103.65
103.65
103.82
103.82
103.99
02.64
109.68
109.12
109.41
108.94
108.72
108.57
108.75
108.57
108.21
108.34
108.31
108.34
108.94
108.53
108.34
108.34
108.34
107.63
107.61
107.31
107.31
107.44
107.85
107.81
107.81
107.61
107.61
101.14
101.14
100.98
100.08
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
96.23
95.93
94.68
107.31
94.14
94.58
742.5
107.41
107.31
107.14
107.41
108.01
108.51
108.31
108.2
107.81
107.81
107.3:
107.41
106.71
106.91
106.91
111.31
106.71
106.71
96.5,
110.05
100.8e
110.22
110.22
109.86
96.54
92.39 105.81
76.46
7(1 22
04 61
AU
120
1935
DomesDaily
tic
Averages
Nov.2221-20-19-18-16-15-14-13-12-11-9_
8.76-
120 Domestic
Corporate by Groups
120 Domestic Corporate
by Ratings
A
Baa
RR.
Acta
Aa
4.43
4.43
4.44
4.44
4.44
4.45
4.46
4.47
4.48
4.49
3.74
3.74
3.74
3.74
3.74
3.74
3.74
3.74
3.75
3.75
4.01
4.01
4.02
4.02
4.03
4.03
4.04
4.04
4.04
4.04
4.48
4.48
4.48
4.48
3.75
3.75
3.75
3.76
4.05
4.05
4.06
4.06
3.76
3.76
3.76
3.76
3.77
3.76
3.76
3.77
4.07
4.07
4.07
4.08
4.08
4.07
4.07
4.09
3.77
3.80
3.80
3.80
3.82
3.81
3.80
3.79
3.81
3.78
3.78
3.75
3.73
3.71
3.70
3.69
3.68
3.70
3.70
3.72
3.73
3.74
3.74
3.76
3.74
3.73
3.73
4.09
4.10
4.09
4.11
4.11
4.12
4.10
4.11
4.14
4.15
4.14
4.15
4.15
4.15
4.14
4.15
4.15
4.17
4.17
4.19
4.19
4.20
4.18
4.17
4.17
4.17
4.17
3.71
3.71
3.73
3.70
3.71
3.69
3.69
3.69
3.71
3.73
3.78
3.76
3.79
3.78
3.79
3.68
3.82
3.80
4.43
4.19
4.20
4.22
4.18
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
.4.23
4.01
4.25
4.24
5.20
3.87
4.27
4.94
6.42
4.97
4.67
5..4
6.43
3.34
6.53
4_. 4.49
2-- 4.49
1-- 4.49
Oct. 31-- 4.50
30-- 4.50
29__ 4.49
28._ 4.49
26.- 4.50
WeeklyOct. 25_ 4.49
18- 4.53
11-_ 4.53
4__ 4.54
Sept.27- 4.52
20_ 4.53
13._ 4.51
6__ 4.52
Aug.80_ 4.55
23__ 4.54
16_ 4.54
Aug. 9__ 4.55
2._ 4.54
July 26_ 4.55
19-- 4.54
12- 4.56
5- 4.53
4.55
June 28__
21.. 4.55
14._ 4.59
7__ 4.65
May 31._ 4.65
24_ 4.64
17._ 4.63
10__ 4.65
3_. .454
Apr. 26_ 4.64
19._
12._ 4.70
5_ 4.74
Mar.29__ 4.79
22__ 4.72
15._ 4.72
8__ 4.65
1__ 4.60
Feb. 23._ 4.58
4.61
15.
4.65
8.
1__ 4.67
4.82
Jan. 25_
4.70
18_
4.70
11.
4.. 4.73
Low 1935 4.43
Ilign 1935 4.80
Low 1934 4.75
High 1934 5.81
Yr. A coNov.22'34 4.88
2 Yrs.A go
7•7nu 99'27 6.6
5.46
4.52
5.46
4.52
5.48
4.53
5.47
4.52
5.48
4.52
5.49
4.53
5.53
4.54
5.54
4.55
5.57
4.56
5.58
4.57
Stock E xchang e
5.57
4.56
5.56
4.55
5.55
4.54
5.54
4.54
Stock E xchang e
5.57
4.54
5.57
4.55
5.57
4.56
5.60
4.55
5.60
4.55
5.58
4.54
5.57
4.54
5.57
4.55
tt
80
For
P. U. /ague. etym.
4.32
4.87
4.32
4.87
4.32
4.90
4.33
4.89
4.32
4.90
4.33
4.92
4.33
4.94
4.33
4.96
4.34
4.98
4.34
4.98
Closed
4.34
4.97
4.34
4.96
4.34
4.95
4.35
4.94
Closed
4.35
4.95
4.35
4.95
4.35
4.95
4.36
4.96
4.36
4.96
4.36
4.94
4.36
4.93
4.36
4.94
4.11
4.11
4.11
4.10
4.11
4.11
4.11
4.12
4.13
4.14
6.53
6.51
6.51
6.48
6.44
6.42
6.41
6.41
6.41
6.31
4.14
4.14
4.14
4.14
6.29
6.31
6.32
6.30
4.15
4.17
4.17
4.17
4.18
4.16
4.16
4.18
6.37
6.44
6.43
6.47
6.52
6.51
6.52
6.37
4.19
4.36
4.94
5.56
4.55
4.38 I .22
5.00
5.63
4.59
4.20
4.39
4.98
5.64
4.57
4.23
4.43
4.97
5.67
4.58
4.24
4.42
4.91
5.60
4.56
4.25
4.42
4.93
5.64
4.56
4.40
4.90
4.24
5.61
4.54
4.25
4.42
4.90
5.62
4.57
4.27
4.44
4.96
5.68
4.58
4.43
4.26
4.93
5.66
4.57
4.41
4.94
4.26
5.65
4.58
4.26
4.42
4.96
5.71
4.57
4.23
4.42
4.99
5.74
4.55
4.25
4.41
5.00
5.81
4.54
4.28
4.40
4.98
5.77
4.56
4.26
4.39
5.02
5.84
4.54
4.26
4.40
4.92
5.75
4.53
4.30
4.44
4.91
5.78
4.54
4.47
4.30
4.88
5.73
4.58
4.32
4.49
4.96
5.82
4.83
4.32
4.51
5.12
6.00
4.68
4.31
4.53
5.13
6.01
4.66
4.29
4.53
5.11
6.00
4.65
4.29
4.52
5.08
5.93
4.66
4.29
4.52
5.15
6.04
4.66
4.30
4.51
5.12
6.00
4.66
4.30
4.59
5.03
5.97
4.69
Stock E xchang a Close d
4.31
4.68
5.12
6.14
4.77
4.32
4.68
5.22
6.25
4.79
4.33
4.69
5.36
6.40
4.82
4.31
4.69
5.17
6.26
4.74
4.28
4.69
5.19
6.29
4.73
4.25
4.66
5.03
6.09
4.68
4.26
4.65
4.89
5.96
4.65
4.27
4.68
4.77
5.88
4.62
4.77
4.29
4.77
5.91
4.68
4.29
4.85
4.81
6.00
4.72
4.32
4.88
4.81
6.01
4.73
4.31
4.4
4.72
5.85
4.70
4.35
4.99
4.77
6.02
4.78
4.34
6.01
4.74
6.00
4.78
4.34
5.10
4.75
6.08
4.82
4.10
4.32
4.72
5.46
4.52
4.35
6.13
6.37
6.40
4.83
4.35
5.10
4.72
5.90
4.81
4.97
6.74
5.75
7.58
6.06
6.34
6.97
6.81
6.90
6.64
6.71
6.50
6.61
6.51
6.6
6.2
6.1/
6.11
6.1:
5.91
5.91
5.81
5.81
5.81
5.81
5.81
5.83
5.81
5.81
5.81
5.91
5.91
5.25
4.40
6.4
7.14
5.10
9.0
6.1
6.21
6.41
0.31
6.
6.1
6.0
6.0
6.0
15.0
6.1.
6.1'
6.1
6.2
13.3
5.7
6.9
6.3
8.6
•These prices are coin( uted from average yields 017 the basis of one "ideal" bond 414% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate in a more comPrenellsive war the relative levels and the relative movement t
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the Issue of Feb. 6 1932. page 00 .
"Actual average price of 8 long-term Treasury issues, t The latest co nplete list o bonds used in computing tome indexes was published in the issue of May 18 1936
page 3291. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds
Indications ot Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Nov. 221935.
Business activity continued its upswing. The majority
of the leading industrial indices rose to higher positions. It
Is true there was a rather pronounced dip in car loadings
and coal output was lower, but electric output reached a
new all-time peak and steel operations were up close to
this year's best level. Petroleum runs increased, and lumber
production held about unchanged. The retail demand was
stronger, helped by cool weather. Gains of 2 to 5% wn
reported over the previous week. This improvement was
reflected in nearly all lines of merchandise, particularly
woolen goods.
. In the New York metropolitan area an in-
crease of 10% was reported in the men's shoe business.
Wholesale business reflected the better retail sales, and reorders were received in many quarters in very substantial
quantity, especially in such things as dry ^nods, jewelry.
underwear, blankets, sweaters and winter apparel. Automobile activity was sharply higher. Cotton was a little more
active, but after last week's rise of about lc. a pound the
technical position became weaker and prices declined, showing net losses for the week of about 10 to 15 points. Grain
markets were higher. Other commodity markets were generally lower, although there was a little more activity. Unseasonable temperatures prevailed during most of the week
In New York City. A freak storm lashed the Atlantic Coast
3290
Financial Chronicle
early in the week, imperiling shins and homes. It was particularly violent in New Jersey, where waves and flood tides
unprecedented in the last 20 years caused damage estimated
at several million dollars. Cape Cod bore the brunt of the
storm in New England, with rain, snow and sleet and a 60mile wind causing heavy property damage. Shipping was
at a standstill, and many roads were flooded. A smashing
tide battered the Long Island shores. A. washout wrecked
a train at Jamesnnrt. and floods cut off beach towns. Snow
and sleet swept most of unner and western New York State.
From the Catskills north and west, snow fell to a depth of
about four inches. Utica had more than an inch of snow,
and cold, threatening weather prevailed at Syracuse and
Rochester. Snow a foot deep between Wilkes-Barre and
Bear Creek, Pa., made the highways impassable. On the
18th inst. a dust storm was reported in southwest Kansas.
To-day it was fair and cold here, with tenIneratures ranging
from 46 to 56 degreeq. The forecast was for fair and colder
ti-night and Saturday; warmer Sunriev. and probably fair.
Overnight at Boston it was 42 to 50 degrees; Baltimore, 38
to 54; Pittsburgh, Pa., 28 to 52; Portland, Me., 40 to 50;
Chicago, 18 to 34; Cincinnati, 24 1'0 50; Cleveland, 30 to 48;
Detroit, 22 to 38; Charleston, 48 to 68; Milwaukee, 14 to 26;
Dallas, 38 to 70; Savannah, 48 to 72; Kansas City, 28 to 40;
Springfield, Mo., 28 to 46; Oklahoma City 32 to 56. Denver,
30 to 54; Salt Lake City, 28 to 56; Seattle, 40 to 50: Montreal.
34 to 46, and Winnipeg, 4 below to 6 above.
Slight Increase Noted in "Annalist" Weekly Index of
Wholesale Commodity Prices for Week of Nov. 19Foreign Prices Generally Higher in October
In an uneventful week, The "Annalist" Weekly Index of
Wholesale Commodity Prices advanced 0.5 points to 128.4
on Nov. 19. No perceptible trend was discernible. The rise in
the index reflected chiefly higher prices for -wheat and flour,
butter, cotton and the textiles, and gasoline. The meats
were generally lower, along with corn, eggs, coffee, oranges,
and tin. In noting the foregoing the "Annalist" said:
The liquidation due to the alleviation of fears of a general war appears to
have been largely completed, and while the Italian campaign will of course
sustain the demand for certain commodities (providing purchase can be
arranged), the influence of the threat of a general war seems to have been
removed for the present.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
[Unadjusted for Seasonal Variation (1913=100)1
Nov. 19 1935 Nov. 12 1935 Nov. 20 1934
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
z All commodities on old dollar basis
121.1
135.7
*118.5
169.3
111.6
111.6
98.0
85.0
123.4
120.6
135.0
x118.2
168.6
111.7
111.5
98.0
85.0
127.9
106.4
117.6
106.6
165.5
109.6
112.5
99.0
77.6
116.6
76.3
75.8
69.4
* Preliminary. x Revised. z Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
As to foreign prices during October the "Annalist" had
the following to say:
Foreign wholesale price indices for October were generally higher than the
month previous. The "Annalist" International Composite accordingly continued the advance (in terms of gold) that has been under way since July,
the composite rising to 73.9 (1913=100.0), from 72.7 in September and
70.6 in July it; is now the highest since January 1934. While demand from
military sources and from speculative interests looking for a heavy demand
from such sources continues an important factor in the advance, part of the
Improvement appears to be due to improvement in basic conditions. The
latest weekly indices ofseveral of the leading countries show a tendency to
decline during October, as the danger of a general war became less acute,
but this particular recession seems to have passed without serious effect.
The fact that Japan shared in the October advance, despite its remoteness
from Europe, shows that the European crisis was only partly the cause of
the rise.
FOREIGN AND DOMESTIC WHOLESALE PRICE INDICES
(In currency of country; index on gold basis also shown for countries with depreciated
currencies: 1913=100.01
P.C. Change
• Oct.
1935
U. S. A
Gold basis
Canada
Gold basis
United Kingdom
Gold basis
France
Germany
Italy
Gold basis
Japan
Gold basis
Composite,in gold a
129.2
z Sept.
Aug.
Oct.
1935
1935
1934
127.6
126.8
74.9
111.8
66.0
105.1
63.5
330
102.4
329.2
303.6
138.2
48.1
71.9
116.3
68.7
111.5
67.3
104.1
62.5
357
101.0
276.4
267.3
137.4
46.9
71.0
76.6
75.8
114.0
66.7
109.3
65.4
342
102.8
348.4
319.1
146.6
50.1
73.9
112.9
66.6
106.5
64.2
332
102.3
337.4
310.2
138.2
47.7
72.7
from
Sept. 1935
+1.2
+1.1
+1.0 '
+0.2
+2.6
+1.9
+3.0
+0.5
+3.3
+2.9
+6.1
+5.0
+1.7
* Preliminary. x Revised. z Includes also Belgium and Netherlands; Germany
excluded from July 1934.
Revenue Freight Car Loadings Show Seasonal Decline
Loadings of revenue freight for the week ended Nov. 16
1935 totaled 628,330 cars. This is a recession of 25,195 cars,
or 3.9%, from the preceding week, a rise of 43,296 cars, or
7.4%, from the total for the like week of 1934, and an
increase of 25,622 cars, or 4.3%,from the total loadings for
the corresponding week of 1933. For the week ended Nov. 9,
loadings were 9.9% above the corresponding week of 1934
and 12.1% higher than those for the like week of 1933.
Loadings for the week ended Nov. 2 showed a gain of 11%
Nov. 23 1935
when compared with 1934 and a rise of 10.8% when comparison is made with the same week pf 1933.
The first 18 major railroads to report for the week ended
Nov. 16 1935 loaded a total of 302,095 cars of revenue freight
on their own lines, compared with 313,242 cars in the preceding week and 276,996 cars in the seven days ended
Nov. 17 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines. Received from Connections
Weeks EndedWeeks EndedNov. 16 Nov. 9 Not. 17 Nor. 16 Nov. 9 Nov. 17
1935
1934
1934
1935
1935
1935
Atchison Topeka & Santa Fe Ry. 19,599
26,138
22,699
16,315
19,139
14,145
2,820
2,123
4,888
14,341
37,264
4,214
20,415
56,355
6,480
5,541
24,600
5,019
Baltimore & Ohio RR
Chesapeake & Ohio By
Chicago Burlington & Quincy RR.
Chic. Milw. St. Paul & Pac. RYy Chicago & North Western By.Gulf Coast Lines
International Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry_
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette KY
Pittsburgh dr Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
21,236
27.636
23,796
16,831
19,287
14,227
2,833
2,131
4,868
15,080
38,142
4,304
20,513
58,625
6.634
5,490
26,313
5,296
19,202
25,693
21,422
15,946
17.491
13,723
2,673
2,085
4,414
13,984
31,619
4,210
16,589
51,496
4,538
3.921
22.828
5,162
8,214 5,637 4,978
15,049 14,777 12,767
10,034 9,518 7.984
7,617 7.746 6,409
7,303 7.635 6,583
9,453 9,892 8,518
1,249
1,380 1,431
1,952 1,907 1,671
2,482 2.880 2,363
7,606 8,113 6,289
35,009 35,073 84,201
8,257 8,480 7,658
4,033 4,147 3,438
34,101 35,625 31,592
4,879 4,723 4,261
4,727 4,529 4,424
7,885
8,033
6,539
302,095 313,242 276,996 168.981 170,146 149,924
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number'of Cars)
Weeks Ended-
Chicago Rock Island & Pacific RyIllinois Central System
St. Louis-San Francisco RY
Total
Nov. 16 1935
Nov. 9 1935
Nov. 17 1934
20,900
28,215
12.305
21,455
29,882
12,864
20,620
28,088
12,433
61.420
64,201
61,141
The Association of American Railroads, in reviewing the
week ended Nov. 9, reported as follows:
Loading of revenue freight for the week ended Nov. 9 totaled 653,525
cars. This was an increase of 58.735 cars, or 9.9%,above the corresponding
week in 1934 and an increase of 70,452 cars. or 12.1%, above the same
week in 1933.
Loading of revenue freight for the week of Nov. 1) was a decrease of
27,137 cars, or 4%, below the preceding week this year, due to the usual
seasonal decline in business.
Miscellaneous freight loading totaled 264,745 cars, a decrease of 14,039
cars below the preceding week, but an increase of 40,395 cars above the
corresponding week in 1934 and 58,664 cars abve the same week in 1933.
Loading of merchandise less-than-carload-lot freight totaled 164,511
cars, a decrease of 1.065 cars below the' preceding week, but 4,497 cars
above the corresponding week in 1934. It was, however, a decrease of
1,592 cars below the same week in 1933.
Coal loading amounted to 124.533 cars, a decrease of 950 cars below
the preceding week, and 1,811 cars below the corresponding week in
1934, but an increase of 1,997 cars above the same week in 1933.
Grain and grain products loading totaled 30,592 cars, a decrease of
2,772 cars below the preceding week, but an increase of 3,326 cars above
the corresponding week in 1934 and 2,671 cars above the same week in
1933. In the Western districts alone, grain and grain products loading
for the week ended Nov. 9 totaled 19,893 cars, an increase of 3,092 cars
above the same week in 1934.
Livestock loading amounted to 18.930 cars, a decrease of 623 cars below
the preceding week, 4,155 cars below the same week in 1934, and 2,985
cars below the same week in 1933. In the Western districts alone, loading
of livestock for the week ended Nov. 9 totaled 15,434 cars, a decrease of
1,962 cars below the same week in 1934.
Forest products loading totaled 27,702 cars, a decrease of 1,492 cars
below the preceding week, but an increase of 6,308 cars above the same
week in 1934, and 3.712 cars above the same week in 1933.
Ore loading amounted to 15,797 cars, a decrease of 5,895 cars below
the preceding week, but an increase of 8,945 cars above the corresponding
week in 1934 and 7,068 cars above the corresponding week in 1933.
Coke loading amounted to 6,715 cars, a decrease of 301 cars below
the preceding week, but an increasa of 1,230 cars above the sam3 week in
1934 and 917 cars above the same week in 1933.
All districts reported increases for the week of Nov. 9 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 year,
follows:
Four weeks in Jantfary
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_ __ Four weeks in October
Week of Nov. 2
Week of Nov. 9
Total
1933
1935
1034
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3.035,153
2,228,737
3,102,066
2,631,558
2,881,924
680,662
653,525
2,183,081
2,314,475
3,067,612
2,340,460
2.446.365
3,084,630
2.351.015
3,072.864
2,501,950
2,534,940
613.048
594,790
1,924,208
1,970,566
2,354.521
2,025,564
2,143,194
2,926,247
2,498,390
3,204,919
2,567,071
2,632,481
614,136
583,073
27,354,529
27,105,230
25,444,370
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Nov.9 1935. During this period a total of 102 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the New York Central Lines, the Baltimore
& Ohio RR. the Pennsylvania System, the Atchison Topeka
& Santa Fe'
System, the Southern System, the Illinois Central System, and the Southern Pacific RR.
•
Financial Chronicle
Volume 141
3291
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED NOV. 9
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1935
1934
1933
1935
1934
692
1,874
7,641
1,454
31
911
4,543
8,871
294
1,282
220
11,570
2,462
180
1,414
8,152
3,291
3,889
1,784
32,609
9,798
1,806
4,017
4.222
4,453
372
493
1,117
624
5,100
2,898
667
1,553
7,067
1.560
18
940
5,500
7,782
288
1,280
196
10,457
2,101
136
1,370
7,206
2,684
3,574
2,425
33,531
10,229
1.663
3.523
4,377
4,033
357
361
1,145
635
4,975
2,869
1,213
254
10,103
2,088
56
2,032
6,360
6,009
93
1,320
2,752
13,881
7,016
1,567
947
6,877
2,578
170
76
35,126
11,189
1,559
8,480
4,510
4,723
32
158
1,193
904
8,033
3,193
915
439
9,291
1,637
49
2,233
6,199
5,500
104
797
2,328
12,243
5,577
1,603
933
5,725
2,304
200
30
33,025
10,627
1,486
7,061
3,989
4,046
44
211
707
833
6,349
2,055
• 139,546
128,064
124,502
144.492
128,540
Allegehny DistrictAkron Canton & Youngstown
585
Baltimore& Ohio
27,636
Bessemer & Lake Erie
3,423
Buffalo Creek & Gauley
291
Cambria & Indiana
1,310
Central RR.of New Jersey
.
5,242
Cornwall
•
668
Cumberland & Pennsylvania
383
Ligonier Valley
147
Long Island
832
Penn-Reading Seashore Lines-.
1,150
Pennsylvania System
58,625
Reading Co
11,060
Union (Pittsburgh)
8,338
West Virginia Northern
91
Western Maryland
3,433
384
25,893
2,614
237
1,017
5,652
640
350
165
830
1,131
52,847
11.938
4,024
72
3,322
311
26,450
1,574
279
a
4,152
1
278
196
911
1,223
52,755
12,725
4,649
63
2,997
670
14,777
1,702
5
22
9,803
41
27
25
2,246
1,289
35,625
14,988
2,649
0
5,464
552
13,036
1,057
6
16
9,611
58
17
18
2,438
994
31.193
13,772
1,568
2
5,405
123,214
110,476
108,564
89,333
79,743
23,796
20,513
813
3,499
21,772
15,935
762
3,824
20,172
15,591
609
3,032
9,518
4,147
1,356
784
7,788
3,298
1,087
671
48,621
42,293
39,404
15,805
12,844
Total
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
•
Norfolk & Portsmouth Belt Line
Virginian
Total
38,180
4,916
1,507
862
388
104
1,213
968
2,645
3,718
12,955
803
4,705
1,444
762
334
104
1,153
809
2,264
3,273
11,653
693
37,347
35,919
30.079
27,194
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast_.
Atl.& W.P.-W.RR.of Ala_
Central of Georgia
Columbus & Greenville
_
Florida East Coast
1935
827
368
2,048
20,195
18,345
154
152
1,993
2,921
406
785
287
1,585
19,596
17,787
138
139
2,028
2,880
358
862
315
1,383
19,195
16,115
156
145
2,011
2,712
251
1,287
356
844
10,276
4,320
327
270
1,470
1,959
711
1,219
345
707
8,652
3,896
348
241
1,440
2,018
635
54,418
51,635
48,765
27,137
24,776
Grand total Southern Distil
92,598
88,982
84,684
57,216
51,970
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago ML1w.St.P.& Pacilic
Chicago St. P. Minn.& Omaha
Duluth Miesabe & Northern_.._
DuluthSouth Shore & Atlantic
Elgin Joliet & Eastern
Ft.Dodge Des Moines.4z South
Great Northern
Green Bay & Western
Lake Superior &
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
•
Northern Pacific
Spokane International. _ _ ____ •
Spokane Portland & Seattle__
775
16,198
2,059
19,287
4,135
1,316
755
5,848
283
12,594
629
1,305
1,665
5,847
10,749
211
2,089
528
14,657
2,312
17,805
3,527
464
535
3,778
271
12,001
692
503
1,582
4,984
10,108
126
976
601
14,242
2,194
16,876
3,390
399
856
3,512
244
10,368
467
1,614
1,708
4,337
9,984
120
1,187
1,871
9,892
2,886
7,635
3,023
145
351
5,931
123
2,636
503
100
1,620
2,024
2,615
325
1,161
1,676
8,734
2,325
6,597
2,760
64
287
3,560
119
2,468
323
55
1,538
2,090
2,386
179
840
85,745
74,849
72,099
42,841
36,001
21,236
2,731
240
16,831
1,412
10,740
2,654
1,821
5,883
892
1,591
1,998
1,064
118
18,421
159
309
16,970
813
1,728
19,502
2,573
214
16,547
1,645
10,858
2,700
1,394
3,290
452
1,130
1,947
489
108
16,966
205
285
14,581
515
1,501
21,442
2,881
154
17,027
1,304
11,076
2,828
1,653
4,477
388
1,783
2,213
729
111
16,348
234
356
15,813
563
1,497
5,637
2,073
71
7,746
936
7,127
2,030
1,434
2,635
19
1,224
1,175
382
114
4,822
194
1,081
9,742
9
2,101
4,928
1,695
28
6,801
638
6,210
1,736
1,001
2,191
12
999
895
213
39
3,554
178
905
7,470
107,611
96,902
102,877
50,552
41,323
151
136
159
2,557
2,355
126
1,510
1,587
97
456
731
104
4,514
14,016
48
113
7,954
2,265
7,027
5,065
2,043
175
35
164
179
201
2,074
2,318
199
1,440
1,054
105
315
616
160
5,017
14,180
37
186
8,370
2,226
6,213
4,828
1,305
a
18
3,191
217
176
1,175
1,586
898
1,303
660
301
679
210
166
2,566
6,460
11
90
3,397
1,307
2,041
2,499
12,801
72
31
•
Central Western District Atch.Top.& Santa Fe System .
Alton
Bingham & Garfield
Chicago Burlington & Quincy_ .
Chicago & Illinois Midland--.
Chicago Rock Island & Pacific.
Chicago & Eastern
.
Colorado & Southern
Denver & 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....
ToledoPeoria & 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 &
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas_ _
Litchfield & Madison
Midland Valley
Missouri & Arkansas
Missouri-Kansas-Texas Lines_
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.Ass'n of St. Lou
Wichita Falls & Southern
Weatherford M. W.& N. W
NOOVW ,
-.CON
Total
7,646
1,001
331
159
56
1,604
391
283
6,809
17,473
166
1933
Total
Total
8,149
1,089
290
132
66
1,127
442
299
7,232
18,356
165
1934
cc
Southern DistrictGroup AAtlantic Coast Line
7,826
Clinchfield
1,163
Charleston & Western Carolina
.
364
Durham & Southern.•
140
Gainesville Midland
49
Norfolk Southern
1,337
Piedmont & Northern
398
.
Richmond Fred. & Potomac _
338
Seaboard Air Line
_
7,276
Southern System
19,120
Winston-Salem Southbound_ - _
169
1934
1935
-.02.0.NOM..MMMOQVnil
ON11.....COMM ,
QN10.-19Q...N041,
t.-com
NNI,Mr.ON ,
.NNw.. 1.0,DOMMO,
0011,
00
.
•-tv-i
688
1,692
8,453
1,395
19
1,066
4,542
7,931
418
2,275
402
11,898
4,941
166
1.072
6,521
3.027
3,642
2,098
38,151
10,525
1,442
4,304
5,509
6,634
230
283
938
639
5,296
3,349
Group B (Concluded)Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah..__
MississippiCentral
Mobile & Ohio
Nashville Chattanooga & St.L
Tennessee Central
CO.M.-.0.0Q.Q0NWOQMOVNWt-t-04
W.OAMMVO.V.WWOWNr.V.WMA.-.0.4'
Eastern DistrictAnn Arbor
Bangor & Arooetook
Boston & Maine
Chicago Indianapolis & Louisv_
Central Indiana_ v
Central Vermont
Delaware & Hudson
Delaware Lackawanna & WestDetroit & 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 & WesternN.Y.Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Pittsburgh& West Virginia-•
Rutland
•
Wabash
•
Wheeling & Lake Erie
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
la
1,817
Moody's Daily Commodity Index Rises Slightly
The movements of the items comprising Moody's Daily
Index of Staple Commodity prices have been decidedly
mixed this week, while the overall index ended the week at
slightly higher levels, namely, 168.2 compared with 167.8
in the preceding week.
Advances have been made by top hogs, wheat, corn, scrap
steel and cocoa in the order named. On the other hand,
hides, rubber, silk, wool and cotton declined, while silver,
copper, lead, coffee and sugar remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Nov.15
Fri.,
Sat., Nov.16
Mon., Nov.18
Tues., Nov.19
Wed., Nov.20
Thurs.,-ov.21
Nov.22
Fri.,
167.8 2 Weeks Ago, Nov. 8
167.2 Month Ago, Oct. 25
167.0 Year Ago,
Nov. 23
166.9 1934 High- Aug. 20
Low- Jan. 2
167.7
168.5 1933 High- Oct. 7 & 9
Low- Mar. 18
168.2
--...--.
166.4
171.0
146.8
156.2
126 0
175.3
148.4
Wholesale Commodity Prices Up 0.4% During Week of
Nov. 16 According to United States Department
of Labor
"During the week ending Nov. 16, wholesale commodity
prices advanced 0.4%," according to an announcement made
Nov. 21 by Commissioner Lubin of the Bureau of Labor
Statistics, U. S. Department of Labor. Mr. Lubin stated:
This increase marks the second consecutive weekly increase of0.4%. and
brings the all-commodity index to 80.4% of the 1926 average. The current
index is, however, 0.5% below the high for the year which was reached in
the latter part of August. Compared with the corresponding week of a
year ago, the composite average shows an increase of approximately 5%.
A
243
190
176
119
292
590
651
631
606
596
838
570
1,316
626
1.082
4,237
3.672
3,242
2,349
2,468
382
279
318
323
366
654
724
658
604
471
Total
51.205 I 50.306
- 56.190
53.224
41.844
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.
The advance in commodity prices was well scattered, being shared by
seven of the 10 commodity groups included in the combined index. Three
groups remained unchanged. Of the 47 sub-group classifications 16 were
higher, 10 were lower, and 21 remained at the level of the preceding week.
The group, "all commodities other than farm products and processed
foods," representing industrial commodities, with an increase of 0.1%,
reached a new high for the year. The index for this group, 79.0. is about
1% above the level of Nov. 17 1934.
A comparison of the present level of wholesale prices with
the preceding week, and the corresponding weeks of last
month and last year is shown in the table below,issued by the
Department of Labor:
Commodity Groups
•
All commodities
Farm products
Foods
Hides and leather products _
Textile products
Fuel and lighting materials _
Metals and metal products_
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous commodities
All commodities other than
farm products and foods
Nov.
16
1935
Nov. PerOil. Per- Nov. Per9 centage 19 centage 17 centage
1935 Change 1935 Change 1934 Change
80.4
80.1
+0.4
80.7
-0.4
76.7
+4.8
77.8
84.9
95.8
73.0
75.6
86.3
86.0
81.1
82.1
67.4
77.5
84.1
95.6
72.8
75.5
86.2
85.7
81.1
82.1
67.4
+0.4
+1.0
+0.2
+0.3
+0.1
+0.1
+0.4
0.0
0.0
0.0
79.5
85.6
94.4
72.5
74.2
85.9
86.2
81.1
81.8
67.6
-2.1
-0.8
+1.5
+0.7
+1.9
+0.5
-0.2
0.0
+0.4
-0.3
71.5
75.5
84.9
69.3
76.1
85.3
85.0
77.0
82.7
70.6
+8.8
+12.5
+12.8
+5.3
-0.7
+1.2
+1.2
+5.3
-0.7
-4.5
79.0
78.9
+0.1
78.4
-1-0.8
78.3
+ 0•9
An announcement by the Labor Department said:
Wholesale food prices increased 1% during the week. Fruits and vegetables were higher by 3%, dairy products 2%, and meats 1.7%. Cereal
products and other foods including coffee, smoked salmon, and lard were
lower. Individual food items that Increased in price were butter, cheese,
Financial Chronicle
3292
hominy grits, corn meal, dried apricots, fresh beef and pork,lamb, mutton,
copra and cottonseed oil. The current index for the group, 84.9, is 12.5%
above a year ago.
The farm products group advanced 0.4%, although lower average prices
were reported for grains and livestock and poultry. Important farm products that increased in price were corn, oats, rye, hogs, ewes, lambs,
cotton, apples, seeds, potatoes and wool. Wholesale prices of barley.
wheat, cows, steers, poultry, eggs, dried beans, lemons, oranges, onions,
hops, peanuts, and tobacco were lower. The present farm products index,
77.8, is 2% below the corresponding week of last month. Compared with
the corresponding week of last year, however, it is up 8.8%•
Continued advances in prices of lumber, sand, and gravel caused the
index for the building materials group to rise 0.4%. The sub-groups of
brick and tile and paint materials were lower. Average prices of cement and
structural steel were steady.
Prices of textile products, which have continued steadily upward since
July, advanced 0.3% during the week, reaching a new high for the year.
Cotton goods, woolen and worsted goods, and other textile products including manila hemp and jute were fractionally higher. Sharp decreases
were reported in prices for raw silk and silk yarn. Clothing and knit goods
remained unchanged.
The hides and leather products group-influenced by strengthening
prices for hides and skins, leather, shoes, and other leather productsrose 0.2%. The index for the group as a whole, 95.8, is approximately 13%
above a year ago.
A minor increase was registered by fuel and lighting materials due to
higher prices for gas and electricity. Bituminous coal and petroleum products were fractionally lower. Anthracite coal and coke remained unchanged.
Higher prices ofcertain non-ferrous metals and scrap steel were responsible
for the slight increase In the metals and metal products group. Agricultural
Implements, motor vehicles, and plumbing and heating fixtures remained
at the level of the previous week.
For the third consecutive week the index for the chemicals and drugs
group remained at 81.1. Slight fluctuations in prices of oil and menthol
failed to influence the index for the group as a whole.
The housefurnishing goods group remained at 82.1% of the 1926 average,
although higher prices were reported for cotton blankets.
Cattle feed prices decreased 2.6% during the week. Average prices
of crude rubber, automobile tires and tubes, and paper and pulp were
stationary.
The index of the Bureau of Labor Statistics includes 784 price series
weighted according to their relative importance in the country's markets
and based on the average for the year 1926 as 100.0.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of Nov. 17 1934, and
Nov. 18 1933:
Nov.
9
1935
Nov.
2
1935
Oct.
26
1935
Oct. Nov.
19 . 17
1935 1934
80.4
80.1
79.8
80.3
80.7
76.7
71.7
Farm products
77.8
Foods
84.9
Hides and leather products
95.8
Textile products
73.0
Fuel and lighting materials
75.6
Metals and metal products
86.3
Building materials
86.0
Chemicals and drugs
81.1
Housefurnishing goods
82.1
Miscellaneous commodities
67.4
All commodities other than farm
products and foods
79.0
77.5
84.1
95.6
72.8
75.5
86.2
85.7
81.1
82.1
67.4
C.COU,NeNV.0 ,
—.C•11.
.C.00.C.C.000000G0c0
-II,C•300J.C1.0
et,00 ,
78.6
84.8
95.1
72.8
74.3
85.9
85.9
81.3
81.9
67.4
79.5
85.6
94.4
72.5
74.2
85.9
86.2
81.1
81.8
67.6
71.5
75.5
84.9
69.3
76.1
85.3
85.0
77.0
82.7
70.6
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
78.9
00
I,
et,
Nov.
18
1933
Nov.
16
1935
78.4
78.4
78.3
77.5
Commoday Groups
All commodities
Nov. 23 1935
the index of the National Fertilizer Association. This index
for the week stood at 79.5% of the 1926-28 average compared
with 79.4% in the preceding week, 79.6% a month ago, and
75.8% a year ago. The index last week was 42.5% above the
depression low point, reached in the week of March 4 1933,
and was 3.5% above the low point of 1935. Under date of
Nov. 18 the Association further announced:
Of the 14 component groups of the index, four moved upward last week
and six declined. The rise in cotton to the 12c. level was largely responsible
for the increase in the textiles group index, marking the tenth consecutive
weekly advance and raising it to the highest level reached since September
1934. A more than seasonal decline in the supply of butter resulted in a
sharp price rise, which was mainly responsible for a substantial upturn in
the fats and oils index. There was a further decline in the price of lard
during the week. The average price of gasoline was slightly higher last
week, resulting in a rise in the fuels index. Grain prices were mixed, while
the trend of feedstuffs was downward; there was a drop in cattle quotations,
but prices for hogs, sheep and lambs were higher. The result of these
mixed trends was a small decline in the grains, feeds and livestock group.
Prices of steel scrap and tin were somewhat higher, but the changes were
not sufficiently large to affect the metals index. The foods group index
showed a moderate decline, with six commodities in the group declining and
six advancing. Twenty-five price series included in the index advanced
last week, while 23 declined; in the preceding week there were 26 advances
and 21 declines; in the second preceding week there were 24 advances
and 27 declines.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association
(1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
Latest
Week
Nov. 16
1935
Group
23.2
Foods
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Fuel
Month
Ago
Year
Ago
68.7
81.5
71.6
72.5
80.6
78.2
84.1
84.8
81.9
95.6
66.0
70.5
101.7
87.1
68.5
81.8
70.1
72.6
87.9
78.4
84.1
84.7
*77.3
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
78.4
71.0
74.0
69.0
68.1
88.4
79.2
81.7
85.9
66.4
93.8
65.5
75.0
99.8
79.5
79.4
79.6
788
86.8
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
AgriculturalImplements
All croups combined
100.0
Preceding
Week
*Revised.
1
October Sales of 24 Chain Store Companies Show Gain
of 11.74%
According to a compilation made by Merrill, Lynch &
Co., 24 chain store companies, including two mail order
companies, reported an increase in sales of 11.74% for
October 1935 over October 1934. Excluding two mail order
companies, 22 other chains reported an increase in sales of
8.10%.
Sales of these 24 companies showed an increase of 6.99%
for September 1935 over September 1934, as compared
with 11.74% increase for October 1935 over October 1934.
The following table shows the amount of sales and the
percentage change, by groups, for thq month of October
1935 compared with 1934:
Sales-October
6 Grocery chains
8 Five & ten-cent chains
3 Apparel chains
2 Drug chains
2 Shoe chains
1 Auto supply chain
Total 22 chains
2 Mail order companies
Total 24 chains
1935
559,355,852
58,858,348
28,037,779
6.593,944
3,522,018
1,534,000
553,590.791
56,680,619
24,921,995
6,183,807
3,118,706
1,574,000
+10.75
+3.84
+12.50
+6.63
+12.93
-2.50
5157,901,941
72,954,645
5146,069,918
60,519,926
+8.10
+20.54
3230,856,586
8206,589.844
+11.74
6 Grocery chains
,Five & ten-cent chains
10 Apparel chains
3
_ drug chains
a shoe chains
2 Auto supply chain
Total 22 chains
2 Mall order companies
Total 24 chains
1935
1934
Major Geographic,
Regions
5604.136.381
509,081,776
204,694,663
62,994,514
33,896,852
15,556,000
+8.87
+1.48
+5.71
+9.34
+10.81
+14.00
51,430,360,186
562,111,004
51,352,001,019
464,126,254
+5.79
+21.11
51,992,471,190
$1,816,127,273
+9.70
Week Ended
Nov. 16 1935
New England
Middle Atlantis
Central Industrial_ ___
West Central
Southern States
Rocky Mountain
Pacific Coast
Total United States_
Week Ended
Nov. 9 1935
Week Ended
Nov. 2 1935
Week Ended
Oct. 26 1935
16.7
14.2
14.1
12.7
10.8
21.4
17.4
10.7
17.9
12.8
9.7
20.4
12.6
11.6
17.7
12.5
10.7
18.7
10.4
8.7
20.0
14.7
7.5
18.5
10.5
6.8
26.7
12.0
14.6
14.2
13.7
13.0
DATA FOR RECENT WEEKS
Week of
1934
P. C.
Ch'ge
1,564,867,000
1,633,683,000
1,630.947,000
1,648,976.000
1,659,192,000
1,656,864,000
1,667,505,000
+12.0
+11.9
+13.5
+12.6
+12.3
+12.7
+11.7
1935
Sept. 7... 1,752,066,000
Sept. 14_ _ _ 1,827,513.000
Sept. 21_ .. _ 1.851,541,000
Sept.28._.1.857,470,000
Oct. 5.. _ 1,863.483.000
Oct. l2..._ 1,807,127,000
Oct. 19.- 1,863,086,000
Oct. 26__. 1,895,817,000 1.677.229.000 +13.0
Nov. 2... 1,897,180,000 1,669,217,000 4-13.7
Nov. 9_ _ _ 1,913,684,000 1,675,760,000 +14.2
Nov. HI__ _ 1 933 360 OM 1 61:11 11411 MA -1-146
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
1933
1932
1931
1930
1929
1,583
1,663
1,639
1,653
1,646
1,619
1,619
1,424
1.476
1,491
1,499
1,506
1,508
1,582
1,663
1,660
1,646
1,653
1,656
1,630
1,727
1,722
1,714
1,711
1,724
1.675
1,806
1,792
1.778
1,819
1,806
1,528 1,647 1,729 1,799
1.622 1.533 1.652 1.747 1,824
1,583 1,525 1,828 1,741 1,816
1,617 1,521 1,623 1,728 1.798
1 617 1 R27 1 ARK 1.713 1.794
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
P. C. Change
5554,873,007
501,653,418
193,034,157
57,608,562
30,587,875
13,644,000
Wholesale Commodity Prices Again Increased Slightly
During Week of Nov. 10; According to National
Fertilizer Association
There was a slight rise in the general level of wholesale
commodity prices in the week ended Nov. 16, according to
PERCENTAGE INCREASE OVER 1934
PC. Change
1934
The following table shows the amount of sales and the
percentage change, by groups, for the 10 months ended
Oct. 31 1935 compared with the same period of 1934.
Sales-10 Months
Weekly Electric Output Again Climbs to Record Peak
Tile 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 Nov. 16 1935 totaled 1,938,560,000 kwh. This is
the fourth consecutive week that weekly electric output has
reached a new all-time high mark. Total output for the
latest week indicated a gain of 14.6% over the corresponding
week of 1939, when output totaled 1,691,046,000 kwh.
Electric output during the week ended Nov.9 1935 totaled
1,913,684,000 kwh. This was a gain of 14.2% over the
1,675,760,000 kwh. produced during the week ended Nov. 10
1934. The Institute's statement follows:
Month
of
Jan_ ___
Feb____
March _
April__
May-.
June_ _ _
July _ _
Aug.___
Sept _ _ _
Oct.__
Nov _ _.
Dec_ _ _ _
1934
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
7,795,422
P. C.
Ch'ge
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 +4.0
7,116,201 +9.6
7,309,575 +10.5
6,832,260 +14.0
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
7,391,196
7.337,106
7.718.787
7,270,112
7,566,601
80.009,501 77,442,112 86,063.969 89.467.099
85.564.124
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figural are
Total.
based on about 70%.
Financial Chronicle
Volume 141
September Sales of Electricity to Ultimate Consumers
Reach 6,634,806,000 Kwh.-Revenues Total $159,072,800.
The following statistics covering 100% of the electric
light and power industry were released on Nov. 18 by the
Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of September
P. C.
1935
1934
Change
Kilowatt-hours Generated x(Net)By fuel
By water power
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports
Total
Deductions from SupplyEnergy used in electric railway departments..
Energy used in electric dr other departments-
4,935,575,000 4,573,851,000 +7.9
2,718,792,000 2.188,480,000 +24.2
7,654,367,000 6,762,331,000 +13.2
203,421,000
89,190,000
146,930,000 +38.4
75,518,000 +18.1
292,811,000
222,448,000 +31.5
40,729,000
110,827.000
46,113,000 -11.7
106,406,000 -1-4.2
Total
Total energy for distribution
Energy lost in transmission,distribution, $‘13.
Kilowatt-hours sold to ultimate consumers_
Sales to Ultimate Consumers (bwh.)Domestic service
Commercial Small light and power (retail)..
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
151,566,000
152,519,000 -0.6
7,795,422,000 6,832,260,000 +14.1
1,160,616,000 1.058.097,000 +9.7
6,634,806,000 5,774,163,000 +14.9
Total sales to ultimate consumers
Total revenue from ultimate consumers_ _
6,634,806,000 5,774,163,000 +14.9
$159,072,800 $150,196,400 +5.9
1,134,783,000 1,023,843,000 +10.8
1,192,068,000 1,110,895,000 +7.3
3,678,127,000 3,034,140,000 +21.2
188,960.000
179,884,000 +5.0
327,860,000
322.715.000 +1.6
67,200,000
54.512,000 +23.3
47,808.000
48,174,000 -0.8
Toelve Months Ended Sept. 30
1935
Kilowatt-hours Generated a (Net)
By fuel
By water power
P. (J.
Change
1934
53,139,636,000 53,236,296.000 -0.2
36.245,599,000 29,955,583,000 +21.0
89,385,235,000 83,191,879.000
Total kilowatt-hours generated
2,982,516,000 3,213,947,000
Purchased energy (net)
1,970.381,000 1,990,568,000
Energy used in electric ry. & other depts90,397,370,000 84,415.258,000
Total energy for distribution
Energy lost in transmission,distribution, Sm. 15.518,528.000 14,550,160.000
Kilowatt-hours sold to ultimate consumers 74,878.842.00089,865.098,000
Total revenue from ultimate consumers_ _ _ $1,895,558,600 $1,817,474,500
Important Factors40.5%
36.0%
Percent of energy generated by waterpower1.44
1.45
Average pounds of coal per kilowatt-hourDomestic Service (Residential Use)660
823
Aver.ann.consumption per customer (kwh.)
5.13
5.34
Average revenue per kilowatt-hour (cents)._
$2.82
$2.77
Average monthly bill per domestic customerBasic Information as of Sept. 30
1935
+7.4
-7.2
-1.0
+7.1
i 6.7
+7.2
+4.3
+5.9
-3.9
+1.8
1934
Generating capacity (kw.)-Steam
Waterpower
Internal combustion
23,705,400 23,799,100
8,956,800 9,005,400
500,000
468,100
Total generating capacity in kilowatts
Number of CustomersFarms in Eastern area (included with domestic)
Farms in Western area (included with commercial-large)
Domestic service
Commercial-Small light and power
Large light and power
Other ultimate consumers
33,162,200 33,272,600
(562,079) (516,595)
(215,838) (209,140)
20,897,743 20,387,162
3,767,932 3.715,430
514,580
530,119
67,574
68,124
25,247.829 24,700.835
Total ultimate consumers
x As reported by the United States Geological Survey, with deductions for certain
enterprises.
electric
light
and
power
plants not considered
Continued Rise During September Noted in World
Industrial Production and Prices by National
Industrial Conference Board
World industrial production continued to rise slowly during September, according to the regular monthly survey of
the National Industrial Conference Board, issued Nov. 19,
which said:
World prices of international foodstuffs and raw materials advanced
sharply during September. Security prices, after declining in September,
resumed their upward trend in October and the early part of November.
Foreign currencies recovered during October and early November from the
low points reached late in September and the first week of October.
Business activity increased in Great Britain, Italy, Belgium, Australia
and the United States. Production in the South American countries and
In Japan showed little change during the month. Conditions in France and
Holland remained depressed, and a mild recession in activity occurred in
Germany during September.
A rather sharp decline in industrial production was experienced in Canada
prior to the general elections held on Oct. 14. Production and trade in
China were unfavorably affected by monetary uncertainties which culminated
in the abandonment of the silver standard by that country on Nov. 4.
Business profits in Great Britain are still increasing. For the third
quarter of 1935 the profits reported by 345 firms showed an increase of
12.2% over the corresponding period of 1934. The increase for the second
quarter of 1935, as reported by 694 firms, was 17.8%, and in the first
quarter 592 firms showed an increase of 14.6% over a year ago.
The value of world trade in terms of gold was slightly less during the
first eight months of 1935 than in the corresponding period of 1934. Gold
prices, however, continued to drift downward, so that the physical volume
of trade for the year appears to have been somewhat greater than in 1934.
The recovery in international trade has been materially less during the past
year than that in world production.
The composite index of world prices of foodstuffs and raw materials
rose to 50.3% of the 1923-25 level in September as compared with 48.8% in
the preceding month, and 50.1% in September 1934. Cotton, rubber and
tin failed to participate in the upward movement in prices.
Commodities at wholesale advanced during September in Great Britain,
France, Holland, Belgium, Italy, Japan, Canada and the United States, but
declined slightly in Germany. Preliminary reports for October indicate a
resumption of the upward trend in Germany and a continuation of the rise
in Great Britain, Italy, France and Canada.
3293
Wholesale prices in the United States were measurably lower in October
than in the preceding month, largely as a result of drastic declines in
prices for grains and grain products.
The Berlin Stock Exchange was the only market which did not participate
in the recovery in security prices during October. Stock prices for 11 major
markets averaged 4.6% higher on Nov. 9 than at the end of September.
The rise was particularly sharp at New York, Amsterdam and Brussels.
The rise in foreign currencies was insufficient to stop the flow of gold
toward the United States, although this movement declined somewhat in
intensity. Engagements of gold, which amounted to approximately $318,000,000 during the month from Sept. 9 to Oct. 8, totaled only $187,000,000
from Oct. 9 to Nov. 8.
Movements in Chinese currencies were erratic during the month. The
Hong Kong dollar, which averaged 50.58c. during the first week of October,
fell to a law point of 34.06c. on Nov. 9. The Shanghai* dollar declined
from an average of 38.12c. in the first week of October •to a low point
of 29.88c. on Nov. 12.
Ordinary Life Insurance Sales in United States During
October Reported 1% Above Year Ago
October sales of ordinary life insurance in the United •
States were 1% greater than sales in October 1934, the Life
Insurance Sales Research Bureau, of Hartford, Conn., announced Nov. 19. This is based on the reports of companies
having in force over 90% of the ordinary life insurance in the
country, the Bureau said, adding:
For the 10 months of 1935 the new business sold represents practically
the same volume as sold in the same period last year. The best experience
for the year was in the Pacific section. These three States showed an
average gain of 5%. Trends for the various sections are given below:
10 Months 1935
10 Months 1935
Compared to Same
10 Months 1934
Section98%
New England
100
Middle Atlantic
99
East North Central__
97
West North Central-__
102
South Atlantic
Compared to Sams
Section10 Months 1934
East South Central._ _
100%
West South Central..__
99
Mountain
100
Pacific
105
Summary of Business Conditions in Canad a by
Bank of Montreal
Pointing to increased exports of wheat and nickel and to
the "new opportunities to the primary industries of the
Dominion" that have been provided by the new trade
treaty with the United States, the Bank of Montreal gives
an optimistic picture of business and trade conditions in
Canada in its monthly business summary, issued yesterday
(Nov. 22). An announcement in the matter said:
The summary comments on the fact that domestic industry in both
Canada and the United States is afforded safeguards in the new pact against
intense competition from any third country. In Canada these safeguards
will apply particularly in regard to various Empire trade pacts.
Despite quota restrictions which have been placed upon certain dairy
and lumber products by the United States the Bank summary states that
"the quotas are sufficiently large to be of substantial benefit to the Canadian
Interests concerned."
As in the United States, mild weather has retarded sales of winter goods
but retail trade has maintained a satisfactory level and there are many
signs of general improvement. Exports of foreign and domestic product
for October rose to $85.749,000 from $68,313,000 for a year ago. Imports
rose from $47,229,000 to $51,283,000. Wheat exports rose in value from
$18,095,000 to $25,473,000 and exports of nickel went from 93.075 cwts.
to 135,677 cwts.
Country's Foreign Trade in October-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on Nov. 21 issued its statement on the foreign
trade of the United States for October and the ten months
ended with October, with comparison by months back to
1930. The report is as follows:
United States exports of merchandise, in terms of value, were 12%
larger in October and imports were 17% larger than in September. Normally, that is over a period of years, exports in October have shown a
seasonal increase averaging 16% compared with exports in September.
Imports have normally increased 7% in October.
Compared with October 1934, exports were 7% greater and imports 46%
greater in value. These increases brought the total value of exports and
imports in the first 10 months of 1935 to 1% and 23%,respectively, above
the value in the corresponding period of 1934.
Exports, including re-exports, amounted to $221,215,000 in value compared with $198,189,000 in September 1935 and $206,413,000 in October
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 $189,240,000 in value compared
with $161,653,000 in September 1935 and $129,635,000 in October 1934.
The excess of exports over imports was $31,975,000 compared with
$76,778,000 in October 1934. For the first 10 months of 1935, the export
balance was $96,707,000 compared with $395,557,000 in the corresponding
period of 1934.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival, plus withdrawals for consumption from
bonded warehouses, amounted to $189.688,000 in value compared with
$168,689,000 in September and $137,975,000 in October 1934.
Prominent among the factors contributing to the increase in exports was
the seasonal increase in agricultural products. Exports of unmanufactured
cotton increased from 267,163,000 pounds, valued at $31,817,000, in September to 390,755,000 pounds, valued at $45,873,000 in October. In October a year ago, cotton exports totaled 336,189,000 pounds, valued at $43,434.000.
Unmanufactured tobacco exports, totaling 60,488,000 pounds, valued at
$23.665,000. an increase of 7,817,000 pounds over September, compares
with exports of 64,810,000 pounds, valued at $26,257,000,in October 1934.
Exports of fruits and fruit preparations increased from $12,082,000 in
September to $13,192,000 in October.
Among manufactured articles, exports of electrical machinery and
apparatus increased from $6,100,000 in September to $7,256,000 in October, the increase in value of radio apparatus accounting for about one-half
of the advance. Industrial machinery exports increased from $9.263,000
to $11,128,000, about one million dollars of the gain being in metal-working
Financial Chronicle
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS, AND
GENERAL IMPORTS
(Preliminary figures for 1935 corrected to Nov. 20 1935)
10 Mos. Ending October
October
Month or Period
Exports Including
Re-exports
January
February
March
April
May
June
July
August
September
October
November
December
1935
1934
Increase(+)
Decrease(-)
1,000
Dollars
221,215
189,240
1,000
Dollars
206,413
129,635
1,000
Dollars
1,788 889
1,692,182
1,000
Dollars
1.767,435
1,371,878
1,000
Dollars
+21,454
+320,304
31.975 +76,778
96,707
+395,557
1935
1934
1933
1,000
1,000
1,000
Dollars Dollars
Dollars
176,223 172,220 120.589
162,999 162,752 101,515
185,063 190,938 108,015
164,127 179,427 105,217
165,456 160,197 114,203
170,244 170.519 119,790
173,181 161,672 144,109
172,193 171,984 131,473
198,188 191,313 160,119
221,215 206,413 193,069
194.712 184,256
170,654 192,638
1932
1931
1930
1.000
1.000
AA0..400W.VIONN
Excess of exports_.
1934
wwowoo.-wwoc b.
.wwwoome...o.p.wo=8
Co'coOb-VolmbEic,
-'010011001
1011tO{.
Exports
Imports
Dollars
Dollars
249,598 410,849
224,346 348,852
235,899 369,549
215,077 331,732
203.970 320,035
187,077 294.701
180.772 266.762
164.808 297,765
180,228 312,207
204,905 326,896
193,540 288.978
184.070 274,856
1.788.889 1,767,435 1,298,099 1,340,568 2,046,680 3,279,346
2,132,800 1,674,994 1,611,016 2,424,289 3,843.181
10 months end. Oct
12 months end. Dec
General ImportsJanuary
February
March
April
May
June
July
August
9eptember
Dctober
November
December
166,832
152,480
177,356
170,580
170,559
156,753
177,699
169,030
161,653
189,240
135.706
132.753
158,105
146,523
154,647
136,109
127.229
119,513
131,658
129,635
150,919
132,258
135,520
130,999
131,189
126,522
112,276
110.280
79,421
91,102
98.411
105,499
104.468
97.087
96,006
83,748
94,860
88,412
106,869
122,197
142.980
154.918
146,643
150.867
128,541
133,518
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
1,692,182 1.371,878 1,187,500 1,121,219 1.787,382 2.648,679
1.655,055 1,449,559 1.322,774 2.090,635 3,060,908
10 months end. Oct
12 months end. Dec
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
October
10 Mos, Ending October
Increase(+)
1935
1,000
Dollars
Exports (U. S. mdse.)._ 218,115
Imports for consumption 189.688
1934
1935
1934
Decrease(-)
1,000
Dollars
203,536
137.975
1,000
Dollars
1,751 336
1.697.436
1,000
Dollars
1,739,538
1.360,340
1,000
Dollars
+14,798
+337,096
Month or Period
1935
1934
1933
1932
1931
1930
Exports-U. S.
Merchandise
1.000
1,000
1,000
1,000
1,000
1.000
Dollars
January
173,560
February
March
April
May
June
July
August
September
October
November
December
160,305
181.703
160.486
159,788
167.278
167,815
169,750
195,536
218,115
Dollars Dollars
Dollars
Dollars Dollars
169,577 118,559 146,906 245.727 404,321
159,617
99.423 151,048 220.660 342,901
187,418 106.293 151,403 231,081 363,079
176,490 103,265 132,268 210,061 327,536
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
1,754,336 1,739,538 1,276.122 1,310,7752,008,842 3,225,748
10 months end. Oct
2,100,135 1,647,220 1,576,151 2,377,982 3,781,172
12 months end. Dec.._
Imports for ConsumMion
January
February
March
April
May
June
July
August
September
October
November
168.482
152,234
175,485
166,157
166,782
155,312
174,164
180,443
168,689
189,688
December
10 months end. Oct
12 months end. Dec
316,705
128,976
125,047
153,396
141,247
147,467
135,067
124,010
117.262
149.893
137,975
149,470
92,718
84.164
91,893
88,107
109,141
123,931
141,018
152,714
147,599
149,288
125,269
134,311
129,804
130,584
123,176
112,611
112,509
79,934
93,375
102,933
104,662
105.295
183,284
177,483
205,690
182,867
176,443
174,516
174,559
168,735
174,740
171,589
152.802
283.713
304,435
305,970
282,474
314.277
218.089
216,920
227.767
245,443
196,917
126,193
127,170
95.898
149,516
201,367
1,697,436 1.360,340 1,180,573 1,123,899 1,789,906 2.715,793
1,636,003 1.433,013 1.325,093 2.088,455 3,114,077
October
GoldExports
Imports
Excess of exports_ _
Excess of imports
SilverExports
Imports
Excess of exports ..
Excess of Imoorts
10 Mos. Ending October
1935
1934
1935
1934
Increase(+)
Decrease(-)
1,000
Dollars
1,000
Dollars
1,000
Dollars
1,000
Dollars
1,000
Dollars
76
315,424
2,173
13,010
1,548
1,339,990
52,309
973,223
315,347
10,837
1,338,442
920,913
260
48,898
1,162
14,425
17,520
246,863
13,840
79,004
48617
IR 261
220 141
AA I64
Gold
Month or
Period
-50,761
+366,767
+3,680
+167,859
Silver
1935
1934
1933
1932
1935
1934
1933
1932
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1.000
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
•
•
•
•
•
•
•
•
14 107,863
363 4,715
46
51 21,521 128,211
44 28,123 43.909
540
37 16,741 49.509
62
49 1,780 22,925 212,229
166 6,586 4.380 226.117
114 85.375 23,474
59
102 14,556 81.473 18.067
86 22,255 58.282
60
76 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
260
01
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
10 mos.end. Oct
12 mos.end.Dec
1935
Nov. 23 1935
GOLD AND SILVER BY MONTHS
b.
o.44.1.11.4.
400
.cmwAmowwowo
Acon,A....40,01A0
machinery. Automobile exports, including parts and accessories, increased
$739,000 in October.
A partial list of other export commodities which showed substantial increases in October includes: leather and leather manufactures, oilseeds,
grass seeds, paper and manufactures, rayon and silk manufactures, miscellaneous textile products, iron ore, iron and steel advanced manufactures,
coal tar products, industrial chemicals, soap and toilet preparations, and
art works. With but one exception, that of coal-tar products, exports of
each of the items mentioned reached the highest value in October for any
month so far this year. The exports of a few leading commodities declined
in value in October, namely, hides and skins, fur skins,lumber, wood pulp,
refined petroleum products, and aircraft, including engines and parts.
Principal commodities contributing to the increase in imports in October
increased as follows: grains and preparations,from $5,687,000 to $8,191,000;
coffee,from 149,204.000 pounds valued at $9,990,000 to 163,258.000 pounds
valued at $11,392,000;raw silk,from 6,254.000 pounds valued at $8,980,000
to 7,699,000 pounds valued at $11,777.000; wood pulp from 161,000 short
tons valued at $5,993,000 to 232,000 tons valued at $8,199,000; newsprint,
from 381.000,000 pounds valued at $6,607,000 to 446,000.000 pounds valued
at $7,699,000. Imports of copra increased from 39,070,000 pounds to
54,866,000 pounds, but due to a decrease in price the dollar value increase
. was only from $830,000 to $924,000.
Among other import commodities to show increases in quantity and value
were cheese, hides and skins, fur skins, vegetables, cocoa, tea, wines and
spirits, unmanufactured tobacco, cotton cloth, linen fabrics, unmanufacLured wool, ferro-alloys and art works. Imports of a few important
commodities declined during October, among which were sugar from Cuba.
flaxseed, burlaps,sisal and henequen fiber, petroleum and products, and tin.
Imports of gold increased from $156,805,000 in September to $315,424,000
in October. This was the largest amount of gold to be imported in any
month this year and brought the 10 months' total gold imports to $1,339,990.000, compared with $973,223,000 in the corresponding period last year,
1.551
209
269
193
235
343
2,572
7.015
3,321
2,281
484
590
1,611
942
967
1,617
1,865
1,268
828
433
868
1,316
875
1.260
1,548 52,309 352,880 809,499 17,520 13,840 17,987 11,715
52,759 366.652 809,528
16,551 19,041 13,850
149,755 1,947 128.479 34,913 19,085
122,817 452,622 30.397 37.644 16,351
13,543 237.380 14.948 19,238 20,842
148,670 54,785 6,769 19.271 11.002
140,065 35,362 1,785 16,715 13.501
230,538 70,291 1,136 20.070 10,444
16,287 52,460 1,497 20.037 30.230
46,095 51,781
1.085 24,170 30,820
156,805 3,585 1.545 27.957 45,689
315,424 13,010 1,696 20,674 48,898
121,199 2.174 21,756
92.249 1,687 100.872
W0;p:o0M747001
....wwo,wwawwm
3294
1,763
855
1,693
1,520
5,275
15.472
5,386
11,602
3,494
4,106
4,083
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
10 mos. end. Oct 1339990 973,223 189,336 240,687 246,863 79,004 51,165 16,953
12 mos.end.Dec.
102.725 60.225 19.650
1186671 193.197 363.315
Employment and Payrolls in Pennsylvania Factories
Increased from Mid-September to Mid-October,
According to Philadelphia Federal Reserve BankDelaware Factories Report Declines
The number of wage earners in Pennsylvania manufacturing industries showed a gain of nearly 2%, and the
amount of wage disbursements increased 7% from the
middle of September to the middle of October, according to
indexes prepared by the Federal Reserve Bank of Philadelphia on the basis of 2,270 reports from manufacturing
establishments employing about 460,000 wage earners whose
compensation averaged over $9,713,000 a week. The total
number of employee-hours actually worked during this period
in about 90% of the reporting factories also increased 8%.
An announcement by the Philadelphia Reserve Bank, issued
Nov. 20, continued:
The trend in employment, payrolls and working hours has been upward
since July, and the rate of monthly increases in these items has been in
line with the usual seasonal gains during the autumn months. Gains have
continued to be well diversified among individual industries. The most
pronounced increases in the volume of work done during the month occurred
in the groups comprising metal products, transportation equipment and
building materials. Rubber products and musical instruments also indicated
substantial expansion in working hours as compared with the previous
month. The food products group as a whole showed a decline despite a
marked gain in canning and preserving. A relatively small decrease in the
case of leather and its products reflected solely a sharp drop in working
time at shoe factories.
The employment index in October was nearly 80, relative to the 1923-25
average, or 7% higher than a year ago. The payroll index was 69, or
almost 21% higher than in October 1934. Estimates made from the
current indexes and the Census data indicate that all Pennsylvania factories
in October employed approximately 857,000 wage earners and disbursed
in wages $17,757,000 a week. The number of hours actually worked by
wage earners also increased nearly 26% as compared with October 1934.
Delaware manufacturing industries report declines from September to
October in employment, payrolls and employee-hours, owing largely to
decreases in food and tobacco products. The groups comprising metal
products, transportation equipment, textiles, leather and rubber products,
and paper and printing registered gains. Compared with a year ago, increases amounted to 3% in employment, 4% in payrolls, and 7% in working
hours.
Lumber Movement Declines; Largely Seasonal
New business at the lumber mills and mill shipments declined during the week ended Nov. 9 1935 by about 10 and
15%, respectively, from the previous week; lumber production was about 2% less, according to reports to the National
Lumber Manufacturers Association from regional associations. Softwood orders were 9% below and shipments were
15% below softwood production compared with 2 and 1%
below, respectively, the preceding week and 16 and 10%
below the week before that. All items were reported by
identical mills as appreciably in excess of corresponding
week of 1934, production showing greater gain than either
shipments or new business. The lumber production of the
country is estimated to be currently about 40% above the
same period of 1934; for the year to date it is slightly above
Volume 141
Financial Chronicle
last year. The reports furnished the Association further
showed:
3295
15 cents to $2.30 a barrel for Bradford and New York.
Corning crude held unchanged at $1.32 a barrel.
During the week ended Nov. 9, 561 mills produced 212,613,000 feet;
A slight increase in demand for crude oil in Texas during
shipped 182,212,000 feet; booked orders of 192,886,000 feet. Revised
December was indicated in nominations filed with the Railfigures for the preceding week were: Mills, 583; production, 217,374,000
road Commission for the marketing of crude totaling 1,088,feet; shipments, 215,659,000 feet; orders, 213,966,000 feet. Figures for
574 barrels daily, against current production of 1,069,472.
both weeks include estimates of hardwood totals, exact reports being
Nominations for marketing from the East Texas field next
temporarily unavailable for Southern hardwoods.
month total 458,002 barrels daily, against current daily outAll regions but Northern pine reported orders, and all but Northern pine
put of 425,000 barrels. The meeting was featured by a
and Southern cypress reported shipments below production during the week
ended Nov. 9. All regions but redwood, Northern pine and Northern hemchallenge of the Commission's authority to allow increased
lock reported orders; all but Northern pine reported shipments, and all
production to make up past unfilled allowables by attorneys
reported production above corresponding week of 1934.
for several producing companies. A petition asking an inIdentical softwood mills reported unfilled orders on Nov. 9 as the
crease of 10,000 barrels daily in the Van field also was filed.
equivalent of 28 days' average production and stocks of 161 days' compared
Several other fields entered pleas for small increases in their
with 21 days' and 179 days' a year ago.
allowable.
Forest products car loadings totaled 27,702 cars during the week ended
With more than 11,000 new wells completed in Texas
Nov. 9 1935. This was 1,492 cars less than during the preceding week,
during the past 12 months, the Commission is encountering
6,308 cars above similar week of 1934, and 3,712 cars above the same
week of 1933.
difficulties in the matter of properly prorating production,
Lumber orders reported for the week ended Nov. 9 1935 by 469 softwood
according to E.0. Thompson, Chairman of the Commission.
mills totaled 183,171,000 feet, or 9% below the production of the same
Mr. Thompson also disclosed that the Commission has taken
mills. Shipments as reported for the same week were 171,260,000 feet, or
no action upon a petition filed seeking permission for the
production.
15% below
Production was '201,671,000 feet.
International Oil Co. to produce oil in November, for
Unfilled Orders and Stocks
delivery to the Export Trading Co., as part of the excess of
Reports from 465 softwood mills on Nov. 9 1935 give unfilled orders of
500,000 barrels of crude oil for delivery to England and
576,300,000 feet and gross stocks of 3,309,365,000 feet. The 454 identical
France.
softwood mills report unfilled orders as 572,814.000 feet on Nov. 9 1935, or
Dispatches from London disclosed that the Anglo-Iranian
the equivalent of 28 days' average production, compared with 429,986,000
Oil Co., controlled by the British Government, has decided
feet, or the equivalent of 21 days' average production on similar date a
to start drilling for oil in Southern England. Although it
year ago.
was reported that the company recognized that geological
Identical Mill Reports
conditions would seem to prohibit extensive deposits, any
Last week's production of 456 identical softwood mills was 199,465,000
commercial possibilities, no matter on how small a scale,
feet, and a year ago it was 131,292,000 feet; shipments were, respectively,
would be of special value to the company at this time.
169,264,000 feet and 137,624,000 feet; and orders received, 180,322,000 feet
Sharp increases in daily average crude production in
and 131,251,000 feet.
Oklahoma, Texas and Kansas offset the first decline in weeks
in California for the week ended Nov. 16 and lifted the
Petroleum and Its Products-Administrator Ickes nation's average 48,350 barrels to 2,850,600 barrels, reports
Asks Industry to Stop Oil Shipments to Italy- published by the American Petroleum Institute disclosed.
Conference Held on "Hot" Oil Movements in This compared with estimated demand for the month of
East Texas-Pennsylvania Grade Crude Again 2,563,700 made by the Bureau of Mines, and actual producAdvances-Texas Commission Asked to Permit tion a year ago of 2,411,000 barrels.
Production for Export Movement-Daily Average
Price changes follow:
Crude Output Rises in Week
Nov. 20-The South Penn 011 Co. advanced Pennsylvania grade crude
A request to the American oil industry to co-operate with oil 15 cents a barrel to $2.02 in Southwest Pipe Lines; $1.97 in Eureka, and
the Federal Government by stopping all shipments of $1.82 in Buckeye. Tide Water Pipe Line Co., Ltd., advanced Allegany
petroleum or petroleum•products to either Italy or Ethiopia crude 15 cents to $2.30 a barrel.
was made in Washington on Thursday by Oil Administrator
Prices of Typical Crudes per Barrel at Welts
(All gravities where A. P. I. degrees are not shown)
Ickes. The Government embargo against the shipments of
war materials to either of the belligerents does not list oil Bradford.Pa
82.30 Eldorado, Ark..40
$1.00
1.15 Rusk, Tex.,40 and over
Lima (Ohio Oil(O.)
1.00
as a proscribed item.
1.32 Darst Creek
Corning,Pa
.87
"I think that American producers should co-operate both Illinois
1.12 Midland District. Mich
1.02
1.13 Sunburst, Mont
Western Kentucky
1.23
to the letter and the spirit of the Government's attempt," Mid*Cont..
Okla.. and above-- 1.08 Santa Fe Springs. Ca1,38 & over.... .89
Mr. Ickes' statement said. The announcement was made Hutchinson. Tex..40
40 and over.... .81 Huntington. Calif., 30 and over
.82
1.03 Kettleman Hills, 39 and over
Tex.,40 and over
in conjunction with the release of a Bureau of Mines report Spindletop.
.90
Winkler,Tex
.75 Petrol's.Canad
1.10
covering September oil shipments far in excess of the previous Smackover.
Ark., 24 and over
.70
month, attributed by the Oil Administrator as "indicating
that the stimulation in this trade due to the war scares REFINED PRODUCTS-NEW ENGLAND GAS MARKETS FIRMRETAIL FUEL OIL PRICES ADVANCE-LUBRICATING OILS
outweighs the usual seasonal decline."
STRENGTHEN-MID-WEST BULK GAS MARKET STRONGThe action taken by Administrator Ickes came the same
GASOLINE STOCKS SHOW SHARP RISE
day as reports from Geneva that the League of Nations was
taking official action to stop movements of oil, coal, iron
Socony-Vacuum Oil Co. Tuesday initiated a new schedule
and steel to Italy in an attempt to paralyze her war indus- for service station gasoline prices at several points around
tries. The United Press reported that Augusto de Vascon- Providence, representing an increase of 1 cent a gallon.
cellos of Portugal, Chairman of the League's "general The advance, which does not restore prices to "normal"
staff" committee, has called the committee to meet Nov. 29 levels, was met by all competitors, represented a contrato decide upon extension of the embargo.
seasonal firming of the markets.
A conference held in Washington Thursday between
The 1-cent advance in the "pump" price included ProviJames A. Frear, Chairman of the East Texas Petroleum dence, Fall River, New Bedford, Newport, Harrisville and
Board, with Oil Administrator Ickes, brought forth rumors River Point. Strengthening of the lower-grade gasolines
that Mr. Frear was in Washington to place his resignation in the Boston market also developed during the week.
in the hands of Mr. Ickes. This was denied by the Oil
The only feature in the local market was an advance of
Administrator, who said that "Mr. Frear and I were merely 3j-cent a gallon in tank wagon prices of Nos. 2 and 4 fuel
discussing anti-hot oil activities in East Texas and he will oils posted Friday by all major companies. The advance,
return to his duties later this week."
which affected New York-New England marketing points,
A preliminary report issued in Washington by the lifts No. 2 to sq cents at New York, with No. 4 advanced
Petroleum Administrative Board Wednesday disclosed that to 6 cents a gallon.
the average cost of crude oil production in 1934 increased
Firmness of the lubricating oil market indicates another
5.8 cents a barrel, and the selling price rose 30.6 cents, as forward movement, oil factors contend. Stocks of Penncompared with the previous year. The report, however, sylvania cylinder stock in the open
are pretty well
included wells of 5,000 barrels annual production in the cleaned out, particularly in the 600market
steam refined
East and Rocky Mountain area, and 10,000 barrels yearly it was reported. The advance in Pennsylvania gradegrade,
crude
in other oil areas. It was pointed out that lack of tabulated reflects the advances already made by lubricating oils.
results on stripper wells, some of which run as low as 8 barrels
The Mid-West gasoline market continues firm to strong.
a day,did much to impair the working efficiency of the report. Despite the contra-seasonal trend of lowered consumption,
The report stated that the per barrel production cost of prices are holding firm around their peak for the year which
company interest oil last year, including interest of 6% on was set in June, and which is but fractionally lower than
the investment, and after deduction of by-product sales and the high for the past five years. Current levels are about
miscellaneous receipts was 77.5 cents, compared with 71.7 na-cent a gallon above a year ago.
the previous year. The selling price rose to 98.4 cents from
.A sharp increase in refinery operation rates, coupled
67.8 cents a year earlier. The eight years (1927-34) weighted with a seasonal slackening in demand, brought an increase
average of production cost was put at 92.4 cents a barrel. of 781,000 barrels in gasoline stocks last week, reports
The lowest cost a barrel, 58.5 cents, was shown in the published by the American Petroleum Institute disclosed.
California area, while the highest, $1.56, was in the Eastern Nov. 14 total was 41,561,000 barrels. Refinery stocks were
producing States.
up 496,000 barrels, with bulk terminals accounting for the
An advance of 15 cents a barrel was posted in Pennsylvania remainder of the increase.
grade crude oil prices on Wednesday by all major comAn increase.of 2.5 points in the
rates of repanies, the mark-up reflecting the steady improvement in porting refineries lifted operations tooperating
76.1% of capacity-the price of finished products made from this grade crude. mid-summer levels-the report pointed out. Daily
average
The South Penn Oil Co. advanced crude in Southwest Pipe- runs of crude oil to stills rose 86,000 barrels
the previous
lines to $2.02; in Eureka to $1.97 and in Buckeye to $1.82. week to 2,592,000 barrels. An increase over
of 6,000 barrels
Tide Water Pipe Line Co., Ltd., advanced Allegany crude lifted daily average cracked gasoline output
to 574,000
Nov. 23 1935
Financial Chronicle
3296
barrels. Gas and fuel oil stocks dipped 95,000 barrels to
107,413,000 barrels.
Representative price changes follow:
gallon
Nov. 16-Socony-Vacuum Oil initiated an advance of 1 cent a
surrounding
in service station prices of gasoline at Pro idence, R. I., and
points. Other companies met the increase.
price of
Nov. 22-An advance of 31-cent a gallon in the tank wagon
respectively, in
Nos. 2 and 4 fuel oil to 6)4 cents and 6 cents a gallon,
included
New York, was posted by all major companies. The advance
New York and New England marketing points.
Gasoline, Service Station, Tax Included
8.169
Minneapolis
8.175
$.1955 Cincinnati
z New York
21
New Orleans
.175
.1930 Cleveland
z Brooklyn
18
Philadelphia
.20
Denver
.17
Newark
.19
Pittsburgh
.155
Detroit
.17
Camden
.15
Francisco
San
.205
Jacksonville
.17
Boston
172
St. Louis
.17
Houston
.165
Buffalo
.15
Los Angeles
.16
Chicago
Refinery
F.O.B.
Kerosene. 41-43 Water White, Tank Car,
I North Texas _$.03 H-.03ii New Orleans_$.03ii-.04
New York
.03)-.04
Tulsa
(Bayonne)...--$.05 -.05'Los Angeles... .0434-.05
Fuel 011. F.O.B. Refinery or Terminal
8.80
New Orleans C
'California 27 plus D
81.15-1.25 Phila., bunker C___. .95
5.95
1.65
Gas Oil. F.O.B. Refinery or Terminal
3.02 M-.02 Si
I Tulsa
I Chicago.
N.Y.(Bayonne)
27 plus- ---$.04 -.04if i 32-36 GO3.02)4-.02)('
Refinery
F.O.B.
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
5.0514-.053(
Chicago
New YorkStandard Oil N. J__$.07
ColonialBeacon3.06R New Orleans- .o584-.0584
Socony-Vacuum____ .07
.05)4-.04%
ex
Ang.,
Los
06)(
Texas
.07
Tide Water Oil Co__
0684 Gulf ports....05 X-.05)4
Gulf
Richfield 011(Calif.) .06)(
.05 %-.05)4
Tulsa
0684
011
Republic
.06)(
Co_
Quinlan
WarnerShell East'n Pet__ .0684
tax.
sales
2%
city
a Not including
N. Y.(Bayonne)
Bunker C
Dime!28-30
Production of Soft Coal Shows Slight Rise-Anthracite
Off 8.9%
The total production of soft coal during the week ended
to
Nov. 9 is estimated at 7,784,000 net tons, according
Mmes.
of
Bureau
States
United
the
of
report
coal
weekly
the
This is an increase of 99,000 tons, or 1.3%, over the output
in the preceding week, and compares with 7,508,000 tons
in the corresponding week of 1934.
Anthracite production in Pennsylvania during the week
ended Nov. 9 is estimated at 554,000 net tons, a decrease
Proof 54,000 tons, or 8.9%, from the preceding week.
duction during the corresponding week of 1934 amounted
to 1,033,000 tons.
During the calendar year to Nov. 9 1935 a total of 308,tons of
631,000 tons of bituminous coal and 43,864,000 net
Pennsylvania anthracite were .produced. This compares
with 304,365,000 tons of soft coal and 49,730,000 tons of hard
coal produced in the same period of 1934. The Bureau's
statement follows:
AND BEEHIVE
ESTIMATED UNITED STATES PRODUCTION OF COAL
COKE (NET TONS)
Calendar Year to Date
Week Ended
Nov.9
1935 c
Nor. 2
1935 d
Oregon.
and Clay counties. d Includes Arizona. California. Idaho, Nevada, anda Alaska,
e Average weekly rate for the entire month. p Preliminary. r Revised.
States."
Western
"Other
Georgia, North Carolina, and South Dakota included with
•Less than 1.000 tons.
Daily Average Crude Oil Output Climbs 48,350 Barrels
in Latest Week
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Nov. 16 1935 was 2,850,600 barrels. This was a gain of
48,350 barrels from the output of the previous week. The
current week's figure was also above the 2,563,700 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during November. Daily average production for the four weeks ended Nov. 16 1935 is estimated
at 2,812,300 barrels. The daily average output for the week
ended Nov. 17 1934 totaled 2,411,000 barrels. Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Nov. 16 totaled 438,000 barrels, a
daily average of 62.571 barrels, compared with a daily average of 148,429
barrels for the week ended Nov. 9 and 111,536 barrels daily for the four
weeks ended Nov. 16.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Nov. 16 totaled 159.000 barrels, a daily average of 22.714 barrels,
and 16,679 barrels daily for the four weeks ended Nov. 16.
Reports received from refining companies owning 89.5% of the 3,806.000
States.
barrels estimated daily potential refining capacity of the United
the stills
indicate that 2,592,000 barrels of crude oil daily were run to
refineries
at
storage
in
had
operated by those companies and that they
at the end of the week, 25.152.000 barrels of finished gasoline; 5,316.000
fuel oil.
barrels of unfinished gasoline and 107,413.000 barrels of gas and
Gasoline at bulk terminals, in transit and in pipe lines amounted to 16.409,000 barrels.
the potential
Cracked gasoline production by companies owning 95.9% of
daily
charging capacity of all cracking units, averaged 574,000 barrels
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Dept. of
Interior
Calcula- Week End. Week End
Nor. 9
Nor. 16
lions
1935
1935
(Nov.)
59,950 „ 52,600
59,050
59.400
25,500
25,600
162,750
164,900
45,050
46,600
430.650
431.900
62.100
62.700
199,450
205,050
56,100
59,100
25,550
159,600
45,500
430,100
61,800
197,750
56,650
54,650
27,450
139,100
43,000
409,850
57.800
166,150
1.027,000 1,056,100 1,037.150 1,035,500
954,650
1934 e
1935
1929
Oct.
Avge.
Oct. 26 Nov. 3 Nov. 4 Nov. 2 1923 e
19359 1934r 1933r 1929
a
•
a
2
398
350
157
13
144
88
69
105
217
245
123
166
a
s
•
1
844 1,299 1,558
888
520
378
307
298
116
103
65
65
161
148
145
152
764
979
603
780
238
284
157
158
57
35
34
40
28
21
15
14
82
87
68
80
58
60
30
25
536
•56
a56
61
817
549
428
432
1,621 2,807 3,149
1,887
118
116
66
38
16
26
13
15
121
123
68
83
231
265
164
242
68
55
34
34
1.462 2,171 1,458
1,850
805
780
544
534
184
165
79
139
4
s
7
4rkansas
Eastern
dich lean
Wyoming
Nominal
Colorado
New Mexico
2
16
110
167
1
833
310
60
127
710
159
38
10
85
40
71
391
1,752
37
15
92
258
38
1,768
470
125
•
Total bituminous coal
Pennsylvania anthracite
7,685
608
N00
Alaska
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern_a
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern_ b
Northeni_c
Wyoming
Other Western States _d
M.
N004,
.4.0010.00N.4.WWW4a0b,4
Nor. 2
1935p
8,102
781
7,407
878
7,159 11,266 11,310
728 1,218 1,968
A 203 5.553 5.255 7.557 12.454 13.275
Grand totii
mountains through openings in Virginia
a Coal taken from under the Kentucky
reports, and the figures are there ore not
Is credited to Virginia in the current
b
Includes operations on the N. & W.,
years.
former
directly comparable with
and on the B. & 0. in Kanawha. Mason
C. & 0., Virginian, K. & M., B. C. at G..
514,250
144,600
31,050
129,850
30,800
130,850
31,750
128,400
24,050
79,950
127,100
160,900
161,650
160,150
104,000
29,100
97,700
40,400
33,900
11,400
4.000
52,200
29,600
106,050
49.700
36,550
12,800
4,000
56.950
29,700
102,350
50,750
37,200
12.900
4,100
56,700
29,800
106,450
52,650
37,700
12,850
4,200
56,850
30,200
102,600
25.850
35,600
11,850
3,150
46,200
North Louisiana
Coastal Louisiana
Total East of California_ 2,058,700 2,171,500 2,118,750 2,140,700 1,916,500
494,500
671,600
683,500
679,100
505,000
California
Total United States.... 2,563,700 2,850,600 2,802,250 2,812,300 2,411,000
Note-The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED NOV. 16 1935
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks
Stocks a Stocks
of
b Stocks
of
of
Gas
of
UnFinand
Daily P. C irked finished Other
Reyor Inc
Potenfiat ---Ayer Oper- Gant- Case- Motor Fuel
Oil
Fuel
line
aged
line
Total P. C. age
Rate
Daily Refining
Capacity of Plants
District
Week Ended
478,500
123,900
Total Louisiana
Noy. 10
1934
Bitum. coal:•
455,854,000
Tot,for per'd 7.784.000 7,685.000 7,508,000 308,631,000 304,365.000
1,716,000
Daily aver_ _ 1,297,000 1,281,000 1,251,000 1.166,000 1,150,000
Pa. anthra.: b
62.459.000
49.730,000
43,864,000
1,033,000
608,000
554,000
per'd
for
Tot,
237,900
189.400
167.100
92.300 101,000 172.000
Daily aver__
Beehive coke:
5,816,100
847.700
735,100
21,500
20,200
20,300
Tot,for per'd
21,702
3.163
2,743
3.583
3.367
3,383
Daily aver__
fuel. b Includes
a Includes lignite, coal made into coke, local sales, and colliery
fuel, and coal shipped
Sullivan County. washery and dredge coal, local sales, colliery
an unknown amount of
by truck from established operations. Does not includeAdjusted to make come
Revised.
d
revision.
to
Subject
c
coal.
"bootleg"
parable the number of working days in the three years.
STATES
ESTIMATED WEEKLY PRODUCTION OF COAL BY
(IN THOUSANDS OF NET TONS)
river shipand
(The current weekly estimates are based on railroad carloadings
tonnage reports from
menu and are subject to revision on receipt of monthly
operators.]
the
from
returns
district and State sources or of final annual
State
499,300
145,250
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
Coastal Texas
Total Texas
Week
Ended
Nov. 17
1934
490,600
135,650
492,000
143,300
Oklahoma
Kansas
Average
4 Weeks
Ended
Nov. 16
1935
Crude Runs
to Stills
EastCoast__
Appalachian,
Ind.,111.,Ky.
Okla., Kan.,
Missouri..
Inland Texas
Texas Gulf__
La. Gulf-___
No. La.-Ark,
Rocky MtnCalifornia__
612
154
442
612 100.0
146 94.8
424 95.9
465 76.0 11,767
113 77.4 1,806
365 86.1 7,014
829
254
630
200 12,324
966
70
45 4,011
453
330
617
169
80
97
852
384
160
595
163
72
60
789
295
95
568
126
42
42
481
4,280
1,129
5,024
943
221
626
8,751
464
189
1,505
260
47
103
1,035
700 4,791
1,630 1,617
115 11,091
____ 4,939
514
160
781
110
1,790 66,379
Totals week:
Nov. 16 1935
Nov. 9 1935
3,806
3.806
84.8
48.5
96.4
96.4
90.0
61.9
92.6
76.8
59.4
95.5
77.3
58.3
70.0
61.0
2,592 76.1 d41,561 5,316 4,820 107,413
2.506 73.11 .441750 5.051 4,935 107,508
b Estimated.
a Amount of unfinished gasoline contained in naphtha distillates.blended
motor
Includes unb ended natural gasoline at refineries and plants; also
at
fuel at plants c Includes 24,656,000 barrels at refineries and 16.124,000 barrels
refineries
at
barrels
25.152,000
Includes
d
in
bulk terminals, transit and pipelines.
lines.
and 16.409,000 barrels at bulk terminals. In transit and pipe
3.405 89.5
3.405 89.5
September World Gold Production at 2,529,000 Ounces
A preliminary report recently released by the American
Bureau of Metal Statistics indicated that gold production
of the world during the month of September 1935 totaled
2,529,000 ounces. This compares with 2,542,000 ounces produced in the preceding month of August. United States
production in September was 352,000 ounces against 309,000
ounces in August. Canada produced 282,000 ounces in
September, which compares with 294,000 ounces in the month
previous. South Africa was credited with 902,000 ounces
in September against 933,000 ounces in August. Russian
production during September, estimated at the average rate
of 1934, was 350,000 ounces.
World's Apparent Tin Consumption During First Nine
Months of Year Reported 80% Over Same Period
of 1934
According to the November issue of the "Bulletin" of the
International Tin Research and Development Council issued
by The Hague Statistical Office, the world's apparent consumption of tin increased by over 18% to 104,443 tons in
the first nine months of 1935, compared with 88,341 tons in
the corresponding period of 1934. In an announcement
issued Nov. 20 by the New York office of the Council it was
also stated:
Comparing the 12-month periods to the end of September 1934 and
1935, respectively, the United States consumption increased by 213i
from 46,733 tons to 56.771 tons; Russian consumption increased by over
35% from 5,027 tons to 6,803 tons, the latter figure being a new record;
consumption in Italy increased by 30% to 5,344 tons, this increase being
due to the high figures ofimports into Italy recorded for the past six months.
Noteworthy increases are shown also for Canada, 14M %; India. 14%;
Sweden, 12%, and Germany, 93%. For France a decrease of 12.7% is
recorded and this may be explained by the transfer of the Saar consumption
figures from France to Germany as from Feb. 18 1935. Japan used 3,803
tons of imported tin in the year ended September 1935, against 3,953 tons
in the previous year. Japan also consumes a quantity of home-produced
tin. No figures for this item are available for 1935 but in the calendar year
1934 it amounted to 1,163 tons, against 950 tons in 1933. The total tin
consumption of Japan in 1934 was 5,154 tons, compared with 4,383 tons
in 1933.
Comparative Statistics
The following table gives the tin consumption of those countries which
used more than 5,000 tons of tin in the year ended September 1935 (in tons
of 2.240 pounds):
Year Ended
United States
United Kingdom
Germany
France
U. S. S. R
Italy
Other countries_
Apparent world consumption
Approx. world consumption in manufacture
Approx. depletion of consumers' stocks
Sept. 1935
Sept. 1934
Percentage
Increase or
Decrease
56,771
21.557
10.781
8,140
6,803
5,344
24,387
46,733
20,746
9,840
9,326
5,027
4,097
23,283
+21.5
+3.9
+9.6
-12.7
+35.3
+30.4
+4.7
133,783
134,700
900
119,052
132,700
13,650
+12.4
+1.5
Tin Consuming Industries
World tinplate production in the first nine months of 1935 totaled 2,591,000 tons, representing an increase of 10% compared with the corresponding
period of 1934. The world output of motor vehicles increased by 21% to
3.823,000 vehicles in the nine months January-September 1935, against
3,154,000 in January-September 1934.
Consumers Replenishing Their Stocks
The total world visible stocks of tin at the end of October 1935 are reported at 14,845 tons, showing an increase of 1,422 tons over the figure for
the end of September. A comparison of the statistics of actual and apparent
consumption gives indications that consumers are beginning to replenish
their stocks. Invisible stocks in the United States of America increased
by approximately 2,200 tons, while in other countries there was an aggregate increase of about 500 tons.
Demand for Steel Broadens and Further Price Advances Loom
The "Iron Age" in its issue of Nov. 21 stated that with
demand continuing to broaden, steel ingot output has risen
from 54 to 543 % of capacity. A sharp increase in orders
from the automotive industry has been an important factor
in giving mill operations a further boost, but added support
has come also from the railroads, construction and miscellaneous lines. Steel scrap, mirroring the improved outlook
for producIon, has advanced 50c. a ton at Chicago and 25c.
a ton at Pittsburgh, lifting the "Iron Age" scrap composite
to $13 a gross ton, a new high for the year. The "Age"
further said:
Reluctance on the part of a number of steel producers to advance prices
is vanishing as evidences of widening demand become more convincing.
After weeks of steady but moderate orders from the automobile industry,
business from that quarter has suddenly swollen to unhooked-for proportions. Ford has bought 53,000 tons of steel in the past 10 days. Chevrolet
is buying sheets this week for 100,000 cars, estimated to require 30,000 tons.
Sheet mill backlogs have become so large that certain producers are virtually sold out for the year on all regular grades except heavy hot-rolled
sheets. Pressure for deliveries is replacing price as the concern of the
motor car trade, and a number of buyers in the automotive field are now
requesting mills to reserve rolling space for their first quarter requirements
subject to the prices prevailing at that time.
The transition to a strong market has been a sudden one. Only recently
persistent reports of price irregularities, especially on tonnage business
placed in the Detroit area, made the steel trade apprehensive of attempting
price advances, notwithstanding increased material costs. To-day a change
in attitude is evident. Recent advances of $2 a ton on blooms, billets,
slabs, sheet bars and skelp have become general, and a number of producers
In the Pittsburgh. Cleveland and Chicago districts have announced a $2 a ton
mark-up on wire rods. Higher prices on wire products will probably be put
in effect before the close of the week, and advances on sheets and strip
steel are early probabilities. Barring a sudden and unexpected change in
market conditions, it now seems likely that virtually all finished steel items
except sheet steel piling and tubular products will be increased in price
before Jan. 1.
Anticipatory buying by consumers is in evidence in some lines, though in
the case of sheets and strips the opportunity for accumulating stocks before
the close of the year has virtually passed.
The likelihood of an advance in rails has suddenly spurred the railroads
to action. The Burlington has placed orders for 20,000 tons of rails and
13,600 tons of fastenings. The St. Louis-San Francisco has asked for court
3297
Financial Chronicle
Volume 141
authority to buy 17,600 tons of rails. Tentative inquiries from other
Western roads total 60,000 tons, while an Eastern line expects to purchase
30,000 tons. The Bessemer & Lake Erie will buy 1,000 freight cars.
In the construction field, pressure to get Government-sponsored projects
ready for submission of bids by Dec. 15 has swamped the estimating departments of structural fabricators and reinforcing bar distributers, who are
now appealing for a postponement of the deadline. As a precaution against
advances in plain material prices, fabricators are now asking for blanket
price protections on numerous identified projects, involving a large aggregate tonnage.
Pending the time when steel producers actually benefit from prospective
price advances, mill wage rates are not likely to be raised. Meanwhile.
expanding operations have increased the income, if not the wage rate, of
mill workers.
Structural steel awards of 11,250 tons compare with 19.200 tons in the
previous week. New projects total 14.300 tons as against 17,550 tons a
week ago. Plate lettings call for 4,665 tons, and reinforcing bar awards
for 1,315 tons.
Strong opposition to a possible foreign steel purchase caused the Borough
of Manhattan, New York, to postpone indefinitely the opening of bids this
week on an elevated highway section calling for 12,000 tons of structural
steel. Protests last week against an award to a German mill of 500 tons of
sheet piling for the Triborough Bridge, New York, finally resulted in a
revision of Public Works Administration regulations to allow American
producers a 25% differential on purchases involving more than $100 and
100% on orders of less than that amount.
The favorable outlook for the iron and steel industry is clouded only by
a fresh outbreak of labor trouble in a Michigan automotive parts plant.
Several motor car makers are dependent on parts made by the affected
company and how much stock they have stored ahead is not known.
The reciprocal tariff agreement between the United States and Canada.
which is to go into effect Jan. 1, provides for reduced Canadian duties on
a wide range of iron and steel and machinery products. The Canadian
concessions go beyond tariff reductions, since they remove a system of
arbitrary valuations now applied to many commodities.
The pending trade agreement with Brazil, which calls for a reduction of
50% to ;ic. a pound of contained manganese in the duty on manganese
ore, has finally won the approval of the upper house of the South American
parliament and has gone to the President for signature.
THE -IRON AGE" COMPOSE PRICES
Finished Steel
Based on steel bars, beams, tank plates
Nov. 19 1935. 2.1300. a Lb.
2.1300. wire, rails, black pipe, sheets and hot
One week ago
2.1300. rolled strips These products make
One month ago
2.124e. 85% of the United States output.
One year ago
Low
Mph
2.130c. Oct. 1
2.1240. Jan. 8
1956
2.199e, Apr. 24
2.008c. Jan. 2
1934
1.887e. Apr. 18
2.0150. Oct. 3
1933
1.926e. Feb. 2
1.977o. Oct. 4
1932
2.037c. Jan. 13
1.9450. Dec. 29
1931
2.273c. Jan, 7
2.018c. Dec. 9
1930
2.317c. Apr. 2
2.2730. Oct. 29
1929
2.286e. Dec. 11
2.217e. July 17
1928
2.2120. Nov. 1
2.402c. Jan, 4
1927
Pig Iron
Based on average of basic Iron at Valley
Nov. 19 1935, $18.84 a Gross Ton
$18.84 furnace and foundry irons at Chicago.
One week ago
17.84 Philadelphia, Buffalo, Valley and
One month /40
17.90 Birmingham.
One year ago
Low
High
$17.83 May 14
318.84 Nov. 5
1935
17.90 May 1
16.90 Jan. 27
1934
18.90 Dec. 5
13.56 Jan. 5
1933
14.81 Jan. 5
13.56 Dec. 6
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 18
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Based on No. 1 heavy melting steel
Nov. 19 1935, $13.00 a Gross Ton
One week ago
$12.75 quotations at Pittsburgh, Philadelphia
12.681 and Chicago.
One month ago
One year ago
10.331.
Low
High
$10.33 Apr. 23
113.00 Nov. 19
1935
9.60 Sept.26
13.00 Mar. 13
1934
12.25 Aug. 8
6.75 Jan. 3
1933
8.50 Jan. 12
6.43 July 6
1932
8.50 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan. 29
1928
16.50 Dec. 31
13.08 Jul? 2
15.25 Jan. 11
13.08 Nov.22
1927
The American Iron and Steel Institute on Nov. 18 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 53.7%
of the capacity for the current week, compared with 52.6%
last week, 51.8% one month ago, and 27.6% one year ago.
This represents an increase of 1.1 points, or 2.1%,from the
estimate for the week of Nov. 11. Weekly indicated rates
of steel operations since Oct. 22 1934 follow:
1934Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec.3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
1935Jan, 7
Jan. 14
Jan. 21
1935Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
43.4% Apr. 22
47.5% Apr. 29
49.5% May 6
23.9%
25.0%
26.3%
27.8%
27.6%
28.1%
28.8%
32.7%
34.8%
36.2%
89.2%
193562.5% 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
46.8% July 1
48.1% 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%
42.8%
39.5%
39.0%
38.3%
37.7%
32.8%
85.3%
89.9%
42.2%
44.0%
46.0%
48.1%
48.8%
1935Aug. 28
Sept. 2
Sept. 9
Sept.16
Sept.23
Sept.30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 5
Nov. 11
Nov. 18
41.9%
45.8%
49.7%
48.3%
48.9%
.2%
49.7%
5'.4%
51.8%
51.9%
50.9%
52.6%
53.7%
"Steel" of Cleveland in its summary of the iron and steel
markets on Nov. 18 stated:
With railroads taking bids this week on 16.000 freight cars, continued
strong demand for automotive steel, public works projects corning out
faster, and another sharp advance in scrap prices, iron and steel markets
give indications of moderately rising activity.
Producers have not yet decided the question of raising finished steel
prices. While recent advances in raw materials and semi-finished steel
make it appear some further adjustments are inevitable, the tax on year-end
inventories, amounting to as much as $2.40 a ton on some products, would
cancel any saving effected by consumers through forward buying. Opinion
in the industry now is that no further change will be made to take effect
before Jan. 1.
3298
Financial Chronicle
Current steel demand, therefore, is held closely to actual consumer
requirements, and LW/steel works operating rate last week dropped one
point to 52%. Some rebound, however, is expected this week, as both
Chicago and Youngstown are scheduled at higher rates.
Pennsylvania RR. will open bids Nov. 19 under the Clayton Act on
50,000 to 60,000 tons of steel for freight cars to be built in its own shops.
The following day it will open car builders' bids on other units; these
bids to decide its distribution of 11,000 cars to its own and private shops.
Missouri Pacific is in the market for 4,000 freight cars; Missouri-KansasTexas. 1,000.
The carriers' stocks of rails have been greatly reduced through restricted
buying this year, and much heavier purchasing is dxpected to be an early
development. Northern Pacific has awarded 15,000 tons of rails.
The Government's public works program is now developing many
inquiries for grade eliminations and school buildings, and there are prospects for moderately active demands for structural work through the
winter. Structural shape awards for the week at 18,731 tons held close
to recent averages.
Protests by steel makers and labor against importations of German steel
for public works in Eastern States has led Public Works Administration
to change its regulations, banning foreign purchases for Federal-financed
Jobs unless approved by the Government after determining whether foreign
Government subsidies and exchange rates militate against American
interests.
Only one shipyard bid last week on a liner, taking 15,000 tons of steel,
for the International Mercantile-Roosevelt Steamship Co., and award
may be delayed by a threat of an investigation by Secretary of Commerce
Roper. At Pittsburgh 18,000 tons of steel is pending for barges. Eastern
oil interests are planning construction of a large number of steel oil tankers.
Automobile manufacturers are releasing heavy tonnages of sheets and
strip, with deliveries of full-finished sheets now deferred until the last
week In December. Car production last week increased to 93,000, up
4,000. Output is believed to be close to the peak for the fourth quarter,
makers in the low-price field hoping to stabilize schedules near the present
rate for the rest of the year. Assembly of at least 350,000 units is expected
for November, and it appears the total for the year will be approximately
3,700.000, compared with 2,700,000 last year, and largest since 1929, with
5,358,420.
Miscellaneous steel requirements are fairly strong. Tin plate production
has increased 10 points to 70%. A leading can maker is producing 750,000
beer cans daily, and will raise this schedule to 1,000.000 by Dec. 1.
Chicago district steel works operations last week rose 1)4 points to 57%;
Cleveland, 8 to 77; New England, 23 to 93. Youngstown dropped 10 to
53, and other districts were unchanged.
"Steel's" iron and steel price composite holds at $33.16, and the finished
steel index at $53.70. On 50-cent a ton advances in steel works scrap at
Chicago and Pittsburgh. the steel works scrap composite is up 12 cents
to $12.96, highest since June 1930.
Steel ingot production for the week ended Nov. 18 is
placed at slightly over 533%, according to the "Wall
Street Journal" of Nov. 21. This compares with 52%
in the two previous weeks. The "Journal" further added:
United States Steel is estimated at nearly 43%, against 42% in the
two preceding weeks. Independents are credited with over 64%.compared
with 63% in the week before and 6234% two weeks ago.
fhe following table gives a comparison of the percentage of production
with the nearest corresponding weeks of previous years, together with
the approximate changes, in points, from the week immediately preceding:
Industry
U. S. Meet
Independents
1935
1934
1933
1932
/931
1930
1929
1928
534+1
28 +t4
27 +Di
18 -1
31 + 3-4
43
71 -2
Si -114
43 +1
24 +i
23
17 -1
31 -33-4
4714
73 -2
794- )4
1097
RR W -I- 1 i4
71 i4 -I- 54
64 +1
30%
294-2
19 -135
31 +2
41
70 -2
82 -2
66 +2
Lead Business Continues Above Average-Fair Inquiry
for Zinc-Copper Unchanged
The Nov.21 issue of "Metal and Mineral Markets" stated
that the movement of non-ferrous metals into consumption
is holding up remarkably well, and the undertone continues
firm. Demand for lead was active, sales for the week being
well above the average. Zinc business was fair, considering
the heavy buying in the preceding 7-day period, and the
price seemed to be quite firm toward the close. Copper in
the domestic market appears to be marking time, a matter of
"conEolidating gains," as one producer remarked. Spot tin
eased in London and here on prospects of larger supplies
in the near future. Silver was unchanged on continued
support from the Treasury. Antimony, domestic, was
reduced one-quarter of a cent. The publication further
stated:
Nov. 23 1935
Copper Statistics Good
The outstanding event of the week in copper was the improvement in
the statistical position of the metal. World stocks of refined copper
declined 35,100 tons. Apparent consumption (shipments) came to 59,100
tons in this country, the largest monthly total since March 1931 and
105,400 tons outside of the United States. Large deliveries to Italy accounted for a substantial part of the gain registered abroad. The one
factor that did not come up to expectations in the October statistics was
the increase in United States mine output of copper. Some in the industry
look for a further moderate increase before the end of the year.
Demand for copper in the domestic market, as expressed in new buying.
showed little change last week. Sales for the period totaled around 4,300
tons, bringing the quantity purchased since the first of the month to about
7,400 tons. The price was unchanged at 9.25c., Valley.
Compared with a week ago, the foreign market was a little more active.
The price scored a small net gain.
Copper producers were not at all pleased with the remarks of Secretary
Hull on the delicate subject of shipments of raw materials to Italy. Virtually all of the copper sold to Italy in recent months was metal of foreign
origin. Total exports of copper of domestic origin during October amounted
to less than 2,000 tons, according to trade authorities, which compares with
about 12,000 tons monthly at the time when the National Recovery Administration went into the discard. In speaking of copper exports from this
country,few commentators take into consideration the proportion of bonded
metal that is included in the shipments to foreign ports.
The statistical position of copper at the end of October, with comparable
figures for the preceding month, in short tons, was as follows:
Production (blister):
October
Se tember
United States mine
Tl.S00
39,200
United States scrap
15,500
9,300
Foreign mine
73,100
72,500
Foreign scrap
11.000
8,100
Totals
Shipments, refined:
Domestic
Foreign
121.400
138,800
43.500
87.700
59.100
105,400
Totals
Stocks, refined:
Domestic
Foreign
131.200
164,500
241,300
290.300
226,700
269,800
Totals
531,600
496,500
A summary of the October statistics on refined copper only, for the
world, in short tons:
Stock at beginning
531,600
Production
129,400
Total supply_
661.000
Shipments
164,500
Stock at end
496,500
World production of copper on smelter basis, ex United States, amounted
to 918,800 short tons in the first nine months of 1935, according to the
American Bureau of Metal Statistics. This compares with 807,600 tons
in the same period last year. Production, ex United States, by quarters,
was as follows:
1394
1935
First quarter
325.800
245,050
Second quarter
272.450
313,300
Third quarter
290,100
279.700
The gain in output in the first quarter of the current year occurred In the
period when negotiations were in progress for the accord on production
control.
Lead Price Firm
Lead sales during the last week involved a little more than 10,500 tons, or
well above an average week's business. The buying was well diversified.
and included battery makers, tin-foil manufacturers, sheet and lead pipe
interests, makers of pigments, bearing-metal manufacturers, and jobbers.
Cable manufacturers have been showing more Interest in lead in recent
months. Producers believe consumers are practically covered for November requirements and about 50% on their December needs. The trade is
awaiting the October refined-lead statistics, which are expected to be
favorable.
The price remained at 4.50c., New York, which was also the settling
basis of the American Smelting & Refining Co. and at 4.35c., St. Louis.
The St. Joseph Lead Co. again obtained a premium on sales of its brands
in the East.
Zinc in Fair Demand
Sales of Prime Western zinc in the last week amounted to more than
3,000 tons, a good showing after the heavy buying in the preceding week.
Early in the week a round lot sold at 4.90c.. but this sale was not, strictly
speaking, on competitive business. Our quotation for the week held at
4.85c., St. Louis. The undertone was firmer, and there was renewed talk
of a higher market. In fact, several important producers were not anxious
sellers.
Spot Tin Easier
With a more plentiful supply of tin insight, the spot and near-by positions
are gradually easing. Demand was inactive. Spot tin was offered during
the week by consumers who found it more profitable to switch to forward
metal.
Chinese tin, 99%, was quoted as follows: Nov. 14, 51.00c.; 15, 50.50c.
16, 50.375c.; 18, 50.250c.; 19, 49.750c.; 20. 49.250c.
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 November 20, as reported by the Federal Reserve banks, was $2,491,000,000,
an increase of $7,000,000 compared with the preceding week
and of $14,000,000 compared with the corresponding week
in 1934. After noting these facts, the Board of Governors
of the Federal Reserve System proceeds as follows:
On November 20 total Reserve bank credit amounted to $2,471,000,000,
a decrease of $21.000.000 for the week. This decrease corresponds with a
decrease of $7.000.000 in money in circulation and increases of $57,000,000
in monetary gold stock and $10.000,000 in Treasury and national bank
currency, offset in part by an increase of $36,000,000 in member bank reserve balances, $7,000,000 In Treasury cash and deposits with Federal
Reserve banks and $9,000,000 in non-member deposits and other Federal
Reserve accounts. Member bank reserve balances on Nov. 20 were estimated to be approximately $3,070,000,000 in excess of legal requirements.
Holdings of bills discounted declined $4,000,000, while relatively small
changes were reported in holdings of purchased bills and industrial advances.
Increases of $2,000,000 each in holdings of United States Treasury notes
and Treasury bills were offset by a decrease of $4,000,000 in holdings of
United States bonds.
The statement in full for the week ended Nov. 20, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 3334 and 3335.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Nov. 20 1935, were as follows:
Financial Chronicle
Volume 141
3299
Increase (+) or Decrease (—)
Since
Nov. 20 1935 Nov. 13 1935
Nov. 21 1934
$
Bills discounted
5,000,000
—4,000,000
—16,000.000
Bills bought
5,000,000
—1,000,000
15. S. Government securities
2,430,000,000
Industrial advances (not including
$27,000,000 commitmls—Nov. 20) 33,000,000
+24,000,000
Other Reserve bank credit
—2,000,000 —18,000.000
—6.000,000
Total Reserve hank credit
2,471,000,000 —21,000,000
+1,000.000
Monetary gold stock
9,804,000,000 +57,000,000 +1.728,000,000
Treasury & National bank currency. 2,409,000,000 +10.000,000
—50.000.000
Money in circulation
5,739,000,000
Member bank reserve balances
5 782,000,000
Treasury cash and deposits with Fed-2,648,000,000
oral Reserve banks
Non-member deposits and other Federal Reserve accounts
515,000,000
—7,000,000 +284,000,000
+36,000,000 +1,586.000,000
+7,000,000 —308,000.000
+9.000,000
+117,000,000
Returns of Member Banks in New York City
and Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the Chicago member banks,for the current
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday. Beginning with this week's statement, certain
changes and revisions have been made in the report. A full
explanation of these will be found in the following article
headed: "Complete Returns of the Member Banks of the
Federal Reserve System for the Preceding Week."
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
—New York City— —Chicago
-Assets—
Nov. 20 Nov. 13 Nov. 21 Nov. 20 Nov. 13 Nov. 21
1935
1935
1934
1935
1935
1934
Loans and investments—total,,. 7,817
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
(except banks)
7,812
6,990
797.
59
795
60
521
51
1,794
1,793
1,538
--------26
23
22
23
731
723
780
151
152
175
Accepts, and com'l paper bought
Loans on real estate
L08013 to banks
Other loans
156
123
48
1,177
150
123
45
1,187
235
133
69
1,213
17
16
6
239
18
16
6
237
67
20
11
223
U. B. Govern, direct obligations
Obligations fully guaranteed by
United States Government
Other securities
3,346
3,317
2,813
996
987
693
373
1,007
381
1,031
264
911
97
249
97
257
78
223
Reserve with F. R. Bank
Cash in vault
Due from domestic banks
Other assets—net
Liabilities—
Demand deposits—adjusted__ ._
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
2,460
55
79
483
2,415
58
82
478
1,529
45
61
782
614
36
201
80
618
37
203
80
490
35
161
102
5,777
585
176
5,726
591
189
4,744
625
437
1,464
398
60
1,448
412
61
1,219
368
28
2,229
348
2,214
336
1.680
113
538
5
548
4
441
2
Borrowings
Other liabilities
Capital account
320
1,459
330
1,459
2
339
1,467
___34
226
--- 33
225
---42
226
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simultaneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in
101 cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business Nov. 13:
The condition statement of weekly reporting member banks in 101
leading cities on Nov. 13 shows increases for the week of $64,000,000 in
total loans and investments, $162,000,000 in demand deposits—adjusted,
and $112,000,000 in deposit balances standing to the credit of domestic
banks.
Loans to brokers and dealers in securities in New York City increased
$19,000,000 in the New York district; loans to brokers and dealers outside
New York City increased $3,000,000, and loans on securities to others
(except banks) declined $3,000,000. Holdings of acceptances and commercial paper bought increased $7,000.000; real estate loans declined
$2,000,000; loans to banks declined $3,000,000 and "Other loans" increased
$8,000,000. Holdings of United States Government direct obligations
increased $57,000,000 in the New York district, $15,000,000 in the Cleveland district and $59,000.000 at all reporting member banks, and declined
$16,000,000 in the Richmond district: holdings of obligations fully guaranteed by the United States Government increased $3,000.000: and holdings
of"Other securities" declined $10,000,000 in the Chicago district, 89.000.000
in the New York district and $27.000,000 at all reproting member banks.
Demand deposits—adjusted increased $63,000,000 in the New York
district, $33,000,000 in the Chicago district, 817,000,000 in the Kansas
City district. $13,000,000 in the San Francisco district, $12.000.000 in
the Dallas district and $162,000,000 at all reporting member banks, and
declined $10,000,000 in the Boston district. Time deposits declined $3,000,000. Deposit balances of other domestic banks increased $45,000.000
in the New York district, $22,000,000 in the Chicago district, $14,000,000
in the Cleveland district, $11,000,000 in the San Francisco district, and
$112,000,000 at all reporting member banks.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Nov. 13 1935, follows:
Increase (+) or Decrease (—)
Since
Nov. 14 1934
Nov.6 1935
Nov. 13 1935
Assets—
Loans and investments—total____20.490.000.000
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
(except banks)
Accepts, and com'l paper bought_
Loans on real estate
Loans to banks
Other loans
U. S. Govt. direct obligations
Obligations fully guaranteed by
United States Government
Other securities
815,000,000
159,000,000
+64,000.000 +1.504.000,000
+19.000.000
+3,000,000
+145,000,000
+2,000,000
2,078,000,000
333,000,000
1,140,000,000
84,000,000
3,388,000,000
8,295,000,000
—3,000,000 —213,000,000
+7.000,000 —145,000,000
—5,000.000
—2,000,000
—36,000,000
—3,000,000
+61.000,000
+8,000,000
+59,000,000 +1.039.000,000
1,141,000,000
3,057,000,000
+3.000,000
—27,000,000
Reserve with Fed. Reserve banks_ 4,708,000,000
Cash in vault
363,000,000
Due from domestic banks
2,368,000,000
+545,000,000
+111.000,000.
+67,000,000 +1,498,000,000
+51,000,000
+14,000.000
+105,000,000 +572,000,000
Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
13.720,000,000
4,892,000,000
526,000,000
+162,000,000 +2,432,000,000
+44,000,000
—3,000,000
—20,000,000 —348,000,000
5,474,000,000
367,000,000
2,000,000
+112,000,000 +1,120,000,000
—5,000,000 +244,000,000
+2,000,000
League Sanctions Against Italy Bacome Effective—
Premier Mussolini Releases 100,000 Troops to Aid
in Production—Emperor Haile Selassie Declares He
Will Make No Peace Allowing Italy to Keep Gains
The Italo-Ethiopian war entered a new phase on Nov. 18,
when economic sanctions which had been declared by members of the League of Nations against Italy became effective.
Premier Mussolini of Italy countered this move by urging
his people to increase production and to make sacrifices
necessary to carry on the war, despite foreign opposition.
On Nov. 21 the Italian War Ministry announced that 100,000
troops would be furloughed for three months to permit
them to return to civilian work in order to strengthen Italy
against League penalties. The troops will be subject to an
immediate recall to arms if necessary.
The Italian War Ministry explained on Nov. 21 that the
soldiers were being released so that they might develop
agriculture and increase the industrial output. This order
reduces by one-sixth the number of soldiers now mobilized
in Italian metropolitan areas. It was estimated that the
decreee would save the Italian Treasury 1,000,000 lire daily.
Italian troops in Ethiopia continued this week to consolidate earlier gains, and on Nov. 21 it was reported that Italy's
northern army had defeated the Ethiopian forces led by
Ras Seyoum in a sharp battle. An indication that the Italian
campaign might be intensified was seen in an announcement
at Rome on Nov. 16 that the 69-year-old General Emilio de
Bono has been relieved of his command of Italian forces on
the Eritrean front and recalled to Italy. His successor in
command is Marshal Pietro Baboglio. Meanwhile the Fascist
Grand Council, at a meeting on Nov. 17, issued a communique
calling on all Italians to resist sanctions. It termed Nov. 18
a day of "ignominy and iniquity" and proclaimed a national
holiday of protest.
Our most recent reference to the Italo-Ethiopian war was
contained in the "Chronicle" of Nov. 16, page 3146. United
Press advices of Nov. 18 from Geneva outlined the League
sanctions applicable on that date as follows:
Italy to-day is under the following League penalties:
1. Arms embargo.
2. Financial and credit boycott.
3. Boycott cf all Italian goods except books, newspapers and music and
of specially exempted products for eleven countries, such as five sealist
a
planes for Norway, a submarine for Rumania, 'orpedo boats and mine layers
for Siam, turbines and machinery for Russia, L ship for Poland. In all, the
1
2% of Italy's export trade and were exempted
products exempted amount to /
because they are needed by the League countries concerned. They were all
the
war.
before
contracted
4. Denial to Italy of horses, mules, donkeys, camels and all other transport
animals, rubber, bauxite, aluminum, alumina (aluminum oxide), iron ore,
scrap iron, chromium, manganese, nickel, titanium, tungsten, vanadium and
their ores ; ferro alloys, ferro molybdenum, ferro silicon, ferro silico-manganese, ferro-silieo-manganese-aluminum, tin, tin ore, all crude forms of the
above metals and their ores, scrap and alloys.
Italy, in reprisal, has forbidden the import of 128 commodities except
by special license, which will not be issued as regards League countries if
the commodities can be obtained elsewhere.
An Ethiopian note of Nov. 20 to the League of Nations
declared that Ethiopia would make no peace that would
permit Premier Mussolini "to reap the reward of his crime."
Associated Press advices of Nov. 20 from Geneva quoted in
part from this note as follows:
Answering Italy's November 11 note to the powers, an Ethiopian note
flatly refused to entertain any proposal for settlement of the war that might
be based on territorial gains by the Fascist armies, and added:
"With the help of Almighty God, the Ethiopian Government and people
will fight to the death, no matter what may be the cost and however long
the war may last, to escape this savage domination."
The protest accused Italy of "unjustified aggression, perpetrated under
the most unfair conditions," military barbarity and oppression, and attempts
to buy traitors for cash, and charged that the invading armies had bombarded
defenseless towns, killing women and children.
It further contended that the Italians were attempting to prevent loss of
Italian lives and establish Italian domination in Ethiopia "by launching
against the Ethiopian people those who are its brothers by race and color."
The Fascists were accused of falsehood and deception by representing the
war was one for the liberation of an oppressed people who "are alleged to
the invader with enthusiasm."
be
Instead,
'the note asserted, only one chieftain, Haile Selassie Gugsa,
Emperor Haile Selassie's son-in-law, "has yielded to bribery," and "up to the
present, Ethiopia has not defended its territory against the invader."
3300
Financial Chronicle
As a consequence, the note added, "the civil population has provisionally
been obliged to submit to the enemy's yoke and the chiefs have negotiated
with the enemy."
However, the protest continued, reports from Ethiapian military commanders have indicated that inhabitants of occupied territory, which was
described as "only a very small part of Ethiopia," have risen against the
invaders because of alleged atrocities committed against nuns and other
native women.
The note also ridiculed Italy's claims to having liberated 16,000 slaves.
Sporadic rioting in protest against the present Egyptian
regime continued in Cairo this week, and on Nov. 21 police
were forced to fire on mobs during a general strike protesting alleged British domination.
Improvement in Canadian Conditions Reported by
Sir R. L. Borden—Head of Barclays Bank Tells
Annual Meeting that Canadian Indexes Are Above
Those of United States
Reasonable evidence of further progress toward normal
conditions in Canada has appeared in the last year, although
the Dominion has by no means emerged from the depression
which has weighed down the world for more than five years,
Sir Robert L. Borden, President of Barclays Bank (Canada),
told the shareholders at their eighth annual general meeting
held Nov. 19 in Montreal. He pointed out, however, that
the anticipation, expressed last year, that continued progress
might be slow and painful had been fulfilled. Sir Robert
, stated:
Canada's lowest point of industrial and manufacturing production,
measured by official indexes, was reached in February 1933. From
February to September of that year there was a pronounced gain; and
thereafter, up to the present, there has been a further advance. Comparing our progress with that of the United States and basing results on
the average for 1926, the present indexes for Canada are considerably
higher than those for the United States. In this regard the notable advance
in Canada's mineral production has been an important factor.' Substantial
advances have also been made in iron and steel production and in the
refining of petroleum.
Sir Robert said that, but for menace to the world's peace,
lack of international co-operation and other disturbing
factors, there might be moderate encouragement in the
developments of the past 12 months. He continued:
In Great Britain, hopefulness and confidence are in the ascendant, except
In a few important industries, and conditions in general are regarded
as satisfactory.
Although unemployment on a large scale still persists in the United
States, and vast measures for relief continue to be necessary, it is apparent
that employment has measurably increased. To what extent this increase may be attributable to Federal subventions is not clear. Firm
hope for recovery is supported by the immense wealth and the vast and
varied resources of that country. Every step toward recovery in the
United States is of importance to Canada, as our interests ara so closely
allied to those of our southern neighbor.
Lack of stability in exchange and fluctuation in currency values have
not apparently diminished. Thus they continue to hamper international
Intercourse and co-operation which are vital for world recovery. Unfortunately, many nations are still obsessed with the urge for economic
nationalism which is the very antithesis of united effort to restore more
normal conditions. Neighborliness and co-operation are effectively
impeded by tariff barriers, progressively and systematically strengthened.
It may be that such a system cannot endure; but while it exists its dangerous,
even disastrous, tendencies are apparent.
Trade Agreement Between United States and Canada—
Canada Grants Tariff Concessions on 767 Items,
Principally Industrial Products—This Country
Lowers Rates on 53 Articles, and Promises to
Maintain Existing Status on Others—President
Roosevelt Predicts Doubling of Trade with Canada
in Two Years
President Roosevelt on Nov. 17 made public the text of
the new reciprocal trade agreement between the United
States and Canada, which was signed at Washington on
Nov. 15 (as noted In the "Chronicle" of Nov. 16, page 3145).
The new trade pact, valid for a period of three years, requires
ratification by the Canadian Parliament before it can become
effective. In making public its text, on Nov. 17, President
Roosevelt predicted that it would double the commerce between the United States and Canada in two years. He
pointed out that Canada granted concessions on three-fourths
of our dutiable exports to that country in pre-depression
years, with consequent profit to most branches of the economic structure. The pact is to become effective Jan. 1 if
ratified by the Canadian Parliament before that date.
Canadian concessions to the United States represent actual
tariff reductions on 767 items, of which exports from the
United States to Canada amounted to about $419,000,000 in
the Canadian fiscal year of 1930. Canada, under the agreement, grants its "intermediate" rate schedule to American
products and promises most-favored-nation treatment, while
for 80 articles Canada reduces its rates to a point lower than
heretofore paid by any non-British country. In addition,
Canada agrees to revise its revaluation system so as to
eliminate arbitrary assessments, and reduce surcharges on
American goods. In return, the United States lowers its
tariff on 53 articles, and also agrees not to change the existing rates or the free-list status of 22 articles. United States
reductions affect specific classes of cattle, cream, lumber,
whisky, specific kinds of fish, poultry, maple sugar, apples,
seed potatoes and ferromanganese. In several instances the
threat to American producers is reduced, however, by a definite limitation of the amount of imports which will receive
tariff concessions. For example, no more than 20,000 head
Nov. 23 1935
of dairy cows may be imported each year at the new rate,
which is 50% lower than the old.
President Roosevelt, Secretary of State Hull and Secretary
of State Wallace all praised the agreement, and predicted
that it would prove of marked benefit to American farmers,
consumers and industrialists. The statements issued by
the President, Mr. Hull and Prime Minister Mackenzie King
of Canada are given herewith:
PRESIDENT ROOSEVELT
The trade agreement which has just been signed between the United
States and Canada places the trade relations between the two countries on a
basis of mutual agreement for the first time since 1866. I am happy to
have a part in removing this anomaly in the relations between two countries
which are united by so many bonds of friendship and common heritage.
The signing of this agreement marks the reversal of the trend of the last
two decades toward undue and unnecessary trade barriers between our two
countries. I am confident that this constructive step will contribute greatly
to the economic recovery of both the United States and Canada.
SECRETARY HULL
The United States and Canada are neighbors with a common frontier of
5,000 miles. It is manifest that innumerable opportunities for mutually
profitable trade between these friends and next-door neighbors must exist.
During 1929 the United States was selling to Canada about $900,000,000
of commodities, a substantial proportion of which was farm products, and
was purchasing over $500,000,000 in return. Since 1929 our exports to
Canada have slumped to about $300,000,000, or a loss of some $600,000,000.
This loss has resulted in large measure from short-sighted tariff policies.
Notwithstanding its increase in population, the world to-day is producing
and consuming substantially less than it did in 1929 and prior years. This
trade agreement will make possible the profitable sale of much of our
surplus production as it will also result in the re-employment of a number
of American wage earners now idle.
The peoples of our two countries have common interests and common
aspirations, socially, morally and materially. The progress of each depends
more and more upon the progress of the other. The problems of commerce
and peace facing all nations to-day are acute. While many other parts of
the world are devoting their primary efforts either to war or to the feverish
building of vast armaments, with consequent neglect of the dislocated and
collapsed business conditions, with resultant unemployment and widespread
distress, it is for the Western Hemisphere to point the way to a more
far-seeing, constructive basis for prosperity and for peace.
The trade agreement between our two countries will, I hope, mark the
beginning of a new epoch in the affairs of our respective peoples. It will
mean the common advancement of their economic and their cultural life.
Underlying this agreement are the twin policies of the good neighbor and
mutually profitable trade.
While many other parts of the world are slipping in the direction of
economic suicide, the trade agreement between our two countries marks
an outstanding step in the direction of economic sanity. It seeks to stimulate sound and healthy trade relationships and thereby to restore employment to the unemployed and a wholesome prosperity to the peoples of both
countries. It seeks an example of what must be done to establish a solid
foundation upon which to rebuild a suitable structure of world peace.
PRIME MINISTER KING
Mr. President, Mr. Secretary, Gentlemen:
The kindly words and sentiments to which you, Mr. President, have just
given expression will be warmly welcomed by His Majesty the King, in
whose name I have had the honor to sign the trade treaty which has just
been concluded between the United States and Canada.
They will, I know, be deeply appreciated by the people of Canada.
May I say, Mr. Secretary, that I very cordially endorse all that you have
said of the mutual advantages likely to flow to our respective countries
from the terms of the treaty?
On behalf of Canada, I heartily reciprocate the sentiments of international good-will you have so generously expressed.
I believe with you that the signature of this agreement is witness of
the joint intention of the Governments of the United States and Canada
to give rapid effect to our policies in a practical manner. At last our formal
trade relations have been brought into harmony with the underlying
realities of public and private friendship between our two peoples. The
agreement will, I am confident, confer substantial benefits alike on the
producers and consumers of both countries, while safeguarding with great
care every essential interest.
I feel sure that its value will be shown beyond question by a marked
Increase in commerce within the next few months. This undoubtedly will
help both countries to make more rapid progress toward complete economic
recovery.
Nor will this agreement benefit North America alone. All the world will
gain from greater trade on this continent.
Nor will its benefits be confined to trade. To an anxious and troubled
world we hope that there will be opened to the nations, by the force of
our example, vistas of a surer path to progress and a more lasting road
to peace.
A summary of the trade agreement between the two countries was issued as follows by the State Department at Washington on Nov. 17:
General Provisions of the Agreement
In addition to the two schedules reducing or binding customs duties or
binding items on the free list, the trade agreement contains a number of
general provisions designed to safeguard the tariff concessions and to
improve the commercial relations between the two countries.
Under Article I, the United States and Canada agree that each will accord
to the commerce of the other unconditional most-favored-foreign-nation
treatment in respect of customs duties and related matters. This means
that if either the United States or Canada reduces any customs duty
applicable to foreign importations (i.e., in the case of Canada, to non.
British importations), either autonomously or in connection with a trade
agreement with a foreign country, the like article of the other country
will immediately get the benefit of the reduced rate. The practical importance of this assurance is that exporters in each country will continue
to be able to compete in the other country on a parity with other foreign
producers and that the concessions which each country has granted to the
other will not be impaired through the granting of greater concessions to
any third foreign country. The agreement, of course, contains (Article
XIII) certain generally recognized exceptions to the most-favored-nation
clause.
Volume 141
Financial Chronicle
Provisions in Regard to Quantitative Restrictions
Article H extends the principle of equality of treatment to quotas. It
provides that in the event a quota is established by either country, it shall
allot to the other country a share equivalent to the proportion of the
trade which the other country supplied during a previous representative
period. Article IX provides similarly for fair and equitable treatment in
the event that either country should adopt any form of exchange control.
With the exception of a reservation whereby either country is free to
impose restrictions in conjunction with governmental measures operating
to regulate or control the production, market supply, or prices of like
domestic articles, such as are provided for in the Agricultural Adjustment
Act, and certain generally accepted reservations such as restrictions imposed
for sanitary reasons or reasons of public security, Article VII provides
that neither country shall impose import prohibitions or restrictions on
those products of the other country which are listed in the schedules. Thus
this article further safeguards the customs concessions by insuring that they
will not be impaired by means of quantitative restrictions. Provision is
made for consultation between the Governments of the two countries with
respect to import restrictions imposed in conjunction with governmental
measures operating to control the production, market supply, or prices of
like domestic articles. If, after consultation, the Governments of the two
countries fail to reach an agreement with respect to the proposed restriction,
the dissatisfied Government may denounce the ag,reetnent in its entirety
on 30 days' notice. This provision, it will be noted, requires the Government which would impose the restriction to weigh carefully the advantages
thereof against the advantages of the entire agreement.
Articles III and IV, in addition to giving effect to the duty concessions
in the schedules, prevent the imposition or increase of other charges on
importation of the articles listed in the schedules except as required by
mandatory laws in force on the slay of the signature of the agreement.
However, Article V permits the imposition at any time of charges on
imported goods equivalent to an internal tax on the like domestic product
from which the imported product has been manufactured.
Article XI provides, among other things, that in case either country
objects to the application of any sanitary measure, now or hereafter in
effect, a committee of experts tnay be established under this article to
consider the matter and to make recommendations to the Governments of
the two countries.
Conditions Under IVhich a Concession May Be Withdrawn
Under the provisions of Article XIV, each country reserves the right
to withdraw any concession or to impose a quota on the article in question
if, as a result of the extension of the concession to third countries, such
countries obtain the major benefit and an unduly large increase in importations occurs. This provision is designed to safeguard domestic industries
against the possibility of particularly severe competition from a country
other than the one which is a party to the trade agreement. The great
care with which products were chosen for inclusion in the trade agreement
and the fact that concessions are confined to products of which Canada has
been the principal or an important source of imports into this ,country
makes it reasonable for the domestic interests which may be affected to
count, in general, on their principal foreign competition coming from
Canada. If it should happen, however, that another country should derive
the major benefit of a reduced duty and total importations increase unduly,
action as provided for in this article could be taken. It should be noted,
however, that before such action is taken, notice must be given to the
other country which has the right to terminate the entire trade agreement
If it does not agree to the withdrawal of the concession or to the imposition
of a quota.
Article XV provides that the duty concessions specified in the schedules
shall come into force on Jan. 1 1936, pending ratification in respect of
Canada. The entire agreement will come into force on the day of the
exchange of the ratification and the proclamation at Ottawa. The agreement will remain in force until Dec. 31 1938, unless terminated before that
time under the provisions of Article VII (quotas), Article X. (currency
variation) or Article XIV (major benefits to third countries). Unless at
least six months before Dee. 31 1938 either Government has given notice
of intention to terminate the agreement on that date, it will remain in
force thereafter, until six months from the day on which such notice is
given, subject to the provisions of the three articles mentioned above.
A Washington dispatch of Nov. 17 to the New York
"Herald Tribune" described, as follows, the press conference
of that date, at which the President discussed the new
agreement:
More than 100 newspaper men met with the President, his Cabinet officers
and aides at 2 p. ni. in the White House. They were escorted to gilt chairs
in the state dining roam, from which the table was removed. The President
sat behind a small table at one end of the room.
The President said he was glad to welcome his audience to a new course
in advanced economics, although he thought there were some freshmen
present.
The salient thing about the pact, he said, was that the neighbor country
of Canada, small in population, had bought more from the United States
In 1929 than all of Latin America or all of Asia put together. Its purchases
amounted to nearly $1,000,000,000. Now these have dropped 66%. The
President voiced the hope that the United States was on the track back
to old-time trade relations through the medium of the agreement. He
predicted that trade with Canada might double in the next year or two.
Then the President read over, with comments, a long, prepared statement
on the trade agreement. He emphasized in the introduction that it lent
adequate protection in the domestic market to American producers. Concessions on both sides, however, were "far-reaching," he declared.
Mr. Roosevelt stressed as of special importance that imports from Canada
dropped from $503,000,000 in 1929 to $232,000,000 in 1934, or 54%.
Exports from the United States to Canada dropped from $899,000,000 in
1929 to $302,000,000 in 1934, or 66%.
As to the Canadian concessions, he pointed out that the United States
would get as good rates as are extended to any other country except British
lands. The mast-favored-nation treatment on Canada's part was a "revolution" in its trade relations, he said.
When the President discussed Canada's promise to revamp its valuation
system Secretary Hull intervened to say that the arbitrary valuation system
was two or three times more destructive than actual duties.
Fishermen Are Protected
In discussing American concessions, the President closely followed the
text of the prepared statement. But on the subject of fish duties he pointed
out there had been no change in rates on cod, haddock and related fish
caught by the New England fishermen. Halibut, which is the chief fish
affected by rate reductions, is caught mostly in the Pacific, he remarked.
With regard to duty reductions on Canadian cattle, the President declared
3301
that the quotas limited the application of the decrease to a very, very
small fraction of the total slaughter in the United States.
Mr. Roosevelt pointed out that in a great many cases American rates were
simply being restored to what they were before the Smoot-Hawley tariff.
Asked what would happen in case Congress sought to prevent certain
tariff reductions, the President said he thought Congressional action was
unlikely. If anything turned out to be obviously unfair to domestic producers, it would be quickly changed by agreement with Canada, he added.
Secretary Hull said the pact had the weight of a treaty. Mr. Roosevelt
declared that trade agreements as now made would stand even if the
reciprocal tariff authority legislation were repealed. Asked if the quota
system was an innovation in the United States tariff system, the President
pointed out that quotas were used in the Cuban trade pact.
As to the reduction in the whisky duty, the President said that Canada
would be chiefly benefited although four-year-old whisky from elsewhere
would have the same advantage. Most imported whisky comes from Canada.
The high tariff and taxes had aided bootleggers, Mr. Roosevelt said, adding
that the change in the duty would cut down bootlegging as much as anything else could do.
A Washington dispatch of Nov. 17 to the New York
"Times" summarized some of the principal points in the new
pact as follows:
The agreement obtained concessions on three-fourths of our dutiable
exports to Canada during the pre-depression years, with consequent profit
to most branches of our economic structure. The President thought the
benefit would be apparent immediately after the pact went into effect,
Jan. 1.
Cuts on Lumber and Whisky
It offers a revived market in the United States for about two-thirds of
Canada's total exports by volume to us. The principal favors to Canada,
however, were the assurance that her most important export items, newsprint, pulpwood and wood pulp, would be bound upon the list of United
States duty-free imports, while the tariffs we have heretofore set against
her large supply of American-type whiskies and her overproduction of lumber
and beef cattle were reduced.
The agreement reduced by 50% the combined duty and tax on Douglas
fir and Western hemlock, amounting to $4 per thousand board feet, but
placed a quota of 250,000,000 board feet per year on all importations under
this reduced duty.
The reduction granted on whisky was the full 50% allowable under the
Reciprocal Trading Act, and brought the import duty from $5 a gallon
down to $2.50 a gallon on all whisky aged in the wood for four years
or more.
This includes Scotch and Irish whisky as well as rye and bourbon, but not
brandies and other distilled spirits untreated in the wood.
The President expects the reduced duty to help in fighting bootleggers.
American magazines, which have been subjected to duties ranging up to
13c. a copy, were placed on the free list, a move to which the President
also called attention.
Concessions on Both Sides
Concessions to the United States fell into four categories:
First—Direct duty reductions on 180 items, which accounted for 3175,000,000
the fiscal
out of 3523.000,000 of dutiable imports from the United States during
year 1929-30
Second—Reductions on all other commodities to the lowest rates now or hereafter paid by non-British countries.
Third—A guarantee from Canada in a formal diplomatic note attached to the
agreement that she would grant a measure of relief from arbitrary import valuations
heretofore applied to many commodities.
Fourth—Guarantee of benefits to commercial travelers and transit trade passing
through the United States and promised legislation exempting limited purchases
of tourists from duty.
of the
In all, the above represented actual tariff reductions on 767 items
Canadian tariff, including most of the agricultural and industrial products
Dominion, and
of the United States for which there is a market in the
of 1930.
which amounted to about $419,000,000 in the Canadian fiscal year
The major concessions to Canada likewise fell into four groups. They
included:
First—The binding on the free list of Canadian exports to us which are now
free of duty.
of cattle, calves, dairy
Second—Reductions in duty, but for specified quantities,timber.
and
cows, cream, certified seed potatoes and certain lumber
cheese, turnips,
cheddar
lumber,
of
kinds
some
on
duty
Third—Reductions in
leather goods.
apples, hay, maple sugar, live poultry, horses, some fish and some
Fourth—The binding against Increase of the existing 10% duty on certain feedstuffs for animals.
The President's explanation of the agreement was made from a 27-page
memorandum compiled by the State Department as an analysis of the
agreement. Early in his recitation of the expected gains to the United
States, he stated a belief that the reduction in duties granted to Canada
might be of far-reaching benefit to consumers in checking unreasonable
increases in prices of commodities in the United States.
Tariffs Cut on Foodstuffs
Raw cotton was bound to the free list under the agreement. In return
for concessions by Canada to our farm products, the agreement carried
tariff reductions on some Domonion farm products which in 1929 amounted
to about $25,000,000, including cattle, calves, dairy cows, cream and
certified seed potatoes. These will come to the United States on a quota
basis so as not to interfere with domestic output.
The President emphasized that the quotas for these commodities were a
very small percentage of our domestic production.
The reduction on cattle, for instance, relates only to those weighing 700
pounds or more each, on which the duty will be cut from 3 to 2c. a pound.
At the same time the agreement specifically provides that entrance from all
countries, not merely Canada, at this lower rate, may not exceed in any
year % of 1% of our average annual total domestic slaughter of cattle
and calves from 1928 to 1932.
A lower duty on calves was also limited to a small percentage of domestic
productions, and that on dairy cows to 20,000 head. The limits set for
cream and seed potatoes were also set as a safeguard to American producers—in the case of cream, 1,500,000 gallons a year, estimated by Secretary Hull to be one pint per year for every fifteenth person in this country.
Concessions were also accorded Oanada on certain dutiable fish, but
these did not include cod, haddock and related species that come into
competition with New England fisheries.
Mr. Roosevelt felt that the most important concession made was that by
Canada on fresh vegetables. Canada has long distinguished between season
and off-season marketing of vegetables; she has operated with a basic 30%
ad valorem duty applicable throughout the year, but during the competitive
season has applied the sliding scale valuation system and increased duties
whie p
at will.
The President said that provisions of the treaty with respect to vegetables
would be of particular benefit to New England, New York, Pennsylvania,
3302
Financial Chronicle
New Jersey, Ohio and Michigan. Ha cited the same adjustment in connection with citrus fruit, saying that Florida and California growers would
benefit.
He mentioned also the duty reductions granted by Canada on sweet
potatoes, which were put on the free list; fresh and cured meats, poultry,
canned fruits and vegetables, ripe olives and several other farm products
of importance in our former trade with Canada.
Germany Revalues Paper Mark Loans of Saar District
—Holders to Receive 2
of Face of Their Original Gold Obligations
The Reich Government has announced the revaluation of
Saar municipal and other paper mark loans on the same basis
as the revaluation of paper mark obligations of the Reich
and its municipalities after inflation,it was stated in a wireless
account from Berlin, Nov. 20, to the New York "Times" of
Nov. 21. The account added:
Holders of paper mark obligations of Saar cities, towns, churches and
other public corporations will receive 12% marks for every 500 gold marks
due under the original contracts. The same payment will be made to those
who accepted part compensation but retained their right to claim eventual
full payment.
The revalued obligations will be issued by German clearing houses and
municipality banks. Original purchasers holding their claims before July,
1920, will eventually receive extra compensation. Only those revalorized
obligations issued in place of the original holdings of war or pre-war periods
will pay interest at 5%. The remaining revalorized obligations will be
amortized according to a plan not yet made public.
The decision to make at least a gesture toward compensating Saar
creditors for some of their losses through German inflation is regraded as a
reward to the Saarlanders for their loyalty in the plebiscite. Many local
obligations of the type now to be revalued were bought up by citizens of the
districts in which they were issued. Special provision has been made for
such creditors, to whom even a few marks are now of importance.
Although the general ruling provides only that claims of a minimum of
500 gold marks be revalued, an arrangement has been made whereby needy
original holders of obligations of less than 500 marks will also receive some
compensation.
Sweden Embargoes Exports of Copper to Italy—Not
Included in League of Nation's Sanctions
In United Press advices from Geneva, Switzerland, Nov.
20, it was stated:
Sweden notified the League of Nations to-day that it had embargoed
the export of copper and other key products to Italy.
Copper was omitted from the League's list of embargoed products because
of the opposition of Chile and the fact the United States is a large producer.
Finland To Make War Debt Payment To United States
Dec. 15—Only Undefaulted Debtor To Pay Installment of $230,453
Finland, which is the only nation that has not defaulted
on its war debt to the United States, decided on Nov. 21
to pay its installment due Dec. 15 amounting to $230,453,
it was reported in United Press advices from Helsingfors,
Nov.21. The advices said:
The payment will be under the old arrangement, pending ratification
by Congress of a more advantageous redemption proposal recommended
by the United States and approved by Finland.
Argentina Abolishes Auction System for Foreign
Exchange--Central Bank to Fix Both Buying and
Selling Rates for Drafts in Currencies
Stating that the Argentine Government abolished the
system of auctioning foreign exchange which has been in
effect two years, a cablegram from Buenos Aires, Nov. 16,
special to the New York 'Times" of Nov. 17, said:
In the future the Central Bank will fix both the buying and selling
rates for drafts in foreign currencies. This fixed rate will be available only
to importers who have obtained a Government permit to import goods for
which they seek a draft. Those importing without a license will have to
pay a surcharge as at present.
This IlleaDS a continuance of official discrimination against importers
of American merchandise to whom the Government continues to refuse
to issue import permits on the false contention that the United States is one
of the various countries with which Argentina has an unfavorable balance
of trade. Argentina has had a favorable balance against the United States
every month this year, but refuses to put importers of American goods
on the same footing with those of other countries with which the country
has a favorable balance.
The surcharge on foreign exchange was devised to curtail imports from
those countries which sold more to Argentina than they bought from her.
The decree says that the abolition of the auction method of selling drafts
will tend to force the peso toward its free market value. This same object
was given as a reason for establishing the auctions two years ago.
Trade Treaty with United States Approved by Brazil—
Pact Awaits Action by President Roosevelt
A special cablegram to the New York "Times" from
Rio de Janeiro, Brazil, Nov. 18, said that the United StatesBrazilian reciprocal trade treaty was signed that day by
Speaker Antonio Carlos de Andrada, thus becoming a legal
instrument but still awaiting President Roosevelt's signature.
It was signed by the Speaker because the new Constitution
vests power exclusively in Congress to conclude commercial
treaties, the cablegram advices indicated. The signing of
the trade agreement by representatives of the two countries
last February was referred to in our issue of Feb. 9, page 880.
The advices to the "Times" said:
Commentators here believe the United States will obtain no great trade
advantages, excepting on items on which it approaches a world manufacturing monopoly, because of the most-favored-nation clause, which 32 other
nations also enjoy, thus nullifying tarifffavors granted to the United States.
Nov. 23 1935
Moreover, Germany, by trading in compensated marks, even without a
reciprocity treaty can obtain much Brazilian trade, and besides is able to
undersell competitors.
The trade agreement was approved by the Brazilian Senate
on Nov. 15. In reporting tnis, special cablegram advices
(Nov. 15) to the "Times,' stated:
The delay in ratification here was due to a campaign organized by
Brazilian industrial interests, which assailed the pact in the press and
through a Congressional lobby.
The treaty provides for reduction in duties on certain exports of both
nations, but in the last analysis it favors Brazil. Produce, representing
90% of Brazil's exports to the United Stat-3s, receive special benefits, while
coffee and other products will enter duty free.
Brazilian duty cuts embrace 67 tariff classifications, including automobiles and tires. Free entry is granted to agricultural machinery, tractors and fresh fruits.
Brazilian tariff reductions range from 20 to 67%, although, on account
of unfavorable exchange rates, certain American exports may meet with
difficulty in competing with national industry.
The treaty grants unconditional most-favored-nation treatment and
contains a clause covering exchange control. It will remain in force
two years.
Funds blocked here in the account of American exporters total $21,650.000, it was disclosed to-day, the Finance Minister answering a question
in the Congress Finance Committee. A bill authorizing the Government
to negotiate a credit to thaw these funds has been approved by the Finance
Committee.
$34,500 of Province of Lower Austria Secured Sinking
Fund 732% Bonds, Due 1950, Drawn for Redemption—Rulings on Bonds by New York Stock
Exchange
J. & W. Seligman & Co., New York, fiscal agents for
Province of Lower Austria secured sinking fund 7%% bonds,
due 1950, announced Nov. 18 that $34,500 principal amount
of the bonds have been drawn by lot for redemption on Dec. 1.
The bonds are payable on that date, out of sinking fund
moneys received by the fiscal agents for such purpose, at
their principal amount and accrued unpaid interest to Dec. 1.
Secretary Ashbel Green of the New York Stock Exchange
issued the following announcement on Nov. 22:
NEW YORK STOCK -EXCHANGE
Committee on Securities
Nov. 21 1935.
Notice having been received that the interest due Dec.1 1935,00 Province
of Lower Austria secured sinking fund 73 % gold bonds, due 1950, will be
paid on said date:
The Committee on Securities rules that the bonds be quoted ex-interest
3% on Dec. 2 1935:
That the bonds shall continue to be dealt in "Flat" and to be delivery in
settlement of transactions made beginning Dec. 2 1935, must carry the
June 1 1936 and subsequent coupons.
ASHBEL GREEN. Secretary.
Repayment to Be Made on Spanish Portion of Austrian
Government Guaranteed Loan 1923-1943
On Nov. 21 the trustees of the Austrian Government
Guaranteed Loan 1923-1943 announced that arrangements
have been made for the repayment of the Spanish tranche
on Dec. 1 next, thus completing the arrangements for the
repayment of all tranches of the loan. The announcement,
issued by M. Morize, of Paris, Secretary to the trustees,
added:
The trustees are aware of vailous legal proceedings which have been
instituted by certain bondholders in Austria and elsewhere with regard to
the payment of bonds of the American issue containing a gold clause.
The trustees desire it to be known that they will remain in office until
further notice and that in the meanwhile they have taken steps to protect
the interests of the holders of bonds of the American issue outstanding
on June 1 1935. including those who have surrendered their bonds for repayment on or after that date, by retaining the securities provided under
the general bond and an appropriate portion of the reserve fund.
Poland Draws for Redemption $700,000 of 25-Year
External 8% Bonds of 1925
Announcement was made Nov. 21 by Dillon, Read & Co.,
as sinking fund trustee for Republic of Poland 25-year external 8% bonds of 1925, that $700,000 principal amount
of the bonds have been drawn for redemption on Jan. 1
1936. Payment will be mode at 105 and interest out of
moneys to be paid to the trustee for the sinking fund.
Greece to Pay 35% of Nov. 1 Coupons on 7% Refugee
Loan of 1924—New York Stock Exchange Rules on
Bonds
The Greek Minister of Finance, A. Papathanassis, is
notifying bondholders of the Greek Government 7% refugee
loan of 1924 to present coupons maturing Nov. 1 1935 to
Speyer & Co. (who are effecting payment for the account
of and on behalf of the Bank of Greece)for payment of 35%
of their face value, it was announced by the Speyer firm on
Nov.21. The payment of the coupons is to be considered
as an acceptance by bondholders that the whole settlement
of the above loan for the financial year 1935-1936 will be
effected in the same manner as during the financial year
1934-1935, but such an acceptance will not prejudice the
rights of the bondholders towards any further payment
whatsoever which might eventually be agreed upon for the
year 1935-1936. Coupons, which should be accompanied
by a letter of transmittal, will be stamped "35% paid." and
will be returned to the bondholders, who should re-attach
them to the bonds from which they were detached.
Volume 141
Financial Chronicle
The announcement of Speyer & Co. also said:
The League Loans Committee (London), on which the American Bondholders are represented, and the British Council of Foreign Bondholders
remain of opinion that it is well within the capacity of Greece to make
larger payments than 35% now, and they are unable to recommend bondholders to cash their coupons in the absence of a definite and improved
offer.
Rulings on the above bonds by the New York Stock
Exchange were issued on Nov. 22 as follows by Ashbel
Green, Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Nov. 22 1935.
Notice having been received that Payment of $12.25 per $1,000 bond is
being made on account of the interest due Nov. 1 1935, on presentation for
stamping of coupons from Greek Government 40-year 7% secured sinking
fund gold bonds, due 1964:
The Committee on Securities rules that beginning Nov.23 1935,the bonds
may be dealt in as follows:
(a) May 1 1933 ($9.62 paid), Nov. 1 1933 ($9.62 paid); May 1 1934
($12.25 paid), Nov. 1 1934 ($12.25 paid) and subsequent coupons:
(b) May 1 1933 ($9.62 paid), Nov. 1 1933 ($9.62 paid); May 1 1934
$12.25 paid), Nov. 1 1934 ($12.25 paid); May 1 1935 ($35% paid), Nov.
1 1935 (35% paw) and subsequent coupons;
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transcation; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
Edison Electric Illuminating Co. of Boston Files
Registration Statement with SEC for 89,146 Shares
of $100 Par Value Capital Stock
The filing of a registration statement (No. 2-1760, Form
A-2) on Nov. 14 under the Securities Act of 1933 by the
Edison Electric Illuminating Co. of Boston, covering 89,146
additional shares of $100 par value capital stock, warrants
and fractional warrants evidencing 534,875 rights to subscribe to the capital stock, and stock subscription receipts
for subscription payments on the capital stock, was announced Nov. 14 by the Securities and Exchange Commission. The Commission said:
According to the registration statement, the net proceeds from the sale
of the stock, estimated at $12,410,440, together with approximately
$3,589,560 to be provided from the current funds of the company, are
to be used to retire the company's outstanding three-year 5% coupon
notes, due April 15 1936. aggregating $16.000,000.
The stockholders of the company, as of the date the above issue is
authorized, will receive warrants for the purchase of the capital stock
at the ratio of one share for each six shares held. The subscription receipts
will bear interest at the rate of 3% and will be non-negotiable unless the
subscriber requests a negotiable receipt.
The proposed offering price per share is $140, subject to the approval
of the Massachusetts Department of Public Utilities.
Prank D. Comerford of Boston is President of the company.
Filing by Cleveland-Cliffs Iron Co. of Cleveland of
Registration Statement with SEC Covering $16,500,000 First Mortgage Sinking Fund 43
4% Bonds
A registration statement(No. 2-1768) was filed on Nov. 19
under the Securities Act of 1933 by the Cleveland-Cliffs
Iron Co., of Cleveland, Ohio, covering $16,500,000 first
mortgage sinking funds 43
4% bonds, due Nov. 1 1950, the
Securities and Exchange Commission announced Nov. 19
(in Release No. 582). Continuing, the Commission said:
According to the registration statement, the proceeds of the issue are to
be used, together with other funds, to retire the outstanding 6% notes of
the company, due Jan. 23 1936, in the aggregate principal amount of
$22.116,379.44 (said amount having been reduced from $23,966,571.59
since Sept. 30 1935). Other funds to be used with the proceeds of the
issue to retire the notes are: $5.000,000 to be obtained from the proceeds
of a five-year 5% bank loan, $1,128,225 obtained by way of a dividend
on the shares of capital stock of Lake Superior & Ishpeming RR. Co., and
other funds obtained from the sale of securities owned by the company.
No firm commitment to take the issue has yet been made, according to
the registration statement. It is contemplated that, subject to market
and other conditions, the company and the several members of the underwriting group will, on or about Dec. 1 1935, enter into an underwriting
agreement, a copy of which will be filed as an amendment to the registration statement. It is expected that the underwriting group will include,
among others. Lehman Brothers; Field, Glore & Co.; Hayden, Stone &
Co., and Kuhn, Loeb & Co., all of New York City, and that Lehman
Brothers will act as managers of the underwriting group.
The price of the issue to the public, and the underwriting discounts or
commissions are to be supplied by amendment to the registration statement.
The bonds are to be redeemable as a whole or in part at any time at the
following percentages of principal, plus accrued interest:
105 up to and including Oct 31 1940
1047
thereafter, and up to and including Oct. 31 1945
103% thereafter, and up to and including Oct. 31 1946
102 % thereafter, and up to and including Oct. 31 1947
thereafter, and up to and including Oct. 31 1848
102
101 4% thereafter, and, up to and including Oct. 31 1949
thereafter to maturity
100
r The company has agreed to make application in due course for the listing
of these bonds on the New York Stock Exchange and their registration under
the Securities Exchange Act of 1934.
William G. Mather is Chairman of the Board, and E. B. Greene is
President of the company.
Statement Filed with SEC by Hiram
Walker-Gooderham & Worts, Ltd., Covering $8,000,000 of 4./
1 1% Convertible Debentures
Announcement was made by the Securities and Exchange
Commission on Nov. 15 (in Release No. 576) that Hiram
Walker-Gooderham & Worts, Ltd., and its wholly owned
subsidiary, Hiram Walker & Sons Distilleries, Inc., had
that day filed a registration statement (No. 2-1764, Form
Registration
3303
A-2) under the Securities Act of 1933, covering $8,000,000
of 10-year 43(% convertible debentures, due Dec. 1 1945,
and 164,140 shares of no par value common stock of Hiram
Walker-Gooderharn & Worts, Ltd. The common stock is
reserved for issuance upon conversion of the debentures,
the Commission's announcement said, continuing:
According to the registration statement. $7,450,000 of the net proceeds
from the sale of the debentures will be applied by Hiram Walker & Sons
Distilleries, Inc.,to the payment of notes jointly executed by the two
companies evidencing unsecured loans from the Guaranty Trust Co. of
New York amounting to $7,450,000. The balance of the proceeds will
be used by Hiram Walker & Sons Distilleries, Inc., for general corporate
purposes.
The debentures are subject to redemption at the option of both companies, or either of them, prior to maturing at the following prices plus
accrued interest:
On or before Dec. 1 1938, 10470;
Thereafter and including Dec. 1 1939, 103 %;
Thereafter and including Dec. 1 1940, 103%;
Thereafter and including Dec. 1 1941. 102 %;
Thereafter and including Dec. 1 1942, 102%;__
Thereafter and including Dec. 1 1943, 101%%;
Thereafter and including Dec. 1 1944, 101%;
Thereafter at 100%.
The debentures are convertible at the option of the holders into shares
of the common capital stock of Hiram Walker-Gooderham & Worts, Ltd.,
at the rate of $40 a share so long as not less than $6,000,000 principal
amount of debentures are outstanding at the time of such conversion;
at the rate of $45 per share so long as less than $6,000,000 and not less
than $4.000,000 principal amount of debentures are outstanding; at the
rate of $55 pa. share so long as less than $4,000,000 and not less than
.000,000 principal amount of debentures are outstanding, and at the
32.
rate of $60 per share so long as any of such remaining $2,000,000 principal
amount of debentures are outstanding.
Hornblower & Weeks of New York City and associated underwriters
have underwritten the entire issue, it is stated.
The price to the public, the names of the associated underwriters, and
the underwriting discounts or commissions are to be furnished by amendment to the registration statement.
W.J. Hume of Walkerville, Ont., is President of both companies.
Filing of Registration Statements Under Securities Act
The Securities and Exchange Commission announced on
Nov. 17 (in Release No. 577) the filing of 12 additional
registration statements (Nos. 1746-1757 inclusive) under
the Securities Act of 1933. The total involved is $21,477,232, of which $21,052,232 represents new issues, the Commission said, stating:
Included in the total is $11,710.900 of first mortgage gold bonds, series
G. 4%, due May 1 1965, of the Metropolitan Edison Co.(Docket 2-1747,
Form A-2, included in Release No. 568).
The securities involved are grouped as follows:
Total
Type
No.ofIssues
Commercial and industrial
$15.552,232
SO
Investment trusts
2,500.000
1
Certificates of deposit
425,000
1 •
The filing of the registration statement by the Metropolitan Edison Co. was referred to in our issue of Nov. 9,
page 2979. Following are the securitiesfor which registration
is pending as announced by the SEC on Nov. 17:
The Croft Brewing Co. (2-1746, Form A-1) of Boston, Mass., seeking
to issue $250,000 of 10-year 5% sinking fund debentures with warrants
for the purchase of 250.000 shares of $1 par value common stock. The
company is also registering 23,332 shares of common stock to be issued
upon exercise of the warrants, the balance of the 250,000 shares reserved
for that purpose having been previously registered. The warrants entitle
the holders to purchase common stock at $1 a share at any time between
Nov. 1 1935 and Nov. 1 1940. James M. Johnston & Co. of Washington,
D.C.,and Sears & Co.of Boston are the principal underwriters. James R.
Nicholson of Boston is President of the company. Filed Nov. 17 1935.
United Gold Fields of Nova Scotia, Ltd. (2-1748, Form A-1) of Liverpool,
Nova Scotia, Canada, seeking to issue 1,000,000 shares of $1 par value
eommon stock, to be offered at 40 cents or less a share. Walter Baxter
Brooks of New York City,is the principal underwriter, and D. W. MacKay
of Liverpool is President of the corporation. Filed Nov. 7 1935.
Kinner Airplane ee Motor Corp., Ltd. (2-1749, Form A-1) of Glendale.
Calif., seeking to issue 700,000 shares of $1 par value common capital
stock, to be offered to the present stockholders of the corporation as follows
350,000 shares at 50 cents a share, and 350,000 shares at $1 a share.
Robert Porter of Pasadena, Calif., is the chief executive officer of the
corporation. Filed Nov. 8 1935.
The Cairo Water Co. (2-1750, Form A-2) of Cairo, Ill., seeking to issue
&375,000 of first mortgage 4% bonds, series A. due Oct. 1 1955. Reeves
J. Newsom of New York City is President of the company. Filed Nov.8
1935.
Arez Indemnity Co. (2-1751. Form A-1) of New York City, seeking
to issue 100.000 shares of $10 par value common stock, to be offered at
$15 a share. Ernest W.' Brown of New York City is President of the
company. Filed Nov. 8 1935.
American Chlorophyll, Inc. (2-1752, Form A-1) of Washington, D. C..
seeking to issue 45,800 shares of $1 par value common stock, and warrants
for the purchase of 12,000 shares of common stock. Robert H. Van Sant
of Washington, D. C., is President of the corporation. Filed Nov.9 1935.
Santa Lucia Mining Co., Inc. (2-1753. Form A-1) of Detroit. Mich.,
seeking to issue 250,000 shares of $1 par value common stock. Miller
Murray & Co., Inc., of New York City is the principal underwriter, and
William H. Snider of Detroit is President of the company. Filed Nov. 9
1935.
Jack H. Hix (2-1754, Form A-1) of Oklahoma City, Okla., seeking
to issue overriding royalty interest in the aggregate amount of $843.750.
Filed Nov. 11 1935.
The Cleveland Tractor Co. (2-1755, Form A-2) of Cleveland, Ohio, seeking
to issue $1.250.000 of 10-year 5% convertible sinking fund debentures,
due Nov. 1 1945 and 75,000 shares of no par value common stock to be
reserved for conversion purposes. W.King White of Cleveland is President
of the company. Filed Nov. 12 1935.
Committee for Depositors of Alexander Pantages First Mortgage Bonds
(2-1756. Form D-1) of Portland. Ore., seeking to issue certificates of
deposit for first mortgage 6% bonds. dated June 1 1926. issued by Alexander
Pantages, in the principal amount of $425,000. Filed Nov. 12 1935.
Hamilton Depositors Corp. (2-1757. Form C-1), of Denver, Colo.,seeking
to issue 2.083 1-3 trust shares certificates of $1,200 face value, to be offered
at an aggregate price of $2,500,000. Filed Nov. 12 1935.
Financial Chronicle
3304
In making public the above list the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits
of the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in these columns of Nov. 16, pages 3148-3149.
$406,086,507 of Securities Released for Sale Under
Securities Act During October
Securities released for sale under the Securities Act of
1933 during October totaled $406,086,507, the Securities and
Exchange Commission announced Nov. 20. The Commission pointed out that 65% of the October registrations
were composed of secured bonds and debentures registered for
refunding purposes, over 20% were certificates of participation, beneficial interests, &c., mainly of investment trusts,
and almost 14% were for various stock issues. Of the estimated net proceeds, 69% are proposed to be used for the
repayment of indebtedness. The Commisison also stated:
According to the registrants, 5370,145,784 (91.1% of the month's
effectives) are to be offered for cash for their own account. In connectionwith the sale of these securities, expenses of 4.4% are expected to be in
curred-this somewhat higher cost ratio reflecting in part the relatively
higher costs involved in investment trust issues, which accounted .or onefourth of the month's total registrations.
Among the leading issues for which registration statements became effective during the month were: Anaconda Copper Mining Co.$55,000,000
4%% sinking fund debentures, due 1950; Massachusetts Investors Trust,
$58,300,000 registration for 2,500,000 shares of beneficial interests; Illinois
Bell Telephone Co. $45,000,000 first and refunding mortgage 33 % bonds.
due 1970; Virginia Electric & Power $37,500,000 first and refunding 4%
bonds, due 1955; Cleveland Electric Illuminating Co. $26,200,818 registration for 254,995.8 shares of $4.50 series preferred; Columbus Ry.,Power
& Light Co. 826,000,000 first mortgage and collateral trust 4% bonds, due
1965; Monongahela West Penn Public Service Co. $22,000,000 first and
general mortgage 43 % bonds, due 1960; and Dayton Power & Light Co.
$20,000,000 first and refunding 3%% mortgage bonds, due 1960.
The average size of issues which became effective during October was
$6,247,000. This compares with an average of $7,616,000 in the previous
month and $1,847,000 in October 1934.
The following table was made available by the Commission:
TYPES OF NEW SECURITIES INCLUDED IN 49 REGISTRATION STATEMENTS WHICH BECAME FULLY EFFECTIVE DURING OCT. 1935
Per Cent of Total
Type of Security
Common stock
Preferred stock
Certificates of participation,
beneficial int., warrants, &c.
Secured bonds
Debentures
Short-term notes
Tntsil
No. of No. of
Issues Units
Gross
Amount
25
8
6,113,738 $25,425,348
889,021 31,046,709
6
15
11
6,514,167
en
Oct. Sept. Oct.
1936 1935 1934
6.3
7.6
83,700,000 20.6
182,356,850 44.9
83,557,600 20.6
19.4
5.2
11.6
8.5
2.0 • 8.7
2.9
49.1
0.3
24.3
0.0 68.0
5.405 1188 hfI7 100 0 100.0 100.0
Fixed interest bearing securities amounted to 65.5% of total registrations-the first time since June that these securities did not comprise
three-fourths of the total. This is due largely to the registration by two
investment trusts of certificates of beneficial interest, participation, &c.,
totaling 178,620,000.
Reference to the registration statements which became
effective during September was made in these columns of
Nov.2, page 2815.
Over-the-Counter Rules Amended by SEC on Revocation of Registration of Any Broker or Dealer
The Securities and Exchange Commission announced
Nov. 19 that it has amended its rules for the regulation of
over-the-counter markets to provide that the registration of
an over-the-counter broker or dealer may be revoked for
causes arising between the date of filing a registration statement and the effective date of registration, as well as for
causes arising after the effective date. As amended, the
over-the-counter rules provide that the registration of a
broker or dealer may be revoked if the Commission finds
that, on the date when the registration statement was
filed any cause existed which would have been ground for
refusal of registration, the Commission said; it added:
Registration may also be revoked if after the date of filing a broker or
dealer has wilfully misrepresented or failed to disdlose to the Commission
a material fact relating to his registration; or has been convicted of any
crime or enjoined by any court because of a transaction in securities; or
has wilfully violated any provision of the Securities Act of 1933 or the
Securities Exchange Act of 1934, or of any rule thereunder; or has engaged
in any fraudulent practice in the conduct of his business as a broker or
dealer.
The following is the change in the rules as announced
by the Commission:
It appearing necessary and appropriate in the public interest and to
insure to investors protection comparable to that provided by and under
authority of Title I of the Securities Exchange Act of 1934 in the case of
National securities exchanges, Rule MA-5 is hereby amended to read as
follows:
Rule MA-5. Revocation of Registration
(a) The Commission may revoke the registration of any broker or dealer
if, after appropriate notice and opportunity for hearhig, it finds (1) that
any cause existed on the date of filing nis registration statement which
would have been ground for the refusal of registration under Rule MA-4
or (2) that subsequent to the date of filing his registration statement
such broker or dealer (i) has wilfully misrepresented or concealed any
material fact in any supplemental statement to his registration statement, or in any application, report or document submitted in connection
with his registration. or in any proceeding before the Commission with
respect to such registration; or (ii) has been convicted of any felony or
misdemeanor involving the purchase or sale of any security or arising out
of the conduct of the business of a broker or dealer; or (ill) has been permanently or temporarily enjoined, by order, judgment, or decree of any
Nov. 23 1935
court of competent Jurisdiction,from engaging in or continuing any conduct
or practice in connection with the purchase or sale of any security; or
(iv) has wilfully violated any provision of the Securities Act of 1933 or
the Securities Lxchange Act of 1934, or of any rule or regulation thereunder;or (v) has committed any fraud or engaged in any fraudulent practice
in the conduct of the business of a broker or dealer.
It after appropriate notice and opportunity for hearing, it appears
necessary or appropriate in the public interest or for the protection of
investors, the Commission may suspend the registration of any broker
or dealer pending the determination by the Commission as to whether
such registration shall be revoked.
(b) The provisions of this rule shall also apply to any broker or dealer
if any director, or any officer (or person occupying a similar status or
performing similar functions), or any partner, or any branch office manager
of such broker or dealer, or any person controlling the business of such
broker or dealer, subsequent to the date of filing the registration statement
of such broker or dealer, (1) has wilfully misrepresented or concealed any
such material fact; or (2) has been so.convicted; or (3) has been so enjoined; or (4) has wilfully violated any provision of the Securities Act
of 1933 or the Securities Exchange Act of 1934, or of any rule or regulation
thereunder; or (5) has committed any fraud or engaged in any fraudulent
practice in the conduct of the business of a broker or dealer.
(c) For the purposes of this rule a person shall be deemed to have been
convicted if he has confessed guilt in open court or a verdict of guilty has
been found against him, although judgment or sentence may have been
suspended.
The text of the rules regulating the over-the-counter
markets was given in our issue of May 11 1935, pages
3133-3134.
Interpretation of Regulation T----Ruling by Board of
Federal Reserve System on Recent Rules of New
York Stock Exchange for Margin Requirements
on "When Issued" Securities
A ruling was issued on Nov. 18 by the Board of Governors
of the Federal Reserve System interpreting Regulation T
with respect to the application of the rules promulgated
Nov. 12 by the New York Stock Exchange governing
special margin requirements on "when issued" contracts.
The rules of the Stock Exchange were given in our issue
of Nov. 16, page 3148. The following is the interpretation
of the Reserve Board:
Interpretation of New York Stock Exchange Margin Rules
for "When Issued" Dealings
Ruling No. 47 interpreting Regulation T-The Board of Governors of
the Federal Reserve System has been asked to interpret Section 3-F(4)
of Regulation T with respect to the application of the "margin rules covering
'when issued' contracts" adopted by the New York Stock Exchange on
Nov. 12 1935.
In reply to this inquiry the board rules that the "required margin"
in Sections 1-A, 1-B and 1-C of such rules of the Exchange constitutes
for members of the Exchange "the amount of margin customarily required
by the creditor on every future commitment in unissued securities . . .
plus any unrealized loss on each such commitment and(or) minus any
unrealized gain on each such commitment not exceeding the margin thereon'
referred to in Section 3-F(4) of Regulation T.
SEC Adopts Rule Reauiring Exempt Exchanges to
Keep Applications for Exemption Up to Date
Exchanges which have been exempted from registration
under the Securities Exchange Act of 1934 are required
to keep their applications for exemption up to date under
a rule adopted by the Securities and Exchange Commission,
in order that current information may be available with
regard to their affairs. These requirements are substantially the same as those which apply to National securities
exchanges, the Commission announced Nov. 19. It stated:
The rule requires that promptly upon the discovery of any inaccuracy
in its application, an exempt Exchange shall send to the Commission
an amendment correcting the inaccuracy. In addition, after any change
which renders the data contained in its application no longer accurate,
an exempt Exchange is required to forward promptly to the Commission
a supplement setting forth the change. To avoid burdening Exchanges
with the filing of an unnecessarily large number of amendments, certain
types of amendments may be filed quarterly.
The rule prescribed the form and manner in which amendments or
supplements shall be submitted, and also provides a form (Form 9-A)
for this purpose.
Instructions for Form 15 Amended by SEC-Requires
Filing of Certain Data by Investment Companies
Formed as Result of Merger of Registered Corporations and Subsidiaries
The adoption of an amendment to the instruction book
for Form 15 for incorporated investment companies (for
filing 'under the Securities Exchange Act of 1934), was
announced by the Securities and Exchange Commission on
Nov. 19. The amendment, the Commission said, relates to
the financial statements to be furnished by investment companies resulting from a consolidation, with one or more of
its subsidiaries, of a corporation which has securities registered on an exchange. The Commission further explained:
The new company must now tile copies of the plan of reorganization and
the consolidation agreement, and financial statements of the predecessor company and its subsidiaries as of a date within 90 days prior to the filing of
the application for registration. Within 60 days after the application is
filed, the new company must furnish the final financial statements of the
predecessor company and its subsidiaries, and its own opening balance
sheets.
Associated General Utilities Co. of Dover, Del., Files
with SEC-Seeks Registration of $5,000,000 of 5%
Income Debentures,50,000 Common Stock Warrants
and 50,000 Shares of No Par Common Capital Stock
It was announced by the Securities and Exchange Commission on Nov. 21 (in Release No. 584) that the Associated
General Utilities Co., Dover, Del., filed on Nov. 20 a registration statement (No. 2-1771. Form A-2) under the Securities Act of 1933, covering $5,000,000 income debentures,
Volume 141
Financial Chronicle
due Nov. 1 1956; 50,000 full paid common stock warrants
to be attached to the income debentures, and 50,000 shares
of no par common capital stock to be reserved for the exercise
of the warrants. The interest rate on the debentures is to
be 5%, subject to the provisions of the indenture. In its
announcement the Commission also said:
The proceeds from the sale of the debentures will be used to invest in
securities, principally those of public utility operating and holding companies.
The debentures are to be offered in units, with the warrants, at a price
of $175 per unit.
Messrs. J. I. Mange, C. A. Dougherty and J. H. Shinn, as voting trustees, hold the capital stock of Associated General Utilities Co. The company proposes to market the income debentures through the facilities of
companies which are members of the Associated Gas and Electric System.
Registration Statement Filed by Southwestern Bell
Telephone Co. of St. Louis with SEC for $45,000,000
First and Refunding Mortgage 3
Bonds
Stating that the Southwestern Bell Telephone Co. of St.
Louis, Mo., filed on Nov. 21 a registration statement (No.
2-1772, Form A-2) under the Securities Act of 1933 for
$45,000,000 first and refunding mortgage 3
bonds,
series B, due Dec. 1 1964, the Securities and Exchange Commission on Nov. 21 (in Release No. 583) said:
The prospectus states that the net proceeds of the issue are to be applied
solely to the retirement of the company's presently outstanding issue of
$48.836,600 first and refunding mortgage 5% gold bonds, series A, due
Feb. 1 1954, which the company intends to call for redemption on Feb. 1
1936 at 105% of their principal amount ($51,278,430) and accrued interest.
Further information as to the source of funds for this redemption is to be
supplied by amendment to the registration statement and prospectus.
The price of the issue 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.
Interest on bonds is to be payable June 1 and Dec. 1. The series B bonds
are to be redeemable, at the option of the company, on any interest payment date, as a whole or in part,at the following prices with accrued interest
1073.i% to and including Dec. 1 1945
105% thereafter, to and including Dec. 1 1950
102% thereafter, to and including Dec. 1 1960
100% thereafter
A. B. Elias of St. Louis, Mo., is President of the company. The company, as a subsidiary of American Telephone and Telegraph Co., is one of
the associated telephone companies comprising the Bell System.
SEC Amends Requirements for Form 10—Special Registration Details Issued for Certain Railroad Companies Not Reporting to ICC
The Securities and Exchange Commission announced
Nov. 21 that it has amended its instruction book for the use
of Form 10, issued under the Securities Exchange Act of
1934, setting forth certain special requirements for certain
types of railroad companies which do not report to the Interstate Commerce Commission. The amendment adopted
follows:
Amendment No. 12 to the Instruction Book for Form 10
Item 36, financial statements, is hereby amended by inserting, immediately preceding the caption "Balance Sheet." the following:
In case both of the following conditions exist:
(a) The business of the registrant, either directly or through subsidiaries,
is primarily that of a common carrier by rail; and
(b) The registrant, directly or indirectly, operates the properties of
subsidiaries the accounts of which are not consolidated;
no separate financial statements for such subsidiaries need be furnished,
provided:
(I) The operations of the properties of such subsidiaries are included
with the operations of the registrant in the latter's profit and loss statements;
OD The investment of the registrant in such subsidiaries is detailed in a
schedule referred to in the balance sheet of the registrant; and the additions
and betterments made by the registrant in respect of such subsidiaries are
shown separately on the balance sheet of the registrant;
(iii) A footnote is added to the balance sheet of the registrant briefly
setting forth by totals the securities of such subsidiaries held by persons
other than the registrant, and the obligations of such subsidiaries owing to
persons other than the registrant; and
(iv) Schedules are filed setting forth in reasonable detail the securities
and obligations described in sub-paragraph MO.
New York Stock Exchange Approves Creation of
Standing Committee on Customers' Men—To Be
Submitted to Membership for Approval—Finance
Committee Would Be Permitted to Impose Fines
The Governing Committee of the New York Stock Exchange, at its meeting Nov. 20, adopted amendments to
the constitution of the Exchange providing for the creation
of a standing committee on customers' men. These amendments, it is announced, will be submitted to the membership
of the Exchange pursuant to article XXV of the constitution,
and if not disapproved will become effective on Dec. 12.
The Governing Committee, at the same meeting, also
approved an amendment to the section of the constitution
with reference to the duties and powers of the Committee
on Foreign Business, empowering it to impose fines up to
$250 for violations of the rules in respect to matters within
its jurisdiction. This amendment will be effective, if
not disapproved, on Dec. 5. An announcement by the
Exchange said:
The creation of a standing committee on customers' men to supervise
customers' men and other employees of member firms engaged in the
solicitation of business in securities was recommended by the Special
Committee on Customers' Men,appointed by the President of the Exchange
on Nov. 8 1933. These employees have previously been under the jurisdiction of the Committee on Quotations and Commissions.
3305
New York Stock Exchange Requests Data on Proxies
from North American and Cuban Corporations—
Acts Under SEC Rules
A letter was forwarded on Nov. 15 by the New York Stock
Exchange to North American and Cuban corporations and
deposit committees having securities listed on the Exchange,
calling attention to the recent rules on proxies promulgated
by the Securities and Exchange Commission. The letter,
signed by Ashbel Green, Secretary of the Exchange, said:
rho SEC rules regarding the solicitation of proxies, consents and authorizations with respect to securities registered as listed securities on a
National securities exchange require that a copy of the form of proxy, consent or authorization, and of the information required under the rules, be
filed with each exchange on which such securities are listed and with the
Commission, not later than the first date of solicitation.
The New York Stock Exchange requests that copies of such proxies and
other papers required to be filed with it be submitted in triplicate.
For your information we are enclosing a copy of SEC Release No. 378,
containing the rules regarding the solicitation of proxies, consents and
authorizations.
The SEC release (No. 378) referred to above was given
in our issue of Sept. 28, page 2038.
New York Coffee & Sugar Exchange Orders Settlement
of All December 1935 No. 1 Raw Sugar Contracts
at 2.51 Cents per Pound—Carlos G. Garcia
Requests Investigation of Exchange by FTC
At a special meeting Nov. 21 the Board of Managers of
the New York Coffee & Sugar Exchange adopted a resolution requiring "that all December 1935 No. 1 raw sugar
contracts be settled for'hwith at 2.51 cents per pound.'
Following the adoption of this resolution Carlos G. Garcia,
New York sugar broker, announced on Nov. 21 that he had
requested the Federal Trade Commission to investigate the
Exchange "to determine whether the Exchange is guilty
of unfair trade practices under the law in arbitrarily forcing
its members to break legal contracts made under its existing
rules which ostensibly provide for the fair and orderly
selling and buying of sngars for future delivery." A letter
sent to the Commission by Mr. Garcia, who is President
of the Garcia Sugars Corp., said:
I request this investigation because I can present evidence showing that
the business of the Exchange is not being fairly conducted, that its rules
and practices are repeatedly subjected to manipulation for the benefit
of a favored few at the expense of the general trading public and that this
public cannot hope to receive honest treatment in making contracts until
the Exchange is compelled to do business according to regulations other
than applying measures of its own choosing.
Incident to Mr. Garcia's request for the investigation,
Washington advices Nov. 21 to the New York "Journal of
Commerce" of Nov. 22 stated:
Carlos G. Garcia's determination to sponsor a Federal investigation of
the New York Coffee & Sugar Exchange, following his charges yesterday
that the Exchange has discriminated against "long" holders of December
No. 1 sugar contracts, had apparently made little or no progress here
to-night.
Four Government departments and agencies in rapid succession disclaimed possession of authority to undertake the desired investigation.
They were: Federal Trade Commission. Securities and Exchange Cornmission, Department of Agriculture and Agricultural Adjustment Administration.
His appeal to the FTC to-day for a Government investigation of the
Exchange was turned down by that agency, which denied it possessed
authority to proceed with the Garcia complaint.
SEC Unable to Act
Likewise SEC held it lacked the necessary powers, and Chairman Landis
office referred newspaper reporters to the Department of Agriculture.
From there questioners were told to interview the AAA and upon that
organization's denial it became apparent that the Exchange is "police
proof."
However, Dr. Joshua Bernhardt, newly appointed chief of the AAA's
sugar section, decided later that the Farm Administration may have the
necessary powers to comply with Mr. Garcia's request. He pointed out
that under the Jones-Costigan Act the Secretary of Agriculture is empowered to police the "physical" marketing of sugars. Whether a dealer
In long futures contracts constitutes a "physical" trader, he said, is a
moot question, as yet unsettled.
The action of the Managers of the Exchange on Nov. 21
was taken after they had (on Nov. 19) offered two options
to members having 'long" positions in the December No. 1
contracts, in settlement of these contracts, and after they
had received from a number of "longs" and "shorts" the
election of a settlement price of 2.51 cents. The members
had until 10 a. m. Nov. 21 to signify which option they
intended to exercise. The two options, which were contained in a resolution adopted by the Board on Nov. 19,
were as follows:
1. To receive delivery of any 1935 quota raw cane sugar, duty free or
duty paid at the contract price, plus 90 cents per pound, subject to customary variation for polarization; all details of delivery and payment,
except the addition for duty, to be performed as provided in Exchange
delivery rules for No. 1 sugar.
Such longs as elect to receive sugar in satisfaction of their contracts
shall retain the right to claim against the deliverer any damages they may
be able to prove themselves to have sustained through being obliged to
receive duty free or duty paid sugar rather than Cuban sugar in bond.
2. Final settlement of his long contracts at 2.51 cents per pound.
In explaining the action of the Board of Managers of
Nov. 19, Chandler A. Mackey, President of the Exchange,
said:
The Board of Managers of the New York Coffee & Sugar Exchange
adopted the resolution . . . to prevent the establishment of a fictitious
price for sugar. The Board will not tolerate the establishment by any
Financial Chronicle
3306
trader or traders of a fictitious price on any commodity traded in on this
Exchange. It considers such a procedure as contrary to the best interests
of the State and of the Exchange and contrary to Just and equitable principles of trade.
Volume of Bankers Acceptances Increased $35,149,969
During October—Total Oct. 31 Reported at $362,984,286
The volume of bankers' acceptances gained appreciably
during the month of October, according to the survey of the
American Acceptance Council as of Oct. 31, made available
on Nov. 21 by Robert H. Bean, Executive Secretary. At
the month end, accepting banks reported a total of $362,984,286, which was a gain of $35,149,969 over the volume
as of the end of September, said Mr. Bean, who further
stated:
The largest part of this increase was in the volume of acceptances created
for the purpose offinancing goods stored in domestic warehouses, a seasonal
portion which usually accounts for a heavy volume of acceptance business
at this time of the year. These warehouse credits were up $29,683,221 In
the month but even this gain leaves the volume at only 50% of its 1934
total.
Acceptances created for the purpose of financing imports increased in
volume $3,808.038. Those used for the purpose of financing domestic shipments increased $1,780.973 and, quite unexpectedly, the type of acceptances
used to finance goods stored in or shipped between foreign countries increased in volume $2,824.359. Export acceptance credits continued to
decline. On Oct. 31, this volume had reached $74,653,374, a loss for the
month of $2,068,102 and a reduction of $72.000,000 from the total outstanding on Oct. 31 1934. Acceptances for the purpose of creating dollar
exchange showed a reduction of $878,520.
Notwithstanding the opportunity to finance by direct loans, producers,
packers and potential exporters are seen making use of acceptance credits
to carry products in warehouses. Furthermore, this month's survey shows
that numerous banks are returning to the use of acceptances for their customers' requirements although the market does not reveal any increased
activity as these banks are almost entirely holding newly created bills in
portfolio.
All banks reporting to the Council held of their own bills $178,236,012
as of the end of October and of other banks' bills $160,580,957, a total of
$338,816,969. Of this amount of own and other bills, $267,948,614 were
held by New York City banks.
The following details were also supplied by Mr. Bean:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
Federal Reserve District
1
2
3
4
5
6
7
8
9
10
11
12
Ocf, 31 1935
Sept. 30 1935
627,288,264
273,652,717
14,149,885
3,265,728
761.420
3,337,395
17,866,838
507,805
1,349,562
626,755.811
244,630,056
13,423,497
3.067,167
644,215
2,081,382
16,529,389
508,628
1,895,237
2,605,124
18,199,548
1,245,785
17,053,150
Oct. 31 1934
633,673,611
451,223,944
13,125,055
2,574,203
665,096
6,623,519
22.524.782
1,616,756
2,794,580
435.001)
1,709,014
24,636,192
$561,601,752
6327,834,317
Grand total
6362.984,286
Increase for month, 635,149,969. Decrease for year, 6198,617,466.
CLASSIFIED ACCORDING TO NATURE OF CREDIT
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
Oct. 31 1934
Oct. 31 1935
Sept. 30 1935
$105,531,171
74,653,374
10,038.333
87,686,055
3,514,284
6101,723,133
76,721,476
8.257.360
58,002,834
4,392,804
693,424.800
146,795,539
7,605,870
176,725,268
3,932,594
81.561.069
78.736.710
133,116,681
CURRENT MARKET RATES ON PRIME BANKERS' ACCEPTANCES
NOV. 22 1935
Days—
so
60
90
Dealers' 1 Dealers'
Buying Rate Selling Rate
.14
3-16
),‘
3-16
3-16
Si
Dogs120
150
180
Dealers' 1 Dealers'
Buying Rate Selling Rate
3-16
M
5-16
yi
5-16
%
American Bankers Association Makes Survey on Service Charges Applied Against Unprofitable Bank
Accounts
The general principle of applying service charges against
unprofitable bank accounts has gained great headway during
1934 and 1935, it is evidenced in the results of a survey made
public in New York, Nov. 6, by the Bank Management Commission of the American Bankers Association. The Commission's survey dealt with reports from 587 clearing house
associations, which indicate that in 75% of the cases service
charges are in effect under clearing house rules, and that in
another 20% the individual members of the clearing house
associations have their own set of service charges, an announcement by the Association said. It continued:
These reporting associations represent some 8,842 banks, or about 25%
of the banks in the United States, The Commission points out that it would
not be safe to assume that the same proportion of the remaining 75% of
the banks have adopted service charges because "the membership of these
clearing houses includes the banks which realize most clearly the value of
co-operative action which is so important in establishing a schedule of
service charges."
The Commission also observes with approval that the tendency has been
away from the "flat" service charge to the "measured" variety. Flat
charge systems were formerly used almost entirely because of the relative
ease and economy of administration. However, as pointed out by the
survey, this system failed to take into consideration the question of the
activity of the smaller accounts. Now, it appears, the tendency is toward
the establishment of systems under which charges are made on the basis
of the number of checks drawn each month. . . .
Nov. 23 1935
The Commission adds, in conclusion, that bank analysts and bank men
are generally agreed as to minimum balances required as a basis for a
profitable account, "especially under present conditions wherein demand
for loans is at a low ebb, and interest rates on short-term loans and investments are near the vanishing point. Moreover," it adds, "the variation in
costs from section to section makes it unwise for any bank to adopt a
schedule of service charges simply because that schedule is used by a •
number of other banks. Each bank should determine its own costs of
handling items as a basis for the schedule of charges."
Meeting in Washington of Federal Reserve Advisory
Council With Governors of Reserve System-Problem of Excess Reserves Considered—New
Margin Requirements Also Before Meeting
The attention of members of the Federal Reserve Advisory
Council, meeting in Washington this week, was directed
toward the problem of excess bank reserves, according to
the press accounts regarding the meeting. The discussions
of the Council with the Governors of the Federal Reserve
System are reported as having covered much the same
ground as was traversed by the heads of the Federal Reserve
Banks in their recent joint meeting with the Board of
Governors, according to the Washington correspondent of
the New York "Journal of Commerce", who stated that the
group on Nov. 21 gave ample evidence of the close watch
being kept upon the situation with a view to the taking of
summary action should the occasion therefore arise in the
future.
The Washington meeting of the heads of the Reserve
Banks in October, was noted in these columns Oct. 26,
page 2679. From its Washington bureau the "Wall Street
Journal" of Nov. 22 had the following to say as to this
week's meeting:
The Advisory Council, following its two days Fall session Thursday
(Nov. 21), made a general recommendation to the Board, it is understood,
that Federal Reserve Bank holdings of Government securities be permitted
to run off. Details of the recommendations were closely guarded at Reserve
Board quarters, pending definite formal submission of the Council's conclusions. The Board will then submit its answer.
It is well known that members of the Reserve Board are not convinced
that now is the time to reduce excess reserves of member banks which
during the past week reached a new high of $3,070,000,000. Some Board
members feel that if the occasion arises for action it should be taken under
the authority in the 1935 Banking Act which permits the Board to raise
reserve requirements of member banks to as much as double their present
level.
At the Reserve Board it was said that at the Joint meeting of the Advisory
Council and the Board members both excess reserves and regulation U
which is in course of preparation by Board experts were discussed at length.
Tds regulation, which Is designed to place restrictions on bank loans for
carrying or trading in securities, is expected to be completed in tentative
form at least around the first of December.
In part advices Nov. 21 from Washington to the New
York "Times" said:
Reduction of existing idle reserves, which have given rise to fears of
credit inflation, was thoroughly discussed by the 12 private bankers who
make up the Council. They met with the full Board of Governors after
going over the problem yesterday with Mariner S. Eccles, Chairman.
Raising of reserve requirements, selling of government securities in the
open market and plans for regulating bank loans on securities were canvassed as possible means for cutting down the record-breaking excess
reserves which now amount to more than $3,000,000,000. Individual
members were strongly of the opinion that one of these three steps should
be taken.
Mr. Eccles and the other members of the Board, however, are still of
the opinion that the time has not arrived for precautionary action. This
attitude influenced the council not to make specific recommendations
to the contrary, but a written summary of the council's views may be
submitted to the board later.
Members of the Board who oppose action now argue that there is no
need to throw a wet blanket on incipient recovery, because there is not as
yet any evidence of abuse of credit. Bank credit is not contributing to
activity in the stock market, and in no other financial field Is credit overextended, they argue.
Advocates of immediate action, including some members of the Board's
technical staff, answer that an increase in reserve requirements, which
would cut down excess reserves, would merely bring the remaining excess
reserves down to a manageable size, thus insuring successful control in
the future rather than a possible run-away credit expansion. They argue
also that reserve requirements should be increased at a time like the present
In which the increased demand would not interfere with the normal credit
operations of banks. All banks, especially the so-called "country banks,"
have excess reserves so large that they would still be left with free funds if
reserve requirements were raised 25%, for instance, the Board's official
computations show.
Christmas Club Savings Below Year Ago—Distribution
This Year Estimated at $312,000,000—Average
Amount to Each Member $44.70
According to an estimate given out Nov. 12 by Herbert F.
Rawll, founder and President of Christmas Club, a corporation, $312,000,000 will be distributed shortly to about
7,000,000 Christmas Club members by approximately
5,000 banking institutions and organizations. The estimated
average amount for each member is $44.70. "While most
of the mutual savings banks and many commercial banks
throughout the country have reported increases averaging
17% over the previous year." Mr. Rawll said, "the entire
distribution is smaller than a year ago due to the fact that
some banking institutions, in curtailing promotional activities on account of abnormally low money rates, did not offer
the Christmas Club service to customers during 1935."
He continued:
In the distribution of Christmas Club funds this year, New York leads
the other States with about $79.000.000, while the estimates for Penn-
sylvania are $37,500,000,for New Jersey $31,100,000 and for Massachusetts
$23,260,000.
New York City's Metropolitan District will receive about $45,000,000.
The Bank of America N.T. & S.A. in California, will distribute $5,240,000.
The Bank of The Manhattan Co. in New York has $2,850,000 for more
than 70,000 members enrolled at 68 offices in Greater New York.
The Seaman's Bank for Savings in the City of New York has a total
accumulation of approximately $1,350,000. The banks in Washington,
D. C. have $5,500,000 ready for distribution.
The following 40 banking institutions representing most of the financial
depositories having the largest accumulations for Christmas Club members,
and accountable for about 10% of the total distribution for this year, report
the following approximate amounts to be released Dec. 2 or before.
Bank of America N.T. & S.A., San Francisco, Calif
$5,240,000
Society for Savings, Hartford, Conn
465,000
American Security & Trust Co. Washington, D. C
795,000
Riggs National Bank, Washingt;on, D
600,000
Washington Loan & Trust Co., Washington, D.C
425,000
Maine Savings Bank, Portland, Maine
350,000
Boston Five Cents Savings Bank, Boston, Mass
530,000
Home Savings Bank, Boston, Mass
450,000
Provident Institution for Savings, Boston, Mass
775,000
Suffolk Savings Bank, Boston, Mass
420,000
First Nat. Bank & Trust Co.& Affiliates, Minneapolis, Minn
725,000
Northwestern National Bank & Trust Co. and Affiliates,
Minneapolis, Minn
1,300.000
Commercial Trust Co., Jersey City, N.J
350,000
Hudson County National Bank, Jersey City, N. J
550,000
The Trust Company of N.J., Jersey qity. N.J
500,000
Fidelity Union Trust Co., Newark, 1%1, J
700.000
Howard Savings Institution, Newark, N.J
610,000
Passaic National Bank & Trust Co., Passaic, N. J
350,000
National Savings Bank, Albany, N.Y
500.000
Bank of the Manhattan Company, N. Y. City
2,850.000
North River Savings Bank, N Y City
420,000
Seaman's Bank for Savings, N.Y. City
1.350,000
Dime Savings Bank of Brooklyn, Brooklyn, N.Y
570.000
East New York Savings Bank, Brooklyn, N.Y
550.000
Green Point Savings Bank, Brooklyn, N.Y
475.000
Lincoln Savings Bank, Brooklyn, N. Y
780,000
Roosevelt Savings Bank, Brooklyn, N.Y
490,000
Long Island City Savings Bank, Long Island City, N.Y
400,000
Staten Island Savings Bank, Stapleton, S. I
400,000
Schenectady Savings Bank, Schenectady, N. Y
370.000
Fifth Third Union Trust Co., Cincinnati, Ohio
620,000
Provident Savings Bank & Trust Co., Cincinnati, Ohio
700,000
Cleveland Trust Co., Cleveland, Ohio
775,000
The Ohio National Bank, Columbus, Ohio
580.000
Beneficial Savings Fund Society, Philadelphia, Pa
430.000
Corn Exchange National Bank & Trust Co.,Philadelphia, Pa_ _ 1,000,000
Integrity Trust Co., Philadelphia, Pa
480.000
Ninth Bank & Trust Co., Philadelphia, Pa
360.000
Industrial Trust Co., Providence, R. I
475,000
First Wisconsin National Bank, Milwaukee, Wis
1,500.000
Based upon a former direct-by-mail questionnaire to a
considerable number of individual members of the Christmas
Club and applying that analysis to the entire distribution
for this year, Mr. Rawll estimates that the total Christmas
Club fund will be used approximately as follows:
Christmas purchases
Permanent savings
Year end commitments
Taxes
Mortgage interest
Insurance premiums
Education, travel and charity
•
42
25
8%
12
6%
5
2%
$131,200.000
78,000,000
25,000.000
37,000,000
19,000.000
15,600.000
6,200.000
100%
$312,000.000
Mr. Rawll stated:
This December marks the 25th consecutive December for the mailing of
Christmas Club checks. As much as 85,000.000,000 has been accumulated
through the Christmas Club method during the past 25 years. The average
per member distribution, during the entire period, amounts to $39 per year.
The compilation of data covering Christmas Club activities during the
past 25 years gives ample evidence of the many.thousand changes in banks
throughout the country. Over $1,000.000.000 of the estimated total of
$5,000.000,000 was distributed in previous years by banking institutions
no longer in existence or now merged and operating under different corporate
titles.
A report by the National Association of Mutual Savings
Banks on Christmas savings in the mutual savings banks of
the United States this year was given in our issue of Nov. 2,
page 2817.
Export-Import Bank Offers to Advance Funds to Take
over Brazilian Notes to American Exporters
The Export-Import Bank, of which George N. Peek is
Chairman, offered on Nov. 19 to advance $17,000,000 to
take over notes by Brazil to American exporters in paying
off blocked commercial balances in that country. From
United Press advices from Washington, Nov. 19, we quote:
These balances are estimated at between $20,000,000 and 830,000,000
of which the Export-Import Bank will advance up to 6% or a maximum
of $17,000,000.
The availability of the Government's export-import funds is contingent
upon the ratification of the trade agreement with Brazil.
The Bank also announced to-day It would help finance future trade
with Brazil by advancing funds to American exporters in their trade with
the southern Republic.
New Offering of Treasury Bills in Two Series to Amount
of $100,000,000—To Be Dated Nov. 27 1935—$50,000,000 of 110-Day Bills and $50,000,000 of 273-Day
Bills
Tenders, to be received at the Federal Reserve banks, or
the branches thereof, up to 2 p.m., Eastern Standard Time,
Monday, Nov. 25, were invited on Nov. 21 by Henry
Morgenthau, Jr., Secretary of the Treasury, to a new offering
of two series of Treasury bills to the aggregate amount of
$100,000,000, or thereabouts. Bids will not be received at
the Treasury Department, Washington. Both series of the
bills, which will be sold on a discount basis to the highest
bidders, will be dated Nov. 27 1935. There is a maturity
of similar securities on Nov. 27 in amount of $50,185,000.
Each series of the new bills announced this week will be
offered in amount of $50,000,000, or thereabouts. One series
will be 110-day bills, maturing March 16 1936, and the other
3307
Financial Chronicle
Volume 141
273-day bills, maturing Aug. 26 1936. Bidders, Secretary
Morgenthau said, are required to specify the particular
series for which each tender is made. The face amount of
the bills of each series will be payable without interest on
their respective maturity dates. With the 110-day series,
approximately $450,000,000 of Treasury bills will mature on
March 16 1936, inasmuch as seven previous offerings are
also due on that date.
In his announcement of the offering Secretary Morgenthau
noted:
The face amount of the bills of each series will be payable without interest
on their respective maturity dates. The bills will be issued in bearer form
only, and in amounts or denominations of $1,000, $10,000, $100.000.
$500,000, and $1,000,000 (maturity value).
No tender for an amount less than $1.000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the 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. 25 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. 27 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. (Attention is invited to
Treasury Decision 4550, ruling that 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.
Bids of $273,310,000 Received to Offering of $100,000,000
of Two Series of Treasury Bills Dated Nov. 20—
$50,015,000 Accepted for 117-Day Bills and $60,003,000 for 273-Day Bills
Secretary of the Treasury Henry Morgenthau Jr. announced Nov. 18 that tenders totaling $273,310,000 were received at the Federal Reserve banks and the branches thereof
up to 2 p. m., that day, to the offering of $100,000,000, or
thereabouts, of two series of Treasury bills dated Nov. 20
1935. Of this amount, the Secretary said, $100,018,000 was
accepted.
Reference to the offering was made in our issue of Nov. 16,
page 3153. Each series of the bills was offered in amount
of $50,000,000, or thereabouts. One series was 117-day bills,
maturing March 16 1936, and the other 273-day bills, maturing Aug.19 1936. In his announcement of Nov. 18, Secretary
Morgenthau gave the following details of the bids to the
two issues:
117-Day Treasury Bills, Maturing March 16 1936
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $112,392,000, of which $50,015,000 was accepted.
The accepted bids ranged in price from 99.980, equivalent to a rate of
about 0.062% per annum, to 99.975, equivalent to a rate of about 0.077%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted. The average price of Treasury bills of this
series to be issued is 99.977, and the average rate is about 0.071% per
annum on a bank discount basis.
273-Day Treasury Bills, Maturing Aug. 19 1936
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $160,918,000, of which $50,003,000 was accepted. The
accepted bids ranged in price from 99.900, equivalent to a rate of about
0.132% per annum, to 99.890, equivalent to a rate of about 0.145% per
annum, on a bank discount basis. Only part of the amount bid for at the
latter price was accepted. The average price of Treasury bills of this
series to be issued is 99.893, and the average rate is about 0.142% per
annum on a bank discount basis.
Treasury Purchased $17,385,000 of Government
Securities During October
Net market purchases of Government securities for
Treasury investment accounts for the calendar month of
October 1935 amounted to $17385,000, Henry Morgenthau Jr.,
Secretary of the Treasury, announced Nov. 17. This comnares with $60,085,000 purchased during September, as noted
In our issue of Oct. 19, page 2518.
The following tabulation shows the Treasury's transactions in Government securities during 1935:
January
February
March
AprIl
May
65.420,800 purchased
1,300,000 purchase
41.049,000 purchased
21,990,000 sold
23,326,525 purchased
Tune
July
August
September
October
68,765,500 purchased
33,426,000 purchased
35,439,100 purchased
60,085,000 purchased
17,385,000 purchased
Gold Receipts by Mints and Assay Offices During Week
. of Nov. 16—$30,031,671 Imports
Gold in the amount of $32,861,149.10 was received by the
mints and assay offices during the week of Nov. 16, it was
announced by the Treasury on Nov. 18. The Treasury
indicated that of the amount received $30,031,671.28 was
imports, $542,942.94 secondary, and $2,286,534.88 new
domestic.
Financial Chronicle
3308
The amount of gold received during the week of Nov. 16
by the various mints and assay offices is shown in the following tabulation issued by the Traasury:
Imports
$15.536.85
38,443,200.00
528,141.95
43,744.00
1,048.48
New Domestic
Secondary
$1,560.82
1160.058.11
58,200.00
260,300.00
43,745.62 1,180,404.24
627,483.47
24,195.61
123.18
40,183.85
418,763.17
14,459.75
Total for week ended Nov.16- --$30.031,671.28
$542,942.94 $2,286,534.88
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 1,430,885.55 Fine Ounces During Week of Nov. 16
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 Nov. 16 turned over
1,430,885.55 fine ounces of the metal to the various mints.
A statement issued by the Treasury on Nov. 18 showed that
of this amount 651,607.29 fine ounces were received at the
Philadelphia Mint, 772,126.08 at the San Francisco Mint,
and 7,152.18 fine ounces at the Mint at Denver.
The Treasury's statement of Nov. 18 indicated that the
total receipts from the time of the issuance of the proclamation and up to Nov. 16 were 53,997,000 fine ounces. Reference to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441.
The total weekly receipts since the beginning of 1935 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
Apr. 19
Apr. 26
Ounces
467,385
504.363
732.210
973,305
321,760
1.167.706
1,126,572
493,179
1.184,819
844,528
1,5.55.985
554.454
695.5.56
836,198
1.438,681
502,258
67.704
Week Ended- Ounces
1935-173.900
May 3
686.930
May 10
• 86,907
May 17
363,073
May 24
247,954
May 31
203.482
June 7
462.541
June 14
1,253,628
June 21
407,100
June 28
796,750
July 5
621.682
July 12
608.621
July 19
379.010
July 26
863.739
Aug. 2
751.234
Aug. 9
667,100
Aug. 16
1.313,754
Aug. 23
Week Ended1935Aug. 30
Sept. 6
Sept. 13
Sept.20
Sept.27
Oct. 4
Oct. 11.
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 16
Ounces
509.502
310.040
755.232
551,402
1.505.625
448.440
771,743
707.095
972,384
1,146,453
320,550
1,430,886
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 Nov. 16 Amounted to
2,49442 Fine Ounces
Announcement was made by the Treasury Department on
Nov. 18 that 2,494.72 fine ounces of silver were transferred to
the United States during the week of Nov. 16, 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 113,018-,
165.48 fine ounces, the Treasury announced. During the
week of Nov. 16 the silver, according to the Treasury's statement, was received as follows by the various mints and
assay offices:
Fine Ounces
376.00
745.53
388.00
281.54
342.23
361.42
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Nov. 16 1935
2,494.72
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended- Fine Oa.
1935309,117
Jan. 4
535.734
Jan. 11
75.797
Jan. 18
62,077
Jan. 25
134,096
Feb. 1
33.806
Feb. 8
45,803
Feb. 15
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
68.771
Apr. 19
50,259
Apr. 26
Week Ended- Fine Ozs.
19357.041
May 3
5.311
May 10
11,480
May 17
100.197
May 24
5.252
May 31
0,988
June 7
9,517
June 14
26,002
June 21
16,360
June 28
2.814
July 5
9.697
July 12
5.958
July 19
16.306
July 26
2,010
Aug. 2
9,404
Aug. 9
4,270
Aug. 16
3,008
Aug. 23
Wed Ended- Fine On.
19355.395
Aug. 30
1.425
Sept. 6
11.959
Sept. 13
10,817
Sept.20
3.742
Sept.27
1.497
Oct. 4
2.621
Oct. 11
7.377
Oct. 18
1.909
Oct. 25
1,619
Nov. 1
1.440
Nov. 8
2,495
16
Nov.
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.
$212,757 of Hoarded Gold Received During Week of
Nov. 13-$16,267 Coin and $197,490 Certificates
Receipts of gold coin and gold certificates during the week
of Nov. 13 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Nov. 18, amounted to $212,756.68. 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
Of the total reNov. 13, amounted to $133,234,523.53.
ceived during the week of Nov. 13, the figures show $15,266.68 was gold coin and $197,490 gold certificates. The
total receipts are shown as follows:
Recetred by Federal Reserve BanksWeek ended Nov. 13
Received previously
Total to.Nov. 13
Received by Treasurer's OfficeWeek ended Nov. 13
Received previously
Nov. 23 1935
Gold Coin
$15,266.68
30,901,190.85
Gold Certificates
$189,490.00
99,567,720.00
530,916,457.53
1399,757,210.00
266,256.00
38,000.00
2,286,600.00
82,294,600.00
5266,256.00
Total to Nov. 13
Note-Gold bars deposited with the New York Assay Office in the amount of
$200,572.69 previously reported.
President Roosevelt Goes to Warm Springs, Ga., for
Thanksgiving-Will Return to Washington in
Three Weeks-Is Working on Budget
President Roosevelt left Washington on Nov. 20 for his
annual Thanksgiving visit to Warm Springs, Ga. He expects to return to Washington in about three weeks. Meanwhile it was said at the White House that he hopes to complete work on the new 1937 budget. The President said
that figures for only three more departments remain to be
compiled, and added that he would confer next week with
Acting Budget Director Daniel Bell and Representative
Buchanan, Chairman of the House Appropriations Committee. A Washington dispatch of Nov. 20 to the New
York "Herald Tribune" discussed the President's plans for
the next few weeks as follows:
His three-weeks absence from Washington also will be marked by at
least two addresses of major political significance, as well as several other
talks. He will go to Atlanta on Nov. 29 to address the huge "homecoming"
celebration which has been arranged under the guidance of Georgia Democratic leaders opposed to the activities of Governor Eugene Talmadge.
last of the ardent anti-Roosevelt campaigners within the party since the
death of Senator Huey P. Long, of Louisiana. Democrats from all parts
of the South are planning to attend the Atlanta demonstation, at which
many believe Mr. Roosevelt will in effect launch his campaign for reelection.
The Atlanta address will be preceded on the night of Nov. 28 by the
President's annual address as founder and head of the Warm Springs
Foundation at the l'hanksgiving dinner of the patients and officers of that
organization, over which he will preside, carving the choicest of a number
of huge turkeys for a group of the younger infantile paralysis patients who
will be seated at his table.
To Go to Chicago
On leaving Warm Springs, he will go to Chicago to address the American
Farm Bureau Federation on Dec. 9. In this address to one of the most
important farm groups in the country, he is expected to present the doctrines and arguments which will guide the Democratic appeal to the agricultural vote in the 1936 campaign. On the same day he will stop at
South Bend, Ind., to receive an honorary degree at Notre Dame University
and make a brief address.
The President devoted to-day to a long list of engagements and lastminute telephone conferences with officials, much of which had to do with
his budget study. The White House conferees included Jesse H. Jones.
Chairman of the Reconstruction Finance Corporation; Daniel C. Roper.
Secretary of Commerce; Harold L. Ickes, Secretary of the Interior and
Public Works Administrator; Cordell Hull, Secretary of Sthte, accompanied
by R. Walton Moore and Sumner Wells, Assistant Secretaries; Harry H.
Woodring, Assistant Secretary of War; Major General Blanton Winship,
Governor of Puerto Rico; Marriner S. Eccles, Governor of the Federal
Reserve Board, and Harry L. Hopkins, Works Progress Administrator.
President Roosevelt Declines to Intervene in MexicoLetter to Martin H. Carmody Asserts Distaste for
Religious Intolerance But Refuses to Interfere
in "Domestic Concerns of Foreign Governments"
The United States will not intervene in Mexican internal
affairs despite its opposition to religious intolerance, President Roosevelt declared in a letter to Martin H. Carmody,
Supreme Knight of the Knights of Columbus, made public
on Nov. 17. The President's letter was in reply to a communication from Mr. Carmody asking him to act to prevent
"persecution of religion by the Mexican Government."
Mr. Roosevelt reiterated that his Administration will always
uphold the right of American citizens residing abroad to
worship freely, but he pointed out that there has been no
evidence that Americans in Mexico have ever been denied
this right.
He added:
In respect to the rights enjoyed by Mexican citizens living in Mexico.
It has been the policy of this Administration to refrain from intervening
in such direct concerns of the Mexican Government. That policy of
non-interference I shall continue to pursue.
After asserting his distaste for religious intolerance,
"whether at home or abroad," the President concluded that
he would nevertheless "decline to permit this Government
to undertake a policy of interference in the domestic concerns
of foreign Governments and thereby jeopardize the maintenance of peaceful conditions."
Extracts from the President's letter to Mr. Carmody are
given below:
Without commenting upon the language of your communication under
acknowledgment, and without reference to the accuracy of the statements
or conclusions which you advance, I shall inform you once more of the
attitude of this Administration in the matter of policy pursued by the
Government of Mexico toward religious activities in that Republic.
The right of United States citizens resident or traveling In foreign countries to worship freely, to conduct services within their houses, or within
appropriate buildings maintained for that purpose is desired by this Government. There has not been brought to this Government during the
past year a single complaint by any United States citizen that such opportunities in Mexico have been refused him.
In respect to the rights enjoyed by Mexican citizens living in Mexico,
it has been the policy of this Administration to refrain from intervening
In such direct concerns of the Mexican Government. That policy of
non-intervention I shall continue to pursue.
Volume 141
Financial Chronicle
3309
While this Government does not assume to undertake any accurate
determination of what the facts in such domestic concerns of other Governments may be, this policy of non-intervention, however, can in no sense
be construed as indifference on our part.
sources Committee, show that the people of our country understand and
want long-range planning and foresight in public affairs. To give lasting
substance and direction to planning for the wise use of our human and
natural resources, we need permanent advisory planning boards for towns,
cities, counties, States and the nation.
President Roosevelt Approves Move to Insure Use of
Domestic Materials on PWA Projects—Differential
Against Foreign Bids Cut to 25%—Executive
Denies Government Policy Has Changed—Order
For German Steel Cancelled
President Roosevelt announced on Nov. 15 that a new
differential of 25% had been established in favor of domestic
products to be used in Public Works Administration projects.
The President thus indorsed the action of Secretary of the
Interior Ickes with regard to foreign steel which had been
earlier authorized for use in two PWA projects. The formei
differential in favor of domestic materials was 15%. Mr.
Roosevelt explained that the Government's policy had
always been to use domestic materials on PWA projects,
and the 15% differential had proved adequate for two years.
Cancellation by the Triborough Bridge Authority of the
contract for the purchase of German steel (to which reference
was made in our Nov. 16 issue, page 3163), was announced
on Nov. 21. The Jones & Laughlin Co.it was indicated
at the same time have been awarded the contract.
William Green, President of the American Federation of
Labor, said on Nov. 16 that the new regulations by Secretary
Ickes on foreign purchases "will meet the situation in a
His comments, and those of other
constructive way.'
interested persons, were given as follows in Associated Press
Washington advices of Nov. 16:
Secretary of the Interior Ickes, commenting on the State
Planning Report, Nov. 19, said that planning boards, now
organized officially in 46 States, are certain to prove an
increasingly valuable asset in the development of sound and
co-ordinated programs of Federal and State public works.
Secretary of Commerce Roper said on Nov. 20 that advocates
of the decentralization of labor and industry will find some
supporting evidence in the report, while Secretary of Labor
Persins remarked on Nov. 21 that State planning boards
should have "every encouragement in the work they are
doing."
Details of some of the recommendations of the National
Resources Committee were given in the "Chronicle" of
Nov. 16, page 3162. A Washington dispatch of Nov. 17 to
the New York "Herald Tribune" summarized the report
submitted to President Roosevelt as follows:
"If the ruling is applied to future PWA jobs," said the Federation
chief, "foreign materials will be prevented from entering the country for
these jobs. There is no justification for collusion, however. That is just
as bad as foreign imports, and the Federal Trade Commission will take
•
care of that."
John M. Redpath, Chief of Research of the United States Chamber of
Conunerce, said the chamber is "extremely interested" in the question.
"Not only German steel, but other things are involved," he declared.
"We have not taken any formal action in connection with the matter and
will hold our fire until later on."
He declined to list other materials which he said were involved and
added that the whole matter would have to be taken up with the board
of directors before any formal action or protest.
The question of using foreign materials broadened also when PWA
officials hinted they would look inta the circumstances surrounding the
use of French cement for New York school construction financed by PWA.
No protest has been made, they emphasized, but Ickes' regulations on the
use of foreign materials, affect all alike.
The Treasury Department, meanwhile, prepared to lock the gates
against foreign dumping. President Roosevelt yesterday reiterated Ickes'
comment on dumping and announced the 15% differential on foreign
materials had been raised to 25% to protect domestic bidders.
A Washington dispatch of Nov. 15 to the New York
"Times" described President Roosevelt's remarks on the
use of foreign materials on PWA projects as follows:
The President's reaction to questions to-day evidently was due to the
use of interchangeable nouns—"policies" and "regulations"—by some
newspapers in reporting new orders issued yesterday by Secretary Ickes.
Thus when a reporter asked the President if he approved Mr. Ickes's
act in changing the "policy" regarding purchases of foreign materials,
Mr. Roosevelt said flatly that when a newspaper says to the public that any
Department of the Government is changing its policy in regard to the
purchase of foreign materials, that is a deliberate misrepresentation.
The recent statement by Secretary Ickes, the President Went on, definitely
pointed out that the policy of the Government was not to buy foreign
materials; that such a policy never had obtained, and for that reason a
percentage differential on bids had been granted to domestic bidders in
addition to protection afforded by normal tariffs.
President Cites Repulations.
When it became apparent, after many months, that the differential
was not sufficient. Mr. Roosevelt said, the percentage was changed, but
the policy remained the same. He then repeated, for the sake of emphasis,
the regulations regarding future bids which were outlined by Secretary
Ickes yesterday.
When asked if proposed subsidies by this Government to assist agricultural exports would not be, in effect, like foreign subsidies granted to competitors for l'WA contracts, the President answered affirmatively, saying
that such a practice would be artificial stimulation that would constitute
cutthroat competition.
In response to another question as to whether the New York contract
would be canceled, Mr. Roosevelt said that he did not believe it could be.
adding that this was only a minor case in relation to the $44,000,000 being
spent on the New York project.
The President also indicated the possibility of an investigation as to
the casues why no bids were received in response to invitations for tenders
on a $15,000,000 liner to be financed indirectly by the Government. He
said that he might have something to say about this after he received a
report requested of the Department of Commerce.
President Roosevelt Says Long-Range Planning Needed
by All Units of Government—Endorses Recommendations of National Resources Committee—
Secretaries Roper, Ickes and Perkins Also Praise
Report
Permanent advisory planning boards are needed by every
unit of government, from towns up to the National Government, President Roosevelt said on Nov. 17, in a statement
commenting on a report on State planning submitted to
him by the National Resources Committee. The people of
this country, he said. "understand and want long-range
planning and foresight in public affairs." The President's
statement read:
The rapid organization and progress of 46 State planning boards, the
accomplishments of which are outlined in the report of the National Re-
The report prepared for the President summarized the activities and
progress of the State planning boards organized throughout the country in
the last two years.
The State boards, reporting to the National Resources Committee, covered
the problems of land use generally—agriculture, recreation, forestry, &c.;
ol water use, of electric power, of social and economic developments, of
State relationships to political units within the States, to other States, and
to the Federal Government; of transportation and of mineral resources
conservation.
New Approach to Problem
The National Resources Committee, after surveying the work of the 46
State boards, declared that the State planning units "represent a new approach to the problem of providing democracy with the best technical
tools," and recommended continued Federal support of State planning activities, which it described as "an indispensable factor in any effective program
for better utilization of the natural and human resources of the country."
Emphasizing the belief that planning is basically a State function, the
Committee, in its "findings and recommendations," which preface the report
made public to-day, said: "Too great centralization in Washington is not
desirable, even if possible, since planning is an attitude and a practice
which must command the confidence and invite the co-operation of wide
groups of people; it must come from the bottom up as well as from the
top down."
In return for continued Federal assistance, the 46 State planning boards
can be expected, according to the Committee, to play a major role in the
creation of a sound national program of conservation and public works to be
extended over a period of years. Pointing out that, no matter how small
or large the normal expenditure for public works may be, the Committee
held it was of prime importance that there be such co-ordination among
the State and Federal Governments that maximum returns may be assured
to the people of the States.
Movement Non-Partisan
The Committee emphasized the non-partisan character of the State planning movement and the importance of keeping the boards detached from
immediate political power.
"It cannot be too strongly emphasized that the function of these boards
is not that of making final decisions upon broad questions of policy, a
responsibility which rests firmly upon the elected representatives of the
people," it said. "Such a board will be useful in proportion as it is
detached from political power, serving as the technical tool of the demorcacy.
In this field the intelligence and vision of a board, the respect and confidence it enjoys among groups whose co-operation is indispensable, are far
more important than large statutory powers or bristling governmental
sanctions."
The National Resources Committee is headed by Harold L. Ickes, Chairman, and consists of Frederic A. Delano, vice-Chairman; Secretary of Commerce Daniel C. Roper, Secretary of War George H. Dern, Secretary of
Agriculture Henry A. Wallace, Secretary of Labor Frances Perkins, Federal
Emergency Relief Administrator Harry L. Hopkins, Charles E. Merriam
and W. C. Mitchell, Charles W. Eliot 2d is executive officer of the
Committee.
Government to Continue Relief Projects After July 1,
President Roosevelt Tells Mayors' Conference—
Also Outlines Plan for Tax Revision Study—
Harry L. Hopkins Defends WPA Program—Secretary Morgenthau Discusses Taxation
The Federal Government will continue to administer relief
after July 1 1936, and as long thereafter as may be necessary
to avert "starvation," President Roosevelt assured the
United States Conference of Mayors, meeting at Washington,
on Nov. 19. Speaking informally, the President said that
his Administration has been forced to combat such rumors
as that "everybody who is now on relief will be taken off
relief rolls beginning the first of July," and he added that
neither the Federal Government nor city governments intend
"to let people starve after the first of July any more than
during the past few years."
The President said that the Government is learning greater
efficiency in administering relief, and he contrasted the
progress achieved under the Public Works and Works Progress Administration programs with the results of the Civil
Works Administration program of 1933. Mr. Roosevelt also
briefly discussed the subject of taxation, and said that late
this winter he will ask the Mayors to come to Washington
for an informal talc on taxes which "have grown up like
Topsy in this country." He predicted a general revision of
taxation systems by 1937, "when all of us can get together
and sit around a table and work out a better system of
taxation—State, municipal and Federal."
The President addressed about 50 Mayors, and the same
number of other city officials, in his office. At an earlier
session of the conference, on Nov. 19, Harry L. Hopkins,
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Financial Chrcnicle
Works Progress Administrator, defended WPA projects as
useful achievements, and declared that the Government will
continue to aid "the people at the bottom of the heap." His
remarks were regarded as a reply to Mayor La Guardia of
New York, who had said, on Nov. 18, that removal of the
Government from all relief after the end of the current
fiscal year was "unthinkable."
On Nov. 20 Mayor La Guardia was elected President of
the Conference of Mayors, succeeding Daniel W. Hoan of
Milwaukee, who was made Honorary President. Mayor
Edward J. Kelly of Chienrrn was elected Vice-President.
We give herewith President Roosevelt's address to the
Mayors on Nov. 19:
I am very glad to see you here. Many of you I have known personally
for a great many years. With some of you I have worked on many problems
in the past.
I have not prepared any formal remarks for your gathering here. I
wish, though, that I could have sat with you in your meetings to hear what
has been said and to learn more about the problems of government.
We have, all of us, I think, learned a great deal about the problems of
government, in the broad sense of the word, in the past few years. We
have tried experiments—some of them have been very successful and some
of them, like all experiments, have not been quite so successful. Through
this process we are building up, as Mayor Haan (of Milwaukee) has said,
a new relationship—a perfectly sound relationship—between tlse different
branches of government, municipal, State and National.
Relief to Continue After July 1
One of the newspaper men, a few moments ago in the press conference,
asked the kind of question you are all asked and I am asked every week.
Members of the press are present, I know, but I do not mind their hearing
this. The particular question was this:
"Is the Government going to stop giving relief next July?"
That is the kind of thing—spreading the word around that everybody
who is now on relief will be taken off relief rolls beginning the first of
July—we have to combat.
My answer was that the Federal Government, and I am sure your answer
will be the same for the city government, does not propose to let people
starve after the first of July any more than during the past few years.
We are learning also a greater efficiency. Certainly the new work this
year, so far as lasting usefulness is concerned, has been infinitely more
successful, better planned and better carried out than it was under the old
Civil Works Administration program of 1933. Think what a gain it has
been in two years. Go over the lists of projects, both WPA and Public
Works this year, and the percentage of them which will be of lasting benefit
to the communities is very, very high. That is something I think the
average citizen in all of your cities appreciates, in spite of various attacks
whirls have been made on these projects.
Of course, in the last analysis, you people who run governments of the
cities in this country—and in the country districts, the Supervisors and
County Commissioners—are responsible for these projects. You people
suggest them, and, on the whole, your suggestions with respect to these
projects have been extraordinarily good. I am delighted with the usefulness
and permanence of these projects.
Well, all of this has come about in the course of less than three years.
All of us have learned a lot, but we still have much to learn. There are
vadous processes of government that can be simplified and ought to be
simplified.
For example, and this is not my fault, because Congress put it in the
bill, I have to sign all the allotments in person. I have signed hundreds,
thousands, of allotment papers for various projects. They ought never to
come to my desk, but we have to go through what is called "red tape"
because of the law. When applications come in here from the various
localities they have to go through a certain process. They have to go, in
part, to the Director of the Budget. Then they come to me, and then
they go to the Comptroller-General of the United States. There has been a
lot of talk about projects being held up for a long time by the ComptrollerGeneral, but, after all, he is limited in the staff he has. The way he has
done this work has been perfectly fine. His people are worn to the bone.
They have been working day and night. Hence, the projects have been
coining through, and I think some people are going to find in a few weeks
that the program as a whole is going to be carried out before the end of
November, just as planned last spring.
Taxation
I would like to say another word on a subject—an important subject—
that you and I have in mind. That subject is taxation. Taxes have grown
up like Topsy in this country. There have been a great many efforts to
simplify taxation—to establish lines of demarcation between the different
types of taxation, giving certain types to localities, others to the States,
and still others to the Federal Government.
We are stepping on each other's toes, especially in the last five, 10 or 15
years. In fact, virtually since the beginning of the World War, the general
tax situation in the United States has become not only more complicated
but has called for revision. We haven't had a revision, and I think the
time is coming—not this coming session of Congress, because we hope that
it will be a very short session—but by the following year, when all of us
can get together and sit around a table and work out a better system of
taxation—State, municipal and Federal.
Late this winter we are going to ask you to come down and talk about
that subject around the table. I suppose this meeting will be dignified
by the name of a tax conference, but I would rather keep it informal, and
have it become a continuing study which will bring forth an intelligent
report before the close of the year 1936.
Mayor Moan has said that this is a non-partisan gathering. We have to
keep it so, and, in the approaching conference, we will have to think of
taxation in a non-partisan way.
It has been fine to see you. I hope to see you again next spring. Many
thanks for corning.
A Washington dispatch of Nov. 19 to the New York
"Times" quoted Mr. Hopkins as follows:
Mr. Hopkins, who defended the WPA at the Mayors' morning session, said
in regard to continuance of relief:
"The Government of the United States and its States and cities have put
their hand to this plow, and it will never be taken away. We may change
our methods and our expenditures, but in one form or another these people
at the bottom of the heap are going to get care."
He charged many of the critics with "deliberately and maliciously discrediting the program, attacking the characters of those engaged in it, and
deliberately telling things that are not true and knowing that they are not."
Nov. 23 1935
Referring to the charges that relief money had been poured into Kentucky
just before the election there, Mr. Hopkins said that "there isn't an ounce
a truth in it, and the men who charged it knew there wasn't when they
said it."
The Mayors applauded.
To refute charges that the projects under the WPA were useless, Mr.
Hopkins cited detailed figures on where most of the money was being spent
and stressed that the projects were all sponsored by local officials.
Of the total outlay so far, 10.1% had gone for schools. Farm-to-market
roads accounted for 10.7%; repaving streets for 30.7%; additions to water
supply systems and sewers, 8.7%. Parks and playgrounds accounted for
9.6%; flood control and conservation, 6.3%, and drainage and sanitation
projects, 4.6%.
"Of course it is true the parks and playgrounds in the cities of America
are for poor people," he said. "They don't own any country estates, the
people that use the parks and playgrounds. They don't swim out on Long
Island. They don't have nursemaids. Why not build parks and playgrounds
for the people of America that they own?"
Turning to the "white collar" projects and those for women, Mr. Hopkins
told of work in sewing rooms making garments for relief distribution, and
of projects for the deaf and the blind, such as the snaking of Braille books.
"Call it boondoggling if you will, but that type of project is going to be
done in the interests of the American people," he said.
Associated Press accounts of the meeting of the conference
on Nov. 20 said, in part:
The continuation of the Federal relief program through the next fiscal
year was recommended to-day by the conference.
The Mayors decided to "petition Congress for additional appropriations
for the fiscal year 1936-37 sufficient to meet a planned and comprehensive
program for relief work and direct aid to meet the unemployment situation
throughout the country for such a period."
They expressed "appreciation and gratitude" for the parts played in the
relief program thus far by Congress and President Roosevelt, who told them
only yesterday that the Government was going to permit no one to starve.
In another resolution the Mayors urged that cities "take proper steps
to insure adequate and proper co-operation and contribution from their own
States to supplement Federal funds."
The prompt passage by every State of legislation necessary to make the
National Social Security Act effective also was urged.
Till June 30 1937
The Government's present work relief program was planned to care for
3,500,000 of the unemployed until July 1 1936. An extension in line with
the Mayors' request would continue Federal relief activities until
June 30 1937.
In a resolution aimed at inter-State crime, the conference pledged cooperation with the Department of Justice and among their respective police
departments.
It asked the Federal Government to continue relief for transients, holding
that municipalities are unable to meet this program adequately.
The organization favored "a well co-ordinated and extensive housing program for the so-called low income group," and pledged assistance in the
preparation and realization of any suds program financed substantially by
the Federal Government.
"In the interest of economy and efficiency," however, it recommended
that the local authorities administer the housing projects.
The conference stand on Federal relief and President Roosevelt's remarks
on that subject yesterday were compared by some observers with the position
taken by former President Hoover in his address at New York on Saturday
night.
"The waste of taxpayers' money on unnecessary public works should end,"
Mr. Hoover said. "The administration of relief should be turned over to
the local authorities. Federal expenditures for relief should be confined
to cash allowances to these authorities to the extent that they are unable
to provide their own funds."
The conference authorized its President-elect, Mayor La Guardia, to
represent it at any Congressional hearings on relief.
The amendment of the Social Security Act to enable municipalities to
provide old age security for their employees on a voluntary basis was
recommended.
Overlapping Taxes
Applauding President Roosevelt's plan for a national tax conference,
Secretary Morgenthau told the Mayors to-day that overlapping tax systems
have in many cases made the cost of collection "far in excess of what we
collected."
He said that he was looking forward to full discussion of the problem
with the Mayors and other public officials at the meeting this winter.
"I don't suppose there is a more important question facing
Government
officials, municipal, State or Federal," he declared. "There must
be outlined certain zones of taxes, some exclusively for cities,
some for counties,
some for States, and some for the Federal Government."
He thanked the Mayors for "100% co-operation" given
the Narcotics
Bureau and other law-enforcement agencies of the Treasury.
Mr. Morgenthau said that the Federal Government's
leadership in pressing
for a reduction of interest rates had been reflected in
lower rates for the
smaller Government units.
His first Treasury borrowing was at 214% interest, he
said, adding:
"Now I can get it easily for % of 1%."
President Roosevelt Would Have Senator Norris
Continue as Member of Senate "as Long as He
Lives"
Questioned, at a press conference on Nov. 15 as to his
attitude toward reports that Senator Norris of Nebraska
(Republican Independent), might retire from the post of
Senatorship held by him since March 4 1913, the President
according to a Washington dispatch to the New York "Times"
broke a press conference rule, allowing correspondents to
quote him as follows:
"If I were a citizen of the State of Nebraska, regardless of what party I
belonged to, I would not allow George Norris to retire from the United
States Senate, whether he wanted to or not, for the very good reason that
I feel he is necessary not only to Nebraska but to the 'United States as long
as he lives."
In Associated Press advices Nov. 15 from Washingten it
was observed.
Before his statement on Mr. Norris, Mr. Roosevelt smilingly remarked
that there seemed to be some question whether Senator Norris intended to
retire.
Volume 141
.Financial
He apparently referred to Mr. Norris's statement in Los Angeles that
"I did not say at Salt Lake City that I would not be a candidate for reelection."
However, Salt Lake City's "Deseret News" has reiterated that the statement had been made,and said two of its reporters heard the Senator make it.
President Roosevelt Urges Liberalization of Foreign
Trade—Tells Convention at Houston United States
Will Co-operate with Other Nations to Lower
Barriers—Secretary Hull Says World Revival Impossible Without Recovery in Commerce—Other
Speeches Before Annual Trade Conference
World trade must be "liberalized and freed from discriminatory practices," President Roosevelt declared in a
message read before the National Foreign Trade Convention at Houston, Texas, on Nov. 19. The President's communication, which was addressed to Eugene P. Thomas,
President of the National Foreign Trade Council, said that
the "only practicable way to assure American trade of protection against injurious trade barriers in foreign countries
is to join with these countries in a concerted effort to reduce
excessive trade restrictions and to re-establish commercial
relations on a non-discriminatory basis. This is the kernel
of the American trade agreements program." The President
praised the American program as definitely constructive
and designed to combat the tendency toward excessive national self-sufficiency and depressed standards of living.
Sound economics, he said, requires liberalized trade, and he
pledged this country to co-operate with other nations in
removing barriers to international commerce.
Secretary of State Cordell Hull, in a message read to the
convention on Nov. 19, also asserted that world recovery is
only possible if trade barriers are reduced to "reasonable
dimensions." Mr. Hull's message said, in part:
No permanent world recovery can be counted upon until world trade
barriers have been scaled down to reasonable dimensions.
Each trade agreement which this Government signs under the unconditional most-favored-nation principle has a cumulative effect on the reduction of trade barriers throughout the world.
The convention, which opened in Houston on Nov. 18,
continued until Nov. 20. James A. Farrell, Chairman of
the National Foreign Trade Council, denounced economic
nationalism in a speech at the opening session, and he was
supported by other speakers. Rear Admiral W. W. Phelps,
U. S. N., retired, said in a speech which was read on Nov.
18 that the United States should rely on a strong combat
fleet to preserve neutrality in a future war, rather than on
the Kellogg peace pact and other international instrumentalities. Fred I. Kent, a director of the Bankers Trust Co.
of New York, said on Nov. 18 that unemployment is one of
the most serious results of trade interruptions caused by
wars, political policies or other reasons. He expressed the
conviction that American business can solve the unemployment problem, which has been so "complicated" by acts of
Government.
President Roosevelt's message,read on Nov. 19,follows:
Mr. Eugene P. Thomas, Chairman, National Foreign Trade Council,
Rice Hotel, Houston, Texas.
Dear Mr. Thomas—I am delighted to have this opportunity of sending
my warm greetings to those assembled at Houston for the National Foreign
Trade Convention. It is a matter of sincere regret to me that it has proved
impossible to address you over the radio, as I had hoped and planned.
Instead, may I send you a personal message by this letter?
The American people. I am sure, share my pride in the self-reliance
and alertness of you who are engaged in export and import trade
and
related occupations. It is the knowledge that you will take full advantage
of any new opportunities for expanding our foreign trade that encourages
the Administration in concert with other Governments to press forward
with its efforts to bring about a relaxation of governmental
restrictions
which now throttle international commerce.
It is peculiarly fitting that you should hold your convention in a
State
whose two principal products—cotton and petroleum—afford
striking
examples of our dependence upon foreign markets. In this
country we use
only about two-fifths of our normal cotton crop.
Many other areas of this country produce agricultural or
industrial
commodities in excess of our domestic needs. But foreign trade
is not
merely the concern of particular localities and industries. It is
essential
to the Nation as a whole since the prosperity of each section of this country
depends upon the prosperity of other sections. All of us who desire
a prosperous America have a vital stake in a sound solution of your
difficulties.
The full reward of America's high productive capacity is only
gained when
our business men and our farmers can sell their surpluses abroad.
This is
true of every great surplus-producing nation.
As every producer knows, it is not merely the value of his foreign
sales
which is lost when he is left with an unmarketable surplus on his
hands.
The value of his entire production is seriously impaired. In turn, every
producer in the country suffers from the resulting repercussions.
The fall in our exports from over $5,000,000,000 in 1929 to little more
than $1,500,000,000 in 1932 was but a part of the huge loss in trade shared
by all the nations of the world. No nation has escaped the intense human
suffering and unprecedented unemployment which accompanied the collapse of both home and foreign trade during these years.
We. as well as every other nation, must develop our domestic economy
in every profitable way. Foreign markets must be regained if American
producers are to rebuild a full and enduring domestic prosperity for our
people. There is no other way if we would avoid painful dislocations,social
readjustments and unemployment.
In rebuilding our foreign markets we cannot afford to lose sight of the
fact that a market only exists because people buy as well as sell. In the
long run a nation's sales are inescapably limited by its purchases. This
does not mean an unprofitable exchange of goods. It means that each
country has something it desires to sell which other countries find it desirable
and profitable to buy.
Trade Now "Throttled"
It is in this sense and to this extent that we must import. We import
in order that we may be paid for our exports with foreign materials and goods
Chronicle
3311
in much the same way as the farmer exchanges his products with the country merchant for those articles which he needs and cannot produce economically on the farm.
International trade to-day is being throttled not only by prohibitive
duties, but also by import quotas and other trade control measures. These
highly arbitrary restrictions prevent the flow of trade through normal and
most profitable channels.
The growing cost, both to the United States and to other nations, is
becoming intolerable. World trade for the profit of all must be liberalized
and freed from discriminatory practices. fhere must be a return to fair
and friendly trade methods.
We cannot accomplish this alone. The only practicable way to assure
American trade of protection against injurious trade barriers in foreign
countries is to join with these countries in a concerted effort to reduce excessive trade restrictions and to re-establish commercial relations on a nondiscriminatory basis. This is the kernel of the American trade-agreements
program.
Hard experience is driving business men all over the world to similar
conclusions. The International Chamber of Commerce at its meeting in
Paris last June voted its general approval of the principles upon which the
American trade recovery program is built, and urged "that bilateral trade
agreements with the strict observance of the unconditional most-favorednation clause be negotiated as rapidly as possible."
The governments of the world also are coming to realize these inescapable
truths. In September of this year representatives of more than fifty nations meeting in Geneva declared that the "removal of impediments to the
exchange of goods" is "indispensable" for economic recovery, and recommended that commercial agreements should be negotiated "upon the principle of the most-favored-nation clause."
The American program stands out to-day in the eyes of the world as a
definitely constructive program designed to combat the tendency toward
excessive national self-sufficiency and the depressed standards of living
which extreme economic isolation inevitably entails.
Furthermore, if we would build constructively for peace, we must build
upon economic foundations which are sound; and sound economics requires
liberalized trade. America stands ready to go forward with other nations
in this great movement.
Sincerely yours,
FRANKLIN D. ROOSEVELT.
A Houston dispatch of Nov. 18 to the New York "Herald
Tribune" described the proceedings of the convention on
that date in part as follows:
Asserting that at no time in the history of the world was there such
need for human labor as after the armistice of Nov. 11 1918, Mr. Kent
inquired:
"And what then happened? Governments, instead of aiding industry
and trade to reorganize and re-employ men by assuring financial protection While markets for goods were being rebuilt, met the problem by
distributing buying power to men for doing nothing at Government expense. This not only aggravated the trying conditions which prevailed,
but resulted in the dissipation of such wealth as remained when the war
closed."
Among the subjects slated for consideration at the convention, stated to
be the most momentous in the Council's history, are several factors of
International scope, including the new treaty between the United States
and Canada, the effect on American foreign trade of economic sanctions
just applied against Italy, stabilization of currency, a return to the gold
standard and improvement of trade relations with Latin-American countries and with the Orient.
In striking the keynote of the convention Mr. Farrell asserted it would
be the chief aim of the convention "to aid in the disentangling of the world
trade situation from the difficulties that surround it.
Seek Orderly Exchange
"While we dismiss as outside the bounds of practical politics the viewpoint which urges the opening of our domestic market to injurious foreign
competition," he continued, "we, on the other hand, are firmly convinced
that a reasonable and orderly exchange of goods and services benefits
not only the country that supplies these but the countries also that accept
them."
At the end of 1934 the total of American private investments in foreign
countries amounted to slightly more than $14,000,000,000, of which
$4.925,000,000 represented direct and indirect investments in Latin-America, Charles E. Spencer Jr., Vice-President of the First National Bank of
Boston, stated in a paper on "American Corporate Investments in "AttuAmerica."
"We are now the world's leading creditor nation, outside perhaps of
Great Britain, and at the same time have a surplus of exports. This is a
most difficult position to maintain. It will require all of our talents and
itatesraanship to work out a satisfactory solution. We should look upon
our investments and trade with Latin-America not as a distinct foreign
development but rather as an extension of our domestic market. We should
not open the floodgates and release an uncontrolled flow of funds to the
Latin-American continent. On the contrary, before investing our money
In that region we should make a careful appraisal of possible developments
and prospects for the future and do all we can to safeguard our interests."
Other addresses on the opening day were delivered by Francis M. Law,
President of the First National Bank, Houston; W. Cameron Forbes.
Chairman of the American Economic Mission to the Far East; K. C. Li,
President Wah Chang frading Corp. and President Chinese Chamber of
Commerce, New York; A. Bland Calder, Assistant Commercial Attache at
Shanghai, and Charles J. Carroll, Vice-Chairman of the American Economic
Commission to the Far East.
We also quote in part from a Houston dispatch of Nov. 19
to the New York "Times"regarding addresses on that date:
The fact that Japan, as the biggest foreign buyer of American cotton,
holds strong cards in the game of international trade and that American
cotton exporters, faced with the threat of a dwindling world market, know
it, was brought out to-day.
The occasion was a luncheon meeting attended by governmental and
business representatives of both Japan and the United States.
The Americans present freely acknowledged Japan's importance to them
as the largest single purchaser of our cotton. The Japanese, recognizing
the United States as their most important purchaser of silk, emphasized
the complementary character of the trade between the two countries, but
gave polite warning that. If Japan was to continue her large purchases of
this staple, she must sell more goods abroad, even in competition with
America.
Earlier in the day delegates heard at a general session a discussion of the
facilities and program of the Export-Import Bank of Washington by
Charles E. Stuart, Executive Vice-President.
Trade with the countries of South America bulked large in the discussions
of the day. Eugene P. Thomas, President of the National Foreign Trade
Council, announced plans for an economic mission to Latin-America.
3312
Financial Chronicle
He predicted that, with improved means of communication between the
United States and Latin-America there would come a Pan-American age
of trade and commerce "surpassing the most sanguine dreams of the past."
The announcement of plans for an economic mission to Latin-America
set the stage for a special Latin-American session, where the potentialities
of broader trade betwen this country and the South American countries
were discussed, together with some of the barriers now in the way of this
greater trade.
Under another head in this issue we refer to the nine-point
program advocated by the Council, including its stand on
a return to the gold standard.
Secretary Hull Warns of Increased Exports to Italy—
Says Certain Products Are Being Shipped "Contrary to Policy of This Government"—Secretary
Ickes Appeals to Oil Producers to Maintain Neu.
trality
Secretary of State Cordell Hull, in a statement issued on
Nov. 15, said that certain raw materials and common articles
of manufacture are being exported from the United States
for war purposes, and warned that this class of trade is
directly contrary to the policy of this Government as announced in official statements of the President and Secretar
of State, as it is also contrary to the general spirit of the
recent Neutrality Act." In the c,ategory mentioned Mr.
Hull included oil, copper, trucks, tractors, scrap iron and
scrap steel. He added that the Administration is closely
observing the trend of such exports, and expects soon to
have detailed lists of all commodities exported to belligerents.
The Secretary pointel out that in the case of exports
destined for Italy, many shipments are being made to other
countries for eventual dispatch to Italy, and cited reports
of gasoline shipments from California to Italian Somaliland
by consigning the products to "Oriental ports."
The present week witnessed also an appeal by Secretary
of the Interior Harold I. Ickes, in his capacity as Oil Administrator, to oil producers to assist the Government in maintaining neutrality. At a press conference at Washington on
Nov. 21 Secretary Ickes said:
I think American producers should co-operate both to the spirit and the
letter of the Government's attempt to maintain neutrality.
Mr. Ickes' statement, said a dispatch Nov. 21 from
Washington to the New York "Times' was made in connection with publication by his Bureau of Mines of official
figures estimating that exports of gasoline, including natural
gasoline, for December would be 2,400,000 barrels instead
of 2,310,000 as last estimated. It was the second time that
these export estimates for December have been moved upward. In part the dispatch added:
Expect Drop in Crude Exports
"Stimulation in this trade due to war scares and other factors" were held
responsible for the increased estimates. It was believed that exports of
crude oil, however, would probably drop off during December.
"Up to October exports of crude continued to exceed expectations, but
it is believed that the usual winter decline from the closing of some tanker
lanes will be felt in December," the Bureau of Mines declared. "Accordingly, the estimate of total exports has been reduced to 3,580,000 barrels
for December from 4,250,000 barrels estimated for November.
"On the other hand, the estimate to cover losses and transfers to fuel
was raised to 2.500,000 barrels from 2,200,000 for November."
Commerce Department officials declared to-day that they were considering making public sales of all materials made to Italy during October
in a separate report, instead of carrying out the usual procedure of including
these sales in a general statement covering exports to all nations.
This step would break all precedents and was opposed by some officials
on the grounds that it might lead to unforeseen complications. Other
officials contended, however, that the action would be in line with President
Roosevelt's policy of discouraging sales to both Italy and Ethiopia.
Following Secretary Ickes' appeal, representatives of
various oil companies took occasion to state that there has
been a general disposition on the part of producers to observe the Government's neutrality policy.
Secretary Hull's statement of Nov. 15, which it is said
was approved by President Roosevelt, was interpreted as
another Administration step to curtail trade with Italy and
Ethiopia during the continuance of hostilities between the
two countries.
Mr. Hull's statement follows:
"In view of the many inquiries that are being asked from time to time
with respect to trade with Ethiopia and Italy. I deem it proper again
to call attention to the statement by the President on October 5 that he
desired it 'to be understood that any of our people who voluntarily engage
in transactions of any character with either of the belligerents do so at their
own risk.'
"No official figures on exports have yet been given out for October,
which is the only month that has a real bearing, since the Administration's
neutrality program and 'at your own risk' trade policy began October 5.
"The State Department has discovered that one trouble with the ordinary figures on exports is that they do not disclose the entire American
trade with Italy. A proportion of American exports, which naturally is
enlarged by the present governmental pressure against trade with the belligerents, goes to other countries for reshipment to Italy.
"Even before the present war period, Italian figures for imports from
the United States did not correspond with American figures for exports to
Italy. In 1931, for example, Italian figures showed imports of 322,000
more barrels of crude oil from the United States than the Commerce Department had record of. In 1932 there was a discrepancy of 155.000
barrels. But in 1934 the Commerce Department credited Italy with receiving 278,000 more barrels than Italian records acknowledged.
"The present reports of shipments of gasoline from California to Italian
Somaliland by consigning the product to 'Oriental ports' is an example of
how discrepancies may be increased further now.
"On October 10 I explained that the President's statement was based
primarily upon the policy and purpose of keeping this country out of war,
and that 'it certainly was not intended to encourage transactions with the
Nov. 23 1935
belligerents.' I further explained that 'our people might well realize that
the universal state of business uncertainty and suspense on account bf 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.' The President, in a
statement on October 30, further emphasized the spirit of this policy.
"The American people are entitled to know that there are certain commodities such as oil, copper, trucks, tractors, scrap iron and scrap steel
which are essential war materials, although not actually arms, ammunition
or implements of war, and that according to recent government trade reparts a considerably increased amount of these is being exported for war
purposes. This class of trade is directly contrary to the policy of this
Government as announced in official statements of the President and Secretary of State, as it is also contrary to the general spirit of the recent
neutrality act.
"The Administration is closely observing the trend and volume of exports to those countries, and within a few days the Department of Commerce expects to have complete detailed lists of all commodities exported
to the belligerents, which will enable exact comparison with lists for the
same,
pefiod last year."
ecretary Hull Regards as "Overwhelmingly Favorable'
Reaction to Trade Agreement Between United
States and Canada
Declaring that protests against the trade agreement
between the United States and Canada "are confined
almost exclusively to a very few particular interests" Secretary of State Hull in a statement issued on Nov. 21 described
the. reaction of the country to the agreement as "overwhelmingly favorable." Secretary Hull asserted that the
pact means "mutually profitable trade, greater employment
of labor, and a fuller and more stable measure of domestic
prosperity." Secretary Hull's statement follows:
The reaction of the country to the trade agreement between the United
States and Canada has been overwhelmingly favorable. I have noted a
of protests, confined almost entirely to proiessional partisan
politicians or to some of the specially privileged individuals benefiting
from excessive tariff rates, with a notable division of opinion, however.
among the latter.
Such protests as have been made are confined almost exclusively to a
very few particular interests. No one questions the broad economic benefits
which will result to the nation as a whole. From the standpoint of both
agriculture and industry the soundness of this trade agreement is clear.
A few months of practical operation will demonstrate the value of the agreement in terms of increased trade to the mutual benefit of both countries.
I had the experience of closely observing the conditions and circumstances
attending the consideration and passage of the Payne-Aldrich Tariff Bill
in 1909, and all subsequent tariff measures. I have seen the Capitol overrun
with highly paid lobbyists representing most tariff items. They were to be
observed in virtually every corridor, passageway and dark corner from the
House to the Senate end of the Capitol.
number
"Log-Rolling"Methods Assailed.
Through log rolling and similar insidious methods they harassed Congress
and succeeded in securing their own abnormally high rates, especially in
the notoriously unsound Hawley-Smoot Act of 1930, which, more than
any other factor, was responsible for our loss of exports to Canada, aggregating $600,000,000. The reeking national scandal thus attending the
passage of this Act is well remembered.
This Administration, in striking contrast with the log-rolling method of
the past, is at present carrying on in the most careful manner a temporary
program to meet the depression emergency by seeking to restore the large
volume of trade between this and other countries lost during the years of
depression. This extremely important program is being conducted in a
strictly non-partisan manner and thus far with the support of probably
85% of the press of the nation.
It means mutually profitable trade, greater employment of labor and
a fuller and more stable measure of domestic prosperity.
Consideration of Treaty Began in January
The methods employed in formulating agreements and the conduct
of the program are open, careful and thorough. In the case of each agreement hearings are given to all interested persons. Invitations are submitted
to all to submit data and arguments concerning every taritf item in question.
During the succeeding six to twelve months in which trade proposals are
being studied each detail pertaining to each tariff item is, in the light of
the data submitted, of independent study and of informal consultation,
fully and carefully examined by capable, non-partisan specialists from the
various government departments concerned.
Consideration of the Canadian Trade Agre2ment began in January
last and its preparation comprised more than ten months of strenuous
labor and consideration. Scores of briefs and statements were submitted,
both at the oral hearings and in writing at other times. All received the
most careful attention. The final outcome represents a Judgment based
largely on this material. Few legislative hearings have afforded such
ample and systematic opportunity for effective presentation of all views
and interests.
Our agricultural exports slumped from 31,834,000,000 in 1927 to 3694,000,000 in 1933. In other words, we lost markets for some $1,200,000.000
of our farm surpluses. Either we can seek a restoration of most of these
foreign markets or we can abandon the idea of increased sales of surpluses
and move straight and steadily along the pathway of a regimentation of
our processes of production, transportation and distribution.
If we cannot sell surpluses abroad we must inescapably restrict our
production to our domestic consuming capacity. This means new waves
of unemployment and a permanent dole to many millions on a steadily
increasing basis.
The many millions of wage-earners thrown out of employment from
1929 to 1933 and of farmers thrown into conditions of bankruptcy during
the same period, who know their present improved and steadily improving
condition, will. I imagine, think twice before giving heed to the small
but powerful Hawley-Smoot wrecking crew that dominated the agricultural
business and economic affairs of the nation during the years prior to 1933.
Action in West Virginia Court to Test Guffey Coal
Conservation Act
Four West Virginia coal companies representing 13,000,000
tons annual production, have sought a Federal Court injunction to restrain collection of the 15% tax on sales levied under
the Guffey Coal Conservation Act on,producers who fail to
Volume 141
Financial Chronicle
3313
sign the coal code. They claimed the tax violates their
constitutional rights. Associated Press advicesfrom Charleston W. Va., in reporting this, added:
gas and similar services; (3) rental of properties. and (4) all service regardless of whether or not the contracting officer knows that bituminous
coal will be used in proceeding under the contract.
The firms are the Island Creek, Cabin Creek, Pond Creek, Pocahontas
and Mallory coal companies.
The suits declared that producers who sign the code pay only 1%% tax
on coal sales but non-compliers are assessed 15%.
The four companies claimed this not only would cause them to operate
at substantial losses, but put them "in intolerable positions" in competing
With producers who complied.
1 1 firms argued the Guffey Act is unconstitutional because it takes
property without due process of law and attempts to delegate both legislative and judicial powers.
James D. Francis, head of the Island Creek Co., said the action was
taken because "we believe that if this act is not held unconstitutional and
the coal industry is finally put under the code, it will result in a monopoly
that will increase the cost of bituminous coal to the consumers; decrease
the production in the country as a whole; result in a great deal less working
time for our employees, and cause a corresponding and material reduction
in their earning power."
Ruling of Commission
In reply the Commission said that the "only construction which is consistent with the liberal and remedial purposes of Section 14 (b) requires
that the section be applied to every (Goverment) contract" and added
that the term "contractor" as used in the Section "likewise applies to subcontractors."
A liberal interpretation of the ruling, it is believed, means that even
mills which are now suppling textiles to the Government under the relief
programs of the Works Progress Administration will have to certify that
the coal used in the operation of machines manufacturing the materials
was supplied only by mines which have signified their compliance with the
soft coal code.
In determining the origin of coal purchased by the Government where a
dealer or middleman is the contractor, the Commission declared that the
Government's contracting officer must require evidence that all coal delivered under the contract has been produced at a mine complying with the
code.
"Satisfactory evidence of such compliance," the latter added "shall consist of (1) an affidavit executed by the dealer upon each delivery of coal
setting forth the name of the producer thereof, and (2) appearance of the
names of such producer on the latest list of members of the code issued by
the Commission to the various departments and establishments of the
Government."
Public Works Included
The same regulations apply to contracts for public work or service where
the contractor purchases coal from a dealer or middleman (not the dealer).
Before awarding contracts to the lowest responsible bidder,-the obligation of the contracting officer will be satisfied, the letter explained, "if the
name of the producer delivering coal to the contractor appears on the latest
list of code members furnished by the Commission."
In instances where the question of violating contract provisions covering
the use of coal has been raised, the facts should be submitted to the Commission, but the "ultimate determination of the matter of violation is vested
by the Act exclusively in the Commission." The Commission recommended, however, that a provision be inserted in each contract "for the suspension of acceptance of performance . . . until the Commission shall
determine the facts of violation."
Pittsburgh Coal Co. Seeks Injunction Against Guffey
Coal Conservation Act
In a suit, filed Nov.21 in the Federal Court at Pittsburgh,
asking an injunction against the imposition of penalties and
taxes under Guffey Coal Conservation Act, the Pittsburgh
Coal Co. attacks the law as unconstitutional. J. D. A.
Morrow, President of the company, said it takes the position
that "Congress has no power under the Constitution to
regulate the bituminous coal industry as provided in the
Guffey Act." Mr. Morrow Eaid his company is desirous of
seeing a better economic organization of the industry and is
willing to co-operate, but added:
"The company is convinced if the Guffey Act were made operative it
would provide rising costs in the industry, higher and higher prices to coal
consumers and consequent further losses of business to competing fuels and
other forms of energy and increasing unemployment among the miners."
Coal Consumers Need Not Fear Undue Price Rise as
Result of Guffey Act, C. F. Hosford Jr., Chairman
of NBCC Says
C. F. Hosford Jr., Chairman of the National Bituminous
Coal Commission, declared on Nov. 19 that there is no reason
for coal consumers to fear undue price increases along with the
enforcement of the Guffey Bituminous Coal Conservation Act
of 1935. Pointing out that the Commission is given authority by the Act to "establish minimum prices for coal in
order to protect the consumer against unreasonably high
prices," Mr. Hosford said that the Commission will do just
that. He stated:
To those buyers of coal who in the past have been accustomed to purchase
their requirements at their own prices, the action of the Commission will
mean a substantial increase in coal prices.
No fair minded customer can expect to buy coal at prices so low as to
cause heavy loss to the producers and thus throw an added cost burden on
other coal consumers. . . .
In creating the National Bituminous Coal Commission and defining its
powers, Congress has taken far-reaching steps to give adequate protection
to purchasers of coal. These safeguards are found in the marketing provisions of the Act and also in the duties prescribed for the Commission and its
consumers' counsel.
While it is not anticipated that establishment of maximum prices will
be necessary, the powers of the Commission in this respect are specific.
Such maximum prices would be, of course, on the basis of a uniform increase above the minimum prices in effect within a district. Due regard
would be given to wage stabilization and working conditions. And provision is made for prices on the basis of a return cost to the producer plus a
reasonable profit.
In addition, the Commission has authority, upon substantial complaint
that bituminous prices are excessive, and oppressive to consumers, to hear
such complaint or initiate an investigation. Complaints may be made
by any State or political subdivision. Findings will be made public and
steps taken to correct abuses.
Equally as important as the powers given the Commission are those
prescribed for the office of the Consumers' Counsel, filled by Presidential
appointment. Counsel appears in the interest of the consuming public
in any proceeding before the Commission and will also conduct independent
investigations of matters relative to thp bituminous coal industry and
administration of the Act. The consumers' counsel may also request the
Commission to initiate an investigation whenever it is found to be in the
nterest of the consuming public.
Government Agencies and Contractors Must Use Coal
Mined by Operators Complying with Guffey Law—
Regulations of NBCC Also Apply to Railroads
Carrying Mail
Under a ruling by the National Bituminous Coal Commission, affecting Section 14 of the Guffey Bituminous Coal Conservation Act of 1935 all Government agencies, contractors,
and sub-contractors domg Federal Government business must
use coal mined by operators complying with the Act, which
established,a code for the industry. The ruling was contained in the form of letter sent Nov. 17 by the Coal Commission to the Procurement Division of the Treasury Department. It served to amplify an earlier ruling that the Act is
applicable to railroads serving the Government in the transportation of mails as well as firms and individuals contracting
with the Government in the • supplying of materials, it was
stated in Washington advices, Nov. 17, to the New York
"Journal of Commerce" of Nov. 18,from which the following
is also taken:
Section 14 of the Guffey Act relates to purchases of coal by Federal
agencies and their contractors and an interpretation as to its exact meaning
had been requested by the Procurement Division. It specifically asked
about contracts covering (1) purchases of supplies; (2) telephone, electric,
According to Washington (Associated Press) advices,
Nov. 19, the legal department of the Association of American
Railroads that day declared that railroads, regardless of their
mail contracts, are exempt from the ruling of the NBCC.
The advices continued:
The Bituminous Coal Commission continued to study the case, meantime withholding comment.
The opinion was prepared by R. V. Fletcher of A. A. R. counsel in response to a request from James B. Hill, President of the Louisville & Nashville RR. Co.
We gave the text of the Bituminous Coal Conservation
Act in our issue of Sept. 14, pages 1667-1672.
Federal Circuit Court of Appeals in Baltimore to Review
Decision of Judge Coleman Declaring Invalid
Public Utility Holding Company Act
On Nov. 21 the Federal Circuit Court of Appeals at Baltimore agreed to review, on petition, the findings of Judge
William C. Coleman, in the Federal District Court at
Baltimore, holding "invalid in its entirety" the Public
Utility Holding Company Act of 1935. The decision of
Judge Coleman (on Nov. 7) was referred to in these columns
Nov. 9, page 2985. Regarding the appeal a Baltimore
dispatch Nov. 21 to the New York "Times" said:
The appeal was filed for Burco. Inc., an intervening petitioner in the
case, by D. Heyward Hamilton Jr. of Baltimore. The order permitting
reargument of the case before the Appellate Court was signed by Judge
John J. Parker, presiding judge, who announced that arguments would be
heard during the January term of the Circuit Court, sitting in Charlotte,
N. C.
Eleven errors were alleged in the petition to-day filed by Mr. Hamilton
and Ralph P. Buell of New York.
It was stated that Burco, Inc., had been aggrieved by the Judge's order
and that the petitioner "believes that the same is entirely erroneous and
improper, for the reasons specified in the assignment of errors which is
filed herewith."
The petition alleged that the questions raised "are of national importance
and have not been passed upon by either the Supreme Court of the United
States, any United States Circuit Court of Appeals, or, so far as counsel
are aware, by any other district court of the United States."
Permission was asked to prosecute an appeal in the Circuit Court because
of the effect of Judge Coleman's order upon the reorganization of the
American States Company; because of the "novelty and importance of the
questions of constitutional law which are raised by the assignment of
errors incorporated herein," and because of the "magnitude of the public
and private interests involved in these proceedings."
It was contended that Judge Coleman erred in declaring the Utilities
Act unconst'tutional; in instructing J. B. Whiteworth and F. Donald
Fenhagen, trustees of the American States Company, to disregard the
act,in directing them not to register with the SEC.and in refusing to declare
the Utilities Act constitutional.
Criminal Prosecution of Utility Companies Barred By
Attorney General Cummings Refusing To Register
Under Public Utility Holding Company Act—
SEC Advises Companies That Constitutional
Rights Are Not Waived With Failure To Register
The suggestion that United States District Attorneys
refrain from bringing any criminal proceedings under the
Public Utility Holding Company Act of 1935 has been made
by United States Attorney General Cummings; this was
disclosed yesterday (Nov. 22) when it was made known
that Mr. Cummings in his letter to the District Attorneys
said:
"The Department suggests that you refrain from bringing or threatening
to bring any criminal proceedings under the Act. If any injunction proceeding is instituted against you, you will thus be in a position to disclaim
3314
Financial Chronicle
any present threat of any criminal proceedings under such Act. Such
disclaimer should be sufficient to dispose of any restraining order which
may be sought against you."
The Attorney-General mentioned the announcement of
the Edison Electric Institute that it had retained counsel
to contest the constitutionality of the act, and said:
"Consequently, it is probable that a number of companies will fall to
register under the Act.
"It is, of course, not the purpose of the Government to harass the utility
industry with a needless multiplicity of suits. Equally, however, there
is no public interest to be served by vexing the Government with a multipllcity of injunction suits which might embarrass and harass the Government in defending the constitutionality of the act and which might result
in the presentation of the issue of constitutionality on the basis of an
inadequate record or a record not fairly typical of the situations cOvered
by the Act."
From Associated Press accounts from Washington we
quote:
The letter pointed out that the law gives to the Securities and Exchange
Commission the duty of investigating violations.
Evidence obtained by the SEC, Mr. Cummings said, will be transmitted
to him for appropriate action.
"In enforcing the Act it is proposed promptly to Institute civil proceedings against one or more large and important companies who may
fail to register to enforce compliance with its provisions and to seek decisions from the Supreme Court sustaining the validity of the Act.
"In the meanwhile, it is not proposed to institute criminal proceedings,
and if later it should become necessary to institute criminal proceedings
against any company it is not the intention of this Department to seek to
enact penalties for earlier offenses which might unduly penalize the investors
in the offending company."
He instructed the District Attorneys to notify the Department promptly
of all suits instituted to test the Act.
It was likewise indicated yesterday (Nov. 22) that the
SEC has assured the holding companies that they do not
waive constitutional rights if they register with the SEC
prior to Dec. 1, as provided for in the law. The Commission
states:
It is the purpose of the commission to proceed with the enforcement of
the Act in an orderly and economical manner.
The Commission will not harass the industry with a multiplicity of suits.
And the Commission will resist any efforts that may be made to vex the
Government with a multiplicity of suits or to provoke litigation with a
view to presenting the issue of constitutionality on the basis of an inadequate
record or a record not fairly typical of the situations covered by the Act.
If there is a general failure to register under the Act, the Commission
will proceed promptly to bring civil proceedings against one or more large
and important companies which may fail to register to enforce compliance
with the Act and to seek decisions from the Supreme Court sustaining its
validity.
In the meanwhile, at least for the mmediate future and until further
notice, the commission does not intend to make any recommendations to
or requests upon the Department of Justice for the institution of proceedings
to enforce criminal liabilities under the Act.
registration
Counsel for the Commission is firmly of the opinion that
regisdoes not constitute a waiver of any constitutional right which the
g
rule-makin
its
under
tering company may have. And the commission,
rights.
power, expressly permits the registrant to reserve his constitutional
notification
The Commission is prepared to go further and accept a
will, at the
that expressly stipulates that the notification of registration
of its
reservation
option of the registrant, be deemed void if registrant's
constitutional rights is adjudged void or ineffective.
fail to file
No possible ground in reason remains for any company to
circumstances as a sheer
a simple notification and registration under these
precautionary matter for the protection of its investors.
New York Appeals Court Rules Dollar Devaluation
Affects Foreign Debtors and Creditors as Well as
Americans—Decides Finnish Industrial Mortgage
Bank Need Not Pay as Stipulated in Bond.
The New York State Court of Appeals on Nov. 19 ruled
the
that the joint Congressional resolution devaluating
American dollar applies to foreign debtors and creditors
with the same effect as to citizens of the United States.
by the
The decision was handed down in a suit broughtRepublic
Compania de Inversiones Internacionales of the
of Colombia to compel the Industrial Mortgage Bank of
Finland to pay principal and interest on bonds of the Finnish
company "in gold coin of the United States of America of
the standard of weight and fineness as it existed on July 1
1924," as provided in the bonds.
The decision of the Appeals Court was noted as follows
in an Albany dispatch of Nov. 19 to the New York "Herald
Tribune":
Finnish concern,
The New York Trust Company, paying agent of the
claim, amounting
refused to comply with the Colombian Corporation's
mortgage collateral 7%
to $5,307.99. the gold standard value of $1,000 first
$3.135, the present
gold bonds of the Finnish bank, but offered to pay
of the Congressional
face value of the bonds with interest, under the terms
resolution.
opinion, held that
Judge Edward R. Finch, who wrote the highest court's
currency, has
Congress, "pursuant to its constitutional power over the
dual monetary
prevented a recurrence in the history of the country of a
of the
content
gold
system, made possible because of the reduction in the
and domestic
dollar, by applying the joint resolution equally to foreign
dollar bonds payable in the United States."
Governments Not Involved
the government
Pointing out that, while the bonds were guaranteed by
guarantor, Judge Finch
of Finland, the action was not started against the
continued:
applicability of
"We are thus brought directly to the question of the passing it is to
In
the joint resolution of the Congress to this controversy.
sovereigns, but with in
be noted that this action is not concerned with
suing a foreign,
.dividuals. A foreign, private corporation of Colombia is
private corporation of Finland.
governmental agency.
"The defendant bank Is a private institution, not a
the bonds is im
The fact that the government of Finland guarantees
Nov. 23 1935
material here, since the suit is being brought against the defendant bank,
the principal obligor and not against the guarantor.
"If the claim of the plaintiff succeeds, the effect is to subject a citizen
to such power of Congress, but to exempt a foreign debtor. The latter may
disclaim the application of the joint resolution but this right is denied to a
domestic debtor. Also, to the extent that plaintiff succeeds, it means to
what extent there is here created a dual monetery system. If such result
was within the power of the Congress to avoid, then its failure to do so
appears unreasonable."
Redemption Clause of Amended Frazier-Lemke Farm
Mortgage Act Held Invalid by U. S. Circuit Court
of Appeals at Chicago
Under an opinion handed down at Chicago on Nov. 16
by the United States Circuit Court of Appeals for the
Seventh District, the redemption clause of the amended
Frazier-Lemke Act, providing a three-year moratorium on
farm mortgages, is held unconstitutional. Stating that the
three-judge tribunal held that Congress had exceeded its
powers under the Constitution by fixing a three-year redemption period for farm property, and that such regulation of
property rights is properly the power of the State, a Chicago
dispatch Nov. 16 to the New York "Times" continued in
part:
The new bill was passed Aug. 28. The case in question to-day was that.
of the LaFayette Life Insurance Co. of Hammond, Ind., against Bertha A.
Lowman, owner of a 240-acre farm near Hammond. The insurance company held a first mortgage of $30,000 and foreclosed.
Under State law the property owner had a period of one year in which
to redeem the property by paying the amount decreed in the Court sale.
Just before the expiration of the period, the owner filed a bankruptcy
petition under the Federal law, and claimed the three-year redemption
period.
The Federal District Court in Hammond issued an injunction restraining the insurance company from taking title to the land and the insurance
company appealed.
The opinion, written by Judge Will M. Sparks with Judges Samuel
Alschuler and Charles G. Briggie concurring, said in part:
"We think that in extending the period of redemption for three years
beyond that set by State statutes Congress exceeded the powers conferred
upon it by the bankruptcy clause of the Constitution. We think that
clause does not give Congress the right to alter the relative rights between
parties which have already been fixed by final adjudication in State courts
under State statutes."
State's Power Held Superior
After discussing a number of cases, the opinion stated:
"We think that the fixing of a specific period for redemption of property
following foreclosure constitutes such a State regulation of property rights
as to bar Congress from altering it. Since the legislation (the new Act)
purporting to authorize the courts to extend the period was beyond the
scope of the power of Congress to pass, that legislation is ineffectual to
accomplish the purpose, oven though its provisions are very similar to those
of the legislation approved by the Supreme Court in the Blaisdell case as
properly enacted by the Minnesota Legislature.
"The Federal courts, therefore, are still without authority to extend the'
Period of redemption in behalf of debtors petitioning under Section 75."
Again referring to the constitutionality of the redemption amendment.
the Court said:
"She (the appellee) urges that since Congress, under Its bankruptcy
Powers, has greater power than the States, it follows that if a State law
extending the period of redemption under certain conditions is valid, an
Act of Congress doing the same thing must necessarily be valid.
"We do not agree with this reasoning. It is true that Congress Is not
bound by the same constitutional limitation on the impairment of contracts
which under ordinary circumstances prevents a State from enforcing such
a statute as was upheld by the Supreme Court ha the Blaisdell case.
"However, it does not follow that Congress has the power under the
bankruptcy clause to alter rules of property previously established by
State statute and according to which the rights of parties have become fixed.
"We think there is nothing in the constitutional clause conferring upon
Congress the control over bankruptcy which authorizes it to change property
rights already created by the States. Under the proper exercise of that
Power, Federal courts may be authorized to assume jurisdiction over and
to administer property of bankrupts, but they must administer that property
as they find it, and they have no power to create new rights in it for the
benefit of either debtor or creditor.'
A ruling on the Act handed down by the U. S. District
Court at Harrisonburg, Va., was referred to in our issue of
Nov. 16, page 3157.
Ruling of Judge Hamilton Upholding Constitutionality of Guffey Coal Act—Overrules Contention
that Law Violates Fifth Amendment of Constitution—Finds Processing Tax Valid
While brief reference was made in these columns a week
!Igo (page 3157) to the decision of Judge Elwood Hamilton,
in the Federal District Court at Louisville, Ky., on Nov. 14,
upholding the constitutionality of the Guffey Coal•Conservation Act, we are giving here a more extended account of the
ruling respecting the law—generally known as the "Little
NRA." The opinion, comprising 59 pages, consolidated
three cases in the Louisville Court relating to the act. The
"Courier Journal" (Louisville) of Nov. 15 reports as follows
regarding the decision:
The opinion deals at length with the history of constitutional thoughts,
with the history of the coal mining industry and with many other factors
involved in the subject.
It refers specifically to the petition of 19 Kentucky coal companies for an
legislainjunction to prohibit the collection of the taxes authorized by the
company
tion;the petition of a director of one of the 19 companies to force his
will
companies
to comply with the code because the taxes on non-complying
be such that they cannot operate and thus his company would be forced out.
of business, and the petition of the receivers in the case of a trust company
and a Kentucky coal company for advice on how to proceed in dealing with
the legislation.
Judge Hamilton's decision dismisses the petition to prevent collection of
taxes; adjudges it the duty of the company in the second petition to comply
with the provisions of the act, and in the third case also adjudges it the
duty of the receivers to comply with the legislation.
Non-Compliance Tar Suspended
Judge Hamilton postponed the judgment in the first two cases, where the
contention regarding the unconstitutionality of the measure is raised. He
Volume 141
Financial Chronicle
directed the companies to pay into Court the amount of the taxes they would
be obliged to pay if they complied with the act, that is, 1 3 % of the sal;
price of the coal at the mines, and that they also pay clerk fees, until the
case is finally decided by the Supreme Court. The judgment will be
enforced, however, if payment is not made on any of the installments when
due.
The act imposes a tax of 15% of the sale price of coal at the mines, complying companies receiving a rebate of 90%, thus penalizing the non-complying companies, which receive no rebate.
Judge Hamilton overruled Government contentions by holding that the
litigation was not premature, that the much-disputed Section 3224 was no
barrier to his giving a decision and that the case of the director against the
company presented a real controversy.
He overruled the opponents of the legislation in their general contentions
that the law violates the due process clause of the Fifth Amendment to the
Constitution and the reserve rights of the States and of the people as such
rights are guaranteed by the Tenth Amendment, and that it confers legislative power on the National Bituminous Coal Commission and other
agencies which the legislation sets up.
Schechter Case Cited
Citing the recent Supreme Court decision in the Schechter case, the
NRA case, that "the peecise line can be drawn only as the individual cases
arise, but the distinction is clear in principle," Judge Hamilton declared
that unless this distinction is kept in mind,the consideration of the decisions
of the Supreme Court will lead only to confusion.
"The Supreme Court has been careful to state," Judge Hamilton wrote,
"in many cases, that its decision is only applicable to the particular act
under consideration. The Court is committed to the doctrine that the
Constitution is a live and vital instrument, and is not static. It speaks
of the age when written, more than a hundred years ago. l'he Court
expands it in the language of its own age holding fast to the old words and
powers, but expanding them to keep pace with the expansion of our country,
Its citizens, its enterprises and Industries, and our rapidly growing civilization.
"The act here in question is not to be tested by the Court's decision on
some previous act, which was identical with a part of this one. . .
He declared that the facts clearly prove that the States acting alone are
unable to rehabilitate the bituminous coal mining industry as it affects
the people generally, the capital invested and the wage earner employed.
"Joint action of the States is imperative. The Congress should exercise
whatever power it has and if possible, the courts should avoid constitutional
barriers thereto," the opinion stated.
The opinion previously had taken notice of the facts of frequent fluctuations in the industry, the recurring poverty and hardships of its employees. . .
Congress' Power Discussed
"If a mass of things directly affect inter-State commerce, it would seem
within the realm of reason that Congress could take hold of any part of the
mass when it began to move the union of the whole," Judge Hamilton wrote.
"When the coal operator contracts his coal in advance of production, to
be transported in inter-State commerce, and the miner begins to dig the
coal and lift it to the surface of the earth, there to be put in the car on the
loading tracks and a part of it to be used to move the locomotive that carries
the coal, it would seem reasonable that under the power to regulate commerce the Congress would have power to legislate concerning the industry
at the beginning of the movement that was to continue uninterrupted until
ultimate delivery to a consumer or purchaser. Unless this be so. Congressional power to regulate commerce is confined exclusively to the vehicle
that moves the product," the opinion said.
Judge Hamilton pointed out that although he was allowing proof to be put
into the case in accordance with the wishes of the Government, he felt
certain that he was not authorized to hear it, that is to make a widespread
Investigation of things that affect inter-State commerce. the Congress
having that power. He held that in passing on the constitutionality of
the act, the Court does not sit as a reviewer of the facts before Congress
that prompted it to take legislative action.
In considering further the inter-State commerce features of the case, the
controversy which was admittedly the essence of the present case, Judge
Hamilton declared:
Slates' Powers Held Limited
"Improved methods of transportation and communication or close association of communities have somewhat wiped out State lines whenever we
come to consider political science as applied to government. State isolation no longer exists regardless of legislation. The people of States now
compete with each other where formerly only communities did. National
advertised products are so widely used throughout the country that States
have no longer, by legislation, the power to regulate industries, however
honest their purpose.
"To say that the production of products distributed on a national scale
can be effectively controlled by the States is both constitutionally and
economically absurd. To deny power in such a field to the National Government is tantamount to saying there shall be no legislation concerning
them."
Another major issue which Judge Hamilton dealt with was the one regarding whether the coal industry is or is not "affected with the public
interest" in the legal phraseology and meaning that would justify regulation.
Judge Hamilton cited the long history of poverty and strife by employees
of the industry to better their condition, controversies leading to murders
and other disorders. He declared that to say the industry is not affected
with the public interest is to ignore the facts. . ."
Relief Held Need
"Not only the economic, but the political future of the United States is
with
the
concerned
condition
of the mining industry," Judge Hamgreatly
ilton wrote. "No people ever feel the want of work or the pinch of poverty
for a long time without reaching out violent hands against their political
institutions, believing they may find in a change some relief from their
distress."
Judge Hamilton also stressed the conservation of natural resources and
the Government's power to regulate this. .
"Coal being a national wasting asset of the United States," Judge Hamilton continued, "it is in the Nation's interest that it should be used and
worked to the best advantage. Under the power of Congress to levy taxes
for the general welfare, it could, if deemed necessary, levy taxes and make
appropriations out of same to acquire all bituminous coal properties from
the present owners and nationalize them for the public good. It would be
lopsided system of Government that lacked the power to regulate an industry, but had the power to acquire it outright for the public good."
He then ruled that the production, sale and distribution of coal affects
Inter-State commerce, that it is affected with a public interest, and thus it
can be the subject of regulation by the National Government.
Thus he held that since the inter-State commerce clause of the Constitution is applicable, the Congress has the power to make reasonable regula-
3315
tions or laws relating to wages, production and marketing. He also held
that the prevention of price cutting in the sale of coal in inter-State commerce
below the average minimum cost of production in the several coal districts
is a matter which Congress has power to regulate.
He held that the administrative provisions of the act do not delegate
legislative power, as the opponents of the legislation contend.
Role of Taxes Analyzed
The contention that the tax provisions of the act are unconstitutional
because they are not for the purpose of raising revenue mainly. Judge Hamilton also overruled. He wrote that taxation has been used for many purposes other than the raising of revenue since the Constitution was adopted.
He held that Congress does have power to tax for the purpose of regulation,
except that such power cannot be used for promoting, retarding or destroying a business within the exclusive province of the States.
Judge Hamilton concluded the opinion in the following language:
"In considering the future of the States of the Union, we must keep in
mind the powers of government they can efficiently exercise. Modern
technology has broken down barriers of space and time. Nation-wide
organizations of every large industry in the United States; Nation-wide
advertisements of products over tne radio, the construction of Nation-wide
highways, the development of the airplane, a rapid system of transportation and communication, have made the States helpless in controlling and
regulating commerce. If we cling to the doctrine of States' rights in the
matter of commerce as it existed in the early days of the Republic, a palsied
hand holds the power and decay will set in in our Nation before its time.
If commerce is to be regulated and controlled for the public welfare in this
country, it must be by the National Government, because the States lack
the power to make effective their own regulations."
Former Federal Judge Charles I. Dawson, attorney for
the litigants, who contend that the law is unconstitutional,
have announced that an appeal will be taken.
National Bituminous Coal Commission Says Designation of Guffey Coal Act as "Little NRA" Is "Inaccurate and Misleading"
Chairman C. F. Hosford Jr. of the National Bituminous
Coal Commission in objecting on Nov. 16 to the designation
of the Guffey Coal Conservation Act as a "Little NRA" said
that the act regulating the bituminous coal industry was a
conservation measure with its provisions clearly defined by
Congress, "whereas the National Industrial Recovery Act,
in its broader aspect, simply made it possible for business and
industry to write their own voluntary codes." Mr. Hosford
is further quoted as saying:
The objective of the Coal Conservation Act is to conserve one of the
country's greatest national resources and to stabilize the Nation-wide
industry engaged in producing and marketing coal. There was never the
degree of enforcement power (in NRA) as is contained in the Coal Conservation Act. For this reason reference to the Commission as a "little
NTRA" is both inaccurate and misleading.
New York Fairrrade Act Held Unconstitutional in
Action Against R. H. Macy & Co.—New York
Supreme Court Justice Close Denies Right of
Producer to Control Commodity Until It Reaches
Consumer—"Loss Leaders" Legitimate Form of
Advertising
The Feld-Crawford Fair Trade Act of New York State is
unconstitutional, according to a decision handed down
Nov. 18 by State Supreme Court Justice Frederick P. Close,
nc., and
in a suit brought by Doubleday Doran &
Co.,H. Macy &
Doubleday Doran Bookshops, Inc., against R.
Co., to prevent the cutting of book prices under the statute
which applies to sales of all trade-marked commodities.
Justice Philin A. Brennan of the Supreme Court in Brooklyn
had upheld the constitutionality of the statute on Nov. 1,
and the petitioners in the case before Judge Close indicated
on Nov. 18 that they would probably appeal his ruling.
Justice Close, in his opinion, said that "loss leaders" are
no more destructive of competitors than are other forms of
advertising, and added that "unless the courts are prepared
to hold that by placing his brand upon a commodity the producer retains a property right in that commodity until it
reaches the hands of the consumer so that he may fix its
price at every stage of distribution, this statute must fall."
Extracts from the decision are given below, as contained
In a dispatch of Nov. 18 from White Plains, N. Y., to the
New York "Herald Tribune":
Justice Close pointed out that it was the constitutionality of the law,
not its economic wisdom, which was before him for decision. He cited
several cases to show that the Legislature had the power to authorize contracts fixing resale prices. It had been held also, he said, that a producer
might select only such customers as would abide by his price policy.
Attempts by the Legislature, however, he said, to fix the selling prices of
"ordinary commodities and services" had uniformly been held unconstitutional. In the case of People vs. Million, he pointed out, a law designed
to prevent cutting prices of foods by prohibiting the giving of premiums
with sales was held unconstitutional.
"It is claimed," he continued, "that while attempts at 'horizontal price
fixing,' i.e., agreements by groups and producers, wholesalers or retailers,
to fix the sale or resale price of their collective products or commodities
may be illegal, 'vertical price-fixing,' meaning thereby the efforts of a
single producer to fix and maintain the prices of his products by those
who sell to the ultimate consumer, is not.
"A law may be devised to bring about this result, but the defects in
this Act are so seemingly patent that it must be declared invalid. The
Act does not even provide that the producer shall enter into similar agreements with each retailer. One might be favored over another and seemingly the less favored one would have a cause of action against the more
favored retailer, though the latter would be living up to the letter of his
contract with the producer.
"Another defect is the attempt to give to private persons unlimited
power over the property of others. Unless the courts are prepared to hold
that by placing his brand upon a commodity the producer retains a property
right in that commodity until it reaches the hands of the consumer, so
that he may fix its price at every stage of distribution, this statute must
fall. That it is unconstitutional to place such power in the hands of
3316
Financial Chronicle
private individuals seems to be plainly indicated by such authorities as
Washington vs. Roberge, 278 U. S., 116; Yick Wo vs. Hopkins, 118 U. S.,
356; Baltimore vs. Radecke, 49 Md., 217.
"I am not unmindful of the line of cases where price discrimination has
been restrained where its purpose was to destroy competition of any regularly
established dealer or to prevent competition of any person who, in good
faith, intends to become such dealer (for an instance, see Central Leather
Co. vs. South Dakota, 226 U. S., 157), but such is not the case here. The
use of so-called 'loss-leaders' is to attract customers and is no more destructive of competitors than are other forms of advertising that attract public
attention. Assume that the defendant sold the article at the same price as
the retailer-plaintiff and gave a gift, prize or premium with each article
sold, the same result would be obtained."
Justice Close, in concluding, said:
Many writers on economic questions have long urged that legislative relief
be granted against so-called price-cutting, maintaining that it is an economic
evil that should be eradicated. That may be so, but my present opinion
is that our fundamental law must be changed before such an Act as this
can be upheld. If our present organic law is to be held elastic enough
to permit legislation such as this, it seems that so radical a departure from
precedent might better be announced by the court of last resort.
Motion by the defendant for judgment on the pleadings is granted and
complaint is dismissed.
New Report Issued by FTC Outlining Practice and
Procedure Under Export Trade Act—Is Revision
of Publication Issued in 1919
The Federal Trade Commission issued on Nov. 18 a new
publication entitled "Foreign Trade Series No. 2," outlining
the practice and procedure under the Export Trade Act
(Webb-Pomerene Act), which is administered by the FTC.
An announcement by the Commission said:
The new report is a revision of "Foreign Trade Series No. 1," published
by the Commission in 1919. It explains the purpose of the Export Trade
Act, the provisions of Sections 1 to 5 thereof, and presents Information as
to the filing of export trade association papers with the Commission, also
a discussion of the organization and operation of export associations. The
pamphlet outlines advantages obtained by Webb-Pomerene law groups and
lists the products that have been exported by these associations and names
of associations formed from 1918 to 1935.
An appendix includes a copy of the form used for filing a first report
under the Act, and reprints of the Export Trade Act, Sections 5 and 6(h)
of the Federal Trade Commission Act, Section 7 of the Clayton Act,
Sections 1, 2 and 3 of the Sherman Act, and Sections 73, 76 and 77 of the
Wilson Tariff Act.
The Export Trade Act grants exemption from the anti-trust laws to an
export combine or association that files certain papers and reports with
the FTC. The law safeguards domestic business by requiring that such an
association shall be solely engaged in export trade, that it shall not restrain
the trade of a domestic competitor, artificially or intentionally enhance or
depress prices within the United States of commodities of the class exported
by the Association, substantially lessen competition or otherwise restrain
trade within the United States.
Views For and Against New Trade Pact Between U. S.
and Canada—Lumber Manufacturers, Textile and
New York Dairy Interests Oppose Agreement—
While Other Industrial Interests Approve Pact—
Canadian Farmers Indorse Terms—Secretary Wallace Says American Farmers Will Benefit
Publication this week of the terms of the new reciprocal
trade agreement between the United States and Canada
resulted in a mixture of praise and criticism of the pact, although many industrialists and business interests in this
country and Canada announced that they preferred to study
the terms of the agreement in detail before commenting on
it. In general it appeared that the pact particularly pleased
most economists, Eastern industrial leaders, and manufacturers of machinery and automobiles in the United States,
while Canadian farm leaders approved the terms of the
agreement as a whole.
Opposition to the pact was expressed by New England
textile manufacturers, Western lumber concerns and New
York dairy farmers. Florida fruit growers expect that their
exports to Canada will be increased as a result of the agreement, while liquor importers predicted that it would cause
lower _prices for their product. Most editorial comment
seemed to favor the agreement. Publishers were gratified
that the United States had guaranteed continuation of Canadian newsprint on the free list and that the Canadian duty
on American magazines had been reduced.
Canadian Press advices of Nov. 18 from Toronto summarized the prevailing Canadian opinions as follows:
Lumbermen were jubilant at the prospect of increased shipment of
Canadian lumber to the United States because of lowered duties. Livestock shippers also saw increased exports resulting from the new duties.
Dairy farmers were pleased with lower rates on some of their products.
Manufacturers of automobiles, radios, farm implements, electric refrigerators and other articles believed they would suffer from United States
competition. Textile industrialists expressed similar views. Printing
firms were fearful many United States magazines now printed here would
abandon Canadian publication when the United States magazines are admitted duty-free.
Distillers expressed satisfaction with downward revision of duties on
liquors, believing they could find a ready market for the large stocks of
aged liquors on hand.
Merchants of border cities and towns awaited definition of the"tourists"
who will be permitted under the treaty to bring back $100 worth of goods
duty free from the United States. They were of the opinion border residents making daily trips over the line or tourists visiting the United States
for one day would not be privileged under that clause.
Sir Thomas White, former Minister of Finance, said at Toronto: "The
lowering of United States tariffs on lumber, fish, agricultural products
and other commodities should prove of material advantage to Canadian
primary producers."
Nov. 23 1935
J. S. McLean, President of Canadian Packers, Ltd., declared he foresaw
"more expensive meat for Canadian consumers because cattle prices will
go up." Colonel Harry Cockshutt, President of Cockshutt Plow Co.,said
at Brantford the treaty would not increase industrial production for home
consumption and would not help employment.
Fish exporters in the maritime provinces were disappointed to learn
there was no reduction on Canadian haddock and cod exported to the United
States, pointing out these were the chief exports from maritime fisheries.
On the other hand at Edmonton satisfaction was expressed at a reduction
of K cent a pound on Canadian whitefish exports.
Secretary of Agriculture Wallace on Nov. 18 issued a
statement in which he said that the new agreement would
benefit them in the long run. On the same day representatives of the lumber industry denounced the past. Wilson
Compton, Manager of the National Lumber Manufacturers
Association, said that the forest products industries and their
employees "have been sacrificed for promised benefits to
other industries or other interests regarded as more 'deserving.'"
Secretary Wallace issued the following statement on Nov.
18:
The United States has always had a greater volume of trade with Canada
than with any other country except the United Kingdom.
This extremely profitable mutual relationship, amounting on the average
to over a billion dollars a year, was rudely broken off by our Tariff Act of
1930 and by the retaliatory Canadian tariff shortly thereafter. It is my
opinion that the new trade agreement with Canada is beneficial to all people
of the United States and especially to farmers.
There are a few groups which will fear they are being hurt by the new
agreement, but actually in those cases the tariff reductions are moderate,
and in addition there are quota restrictions of such a nature that imports
from Canada cannot affect the American price structure by more than 1%.
This small effect, in my judgment, will as a rule be more than offset
by the increased payrolls of industries established along the northern
border and in the Northeastern States. These increased payrolls will
stimulate the demand in the United States for most of the farm products
in which there has been a slight reduction in duty.
I am thoroughly convinced that the Canadian treaty will prove of benefit to the whole of American agriculture, and that no particular branch el
farming will be seriously, if at all, disadvantaged.
A Washington dispatch of Nov. 18 to the New York
"Times" noted other opinion with respect to the agreement
as follows:
Secretary Morgenthau said that the United States will be able to obtain
at reasonable prices a needed supply of 4-year-old whiskey under the reduction of duty from $5 to $2.50 a gallon which the agreement included.
United States distillers have not yet on hand any considerable stock of
aged whisky, Mr. Morgenthau indicated. Stocks on July 1 amounted to
4,000,000 gallons more than four years old, while national consumption
was running at the rate of 5,000,000 gallons.a month.
"Reducing the duty will supply a need we cannot take care of, and I
am glad to see the whisky come in," said the Secretary of the Treasury.
It was apparent that American officials, in their satisfaction over the
agreement, are not going to be tempted to outline the concessions gained
from Canada in too glowing terms, for fear of jeopardizing prospects of
ratification by the Canadian Parliament, which will not meet until late
In January.
Meantime, plans to complete an agreement with the Netherlands within
the next 10 days were rushed by the State Department. Jonkheer H. M.
van Haersma de With, the Minister of the Netherlands, took a Dutch delegation of foreign trade experts to call on President Roosevelt at the White
House to-day. When they left he expressed hope for an early completion
of the pact, on which negotiations have been in progress for some time.
Other Farm Groups' Reactions
Some spokesmen for dairy interests and fruit growers were among those
who were agreeably surprised at the treaty's provisions.
A. M.Loomis of the National Dairy Union said the reduction of duty on
cheese from 7 to 5 cents a pound might cause some disturbance in the dairy
Industry. He predicted, however, that the competition would come, not
from Canada, but from New Zealand under the expected generalization of
the concessions granted in the Canadian agreement.
The National Co-operative Milk Producers Federation foresaw increased
competition with American butter, or in the case of imports of fresh cream
a piling up of our own Middle Western butter stocks. "Great distress"
for the cheese producers of Wisconsin, Minnesota and Oregon also was
forecast.
Florida fruit growers, who had criticized the Cuban agreement, which
lowered duties on certain seasonal fruits, felt that the Canadian agreement
made up to them in a small measure the damage which they claimed the
earlier pact caused. The admission of oranges free of duty to Canada in
January, February, March and April, with a 50% reduction in Canadian
duty on vegetables effective during the whole year will open the Eastern
Canadian market to Florida growers, just as the Cuban agreement opened
the Eastern American market to Cuban growers.
Since the population in the Eastern United States greatly exceeds that
of Eastern Canada, the fruit men said that they are not fully compensated,
but that they were grateful for what they did receive. Nevertheless, there
was no announcement of a change in the plans to challenge the constitutio -.salty of the Trade Agreements Act in a case to be brought by the Florida growers protesting the Cuban tariff reductions.
The lumber interests of the Northwest were the most outspoken critics
of the concessions. The competition in this industry is largely centralized
in Washington, Oregon and British Columbia. National Recovery Administration and wage disputes following the enactment of the Wagner
Labor Disputes Act have forced wage levels on the American side of the
border to an average of 63 cents an hour. while Canadian lumber men pay
only 35 cents, it was asserted.
A statement by Secretary Hull regarding the reaction to
the agreement is given elsewhere in this issue.
United Gas Improvement Co. Acts to Test Constitutionality of Public Utility Holding Co. Act—With
Subsidiaries it Declines to Register With SEC—
Consolidated Gas Co. Takes Similar Action
Following the decision of its directors not to register with
the Securities and Exchange Commission under the provisions
of the Public Utility Holding Company Act of 1935, the
United Gas Improvement Co. on Nov. 20 filed a suit in the
Volume 141
Financial Chronicle
United States District Court in Philadelphia to test the
Constitutionality of the Act, according to the Philadelphia
"Record" the company also asked that temporary injunctions
be issued forbidding enforcement of the act against the
company.
From the "Record" we also quote:
The U. G. I's defiance was hailed as the beginning of a legal revolt
by the country's large holding companies, which fought in vain to prevent
passage of the bill. U. G. I. is the oldest utilities holding company in the
country and the first major company to refuse.
The specific provision of the Act which the U. G.I. announced yesterday
it will refuse to obey is registration with the SEC. The deadline set for
registration is December 1.
Board Hears Opinion
The company's action was announced yesterday afternoon by John E.
Zimmermann, President of the corporation. He said:
"At a special meeting of the board of directors of the United Gas Improvement Co., held to-day. the President submitted a joint opinion of George
Wharton Pepper, Esq., and the law firm of Morgan. Lewis and Bockius, to
the effect that the P ublic Utility Holding Company Act of 1935 was unconstitutional, and stating that: 'Because we are convinced that this title
(Act) cannot be sustained under the commerce power, the postal power, or
any other, we have no hesitation in advising the United Gas Improvement
Co.and its subsidiary holding companies to refuse to register under the Act.'
"In view of the serious effect of registration on this company and its
stockholders, the board of directors unanimously decided that the United
Gas Improvement Co. should not register as required by the Act and that a
bill of complaint should be filed in the District Court of the United States
for the Eastern District of Pennsylvania to enjoin the enforcement of the
Act."
Letter Sent Stockholders
This publicstatement was supplemented by a much lengthier letter signed
by the President of the U. G.I and sent to all the stockholders.
The 'etter called attention to a previous recent decision that the Act
was unconstitutional. This ruling was made Nov. 7 by Judge Coleman,
of the U. S. District Court in Maryland, which held the public utilities act
"invalid in its entirety."
Zimmermann quoted from Judge Coleman's opinion:
"In the Public Utility Act, invalid provisions are the rule rather than the
exception. So devoid are its provisions of any attempt property to distinguish between Intra-state and Inter-state Commerce, that were dissection.
attempted scarcely a clause would survive, save perhaps the preamble." . . .
Printed copies of the bill in equity were given out by the U. G. I. after
filing late yesterday afternoon with the clerk of the U. S. District Court.
Counsel for the company did not go into Court with a verbal request for
either a temporary restraining order or temporary injunction. It was
understood, however, that lawyers for the U. G. I. might take this action
to-ilay. The bill of complaint as filed asks for preliminary injunctions
against enforcement of the various provisions of the Act.
Farley One of Defendants
The complaint is directed against members of the SEC,James M.Landis,
James D. Ross, George C. Mathews and Robert E. Healy. Other defendants named are Homer S. Cummings, Attorney Ge .eral of the United
States; James A. Farley, Postmaster General; Charles D. McAvoy, United
States Attorney for the Eastern District of Pennsylvania, and Joseph F.
Gallagher, Postmaster of Philadelphia. All are made defendants individually as well as by virtue of their office. . . .
Has National Significance
The complaint is signed by former Senator Pepper, Francis B. Bracken
and William Clark Mason. All three are eminent corporation counsel.
The U. G. I's refusal to register and its suit in equity are considered of
national significance because of the tremendous wealth and power of the
corporation.
Has 55 Subsidiaries
At the end of 1934 the company listed assets valued at more than $800,000,000—a figure greatly increased according to financial experts by recent
upward trends in the stock market. The U. G. I. owns or controls more
than 55 subsidiaries, both holding and operating companies, principally in
the electric power industry. It operates the Philadelphia Gas Works under
contract with the city and its principalsubsidiary is the Philadelphia Electric
Co., which furnishes this city and its people with light and power. It also
has investments in 24 holding or operating companies which it does not
control.
A course similar to that of the United Gas Improvement
Co. has been decided upon by the Consolidated Gas Co. of
New York. As to this we quote the following from the New
York "Journal of Commerce" of Nov. 22.
An amendment filed with the SEC in Washington revealed that the Consolidated Gas Co.of New York and its subsidiaries do not intend to register
under the Act and that they will seek Court ruling on the constitutionality
of the law.
The amendment was filed by the New York & Queens Electric Light &
Power Co., which stated that it had been advised that neither the Consolidated nor any of its subsidiaries intended to register as required by the Act
or to apply for exemption. The amendment was filed in connection with a
proposed $25,000,000 bond issue for refunding purposes. At the offices
of Consolidated it was said that no statement elaborating on the company's
position would de made.
The same advices stated:
U. G. I. Case Seen as Test
The United Gas Improvement action, filed Wednesday in Philadelphia
was generally regarded as the test case which will be carried to the Supreme
Court and fought out there ... .
The company's subsidiaries swiftly followed its appeal and it appeared
that other holding companies would take similar action in refusing to observe the Dec. 1 registration deadline. The Delaware Electric Power Co.,
U. G. I. subsidiary, filed a bill in Federal Court at Wilmington, and the
Philadelphia Electric Co., another U. G. I. subsidiary, filed suit in the
Federal Court in Philadelphia,asking for injunctions to restrain the Government from enforcing the Act and requesting that the statute be declared
unconstitutional. The complaints were similar to that filed by the parent
company, stating that the companies would "suffer irreparable damages
from enforcement of the provisions" of the holding company law.
Secretary Roper Warns Shipping Men of Threat of
Government Ownership—Tells Marine Conference
Compromise Legislation Should Be Sought—Assistant Secretary of State Sayre Urges Increase of
Imports to Aid Shipping
Conflicting interests in the shipping industry must submit
to "concessions and compromises" if they wish to obtain
3317
effective shipping legislation at the next session of Congress,
Secretary of Commerce Roper told the American Merchant
Marine Conference, meeting in New York City on Nov. 18.
Mr. Roper predicted that a tentative law would be passed,
and that in the light of experience under this statute changes
designed to bring about maximum benefits and minimum
hardships could be drafted. He warned the conference that
we are 'at the critical point in our merchant marine situation
when the industry must support an approach of this kind if
Government ownership and operation is to be delayed or
prevented."
Francis B. Sayre, Assistant Secretary of State, told the
conference on Nov. 19 that only by encouraginginan unfavorable balance of trade could this country eiltage in
foreign commerce on a large scale. He said that a large
increase in imports would not harm American industry, and
added that the American high tariff was one of the most
serious contributing causes of the world depression. The
New York "Herald Tribune" of Nov. 20 quoted from Mr.
Sayre's speech as follows:
Mr. Sayre used as his basic hypothesis, that the receipts and outpayments
of participants in international trade must eventually balance. The real
question in America to-day, he said, is where to strike the balance. He
recited a short history of America's Position in international trade; how
the country was a debtor nation before the war, requiring a favorable trade
balance to make its interest payments abroad, how it became a creditor
nation during the war, and how, after the war was over, a failure to recognize this altered position caused the passage of higher tariffs, and a maintenance of the export balarfce. Now the export balance has fallen at last.
Exports Show Decline
"During the first nine months of 1935," he said, "our excess of exports
over imports amounted to only $64,981,000, as compared with an export
excess of $318,779,000 during the first nine months of 1934. We are coming within striking distance of a balance between our exports and our imports. This may be but a temporary phenomenon. It may be due more
to the drought of 1934 than to any other cause. But at least for the present
we are moving in the right direction. And it is of high importance that
this balance is being reached, not through a reduction of exports (which
showed a slight increase), but through a substantial increase of imports
(amounting to some $260.699,000)."
Mr. Sayre argued that international debts could only be paid with gold or
services or goods, and he ruled gold out of the international trade picture
as chiefly used for capital expenditure. American interests, he said, require that European gold stocks remain large enough to keep European
currencies somewhere near stability.
He described how the post-war export surplus had been maintained by
pyramided American loans abroad, and he recalled how the pryamid fell
of its own weight in the early stages of the depression. He attacked the
movement toward "economic self-sufficiency" as naturally impoverishing, since it must cause a decrease in trade. He called the "export-mindedness" of such debtor countries as the United States "outworn", and acidly
described the different subterfuges, such as depreciated currency and import quotas, resorted to all over the world by countries wishing to keep a
"favorable" trade balance.
The New York "Journal of Commerce" of Nov. 19 gave
the following extracts from Secretary Roper's address of the
preceding day:
Secretary Roper recognized the necessity for Government support of
the merchant marine but held that a new system of aids is needed. The
Secretary recalled President Roosevelt's broad general outline of a new
subsidy system.
His speech dealt with three phases of the merchant marine problem which
he described as foreign trade requirements, national defense necessity and
"the highly mooted and well booted question of subsidies."
"In recent years the necessary financial assistance has been granted
in various ways, all of which have proved more or less satisfactory," he
said. "There have been some laxities in administration and a number of
abuses. More serious still, there has come the conviction that the present
system of Government aid has failed in its main objective. It has not given
us and it will never give us—the sort of merchant marine so much needed.
Neither does it adequately protect the interests of the Government, nor
advance the best interests of the American merchant marine itself.
"We need a new system of Government aids, fashioned along more
scientific lines, a business-like system wisely administered that will develop
and maintain a thoroughly modern foreign trading fleet, large enough for
our commercial needs, awakening and gratifying our National pride, and
of speed and efficiency that will meet all the auxiliary requirements of the
Navy in time of emergency."
Looking forward to the task of bringing about enactment of a new
shipping bill, which is now being revised by a committee of Commerce
Department officials, Mr. Roper said:
"Obviously, it is going to be impossible to enact shipping legislation that
will be entirely satisfactory to the various elements composing the American shipping industry. Some lines operate exclusively in foreign trade,
others divide their business between foreign and intercoastal trade, still
others comprise industrial carriers which transport a percentage of foreign
goods.
"These are the major differences and characteristics, but there are
additional complexities which complicate the problem. To get a law that
will be 100% satisfactory to each of these several interests would seem
impossible. Hence, reasonably effective initial legislation as a starting
point, to which modifications and adjustments can be made later would or
should be possible. This means some concessions and some compromises."
Liquidating Distribution of $2,207,655 to Be Made by
Railroad Credit Corp. on Nov. 30
The Railroad Credit Corporation will make a liquidating
distribution on Nov. 30 of $2,207,655, or 3%, to participating
carriers, it was announced Nov. 18 by E. G. Buckland,. President. Of this amount, Mr. Buckland said, $1,161,334 will be
paid in cash and $1,046,321 credited on obligations due to
the Corporation. He continued:
This will be the twenty-second distribution that has been made to participating carriers since liquidation began on June 1 1933, and will bring the
aggregate returns to 39% of the fund developed through the pooling of the
emergency charges allowed under ex parte 103. The total of $28,699,513
distributed will then have been divided $13,206,546 cash and $15,492,967
credits.
3318
Financial Chronicle
Nov. 23 1935
Economists Warn of Passage of Fiat Money Bonus Bill
at Next Session of Congress —Monetary Committee
Urges Support of President Roosevelt if Measure
Is Vetoed
not in a position to respond with alacrity or enthusiasm to-day because on
the one hand it is disillusioned and disheartened, and on the other its
resources are sadly depleted by the costly experiments of the last two
years."
A warning that Congress may pass a soldiers' bonus bill
over President Roosevelt's veto in January, providing for
the issuance of $2,500,000,000 in paper money, was issued
on Nov. 17 by 80 members of the Economists National
Committee on Monetary Policy. The Committee urged
that "all persons request their Congressmen and Senators
to oppose the issuance of such money." The statement said
that the issuance of fiat money is the most dangerous device
which am country can use to finance any enterprise. The
text of tWe Committee's statement is given below:
•
There is a very real possibility that the Congress which convenes in January will provide for the issue of approximately two and a half billion
dollars of inconvertible paper money as a means of paying the soldiers'
bonus.
If the soldiers' bonus bill should be passed, payments might be made
in any one of various ways, but the most dangerous means which might
be employed would be the issue of inconvertible paper money in the form
of greenbacks (such as the inconvertible and unsecured United States notes
of Civil War days). The probabilities that Congress may resort to the
issue ofsuch money are too great to be ignored by the people of the country.
The President already has taken sound and statesmanlike position in
opposition to this form of currency inflation in connection with his veto
of the Patman Bill on May 22 1935. But the President's commendable
stand against the issue of such money may be insufficient to prevent Congress from forcing its issue over a Presidential veto.
The issue of inconvertible paper money, sometimes called fiat money,
is the most dangerous device which a country can use to finance any enterprise, regardless of the nature of the purpose.
We believe that the possibility of the next Congress providing for the
Issue of such a money is so great that a general warning should be issued
to the people of this country while there is yet time to develop an effective
opposition to such a proposal.
We urge that all persons request their Congressmen and Senators to
oppose the issue of such money: that all persons write their newspapers
regarding this important issue, and that clubs and various organizations
pass and publish resolutions in condemnation of the use of such a dangerous monetary device. Ways also should be found to let the President
know that those who advocate sound currency and disapprove all unsound
monetary devices fully support the position he has already taken in oilposition to the issue of such money.
Among the signers of the statement were Leonard P.
Ayres of the Cleveland Trust Company, Alzada Comstock,
Mount Holyoke College; D. W. Ellsworth, The Annalist,
New York; William D. Ennis, Stevens Institute of Technology; E. C. Harwood, American Institute for Economic
Research; Edwin. W. Keminerer, Princeton University;
Walter E. Spahr, New York University; Oliver 0. M. W.
Sprague and Frank W. Taussig, Harvard University; Ray
B. Westerfield, Yale University, and H. Parker Willis,
Columbia University.
Business Leaders Attack New Deal Policies—T. W.
Pangborn Demands "Permanent Peace" Instead of
"Breathing Spell" for Industry—Other Speeches
Before National Founders Convention
Attacks against New Deal policies and legislation were
made Nov. 20 before more than 185 industrialists from all
parts of the country who met in New York for the 39th
annual convention of the National Founders Association.
Thomas W. Pangborn, President of the Association, demanded a "permanent peace" rather than a "breathing
spell" for industry, and asked that busir ess be given an
opportunity to "work out our own salvation in terms of individual effort and individual initiative." Tom M. Girdler,
President of Republic Steel Corp., said that for the past five
years business has been a "football" which has been kicked
around by "reformers," while Dr. Walter E. Spahr, head of
the Department of Economics of the New York University
School of Finance, charged that the New Deal is "socialistic
and revoluntary,"
NipThe New York "Herald Tribune" of Nov. 21 gave the
following summary of the principal speeches at the convention:
Tom M. Girdler, Chairman and President of Republic Steel Corp.,
charged that for the last five years business has been a "football," kicked
around by economic forces, politicians and "so-called reformers." He
emphasized that a middle ground was necessary between cut-throat competition which debases prices, and too-high prices which retard research
and the ability to broaden markets through making products available to
larger numbers at lower prices because of lower coats.
J. H. Van Deventer, Editor of"Iron Age," presented an argument against
public ownership, asserting that until the efficiency of communal ownership is demonstrated, "it is futile to erect fancy and speculative structures
of social philosophy."
Dr. Walter E. Spahr, Chairman of the Department of Economics of the
School of Commerce. Accounts and Finance of New York University
closed the day's program with a 5,000-word denunciation of the New Deal.
in which he accused the National Administration of political motives and
warned business of the danger of inflation.
Dr. Spahr warned of the danger of spending, asserting that the Administration had "collected the greatest vote-buying treasure that this Nation
has ever seen." In addition, he alleged, the Government had adopted
"not only policies of extreme regulation and repression but the chief principles and policies of socialism," as a result of which business is "ke,t in a
perpetual state of uncertainty."
In his remarks at the opening of the session, Mr. Pangborn said in part:
"We are rapidly approaching a National election. The air is heavily
surcharged with claims and counter claims. It is hardly a fitting time
for more governmental experiments. What is needed now is more than a
breathing spell—it is a permanent peace. Industry has co-operated with
Government in many ways that are remarkable when we consider the many
valid excuses it might have had for withholding its co-operation. It is
A resolution introduced by Frank M. Weymouth, Chairman of the Resolutions Committee, was adopted at the closing session of the convention on Nov. 21.
'Recognizing fully the economic danger of regimentation and 'spending
more than you earn' on the part of Government, and believing that the time
has come when these policies should stop and when the country shoull definitely adopt the principle of 'working it out for ourselves,' therefore be it
resolved
That the National Founders Association adopts for itself and recommends to all industry the policy of presenting sound basic principles to
members of legislative bodies and executives of government all over the
country, directly and as strongly as possible, and be it further resolved
"That we agree in principle with the proposition of making individua
voters everywhere tax-conscious through the strongest methods available.
4.
Harvard Business School Reports Substantial Profits
by Variety Chains in 1934 Although Operating
Expenses Increased
Limited price variety chains made substantial profits in
1934 in spite of a sharp increase in operating expenses,
according to a report released Nov. 6 by the Bureau of
Business Research of the Harvard Business School, Cambridge, Mass. This report, financed by the Limited Price
Variety Stores Association, is one of a series devoted to
chain store margins, expenses, and profits, the Bureau
announced. These data for variety chains are now available
for 1929 and subsequent years, with the exception of 1930.
In summarizing its latest report the Bureau of Business
Research said:
The 1934 study is based on the operations of 30 chains which made
aggregate net sales of more than $722,000,000 in 4,902 stores. These
chains are believed to have secured more than 85% of the total variety chain
volume in the United States in 1934. The gross margin, or the difference
between sales and the cost of the merchandise sold, in the aggregate was
approximately $265.000,000, or Just under 37 cents of the sales dollar.
Out of this sum the 30 chains met expenses of $230.000.000, or 31.9 cents of
the sales dollar, and secured a net operating profit of $35,000,000, or 4.86
cents of the sales dollar. Net profit, including non-merchandising income,
amounted to 15.19% on the aggregate net worth.
Trends .Since 1929
The report deals at considerable length with the results secured by 16
identical firms over the years 1929 to 1934. During the early years of
the period these firms were expanding steadily with the result that they
operated 2,241 stores in 1934, as compared with 1,595 stores in 1929. This
notable increase in the number of outlets permitted these firms to report
aggregate dollar sales in 1934 in excess of the volume secured in 1929, in
spite of the fact that average sales per store declined materially during the
depression. On the other hand, the increase in the number of stores made
it impossible to reduce aggregate expenses in conformity with the decline
In sales, and operating costs rose from 27.02% of sales in 1929 to 30.66%
of sales in 1934. The latter figure represented a decline from the peak
expense percentage of 31.55% in 1932.
In spite of the increase in operating costs as a percentage of sales, in 1934
these variety chains secured profits 80% as large as profits in 1929. These
profits were made possible by a gross margin percentage distinctly higher
than that secured in 1929.
Expenses per Store
Sales per store declined nearly one-quarter between 1929 and 1934, but
there was not a proportionate decrease in most items of expense. Salaries
and wages per store were reduced only from $28,848 to $23,956. or 16.96%,
while tenancy costs per store fell but 6.39%. The only expense item showing
a substantial increase was taxes. Taxes per store rose from $605 to $1,360.
or 124.79%.
Operation of Small Chains More Profitable
It was found that in 1934 the small chains, operating primarily in small
communities, had profits as a percentage of sales more nearly comparable
with those of the large chains than was the case prior to 1934. A further
finding was that those firms which specialized in nickel and dime merchandise had higher percentage profits than those with higher price limits,
in spite of the fact that the former's operating costs were distinctly higher in
relation to sales volume.
Summarized figures for 1934 are as follows:
Aggregate Net Sales=100%
Number of firms
30
Number of stores
4,902
Aggregate net sales
$722,443,330
Gross margin
36.76
Salaries and wages
15.37
Tenancy costs
10.12
All other expense including interest
6.41
Total expense including interest
Net profit or loss
Net other income (including interest on net worth)
Net Gain: Percentage of net sales
Percentage of net worth
Stock-turn (times a year, based on beginning and ending
inventories)
• 31.90%
4.86%
3.00
7.86%
15.19
4.74
Request By Merchants' Association of New York That
President Roosevelt Make Permanent "Breathing
Spell" for Business
Louis K. Comstock, President of the Merchants' Association of New York, made public on Nov. 17 a letter which,
under the instructions of the Association's Board of Directors,
he sent on Nov. 15 to President Roosevelt, suggesting to the
President that the time has come when business should
receive unqualified assurances from the country's Chief
Executive that the "breathing spell" for business which
became effective with the adjournment of Congress "is to
become in fact a permanent period during which business
may live in a wholesome atmosphere of confidence based on
the knowledge that it will be free from further Government
interference and further burdens in the form of taxation."
Volume 141
Financial Chronicle
It is important for business advancement, the letter declared, for business to know where it stands with Government. Expressing the Association's opinion of the national
finances, the letter urged the following:
1. Great reduction of both the ordinary expenditures and the extraordinary expenses of the Government.
2. Presentation of a plan for balancing the budget at an early specified
date.
The Association's letter to the President follows:
Nov. 15 1935.
Hon. Franklin D.Roosevelt,
President of the United States,
Washington, D. C.
Dear Mr.President —rho Board of Directors of the Merchants' Association of New York has instructed me to record with you their judgment
that the time has come when business should receive unqualified assurances
from you that the so-called "breathing spell" which became effective with
the adjournment of Congress is to become in fact a permanent period
during which business may live in a wholesome atmosphere of confidence
based on the knowledge that it will be free from further Government
interference and further burdens in the form of taxation.
The remarks made by Secretary Roper on this subject during a recent
speech in New York City were indicative. The confidence which they
have engendered would be enormously stimulated if you would make it
plain that the full force of the authority of the President will now be placed
behind a policy which will enable trade and industry to go forward with a
reasonable degree of certainty as to its position. The fact that Congress
is shortly to reassemble and that thereupon new proposals for the regulation,
taxation and control of private business are certain to be launched should
provide ample ground for such action by you.
Since the "breathing spell" began there has been distinct and widespread business revival. We believe that that revival can continue to a
point where trade and industry can absorb a large proportion of the remaining unemployed, but it will not continue if private industry is to be subjected to the harassment of new Government regulations and to the constant
fears aroused by threats of new regulative measures and unfriendly public
agitation. In determining its policies business is entitled to know where
it stands with the Government. In the absence of such knowledge, it
must hesitate because the adoption and execution of any program is hampered by the fear that some new Government action will interfere with
the development of that program. When business knows where it stands
and how it stands, then it can devote itself intelligently to the problem of
advancement.
The Association's Board of Directors also instructs me to call to your
attention their opinion of the state of the national finances. It seems plain
to us that the national expenditures have proceeded to the point where
under any sound plan there must be great curtailment. We believe that
the outlay both for the ordinary expenditures and for the so-called extraordinary expenditures of the Government should be greatly reduced and
that a definite plan should be presented for balancing the budget at an
early specified date. If business could be assured of the balancing of the
budget, at a definite early date, through drastic reduction of expenditures,
there would be provided an enormous incentive for the larger entrance of
capital into private industry and absorption of the unemployed by business.
So long as the Government continues operations with an unbalanced budget
business cannot have complete confidence.
Let us remember that in the long run the staggering bills that have been
Incurred by government during the last five years can be paid only by
successful private enterprise. This fact alone would seem to provide
sufficient reason for encouraging and not discouraging private enterprise.
Recognizing that for a considerable time it may be necessary to provide
sustenance for a diminishing proportion of our population we think it quite
possible that more economical means may be found than those which are
now used. The subject is certainly worthy of study.
The national debt has now reached a figure in excess of the maximum
post-war debt of 1919. To determine the obligation of the individual
citizen we must add to the national debt around 20 billion dollars of State
and local debts. A debt for the people of the United States approaching
$50,000,000,000 is a warning signal. It is obvious that if we go on indefinitely without striking a balance between the income and the outgo
we must reach a point where monetary inflation with all its disastrous
consequences will be unavoidable. All plans for the further outlay of
Government funds such as would be involved in the immediate payment of
the soldiers' bonus should, in the interest of self-preservation, be frowned
upon.
It lies within your power, Mr. President, to curtail expenses. It lies
within your power to bring about a true program of Government economy.
We are of the firm conviction that both altruism and humanitarianism
must consider the future as well as the present and that, everything considered, the best exercise of these two virtues lies in the application of
sound economics.
Permit me to say, Mr. President, that the Board of Directors of the
Merchants Association of New York has directed me to write this letter
because of their firm conviction that the future welfare of this country
rests in large measure upon the establishment of the policies which we
have outlined.
Respectfully submitted,
LOUIS K. COMSTOCK, President,
THE MERCHANTS' ASSOCIATION OF NEW YORK.
The remarks of Secretary Roper referred to above were
noted in our Nov. 16 issue, page 3160.
Senator Dickinson Says United States Faces Most
Menacing Crisis Since Civil War—Tells N. Y.
Chamber of Commerce Government Policies Border on Communism----Urges Business Men to Enter
Politics—Governor Ehringhaus of North Carolina
Also Speaks at Annual Banquet
The most menacing crisis since the Civil War faces the
United States as a result of certain New Deal policies, Senator L. J. Dickinson of Iowa declared in an address on Nov.
21 before the 167th annual banquet of the Chamber of
Commerce of the State of New York. Senator Dickinson,
who was the principal speaker at the dinner, urged business
men to enter politics and fight for representative Government. He said the Nation needs "brave and unselfish
leadership of a high order" to oppose current trends of "near
communism" in the Government, and added that the people
3319
must be aroused to "the zealous fervor of a crusade" to
achieve victory.
Secretary of Labor Perkins was a guest at the dinner,
marking the first time that a woman has ever been present
at the Chamber's annual banquet. Governor John C. B.
Ehringhaus of North Carolina discussed the progress winch
his State lais made during the depression, while Thomas I.
Parkinson, President of the Chamber, acted as toastmaster.
A press release by the Chamber summarized the addresses
at the banquet in part as follows:
Commenting on the fact that the Chamber, in its origin, antedated both
the American Revolution and the formation of the Union, Senator Dickinson said it brought to bear upon our present problems "an historical perspective and seasoned judgment" that was of inestimable value. He
praised the Chamber for having "dared to speak out fearlessly for sound
principles when all about were those counselling compromise for the sake
of mere expediency."
"Everywhere men sense that the Constitution itself is in peril," Senator
Dickinson ieclared, "and that America, as a result of the political heresies
now current, faces a national crisis more critical than any since the Civil
War."
Senator Dickinson said that perhaps the most outstanding development
in American political life so far this century was the steady decline in party
responsibility and disregard of platform pledges. The direct primary had
played directly into the hands of demagogues, he said. He criticized the
tendency of I reddential and gubernatorial candidata; after election to
appoint their personal campaign managers to key positions in the party
hierarchy.
"To bring about that return to representative government, therefore, a
first essential must be restoration of party responsibility and of responsible
party leadership," he continued. "If breaches of platform covenants are
to be condoned through subsequent re-election, then the making of such
pledges not only has been rendered meaningless, but another of the foundation-stones of democratic government has been removed. The last
restraint upon the demagogue has been loosened and the way opened to
an utterly reckless and irresponsible exploitation of political power."
The integrity of the electoral system was menaced by what amounted
to open subsidy in winning support from large groups of voters, Senator
Dickinson declared.
"Federal funds or credit extended for political projects which benefit
such groups exercise a sinister influence never anticipated when our plan
of legislative representation was established," he said.
The speaker referred to the great "unofficial power" wielded by President
Roosevelt, saying:
"His wishes influence the ebb and flow of commerce through conferences
held with business and financial leaders. He establishes and lays down
the policy for regulatory bodies such as the Federal Trade Commission, the
Federal Reserve Board and the Securities Commission. . . . He decrees a 'breathing spell' for business and there is great rejoicing; but he
has only to frown and threaten new punitive measures and all business men
shiver and take to the cyclone cellars."
The Administration's monetary program was criticized by the Senator
as arousing "on the one hand a fear of inflation, while on the other rises
the specter of crushing taxation." He pointed out the "contradiction and
inconsistency" of the Administration's crop restriction and emergency
spending programs.
"The blunt truth is that, as a result of this effort to find political cure-alls
for economic ills, the Nation is now faced with fresh problems even mbre
serious and more menacing to its future than those which arose out of the
depression itself," he said.
"The balancing of the national budget, of course, must be effected at
the earliest possible moment. Profligate spending of the Nation's accumulated resources must stop and a pay-as-you-go policy substituted.
Industry must be revived by a return to sound and equitable principles of
taxation. The public must be brought to see that 'invisible' taxes are never
escaped but are more costly in the long run and more harmful to sound
recovery than taxes directly paid."
Senator Dickinson likened the issue to-day as the same that Lincoln
faced during the Civil War—the issue of moral courage.
"For we are engaged, now as then, in testing the moral fibre of a free
people to carry on and surmount adversity," he said. "That requires
above all else honest thinking. It means discarding that traditional
political hypocrisy which would hide real and unpleasant facts from the
public behind a smoke-screen of glowing promises.
"To carry that m_ssage to the people so that they will understand calls
for brave and unselfish leadership of a high order. It means, furthermore,
that in those vital decisions which must be taken there can be no compromise with principle. This is no ordinary campaign, my friends, merely to
gain power or to hold office! Something much more fundamental is at
stake. To achieve victory there must be aroused the zealous fervor of a
crusade, and that pride and loyalty to country, that righteous wrath which
would repel any foreign invader of our homes!"
Gov. Ehringhaus spoke on "One State and the Depression" and described
the progress North Carolina had made toward rehabilitation through its
program of reduced expenses, balanced budget and reduced real estate
taxes.
"To-day the tax payer of North Carolina pays less per capita in taxes
for his State and local governments and, since the State maintains both
schools and roads, gets more return in governmental service than in any
other State," Gov. Ehringhaus said.
"Not a cent has been borrowed during this administration in North
Carolina, not even for temporary purposes. Better still, since Jan. 1933
we have made payments on the principal and interest of our State debt at
the rate of about one and one-quarter millions for each month of the present
administration and have reduced the principal of the net State debt at the
rate of over one-half million a month."
Mr. Parkinson, in his opening remarks as toastmaster stressed the importance of nominating and electing business men to Congress to insure a
solution of the serious problems which face the Nation to-day.
Ex-President Hoover Criticizes "National Planning',
of Administration—Attacks New Deal Spending'
and Offers 11-Point Program of Reforms—Would
Balance Budget, Return to Gold Standard, Eliminate Bureaucracy, and Have Local Administration
of Relief
An attack on the Administration's program of "planned
economy" was delivered on Nov. 16 by former President
Herbert Hoover, in an address before the Ohio Society, which
celebrated its fiftieth anniversary with a dinner in New
3320
Financial Chronicle
York City. After criticizing the major policies of President
Roosevelt, particularly with regard to currency devaluation,
silver-buying and relief, Mr. Hoover proposed an alternative
fiscal program, including a return to the gold standard, a
balanced budget, the elimination of unnecessary public
works, the administration of relief by local authorities, and
the "rooting out" of a "political bureaucracy." After an
appraisal of the New Deal, in which he took exception to
huge spending and the Administration's ideas of a planned
economy, Mr. Hoover proposed the following 11-point
program:
The waste of taxpayers' money on unnecessary public works should end.
The administration of relief should be turned over to local authorities.
Federal expenditure for relief should be confined to cash allowances to
these authorities to the extent that they are unable to provide their own
funds.
The spending for visionary and un-American experiments should be
stopped.
This horde of political bureaucracy should be rooted out.
'The provision of the Constitution requiring that expenditure shall be
only in accordance with appropriations actually made by law should be
obeyed. And they should be made for specific purposes.
The budget should be balanced not by more taxes but by reduction of
follies.
The futile purchases of foreign silver should be stopped.
The gold standard should be re-established, even on the new basis.
The Act authorizing the President to inflate the currency should be
repealed.
The Administration should give and keep a pledge to the country that
there should be no further juggling of the currency and no further experiments with credit inflation.
Confidence in validity of promises of the Government should be restored.
Mr. Hoover's speech was filled with epigrams, with which
he attacked the "alphabetical agencies," economic planning,
the "more abundant life," credit inflation, an unbalanced
budget, and currency devaluation. The New York "Times"
of Nov. 17 quoted some of these epigrams as follows:
The philosophy of planned economy is neither conservative, liberal nor
common sense.
There are nests of constitutional termites at work.
There are only four letters of the alphabet not now in use by the
Administration. When we establish the Quick Loans Corporation for
Xylophones, Yachts and Zithers, the alphabet of our fathers will be
exhausted. But, of course, the new Russian alphabet has 34 letters.
National planning thinks in phrases and slogans rather than the exactitude
of the cash register.
If they have a cash register, it certainly has an astronomical keyboard.
They have given us planned scarcity in the place of economic plenty,
upon which America has grown great. It is the more abundant life—
without bacon.
We are destroying the self-respect and the responsibility of self-government by turning the Treasury into a national grab-bag.
It [economic planning] has brought us to the threshold of devastating
inflation. The stock market is already peeking into that Bluebeard's cave.
It is no doubt a part of our good-neighbor poliaes that we have joyfully
subsidized every foreign speculator in silver.
We devalued the dollar 41% under the hypnosis that if we reduced the
length of a yard to 21.2 inches we would have more cloth in the bolt.
The BUI11 of all these shifts does not make the poor any richer.
We have attained that stability which comes from leaning up against
the British. We are the thirty-first member of the "sterling bloc" of
nations.
You can never make the American dollar ring true on the counters of
the world nor on the counters of our savings banks so long as there is the
alloy of politics in it.
Instability of currencies and inflation of credit are the green pastures
upon which the speculator grows fat.
I learned (as a boy in Iowa) that money does not grow on trees; it
must be earned.
A government should have in financial matters the same standards that
an honorable man has.
We should no longer tolerate gambling in the future of the nation with
the dice of inflation.
With regard to "national planning," Mr. Hoover said, in
part:
The new "national planning" is building vast projects—perhaps useful
to our grandchildren. We have to pay the cost of interest and maintenance
until they come of age. This is also the New Deal door by which the
Government rushes into business in competition with its own citizens.
The citizen loses because he cannot compete with Government bookkeeping
and the pipe line into the Treasury. Few of these projects were even
mentioned until after blank checks were drawn by Congress. This method
of planning avoids exhaustion from Congressional debate—and takes the
limit off spending.
The new "national planning" of relief shifted its administration from
local and State authorities to a political bureaucracy centralized at Washington. That has resulted not only in stupendous waste but in the creation
of a great group of permanent dependents. It has added nothing to the
security and care of those deserving in distress except—expense. And we
are destroying the self-respect and the responsibility of self-government by
turning the Treasury into a national grab-bag. Our national ideals get
little of a lift from the general attitude. "If we don't get ours someone
elbe will."
The new "national planning" of taxes, currency, credit and business has
raised and will continue to raise the cost of living to the farm housewife,
the worker's housewife, and all other housewives. It is a deduction from
economic and social security of the poor—it is not a more abundant life.
It erodes the purchasing power of wages. It gives birth to strikes and
inflames clams conflict. During the depression years of the last Administration the loss of man-days from strikes and lockouts averaged about 5,000,000
per year. During this Administration it has averaged a loss of about
18,000,000 man-days per year. These gigantic losses appear in the worker's
budget, not in the Treasury.
The new "economic planning" has included repudiation of Government
covenants, which raises somber questions of Government morals and honor.
In any event, it devalued the dollar by 41%. It gave us the gift of
"managed currency." As potent devices for destroying confidence these
have merit. Through politically-managed credit it has brought us to the
Nov. 23 1935
threshold of devastating inflation. The stock market is already peeking into
that Bluebeard's cave.
Mr. Hoover declared that it is time for plain speaking
upon monetary and fiscal questions, and continued:
When I was a boy in Iowa I learned some very simple truths about
finance. I learned that money does not grow on trees; it must be earned.
I learned that the first rule of a successful career is to keep expenditures
within the means of paying them. I learned that the keeping of financial
promises is the first obligation of an honorable rnan. And I learned that
the man who borrows without intent to repay is headed for bankruptcy or
disgrace or crime. These may be platitudes, but they are still truths.
As I have increased in years and in opportunity to study the affairs of
governments, I have made a very simple but vital observation. That is
that a government should have in financial matters the same standards that
an honorable man has. A government must realize that money must be
earned before it is spent, that a nation's word in finance must be sacredly
kept, that a nation is immoral if it repudiates its obligations or inflates its
mediums of exchange or borrows without regard to posterity; and, finally,
that a nation which violates these simple principles will, like a man, end
in dishonor and disaster. A government cannot expect financial honor in
its people unless it maintains honor itself. A large part of the world's
misery in all ages has come from the acts of government that ignored these
principles and entered upon policies of reckless spending and debasement
and repudiation.
Our country shows hopeful signs of recovery despite great hindrances.
That convalescence should be speeded and made secure. We should no longer
tolerate financial policies that prolong unemployment, that create fear and
distrust and uncertainty, that slowly but surely undermine the industrial
structure on which the living of the whole nation depends. We should no
longer tolerate a money system that is not a money system, but a hodgepodge of promiscuous ingredients that not even the Administration will
attempt to name, define or defend. We should no longer tolerate gambling
In the future of a nation with the dice of inflation. We should no longer
tolerate a financial policy that does not balance the budget.
Federal Surplus Commodities Corporation Formed to
Buy Surpluses, Encourage Consumption—Will
Take Over Functions of FSRC—Chester C. Davis
Named President
Functions of the Federal Surplus Relief Corporation,
modified to meet operating needs under recently enacted
amendments to the Agricultural Adjustment Act, will be
taken over by the Federal Surplus Commodities Corporation, organization of which has been announced by the
Agricultural Adjustment Administration. A statement
issued by the Administration on Nov. 18 said:
The new Corporation, like its predecessor, is a non-stock, non-profit
organization chartered under the law of the State of Delaware. The
members of the Corporation are the Secretary of Agriculture, the Governor
of the Farm Credit Administration, and the Administrator of the Agricultural Adjustment Act.
The FSCC will provide means for effective use of(1) funds appropriated
under the Jones-Connally Act and the LaFollette amendments for the
purchase of surplus dairy products; and (2) such other funds as may now
be available, or as may become available under Section 32 of the amendments to the Agricultural Adjustment Act, to the Corporation or the
AAA to be used in removing surpluses, and in encouraging domestic consumption of agricultural commodities. Circumstances may arise under
which the Corporation would serve as an agency to arrange for diversion
of surplus farm products from normal channels of trade.
The commodities purchase section of the AAA, already established,
will make such purchases of surplus agricultural products as may be bought
outright, and the FSCC will arrange with accredited State and local relief
and welfare agencies for distribution of these commodities to persons
under their care. Distribution is to be on such a basis as will not interfere
with regular commercial purchases.
Chester C. Davis, Administrator of the Agricultural
Adjustment Act, has been named President of the FSCC.
Other officers were announced as follows:
Executive Vice-President, Jesse W. Tapp, Director of the Division of
Marketing and Marketing Agreements, AAA.
Vice-President, Jacob Baker, Assistant Administrator of the Works
Progress Administration and of the Federal Emergency Relief Administration.
Secretary, John P. Wenchel of the office of the Solicitor, United States
Department of Agriculture.
Treasurer, Ward M.Buckles, Director of Finance, AAA.
Executive Officer, Frank C. Baker, chief of the commodities purchase
section of the AAA.
Mastin G. White, Solicitor of the Department of Agriculture, has been
named General Counsel of the Corporation by the board of directors.
The directors of the Corporation are:
Secretary of Agriculture Henry A.Wallace; Administrator Davis; Harry L.
Hopkins, Administrator of the FERA; William I. Myers, Governor of the
FCA; Rexford G. Tugwell, Director of the Resettlement Administration;
Mr. Tapp and Jacob Baker.
The statement of the AAA of Nov. 18 continued:
The program for removing surplus agricultural products under the provisions of the Agricultural Adjustment Act was first inaugurated during
the latter half of 1933. During the drought of 1934, this program was
co-ordinated with certain drought relief activities. Surplus agricultural
products were turned over to the FSRC for distribution to needy, and
unemployed. The commodities purchase section has reported that up to
Nov. 1 1935, these programs have involved an expenditure of 8204,156,727,
of which approximately 8187,540,089 has been or will be recovered either
in cash or in the value of commodities used by the Government for relief
distribution.
Between the total expenditures in surplus removal operations, and the
inventory value of recovered or recoverable relief supplies there is a difference of 818,616.638, but the prosecution of these programs has resulted
not only in the acquisition of the supplies enumerated, but in conserving
foundation livestock herds and seed, feed, and forage supplies during the
1934 drought, and in improving marketing conditions and prices for a
number of agricultural commodities.
The surplus removal activities included purchases, for relief distribution,
of hogs and pork products, dairy products and sugar. Drought relief
.activities included buying and salvaging for relief use, of surplus cattle,
sheep and goats which otherwise would have died of thirst or starvation.
Volume 141
Financial Chronicle
Also, feed, forage and stocks of adapted seed varieties were conserved for
sale and distribution to farmers in drought-hit areas for planting in 1935.
Government Brief Defends AAA Processing Taxes on
Basis of General Welfare Clause—Files Arguments
in Hoosac Mills Case—Supreme Court to Hear TVA
Case on Dec. 19—Governor Talmadge of Georgia
Wins Review of Bankhead Cotton Control Act
Government attorneys, headed by Attorney General
Cummings, on Nov. 18 submitted to the United States
Supreme Court a brief containing arguments in support of
Agricultural Adjustment Administration processing taxes,
which will be argued orally before the Court on Dec.9. The
Supreme Court on Nev. 18 also fixed Dec. 19 as the date for
arguments on the validity of the Tennessee Valley Authority
Act, and agreed to rule within the next few months on the
contention of Governor Eugene Talmadge of Georgia that the
Bankhead Cotton Control Act is invalid. The Government
itself had urged an early test on the TVA, when on Mov. 15
Solicitor General Stanley Reed asked the Court to set Dec. 16
for hearing arguments on this law. Governor Talmadge on
Nov. 15 had filed a brief renewing his request that the
Justices permit him to bring an original suit attacking the
Bankhead Act.
On Nov. 21 the Government opposed an attempt to stop,
through a Supreme Court injunction, the collection of processing taxes. From Associated Press accounts from
Washington Nov. 21 we quote:
Answering the suits of Louisiana rice millers, it also defended the provision in the AAA amendments that a processor must prove he has not
passed on the processing tax before he may sue the Governmentfor recovery.
The Government's brief contended that an injunction against processing
taxes was barred by law. It was submitted just after John W. Davis, a
critic of New Deal policies, and once a Democratic candidate for President.
had asked the Supreme Court for permission to join another case to test the
AAA taxes—that brought by the Hoosac Mills.
The Government asserted that the rice millers'remedy,instead ofseeking
an injunction, is to "pay first and litigate later." The brief argued:
"To the extent that petitioners may be collecting from their customers
the amount of any processing tax due, any processing taxes retained and
not paid by petitioners would in fact consistitute unjust enrichment. When
tax is paid, it is generally passed on to the first and subsequent purchasers."
For that reason, the brief contended that it was equitable that the
Government have the taxes rather than some private company or person,
even if the collection should later be held unconstitutional.
"As between the Government and a taxpayer and his purchaser, it is
equitable for the Government to have the advantage of the tax payment."
Mr.Davis was joined in his request by Nathan L.Miller,former Governor
of New York,and William R.Perkins in a request to be allowed to participate in the AAA case as a friend of the Court.
The three said that they represented the Hygrade Food Products Corp.,
the National Biscuit Co. and the P. Lorelard Co. All have lower Federal
Court suits pending.
The brief contended that the AAA "in all essentials" is "a complete
counterpart of the NRA,recently considered by this Court in the Schechter
case and found beyond the constitutional power of Congress."
"The two Acts are complementary expressions of the same theory of the
nature, scope and function of the Federal Government," the brief said.
"Both attempt rehabilitation through regulation by a centralized power—
the NRA of industry through a regimentation vested in the discrection of
the President, and the AAA of agriculture through a regimentation vested
in the discretion of the Secretary of Agriculture."
Later a group ofcorn beltfarmers asked the Supreme Courtfor permission
to file a brief supporting the Government in the Hoosac case expected to
decide the constitutionality of the AAA processing taxes.
Vernon A. Vrooman of Des Moines, who filed it, said that the 73-page
brief was for the League of Economic Equality,"an organization supported
by farmers and friends in four of the corn belt States—Iowa, Minnesota,
Nebraska and South Dakota."
The farmers' brief said that the Hoosac case involved matters "of vital
concern to the farmers."
"The supreme object of the Constitution as a whole is the general welfare
of the people of the United States," it contended.
In the Government brief filed Nov. 18, Attorney General
Cummings contended that the AAA, imposing processing
taxes upon basic commodities, was an exercise of the Constitutional power granted Congress to levy taxes for the
general welfare. He said that the general welfare clause of
the Constitution "should be construed broadly to permit the
levying of taxes to raise revenue for any purpose conducive
to the general welfare," and added that the determination of
the general welfare was primarily the concern of Congress.
A Washington dispatch of Nov. 18 to the Associated Press
summarized this brief, and commented on other eases before
the Court on that date, as follows:
In an obvious attempt to leave no avenue of argument unexplored the,
Government's AAA brief contended:
1. Processing taxes constitute a valid exercise of the powers of Congress
under the Constitution, in that they are geographically uniform excises.
2. The &legation of legislative authority through which the Secretary
of Agriculture fixed the amounts of such taxes was not improper, because
Congress had set up standards to guide him.
3. If there had been improper delegation, subsequent ratification of the
taxes by Congress through last August's AAA amendments "has cured the
defect.'
4. The milling company has no right to question the uses made by
Congress of processing tax revenues.
5. If such appropriations may be questioned, use of the revenues for
rental and benefit payments "to bring about increased farm income and a
resurgence of business activity was clearly for the general welfare."
6. The Act also was a valid exercise of Congress's fiscal powers in that it
was "reasonably designed to protect the fiscal agencies of the Government
and to restore and maintain the credit necessary to the economic life of the
country."
With regard to the delegation of legislative power, the brief emphasized
that Congress directed the Secretary ot Agriculture to fix processing tax
rates at "the difference between the current average farm price and the fair
exchange value of the commodity." It asserted that while the Secretary
was empowered to lower the tax to such a rate as would prevent a decrease
In consumption, he was not permitted to increase the rate.
3321
This issue, however, was termed "immaterial." because Congress has
expressly ratified the assessment and collection of these taxes.
"By this ratification," the Government said, "Congress has made unquestionable the exercise of its own discretion, and had specifically determined itself that the taxes at the rate and upon the subjects here involved
were proper and advisable."
While insisting benefit payment appropriations should not be scrutinized
in determining the validity of the taxes, the Government defended them on
the ground that Congress may lay taxes to provide for the general welfare.
In addition to receiving the Government's AAA brief and docketing the
case brought by Talmadge,the Government was allowed additional timeto
answer a request by eight Louisiana rice millers to enjoin collection of AAA
processing taxes on rice. The Court granted until next Thursday, with the
requirement that no "jeopardy assessments" should be imposed against the
millers for failure to pay the tax until the High Court has passed on the
injunction petitions.
The Talmadge request won out despite protest of Government attorneys.
Stanley Reed, the Solicitor General, had contended there was no basis for
the High Court taking original jurisdiction before lower tribunals had
passed on the controversy. The Government must answer in the Talmadge case by Jan. 20. Before that time another case involving the
Bankhead Act will have been argued and possibly decided. It was brought
by Lee Moor, a Texas planter, against the Texas & New Orleans RR. to
compel it to ship cotton which had no tags attached to show he had complied
with the law.
Some attorneys say the Moor case can be decided without action on the
validity of the Act itself. Granting the Talmadge petition assured a direct
ruling.
None of the action to-day involved final decisions on New Deal legislation. It was based on questions of proper procedure.
In the only case decided, the Court unanimously upheld Oregon regulations to govern the kind of raspberry and strawberry boxes used in that
State. The opinion was read by Justice Brandeis.
Two-Year Corn-Hog Adjustment Program Announced
—AAA Recommends Corn Production in 1936-37
Be Limited to 95,000,000 Acres—Hog Production
Would Be Increased 30%—Producers Approve Plan
A two-year adjustment program for corn and hog producers was announced on Nov.4following a formal proclamation of a new program by Henry A. Wallace, Secretary of
Agriculture. The Agricultural Adjustment Administration,
the announcement said, has recommended that corn production next year be limited to 95,000,000 acres, or about
10,000,000 acres less than would be likely to be harvested
without adjustment. This would require an aggregate adjustment of approximately 20% on the part of all contract
signers. Depending upon the 1936 corn crop and the demand expected next fall for the 1937 crop, it has been proposed that the maximum aggregate corn reduction for 1937
be placed at 25%. During the period covered by the contract, it is expected that individual producers will be allowed
to retire an acreage of corn within a minimum and maximum
percentage range, as in 1935.
The new contract will provide for a decided increase in
hog numbers above the present low level brought about by
the drought, it is stated. Proposed hog adjustments are
calculated to provide for a 30% increase in federally inspected slaughter in 1936-37 above the slaughter expected in the
present year which began Oct. 1 1935. It is proposed that
contract signers be permitted to produce a maximum of
100% of their production in the base years, 1932-1933.
On Nov. 9 Claude R. Wickard, Chief of the corn-hog
section of the AAA, announced that the proposal to allow
contract signers to produce 100% of their base hog production had received the unanimous approval of producers and
State agricultural specialists in conference in Washington
that week. In noting this, advices from Washington,
Nov.10,to the New York "Journal of Commerce" of Nov. 11
stated:
Producers who attended the conference stated that this provision in the
new 2-year-old voluntary contract to be offered corn and hog producers
in 1936 and 1937 would permit a 30% increase in hog production in 1936
and an increase in Federally-inspected slaughter offrom 7,000,000 to 9.000,000 head in 1936-37 over the slaughter expected in the present year, which
began Oct. 1.
Such a production in 1936 would be about 20% under the average annual
production in 1932 and 1933. Though hog production in 1935 was limited
to 90% of 1932-33 production, AAA officials pointed out that not one of the
major hog-producing States was able to reach the maximum because of the
severe drought-enforced liquidation of hogs in 1934.
$2.50 Payment Urged
The conferees recommended a hog adjustment payment of $2.50 for each
hog produced up to 50% of each signer's base. The payment would be
the same for a production ranging from 50% to 100% of the producer's
base. For example a contracting farmer whose base is 100 hogs and who
raises 50 hogs would receive an adjustment payment of $125. If he raised
more than 50 hogs he would receive the same total payment if he did not
exceed his base production.
The new contract proposed by the conference would call for an optional
adjustment offrom 10 to 30% in the base corn acreage of individual signers
in 1936 with the requirement that participating farmers produce 25% of
their base acreage. Deductions would be made in the corn payment if the
signer's planted acreage is less than 25% of the base and no payment would
be made if no corn is planted in 1936.
It was suggested, however, that an optional adjustment of 10 to 25% in
corn production would be satisfactory if it would bring about the desired
reduction of 10,000,000 acres in corn next year. Further investigation as
to the percentage range producers may be allowed to retire from corn was
believed necessary before a final decision is reached. Corn adjustment
payments would remain at 35 cents a bushel, as in 1935, on the estimated
yield of retired acres.
Producer representatives agreed that corn adjustment payments should
be made in two installments. The first payment, made after first compliance is checked, would be as large as is practicable. The proposed
method for payment on adjustments in hogs would require but one payment
to be made as soon as possible after final compliance is checked in 1936
3322
Financial Chronicle
Nov. 23 1935
In its announcement of Nov. 4 the AAA had the following
to say regarding the meeting:
to the AAA until Congress has had an opportunity to enact the special
appropriation which failed with the third deficiency bill.
About 40 persons from 25 of the major corn and hog producing States are
in Washington this week aiding in the development of the new program.
About half of these men are corn and hog producers who have been actively
engaged in the administration of the corn and hog program during the past
two years; the rest are representatives from state experiment stations and
extension services. Corn-hog section officials are of the opinion that these
men from the field, with two years experience with agricultural adjustment,
will offer many practical suggestions that will be incorporated in the new
contract to make it more equitable, more effective, and sufficiently flexible to meet changing conditions.
As to the ruling made by Comptroller-General McCarl,
the advices said:
From the announcement we also quote as follows:
A new program was decided upon in view of the facts brought out in the
investigation which is required before the inauguration of a new adjustment
program and in view of the favorable vote in the recent national referendum
among all corn and hog producers. The investigation, which included the
public hearing in late September, constituted the basis upon which the
economic justification and need for a new program was determined. Adequate participation in another program was apparently assured when approximately 950,000 producers voted 6.3 to 1 in favor of continuing corn
and hog adjustment.
Though drafting of the new voluntary contract will soon begin, the extent of adjustments to be required, the amount of adjustment payments,
and other fundamentals and details of a new contract will not be determined
until some time after the conference of farmers, State agricultural specialists
and Adjustment Administration officials which is being held in Washington
this week. It is hoped that administrative approval of a new contract
may be announced within 30 days after the close of the conference.
The principal objective of the new program will be to maintain a balance
between the production and consumption of corn and hogs.
In order that this objective may be realized, three accomplishments are
paramount:
(1) prevention of an excessive production of corn in 1936 and 1937,(2) allowance of an increase in next year's pig crop that would be at least as great
as it is estimated would take place were no adjustment program in effect.
and (3) prevention of an excessive increase in the 1937 pig crop.
Since the major adjustment problem is to prevent an excessive production of hogs in 1937, a contract of more than one year's duration is essential.
Administration officials said. They are of the opinion that farmers will
welcome a two-year contract in order that they may know what adjustments will be required and thus plan their farming operations over a longer
period of time. Likewise it is pointed out that a longer program would be
more economical from an administrative standpoint.
file limiting factor in relieving the pork shortage during the past year.
corn-hog officials say, has been the time that it takes to increase breeding
stock and bring the offspring to market weights after a severe droughtenforced liquidation such as took place in 1934.
Maximum and minimum hog production requirements will be imposed
under the new contract particularly to prevent regional dislocations in
production next year which, officials state, would be certain to develop in
the absence of a new program because of maladjustments in feed supplies
and hog numbers brought about by the 1934 drought. Without these
requirements, individual producers would tend to expand production to
such an extent that readjustments in 1937 would be impracticable in areas
where feed supplies were normal or near normal in 1934. The minimum
Production requirements would encourage hog production in areas of short
feed supplies. fhe maximum and minimum requirements have not yet
been determined.
The new corn-hog contract will require that an area at least equal to the
number of acres withdrawn from production of corn be added to the usual
area of the farm devoted to soil-improving and erosion-preventing uses.
This requirement was a part of the 1934 corn-hog contract but was relaxed
when the drought became severe. It was not included in 1935 because of
the necessity of providing for an increase in the production of early feed
grains and forage crops in order to rebuild drought-depleted reserves.
This requirement as to use of acres retired from corn is in line with a
similar provision In other commodity contracts offered for 1936. Such a
provision is needed, it has been pointed out, to prevent the use of retired
acres for purposes that will tend to create surpluses of other crops and in
order to provide for rebuilding soil.
It has been tentatively proposed to make payments to co-operating producers at rates approximately the same as those paid in 1935. Final determination of adjustment payments, however, will be made after consultation with representatives from the field this week.
The recent vote by farmers for the continuance of the
corn-hog program was referred to in our issue of Nov. 2,
page 2825.
Relief Funds for Potato Control Barred by ComptrollerGeneral McCarl—Limits AAA to Use of Estimated
Tax Yields to Start Program Dec. 1
Comptroller-General J. R. McCarl has ruled that the
emergency relief funds are not available for the administration of the Potato Act of 1935, it was announced Nov. 16,
thus making it necessary for the Agricultural Adjustment
Administration to depend on the estimated tax yield which
may be advanced to the Secretary of Agriculture by the
Secretary of the Treasury, to begin the functioning of the
program in December. Sponsors of the Act have insisted
that Secretary of Agriculture Wallace start the program on
Dec. 1 despite the failure of Congress to pass the third
deficiency bill at the last session which carried an appropriation for the purpose. In Washington advices, Nov. 16, to
the New York "Herald Tribune" of Nov. 17 it was stated:
The section of the Potato Act on which the AAA must depend for the
initial financing of the program provides that "the Secretary of Agriculture
and the Secretary of the Treasury shall estimate from time to time the
amount of taxes which will be collected under this title during a period
following any such estimate not in excess of four months, and the Secretary
of the Treasury shall, out of any money in the Treasury not otherwise
appropriated, advance to the Secretary of Agriculture the amounts so
estimated."
The estimate of tax collections has not yet gone to the Secretary of the
Treasury, but officials of the potato section said the amount would be
about $25,000. It was pointed out that it will be necessary for the Secretary
of the Treasury to concur In the estimate.
That part of the administrative work which is within the scope of the
Agricultural Adjustment Act will be financed out of the funds appropriated
While Mr. McCarl advised Henry A. Wallace, Secretary of Agriculture,
that he could use any available Department of Agriculture funds not
specifically limited to a particular activity for the potato-control expenses,
as well as expected collections from the punitive taxes of the control Act,
the Secretary pointed out to-day that every branch of his Department was
using all available funds. J. It. Hutson. Director of the Division in
charge of the potato program, meanwhile, estimated that the tax collections
would be small in the period affected.
McCarl Explains Ruling
"The Potato Act of 1935," Mr. McCarl said, "was enacted subsequent
to the Emergency Relief Appropriation Act of 1935, and while it was
enacted as Title II of an Act entitled 'An Act to amend the Agricultural
Adjustment Act, and for other purposes,' said Title II, which is the Potato
Act of 1935, does not purport to be an amendment of the Agricultural
Adjustment Act. Consequently, the appropriations made by the Emergency Relief Appropriation Act of 1935 are not available for the expenses of
administering the Potato Act of 1935."
Under another section of the Comptroller-General's ruling, administrative
expenses for the potato program may be made available in a limited amount,
which officials believe will enable the AAA to proceed until January, when
Congress reconvenes. At that time, Secretary Wallace plans to ask not
only for an appropriation to finance administration of the Act, but for some
modifications in the control program. Meanwhile, he intends to conduct
a referendum on the plan, under authority conferred by the Agricultural
Adjustment Act.
Previous reference to the potato control program was
made in our issue of Nov. 9, page 2988.
Extension of 12-Cent Loans on 1934 Cotton Crop
After Feb. 1 Indicated by Chester C. Davis10-Cent Loans Reported Extended by CCC on
38,157 Bales New Crop Cotton
Chester C. Davis, Agricultural Adjustment Administrator,
indicated on Nov. 13 that the 1934 cotton loans of 12 cents
a pound, under which the Government has control of about
4,000,000 bales, will be extended when they become due
on Feb. 1, it was reported in Washington advices Nov. 13
to the New York "Tunes" of Nov. 14. The advices continued:
fhis indication was given when Mr. Davis, discussing the transfer
of the Federal Surplus Relief Corporation to the Agricultural Adjustment
Administration, specifically exempted the present cotton surplus from
the Corporation's jurisdiction.
However, AAA officials asserted that there was nothing to prevent
growers whose cotton is pledged with the Commodity Credit Corporation
from moving it into the market when the price of cotton reaches a level
where marketing would be profitable. This would have to be a point
above the 12-cent loan rate, since the carrying charges have added to the
growers' debt to the Government.
Mr. Davis's remarks were taken as an affirmation of the Administration's
determination not to let the cotton surplus, now under pledge, get out
on the market at present, a policy which Is intended to maintain the present
price level.
Although the AAA is not partial to commodity loans which mean the
storage of large surpluses, indications of a reduction in the loan price for
this year roused so much opposition on Capitol Hill that the Administration
was forced to heed the cotton States' demands as the price of adjourning
Congress.
Announcement was made Nov. 12, according to United
Press advices from Washington, that the Commodity Credit
Corporation has extended 10 cents a pound loans on 38,157
bales of cotton of the new. crop. Of this amount, loans
on 201 bales have been repaid, leaving outstanding loans
on 37,956 bales, the advices said, continuing:
Added to these loans are outstanding loans of 12 cents a pound on
4,430,000 bales of last year's cotton, making a total of 4,467,956 upon
which loans are outstanding.
The Corporation reported few of last year's loans being repaid because
of cotton market conditions, but its report showed also few loans being
made on the new crop.
It was recalled that Chairman Jesse H. Jones of the Reconstruction
Finance Corporation recently predicted that less than $100,000,000 would
be required in Government loans on cotton for the current crop because
of the improved price situation.
The policy of the AAA to loan 10 cents a pound on cotton
on the 1935 crop was referred to in our issue of Aug. 31,
page 1379. Under this plan, farmers are guaranteed a
minimum price of 12 cents a pound, the Government paying
the difference between the market price and the minimum
price. For the first time since the AAA began its subsidy
policy the price of cotton rose to 12 cents on Nov. 15, it was
reported in Washington (United Press) advices.
$212,544,959 Loaned Under Modernization Credit
Program of FHA to Nov. 16
During the week ending Nov. 16 financial institutions
with contracts of insurance with the Federal Housing
Administration reported 28,253 loans under the modernize,
tion credit plan, totaling $8,670,067. That brought the
total loans reported since the start of the modernization
program to 579,831, valued at $212,544,959. In noting the
foregoing, an announcement issued Nov. 19 by the FHA
also said:
This is the largest week's business since the inception of the modernization program in August 1934. The previous record was established during
the week ending Sept. 14 1935, when the total loans reported was 25,240.
amounting to $8,381,623.
Financial institutions also reported 1.405 mortgages selected for appraisal
under the long-term "single mortgage system" totaling $5,601,141 the
Volume 141
Financial Chronicle
week ending Nov. 16. This brings he cumulative total since the start
of the program last December to 57,514. amounting to $222,113,718.
The estimated total volume of modernization and repair work developed
by the program, but not entirely financed under its terms, reported by
field offices of the Housing Administration during the week ending Nov. 16.
was $21.809338. bringing the total amount of work stimulated since the
start of the modernization program to $1.058.819.366.
Farm
Foreclosures Continue to Decline According
W. I. Myers, Governor of FCA
to
A further decrease in farm foreclosures was indicated
Nov. 2 by W. I. Myers, Farm Credit Administration
Governor, who said that during the year ended Sept. 30
1935 less than one-fourth as many farmers. made emergency
appeals to the Washington office to prevent foreclosures as
during the previous year. As to Governor Myers's remarks,
made before the Agricultural Outlook Conference, in
Washington, an announcement by the Farm Credit Administration stated:
Ile said that since Oct. 3 1933 the FCA had received over 57,000 emergency requests for aid in refinancing farm mortgages but that the number
dropped from 46,072 in the year ended Sept. 30 1934 to 11.139 in the year
ended Sept. 30 1935. or a decrease from 7.3 per thousand farms in 1933-34
to 1.8 per thousand farms in the recent period. The FCA is now receiving
about 100 such requests per week compared to more than 1.000 a week
during the fall of 1933.
lb The fact that the decrease in the number of these foreclosure complaints
ieseneral throughout the country is a very favorable indication. Mr. Myers
stated. Based on the number of such requests per thousand farms, Nebraska had the highest rate last year but the figure dropped from 22 per
thousand farms in 1933-34 to 2.9 during the past 12 months.
During the past year the highest rate of such appeals by districts came
from farmers in the northwestern and northern Pacific States. Governor
Myers attributed a part of this to the effects of the drought last year. In
the St. Paul district, including Minnesota. North Dakota, Wisconsin, and
Michigan. and also in the Spokane district, comprising Montana, Idaho.
Oregon, and Washington, the rate was 2.4 appeals per thousand farms
compared to more than 10.0 per thousand in 1933-34.
In the St. Louis and Omaha districts, which include most of the corn
belt, the rate was 2.3 compared to 10.0 and 15.4, respectively.
Foreclosure complaints to the FCA from farmers in the New England
States, New York. and New Jersey were 2.2 per thousand farms during
the past 12 months compared to 7.0 per thousand in the corresponding
period in 1933-34. In the remaining States the figure was 2.0 or lower per
thousand farms and in the Middle and South Atlantic States and the Gulf
States the figure was below 1.5.
Governor Myers of FCA Reports Farmers Investing
in Permanent Co-operative Credit Institutions
More than three-quarters of a million farmers individually
own stock in the permanent co-operative credit institutions
under the Farm Credit Administration, according to a statement made Nov. 19 by W. I. Myers, Governor of the Administration, at the annual meeting of the Association of LandGrant Colleges and Universities, in Washington. In addition
to nearly 650,000 farmers with loans through the co-operative
Federal Land banks and over 200,000 in the production credit
associations, the 1,300 farmers' marketing and purchasing
associations which own stock in the banks for co-operatives
have over 1,000,000 members, Governor Myers pointed out,
adding:
The total number of voting stockholders in these co-operative institutions
has doubled in the two years since the 12 Federal Land banks became a
part of the FCA and the 560 production credit associations and 13 banks
for co-operatives were set up.
These part farmer-owned and controlled credit institutions have grown
steadily, and the supervision of them in extending credit to farmers is the
main work of the FCA. In making direct Government loans to farmers
during the past two years, the FCA has acted as an agent of the Federal
Government, but the importance of this emergency work is now diminishing
as conditions improve, and should come to an end within the next few
years, having only the activities of the permanent co-operative institution.
Two-thirds of the $3,300,000,000 of credit now in the hands of farmers
through the FCA is provided by these institutions. They constitute a
channel between the farmer and the investment market, since they are set
up to obtain money from investors at wholesale rates and reloan it to
farmers at a cost which is reasonable yet sufficient to cover the expense of
an efficient operation.
Provision has thus been made for a farmers' credit system whereby borrowers either of long-term funds, short-term production credit, or credit
for co-operative marketing and purchasing shall own voting stock in the
organization which lends the money, with the opportunity of eventually
owning and controlling the credit institution.
As time goes on a larger amount of farm credit will be extended through
these farmers' institutions and a smaller amount by the Government.
Farmers do not own stock in the emergency lending offices. As agricultural
income improves the need for emergency loans should cease and the
permanent co-operative institutions continue to provide an increasing volume
of credit on terms and at rates of interest suited to the farming industry.
In 1933 the Federal Land banks had outstanding $1,000,000,000 in farm
mortgage loans, every dollar of which had been obtained by the sale of
Federal Land Bank bonds to the investing public. Since then the amount
of loans has been about doubled and the only variation in procedure in the
past two years in making the additional $1,000,000,000 in Land bank
loans has been that because of the large amount of financing required in a
short period, the Government bought the bonds through the Federal Farm
Mortgage Corporation instead of the public. We have arrived at the point
now where we can see clearly that within a few months the Federal Land
banks will return to the bond market to obtain the funds with which to
make new farm mortgage loans. We know that the Federal Land Bank
bonds which the Government has bought are sound, that the Government
will expect them to be repaid, and in order that the banks may repay
the Government on those bonds, the loans made by the banks to
fanners
must be repaid. So we are not varying the fundamental procedure
of the
land banks but we are just going back to a more normal
procedure when
we cease to sell bonds to the Government and go back to
investors. Fortunately, the work has been done on a sound basis and the transition
should
be made without a jar.
3323
The permanent system of production credit represented by the loans made
by more than 550 production credit associations also depends for loanable
funds upon the sale of securities on the investment market. These are
the Intermediate Credit Bank debentures which have been in good demand
ever since they were first offered to investors 12 years ago. Those funds
have been obtained on very satisfactory rates, particularly with the easy
money conditions of the past two years, and for the first time in history
we have had an organization through which cheaper money could be
quickly reflected to every farmer with a basis for credit.
Purchase Farms Increasing
According to W. I. Myers Governor of FCA—
$8,500,000 Repuested of Federal Land Banks in
Applications for Loans to
October
Increasing interest in the •purchase of farms is reflected
by the large number of applications for loans for this purpose received by the Land banks in recent months, according
to a statement made Nov. 21 by W. I. Myers, Governor of
the Farm Credit Administration. A survey of the Federal
Land banks indicates that in October more than 2,290 applications which involved requests for funds to purchase farms
were received by these institutions, Mr. Myers noted. The
total amount requested was $6,500,000.
Last session Congress gave the FCA the Job of assisting
worthy, qualified tenants and other young farmers in
financing the purchase of farms by making it possible to
use part of the Land Bank Commissioner's funds for this
purpose, it is pointed out. Previously Commissioner's loans
were confined to refinancing existing indebtedness. In his
statement of Nov. 21 Governor Myers also stated:
The normal movement of young men toward farm ownership was delayed
by the depression. Many young farmers and tenants had had little chance
for saving and many of those who had accumulated funds were unwilling
to hazard them because of doubt or almost certain loss. With improved
conditions, the FCA is now in a position to assist young men who would
become farm owners. Some savings are necessary for a young man to buy a
farm, with reasonable safety to himself and to the institution that finances
him. It is necessary also for him to have experience in farming, for him to
have character and a reputation for thrift. When these things are present,
and he has made some savings, we are able to finance or to assist in financing
the purchase of farms to put these young men in the farming business. We
can go as far as any financial agency can wisely go in assisting properly
qualified young men to become operating farm owners.
Applicants for loans for purchase of farms do not have to confine their
purchases to properties owned by the Land Bank. However, the Land
banks are selling farms which they have acquired through the years and the
Increased sales reflect an improved farm real estate market. It is not a
boom market, but the records of sales of farms by the Land banks show a
decided upturn since June 1934. During that month the banks sold 224
properties, whereas since then, during each of the three months, December
1934 and April and August 1935, the banks sold 770-odd farms. Sales
during the first eight months of this year were 5,568 farms compared
to
2,792 farms during the same period last year.
Nine-Point Program for Advancement of World Commerce Approved at Convention of National Foreign Trade Council—Return to Gold Standard,
Repeal of Law Governing Silver Purchases and
Balancing of Budget Urged
At the closing session of its annual convention at Houston,
Texas, on Nov. 20, a nine-point program for the advancement of world commerce was approved by the National
Foreign Trade Council. Among other things the Council
urged the return to the gold standard and the repeal of the
law governing the gold standard. The convention declared:
Stabilization of foreign exchange rates based on gold is essential to the
revival of world trade on a normal basis. . . .
One essential step toward world recovery—only to be attained following
at least partial re-establishment of sound industrial activity—is the return
to a sound and proven monetary system and the abandonment of further
monetary experiments.
As reported by the United Press accounts from Houston
on Nov.20, the nine-point program of.the Council favored:
1. Most-favored-national policy of reciprocity in international trade.
2. Governmental assistance in international banking, including liquidation under trade agreements of bad debts now held against foreign countries.
3. Direct subsidy of the United States merchant marine.
4. Unrestricted production of all goods, including agricultural products:
unimpaired entry into world markets (the Council commended Government aid for products to be used domestically).
5. Return to the gold standard for international trade and insurance of
the international dollar against fluctuations.
6. Strong protective policy through international law of American investments and continued encouragement of American expenditures abroad.
7. Free trade with Latin-America and the Philippines.
8. StabWzed profitable freight rates for articles carried into international
trade.
9. Repeal of law governing silver purchases to enable the American
trader again to reach the Chinese market.
In its recommendations the Council likewise urged the
balancing of the budget, avoiding further inflation and all
unnecessary Government expenditures.
In another item we refer further to the convention, giving
in full the message from President Roosevelt read at the
convention and noting other features of the program.
Death of LordPellicoe—British Naval Commander In
World War
Lord Jellicoe, British admiral, and the outstanding
British naval figure in the world war, died in London on
Nov. 20. He was in his 76th year, having been born on
December 5 1859. His death followed a chill suffered on
Nov.11 during the Armistice Day ceremony at the Cenotaph.
3324
Financial Chronicle
From the account of Lord Jellicoe's career in the New
York "Sun" we take the following:
As commander-in-chief of the British Grand Fleet during the world war,
Earl Jellicoe reached the climax of a long career in the service of his king
and country, engaging the German navy in the most important sea battle
of the war—the battle of Jutland,fought on May 31 1916.
The engagement is ranked as one of the great battles of history, but
It was indecisive in that both sides claimed to have had the better of the
fighting. Jellicoe's strategy was later criticized because the German fleet
succeeded in escaping from a position that had seemed hopeless.
King George expressed his appreciation, however, a few days after the
battle and Jellicoe received the thanks of Parliament and ts grant of $250,000
after the armistice, was elevated to the peerage and received several
decorations.
Ndv. 23 1935
colleges, many schools and all libraries would disappear. Obviously he
referred to the endowments of these institutions. Only a curb on expenditures and taxes by the Government could prevent this, he said. ...
One of the vicious points about the unemployment figures here, Mr.
Morgan said, was that there has been no accurate check of actual unemployment before the depression. He said he learned in England that more
persons were employed there now than at any time in post-war years,
although 2,000,000 persons in England are out of work.
In America, Mr. Morgan observed, a new situation has arisen to confuse
unemployment figures because so many women now are working in this
country. But there always had been a great number of persons in this
country who never did or never could work, Mr. Morgan added.
The departure of Mr. Morgan for England on July 11
was noted in our issue of July 13, page 214.
George NcAneny Elected President of 1939-40 New President Roosevelt Appoints Lamar Hardy as United
York City World's Fair—Directors Name H. D.
States District Attorney for Southern District
Gibson Chairman Finance Committee—Executive •
of New York—Takes Oath—F. W. H. Adams,
Board of Six Appointed
Predecessor, to Continue Morro Castle Prosecution
At the first meeting Nov. 20, of the Board of Directors of
Lamar Hardy, Corporation Counsel of New York City
the World's Fair to be held in Queens, New York City, in during the administration of former Mayor John Purroy
1939 and 1940, George McAneny, President of the Title Mitchel, was appointed on Nov. 15 by President Roosevelt
Guarantee & Trust Co., was elected President, and Harvey as United States District Attorney for the Southern District
D. Gibson, President of the Manufacturers Trust Co., was of New York. At the same time the President also named
named Chairman of the Finance Committee. Mr. Gibson John J. Kelly to succeed Raymond J. Mulligan as United
it is stated, received plenary powers as to both personnel of States Marshal for the Southern District.
the Finance Committee and plans and organization for
Mr. Hardy, an independent Democrat, took on Nov. 20
raising funds. Other officers are to be chosen at a meeting the oath of office, which was administered by Judge Francis
of the Board to be held Dec. 4.
G. Caffey in the United States District Court. Judge
Acting upon a suggestion of William Church Osborn, Caffey is a cousin of the new District Attorney. Mr. Hardy
President of the Citizens Budget Commission, the directors succeeds Francis W. H. Adams, who was appointed to the
on Nov.20 also appointed the following Executive Committee office several months ago by Judges of the United States
of the Board:
District Court following the resignation of Martin Conboy.
George McAneny, Chairman.
Following the induction of the new District Attorney into
Edward C.Blum,President of the Brooklyn Institute of Arts and Sciences.
office Mr. Adams was sworn in as a Special Deputy District
Harvey D. Gibson, President Manufacturers Trust Co.
Attorney to complete the prosecution in the Morro Castle
Percy S. Straus, President R. H. Macy & Co.
disaster. With the announcement of the appointment of
Grover A. Whalen, Chairman Schenley Products Co.
Mr. Hardy, President Roosevelt sent the following letter
Matthew Woll. Vice-President of the American Federation of Labor.
to Mr. Adams:
This Executive Committee will also act as a nominating
THE WHITE HOUSE
committee for the remaining officers. After the meeting the
Washington, Nov. 14 1935.
following statement was issued:
My dear Mr. Adams
Several of the directors called attention of the meeting to the fact that
certain unauthorized outsiders were soliciting clients through an alleged
connection with the World's Fair Committee. No one has been authorized
to speak for the World's Fair Committee except its duly elected officers.
The temporary committee has been, and the permanent committee will be.
available to any inquirer on any matters of public interest in connection
with the World's Fair.
A statement by Mr. McAneny, who is also President of the
Regional Plan Association, Inc., said:
I have been more than glad to accept the permanent Presidency of the
New York 1939 World's Fair Corp.. convinced as I am that the holding of
the fair, with all of its patriotic and other suggestions, will mark the turning
of an epoch in the history of New York. The encouragement given on all
sides to the preliminary committee, coupled with the very effective cooperation of the city government, has already advanced the project through
many of its earlier stages. The city is hugely and earnestly interested in
the success of the undertaking, and I have no doubt that the excellent start
that has been made will carry it to a fine conclusion.
The enlistment, as incorporators, of so many of the city's leaders in commercial, banking, labor and other important circles has made it possible to
bring together, in turn, an exceptionally strong board of directors, upon
whose personal and active co-operation the officers have been assured they
may depend. The acceptance of the Finance Chairmanship by Mr. Gibson
is another highly encouraging thing.
The electlion of the board of directors recently by the incorporators of the Fair was noted in our issue of Nov. 16,
page 3164.
Return Of J. P. Morgan To United States After FourMonths'. Vacation Abroad—Sees High Taxes Retarding Recovery
Upon his return to the United States after a four-month
vacation in England and Scotland, J. P. Morgan told interviewers aboard the Cunard White Star liner "Berengaria",
that Federal taxation was retarding business in this country.
IT said that business is recoyermg in England "because
the Government lets it alone and does not double up the
taxes on it."
In reporting Mr. Morgan's return, the New York "HeraldTribune" of Nov. 20 stated:
The financier was asked his opinion on the possibility of a return to the
deposit banking and investment securities fields by one firm, a practice
which was halted by the banking act of 1933.
"It may be possible at some future date, for everything is a possibility
except that the United States or anybody else can go on for an indefinite
period spending twice as much as is earned," he said.
"Why,even now everybody who makes any money in the United States
actually is working eight months of the year for the government. And
who's going to be able to, or will, do that indefinitely."
Mr. Morgan's first request was for a newspaper containing the late stock
market quotations. After he had glanced hastily at the quotations he
was asked his opinion of the bullish market trend in relation to prosperity.
"I don't think that a bullish market makes for prosperity," he said
grimly. "It didn't a few years ago, at least it didn't for me and more than
a few others."
The banker preferred not to be quoted directly in his remarks on the
Government's spending and taxing policies, but he remarked that the
condition could not continue because no one would take a partner in his
business who insisted on taking a two-thirds share of the money earned.
Such Governmental taxation was appalling, he said, and would halt all
initiative and new as well as old enterprises.
Under such a burden, Mr. Morgan said, there could not possibly be any
new employment, and in less than 30 years the insurance companies and
savings banks would be the only holders of savings,for all private fortunes,
I wish to express my appreciation of the services rendered by you under
your court appointment as United States Attorney for the Southern District of New York,subsequent to the resignation of Mr. Conboy and pending
the consideration and selection of his successor.
You have performed your Important duties in an effective and energetic
manner.
I extend to you my best wishes for your continued success.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
The Hon. Francis W. H. Adams,
United States Attorney,
New York, N. Y.
A summary of the career of Mr. Hardy as contained in
the New York "Herald Tribune" of Nov. 16 follows:
The new United States Attorney was born at Meridian, Miss., May
29 1879. He is a son of a former Supreme Court Justice in Mississippi.
Mr. Hardy was graduated from the University of Mississippi in 1898 and
from the Vanderbilt University law school in 1900. Four years ago he
was awarded the honorary degree of Doctor of Laws at the University of
Mississippi.
Mr. Hardy was admitted to the New York Bar in 1904 and practiced
privately until 1915, when Mayor Mitchell, a personal friend of his, appointed him Corporation Counsel. Upon leaving the Corporation Counsel's
office in 1917. Mr. Hardy held no other public office until three years ago,
when John P. O'Brien. then Mayor, appointed him chairman of a committee to make a survey of city departments. The committee's activities
were short-lived.
—4,—.
President Gay of New York Stock Exchange to Visit
Pacific Coast—Will Address Southern Group of
California Bankers Association in Los Angeles
Dec. 7
Charles R. Gay, President of the New York Stock Exchange, will leave shortly for a brief visit to the Pacific
Coast. Announcement of his plans was made Nov. 19 by
the Committee on Public Relations, which said:
Mr. Gay will visit Seattle, San Francisco, and Los Angeles, where
meetings will be held of representatives of the Coast brokerage firms, to
discuss Exchange activities and such questions as are of mutual interest.
In connection with his trip. Mr. Gay has accepted invitations to address
a meeting of Seattle business men, and also a luncheon arranged by the
San Francisco Chamber of Commerce and Commercial Club. He will
also talk before the Southern Group of the California Bankers Association
in Los Angsles Saturday evening, Dec. 7.
Mr. Gay will be accompanied by several Governors and members of the
Exchange, including Maurice L. Farrell, Chairman of the Committee on
Public Relations; Richard H. Gordon, head of the odd-lot firm of DeCoppet
& Doremus; and Jacob C. Stone, of Asiel & Co. Their schedule calls for
them to be in Seattle on Dec. 2, in San Francisco on Dec. 4 and 5, and in
Los Angeles on Dec. 6 and 7.
Postponement of Meeting of International Wheat
Advisory Committee Until Early January Expected
The'next meeting of the International Wheat Advisory
Committee, postponed from October until the end of November or the beginning of December, will probably be postponed further until early January, it was stated in wireless
advices from London, Nov. 15, to the New York "Times,"
which also reported the following:
When it does take place the size of the Argentine and Australian crops
will be definitely known, and the attitude of the Canadian Government,
holder of huge surplus supplies, toward the Committee will be demi.)
defined.
Volume 141
Financial Chronicle
It is understood that at the meeting in May a draft of a new wheat
agreement designed to replace the present one was forwarded to participating
governments for their consideration. By the time for the next meeting the
governments are expected to have made known their views regarding this
draft, which envisages an agreement for the next three years.
Another important item to be discussed at the next meeting Is the
problem of increasing world wheat consumption.
L. W. Pellett Elected President of United States
Building and Loan League
At the annual convention of the United States Building
and Loan League, held in Cincinnati Nov. 13-15, L. W.
Pellett, of Newburgh, N. Y., was elected President. Mr.
Pellett, who is Executive Secretary of the Building and
Loan Association of Newburgh, succeeded I. Friedlander,
of Houston, Tex. Harold T. Donaldson, of Lansing, Mich.,
was advanced to the First Vice-Presidency, and Edward
C. Baltz, of Washington, D. C., was elected Second VicePresident.
A message to the convention by President Roosevelt in
which he urged that the cost of home financing be lowered
was given in our issue of Nov. 16, page 3154.
J. G. Lonsdale and M. P. Sturdivant Re-elected
Directors of St. Louis Federal Reserve Bank
According to announcement of John S. Wood, Chairman
of the Board of the Federal Reserve Bank of St. Louis,
the results of the election of directors which ended Nov. 19
are as follows:
John G. Lonsdale, Chairman of the Board, Mercantile Commerce
Bank & Trust Co., St. Louis, was re-elected by member banks in Group 1
as a Class A director of the Federal Reserve Bank of St. Louis, and M.P.
Sturdivant, planter, of Glendora, Miss., was re-elected by member banks
In Group 3 as a Class B director. Each was chosen to serve for three
years from Jan. 1 1936.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c
Arrangements were made Nov. 19, for the transfer of the
New York Stock Exchange membership of William A.
Waldron to Peter Baldwin for $140,000. The previous
transaction was at the same price on Oct. 23rd.
A membership on the Chicago Board of Trade sold Nov.21
at $6,450, up $50 over last transaction.
At the regular meeting of the board of directors of The
National City Bank of New York held Nov. 19, Edmund C.
Stout Jr. was appointed an Assistant Cashier. He is a
graduate of Princeton University and has been assigned to
the metropolitan district
Harold E. Shaw has been appointed Manager of the Pennsylvania Station Branch of the Corn Exchange Bank Trust
Co., of New York. He has been connected with the bank
since 1904.
Gilbert R. Hendrickson, previously Executive Vice-President and Cashier of the Jamaica National Bank, Jamaica
(Long Island), N. Y., was elected President of the institution on Nov. 19. Mr. Hendrickson succeeded Barton R. Smith,
who retired from the Presidency last month. The former
President, however, continues as a director.
Joseph H. Zweeres, a native of Rensselaer, N. Y., was
elected President of the East Side Savings Bank of Rochester,
N. Y., on Nov. 21, to succeed the late Austin C. Jackson.
A Rochester dispatch by the Associated Press noting this
added:
Mr. Zweeres was connected with the Albany Savings Bank for 15 years,
later becoming a bank examiner for the State Department of Banking. He
joined the East Side Bank here in 1932 as Comptroller.
Three Boston suburban banks—the Everett National Bank
& Trust Co., the Second National Bank of Malden, and the
Lechmere National Bank of Cambridge—are to be consolidated under the title of the Middlesex County National Bank.
Boston advices to the New York "Times" on Nov. 22, authority for the above, supplied further details as follows:
The new bank will have a capital of $500,000, surplus of $300,000 and
undivided profits of $300,000. The combined assets will total $10,500,000
and will be contributed as follows: Everett, $4,300,000; Lechmere, $2,500,000, and Second National of Malden, $2,100,000.
The merger will come up for approval by stockholders at meetings to be
held on Dec. 23. Frederick E. Jennings, President of the Everett National
Bank & Trust Co., will be the President of the bank.
John J. Robinson, President of the New England Telephone & Telegraph Co., has been elected a director of the
First National Bank of Boston, to fill the vacancy caused by
the resignation of Matt B. Jones.
Edward F. Feickert, who was urged to return to the
Presidency of The First National Bank of Plainfield, N. J.
in April 1931, has tendered his resignation, to take effect
Jan.I1 1936. The announcement by the bank went on to say:
Mr. Feickert's action was prompted by a desire to take a much needed
rest and the Board of Directors, while loath to accept his resignation at
this time, has done so, recognizing the merit of his request, especially now
that the financial skies are clearing and a new day is dawning for business
generally.
The Board passed a resolution that was spread upon the minutes, expressing its deep appreciation of his services during one of the most strenuous
periods banking has experienced In the history of the country.
3325
Edward F. Feickert, who has long been associated with
banking interests in Plainfield, N. J., has tendered his resignation as President of the First National Bank of that city,
to go into effect Jan. 1. The Newark "News," in a Plainfield
dispatch, Nov. 16, furthermore said:
Mr. Feickert came to Plainfield from the New York banking concern of
Kuhn, Loeb & Co., to become associated with the Plainfield Trust Co.
when that institution was established. He left that company to assist in
organization of the State Trust Co., of which he was made President. Later
he became President of the First National Bank.
The E. P. Wilbur Trust Co. of Bethlehem, Pa., the reorganization of which was noted in our issue of Nov. 9, page
2991, closed its doors on Nov. 16 and reopened an Nov. 18
under the title of the Union Bank & Trust Co. Bethlehem
advices on Nov. 18, appearing in the Philadelphia "Record,"
from which we quote, also had the following to say, in part:
The "slow assets" of the Wilbur Bank will be liquidated gradually and
to the best possible advantage by the Federal Deposit Insurance Corporation.
The newly-organized Union Bank & Trust Co. started business with a
capital structure of $450,000, fully paid in. This includes a capital stock
of $300,000 and $100,000 surplus. The Reconstruction Finance Corporation
subscribed $350,000. Local interests, business men and others, put up
$100,000.
Two branches of the Wilbur Bank were closed so far as banking business
is concerned, though they remain open for the present to give out literature
and information. . . .
The personnel of the new organization is as follows:
David H. Brillhart (former President of the E. P. Wilbur
Trust Co.), Chairman of the Board of Directors; Charles H.
Graff, President; Edmond J. Buckley, Vice-President and
Treasurer, and Edwin E. Wallace, Secretary.
Depositors in the defunct Shrewsbury Savings Institution,
Shrewsbury, Pa., will receive checks totaling $66,254, or 5%
of the deposit liability of the bank, on Dec. 3, according to
an announcement by Luther A. Harr, State Secretary of
Banking for Pennsylvania, on Nov. 18. In noting the above,
the Philadelphia "Inquirer" of the date named added:
This will bring the total distributed to $861,528, or 65% of the deposit
liability of $1,325,307. The bank closed Oct. 6 1931.
We learn from Bloomsburg, Pa. advices, appearing in
"Money and Commerce" of Nov. 17, that stockholders of the
Bloomsburg Bank-Columbia Trust Co.. Bloomsburg, at a
recent special meeting decided to surrender the institution's
power to act as a title insurance company and to reduce the
capital of the institution from $375,000, represented by
7,500 shares of the par value of $50 each, to $225,000, represented by 7,500 shares of the par value of $30 each, and to
transfer the capital gain resulting therefrom, namely,
$150,000, to the bank's surplus account of the company,
thereby increasing the same from $150,000 to $300,000.
Depositors of the closed Boardway Bank & Trust Co. of
Richmond, Va., will receive a 10% dividend, aggregating
$77,967 on Dec. 10, under an order entered Nov. 16 by
Judge Robert N. Pollard of the Law and Equity Court. In
reporting this, the Richmond "Dispatch" of Nov. 17, continued, in part:
Checks in excess of $1 will be mailed to approximately 6,000 depositors,
most of whom reside in this city and Henrico, New Kent and Charles City
Counties. The bank's receivers, Guy Hazelgrove and R. Latimer Gordon,
were instructed by the Court that checks amounting to $1 or less should
not be mailed, but should be called for at the receivers' offices, 1444 East
Main Street, on or after Dec. 10.
When this dividend is made, the receivers will have paid 62 12/100%
of the total deposits of the bank, of which 35% has gone to unsecured
depositors. The bank has been closed since Sept. 25, 1931.
The total amount of deposits liquidated by the receivers is $831,286.18,
this sum including the $77,967.19 to be distributed on Dec. 10. Two
previous dividends have been paid to stockholders.
Associated Press advices from Chicago on Nov. 15 stated
that J. M. Nichols, President of the First National Bank of
Englewood (Chicago), Ill., had that day announced that
depositors in his bank would have to pay the cost of Federal
deposit insurance. The dispatch continued:
On Dec. 15 all accounts exceeding $100 will be assessed 75 cents for each
$1,000. Mr. Nichols said his plan would bring home to each depositor "just
one more phase of the mis-deal."
According to an announcement on Nov. 13 by Jacob R.
Darmstadt, Chairman of the Reorganization Committee of
the Cosmopolitan State Bank of Chicago, 82% of the depositors have assented to a plan for the organization of a
new National bank. Under the plan the depositors are to
receive a 40% cash distribution by means of a new loan
which has been approved by the Reconstruction Finance
Corporation. The Chicago "Tribune" of Nov. 14, from which
the above information is obtained, supplied further details
as follows:
The bank now owes the RFC $700,000. The Government agency has
agreed to increase the loan to $1,250,000. In addition to the 40% cash distribution the depositors of the old bank will receive what is realized from
the liquidation of the assets after the RFC has been repaid.
Under the plan the depositors of the old bank are to agree to release
the stockholders from double liability. The stockholders, in return, have
agreed to contribute $75,000 to be used to pay off in full all deposits of
lees than $50 and to purchase the bank building, now vacant, for $175,000.
of which $45,000 will be paid in cash.
Assets of the Cosmopolitan Bond & Mortgage Co. and of the Cosmopolitan
Safety Deposit Co. also will be pledged as security for the RFC loans.
3326
Financial Chronicle
The proposed new bank will start with a capitalization of $150,000 of
preferred stock, subscribed for by the RFC; $100,000 of common; $50,000
surplus, and $10,000 reserves. The old stockholders will put up $160,000
for the new bank. The RFC, however, will not release the stockholders
from double liability.
The "Michigan Investor" of Nov. 9 stated that a 100%
payment was to be made to the depositors of the Farmers' &
Merchants' Bank of Rives Junction, Jackson County, Mich.,
through a court order. The paper continued:
The bank closed Sept. 6 1932. Liquidation of the bank's assets under a
receivership brought $7,500 and the 40 stockholders contributed an additional
$3,500 to meet all claims.
According to a Monroe, Mich., dispatch, on Nov. 12, appearing in the Toledo "Blade," the First National Bank of Monroe
is to release a second 20% dividend on trust funds on
Nov. 18, aggregating $150,000. The bank paid $200,000 a
year ago to 6,000 depositors. The advices continued:
Fifty per cent, was paid to depositors when the bank was reopened, while
a like sum was waived by depositors.
The First State Savings Ba- nk of Bronson, Mich., recently
changed its title to the Peoples State Bank of Bronson.
A 10% payoff of deposits
in the old St. Charles State Bank,
St. Charles, Mich., has been announced by H. H. Fox, the
Cashier, we learn from the "Michigan Investor" of May 16.
An original payoff of 55% was made to the depositors when
the bank reopened following its reorganization, it was said.
It is learned from the Los Angeles "Times" of Nov. 14
that authorization for payment of dividends to depositors
In two closed Southern California Bay District banks had
been received the previous day by Bruce McBirney, Special
Deputy Superintendent of Banks, from Friend W. Richardson, Superintendent of Banks for California. We quote the
paper:
Checks will be mailed out within the next two weeks, Mr. McBirney stated.
Depositors of the Venice Savings Bank will receive their sixth dividend
of 23‘%, making a total of 30% paid, while the commercial department
depositors of American Commercial & Savings Bank at Redondo Beach will
receive their first dividend of 5%. Savings depositors of the latter bank
will receive their fifth dividend of 5%, making a total of 85%.
In addition to the above, Mr. McBirney announced that a dividend of 5%
had been paid to savings depositors of the State Bank of Manhattan Beach,
making a total of 40% received.
Nov. 23 1935
were hesitant, but the list as a whole was fractionally higher
at the close. Outstanding among the stocks ending the
session on the side of the advance were American Superpower pref., 1% points to 35; Childs & Co. pref 1% points
to 27; Texas Power & Light pref. (7), 4 points to 104, and
Parker Pen, 9 points to 273
%.
Mining and metal stocks and specialties assumed the
leadership of the curb market on Thursday, and while there
were occasional periods of hesitation the trend of prices continued upward until the close. Oil shares, alcohol issues and
miscellaneous industrials showed improvement and there was
some fractional betterment in the merchandising stocks.
The turnover for the day totaled approximately 521,000
shares which was below the preceding day. Among the
prominent market leaders showing gains at the close were
American Superpower pref., 2 points to 34; Jersey Central
Power & Light pref. (6), 4 points to 80; Pacific Power &
Light pref.(7), 73
4 points to 76; Swift International, 2 points
to 33; Thermoid Co. pref., 3 points to 69 and Western Power,
5% points to 107.
On Friday the market opened fairly steady but profit
taking soon developed and prices turned downward. .A few
stocks among the miscellaneous specialties moved against
the trend, but these wEre, as a rule, in the less active group
and had little effect on the movement of the market. Trading was very heavy, the total transfers reaching approximately 687,000 shares. Outstanding among die declines were
Aluminum Co. of America,33 points to 89; American Superpower pref., 3 points to 34; Pittsburgh Plate Glass, 3 points
to 96 and'A. 0. Smith, 1% points to 47. As compared with
Friday of last week prices were fractionally lower, Aluminum
Co. of America closing last night at 89 against 89 on Friday
a week ago; Consolidated Gas & Electric of Baltimore at
8834 against 89%; Duke Power at 6434 against 65; Fisk
Rubber Corp. at 6% against 6%; Glen Alden Coal at 183
against
; Humble Oil (New) at 593/8 against 613';
Newmont Mining Corp. at 633
4 against 65%;A. 0. Smith at
47 against 49, and South Penn Oil Co. at 283. against 28.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Nov. 22 1935
Stocks
(Number
Of
Shares)
Saturday
Monday
Tuesday
$29,000
56.000
134,000
129,000
91,000
92.000
3,122.295 $24,350,000
$531.000
Thursday
Friday
Total
Domestic
270,580 $2,025,000
549,270 3.977,000
421.505 4.247,000
672,185 5.218,000
521,305 3,837,000
887,450 5.046,000
Wednesday
THE CURB EXCHANGE
Price movements on the New York Curb Exchange were
generally toward higher levels during most of the present
week. There was some hesitancy at times, due in part to
profit taking, but the trend continued upward until Friday
when market turned sharply downward. Miscellaneous
specialties were in moderate demand and so were the oils and
specialties. Canadian alcohols and mining shares showed
improvement following the publication of the Canadian
trade treaty.
Profit taking in parts of the curb list gave the market a
reactionary appearance during the brief period of trading
on Saturday, and while there were numerous small advances
among the speculative favorites there was also a goodly
number of declines. Trading was fairly brisk, the total
transfers reaching approximately 271,000 shares, as compared
with 77,865 a year ago. The gains for the day included among
others, American Hard Rubber, 23.1, points to 223; Pennsylvania Water & Power (4), 4 points to 89; Thermoid pref.,
2 points to 573
4;Electric Bond & Share pref. (5), 13 points
to 65%; Hiram Walker, 1 point to 32, and Royal Typewriter,
13
4 points to 44%. There were also numerous gains of
major fractions.
Many active stocks showed modest advances on Monday
despite the profit taking that cropped up during the closing
hour. Specialties were in good demand and Canadian
mining and alcohol stocks reacted favorably following the
publication of the Canadian trade treaty. The volume of
sales totaled approximately 549,000 shares, against 509,000
on Friday, the last full day. Prominent among the trading
favorites showing gains were Alabama Power pref. (6),
2 points to 69; Bunker Hill-Sullivan, 13
4 points to 473':
Commonwealth Edison, 1( points to 963; Cuneo Press
(1.20), 23i points to 37; General Public Service pref., 2%
points to 72; Great Atlantic & Pacific Tea Co. non-voting
stock (6), 4 points to 134; Jones & Laughlin Steel, M points
to 343
4;Parker Rust-Proof, 23,4 points to 793.1, and Thermoid
4.
Co. pref., 4% points to 633
Curb market buying broadened to some extent on Tuesday,
though the dealings, on the whole, displayed a rather cautious
tone. The gains were not particularly noteworthy at any
time, most of the changes ranging from fractions to a point
or more. The best gains were made by Adams Millis 1st
4 points to 117; Bulova Watch cony. pref., 23'
pref. (7), 43
4 points to 473';
points to 52; Celluloid Corp. pref., 33
Draper Corp., 3 points to 64; St. Regis Paper pref. 5%
points to 473
4; Thermoid Co., 4Y
1 points to 68- Ohio Public
Service pref. A (7), 6% points to 1043
4,and Aluminum Co.
of America, 1 point to 94.
Industrial specialties were in demand on Wednesday during
the early trading, and while there was some interest displayed in oil stocks and merchandising shares, the buying
was highly selective. Some of the regular market leaders
Bonds (Par Value)
Foreign
Foreign
Government Corporate
Week Ended Nov. 22
Sales at
New York Curb
Exchange
1935
$204,000 $25,085.000
Jan. 1 to Nov. 22
1934
1935
1934
Stocks-No,of shares,
3,122,295
964,771
83,925,321
Bonds
$24,350,000 $19,075,000 $1,037,689,000
Domestic
Foreign government- _
531,000
429,000
14,483,000
Foreign corporate
204,000
613,000
11,541,000
Total
Total
$10,000 $2,064,000
20,000 4.053,000
47,000 4.428,000
54,000 5,401.000
45,000 3,973.000
28,000 5,166.000
$25,085,000 $20.117,000 $1,063,713,000
54.617.835
$857,823,000
32,474,000
23,539,000
$913,836,000
COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Nov. 23), bank exchanges for all cities
the United
States from which it is possible to obtain weekly returns will
be 25.1% above those for the corresponding week last year.
Our preliminary total stands at $5,727,429,398, against
$4,575,148,304 for the same week in 1934. At this center
there is a gain for the week ended Friday of 28.3%. Our
comparative summary for the week follows:
a
Cleartngs--Rdurns by Telegraph
Week Ending Nov. 23
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,758,270,681
244,258.203
301,000,000
209,000,000
73,641,403
72,500,000
120,133,000
93.216,624
81,254,837
87.010,589
50,744,065
36,574,000
$2,149,663,501
183,919,984
240,000,000
176,000,000
60,567.520
60,000,000
99,700,000
79,242,495
57,713,615
47,866,787
41,797,108
32,161,000
+28.3
+32.8
+25.4
+18.8
+21.6
+20.8
+20.5
+17.6
+40.8
+40.0
+21.4
+13.7
Twelve cities, five days
Other cities, nve days
$4,107,603,402
665,254,430
$3,228,632,010
564,529,070
+27.2
+17.8
Total all cities, five days
All cities, one day
$4,772,857,832
954,571,566
$3,793,161,080
781,987,224
+25.8
+22.1
at
.4.2L1
Total All MI. Mr meek
ell 'PIT .4011
ono
It'll lag
gild
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ended to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Nov. 16.
For that week there is an increase of 17.5%, the aggregate
of clearings for the whole country being $5,181,823,409,
against $4,411,110,698 in the same week in 1934. Outside
of this city there is an increase of 16.8%, the bank clearings
at this center having recorded a gain of 17.9%. 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 record
a gain of 18.2%,in the Boston Reserve District of 12.8%,
and in the Philadelphia Reserve District of 18.3%. In the
Cleveland Reserve District the totals are larger by 24.3%,
in the Richmond Reserve District by 14.4%, and in the
Atlanta Reserve District by 6.2%. In the Chicago Reserve
District there is an increase of 24.1%, in the St. Louis
Reserve District of 9.1%, and in the Minneapolis Reserve
District of 7.4%. The Kansas City Reserve District has to
its credit an improvement of 7.3%, the Dallas Reserve
District of 17.8% and the San Francisco Reserve District of
16.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week End. Nov. 16
1935
Total
111 cities
Outside N. Y. City
1933
nen aext arie
Ina 441 001
--A a
204 &VI 760
Ion aao qnn
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Nov. 16
Clearings a1
1935
1934
Inc. or
Dec.
First Federal Reserve Dist rIct-Boston
Me.-Bangor _ _ _
594.918
462,847
1,312,995
Portland
1,643,248
Mass.-Boston._ 205,585,064 182,651,989
809,943
592,524
Fall River._ _ _
Lowell
322,222
289,545
New Bedford_ _
670,633
662,520
Springfield_ _
2,921,951
2,438,650
Worcester
1,501,220
1,181,480
10,006,536
Conn.-Hartford
9,071,720
3,427,668
New Haven_ _
2,833.809
R.I.-Providence
9,307,100
8,331,200
NIL-Manches'r
376,225
349,280
Total(12 cities)
237,166,728
Inc. or
1935
1933
1932
+28.5
+25.2
+12.6
+36.7
+11.3
+1.2
+19.8
+27.1
+10.3
+20.9
+11.7
+7.7
603,681
1,577,221
222,596,291
670,781
328,707
858,766
2,963,779
1,345,200
8,619,661
3,498,115
9,613,100
389,920
352,107
1,897,799
214,384,037
782,282
350,077
714,707
3,059.928
2,179,988
7,994,518
3,697,717
8,959,400
384,448
210,178,659 +12.8
253,065,222
244,757.008
York-27.3
9,187,014
4,395,303
+14.1
734,998
841,068
25,471,098
+12.0
25,259,773
482,592
+50.9
546,509
446,450
+14.1
525,025
+17.9 3,074,984,557 2,659,335,982
5,443,796
+5.0
6,888,870
3,711,190
+13.8
3,084,625
3,932,959
+38.2
2,077,186
473,304
-25.9
596,561
18,898,741
+30.9
20,217,920
29,986,014
+54.9
28,946,299
Total(12 cities) 3,048,836,129 2,579,953,042 +18.2 3.173,752,713 2,752,715.121
Third Federal Reserve Dist rict-Philad elphia366,474
Pa.-Altoona
309,271 +18.5
Bethlehem._ _ _
a267,625
a1,964,933 -86.4
Chester
265,967
208,858 +27.3
Lancaster
1,007,706
796,046 +26.6
Philadelphia _ _ 319,000,000 273,000,000 +16.8
Reading
1,334,408
1,068,390 +24.9
Scranton
2,515,755
2,184,745 +15.2
Wilkes-Barre_ _
872,560
818,695 +6.6
York
1,441,797
1,107,848 +30.1
N.1.-Trenton..
6.955,700
2,658,000 +161.7
Total(9 cities).
333,760,367
282,151,853 +18.3
Fourth Feder al Reserve D Istrict-Clev elandOhio-Akron._
C
Canton
Cincinnati_ _ _
54,002,657
46,906,128 +15.1
Cleveland
78,873,320
61,235,038 +28.8
9,629,400
Columbus
9,021.800 +6.7
Mansfield
1,178,722
928,309 +27.0
Youngstown
104,787,552
81,856,864 +28.0
Pa.-Pittsburgh
292,053
319.267
860,275
283,000,000
1,290,703
2,504,766
1,562,689
1,276,140
4,974,000
348,426
a445,180
329,398
1,065,436
313,000,000
2,309,092
3,002,465
1,779,078
988,857
4,098.000
296,079,893
326,920.752
44,668,695
64,000,893
9,039.300
974,376
C
45,579,792
74,315,772
7,392,800
850,560
89,347,518
87,512.886
199,948,139 +24.3
208,030,782
215.651,810
Fifth Federal Reserve Dist rict-Richm ond190,034
152,684 +24.5
W.Va.-HuntIon
2,336,000
2,074,000 +12.6
Va.-Norfolk _
41,025,402
35,958,809 +14.1
lisk Richmond _
1,052,218
900,000 +16.9
S.C.-Charleeton
57,998,982
52,662,910 +10.1
Md.-Baltimore _
15,618,008 +29.7
20,253,159
D.C.-Wash'gt'n
161,769
2,016,000
37,023,852
1,153,455
51,179,265
14,252,128
407,159
2,716,000
33,145,941
897,398
57,615,908
17,004,907
107,364,411 +14.4
105,786,469
111,787.313
3,314,695
12,944,569
44,100,000
1,372,887
811,152
8,669,000
16,399,415
1,056,262
2,532,951
10,849,763
31,200,000
800,248
501,904
8,616,221
10,220,812
824,497
160,505
24,770.310
115,250
28,491,321
113,598,795
94.152,967
Total(5 cities).
Total(6 cities).
248,471,651
122,855,795
Sixth Federal Reserve Dist rict-Atlant a2,763.986 +19.3
3,297,778
Tenn.-Knoxville
13,840,289 +8.1
14,964,650
Nashville
+13.2
43,800,000
49,600,000
Ga.-Atlanta
1,120,252 +14.9
1.287,324
6,Augusta
-2.0
839,148
822,412
Macon
10.553,000 +3.0
10,868,000
Fla.--jacksonville
17,681,521 -7.3
16,388.281
Ala.-Birmingh'm
1,121,433 +11.6
1,251,477
Mobile
Miss.-Jackson.116,619 +11.6
130,179
Vicksburg
29,558,325 +2.7
30,360,407
La.-New Orleans
Total(10 cities)
128,970,508
121,394.573
+6.2
1933
Seventh Feder al Reserve D strict-Chic ago47,755
75,157
65,122 +15.4
Mich.-Adrian
Ann Arbor__ _ _
472,899
407,291 +16.1
360.771
96,754,197
70,861,990 +36.5
61,154,640
Detroit
1,430,742
1,618,196 +52.4
Grand Rapids2,465.557
1,093,236
655,095
855,200 +27.8
Lansing
697.683
1,065,301
732,989 +45.3
Ind.-Ft. Wayne
13,713,000
16,814,000
Indianapolis_
14,561.000 +15.5
991,252
1,205,580
South Bend...
877,827 +37.3
4,337,399
3,703,068
4,066,333 +6.7
Terre Haute...
13,635,983
16,833,826
15,146,510 +11.1
Wis.-Milwaukee
279,494
832,409
638,114 +30.4
Iowa-Ced. Rap_
7,004,474
5,530,378
Des Moines._ _
6,018,479 +16.4
3,127,248
2,384,042
Sioux City3,089,504 +1.2
Waterloo
377,786
476.998 -20.8
424,777
275,935,219 224,948,319 +22.7 231,296,241
Chicago
586,226
710,130
698,255 +1.7
Decatur
2,895,722
3,196,199
3,242,413 -1.4
Peoria
763,048
1,026,604
768,362 +33.6
Rockford
878,541
989,320
Springfield....
914.619 +8.2
1932
72.772
454,609
58,431,036
2.288,027
444,200
1,127,051
14,684,000
1,471,867
3,542,473
14,109,100
683,319
5,897,728
2,170,778
862,676
197,073,005
414,259
2,222,554
505,973
1,280,312
349,987,521 +24.1
341,428,458
307,735,739
Eighth Federa I Reserve Dis trict-St.Lo
Ind.-Evansville_
79,400,000
71,900,000 +10.4
Mo.-St. Louis..
29,773,657
26,333,807 +13.1
Ky.-Louisville _ _
21,968.040
21.886,936 +0.4
Tenn.-Memphis
111.-Jacksonville.
463,000
456,000 +1.5
Quincy
73.400,000
24,583,213
24,102,738
63,100,000
20,056,793
14.995,784
434,316,541
329,000
502,877
+9.1
122,414,951
98,655,454
NinthFederal Reserve Dis trict-Minne spoils2,808.061
3,148,314 -10.8
Minn.-Duluth..
60,625,540
55,817,889 +8.6
Minneapolis_ _ _
23,723,309
22,705,088 +4.5
St. Paul
2,408,889
2,027,704 +18.8
N. Dak.-Fargo _
573.669
617,370 -7.1
S. D.-Aberdeen689,099
525,644 +31.1
Mont.-Billings _
2,719,509
2,282,898 +19.1
Helena
2.398,558
60,576,549
22,052,679
1,902,967
489,653
477,445
1,862,407
2,803.747
53,366,002
17,191,009
1,762,492
508,629
376,816
2,018,964
93,548,076
+7.4
89,780,258
78.027.659
Tenth Federal Reserve Div trict- K ans as City
94,099
66,434 +41.6
Neb.-Fremont
112.511
70,672 +59.2
Hastings
2,630,245
1,934,950 +35.9
Lincoln
31,979,546
27,129,325 +17.9
Omaha
1,759,152 -9.2
1,597,400
Han -Topeka..
2,722,499
2,624,706 +3.7
Wichita
71,627,698
69,328,727 +3.3
Mo.-Kan. City_
2,814,990
2,830,225
St. Joseph_ _ _ _
597,542
+13.8
.
Colo.-Col. Spgs.
479,168
537,806 -10.9
Pueblo
58,611
1,981,346
25,525,754
1,122,297
2,340,641
68,822.670
2,630,211
523,311
464,885
132,088
118,116
1,643,155
21,400,010
1,317,057
3,604,244
66,083,180
2,483,576
597,403
606,779
+7.3
103,469,726
97.985,608
Eleventh Fede ral Reserve District-Da Uas1,032,397 +6.4
1,098,563
Tex.-Austin...
37,236,479 +15.6
43,043,727
Dallas
5,834.574
.5.064,735 +15.2
Fort Worth...
2,611,000 +51.9
3,965,000
Galveston
1,982,481 +26.6
2,510,249
La.-Shreveport-
850,065
45,896,850
5,656,209
3,801,000
S.493.596
770.161
37,374,845
6,747,374
3,251,000
2,417,650
47.927,092 +17.8
58,697,720
50,561,030
Franc'sco-23,677,601
+16.2
6,715,000
+9.6
506,928
+49.2
26,200,511
+20.6
11.842,204
+19.1
3,250,490
+32.1
3,185,699
+32.0
2,996,710
-9.2
+20.2 116,128,539
2,199,308
+38.9
1,283,957
+13.3
1,128,191
+18.6
24,098,315
5,667.000
503,916
22,405,520
10,957,703
3,217,258
3,297,434
5,621,539
103.312,201
1,818,403
1,902,063
1,292,490
131,604,697
Total(4 cities).
Total(7 cities).
114,655,698
Total (10 cities)
58.452,113
Total(5 cltles)Second Feder al Reserve D istrict-New
N. Y.-Albany._
9,681,403
7,038,747
1.119,041
980,608
Binghamton_
Buffalo
30,700,000
27,400,000
Elmira
613,022
406,378
Jamestown....
578,685
507,187
New York.. _ _ 2,932,351,651 2,485,653,019
7.237,131
6,889,839
Rochester
3,253,689
Syracuse
3,702.890
3,307,512
Conn.-Stamford
2,392,806
N. J.-Montclair
*300,000
404,947
20,510.908
15,671,531
Newark
41,376,542
26,711,635
Northern N.J.
Dec.
1934
1932
6,181,823,409 4,411,110,698 +17.5 5,065,200,125 4,563,044,303
2,249,471,758 1,925,457,679 +16.8 1,990,215,568 1,933,708,321
RO Al•las
Week Ended Nov. 16
Clearings at
Total(19 cities)
Ine.or
Dec.
1934
Federal Reserve Diets.
$
$
$
$
%
210,178,559 +12.8
237,166,728
253,065,222
244,757,008
1st Boston_._ _12 cities
2nd New York_12 "
3,048,836.129 2,579,953,042 +18.2 3,173:42,713 2,752,715,121
333,760,367
282,151,853 +18.3
296,079,893
3rd Philadelphia 9 "
326,920,752
248,471,651
199,919,139 +24.3
4th Cleveland__ 5 "
208,030,782
215,651,810
122,855,795
107,364,411 +14.4
5th Richmond _ 6 "
105,786.469
111.787,313
128,970,508
121,394,573 +6.2
113,598,795
6th Atlanta____10 "
94,152,967
434,316,541
349,987,521 +24.1
341,428,458
307,735,739
7th Chicago ___19 "
120,576,743 +9.1
8th St. Louis__ _ 4 "
131,604,697
122,414,951
98,655,454
87,124,907 +7.4
93,548,076
89,760,258
9th Minneapolis 7 "
78,027,659
114,655,698
106,807,238 +7.3
103,469,726
97,985,608
10th Kan.9119 City 10 "
56,452,113
47,927,092 +17.8
58,697,720
5 "
50,561,030
11th Dallas
197,696,620 +16.9
231,185,106
199,115,138
12th San Fran..12 "
184,093,842
r•anarls
3327
Financial Chronicle
Volume 141
120,576,743
87,124,907
106,807,238
Twelfth Feder at Reserve D istrict-San
30,255,971
26,028,629
Wash.-Seattle..
8,572.000
9,396,000
Spokane
584,718
872,445
Yakima
21,645,981
26,111.511
Ore.-Portland_ _
11,286,772
13,440,990
Utah-S. L. City
2,732,667
3,608,575
Cal.-LongBeach
2,549,295
3,365,501
Pasadena
8.330,530
7,566,098
Sacramento_ _ _
San Francisco_ 130,844,259 108,879,725
2,739,431
1,971,938
San Jose
1,091,270
1,236,385
Santa Barbara_
1,473,800
1,747,940
Stockton
Total(12 cities) 231,185,108 197,696,620 +16.9 199,115,138 184,093,842
Grand total (111
5,181,823,409 4,411,110,698 +17.5 5,065,200.125 4.563,044.303
cities)
Outside N.Y..-
2,249,471,758 1,925,457,679 +16.8 1,990,215,588 1,903,708,321
Week Ended Nov. 14
Clearings at1935
1934
Inc. Or
Dec.
1933
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat_ _ _
Peterborough__
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
90,185,664
76,922,479
51.969,785
13,773.267
15,669,959
4,150,721
1,856,710
3,685,299
6,747.087
1,225,051
1,384.684
2,228,093
3,335,523
3,756,905
277,571
469,652
1,479,944
644,726
697,451
606.817
495.258
254,614
852.429
673,892
807,778
1,925,874
307.535
658,491
493,192
403,519
372,039
952,795
5;
$
104,571,307 --13.8 105,170,682
96,292,596
89.602,236 --14.2
52,536,664
54,410,559 -4.5
11,619,046
13,918,674 ---1.0
3,697,724
4,162,313 +276.5
3,735,995
4,048,588 +2.5
1,743.671
2,335,490 -20.5
3,188,328
+5.0
3,511,472
4,398,923
6,163,163 +9.5
1,480,417
1,534,536 -20.2
1,215,560
1,382,247 +0.2
1,973,572
2,845,154 --21.7
3,038,189
4,003,265 --16.7
3,394,329
3,835,009
291.481
323,980 --14.3
378.202
537,322 --12.6
1,220.981
1,503,560 --1.6
487,349
499,253 +29.1
619,269
675,557 i-3.2
439,771
618,572 --18.1
359,190
447,666 i-10.6
172,620
256,840 --0.9
592,835
693.071 --5.9
533,048
546.715 +5.
899,376
945,099 --14.
2,212.772
1,894,492 +1.
277,093
317,514 --3.1
638,632 i-3.1
529,025
562,722 --12.4
457,662
458,278
483,611 --16.6
341.064
376,771 --1.3
804,904 +18.4
645,038
Total(32 cities)
288,864,804
308,450,294
-6.3
1932
69,204,929
70,382,123
34,783.126
9,975,018
3,339,008
3,485,172
1,668.933
3,148,042
5,389,019
1,230,943
1.083,837
2,085,502
3.071.159
3,284,789
308,420
364,078
1,412.922
459,194
763,205
507,574
349,574
233,633
603,586
530,139
719,391
1,728,755
237,497
537.755
498,660
447,905
320,443
435,426
304,400.748
222,589.757
a Not Included In totals. b No clearings available. c Clearing House not
functioning at present.
Financial Chronicle
3328
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 6 1935:
GOLD
The Bank of England gold reserve against notes amounted to £194,683,975 on Oct. 30 as compared with £194,323,901 on the previous Wednesday.
During the week the Bank announced the purchase of bar gold to the value
of £798,553.
In the open market about £1,040,000 of bar gold was dealt with at the
daily fixing. Quiet conditions have continued and, offerings being on a
smaller scale, prices ruled above gold exchange parities, to-day's quotation
including a premium of 2)d. over dollar parity.
Quotations during the week:
Equivalent Value
Per Fine
of E Sterling
Ounce
12s. 0.18d.
141s. 5d.
Oct. 31
12s. 0.01d.
Nov. 1
141s. 7d.
12s. 0.13d.
Nov. 2
141s. 53cl.
12s. 0.18d.
Nov. 4
141s. 5d.
12s. 0.30d.
Nov. 5
141s. 33d.
12s. 0.22d,
141s. 43d.
Nov. 6
12s. 0.17d.
Average
141s. 5.08d
The following were the United Kingdom imports and exports of gold
registered from mid-day on Oct. 28 to raid-day on the 4th inst.: _
Exports
Imports
£4,123,911
British South Africa
£1,712.407 U. S. A
66.700
British West Africa
69,986 China
16,075
Australia
12.279 British India
809.539
New Zealand
16,506 Netherlands
24.127
British India
112,648 France
8,456
Canada
102,817 Switzerland
1,640
Netherlands
8,410 Other countries
Belgium
37.010
France
25,763
Switzerland
14,865
Venezuela
41,774
Other countries
15,020
£5,050,448
£2,169,485
The SS. "Chitral" which sailed from Bombay on Nov. 2 carries gold to
the value of about £548,000 consigned to London.
SILVER
Until the 4th instant the price of cash silver had remained unchanged at
29 5-16d., purchases for account of the American Treasury continuing at
this price. Owing to forward sales by China the difference between the two
quotations widened considerably,silver for two months' delivery being at a
discount of 7-16d. on two occasions.
There was a temporary improvement in prices on the 4th instant, when
29Md. and 29 3-16d. wero quoted for the respective deliveries, but; the
American Treasury did not follow the rise.
News was received on Nov.4 of the adoption by the Chinese Government
of a new scheme of currency and banking reform. Under the plan the silver
dollar is to be replaced by a managed inconvertible paper currency, and in
the place of the present several note issues, which are to be withdrawn. there
Is to be a single note issue controlled by the Central Bank. Silver is to be
nationalized and all holders of silver are required to exchange it for legal
tender notes.
In effect, China has definitely abandoned the silver standard, although
this has really been the case since the restrictions imposed by the Chinese
Government in October of last year virtually placed an embargo on the
export of that metal.
The new scheme has been generally welcomed as a commendable effort to
restore China's currency to a sound basis and the development of the plan
will be watched with great interest.
As regards the bearing upon the silver market, on the day the news was
received prices rose to above the American level on some Indian bear
covering, which would appear to indicate a feeling of uncertainty, but the
advance was lost yesterday. It is possible that any immediate effect has
been largely discounted and, as regards the future, much will depend on
the use which the Chinese Government may have to make of the silver it
controls and the reaction of the American Government, the policy of the
atter remaining the dominating factor.
The following were the United Kingdom imports and exports of silver
registered from mid-day on Oct. 28 to mid-day on the 4th instant:
Imports
Exports
British India
£2,114,465
£14,386 U. S. A
New Zealand
5,219 Netherlands
2,419
Japan
494,795 Other countries
3,344
Fiji
6.820
Belgium
38.830
Poland
3,730
Germany
16,416
3,428
Java
5,200
Costa Rica
Peru
3,234
Other countries
4.364
£596,422
£2,120,228
Quotations during the week:
IN LONDON
IN NEW YORK
Bar Silver per Oz. Std.
(Per Ounce .999 Fine)
Cash
2 Mos.
29 5-16d. 29 1-16d.
Oct. 31
65% cents
Oct. '30
295-16d. 29d.
Nov. 1
65% cents
Oct. 31
29 5-16d. 28Md.
Nov. 1
Nov. 2
65-i cents
29 Md.
293-16d.
Nov. 2
Nov. 4
651.i cents
295-16d. 28Md.
65% cents
Nov. 5
Nov. 4
205-16d. 2815-16d.
65% cents
Nov 6
Nov. 5
29.344d. 28.990d.
Average
The highest rate of exchange on New York recorded during the period
from the 31st ultimo to the 6th instant was $4.92%, and tho lowest $4.91 ki•
Statistics for the month of October;
-Bar Silver per Oz. Std.Bar Gold
Cash Deliv. 2 Mos. Deity.
per Os. Fine
Highest price
291',d.
1425. 2d.
2914d.
Lowest price
29 5-I6d.
141s. 3Md.
29d.
Average
29.3681d.
141s. 7.70d.
29.3472d.
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon..
Tues.,
Fri.,
Thurs.,
Wed.,
Nov. 18
Nov. 19
Nov. 16
Nov. 22
Nov. 21
Nov. 20
Silver, per oz__ 29 5-16d. 29 5-16d. 29 5-161. 29 5-160. 29 5-16d. 29Sid.
Gold, p.fine oz. 1415.50. 141s.5d. 141s.634d. 141s.4d. 1418.5d, 141s.3d.
Consols, 234% Holiday
8534
85
853
85,II,
85%
British 354%Holiday
10555
105
W. L
10534
10534
10534
British 4%1960-90
Holiday
11734
11634
11634
117
11634
The price of silver per ounce (in cents) in the United
States on the same days has been:
Bar N. Y. (foreign)
U. S. Treasury
U. S. Treasury
(newly mined)
6534
50.01
6534
50.01
6534
50.01
6534
50.01
6534
50.01
6534
50.01
77.57
77.57
77.57
77.75
77.57
77.57
Nov. 23 1935
BREADSTUFFS
Figures Bought from Page 3405-All the statements
below regarding the movement of grain-receipts, exports,
visible supply, &c.-are prepared by us from figures collected
by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ended last
Saturday and since Aug. 1 for each of the last three years:
Receipts at-
Corn
Wheat
Flour
Oats
Rye
Barley
bbis.196ibs bush. 60 lbs bush. 56 Os bush. 32 lbs ush.5610s. bush.48I8s.
965,000
265,000
Chicago
478,000
6.000
199,000
235,000
196,000
195,000
1,056,000
161,000
526,000
Minneapolis_
627,000
206,000
462,000
78,000
70,000
Duluth
8,000
12,000
Milwaukee..
75,000
381,000
68,000
1,000
47,000
Toledo
80,000
103,000
16,000
18,000
Detroit
14,000
31,000
266.000
46,000
4,000
66,000
Indianapolis.
40,000
St. Louis_ _ - 217,000
139,000
1,000
96,000
79,000
74,000
Peoria
39,000
277,000
8,000
30,000
67,000
70,000
Kansas City
289,000
457,000
15,000
119,000
Omaha
503,000
87,000
44,000
St. Joseph_
57,000
129,000
8,000
Wichita
146,000
2,000
10,000
143,000
Sioux city_
20,000
14,000
95,000
26,000
446,000
Buffalo
233,000
2,878,000
Total wk. 1935
Same wk.1934
Same wk.1933
408,000
353,000
403,000
3,592.000
3,472,000
6,627,000
6,054,000
5,965,000
6,992,000
1,239,000
977,000
1,303,000
344,000 2,182,000
390,000 1,481,000
364,000
899,000
Since Aug.11935
1934
1057
6,215,000204,602,000 34,643,000 76,440,000 10,529,000 40,110,000
5,961,000 111,990,000 98,608,000 24,094,000 6.929,00030,893,000
SI/7 nnnlAkOs9nnn 75 1347 Ann 37 R21 000 6.894 m019 245 non
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 16 1935, follow:
Receipts at-
Flour
Corn
Wheat
Oats
Rye
Barley
bbls.196lbs.'bush. 00 lbs.bush. 50 lbs.lbush. 32 lbs. bush.56lbs. usli.48l5s.
180,000
New York. _
23.0001
588,000
148,0001
48,000
69,000
Baltimore__ __
4,000
49.000
13,000
15,000
13,000,
33.000
New Orleans*
22,000
17,0001
313,000
Montreal _
17,000 207,000
74.0001 1,588,000
Boston
7,000
17,0001
Quebec
481,000
Halifax
9,0001
537,000
Total wk.193' 308,0001 2,674,000
127,000
66,000
255,000
Since Jan.1'35 11,483,000 57,801,000 14,328,000 15,005,000 4,544,000 4,233,000
Week 1934_ _ _
120,000
286,000
303,000
151,0001
266,000,1 1,264,000
Since Jan.134 12,029,000' 79,516,000 7,683,000 8,426,000 2,553,000 3,072,000
Receipts do not include grain passing through New Orleans for foreign ports
on through bil sot lading.
Tho exports from the several seaboard ports for the week
ended Saturday, Nov. 16 1935, are shown in the annexed
statement:
Exportsfrom-
Ineat
Corn
Bushels
Bushels
751,000
New York
Norfolk
New Orleans
Montreal
Quebec
Halifax
1,000
1,588,000
481,000
Flour
Oats
Rye
Barley
Barrels
Bushels Bushels Bushels
8,250
33,000
1,000
1,000
74,000 313,000
17.000 207,000
9,000
Total week 1935_
Same week 1934
2,821,000
1 099 000
93,250
94.109
313,000
61.000
17,000
34.000
240,000
253.000
The destinat'on of these exports for the week and since
July 1 1935 is as below:
1,tour
Exports for Week
Since
and Since
Week
July 1
Nov. 16
July 1 to-1935
1935
iv neat
Week
Nov. 16
1935
Since
July 1
1935
corn
Week
Nov. 16
1935
Bushels
Barrios Barrels
Bushell
Bushels
United Kingdom_ 62,000 1,108,553 1,596,000 21,967,000
207,926 1,191,000 14,427,000
18,195
Continent
32,000
So. & Cent. Amer_
19,000
1,000
244,000
59,000
5,000
West Indies
7,000
Brit. No. Am. Col.
77,265
15,000
7,055
51,000
Other countries_
Total 1935
Total 1934
93,250 1,491,744 2,821,000 36.689,000
94,109 1,602,899 1,099,000 39,368,000
Since
July 1
1935
Bushels
43,000
2,000
45.000
4,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 16, were as follows:
GRAIN STOCKS
United StatesBoston
New York.
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
" afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
Wheat
Bushels
5,000
132,000
940,000
1,923,000
32,000
595,000
2,413,000
1,326,000
2,787,000
1,083,000
14,934,000
4,786,000
412,000
2,354,000
2,048.000
1,000
9,842,000
381,000
1,864,000
17,291,000
8,422,000
180,000
6,369,000
406,000
Corn
Bushels
160,000
117,000
45,000
126,000
117,000
74,000
41,000
Oats
Bushels
8.000
437,000
23,000
22,000
07,000
504,000
14,000
Rye
Bushels
Barley
Bushets
39,000
285,000
132,000
6,000
7,000
2,000
2,000
3,000
20,000
10,000
855,000
8,000
32,000 2,336,000
182,000
191,000
127,000 4,680,000
95,000
928,000
60,000
548,000
22,000
120,000
21.000
778,000
166,000
129,000
172,000
810,000
13,000
20,000
83,000
607,000 6,163,000 3,971,000
407.000
142,000
43,000
47,000
189,000
59,000
9.000
811,000
21,000 1.874,000
131,000 14,723,000 2,532,000 7,041,000
35,000 9,579,000 1,029,000 2,933,000
5,000
15,000
14,000
75,000
315,000 1,415,000
911,000 1,569,000
388,000
380,000
153,000
48,000
Total Nov. 16 1935_ 76,526,000 2,224,000 44,743,000 9,464.000 15,840,000
77,514,000 2,156,000 44,631,000 9,313,000 15,544,000
Total Nov.9 1935
05,700,000 53,295,000 22,525,000 13,204,000 14,643,000
Total Nov. 17 1934
New York also has 46,000 bushels Polish rye in store.
Note-Bonded grain not included above: Oats, New York, 135.000 bushels:
Buffalo, 106,000; total. 241,000 bushels, against none in 1934. Barley, Duluth
102,000 bushels; total, 102,000 bushels, against 412,000 bushels In 1934. Wheat:
New York, 1,482,000 bushels; N. Y. afloat, 432,000; Buffalo, 13,910,000: Buffalo
afloat, 8,522,000; Duluth, 1,132,000; Erie, 2,428,000; on Lakes, 1,276,000; Canal,
898,000; total, 30.080,000 bushels, against 17,333,000 bushels In 1934.
Wheat
Canadian—
Bushels
Montreal
9.775,000
Ft. William & Pt. Arthur 48,694,000
Other Canadian & other
water points
77,800,000
Total Nov. 16 1935_ _136,269,000
Total Nov. 9 1935
138,454,000
Total Nov. 17 1934
126,027,000
Summary—
American
76,526,000
Canadian
136,269,000
Total Nov. 16 1935_212,795,000
Total Nov. 9 1935
215,968,000
221,727,000
Total Nov. 17 1934
Corn
Bushels
Barley
Oats
Rye
Bushels
Bushels
Bushels
602,000
136,000
715,000
3,615,000 2,943,000 2,532,000
1,299,000
341,000
638,000
5,516,000 3,420,000 3,885,000
5,295,000 3,415,000 4,055,000
5,534,000 3,244,000 7,602,000
2,224,000 44,743,000
5,516,000
2,224,00050,259,000
2,156,000 49,926,000
53,295,000 28,059,000
9,464,000 15,840,000
3,420,000 3,885,000
12,884.00019,725,000
12,728,000 19,599,000
16,448,000 22,245,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Nov. 15, and since July 1 1935 and July 2 1934, are
shown in the following:
Wheat
Exports
North Amer_
Black Sea__
Argentina___
Australia —
India
0th. countr s
Total
3329
Financial Chronicle
Volume 141
Week
Nov. 15
1935
Since
July 1
1935
Bushels
4,186,000
1,096,0001
1,169,000
2,802,000
80,000
800,000
Bushels
58,298,000
22,850,000
43,644,000
36,097,000
256,000
12,944,000
Corn
Since
July 2
1934
Week
Nov. 15
1935
Since
July 1
1935
Since
July 2
1934
Bushels
Bushels
Bushels
Bushels
76,662,000
1,000
13,000
3,664,000 111,000 2,877,000 5,784,000
73,245,000 5,481,000 121,440,000 94,183,000
39,084,000
320,000
15,368,000 2,057,000 20,655,000 17,546,000
10,133,000 174,089,000 208,343,000 7,649,000 144,973.000 117,526,000
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
When Holders
Payable of Record
50c Jan. 2 Dec. 18
Abbott Laboratories (guar.)
25c Jan. 2 Dec. 18
Extra
h15c Dec. 2 Nov. 16
Acadia Sugar Refining, 6% preferred
/2814c Dec. 14 Nov.30
Acme Glove Works
$1
Dec. 31 Dec. 17a
Adams Express Co., 5% cumul. pref. (quar.)
Dec. 1 Nov. 20
h$1
Alabama Water Service, $6 preferred
$45. Jan. 1 Dec. 14
Albany & Susquehanna RR.(semi-annually)
Albemarle Paper Manufacturing, 7% preferred_ 1$1 )1 Dec. 2 Nov. 25
37%c Jan. 1 Dec. 14
Aluminum Co. of America, preferred
550c Jan. 1 Dec. 14
Preferred
American Dock Co. 8% pref. (quarterly)
$2 Dec. 1 Nov. 20
20c Dec. 1 Nov. 20
Common (resumed)
American Electric Securities Corp., pref. (quar.) 7 c Dec. 2 Nov. 20a
American Investment of Illinois, class B (quar.)_
- c Dec. 2 Nov. 20
American Laundry Machinery (quarterly)
10c Dec. 1 Nov. 21
30c Feb. 2 Jan. 15
American Light & Traction
Preferred (quarterly)
37 c Feb. 2 Jan. 15
American Stores (quarterly)
c Jan. 1 Dec. 13
50c Jan. 2 Dec. 5
American Sugar Refining (quarterly)
Preferred (quarterly)
$1 4 Jan, 2 Dec. 5
25c Dec. 16 Dec. 2
American Sumatra Tobacco (Quarterly)
$41 Jan. 2 Dec. 16
American Surety
3211 Jan. 15 Dec. 16
American Telephone & Telegraph (quarterly)
15c Nov. 25 Nov. 15
Anglo-Canadian Telephone
70c Dec. 10 Nov. 25
Argonaut Mining
20c Dec. 31 Dec. 21
Associates Investment (quarterly) _
30c Dec. 31 Dec. 21
Extra
7% preferred (quarterly)
$1'4 Dec. 31 Dec. 21
50c Jan. 2 Dec. 16
Beech Creek RR.(quarterly)
25c Dec. 15 Nov.30
Bellows & Co.. Inc., A (quarterly)
Binghamton Gas Works. 7% preferred (quar.)- $1'4 Jan. 1
31% Feb. 1
7% preferred (quarterly)
$1.56Si Dec. 2
6 4% preferred (quarterly)
$1.56 31 Mar. 1
6Si% preferred (quarterly)
$131 Jan. 2 Dec. 10
Boston Elevated Ry. (quarterly)
NI Dec. 31 Dec. 2
Boston Wharf (semi-annually) _
Dec. 16 Dec. 2
Boston Woven Hose & Rubber Co., preferred
75c Dec. 16 Dec. 5
Briggs & Stratton Corp. (guar.)
7%c Dec. 15 Nov.30
Bright (T. G.) & Co., Ltd. (quarterly)
6% preferred (quarterly)
31 )5 Dec. 15 Nov.30
75c Jan. 2 Dec. 16
Brooklyn & Queens Transit, preferred
Budd Realty Corp. (quarterly)
$2 Dec. 2 Nov. 26
Budd Wheel, preferred
14531 Dec. 31 Dec. 18
Preferred (quarterly)
$1 fi Dec. 31 Dec. 18
Buffalo, Niagara & Eastern Power. lit pref.(qu.) 51 % Feb. 2 Jan. 15
California Ink (quarterly)
50c Jan. 2 Dec. 21
Extra
50c Dec. 16 Dec. 6
Canada Vinegar. Ltd. (quarterly)
40c Dec. 2 Nov. 15
Canada West Natural Gas, Light. Heat & Power,
6% preferred (quarterly)
5131 Dec. 2 Nov. 15
Caribou Gold & Mining, (initial)
231c Jan. 2 Dec. 21
Carolina Telephone & Telegraph
e25%
Nov. 16
Central Illinois Light Co.,6% pref.(guar.)
3131 Jan. 2 Dec. 14
7% preferred (quarterly)
$1'4 Jan. 2 Dec. 14
Champion Paper Sz Fibre Co., pref. (quar.)
5131 Jan. 2 Dec. 15
Chesapeake & Ohio Ry. (quarterly)
70c Jan. 1 Dec. 6
Chesapeake Corp. (quarterly)
75c Jan. 1 Dec. 6
Chesebrough Mfg. (quar.)
$1 Dec. 27 Dec. 6
Extra
$1 Dec. 27 Dec. 6
Chicago District Electric Generating, $6 pref.._ $1% Nov.30 Nov. 15
Christiana Securities Co., 7% pref. (quar.)
$1'4 Jan. 2 Dec. 20
Churngold Corp
20c Dec. 20 Dec. 3
Cincinnati New Orl.& Tex.Pac. Ry.(semi-ann.)
$4 Dec. 26 Dec. 4
Extra
Dec. 4
$112 Bee
.: g Dec. 4
5% preferred (quarterly)
Columbia Pictures (quarterly)
25c Jan. 2 Dec. 18
Semi-annual
Feb. 3 Jan. 23
e231
Semi-annual
e231% Aug. 3 July 23
5 c Dec. 31 Dec. 20
Cleveland Electric Illuminating (quar.)
5431 preferred, initial (quar.)
51.125 Jan. 1 Dec. 10
50c Jan. 2 Dec. 16
Clinton Trust (N. Y.) (guar.)
50c Jan. 2 Dec. 16
Extra
Coast Breweries.
1st pref. (quar.)_ $131 Dec. 16 Nov. 25
Coast County Gas & Electric,(gear.)
3131c Dec. 31 Dec. 10
Colt's Patent Fire Arms Mfg.
SOc Dec. 31 Dec. 10
Special
75c Jan. 1 Dec. 5
Commercial Investment Trust, common (quar.)
25c Jan. 1 Dec. 5
Common (extra)
Jan. 1 Dec. 5
Cony, preference, opt. ser. 1929 (quar.)_ _ d$1.
2:
§
3
Cony. preference, $4)1 series of 1935 (quai.3_ $1,Jan. l
(quarterly)
Machinery
Shoe
Compo
4 c Dec. 16 Dec. 3
Congoleum-Nairn (quarterly)
25c Dec. 16 Dec. 3
Extra
30c Dec. 14 Dec. 4
Consolidated Amusement Co
3131 Dec. 16 Dec. 2
Consolidated Car Heating (mar.)
25c Jan. 2 Dec. 10
Consolidated Film Industry, preferred
Consolidated Gas, Electric Light & Power Co.
90c Jan. 2 Dec. 14
of Baltimore (quarterly)
$131 Jan. 2 Dec. 14
5% preferred (quarterly)
5511 Dec. 20 Dec. 10
Continental Steel, preferred
$131 Jan. 1 Dec. 16
Preferred (quarterly)
$1 Dec. 1 Nov. 25
Cook Paint & Varnish Co., Del., pref.(quar.)
Rry...
Name of Company
Per
Share
When Holders
Payable of Record
551 Dec. 14 Nov.30
Crown Williamette Paper. $7 preferred
551 Jan. 1 Dec. 16
$7 preferred
h$1 Dec. 31 Dec. 16
Crucible Steel Co. of America, preferred
25c Dec. 16 Dec. 5
Cutler-Hammer, Inc. (resumed)
$2 Nov. 20 Nov. 18
Delaware & Bound Brook RR.(guar.)
Detroit City Gas, 6% preferred (quarterly)
$1% Dec. 2 Nov. 25
25c Dec. 10 Nov.23
Detroit Motorbus (liquidating)
43 Vic Jan. 2 Dec. 16
Dejay Stores, class A (quarterly)
511%c Jan. 2 Dec. 16
Class A
Jan. 2 Dec. 21
preferred
87%c
Doehler Die Casting,7%
(quarterly)
Jan. 2 Dec. 21
Si
$7 preferred (quarterly)
Dominion Textile (quarterly)
$14 Jan. 2 Dec. 16
$131 Jan. 15 Dec. 31
Preferred (quarterly)
$13.1 Dec. 1 Nov. 20
Dresser (S. R.) Manufacturing, preferred A
o90c Dec. 14 Nov. 27
Nemours
Pont
the
(quarterly)
du
Jan. 25 Jan. 10
Debenture (quarterly)
$
Edison Bros. Stores (quarterly)
,11tC Dec. 20 Nov.30
25c Dec. 20 Nov.30
Extra
Preferred (quarterly)
$1 %, Dec. 15 Nov. 30
50c Jan. 2 Dec. 20
Electric Controller & Manufacturing (quarterly)
24c Dec. 3 Nov. 26
Electric & Music Industry (American shares)
25c Dec. 2 Nov.20
Electographic Corp
$1 4
8 Dec. 2 Nov. 20
Preferred (quarterly)
$4 Dec. 2 Nov. 21
Essex & Hudson Gas Co. (semi-annually)
20c Dec. 20 Dec. 2
Equity Shares (initial)
$1% Dec. 1 Nov. 20
First Holding Corp. (Calif.),6% pref. (quar.)
62he Jan. 2 Dec. 9
First National Stores (quar.)
5131 Jan. 2 Dec. 9
First preferred (guar.)
50c Dec. 2 Nov.20
Florence Stove (quar.)
50c Dec. 2 Nov. 20
Extra
$1 4
3 Dec. 2 Nov. 20
Preferred (guar.)
25c Jan. 2 Dec. 14
Florsheim Shoe, class A (quarterly)
25c Jan. 2 Dec. 14
Class A (special)
12%c Jan. 2 Dec. 14
Class B (quarterly)
12%c Jan. 2 Dec. 14
Class B (special)
50c Dec. 30 Dec. 2
General Refactories Co. (resumed)
z35c Dec. 16 Dec. 2
Globe Underwriters Exchange
(quarterly)
Sc Dec. 20 Nov.30
Brewing
Goebel
10c Dec. 20 Nov.30
Extra
37%c Jan. 2 Dec. 16
Goldblatt Bros.(quar.)
$14 Jan. 2 Dec. 31
Gold & Stock Telegraph (quar.)
$13,5 Dec. 1 Nov.22
Great Atlantic & Pacific Tea (guar.)
25c Dec. 1 Nov.22
Extra
$131 Dec. 1 Nov.22
Preferred (quarterly)
10c Dec. 23 Dec. 3
Grand Valley Brewing Co
Dec. 2 Nov. 15
Green Mountain Power, $6 preferred (quar.)
Dec. 19 Dec. 13
Greene RR.Co.(semi-ann.)
75c Jan. 2 Dec. 20
Greenwich Water & Gas Sys, 6% Pref.(quar.)
$2 Dec. 14 Nov.30
Hamilton Watch, pref. (resumed)
25c Dec. 2 Nov. 26
Hoyden Chemical (quar.)
25c Dec. 2 Nov. 26
Extra
25c Dec. 20 Dec. 13
Hibbard, Spencer. Bartlett & Co. (special)
$20 Dec. 5 Nov.30
Homestake Mining (extra)
25c Dec. 15 Dec. 4
Honolulu Oil Corp., Ltd
$4 Dec. 2 Nov.21
Hudson County Gas Co.(s.-a.)
25c Dec. 26 Nov.26
Humble Oil & Refining (quarterly)
Indianapolis Power & Light.6% pref.(quar.)
$1% Jan. 1 Dec. 5
$14 Jan. 1 Dec. 5
6%% preferred (guar.)
25c Dec. 2 Nov. 15
Industrial Credit Corp. of Lynn (quar.)
7% preferred (quar.)
8731c Dec. 2 Nov. 15
Oc Jan. 15 Dec. 30
International Harvester (guar.)
37%c Jan. 2 Dec. 16
International Salt Co
International Teleg. of Maine (s.-a.)
$1. .33 1-3 Jan. 2 Dec. 14
Jan. 2 Dec. 31
Inter Ocean Telegraph (guar.)
lc Dec. 2 Nov.25
Jaeger Machine
Oklahoma
&
Gulf
Ry.
Co.—
Kansas
$3 Dec. 2 Nov.25
Series A 6% cumulative preferred
$3 Dec. 2 Nov. 25
Series B 6% non-cumulative preferred
75c Dec. 14 Nov.30
Katz Drug (guar.)
$131 Jan. 2 Dec. 14
Preferred (quar.)
20c Dec. 26 Nov.29
Kennecott Copper
12%c Jan. 2 Dec. 12
Kimberly-Clark Corp.. COMMOII (quar.)
$131 Jan. 2 Dec. 12
Preferred (quarterly)
Kings County Lighting Co..7% ser. B pf. (qu.)_ $1 .% Jan. 1 Dec. 16
$13.1 Jan. 1 Dec. 16
6% series C preferred (quar.)
$131 Jan. 1 Dec. 16
5% series D preferred (quar.)
Jan, 1 Dec. 16
$1
Quarterly
$2.4 Dec. 2 Nov. 15
Kekaha Sugar, extra
1231c Jan. 1 Dec. 5
Keivinator-Corp. (quarterly)
Oc Jan. 1 Dec. 5
Extra
50c Dec. 31 Dec. 24
Koloa Sugar (monthly)
Kress (S. H.) & Co., extra
$1 Dec. 10 Nov.30
50c Dec. 16 Dec. 2
Lake Shore Mines, Ltd
50c Dec. 16 Dec. 2
Bonus
$131 Jan. 1 Dec. 10
Liggett & Myers Tobacco, preferred (quar.)
37%c Dec. 16 Dec. 3
Lily-Tulip Cup (quarterly)
Long Island Lighting Co.,7% ser. A pred.(qu.)_ $131 Jan. 1 Dec. 16
Jan. 1 Dec. 16
$1
6% series B preferred (guar.)
Jan. 2 Dec. 17
$2
Lord & Taylor (guar.)
5 Dec. 17 Dec. 2
Extra
Louisiana Land & Exploration Co. (quar.)
10c Dec. 16 Dec. 2a
37310 Dec. 24 Nov.30
Louisville Gas & Electric, A & B (quar.)
Jan. 2 Dec. 14
Lynchburg & Abingdon Telephone (s.-a.)
Manischewitz (B.), preferred (quar.)
$131 Jan. 2 Dec. 2()
50c Jan. 1 Dec. 16
Mapes Consolidated Mfg.(quar.)
mlOc Dec. 15 Nov.30
Maryland Fund, Inc. (quar.)
Mathieson Alkali Works (guar.)
373.4 c Dec. 27 Dec. 6
Preferred (quarterly)
$131 Dec. 27 Dec. 6
1412 Dec. 1 Nov. 26
May Hosiery Mills. preferred
McCahan (W.J.) Sugar preferred (quar.)
$131 Dec. 2 Nov. 20
Merchants Fire Insurance Co.(Denver)
30c Nov. 15 Nov. 10
50c Jan. 1 Dec. 16
Mesta Machine Co. common (quar.)
Michigan Electric Power,6% Preferred
312 31 Jan, 2
7% preferred
$14% Jan. 2
25c Dec. 10 Nov.30
Michigan Steel Tube Products
Midvale Co. of Dela. (resumed)
Si Dec. 7 Nov.30
Milwaukee Electric Ry. & Light Co.
6% preferred (quar.)
$131 Jan. 31 Jan. 20
$131 Dec. 2 Nov.24
Missouri Utilities Co.7% preferred (quar.)
25c Dec. 12 Dec. 5
Mock, Judson, Voehringer
Jan. 1 Dec. 15
Preferred (quarterly)
$1
Monroe Chemical
37 Mc Dec. 24 Dec. 4
Preferred (quarterly)
87 AO Jan, 1 Dec. 24
Monroe Loan Society
15c Dec. 1 Nov.20
$7 preferred A (quar.)
$131 Dec. 1 Nov. 20
15c Dec. 1 Nov. 20
Extra
Dec. 15 Nov.30
Montreal Cotton. Ltd.. pref. (guar.)
$1
Morrell (John) & Co.. Inc., common ((mar.)
60c Dec. 14 Nov.30
Dec. 31 Dec. 21
Morris Finance Corp.. class A (quar.)
$1t
5c
6 Dec. 31 Dec. 21
Extra
Class B (quarterly)
30c Dec. 31 Dec. 21
Extra
10c Dec. 31 Dec. 21
Preferred (quarterly)
$131 Dec. 31 Dec. 21
Mutual Telephone (Hawaii) (monthly)
Sc Dec. 20 Dec. 9
75c Jan. 1 Dec. 16
Nassau & Suffolk Lighting Co.7% pref. (qu.)
National Bond & Share Corp
25c Dec. 16 Nov. 29
National Casualty Co.(Detroit)
10c Dec. 15 Nov.29
Nov. 15 Nov. 1
National Credit Co.(Seattle) 5% pref. (guar.)._ $1
Jan. 2 Dec. 4
National Dairy Products (quar.)
3
Preferred A & B (quarterly)
$131 Jan, 2 Dec. 4
Dec. 31 Dec. 13
National Lead (quarterly)
Extra
Dec. 31 Dec. 13
Preferred B (quarterly)
$131 Feb. 2 Jan. 17
25c Dec. 1 Nov. 20
National Oats Co.(guar.)
National Sugar Refining (guar.)
50c Jan. 2 Dec. 2
National Sugar Refining Co. of New Jersey
50c Jan. 2 Dec. 2
National Transit
35c Dec. 16 Nov.30
Neptune Meter.8% preferred
552 Nov. 25 Nov.22
Newark Telephone Co.(Ohio)((mar.)
$1 Dec. 10 Nov.30
Neisner Bros. (guar.)
25c Dec. 14 Nov.30
Nevada-Calif. Electric, 7% pref. (quar.)
$1 Feb. 1 Dec. 30
New England Telep. & Teleg
$134 Dec. 31 Dec. 10
3330
Financial Chronicle
Per
Share
When Holders
Payable of Record
New York Mutual Telegraph Co. (semi-ann.)._
75c
North Central Texas Oil (resumed)
100
Northland Greyhound Lines, Inc
11144
$614 preferred series!(guar.)
$134
Northwestern Telegraph Co. (semi-ann.)
$I
Northwest Utilities 6% pref. (guar.)
$1
Oahu Railway & Land Co. (monthly)
15c
Oahu Sugar Co.(monthly)
20c
Oahu Sugar, Ltd. (extra)
$1.20
Oklahoma Gas & Electric Co.6% pref.(qui— 114%
7% preferred (guar.)
1 1S%
Oneida, Ltd..7% preferred (guar.)
43 1ic
7% preferred
ii.$1%
Onomea Sugar Co. (monthly)
20c
Oriental Consolidated Mining
50c
Paterson & Passaic Gas & Electric (semi-ann.)
$234
Pacific American Fisheries, Inc
25c
Pacific & Atlantic Teleg. Co.(semi-ann.)
50c
Package Machinery Co. (guar.)
50c
Paraffine Cos. (quarterly)
50c
Patterson-Sargent (quar.)
25c
Pawtucket Gas Co. of N. J., 5% preferred
v$100
Pennsylvania Water & Power Co.(guar.)
$1
Preferred (guar.)
$114
Peoples Drug Stores 6 % Pref. (guar-)
31%
Peoples Tele. Corp.,
pref. (guar.)
$134
Pet Milk (quarterly)
25c
Preferred (quarterly)
$134
Petroleum Exploration, Inc. (guar.)
25c
Pfaudier Co.6% preferred (quar.)
$1}4
Pioneer Gold Mines of British Columbia (qu.)._
20c
Powdrell & Alexander
25c
Preferred (guar.)
$134
Public Service Corp. of New jersey (quar.)
60c
$2
_ET Preferred ((marl
$1 34
7 o Preferred (guar.
5 preferred (guar.
$134
6% preferred (monthly)
50c
Public Service Electric & Gas Co.7% pf.(cm.). $134
$5 preferred (quar.)
$1%
$1
Quaker Oats (guar.)
Preferred (guar.)
$134
Queens Borough Gas & Elec. Co.6% pt. (g11.)
$114
Radio Corp. of Amer., A pref. (guar.)
87 c
Rapid Electrotype (guar.)
Raybestos-Manhattan, Inc
25c
Reeves(Dan) Inc.,(guar.)
1214c
04% preferred (quarterly)
$P%
Remington Rand, new 5% pref. (guar.)
3134c
5% preferred new (guar.)
313c.4
$6 preferred (semi-ann.)
f$3
Reno Gold Mines, Ltd. (guar.)
3c
Reynolds Spring (quar.)
25c
Rich's, Inc. (extra)
50c
Rickel (H. W.)& Co.(semi-ann.)
8c
Extra
4c
Rike-Kumler (guar.)
25c
Royalty Income Shares A
1.39c
Rubinstein (Helena). preferred
25c
St. Joseph Lead
10c
St. Louis Screw & Bolt, 7% preferred
%
San Carlos Mining Co. (monthly)
20c
Schiff Co. common (guar.)
50c
Preferred (guar.)
$1 %
Second Twin Bell Syndicate (monthly)
20c
Simon(Wm.)Brewery (guar.)
2c
S. M. A. Corp. (guar.)
1234c
Extra
10c
&
Smith-Alsop Paint Varnish preferred (guar.)._ 8734c
Somerset. Union & Middlesex Lighting (s.-a.)_ _
$2
South Jersey Gas, Elec. & Trac.8% guar.
$4
Spur Distributing Co.. Inc
750
Standard Oil of Kentucky (quar.)
25c
Sutherland Paper (131-monthly)
10c
Extra
10c
Susquehanna Utilities Co.. 1st pref. (quar.)
$11.4
Swan-Finch Oil, preferred
h87 c
Tacony-Palmyra Bridge (guar.)
c
Class A (guar.)
50c
Teck-Hughes Gold Mines
10c
Texas Gulf Sulphur (guar.)
50c
Texas Utilities Co.. 7% pref. (guar.)
$134
Thatcher Mtg. Co. (guar.)
25c
Title Insurance Corp. of St. Louis (guar.)
121.4c
Extra
25c
Toronto Elevator preferred (guar.)
134%
Tubize-Chatillon 7% preferred (resumed)
$134
United Dyewood preferred (guar.)
$1 34
United Light & Rys. Co.(Del.),7% pref.(mo.)- 5S1-3c
6.36% preferred (monthly)
53c
50c
6% preferred (monthly)
7% preferred (monthly)
58 1-3c
6.36% preferred (monthly)
53c
6% preferred (monthly)
50c
7 preferred (monthly)
581-3c
53c
6.36% preferred (monthly)
50c
6% preferred (monthly)
United States Industrial Alcohol
50c
Vlchek Tool, 7% preferred
5$4
7% preferred
he$20
Victor Monaghan Co.,7% Pref.(guar.)
$134
Viking Pump (special)
25c
60c
Preferred (guar.)
Virginia Public Service 7% pref. (guar.)
$134
3734c
Vortex Cup (guar.)
6214c
Class A (guar.)
Wagner Electric. special
50c
20c
Wailuka Sugar
70c
Extra
1214c
Waldorf System, Inc.. common
8714c
Wisconsin Public Service. 7% pref
6;4% preferred
8114c
75c
6% preferred
25c
Wiser Oil Co. (guar.)
Wright-Hargreaves Mines (guar.)
10c
Extra
Sc
Zellers, Ltd., 6% preferred
8134
Jan. 2 Dec. 31
Dec. 16 Dec 2
Dec. 16 Dec 6
Jan. 2 Dec. 20
Jan. 2 Dec. 15
Dec. 1 Nov. 27
Dec. 20 Dec 9
Dec. 15 Dec. 16
Dec. 14 Dec 4
Dec. 16 Nov.30
Dec. 16 Nov.30
Dec. 14 Nov. 30
Dec. 14 Nov.30
Dec. 20 Dec. 9
Nov.30 Nov. 21
Dec. 2 Nov.21
Dec. 16 Dec. 2
Jan. 2 Dec. 14
Dec. 2 Nov. 20
Dec. 23 Dec. 7
Dec. 1 Nov.23
Oct. 18
Jan. 2 Dec. 16
Jan. 2 Dec. 16
Dec. 16 Dec. 2
Dec. 1 Nov.30
Jan. 1 Dec. 11
Jan. 1 Dec. 11
Dec. 15 Dec. 5
Dec. 1 Nov.29
Jan. 2 Dec. 2
Dec. 15 Dec. 2
Jan. 2 Dec. 16
Dec. 31 Dec. 2
Dec. 31 Dec. 2
Dec. 31 Dec. 2
Dec. 31 Dec. 2
Dec. 31 Dec. 2
Dec. 31 Dec. 2
Dec. 31 Dec. 2
Jan. 15 Dec. 31
Feb. 29 Feb. 1
Jan. 1 Dec. 16
Jan .1 Dec. • 4
Dec. 15 Dec. 1
Dec. 14 Nov.29
Dec. 16 Nov.30
Dec. 16 Nov.30
Jan. 1 Dec. 10
Apr. 1 Mar. 10
Apr. 1 Mar. 10
1 Nov.30
Jan
Dec. 30 Dec. 16
Dec. 14 Dec. 4
Jan 15 Dec. 20
Jan. 15 Dec. 20
Dec. 11 Nov. 27
Nov. 25 Oct. 31
Dec. 2 Nov.20
Dec. 20 Dec. 9
Nov.30 Nov.25
Dec. 15 Dec. 2
Dec. 15 Nov.30
Dec. 15 Nov.30
Dec. 15 Nov.30
Nov.30 Nov.22
Jan. 2 Dec. 20
2 Dec. 20
Jan
Dec. 2 Nov.15
Dec. 2 Nov. 15
Dec. 2 Nov. 21
Nov.30 Nov. 22
Dec. 14 Nov.30
Dec. 23 Dec. 13
Dec. 23 Dec. 13
Dec. 2 Nov. 20
Dec. 16 Dec. 2
Dec. 31 Dec. 10
Dec. 31 Dec. 10
2 Dec. 10
Jan
Dec. 16 Dec. 2
Dec. 2 Nov. 21
Jan. 2
Nov.30 Nov. 20
Nov.30 Nov.20
2
Jan. 15 Jan
Jan. 2 Dec. 10
Jan. 2 Dec. 13
Feb. 1 Jan. 15
Feb. 1 Jan 15
Feb. 1 Jan 15
Mar. 2 Feb. 15
Mar. 2 Feb. 15
Mar. 2 Feb. 15
Apr. 1 Mar. 16
Apr. 1 Mar. 16
Apr. 1 Mar. 16
Jan. 2 Dec. 160
Dec. 31 Dec. 24
Dec. 31 Nov. 16
1 Dec. 20
Jan
Dec. 16 Dec. 1
Dec. 16 Dec. 1
Jan. 1 Dec. 10
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Dec. 20 Nov. 29
Nov. 20 Nov. 15
Nov. 20 Nov, 15
Dec. 20 Dec. 10
Dec. 20 Nov.30
Dec. 20 Nov.30
Dec. 20 Nov.30
Jan. 2 Dec. 12
Jan. 2 Dec. 10
Jan. 2 Dec. 10
Dec. 30 Nov.30
Name of Company
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company
Per
Share
Abbott's Dairies. Inc.(guar.)
250
Abbott Laboratories
e33's%
Advance Corp. (initial)
25c
Affiliated Products (monthly).
Sc
Agnew—Surpass Shoe Stores, pref. (guar.)._ $134
Alexander & Baldwin, Ltd
Allegheny Steel
Preferred (guar.)
$134
50c
Allen Indusales (quar.)
Preferred (guar.)
75c
10c
Allied Laboratories (guar.)
10c
Extra
$334 preferred (Quarterly) _
8734c
Aluminum Mfits. (guar.)
$134
7% preferred quiet%)
When Holders
Payable of Record
2 Nov. 15
Nov. 1
Oct. 30 Oct. 19
Dec. I Nov. 14
Jan. 2 Dec. 16
Dec. 14 Dec. 4
Dec. 16 Nov.30
Dec 2 Nov. 15
Dec 1 Nov. 11
Dec 1 Nov. 11
Jan. 1 Dec. 24
Jan. 1 Dec 24
Jan. 1 Dec. 24
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Dec
Name of Company
Nov. 23 1935
Per
Share
When Holders
Payable of Record
Allegheny & Western Ry.. guaranteed (s.-a.)___
$3 Jan. 1 Dec. 20
Amalgamated Leather, preferred
h50c Jan. 1 Dec. 19
American Arch (quarterly)
25c Dec. 2 Nov. 20
American Bakers Co.. 7% pref. (semi-ann.)
$314 Jan. 2 Dec. 16
American Business Shares, Inc •
2c Dec. 1 Nov. 15
American Capital. $535 prior pref. (guar.)
$1% Dec. 2 Nov. 15
American Chicle (quarterly)
75c Jan. 2 Dec. 12
Extra
25c Jan. 2 Dec. 12
American Factors, Ltd. (monthly)
20c Dec. 10 Nov.30
American Fork & Hoe (quarterly)
150 Dec. 14 Dec. 5
Extra
20c Dec. 14 Dec. 5
American Gas & Electric Co.common (quar.)
35c Jan. 2 Dec. 4
Preferred (guar.)
$134 Feb. 1 Jan. 8
American & General Securities. com. A.(guar.)_ 734c Dec. 2 Nov. 15
$3 preferred (quarterly)
75c Dec. 2 Nov. 15
American Hardware Corp (guar.)
250 Jan, 1 Dec. 14
American Home Products Corp
20c Dec. 2 Nov. 14
American Metals,6% preferred
142 Dec. 2 Nov. 21
American Paper Goods. 7% preferred (quar.)
$1% Dec. 16 Dec. 6
American Radiator & Standard Sanitary Corp..
$134 Dec. 2 Nov. 21
Preferred (guar.)
ha614 Dec. 2 Nov 8
American Smelting & Refining, 2d preferred
$1% Dec. 2 Nov. 8
1st preferred (quar.)
50c Dec. 31 Dec. 16
American Steel Foundries, preferred
American Sumatra Tobacco Corp.(extra)
50c Dec. 16 Dec. 2
1214c Jan. 1 Nov.30
American Thread preferred (semi-ann.)
American Tobacco Co., com.and com. B (guar.) $1 g Dec. 2 Nov. 9
usi Dec. 2 Nov. 15
Andian National Corp.. Ltd. (semi-ann.)
u$1 Dec. 2 Nov. 15
Extra
20c Dec. 2 Nov. 22
Anglo-Huron. Ltd
25c Dec. 2 Nov. 21
Archer-Daniels-Midland Corp. (guar.)
25c Dec. 2 Nov.21
Extra
•
25c Dec. 2 Nov. 15
Armstrong Cork (quarterly)
250 Dec. 2 Nov. lb
Extra
$134 Dec. 1 Nov. 15
Artloom Corp., preferred
850 Feb. 1
Asbestos Mfg. Co.. $1.40 cony. pref. (quar.)_..
$3 Dec. 2 Nov. 8
Associated Dry Goods Corp., 1st preferred
25c Dec. 16 Nov.21
Atlantic Refining Co. common
75c Dec. 2 Nov. 20
Atlas Corp., preferred (quar.)
50c Dec. 10 Nov.29
Atlas Powder (guar.)
12;4c Jan. 1 Dec. 20
Automatic Voting Machine (guar.)
12Ac Apr. I Mar. 20
Quarterly
1214c July 1 June 20
Quarterly
25c Jan. 1 Dec. 20
Extra
Automotive Gear Works, Inc., preferred (guar.) 41ra Dec. 1 Nov. 20
Jan. 1 Dec. 15
Avondale Mills, A & 13 (quarterly)
4%
Babcock & Wilcox (interim)
50e Dec. lb Dec. 5
Badger Paper Mills,common
Bamberger (L.) & Co.,(N. J.)$1% Dec. 2 Nov. 15
615% cumulative preferred (guar.)
62c Jan. 1 Nov.30
Bangor & Aroostook ER. Co., common
134% Jan. 1 Nov.30
Preferred
8134 Jan. 2 Dec. 10
Bangor Hydro-Electric, 6% pref. (guar.)
$1% Jan, 2 Dec. 10
7% preferred (quar.)
Sc Nov.25 Nov. 13
Bankers National 'investors (guar.)
32c Nov. 25 Nov. 13
A and B (quar.)
15c Nov.25 Nov. 13
Preferred (quar.)
Baton Rouge Electric Co., $6 Pref. (quar.)---- $114 Dec. 2 Nov. 15
$134 Dec. 14 Dec. 9
Belden Mfg. Co. (extra)
2be Dec. 12 Nov.20
Bend's Aviation (resumed)
$134 Jan. 2 Dec. 6
Bethlehem Steel, 7% cumulative preferred
911% Dec. 1 Nov. 18
Bigelow-Sanford Carpet. pref. (quar.)
$134 Dec. 14 Nov. 15
Blltmore Hats, Ltd.
Pref. (guar.)
11lb Dec. 16 Dec. 2
Birmingham Water Works,6% pref.(guar.)
Dec. 2 Nov. 14
Blackstone Valley Gas & Electric. pref. (s.-a.)...
Block Bros. Tobacco Co..6% preferred (guar.)_ $114 Dec. 31 Dec. 25
Blue Ridge Corp., opt. $3 cony. pref., ser. 1929.. s75c Dec. 2 Nov. 6
40c Dec. 2 Nov. 15
BordenCo..common (guar.)
$2.% Dec. 31 Nov.30
Boston & Albany RR
$2.125 Jan. 2 Dec. 20
Boston & Providence RR.(quar.)
$131 Dec. 31
Boston Storage & Warehouse Co.(guar.)
250 Dec. 1 Nov. 9
Brach (E. J.) & Sons(quarterly)
Nov. 25 Nov. 20
Brewer (C.) & Co., Ltd. (monthly)
1 Nov.25 Nov. 20
Extra
Dec. 25 Dec. 20
Monthly
Bristol Brass (quarterly)
3734c Dec. 14 Nov.30
Dec. 14 Nov.30
Extra
$1 Dec. 14 Nov.30
Special
50c Dec. 2 Nov. 8
Bristol-Myers(quarterly)
10c Dec. 2 Nov. 8
Extra
$2 Nov.30 Nov. 8
Brooklyn Edison Co.(quarter()
Brooklyn-Manhattan Transit Coip., pref.(qu.)_ SlYs Jan. 15 Jan. 2
Apr. 15 Apr. 1
$1
Preferred (quar.)
$1% Dec. 1 Nov. 20
Brooklyn Teleg. & Messenger Co.(guar.)
75c Jan. 2 Dec. 1
Brooklyn Union Gas(quarterly)
$1 Feb. 29 Feb. 15
Brown Fence & Wire (Initial)
30c Nov.30 Nov. 15
Class B
75c Dec. 2 Nov.20
Brown Shoe Co., common (guar.)
10%
Bryant & May.Ltd.(interim)
Buckeye Pipe Line Co
75c Dec. 14 Nov. 22
$1 Jan. 2 Dec. 18
Bucyrus-Erie Co.. preferred
40c Jan. 2 Dec. 14
Buffalo, Niagara & Eastern Power. pref.(guar.)
25c Dec. 2 Nov. 12
Bullock's, Inc. (guar.)
$1.40 Dec. 10 Nov. 12
Bulolo Gold Dredging
Bunker Hill & Sullivan Mining & Concentrating
50c Dec. 2 Nov. 15
Co
Burmah 011 Co.(initial)
3%%
lbc Dec..
Nov. 2
Burroughs Adding Machine Co
Nov. 2
45c
Special
Butler Water Co.. 7% Pref. (guar.)
$134 DDee 16
55 Dec. 2
40c Jan. 2 Dec. 14
Calamba Sugar Estates (guar.)
Dec. 14
350 Jan.
Preferred (quarterly)
California Packing (quarterly)
3714c Dec. 16
2 Nov.30
25c Nov.30 Nov. 9
Campbell, Wyant & Cannon Foundry Co
20c Dec. 1 Nov. 15
Campo Corp common
20c Dec 20 Dec. 2
Canada Bud Breweries Ltd., com
r373c
Canada & Dominion Sugar. Ltd. (quar.)
n.
. 2
1 Nov. 15
Dec. 13
1 Jan.
Canadian Cottons, Ltd. (guar.)
Preferred (quarterly)
Jan. 2 Dec. 13
$1
Canadian General Electric (guar.)
Jan. 1 Dec. 14
7
Canadian Hydro-Electric, preferred (quar.)
111% Dec. 2 Nov. 1
Dec.
e 32 Nov.15
3710 D1
Canadian Silk Products A (guar.)
Dec. 20
Canfield Oil Co.7% Preferred (guar.)
$1
Nov. 15
Carman & Co., Inc., class A
Dec.
n.
Carnation Co. 7% pref. (guar.)
$1
7% preferred (guar.)
Apr. 1
$1
Case (J. I.), 7% preferred
Jan. 1 Dec. 12
Nov. 15
Caterpillar Tractor (quarterly)
25c
Extra
Nov.ov.3
38 Nov. 15
c50c N
$1.20 Jan. 2 Dec. 20
Cayuga & Susquehanna RR.(semi-ann.)
Central Arkansas Pub. Berv. Corp. pref. (guar.) 134% Dec. 2 Nov. 15
Dec. 2 Nov. 15
Central Mississippi Valley Elec. Prop., preferred
Dec. 2 Nov. 20
Century Ribbon Mills. preferred (quar.)
$1
Dec. 2 Nov. 1
Chartered Investors. Inc.,$5 pref.(guar.)
Dec. 6
J.
Chesapeake & Ohio pref. (semi-annual)
ec
n. 3
1 Nov.20
75c
Chestnut Hill RR.Co.(guar.)
h(i0c Dec. 1 Nov. 15
Chicago Corp.. $3 preferred
40c Dec. 1 Nov.15
$3 preferred (quar.)
250 Dec. 2 Nov. 9
Chicago Mall Order (quarterly)
1234c Dec. 2 Nov. 9
Extra
Dec. 14
Jan.
Chicago Junction Rye.& Union Stockyards Co..
Jan. 2 Dec. 14
6% preferred (quarterly)
3734c Doc. 14 Nov.30
Chicago Rivet & Machine (guar.)
Extra
1234c Doc. 14 Nov.30
Dec. 2 Nov. 21
Chicago Yellow Cab
25c Nov.29 Nov. 8
Chile Copper (resumed)
750 Dec. 31 Dec. 2
Chrysler Corp
Cincinnati New Orleans & Texas Pacific Ry.Dec. 26 Dec. 4
c$1
5% preferred (quarterly)
$I % Jan. 1 Dec. 20
Cincumati Union Terminal, pref. (guar.)
50c Dec. 31 Dec. 14
City Ice & Fuel (guar.)
$1% Dec. 1 Nov. 18
Preferred (guar.)
Name of Company
Per
Share
When Holders
Payable of Record
City of New Castle Water Co.,6% pref,(qu.)..-- $134 Dec. 2 Nov. 20
Clark Equipment (guar.)
20c Dec. 14 Nov 26
Preferred (quar.)
$1 4 Dec. 14 Nov. 26
Clearfield & Mahoning Ry.(s -a.)
$1 34 Jan. 2 Dec. 20
Cleveland Electric Illuminating Co., pref. (qu.)_ $14 Dec. I Nov. 15
Cleveland & Pittsburgh Ry.,7% guar.(quar.).._ 8734c Dec. 2 Nov. 9
Special guaranteed (guar.)
50c Dec. 2 Nov. 9
Climax Molybdenum Co.(guar.)
Sc Dec. 30 Dec 15
Coca-Cola, old stock
e300% Dec 18 Nov. 15
New stock (initial, quarterly)
50c Dec. 31 Dec. 12
Extra
25c Dec. 31 Dec. 12
Class A (semi-annual)
$lg Dec. 31 Dec. 12
Coca-Cola International Corp.(quar.)
Dec. 31 Dec. 12
Extra
$2 Dec. 31 Dec. 12
Class A (semi-annual)
$.3 Dec. 31 Dec. 12
Colgate-Palmolive-Peet(guar.)
124c Dec. 1 Nov. 6
Extra
25c Dec. I Nov. 6
Preferred (quarterly)
$14 Jan. I Dec. 5
Collins & Aikman (resumed)
50c Dec. 2 Nov. 15
Preferred (quar.)
$1 4 Dec. 2 Nov. 15
Columbia Pictures Corp
e50% Dec. 10 Nov. 29
Preference
75c Dec. 9 Nov. 14
Columbian Carbon Co
$1 Dec. 2 Nov. 14
Special
40c Dec. 2 Nov. 14
Columbus & Xenia
$1 Dec. 10 Nov. 25
Commercial Solvents Corp. common (s.-a.)
30c Dec. 31 Dec. 2
Commonwealth Loan Co. (Indianapolis)7% preferred (quar.)
$1 Si Dec. 1 Nov. 20
Commonwealth & Southern, $6 preferred
75c Jan. 2 Dec. 6
Commonwealth Utilities Corp.—
64% preferred C (quarterly)
$14 Dec. 2 Nov. 15
Compressed Industrial (lasses. Inc. (guar.)- 50c Dec. 14 Nov.30
Confederation Life Assoc.,"Toronto (quar.)
11 Dec. 31 Dec. 25
Congress Cigar Co.. Inc
k
Nov.30 Nov. 18
Connecticut Light & Power,64% pref.(guar.). $14 Dec. 1 Nov. 15
54% referred (quarterly)
$14 Dec. 1 Nov. 15
Connecticut Power Co.(quar.)
6234c Dec. 2 Nov. 15
Consolidated Cigar Corp . preferred (quar.)__. $l' Dec 2 Nov. 15a
Consolidated Diversified Standard Security
25c Dec. 15 Dec. 1
25c Dec. 16 Nov. 8
Consolidated Gas Co. of New York
Consolidated Paper (quarterly)
25c Dec. 1 Nov. 20
Consumers Glass
$24 Dec. I Nov. 15
7% preferred (guar.)
$1 4 Dec. 1 Nov. 15
Consumers Power Co.Jan. 2 Dec 14
$1
55 preferred (guar.)
6% preferred (quarterly)
Jan. 2 Dec. 14
$1
6.6% preferred (quarterly)
31.65 Jan. 2 Dec. 14
514 Jan. 2 Dec. 14
7% preferred (quarterly)
50c Dec 2 Nov 15
6% preferred (monthly)
50e Jan. 2 Dec. 14
6% preferred (monthly)
55e Dec. 2 Nov. 15
6.60% preferred (monthly)
55c Jan. 2 Dec. 14
6.60% preferred (monthly)
Container Corp.. 7% preferred
53174 Dec. 31 Dec. 11
7% preferred (quarterly)
$1.4. Dec. 31 Dec. 11
15e Dec. 2 Nov. 15
Continental Casualty Co. (Chicago, Ill.) (qr.)..
Continental-Diamond Fibre
50c Dec. 30 Dec. 16
Continental Gas & Electric. prior pref. (quar.)_ $1'4 Jan. 2 Dec. 12
Copperweld Steel (guar )_
1234c Nov.30 Nov 15
Corrugated Paper Box, 7% preferred
5514 Dec. 2 Nov. 10
Creameries of Amer. Inc.. $334 preferred (qr.) 874c Dec. 1 Nov. 10
Crown Cork & Seal Co.. Inc.. common (quar.)
25c Dec. 6 Nov. 22a
Extra
50e Dec. 6 Nov. 22a
Preferred (quar.)
68c Dec. 16 Nov.30a
Crown-Zellerbach, preferred A & 13
575c Dec. 1 Nov. 13
Crum & Forster preferred (quar.)
$2 Dec. 28 Dec. 20
Crum & Forster Insurance Shares Corp.—
Class A and D (quar.)
25c Nov.30 Nov. 20
Class A and B (extra)
20c Nov. 30 Nov. 20
7% preferred (quar.)
$134 Nov. 30 Nov. 20
Cuneo Press Inc.. 64% preferred tquar.)__-- 514 Dec. 14 Nov. 30
Cushman's Sons, 7% preferred (quar.)
$134 Dec. 2 Nov. 18
$8 preferred (guar.)
$2 Dec. 2 Nov. 18
Dayton & Michigan RR. Co..8% pref. (qu.)
$1 Jan. 2 Dec. 16
Dayton Power & Light Co.,6% pref. (monthly)
50c Dec. 2 Nov. 20
Deere & Co., pref. (quar.
35c Dec. 2 Nov. 15
Delaware RR. Co.(semi-ann.).
$1 Jan. 2 Dec. 16
Denver Union Stockyards, preferred (guar.).
51 Si Dec. 1 Nov. 20
Deposited Bank Shares (N. Y.). ser. A (s.-a.) e23.4% Jan. 3 Nov. 15
Detroit Hillsdale & Southwestern RR. (s.-a.)- 5 Jan. 6 Dec. 20
Detroit Paper Products (quarterly)
25c Dec. 2 Nov. 20
Dexter Co. (quarterly)
20c Dec 1 Nov. 15
Diamond Match (irregular)
25e Dec. 2 Nov. 15
Dictaphone Corp
Dec. 2 Nov. 15
$1
Preferred (quar.)
Dec 2 Nov. 15
Dr. Pepper (guar.)
20c Dec 1 Nov. 15
Extra
40c Dec. 1 Nov. 15
Durham Duplex Razor. $4 preferred
, 2 Nov. 26
20c D.
Eastern Gas & Fuel Assoc. prior pref.(guar.)_
$1.125 Jan. 1 Dec. 14
6% preferred (guar.)
$14 Jan. 1 Dec. 14
Eastern Shore Public Service,$634 Pref.(qui-- - $14 Dec. 1 Nov. 10
Dec. 1 Nov. 10
$6 preferred (quarterly)
East Mahanoy RR. Co (s.-a.)
Dec. 15 Dec. 5
Eastman Kodak Co. common
Jan. 2 Dec. 5
$1
Extra
25c Jan. 2 Dec. 5
Preferred (quar.).
$134 Jan. 2 Dec. 5
East St. Louis Interurban Water Co.—
7% preferred (guar.)
Dec 2 Nov. 20
$1
6% preferred (quar.)
Dec 2 Nov. 20
Eddy Paper Corp
$.144C Nov. 30 Nov. 15
El Dorado Oil Works (quarterly)
3734c Dec 2 Nov. 18
Electric Shareholdings. $6 cony. pref
p.51 Si Dec 2 Nov. 6
El Paso Electric Co. (Texas), $6 pref. (qr.)
$14 Jan. 15 Dec. 31
Ely & Walker Dry Goods (guar.)
25c Nov. 30 Nov. 19
Emerson's Bromo Seltzer, 8% preferred
50c Jan. 2 Dec. 14
Empire & Bay Shore Telep. Co.,4% gtd.(guar.)
El Dec. 2 Nov. 20
Empire Capital Corp.. A & D (guar.)
10e Nov.30 Nov. 20
Empire Power Corp.,cumul. pref. (guar.)
$134 Jan. 1 Dec. 16
Equity Corp., $3 cony. preferred
373.4c Dec. 2 Nov. 15
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)
873'4c Dec. 10 Nov 30
Guaranteed betterment (guar.)
SOc Dec. 1 Nov. 30
Ever Ready (Gt. Brit.) (interim)
10% Nov. 30
Faber Coe & Gregg. Inc. (quar.)
50c Dec. 1 Nov. 15
Fajardo Sugar Co. of Porto Rico common
$14 Dec. 2 Nov. 15
Farmers & Trackers Life Insurance (quar.) __
$24 Jan. 2
Quarterly
$24 Apr. 1
Faultless Rubber (quarterly)
50c Jan. 1 Dec. 16
F. E. D. Corp (liquidating)
$3 Dec. 20 Dec. 10
$14 Dec. 2 Nov. 18a
Federal Light & Traction Co. pref. (quar.)
I6c Dec. 30 Dec. 13
Fifth Ave. Bus Securities (quarterly)
Firestone Tire & Rubber. pref. (guar.)
$14 Dec. 1 Nov. 15
I5c Nov. 30 Nov. 15
Fishman (M. H.) Co., Inc. (quar.) _ _
124c Dec. 1 Nov. 20
Fitz-Simons & Connell Dredge & Dock (quar.)
124e Dec. 1 Nov. 20
Extra
874c Dec. 1 Nov. 15
Florida Power Corp.,7% pref.(guar.)
$1 4 Dec. 1 Nov. 15
Preferred A (quarterly) _ _ _ _
$31 Dec. 1 Nov. 15
Food Dealers Industrial Bank (Brooklyn, N. Y.)
$1 Dec. 15
Food Machinery Corp.,634% pref.(mo.)
551 4 Dec. 2 Nov. 18
Franklin Simon & Co., preferred
25c Dec. 2 Nov. 15
Freeport Texas (quarterly)
El 4 Feb. 3 Jan, 15
Preferred (quarterly)
$1 4 Dec. 2 Nov. 15
Gates Rubber Co., preferred (guar.)
25c Dec. 17 Nov. 26
General Asphalt (resumed)
$14 Dec. 2 Nov. 22
General Cigar, preferred (quar.)
$14 Mar. 2 Feb. 20
Preferred (quar.)
$111 Junel'36 May 22
Preferred (quar.)
50c Nov 25 Nov. 15
General Development
$14 Nov.30 Nov. 15
General Investments, preferred (s.a.)
Jan. 2 Dec. 14
$1
Georgia Power Co., $6 pref. (guar.)
Jan. 2 Dec. 14
$1
$5 preferred (attar.)
50c Dec. 12 Nov. 14
General Motors (quarterly)
50c Dec. 12 Nov. 14
Extra_
$5 preferred (quarterly)
$1 Si Feb. 1 Jan. 8
3331
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
$234 Jan 15 Jan. 2
Georgia RR. & Banking (quar.)
Glens Falls Insurance Co.(quar.)
40c Jan. 1 Dec. 14
Globe D Publishers, pref. (quar.)
$1 % Dec. 1 Nov. 20
50e Jan. I Dec. 20
Globe Wernicke preferred (guar.)
40c Dec. 10 Nov.30
Golden Cycle (guar.)
$1.60 Dec. 10 Nov.30
Extra
Goodyear Tire & Rubber. $7 pref
$1 Jan. 2 Nov.30
Grace(W. R > & Co.6% preferred ts -a.)
$3 Dec. 30 Dec. 27
$2 Dec. 30 Dec. 27
Preferred A (guar.)
$4 Dec. 30 Dec 27
Preferred B ts.-a.)
$5 Dec. 2 Nov. 15
Granby Consolidated Smelting & Power Co___ _
3734c Dec. 1 Nov. 12
Grand Union Co $3 cony. preferred
25e Dec. 2 Nov. 20
Great Northern Paper (quarterly)
80e Dec. 15 Dec. 5
Great Western Electro-Chemical
30c Jan. 2 Dec. 20
6% preferred tquarterly)
50c Jan. 6 Dec. 16
Greenfield Tap & Die. $6 preferred
1 Dec. 21
51.4 Jan
Greyhound Coto,. pref. A (quar )_
$134 Dec. 16 Nov. 29
Gulf States Utilities Co.. $6 preferred
$534 preferred
$14 Dec. 16 Nov. 29
75c Dec. 1 Nov. 16
Hackensack Water Co.(semi-annually)
43 1ic Dec. 31 Dec. 14
7% preferred A (quarterly)
15c Dec. 2 Nov. 15
Hale Bros. Stores (quar.)
$134 Jan. 1 Dec. 16
Hammermill Paper Co.,6% pref. (quar.)
25c Dec. 1 Nov. 14
Hancock Oil of California. class A & B (quar.)
Hanes (P. H.) Knitting Co.. corn. A.& B.(qu.) 1234c Nov.30 Nov. 20
10e Nov.30 Nov.20
Common A & B (extra)
$1 4 Dec. 1 Nov. 15
Hanna (M. A.) Co..5% pref.. initial (quar.)
25c Dec. 2 Nov. 15
Harbison-Walker Refractories Co., common__
$134 Jan. 20 Jan. 7
Preferred (quarterly)
$1,4 Dec. 1 Nov 5
Hardesty (R.) Mfg. Co., 7% pref. (quar)
20c Nov. 28 Nov. 21
Hawaiian Agricultural (monthly)
20e Dec. 15 Dec. 5
Hawaii Consol. Ry.. 7% pref. A (quar.)
Jan. 2 Dec. 14
$1
Hazel-Atlas Glass Co.(quarterly)
25c Dec. 16 Dec. 2
Hazeltine Corp. (quar.)
50c Dec. 16 Dec. 2
Extra
Dec. 31
$1
Heath (D. C.) Co. 7% pref. (quar.)
10C Nov. 29 Nov. 22
Hibbard, Spencer. Bartlett & Co.(monthly)
10c Dec. 27 Dec. 20
Monthly
50c Dec. 2 Nov. 15
Hires (Chas. E.) Co., class A common (quar.)
37Sic Dec. 1 Nov. 18
Hobart Mfg., class A (quar.)
25e Dec. 1 Nov. 18
Class A extra
$1 Dec. 1 Nov. 18
Class 13
25c Dec. I Nov. 18
Class 13 extra _
1% Dec. 2 Nov. 15
Hollinger Consol Gold Mines (monthly)
Dec. 2 Nov. 15
1
Extra
Dec. 2 Nov. 9
1
Holt, (H.) & Co., A.(resumed)
$1 Nov. 25 Nov. 20
Homestake Mining (monthly)
$2 Nov. 25 Nov. 20
Extra
I5c Dec. 10 Nov.30
Honolulu Plantation (monthly)
$134 Dec. 1 Nov. 15
Hooven & Allison Co., 7% preferred (quar.)_
Dec. 2 Nov. 12
$1
Horn & Hardart (N. Y.) pref. (quar.)
75c Jan. 15 Dec. 31
Household Finance, A & B (quar.)
$1.05 Dec. 5 Nov. 22
A & B special
874c Jan. 15 Dec. 31
Participating preferred (quar.)
$1.225 Dec. 5 Nov. 22
Special
2c Dec. 14 Nov. 14
Howey Gold Mines, Ltd
r50c Dec. 16 Nov. 29
Hudson Bay Mining & Smelting Co
Dec. 2 Nov. 20
Huntington Water Corp.,7% pref.(quar.)
$1
$134 Dec. 2 Nov.20
6% preferred (quarterly)
10e Dec. 5 Nov.30
Hutchins Sugar Plantation (monthly)
$2 Jan. 2 Dec. 11
Illinois Central RR.. leased lines (s-a)
$14 Dec. 2 Nov. 20
Illinois Water Service, 6% pref. (guar.)
Jan. 2 Dec. 31
5.3
Imperial Life Insurance (guar.)
r25c Dec. 2 Nov. 15
Imperial 011, Ltd. (s-a)
Dec. 2 Nov. 15
r37
Special
Dec. 16 Nov.30
Indiana Hydro-Electric Power. 7% preferred _ h87
$14 Jan. 1 Dec. 12a
Indianapolis Water Co.. 5% pref. (quar.)
50c Dec. 2 Nov. 4
Ingersoll-Rand, common
50e Dec. 2 Nov. 15
inland Steel (quarterly)
25c Dec. 2 Nov. 15
Extra
International Harvester. pref. (quar.
$134 Dec. 2 Nov. 4
15e Dec. 20 Nov. 29
International Mining
5c Dec. 20 Nov. 29
Extra
25e Dec. 31 Dec. 2
International Nickel
r75c Dec. 2 Nov. 22
International Petroleum Co. (s-a)
r50e Dec. 2 Nov. 22
Special
60c Dec. 2 Nov. 20
International Safety Razor, A. (quar.)
extra
25c Nov.30 Nov. 15
Shoe.
International
20e Dec. 16 Dec. 2
Intertype Corp.. common
$2 Jan. 2
1st preferred (guar.)
Jan. 2
2d preferred (s-a)
50c Dec. 14 Dec. 2
Investors Corp. of Philadelphia (quar.)
Dec. 14 Dec. 2
25e
Extra
25c Dec. 2 Nov. 9
Iron Fireman Mfg. (qiiar•)
Dec. 2 Nov. 15
Ironwood & Bessemer R.& Light,7% pf. (qu.) $1
15c Jan. 2 Dec. 16
Irving Air Chute (quarterly)
25c Jan, 2 Dec. 16
Extra
Jantzen Knitting Mills, preferred (quarterly)- - $14 Dec. 1 Nov. 25
15e Dec. 30 Dec. 30
Kalamazoo Vegetable Parchment (guar.) _ _ .
Kansas City St. Louis & Chic. RR.. pref. (rm.). $134 Feb. I Jan. 17
20c Dec. 16 Dec. 2
Kaufmann Dept. Stores (special)
Jan. 2 Dec. 10
$1
Preferred (quarterly)
25c Nov.30 Nov. 13
Kayser (Julius) Az Co
20c Dec. 2 Nov. 25
Kekaha Sugar Co. (monthly)
$134 Dec. 2 Nov. 9a
Kendall Co., preferred series A (quar.)
31 fi Jan. 15
Keystone Steel & Wire, preferred
25c Jan. 1 Dec. 20
Klein (D. Emil)(quarterly)
$14 Feb. 1 Jan. 20
Preferred (quarterly)
50c Nov. 30 Nov. 25
Koloa Sugar Co. (monthly)
$14 Dec 31
Kroehler Mfg. Co., 7% pref. (quar.)
$14 Dec. 31
Class A preferred (quar.)
40c Nov.30 Nov. 8
Kroger Grocery & Baking (guar.)
Feb. 1 Dec. 20
$1
7% preferred (quarterly)
$134 Jan. 2 Dec. 20
6% preferred (quarterly)
25c Dec. 16 Dec. 2
Kruger (G.) Brewing, initial (quar.)
Dec. 2 Nov. 15
Lake Superior District Power,7% pref. (quar.)_ $1
$14 Dec. 2 Nov. 15
6% preferred (quarterly)
3734e Dec. 31 Dec. 20
Landers Frary & (lark (quar )
$14 Dec. 15 Dec. 5
Landis Machine. 7% preferred (quarterly)
$1 Nov.30 Nov. 20
Lanston Monotype Machine (quar.)
15c Nov. 30 Oct. 31
Lehigh Coal & Navigation (semi-ann.)
50c Dec. 1 Nov. 15
Lehn & Fink Products Co.,common (s.-a.)
Dec. 2 Nov. 20
h$1
Lexington Water,7% preferred
30c Dec. 16 Nov. 29
Libbey-Owens-Ford Glass (quar.)
40e Dec. 2 Nov. I
Life Savers Corp. (guar.)
$1 Dec. 2 Nov. 15
Liggett & Mayers Tobacco (guar.)
$1 Dec. 2 Nov. 15
Common 13 (quarterly)
25c Dec. 1 Nov. 25
Lincoln Stores (quarterly)
Dec. 1 Nov. 25
Preferred (quarterly)
$1
20c Dec. 1 Nov. 15
Link Belt
Preferred (quar.)
$114 Jan. 2 Dec. 14
Special
50c Dec. 1 Nov. 20
Little Schuylkill & Navigation RR.& Coal
$1.10 Jan. 10 Dec. 14
Loblaw Groceterias. A & B (quar.)
r25c Dec. 2 Nov. 14
Lock Joint Pipe. pref (quar.)
S2 Jan. 1 Jan. 1
Loew's. Inc. (quarterly)
50c Dec. 31 Dec. 13
Extra
50e Dec. 31 Dec. 13
Loose-Wiles Biscuit Co.
5% preferred (initial, quarterly)
$134 Jan. 1 Dec. 18
Lord & Taylor. 1st pref.(guar.)
5134 Dec. 2 Nov. 16
Ludlow Mfg. Assoc. (quar.)
$134 Dec. 2Nov. 9
Ludlum Steel. preferred (quar.)
$1',', Jan. 1 Dec. 20
Lunkenheimer Co., 614% preferred (quar.)_ _ _ _ $14 Jan. 1 Dec 21
Macy (R. 11.) & Co.(quar.)
50c Dec. 2 Nov. 8
Madison Square Garden
15e Nov. 29 Nov. 15
Manhattan Shirt (guar.)
15c Dec. 2Nov.12
May Dept. Stores (quarterly)
40c Dec. 2 Nov. 15
Extra
25c Dec. 2 Nov. 15
Massachusetts Plate Glass Insurance
50c Jan.
MeDryde Sugar
15e Dec. 1 Nov 20
McClanahan Oil (initial)
1 14,c Dec. 1 Nov. 15
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
McClatchy Newspapers. 7% pref. (guar.)
43%c Dec. 1 Nov.30
McColl-Frontenac Oil Co. (guar.)
20c Dec. 14 Nov. 15
McIntyre Porcupine Mines, Ltd
Nov. 1
10% Dec.
McKinley Mines Security
2)5c Dec. 2 Nov. 22
McLennan, McFeeley & Prior, Ltd., A & B_
10c Dec. 30 Dec. 23
$1)6 Jan. 1 Dec. 23
% preferred (quarterly)
McWatters Gold Mines. Ltd., initial
Sc Dec. 18 Dec. 4
McWilliams Dredging (quar.)
50c Dec. 1 Nov. 20
Special
50c Dec. 1 Nov. 20
Mead Corp., 6% cum. preferred (resumed)
$134 Dec. 2 Nov. 15
Memphis Natural Gas Co.. $7 pref. (quar.)
$1 % Jan. 2
Merck & Co., Inc., common (guar.)
10c Jan. 1 Dec. 23
Preferred (quarterly)
$2 Jan. 1 Dec. 23
Metal Textile Corp
15c Dec. 2 Nov. 20
Participating preferred (guar.)
813.(c Dec. 2 Nov. 20
Extra
15c Dec. 2 Nov. 20
Metropolitan Edison Co., $7 pref. (guar.)
$134 Jan. 2 Nov. 29
$6 preferred (guar.)
$1% Jan. 2 Nov. 29
$5 preferredi(quar.)
$131 Jan. 2 Nov. 29
$7 cumulative preferred (guar.)
$114 Jan. 2 Nov. 29
$6 cumulative preferred (guar.)
$134 Jan. 2 Nov. 29
$5 cumulative preferred (guar.)
$131 Jan. 2 Nov. 29
Mid-Continent Petroleum
25c Dec. 2 Nov. 1
Midland Grocery, preferred (semi-annually)
$3 Jan. 2 Dec. 20
Milwaukee Electric R.& Light,6% pref. (qu.) $1)5 Dec. 2 Nov. 15
Mine Hill & Schuylkill Haven RR.(s.-a.)
$134 Feb. 1 Jan. 15
Minneapolis Gas Light Co.(Del.), 7% pref._ _ _ $114 Dec. 1 Nov. 20
6% preferred (guar.)
$1% Dec. I Nov. 20
Minneapolis-Honeywell Regulator Co., pf. (gu.) $135 Jan.
Dec. 20
Mississippi Power & Light, $6 preferred
h50c Nov.30 Nov. 15
Monogram Pictures Corp. (quar.)
15c Feb. 1
Monsanto Chemical (guar.)
25c Dec. 14 Nov. 25
Extra
25c Dec. 14 Nov. 25
Montgomery & Erie RR.(semi-annual)
17)5c May 10 Apr. 30
Montgomery Ward. class A (quar.)
$114 Jan. 2 Dec. 20
Moore Dry Goods (guar.)
$135 Jan. 1 Jan. 1
Morris Plan Insurance Society (guar.)
$1 Dec. 1 Nov. 26
Motor Finance Corp. (guar.)
20c Nov.30 Nov. 23
Motor Wheel Corp. com.(guar.)
15c Dec. 10 Nov. 20
Mountain Fuel Supply (initial)
10c Dec. 21 Nov.30
Mueller Brass, initial (guar.)
20c Dec. 2 Nov. 20
Muncie Water Works Co.,8% pref.(guar.).— _
$2 Dec. 16 Dec. 2
Murphy (G. C.) (guar.)
40c Dec. 2 Nov. 21
Muskogee Co..6% cum. pref.(guar.)
Dec. 2 Nov. 20
$1
Mutual Chemical Co. of Amer..6% pref.(gu.). $1
Dec. 28 Dec. 19
National Biscuit (guar.)
40c Jan. 15 Dec. 13
Preferred (guar.)
Nov.30 Nov. 15
National Casket, preferred (guar.)
Nov.30 Nov. 18
National Container (guar.)
50c Dec. 1 Nov. 15
Preferred (quar.)
50c Dec. 1 Nov. 15
National Lead. preferred A (guar.)
$134 Dec. 14 Nov.29
Nat. Life & Accident Ins. Co.. Nashville, Tenn.
Quarterly
35c Dec. 2 Nov.20
National Power & Light Co.. corn. (guar.)
15c Dec. 2 Nov. 4
National Short Term Securities common (guar.) 1 34c Dec. 20 Dec. 15
Nebraska Power.6% pref. (guar.)
Dec. 2 Nov. 12
7% preferred (guar.)
$134 Dec. 2 Nov. 12
Nehi Corp., 1st preferred
h$1.3134 Dec. 31 Dec. 16
Neiman-Marcus Co.7% pref.(guar.)
$1% Dec. 1 Nov. 20
Nevada-Calif. Electric.7% pref
h$3 Dec. 2 Nov. 12a
New Bedford Cordage Co
Q25c Dec. 2 Nov. 15
Class B
25c Dec. 2 Nov. 15
77o preferred (guar.)
$134 Dec. 2 Nov. 15
Newberry (J. J.) (quar.)
40c Jan. 1 Dec.
Newberry (J. J)& Co.,7% preferred (quar.)
$1% Dec 1 Nov. 16
Newmont Mining Corp
50c Dec. 16 Nov. 29
New York & Harlem RR.Co.(semi-ann.)
$2)5 Jan. 2 Dec. 14
Preferred (semi-ann.)
$2)5 Jan. 2 Dec. 14
New York Transportation (guar.)
50c Dec. 28 Doc. 13
Niagara Share Corp. of Md.,class A pref.(qu.)_
Jan. 2 Dec. 13
Class B common
31bg Dec. 16 Nov. 18
Norfolk & Western Ry. (guar.)
$2 Dec. 19 Nov. 30
North American Edison Co., pref. (guar.)
$1.35 Dec. 2 Nov. 15
North Central Ry. Co.(semi-ann.)
$2 Jan. 15 Dec. 20
Northern Pipe Line (s.-a.)
25c Jan. 2 Dec. 13
Northam Warren Corp cony. pref. (quar.)
75c Nov.30 Nov. 15
Northern RR.of New Jersey,47
0 gtd.(quar.)
$1 Dec. 2 Nov. 20
North Pennsylvania RR. Co.(guar.)
$1 Nov. 25 Nov. 18
North River Insurance (guar.)
15c Dec. 10 Nov. 29
Extra
Sc Dec. 10 Nov. 29
Northwestern Public Service,7% preferred
h$1.31 Dec. 2 Nov. 20
69' preferred
h$1.125 Dec. 2 Nov. 20
Northwestern Utilities.6% Pref. (guar.)
Doc. 1
Nova Scotia Lt. & Pr. Co., Ltd.,6% pref.(qu.)_
Dec. 2 Nov. 16
Ogilvie Flour Mills, preferred (guar.)
Dec. 2 Nov. 20
tig
Ohio Oil
15c Dec. 14 Oct. 31
Preferred (quarterly)
Dec. 14 Dec. 2
11
Ohio Power Co.. 670 Pref. (guar.)
Dec. 1 Nov. 12
$1
Ohio Public Service Co.. 7% prof. (mo.)
581- c Dec. 2 Nov. 15
69' preferred (monthly)
50c Dec. 2 Nov. 15
5% preferred (monthly)
41 2-3c Dec. 2 Nov. 15
Old Dominion Co.(resumed)
25c Dec. 14 Nov. 27
Oliver United Filters. class A
Nov.30 Nov. 16
Omnibus Corp.. preferred (guar.)
$2 Jan, 2 Dec. 13
Ontario & Quebec Ry.(semi-ann.)
$3 Dec. 2 Nov. 1
Debenture (semi-ann.)
234% Dec. 2 Nov. 1
Oshkosh Overall.$2 cony. preferred (guar.)
50c Dec. 1 Nov. 20
Paauhau Plantation (monthly)
10c Dec. 5 Nov.30
Pacific American Fisheries (resumed)
25c Doc. 16 Doc. 2
Pacific Indemnity (quar.)
15c Jan, 1 Dec. 14
Pahang Rubber Co., Ltd
Sc Dec. 20 Dec. 13
Parker Pen (guar.)
25c Dec 1 Nov. 15
Quarterly
25c Mar. 1
Quarterly
25c June 1
Quarterly
25c Sept. 1
Peerless Woolen Mills. 634% pref. (s.-a.)
$135 Dec. 1 Nov. 15
Pender (David) Grocery, class A (quarterly)._ 8734c Dec. 2 Nov. 21
Penick & Ford (guar.)
75c Dec. 16 Dec. 2
Pennroad Corp
20c Dec. 28 Nov. 22
Penn State Water Corp.. $7 pref. (guar.)
$134 Dec. 1 Nov. 20
Pennsylvania Gas & Electric. A (guar.)
37%c Dec. 2 Nov. 20
7% preferred (quar.)
$131 Jan. 2 Dec. 20
$7 preferred (guar.)
$114 Jan. 2 Dec. 20
Pennsylvania Power Co., $6.60 pref. (mthly.)
55c Dec. 2 Nov. 20
16.60 preferred (monthly)
55c Jan. 2 Dec. 20
$6.60 preferred (monthly)
55c Feb. 1 Jan. 20
$6.60 preferred (monthly)
55c Mar. 2 Feb. 20
S8 preferred (guar.)
$1% Dec. 2 Nov. 20
$6 preferred (guar.)
Mar. 2 Feb. 20
$1
Peoples Drug Stores (guar.)
Jan, 2 Dec. 9
2
Extra
50c Jan. 2 Dec. 9
Preferred (guar.)
$1% Dec. 16 Dec. 2
Petersburg R (s -a,)
$1% Apr. 1 Mar 25
Petroleum & Trading,class A
25c Dec. 2 ODec.10
Phelps Dodge
25c Dec. 14 Nov. 27
Philadelphia Baltimore & Washington RR
$1% Dec. 31 Dec. 16
Phila. Germantown & Morristown RR. C0.(111.) $1
Dec. 2 Nov. 20
Philadelphia Suburban Water Co.. pref.(guar.)- $1
Nov.30 Nov. 120
Philadelphia & Trenton RR. (guar.)
Jan. 10 Dec. 31
$2
Philips Petroleum (guar.)
25c Nov.30 Nov. 1
Extra
25c Nov.30 Nov. 1
Phoenix Finance Corp.. 8% pref. (guar.)
50c Jan. 10 Dec. 31
Phoenix Hosiery, cumulative 1st preferred
87%c Dec. 1 Nov. 20
Pillsbury Flour Mills (quarterly)
40c Dec. 2 Nov. 15
Pioneer Mill, Ltd.(monthly)
20c Dec. 1 Nov. 20
Extra
20c Dec. 2 Nov. 21
Pittsburgh Bessemer & Lake Erie pref. (s.-an.)
$134 Dec. 2 Nov. 15
Preferred (s.-a.)
3
Dec. 2 Nov. 15
Pittsburgh Ft. Wayne & Chicago Ry.(guar.)._
Jan. 2 Dec. 10
7% preferred (guar.)
$134 Jan, 7 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (guar.)
Elf( Dec. 2 Nov. 20
114
Name of Company
Nov. 23 1935
Per
Share
When Holders
Payable of Record
Placer Development, Ltd. (initial)
50c Dec. 10 Nov. 12
Plymouth Fund. Inc., A (quarterly)
$1 )5 Dec. 1 Nov. 15
Pollock Paper & Box Co., pref. (guar.)
131% Dec. 15 Dec. 1
Ponce Electric, 7% preferred (guar.)
Jan. 2 Dec. 13
$1
Potomac Electric Power,6% pref. (guar.)
Nov.30 Nov. 15
$1
535% preferred (quarterly)
Nov.30 Nov. 15
$1
Prentice-Hall (guar.)
Sc Dec. 2 Nov. 20
Preferred (guar.)
75c Dec. 2 Nov. 20
Procter & Gamble, 5% preferred (guar.)
Dec. 14 Nov. 25
$1
Public Electric Light 67
Dec. 1 Nov. 21
0 pref. (guar.)
$1
Public Service Co. of Colorado 7% pref.(mthly.) 58 1-3c Dec. 2 Nov. 15
6% preferred (monthly)
50c Doc. 2 Nov. 15
5% preferred (monthly)
41 2-3c Dec. 2 Nov. 15
Public Service of New Hampshire—
$6 preferred (quar.)
$1% Dec. 16 Nov. 30
$5 preferred (guar.)
$1% Dec. 16 Nov. 30
Public Service Corp. of N.J.,6% pref.(mth17050e Nov. 30 Nov. 1
Purity Bakeries (guar.)
25c Doc. 2 Nov. 18
Quaker Oats, preferred (quar.)
$1% Nov.30 Nov. 1
Rainier Pulp & Paper, A (guar.)
50c Dec. 1 Nov. 12
Class B (resumed)
$1 Dec. 1 Nov. 12
Reading Co., 1st preferred (quarterly)
50c Dec. 12 Nov. 21
Reliance Grain, 634% preferred (quar.)
$134 Dec. 14 Nov. 30
Reliance Insurance (Phila.) (semi-ann.)
30c Dec. 14 Nov. 29
Extra
20c Dec. 14 Nov. 29
Rensselaer & Saratoga RR. (s.-a.)
$4 Jan. 2 Doc. 14
Rex Hide Rubber (extra)
50c Dec. 15 Nov.30
Reynolds Metals Co., common (quarterly)
25c Dec. 2 Nov. 15a
534% cumulative preferred (quarterly)
$1% Jan. 2 Dec. 20
Richmond Fredericksburg & Potomac RR
$2 Dec. 31 Dec. 23
Non-voting common (s.-a.)
$2 Dec. 31 Dec. 23
Dividend obligation (s.-a.)
$2 Doc. 31 Dec. 23
Roan Antelope Copper Mines(Amer.shares).- 76c Nov. 30 Nov. 22
Rochester Gas & Elec.. 7% pref. B (guar.)$131 Dec. 1 Nov. 13
6% preferred 0 & D (quar.)
$134 Dec. 1 Nov. 13
Rolland Paper,6% preferred (guar.)
$1)5 Dec. 1 Nov. 15
Roos Brothers
25c Dec. 20 Dec. 1
Royalite Oil, Ltd
r50c Dec. 2 Nov. 15
Extra
r25c Dec. 2 Nov. 15
Ruud Mfg. Co.(auar.)
10c Dec. 16 Dec. 6
St. Louis Bridge CO.6% 1st pref.(semi-ann.)
Jan. 2 Dec. 15
3% 2d preferred (semi-annual)
Jan. 2 Dec. 15
$1
Sandusky Bay Bridge Co.. 77
Dec. 2 Nov. 15
h$3
0 prof
Savannah Electric & Power-8% deb. A (guar.)
Jan. 2 Dec. 10
735% debenture B (guar.)
Jan. 2 Dec. 10
7% debenture 0 (guar.)
2 Dec. 10
$134 Jan.
634% debenture D (guar.)
2 Dec. 10
$134 Jan.
6% preferred
7z$h34 Jan. 2 Dec. 10
Savannah Gas Co..7% preferred (quarterly)-- - 43 )1c Dec. 1 Nov. 20
Seaboard Oil of Del.(quarterly)
15c Dec. 14 Nov.30
Extra
10c Dec. 14 Nov.30
Sears. Roebuck (guar.)
50c Dec. 16 Nov. 22
Special
50c Dec. 16 Nov. 22
Second International Securities, 1st preferred
62)4c Jan. 2 Nov. 15
Second Investors Corp.(R. I.). $3 pref. (guar.)
75c Dec. 1 Nov. 15
Secord (Laura) Candy (quarterly)
75c Dec. 2 Nov. 15
Securities Investment Co. of St. Louis,8% pref.
(quarterly)
$2 Jan. 1
Selfridge Provincial Stores
2)5% Nov. 30
Ordinary
Dec. 2 Nov. 14
w2;5
Amer. dep. rec. for ordinary
Dec. 9 Nov. 14
w2
Serve!. Inc., common (initial)
1234c Dec. 2 Nov. 20a
7% cumulative preferred (quarterly
Jan. 2 Dec. 20a
(
)
Shenango Valley Water Co.6% pref. quar.)
$134 Dec. 1 Nov. 20
Sherwin-Williams Co..6% pref ,series AA (qu.) $134 Dec. 2 Nov. 15
Siscol Gold Mines, Ltd.( guar.)
Sc Doc. 16 Nov.30
South American Gold & Platinum Co
10c Nov. 27 Nov. 15
Southern California Edison Co.
6% preferred, series B (quar.)
37)5c Dec. 15 Nov. 20
South Porto Rico Sugar Co. (guar.)
50c Jan. 2 Dec. 12
Preferred (guar.)
2% Jan, 2 Dec. 12
Spencer Kellogg & Sons (guar.)
40C Dec. 30 Dec. 15
Spiegel, May, Stern. 634% preferred (guar.)
$155 Feb. 1 Jan. 15
Standard Coosa-Thatcher Co.,7% pref.(quar.)_ $134 Jan. 15 Jan. 15
Standard 011 Co., Inc. in N. J., $25 par value
shares (semi-annually)
50c Dec. 16 Nov. 16
Extra
25c Dec. 16 Nov. 16
$2 Dec. 16 Nov. 16
$100 par value shares (semi-annually)
Extra
$1 Dec. 16 Nov. 16
Standard Oil of California (quarterly)
25c Dec. 16 Nov. 15
Standard Oil of Indiana (quarterly)
25c Dec. 16 Nov. 16
Standard Silver Lead Mining
lc Dec. 20 Dec. 1
Sterling Products, Inc
95c Dec. 2 Nov. 15a
Stewart-Warner Corp., common (s.-a.)
25c Dec. 2 Nov. 1
Extra
25c Dec. 2 Nov. 1
Strawbridge & Clothier 6% pref.(guar.)
$1)5 Dec. 2 Nov. 15
Sun Oil Co.,common (guar.)
1125c Dec. 16 Nov. 25
Preferred (guar.)
$1% Dec. 2 Nov. 9
Sunset McKee Salesbook, A (guar.)
37)5c Dec. 14 Dec. 4
Class B (guar.)
Mc Dec. 14 Dec. 4
Susquehanna Utilities Co..6% preferred (guar.) $1 34 Dec. 2 Nov. 20
Swift & Co.(quarterly)
25c Jan. 1 Dec. 2
Sylvanite Gold Mines (guar.)
Sc Dec. 31 Nov 23
Tampa Gas.8% preferred (quarterly)
$2 Dec. 1 Nov. 20
7% preferred (quarterly)
$114 Dec. 1 Nov. 20
Telephone Investment Corp (monthly)
25c Dec. 1 Nov.20
Tennessee Electric Power Co.
5 first preferred quar.i
$1% Jan. 2 Dec. 16
6 first preferred guar.
$1% Jan. 2 Dec. 16
7% first preferred quar.
$1
Jan. 2 Dec. 16
7.27, first preferred (guar.)
81.80 Jan. 2 Doc. 16
6% first preferred (monthly)
50c Dec. 2 Nov. 15
6% first preferred (monthly)
50c Jan. 2 Dec. 16
7.29' first preferred (monthly)
60c Doc, 2 Nov. 15
7.29 first preferred (monthly)
60c Jan. 2 Dec. 16
Terre Haute Water Works, preferred (guar.)._ $134 Dec. 2 Nov. 20
Tex-O-Kan Flour Mills (guar.)
15c Jan. 2 Dec. 14
Quarterly
15c Apr. 2 Mr14 36
7% preferred (quar.)
Dec. 1 Nov. 15
Third Twin Bell Syndicate (hi-monthly)
10c Dec. 31 Dec. 28
Thompson Products preferred (guar.)
$1% Dec. 1 Nov. 25
Tide Water Power Co.. $6 pref. (guar.)
Dec. 1 Nov. 9
$1
Timken Detroit Axle preferred (guar.)
Doc, 2 Nov. 20
$1
Timken Roller Bearing Co
50c Dec. 5 Nov. 20
Extra
$1 Dec. .5 Nov. 20
Toledo Edison Co.7% preferred (monthly)
58 1-3c Dec. 2 Nov. 15
6% preferred (monthly)
50c Dec. 2 Nov. 15
5% preferred (monthly)
41 2-3c Doc. 2 Nov. 15
'Fri-State Tolep. & Teieg. 6% pref. (guar.)
15c Doc, 1 Nov. 15
Twin Bell Oil Syndicate (monthly)
$2 Dec. 5 Nov.30
Underwood Elliott Fisher Co. (guar.)
6234c Doc. 31 Dec. 12a
Preferred (quarterly)
Doc. 31 Dec. 120
$134
Unilever N V., ordinary (interim.)
2%
Union Pacific RR
Jan,
2 Dec. 2
$134
Union Tank Car Co. (quarterly)
30c Dec. 2 Nov. 15
United Biscuit of America (quarterly)
40c Dec. 1 Nov. 4
Preferred (quarterly)
$13' Feb. 1 Jan. 16
United Elastic Corp. (quar.)
10c Dec. 24 Dec. 5
United Gas & Electric Corp., prof. (guar.)
% Jan, 1 Dec. 16
United Gas Improvement (quarterly)
25c Dec. 31 Nov. 30
Preferred (quarterly)
$1% Dec. 31 Nov.30
United Light & Ry. Co. (Del.)
7% preferred (monthly)
58 1-3c Dec. 2 Nov. 15
53c Dec. 2 Nov. 15
6.36% preferred (monthly)
50c Dec. 2 Nov. 15
6% preferred (monthly)
77, preferred (monthly)
58 1-3c Jan. 2 Dec. 16
63c Jan. 2 Dec. 16
6.36% preferred (monthly)
6% preferred (monthly)
50c Jan. 2 Dec. 16
United National Corp.. preferred
15c Doc. 2 Nov. 15
United New Jersey RR & Canal Co.(quar.)..... $2)4 Jan. 10 Dec. 20
United States Freight (guar.)
25c Dec. 1 Nov. 21
Extra
25c Dec. 1 Nov. 21
Volume
3333
Financial Chronicle
141
When Holders
Payable of Record
Per
Share
Name of Company
• United States Gypsum (quer.)
Extra
Preferred (quarterly)
United States Petroleum (5.-a.)
United States Pipe & Fdy Co.. corn. (guar.).—
let preferred (quer.)
United States Playing Card (quarterly)
Extra
United States Steel Corp., preferred
United Wall Paper Factories, 6% pref
Upper Michigan Power & Lt. Co.,6% pf.(qu.)_
Utica Clinton & Binghamton By.—
Debenture stock (s.-a.)
Utica Knitting, 7% preferred
Utility Equities Corp., $5 div. priority stock.
Vanadium-Alloys Steel Co
Van Raalte Co
1st preferred (quarterly)
Vapor Car Heating (extra)
Veeder-Root, Inc. (quer.)
Extra
Vick Chemical Co., Inc. (quarterly)
Extra
Virginia Coal & Iron (quarterly)
Virginia Electric & Power,$6 pref. (quer.)
Vogt Manufacturing (quarterly)
Wagner Electric. Preferred (quarterly)
Waialua Agricultural, Ltd
Walker (H.) Gooderham & Worts. pref. (qu.)
Ward Baking 7% preferred (quer.)
Ware River .RR., guaranteed (semi-ann.)
Washington Railway & Electric Co
5% preferred (quarterly)
5% preferred (8.-a.)
Welch Grape Juice Co.. preferred (quarterly)._
Resumed)
Wellington Fund (Phila.)
Extra
Wesson Oil & Snowdrift Co. Inc., pref.(quar.)Western Auto Supply, A dc B (guar.)
Westinghouse Electric 6r Manufacturing
West Jersey & Seashore RR.(s.-a.)
8% guaranteed (semi-annually)
Westland Oil Royalty Co.. class A (Mo.)
West New York & Pennsylvania RY
5% preferred (semi-ann.)
Westvaco Chlorine Products (quar.)
West Virginia Water Service Co.—
$6 cumulative preferred (quar.)
Weyenberg Shoe Mfg., preferred (quer.)
Wheeling Electric Co.6% preferred (guar.).—
Williams 011-0-Matic Heating
Williamsport Water Co.. $6 preferred (quar.)
Wilson & Co.. Inc.. common
Woolworth (F. W.) Co. (quarterly)
25c Jan. 2 Dec. 6
50c Dec. 24 Dec 6
Jan. 2 Dec 6
10 Dec. 15 Dec 5
12c Jan. 20 Dec. 31
Jan. 20 Dec. 31
25c Jan. 1 Dec. 21
25c Jan. 1 Dec. 21
50c Nov. 29 Nov. 1
h$6 Dec. 2 Nov.20
31X Feb. 10 Jan. 31
$1 X
$2X
$1
50c
15c
10c
$1
75c
50c
$1 X
$13i
10c
$1
$1
1
Dec. 26 Dec. 16
Dec. 2 Nov.30
Dec. 2 Nov. 15
Dec. 2 Nov.22
Dec. 1 Nov. 14
Dec. 1 Nov. 14
Dec. 10 Dec. 1
Nov.30 Nov. 16
Nov.30 Nov. 16
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Dec. 20 Nov.20
Dec. 2 Nov. 15
Jan. 1 Dec. 20
Nov.30 Nov.20
Dec. 16 Nov.22
Dec. 26 Dec. 9
Jan. 2 Dec. 30
Nov.30 Nov.15
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Nov.30 Nov. 15
Dec. 16 Nov.20
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Dec. 2 Nov. 15
Dec. 1 Nov.19
Nov.30 Nov. 12
Jan. 1 Dec. 14
Dec. 2 Nov. 15
Dec. 15 Nov.30
Jan. 2 Dec. 30
Jan. 2 Dec. 30
Dec. 2 Nov. 15
El
$1
$1
50c
$1 X
123'c
60c
Jan. 2 Dec. 16
Dec. 15 Dec. 5
Dec. 2 Nov. 12
Dec. •2 Nov.19
Dec. 1 Nov.20
Dec. 2 Nov. 15
Dec. 2 Nov. 8
32X
h$1
$1 X
50c
25c
$1 X
$2
50c
5t)C
10c
25c
$1 X
25c
$1
n$1
2
50c
$3it
When Holders
Payable of Record
Per
Share
Name of Company
Woolworth (F. W.) & Co., Ltd.—
Am. dep. rec.6% pref. reg. (s.-a.)
Wrigley (Wm.) Jr. 0.o. (monthly)
Monthly
Monthly
• Monthly
Monthly
zw3%
25c
25c
25c
25c
25c
Dec.
Dec.
Jan.
Feb.
Mar
Apr.
9 Nov.15
2 Nov.20
2 Dec. 20
1 Jan. 20
2 Feb 20
1 Mar. 20
a Transfer books not closed for this dividend
b Niagara Share Corp., class B corn., div. of 2c. payable in com,stock of
Schoellkopf, Hutton & Pomeroy, Inc. at the rate of one sh. of corn, stock
for each five shs. of class B com, held.
c The following corrections have been made:
Caterpillar Tractor, extra div. of 50c., previously reported as 25c.
Cincinnati N. 0. & Texas Pacific. payable Dec. 26 to holders of record
Dec. 4; previously reported as Dec. 2-Nov. 15.
d A reg. quer. div. on the cony. pref. stock, opt, series of 1929, of Commercial Investment Trust Corp. has been declared payable in common
stock of the corp. at the rate of 5-208 of 1 share of com, stock per share of
cony. pref. stock, opt, series of 1929, so held, or, at the opt, of the holder.
in cash at the rate of $1.50 for each share of cony. pref. stock, opt, series
of 1929,so held.
e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. Payable in preferred stock.
It Congress Cigar Co. Inc., special div. of $2 per sh. payable in cash or.
at option of stockholders, in 6% bonds of Porto Rican Amer..Tobacco Co.
at 634 plus accrued interest of $25 per $1,000 bond. Option expires
Nov. 25 1935.
1 Oliver United Filters stockholders on Oct. 29 1935 approved plan
whereby accumulated dividends on class A stock amounting to $8 a share,
as of Nov. 1 1935. will be eliminated. One-half share class B stock will
be issued for $5 of accumulated dividend on each share of A stock held
and remaining $3 will be paid in cash.
m Maryland Fund. Inc.. 3% stock distribution.
n Waialua Agricultural, stock div. of 50% Payable Dec. 25.
o du Pont de Nemours special stock div. of 1-55 share of General Motors
common.
p Electric Shareholding Corp. $6 pref. pays 44-1000ths of one share of
common or at the option of the holder, 8134 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 she. 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
•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.
I Payable in special preferred stock.
to Payable in U. S.funds. w Less depositary expenses.
r Liquidating dIv., plus accrued dividends.
x Less tax. y A deduction has been made for expenses.
z Globe Underwriters, stock div. of 54 shs. of Republic Ins. Co. of Texas
for each 100 shares of Globe Underwriters held.
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 Nov. 20 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 SATURDAY, NOV. 16 1935
Clearing House
Members
*Surplus and
Undivided
Profits
• Capital
Bank of N. Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank ____
Chemical Bk.& 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.dzTr.Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. dr Trust Co
Marine Midland Tr, Co_
New York Trust Co _
Comml Nat. Bk. & Tr_
Pub. Nat. Bk.& Tr. Co_
$
6,000,000
20,000,000
127,500,000
20,000.000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10.000,000
5.000,000
12.500.000
7,000.000
8.250.000
Net Demand
Deposits.
Average
$
$
10,747,300
136,473,000
25,431,700
366,593,000
41,881,200 a1,299,959,000
49,711,100
419,762,000
178,613,400 61,316,072,000
385,719,000
10,297,500
61,523,900
703,019,000
16,726,200
210,955.000
459,798,000
91,767,600
58,021,900
499,069,000
3,711,500
43,976,000
69,874,900 c1,746,444.000
45,756.000
3,377,200
63,748,200 d819,349,000
15,393,000
5,314,800
7,825,200
76,538.000
21,651,600
274.487,000
7,745,600
62,441,000
5,433,500
70,719,000
Time
Deposits,
Average
$
5,755,000
32,940,000
150,306,000
19,282,000
37,802,000
83.270,000
17.016,000
20,608,000
4,121,000
922,000
1,265,000
57.693,000
48,324.000
274,000
3,102,000
19,123,000
1,671,000
39,935,000
Totals
614,955,000 731,404,300 8,952.522,000 543,409,000
• As per official reports: National, Nov. 1 1935 state, Sept. 28 1935; trust
Companies, Sept. 28 1935.
Includes deposits in foreign branches as follows: a 5213,500.000: b $82,599,000:
c 166,963,000; d $26,923,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Nov. 15:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, NOV. 15 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Other Cash, Res. Dep., DeP Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Treat Cam.
Manhattan—
$
21,120,800
Grace National
Sterling National__ 16,435,000
Trade Bank of N. Y. 4,442,248
Brooklyn—
People's National._ 4.541,000
$
74,800
612,000
266,202
$
3,439,100
4,800.000
1,220,502
105,000
985.000
Gross
Deposits
$
s
1,894,000 22,977,600
1,614,000 20,571,000
103,367 4,896,942
375.000
5,522,000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kiniza County
Cash
Rat. Dep., Dep. Other
N. Y. and Rants and
Elsewhere Treat Cos.
Gross
Degauss
$
$
$
49,140,100 *13,628,800 8,483,000
7,493,896
148,025
828,695
*885,408
313,114
9,933,782
16,497,600 *3,440,400 1,785,600
28,840,200 *9,112,500 1,453,500
61.518,381 25,723,927 17,981,787
$
8
3,231,400 63,298,300
1,878,257 8,358,117
2,944,000 37,965,000
2.281.848 8.350.934
141,000 112,394,000
79,062,000
29.088.539
8,988,089
2,319,000 19,291,800
37,304,100
76,362,574
33.9no i on
* Includes amount with Federal Reserve as follows Empire, $12,289,700;
Fiduciary, $562,786; Fulton, 53,225,600: Lawyers County, 58,407,700.
Nov. 20 1935 Nov. 13 1935 Nov. 21 1934
Assets—
$
$
$
Gold eertificates on hand and due from
3,003,588,000 2,957,388.000 1.779,486,000
U. 8. Tressurr-s
1364,000
1,476,000
1.576,000
Redemption fund—F. R. notes
55,317,000
53,713,000
51,817.000
Other cash'
3 058,777,000 3,010,781,000 1,835,967.000
Total reserves
1,636,000
Redemption fund—F. R. bank natal
Bills discounted:
B.
Govt.
obligations
U.
Secured by
3,288,000
1,669,000
4,776,000
direct & (or)fully guaranteed
7,227,000
2,454,000
1,994,000
Other bills discounted
"Total bills discounted
3,663,000
7,230,000
10,515,000
Bills bought in open market
Industrial advances
1,797,000
7,672,000
1,800,000
7,614,000
2,060,000
616,000
U. S. Government securities:
Bonds
181,786,000
70,725,000 140,957,000
491,626,000 449,273,000
179,466.000 187,525,000
741,817,000
741,817,000 777,755,000
Total bills and securities
754,949,000
758,481,000
790,946,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
260,000
7,683,090
147,869,000
256,000
6,364,000
171,177,000
290,000
7,914.000
119,278.000
12,131,000
30,938,000
12,077,000
30,419,000
11.569,000
34.606,000
Treasury notes
Certificates and Dins
Total U. S. Government securities_
66,405,000
493,626,000
Other securities
Foreign loans on gold
Total assets
4,012,585,000 3,989.535,000 2,802,206,000
Ltabtittles—
762,900,000 759,447,000 646,857,000
F. R. notes In actual circulation
26,786,000
F.It. bank notes in actual circulation net
Deposits—Member bank reserve aces_ 2,779,871,000 2,724,257,000 1,774,130,000
5,011,000
19,396,000
46,236,000
U S. Treasurer—General account__
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
10,282,000
168,006,000
9,503,000
152,999,000
10,792,000
90,883,000
2,977,555,000 2,932,995,000 1,880,816,000
145,947,000 168,257,000 116,305,000
59,578,000
50,994,000
51,006,000
45,217,000
49,964,000
49,964,000
7,250,000
7,250,000
4,737,000
7,500,000
7,500,000
21,928,000
10,463,000
13,128,000
4,012,585,000 3,989,535,000 2,802,206,000
Total liabilities
Ratio of total reserves to deposit and
72.6%
81.8%
81.5%
F. R. note liabilities combined
Contingent liability on bills purchased
97,000
for foreign correspondents
Commitments to make industrial ad1,3.68,000
011110001
9.941.000
9.505.000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
RederVe bank notes.
y 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 106
cents to 59.08 cents, these certificates being worth less to the extent of the difference; the difference itself having been appropriated as pront by the Treasury
under the MV/E110D1 of the Gold Reserve Act of 1934.
Financial Chronicle
Nov. 23 1935
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Nov.21,
showing the condition of the twelve Reserve banks at the close of business on Wednesday. The first table presents the
results for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The second table shows the resources and liabilities separately for each of the twelve banks. The
Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between
the Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System
upon the returns for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV. 20 1935
Nor. 20 1935 Nov.131935 Nov. 6 1935 Oct. 30 1935 Oct. 23 1935 Oct
16 1935 Oct. 9 1935
Oct. 2 1935 Nov. 21 1934
ASSETS
$
$
$
$
3
3
$
$
$
Gold infs. on hand dt due from 5J.8.Treas.: 7,161,648,000 7,124,156,000 7.063.156.000 7.026,623,000 6.979,122,000 6,893,648,000 6,725,656,000 6,634,653.000 5,055,529,000
Redemption fund (F. R. notes)
18,598,000
19,370,000
19,727,000
18.595.000
19,250.000
18,470,000
18,687,000
19.680.000
19,837,000
Other cash •
242,110,000 234,585,000 223,634,000 238,953,000 232,392,000 218,896.000 207.251,000 206,946,000 240,299,000
Total reserves
7 422,356,000 7,377,336,000 7,306,160,000 7,285,303,000 7.230,201.000 7,136,014,000 6,952,157.000 6.861.259,000 5,315,665,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. 8. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
1,886,000
5,569,000
3,497,000
3,773,000
3,028,000
5,422,000
9,066,000
4,674,000
32,562,000
4,677,000
32,689,000
2,500,000
2,922,000
2,999,000
3,129.000
3,407,000
3.335,000
4,779.000
4,646,000
6.801,000
6,128,000
6.742,000
4,676,000
32.677.000
4,676,000
32,719,000
4,676,000
32,640,000
4.150,000
5,437,000
5,311,000
5,178,000
6,044,000
15,018,000
9,425,000
9,587,000
10.489.000
21,062,000
4.679.000
32.477,000
4,686,000
32,721,000
4,689,000
30,070,000
5,685,000
8,673,000
225,753,000 230,001,000 235,447,000 238,923.000 238,970,000 238,939,000 238,954,000 233,962,000 395,550,000
1,646,009,000 1,644.009,000 1.638,588,000 1,635,087,000 1,630,682,000 1,632,121,000 1,636,574,000 1,679,569,000 1,410,229,000
558,482,000 556,162.000 556,162,000 556,i62,000 560,567,000 559,128.000 554,681,000 511,681.000 624,368,000
2,430,244,000 2,430,172,000 2.430.197.000 2,430.172,000 2.430,219,000 2.430,186.000 2,430,209,000 2,430.212,000 2,430,147,000
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
Other securities
Foreign loans on gold
181,000
181,000
181,000
181.000
181,000
181,000
181,000
2,473,083,00 2,476.785,000 2.474.532,000 2,473,876.000 2,474,458,000 2.476.950.000 2,477,384,000 2.475,460,000 2,465,567,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks....
Uncollected items
Bank premises
All other meat
645,000
23,945,000
599,052,000
50,274,000
42,518,000
641,000
22,139,000
696,940.000
50.220,000
42,057.000
641,000
21,829.000
477,338,000
50,169,000
41,137,000
641,000
21,447,000
507,936,000
50,169,000
41.932,000
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
642.725,000
50.074,000
42,492,000
800,000
25,055,000
486,032,000
53,162,000
49,760,000
10,611.903,000 10.666.118,000 10.371,806,000 0,381,304,000 10362.622,000 10.495,514,000 10022,009,0509,995,212.000 8,397,927,000
Total assets
L1ABIGITIES
F. R. notes In actual circulation
F,10. bank notes In actual circulation_
3,570,416,000 3,562,087,000 3,563,254,000 3,511,319,000 3,504.866,000 3.504.558,000 3,498,789,000 3,481.907,000 3,157,686,000
27,769,000
Deposits-Member banks' reserve account 5,781,642,000 5,745,948,000 5.671.235,000 5,652,989,000 5,675,016,000 5,534.326,000 5,329,807,000 ,223,616,000 4,195.892,000
59,719,000
U. S. Treasurer-General account-77,772,000
53,994.000
98,919,000
32,699,000
60,279,000
90.841,000
50,458.000
60,327,000
22,501.000
26,131,000
Foreign bank i
29,396,000
16,554,000
25,402,000
22,919.000
21,848,000
14.687,000
14,826,000
Other deposits
232,142,000 222,758,000 213,724,000 270,744,000 269,918,000 284,414,000 298.059,000 291,675,000 142,555,000
6,093,638.000 6,072.609.000 5.967.179,000 6.009.414,000 5.905,701.000 5,895,653,000 5,703,019,000 5,620.819,000 4,387,700,000
Total depot:its
Deferred availability items
Capital paid In
Surplus (Sectloc: 7)
Surplus (Section 13-11)
Reserve for contingencies
All other liabilities
601,723,000
130,306.000
144,893,000
23,457,000
30,700,000
10,770,000
Total liabilities
Commitments to make Industrial advances
-Maturity Distributicn of Bills and
Sbort-terns Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 daysbills bought in open market
16-30 days bids bought In open market
31-60 days bills bought In open ma00et...
61-90 days bills bought in open market
Over 90 days bills bought In open market
Total billet,bought in open market
Total Industrial advances
490,231,000
130,364,000
144.893,000
23.457.000
30,699,000
21.729,000
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
751,389,000
130,355,000
144.893,000
23,457,000
30,697,000
14,512,000
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
482,899,000
147,023,000
138,383,000
2,247,000
22,291,000
31,929,000
10,611,903.000 10,666,118,000 10.371.806.000 10,381,304,000 10362,622,000 10,495,514.000 10022.009,000 9,995,212,000 8,397,927,000
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
682,195,000
130,363,000
144,893,000
23,457,000
930,698,000
919,815.000
76.8%
76.6%
76.7%
76.5%
76.3%
75.9%
75.6%
75.4%
70.4,
,
295,000
27,046,000
27,373,000
27,336,000
927,047,000
26.914,000
26,791,000
26.859,000
26.748,000
5,063,000
$
3,566,000
712,000
162,000
275,000
707,000
$
7,116,000
41,000
847,000
307,000
755,000
5
4,374,000
553,000
853,000
194,000
827.000
$
3,749,000
597,000
876,000
247,000
659.000
5
4,369,000
85,000
1,329,000
308,000
651,000
$
7,224,000
273,000
670,000
870,000
388,000
$
7,617,000
210,000
748.000
849,000
163,000
$
8,416,000
380,000
761.000
845.000
87,000
$
8,992,000
1,034,000
296,000
310,000
91,000
5.422,000
0,066,000
6,801,000
6,128,000
6,742,0009.425,000
9,587,000
10,489,000
10,723,000
1,524,000
644,000
2,350,000
156.000
761,000
532,000
403,000
2,081,000
156.000
722,000
407.000
3,391,000
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
438,000
444,000
1,435,000
653,000
2,157,000
3,015,000
224,000
1,782,000
664,000
4,674,000
4,677,000
4,676,000
4.670,000
4.676,000
4,679,000
4.686,000
4.689,000
5,685,000
1,665,000
295,000
812,000
773,000
29,017.000
1,512,000
363,000
749,000
845,000
29,220,000
1,566,000
370,000
690,000
937,000
29.114.000
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
1.794,000
320,000
531,000
688,000
29,388,000
2,697,000
632,000
402,000
645,000
25,964,000
34,000
73,000
191,000
232,000
8.143.000
32,562,000
32,689,000
32.677,000
32,719,000
32,640,000
32,477,000
32,721.000
30,070,000
8.673,000
22,760,000
1-15 days U. S. Government Securities23,360,000
28.925,000
27,500,000
32.550.000
35,560,000
34,445.000
31,537,000
16-30 days u. S. Government sec uritle.s _. 111.110,000
33,830,000
32,550.000
23.360,000
22.760,000
27,500,000
28,925,000
35,560,000
31-60 days U. S. Government securities__
59,320,000 139,300,000 145,360,000 145,880,000 143.660,000 132,223,000
55,310.000
50.860,000
50,495,000
61-90 days U. S. Government securities76,993,000
56,925,000
59,320,000
62.743,000
64,267,000 146,360,000 163,310,000
Over 90 days U.S. Government securities_ 2,164,521.000 2,156,609.000 2,179,032.000 2,176,507,000 2.175,554,000 2,170,638,000 2,165,169,000 2,148,945,000
17.0,825,000
73,349,500
75,317,000
301,877,000
2,430,244,000 2,430,172,000 2,430,197,000 2,430,172,000 2.430.219,000 2,430,188,000 2,430,209,000 2,430,212,000
624,368,000
Total U. S. Government securities
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
Over 90 days other securities
Total other securities
181,000
181,000
181.000
181,000
181,000
181,000
181,000
181.000
161,000
181,000
181,000
181,000
181,000
181,000 '
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent-- 3,874,197,000 3.863,624,000 3,846,465,000 3,812,938,000 3,813,252,000 3,799,535,000 3,792,283.000 3,758,512,000 3,457,582,000
303.781,000 301,537,000 283,211.000 301,619,000 308,386,000 294,977,000 293,494,000 276.605,000 299,896,000
Held by Eederal Reserve Bank
In actual circulation
3,570,416,000 3,502,087,000 3,563,254,000 3,511,319,000 3.504,866,000 3,504,558,000 3,498,789,000 3,481.907.000 3,157,686,000
Collate at Held by Agent as Security for
Notes Issued to Bank-Gold Mts. on hand & due from U.S. Treas. 3,779,343.000 3,773,843,000 3.747,518,000 3,712,018.000 3,698.018,000 3,691,013,000 3,658,016.000 3,620,588,000 3,250,916.000
7.511,000
5,244.000
8,854,000
By eligible paper
3,882,000
9.026.000
4,668,000
8,131,000
5.240,000
7,970.000
U. S. Clovernment securities
125,900,000 124,500,000 129,500,000 138,000,000 147,000,000 139.000,000 160,900,000 173,900,000 254,700,000
Total collateral
3,909,125,000 3,905,854,000 3,882,262,0001 3.854,686,000 3,850,258.000 3.837.988.000 3,827.049,000 3,803,514,000 3,514,470,000
•-Other cash" does not Include Federal Reserve notes. t Revised figure.
a These are certificates given by the U S. Treasury for the cold taken over from the Reserve banks wnen the dollar was devalued from 100 cents to 59.06 Cents
on Jan. 31 1934. these certificates being worth less to Inc extent of the difference, the difference Itself saving been appropriated as profit or Inc Treasury under Ins
provisions 01 the Gold Reserve 401 of 1934.
3335
Financial Chronicle
Volume 141
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STA1 EmEN r OF RESOURCES AND LIABILITIES OF E ACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 20 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Boston
Total
New York
Atlanta
Clevesand Richmond
Phila.
St. Lou., Ifinneap Kos. City Dallas San Pram,
-----$
$
Chicago
RESOURCES
$
Gold certificates on hand and due
from U. B. Treasury
7,161,648.0 458,926,0 3,003,588,0 362,041,0 495,446,0 233,076,0 166,527,0 1,366,633,0 219,420,0 142,430,0 192,285,0 117,006,0 404,270,0
721,0 3,260,0
909,0
860,0
1,383,0 3,031,0
276,0
776,0
1,275,0
1,416,0
18,598,0 3,215,0
1,476,0
Bedemption fund-F. R. notes_ _
29,621,0 12,959,0 8,902,0 14,575,0 6,589,0 14,648,0
Omer cash_•
242,110,0 33,875,0
53,713,0 30,844,0 14,864,0 11,416,0 10,104,0
Total reserves
7,422,356,0 496,016,0 3,058,777,0 394,301,0 511,585,0 245,875,0 179,662,0 1.397,030,0 233,239,0 151,608,0 207,769,0 124,316,0 422,178,0
Bills discounted.
Sec. by U. S. Govt. obligations
55,0
39,0
5,0
50,0
72,0
30,0
18,0
direct A (or) fully guaranteed
239,0
323,0
2,500,0
1,669,0
16,0
697,0
30,0
65,0
12,0
27,0
3,0
Other bills discounted
4,0
28,0
2,922,0
16,0
30,0
1,994,0
Total bills discounted
Bills bought In open market_
Industrial advances
U. S. Government securities.
Bonds
Treasury notes
Certificates and bills
5,422,0
255,0
3,663,0
353,0
28,0
76,0
77,0
42,0
21,0
70,0
736,0
30,0
71,0
4,674,0
32,562,0
345,0
2,990,0
1,797,0
7,672,0
474,0
6,917,0
444,0
1.686,0
173,0
4,410,0
168,0
996,0
555,0
1,853,0
79,0
403,0
64,0
1,738,0
126,0
1,132,0
122,0
1,802,0
327,0
863,0
225,753,0 14,420,0
1,646,009.0 108,478,0
558,482,0 34,773.0
66,406,0 16.348,0 19.069,0 10,209.0 8,240,0
493,625,0 122,288,0 150,660,0 80,653,0 65,101,0
181,786,0 38,484,0 48,295,0 25,854,0 20,868,0
25,623,0 9,420,0 13,036,0 9,514,0 16,033,0 17,435,0
243,634,0 74,923,0 47,538,0 73,703,0 47,664,0 137,742,0
86,432,0 23,857,0 15,074,0 23,627,0 15,278,0 44,154,0
Total 0. S. Govt. securities_ 2,430,244,0 157,671,0
Other securities
181,0
741,817,0 177,120.0 218,024,0 116,716,0 94,209,0
355,689,0 108,200,0 75,648,0 106,844,0 78,975,0 199,331,0
181,0
2,473,083,0 161,261,0
754,949,0 184,864,0 220,282,0 121,375,0 95,450,0
358,139,0 108,703,0 77,520,0 109.019,0 80,929,0 200,592,0
48,0
645,0
23,945,0
406,0
599,082,0 61,297,0
50,274,0 3,168,0
42,518,0
531,0
23,0
24.0
260,0
61,0
66,0
1,010,0 1,540,0 3,744,0 1,318,0
7,663,0
147,869,0 46,788,0 62,829,0 52,570,0 20,168,0
12,131,0 4,805,0 6,632,0 3,028,0 2,331,0
30,936,0 3.951,0 1,517,0 1,077,0 1,532,0
45,0
16,0
17,0
4,0
78,0
3,0
342,0 1.806,0
2,135,0
901,0 1,707,0
1,373,0
76,252,0 25,263,0 18,369,0 35,218,0 21,997.0 30,462,0
4,967,0 2,628,0 1,580,0 3,449,0 1.686,0 3,869,0
397.0
929,0
629,0
291,0
271,0
457,0
Total bills and aeouritles
Due from foreign banks_ __
Fed. Res. notes of other banks
ncollerted items
Bank premises
Ali other resources_
Total resources
10611903,0 722,727,0 4,012.585,0 635,785,0 804,446,0 427,693.0 300,484,0 1,839,230,0 371,481,0 250,438,0 357,470,0 230,215,0 659,349,0
LIABILITIES
F. R. notes In actual circulation. 3,750,416,0 306,729,0
762,900,0 262,750,0 336,884,0 184,731,0 151,216,0
822,629,0 153.849,0 107,813,0 137,280,0 70,811,0 272,824,0
Deposits:
Member bank reserve account_ 5,781,642,0 323,053,0 2,779,871,0 273,113,0 362,158,0 169,454,0 111,804,0
U. 8. Treasurer-Gen. acot__
19,396,0 3,110,0 6,085,0 4,092,0 1,076,0
50,458,0 2,354,0
Foreign bank
10,282,0 2,994,0 2,873,0 1,119,0 1,089,0
29,396,0 2,178,0
Other deposits
232,142,0 2,770,0 168,006,0 18,062,0 2,441,0 2,438.0 2,796,0
881,467,0 171,168,0 106,982,0 171,638,0 117,674,0 313,260,0
1,699,0
5,278,0 1,241,0 2,254,0 2,133,0 1,740,0
786,0 2.117,0
817,0
3,508,0
726,0
907,0
3,167,0 7,847,0 5,568,0 1,307,0 3,107,0 14,633,0
Total deposits
Deferred availability Item
Capital paid in
Surplus (Section 7)Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
Total liabilities
6,093,638,0 330,355,0 2,977,555,0 297,279,0 373,557,0 177.103,0 116,765,0
893,420,0 181,163,0 115,530,0 175,895,0 123,307,0 331,709,0
145,947,0 44,503,0 62,715,0 51,017,0 19,223,0
51,006,0 12,228,0 12,297,0 4,591,0 4,172,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
7,250,0 2,098,0
754,0
1,007,0 3,335,0
7,500,0 2,995,0 3,000,0 1,411,0 2,516,0
10,463,0
298,0
319.0
462,0
615,0
80,492,0 26,240,0 18,267,0 34,564,0 25,614,0 31,679,0
11,992,0 3,732,0 3,001,0 3,873,0 3,787,0 10,190,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
804,0
1,391,0
547,0 1,003,0 1.142,0 1,252,0
5,325,0
836,0 1,363,0 2,046,0
891,0 1,169,0
452,0
2,631,0
304,0
267,0
404,0
235,0
601,723,0 61,462,0
130,306,0 9,437,0
144,893,0 9,902.0
23,457,0 2,874,0
30,700,0 1,648,0
320,0
16,770,0
10611903,0 722,727,0 4.012,585,0 635,785,0 804,446,0 427,693,0 300,484,0 1,839,230,0 371.481,0 250,438,0 357,470,0 230,215,0 659,349.0
Ratio of total res. to dep. dr. F. It.
note liabilities combined
Geminiittneuts to make industrial
advances
76.8
77.9
81.8
70.4
72.0
68.0
67.0
81.4
69.6
67.9
66.3
64.0
69.8
27,046,0
3,224,0
9,491,0
874,0
1,821,0
2,052,0
48,0
524,0
2,320,0
140,0
1,303,0
596,0
4,653,0
• -Littler Clan' au,. u.i ,aciude Federal Reserve notes
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federat Reserve Agent asBottom
New York
Total
Phila, Clevetand Richmond Atlanta
Federal Reserve notes:
$
$
$
$
$
$
$
Issued to F.R.lik.ty F.R.Agt. 3,874,197,0 339,070,0 875,820,0 275,268,0 354,577,0 195,109,0 170,390,0
Held by Fed'i Reserve Bank.._ 303,781.0 32,341,0 112,920,0 12,518,0 17,693,0 10,378,0 19,174,0
In actual clreulation
3,570,416,0 306,729,0
Collateral held by Agent as security for notes Issued to Lss:
Gold certificates on hand and
due from U. S. Treasury_ .__ 3,779,343,0 341,617.0
Eligible paper_
248,0
3,882,0
O. S. Government securities_. 125,900,0
TotAlenUAtnrAl
1 Ann lqkn ./.11 51A4 it
Chicago
San Fran
St Louis Minneap, Kan, CU) Dallas
3
$
$
3
3
$
856,899,0 161,821,0 111,322,0 146,200,0 79,961,0 310,760,0
34,270,0 7,972,0 3,509,0 8,920,0 6,150,0 37,936,0
762,900,0 262,750,0 336,884,0 184,731,0 151,216,0
822,629,0 153,849,0 107,813,0 137.280,0 70,811,0 272,824,0
883,706,0 277.000,0 356,440,0 176,000,0 125,685.0
344,0
2,190,0
73,0
72,0
18,0
20,000,0 47,000,0
861,000,0 156,632,0 108,000,0 133,000,0 74,000,0 286,263,0
65,0
27,0
731,0
18,0
66,0
30.0
6.000,0 4.400,0 15,000,0 3,500,0 30,000,0
ARA AAR it 277 544 nice 45R it inn 0720 172 758.0
861.030.0 162.650.0 112.466.0 148.731.0 77.527.0 316,328,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves. The comment of the Board of Governors of
the Federal Reserve 'System upon the figures for the latest week appears in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6 1935 covers reporting banks In 101 leading cities, as It did prior to the banking holiday in 1933, instead of 91 cities, and has
also been revised further so as to show additional items. The amount of "Loans to banks" was Included heretofore partly in "Loans on securities-to others" and partly
In "Other loans." The item "Demand deposits-adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations.
associations, States, counties, municipalities, dm, minus the amount of cash items reported as on hand or in process of collection. The method of computing the item
Net demand deposits," furthermore, has been changed in two respects in accordance with provisions of the Banking Act of 1935: First, it includes United States Government deposits, against which reserves must now be carried. while previously these deposits required no reserves, and, second, amounts due from banks are now deducted
from gross demand deposits, rather than solely from amounts due to banks, as was required under the old law. These changes make the figures of "Net demand deposits"
not comparable with those shown prior to Aug. 23 1935. The Item "Time deposits" differs in that it formerly Included a relatively small amount of time deposits of other
banks, which are now included in "Inter bank deposits." The item "Due to banks" shown heretofore included only demand balances of domestic banks. The Item
"Borrowings represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other'sources. Figures are shown also for "Capital
account," "other assets-net," and "Other liabilities."
By "Other assets-net" is meant the aggregate of all assets not otherwise specified, less cash items reported anon
hand or in process of collection.which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF EEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS,ON NOV.13 ISIS (In Millions of Dollars
Total
Boston
20,490
1,142
I
A 'SETS
Loans and investments-total
Loans to brokers and dealers:
In New York City
Outside New York CRY
Loans on securities to others (except
banks)
Acceptances and com'i paper bought_
Loans on real estate
Loans to banks
Other loans
U.S. Govt. direct obligations
Obligations fully guar. by U. S. Govt.
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Due from domestic banks
Other assets-not
LIABILITIES
Demand depoalts-adjusted
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
,
r .onsisssflosr
815
159
2,078
333
1,140
84
3,388
8,295
1,141
3,057
4,708
363
2,368
1,375
13,720
4,892
526
5,474
367
2
808
2515
1-. W.
.. .
..
WW
.
.
WrI.00
.
..0. WWCA. 0......W
W.
.
0.-. M. .-..-,,-. .-..-,A.W 00A.WWW.. CO
Federal Reserve District-
New York
Phila.
Cleveland Richmond Atlanta
8,679
1,098
801
62
Chicago
St. Louis Minutesp. Kan. City
San Fran.
Dallas
1,697
579
508
2,673
588
379
632
445
2,070
13
9
2
4
1
27
5
1
2
3
1
1
7
884
153
241
46
1,325
3,544
410
1,213
148
22
68
3
170
288
94
286
226
4
189
4
178
773
74
240
65
6
20
218
32
65
11
334
1.467
162
356
58
10
39
8
112
212
50
94
3)
106
262
42
76
48
5
21
1
145
171
39
74
129
142
18
44
43
25
14
6
125
244
52
118
40
1
21
1
128
158
51
44
167
25
370
1
353
660
130
356
2,488
73
168
546
185
16
157
95
274
33
228
111
113
17
173
35
67
10
156
46
758
61
431
118
128
12
138
27
66
5
111
20
114
13
275
37
70
10
173
29
202
10
227
230
6,187
992
210
721
263
25
957
676
43
362
191
18
296
172
22
2,082
751
84
373
173
10
272
120
8
462
146
9
326
121
18
791
980
6)
2,283
337
2
345
1 508
295
3
322
1
228
201
2
740
5
245
118
1
363
260
181
1I
20
224
15
329
32
86
11
83
37
342
10
82
s
3
RR
8
s
6
57
5
75
30.
321
3336
Financial Chronicle
uffe
Grannittrrigl
ob Jilt UI
(Elm/nide
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Nov. 22
Figures after decimal point represent one or more 32ds of
a point.
PUBLISHED WEEKLY
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32ds
of a point.
maturieg
in:.
Rate
Bid
Asked
Maturity
int.
Rate
Bid
Asked
June 15 1936-Dec. 15 1939Mar. 151939...
June 15 1940-Sept. 15 1938Mar. 15 1940-June 15 1939_
Sept. 151938...
Dec. 15 1935--
131%
131%
136%
134%
134%
134%
234%
234%
214%
100.22
100.16
101
100.22
101.7
101.2
102.31
104.16
100.15
100.24
100.18
101.2
10024
101.9
101.4
103.1
104.18
100.20
Feb. 1 1938_
Dec. 15 1936Apr. 15 1938June 151938...
Feb. 15 1937-Apr. 151937...
Mar. 15 1938Aug. 1 1938Sent. 15 1937_ __
234%
231%
231%
233%
3%
3%
3%
331%
31f %..,
104.20
102.29
101,10
105.11
103.18
103.31
105.13
102.9
105.11
104.22
102.31
101.12
105.13
103.20
104.1
105.15
102.11
105.13
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY
Daily Record of U. S. Bond Prices Nov. 16 Nov. 18 Nov. 19 Nov. 20 Nov. 21 Nov. 22
Treasury
434s 1947-52..
High 115.7
Low_ 115.7
Close 115.7
Total sales in $1,000 anti,....
s
Hitli 110.23
4e; 1944-54
Low_ 110.22
Close 110.23
Total sales in $1,000 omits28
{High 105.8
414s4Ms. 194345
Low_ 105.6
Close 105.8
Total sales is $1.000 unit,...
8
rLoll
-_
Me.1946-56
w_
___Close
---Total ales ta $1.000
_
watts_---(High 108.8
Me,1943-47
Low_ 106.8
Close 106.8
Total sales Cu $1,000 units__
2
(High 102.19
IC 195145
Low_ 102.17
Close 102.17
Total sales Cu $1.000 antis_ _
14
{High 102.19
es; 1946-48
Low_ 102.18
Close 102.19
Total sales in $1.000 antis__
2
(High
-141e. 194043
Low_
------Close
Taal sales Is $1.000 units__
---(High 107.9
$440, 1941-48
Low_ 107.6
Close 107.9
Total sales in $1.000 waits_
136
(High 103.20
Inc 1948-49
Low_ 103.20
•
Close 103.20
Total sales Cu $1.000 tints......
6
High 103.15
531e, 1949-52
Low_ 103.14
Close 103.15
Total sale, in $1,000 units___
155
Hih 107.19
MC 1941Low_ 107.19
Close 107.19
Total sales Is $1.000 units__
5
(High 104.29
Ms. 194448
Low_ 104.29
Close 104.29
Total sales Ca $1.000 units__
18
(High 100
214s. 1955410
Low_
99.31
Claw 99.31
Total sales in $1.000 unit... _ _
59
.
{High 100.28
Me,1945-1947
Low_ 100.27
Close 100.27
Tote deals: in $1,000 units_ ..
3
Federal Farm Mortgage
High
---5315, 1944-64
Low----Close
Total sales in $1,000 units__
---Federal Farm Mortgage {High 100.30
SC 1944-49
Low_ 100.24
Close 100.30
Total sales in $1,000 units__
8
rodent] Farm Mortgage
High 101.9
Ii. 1942-47
Low_ 101.9
Close 101.9
Total sales in 31,000 antis_1
Wend Farm Mortgage (High 100.5
Ms. 1942-47
Low_ 100.3
Close 100.5
Total salesin $1,000 units.__
5
fome Owners' Loan
{High 100.24
&I. series A. 1944-52
Low_ 100.21
Close 100.24
Total sates ot $1,000 anti,....
65
lame COnners' Loan
High 99.20
1134s. series B. 1939-49._ Low_
99.17
Close 99.18
Total sales is $1.000 snits__
20
115.7 115.6 115.7 115.7 115.5
115.4 115.4 115.5 115.7 115.4
115.4 115.5 115.5 115.7 115.4
7
27
3
13
9
110.23 110.24 110.25 110.24 110.21
110.20 110.21 110.22 110.22 110.19
110.20 110.21 110.25 110.22 110.19
3
55
30
8
12
105.10 1) 5.10 105.10 105.10 105.8
105.8 105.8 105.10 105.10 105.8
105.6 105.10 105.10 105.10 105.6
43
1
44
18
35
109.6 109.4 109.3 109.2 109.7
109.4 109.4 109.3 109.2 109.4
109.8 109.4 109.3 109.2 109.4
2
4
15
3
2
106.8 106.6 106.8
---- 106.8
108.6 106.8 108.8
---- 106.4
108.8 106.8 106.6
---- 106.4
10
51
4
41
__-102.20 102.22 102.24 102.19 102.20
102.16 102.17 102.18 102.17 102.17
102.17 102.22 102.18 102.18 102.18
59
52
27
5
22
102.20 102.21 102.22 102.20 102.20
102.18 102.19 102.20 102.18 102.18
102.19 102.21 102.20 102.18 102.18
41
91
240
262
123
107.8 107.6 107.8 107.7 107.6
107.8 107.6 107.6 107.8 107.4
107.8 107.6 107.8 107.6 107.4
2
15
13
4
. 1
-- 107.8
107.7 107.8 107.9
107.7 107.8 107.8
---- 107.6
---- 107.7
107.7 107.8 107.8
19
15
28
-23
103.20 103.20 103.22 103.20 103.19
103.18 103.19 103.19 103.19 103.15
103.19 103.19 103.20 103.19 103.15
7
129
12
8
11
103.16 103.18 103.19 103.15 103.14
103.15 103.17 103.18 103.15 103.12
103.15 103.17 103.16 103.15 103.12
10
30
29
141
151
107.19 107.20 107.22
---- 107.21
107.17 107.20 107.20
---- 107.19
---- 107.19
107.19 107.20 107.20
35
3
24
---62
104.31 105
104.28 104.31 105
104.28 104.28 104.30 104.29 104.26
104.28 104.31 104.30 104.29 104.27
6
17
116
3
7
100.1
100.2 100.1 100.2 100
99.31 99.29
99.30 99.31 100
99.29
100
100
100
100
411
130
54
165
197
100.28 100.29 101
100.30 100.29
100.26 100.28 100.28 100.30 100.27
100.28 100.28 100.28 100.30 100.27
70
5
5
7
16
102.18
____ 102.20
---- 102.19
-- 102.19
102.18
____ 102.18
-_-- 102.19
102.18
____ 102.18
18__..
10
3
____
100.31 100.31 101
101
100.29
100.27 100.29 100.29 100.29 100.28
100.28
100.30 100.29 100.29 101
2
21
35
1
61
...._ 101.12 104.13 101.11 101.13
___ 101.12 101.13 101.11 101.13
--- 101.12 101.13 101.11 101.13
50
____
1
25
14
--- 100.4
100.4
--__ 100.2
100.4
____ 100.2
---- 100.4
100.4
____ 100.2
---- 100.4
10
___
194
---5
100.25 100.28 100.27 100.25 100.23
100.22 100.21 100.24 100.23 100.21
100.24 100.24 100.24 100.23 100.21
44
46
166
14
37
99.19 99.21 99.21 99.19 99.19
99.17 99.18 99.18 99.17 99.16
99.18 99.19 99.18 99.18 99.16
54
113
95
167
138
Nov. 23 1935
Week Ended
Nov. 22 1935
Saturday
Monday
Tuesday
Wednesday.. _
Thursday
Friday
Total
Stocks,
Railroad
State,
Number of and &Buell. Municipal &
Shares
Bonds
For'n Bonds
1,839,480
3,198,320
2,883,140
3,814,777
•3,279,560
3.918,510
15 702 757
Sales al
New York Stock
Exchange
$7,316,000
13,097,000
12,989,000
14,228,000
14,647,000
16,954,000
$658,000
1.815,000
1.523,000
1.539,000
1,404,000
1,730,000
$513,000
1,068,000
927.000
989.000
849,000
1,025,000
nnn
25450000
RA 1110 MO
170921
Week Ended Nov. 22
1934
1935
Stocks-No. of shares_
Bonds
Government
State and foreign
Railroad & industrial
Total
Bond
Sales
United
States
Bonds
88,487.000
15,778,000
15,439,000
18.756,000
16,700.000
19,709,000
502 RAQ
nun
Jan. 1 to Nov. 22
1935
1934
5,011,881
323,822,860
295,187.152
$5,169,000 $14,259,000
9,603,000
8,489,000
79,231,000 40,892,000
$850.707,000
338,095.000
1,958.439,000
$825,999,700
549,828,000
2,023,963.000
18,733.787
Total
392,869.000 $64,754,000 12,947,241,000 23,309,588,700
x Highest volume of trading in year 1935.
CURRENT
NOTICES
-An extension of present business gains during the next month or two Is
to be expected, according to a survey of business conditions contained In
the current issue of "Perspective," published by the Investment Management Department of Calvin Bullock. Particularly favorable prospects
are to be noted in the automobile, steel and building industries during the
immediate future, states this survey, and these prospects, coupled with the
Government's present policy of continued heavy relief expenditures, would
seem to indicate a continuation of the progress of recovery already made.
The study continues, "Moreover, both wholesale and retail prices have
been declining somewhat during the past two months, thus reducing the
cost of living and adding to the general effective purchasing power. At the
same time exceptionally heavy gold imports and rising governmental expenditures on borrowed money are reflected in the continuance of extraordinary easy money conditions and buoyant security markets."
-Calvin Bullock, President of Canadian Investment Fund, Ltd.
announces the resignation of the Honorable Charles A. Dunning from the
company's board of directors. Mr. Dunning's resignation is occasioned by
his appointment as Minister of Finance for Canada in the Liberal Government
led
on Oct. 14 1935. The vacancy thus created has not yet been
-Robinson & Co., Inc., 120 South La Salle St., announce that Robert F.
Camden is associated with them in charge of their municipal bond department. Mr. Camden was formerly associated with Morris Mather & Co.
and for several years was a member of the firm of Camden. Pike & Co.,
having offices in Chicago and Kansas City. J. E. Butchart and George L.
Lyons have also become associated with this firm.
-Colyer, Robinson & Co., Inc., 1180 Raymond Blvd., Newark, N. J
has prepared for distribution a chart showing graphically the action of
Newark bonds over a two-year period with referepce to the issuance of
bonds under Chapter 60 of the New Jersey Pamphlet Laws of 1934.
-Estabrook & Co., 40 Wall St., this city, have prepared a statistical
record of the population, assessed valuation, debt and tax collections of
61 of the largest cities and towns in New England, which is presented
In the current issue of their "Review."
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deferred delivery.
n New stock.
r Cash sale.
x
Note-The above table includes only sales of coupon
is Ex-rights
bonds. Transactions in registered bonds were:
22 Adjusted for 25% stock dividend paid Oct. 1 1934,
Listed July 12 1934; par value 101. replaced .fl par, share for share.
1 Treas. Ms,1945-47
100.27 to 100.27
"
Par value 550 lire listed June 27 1934: replaced 500 lire par value.
34 Listed Aug. 24 1933; replaced no par stock share
for share.
"Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
United States Treasury Bills-Friday, Nov. 22
37 Adjusted for 66 2-3% stock dividend payable
Nov. 30.
'
4 Adjusted for 100% stock dividend paid April 30 1 934,
Rates quoted are for discount at purchase.
33 Adjusted for 100% stock dividend paid Dec. 311934.
40 Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stock share for
Bid
Ailed
Bid
Asked
share.
42 Adjusted for 25% StOrg dividend paid June 11934.
43Listed under this name Aug. 9 1934 replacing no par stock. Former name,
Nov.27 1935
0.10%
Apr. 8 1938
0.20%
American Beet Sugar Co.
Dec. 4 1935
0.10%
Apr. 151936
0.20%
44 From low through first classification, loan
Dec. 11 1935
0.10%
75% of current.
Apr. 22 1938
0.20%
"From last classification and above, loan of 55% of current.
Dec. 181935
0.10%
Apr, 29 1938
0.20%
44 Listed April 4 1934; replaced no Dar stock share for share.
Dee. 24 1935
0.10%
May 8 1938
0.20%
o Listed Sept. 13 1934; replaced no par stock share for share.
Dec. 31 1935
0.10%
0.20%
May 13 1938
"Listed June 1 1934; replaced Socony-Vacuum Corp. $25 stock share for share.
Jan. 8 1938
0.15%
0.20%
May 201936
0.15%
Ian, 15 1936
0.20%
May 27 1938
The National Securities Exchanges on which low prices since July 1 1938 were
0.15%
Jan. 22 1936
June 3 1938
0.20%
made (designated by superior figures in table') are as follows
0.15%
Jan. 29 1938
0.20%
June 10 1938
I2 Cincinnati Stock
1 New York Stock
22 Pittsburgh Stock
0.15%
Feb. 5 1936
0.20%
June 17 1938
2 New York Curb
"Richmond Stock
11 Cleveland Stock
0.15%
Feb. 111936
June 24 1938
0.20%
New York Produce
14 Colorado Springs Stock 3'St Louis Stock
0.15%
Feb. 19 1936
July 1 1938
0.20%
4 New York Real Estate
25 Salt Lake City Stock
12 Denver Stock
0.15%
Feb. 261938
July 8 1936
0.20%
56 Detroit Stock
26 San Francisco Stock
'
Baltimore Stock
0.159'
Mar. 4 1936
July 15 1938
020%
• Boston Stock
27 San Francisco Curb
"Los
Angeles
Stock
0.15%
July 22 1936
Afar. 11 1938
0.20%
7 Buffalo Stock
25 San Francisco Mining
ia Los Angeles Curb
0 201
0.15%
July 29 1938
Afar. 18 1938
▪ California Stock
**Seattle Stock
"Minneapolis-St. Paul
Aug 61936
0.15%
020%
Afar. 251936
•Chicago Stock
,
I Spokane Stock
23 New Orleans Stock
Aug. 121936
0.20%,
0.20%
(pr. 11930
"Chicago Board of Trade 21 Philadelphia Stock
2, Washington (D. C1.)
Am, 10 1025
n 9110711 Chicago Curb
3337
Volume 141
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deterred delivery sales are disregarded In the day's range. unless they are the only transactions of the day.
lulled In computing the range for the year.
HIGH AND WW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Nov. 16
Monday
Nov. 18
I
Tuesday
Nov. 19
• Wednesday I Thursday
I Nov. 20
Nov. 21
Friday
Nov. 22
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
No account 13 taken on such
Range Smte Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Raw,for
Oct. 31 Year 1934
1935
NW
Low Low
$ per share $ Per sh
3 per share
30
32 Apt 3 5212 Nov 20
89
110 Jan 10 116 Oct 23
21
51 June 25 7434 Nov 15
414 Mar 15 104 Nov 22
414
65
8484 Jan 2 8658 Nov 8
28 Juno 6 3413.Nov 18
6
8 Jan 12 1978 Nov 14
313
413 Mar 18 1858 Oct 26
838 Feb 11
4%
612Sept 20
8018
10438 Mar 18 173 Nov 6
34 Apr 3
17s Jan 7
74
74 Sept 26 74 Sept 26
1314
1314 Oct 17 52018 Jan 9
112
312 Jan 8
112June 24
258 Nov 15
%Mar 30
34
2%
258 Mar 21
912 Nov 12
2
9 Nov 12
2 Mar 27
912 Nov 12
114
1% Mar 28
658
623 Apr 2 2512 Nov 16
131.4
21 Jan 12 3012June 19
125 filar 18 173 Sept 18 107%
12212 Apr 18 139 Oct 31 117
318
318 Mar 13
9 Nov 20
49
x49 June 17 7514 Oct 21
10%
No par 12 Mar 13 3778 Oct 26
Allis-Chalmers Mfg
138 Nov 22
134 Nov 18
Rts WI
Ills
Alpna Portland Cement__ No par 14 Mar 13 2234 Nov 20
213
413 Aug 30
1
21451ar 14
Amalgam Leather Co
2114
50 26 June 25 37 Nov 9
7% preferred
27
No par 4812 Jan 11 7734 Nov 6
Amerada Corp
20
5714 Feb 16
Amer Agrlo Chem (Del) No par 4112June 1
1118
10 1313 Jan 12 475 Nov 14
American Bank Note
3418
50 43 Jan 11 70 Nov 14
Preferred
1912
Am Brake Shoe & Fdy___No par 21 Mar 29 4134 Nov 20
88
100 llg Jan 8 129 Nov 6
Preferred
80
25 110 Jan 15 14958 Oct 22
American Can
100 15114 Jan 4 168 May 3 120
Preferred
10
10 Mar 13 3258 Nov 20
No par
American Car & Fdy
2513
100 2512 Mar 13 6453 Nov 18
Preferred
4
No par
8 Jan 30 293 Nov 21
American Chain
14
100 38 Jan 11 115 Nov 21
7% preferred
June
8
4312
Feb
8
96
No
par
66
American Chicle
20
Am Coal of NJ (Allegheny Co)23 30 Mar 26 3414 Aug 2
2
838 Nov 19
10
23 Mar 14
Amer Colortype Co
2024
20 2213 Mar 18 3534 Nov 2
Am Comral Alcohol Corp
10
813 Feb 5 17%June 11 43 518
American Crystal Sugar
32
100 5753 Jan 2 135 Sept 13
7% 2nd pref
84
8234 84% *8434 8612 83
72
8314 8414 8612 8714 8612 8714
100 72 Aug 1 8714 Nov 17
6% 1st pref
600
134 214
3 Jan 3
2
2
214
2
214
2
214
218 214
24May 24
214 35,000 Amer Encaustic TIling___No par
9
*8
878 *8
*8
9
254 Apr 2
87 Aug 17
214
812 858
*812 9
*812 918
200 Amer European Seea____No par
914 Aug 17
758 814
712 8
2
7% 7%
Mar 13
7% 734
7
712
718 78 68,400 Amer & Fern Power___.._No par 2
2814 30% 31
1114
32
3318 3112 3218 3078 32
32
14 Mar 15 42 Aug 12
3134 331
No par
8,300
Preferred
37 Mar 14
3%
1214 1212 1238 1338 1253 1358 13
17 Aug 19
1358 1234 1312 8,500
No par
1334 13
2nd preferred
2412 2512 2678 27% 2712 281
26
1014
2814 2614 2614 2518 2512 6,900
12 Mar 30 3814 Aug 12
No par
$6 preferred
814
1458 *1418 14% 1414 14% 1312 14
*14
13
13
13
10
814 Apr 18 1512 Oct 5
13
1,100 Amer Hawaiian S S Co
3
458 478
458 434
412 4%
5 Nov 14
458 48 10,000 Amer Hide ,s Leather new
438 4%
_1
3 Oct 15
412 434
3412 *3312 3514 *34
3412 3312 3414 3312 34
28
34
33
34
.50 28 Oct 14 3512 Nov 141
2.200
6% cony pref flaw
2414
1 Apr 12 3818 Nov 22
37% 3712 3714 371
3714 37,2 3714 3712 3714 3734 3734 3818 6,000 Amer Home Products
11 29,
47 Jan 17
212 212
21_
212
178
238 212
173 Oct 16
234 234 3,300 American Ice
2% 21
212 212
No par
*1614 1634 *1613 1638 1614 161* 1634 1712 1758 1758 1612 17
1414
100 1414 Oct 17 3714 Feb 16
1,200
6% non-cum pref
413
1012 1058 1014 10%
1012 1034 1058 107
ci Mar 18 1138 Nov 22
1014 1114 1038 1138 25,700 Amer Internal Corp
No par
9
2234 24
254 26% 2534 2712 25
2634 25
2734 26
9 Mar 13 2734 Nov 20
2714 30,600 American LOMMOtiVe- _No par
32
72
7014 7312 71
72% 74
73
6914 7012 71
70
100 32 Mar 19 74 Nov 19
7212 9,200
Preferred
3212 3178 3212 31
12
3234 3278 32
33,4 3213 3258 32
3258 13,100 Amer Mach & Fdry Co___No par
1812 Mar 13 3314 Nov 18
11
3
11% 1078 11% 1114 1134 1118 1134 1034 1173 24.800 Amer Mach & Metals__ __No par
10% 1114
,Nov 22
414 Apr 4 117
1112 11
•1034 1112 *1012 1114 1114 1114 1114 1158 11
1158Nov
20
3
Apr
4
etre
No
par
412
trust
11
Voting
1,800
2878 2912 2012 31
2934 31% 29% 3118 29% 3034 30
12%
1313 Mar 15 3158 Nov 22
3153 24.500 Amer Metal Co Ltd
Na par
*126 130 *128 130 *128 130 2128 128 *12612 130 *12612 129
83
100 72 Jan 2 13012Nov 12
300
6% cony preferred
2934 2954 29% 31
*2913 30
20%
32
33
3434 3512 34
34
1,600 Amer News, NY Corp__ No par 224 Jan 3 3512 Nov 21
112
8,2 8,
834 9
8% 9
4
958 Nov 8
8% 914
Da Mar 13
8% 9
818 9
49,900 Amer Power & Light____No par
44
4434 45
45
4534 4512 46
4518 4112 43
4614 44
1018
No par
1012 Mar 13 4912 Aug 12
11,800
$6 preferred
39
8%
3958 3914 3934 3818 40
3834 39
12
4112
Aug
3814 3834 3512 38
No par
8381%.1ar 13
10,200
2012 2034 2034 2134 2114 2134 2114 22,2 2112 22
1013 Mar 13 2212 Nov 20
9%
21
No par
and San'Y
2214 138,400 Am
ad f&S
reta
"
Rpreer
*15414 156 •15414 156
155 155 2155 155
157 158
100 13412 Mar 1 159 Sept 28 10712
158 158
Preferred
160
3113 3238 3114 3238 3158 3218 3118 3214 3114 32
12%
2914 32
25 1582 NIar 18 3218 Nov 16
82,70 American Rolling Mill
*9312 95
*92
95
95
95
33%
92
9434 9434 92
•9214 95
40 American Safety Razor __No par 68 Mar 14 9514July 25
1758 1814
1734 18
2
18
1814 1712 1814 18
1938 1814 1934 14.000 American Seating v I c_ _No par
412 Mar 12 1934 Nov 8
*23
23% 2234 2312 *23
15
2334 2312 23% 2358 2478 2418 2434
1,340 Amer Shipbuilding Co __No par 20 Mar 14 2814 Jan 7
5914 59% 5914 6134 60% 6112 6014 62
60
2812
6018 6334 44,700 Amer Smelting de Retg-No par 31% Apr 3 6334 Nov 22
63
141 141
141 141
14014 141 *13934 141
71
141 14112 143 143
100 121 Feb 4 144 May 8
1,701
Preferred
*104 106
10412 105
105 105 *104 105
57
10434 105 *104 105
100 103 Feb 14 11714 Aug 8
800
2nd preferred 6% cum
7114 71
7114 7114 71
71
43
*7012 7114 71
7114 •71
7114
600 American Snuff
25 63 Jan 18 76 June 26
*137 139 *137 139 •137 13712 13712 13712 137 137
106
1361,137
100
100 125 Feb 20 143 July l
Preferred
2412 24
2358 2314 23
2458 2334 24,
4 2334 24% 2318 247 22,600 AmerfStre
1013
12 fifer 14 2514 Nov 14
eea
l Foundriee____No par
10614 10614 10534 106 *10514 107 •10514 107 *106 107 *106 107
52
130
100 88 Feb 4 10812 Nov 14
Preferred
3512 3534 3533 3534 *3512 3534 3512 3534 3518 3514 35
3518 2,800 American Store,
No par 3313 Apr 4 43 Jan 9 21 3313
4511
5534 57
56,2 5712 5658 5734 55% 5814 56
5612 56
5612 5,100 Amer Sugar Reflning
100 505 Oct 18 7012 Feb 18
137 138 .13614 13812 •13712 13812 137 137 .13614 138 *13614 137
40
Preferred
100 12611 Jan 3 14013May 6 102
2712 2712 2658 2712 2612 2678 26% 27
11
2634 2634 2534 2634 3,500 Am Sumatra Tobacco___ _No par 18% Jan 29 278 Nov 14
15018 15138 15014 15134 151 152
14914 14912 14914 150
152 154
98%
26,606 Amer Telco et Teleg
100 987 Mar 18 154 Nov 22
102,
4 104
8313
10312 10414 10212 104
102 102
10112 10234 10112 10112 4,100 American Tobacco
25 7212 Apr 3 10414 Nov 19
106 106,
4 10512 10612 105 106
10512 10512 106 107
104 10512 11,000
647
Common class B
25 7414 Mar 21 107 Nov 18
141 141
139 141 *139 141 *139 141
*13912 141 •14014 141
1,500
Preferred
100 12918 Jan 18 141 Nov 19 105
412 412
412 412
2%
434 5
434 514 *434 514
*412 5% 2,300 :Am Type Founders
No pa
212 Mar 18
614 Jan 18
2634 2612 2714 2512 26
2534 2534 25
2514 2514 26
7
25
620
9 Mar 15 2714 Nov 19
Preferred
100
2134 21
2134 2118 21% 2018 2158 82.700 Am Water Wks & Elea_ _ _No pa
20% 2034 2034 2112 21
718
Mar 13 2178 Nov 21
718
0312 9312 90
94
9212 *89
9414 94
*92
9112 *90
48
93%
600
les preferred
No par 48 Mar 19 9414 Nov 12
934 10% 1038 1034 10
47
1034 1018 1012
958 1012 26,600 American Woolen
913 9%
No par
47s Mar 13 1034 Sept 19
6834 6614 68% 6612 67% 64
6312 64% 6358 6734 67
6838 38,200
Preferred
100 3513 mar 18 6834 Nov 19
351 2
1
118
78
1
1
118
113 2,700 :Am Writing Paper
34
78
113
%
78
1
2, Mar 29
114 Jan 18
53
412 412
5
558 *4% 5%
434 5%
*412 434
214
5
5% 3.200
No par
214Mar 15
Preferred
611 Jan 18
412 412
438 412
412 412
412 5%
412 412
478 518 8,700 Amer Zinc Lead et Smelt__.100
3 Mar 13
523May 23
3
44
45
4712 4712 4712
4512 44
*44
4512 *44
*43
46
500
25 81 Mar 20 49 Aug 21
Preferred
31
2418 2358 2438 2334 2518 2312 2512 259,000 Anaconda Copper Mlning
22
2212 22% 2314 23
50
8 Mar 13 2512 Nov 22
8
34
33
35
33% 35
364
35
36
3312 3412 *3312 35
1,700 Anaconda Wire & Cable__No par 16% Apr 1
3612 Nov 22
758
15% 1512 15
1473 154 3,000 Anchor Cap
1512 1434 15
1558 16
1578 16
No par
1078 Sept 25 17% Jan 4
1078
102 102
*1112 10418 *102 10418 *102 10418 102 10214 •102 104
80
70
$6.50 cony preferred _ No par 9612 Oct 2 109 A or 28
10
*914 10
*1118 10
*9
10
10
934 934 *9% 10
3% Mar 21
1014 Oct 8
104
300 Andes Copper Mining
312
4534 44% 45
4513 4512 245
46
4412 4538
46
4612 46
7
1,900 Archer Daniels MIdI'd___No par 36 Jan 16 52 Aug 1
21,
•12012
120 12012 *12018
Y12018 _ _ -100 117 Aug 22 12214July 19 106
70
7% preferred
10818 10818 *107 10814 108 108
10758 10758 10734 107% 10734 108
100 97 Apr 3 10818 Nov 20
64
600 Armour & Co (Del) pref
412 4%
458 434
314
538
412 5
5
458 434
81 „tan 3
3% Apr 3
5
5
512 112.900 Armour of 1111noie new
66
6514 67
65
6558 6512 67
65
66
6412 6634 65
No par 1512May 1 7013 Jan 10
8,900
26 cony pre/
4814
•100 10258 *100 10258 •I00 101 *100 100% 10012 101
*95 105
Preterred
166 85 Jan 2 110 Jan 30
200
31 14
42
4234 42
4112 4214 4118 4212 13,100 Armstrong Cork Co
4314 424 4412 4214 44
No par 2538July 19 4412 Nov 19 2 13
•
per share S per share 3 per share
50
48
48
50
49
51
*11314 11612 *11314 11612 *11334 11612
7412 7412 744 7412 71
7212
914 958
912 958
938 958
*92
95
*92
95
9518 9658
34
34
34
3418 3338 34
1958 193 1912 198 193 1934
18
1818 18
1818 1734 18
75
718 738 *718 75
714
1694 17012 17012 172
17112 17212
112
112
112
158
158
15
*71
82 .71
82
*71
82
1434 1512 15
1512 1434 1518
*258 234
234 234
234 234
212 258
213 2'
212 258
812 9
814 834
838 858
*812 878
8
814 834
833
812 9
814 812
814 814
2478 2512 2434 2512 2458 2434
2912 2934 2958 2934 2918 2933
164 16514 166 16612 18634 18712
12612 12634 12613 12612 12678 12678
vs 814
818 812
812 834
7312 7312 7318 7314 73
7314
35% 3613 3512 3612 3558 36,8
112 1%
112 134
"1618 19-4 1912 2014 2014 2118
314 314
318 318
3% 318
3534 3534
*3534 37
*3534 37
74
7413 75
74,
4 7334 7412
5112 5112 5212
5112 5112 51
4512 46
4514 4578 4514 45%
*68
6912 6912 6912 6918 6912
4038 41
40% 41
39% 40
127 127 *127 129
12714 128
143 14412 143 14714
14312 144
157 157
157 157 *156 157
2818 2858 28% 3158 3034 3238
62
6234 6234 64% 6312 6414
*24
26
26
*2412 25,
4 26
*110 114 *110 113 *110 113
91
91
9112 9014 90%
91
*32
*32
40
40
40
*32
8
8%
7% 778
734 734
3114 3231 2858 31
30% 32%
1512 1614
16
16%
1512 16
For footnotes ace Daze 3336
S per share l $ Per share $ per share Shares
5112 5212 52
52
*45
52
270
*11334 11612 *11334 115 *11334 115
7112 7134 72
72
71
73
2,800
918 958
938 1018
938 1014 58,200
9658 9658 *96 ____ *96
430
____
345
3378 337
34
343
34
2,100
19
1912 1913 191, 18
1938 5,400
18
1814 *1738 18
1714 1738 5.600
713 714
718 714
718
738 3,700
17112 172
17112 17112 16912 171
5,400
112 134
153
158
112
158 2,800
•71
82
*71
82
*71
82
1431 1534 1514 1612 16
1634 30,900
*234 28
234 234
234 234
700
214 258
214
212
238 258 63,400
718 812
7
858
814 912 14,900
7% 738
714 858
813 9
5,900
714 8
7
88
8
918 4,900
2112 2418 22
24
2312 2514 7,400
29
2918 2834 29
2813 29
4,000
16614 168
16512 16612 16412 16634 8,200
12612 12612 126 126
12618 12618
1,100
814 9
812 878
818 834 99:8
20
800
7213 7312 7312 7312 7212 7318
3412 3634 3458 3512 3318 3512 22,300
112
153
158
112 134
158 105,000
2073 22
2138 2234 2112 22
9,900
314 3%
4,000
314 33
3% 314
*3434 37
*3478 37
*3412 37
100
7413 7412 7334 7412 10,400
74
75
51
5112 5134 51
5012 5112 1,700
4334 45% 4414 44% 4212 45
8,800
6914 *68
6912 69% 69
69
350
4012 4134 4014 411
40
41
9,300
127 127 •127 129
127 127
90
14414 14513 14112 14412 17,600
144 148
157 157
15834 15834 15918 15913
700
3014 3258 3012 3158 2918 3112 40,800
6012 64
8112 62
60
6212 8,000
*2612 2814 2714 29% 2858 2978 9,900
113 113
114 115 *110 113
300
89
90
90
90
90
90
2,400
*32
42
•32
42
*32
42
818
8
753 8
734 8
1,600
31% 33
3153 32
3033 3233 19,300
1512 16% 1653 1713 151* 1634 41,800
Par
No par
Abraham & Straue
100
Preferred
25
Acme Steel Co
No par
Adams En prees
100
Preferred
No par
Adams Millis
10
Address Multlgr Corp
No par
Advance Rumely
Affiliated Products Inc__ _No par
No par
Air Reduction Inc
Air Way Elea Appliance No par
Alabama & Vicksburg RR Co 100
10
Alaska Juneau Gold Min
No par
A P W Paper Co
No par
:Allegheny Corp
100
Pref A with $30 wart
100
Fret A with $40 wart
100
Pret A without wart
24% prior cony pret_ _No par
No par
Allegheny Steel Co
Allied Chemical de Dye_ No par
100
Preferred
No par
Allied Stores Corp
100
5% pref
$ per sears
35
43
111
89
7014 Z85
16
3478
11,
4 1118
758
31s
es
958
9114 113
318
118
-1-6-57
32358
2
,
4
7%
14
514
1818
4%
4
1453
3%
Ws
11518 16014
1224 130
312
8,4
254 6313
1012 23
3
-1-1-1-2 20,
21g
734
25
65
39
555
,
254 48
114 254
40
504
19,2 38
122
96
904 11484
12612 16212
12
337s
5812
32
412 1214
19
40
4614 70%
22
3512
2%
84
2014 324
64 134
612 72%
37,
11%
6%
11
1012
29c1-4
3
25,
4
4,
4
1412
354
1233
34
412
12%
63
21
3
1113
pia
10
11112
3312
36
24
1753
3014
100
7114
4814
106
10%
59%
37
46
10312
1314
10013
6514
67
1074
3
744
1253
54
7
56
1
2%
334
864
10
p14
1318
84
4%
2614
10
764
3%
48%
56
10
13,
4
30
/
4
171
25
2258
381;
10
4514
11
3453
74,
4
2358
1014
10
2753
91
3414
12/
1
4
2978
2614
1753
1377s
284
6534
7
3014
51
12512
109
7111
12712
26
92%
44
7218
129
2414
125
8112
89
130%
13
284
2753
80
174
83,
4
44
174
9
50,8
174
1853
2434
108
104
3913
117
10318
6%
711,
8/
_
New York Stock Record-Continued-Page 2
3338
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nor. 16
Monday
Nov. 18
Tuesday
Nor. 19
Wednesday
Nov. 20
Thursday
Nov. 21
Friday
Nov. 22
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Nov. 23 1935
Range htinee Jan. 1
On Basis of 100-1507e Lots
Lowest
Highest
Jell, 1
1933 to Bantle for
Oct. 31 Year 1934
1935
Low Low
High
Par $ per share
$ per share $ per is $ per share
812Nov 18
Arnold Constable Corn
2/
4 Mar 6
1
4
4
8,
3
1014
318
4
Artloom Corp
9/
1
4 Oct 21
334 Mar 15
No par
8384 704
100 70 Apr 25 90 Nov 2 8334
Preferred
74
Aasociated D21, GOMA
712 Mar 13 1834 Nov 19
714 1814
1
44
40
90
1
4 Apr 3 109 Sept 18
6% 1st preferred
100 80/
7% 26 preferred
36
100 48 Mar 12 9314 Nov 20
30
04/
1
4
25
Assoolated 011
1
4 Feb 21 4012 Aug 7
2912 4012
25 29/
Atoll Topeka & Santa Fe____110 3534 Mar 28 57141u1y 29
3514
4514 7314
704 90
Preferred
5314
100 6658 Mar 28 91 June 26
100 1912 Apr 3 3714 Jan 4
194
2412 54,4
Atlantic Coast Line RR
5
16
Al0 & WI SS Lines____No par
712 Aug 31
3
3 Mar 6
6
778 24
Preferred
6 Mar 5 1114 Nov 21
100
Atlantic Refining
2012
2112 3514
25 2012 ea 3 28 May 16
Atlas Powder
No par 3214 Apr 3 4812 Nov 7
18
3514 5553
Preferred
75
83
107
100 10834 Jan 2 115 Sept 19
Anon Tack Corp
4 Mar 13 1478 Nov 16
4
No var
54 1014
Auburn Automobile
15
1812 5718
No par 15 Mar 18 4512 Oct 21
Austin Nichols
4
512May 6 14 Jan 2
04 1658
No par
Prior A
3114 65
275s
No pa' 3512May 7 63 Jan 2
Aviation Corp of Dal (The)--5
334 1014
3 Mar 13
538 Jan 3
3
New
334 378 11,900
23 July 10
414 Aug 23
3
358 34
234 - 334 378
334 4
3/
1
4 4
378 4
3
312
312 414
14
-4112 II278 3
412 538
858 Jan 9
514 512
4
512 218,700 Baldwin Loco Worke----No par
118 Feb 26
Preferred
23,100
• 2838 29 29 33 3314 3514 35 361 3458 36
35
1614 6434
29
100
713 Apr 3 3658 Nov 20
712
1234 3418
712
712 Mar 13 18 Sept 11
1538 1514 1614 1558 1634 67,100 Baltimore & Ohio
1538 1538 1514 1534 1518 1512 15
100
Preferred
20
2118 2012 2112 2012 2112 21
918
1934 20
224 2014 2212 23,500
100
91 Mar 13 23 Sept 11
15
3738
140 Bamberger (L)& Co pref
110 11014 110 110 10914 10914 108 108
86
8612 1027s
*10912 120 *10914 112
100 10034 Feb 21 11014 Nov 19
45
4438 4478 4434 4434 4412 4434 1,500 Bangor & Aroostook
44 4453 4478 45
45
3518 4618
3914
50 We Mar 12 4912 Aug 9
110
Preferred
9112
3518 115
100 10614 Mar 18 115 May 8
1114 114 *114 11434 *114 11434 *114 11412 114 114 *114 11434
1314 1418 1314 1358 1238 1314 13
1514 8,600 Barker Brothers
214
653
1414 15
1434 14
214
No par
314 Feb 25 1514 Nov 14
88
86
86
610
63i% cony preferred
8512 8512 85
8434
1518 384
*86
8612 86
14
8514 *82
100 32 June 21 88 Nov 18
1258 1112 1234 82,300 Barnsdall Corp
578
578 10
11/
1
4 1212 1218 1234 1218 1258 1134 1212 12
578 Mar 6 1234 Nov 18
5
54
3,900 Bayuk Cigars Inc
93
45/
1
4
5212 53
53 '5258 53
53
23
5234 5234 5134 5218 52
No par 374 Mar 14 55 Nov 7
1s1 preferred
1094
80
89
*11212 11258 *11014 11234 *11014 11234 *111 11234 *111 11234 *11014 113
100 10734 Jan 11 115 May 16
1912 2018 1838 1914 1812 1878 1812 19
19
8/
1
4
1934 1818 1918 6,800 Beatrloe Creamery
25 14 Oct 10 2018 Nov 16
1014 1914
Preferred
.55
55 100
106 107 *100
- ---- '103 110 *103 110
100 1004 Jan 6 108baune 18
Beech creek RR Co
38
*33
3614 *32 --27
31
3614 *33 164 *100--3614 *__ - - 3614 *---- 3614
*33
50 33 Nov 6 3312Sept 24
91
9014 9012 90
64
68
7548
90
9034 3,300 Beech-Nut Packing Co
8812 9012 89
90
9034 90
20 72 Feb 2 95 Sept 12
7
Ps 1514
1412 14/
1
4 1414 141
/
4 1412 1434 1312 1438 1334 1414 1334 1438 11,100 Belding Hemingway Co__No par 1118 Mar 18 1434 Nov 15
Belgian Nat Rya part pret
79
954 127
•8134 83 *8134 83 *8134 83 *8134 83 *8134 83 *8134 83
79 Sept 19 11712Mar 7
2158 2114 2178 2058 22 42,700 Bendix Aviation
934
211
/
4 2218 2112 22 x2114 2112 21
934 3353
5 1178 Mar 13 2412 Oct 21
1878 19
1834 19
18
19
1878 1878 1834 2033 194 2058 26,400 Beneficial Indus Loan____No par 1618 Mar 13 22 Nov 22 3 12
1218 1918
1,500 Beet & Co
21
26
40
5738 5718 574 574 574 57
56
5714 57
56
57
57
No par 34 Jan 30 5712 Nov 7
21/
1
4
244 494
4814 50/
1
4 4914 5114 4958 5112 4958 5112 4934 514 4712 5112 223,600 Bethlehem Steel Corp
No par 2152 Mar 18 5112 Nov 19
Mar
18
5478
83
7% preferred
12112 Nov 16
4453
100 5534
112012 12112 119 12014 11914 12034 11834 11934 11834 119121 11758 11834 4,700
600 Bigelow-Sant Carpet 100- No par 1434 Mar 19 2712Sept 30
14/
1
4
1914 40
2678 2678 .26
27
2753 274 2612 27 '2512 2612 *2518 2512
6
6
184
1612 17
1612 1678 1614 1634 164 16341 1578 164 20,200 Blaw-Knox Co
958 Mar 14 17 Nov 14
1634 17
No par
16
17
26
180 Bloomingdale Brothers-No par 1658June 19 2378 Aug 16
*2112 23
2212 2314 22
2212 2314 2314 *2212 2334 2212 2212
100
65
88
*11112_
*11112 _ _ *11112 115 *11112 115 *11112 _ _ "11112
Preferred10314 Jan 22 112 June 19
60 Blumenthal & Co pref
28
82 82 *81 -84 *81
84
28
5614
8 *8038 -83
*8012 -81-7;
817 82
100 2814 Mar 13 83 Oct 1
1
4 114
64
6/
1334 16,400 Boeing Airplane Co
13
els mar 18 1638 Oct 5
1312 1378 131 1418 1312 134 1338 14
1312 14
5
83
14
4418 8814
3958July
10
59
/
1
4
Jan
8
5214 52/
1
4 5112 5212 5112 5134 5114 5212 5112 5258 5058 5214 8,700 Bohn Aluminum & Br
5
310 Bon Aml clam A
68
76
94
96
96
95
96
95
No par 90 Jan 31 100 July 18
95
95
9412 9512
*9512 9612 96
Class B
510
4134 4012 41
-4112 4112 4034 4158 "41
4012 4012 4012 4012
38%
No par 3834 Oct 3 478g July 17
18
-1-97i -2114
27
2738 2612 2714 2614 2634 26
2658 2614 2712 2614 2734 32,527 Borden Co (The)
16 21 Mar 29 274 Nov 8
14,200 Borg-Warner Corp
114
63
Ma 31/
1
4
6112 6212 6112 6212 6112 6212 6112 6278 62
6314 60
1
4 Jan 15 85,4 Oct 22
10 28/
612 612
814 1912
612 734 1,400 Hasten & Maine
334
6
8 Sept 7
6
334 Mar 27
*412 6
512 641
814 614
100
78
a
38
200 :Botany Cone Mille class A-50
21s Oct 26
138 112
12June 6
•1
178 '114 178 *134 2
134 134 *112 134
812
1678 33,200 Bridgeport Brass Co
1578 16
154 164 1578 17
No par
812 Apr 30 1718 Nov 20
1612 1718 1612 1678 16
614
12
-28-34
5114 5278 5012 524 51
54
521
/
4 5414 614 5312 5134 5312 29,600 Briggs Manufacturh5g-No p...r 2412 Feb 7 5533 Oct 26
5212 1,700 Briggs & Stratton
104
52
514 514 524 5212 52
14
*5112 5278 .52
52
*52
No par 2318 Jan 17 55 Oct 26
274
4112 2,900 Bristol-Myers Co
4112 404 4112 41
25
26
4012 4034 4012 41
4034 4114 41
5 3038May 25 4134 Oct 26
3712
5,000 Brooklyn dt Queens Tr---No par
212 24
138
*212 234
278 312
318 312
318 318
278 3
33g
834
138 Apr 18
312 J1111 4
4,100 Preform4
8114 5814
14
31
31
*23
2312 2312 2812 2812 32
3212 31
3214 31
No par 14 May 9 3212 Nov 20
4134 4212 4112 42
2514
411
/
4 4134 4112 42
42/
1
4 10,500 Wklyn Manb T11411811
1
4 Aug 10
2814 4478
4112 43
42
No par 354 Mar 15 46/
$6 preferred eerie. A
824 97
*J812 9912 *9814 9938 98
9814 *9812 9914 *984 9834 98
9812 2,100
No par 90 Jan 4 100 Aug 8 6914
58
5612 5734 56
574 5,600 Brooklyn Union Gas
48
8012
56
57
57
5434 56
5614 57
No par 43 Mar 18 7112 Aug 13 43
500 Brown Shoe Co
41
45
61
*61
62
6134 62 26112 6112 *6014 62
62 62 'CO'* 62
No par 53 Mar 11 8334 Aug 2
1181
/
4 12514
Preferred
100 12118Ju1y 24 12514 Apr 11 117
---- ---- ---- ---- ---- ---- -------___ ___. -- ---- -----314 012
912 10'2 10 :034 1018 1034 10
4
HA
338
1058 23,800 Brune-Balke-Collender-No par
338July 5 1034 Nov 19
1014 10
728 724
74 812 26,500 Bucyrmi-Erie Co
9/
1
4
712 818
838 Nov 19
84
34
74 84
10
4/
1
4 Mar 14
7
7
64 734
6
6
1414
1618 1518 1578 154 154 1418 1534 27,700
134 1358 1314 1434 15
Preferred
818 Mar 15 16.8 Nov 19
5
Nov
6
67
9312
60
75
9112
170
7%
Mar
22
90
9214
8234
1)0
90
9212
95
preferred
*89 90
100
*9212 9478 *9212
8
714
3
314 Mar 15 934 Nov 22
771; 812
838 834
84 918
834 938
834 934 156,100 Budd(E 0) Mfg
778 8
No par
10
16
44
3,300
7% preferred
7612 76
76
*74
74
77
77
8412 6412 85
100 23 Mar 14 85 Nov 22
7218 73
23g Nov 22
102,400
112 2
Rights
14
114 112
134 2
11
/
4 138
1
214
214 234
14 Sept 11
I
1
4
214 MU 21 141
2
5/
No par
/
4 Nov 22
1212 1212 1278 1212 1314 13
1414 1212 1438 185,500 Budd Wheel
12
1234 12
218
27s
612
1314 9,600 Bulova Watch
1012 1134 1178 1212 1238 1312 1338 1334 1312 1334 12
No par
334MaY 13 1334 Nov 20
578 1518
418
2338 2318 2378 2212 2314 2112 2312 7,800 Bullard Co
814 Mar 13 2412 Nov 16
No par
2312 2412 23 2412 23
14
15,
5
234 Jan 25
14July 9
No par
118 118 *1
11a
1
Ps
1
118 *118 114 *118 114 1,200 Burns Bros class A
1
1
84
770
Clam B
1/
1
4 Feb 7
14 Mar 20
34
58
No par
34
34
*58
4
/
1
4
4
34
34
*68
*38
3
4
1512
7% preferred
3 Mar 16
978 Jan 23
100
714 712
7
712 *7
738
7
738
712 712 1.500
74 712
234 41924
1018
26/
1
4 27
2714 2734 2718 2738 27
27/
1
4 27
2734 2638 2714 16,600 Burroughs Add Maoh----No par 1314 Mar 14 2734 Nov 18
•114 174 *158 2
318 Jan 21
158 158
158 24
/
1
4
378
2
24 *134 178 1,900 :Bush Term
No par
1 Apr 8
/
1
4
100
014 Apr 3 1012 Jan 22
94
2
234
*518 578
512 7
612 3,900
Debenture
*518 6
*518 6
614 612
6
410 Bush Term BI go pref 00_100 10 Mar 28 224 Jan 21
418
518 21
14/
1
4 1534 1434 1514 15
15
1312 1312 *1314 15
*13
14
312 37,600 Butte Copper & Zino
14
314
212 278
312 Nov 22
118
238 258
258 278
3
5
Its Mar 12
238 212
234 338
%June 3
38 • 14
434
112 134
112 134
134 Jan 3
78 134
138 112
No par
73
14 138 26,000 :Butterick Co
78
16,900 Byers Co (A M)
1138
1334 8234
1812 1914 1838 1878 1818 1834 1818 20
1838 19
184 20
No par 1138 Mar 14 2058 Jan 7
720
6312
100 32 Mar 14 64 Nov 21
32
40
87/
1
4
6014 6012 61
Preferred
64
63
6012 5912 60 601r 60 60
3818 37
3734 3612 3714 36
1658
1834 443e
3612 6,200 California Packing
No par 3012 Aug 1 4218 Feb 18
3738 3838 38
3612 36
14July 8
Is
114
1
14 Jan 3
34 11,100 Callahan Zino-Lead
34
12
12
4
4
58
4
12
34
14
*12
68
514 513
516 578 21,400 Calumet & Hada CODS COP-25
516 513
514 512
512 552
212 Mar 13
64 Oct 8
212
234
Pa
553 514
712 Mar 13 33 18 Nov 2
5
6
1578
2958 3012 2958 30
2814 2934 5,900 Campbell W & 0 Fdy--__No par
29/
1
4 30
291
/
4 3012 2912 30
14,400 Canada Dry Ginger Ale
818Sept 27 1658 Jan 7
1318 14
1314 1312 1238 13
84
1218 2912
1334 14
5
1212 13
1238 13
_ _ Canada Southern
..
_
100 50 Apr 9 5612 Oct 5
44
4812 564
_ *53
- *53*52
58 *50
*5314
. *50
1138 1218 1112 li
__Canadian Pacific
84
1218 189,100
858 Oct 2 1334 Jan 9
1078 1814
1112 12
1178 -1-214 1134 -1211 --25
900 Cannon Mills
3812 3812 *3812 3912 394 3934 3912 3912 3912 3912 40 40
2214
No par 30 June 1 4014 Oct 15
2818 3814
3,200 Capital AdmInle ol A
1318 1312 1312 1234 1234 1278 1278 1358 14
/
4 Mar 21 14 Nov 6
414
1
41
5/
1
4 1014
*1258 1312 13
230
Preferred A
4518 4534 4514 4514 *4514 47
10 3218 Feb 25 48 Nov 7
20
*4518 47 *4518 47
*4514 47
28/
1
4 39
Carolina Clinch & Ohio Ry__100 8214 Feb 27 88 Aug 29
60
74
85
__ 8912 *---- 8912 *-__ 8912 •____ 8912 *____ 8912 ____ 8912
St pd
91
30
100 85 Mar 20 95 July 18
924
88
88 *89
9138 *8914 9112 *8912 9112 91
70
70
91
*88
100 4534 Mar 18 11114 Nov 16
35
35
110 11114 109 11114 109 11034 1061.4 11012 10778 10834 103 10938 13,100 Case (J I) Co
8654
5O7
40
Preferred certificates
100 8312 Apr 11 12612 Nov 0
93
126 126 12334 12334 *120 124 *120 124 *120 124 '120 124
5678
No par 3618 Jan 18 80 Nov 8
15
23
3814
5834 5978 5834 5934 5914 5934 5812 594 584 5912 584 5978 12,200 Caterpillar Tractor
2818 2912 2834 2978 2834 3014 2878 3058 2918 2934 2818 2934 43,300 Celaneee Corp of AmNo par 1912 Apr 26 AA Jan 7
1718 44,
8
174
1912 2114 19
1978 1912 2014 194 1934 19
1934 12,700 :Celotex Co_
No par 19 Nov 19 2114 Nov 18
1.200
5% P•eterreo
100 6012 Nov 18 624 Noy21_6012 6214 *59 61
61
6112 82
62
6234 62
2714 2638 27
1.814
I sy
-like
2718 1718 2834 2678 27
26
26
2612 2634 1,60(J Central Aguirre 4.14o____No par 2214 Feb Id 29 May N
1,000 Central RR of New Jersey _100 34 Mar 18 6212 Aug 17
99
*50
51
49
49
52
53
51
50 52
52
51
34
*50
51
400 Century Ribbon MIllie_No par
1
4
858 8/
612July 31 1238 Jan 16
834 834 *812 9
.8/
1
4 834
834 834
858 858
54
54 12'3
10
Preferred
100 9614 Mar 14 10918 Jan 2
101 101
*9814 101
*9814 101 *9814 101
*9814 101
82
11102
01.00 101
75
5814 5812 5814 8014 5918 5934 58 59/
6018 24,800 Cerro de Pasco Conner-No par 38/
1
4 Jan 15 8334 Apr 25
1
4 5812 8014 58
2334
3014 4412
314 :
34
8
812
7/
1
4 838
758 814 14,200 Certain-Teed Products-No par
358 Mar 13
258
778 818
8
812 Nov 19
8
81s
8'4
7% preferred
66 68
6658 6712 67
800
100 23 Mar 12 68 Oct 28
6712 6734 67 68
6712 6712 6712
105
, 17118 35
418 1618
1818 15
15 *12
5
438 Mar 27 1818 Nov 18
1434 1314 1412 1414 1512 1,200 Checker Cab
1734 1734 15
438
21,400 Chesapeake Corp
34
487s
5612 53
5434 5312 55
56
No par 88 Mar 12 5712 Nov 14
2918
55
55 55/
1
4 5534 5634 55
5234 5178 5212 5018 5112 5034 52
394 4858
5012 5238 47,300 Chesapeake & 0/110
25 3712 Mu 12 5234 Nov 18
3718
52 5212 52
478 114
14
7
1
1
*118 138 •114 138
112 112
500 :Chte & East Ill Ry Co
100
114 114
1 Apr 26
1
218 Jan 12
112 11
/
4 *114
78
158
8
2
214 1,100
6% preferred
112 112 *112 2
11
/
4
134 2
100
78June 3
258 Jan 8
58
118
512
118 114
lls 114
118 114
138 112 10,900 Chicago Great Western
118 118
114 138
100
58 Feb 28
214 Jan 7
312 117s
278 318
258 278
158
278 318
24 278
Preferred
3
34
314 37e 5,000
100
158 Feb 28
412 Jan 4
*114 24 *114 212 *114 212 *114 212 *114 212 *114 212
7
154
tChic Ind & Loulsv pref.-100
1
1 Mar 30
234Sept 12
834 10
334 34
3358 34
32
324 3,900 Chicago krau Order Co
3312 321 3214 32
3312 34
5 1918June 7 z35 Nov 7 9 834
I,
2
812
118 114
118 118
14 14
1
1
112 134 13,400 :ChM Mllw SIP & Paa_--No par
14 112
14 Mar 29
3 Jan 3
11
/
4 2
2
2
178 2
Ms 134
2
2
2
Preferred
se
2/
1
4
2/
1
4 34 30,000
100
434 Jan 4
14 Mar 29
2I8 214
312 15
338 30,800 Chicago & North Western_100
138
24 2/
3
1
4
24 24
24 214
24 3
1382une 28
538 Jan 7
7,200
538 532
512 578
538 54
512 538
714 8
5/
1
4 28
512 712
Preferred
Vs
100
358July 1 1058 Jan 8
12t2 :254 1278 1334 1312 1334 131$ 14
358
Pe
972
1
4 15,200 Chicago Pneumat Tool-No par
1314 1313 1238 13/
434 Mar 14 14 Nov 20
1414 2854
1414
5234 53
52
Cony preferred
5338 51
4958 5138 2,300
*51
5178 514 53
51
No par 20 Mar 13 5318 Nov 20
114 114
118 112
11
/
4
54
114 138 '114 13s
114 112
112 158 4,300 :Chicago Rock tel & Pacific_100
14
34July 9
PI Jan 0
9/
1
4
338
258 258
24 2/
11
/
4
212 234
1
4
3/
1
4 312 2,700
7% preferred
234 234
2/
1
4 314
44 Jan 9
158 Mar 30
100
8
114
2
34 4,200
6% preferred
212 212
218 238
238 3
3
114July 22
4 Jan 1(1
*238 234
2/
1
4 258
100
14
*1214 1414 *13
800 Chicago Yellow Cab
94 sla
1312 1312 14
13
13
94
14
*1234 14
No par
914 July 19 14 Nov 19,
$ per share $ per share
8
8,2
734 838
*818 9
*818 81
/
4
*8814 r- *8814 ,1618 -17714 17 1712
*10412 10712 *10412 10712
8912
90
90 *87
38
3814 3838 3838
5258 5312 5214 5414
8612 87
8534 86
27/
1
4 2814 2714 2838
658 654 *618 64
934 954 *914 912
2478 254 2478 254
45
46
*45
47
*111 11212 *111 11212
1438 1578 15
1558
37
3758 3634 3712
978 1012
914 10
48
*45
4778 48
$ per share $ per share $ per share $ per share
8
84
758 814
8
814
754 814
*818 812
812 812
*834 94
9
9
*8814
'8814
- *8814
- *8814
1758 -lila 1714 -1-8-14 1718 -1-758 1634 17-12
10612 10612 *10412 10612 *10412 10612 10614 10614
91
92
934 9314 '93 100 '93 100
*3818 40
*3818 40 *3818 40 *384 40
1
4 52
5212 5312 5112 53/
54
5034 5414
8514 86
8558 8612 8534 8578 8534 86
2714 2838 27
2838 2734 29/
1
4 28
29/
1
4
634 678
658 658
634 678
614 634
1
4 10/
1
4
912 978
9/
1
4 1012 1112 1112 10/
2518 2538 z2434 2514 2438 2434 2378 2478
46
4614 46
4634 47
4718 4612 4612
11212 11212 *112 114
11212 113 *112 11212
1514 1534 144 1512 144 1518 1412 15
36
3612 37
3612 3512 36
39
36
912 1014
958 1014
9
978
958 10
48
48
*4318 4758 '44
47
*43
4734
Shares
16,500
700
-_- - -7
35-,400
200
400
50
34.900
2,600
36,200
1,210
2,400
15,100
1,300
30
24,300
17,300
8,100
40
1
For too notes sPe nage 3336
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 16
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday 1
Nov. 21
Friday
Nov. 22
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
$ Per share $ per share $ per share $ per share $ per share 4 per share Shares
27
274 2678 27
27
2714 27
10
2714 2712 3,700 Chickasha Cotton 011
27
2718 27
No par
539 558
538 538
514 5,2
538 538
538 512 3,800 Childs Cc.
514 512
2312 24
24
*2114 2312 2312 2312 *23
25
2312 24
320 Chile Conner 00
2378 25
8713 8812 86
8812 8912 8714 90
6
8834 8614 8734 8518 8758 138,400 Chrysler Corp
16
1578 1638 1534 16
No par
1514 1578 1513 1534 4,300 City Ice & Fuel
1614 1638 16
*7839 78
100
78
78
75
76
Preferred
7434 7434 1,200
7634 75
7714 75
WO
*37 - _ *37
*37 -- *37 - - *37 _ _ *37 _
City Investing CO
372 -512
512 112
5
514 138
54 -538
538 118
5
538 11,500 lntlr Stores new
2239 23
2134 2239 21
23
23
2212 2012 22
_--No par
2034 224 5,200 Clark
*7512
_ *7512
*7512 _ _ *7512 85
Equipment__*7512 85
St Louis pref
C C Cdi
100
*75% 85
40
41
41 -42*41 -4212
-- *4018 -42418 424 4012 41
1,700 Cleve Graphite Bronx° Co(Tha) 1
*824 8534 *8212 87
50
83
*824 83
*8234 87
83
10 Cleveland & Pittsburgh
*8234 87
*43
__ *43 . __ *
*
__ *43
__ *43
Speo'l grt 4% betterment stk 50
__ __
31 13
3334 14
32 ii78 3178 -1358 32 12
3012 321 3:100 Cluett Peabody & 0o...-No par
*113 118743 *112 11878 11878 11878 *112 11878 *112 11878 11878 11878
100
Preferred
20
296% 29812 29712 2974 29612 287121 1,700 Coca-Cola Co (Tbe)
295 296 *294 298
290 290
No par
7414 75
7212 7339 7334 7414 7334 74
74
74% 7479 75
When issued
9,000
*5638 5612 5613 5612 *5678 57
5678 56% 5612 5612
57
57
Class A
-No par
600
*560__ *560
*585
_ *585
*585
_ ,*585
_ _ i _ _ _ _ Coca Cola Internat Corp-No par
174 -18-18 1712 -1-8-12 1714 1
1758 1111738 17
/7
/3
81 1738 11 i 14:600 Colgate-Palmolive-Peet- No par
*10434 108 *10434 106
105 105
1044 105 *10512 106
100
6% preferred
500
104 104
3818 3834 3712 3834 3758 4078 40
4312 4334 4614 4338 4614 66,400 Collins & Aikman
No par
10712 10734 10712 10734 1074 108 *10612 107
Preferred
100
107 107
460
10714 108
*8
834 •8
814 834
814
9
9
No per
*934 10
*8
10
200 Colonial Beacon 011
37
37
44
418
4
44
4
4
334 4
No par
7,700 :Colorado Fuel & Iron
334 37
20
2134 2114 2212 2112 2214 2118 22
21
100
2112 20521 2112 1,070
Preferred
*1612 18
*1612 18
*1712 18
*17
18
1712
1712 18it 17
100
190 Colorado & Southern
1412 1512 15
1618 1618
*15
16
16
1534 1638 16
100
1618
14% let preferred
760
*1012 15
*1012 15
*1012 15
*104 15
*11
100
15
4% 2d preferred
*11
15
9914 9534 9712 7,000 Columbian Carbon v So _No par
9812 9932 98 100
97% 99
9639 97
98
*8512 6812 6412 6658 69
72*2 694 7314 6914 721
6914 734 13,100 Columb Pict Corp vi 0.--Ala par
1438 1434 1412 1518 1412 15
1434 1514 144 147
1358 1518 112,400 Columbia Gas & Eleo____No par
8834 89
8812 894 8812 8878 89
8834 8878 7514 8812 3,700
89
Preferred aeries A
100
*67
80
*68
80
*75
81
7912 801 *68
81
100
5% preferred
20
*75
80
464 474 4713 4834 48
4832 478 4818 4734 4838 4814 4938 11,400 Commercial Credit
10
25
7% let preferred
iio-iiii
iii Ili iii ifii4 iii; Ili silo% ifi *Hi; ifi
554% preferred
ioo
6112 62
6134 6334 6214 6314 62
6314 63
64
No par
64
6538 25,200 Comm Invest True.
112 112 *11134 11212 *112 11212 11212 11212 11212 11212 *11234 115
No par
Cony preferred
300
10032 101
10012 101
10034 101
10012 101
1004 10114 10058 10034 4,700
34.25 cony Pf ear of 1935 No par
21% 2218 2012 2112 2014 21
20% 224 214 224 2012 2218 153,500 Commercial Solvent.No vat
238 212
238 212
238 258
234 3
258 3
No par
234 3 329,600 Commons/1th & Sou
6512 66
64
6434 6412 6534 65
69
6712 69
No par
66
6812 7,500
36 preferred series
91
9
914 ' 94 1014
No par:
939 97
932 932 3,900 Conde Nast Pub.; Ino
914 914 *9
415s 4212 4212 4314 44
4512 4434 4534 448 4538 4412 4518 16,000 Congoleum-Nairn Inc.--No par
*1812 1912 1812 1812 *16
No par
*16
1712 *1612 1812 *16
18
1814
100 Congress Cigar
17
18
15
1612 1638 1918 1912 2114 4,810 Connecticut Ry & Lighting_100
1434 1738 1458 16
*2812 30
28
28
100
26
29
24
26
26
26
3014 3212
Preferred
580
No par
858 858
8741 94
878 9
914 014
9
873 914
10
6,800 Consolidated Cigar
*6212 67
*6212 6513 *6212 66
100
*6212 67
*6212 66
Preferred
*6212 67
7114 7112 71
72
7412 7412 7314 7412 72
100
7112 7114 7114
Prior preferred
210
•7114 110
*71 110
*7114 110
*7114 110
*7114 80
*71 110
Prior pref ex-warrants -..100
517
538
512 558
512 58
538 512
512 512
1
514 558 8,400 Consol Film Indus
1912 1934 1918 1973 1914 1912 1814 1914 1858 19
No Par
1814 1878 5,300
Preferred
3178 3314 3312 344 3334 3438 3334 3434 3334 3438 3214 3434 197,300 Consolidated Gas Co
No par
10412 105
10412 10434 10478 10478 10412 10518 105 10518 10478105
No par
Preferred
2,000
312 312
312 414
4
438
4
414
4
434
414 434 12,400 Coneol Laundries corp-No vat
912 934
912 914
9% 958
No par
94 9544
914 938
914 934 79.000 Coneol 011 Corp
*110% 11012 11032 1103 11018 11038 11018 11038 11038 11038 110 11038 1,100
100
8% preferred
35
37
*338 334
334 4
418 414
100
38 4
418 458 2,400 Canso! RR Of Cuba pre(
34 1
34
34
118
114
1 18
78
114
No par
138
118
13/3 86,400 Consolidated Textile
177e 1838 1818 1914 1812 1914 18
19
18
20
1834 1778 1818 18,300 Container Corp class A
818 814
818 812
712 8
714 758
714
No par
738
714 734 39,800
Class B
834 938
813 938
813 9
838 9
84 9
Continental Bak ohms A. No par
838 9
12,400
114
138
114
131
118
114
114
138
118
No var
114
118
Class B
114 16,400
65
67
*6618 6678 6618 6618 6512 651
654 6514 6514 6514
100
preferred
1,300
97
9758 9714 9812 97
981
9512 9914 95
20
97
94
9614 20,400 Continental Can Inc
1734 173
17
1734 17
1738 1658 17
5
16
Diamond
Fibre
17
1614 17
6,200 Conti
438 44
4312 441k 43
2.50
4333 4412 4358 44
44
43
44
7,600 Continental Insurance
112
138
112 158
1
112 138
112
158
112 132
112
134 16,200 Continental Motors
27
2814 2758 2834 274 284 27
277k 274 28
6
2718 2812 60,900 Continental Oil of Del
6012 6034 6018 604 6012 61
6118 611
6034 6118 60
1,730 Corn Exchange Bans Trust Co 20
61
7239 73
70
25
7333 704 7114 6934 71'4 7012 7112 70
7134 14,10 Corn Products Relining
*150 15612 156 158
155 15612 15634 1563 *15518 15614 156 156
100
Preferred
600
512 584
534 6
684
534 6
No par
6
612 634
618 634 59,300 Cot, Inc
3714 3714 3714 3714 3714 3738 3714 3714 3714 3714 3718 3718 5,000 Cream of Wheat ens
No par
1714 1714 165
, 1712 17
17's 17% 173
No par
1753 17
1658 1712 7,300 Croeley Radio Corp
48
487k 47
4858 47
48
4612 4734 4618 4612 4414 1634 6.400 Crown Cork & Seal
No par
*4612 47
474 474 47
4712 48
48
No par
*47
4713 *4658 4712
$2 70 preferred
500
*954 9934 *9712 . _ *88 _ _ *974 99
*974 10012 *9712 - - - _
Croon W'matte Pap 1st ptNo par
612 652
57 Ii2
6
114
612 61
614 6s8
618 -6-38
Crown Zellerbaok v I o-No par
2812 287
2812 2932 28
2812 2714 2734 2734 28
2714 2834 6,500 Crucible Steel of Amerioa____100
95
95
944 94% 95
95 a 9438 9438 9412 9412 a9418 9439 1,100
100
Preferred
118
114
118
118
11/3
114
118
114
118
114
11g
1 14 3,300 Cuba Co (The)
Nova,
75
a
812 812
75*
818 838 *818 81 1
814 812
838 812
RR 6% prof
100
Cuba
330
638 812
618 612
612 608
6% 638
64 614
618 64 8,800 Cuban American Sutler
10
6412 6512 6512 67
66
67
6512 66
6514 66
6534 66
100
Preferred
690
4014 4012 4053 104 4012 4012 4018 4034 4012 4134 4012 4112
50
6,800 Cudahy Packing
1834 1914 1912 20% 2018 2012 1934 2012 1978 2043 20
2J7
No par
, 34.6,10 Curtis Pub Co(me)
10112 10112 10112 10278 10273 10318 10212 10314 10212 103
103 103
4,600
Preferred
No par
27
3
24 3
278 3
278 3
27
3
278 3
1
Otints2-Wrigin
54,600
814 858
812 833
84 83
8
838
818 814
8
1
839 39,700
Class A_
*89
95
*89
9412 *804 9212 *89
94
94
94
*89
10 Cushman's Sons 7% prof --100
9412
17.- -- 7212 41-- 7212 *__ 7212 *____ 7213 *____ 7212 *___
No par
8% preferred
7212
*3912 40
40
4012 40
4014 3812 4012 3914 3912 3814 3914 2,600 Cutler-Hammer Inc
No par
•9
918
9,8 9,4
9,2 912
958 958
9
1,000 Davega Store, Corp
912
9
5
9
5734 5858 5714 5838 5734 58
56
58
5513 4534 54
57
No par
6,700 Deere & Co
277 2718 27
27
27
2618 2714 2712 2712 27
27
2718 1,300
Preferred
-- -- -- -- -- -- - - -- -..-- 2014 2114 2034 211s 20
2118 5,500 Dlesel-Wemmer-Gilbert Corp-10
36
3612 3512 3678 3512 1638 3514 3678 36
3734 3512 3838 19,900 Delaware & Hudson
11.10
15=8 157
1539 16
1512 1534 14% 1538 15
16
15
1638 25,800 Delaware Lack & Weetern---50
212 258
238 238
234 212
339
314
334 4'
314 438
4,400 Deny & Rio Or Welt Prof ___..100
11812 119
*11812 119
119 119
11912 120
11912 120
120 120
1,700 Detroit Edison
100
48
4
4
4
412 412
438 5
5
6
4408 614
810 Detroit & Mackinac, Ry Co 100
*512 q
*718 11
*612 11
834 9
*912 12
*
5%
non-eum
9
80
profaned__
_100
7
7
46
46
4412 45
45
45% 4412 4512 *44
45
*43 -4112 1,200 Devoe & Raynolde A---lio par
*11634 119 *11614 119 *118 119 *118 119 *118 119
118 118
10
let preferred
100
3812 3914 3912 41
38
38
4039 4018 4032 41
3912 3934 4,700 Dlamond Match
No par
3812 3812 3812 3812 3812 38,
7
3812 3812 39
39
3834 39
2,100
Participating preferred
25
3912 4012 3934 40% 3912 403
4014 4114 4032 42
4012 4212 14,600 Dome Mines Ltd
No par
912 008
914 9,2
94 0
08
9
832 833
941
812 812 3,300 Dominion Stores Ltd....-No par
3378 3438 3312 3434 3312 3438 3312 3434 3334 3438 3258 3412
30.900 Douglas Aircraft CO Ino ..,No par
!
12913 2913 *2734 28
2912 30
28
28
*2612 28
2818 27
900
Dresser(SR) Mfg cony A- No par
15
15
15
15
15
1514 1514 15
14=8 14=8 *1414 1439
No par
Convertible class B
1,500
*58
N
.58
34
58
58
"12
34
34
34 .
100
58
200 Duluth El El & A tlantlo
34
*12 1
1
1
1
114 *1
118
1
114
114
114
900
Preferred
100
534 6
512 578
538 538
6
638
578 634
612 7
1
6,500 Dunhill International
1534 1534 1512 1534 *15
*1018 1714 1558 16
1534 1514 1534 1,500 Duplan Silk
No par
116 116 *11434 --- •1143 --- *11434
_ *11434
•11434
100
Preferred
10
14412 14612
--- 144 145
4148
143 14512 14212 14614 14414
14112 1414 23,900 DuPont deNeinours(E.1.)&Co.20
13012 13012 13012 131
*130 13118 131 131
13014 1304 13014 13014
100
1,400
6% non-voting deb
11358 11312 1134 11314 11312 114
•11234 113
11312 114
114 114
330 Duquesne Light 1s8 pref.....-100
_ __ •12 . __ *12
*12
*12
*12
_ _
_ __ *12
_
_ Durham Hosiery MlIbi pref 100
733 -73-4
738 -738
7
712 -738
634 -714
-712
652 -714 -113-,i00 Eastern Rolling Mille
5
169 16912 16712 170
1704 17214 172 17214 171 171
171 171
3,800 Eastman Kodak (N J)_--No par
155 15512 155 15514 155 155
•155 158 *155 158
155 155
100
6% cum preferred
170
2734 2734 2712 2814 2712 2834 273t 2878 28
2834 274 2834 11,600 Eaton Mfg Oo
No par
7
712
712 712 *718 712 *7
712 8
No par
714 714 1.000 Eitingon Schlld
712
3518 3534 34
3511/ 3438 3538 3412 3512 3412 3558 33
36
5
33,500 Elea Au30-Lite (The)
*11114 11234 11034 11114 11034 11034 11134 11134 11134 11134 *1114 11134
100
Preferred
220
939 973 1014 1114
94 934
912 10
958 9%
1032 1114 100,500 Electric Boat
3
634 7
8% 7
67
7
7
714
7
714
7
739 11,400 Else & Mos Ind Am shares
57
57
57
612
6%
534 8
58 614
5,2 614 23,900 Electric Power & Light __No par
618
28
2634 26
27
2614 2634 2534 2634 2558 2614 2434 2512 5,700
No par
57 preferred
24
2434 2439 243
24
2434 24
2438 2334 2378 *22
"Jo pa.
23
MI preferred
2,400
Pr floZe 5430.
3339
New York Stock Record-Continued-Page 3
Volume 141
Range Sines Jaz. 1
Ow Band of 100-slar4 Lots
Lagoon
Highest
,,ny 4
1933 to Rang.for
Oct. 31 Year 1934
1935
Higi
Lots Low
101 Jan 3
9 Mar 13
6914 Mar 13
634 Jan 10
12 Mar 13
5 Mar 14
1039 Feb 28
7 Feb 26
6% Mar 9
67 Jan 16
3414 Jan 16
338 Mar 13
3618 Mar 13
31 Mar 15
391 Jan 2
29 Jan 6
110 Oct 23
6814 Feb 7
111 Mar 13
978 July 29
1612 Oct 3
%Mar 6
294 Jan 4
57 Mar 18
27 Mar 15
9 Feb 7
14% Nov 19
24 Nov 20
7 Mar 14
62 Mar 28
69 Nov 1
7212 Oct 23
314May 17
1414MaY 31
157 Feb 20
7212 Feb 23
14 Mar 12
612 Mar 13
10818 Feb 5
24 Jan 25
38 Aug 10
834June 5
278June 10
4% Mar 13
58 Apr 1
4814 Jan 28
$ per shard 5 P11 a 4 Per shard
15
194 30%
30 Aug 19
318
314 1111
74 Jan 7
9
2514 Sept 13
1014 1711
2614
2914 604
90 Nov 18
1714 244
12
2412May 24
1)4
2
7
4 5
831
100 May 3
3741
35
37 Oct 29
12
21,
314
612 Nov 18
2634Nov 2
612
839 214
71
71
89 Aug 23
904
___
....
2739
45 Oct 18
7011 78
60
87 Oct 31
38
45
31
48 June 25
247k 45
20
34 Nov 18
126 May 2u
95
115
90
29812Nov 20
85
9514 1614
75 Nov 21
-604 i57
5712 Oct 26 -4518
814
314
450 Sept 5 200
9% 184
9
1914Sept 13
6812 10211
66
10614 Oct 22
10
9
384
464 Nov 21
74
96
6914
108 Nov 9
6
6
973 Nov 9
1
512 Jan 21
814
84
%
1012 33
5
284 Jan 21
1039
22 Sept 11
161$ 4014
7
1714Sept 11
18
3314
11
30
6%
1414 Sept 10
45
58
10114 Nov 6
774
81 July 8
1712
314 414
639 1914
34
1514 Oct 30
3512
52
90 Oct 23
7814
81
411
71
8112 Nov 15
1114
1839 4014
58 Oct 18
23
2312 8011
3212May 14
11912 Aug 10 110
----.
3538 61
72 Aug 15 31 2214
91
114
844
11512 Jan 29
105 Oct 15
--- -.
978
1614 3634
1539
2372 Jan 7
3 Nov 8
1
334
34
1712
214 53%
71 Oct 30
5
131u
5
104 Nov '8
22
3594
1612
4534 Nov 20
714 141,
714
2112Nov 9
49 July 19
82
61
2334
55
58
41
5812Sept 20
614
1012 Jan 9
54 1334
31
76
3014
74 Jan 24
4514
82 Feb 28
454 744
4514
il)
70
80 Mar 8
158
614
1%
74 Jan 16
2212 Feb 15
714
104 2094
3434 Nov 20
1818 47%
157k
171
95
10518 Nov 20 171
112
414 Nov 21
14
494
714 1414
612
1012May 17
108
1124
11212 Oct 28 103
31
5 May 4
24
614
4
21,
138 Nov 21
38
612 1314
414
1914 Nov 18
2
318
511
812 Nov 18
412
514 IL%
934 Aug 14
138 Aug 17
4
24
4
444 64
441
/
4
678 Aug 9
6239 Jan 15
7 Jan 15
2818 Mar 13
14 Jan 2
154 Mar 14
4134 Mar 1 1
80 Oct 2
1484 Oct 8
44 Mar 13
357k Jan 15
1134Sept 24
231:Mar 14
434 Jan 4
7412 Mar 13
312 Mar 18
14 Mar 15
47% Apr 12
1 Jan 28
5 Jan 5
54 July 22
4018 Jan 3
13914 Oct 3
15 Mar 15
8912 Mar 14
2 Mar 12
614 Mar 15
73 Mar 23
61 June 8
16 Mar 13
6 June 7
,Mar 18
223
19 Jan 15
20 Nov 22
234 Mar 26
11 Mar 13
112 Feb 27
65 Mar 13
2 Aug 12
518 Oct 2
3512 Aug 28
11412 Mar 8
284 Jan 2
34% Jan 7
544 Jan 15
634Mny 29
174 mar 12
1312Mar 16
612 Mar 18
'June 13
14Jtme 21
2 June 6
1234May 21
103 Mar 20
8633 Mar 18
12612 Feb 8
104 Feb 18
1712May 16
3% Mar 13
11018 Jan 16
141 Jan 4
165 Jan 15
314 Mar 27
1912June 1
107 Jan 23
37* Mar 15
5=8Sept 21
14 Mar 15
3 Mar 13
2% Mar 13
37
9914 Nov 20
6
18 Nov 14
4412 Nov 18
20
2 Oct 26
34
124
2834 Nov 18
4012
6112 Nov 20
5512
7812July 10
185 May 23 133
314
6% Jan 3
23
397 Mar 4
7
1734 Nov 14
1818
4812 Nov 16
32
48 Nov 20
94% Oct 29 11 40
314
714 Nov 7
14
2932Nov 18
30
95 Nov 12
112 Feb 19
14
3
10 May 15
212
812May 13
1412
8034May 13
3518
474 Jan 2
134
7 Jan 8
22,
384
10514June 13
2
31458pt 25
31e
104 Jan 2
73
.795 Nov 15
61
75 Nov 8
94
41 Oct 24
54
958 Nov 20
1018
5834 Nov 15
104
28 Sept 5
2114 Nov 20
434 Jan 7 1312
11
1912 Jan 7
14
414 Jan 8
55
120 Nov 20
2
6 Jan 17
112
1212May 1
20
60% Jan 2
8918
12012July 8
21
41 Nov 19
4112May 3
2739
25
4312May 17
634
1258 Jan 28
1118
35 Oct 21
814
30 Nov 18
338
1514 Nov IS
1,
04 NOV 21
14
114 Nov 19
2
7 Nov 1
1234
19 Aug 6
92
116 Nov 16
14612 Nov 20 31 597k
132 Oct 28 10414
115 Aug 5
85
23 Mar 5
13
8 Jan 7
34
854
17214 Nov 18
184 July 26 120
10
3038 Oct 23
838 Nov 1
314
115
3834 Oct 21
11312Sept 25
75
3
114 Nov 21
812 Feb 18 44 218
71 Aug 17
1%
3
32 Aug 17
212
28 Aug 17
$ per shard
25 Sept 17
34 Mar 15
9 Feb 23
31 Mar 12
12 Oct 8
69345e91 10
35 Oct 7
314 Apr 30
1214May 15
87 Sent 20
2718July 3
80 Mar 26
48 June 25
20 July 27
110 Aug 19
1617s Jan 2
7212 Nov 16
5338 Apr 20
450 Sept 5
1512June 1
6638 64%
6
1114
2,318 8614
14
34
1638 2294
4012 Si
6108 844
135
15012
28
8
1839
854
47
339
17
44
83
514
Pi
2012
57
1312
434
212
614
7514
644
11
6
104
1014
- -3-5
14
344
6512
6
10
29
99
21
2814
32
11
1414
8
5
43
12
3
13
92
100
116
90
21
Ma
79
120
124
6
16
80
3
41.
24
612
6
364
1714
5614
444
84
61
38%
71
814
104
1171
65
6294
294
9594
514
121.
91
90
2111
84
3414
194
-- .
73ii
5514
134
84
7
184
554
117
2811
341:
46;
23
2
20
1 171
14
21,
113
237,
1101
103
128
1074
301
12
116
147
22
19
31
110
7
9
9
21
19
New York Stock Record-Continued-Page 4
3340
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 16
Monday
Not. 18
I
Tuesday !Wednesday
Nov. 19
Nov. 20
Thursday jFriday
Nov. 21
Nov. 22
$ Per share $ per share $ per share I $ per share 3 per share 3 per share
5613 56
5514 5534
5412 5534 55
568 55
57
5412 551_
13
34
*12
58
13
13
58
58
*12
58
58
58
138 132
138
114
118
114
138 *114
112
112
112
112
61
64
64
64
64
64
64
63,
8 63,
8 6312 6378 64
*12912 130 *12912 130 *12958 130 *12953 12978 12912 12958 12958 129%
714
*7
714
714 714 *7
678 714
634 7
634 678
4818 4818 46
46
4378
4512 4512 42
43
4334 4334 42
51
54
53
53
54
5213 5212 *52
5518 *51
5234 51
5213
58
*5414 56
54
5418 5234 5234 52
5518 5513 *55
513 578
5,
8 534
534 534
558 534
512 6
58 534
11
1138 1114 1113 1078 1114 11
12
1114 1214
1133 11
16%
1518 1518 1412 1512 1413 15
1414 1514 1412 16
15
93
933 1033
958 1018
938
958 1038
9% 104 1038 10%
_ *65
_ *65
*65
__
*65
_ *65. 865
*1234 Ii
1213 1723-4 1258 I314 13 -1138 124 -1-338 1212 -1338
28%
2514 26% 2513 2718 2512 2634 2514 26% 2558 2634 26
458 412
5
6
512 58
412 5
512 558
538 512
15
17
158
112 158
17
18
133 133
178 1%
134
7% 738
658 7
7
712
712 7%
812
71
78 734
28
283
28
2814 31%
3058 3012 31% 2913 32
3012 31
1
137 140
136 137
13913 1397o 141 141
141 14212
135 135
1834 19
19
21
20
2138 2078 2112 1934 2114
1812 19
*8013 82
*80
82
*80
82
82
82
8234 83
*80
83
*6514 6612 *6312 6712 •64
6712 "63
65
65
6513 65% 6614
*80
90
*80
90
00
*80
90
*80
90
*80
90
*80
634 7
6% 7
6% 7
678 7
612 7
612 7
352 334
*312 37
334 334
312 312 *3,2 33*
3% 3,2
238 213
238 212
218 238 *218 233
238 212
21
214
23
244 24
2434 2334 2418 2313 24
24
2212 21
24
44
4414 44
4412 4312 4412 43
44
45
4458 44
441
82214 2412 *2312 2412 *2314 2412 *2314 2412 *2314 2412 *2314 2411
*112 113% *112 113% *110 11378 *110 11378 *110 113% *110 113%
1612 1653 1614 1638 16% 17
1612 167o 1612 1658 1618 16%
9638 9612 9612 9614 9638 9614 9612
9514 9512 9552 9572 96
4713
45
4512 4434 4512 4434 4558 443* 45
44% 4512 46
2712 277 27% 28
2818
264 264 2612 2634 27
28
28
41
414
334 418
4
4
4
4
418
418
3% 4%
64
63
64
63
65
65
6414 6414 64
64
6414 63
2114 22
21
22
22
2314 2112 2313 22
2278 2012 2238
9812 9812 9812 9812 9812 9812 9912 *95 100
*96
9812 .96
ii
16
5534 -168
56
-3-(i
a.
ii4 16
5 12 16
iriTs IA
Sales
for
the
Week
Shares
9,300
17,800
13,500
1,000
30
1,100
900
800
600
4,400
12,100
4,100
5,300
_ _ _ ___
6,300
81,600
3,400
550
1,600
18,300
1,570
12,200
70
400
4,100
1,400
3,500
7,400
5,700
7,100
1,800
16,800
1,500
3,200
1,800
11,400
60
-3.565
160
6714 69
68
67
67
64
67 I *6714 70
6912 *6612 70
3014 19,600
2812 2938 2834 2912 2834 2912 2834 3058 2978 3014 29
50
*122 16018 *122 16018 125 125 *122 16018 *122 16018 *122 16018
39
4018 38
3712
180
38
3412 36
3834 37
35
*36
36
860
2018 21
2113 20
,,, 2134 2312 2014 2112 19
2313 2034 2312
3
318
25,600
314 312
314 312
312 358
358 414
412 5
420
•11
1134 1112 12
1112 1113 1058 1178 1058 1038 1012 11
1018 1038 10% 1012 10,4 1038 1014 1053 10
1034 1014 104 16,900
096 100
*97 100
*9734 100
500
9813 9813 98
9812 *96 100
_ 4314 4334 4338 4434 4312 4434 4418 4514 447 4538 44
4514 14,300
.... 20
21
21
2172 2114 22
2118 2213 2112 2238 194 2214 43,300
11% 12
12
1214
1134 12
1134 1178 1113 11% 7,000
1133 12
143 143
143 143
120
*142 143
140% 141
141 141
141 143
97 10
813 84
812 98
37,300
958 1018
913 1038
913 10
61g 638
6
6
638
618
534 618
578 618
614 12,200
6
16% 1814 1753 1812 1714 17% 16
1778 1612 17
1658 174 8,700
7412 75
76
74
75
74
700
*67
72
714
*67
714 *67
4612 4712 4714 4734 4812 503
52
53% 52
53
5134 5234 7,200
140 140 *-___ 140
13934 140
190
140 142 *140 143
140 140
392 4018 3958 40% 3938 40% 3938 4018 3838 4018 107,300
397 40
33
3312 3313 337
33% 34
3312 34
3358 34
3378 3418 21,800
78
1
1
78 1
78
1
% 1
78
1
10,700
3*
1514 1514 1514 1514 1014
15
14
14
1514
120
*13
1514 *14
*13
18
*13
18
*13 L18I
*13
18
*13
18
*13
18
*914 18
*914 20
*914 20
*914 18
*914 20
*9% 20
5418 *3612 5753 *3613 5418 *3613 5418
37
37
*36
54% *36
100
69
6814 6814 *68
6814 6834 6858 6878 6838 6813 *6812 69
4,300
*120 121 *120 121 •120 121
100
120 120 *119 121 *119 121
5838 59
5734 5938 5818 5834 5714 588 5714 5818 5614 5818 192,200
118% 119
11918 11918 11914 11912 1193* 11934 11938 120
11914 11914 4.100
15
15
800
15
1518 *15
153 *1434 1534 1513 1614 *1558 1614
378 418
418 418
4
4
3% 418
418 414
418 414 2,200
41
41
41
4114 41
404 41
41
820
*41
4113 4134 414
10712 10712 *10714 10713 *10714 10712 10712 10712 *10714 10712 10712 10712
60
37
4
4
378 418
4
4
418 3,100
414
4
4
1%
3713 3818 3812 3912 3812 39
38
3934 3834 39
3712 39% 7,600
10514 10514 10514 106
230
104 104 *10514 106
106 106 *104 106
2
214
218 238
218 218
214 238
218 238
214 212 22.800
317* 31% 3034 3034 3034 32
03012 3112 31
2,400
32
32
33
2712 28
28
29
29
2938 28
2934 2812 2918 274 2812 15.400
41
1718
89
634
6213
131714
89
714
6314
408 41
109 109
234 234
1814 1813
•11633 117
1214 1212
69
69
2134 2214
*86
87
878 9
*6418 69
3
318
1314 133*
3% 33
*17
18
3113 32
441 li
46% 514713 -5014 4712 19-12 48
1714 1818 1712 1818 1733 18
1758 1834 1712
8834 89
88% 8914 8812 8812 88
89
89
7
7
7%
71.3
758
7%
634 71, 612
64
634 6414 6412 65
6414 6312 64% 6214
4138 4314 4213 4412 4314 45% 4213 4413 4134
109 109
10918 10914 10814 10834 108 108
108
---- -___ ____ ____ ____
258 258
212 234
212 318
23* 312
312
18
1853 18
1812 1812 1938 19
2038 19%
11638 11638 *11638 117 *11638 117 *11638 117 *11658
1134 123* 118 123* 1134 1238 1134 12
117*
69
70
6834 71
7013 73
71
7234 70
2118 22
2118 2112 2118
2114 2214 21 18 22
85
8612 85
8513 85
85
85
85
844
9
9
88 8%
918 9%
9
833 914
*6412 70
70
7012 7112 71
70
75
74
3
314
3
358
278
3
3%
3
3
13% 1338 1314 1338 1318 1314 1314 1338 13%
33* 313
3% 314
312
312 312
314 312
18% 1834 1918 1734 1818 18%
1778 17% 18
3258 34
3213 33
3334 3412 3334 3413 3312
123,
2,040
-4-91878 43.800
8938 5,100
78 22,900
644 2.700
4434 20,500
490
108
____ ______
334 28,400
2012 72,800
100
117
1278 39,600
7134 4,400
223* 45,600
1,300
86
934 12,200
650
77
318 29,600
1312 4,400
312 2,000
1818 2,000
6,600
35
1012 *3078 12
307 -32
*3114 12-3-4 3234
3314 1314 1,400
32
32% 3134 3212 3234 33
327
3112 33
*3214 3234 2,500
1434 1413 15
1412 1458 1418 14%
1418 14% 1418 147
7,500
3078 3114 3214 3178 3318 3112 3338 3134 3212 3014 327* 133,400
3314 33
33% 3314 34% 3334 3478 3418 3434 32% 3413 53,200
13334 134
135 135 *135 138 *135 138
430
13213 13212 1325* 133
03514 45 .351 45
*3514 45
*3514 45
*3514 45
*3514 45
*50
65
65
65
*50
65
*50
65
.50
65
10
*50
65
7012 6912 7014 678 7012 10,000
7112 7134 6912 7112 6934 7114 69
*113 134
112 112
112 113
112
134 *15*
134
158
158
600
*2534 30
*2534 30
*25
30
30
30
10
*2534 30
*2534 30
8
814 *8
812
838 858 *8
878 87g *814 834
812
900
*2934 3014 30
*2934 31
3014 29
29
29
2934 30
304 1,900
3213 3234 32
31
32
3214 3214 3258 3238 3212 3234 1,700
30
95
94
94
*90
95
885
94
95
97
98
98
96
330
*29
2934 2934 2934 30
30
02914 3012 *2914 3058 2934 3038
400
1
.3313
*3312 35
33
33,
*3313 35
8
34
*3312 34
34
34
30
*7
718
7
61* 6% 1,200
718
718 7%
7
7
7
7
1414 134 14
1418 1413 1413 1412 14% 1418 14
*1314 1313 1,100
105 106
105 10518 104 104
105 105
105 105
1051* 10518
190
--- ---- ---- -- -- ---- ---- --- ---- --- ---- ---- ___ ___
104 10412 104 104
10434 1-05 *101 105 *104_
+.155r2 104
240
2714 26 -2-7-38 14,700
2712 2778 2658 2733 27
275* 28
273 28
120 120 *118 120 *118 120 *118 120 *118 120
*118 120
10
•1112 11% 11% 1134 1114 1178 1114 1158 1138 1138 1138 1234 6,400
109 109 *107 10814 10814 110
*10612 109 *10612 109 *107 109
590
30
*3214
143*
3013
32%
For footnotes see page 3336.
STOCKS
NEW YORK STOCK
EXCHANGE
Rani% Slim Jan. 1
Os Basta of 100-sAars Lots
Highest
Lowest
Nov. 23 1935
Jess 1
1933 to Ramos for
Oct. 31 Yfor 1934
1935 ----Low Loy
High
$ per shars $ per 4.1 $ per stars
Par $ per share
84
82
Elea Storage Battery
No par 39 Mar 21 58 Nov 12 n 337k
13
73 Jan 10
14 Mar 29
171
54
:Elk Horn Coal Corp__.._No par
178 Aug 17
1
358
53 Apr 1
58
50
6% part preferred
45
45
63
Endicott-Johnson Corp
50 5234 Jan 16 66 Sept 5
120
128
Preferred
100 12558 Jan 10 132 Apr 23 112
814 Nov 8
113
2
8%
118 Mar 16
Engineers Public Serv____No par
1018
1012 2312
$5 cony preferred
No par 14 Mar 19 50 Nov 8
11
3412
11
1413 Feb 7 55 Nov 8
No par
$53.4 preferred
12
2513
13
No par 1512 Mar 19 5512Nov 8
86 preferred
2
738 Aug 21
412 Aug 8
412
5
10,
Equitable Office Bldg.... No par
715 Mar 20 14 Jan 4
718
933 2473
Erie
100
812
1434 2814
812 Mar 26 1773 Aug 14
100
First preferred
634
9
23
634 Mar 12 13 Jan 7
100
Second preferred
50
50
68
Erie & Pittsburgh
50 6912 Feb 18 8534 Nov 1
7
142*
632
Eureka Vacuum Clean
5 1012 Mar 19 147 Aug 17
3
3758
9
5 15 Slay 7 2878 Nov 22
Evans Products Co
6 Nov 18
2
3
1058
2 Apr 30
Exchange Buffet Corp __No par
2%
%Mar 26
214 Jan 19
1
%
Fairbanks Co
25
244 121 1
93 Jan 18
313
4 Mar 19
Preferred
100
412
7
18%
Fairbanks Morse & Co___No par 17 Jan 11 32 Nov 20
25
30
7712
Preferred
100 72 Jan 17 14212 Nov 22
4
4
1114
534 Mar 15 2112 Nov 21
Federal Light dr Traa
15
34% 62
33
Preferred
No par 48 Jan 8 285 Aug 16
40
52
107
Federal Min & Smelt Co____100 40 Apr 3 72 Apr 26
98
50
62
Preferred
100 54 Apr 1 95 May 28
27
712Sept 30 ‘6 234
8%
334 Mar 23
Federal Motor Truck____No par
1
412 Jan 7
2
558
2 July 6
Federal Screw Works____No par
318 Aug 19
72
1
a
73 Feb 25
Federal Water Sep" 2-____No par
161$
20
31
Federated Dept
_ _No par 16% Mar 29 25 Aug 8
2014
23% 35%
Fidel Phan Fire Ins
StoresN Y-_2.50 2813Mar 14 45 Nov 9
16
23
16 Apr 9 25 Sept 26
30
Filene's(Wm)Sons Co___-No par
87
106
100 1061* Mar 6 114 July 3 285
64% preferred
1318
10 1313May 2 181* Jan 7
13
Firestone Tire & Rubber
2514
6718
711* 9214
Preferred series A
100 841,Apr 8 2967* Nov 14
45
53
6914
First National Stores____No par 4438 Nov 20 5473 Aug 12
1253
15
25
Florsheim Shoe class A__ _No par 19 Feb 21 2818 Nov 22
62* Jan 7
2
175,,
3
:Follansbee Bros
214 Mar 6
No par
7 1014
1013 2158
Food Machinery Corp
No par 2014 Jan 15 66% Oct 23.
812
812 22
9% Mar 15 2378 Nov 2
Foster-Wheeler
No par
44,4
56
80
Preferred
No par 6031/Mar 15 103 Nov 2
258
614 17,4
258June 7 1018 Jan 7
Foundation Co
No par
1713 2712
1653
1934 Mar 21 3618 Nov 18
Fourth Nat Invest W W
1
814
814 1712
853 Mar 15 1734July 15
Fox Film class A
No par
20
20
63
Fkln Simon dr Co Inc 7% pf__100 3014 Apr 2 70 Nov 8
18
Nov
20
174
2118
5058
Mar
3058
1714
Freeport Texas Co
10
Preferred
100 11212June 27 125 Nov 19 11212 11318 16018
1213
14
15 Mar 13 41 Nov 14
3358
Fuller (0 A) prior pret___No par
48
5
1958
43 Mar 13 23 Nov 14
$6 2d pref
No par
45
5 Nov 22
73
118
73May 21
Gabriel Co (The) ol A
No par
7
8
20
7 Mar 30 12 Nov 6
Gamewell Co (The)
No par
513
558 11,3
Gen Amer Investors
5% Mar 13 1034 Nov 21
No par
6412
73
87
Preferred
No par 84% Jan 10 10018Sept 16
6354
255
30
,
3 Mar 12 4512 Nov 7
Gen Amer Trans Corp
5 32
3312
1134
13
General Asphalt
10 113 Mar 15 2212 Nov 20
613
6%
Oct
17
1458
6
Mar
29
z138
General Baking
758
88 preferred
100
10812
No par 115 Jan 10 146 Aug 13 100
20
5
5
1038
Nov
1018
General Bronze
Mar
4
514
5
'2
General Cable
6% Nov 16
314
612
2 Mar 20
No par
4
414 12
Class A
4 Mar 26 1812 Nov 18
No par
14
7% oum preferred
141j 33
100 19 Mar 14 76 Nov 16
244
General Cigar Ina
27
594
No par 4612 Nov 16 6414July 27
97
7% preferred
97
12758
100 12718 Jan 2 14512 Oct 7
General Electric
1 Jan 15 4078 Nov 13 • 16
1673 25,4
No par 20,
28
2/1
361*
General Foods
No par 30 Sept 17 377 July 8
%
112 Aug 22
Is
Gen1 Gail & Elea A1
It Feb 25
No par
514
658 19
Cony pre serlea A__ _No par
8 Oct 16 1513 Aug 19
11
21
634
$7 pref Mass A
No par 11 Mar 5 18 Aug 20
7%
13
22
$8 pre( class A
No par 153* Jan 15 18 Apr 6
50
62,,,
Gen nal Edison Eleo Corp
32 Oct 7 6184 Feb 5 34 32
51
51
04%
General Mills
No par 5973 Feb 6 7213 Oct 25
118
Preferred
100 116 Jan 3 12014 Nov 15 10012 103
24% 42
General Motors Corm
10 2653 Mar 13 5938 Nov 18 "223*
84
89% 109
$5 preferred
No par x10713 Jan 4 120 Nov 21
8% 21
814
10 Mar 20 1714 Nov 6
Gen Outdoor Adv A
No par
4% Nov 7
3
3 Aug 9
6%
314
Common
No par
1012
1013 3512
General Printing Ink
No par 1758 Feb 5 4253Nov 7
6114
7313 96
$6 preferred
No par 9312 Jan 22 109 Oct 16
413 Nov 8
l'*
558
'2
1% Mar 13
Gen Public Service
No par
1558
3313 4558
Gen Railway Signal
No par 155 Mar 13 397 Nov 22
80
90
101,3
100 80 Jan 2 109 Oct 2
Preferred
212 Nov 22
858
,
4
1
1
34 Apr 2
Gen Realty & Utilities
2658
10
10
14% Mar 20 3314 Oct 31
86 preferred
No par
1634 Jan 30 2934 Nov 20
813
1014 2358
No par
General Refractories
714
10
20
Mg Jan 15 23 July 9
Voting trust certlfs
No par
14
1758 4812
14 Apr 13 51 Nov 19
Gen Steel Castings pref No par
Gillette Safety Raior
No par
12 Mar 14 1912 Aug 7 6 71a
81, 14%
72
4513
47
Cony preferred
No par 7011 Jan 4 93 Aug 6
7% Nov 19
63
213 Mar 13
218
253
Gimbel Brothers
Ns par
1313
100 18 Mar 27 65 Oct 19
1614 30
Preferred
Feb
7
4514
Nov
20
12
Glidden Co (The)
No par 233*
1553 285,,
100 104% Jan 2 111 Oct 14
Prior preferred
83
10712
8058
78July 15
Rights
13* July 19
7_
33
454 Jan 25
5
1% Apr 26
1 18
Blonel (Adolf)
912
1433Slay 2 2012 Nov 22
1438
Gold Dust Corp v t o
No par
10
23
9613
$6 cony preferred
No par 11112Nlay 3 120 June 29
96% 120
7% Mar 13 135 Nov 6
Goodrich Co (B F)
No par
713
8
18
ail 6284
2613
Preferred
100 40 Mar 15 7612 Nov 7
Goodyear Tire & Rubb___No par
1634 Mar 13 2678 Jan 7
155
1313 al%
1st preferred
No par 70 Apr 11 92 Jan 10 17 53%
64
8614
Gotham Silk Hoes
No par
213
2% Apr 4
934 Nov 22
374 11%
Preferred
100 20 Apr 3 77 Nov 22
20
3813 7113
114June 25
413 Oct 25
Graham-Paige Motors
1
114
512
412
Granby Cons M Sm & Pr____ 100
514 Mar 19 1313 Nov 12
4
4
135,,
1
Grand Union Co tr cif/
2% Mar 15
5 Jan 7
214
4
834
Cony pref series
No par 1438May 20 2934 Jan 3
142
33
40
Ms Mar 29 35 Nov 22
Granite City Steel
No par
1818
2,
31%
34
Rights
34Sept 17
212Sept 5
Part paid rots
No par 2234 Oct 2 3314 Nov 22
2234
-Grant 11,V T)
No par 26 Mar 26 3814 Sept 7
25
18
-3C053
78
Cit Nor Iron Ore Prop
No par
914 Star 19 1538 Nov 14
8% 15%
95
Great Northern pref
100
954 Mar 12 33% Nov 20
1314 3312
Great Western Sugar____No par 2658 Jan 15 3478May 20
25
25
3814
Preferred
100 119 Jan 2 140 May 4
99
102
11812
Green Bay & Western RR Co_100 21 Apr 12 30 Sept 12
21
----59
Greene Cananea copper
18
18
IVO 34 Feb 6 66 Sept 19
Greyhound Corp (The)
5 4018July 17 7412 Nov 14 • 5
---- - -ag
-358
Guantanamo Sugar
2%May 13
1 Feb 1
%
No par
714 31
Preferred
74
100 19 Feb 16 4314May 14
1614
5
4
Gulf Mobile & Northern
9 Aug 16
100
4 Mar 7
12
355*
6
Preferred
100
6 Apr 3 31 Nov 7
1514 42
12
Gulf States Steel
No par
12 Mar 29 3234 Nov 18
83
47
2514
Preferred
100 48 Mar 29 98 Nov 22
2013 2614
1974
Hackensack Water
25 2114 Jan 15 30% Nov 22
31
37
26
7% preferred clams A
25 30 Jan 18 34 June 29
3%
934
Hall Printing
4 Mar 19
8 Oct 28 • 314
10
33*
358
1178
Hamilton Watch CO
612 Apr 30 1412 Nov 16
No par
63
25
20
Preferred
100 63 Jan 4 106 Nov 18
84
77
10154
Hanna (M A) Co $7 pf___No par 101 Jan 2 108 June 3
-- - .
$3 preferred,,
No par 10012Sept 26 105 Nov 20 1005*
12
13
ii%
Harbison-Walk Refrao.-No par
16 Mar 15 28 Nov 16
82
87
100
Preferred
100 9934 Jan 7 120 Nov 12
758
lla
I%
Hat Corp of America el A_---1
512 Feb 6 1314 Oct I
1412
1934 92
100 81 Feb 6 110 Nov 22
6 5.5 % preferred
New York Stock Record-Continued-Page 5
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 16
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday
Nov. 21
Friday
Nov. 22
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
3341
Rows Since Jan. 1
Os Basis of 100-share Logs
Lowest
Highest
July I
1933 to Range for
Oct. 31 nor 1934
1935
Low Low
High
5 per share 3 per 88 $ per share
Par $ per share
$ per share $ per share $ per share 3 per share S per share $ per share Shares
114
3 1
/
4 Mar P.
2
47
47
11
6%
612 Oct 5.
434 5
4% 5
5
5%
318
4% 534 20,400 Hayes Body Corp
54
65
74
25 85 Jan 2 117I2July 24
98/
1
4
116 11712 11612 117
11614 11614 '11513 11612 1,800 Hazel-Atlas Glass Co
116 . 116
115 115
94
June
4
101
141
145
Jan
5
25
127
(03
W)
*1333
4
136
138
Helms
*13212 136 *134 136 *134 136
*132 138 *132
1234 153
100 14212 Jan 10 162 June 19 120
Preferred
*15314 161 *15314 161 *1.5314 161 *15314 161 *15314 161 *15314 161
514
51
/
4 124
No par 11 Jan 8 3312 Nov 18
3238 3034 3214 10,700 Hercules Motors
3138 3214 3212 3312 3278 3314 3114 3278 32
59
40
814
No par 71 Mar 12 90 Oct 16
8713 8513 8534 8638 8812 8634 887
8714 87
8714 8714 87
2,300 Hercules Powder
/
4 111
12534
100 122 Feb 9 128 May 3 1041
126 128 *127 ____ *12718
$7 cum preferred
126 12718
12613 12612 12634 127
330
_
12112 Aug 28 12138 Aug 29 12113
Preferred called
-479-1
44
: /3-3-4
/
4 Apr 4 814 Jan 19
No par 731
--------" --13" -8-6- - i- -i - ;iZ- ------- - Hershey Chocolate
79
7512 -i7
a, 00
76 --781
2 --,-i
80
83
No par 104 Jan 25 118 July 17
1051
/
4
Cony preferred
116 116
113 11312 *11312 11418 11418 11418 11412 115
11534 11534 1,700
414 1014
4
25
534 Mar 15 254 Nov 2
No par
2414 25
24
2378 2438 234 2418 2314 2438 8,500 Holland Furnace
2412 25
534 13
518
6% Mar 29 11 Jan 2
5
9
9
918
878 9
9
87
9
838 9
838 88 2,600 Hollander & Sons (A)
310 z4.301
100 338 Feb 5 431 Nov 22 200
/
4
402 405 *403 410 y x39978 3997 407 412 419 42413 424 431
2,100 Homestake Mining
11
34
4112 41
*41
4178 *4112 4134 417 418 40
4113 41
4112 1,400 Houdaille-Hershey CIA __No par 307$ Mar 14 42 July 31' 7
212
612 Mar 13 3038 Nov 21
2/
1
4
8711
No par
/
4 2678 2678 2838 2838 30,
2613 2714 2614 2634 261
Class B
8 2712 3014 69,800
43
54
43
*7338 74 '7214 7438 *7214 747
73
7234 7234 7234 73
*71
300 Household Finance part 61_50 49 Jan 2 73 Nov 19
9%
124 291
/
4
918.Mar 15 1734 Jan 2
Houston 01101 Tex tern ctfe_100
1%
Nov
22
212
5
113
Mar
13
5%
414 438
414 438
418 438
418 438
Ws
new
414 438 4125
Voting
trust
49,800
2 5
3512 571
20
/
4
557 5634 5512 5634 5038 58
5514 57
5 43 Jan 15 58 Nov 21
5413 55
13,600 Howe Bound Co
55
58
234
4
1218
3% 3/
*338 334
512 Jan 21
100
34 37
1
4
234 Feb 27
4
414
414 5.900 Hudson & Manhattan
34 4,8
4
9
281
/
4
812
612 Mar 14 1312 Jan 21
100
91
/
4 1012 1014 1013 104 1034 1012 1118 1,500
*918 10
Preferred
*878 10
1712 Oct 23 14 6
No par
614 Mar 26
614 2614
1538 1618 1538 1534 1438 1538 147 1514 1458 1538 33,500 Hudson Motor Car
154 16
34
714
hg
372 Jan 7
34 Apr 5
10
234 2%
234 234
234 278
258 27g
238 234
212 234 10,300 Hupp Motor Car Corp
9/
1
4
1332 3874
/
4 Mar 14 1734Sept 19
100
1638 1538 1614 1558 1658 1512 17
1058 16
91
1638 1658 16
32,200 Illinois Central
21
15
50
2518 2518 25
2412 25
100 15 Apr 11 2714.Nrov 22
25
2518 2512 2512 2512 2714 1,800
25
6% pre( series A
40
4834 66
100 40 Mar 21 574 Jan 10
53
5312 *53
53
5312 53
5238 53
5218 53
Leased lines
270
5213 5212
712 24,4
4,
4
Nov
22
934 934
*9
934
1012
/
1
4
Mar
30
934 934
4
series
A---...1000
912 934
RR Sec ctfs
912 912
930
912 1012
24
314 Nov 6
2% Mar 16
238
10
44
300 Indian Refining
318 *278 318 *278 318
3'8 318 *278 318 *27
3,8 3 4
1938 32%
11 1314
3134 3118 3212 3118 3234 3114 3134 31
No par 2313Nlay 8 3638 Oct 21 .
3112 3134 31
3134 19,500 Industrial Rayon
45
4912 73/
118 11812 118 118
1
4
No par 6012 Mar 13 121 Nov 6
11712 118
117 117
118 118
114 11512 1,800 Ingersoll Rand
105
11634
100 109 Jan 7 130 July IS 105
*128
_ .*128
*128
__ *128
*128
Preferred
*128
_ _ _ ___
_
28
341
56
No par 4614 Mar 22 103 Nov 18
10612 108
107 iroii2 5o53 1673 106 1-073-4 106 1-06-3-4 7,200 Inland Steel
10434 10.0
211
1
4 Oct 8
212 Feb 27
2/
1
4
8/
64
20
678
634 718 r634 718
638 7
618 614
718
638 718 11,600 Inspiration Cons Copper
2
21
/
4
438
67 Aug 2
4 Mar I
1
*638 612 *638 612 1,900 Insuranshares Ctfs Inc
658 65
618 638
6,8 618
6
618
51
/
4
51t 171
1812 1938 1858 1918 1818 1834 8,200 :Interboro RapidTran v I (3 _100
834 Mar 15 2338Sept 11
/
4
18
185* 1712 1734 1778 1914
2
2
7
25* 234 *212 3
*214 258
43s Jan 25
2 Oct 7
238 25
234 234
3
3
350 Internal Rye of Cent Amer. _100
5 Jan 3
11
/
4
212
63*
No par
*214 3
*214 3
134 Oct 14
*214 3
*214 3
Certificates
*238 3
*238 3
65*
73s. 2234
914May 21 184 Jan 10
100
1414 1334 1438
Preferred
•18
1312 1314 1514 135* 151s 1338 1334 14
970
112
112May 1
21
/
4
57s
3 Jan 7
No par
23
212
214 258
2% 212
214 214
214 21
/
4
21
258 4,500 Intercont'l Rubber
4
4
111
/
4
414 Mar 7 114 Nov 20
No par
101
/
4 1118 1034 1112 1012 1138 1034 1138 1018 1118 43.400 Interlake Iron
108 11
11
/
4
5 Jan 2
258July 11
2
6,4
314 3,200 Internal Agricul
No par
314 338
314 338
31
/
4 3%
314 314
31
314 314
15
3718
10
Jan
25
424
26
June
1
100
31
3218 31
*3018 311
/
4 3018 30,8 31
3012 3118, *30
preferred
3012 1,100
Prior
131
164
180 181 1 180 180
18134 1814 180 18012 18118 18118 18012 182
1,500 Int Business Machines___No par 1494 Jan 15 187 Sept 12 12534
3/
1
4
Vs 121
1
74 Nov 22
3/
1
4 Mar 12
/
4
658 714
058 714
7s 74 15,300 Internal Carriers Ltd
678 714
74
7
741
738
1838
181
/
4 37/
1
4
3534 3638 3514 3578 3518 3512 3478 3534 3412 3518 3412 3518 8,400 International Cement____No par 227g Mar 15 3678 Nov 15
2314 48/
2314
1
4
No par 3418 Mar 18 6538 Nov 15
6312 6512 634 6458 6034 643 25,800 Internet Harvester
/
4 65
637 6434 6414 6538 641
110
137
100 135 Jan 2 152 May 9 110
149 149
150 150 *149 150
14718 14718 *14714 149 *14714 149
Preferred
300
258
114
434 Aug 19
1718
25
114 Mar 15
33
312 4
4
338 334
3,2 358
312 38
34 358
23,000 lot Hydro-El Sys el A
2
6
178
412 4%, 4,700 Int Mercantile Marine___No par
612 Oct 3
478 5
418 41
/
4
4
412
334 4
178June 20
434 434
21
291
/
4
37% 3778 3712 388 3712 3938 377g 3958100,100 Bit Nickel of Canada____No par 2214 Jan 15 394 Nov 22 3, 1438
375* 3778 3712 38
11514 130
100 1237 July 11 13012 Nov 21 101
13012 13012 *127 13012
*12713 13012 *127 13012 *12714 13012 *12714 130
Preferred
200
10
25
8/
1
4
Internet Paper 7% Pre
100
2
612
11
/
4
4/
1
4Nov 20
112 Mar 15
418 438
314 412
3
3%
278 3
25
278
4
4% 12,800 Inter Pap & Pow el A....-No par
24 Nov 22
71
4
No par
2
2
212
38July 11
31
/
4
212
14 14
/
4
14 14 *112 11
Class B
212 25* 3,900
2 Nov 22
38May 7
513
21*
33
No par
11
/
4 138
118 11
/
4
1
114
11
/
4 118
14 178
Class C
31,700
134 2
811 2474
412
1612 1718 17% 1914 193 2012 1912 2012 1838 2014 66,200
4/
1
4 Mar 13 2012 Nov 20
100
164 1714
Preferred
9
40
9
4012 3914 4014 40
2513
4212 41
3934 4034 393 41
418 10,000 Int Printing Ink Corp___No par 214 Jan 15 4213 Nov 2t
86
100
65
100 981
108 10814 108 10814
1068 10734 107 10812 108 108
10612 107
/
4 Jan 2 10312 Nov 19
Preferred
750
31
32
20
2718 2718 2714 2713 2712 2712 *2712 28
2718 2738 2612 27
No par 2514 Oct 21 3614May 14
2,300 International Salt
38
38
49
4918 4914 4914 4914 4912 *49
5018
.4814 49
No par 4214 Mar 19 4912 Nov 20
4914 49
49
1,600 International Shoe
19
16
2213 2212 *2112 2234 2214 2214 *2134 2214 23
4534
lOu 16 July 19 28 Jan 4
23
*22
2314
300 International Silver
*7213 7334 73
72
74
72
72
40
74
59
74
841
/
4
100 6012 Mar 21 78 Oct 19
7312 7212 7412
310
77, preferred
55
712 1714
1334 1318 134 1212 1338 304,200 Inter Telep & Teleg
11$8 114 1138 1218 1134 1234 13
558 Mar 13 1334 Nov 20
No par
145* 1514 1418 15
234
1414 1412 14
311 161
144 1512 1434 155
/
4Sept 9
873May 8 161
/
4
141
/
4 8,800 Interstate Dept Stores-No par
*72
75
*60
75
75
2152 81 1 2
1614
*73
751
/
4 *73
75
100 7012June 27 90 Aug 19
80
*73
Preferred
75
100
1412 1514 1514 16
14
4/
1
4
14
51
/
4 10
15
151
/
4 '15
No va
1512 1434 15
8111 Mar 13 16 Nov 19
5,800 Intertype Corn
*2513
244 36
2034
26. 2514 2514 2534 267
*2512 2614 2614 2614
1 2413 Oct 22 36 Jan 8
26
27
1,100 Island Creek Coal
90
110
85
..- *113
5113____ *113 -- *113
1 110 Jan 22 12012 Apr 9
*113
. *113
Preferred
_ _
26
33
5713
*5514 5534 5518 553-4 5512 -5512 *55 -35% 5512 -55-34
No par 49 Mar 13 37 Aug 8
- 56 -56
.1,000 Jewel Tea Inc
59
3612
97
9434 9914 9478 96
93
96
98
651
/
4
No par 3813 Mar 13 9912 Nov 18
92
995* 97
9534 13,400 Johns-Manville
21
101
87
4
Aug
14
12413 125
/
4 12614 124 124
1253
11712
Mar
15
100
12412 12412 125 125
*12218 12814 *1221
Preferred
140
135
40
*__-_ 150 e____ 153 *____ 153 *____ 153 *145 153 *____ 153
Jollet & C1293 RR Co 7% gtd_100 130 Feb 19 130 Feb 19 115
45
77
45
9134 9178 93
92
90/
1
4 9112 91
8934 90
92
91
93
2,180 Jones & Laugh Steel prat ___100 50 Apr 4 93 Nov 20
977s
_ *11814 11933 •11814 .
119 120 *11814
97% 1412
*11834 119 *11834 119
30 Kansas City P & L pf serBNo par 115% Mar 2 120 Aug 1
_ *638 612
618 638
614 638
634 712
012 _-634
61
/
4 19/
1
4
334
834 Jan 7
334 Mar I
100
y Southern
712 -7-3-4 6,100 Kansas City
6/
1
4
1014 2712
10
1078 11
11
1114 11
1038 10/
1
4 11
100
1218 12
6/
1
4 Mar 12 1312 Jan 7
Preferred
1212 4,500
1913 1934 1938 195* 19% 1934 9,800 Kaufmann Dept Stores $12-50
514
1
4 1934 197
6
1038
19
19% 194 20/
74 Feb 6 2014 Nov 18
13/
1
4 1813
12
2678 27
2738 *26
284 2612 2612 2434 2613 2612 27
5 1534 Jan 17 28 Oct 24
27
3,900 Kayser (J) & Co
20
3713
15
*80
*80
90
*80
90
Keith-Albee-Orpheum pref_100 34 Mar 7 9018 Oct 23
90
*80
*80 ,. 90
90
*80
90
412
1
/
1
4
2/
1
4 Jan 17
5
32 Apr 4
5
20
5
No par
6 Apr 4 22 Aug 12
preferred
6%
34
3
10
2912 2812 3038 29
30
3018 2914 308 2812 2934 28
6 Jan 25 3114 Nov 7
io78
loKelsey Hayes Wheel conv.cIA__1
,
i65
2612 26
238
11
/
4
712
2614 26
2614 2618 2634 28
27
26
1
2534 2778 10,600
314 Mar 8 2814 Nov 6
Class B
1
4 1434 1518 1438 1514 1434 15
/
4 2114
111
No par
1434 1512 29,400 Kelvinator Corp
10/
1
4 Aug 27 1814 Jan 9 ," 638
1514 154 144 15/
*9233 92,2 9238 9238 92
55
3518 94
93
*923* 93
•9214 93
92
No par 84 Mar 21 96 July 9
92
290 Kendall Co Pt pf eel A
2318
/
4 28
16
2878 2734 29
2818 2878 2838 291
1334
27/
1
4 28
No par 1334 Mar 13 2918 Nov 19
2712 2918 101,700 Kennecott Copper
21
2012 204 *20
2012 2012 2012 2034 2012 2012
203
972 181
/
4
081
*20
No par 10 Mar 5 21 Nov 6
800 Kimberly-Clark
7/
1
4
3
1
4
2/
5
434 48
4,2 48
414 414
538
5
5,
8
434 434 3,700 Kinney Co
53* Jan 3
No par
258 Oct 4
13
/
1
4
41
12
Nov
20
30/
1
4 3613 3912 3734 39
35,2 3714 36
3912
29
par
30
37
Mar
No
3614 38
23
Preferred
2,140
325
4
1338
27
274 2714 2712 274 12712 2712 2738 2738 2738 2712 2734 11,700 Kresge (88) Co
1014
4
Nov
22
273
10 194 Mar 13
108,2 10812 10812 10812 *10812 109 *1081
9914 101 2114
108,2 10812 109 109
1
4 Apr 28 113 Ale* 9
100 103/
/
4 109
7% preferred
120
*518 6
512 51
2
6
512,6
/
4
6
212
614 614
613 Nov 22
2 May 21
No par
6
612 1,000 Kresge Dept Stores
714
*72
90
55
*72
90
*72
*72
90
19
12
90
•72
100 42 Jan 11 80 Oct 31
90
*72
Preferred
90
79
7918 7918 79
78
7812 *7712 79
38
6512
27/
1
4
7812 7812 78
No par 581s Apr 5 80 Nov12
78
800 Kress (S ID & Co
261
/
4 2613 2614 2612 2618 2634 2618 2634 18,000 Kroger Groo & Bak
2638 2634 2638 27
33
/
1
4
2314
19
Aug
12
3218
2214May
16
No par
2018 21
2014 21
20
21
20
6312
2112 2112 *2013 2114 *2012 22
12
120 Laclede Gas Lt Co St Louie __100 12 Mar 22 27 Aug 16
3032 3532 *3612 3812 *37
38
397
*39
27
60
1914
3978 *37
37
37
/
4 Mar 27 46 Aug 20
100 191
5% preferred
40
1
4 2414 24
3314 311
/
4
2413 24
23
2314 2318 2312 23/
1938
/
4 Jan 8
2438 234 2438 12.800 Lambert Co (The)
/
4 Oct 3 281
No par 211
1414
8'4 *858 9
5
8
*74 8
418
85* 858 '814 9
9 Jan 3
5 May 13
No par
814 814
500 Lane Bryant
1234 1214 1259 12
1258 12
127,8 127o 12
7
1412
51
/
4
Nov
8
1214 1134 1318 12,700 Lee Rubber & Tire
1314
5
812 Mar 14
141
/
4 1438 1414 1412 1438 148 1412 15
11
20
9
1478 1518 1412 15
50 10/
1
4 Mar 14 173s Jan 7
5,700 Lehigh Portland cement
*10038 116 *10138 103
103 103
102 103 *10138
1
4 90
73/
73
__ *10138 103
10
894 Jan 3 103 Nov 19
7% preferred
30
918 918
9
914
gli 311,
84 834 812 9
858 _-912
5
50
85* 912 11,400 Lehigh Valley RR
5 Mar 13 1112 Jan 7
238 238
238 24
23s 24
238 212
312
5
112
238 234 7,100 Lehigh Valley Coal
214 238
314 Aug 14
112 Mar 13
No pa
1218 1172 1238 12
1112 114 12
1134 12
5
1648
1238 1278 1414 15,100
4
141
/
4 Nov 22
512May 1
50
Preferred
9512 9512 9512 9534 9412 95
94
953
0414 78
3834
9314 95
9314 93
4,000 Lehman Corp (The)
No par 6718 Mar 28 9534 Nov 18
1212 121% 1212 1234 1238 1258 121/ 125* 1238 12% 1212 1234 3,300 Lehn &
1112 2312
1012
1714 Jan 25
S 1012 Oct 1
Fink Prod Co
464 4412 4618 4512 4713 4638 4814 4612 478 4514 48
46
2212 43/
21
1
4
27,600 LibbeY Owens Ford Olass. No par 21% Mar 30 4914 Oct 28
912 10
934 10
94 104
10
1038
214
98 101
/
4
94 98 33.300 Libby. McNeill & Libby_ No par
638 Sept 10 1038 Nov 19
29
29
2914 29
29
29
2914 29
29
2938 2912 2958 2,500 Life Savers Corp
171* 241558
5 21 Mar 14 2938 Nov 22
*115 117 *11313 11513 114 11413
11612
.115
11512
*112 11412
11512
73
110
7113
600 Liggett & Myers Tobecoo_-__25 941
/
4 Apr 5 120 Aug 8
115 11614 116 11612 115 11818 11412 115
*11512 116
114 1151
7412 1111.4
7314
/
4 6,600
Series B
25 9334 Apr 4 122 Aug 6
129
123
*164 16414 16312 16312 *15818 164 *160 16412 *160 164 *15812 163
4
15212
16712May
Jan
30
100 15113
Preferred
1914 1918 2334 2112 2314 2014 22
261$
19
.1834 184 184 19
16
1414
18,400 Lily Tullp Cup CorD__-_Nopar
1512 Oct 18 2834 Nov 20
2614 2612 2512 27
2638 27
2518 2678 11,100 Lima Locomot Works___-No par
2678 2612 275
26
151
/
4 3614
1313
1313 Mar 14 2738 Nov 18
42,2 42
4278 42,4 4234 42
42
4214 42
42
- 42
4238 2,900 LInk Belt Co
111
/
4
114 19/
1
4
No par
1718 Mar 13 43 Oct 16
3534
3414
/
1
4
3838
3614 3434
3338 35
/
4 35/
1
4
- 3434 3514 3412 3518 35
181
181
/
4
No Par 2412 Mar 13 364 Nov 19
14.200 Liould Carbonic
537g
5234 533
g
527 538 53
5214 55
524. 53
30/
1
4 37
1912
39,900 Loew's Incorporated
No par 3114 Feb 7 55 Nov 22
*10618
10612
10614
,10614
106
10618
106'z
*100 10638
72
105
*106 107 *106
86
No par 102 Feb 1 10834 Oct 18
300
Preferred
2
218
219 214
2
2
218
218
218
21
112
3
218 218
1
No par
5,400 Lott Incorporated
238 Oct 28
1 Mar 15
258 234
238 234
212 27
234 278 7,700 Long Bell Lumber A
278 3
-3
314
1
3
1
No par
3% Nov 15
114 Mar 12
4912 4012 4012 4012 407o 4014 4034 40
4014 2.800 Loose-WIlee 13Iscult
3314 14414
'404 4012 40
33
25 33 Apr 2S 413s July 25
*10612 112 *10612112 *10612 112 *10612 112 *10612 112 *10612 112
100 10778 Oct 20 10814 Oct 16 10778
5% preferred
2618
26
253
4
257
8
26
2212
2614
2512 28
255*
2614 2438 26181
1544
10 1812 Mar 26 2612 Nov 14
144
17,700 Lorillard (P) Co
142 143 *140 149 *140 149
141 141
13913,13912 140 149
100 124 Apr 3 14434 Aug 7
9812 102 z130
220
7% Prelerre5
34
78
34
34
34
34
114 24,700 :Louisiana 01:
%
34
No par
h
%July 16
4
3/
1
4
4
34
34
1% Jan 7
9
9
9
9
9
*3 I "972
*9
9
10
9
1312
412June 19 1412 Jan 8
714 2313
412
100
840
Preferred
2158 2114 215o 2114 2112 2112 2134 2178 22
2013 2038 21
12
21
10/
1
4
4,200 Louisville Gas & El A___No par 1038 Mar 18 2318 Aug 19
54
53
533
4
543
8
5512
544
5414
57
558
3734 8212
100 34 Mar 29 57 Nov 22
34
7.600 Louisville dr Nashville
5314 534 5314
2412 2434 2414 2434 23/
712
1
4 2412 5,200 Ludlum Steel
81
/
4 1912
2512 2434 25
2514 2514 25
1
124 Mar 28 2612 Sept 18
130 130 *1371
/
4 130
127 127
No par 9014 Jan 4 135 Sept 18
130 130 '127 13112 *127 132
60
97
Cony preferred
50
300
7
4278 427 *41
*4112 43
43
4214
43
43
43
4312 4312 *42
10 3778 Nov 4 46 Fen 19
30
21
300 MacAndrews & Forbes
127 127
126 126
127 127
125181125% *12518 126 *12518 126
100 113 Feb 8 130 May 13
120
6% preferred
95
874
1114
For footnotes see page 3338.
New York Stock Record-Continued-Page 6
3342
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 16
Monday
Nor. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday
Nov. 21
Friday
Nov. 22
Sale
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Nov. 23 1935
I /116/ 1
11933 to Range for
Ranee Soles las.1
Ow Basis of 100-share Lots Oct. 31 Year 1934
1935 ----Highest
litoa
Lowest
Low Low
Par $ per share
i Per share 5 per sh 5 per share
$ per share 3 per share $ per share Shares
1838
22
284 Jan 8
1838June 1
414
No par
25
2334 2578 56,600 Mack Trucks Inc
26% 2514 26
3013
5714 Nov 18
354 624
20,600 Macy (II Hi Co Inc
55
55
57
No par 3012 Apr 1
5414 5534 53
212
258
7
300 Madison So Gard v t o
512 Jan 2 1038 Sept 12
912 *838 912 *838 9
No par
*9
1513 z2314
1214
3514 7,700 Magma Copper
10 183* Jan 16 37 Oct 5
35
34
33
3538 34
Mahoning Coal RR Co
50 515 Aug 20 515 Aug 20 515
- _
-- - -%
-78
-3-38
214May 14
660 :Manati Sugar
72 Feb 6
100
ii4 -1-4
1
-1-12 *118 114
914
1
134
280
Preferred
6
6
100
4 Jan 7 10 May 24
7
634 7
7
3
3
812
938 938
9
3 Apr 29 1014 Nov 22
978 1014 6,100 Mandel Bros
10
No par
41
14
20
110 :Manhattan RY 7% guar ___100 29 Apr 23 6618 Oct 16
*60
64
*60
63
60
60
Mod 5% guar
10,
4 2932
2212 2234 224 2314 2212 2212 3,900
1034
100 1314 Afar 15 30 Sept 11
1012 201$
10
25 10 Mar 28 1818 Nov 20
1612 1818 17
1714
1714 1818 7,600 Manhattan Shirt
110
1
3 May 23
31s
1 Feb 23
2
2
2
1
214
214 28 5,800 Maracaibo 011 Explor _
0
512
6
912 Nov 22
54 Apr 1
912 15,200 Marine Midland Corp (Del) ___5
9
9%
914
94 938
38
Market Street By
100
12
238
113July 22
38June 14
*34
1
1
*34 1, "4
2
2
84
Preferred
280
100
5 Jan 8
212 Oct 24
*234 4
•312 3%
312 31 2
97 10
3
1'214
670
Prior preferred
3
1034J1,11e 27
3% Mar 1
978 10
100
978 10
74
•139 2
1
10
414
2nd preferred
214 Jan 8
1 Mar 15
*13
2
100
*138 2
12
32
17
41
7,800 Marlin-Rockwell
415 4214 41
No par 20 Mar 13 4238 Nov 21
425* 41
8% 193*
1312 14
8:
134 9,900 Marshall Field & Co
No par
134 13% 13
63 Mar 14 1414 Nov 7
8
A
1253
814
214
814 2,900 Martin-Parry Corp
4 June 27
8
No par
94 Jan 7
778 8
2313 40%
2312
23% Mar 14 33% Nov 22
33
3334 3235 3312 3134 33% 17,100 Mathleson Alkali Works No par
136
90
Preferred
155 155
155 155 *155 156
100 136 Jan 2 156 Nov 16 10512 110
5612 5734 5812 57
23
30
455
56 8 13,200 May Department Storer!
55
10 3578 Mar 29 5734 Nov 20
16
1534 1614 6,800 Maytag CO
314
1512 1614
418
54 Jan 30 20 Nov 4
884
No par
1635
10
1,100
36
Preferred
834
52
Oct
5134 52
11
*5012
54
5214
Jan
15
No
par 83
52
It
Preferred ex-warrants_lvo par
8
*48
3234
•48
50
50
*4814 50
3212 Jan 7 55 Oct 11
9212
160
Prior preferred
49
101 10112 *10012 101 *10012 101
27
No par 8812 J1211 4 103 June 17
22
24
32
No par 28 Mar 14 3512June 17
3335 3338 3335 3338 3314 3338 2,800 McCall Corp
1134 12
1138 117* 11% 1278 13,200 :McCrory Stores olassA_No par
14 1212
34
714 Apr 3 14 Oct 15
C122118 B
1112 1138 1112 1112 1112 1214 3,700
114 1238
Dm
No par
612 Apr 3 1333 Oct 15
600
103 10314 10214 10214 *100 103
Cony preferred
34
814 6335
100 5714 Feb 6 104 Nov I!)
4
3
8 1.700 McGraw-Hill Pub Co___No par
1012
1634 Nov 16
1538 15,
16
16
16
714 Mar 26
16
884 6012
2835
3512 3758 3634 40
3814 4014 34,600 McIntyre Porcupine MInes____6 3334 Nov 1 4518Sept 28
9618
128 131
79
5,200 McKeesport Tin Plate___No par 9012 Jan 15 131 Nov 20
6714
12712 12712 12612 128
313
978 Nov 22
44
5726.1ay 22
9,4
812 878
5
91s 978 78,600 McKesson & Robbine
878 938
Cony pref series A
1174 4234
913
498 5012 5012 5234 5014 5212 11,900
50 32 May 24 537 Nov 1
34
1
1312 1414
1718
812 Apr 1
1532 Jan 3
1338 138 1278 1335 16,800 McLellan Stores
No par
190
6
94 924
6% cony prat ear A
112 112 *11012 11638 112 112
100 854 Mar 13 112 Oct 17
42
1712
26
600 Melville Shoe
64
6412 6412 •63
*63
65
No par 41 Jan 2 6514 Nov 6
3
34 11
8,500 Mengel Co (The)
738 835
838 Nov 14
712 8
738 778
3 Af ar 12
1
2034
24
52
3,690
5734 5934 5614 5734 56
7% preferred
58
100 2044 NIar 20 6034 Oct 21
Merch & Mln Trailer) Co_No par 22 Apr 12 30 Oct 26 7 22
*27
2512 3334
2912 •27
2912
2912 *27
39% 4138 3914 397
,
40 I 22,000 Mesta Machine Co
39
5 Ws Jan 15 413s Nov 20 7 834 22018 263
212
63 Oct 8
2%
612
212 Mar 13
512
512
5
512 535
558 518 6,700 Miami Copper
533 534
512 534
558 534
144
Via
30,200 Mid-Continent Petrol
918
17
16
1612 17
912 Mar 15 17 Nov 20
1635 1638 1614 1634 1614 1634 1618 17
10
2214 2314 22% 2338 2312 241
2212 23
612 2174
613
2334 2412 2278 234 18.100 Midland Steel Prod
84 Afar 12 24% Sept 20
No par
853*
44
44
11234 113 *11212 11312 112 11212 110 110
11214 113
260
111 111
9% "urn let pref
100 6018 Mar 6 111118 Oct 9
84 *80*80
50
70
*80
MIRY Elec Ry & Lt Co 6%prcf100 85 Nov 4 85 Nov 4
50
88
_ - *80
"84
*84
88
05
1,700 minn-Honey well itegu_4vo par 58 Jan 15 147 Nov 20
14314 144 *14212 1-444 14212 142.12 14434 147
2038
36
14514 14614 145 148
107
87
1064 10634 *10612 107
60
6% prat series A
*10612 108
107 107 *10612 107
107 107
100 105 Jan 9 211114June 19 • 68
37 Mar 15
38
618
614 64
6i
6
614
14
612
6,4 95,100 MUM Moline Pow Impl __No par
634 Nov 18
14
57
.
6
65*
6'2
66
68
6112 65
65
66
1512 41
2,600
15
6512 6512 6412 6412 63
Preferred
64
No par 31 Afar 14 68 Nov 18
14
130
./8
32
0.100 :Minneapolis & St Louls____100
12
14
14
34 Nov 21
'4
18
*14
la
18
la Mar 4
38
38
34
54
1 14
11 i
114
114
11 4
1 14
112 2,400 Minn St Paul & SS Marle_100
114
112
114
212July 11
112 112
54
3'"
h Apr 24
.112
2'8
218
214
1
*212 3
1 14
3
54
3
7% Preferred
4 July 10
314 314
900
314
314
1 Mar 6
100
218 24
2
4% leased line Mrs
212 238
2
112
278 314
71•
14
314 334 2,170
312 335
34 Nov 22
100
114 Mar 29
1512 1512 1512 1512 1512 153* 1512 1538
1514 1514
1535 1534 3,900 Mallon Corp
-1033
No par
-- 101$ Apr 9 16%MaY 10
5
514
518
5
212
434 54
514
534 28,800 MO-Kan-Texas 11.R
512
4% 518
5
212July 22
814 Jan 7
No par
Preferred series A
1312 41,400
12
3458
578
1234 12
100
572May 7 1412 Jan 7
112 15*
135
3,300 :Missouri Pacific
138
2
134 14
1 12 135
134
6
113
134
1
3 Jan 4
134
1 July 8
100
234 23
238 3
3
314
Cony preferred
3
9,
4
318 378 9,800
34 338
24
35*
112
4 Jan 7
111 Mar 30
100
2134 2134 2034 2218 2034 2112 203 2178 2034 2118 2012 2138 10,200 Mohawk Garnet Mills
124 '2258
1034
20 1014 Mar 13 23 Nov 7
9312 9312 94
9434 9312 94
93
9412 9234 9412 29312 9418 4,800 Monsanto Chem Co
6135
39
10 5.5 Feb 29 9434 Nov 11 •• 24
38
39
37
3938 183,800 Mont Ward & Co Ino__No DOI 2134 mar 12 .1018 Nov 18
37% 3934 3834 4018 388 3912 3734 40
353*
20
1514
5112 53
55
*53
5412 55
4812 4914 4812 4912 *49
1,200 Morrel (J) & Co
51
634
37
3472
No par 4812 Nov 20 66 Feb 25
63
*82
*62
644 62
643.1 *6212 6434 *6212 6412 *6212 6412
150 Morris & Eseex
71
5534
58
60 614 Apr 18 6512May 24
h
h
h
34
h
h
58
34
%
58
34
58
34
7,000 Mother Lode Coaillion___No par
112A1ay 1
Is
14 Apr 4
1
1
5238 5114 521.1 5114 57
51
5812 34,000 Motor Products Corp__No par
1514
1814 4458
53 4 57
54
1718 Mar 18 5812 Nov 22
5739 55
1312 1335 13% 1338 21314 1338 1338 1412 1418 1435
1312 1412 24,700 Motor Wheel
614
63* 16%
74 Mar 12 14% Oct 15
5
1438 143* 1438 14% 15
15
15
1538 153* 3,500 Mullins Mfg Co Class A____7.50
15
1478 15%
1614 Oct 22
94 Aug 21
9,4
---- --1438 143* 1438 1434 1412 1478 1412 1434 143* 1518
Class 13
-----1434 153* 5,500
912 Aug 23
1
1539 Nov 22
75
73
7478 7578 74
7314 73
1,090
62
Preferred new
76
75
77
7634 77
No par 62 Sept 4 7712 Oct 16
*2018 2078 *2018 21
22
22
1,000
21
10
1-3
2118 22
2112
-'15Munsingwear Inc
21
1314 Alar 26 22 Nov 19
22
No par
18% 1834 1812 1878 1838 1834 1812 1878 1835 2034 1938 2139 119,600 Murray Corp of Amer
335
372 1114
434 Alar 13 2138 Nov 22
10
4634 *45
*44
4634 *44
4634 *4512 47
1312
Myers F & E Bros
14
*4512 4634 *4512 4634
3352
No par 30 Jan 12 4713 Oct 25
5g
) 1718 1738 1634 1735
1714 17
1714 177
11
1238 32
1634 1714 27,100 Dash Motors Co
1634 17
11 Apr 3 194 Jan 7
No par
6614
23
2434 2412 2534 2512 26
191
2012 2034 204 24
14
1,760 Nashville Chat.& St Louis -100 14 Mar 14 2713 Jan 8
25
24
12
1278 1234 1314 1278 13% 13
318
8%
3
14
412 Alar 13 14 Nov 20
1314 . 13%
1
128 13% 60,400 Natloisal
9
0
9
8,700 National Aviation
9
1038 Sept 17
514
914 934
6
,
8 Feb 26
Corp.__No par
Acme14
54 133*
9% 978
912 934
912 93
3514 3534 3514 3534 35% 3512 3514 3614 351. 3618 341g 357 27,600 National Biscuit
224
2572 4912
3638Nov 6
10 2214 Apr 1
150 150 *14814 15212 150 150 *14814 15112 *14978 15212 14078 149%
300
14812
7% cum pref
100 14118 Mat 7 152 Aug 17 12912 131
2014 203* 2014 22
2114 2178 2038 213
12
12
2335
1312 Mar 14 22 Nov 8
No par
20% 2114 2014 21% 34.800 Nat Cash Register
1818 1834 17% 1838 1873 1878 1878 1912 1834 1.94 96,600 Nat Dairy Prod
1812 1834
13
1114
Vo par
194 Nov 22
1272 Mar 21
1884
all° 110
11212 113 *110 11314 *10912 113 *10912 113
112 112
90
7% pref class A
100 108 Sept 28 11314 Nov 6 3 80
*110 __ _ *10912 _. __ •10912 _ _ *110 _ _ *110
7% prof class 11
_ .*110
100 106 Sept 3 108 Aug 19 2106
234 272
278 3
28 -32%
7,700 :Nat DepartmentStores_No par
278 -i
278
278 -i78
12
i
14 Mar 7
-3-7-2
4% Jan 17
31
32
32
323* 304 31% 3014 31
Preferred
2818
3
31
5
3218 2912 3112 1,360
100 17 Apr 2 34% Feb 18
305* 3112 285* 304 30% 313
3012 3112 3038 3114 30
31 105,400 Nati Distil Prod
16
16
31%
No par 234May 2 3412Nov 2
2812 *28
*28
2814 28
2838 28
1,000 Nat Enam & Staroping
28
27
28
28
1612 3278
28
No par 21 Ma 31 3212July 8
Or
205 205 *196 207 *196 207 *195 206 *195 205 *195 205
100 National Lead
170
8734 136
100 145 Jan 18 205 Nov 15
*156 161 *156
16 .156 161 *156 160 *156 160 •156 160
Preferred A
23
122
16212Alay
122
100 180 Jan 18
1464
*13512 140 *13512 140 *13512 140
100
138 13812 138 138
Preferred 13
1374 1374
100 1215* Jan 26 14012July 30
9934 10013 12113
1012 1034 1012 103 1012 104 1012 10% 1012 101 1014 1038 37,100 National Pow & Ls
14% Aug 17
4%
478 Mar 15
No par
Vs 154
58 .
8
34
78
34
38
.12
78
78
78
*78
1
900 Nat Rye of Mex let 4% of ___100
12July 12
1 Jan 10
84
238
h
h
h
h
h
h
h
h
12
38
12
38
38 3,000
2d preferred
14 Mar 19
100
4 Jan 2
78
1
14
8234 8314 8214 8318 83
8312 8112 8314 813* 82
7912 8234 21,900 Na2lonal Steel Corp
33
25 408 Af ar 13 8334 Nov 14
3412 583*
1738 1712 1734 1734 17
3,500 National Supply of Del
1738 1634 1714 *1738 1712 1712 18
9
9 Mar 13 2072 Aug 17
26
10
2112
6612 6612 65% 66
6518 65'2 6514 66
880
6612 6834
Preferred
66
66
10(3 38 Mar 20 7738 Aug 17
33
334 80
918 938
912 10
934 9%
9,500 National Tea Co
934 10
934 10
934 10
No par 284 Afar 13 118,. Jan 4
2814
9
1854
97 1014 10
1014 1014 10
1012
1135 25,300 Natonms Co
No par
712 Jan 15 1238Alay 24 al 33*
1034 1012 1138 11
714 1038
39
39
39
405* 3912 40
2,000 Neisner Bros
39
39
38
.3812 3912 38
2114June 6 4134 Oct 21
Ns par
4
612 3014
55,
8 56
5614 5678 57
57
57
5734 5734 58
No par
4313 Jan 2 61 Aug 9
5739 5814 2,300 Newberry Co (J J)
4972
15
81
11212 113
113 113
114 114
11438 11438 •11418 116 *11418 116
7% preferred
130
100 109 Jan 25 11812 Apr 23
80
100
112
*35* 534
53
40 :New Orleans Texas & Me1_100
534 534 *335 612 *313* 6,2 *5
6
35*July 13
25
534 8
8 July 29
35*
85* 818
878 9
858 938
834 914
9
914
858 918 16,100 Newport Industries
43* Mar 12
I
978 Nov 7
44
512 13
35
35
35
358
3534 36
354 3612 3312 3434 3212 3212 3.000 N Y Air Drake
1812 Mar 12 3612 Nov 20
No par
1112 2834
114
2512 2578 2458 26
25
2534 2412 26
27 166,800 New York Central
2538 2612 25
No par
1214 Mar 12 2714 Sept 19
1838 4514
124
1334 1334 1334 14
*1238 135* 13% 13,
8 1312 135g
1338 143* 3,500 N Y ChM & Ht Louis Co
100
8 Al ar 12 1438 Nov 22
26%
6
V
2834 2912 29
30
283 2912 28% 30
Preferred eerier! A
293* 3014 3014 3214 20,600
100
9% Mar 12 3214 Nov 22
4314
16
978
38
33
4
33
4
334 334
334 41
4
414
'3'2
378 4% 1,610 New York Dock
100
2 Mar 14
54 Aug 29
24 32
2
1118 1134 1118 1112 10
2,720
105* 11
Preferred
1114 12
1114 12
9
123*
100
a
4 Mar 29
4
1258 Oct 30
012512 120 *12512 12712 1254 12512 *120 12513 *122 124 *124 125
20 N Y & Harlem
50 112 Mat 11 139 June lz 101
108
1084
*125 140 *125 140 *125 140 *125 140 •125 140 *125 140
Preferred
120
sol 11414 Mar 14 11414 Mar 14 112 I 112
78
1
1
6,500 :N Y Investors Inc
%
78
78
48
%
4
11
.
No var
78
12May 31
34
34
%
118 Nov 8
%
96
96 •____ 96 ..._-- 96 *......_ 96 e_ 96 •___
20 N Y Lackawanna & Western.100 96 Nov 16 99 Slay 22
96
7811
33
90
27
3
278 3
278 3
412 41,400 /14 Y N 11 & Hartford_ _.--100
3
418
2412
312
6
2%
38
2% Oct 23
33*
813 Jan 4
77
634 7
6% 7
64 7
678
Con. preferred
85*
758 914
104 3753
935 21,400
100
538 Oct 23 16% Aug 13
5%
434 478
434 5
4,4 47
434 5
5
512
518 534 11,300 N Y Oitarlo & Western._
100
412 1153
538 Slat 15
25*
8 Jan 18
*179
2
212
24
23
25*
214 24
%
238
238 5,000 N Y Railways pref
38
114
No par
23* 238
14 Mar 29
19
23
8
Nov
*112
218
218
218
.218
_
*218
_
218
218 *2% _ 218 Nov 18
ay 22
14AI
1212 1214 .1178 124 12
123
-4
12.900 N Y Shipblelg Corp part stk„....1
1178 -1212
-1134 125* 1134 1214
64 Mar 14
15 3*
1612 Jan 7
21,
227,
68
6812 *66
67
67
694 •65
50
6734 *62
894
7% preferred
72
6912 *63
69,2
100 51 Oct 9 87 Jan 7
51
*8218 83
84
8281 8234 8312 8312 8212 8312 8218 8314
84
110 N Y Steam it pref
73
994
69
No par 69 June 5 0212July 15
96
96
96
*9512 98
96
9534 9534 98
90
*98 101
$7 let preferred
98
79
90
10972
No par
79 May 28 100 Aug 2
*114
118
418
112
h
418
13* *114
142
132
134 2,200 :Norfolk Southern
1%
134
15*
14
100
134 Nov 20
34 Aug 6
19912 19912 199 19912 19812 19812 *198 199
000 Norfolk & Western__. _ _ 100 158 M at 13 200 Nov 15 138
198 19812
187
19812 199
161
10578 106 *100 106
10012
*105 106 *105 106
80
.;,11.21 .4% pro
10514 10514 *1044 10635
82
77
June
18
100
99
Jan 10 108
2638 2712 27
2618 27
2734 2714 28
2738 277
2614 2778 81.000 North American Co
104 2514
8
9 Mar 13 28 Nov 8
No par
53% 5335 533* 5335 5312 5312 5314 5312 5338 54
5438 5412 2,100
34
45
Preferred
31
50 3512 Mar 15 5412 Nov 22
57
512 539
512 534
55*
538 534
512 42,800 North Amer Aviation
514 512
54
2
258
814
614 Nov 14
2 Mar 13
1
99
9934 9934 9912 100
9912 100 100
9912 10012 2,900 No Amer Edison pre!____ No par
100 102
39
474 744
57 Jan 3 102 Nov 21
0431 518 *434 612 .434 6
0434 6
No German Lloyd Amer shs____
*434 6
.434 6
713 16
718
31 1 Nov 14 1018 Nov 26
*__ 98 *---- 98 *---- 98 "-___ 98 *____ 98 *____ 98
Northern Central
1,24
81
71
50 8612 Mar 29 99 Aug 20
$ per share $ per share $ per share
2338 25
241 2638 2534 2638
5234 5538 5534 $714 5618 5714
534 914
*914 912 *914 938
3412 3538 3412 3538
3434 35
-- - -----ii, ILI
114
I-14
i
114
712 712 *634 712
7
7
*638 7
712 712
714 9
58
55
58
55
60
58
2134 2234 2178 2212 2214 2314
16
1734 1714 18
1714 1738
2
214
2
214
218 218
9
914
913 914
918 914
488
1
*52 4
"% 1
.234
334 *3
334
312 33
10
912 912 10
94 9,2
15
•138 152
*138
1%
138
39
39
40
3935 40
413*
137 1418 1334 14
1335 14
8
8
8
818 814
835
32
323
3134 3238 3238 3339
155 155
156 156 *154 155
5718 5614 5612
5612 56
54
1712 1634 1712 1612 17
17
51
52
52
*5012 5214
52
*48
51
*48
50
*4614 50
10034 101
101 101
101 101
324 3314 33
3312
3334 33
1235
1238 12
1214 1212 12
1134 1134 114 114
114 1134
102 104
102 102 *102 103
16
1634 16
16
16
16
36
3612 3518 3614 3514 3534
126 126 *124 126
12584 13012
8
814
814 8%
84 312
50
51
4934 5114 50
5035
133 1334 1338 1435 134 1414
__ 112 112 *11012 11612
01101
*6335 64
6334 6412
*63 2-64
738 77
712 838
814 835
60
5712 50
5912 6014 59
2912
*2734 2912 *2734 2912 •28
394 40
3978 40%
3835 39
1112 1134 11,4 1134 11 102 1072 102 1114
For footnotes nee page 3336.
4-48 Tv,
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW ,SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nor. 16
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday
Nov. 21
Prickly
Nov. 22
Sales
for
the
Week
3 per share $ per share $ per share $ per share $ per share $ per share Shares
2012 204 204 204 2018 2112 2114 2214 215s 2338 22
2378 164,900
51
51
51
51
51
51
5034 51
5014 5014 501
100
/
4 5018
*158 2
173 18
134 1/
1
4
134 1/
1
4
158
134
134 2
1,400
294 *24
2918 *24
*24
294 *24
2914
28
*24
2914 *24
1158 1134 1158 1178 1112 1134 1114 1134 1114 1158 1114 1134 22,700
2314 2334 2358 2514 2438 2473 233g 2434 2312 24
23
2334 12,200
1438 1538 1458 1538 15
1612 1518 1634 1558 16
1412 1534 78,600
105 105 *105 107
103 013 *10312 105
_
105
____
300
1034 104 1034 114 1034 1112 1012 1114 *1051034 17034 10
1011 3,100
2258 2212 2278 2238 2358 2212 23
21
2058 21
21
2338 45,800
12212 123
*12112 12212 *12112 123
123 123
122 12412 12112 12112
410
1758 164 1714 1614 1718 1614 1658 154 1612 68,200
174 1758 17
84
8514 *8312 84
*8278 85
8334 8334 83
83
8238 83
1,100
54
*5353 54
54
53
54
*5218 55
*5218 55
*5218 55
160
•11634
_ •11634
__ *11634 ___ *11634
__ *11634
__ *11634 . __ _
11612 123 126
11734 12312123
12734•124
-12312 12412
-122 11534 5.300
1638 1534 1614 1512 1534 1512 1578 15
16
1612 16
1512 6,800
24 234
3
3
3 - 318
3
314
3
3
3
314
470
712 7,2
7
712
814 7,8 *612 712 *634 738
200
634 738
318 318
314 3% *34 3,2 *3,4 358 *314 334
170
34 334
294 2978 2914 3018 29
2934 2812 2934 2612 2978 2812 294 15,700
554 5438 5458 5314 55
5334 5412 54
5234 5338 5158 53
8,300
17
1712 1712 1838
167 17
1712 1838 1714 1714
1712 1712 2,300
120 121
121 121
*119 120
121 121 *120 121 *120 121
320
*137 _
*137 _
*137 _ _ *14012 _ _ *13712 _ __ *13712
---94 178 *918 -912 *918 -9.3a
*938 -91
8
94 -94
94 -9-58 1,700
612 64
6% 678
612 634
612 634
6't 8g
614 634 123,600
*1154 1134 *1114 1 134 *1114 1134 *1114 1134 *1114 1134 *1114 1122
*118
114
118
118 *1
118
1
118 *1
118
1
112 5,300
•15
17
17
16
16
*16
*14
16
*1414 16
16
20
300
912 934
938 94
938 912
94 94
9
938
9
9/
1
4 36,300
7912 80
7914 8012 79
803
784 79
77
78
76% 7812 4,000
1158 1134 1112 1134 1112 115a 1138 11% 1118 1138 1118 1112 16,900
STOCKS
NEW YORK STOCK
EXCHANGE
Rowe Since Ian. 1
On Basis of 100-shars Lola
Lowest
$ per share
131
/
4 Mar 28
3573 Jan 18
/
4 July 12
11
x20 Mar 20
914 Mar 18
1614 Oct 2
312 July 23
75 Jan 16
434 Apr 3
111
/
4 Apr 4
106 Jan 7
41
/
4 Mar 14
2234 Jan 16
38 Mar 12
11412 Mar 23
80 Mar 12
14 Aug 5
I Mar 26
312 Apr 22
1 Mar 27
25 1313 Mar 8
Pacific Gas a Electric,
19 Mar 18
No par
Pacific Ltg Corp
No par 12 June 19
Pacific Mills
100 70 Jan 2
Pacific Tolep & Teleg
100 11112 Jan 14
6% preferred
634July 11
Pao Western 011 Corp___No par
312 Mar 13
No par
Packard Motor Car
5 104 Jan 9
Pan-Amer Petr & Trans
%June 20
Panhandle Prod & Ref __No par
613 Mar 12
100
8% cony preferred
1
8 Aug 28
Paramount Pictures new
100 76 Nov 1
First preferred
914 Aug 28
10
Second preferred
2Paramount Puna atte
10
214 Mar 27
*i978 If ;Nis 163; 2034 164 .iiis icii 2058 -1634 1952 721i
1 11 May 20
ioo
Park-TlIford Ina
4
412
44 438
44 412
438 412
412 5
438 54 81,600 Park Utah 0 M
1
214 Mar 21
33
3
314
3
278 318
2/
1
4 318
3
3
234 3
34 Apr 18
14,200 Parmelee Transporia'n-No par
61
/
4 6%
6
638
618 68
6
638
6% 638
618 638 10,900 Pathe Film Corp
No par
478 Oct 3
*1338 1334 1318 1312 1314 1334 13
814 Feb 28
1312 13
138 1212 13% 4,600 Patin° Mines & Enterpr No par
*118
114
114
114
114
114
118
114
114
114
114
114 2,600 Peerless Motor car
3
34July 12
7312 7414 71
7212 72
72
7212 7312 72
724 71
7212 2,900 Penick & Ford
6412 Feb 5
No par
8214 8412 83% 843
8314 84
8214 8334 82
83
81
8112 13,200 Penney (J 0)
No par
5714 Apr 3
514 5/
1
4
5/
1
4 5%
5% 528
512 558
512 5%
5/
214 Mar 13
1
4 55
4,100 Penn Coal & Coke Corp_
10
4/
1
4 414
418 414
418 4%
414 43
4/
1
4 5/
1
4
4/
1
4 5/
3 Mar 9
No Par
1
4 23,600 Penn-D1xla Cement
241
/
4 241
/
4 *23
2414 24
24
24
28
28
2912 2812 3034 8,300
100 18 Mar 11
Preferred merles A
2912 2934 2914 2978 2878 2938 29
2934 294 30
2812 3014 71,200 Pennsy:vania
50 1714 Mar 12
33
338 3358 3334 3334 34
3412 333 34
3338 333
34
No par
30 Feb 5
2,000 Peoples Drug Storm
111 112 *11112 116 *112 116 *11212 116 *112 116 *112 116
100 10858 Oct 7
Preferred
30
36
3612 374 38
38
4114 40
4138 3934 401
39I
391
/
4 4012 18,400 People's CL & 0 (Chic)
100
1734 Mar 7
*218 318 *218 34 *24 318 *218 34
213 212
312 4
100
253 Feb 26
500 Peoria & Eastern
281
/
4 281
/
4 2814 2812 277 2814 271 29
2814 29
30
914Mar 13
3034 2,200 Pere Marquette-- ......100
*58
59
59
5912 5914 5914 5912 591
59
60
6214 6234 1,100
100 1812 Mar 13
Prior preferred
441
/
4 441
/
4 451
/
4 4634 47
49
49
50
5014 5014 51
52
100 13 Mar 15
3,200
Preferred
*1514 1512 *1518 1512 1512 1534 1534 16
1614 1634 1634 164 1,100 Pet Milk
1312 Oct 7
No pat
1114 1112 iii2 114 1112 1114 11
1138 114 1114 11
785 Mar 14
1138 7,400 Petroleum Corp of Am
6
14
14% 14
1414 14
1514
1512 1514 16
15
15
11 Oct 2
1638 65,800 Pfeiffer Brewing Co.-_No par
2458 247e 2484 2512 2518 254 2558 2638 254 2638 2512 2612 37,900
25 1234 Mar 15
Phelps-Dodge Cow
*4378 45
4414 45
*444 4434 4414 4458
4412 4412 .44
4458 1,200 Philadelphia 00 6% pre!
50 23 Feb 27
*80
85
*80
85
*81
85
*80
85 •80
85
.82
84
No par 3812 Mar 5
18 preferred
*212 3
212 21
•258 3
256 258
25
25s *258 3
158Ju1y 26
50 :Philadelphia Rap Tran Co___50
*578 614
512 534
5,2 534
538 54
514 54 *514 614
3%July 30
50
370
7% preferred
212 21
234 318
318 338
3
31g
3
315
134 Mar 21
27s 314 39.200 Phi's, & Reed 0 & I
No par
6012 6178 614 6214 6034 6138 5878 61
60
6412 62
6412 17,700 Phillip Morris & Co Ltd
10 354 Mar 12
1038 1212 12
1234 12
12
1212 121
1178 114 •11
512 Mar 22
1212 1,800 PhIllipe JOried Corp
No Par
*78
80
80
80
*78 100
*7712 100
*7712 100
*7712 100
100 5313 Apr 1
140
7% preferred
3618 3658 35% 36% 351
/
4 3618 35% 36Is 3514 37
35
37
1334 Mar 12
61,700 Plinio@ Petroleum
N. par
*8
914 *812 9
*812111 87
812 81
.812 9
812 812
3 Mar 21
6
300 Phoenix flosle17
*75_ . *78 -- - *7718 79
*7718 7718 7718 7812 7812
100 60 July 8
Preferred
50
12
..1
38
i2
32
12
38
1
35
25
12
14 Apr 27
12
1
50,000
Pierce
011
Corp
*45
414 41
/
4 *412 5
478 *432 5
*458 478
458 77
5,900
preferred
234July 24
100
4 1
72
1
1
1
1
1
1
1
1
134 41,800 Pteroe Petroleum
_No par
28July16
3734 38
38
38
3758 3758 3612 3758 37% 3712 3712 372
31 Apr 8
1,300 Pillsbury Flour Mills
No par
*50% 79
*5018 79
*501g 79
*5018 79
*504 79
*5018 79
6552 Aug 26
Pirelli Co of Italy Amer shares__
1034 11
1034 11
*912 1058 1038 1058 1014 1014 1012 1112 1,800 Pittsburgh Coal of Ps
100
7 Mar 14
3812 381 *3812 40
39
39
38
38
*3534 3912 38,2 39%
100 2614June 6
500
Preferred
*175 180 *175 180 •175 180 *175 180 *175 180 *175 180
100 172 Feb 14
Pitts Ft W & Chic prat
75
8
78 8
712 758
73477s
712 8
74 778 13,400 PIttaburgh Screw & Bolt-- No par
512 Mar 13
48
48
4814 4832 4812 4812 4834 494 4814 4812 4678 48
870 Pitts Steel 7% cum Pref
100 22% Mar 13
•15s 2
*158 2
*158 218 *158 2
2[8 218 *2
214
400 Pitts Term Coal Corp
1 Mar 21
100
1412 141
1412 14/
1
4 1412 1412 1412 1414 1412 1412 1412 1412
220
100 1014 Apr 4
0% preferred
4.34 338
31
3%
335 338
3% 314
3% 34
314 312 2.300 Pittsburgh United
26
114 Mar 2
6012 6112 6078 62
60
61
60
6112 60
61
5812 61
1,010
100 244 Apr 4
Preferred
1758 20
21
22
21
2134 2014 2012 19
2278 2114 23
1,990 Pittsburgh & Weal VlrgInla 100
872June
178
178
17e
*112 17
178 *112
17
17
178
178
178
600 Pittston Co (The)
1 Mar 21
No par
12
1218 1134 12
12
121
1134 1134 1134 12
1112 1178 7,709 Plymouth Oil Oo
5
612 Mar 15
104 1134 1114 1214 1112 1234 1134 1215 111
1014 103
/
4 1214 22,600 Poor & Co class B
6% Mar 15
Nova
,
438 434
412 478
47
47
5
434 5
478
5
518 1,800 Porto Rio-Am Tot)el A_ No par
158 Mar 19
112 112
138
14
14 112
112 11
*112
134 *112
134 2,200
No par
Clam B
14 Feb 28
88
103
9
10
8% O's
1118 1014 1012
9
012 1014 26,400 :Ponta]Tel & Cable 7% met _100
438June 13
24 21g
*178 2
178 218
238 338
3
4
338 4
66,500
Steel
%May 14
Oar
No
:Premed
par
1314 1314 1312 147s 143 1514 1512 17% 17
197
1734 193 27,500
612May 14
10
Preferred
478 475
47
4778 4712 4734 4758 4812 4712 4812 4712 49
par 4228 Jan 12
11,500 Procter & Gamble
No
.120 121 *120 121
121 121
121 121
121 121 *121
.
50
5% prof (ser of Feb 1'29)_10 115 Jan 2
448 45
45/
1
4 468
4513 4658 45% 4612 4514 4618 4412 VI; 22,900
No par 2038 Mar 5
Pub Sec Corp of N J
10038 10038 101 102
1014 102
10112 102
10214 10214 102 102
2,50
No par 624 Feb 20
$5 preferred
•114 11538 *115 11538 11518 11514 11558 11558 11538 11814 *115/
1
4 116
1.10
6% preferred
100 73 Mar 14
*12934 13012 .12934 13012 *12934 13015 *1295 1301 *12934 13018 1293
4 130
200
100 85% Mar 18
7% preferred
*1424 147 *146 147
147 147 *1461s 148 *146 148
145 146
200
preferred
8%
100 100 Max 14
*1105811112 11153 11163 *11112 11218 *11113 1117 11178 11178 *11114 11278
200
3578 308 3658 3818 37
3812 3712 3858 375g 383* 3718 3838 43,600 PubserEl&Osapf$5....,.Nopar 99 Jan 6
Pullman
par 2912 Oct 11
No
Inc
1?
1214 12
1232 1232 1234 1232 1314
127g 1314
1258 1314 119,200 Pure 011 (The)
No par
578 Mar 21
112 11234 11212 113
1121
/
4 113
113 113
11312 11312 113 114
700
8% cony preferred
4958 Mar 18
100
*97
9712 9712 97% *95
97
98
97
9634 9634 97
98
80
6% preferred
100 65 June 25
15% 1434 1518 145 15
1514 15% 15
1412 147
1412 147 16,100 Purity Bakeries
No par
884 Feb l
978 10
10
1014 10
1112 1112 1238 1134 1214 103
4 Mar 13
No par
5512 5534 5512 5534 5512 5558 5538 554 5512 5512 56 4 1214 655,500 Radio Corp of Amer
1614 4,800
Preferred
50 50 Mar 18
8612 8434 87
8638 84
85
86
874 8514 8614 83
8718 20,300
Preferred B
par 3514 Mar 12
No
Vs 612
3/
1
4 54
518 54
5% 5%
5
54
5
511s 44,000 Madlo-Kelth-Orplt
114 Mar 13
No par
2558 2578 2512 2534 2534 2612 2512 2738 2612 2812 277
8 2834 21,800 Raybestos Manhattan-No par 1612 Mar 13
3712 3712 3614 3614 36% 38
*3712 373
37% 33
3814 3812 2,300 Reading
Mar 28
294
60
*4012 43
*4012 43
*4012 43
*4012 4234 *4012 42% *4012 423
1s5 preferred
*36
50 36 Apr 6
3612 .36
3612 *36
3614 *36
3612 3612 3612 *3612 3654
100
20 preferred
50 33 Apr 17
934 10
10
10
934 934 *932 978 10
10
10
1014 1,660 Real Silk Hosiery
10
34 Apr 4
71
72
70
70
73
70
•72
70
*6713 7312 70
70
60
Prefarred
100 2018 Apr 2
1
4 *21
/
4 2/
1
4
1
4 2/
212 258
*214 2/
1
4 *2/
258 258
253 2%
500 Reis (Rohl) & Co
No par
1 Mar 26
17
16
*1413 1812 *13
18
•13
17
16
16
*10
17
400
tel preferred
100
8 Mar 12
154 15
1612 1612 17
1514 15
15
1678 1714 164 1712 44,200 RemIngton-Rand
1
7 June 1
1*5 preferred
100 71114 Jan 15
8034 8258 --------------*80
8112
-3,900
$6 preferred
25 69 Aug 22
2318 2514 2414 25
2212 23
23
23
24
2434 2412 2478 5,800
Prior preferred
25 2118 Oct 15
101 101
*101 117 *101. 104 *101 104
10112 10112 *--._ 104
30
Renna
&
Saratoga
RR
Co
-100
9812June 10
4
4
414
4
4%
4
378 41s
378 418
4
418 35,700 Reo Motor Car
5
214 Mar 13
1912 2014 1978 2058 2018 2012 1958 2034 20
2038 19
2012 150.000 Republle Steel Corn
No par
9 Mar 15
9412 *9212 9378 92
9214 9314 93
9312 9112 9212 907 921
3,000
6% eonv Preferred,
100 2858 Mar 18
92
9112 91
9212 9312 9214 944 95
9012 91
90
954 3,600 6% COO, prolr pref ser A ..100 7812 Oct 2
10
1058 10
94 10
10
*912 10
975 10
1014 10/
1
4 3,000 Revere Copper & Bran
6
15,2 Apr 3
2234 2338 2318 24
2113 2313 2318 24
2212 23
2312 25
4,600
Class A
10 13 Apr 17
*107 110
110 11014 110 110 *107 10912 *107 10912 109 109
60
Preferred
100 75 Apr 9
2434 2434 2434 2534 25
2512 2512 2614 2512 26
2512 2618 9,000 Reynolds Mesals Co ..--No par
1712 Apr 29
/
4 *110 11314 *110 1131
"110 11314 *110 1131
/
4 *110 11314 *110 113,4
100 101 June 10
534% cony prof
26
26
2534 2572 2512 2614 26
2612 2534 26
26
2658 4,900 Reynolds Spring
I
1214
Mar 20
577
58
573
4 5812 5778 5812 19.000 Reynolds (R J) Tot) clam
52% 5758
5734 5778 5738 58
B-10 43181,Iar 26
65
65
65
65
65
65
6434 65
*5834 65
65
65
130
Class A
10 5.514 Apr 22
•1714 1812 8174 1814 •1714 18
*17
1758 *17
1712 *17
1712
Ritter Dental Mfg
No par
6/
1
4 Mar 26
3113 31% 3134 324 32
324 3212 3212 z32
32
317 325$ 3,700 Roan Antelope Cooper Mines
211
/
4 Feb 25
For footnotes sea Mae 3336
-
Par
Northern Pacific
100
Northwestern Telegraph
60
Norwalk Tire & Rubber --No par
Preferred
50
Ohlo 011 Co
NO par
011ver Farm Equip new_No par
Omnibus Oorp(The)vie No var
100
Preferred A
Oppenheim Coll & 0o----No par
.
No par
Otis Elevate'
100
Preferred
No par
Otis Steel
100
Prior preferred
...No par
Outlet Co
100
Preferred
25
Owens-Illinois Glass Oo
Pacific Amer. Fisheries Ino--5
10
Pacific Coast
No par
131 preferred
No par
2d preferred.
3343
Highest
Jury 1
1983 to Rasps for
Oct. 31 Year 1934
1936
H406
Low Lois
$ per Mars $ per oh $ ter shard
234 Nov 22
134
1612 3614
33
.5112 Oct 24
33
63
214 Jan 4
11
/
4
15
41
/
4
3213 Jan 3
20
29
604
1418May 17
812
812 15%
2314 Nov 18
1614
---- -1634 Nov 20
3/
1
4
328
828
105 Nov 19
70
70
95
1153 Nov 8
434
Ms 14112
1113
12/
2338 Nov 20
1
4 194
125 July 5
92
92
108
1758Sept 7
3
Ps
8
1
4 Nov 18
9
85/
35
712
54 Nov 16
28
30
47
97
11512 Mar 29
97
1144
129 Nov 12
60
60
94
1734 Nov 13 17 5-1
314 Nov 20
14
6/
1
4
312
8 Mar 30
3% 11/
1
4
2
64
1
4 Jan 7
12112 2312
3058Nov 8
124
66 Nov 6
19
3034 37
21 Jan 2
12
19
34
121 Nov 18 37 6812
69
854
138 Sept 26
116
994 103
1158 Aug 23 I 5
513
912
712 Oct 22 n 22.
234
Pi
12 June 14
84
1034 12
12
1% Nov 7
32
312
812
20 Nov 22
7
214
12 Sept 19
8
81
101348e01 19
9/
1
4
1414 Sept 18
11.
5% Aug 7
14 iiii
2158 Nov 14
11
17
354
2
6 Apr 26
24
6%
1,
338 Nov 18
13
2
7188801 3
478
- - --_
It2 2112
15 May 23
84
123 Jan 4
4/
1
4
1
34
81 July 8
4453
4458 67
8434 Sept 18
36%
6112 7414
17g
1%
612 Aug 21
514
7
27
51 Aug 8
258
10
124. 874
3034 Nov 22
3014 Nov 22
1714
20% 37
1932 66
395 Apr 1 88 1012
86
11634 Mar 28
11214
80
4312 Aug 17
1734
1914 4324
4 Nov 22
3
2
8
3034 Nov 22
94
13
38
6234 Nov 22
1412
18
514
52 Nov 22
12
1814 63
1938May 4
914
94 Ira
73
1158Sept 23
814 14/
1
4
1638 Nov 22 II 2
---- -2612 Nov 22
1134
1314 Ws
4518July 13
2112
3614 87
8514 Nov 12
38/
1
4
MI
6434
4 Jan 8 13 112
3
6
6 Jan 12
3
44 16
47 Jan 9
1114
314
684
2212 ass
6412 Nov 21
1012
1234 Nov 18
612
7
31
80 Oct 31
48
48
7412
3758 Nov 6
11
134 e2034
91 Oct 22
3
4112 1312
60
7812Nov 22
66
44
ie
1 Nov 22
%
113
615 1012
7/
1
4 Nov 22
258
158 Nov 22
34
2
52
18
18% 341
33 Nov 16
63113
7014 37
7612 Jan 26
124 Aug 13
7
7% 1812
26
4434 Aug 13
26
4212
1411
/
4 169
180 Aug 21 141%
412
412 1132
9 Jan 11
1514 43
55 Oct 1
1514
1
113
218 Jan 12
312
64
814 194
16 Sept 13
312Sept 11
14
1%
5
2413
2558 5972
62 Nov 18
64
10
23 Nov 22
27
Pt
5
258 Aug 30
1
64
74 1634
214 Nov 6
14%
6
6
124 Nov 20
122
2/
1
4
64
578 Nov 9
84
1
2% Nov 12
/
1
4
432
1012 294
1632 Jan 7
4 Nov 21
63
14
6
Ps 33
51
1978 Nov 21
334 41432
3318
53/
1
4July 23
10212 1174
121 Nov 7 21 101
36
66
205s
4634 Nov 18
84
594
67
10214 Nov 21
73
78
1161
/
4 Nov 21
973*
84
88
106
13018 Nov 8
11912
105
99
147 Nov 19
874 1044
81172
113 July 30
364 694
29/
1
4
5332 Jan 9
612 Ws
54
1314 Nov 20
80
49
49
114 Nov 22
33% 63
3312
9912 Oct 30
88*
832 19114
1734 Oct 15
412
4
1238 Nov 20
912
22
23/
1
4 Ws
az% Jan 25
46
1382
15
87,1
/
4 Nov 20
114
Ps
414
6 Oct 21
1412 23
1112
2334 Nov 22
2975
Ws 664
4313 Jan 7
28
8312 4112
4318 Nov 6
294 394
3734May 14
27
14
34
6
11 Aug 161
72 Nov 13
201*
35
6012
128
6
3 Oct 25
1
55
18 Nov 7
flas 8834
1332
514
6
1712 Nov 22
BPI 71
2434
99 Aug 26
89
-- ---85 Nov 22
2118
2514 Nov 19
110 Mar 1
lit)
9812 114
458 Oct 22
3
3
612
2034 Nov 20
9
104 0634
19
8312 67%
97 Nov 14
9512 Nov 22
7812
- 1
1078 Nov 22 43 3
114
25 Nov 22 43 10
114 284
46
90
35
11018 Nov 18
2638 Oct 21 38 063
WO 2784
11214 Nov 7 101
- Ws "16
27% Oct 22 47 6
5812 Nov 21
3934 5384
3934
6514
67
67 Nov 12
024
612 13/
1
4
612
19 Oct 29
20
20
322s Nov 22
8312
New York Stock Record-Continued-Page 8
3344
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Nov. 16
monctay
Nov. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday
Nov. 21
Friday
Nov. 22
Sales
for
the
Week
$ per share $ per share $ per share $ per share 5 per share S per share Shares
500
47
*4634 48
*4678 4778 47% 473 *____ 48
47
*4712 48
900
8514 8514
85
85
83
- - ---- ---- - - ---- - -- 82
534 614 9,000
5
638
438 5
414 412
418 II.
412
4
2212 24% 2112 2334 41,900
2212 2314 2318 243; 2314 2334 2238 24
112 5,200
114
138
1 18
138
118
114
114
114
114
114 118
212 6,200
2
134 218
158 134
134 134
134 134
134 134
530
10
10
10
1158 11 18 1134 *1012 12
*918 10
934 10
220
*17
19
1934 20
2014 2112 2134 2212
*17
19
*1712 20
3412 3334 348 33% 3412 33% 338 8,100
3434 34
3434 34
34
80
10812 109
108 108 *108 109
10812 109
*10812 109 *10812 109
250
109 10934 10912 110 *10912 11114
110 110
*110 1114 *110 111
12
1234 14,600
1214 1134 114 1178 1278 1212 1314
1178 1214 12
5034 533 64,900
52
53
5012 528 4814 5078 495 534 sis 54
353 33
314 334 0,800
34 324
38 312
314 314
324 312
4,660
19
18
1712 1812 1714 1812 1734 185
18
18
1712 18
100
74
74
74
*73
74
*71
74
*73% 74
72
*71
72
58 14,200
12
58
12
58
12
58
12
58
12
58
12
3,000
112
1N
112
118
13
8
112
112
114
13
8
*118
114
114
3112 3238 313o 3234 3112 3218 3034 3214 28,300
3212 32% 3112 32
312 312
312 312
700
332 358
312 312 *314 312
358 38
67%
687o 673 697 lx6612 6718 6312 6714 51,000
667
8
6912
6558 6678
3,300
378 4
314 314
312 312
358 358
358 4
338 312
500
695
6812 70
6838 70
6912 6934 68
6812 69
63 69
1312 133 144 1378 14% 107,100
123 1258 1234 1318 x127a 1314 13
1138 11
1158 1078 1114 1078 1158 48,000
103 1138 1058 1112 11
2258 2378 12,700
2414 2514 2438 2478 2312 24N 2312 24
2484 25
538 8,800
478 478
478
434 434
434 478
4/
1
4 • 478
5
538
*4138 4214 *4112 4214 *42
4214 42
4212 4212 4258 04214 4214 1,100
290
3012
3012
303
4
303
4
*3012
*3012
3112
*30
314
3114 *3012 3114
50
38
3812 3812 *3834
_ *38%
*3834-- 3812 3812 38
-- 50,300
133 14
133 -1-4
138 1378 1414 1458 1418 -1134 13%144
110 11038 3,200
108 10812 108 10914 10712 1084 10912 110
10914 110
1338 36.000
12
11
12
1112 1178 1112 1134 1112 13
11
11
1838 24,600
18
1858 1818 1834 1818 1853 1734 1838 1753 1814 17
47
478 5% 12,800
5
518
5
4% S
5
5
4o '
1678 5,400
1614 1614 1614 163 1678 1574 1638 16
1618 1614 16
600
105 10518 109 109 *108 110
*10312 105
10934 111 *108 112
570
55
55
55
55
55
54
5512 5412 5514
5334 5334 55
380
68
6914 6914
70
6838 69
704 7012 6912 7012 6858 69
7,600
28
2712 28
26
2818 2814 2758 28
2734 268 2714 26
1212 1318 104,800
1238 1258 1238 1234 1253 1234 1253 1234 1253 13
100
*111 11112 *111 11112 *11114 11112 11114 11112 11112 11112 *111 11112
8,400
27,
8 2658 2714 2653 27% 2814 27 1 2614 27
2714 2728 27
20
145 145, *145 148 *14512 148 *14512 148 *14512 148
0143 145
14,000
26
25
2534 2578 2558 2614 25% 2614 25% 26
2558 257
2038 204 2014 2078 2014 2034 1938 2053 2018 2218 2118 23 154,600
1012 1034 10
1058 1038 1114 1114 1214 66,500
1038 1034 1012 11
1538 1618 1512 1674 157o 1753 51,800
1458 1578 1538 1612 1558 16
400
2912 2912 *26
33
30
30
30
*27
*29
30
26
23
84 3,900
753 73
8
838 858
734 824
712 712
714 71::
450
62
62
62
64
7012
61
65
70
*6012 63
69
70
930
99 100
*9712 99
100 100
97
99
96
99
99 100
653 658
6% 75 57,500
612 658
653 653
653 634
653 712
712 1,060
7
734
712 712
734 734
7
733 758
78 738
____ 80 *___. 80 *---- 79
____ 7934 *____ 7912 * __ 7912
3312 3334 2,700
33
3312 33
33
3312 33
33
33
33
33
1212 1234 1238 124 1253 1238 1214 1234 123 1258 1214 1258 31,400
800
1414 *14
1414 1418 1438 14
1378 148
1412 1412 *14
14
760
45
45
4514 4512 4514 46
48
46
46
47
4653 47
731 753 13,300
7612 7434 7534 76
75
7434 76
7812 76
77
100
*101 10514 *101 10524 *101 1054 *101 10514 *101 10514 104 104
81,000
153
1434 15
1412 15
1514 158 15
1458 15
1438 15
40
129 129 *129 130 *129 130
•129 12912 12912 12912 *129 130
82
. 834
61
/
4 7
7
818
773 834
834 958 1018 1138 82,900
512 578
512 578 11,900
sx, 578
558 534
558 578
538 534
13,100
74 712
714 712
718 758
7
712
714 8
74 712
1,400
17
17
*1612 17
1678 17
16
16
16
1738 1712 18
1814 1834 1812 1914 1812 18% 18
19
1812 1912 1812 2034 23,200
1,800
238 212
238 212
212
*24 233
212 212
*23
8
238 212
300
11312 11312
*113 115
113 11314 *113 115 *113 115 *113 115
3838 3858 3712 3853 3714 38
3612 38
3612 3714 3638 3758 23,100
2814 2858 2814 2858 2814 2812 2818 2838 2818 2814 2758 2838 27,100
500
30
29
2934 30
30
*2714 28
3014 3014 *25
3014 *25
4978 501
4914 50
4938 50
49
50
494 4912 4834 4912 37.100
32
3212 3214 3238 311
/
4 3214 3134 3212 2934 3112 2912 3012 3,300
4,100
6614 66
6638 6712 6614 6638 66
6714 6614 6614 668o 67
*21
234 4.000
238 212
212 258
25
25
253 234 *2% 258
73
712 712
2,300
734
8
734 734
8
738 754
734 8
*4312 50
50
*4312 47
*44
*4312 50
*4312 47
*4312 47
1658 1718 1634 1678 1612 17
1678 1714
1634 1714 1612 1753 16,500
1234 1312 1258 1338 1212 133
1258 13
1258 1338 1178 1338 39.200
8
838
8
814
8
833
8
818 8% 195,200
814
714 84
3,000
7518 75
76
7578 7612 7612 77
72
7518 7514 75
271
510
120 120
•120 12014 *120 12014 120 120
119 119
119 119
2812 28
28/
1
4 29
2812 3,900
.2578 264 27
2912 2812 2914 28
212 208
212 253
238 2.8
212 234 21,800
28 258
253 212
1158 1178 1112 1184 11
1134 1178
118 4.300
1138 11
1118 11
2114 21
2112 21
2134 2134 21
22
2012 2112 4,500
2012 21
*634 8
.678 8
*634 8
*718 8
*718 753 *714 738
19% 1938 1918 1912 1918 1912 1914 1938 1914 2014 2018 2034 43.400
*12
58
12
12
*12
58
58
118
1
112
114 10,700
1
37
9,700
3
318
318 318
412 5
*258 3
3% 4%
42
73
838
8
853
778 838 10.500
8
87
712 75/1
712 8
714 8
714 778 40,500
712 734
714 738
718 71/4
714 818
2434 2553 2414 2514 2453 2434 24
25
244 2178 2418 2478 41,700
3114 311
/
4 3114 32
3212 3314 21,700
3118 31"
32
3238 32
33
814 812
818 853
814 812
712 814
714 734 20,500
758 8
10,800
1018 1014
9/
1
4 1018
9/
1
4 1018
058 10
934 10
934 10
5,301
21
21
*1912 2012 2034 21
23
2034 22
21
21
22
3,300
3834 38
3818 37
3612
3714
36
*38
3834 38
36
3853
603 *56
100
60
*5978 6038 *5518 6012 *59
6012 *57
6012 60
1214 12
1214 1134 12
2,700
1134 1218 12
*1112 1212 1112 12
*9538 96
60
*9512 96
9434 9538 *8634 9712 *8712 97,2
*9512 96
83
914
9
914
87
8% 914
914
858 1014 46,300
914 1014
3
378
378 414 *334 41
418
312 312 2,000
/
4 *312 378 8,314
2812 1.600
283 2838 2834 2834 *2734 2834 *2758 2812 281
/
4 2818 28
*712 814
8
8
8
8
*8
814
600
818
8
818 *8
2312 24
2414 2512 2514 2612 25
2314 2312 2358 24
2634 28.000
318 314
3
318
3
353
338 334
3% 358
314 334 43.800
2258 2258 *2018 23
23
26
1,400
26
25
27
2412 2412 25
/
4 1218 1158 1214
115 12
1134 1214 111
12
1238 1134 1253 56,300
10418 10418 104 10412 10314 1034 10314 104 *103 1031
1,200
/
4 103 103
4312 *41
*41
4312 *41
4312 *41
4312 *41
4312
4312 *41
97 1018
9% 1038 10
1038 1038 1114 1078 1112 1058 1153 120,300
7214 70
19,200
70
708 7012 7212 x71
72
70
71
6914 71
1218 1214 1238 1258 1258 1318 1314 1334 124 1314 125 1338 133.700
13
1312 1312 13/
1
4 1338 14
14
1438 1453 1514 1412 1518 12,000
1418 1412 14
1412 1412 1418 145
1412 1312 1312 1318 1378 3.700
32,600
714 712
724 7,2
718 738
7% 738
78 8
7N
758
94
94
*9212 94
*94
93
400
9414 94
93
9412 *93
97
sly
538
514 512
514 sly
s
sty
518 514
458 518 5.600
8
818
814
734 814
4.000
8
*712 8
734 8
753 8
21
2114 2012 20/
21
21
1
4 1912 203
1
4 20.800
2018 2138 21N 23/
2834 2914 2878 2912 2812 2918 281
/
4 2918 2812 288 284 3018 16,700
sly
sly
512 534
534 658
658 714
67, 718
014
718 10,800
43
434 47
391
/
4 3978 40
2,430
4512 49
48
46
48
44
354 334
334 334
334 3/
312 358 1,700
1
4 *334 3/
1
4
358 353
8122 8112 81
81
8134 82
828
*80
81
3,700
81
8112 80
•130 133
133 133 *-___ 133 *125 133 *125 133 *125 133
10
42
3714 377
4214 44
378 4014 40
4114 43% 42
43
18,800
75
7314 7514 7312 753
7258 7414 74
7312 7418 7158 743 34,300
2012 2034 2012 2078 2012 2078 20% 2058 11,700
2012 21
2012 207
For footnotes see page 3336.
STOCKS
NEW YORK STOCK
EXCHANGE
Nov. 23 1935
Banos Mate Jas. 1
Os Basis of 100-rears Lots
L04,681
par
Royal Dutch Co (N Y shares)._
Rubcrold,Co (The)cap.stk,No par
100
Rolland RR 7% pre,
10
St Joseph Lead
181 Lou's-San Francisoo____100
100
let priferred
100
St Louie Southwestern
100
Preferred
Safeway Stores
No par
100
6% preferred
100
7% Preferred
Savage Arras Corp
No par
6
Schenley Distillers Corp
Schulte Retail Stores
1
Preferred
100
No par
Scott Paper Co
/Seaboard Air Line
No p3r
100
Preferred
Seaboard Oil Coot Del.--No par
Seagrove Corp
No par
No par
Sears. Roebuck & Co
1
Second Nat Investors
1
Preferred
1
Serval Inc
Shattuck (F (1)
No par
Sharon Steel Hoof)
No par
Sharpe de Dohme
No par
Cony preferred set A
No par
Sheaffer (IV A) Pen Co_ _No par
Snell Transport & Trading___£2
Shell Union 011
No par
Cony preferred
100
Sliver King Coalition M1nee___5
Simmons Co
No par
Simms Petroleum
10
Skelly 011 CO
25
Preferred
100
Sloss-Shell Steal & Iron
100
100
7% preferred
Snider Packing Corp_ __No par
Socony Vacuum 011 Colnc____15
Solvay Am Inv{ Tr pref __ _100
So Porto Rico sugar
We par
100
Preferred
26
Southern Calif Edison
100
Southern Futile Co
100
Southern Railway
100
Preferred
Mobile & Ohio atk Cr otte I00
Spalding (A 12) & Broe___No par
100
let preferred
Spang Chalfant & Co Inc pref_ 100
Sparks WithIngton
No par
Spear & Co
No par
Preferred
100
Spencer Kellogg & Bone __No par
Sperry Corp (The) v $0
1
Spicer Mfg Co
No par
Cony preferred A
No par
Spiegel-May-Stern Co
No par
63 % preferred
100
Standard Brands
No par
Preferred
No par
Stand Comm Tobacco
No par
:Standard Gaa & El Co No par
Preferred
No par
$6 cum prior pref
No par
57 cum prior pre
No par
Stand Investing Corp
No Par
Standard 011 Export pref____100
Standard 011 of Call/
No par
Standard 011 of Indiana
25
10
Standard 011 of Kansas
25
Standard 011 of New Jersey
Starrett Co (The) L B____No par
10
Sterling Products Inc
Sterling Securities at A___No par
NO par
Preferred
50
Convertible preferred
5
Stewart-Warner
No par
Stone & Webster
:Studebaker Corp (The) new__1
No par
Sun Oil
100
Preferred
Superheater Co (The)____No par
1
Superior Oil
100
Superior Steel
Sutherland Paper Co
10
Sweets Coot Amer (The)
60
25
Swift & Co
No par
:Symington Co
No par
Class A
5
Telautograph Corp
5
Tenneeeee Corp
Texas Corp (The)
25
Texas Gulf Sulpt ur
No par
10
Texas Pacific, Coal & 011
1
Texas Pacific Lam Trust
100
Texas & Pacific RI Co
Thatcher Mfg ___ _ __ __-No par
No par
53.60 cony pref
The Fair
. _No par
__100
Preferred
1
Thermold Co
100
Third Avenue
1
Third Nat Investors
25
Thompson (J R)
Thompson Products Inc__ No par
Thompson-Starrett Co___No par
No par
53.50 cum pref
No par
Tidewater Amoa 011
100
Preferred
No par
Tide Water 011
10
Detroit
Axle
Timken
Timken Roller Bearing_No par
NO par
Transamerica Coro
Transcon & Weetern Air Inc_ 5
Traneue & Williams St'l No pa
No par
TM-Continental Corp
No par
6% preferred
No par
Truax Traer Coal
10
Truscon Steel
20th Cent Fox Film Corp_No par
No par
Preferred
Twin City Rapid Trans No pa
100
Preferred
No pa
Ulen & Co
Under Elliott Fisher Co No par
100
Preferred
Union Bag & Pap Corp___No par
Union Carbide & Carb-No par
2.5
Union 011 California
$ per share
2912 Mar 12
82 Nov 20
3 Apr 18
1014 Mar 13
34June 6
1 Apr 3
e Apr 15
12 Mar 4
3134 Nov 9
1044 Mar 11
109 Oct 1
6 Jan 15
22 Mar 12
14 Apr 4
8 Apr 4
55 Jan 2
%June 29
58 Aug 1
2034 Mar 12
2% 001 14
31 Mar 12
118May 6
40 Apr 3
758 Mar 13
719 Mar 14
9 Mar 14
314 Mar 12
4012 Nov 12
30 Oct 5
2038 Jan 2
512 Mar 19
6318 Mar 21
853 Feb 15
6 Mar 15
434 Oct 24
612 Jan 15
60 Jan 22
13 Mar 20
24 Mar 12
1514 Apr 3
1058 Aug 30
10712 Jan 15
20 Jan 30
132 Feb 4
1058 Mar 13
1254 Mar 18
512July 8
7 July 8
15 July 23
5 Mar 14
42 Apr 2
5912 Apr 3
318 Mar 13
314June 25
65 Mar 23
31 Nov 13
714 Mar 14
812 Mar 14
$314 Feb 14
437s Mar 27
10134July 26
1212Sept 18
12250une 4
212 Mar 15
112 Mar 15
124 Mar 15
434 afar 15
6 Mar 15
78July 17
111 Jan 3
2753Mar 15
23 Mar 15
20 Oct 2
35N Mar 18
1213 Mar 14
6834 Jan 15
118 Mar 19
3N Mar 28
86 Mar 5
658 Mar 6
1
4 Mar 14
2/
214 Apr 17
6012 Mar 20
115/
1
4 Jan 10
sn Apr 4
158 Jan 2
6 NIar 18
17/
1
4 Oct 8
34 Mar 6
15 Sept 16
14 Apr 15
114 Ape 29
614 Sept 20
4 Mar 15
1612 Mar 13
2834 Apr 4
314 Jan 2
814 Jan 15
14 Apr 12
1312May 8
50 May 4
514 Apr 10
6118 Jan 7
212 Mar 7
2 June 28
16 Mar 15
1
4 Jan 7
5/
/
4 Mar 13
131
158 Mar 15
17 Apr 23
758 Mar 18
84 Jan 8
2634 Mar 15
4/
1
4 Mar 15
2838 Mar 15
41
/
4 Mar 12
74 Mar 29
518 Mar 14
11
/
4 Mar 13
69 Apr 4
358 Oct 14
312 Mar 13
13 Aug 28
2158 Oct 3
212June 5
18 Mar 18
110une 10
5334 Mar 29
12612Ju1y 17
29 May 28
44 Jan 15
1434 Feb 6
Highest
July 1
1933 to Rouge for
Oct. 31 Year 1934
1935 ----High
Lora Low
$ per share 5 Dir 84
2858
471
/
4 Nov 1
8514 Nov 22 2 25
3
618 Nov 21
1014
2438 Nov 18
24
2 Jan 8
1
214 Jan 8
6
14 Jan 12
12
2212 Nov 22
3218
46 Jan 2
80
11314June 29
9018
11412211ne 19
41
/
4
1314 Nov 21
1718
564 Nov 2
IN
4 Jan 2
8
2012 Jan 18
3714
74 Nov 18
14
78 Jan 4
58
158 Aug 14
19
3518May 9
212
4/
1
4 Jan 26
30
69% Nov 20
113
4 Nov 21
30
70 Nov 19
31
/
4
1
4 Nov 22
14/
6
1158 Nov 20
4
2534 Nov 6
314
538 Sept 6
30
50 July 23
3114Sept 21 2 712
19
3812 Nov 18
512
1434 Nov 21
111 Nov 14 al 4512
1932 Apr 26 as 51g
6
1912 Nov 6
434
1834 Jan 9
6
17 Nov 1
42
111 Nov 21
12
5512 Nov 21
16
7012 Nov 16
312
30 Nov 7
1534May 24" 912
76
112 Oct 1
20
2838May 24
150 July 5 112
3
27 Nov 8,
1234
23 Nov 22
512
1612 Jan 4
7
2053 Jan 4
15
3314 Jan 12
5
834 Nov 22
7012 Nov 22, 3014
20
100 Nov 19
'27
1
4 Nov 22
7/
11
/
4
8/
1
4 Oct 18
3012
81 Oct 21
1214
3014May 11
358
1312Sept 18
6
1512 Oct 22
18
98 Nov 22
74
84 Oct 21
10528 Nov 1 a 45
1212
1918 Jan 3
130 Apr 9 120
1138 Nov 22
2/
1
4
/
4
11
914 Aug 17
134
1138 Aug 17
44
2558 Aug 12
8
2712 Aug 17
N
212 Nov 18
9412
116 Apr 6
2612
387.May 24
23
2834 Nov 15
19
32 Feb 18
3318
5012May 23
6
3212 Nov 16
4534
68 Nov 12
1
24 Nov 20
2%
8 Nov 15
2818
48 Oct 31
412
1858 Oct 22
21/4
1438 Nov 1
214
834 Nov 22
42
77 Nov 21
96
121 Mar 23
2912 Nov 20 sl 1
114
3 Apr 17
Vs
1234 Aug 27
23 Oct 22 9 534
312
9 Sept 30
2034 Nov 22 I 11
%
114 Nov 22
114
5 Nov 22
614
Ws Jan 9
318
818 Nov 20
1612
2518 Nov 15
3634 Feb 19
2234
212
914 Oct 7
6
12123Iay 14
2534 Jan 10
1312
8
40 Nov 2
61 Nov 8
385
4
1258 Oct 19
45
100 Oct 16
212
1014 Nov 21
2
5 Jan 6
29 Nov 15
13
4/8
814 Sept 13
264 Nov 22
10
11
/
4
34 Nov 20
27 Nov 20
17
1218 Nov 211 a, 753
10412 Nov 18 "43¼
18
4312Sept 4
3
1153 Nov 22
21
7212 Nov 18
V.
134 Nov 20
74
1514 Nov 6
4%
1512 Nov 6
178
8 Nov 22
51
9718 Nov 2
112
678May 10
338
814 Nov 18
13
2338 Nov 22
248
30% Nov 22
34
714 Nov 20
4/
1
4
49 Nov 20
1
54 Nov 1
22,2
823 Nov 19
95
133 Apr 5
29
5014 Jan 22
7534 Nov 20 "34
1112
21 Nov 15
4 Par share
2858 3918
41
/
4
1514
114
11,
8
13
3814
8434
98%
518
1718
3
15
411
's
1
204
21a
31
II,
32
AN
634
418
4
3814
-196
57
8
818
714
6
5112
16
1812
6%
1212
86
20
118
10%
1478
1112
14
3112
5
RN
80
278
2
39
DIN
534
ri
2134
19
15
2774
458
618
20
27
57
108
11312
1214
38%
8
304
6038
2
318
3838
55s
17-14
12114
3
352
458
10
1114
7,
9612
2614
2312
26
394
6
1714
114
3
10
412
37
- -51-12
100
1114
114
458
-35/
1
4
127
8
17
17
33
3812
17a
114
437s
2714
41
soN
163s
6618
3
7
3818
1058
13/
1
4
-7114
118
25,4
34
1534
-312
-- -38
112
712
318
1958
30
212
61
/
4
1314
8
19
4
60
21
/
4
4
UN
Vs
10
1114
17
3
641
/
4
24
372
24
518
- --412
3
6014
11
/
4
3/
1
4
---- -Al
6
1
BO
102
3914
354
1112
IN
-. 112
51
/
4
154
034
291
/
4
4314
61
/
4
12
4314
18
5218
1218
83
9171
814
224
11
204
512
8412
1413
87
60
853
41
812
-1312
684
78
61
/
4
953
-- -ill
89
a
58,
12874
8074
5072
2012
51 14
114
52
9
1378
1314
77
49
-16.13
1112
89
1212
24%
11l
Ilia
6108
2712
42
1934
19,y
10812
3918
137
224
3334
36,2
4114
4734
13
74
66
8
738
6412
33,8
1153
13
4114
7634
HIGH AND LOW SALE PRICES-PER SHARE. NOT PRE CENT
Saturday
Nov. 16
Monday
Nov. 18
3345 A
New York Stock Record-Concluded-Page 9
Volume 141
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday
Nov. 21
Friday
Nov. 22
Sales
for
the
Week
RaeI SiSE41 Jas. 1
On Baste of 100-s8are Lot,
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
July 1
1933 to Rasps for
Oct. 31 Year 1934
1935
High
Low Low
Par $ per share
$ per share $ Per at
8213
106 8213 Mar 28 11113 Jan 10
Union Pacific
624
10C 7913 Mar 14 90I2July 3
Preferred
1334
No Par 2014 Oct 16 2612 July 17
Union Tank Car
818
5
973 Mar 13 2134 Nov 14
United Aircraft Corp
34
413 Mar 13 1178 Nov 22
United Air Lines Trans') v I c 5
7
7 Mar 29 20 Nov 20
United American Bosch_No par
19
No par 2014May 16 2613 Jan 9
United Biscuit
106 111 Oct 1 118 Aug 7 10414
Preferred
2014
46 Jan 28 78 Nov 16
No par
United Carbon
1713 Oct 3 2312 Nov 6 2 512
United-CarrFastener Corp No par
1 13
724 Nov 21
14 Feb 27
United Corp
No par
2034
2034 Mar 13 4534 Nov 21
No pat
Preferred
61s
5
834June 14 134 Jan 7
United Drug Inc
24
413 Mae 13 144 Nov 16
10
United Dyewood Corn
50
100 65 Mar 21 9012May 23
Preferred
314 July 18
3
711 Jan 9
No Par
United Electric Coal
494
6013 Oct 1 9234May 14
No par
United Fruit
914
914 Mar 18 1812 Nov 8
No Par
United Gas Improve
8711 Mar 15 1093* Nov 16
824
No par
Preferred
1
713 Nov 22
24 Jan 28
10(
:United Paperboard
11
/
4
578 Jan 7
114June 3
----I United Piece Dye Wks_ _No par
10
100 10 June 31 3312 Jan 24
57
74 Jan 3
34 Apr 4
212
6
614
6
618
578 638
614
578 618
034 614 30,400 United Stores class A____No par
46
7412 *68
74
*6958 7412 *68
73
75
*72
75
No par 46 Apr 3 78 Oct 23
7434 75
Preferred class A
1,200
37
1.6838 6914 6914 6978 6858 6912 69
51 Mar 15 7113 Nov 22
6912 6912 711
/
4 7012 7112 3,000 Universal Leaf Tobacco No par
a156 156
156 156 *155 158 *156 158
158 159 *156 159
100 1331, Feb 9 159 Nov 21 10814
Preferred
30
15
5218 5278 52113 5212 5318 54
5312 5334 54
5578 5914 70
810 Universal Pictures lot pfd....101) 29 Aug 3 70 Nov 22
7
112
112
118 118
112
114
78 Oct 16
118 114
118
138
114
138 8,200 :Universal Pipe & Bad
1
24 Jan 18
414
*11
12
11
1178 1114 1213 11
1113 1212 1313 12
100
94 Oct 19 1938 Mar 6
1314
Preferred
1,000
2038 21
2034 2158 2012 2138 2058 2138 20313 2134 2014 2138 33,500 II 8 Pipe & Foundry
12
144 Mar 14 22 Jan 7
20
2034 204 *21
2114 *21
2114 *21
1314
2114 21
1914 Jan 7 2112June 25
21
*21
No par
2114
181 preferred
300
213 212 *213 278 *214
58
24 213 *212 278
312 Oct 4
%June 24
278 *214 278
No Dar
200 US Distrib Corn
19
194 1838 1834 1814 1834 1734 184 174 18
4
5 July 26 204 Oct 4
10C
17
18
1,790
Preferred
3
2978 3014 2978 30
11
11 Afar 14 3214 Nov 19
3034 3214 x3014 32
3014 31
30
No pal
30
5,100 U S Freight
413
1234 1338 1313 14
1338 14
1338 1414
413 Mar12 1438 Nov 21
1358 1438 14
No pal
1438 10,800 U S & Foreign Bunt
*9113 93
92
60
92
9212 0212 *9112 9212 914 9112 *92
9213
6514 Mar 26 9413 Nov 8
No Dar
500
Preferred
85
8618 8438 8638 8453 8534 8312 8514 83
3414
4013 Mar 12 87 Nov 7
84
83
851
2(
7,800 II 8 Gypsum
15814 15812 158 153 *156 15912 158 158
15814 15814 *159 160
10( 143 Jan 11 160 Oct 8 110
110
7% preferred
938 958
934 10
314
5 Feb 6 1018 Nov 7
934 934
f
914 934
913 978
934 10
3,200 U S Hoff Macb Corp
40 4738 4638 4714 47
32
4978 484 5058 4834 4978 47
3518 Mar 13 5058 Nov 20
497 35,700 1:1 B Industrial Aloolaol___No pal
*84 9
318 Mar 15
812 812
814 812
8
34
9128e01 18
812
858 878
858 9
No pal
3.600 U 8 Leather v I a
134 14
1338 1414 1334 14
14
7
713 Mar 16 1614Sept 18
1478 1414 1514 14
15
No Pm
9,400
Class A v t c
*6658 69
*6658 69
*6712 69
45
6714 6712 *67
53 Jan 22 73 Sept 11
70
*67
70
10(
400
Prior preferred v 1 e
1813 834
3
812 11,912
812 9
938 Nov 22
3 Mar 13
838 914
812 958i 43,600 U S Realty & 'mot
No pa
1838 918
1453 1478 144 1434 1438 15
1438 1478 1438 1434
/
4 Jan 3
918 ar 13 171
1412 15121 31,200 U S Rubber
No pa
9,8
4012 4058 3958, 41
1718
3934 41
4013 3958 4134 22,800
2413 Mar 14 4218 Jan 7
3934 4114 40
101
151 preferred
94
9438 04
5314
9714 95,
Al
92 Sept 11 1244 Apr 25
3 9558 93,2 9614 9512 1011
9734 10312 28,300 U 0 Smelting Ref & Min
*69
7213 69
73
7112 7113 *69 1471
5113
71
71
*69
71
51
6272 Jan 3 7334July 14
300
Preferred
4938 5012 49
5058 49141 503
4838 503
2712
2713 Mar 18 5058 Nov 18
4878 50
4638 5018 160,700 U S Steel Coro
101
11613 11714 11514 117
6714
7358 Mar 18 11914 Nov 20
101
1l53*jllS1z 118 11914 11713 1181 1164 11858 9,900
Preferred
*13513 137 *135 137 *135 137
8134
137 137 *135 137 *135 137
No pa 11913 Jan 4 14034May 16
100 U S Tobacco
16012 16012 *16014 163
162 4,162
16014 1601 *16014 162 *16014 162
101 14934 Feb 11 165 Aug 3 12438
Preferred
80
34 314
314 312
314 314
314 31,
414 Aug 13
314 338
1 Mar 15
318 338 10.200 Utilities Pow & LI A
3*
112 134
112
158
112 158
138
13 Mar 15
158
112
112
12
2 Nov 9
114
No pa
158 11,300 Vadsco Sales
50
51
*48 t51
*4712 51
*45
50
45
194
46
101
1914 April5612 Nov 9
*4212 51
Preferred
60
1958 2038 19341.204 1938 20
1913 2014 20
1114
2113 1914 2134 41.500 Vanadium Corp of Am___No pa
2134 Jan 7
1114 Apr 11
3214 3214 3134 32
*31
32
31
31
334
31
3112 30
,
1114 Feb 7 33 Nov 14
31
1.700 Van Raaite Co Inc
*112 11434 113 4114 *111 11312 *111 11312 *111 11313 111 111
544
91 Feb 20 114 Nov 18
101
70
7% let prat
04153 43
4234 „43
4234 4314 4213 43
42
42
41
,
2318
4314
Nov
19
Slay
28
34
41.
Chemical
Inc
1,200 Vick
*3712 73
*5713 73
*5712 73
*5712 73
*5718 73
80
115718 73
70 Aug 6 70 Aug 6
Vicks Shreve & Pac By Co p1..10'
418 418
4 , 418
378 414
4
44
4
21Mari8
14
418
4
453 Jan 3
418 7.900 Virginia-Carolina Chem --No Pa
3113 314 3013 3114 3014 318 3034 3212 3012 3114 2934 3112 8.900
10
10,0 1712June I 3212 Nov 20
6% preferred
•116 120 *115 120
11513 11512 115 115 *112 11812 *114 11812
5714
100 85 Jan 4 12012 Oct 31
preferred
200
7%
10912 10972 10953 10953 109 10938 10913 10912 10918 10912 109 10912
60
7213 Jan 4 11012 Nov 2
250 Virginia El & Pow $6 pf __No pa
*6
8
*6
7
*612 7
*658 7
2
634 624 *5
734 Nov 14
2 June 22
7
10 Virginia Iron Coal & Coke_ 11.1
*26
35
*26
35
*1518 35
33
33
*20
15
35
no
100 16 Feb 19 33 Nov 20
35
10
5% pref
*7612 79
76
77
77
79
78
80
36
77
77
78
6312 Mar 29 83 May 10
78
10
180 Vulcan DetInning
*116 - __ *116 1,,.__ •116
_ _ *116
_ _ *116
95
_ _ *116
_ _ --___
10 10914 Feb 5 11613 Aug 9
Preferred
*178 -2
178 2
*2
-2-19
2
-21
218 -218
218 -2-14 ------ :Wabash
25
.Jan 8
1 Apr 1
10
438 44
438 434
412 434
414 434
IN
414 434
434 Nov 18
412 424 7,900
14 Mar 1
10
Preferred A
.6 212 212 *278 31
*212 318
1
214 214 *152 453 *158 314
234 Jan 19
1 May 22
10
50
Preferred
B
94 914
914 934
912 978
912 934
978 Nov 19
374
938 938
912 912 5,300 Waldorf System
418 Mar 15
No IsoIf
314 314 314 3134 31
314 303 3118 30
2614June 1 3234 Aug 5 9 1518
30
2912 3012 4,300 Walgreen Co
Nova
•115 117 *115 117
117 117 0115 117 *115 117
11613 117
10 114 Jan 7 120 Apr 24 • 80
50
65% preferred
418 418
4
418
4
413
4
44
114
4
478
514 Nov 22
438 514 24,300 :Walworth Co
114 Feb 28
No vo
812 812
838 9
0
914
5
914 914
5 Mar 14 10'* July17
834 834 *834 913 1,100 Ward Baking clan A
No DaIF
.,,„*178 2
178 2
*178 2
*178 2
114
214 Oct 17
178
178
178 2
No pa
114 Feb 28
1.100
Class B_
40
40
40
40
40
40
40
24
40
4112 4113 4113 42
10
2813 Jan 12 4314 Aug 6
1,400
Preferred
9
914
858 914
858 9
858 94
2/
1
4
912 Nov 15
85
9
214 Mar 15
81, 914 98.000 Warner Bros Pictures
5
49
50
49
4934 49
50
48
12
4934 4814 484 4812 4912
1412 Mar 13 5038 Nov 14
760
No pc
$3.85 cony prof
- 118
114
1
118
1
1
1
1
1
14 4,300 :Warner Quinlan
38
138 Jan 2
1
1
38 Mar 15
No ye
358 334
334 334
33s 4,
8
414 412
212
24 Mar 15
412 478
64 Jan 7
No Do
454 514 39.200 Warren Bros
1012 1012 *1012 11
1113 15
14
15
778
14
1618 144 1614 3,800
778 Mar 20 17 Aug 6
No pc
Convertible pref
23
23
2212 23
2158 24
24
2434 24
1312
2558 24
204 Aug 7 32 Sept 19
2534 9,800 Warren Fdy & Pipe
No pc
*578 618
6
64
614 7
638 678
3
734 Nov 22
634 634
4 Mar 14
634 7
No pc
19.000 Webster Eilsenlolar
*80 _ _ *80 _ -- *80
_ _ *80. _ _ *80
60
90 Feb 18
85 Apr 2'
_
--- ___
10
Preferred
•14 114 .*148 -11/4 *118 -114 *118 '114 *118 114
a,
112 Nov 22
114 11;
1
Jan
a
Fargo
&
co
590
Wells
524 5238 5213 5358 5314 5414 52
5434 5278 534 52
15
54
3o13 Jan 15 5434 Nov 20
15,000 Wesson Oil& Snowdrift -_No p
*8238 8358 8352 84
8334 8334 *8252 84
*8228 8378 83
69
1
4 Oct 31
72 Jan 29 84/
83
400
No ye
Cony preferred
89
89
-___ 8912 8813 884 *8614 92
89
89
89
34 Mar 6 8934 Nov 81 34
89
170 West Penn Elea class A-Nto V(
*95
9714 9714 9734 9734 9734 95
95
94
95
3978
95
9614
250
1(0 3973 Mar 6 9914 Nov 8
Preferred
87
87
8513 87
8534 87
8513 86
88
88
36
88
Mar 14 91 Nov 12
89
36
46
0
10
6%
preferred
11912 11912 *119 11914 11914 11912 11914 1191, 119 119
119 120
July
29
8812
Jan
17
120
180
Power
prof
10412
Penn
1C
West
11212 11212 11234 11234 112 112
11212 1121 11214 113
113 114
7834
230
16
95 Jan 2 114 Aug 14
6% preferred
14
118June 8
214 Jan 8
38May 1
73 Jan 8
53
No PC
813 858
838 834
812 812
8
81
814 -878
94 Jan 7
513
818 178 Mar 15
513
9:666
10
0
Western
Maryland
1678 1678 16
1714 17
1738 16
17
1612 1738 1612 1758 2,900
713
22
175
8
Nov
712
Mar
30
0
2d
16
preferred
158 158 *158
134
158 134
14 13
134
178
178 218 3,500 Western Pacific
34 Jan 7
118 July 19
112
it0
41
/
4 412
412 44
412 458
412 45
412 538
478 512 9,100
24
74 Jan 7
238 Feb 26
it
Preferred
7458 7658 7538 7714 7514 77
73
7714 7334 7534 7012 7558 61,200 Western Union Telegraph_ -1(
2053
2053 Mar 14 774 Nov 18
32
3258 3278 3412 34
3518 3214 347
3234 34
3218 34,s 63.10 Westingh'ee Air Brake___N; p.r
18 Mar 27 3518 Nov 19 33 1534
95
97
9514 97
954 9834 94
981
9538 9634 911
/
4 964 46,90 Westinghouse El & Mfg
2778
t10 3233 Mar 18 984 Nov 19
122 12212 120 120
123 123
123 123 *12214
__ •123
77
-200
let preferred
t/0 90 Feb 5 123 Nov 19
284 2834 Ms 29
284 304 2978 303
2838 -2-918 2758 -2-9
5
8,000 Weston Elea lnetruml--No 191
10 Mar 18 32 Nov 7
•3613 37
*3612 3634 *3613 37
*3612 36
3612 3612 3612 3612
16
160
Class A
No INSr 29 Jan 4 374 Oct 17
244 2458 2334 2438 244 2513 24
241
2334 24
2312 2334 5,500 Westvaco Chlorine Prod_ No P3? 1634 Mar 13 2512 Nov 19
1214
*20
30
*20
35
*20
30
30
30
*20
30
no
30
18
30 Wheeling & Lake Erie By Co _1(
18 Jan 3 3512Se00 9
.454 53
50
50
*4518 50
50
50
*4518 53
*454 53
21
40
6% non-corn preferred_ ___1C10
25 Mar 14 50 Nov 2
324 3214 3214 31
32
314 31
32
31
3112 3113 3112 3,00 Wheeling Steel Corp
3214
Nov
14
1112
144
Mar
28
No
pt
101
101
10112 10112 101 101
101 101
101 1014 10112 10113
34
it
Preferred
464 Jan 12 10213 Nov 13
1734 1634 1734 1718 1712 1612 174 1,20
17
1712 1612 1713 17
41,90 White Motor
673
878 Mar 15
UN Jan 3
I0
134 134 1312 1334 134 1334
1378 14
14
14
1338 1334 5;600 White Rk Min Spr elf ____No p
1258
1258 Oct 4 2412 Jan 9
218 214
218 214
214 214
218 214
218
214
238 3
iF
Nov
22
10,000
Machine__
_Ne
p
14
Mar
15
3
158
White
Sewing
1214
1214 124 1212 1258 1213 1213 12
1134 12
1238 14
4
4.800
Cony preferred
6 Jan 11 1514 July 27
No Ifs IF
218
212 218
218
212 2,2
2
2
2
2
2
24 1,500 Wilcox 011 & Gat
1 Mar 14
1
233 Jan 8
•6
2272
Wilcox-Rich Corp clam A -No P,
34 Feb 5 3512May 27
vs 714
7
14
4
7,8 712
712 832
812 914 204,500 Wilson & Co Inc
378 Apr 3
914 Nov g2
318
No Ih
114
254 Feb 7 3131 Jan 3
Nop
Class A
73
73
*734 7414 74
74
74
7434 7412 7612 77
79
58 Apr 2 79 Nov 22
5.500
58
$6 pref
11
5914 5734 69
5738 5814 58
584 5934 5918 5958 575 5938 37,500
10
18
35
51
Jan
15
6514June
Woolworth
(F
W)
Co
2213 2334 2334 2434 234 2514 24
25
2414 25
2234 244 10,800 Worthington P & W
1134
11)0 1134 Mar 12 2514 Nov 19
54
5912 5812 60
5612 5612 5913 57
594 61
5512 5858 4,670
254
Preferred A
11)0 2513 Mar 13 61 Nov 21
42
4712 47
44
4338 4514 45
50
50
514 49
51
12,300
)0
20
Apr
4
515
8
Nov
21
20
Preferred
B
11
47
4712 4712 4712 48
47
*4718 48
4712 4712 47
47
3512 Mar 13 5378 Apr 24
130 Wright Aeronautical
12
No 1:1 a
x7712 7713 7734 78
77
7712 7734 77
78
7958 7718 79
1,400 Wrigley (Wm) Jr (Del) No P,OF 7334 Mar 13 8234 Apr 26
470e
31
3213 *3112 32
32
31
32
*31
3112 3112 *32
3234 1.800 Yale & Towne Mfg Co
1188
:25 174 Apr 9 3514 Nov 8
8
81
/
4
778 84
778 838
8
838
8
812
713 813 106,700 Yellow Truck & Coach el B__ 10
258June 6
838 Nov 19
258
91
9012 91
91
91
03
94
96
94
94
92
95
3112Alay
8
96
Nov
20
400
)0
25
Preferred
ii
4178 42
4178 42
4113 4178 4112 42
41
4158 394 4138 6,500 Young Spring & Wtre___No sia
18 Mar 18 42 Nov 16
1018
3478 3612 3518 3638 3518 3578 34i2 3312 3434 3378 33
•,13 Mar 15 3612 Nov 16
1258
.2,2'2 36.700 Youngstown Sheet & T_ No pa
*99 100
*95
9012 *98
9912 99
9912 *96
9913 9912 9912
1()0 3813 Apr 11 10018 Nov 9 "30
300
54 preferred
12
1278 1278 1414 1334 1418 1314 1438 1314 14
1258 14
114IQay 6 1438 Nov 20
No v OF
Ps
22,000 Zenith Radio Corp
57s 578
558 534
558 618
538 6
558 64
553 64 21.500 Zonite Products Corp
258June 7
614 Nov 6
233
..1
$ Per share $ per share $ per share $ per share $ per share $ per share Shares
12,700
10012 10112 10012 10134 10014 10312 10114 103 „10134 10412 10112 105
85
8512 8534 87
87
_ 8512 8534 8512 86
8714 864 8718 2,300
334 24
24
2333 2338 2313 2338 2258 2312 2313 2313 3,400
24
L2038 2034
4 214 2012 _2112 2078 2134 204 214 2018 2138 60,300
104 10
1012 1038 1118 11
1138 104 1178 75,600
Ps 94 1014 10
1,400
*1812 1913 18
18
*1618 1834 1814 1814 1814 1934 1938 20
2338 24
2312 2418 2353 24
24
2414 4,100
*2378 2378 2334 24
*112 H5 *112 115 *112 115 *112 115 *112 115 *112 115
76
77
7614 7634 75
7514 *7413 76
2,7612 78
7514 7514 2,300
23
23
23
2258 224 2234 2234 22
23
23
23
22
1,300
614 612
612 678
678 7
7
712
718 734
634 734 385,800
444 4518 4414 4513 4458 4534 4418 4514 26,500
4358 4418 4334 443
1014 1032 103 1058 1038 1158 1118 1134 1114 1134 11
1134 50,200
1378 13
14
1438 1334 1418 13
1314 13
1312 13
1314 6,700
a90
90
*87
91
a90
90
a90
90
*88
91
894 8934
220
478 51,9
478 5
434 473
434 478
478 478
458 5
6,400
7213 7313 7112 72
7114 73
704 71
70
71
6912 70
9,600
1734 1818 1734 1818 1758 1818 66,100
1734 1778 178 1778 1734 18
10938 10958 109 10938 *109 10973 *10914 10912 10914 10914 10912 10912
700
0518 672
512 512
512 ....512
6
6
6
6
718 4,300
618
0
For footnotes 588 page 3336.
$ Pit stars
90
13373
71114 89
1533 2554
84 1514
31
/
4
64
8
17
2114 294
107
120
35
5038
-17-2
3778
1814
1072
7534
714
77
204
991
/
4
338
4
1334
30
68
214
814
54
76
4014 63
11212 140
1671 4658
, 3
414 24
154 33
184 1958
113
4
4
14
11
2712
164
6
634 78
3414 51,4
115
146
4/
1
4 1013
32
544
54 114
7
1984
45
80
124
4
24
11
2418 614
9632 141
5413 654
29/
1
4 5972
674 9912
99
140
126
150
112
538
24
178
194 2212
14
3134
44 1213
25414 98
244 3934
80
80
178
5/
1
4
10
26
592
, 84
65
80
34
9
1618 27
62
8
112
95
11
/
4
44
213
84
61,
158
4
84
321.4 2978
8411 1161.1
24
6/
1
4
8
12
14
353
24
36
234
814
15
314
378
1
1
4 1338
3/
8
284
1313 31
3
7
65
90
N,
2'4
1534 354
8212 7434
4413 70
5134 80
65
26812
891, 11038
784 105
134
614
13
212
718 1758
914 23
288
813
458 174
2913 664
1573 36
277s £7!4
95
82
0
1512
1633 294
1478 274
244 29
38
24
1112 39
34
57
15
28,2
2114 311,
373
14
5
111,
2
534
2712 3418
9
424
124 32/
1
4
4114 .-5 1.
4
1313 3172
314 53
234 42
1678 75
544 76
14
22,2
234
71
/
4
28
4712
13
2284
1238 334
34
5934
113
434
34
714
2114
914
313
5934
34
59
1113
86
158
3346
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Nov. 23 1935
On Jan. 1 1909 the Exchange method of quoting bonds was changed and pricee are now "and interest"-except for income and defaulted bonds.
NOTICE-Cash and deterred 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 be year.
BONDS
N. T. STOCK EXCHANGE
Week Ended Nov. 22
Jody 1
Wiat's
7:.
1933 to
.:
Range ot
:
o
Friday's
,
1r1 i1 Oct. 31
ir,
1935
....z.. 1114 ct Acted cot3A
LOW
I
U. S. Government.
Oct 15 1947-1952 A 0 115.4
Treasury 4%e
Treasury 3313-Oct 15 1943-1945 A 0 105.6
Dec 15 1944-1954 J D 110.19
Treasury 49
Treasury 345
Mar 15 1948-1958 M S 109.2
Treasury 34s
June 15 1943-1947 J D 106.1
Treasury 3s
Sept 15 1951-1955 M S 102.16
Treasury 3s
June 15 1946-1948 J D 102.16
June 15 1940-1943 J D 117.4
Treasury 349
Mar 15 1941-1943 M S 107.6
Treasury 346
Treasury 349
June 15 1948-1949 J D 103.15
Treasury 349
Dec 15 1949-1952 J D 103.12
Aug 1 1941 F A 107.17
Treasury 34s
Treasury 348
Apr 15 1944-1946 A 0 100.26
Treasury 24e
Mar 15 1955-1960 M 9 99.29
Treasury 2%s
Sept 15 1945-1947 M S 100.26
Federal Farm Mortgage CorpMar 15 1944-1964 M S 102.13
34s
May 15 1944-1949 M N 100.24
39
Jan 15 1942-1947 2 J 101.9
35
Mar 1 1942-1947 M 8 100.2
248
Home Owners' Mtge CorpMay 1 1944-1952 M N 100.21
3s series A
99.16
Aug 1 1939-1949 F A
249
No.
Ill
67
115.7
105.10 136
110.25 149
26
109.7
108
106.8
102.2. 179
102.72 759
35
107.8
221
107.9
103.22 173
103.19 516
107.22 129
16/
105
100.2 1,016
106
101
102.20
101
101.13
100.5
31
12,8
91
214
100.27
99.21
372
587
Low
113.8
_-_ 102.28
108.24
____ 107
103.38
100.20
100.20
104.15
104.19
101.28
101.15
____ 104.18
102 24
____
98.26
99.28
Low
_
Stets & Clty-See mote below.
Foreign Govt & Municipals
Agricultural Mtge Bank (Colombia)17
1812 22
*Sink fund 89 Feb. coupon on__1997 F A
'2
.18
*Sink fund 69 April coup on __1948 A 0 16
1963 M N
97
9712 30
Akershum (Dept) ext 55
49
7
8
1945 J 1
•Antioqula (Dept) coil 79 A
712 30
19452 5
634
'External 9 1 79 ser B
12
712
778
1945 J 1
'External s f 76 ser C
16
634
8
1945 J 1
'External 9 t 7s ser D
738 13
1957 A
7
*External 9 f 79 bit ser
9
678
712
1957 A
*External sec 5 f 78 2d aer
659
738 11
*External sec 6 f 79 3c1 ser___ _1967 A
98
9834 14
1958 J
Antwerp (City) external be
97/8 9812 61
1960 4
Argentine Goat Pub Wks 86
98
984 111
1959 J
Argentine fie of June 1925
98
9832 34
1959 A
Eat' a I (is of Oct 1925
1957 NI
98
9812 49
External a f 64 series A
9778 9812 42
1958 2
External Os aeries B
9812 78
98
1960 M
Extl of 69 ot May 1928
1960 NI S
9778 9812 58
External .166 (State 11,5
9734 9814 66
1961 F A
Eat' 64 Sanitary Work,
9715 9814 55
1961 MN
Extl 66 pub wks May 1927
9434 9518 40
1962 F A
Public Works extl 549
1955 J 1 106
10678 81
Australia 130-year 55
1957 M 4 10579 10634 70
Externas 59 of 1927
994 227
99
1956 M N
External g 44s of 1928
12
ggts
go
1957 3 J
Austrian (Govt) 4 f 79
1
5
3118
3138
1045 F a
'Bavaria (Free State) 63411
1949 M $ 10912 11012 23
Belgium 25-yr anal 644
42
1955 1 J 10678 108
External 5 f 69
1955 J D 116
11838 17
External 30-year .1 76
1956 M 41 10834 10958 52
Stabilization loan Is
1960 NI S z101
6
102
'Bergen (Norway)051 9' 59
5'
195(1 A 0 2814 2838
*Benin (Germany) st 846
2712 17)
1958 J D 27
'External sinking fund 89
1946 A 0 1112 1218 24
*Bogota (City) extle f 89
32
7
614
*Bolivia (Republic of) extl 8s__1947 51 N
512
574 18
1958 J .1
*External secure 79
534 16
'External sinking fund 75
5I2
1969"5
1941 J D 27
3038 86'
•Firazli (U 8 of)exteo al 86
1957 A 0 2058 2434 189,
*External 9 t 648 uf 1928
1957 A 0 2074 2418 125'
*External 61 6 49 of 1927
2578 53
1952 2 D 22
*79 (Central Ry)
1935 M S
'(Bremen (State of) extl 7e
1967 511 S
Brisbane (City) a f 69
1958 F A
Sinking fund gold 69
1950 .1 D
20-year 60 (is
Budapest (City of)1962 1 D
•fis July 1 1935 coupon on
1955 J 4
Buenos Aires(City)614513-2
1960 A 0
External st 86 ser C-2
1960 A 0
External.166 ser C-3
•Buenos Airco (Prov) esti 89.._ _1981 M 13
1961 M 8
•64 stamped
1961 F A
*External 9 1 849
1961 F A
•11431 stamped
Bulgaria (Kingdom 0f)•sinking fund 79 July coup off1.967 2 J
*Sink fund 746 May coup off 1988 I N
31
3214
95
9534
9512 9512
101,2 102
15
8
1
3
1834
1538
64
7
634
7
7
638
614
64
744
44
44
4459
44
444
4412
4414
444
46
41%
7758
78
7378
4213
2614
884
8612
9234
91
624
22
2012
979
54
d
4
2178
18
17,
8
1812
29
68
6812
76
294
11
3434 3514
3
9439 95
4014
*9014 --------36
3614
91
92
2914
2
7353 74
2559
143
5838 60
--2713
*7334
__
5834 -59171 -54
2515
*12
12
15 ____
1239 14
12
12
.1
•Caldas Dept of (Colombia) 73,54_1948
1980 A 0
Canada(Dom'n of) 30-yr 49
1952 MN
be
1936 F A
43-48
1954 2 J
*Carlsbad (City) 5 f 88
*Cauca Val (Dept) Colom 7%9_1946 A 0
*Cent Agric Bank (Ger) 79_ __ _1950 51 8
July 14 1980 J .1
*Farm Loan 41 66
Oct 15 1960 A 0
*Farm Loan 51 69
*Farm Loan 69 ser A _ _Apr 15 1938 A 0
1942 MN
*Chile (Rep)-Exti 5 f 76
1960 A 0
*External Woking fund 69
Feb 1961 F A
•Ext sinking fund 65
Jan 1981 .1 J
•Ry rat eat s t 66
Sept 1981 M 1
*Ext sinking fund es
190299 S
*External sinking fund 8s
1963 M N
*External sinking fund 136
19572 D
*Chile Mtge 13k 645
1981 J D
*Sink fund 644 of 1926
1981 A 0
'Guar, f (is
1962 M N
*Guar 5 f 86
1980 M S
*Chilean Cons Muni(' 75
831
1014 51
10579 106$, 71
11158 11214 124
10058 10078 65
*4358 4978
27
778
9
3912 4014 29
3212 3312 21
3258 3312 20
z39
394 19
17
1338
14
1158
1314 86
114
1314 111
12
1314 69
30
1178
13
9
1212 13
57
1132 13
11
1178 45
14
12
125s
1034
17
12
6
1078
1158
35
10,
8
11
852
8618
9912
9813
4212
81.4
294
26
2614
274
7
5
618
64
619
815
6
734
978
7,2
713
5
1951 I D
*Chinese(Hukuang Ry) 56
*Cologne (City) Germany 649_1950 M 8
Colombia (Republic of)•69 Apr 1 1935 coupon on__Oct 1961 A 0
•69 July 1 1935 coupon on-Jan 1961 3 4
1947 A 0
*Colombia Mtge Bank 641
1948 M N
*Sinking fund 75 01 1926
1947 F A
*Sinking fund 79 00 1927
Copenhagen (City) 56
1952 4 D
1953 MN
25-year 2 4 346
1957 F A
*Cordoba (City) ext1 4 f 79
1957 .79 stamped
1937 MN
*External sink fund 75
1937 _
.74 stamped
Cordoba (Prow) Argentina 75
1947 J J
Costa Rica (Republic of)1951 M N
•75 Nov 1 1932 coupon on
•76 May 1 1936 coupon on__ _1851 ___
*4039
2712
22
22
42
2734
8
1814
1814
14
1334
15
9034
8579
.55
461*
*6412
5514
7634
18
2014 150
1912
2014 72
14
8
15
12
15
17
1418
5
15
8012
47
92
5512
8878 41
--------12
5612 88
2978
2
5514
25144
7
7714
.32
2414
24121
8
Range
Since
Am. 1
1712
_-_-
101.14
99.16
100.
98.21
High
117.7
106.28
112 8
110.25
107.29
104.10
104.10
108.23
108.28
105.11
109.9
108.28
106.19
101.28
101.5
BONDS
N, Y. STOCK EXCHANGE
Week Ended Nov. 22
1...
:
3
:It
al at
Jolt 1
Wier,
4
1935 to
Range or
Oct. 31
,11
!1
Friday's
4344 de Asked Wiers
1935
Low
Foreign Govt. & Munk.(coos
Cuba (Republic) 69 of 1904
1944 M B 710012
9912
External bs of 1914 tier A
1949 F A
1949 F A 9538
External loan 446
Sinking fund 549 __ _Jan 15 1953 1 J 9912
*Public wks 549 __:June 30 1945 1 D 35
•Cundlnamarca 64s
1959 M N
914
Czechoslovakia (Rep of) 8s
1951 A 0 10314
Sinking fund 85 ser B
1952 A 0 1034
Denmark 20-year eat' 69
1942 2 4 10339
External gold b34s
1955 F A 100
External g 4 46__Apr 15
1962 A 0 9114
Deutsche Bk Am part ctf (la
1932
a•Stampel extd to Sept 1 1935_ __ M S 44
Dominican Rep Cast Ad 549_1942 51 n 7014
1st ser 5146 01 1926
1940 A 0 66
2d series sink fund 54s
1940 A 0 06512
*Dresden (City) external 7s
30
1945 M N
woe No.
10012
1
9934 15
9.534 31
20
100
3718 222
1018 32
9
105
7
104
10414 78
10014 38
9234 190
4412 23
7179 19
1
66
67 ____
1
30
Barge
Since
Jan. 1
00
404
Low Low410 1H
'
Ms
90 101
834
9859
84
614
77 10014
61
2312 42
1914
812 1439
813
7724
9511 10714
9513 108
77
9834 105
7972
93 101
75
824 984
61
39
40
36
39
2512
104.5
102.20
102.24 *E1 Salvador (Republic) 89 A
36
. 6334 .--,
1948 J 1 *.1 J
34
•Certlficate9 of deposit
101.20
3412 49
35
4812
1
Eittonla (Republic of) 78
97
97
1967 1 J
70
5
99.18 102.18 Finland (Republic) ext 86
1945 M 5 10614 107
704
External sink fund 6 45
5620 101.6
1956 M 4 1031 1 10334 37
2619 2614
*Frankfort (City of) 9 t 648
1953 M N
20
9
French Republic mai 749
1941 J D 17259 17412 16 125
External 79 of 1924
1949 4 D 017618 180 ---- 12713
German Govt International2139
3112 390
30
'54. of 1930 stamped
1945 1 D
_
7
1414 3312
2713 2834
•5%s unstamped
1985
32
3834 50 1014
*German Rep elti Is stamped .1P49 A -0 38
16
*____
____
3712 ____
9012 971. •7s unstamped
1999
628 114 German Pro, & Communal Bks
3312
11
558 1119
•(Cons Agile Loan) 6%s
1958 1 D 4234 94
612 934 Graz (Municipality of)41
2
•85 unmatured coupons on
612 1051
1959 M N
91
91
1937 F A 10814 10958 74 It.,(112
64 1014 Or }RR & Ire(U K of) 5446
94% fund loan L opt 1960
96's
614 10
1990 MN al1414 811434 29
814
978 *Greek Government a f ser 78
MN
*25
22
3514 ---1964
2712
1964*2(12 30 _--•76 part paid
88 128
904 994
164
5
2534 2514
*S1 seeured 65
1998 F-A
2312
90
9858
*(ls part paid
1968 ---- *2119 2412 ---90
9811
904 9879
67
13
Haiti (Republic) of 66 ser A
1952 A 0 9412 95
2019
5
2618
9018 9812 *Hamburg (State) (is
1946 A 0 2618
15
7
2318
2312
90
9812 *Heidelberg (German) eat' 7%6_1950 J J
6614
10412 --_90
9858 Heisingtore (City) ext 6148
1980 A 0 *104
9858 Hungarian Cons Municipal Loan90
2412
31 ___
go
9834
•7529 unmatured coupons onI945 1 4 *25
2512
i
*76 unmatured coupon on
8412 9512
1946 J J a26341 a2638
98 10678 *Hungarian Lax, NI Inet 7 49-1981 MN *251
25
- ---25
8-35
- -98 10634
*Sinking fund 746 ser B
1961 M N *2519
'
, on_
9218 11978 Hungary ((Coltman
3112
6
3714
*7448 February coupon on__,i944 F A
9813
37
81
92
1
Irish Free State eat] 51 be
114
1960 MN 114
5014
242
Italy (Kingdom of) ext1 76
37
29
5815 62
1951 3 D
9314 11012 Italian Cred Consortium 79 A ____'37 M 8 •-.,68
_...„
9
875
1947 114 5 II
9314 108
48
External sec 9 f 70 ser B
4818
41
4012
21
Italian Public Utility eat! 76
10118 119
1953 1 3 4719 z50
97 11014 Japanese Goat 30-yr at 6149
77
118
974 99
1954 F A
674
Esti sinking fund 5146
93 102
8658 8778 76
1966 ill N
2512 38
Jugoslavia State Mortgage Bank23
2612 ---•79 with all unmet couP..-1957 A 0 *25
214 3812
912 18
294s
518 912 *Leipzig (Germany) 9 f 7s
1947 F A *3058 33 ---Lower Austria (Province of)4
8
50
•74s June 11936 coupon 00_1950 J D *9614 10112 - - - 814
4
614
51
13
658
23
3978 *Medellin (Colombia) 6%e
1954 J D
3
*434
714 __-18
314 *Mexican Irrig Asstng 4 4s
1943 M N
9 ----4
8 3134 *Mexico (US) extl be of 1899 2_1945 0 5
17,
*8
478
10
8
1812 3114
'Assenting 56 of 1899
712
1945 Q J
618
*378
438 ---___.
'Assenting 56 large
414
---- -----31
----*Assenting 56 small
8719 9714
•44 of 1904
413
8 - -,-,,-,
1954 J 12 *- 854 9738
*Assenting 48 00 1904
3
zu
4..1
5
1954 J 0
34
8
48s
414
____
97 1021.
*Assenting 46 00 1910 large
318
12
331
4
*Assenting 4e of 1910 small
--b.1
7 ---3218 3914
•1Treas 9 of'13 talent (1Af4al _1933 2 2 *575
434
7___ _- ,
4 J,„
•18mall
84
98
95
82
Milan (City, Italy) eat! 6144 __.1952 A 0 9612 -48
39
6-7
82
9212 Minas Geraes (State of, Brazil)1958 M S.
1334
16
16,2
13
881s 774
3845 Sept coupon off
131,8
1612 28
1318
6158 65
1959 NI S
'649 Septcoupon off
67
78
2714
30
41.4 42
6514 *Montevideo (City of) 75.
1952 .1 D
52
25
3912 23
*External s t Os series A
3851
1959 M N
734
14
12 • 1858 New So Wales (State) extl 59
1957 F A 10378 10,5
734
12
19
External s f 55
Apr 1958 A 0 10338 10519 23
88
16
Norway 20-year extl 69
1943 F A 10614 10678
8712
20-year external 69
858 14
1944 F A 10614 10678 44
834
101 10812
30-year external 69
1952 A 0 10334 10412 80
40-year a t 5%s
78,
8
108 11458
1965 J D 10212 10312 33
76
22
External sink fund 5s
1004 1034
198399 El 10219 104
Municipal Bank extl a 1 Is
4
1970 J D 10214 10214
8012
9212 8212
22
4
26
26
778 1312 •Nuremburg (City) extl 65
1952 F A
5812 Oriental Devel guar 65
39
64
9
•
1955 M 8 8512 8512
2614 47
Esti deb 1544e
1958 NI N 80
10
82
5914
73
6
10278
1956 111 N 102
2614 4644 Oslo (City) 30-year s f 55
35
554
Panama (Rev) extl 549
1963 J D 10512 106
17
22
12
89
*Eat' St ser A
1011 1514
1963 M N 6658 660
2478
3
*Stamped
57
59
27
27
1012 154
1012 1512 Pernambuco (State of)•75 Sept coupon off
1013 1513
84
1414 46
1947 M 8 1154
1639
17
1959 M 4
7
4
1034 1538 *Peru (Rep of) external 76
*Nat Loan extle f 6a let ser _..,1980J D
1214
1374 130
1034 1512
5
1214
1374 102
*Nat Loan exti e 1 65 2d ser
434
1961 A 0
1034 1412
A 0 78
11
1454 Poland (Rep of) gold 69
7812 11
56
Stabilization loan a 1 79
1059 1414
1947 A 0 10212 10312 20
83
External oink fund g 86
1013 1414
9312 29
6359
1960 1 3 92
934 1212 Porto Alegre (City of)*89 June coupon off
1212
16
1734
9
1981 J D
5988 j -j 1314
1612 22
3339 47
12
'7%s July coupon off
7714
4
26
38
Prague (Greater City) 746
1962 111 N 10212 103
'Prussia (Free State) mil 649_1951 M S 28
'2212
2812 20
3612
2212
18
*External 5 1 65
11
28
1952 A 0 28
1778 37
94
Queensland (State) eat!0176 __1041 A 0 10014 11018 10
1313 2413
8334
25-year external 6s
3
110
1947 F A 110
134 2412 •Ithine-Nfain-Danube 75 A
3214
1950 NI S 3234 351s 25
1318 2513 Rio de Janeiro (City 00134
14
944
•89 April coupon off
17
85
1946 A 0 1434
1134
814 9112
•8%s Aug coupon off.
13
1618 56
1953 F A
442 0412 Rio Grande do Sul (State of)14
3834 5639
•89 April coupon off
173e 10
1946 A 0 17
1258
1534 20
1258
•69 June coupon off
50
6412
19682 13
1234
4812 5514
14
1679 42
•79 May coupon off
1968 M N
12,
8
6
1512
70
8014
•75 June coupon off
1418
1967 J D
4012
Rome «log extl 614,
5314 82
1952 A 0 5014
9218
3019 38
Rotterdam (City) eat! 89
1984 111 N 511112 120 -- _1712 3278
39
6114
55
5478
2512
70
72
87
67
43%
654
34
844
10312
10118
2119
16512
16912
654
62
97
108
10414
354
190
190
214
2712
3194
3512
374
32
4758
374
38
4838
86
10612
106
334
2412
2314
23
10812
11812
119
3912
37
33
25
82
2,12
16
10114
95
3812
31
1044
2412
2512
25
25
38
3714
35
35
3419 9918
10812 116
5014 9412
68
99
89
44
4012 85
90 100
774 8979
25
43
31
4175
97
614
4
4
658
614
---511
414
34
318
512
CI
39
106
1014
S's
4
1134
11
-511
8
7
7
S
834
8512
1938
13
1318 1912
3114
29
9634
9634
10312
10312
10014
9978
984
99
224
7714
7459
99
4213
3912
105
10518
1074
10712
10412
104
104
10212
354
90
8559
10314
10212 1074
40
67
3512 60
1 112
12
74
712
71
11978
7974
Ws
2114
1712
1719
8318
12612
96711
1212
12
98
2212
2212
10578
10318
3214
22
22
10534
37
3934
1.1012
110
434
1 339 1958
1134 1812
14
2312
1258 22
1234 21
12.8 2118
4012 8714
110 13919
For footnotes see page 3351.
NOTE-Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities behur almost entirely Over the counter.
Bid and asked quotations however. by Active dealers in theas securities. W 111 be found 08 a subsequent gage under the general heads!"Over-the Counter Securities '
New York Bond Record-Continued-Page 2
Volume 141
Any 1
:
. Week's
Bangs
Ra. nos or ; 1933 to
t ..
Since
Frtday's
g 1 Oct. 31
1.! a; 810 .4 Asked xi*8 1935
Jan. 1
Efig) No. Low
Low
High
Low
Foreign Govt. &Munk.(Cond.)
Roumania(Kingdom of Monopolies)2512 24 2058
25
1959 F A
2318 3612
*78 August coupon off
50
78
.8aarbruecken (City) Bs
1953 J - -----398 ---- 50
Sao Paulo (City of, Brazil)1312 19/
1312
1
4
1812
1952 M N *1618
.85 May coupon off
*External 64s May coupon off 1957 M N
131
/
4 14 ---1112 191
/
4
3 1112
San Paulo (State of)1518
14
2614
23
30
1936.0 1 25
•8s July coupon off
1212
14
14/
1
4 2334
1950 1 J
18/
1
4 20
*External 8s July coupon off
43 121
/
4
1234 21
*External Is Sept coupon off -1956 M S 1458 17
1968 J .1
13
144
21
1612 45 1034
*External 65 July coupon off
72/
1
4 9114
1940 A 0 8034 8212 34 61
*Secured of 78
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 22
•Santa Fe(Pro, Arg Ben) 78_ _ 1942 M 5 5534 61
17
11
531
/
4 60
37 38
*Stamped
10 2912
3212 33
*Saxon Pub Wks(Germany) 75_1945 F A
3138 3134
1961 MN
8 28
*Gen ref guar 614s
4.8atton state Mtge Inst 75
/
4
1945 1 111 3612 361
3 35
•ShiltIng fund g 6445
1946.0 0 *34
37 ---- 35
Serbs Croats & Slovenes (Kingdom)1962 MN 25/
1
4 267g 27 1914
•8s Nov 1 1935 coupon on
3 17
.7s Nov 1 1935 coupon on__ 1982 MIN 2514
26
6912
Silesia (Pros of) Sill 75
.1958 1 D 69
6 42
4918 4918
6 254
*Silesian Landowners Assn 65 ___1947 F A
Soissons (City of) extl 68
1938 MN *162/
---- 117
1
4
Styria (Province of)e7s Feb coupon off__
1946 F A 100
3 4714
10014
1955 F A 101
10158 24 75
Sydney (City) of 530
Taiwan Elea Pow of 5148
1671 .1/ -1 8238 83
10
5
Tokyo City 58 loan of 1912
1952 M S 71
71
External of 845 guar
1961 A 0 801
/
4 8112 12
94 15
812
1947 M N
*Tolima (Dept of) extl 75
9913
6
99
Trondhjem (City) 1st 5345
1957 M N
Upper Austria (Province of)*75 unmatured coupon on
1945 i D *___.. 109 -- -*Eat!64s unmatured coupa1957 / D ._ . 10012
25
*Uruguay (Republic) ext1 8e1946 F A 5714 3812 --,59
1960 MN 3612 38
*Externals f 65
1964 151 N
3612 3712 19
*External a f &
Venetian Pro, Mtge Bank 75 _ _1952 A 0 *8434 89 ---Vienna (City of)5
•6s Nov coupon on..
1952 MN 8618 8718
Warsaw (City) external 75_
195 F A 6714 6912 10
8578 18
1961 J D 85
Yokohama (City) eat! 68
RAILROAD AND INDUSTRIAL
COMPANIES.
•112Abitibi Pow & Paper let 85_1953 1 D
Adam Express coil tr a 4e
t948 M 8
1 D
Coll trust 4s 01 )907
1947.
Adrlatio Else Co ext is
1952 A 0
Ala Gt Sou lot cons A bs
1943 J 0
1st cons 4saer B
1943.0 D
*Albany Perfor Wrap Pap 65__1948 A 0
,.
•63 assented
1948
A0
Mb & Hum HA guar 3445
1946 ,.1944 F A
t Allegheny Corp coil tr 55
Coll & cony be
1949 1 D
*Coll & cony 55
1950 A 0
*35 stamped
1950
A0
Alleg & West it gu 45
1998 -Alin Val gen guar g 48
1942 M 8
1950 A 0
Allied Stores Corp deb 4(8s
Allis-Chalmers Mfg deb be
1937 m N
*Alpine-Montan Steel 7s
_1958 M 8
Am Beet Sugar 68 ext to Feb 1 1940 F A
Am & Foreign Pow deb 55
2030 M 5
American Ices f deb 58
1953 J D
Amer I G Chem cony 51511
1949 MN
An, Internal Corp cony 545
1949 1 J
Am Rolling Mill cony deb 448_1945 M 5
Am Telep & Teleg many 45
1936 M 5
30-year coil tr 58
19483 D
35-year of deb 58
1960 / J
20-year sinking fund 548
1943 MN
1939 J 11
Convertible debenture 43.6s
Debenture&
1965 F A
f•Am Type Founders 6e ctfs
1940 A 0
Amer Water Works & Electric1975 MN
Deb g &series A
1944 M 8
10-year 58 cony coil trust
j•Am Writing Paper 1st g 68
1947 J J
•Certificatee of deposit
1945 MN
*Anglo-Chilean Nitrate 75
_ _1995 Q J
t•Ann Arbor 1st a
Ark & Mem Bridge &4*__Ter 55
_1964 M 8
Armour & Co (III) lot 445
1939 1 D
1st M s f 49 see B (Del)
1955 F A
Armstrong Cork deb 43
1950 .1 J
58
5354
59
81/4
63/
1
4
5104
4112
33
261
/
4
2658
51
5252
41
63
30/
1
4
9812
9612
5412
107/
1
4
1034
52/
1
4
.53
10218
85
77
391*
2738
92
10734
97/
1
4
10078
87
/
4
3538 428 151
9912 19 61
9734
.
1 50-18
5412 90-.
1 8012
10778
9 74
10314
4 38
54
---- 4412
3 83
10214
8614 352
268 4734
dl
79
524 13
46
8
3512 2365
7 62
9314
10 93
108
99
55 9258
83 8312
101
3 50
90
102
67
74
113
1021
/
4
121
101
109
113
11318
10955
113
6958
10213 13
693 332
7514 64
309
116
10314 37
12913 1159
5
101
109/
1
4 96
11378 53
101
114
11114 104
11312 101
109
73
9918
11014
301
/
4
3118
2212
69
*96
1044
9434
10412
87 58
100
11312 387 80
18
3512 31
8 2012
3112
314
48
24
12 27
73
7818
97
10438 61 75
9512 274 9034
10434 61 103
1995 A 0 10734 10812 143
Atch Top & 5 Fe-Gen 948
Adjustment gold 4a
4
1995 NOT 10312 104
Stamped 45
1995 M N 10314 10334 36
Conti gold 45 of 1909
1955 J D *102
--Cony 45 of 1905
1955 .1 D 10212
14---10234 15
Cony g 48 Issue of 1910
1960 J D *10112 10212
Cony deb 445
1948.0 D 10712 10814 20
Itocky Mtn Div 1st 45
1965 1 1 10458 105
7
Trans-Con Short L 1st 48__ _1958 J J *11012_
Cal-Aria lot & ref 445 A
1962 M 8 11134 1111
218 ---All Knox & Nor Int g be
1946.5 D *11212 118
Atl & Charl AL let 44e A
1944.5 1 10112 10112
1
let 30-year be series 11
1944 J .1 10112 10112
2
Atl Coast Line lot cone 45July-1952 M Ili 9414
140
97
General unified 440 A
1964 J n 8012 8438 104
LAN coil gold 48 ____Oct
1952 MN 76
180
81
May 1 1945 MN 9414 95/
1
4 112
10 yr cull tr 5s
80
32
62
7612
55
1021
/
4
1007$
10112
10034
103
105
100
20
8414
75
7518
75
7414
78
8818
79
89
8714
9934
8674
86
7112
611$
67
8i'2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 22
Atl & Dan lot g 45
2d 45
Atl Gulf & W I 55 coil tr 55
Atlantic Refining deb be
Austin & N W 1st gu g be
1948 i
1948 1
1959 1
1937 J
1941 .1
3347
West •
July 1
; 1933 sa
Range or
Friday's
•.. Oct. 31
Bid .4 Asksd ii 65
1935
Lois
Utol N'.
38
135
38
30
31
28
J
5
J 5112 53
1 10618 10614 12
7
1 9978 100
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
Now York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
Low Low
27
27
23
23
3514
3514
10618
101
90
75
9514
7
:Baldwin Loco Works 1st be __APO MN 10438 10434
8214
1948 A 0 9934 10114 205
Bait & Ohio let g 4e___JulY
54
342
70
72
1995 J D
Refund & gen 55 series A
9418
let gold be
July __j948 A 0 10478 10512 106
59
1995J D 8118 8212 123
Ref & gen Os series C
708
57
97
99
1941 112 N
P. L E & W Va eye ref 48
7414
51
1950 1 .1 9134 96
Southwest Div let 34-5e
61
8718 28
1 .1 86
1959.
Tol & Cin Div let ref 45 A
65
52
5212
711.2 196
2000 151 S 6934
Ref & gen Eat Eagles D
4718 6214
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595
5512 58
1960 F A
Cony 4)4s
2912 42,4
5212
1996 M 5 6912 7112 136
Ref & gen M 55 ser F
28
40
94,2
-.-_
J
J
let
5s
1943
Aroostook
Bangor &
35
65
7418
105
10578
- 32
1951 1 J *11312-Con ref 45
5212
35
1951 -_--, 10914 10934 33 11112
is stamped
4
945
8
109
112
J
24
36
Batavian Petr guar deb 4 45.--1942 1
60
4
1989 I D 641
/
4 65
Battle Crk & Star let gu 38
2218 36
6512 75
88
3
1936 1 J *101 12 10112
43
614 Beech Creek let gu g 48
1938J 1 •10134 --------89's
158 17512
26 guar g Be
*9712
68
0
A
-------1961
Beech Creek ext let g 3)4s
7 103
1948 1 1 11912 11934
86 10014 Bell Telep of Pa So series B
47 10314
1960 A 0 12418 125
let & ref be series C
95 10212
1943 1 J 101
Belvidere Delaware cons 348
8-2/
4 46
1946 M S 11118 1-1-3-1
7411 8738 Beneficial Indus Loan deb 85
27/
1
4
6618 76
1951 1 11 3138 3212 16
Co
deb
6145
*Berlin City Else
2412
6
2914
2914
1969 F A
*Deb sinking fund 6)4s
74:8 86
2412
2814 11
1955 A 0 2734
*Debentures 65
812 1214
271
/
4
91
100 *Berlin Else El & Underg 64s_ 1956 A 0 3238 3234 34
9918
296
1960 J J 10318 104
Beth Steel cons St 43-is ser D
110
/
1
4
95
---- ----90
1944 1 D ---82 10338 Big Bandy let 4s
25
195081 S *3718 48 ___
3618 47:8 Bing A Bing deb 64s
so 591.4
723
4
75
S
M
1967
344 4112 Boston dr Maine let BOA C
60/
1
4
7634 41
1955 M N 71
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3418 42
56
7158 38
1961 A 0 6934
let g 41
/
48 ear JJ
51
83
26
1814
2078 30
;Boston & NY Air Line let 4.2_ IOU F A
534
3
16
1934 A 0 1412
80
1:•Botany Cone Mills 6145
96
6
9
13
14
_-__
*Certificates of deposit
7418
63
12•Bowman-131It Hotels 151 75_ __1934
801 1 90
414
M 5
- -Stmp as to pay of 6435 pt red
6812
10
85
8612
-1941 .1 1 *6Brooklyn City RR 181 be
6 103
10814
1949 J J 108
Bklyn Edison Inc gell 54 A
/
4
6 1021
10738
1952 .1 J 107
Gen mtge be merles E
8638
195
1968 J J 10614 107
26
4112 Bklyn-Manh R T see 68 A
98
34
1043
8
10478
D
1
1949
series
A
set
65,
85 100
15-year
5238
5
671
/
4
1941 MN 67
9612 9734 Bklyn Qu Co & Sub Con tatil 58
574
3
75
1941 1 1 74
let be stamped
5018 10014
7212
51
10914
110
A
F
1950
104 1084 Bklyn Union El let g 58
1
4
.5 103/
119
1945 M N 119
9812 10334 Skin Un Gas let cons g 55
1947 M N *12412 ____ __-_ 1054
38
6438
lot lien & ref 65 Barlett A
1936 J J ------------158
4412 4612
Cony deb g 5(40
93
1950 .1 D 104
1
104
9912 10418
Debenture gold be
5 10012
641k 8634
182 lien & ref ba series B__. 1957 MN 10912 10912
5212 7934
88/
1
4
_ _ _._
_
1938 1
13
46
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96 /
1
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1
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-- 8
A 110/
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351
/
4 Buff Gen El 4 He series B
91
5
1937 M 5 10314 104
8412 94
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50
69
62
643
8
M
N
1957
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10512 10914
1558
49
20
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14
16
1712 31
100 102
*Certificates of
39
79 ____
depoeit-1952 A0 *72
45
87
9734 t•Butth Terminal lot
1018
3912 4012 49
1956 1 J
*Comm! 55
31
33
1960 A 0 5612 60
98 10312 Bush Term Bldge be gu tax ex
54
911
/
4 9412 54
1945 MN
49
761
/
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6914 8812
5 10238
107
1937 MN 107
10412 116
Cal CI & E Corp unf & ref be
85
6
1940 1 1 1054 10538
8512 1031 4 Cal Pack cony deb 58
918
118
912 31
1942 A 0
10212 1291
/
4 *Camaguey Sugar 7s ctfa
79
10
1962 A 0 10812 109
10034 104
Canada Sou cons gu 511 A
9114
1957 1 -I 10814 10834 81
10712 11014 Canadian Nat guar 4 tis
9534
July 1989.0 J 11178 11234 27
11118 114
Guaranteed gold 53
9618
11414 29
Oct 1969 A 0 114
111:4 114
Guaranteed gold 58
061
/
4
1
1143
4
1143
4
a
F
1970
gold
58
1061
/
4 11114
Guaranteed
9434
111 114
Guaranteed gold 43is_June 15 1955.0 D 11112 11214 17
9158
1956 F A 10834 10938 25
31
Guaranteed gold 43-58
73
9158
1
4 15
Guaranteed gold 4%s
-Sept 1951 58 S 10834 109/
1
4 10234 41 1021*
1940 J D 102/
6378 100
Canadian North deb guar 7s
12212 62 10518
1946 1 1 122
80 11312
Debenture gold 6158
1934 36
5234
351
8418
85
2012 3514 Canadian Pao Ry 4% deb stk perpet__ J J
65
1946 M 5 10212 1044 41
7/
1
4 2934
Coll trust 449
94/
1
4
1944 1 J 11178 11214 36
58 equip trust ette
501
: 73
7314
Dec 1 1954 .1 D 10312 10458 68
8734 97
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6434
9834 100/
1
4 91
1960 1
102 10412
Collateral trust 43.48
19
1
1949 1
46
46
9034 9614 Mar Cent lst guar a 48
9512
1
1
4 10778
1938 J D 107/
10312 105
Caro Clinch & 01st 55
8914
2
1
4 11078
let & cons g 68 ser A _ __Dee lb 1952 J D 110/
3 D*
11981
7012 ----69
11112 Cart &Ad 1st gu g 48
1067
24
5
2538
1948 J D 25
101 10612 *Cent BranchU P let g 45
1
4
1
4 109 ____ 103/
1943 J D *108/
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39
_
__
55
*48
F
A
1st
g
55_
-Noy
1945
of
Ga
10012 10412 1•Central
13
1945 MN 2514 2634 37
100 106
•Consol gold 58
6/
1
4
1412 95
1959 A 0 112
100 10312
*Ref & gen 5548 series B
7
1312 298
_1359 A 0 1184
10412 110
•Iter &gen 55 series C
1712
1
1
4 23/
1
4
eChattDivpur money g 45____1951 .1 D 23/
10014 105/
1
4
19
22 ____
___
1946 1 .1 *_
*Mac & Nor Div 1019 be
1
4 11212
107/
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15
22/
1
4 ---1087e 1121
/
4
19
- *20
1946 1 J
*Mobile Div let g be
110 11312
10418
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Cent Hudson G &E lot & ref 3y-ys 1965 NI S *1033
43
96
9612
4-971 t ---1951 F A
100 110/
1
4 Cent Ill Elee A Hall 1st 55
4178
1961 J J
40
4214 31
9012 1031
/
4 I•Jent New Engl lot gu 4s
90
1987 .1 J 100
7134 9212 Central of NJ gen g55
10034 65
78
1
6812 8212
General 4e
1987 J J 8718 8718
8912 100
For footnotes see page 3351
-
-
NEW YORK
Telephone HAnover 2-7900 - A. T. & T. Teletype NY 1-911
Private Wires to Chicago, Indianapolis and St. Louis
Banos
Sines
Jan. 1
High
4214
344
53
lths4
101
9514
9512
64
101
6314
9314
86
7534
6212
3812
52,2
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10014
103
103
64
105
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10912
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4
/
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10158 10314
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1
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/
4
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1
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1
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4
1165; 125
8112 8912
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40
46
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71
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24
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10714 1095
39
411
/
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13
261
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7
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1
4
19
20
15
15
25
19
1011
/
4 105
7112 9712
3978 6734
100 10834
8718 981
/
4
New York Bond Record-Continued-Page 3
3348
r._
BONDS
N Y. STOCK EXCHANGE
Week Ended Nov. 22
wurs
,
Imp 1
Rams
Range Of "RABONDS
"'"
1933 to
133
Friday's
...
.11 7, Oct. 31
Rine.
R. T. STOCK EXCHANGE
4,
3 rr„ Big & Asked c'4 al, 1935
Jan. 1
Week Ended Nov. 22
Nov. 23 1935
Jule 1
Week's
Range or
4;
1933 to
tql Oct. 31
3
: Friday's
,!..,C,I Bid & Asked en ro 1935
F. T,
Range
SInco
Jan. 1
Low
High No. Low Leto
Leis
Moe No.
High
Low Low
High
1949 F A 10114 10134 93
9738 10314 •Consoildated Hydro-Elec Works
6558
Cent Pac let ref go g 4e
29
30
30
101
1
of Upper Wuertemberg 78
9713 10218
6
Me .1 J
8318
Through Short L let gu 48
1954 A 0 101
29
4114
/
4 8512 144, 56
1960 F A 841
44
6914 9012 Consol Gas (N Y) deb 6348
99
Guaranteed g Se
10412 10878
1945 F A 10512 106
10814 105
88
52
6512
2, 49
Cent RR & Bkg of Ga coll be
1937 M N 6314 6312
99 1085a
Debenture 4 lie
1951 1 D 108
121
40
1957 J J 10514 106
93
102/
1
4 10612
114 124
Central Steel let g s 18e1941 M N 121
Debenture be
31 100
'
1
1
4 20
9334 1221 42
23
8312 9334 2•Coneol Ry non-cony deb 4e
16
16
Certain-teed Prod 5345 A
1948 M 592
3014
1954 1 1 18/
1955 J 1 019
Charleston de Sav'h let 7e
1758 3234
----1718
1 .
1936.
•Debenture 4e_
1 -------------10212 10212 10458
1947 ea N n3.2 11812
1955 A 0 *19
--------234
Chesap Corp cony be
102 11812
, 94
2334 25
*Debenture 4e
D
109
11112 152; 10112 10112 11234
2958
1956 .1 J *19
10-year coav coil Ss
-.7, 16
16
1944j
*Debenture 48
67
(Thee & Ohio let cone be
29
4413
10
11058 11318 /*Cons Coal of Mel let & ref 5E3_1950 1 D 364 -39
1939 M N 11034 11138 331 104
20
9114 11438 12010
29
44
10
General gold 414e
1992 M 8 11734 118
3858 79
*Certificates of deposit
,--- 37
2
98
55
Ref & !mut 434s
103 105/
8312 108 11112 Consumers Gas of Chic go 58 - ___1938J D 10334 10334
1993 A 0 11014 111
1
4
1
4 11114 110
es
0912 10412
10778 112
84
1995.8 J 110/
Container Corp let 13s
1946 .1 D 10313 10412 25
Ref &!mot 434s ser B
4918
1940 J J *10714 --------96
105 108
Craig Valley let be_May
83 10158
lb-year deb ba with warr
1943 J D 10012 10112 102
6938
9458 95
17
Potts Creek Branch let 4e
92 100
10278 105
1946.8 J ------------8.5
Copenhagen Telep be Feb 15 __ _1954 F A
112
901
/
4 10518 11234 Crown Cork Seal e f 60
10318
5
9012 103 107
9
R & A Div let con g 40
1989 J .7 112
1947 J D 103
104
10414 14
1989 1 J *102
10514 108
75
2d consol gold 4e
1011
/
4 105
Crown Willamette Paper 6s
--------87
____
99
Warm Spring V let g Sc
9714 103
Crown Zellerbach deb 58w w
107 110
85
1941 M S 0107
6
195
940
1j
M j
fi 10214 10238
Cuba Nor Ry let 5)4e
15
37
55
1942 J D 5034 5178 42
4014 97
3314 5014 Cuba RR Ise be g
Chic & Alton RR ref g as
474 12
51
1334
1949 A 0 38
29
33/
1
4
1952 J J 46
10334 66
Chic Burl & Q-111 Div 330
49
1014 10614
134
84
1949.8 J 103
28
52
3
1936 J D 49
let ref 734e 'feriae A
IllInols Division 4e
1949 J .1 10714 10834
15
6
2334 47
3
let lien & ref 13s ser B
1936 .1 D 4412 4434
8 1097s
92/
1
4 105,
1937 .8 j 10478 105
47
13 102
841
/
4 104 11012 Cumb T & T let & gen 5a
General 4s
1958 M 13 10512 106
10478 1074
let & ref 43.48 ser B
10358 10958
77
1977 F A 10478 10513 93
8412 10714 114/
7714 232
1
4 Del & Hudson lot & ref 4e
let & ref baser A
67
1971 F A 10878 10912 13
7214 9478
1943 31 N 74
80
891
/
4
9458 35
I Millen() & Eaat Ill let 68
1934 A 0 80
Gold 54e
88
894 102/
73
1
4
1937 M N 94
53
1
tec & E Ill By (newer.) gen be
5/
1
4
538 1318 Del Power & Light let 434e
1034 1318 189
9334 105 10718
1951 MN
3
1971 1 .1 10512 10558
_
912 12
20
51
/
4
518 12
88
let & ref 41
•Certlficatee of deposit
10034 105
/
411
1989 1 1 10314 10312 13
/969 .8 j 10514 10512 15
82/
1
4 11112 117
Chicago & Erie let gold Se
93
let mortgage 44e
1982 MN 11438 11413 10
10412 11212
Ch 0 L & Coke let gu g be
97
1937.8 .1 10512 10558 13
1936 F A *1001
10338 10678 D RR & Bridge let e 4e
96
-- ---,
/
4 251
/
4 745
1959 54 s 201
1834
181
/
4 3538 Den Gas & El L let & ref e f Se
107
2-10714
/*Chicago Great West let 48
85
1021
/
4 1-0712
4
N
M
1951
2012
23
15
19
/*Chic Ind & Louie* ref 80
23
8311 103 10714
2
15
1947.8 J
Stamped as to Penne tax
1951 M N 10634 10634
1936 J J
2314
26
8
307
1558 2218 'Dan & R G let cone g 4s
2112
1558
*Refunding g 5s ser II
1947 J J 2178 22
20/
1
4 3914
2218
21
2612 08
*Refunding 4e series C
1947 1 1 *1978 26 ---2114 39/
14
14
•Consol gold 434e
1936 J .7 23
1
4
484
612 82
434 814 :•Den & R G West gen 58 __Aug 1955 F A
534
61
/
4
9/
1
4 42
*let & gen be serlea A
612 12
634
1986 M N
41
/
4 81/4
41
/
4
618 21
514
534
812 234
*let & gen 6a series B_Mity
514 11
1966 J .1
•Asaented (sub1 to plan)6
J
J
1956
219
1112
874 8812
Chic Ind &Bun 60-year 45
1112 2114
864 9334
'Ref &lmpt be ear B
70
4
Apr 1978 1-6 1634 20
____
Chic L 8 & East let 434e
1969 1 D
3534 3958 236
*Chic M & St P gen 48 ser A
1989 J J *111---'Gen g 334e ear B May 1
19
36
1989 1 1 33
38
4234 68
*Oen 11348 merles C__May 1
1989 J .1
*Gen 4lis series E__May 1
1989 J J 3712 4234 70
91
43
'Gen 41
/
4e aeries F__May 1
1989 J J 38
977
14
/11(3410 Milw SIP & Pac Se A._ 1976 F A
1118
534 1757
418
*Cony ad) 55
Jan 1 _2000 A 0
79
2934 34
:wilt° dc No West gene 31411-1987 M N
31
37
208
*General 45
1987 M N
31
37
21
•Stpd 45200-P Fed Inc tax 1987 M N
•Gen 434e etpd Fed Inc tax __ 1987 MN
5
1
4
3634 36/
36
3858 23
•Gen Se stpd Fed Inc tax
1987 M N
1987 M N *---41 ---11435,stamped
38
42/
1
4 92
*Secured g 6348
1938 M N
1412 19
D
'tos ref g 55
May I __2037
99
•Ist & ref 4348 stpd_May 1 _ _2037
1414
1814 111
D
1414
1878 104
•lot & ref 448 esr C_May 1 ___2037
D
812 1212 1149
*Cony 41
/
4e series A
1940 M N
4:•Chteago Railways let be stpd
7258 73
F A
Aug 1 1933 25% part pd
5
176
/'Chic RI & PRY gen 4e
1988 1 .1 3178 35
_
3218 3314 13
*Certificates of
1212 16
508
'
,
Refunding gold deposit4e
1934 A0
1178
15
153
*Certificates of deposit_
272
15
4•Secured 434e series A
1952 id-S 12
1134
_
143s 99
*Certificates ot dermelt
478
612 536
*Cony g 4 Ns
1980 11111-N
99
34/
1
4
3212
38
361
/
4
3618
958
2/
1
4
291
/
4
301
/
4
31
33
36
41
3812
14
13
1338
8
42/
1
4
3214
3218
1014
10
1012
1018
412
June 15 1951 1 D *100
Ch St L & N 051
76
102 - -__
Gold 334s
63/
1
4
_ _ _-__
June 15 1951 1 D
Memphis Div let g 413
13
79
817
69
1951 J D *80Chic T H dr Bo East let Se
2578
71
1960 J D 6712 72
131
/
4
Inc gu Se
6014 91
Peel _1960 M S 58
Clue Un Stan let gu 434s A
1963 1 J 10778 10818 34
9354
let Is eerie)! B
108
4 100
1983 J J 108
10814
Guaranteed g be
1949 J D 108
11
95
Guaranteed 48
1944 J J 10618 10614 34 10512
let mtge 48 series D
24 10718
1963 1 .1 10878 109
9812 103
Cruc & West Ind con 4e
8378
1952 J J 98
.et ref 53413 aeries A
38
82
1962 M S 10558 106
1st & ref 534e series C
10514
7 103
1962 M S 105
301
/
4
Childs Co deb be
1943 A 0 6414 6612 148
101
Chile Copper Co deb be
210
46
1947 1 J 100
1952 MN *29
I•Choc Okla & Gulf cons 65
38
39 ____
196). A 0 10434 10518
3778
8
Cin 0 & E let M 45 A
1937 1 j ------------887,
()In H & D VI gold 4448
01St L & C let g 411-Aug 2 _ _1931 Q F 102
9712
102
4
82
_ ____
Cin Leb & Nor let con gu 45
1942 MN *10213
Cm n Union Term let 1.348 A
2020 3 J 11034 1-1-03-4
9758
1
9834
5
let mtge be series B
2020.8 .1 11018 111
1st guar be series C
1957 MN 11238 112/
1
4
9 100
Clearfield Bit Coal let 4e
1940 1 .1 •7318 --------5218
Series B (small)
1940 1 J *7258 ____ ---.8
.1
------------781
Clearfield & Mall led gu S,
1943
1061
/
4 11134
3312 5838
3212 55
38
6238
3618 6234
3618 6484
9/
1
4 28
212 758
2858 4812
3018 53
3018 63
33
5771)
35
6112
41
47
38
70
13
31
13
28
1258 .28
712 2212
1
4
88/
31
30
1014
10
1014
10
412
80
454
43
17
18
18
18
10
218
3
8
7214 ---63
95
105
9
10514
92
2
109
4
93
11358 32
8518
10812
2
9058
10758 99
---------20
-,,,-,-- ---1118
--,.
0
11214 17
84
10334
87
1
10712 ---- 102
30
5434 31
214 318
63
72
105 10934
105 110
10814 11012
10812 11358
10818 III',
107 107/
1
4
28
30
26
30
124 1578
1054 11212
102 10412
10658 10858
3112 58
1713 37
61
/
4
*Mast Cuba Sug 16-yr e f 7 Ne _A937 M S
1418
/
4
East By Minn Nor Div let 4e
1948 A 0 *10318 --__ -- 891
79
15
1956 M N 10178 103
East T Va A Oa Div lot be.
3
99
Ed El Ill Bklyn let cons 4e
1939 J j 10758 108
1995 J
J 125
125
I 10734
Ed Elec(N Y) let cons g be
'El Pow Corp (Germany) 6 Ne_1950 M S 3213 3212
4
3113
1
4 38 .-- 30
A 0 *32/
*1st sinking fund 634e
7
89
Elgin Joliet & East let g Se
1941 M N 10812 10914
1965 A 0 100,2 10012
8112
1
El Paeo & SW let 5e
*105
106 _-__
90
Erie & Pitts g RU 334e ser B
194°j
0j j
J *1051
2- -7.7, 90
Series C 334e
1996 J .1 9618-4 97
69
196
Erie RR let cone g 48 prior
292
52
7178 74
1996 1 J
let consol gen lien g 4e
1
4 -99
1951 F A *10558 106/
Penn coil trust gold 4e
73
20
5012
1953 A 0 72
Cony 43 series A
74
11
5012
1953 A 0 72
Series 13
62
1953 A 0 *-,:74 ---Gen cony 4e eeriest D
4818
69
477
1967 MN 66
Ref & impt Se of 1927
439
461
/
4
1975 A 0 6534 69
Ref & impt be of 1930
9014
1955 J 1 11634 11712 11
Erie & Jersey let a f fie
92/
1
4
1957 J 1 115,4 11512 18
Genessee River let of 68
____ _-__
88
NY & Erie RR ext let 4s
1947 MN *110
95
-__ _-__
1938 M 5 *104
3d mtge 4 Ne
46
46
1
4134
Ernesto Breda 75
1954 F A
74 21
1011
/
4 105
96 nos
10812 1081
/
4
12378 128
3184
4111
92
40
104/
1
4 10914
92 1011
/
4
10178 10612
1011
/
4 10612
9534 102
70
80
104 106
65
78
85
78
68
76
52/
1
4 7414
52
7418
1141
/
4 11734
11212 11714
105 111
/*Dee M & Ft Dodge 4e ctfe---1935 1 .1
3
/*Des Plaines Val let eu4Ns____1947 M 13 *45
Detrolt Edison Ss ear A
1949 A 0 105
1955 .1 D 105
Gen & ref be series B
Gen & ref be eerie!) C
1962 F A 10812
Gen & ref 434s merles D
1961 F A 11234
Gen & ref & aeries E
1912 A 0 1084
1965 A 0 107
Gen .1.) ref 11 4s ser F
•Det & Mac let Hen g 45
1995 1 D *3018
'let 40 assented
1995 -- ....) :
,
3918
*Second gold 48
1995 J -0 -3533
1961 MN 112
Detroit River Tunnel 434s
Donner Steel let ref 78
1942 1 1 10334
1937 A 0 *10718
Dul & Iron Range let Se
5013
1937 1 J
Dul Sou Shore & Atl g Ss
96 10578
884 89
75
88
254 76
1312 63
108/
1
4 10955
10638 11014
10658 1084
10512 10678
1074 10934
92 10034
102 107
80
103 10758 Federal Light & Tr let Sc
3
96
1942 M 5 96
5134 88
96
75
1
be International series
1942 M 8 96
79 101
59
let lien s f be stamped
13
98
97
1942 M S
5912
101 --__
37
4114
let lien Co stamped1942 M 8 *100
10138 1071
4814
12
/
4
30-year deb 88 series B
1954 .1 D 9114 93
3012
694 --__
10212 1031
/
4 Flat dabs f g Te
1948 1 1 *52
10112 103
25
t•Fla Cent & Panto be
1943 1 J *4714 55 ---10078 10314 /*Florida East Coast 1st 4 Ne---1969 .1 D 56
48
58
12
109 11134
612
8/
1
4 72
734
'let & ref be series A
1974 M S
110 113
612
618
7/
1
4 90
____
*Certificates of deposit
/
4 11412 Fonda Johns 4 Gloy 434e
1111
1952
6912 78
*6
1 t•Proot of claim filed by owner_M N
412
912 ---- ---(Amended) let cons 2-4a
19/-1
*358
4
-__
3
--------I/Proof of claim flied by owner_ MN
2
*312
4
_
-*Certificates of deposit
Cleve CM CM & Bt L geo 4s
9212
1993 .1 D 92
65
5
83
89 101
--_Fort St PD Co let g 448
1941 1 J 1043
1993
____
1 D *9658
9212 108 112
General be aeries B
1043
-8 23
Ft W & Den C let g 534e
9478
1961 / 0 104 893 10114 FramerIcan Ind Dev 20-yr 734e
73
Ref & impt 6s ear C
1941 1 J *9618 100 ____
9434
1042 J 1 *10712 109 --__
60
60
Ref dr impt & ser D
1963.8 J 8058 8313 78
86
8
15
2•Franclaco Bug let II f 734s
1942 MN 314 3238
Ref & Impt 4348 ser E
50
771
/
4
50
269
7312 76
1977 1 J
Cairo DIY let gold 48
1939 .1 .1 *10634
Oalv Hone & Hand let 534e A__1938 A 0 7ØI4
8818 10338 107
73
7878 --__
Cin W & M Div let 4e
1991 J J 90
87,4 94,2 Gas & El of Berg Co cons g be
-9-078
68
4
1949 J D *11712 --------10338
88
96 'Gelsenkirchen Mining 6e
St L Div let coil Ire 4e
88
/
4 9014
1990 MN 901
1
1934 M El 5614 59
3512
8
10312 104
Spr & Col Div let g 44
1940 M S 104
85
Gen Amer Investors deb be A_ -1952 F A 10212 10212
5
104
7312
8
72
95
954 Gen Cable lot a f 534s A
W W Val Di• let g 4e
1940 1 1 *96
110
178
1947.1 1 9938 101
109 11034 *Gen Elec (Germany) 71 Jan 15_1945 .1 1 *...._
Cloy & P gen gu 434e ear 13
1942 A 0 11012 --------109
3978 -331s
105 105
Series B 34a guar
1942 A 0 el023
8105
s.s I deb 834e
-------33
1940J D *
100/
1
4 10758 112
Series A 434s guar
1942 1 .1 *10911 11112
•20-year e f deb 65
1948 MN 3613 39
3014
9
Series C 334e guar
1948 MN *10218
- -- ---- Gen Pub Seri' deb 1334/3
90
76
1939.8 J 10234 10314 25
Series D 334s guar
____ ___7 _ Gen Steel Cast 634e with wart
____ ____
1950 A F •105
8512 76
64
1949J J 83
Gen 434e tier A
10512 105,1 1:11Gen Theatres Equip deb 613.-.1940 A 0 151
-91
1977 F A *10614
/
4 1712 610
24
____ ____
Gen dr ref mtge 434e ser B
1981 J ./ *10513
2/
1
4
1538
1738 2:15
____
*Certificates of depoelt_
j•Cla & Ala By Ise cone Ss
13
15
9
10
1945.8 J
Cleve Silo Line let gu 434e
10012
1961 A 0 10514 10512
107,
7
4 12•Ga Caro & Nor let ext 13e
7312
18
1934.8 1 *1913
Cleve Union Term gu tilis
924 10434
74
10434 62
1972 A 0 103
71
85 10014 *Good Hope Steel& 1r see 7s __ _1945 A 0 33
991
/
4
. 114
let if & Scrim B guar
1973 A 0 99
3314
34
4
lets f Cis series 0
1977 A 0 9114 9134 140
80
94
66
Goodrich (13F)001st 63.4s
8918
10818 20
1947 1 J 108
Coal River Ry let gu 48
1948 J D *10634
Cony deb 65
924 104 10712
1945 J D 10212 103
63
05
/'Colon 011 con• deb 1313
38
1938.8 .1 6514 6618
88
38
1
4
6
83/
Goodyear Tire & Rub 151 5s
1957 M N 10434 ma, 71
t•Colo Fuel & Ir Co gen a II be
6812 98
1943 F A
824
2612
97
98
Gotham Silk Hosiery deb th
9
/
4 9934 11
1936.8 0 991
1:•Col Indus 1st & coll Se gu
22
42
40
1934 F A
1658
4213 154
It•Gould Coupler lets? 8e
8
1940 F A
39
48
91)
Colo & South 434s ear A
484 7334 Gouv & OswegatclUe let Se
1980 MN 5012 534 97
4838
10034 ____ 101
1942 1 D *
Gr R Al ext let gu g 434e
9134
__
1941 / J •107
Columbia 0& E deb IN-_ May 1952 M N 9812 9912 116
694
89
9934 Grand Trunk Ry of Can guar 68_1936 M S 10334
12---10378 --21 1004
681
/
4 9934 Grays Point Term 1st gu be
Debenture be
6014
Apr 15 1952 A 0 983L
90
9912 16
1947 J 13 .85
Debenture be
68
J
Jan 16 1981
9812 Gt Cons El Pow (Japan) 76
68
9718 98
175
6818
9213 1358 1.1.
1944 F A
Col & H V let eat g 48
10214 11034
1948 A 0 10834 10834
94
66
5
let & gen of 634e
11
90
19603 1 00
Columbus Ry P & L let 434C
9812 10738 Great Northern gen 75 ear A
1957 J .1 10538 10538 14
714
73
1936 1 J 10178 10234 1473
Col & Tol let ext 49
91
1956 F A •110
10534 11213
113
let & ref 41
884
/
4e series A
70
1961 J .1 10378 105
Comml Invest Tr deb 534s
/
4 11012 1121*
1949 F A 11134 11218 11
64
951
General b Ne aeries B
1952 J J 10414 10518 98
Conn & Pasomm RI, 1st 45
100 10314
92
1
103
1943 A 0 103
57
General be series C
1973 1 3 9914 10012 134
Conn Ry & L let & ref 434s
1951
8818 10618 10918
.1 10918 10918
537a
2
122
93
General 434s series D
1978 J 1 93
Stamped guar 434e
1951 1 .1 108
96/
1
4 106 109
634
7
109
General 414s series E
1977 1 1 9212 9312 209
For footnotes see page 3351
4134 -8-381
9612
96
83
7934 08
801
/
4 101
6338 94
5012 97
4314 47
50
67
678
1238
54 12
413
6
358 b
3
4
/
4 10334
1011
103,4 10673
108 1104
4634
23
70
84
11512 1174
54
75
99 105
88 101
40,11 50
90
60
3612 494
/
4 10314
901
94
54
64 1712
612 171
/
4
18
11
18 24
33
4434
10734 109,4
924 10313
/
4 106
1031
8212 100
48
17
101 101
1044 10812
10312 1074
00 90
8634 97
7838 93/
1
4
82 102/
1
4
96 10512
75 10518
69 10013
94
63
6214 9312
,
,
New York Bond Record-Continued-Page 4
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 22
July 1
Week's
1033 tc
4
Range or
?... '6'
57.:
Friday's...gt -74 Oct. 31
1935
.z. (Z.' BM dt Asked to .3
Low
Ell.J No. Low
Feb *4418 --------26
*Green Bay & West deb aft' A
738
7.34 19
Feb
3
*Debentures ctfs B
1940 MN *10658 --------8814
Greenbrier fly let gu 4s
50
805
8
8212
12
A
0
1950
Gulf Mob & Nor let 54513
4912
23
1950 A 0 7814 79
let mtge be series C
55
Gulf &S I let ref & ter bs ____ Feb1952 J 7 *5812 _______
--J 7 *Ws
4912
Stamped
60
10314 41
Gulf States Steel tleb 5411-- 1 .2 1 D 102
*1065
8
1073
8
J
I
05
/
1
4
1952
---4e
Water
let
Hackensack
31
1939 A 0 *3814 42 ---•liansa SS Linea fts with warr
33/
1
4
1949 J J 3638 3638
I
•Harpen Mining 66
11612
3
91
1999 J S 116
Hocking Val let cons g 434s
4
3112
1944 A 0 31
•Hoe (It) & Co 1st mtge
1212
1947 M N *1458 4312 ---_
•liolland-Amer Line 617 (flat)
5414
65
6
1937 MN 80
.•Houeatonic fly cone g 5e
9058
1037 7 7 *105- --.,
H & T C let g be int guar
/
4 20
89
1937 J .1 10312 1-0-4-1
Houston Belt & Term let 5e
61
10038 57
Houston Oilsink fund 534e A __ _1940 MN 100
35
1062 J D 4112 4278 134
Hudson Coal let e f be aer A
1 10158
19411 MN 11914 11914
Hudson Co Gas let g 5s
6384
79
83
171
1957 F A
Hud & Manhat let 58 ser A
2534
1
4 3012 127
A 0 29/
1957
___Feb
income
55
*Adjustment
July 1
Week's
r...
Range or ; 1933 to
r5
Oct.
31
:
e
,t
3
Friday's
1:
i
I
"tt Bid et Asked 35.z 1935
I
-----Low
Week No
Low
HIM
Low
8918
2
106
3818 3818 Leh Valley Term ELT let an a 58_1941 A 0 106
8914
_ _--_
1965 A 0
3/
1
4 838 Lea & East let 50-yr as gu
117
28
*11412--134
136
0
A
1049
Liggett & Myer!'Tobacco 75
- 1951 F A 12218 12234 42 103
be
5358 8712
--------8112
1982 MN *106
Little Miami gen 4e series A
50
82
76
1941 A 0 10414 10412 28
68/
1
4 6614 Loewe Inc deb s f 6s
41
8
47
4718
1952 J 171
4912 5614 Lombard Elec 7s ser A
9814
1
1938 .11 D 10534 10134
90 1031 4 Long Island gen gold 45
87,4
9
10234
1949 M S 102
Unified gold 4s
10512 108
9218
1937 M N 10078 10112 25
20-year pm deb be
3712 4633
85/
1
4
1949 M S 9934 10014 66
Guar ref gold 4e
331
/
4 4912
110
0 130
4
1307
8
A
1949
Lorillard
(P)
Co
deb
7s
/
4
1171
11258
8
985
3
1951
118
11814
F
A
5e
3110
30
1969I J
771
/
4 7978 173
38/
1
4
15 - Louisiana & Ark let be eer A
13
86
13
11112
113
1952
MN
Louisville
Gas
&
El
(Ky)
be
5414 99
7518
15
106
10432 10834 Louie & Jeff Bdge Co gu a 4s -.1945 M S 105
5 100
106
1937 55 N 106
/
4 Louisville & Nashville 55
101 1041
8812
66
10718
J
1073
8
J
1940
Unified gold 4e
85 10038
81
25
2003 A 0 10512 107
1st refund 534s series A
4478
35
1
4
2003 A 0 10634 10734 47 .80/
let & ref be series 13
1
4 11978
113/
74
/
4 10234 83
2003 A 0 1011
let A ref 445 series C
1
4
79
90/
9812
2
1941 A 0 10612 10612
Gold be
/
4
2534 391
82
1
104
1948 F A 104
Paducah & Mem Div 45
/
4
541
5
1
4 76
1980 M 8 75/
St Louis Div 2d gold 3s
104 11114
92
2
11014
1945 M S 110
Mob & Montg let g 434e
10212 10234
587
8
11
J
7912
80
J
1952
South fly Joint Monon 45
103 10612
80
1955 M N 105
10614 42
All Knoxv & CM Div 4s
99 103
441
/
4
---91
*8514
A
F
1949
*Lower Austria Hydro El 645_
9918 102
Range
Since
Jan. 1
105
10 10312
1956 J D 104
Illinois Bell Telephone 5e
1970 A 0 10212 10234 35_
15 ser B
1st & ref M 31,
1951 I J *10312 --------83
Illinois Central let gold 48
7612
1951 J J 510112
let gold 3345
1961 A 0 *10112 --------78
Extended let gold 33.4e
1951 M 5 *7612
66
---let gold 3s sterling
-7-5
67 -8312
57
99
1952 A 0 72
Collateral truss gold de
1955 MN 6712 72
861
/
4
5618 f 65
380
Refunding 45
71
56
68
69/
1
4
1952 J J "-„Purchased lines 334s
ou
1953 MN
62
57
7512
5234
57
Collateral trust gold 4e
74/
1
4 9412
7014
791
/
41955 M N *78
Refunding 6s
82
89 101
IS-year secured 63411 g
1936 7 I 9212 9312 24
5212 5612 360
4212
42/
1
4 631/4
40-yesr 4507
Aug 1 1966 F A
102
10
981/4 10212
7018
Cairo Bridge gold 417
1950J 13 102
8018 8812
1951 J J *805e --------733
Litchfield Div let gold 35
88
9234
6512
88 ____
Donley Div & Term it 334s __ _1953 7 J *86
68
1
60
6518 77
1951 F A 68
Omaha Div 1st gold 35
1951 J J *____
76
61
7512 ---74
St Louts Div & Term a 32
62/
1
4
78
82 -- -_
8714
1951 J J *--__
Gold 314e
9718 9334
Springfield DI, let g 31411
1951 J 7 *9812 ---- ----67
8912
1951 F A e__
8712 ---85
75
Western Lines let g 4e
III Cent and Chic St L & N 0173
5212 7838
5238
65
1983 7 D 60
Joint let ref be series A
4954
158
4954 7334
let & ref 47477 series C
1963 7 0 5434 60
6 10114 106 109
1
4
1940 A 0 10734 107/
Illinois Steel deb 434e
1
4
3255 32/
1
4
2
328 43/
31
•Ileeder Steel Corp mtge 8e. _ _1948 F A
1940 A 0 *102__ -„ 8912 104 104
Ind Bloom & Waist let eel 45
95 10012
72
1150 7 J 9534 -9-912 11
Ind III & Iowa let g 45
7
7
19
19
2
18
1956 J -1
t•Ind & Louisville let an 45
107 ---96
104 10834
1965 3 .7 *106
Ind Union By gen 65 tier A
1965 J .1 *10658--------98'4 106 107
Gen & ref be series 11
79
103/
1
4 10738
inland Steel let 434 see A
1978 A 0 10378 10538 25
80
10384 10614
1983 F A 10518 10512 56
let M a 1 434s set B
1966 J J 893s
tInterboro Rap Trots 1st 55
*Certificates of deposit,-: 8812
§•10-year 65
1932 -A -Li 6712
..-- 63
*Certificates of deposit
II•10-year cony 7% notes
1932 M 5 9034
90
*Certificates of deposit
/
4
Interlake Iron 1st 55 B
1951 M N 841
lot Agri° Corp 1st & col I tr 55MN
9912
Stamped extended to 1942
Int Cement cony deb 5s
1948 M N 10312
i•Int-Grt Nor 1st 65 ser A
1952 J 7 3354
8/
1
4
*Adjustment Os ser A__July 1952 A 0
33
•lst bs series B
1956 J J
1956 7 J 33
•Ist g 53 series C
Internet Ilydro El 500 65
1944 A 0 4614
Int Mere Marine s f 65
1941 A 0 6812
Internet Paper 5s ser A & B
1947 1 J 8712
685s
Ref s f 6s series A ..
1955 IV.
78
Int Rys Cent Amer lstThs 13
1972 M N
1st coll trust 6% g notes
1941 M N 82
78
1st lien & ref 64s
1947 F A
Int Telep & Teleg deb g 4 Hs---1952 1 J 6912
Cony deb 434s
1939 J J 8012
73
Debenture 5s
1955 F A
Investors Equity deb Os A
19473 D 100
Deb 58 ser B with wart
1945 A 0 10034
Without warrants
1948 A 0 *10034
/
1
4
(*Iowa Central By 1st & ref 4s 1951 M Si
James Frank & Clear lot 4s
1959J D 8012
9072 179
88/
1
4 51
69
65
15
64
9338 77
0112 43
8614 77
5612
86/
1
4
1914
2014
5712
5712
50
46
100
10334 81
35/
1
4 66
113
9
3412 17
3334 29
4858 144
70
26
9412 330
7414 254
7813 17
82
1
3
78
711
/
4 260
8278 330
7512 443
1
100
10034
6
101 ---11
/
4 11
18
81
52
74
25
4/
1
4
23
23
2814
37
47
3114
4518
491
/
4
6312
37
42
40
8018
82
82
34
661
/
4
1990 A 0 102
Ran & M 1st gu g 4s
I•K C Ft S & M fly ref g 4s
1936 A 0 32
A 0 3034
*Certificates of deposit
K C Pow & Lt 1st mtge 445____1961 F A 11238
1950 A 0 661
/
4
Ran City Sou 1st gold 33
Ref & impt 5s
Apr 1950.2 7 5534
Kansas City Term 1st 45
1960 3 J 10655
Kansas Use & Electric 44s
1
4
1080 .5 D 103/
•ICarstadt (Rudolph) 1st 65
1943 MN 42
•Ctfs w w stmp (par $645)
1943 ---- *2878
•Ctts w w stmp (par $925).....t_1943 ---. 33
•Ctts with wart (par 5925)
1943 ,_--- 27
Keith (B F) Corp 1st 65
1946 m S. 9312
Kendall Co 5345
1948 M S 10234
Kentucky Central gold 45
1987.2 I 10612
Kentucky & Ind Term 434*
1961 1 J *89
Stamped
1061 1 .1 *9534
Plain
1961 11 J *100
Rings County El L & P55
1937 A 0 *10612
Purchase money 69
1907 A 0 "150
Kings County Flay 1st g 48
1949 P A 10134
1954.2 .1 *11414
Kings Co Lighting 1st 55
First and ref 64s
1954 J J *11712
Kinney(OR)& Co 74% notes 1936 J D 10358
/
4
1945 k J 1111
Kresge Foundation coil tr 4s
:•KreUger & Toll cl A 58 Ws_
1959 M 13 33
102
1
3714 169
3412 42
11212 21
6858 42
60
209
10718 40
10414 59
42
5
30 ____
34
6
2714
3
9434 12
10314
8
10612
2
91 ____
101 ---
1939 A 0
Laclede Gas Light ref & ext 5s
1953 F A
Coil & ref 5145 series C
1960 F A
Coll & ref 5345 series D
1942 F A
Coll tr 65 series A
1942 1, A
Coll tr 65 series B
1937 .1 J
Lake Erie & West 1st g 5s
1941 J J
2(1 gold 54
1997 1 D
Lake Sh & Mich BO a 3145
1954 J J
•Lautaro Nitrate Co Ltd tis
1954 J 7
Lehigh C & Na, e 1 44s A
1954 1 .1
Cone sink fund 414e ser C
1965 A 0
Lehigh do New flog RR 45 A_
1945 M 5
Lehigh & N Y 1st gu a 45
Lehigh Val Coal let & ref e f 550_1944 F A
1954 F A
let & ref em 58
1984 F A
let & ref e t 65
1974 F A
let & ref s f bs
1938 1 J
Secured 6% gold notes
19541F A
Leh Val Harbor Term gu 56
1040 J J
Leh Val N Y let gt1 g 448
2003 M N
Lehigh Val (Pa) cone H 45
2003 M N
General cons 4%e
20031 M N
General cons 5s
10212 14
7614 37
7512 39
2
75/
1
4
_ .---10-311
113018 ____
9914 10
1914 219
10212 22
10178 29
6
10514
64
3
100 __
70
10
21
68
5
604
97
9
21
92
80/
1
4 15
3912 192
37
167
42
67
For footnote. see pace 3331
10134
7518
7434
75/
1
4
575
10234
*99
9534
1814
100/
1
4
100,
8
10412
62/
1
4
*96.4
67
6618
6618
96
8912
7814
32
35
4014
70
2954
28
96
511
/
4
52
8412
7034
1334
13
2514
23
44
68
80
73
80
93
1-08 --- 105
15514 ____ 118
66
10214 32
11412 ____ 10084
119 ____ 10512
77/
1
4
10338
1
_
11318
1014
.51
3112 5290
48114
te
7114
- _
77
81
79
434
77,2
g0
104
5212
(34
33
3118
32
73
79
75/
1
4
3014
33
3912
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 22
3349
Range
Since
Jan. 1
Hie
Low
10278 10778
11312 117
130 135
1157s 12358
104 104
1031
/
4 106
41
801 2
104 10614
9934 105
10034 10438
9712 10518
12514 13238
11218 11912
58
7978
10714 114
102 107
106 10734
10418 10818
10334 10712
10334 10124
9812 104
10614 109
102 105
1
4
7418 83/
10858 111
77
86
10438 108
84/
1
4 99
:•15fcCrory Storee deb 5145
1941
8134 11112
4612
11112 28
MN 110
Proof of claim filed by owner
53
9334 103
McKesaon & Robbins deb 5145_1950 M N 10214 10278 138
11
9
35
2212 --__
1/*Manati Sugar let *1 7tie __ _1942 A 0 *1914
814 34
7/
1
4
_ *1914 29 ____
*Certificates of
818 32
612
deposit- *1914 29 ---12•Stmpd Oct 1931
coupon_ _1942 A0
4
12
2112
*Certificates of deposit
4
91
/
4 301
/
4
___ _
I /*Flat stamped modified _ _1942 A 0 1914
712 35
7/
1
4
4
1918 -2-0
_
•Certificatee of deposit
50
7838
35
0 7012 7212 79
:•Manhat By(NY)cone g 4s _1990 -17512
47
35
6714 6812 25
*Certificates of deporsit_
3712 65
27
5414 ____
2013 i"-D 852
*2d 48
90
98
82
3
1953 M S a91
a91
Manila Elea RR & Lie 15*
68
8018
4954
1939 M N *7318 75 --__
Manila RR (South Llnes) 48
70
61
1959
M
N
51
---*61
65
let ext 4e
443*
/*Man GB & NW let 334e
1941 J k *---..
Mfrs Tr Co ctfs of panic in
50
7114 95
3
1943 J 13 9314 9314
A I Namm & Son let 65
8118
55
41
13
80
1947 A 0 79
Marion Steam Shovel e 16*
63
94
60
5
9212
91
J
1940 Q
Market St By 7s ser A _April
795s 10012
47
1945 MN 9953 10012 51
Mead Corp let 6e with wart
4112 98
4112
11
5014
1957 A 0 50
Meridionale Elee let 78 A
10218 10818
77
9
1953 J .1 10518 10518
Mete Ed let & ref be ser C
9578 10818
87
1988 M S 10712 10734 21
let g 434e series D
74
23
96 10134
1050 A 0 10012 101
Metrop Wet Sew & D 534e
9
9,4 1712
15 ---j93A F A *1214
iI•Met Week Side El(Chic)4e
2 ____
1977 M S *_
'Met Internet let 45 asetd
35 ____ 2918 E5 Ii
voliall mill Mach let s f 75
1056 J D ;i6
8114 9412 Michigan Central Detroit & Bay
9314 10012 10414
1
1940 J .1 103/
1
4 10358
City Air Line 46
86/
1
4 9212
90 ___
83/
1
4
831
/
4 901 2
1951 M 5 *80
Jack Lane & Sag 345
50
8412
8412 10012 1051
/
4
1
4 10414 13
1052 M N 103/
let gold 34s
4812 81
70
9312 9912
25
9612 97
1979 7 J
Ref & impt 434e mice C
84
97
1
4
661
/
4 80
7112 ___61/
1940 A 0 *____
9412 Mid of NJ let ext be
82
771
/
4 103
57
5i
1961 J D 10214 103
72
8674 Milw El By & Lt 1st be B
56
7612 10234
/
4 73
1971 1 .1 10214 1021
let mtge be
62,4
_ ____
1 D _ _
9118 10014 12•Milw&Nor let ext 44e (1880)1934
1988
*i
E§ -if
58
-,igi, __
1st ext 4345
9712 10412
1
5612
5612 6534
57
1939 .,.... 57
Con ext 434s
2512 41
31
3078 53
95
3118
36
1947
NI
e
4/
1
4 111
/
4 /*Mil Spar & N W let an 45
6012
6438 64/
1
4
70 --23
3814 t•Mllw & State Line let 3345_ _1041 7 7 *55
5 412
412 818
5/
1
4
1
4
5/
1939 M N
23
3754 /*Minn & St Louis 5setfs
12
212
4
134
112
S
194P M
*lei & refunding gold 45
2814 581
/
4
1
11
/
4
1
1
112
112
*Ref & eat 60-yr be ser A _ _1982 Q F
461
/
4 72
2634 37
2834
/
4 216
2814 311
19351 I .1
58
9410 M St p & 58 M eon g 4e I ot gu
191
/
4 31
191
/
4
6
2712
1938 J J
27
3558 741-4
let cons be
4218
31
31
38
3312 . 38
1938 J J
let cons Sean as to int
70
83
1812 2712
16
2118 24
19
J .1
let & ref 65 series A
7418 85/
1
4
1518 26
15
5
1
4 17,2
1049 M 8 16/
68
8112
25-year 545
511
/
4
:
:
6
9 6
8J J
7812 7912 23
6712 8512
1st ref 545 seriee B
50
7212
85
____ ____
1941 MN *75
5811 8312
let Chicago Term *145
6512 7634
18
12
3412
7
3212 33
1958 J .7
2•Mo-Ill RR let be series A
99 104
5012 891
50/
1
4
/
4
285
199C J D 6938 74
99 10358 Mo Kan & Tex let gold 45
3112
73
3112
444
48
/
1
4
57
.1
J
1962
RR
pr
lien
Mo-K-T
be
ser A
99 10314
2734 62
2734
138
48
42
1962 J J
40-year 45 series B
11
/
4
34
2812 84
2812
182
1978 I J 4434 50
Prior lien 4%e series D
74
8334
1114
1114 3612
1
4 262
•Cum adjust be ser A
Jan 1967 A 0 2134 30/
30
20
20
2312 25'z 83
1985 F A
t•Mo Pee let & ref 55 ser A
97 103
19
2714
19
*Certificates 01 deposit_ __
2934 41
5/
1
4 1114
5/
1
4
-812 484
714
*General 45
1975 M B
28
3918
1912 30
1912
2534 603
1977 M 8 2314
*let & ref 5s series P
11018 114
1812 2714
1812
'Certificates of deposit2212 2334 18
6112 781
/
4
1934 2934
1934
1978 13,i2312 251
/
4 218
- N
52
*1st & ref 55 series 0
7412
1878 27
187
8
10
24
2212
depoitit.
*Certificates
of
10514 109
1
4
334 7/
334
488
8
434
11
1949 ii-,
100/
1
4 10512
*Corm 8010 5145
1918 30
1012
142
25
1980 A 0 2314
*1st & ref a 55 series II
32
45
195
8
26
19
/
1
4
3
2312
2312
deposit_
*Certificates of
26
42
1912 3014
191
/
4
2318 2514 296
1981 F-A
*let & ref be series 1
2514 38
1872 27
18/
1
4
11
2212 24
_
*Certificates of deposit
23
31
695
*
83
75
787s ---671
/
4 9434 •Mo Pac 3d 7e ext at 4% July __IOW, 1-.3,iN *74
... _
.
30
88 ____
10112 103/
1
4 /*Mobile & Ohio gen gold 4s___1938 M S *____
6 17612
9
/
4 13/
1
4 --*Montgomery Div let g 55____1947 F A *111
10412 10712
412 9
41
/
4
28
5/
1
4
6
1977 M S
77
*Ref & Impt 44s
9512
5
9/
1
4
5
13
714
1938 M S
7
*See 5% notes
95 10112
99 10212
70
70
8511
28
82
10712 10834 Mohawk & Malone 1st gu g 45_1991 M S 80
Monongahela fly 1st M 43 ser A 1960 NI N 1037a 10434 16 10212 10212 105
14511 155
10018 10412
87
5
94 103
Mont Cent 1st an 65
1937 J .1 10418 10412
9738 10212
7914
let guar gold Se
1937 J J 10214 10212 11
110 11412
93/
1
4 108
77
25
108
Montana Power let de A
11712 122
1943 7 J 107
67 100
5012
Deb 55 series A
10014 105
1962 1 D 9612 9818 58
1101
/
4 11318 Montecatinf Min &Agrie94
65
65
48
1937 1 J 6678 70
2614 3714
Deb g 75
9614 103
88
5
102
1941 J J 101
Montreal Tram 1st & ref be
86
77
705
2
____
1955
A
0
*8378 8512
9714 10212
Gen &ref e i 62 serles A
8512
82
7254
591
/
4 RI
1
4 8512 ____
Gen & ref s f 52 series B
1955 A 0 *83/
7334 7838
8354
1955 A 0 *____
59
80 ___ _
80
Gen & ref e i 4145 series C
82
74
7054
7114 7538
1
4 8512 ____
Gen & ref 515e series D
1955 A 0 583/
101 10918
82
_
Morris & Co let a f 434*
1939 J J 10414 10412 12
851
/
4 9512
70
ion, foil, Morris & Essex let an 3148
8512 111
2000 7 D 87
92 102
77
85 10038
9412 16
93
Constr 13.1 55 ser A
1955 MN
/
4
8312 981
1
4
65/
9712 10212
841
/
4 8514 43
Constr M 44* aeries B
1958 51 N
98 204
98
7
89
2114 Murray Body let mtg 6348
204
1942 J D 185
11034 104318 Mutual Fuel Gas let gu g 55
103/
1
4 110
1947 M N •108,4 --------95
8938 102 108
1001
/
4 106
Mut Un Tel gtd 6s ext at 5%
1
4 10758
-1941 M N 107/
101 10514 Namm (A I) & Son-See MirsTr-R178 97
1979 F A
26
81% 82
78
55
7314 Nash Chatt & St L 4s ser A
91
1021
/
4 10514
8718 9734 Nash Flo AS let gu g 5e
1937 F A *____ 105 ___
5014 8254
501
/
4
55
Nassau Elec gu g 413 MO
80
56
5934 146
1951 I J
881s 10212
6512
9
10212
51
1942 7 D 102
72
Nat Acme let e f tie
74/
1
4 10278 105
52
73/
1948 F A 10334 10412 214
1
4 Nat Dairy Prod deb 54e
99
99 10334
911
/
4 97
Nat Distillers Prod deb 440
1945 tf N 10112 10214 149
8912 104
7414 99
3014 50/
1
4
33
5414
38% 60
3350
New York Bond Record-Continued-Page 5
'4
Week's
July 1
BONDS3
Of ; 1033 lo
N. Y. STOCK EXCHANGE
-.....
Fridays
g; Oct. 31
Week Ended Nov. 22
g.',4.
... BM & Astsg 54[0 1935
Rang.
Low
1957
Not Ry of Mel or lien 434,
•Jan 1914 coupon on
J 1
213
•Assent oasn war rct No a on_
---214
*Guar 40 A pr '14 coupon
liii
•Assent mai war rct No 5 on.„. ---212
Nat RR Mel pr lien 4345_ MO
•Aseent c
war rot No 4 0ash _____
338
*let consol 4.
liii
*Assent each war rat No 6 on-- -- --_
278
Nat Steel let ooll 5 f 4s_
19653 D 10514
I•Naugatuck RR let 040.
1954 M N .4512
Newark Consol Gas cone fle
1948 3 D *11758
•Jam England RR guar 51
19433 .1 •
•Oonsol guar 4s
19453 1 45
New England Tel & Tel 5e 5:
1952 .1 D 122
iota .114e serial B
1981 IN N 118/
1
4
NJ Junction RR guar 1,1 4.
1986 F A 994
NJ Pow & Light lot 434e
1960 A 0 10533
New (r1 Great Nor 56 A
1983 .1 J 7112
NO & NE let ref&impt 4345 A-1952 1 .1 *4012
tNew ON Pub Ser• let Si A
1952 A 0 86/
1
4
1)
First & ref 5s series B
19653
1983
j 1 8612
7848
New Orleans Term lst gu 46
ti•N 0 Tex & Mex n-c Inc 55._ -1935 A 0 22
*1st 5s [series B
1954 A 0 2814
'let 5,series C
1956 F A 2812
1956 F A 2812
*1st 434e series D
*1st 534, series A
1954 A 0 29
N & C Bdge gen guar 4340
19453 1 *10638
NY Cent RR cony 60
1944 MN 10878
Como!45 series A
1998 F A 82
Ref & impt 434s serlee A
2013A 0 70
Ref & Impt 55 series C
2013 A 0 7434
NY Cent& Bud RI? M 334s -1997 1 1 9358
Debenture .ts
19421 1 9612
Ref & impt 454a ser A
2013A 0 70
Lake Shore coil gold 3345
1998 F A 8614
Mich Cent coil gold 33415
1998? A 84
NY Chic & St L iota 4e
1937 A 0 10034
Refunding 534s series A
1974 A 0 74
Ref 43413 aeries C
1978 M S 6258
1935 A 0 77
*11-Yr 6% gold notes
*Deposit receipts for 6s
1935 68
NY Connect let gu 431a A
1953 F A 10714
let guar 5s series B
1953 F A .1074
N Y Dock let gold 4s
1951 F A 6834
1938 A 0 5314
Serial 5% notes
NY Edison 1st & ref 634s A
1941 A 0 110
let lien & ref fts series B
1944 A 0 10612
lot lien & ref 55 series C
1951 A 0 1074
NY & Erie-See Erie RR.
N Y Gaa El Lt H & Pow g be
19403 D 122
Purchase money gold 45
1949 F A 11234
NY Greenwood L gu g 58
1946 M N 9238
NY & Harlem gold 334s
2000 M N 10114
N Y Lack & West Si ear A
1973 M N 9314
434o eerIe,B
1972 MN
NY L E & W Coal & RR 5345_1942 MN 99
NY L E & W Dock & Inuit 58_1943 3 1 105
NY & Long Branch gen 4s
1941 M 510358
N Y & N Eng(Bost Term)4s_1939 A 0 *60
01145 No.
213
1
3/
1
4 100
10834
10934
10638
10612
*5212
*44
43
214
112
312
28
111
434
28
2
2/
1
4
5
106
86
60 ___
2/
1
4
4
60
10112
4912 _
Ma
47
9 50
12258 17 1048e
9914
11912 18
9934
3 8212
105/
1
4 29 684
73
21
488,
35
47 __-884 80 88
88
72
38
80
5
6884
1
1214
22
3112 72
14
314 37
1414
2912 17
141.
3212 87 144
92
110
180
1
4 201
83/
7214 468
7712 417
95
51
971
50
72 452
87
20
16
851
1011s 50
761 199
66 1027
85 360
7214 213
10713 19
1
4
67/
5714
11012
10638
10734
9884
64
4314
4613
7372
67
43
64
85
77
434
8634
414
52
9212
99
26
41.12
43
30
17 10818
20 1024
8 10214
12212 18
113/
1
4
7
9238
2
10114
1
9534 47
10268 _
99
12
105
5
10418
95
61
8314
9314
894
754
87
954
____ __.. ____
t•NYNH& Et n-o dab dl
1947 M 13 25
2514 36
'Eon-cony debenture 334e.....-1947 M 8 2512 26
10
•Mon-oony debenture 3134s_. _1954 A 0 237e 2434 29
•Eon-cony debenture ge
t955 1 1 2318 2534 63
•Eon-cony debenture dl
19568* N 244 26
90
•Jolly debenture 13646
26
19561 3 23
25
•Ziony debenture lie
1948 1 1 2512 28 281
•jollateral trust 61
1940 A 0 34/
1
4 38
74
'Debenture 44
1957 MN 13
1658 75
•let & ref 434s per of 1927
19673 D 2412 27 280
•iartem R & Pt Chee let 4s
1954 51 N 82
8214 .53
NYO&Wretg4s
June 1992 M $ 41
4334 150
'0653 D 3314 3514 27
General 45
t•• le Providence & Boston 45..1942 A 0 *72
.. ---N Y & Putnam let con gu 4e
.993 A 0 *80
-_8278 _
8•N Y Rye Corp Inc 6s__Jan _1965 Apr 2234 2812 268
'Inc 1343 assented
1965 23
28 254
Prior lien 6s series A
1965 1 J 99
9912
7
Pe.lien 63 assented
1965 99
9934
9
NY & Richm Gas 1st ge A
1951 MN
NY Steam Ss series A
1947 M N
let mortgage 50
1951 M N
let mortgage 60
1956 MN
N Y Susq & West let ref 55
1937 3 3
1937 F A
2d gold 434s
General gold 55
1940 9' A
Terminal let gold Si
1943 MI N
N Y Telep lst & gen If 4He
1939 MN
NY Trap Rock let es
19463 D
65 stamped
1948.
NY Wench & B let me MO _1946 J J
Leg
10834
9
11014 12
10612 15
2
10612
55
454 _
1
43
111
11138 73
*794 85
78
8012 45
1112 1434 219
25
22
2114
2234
20
204
25
3512
1214
2312
80
40
3212
8118
dip,
4
1014
56
90
96
98
90
9112
4014
41
81/
1
4
72/
1
4
102/
1
4
4.552
76
1218
Nlag Look &0Pow let fie A
1955 A 0 1074 10714 14
90
Niagara Share(Mo)deb 5348
1950 M N 97
99
73
68
•Nergdeutsche Lloyd 20-Yr at 6s-1947 MN 8538 87
2 38
New 4-8%
1947 MN *444 46 8678
15614 jai 10512
Nord RY ext elnk fund 634e
1950 A 0 147
It•Nortolk South let & ret 5s
1961 F A 1412 1538 55
5
*Certificated of deposit
121
/
4 13
8
4
4934.
11:•Norfolt & South let g 58
1941 131 N *48
1414
19960 A 11312 11414 63
N & W By let cone g 44
9114
Pocah C& C joint 45
1941 3 13 10814 10814
1
96
6118
North Amer Co deb tot
1961 F A 103
104
121
1957 IN 8 10258 10318 30
No Am Edleon deb 55 ear A
56
Aug 15 1963 F A 103
Deb 51415 ear B
104
25
aa
Deb 5s ser C
Now 15 1969 M N 100
10134 80
54
12114 _
North Cent gen & ref 58 A
1974 M El *1113
98
Gen & ref 434,settee A
1979 M 8 *11214 113 ---SS
50
50
14
36
:Worth Ohio lst guar g 5s
1945 •Ex Apr'33-Oct'33-Apr'34 cons._
*49
55 ---NW
•Stnipd as to sale Oct 1933. &
504 504
•Apr 1934 coupons
1
34/
1
2
fls
A
Nor Ohio Tra o & Lt
19478* S 10858 108/
1
4
74/
1
4 29
North Pacific prior lien 4s
1997 Q 1 10134 10212 177
76
Gen lien IT & Id g 3.3.11 _ _2047 Q F 7034 7218 191
50/
1
4
Rat & Impt 4195 series A
2047 J J 88
60
89 109
Ref &Irani fls series B
2047 J 1 10112 10234 371
684
lmpt
50
merles C
Ref &
2047 3 1 9434 9534 59
64
Ref & Impt 5s series D
20473 J 9412 96
91
61
Nor Ry of Calif guar 05.
1938 A 0 *108
--------100
Noe Stake Pow 25-Yr 5e A
1941 A 0 10612 107
19
89
let & ref6-ye ISe ear B
1941 A 0 10634 107
12
93
Northwestern Teleg 4345 ext
1944 J J *1027
- --- 100
Norweg Hydro-El Nit5He
1957 MN 100/
1
4
8101
-5 6852
04& L Clam let PI g 48
1948 3 J 1934
Ohio Connecting By let dl
1943 M S *108
Ohio Indiana & West 5s_ __Apr 1 1938 Q J *95
1996 A 0 11214
Oblo Public Service 710A
1947 F A 11112
let & ref 7s series B
19363 D •101.
Ohio River RR 1s6 g lie
1937 A 0 10312
General gold 5s
1944 F A *20
t•Old Ben Coal let 65
For footnotes see page 3351.
2578 20
____ ____
- ---2
1-1212
11112
2
10134 -_10312
1
21 i_-__
2258
10614
......
-89
78
90
87
10
lasee
Ames
Jan. 1
Leg
Rtyk
BONDS
N. v STOO . EXCHANGE
Week Ended Nov. 22
Nov. 23 1935
July 1
3
Wow.
BMW Of ; 1933 to
133
Friday's
gi Oct. 3
51 3
1935
...e. Bid & Asked al
Rang.
Stars
Jae. 1
rAw
MO
glob No. Low Low
Ontario Power N P 1st 5e
III
1
99
109 1134
1943 F A 111
214 Ontario Transmission 1.1 48
I
9412 10834 1174
1945 IN N 11278 11278
5
Oregon R.R & Nav corn g 4s
8314 105 109
39
1946 1 D 10818 109
Ore Short Line let cons a 50
11418 11812
2 100
1946 J J 11614 11614
Guar eto , cons 55
2
4/
1
4
9912 11512 1191e
1948 3 1 11834 11912 13
Ore-Wash RR & Na, 48
7714 101 106
1961 1 J 10334 10412 38
1963 M 13 10118 1014
212 658 Oslo Gas & El Wks exit lie
94 10112
6
6512
Otis Steel let mtge 655er A
19418* 8 10058 10112 144
20
6914 10112
2
484
10253 10634 Pacific Coast Co let g 56
25
5012 16
38
1946 1 D 50
5013.
9811 10412 109
45 65 Pacific Gas & El gen & ref 55 A _1942 .1 J 10534 10614 117
1933 F A 9573 9578
9572 10152
1
80
11312 12018 Pao RR of Mo let est g 45
81
•28 extended gold 58
78
91 100
15 84
93
19383 1 93
45 70 Pacific Tel & Tel Ist 55
1937 3 J 10434 10538 124 10314 10434 1074
Ref mtge 5seerles A
11612 124
9 10414 10014 11312
1952 51 N 1094 10978
1124 12318 Paducah & Ills lots f g 464,
105 10512
1955 3 1 •106--------93
884 100
It•Pan-Am Pet Co (Cal)cony
254
3312 46
7
68.1940 J D 404 4012
.-*Certificates of deposit
94 106
3314 48
25
240
4114 58
Paramount Broadway Corp4838 77
'1,1 88 s t g 3s loan etre- --.1955 F A 5912 60
35 53
58
5512 63
22
1
4 Paramount Pictures deb 6s..-- -1955 1 J 9012 9312 238
5511 88/
9012 97/
1
4
9118
5514 88
PaNs-Orleans RR eat 514s
1968 51 S 13112 14134 23 1044 1304 163
694 87
t'Park-Lexington 8 Hei otts
1953 J 3 3814 364 12
3
174 3612
1518 27 Parmelee Trans deb tie
23 48
14
61
1944 A 0 4634 48
1814 34 Pat & Passaic G & E cons 5a
116 11814
__ __ 102
1949 M 13
197s 33 •Paulista Ry let ref 5 f 7s
*60
94
76/
1
4 --4504
87
1942 M El *11712-1878 314
34 Penn Co ffU 3%,ooll tr A
20
102 1023e
1937 54 S *10258 --------94
10212 10712
Guar 330 coil trust ser B
8118 100 10314
1941 F A •10338 ____ .-Guar 3949 trust etre 0
9834 10234
8334
1942 .1 D *10318 ____ __-_
Ouse 334e trust Ms D
9824 11212
98 103
814
1944 J D •103-.... ____
7312 874
Guar 4s eer E trust Mfg
6
8412
9914 1034
1952 231 N 10214 10312
28-year 4s
4314 73
100 101
180 100
1963 F A 10034 101
464 7914 Penn-DI:le Cement let 6s A
74
1941 M II 8812 91
55
7112 9312
92 9834 Pa Ohio & Dot lot & ref 4340 A...3977 A 0 104
10412 24
78
103 1084
9712
430 series B
SS
/
4 1044 10678
___ ____ 1011
1981 3 .1 •1067
7318 Pennsylvania P & L let 4He
754
43
9838 10614
810614 144
1981 A 0 1054
7834 8914 Pennsylvania RR cons g 40
9814 107 Ill
11018--1943 M N •110
1144
887e
Consol gold 4e
li
9412
N
79
108
Ill
1111
/
4
1948 *
8
4.4 eter! stpd dollar May 1 _1948 111 N 111
9638 108 1134
10025 10212
11114 11
984 11412 1194
57
77
Consol sinking fund 434/3
11714 17
1960 P A 117
1
4 10458 10915
47 66
General 414s series A
1965 J D 10738 10814 123 80/
4358 85
87/
1
4 109 115/
General re series B
1
4
19683 D 11312 11412 26
1936 F A 101
101 106
/
4
52 721
10138 30 101
Secured 6%a
105 1013
Scoured gold 5e
27 81
10614 10814
1964 M N well 107
1970 A 0 9714 9758 347 66
9038 97/
1
4 10834
1
4
106/
Debenture a 4%.
1
4
7534 10038 107
6932 74/
1981 A 0 10358 10438 172
General 4%, eerie. D
424 58
9972 106/
Gen mtge 434s see IL
1984 3 1 10358 10412 83 914
1
4
11058 118
1943 A 0 11412 11434 10 100
10978 11418 Peop Gas L & C let con1/13e
10512 10938
26
80
Refunding gold 55
9804 10712
1947 M S 105[8 106
604 7334
50
106 11014 Peoria & Eastern let cons 44
1
4 27
1940 A 0 6915 70/
4
912
4
74 92
*Income 411
512
April ____1990 AM
1
4 12414 Peoria & Pekin 17n let 5Hs
116/
1
4
1974 Er A ---------..., 834 102 103/
10738 115 Pere Marquette let ear A Si
1956 J 1 9534 974 115
51
25
5731
8214 97
1
4
lot 4s striae B
69 86/
484
1956 3 1 85/
1
4 86/
1
4 41
98 103
68 89
1980 10 8 8772 89
58
iota 4%o serial C
80
93/
1
4 10272
10212 l0858 PIMA Bali & Wash let g 4e
9878 108 112
11
1943 MN 11012 III
94 99
General Ets series B
9512 113 119[4
4
118
1974 F A 118
10418 107
General g 414e wiles 0
20 87
10818 113/
1
4
/
4 112
1977J 3 1111
10112 104'e
General 432e melee D
1981 1 D 110
11012 17 10014 107 11212
____ ____ Phila Co sea 5s series A
7918
10312
6114
175
D
10112
102
19673
PhIla Elea Co lst & ref 414e
105 110
1 100
1967 M N 10712 10712
lit & ref 4e
25
39
1971 F A 107/
8918 10414 10814
1
4 10712 30
R812 PIMA & Reading C & I ref 55 .._...1973J 3 514 56
22
84
48/
1
4
49/
1
4 75
2114 37
Cony deb 65
2018
304 533*
1949 M S 344 364 148
2234 10 Philippine By let.148
2214 21s
2014
56
1937 J 1 2418 28
3912 Phillips Petrol deb t.1145
20
1939 J D 101
13414 101 104
10118 19
20/
1
4 3658 Pillsbury Flour Mills 20-yr 66_1943 A 0 108
6 10214 10514 1094
1084
52 Pirelli Co(Italy) cony 78
25
85..
75
75 10412
N
*7178
IN
1952
Pitts CC & St L 4 He A
3478 63
10818 1124
1940 A 0 11114 11114 -1 100
10813 112
1214 8014
--------99
Series B 4345 guar
1942 A 0 3,110
2313 45
Seriee C 4340 guar
--------10004 109 11178
1942 MN •110
9514
Series D 48 guar
11734 10734 110
80
1234 ....1945 MN 3,108
no F A •10358 ____ ---894 10414 10472
40
61
Series E 334e guar gold
31
49
Saris. F 45 guar gold
1953 J D •10814 11114,-. 964-_-_.1957 M N •10814 1111
10114 10112
Serlee (1 45 guar
/
4 ---98
9
WON 10 13
9618 107 110
75
8714
_ ____
Series H cons guar 4s
1980 F A •108
1968 Is A 11612 11612
8 2812
Series 1 cons 4%e
3 99
1131
/
4 1184
9611 113/
1
4 117
1
1014 28
Series icon, guar 4145
1909 al N 11612 11612
1970 1 D 11314 11358 28
8684 11138 11614
General M 511 serf*, A
7058 9913
1975 A 0 11334 11334
9934
5 8514 11138 11614
90
Gen mtge 6eser B
104 108
76
1064 38
Gen 4145 series C
1977 1 J 108
____
1943 MN
94
10714 10714
10514 11012 Pitts Va & Char let 48 guar
53 68
/
4 •PItts & W Va let 454e Der A.__1958 1 0•105-_53
108 1111
7378 11
73
7413 30
let M 414e series B
6114
10434 10724
5114 741e
1958 A 0 73
1960 A 0 7058 7412 159
47
47
1st M 432e eerie., C
1044 10732
7412
46
63
1
4
Mtn Y & Ash lot 4s ear A
1948 3 H *10738 ---- ----0204 107 109/
1s1 gen Rs series i14.1962 F A *115
114 11618
52
97
SI
118 i___
1st gen 5s series C
1
4 5112
37/
1st 4 Hs series D
9712 100
19773 0'107
109 11114
1953 F A 74
56
86 Port Arthur Can & Mt Se A
611
/
4
74 8514
74121 10
1953 F A *74
let mtge eis series B
76 85
74 82
80 ____
65
32 Port Gen Elea 1.1 464. ear C
10
5014 80
3712
1980 M S 7212 7473 164
1st 5s 1935 extended to 1950
J J 10718 10712 22 10632 10612 10712
Porto Rican Am Tob eon,61_1942 1 .1 59
67
1044 108
42
64 I 25
2814
t•Postal Teleg & Cable coil 5s--1953 J 1 3314 3734 1502
62/
1
4 100
254 254 5214
1t•Pressed Steel Car cony g 5a_...1933 1 J 54 . 64
63 87
3814 64
105
8814
42 524 t•Providenoe Sec guar deb 4a ... _1957 M N *5
22 ___.
1978 aa
20
135 171
*Providence Term lot 4s_
. 1„....
8118
8838 9112
1956 M S *5218
1971 A 0 10718 1073
194 Pub Barr El &0 1st* ref 45
10
-- -4
8
8814 104 10814
94 1834 Pure 011 Coot 434s w w
1960 .1 .1 10434 10814 829
9512 10412
9512
357g 5034 Purity Bakeries of deb Si
1948 J 3 100/
1
4 10132 57
7814
8234 1011
/
4
11012 117
I
106 1084 t•Radlo-Keith-Orpheum pt pa otts
8114 10458
for deb 65 & com stk (65% p8)_. _ J D 158
4514 161
158 I It
36
1'Debenture gold 6.5
74/
1
4 1034.
1
4
2018 88/
15
1
774 80 I 14
1941 1 )
Reading Co Jersey Cent coll 48_1951 A 0 95
nu, 104
95/
1
4 36
73
93 1004
Gen & ref 434e series A
714 10234
1997 1 .1 10512 106 I 39
79
10438 1084
Gen & ref 43.4. series B
118 120
1997 1 .1 10518 106 I 29
7914 10478 1084
110 112 Rem Rand deb 514s with wart' I947 51 N 10412 10514 67 63
99 10514
40
5012
530 without warrants
1947 54 N 10414 10412
994 1045s
2 9912
Rensselaer & Saratoga 65 89
1941 M N
65 45
Repub 1 & S 10-30-yr lis 5 t
1940 A o iiiiiE2 iiii141 io iii
HA Iiii
1953 1 3 10438 104/4' 29
nu 5018 Ref & gen 5145 series A
9461 10518
6112
/
4
10414 1104 Republic Steel Corp 44* Fier A._1950 51
11212 11538 704 10233 10238 1151
Pun% money 1st M cony 5343_1954 MN 10734 10838, 85 101 107
10514108':
1948 M. 13 *1081g 10812 ____
10714 10834
767s Revere Cop & araaa Oa Rif A
68
76
7412 IIIPs •Rbeinelbe Union ,t 75
1946 1 .1 3314 3314 18
264
32
43
884 10234 •Rbine-Ruhr Water amiss 64
2614 3912
1953 1 J 35
25
1
35
1950 M N *3238 35 .....
3213 44
82 9614 *Rhine-Westphalia El Pr 75
324
*Direct mtge 6s.
1952 MN 3234 33
82 96
3134 4312
3134
5
*Cone mtge Soot 1928
31/
1
4 43
1953 F A 33
105 1083a
311
/
4
4
33
*Cons M (is 01 1930 with warr_1955 A 0 3234 3314
103 IOS
314 4314
9
3118
25
35
10104 10818 1t•illehtield 011 of Calif Si
1944 51 N 3034 324 44
20
/
4
IN N 304 3134 151
*Certificates of deposit
101 1011
344 35
194
1044 1074
RIchm Term Ry lot gu S.
1952 1 J *10612 --------99
88 101
60
48
*Rims Steel let. t 715
1955 F A 52/
65
1
4 5212 12
70
19/
8512 9512
1
4 ttou Rio Grande Juno let gu Se
1939 1 0 *9018 95 ____
10584 10718 t•Rio Grande Went let gold 48.__1939 3 3 67
601s 8234
7512 53 61
1949 A 0 3034 344 42
*lit con & coil trust 44 A
2412
---- --_-2412 4712
10914 113
10758 11214
10034 104
10158 10414
1334 21
2le
218
New York Bond Record-Concluded-Page 6
Volume 141
BONDS
N. 33 STOCK EXCHANGE
Week Ended Nov. 22
:
7,1
Juty 1
Weeks'
1933 fc
Range or
4
Frtday's
0 Oct. 31
2
..i
.7.a. Bid & Asked 3)*1
1935
Rano.
Since
Jas. 1
BONDS
N. Y STOCK EXCHANGE
Week Ended Nov. 22
3351
July 1
.
Wears
to 1933
Ranee Of
4
:3
I 3_ Oct. 31
11
., L.
Frtday's
I173: 1314 & 4444 0203 1935
Low Low
1,,,..,
izioa No
MO
9434 10414 109114
3
Union Elea Lt & Pr(Mo)54
1957 A 0 10518 106
1064
10114
9914
14
Un E L & P (III) let 115144 A -.1954 1 1 106
106
13
2512
1014
1
1•11:7nlon Elm Ry (ChM) Si.
1945 A 0 24
24
11612 121
Union Oil of cam 6s series A
1942 F A 11812 11834 17 106
46 10912 10912 116
MN
12-year 4s cony deb
1947
1157
114
10778 11315
94
83
Union Pac RR let & Id gr 44_1947 J 1 111
112
1st Llen & ref 45
lune 2008 m 8 105
10514 54
WM 1034 10853
81
103 108
1967.7 1 10514 10558 34
Gold 4148
113 120
99
1st lien & ref 55
June 2008 51 0 11512 11534 11
9915 10473
7653
51
Gold 48
1969 1 D 10112 103
103 107
11 10558 10558 10818
1950 A 0 10634 107
96 10458 United Biscuit of Am deb 58
87
9512
53
1953 M E1 9354 0512 334
United Drug Co (Del) 58
8612 90
lova
11212
971s
1944 m e *nots 11134 ---8014 85
U NJ RR & Can gen 4e
2534 35
_ ---, 154
1934 .7 J .2714
It•UnIted Rye St L 1st g 4e
904 101
58
168
US Rubber let & ref 56 ear A -1947 1 J 10012 fa
5412 71
98 10114
8514
1
1937 MN 10114 10114
United S 13 Co 15-year 64
54
69
661,
30
3214 43
26
6
33
3312
774 'Un Steel Works Corp 6345 A..- _ -1951 1 D
60
33
4212
27
1
33
33
*Sec. 4 f 6144 series C
1951 i D
934 1714
3
24 41
2
3
5
*Sink
fund
deb
6145
ser
A
33
33
1947 J 1
84 1534
9834 120 14134
Un Steel Works (Burbach)75 - -1951 A 0 *33
934 18
34 ---16
3134
13
55
27
934 164 t•Universal Pipe & Had deb 61-1930 1 0 2414
4138
32
32
34 ---734 1412 •Unterelbe Power & Light 8e_..--1953 A 0 *32
68
961x
501s
me 61
1944 A 0 9514
712 1378 Utah Lt & Trac 1st & ref de
697e 9675
5534
96 8 113
.35
1944 F A
Utah Power & Light 1st 54
2034
65
56
2414 8884
54
1347 J r
17til Power & Light 534e
85
84
2014 63
18
67
50
54
Igra. 0 A
Debenture 54
4938 66[2
354 6414 Vanadium Corp of Am crony 1Ss _1941 A 0 8612 8778 57
_, 944
1
2
, .118
auo.4 10714
ay
___ _ _..-y Vandalla cons g 48 series A
1955 P A *1067
86
1
10214 io7
Cons If 4,series B
1957 M N 107 8 107
ygi4 10012
19343 J.
234
79 10034 *Were Cruz& P let ITO Ole
3
39
2
1/
4
1
2
412
4
4
•111117 coupon off
34 --;.=
-7 ' *255
10113 1044
354 164
3
1134 ut
•Vertientee Sugar 7,011,
1942 .7D 11
---l'ill; Va Elec & Power 55 series B
1954 1 1)'3105
11
1014 10518 10814
10514 -104 10778
86
10414 io
1st & ref M 5s ser A
1955 A 0 104
1044 10938
584 70
60
5
70
101 10434 Va Iron Coal & Coke let 554 _._1949 M 8 70
99 10278
91
MN
--Virginia
Midland
gen
5e
1938
100
*98
103
5
8
994
94 10112
757
4
i
Va
&
Southwest let go 5e
2003 1 J 1004 10014
113 11878
6355 84
55
1st cons 54
1958 A 0 74
7678 29
1104 113
89
1982 MN 11112 11238 69
7412 9072 Virginia Ry 1st 5e aeries A
844 10314 106
9
1st mtge 434e series B
1962 M 79 10312 10514
10054 10914
108 11238
894 9834
5788
3784 0812 95
1939 M N
:Wabash RR 1st gold Ss
34 54
5711
8
052
1
53981 16
1
75
78
5:
3
1 ,
8
,
0
.** 1_ 7_
195
34
o F
J A
j *6
•21 gold 58
29
544
1st lien g term 48
8214 55
Del & Chic Ext let 5e
1941 1 / *_ _ 103 -23
5512
7178
53
65
2
66
mg 1 J
Des Moines Div let g 44
10912 115
4512 6214
88
58 ____
1941 A 0 *56
11
18
Omaha Div lst g334*
5312
77
35 -,,, 56
Toledo & Chic Div g 48
1941 M 8 *..
1312 17
1214 2714
1214
2714 227
20 (*Wabash Ry ref & gen 5344 A _1975 M 8 ii10
25
11 , 18
13
__. 2384 25
'Certificatesof deposit
1072 20
27
12
12
201
2
34
*Ref & gen be series B
_.' A
1976 F
2414
27
1012
25
1012
5
*Certificates
of
-_--25
deposit
25
414 9
114 2678
1134
'Ref & gen 414e series C
1978 A 0 23
2678 246
334 8
1378 224
11
___ _
'Certificates of deposit---- *221.
412 1172
113
4 264
113
4
89
34 10
•Ftef & 880 6* series D
1980 A 0 2412 16-3;
104 224
1012
1
2212 2212
•CertIffestee of deposit
---•
84 1714
33
82
1212
24
tt•Walworth deb 6 140 wIth warr-1985 A 0 74
82
75
8112
3
4812
48/2 8112
'6%,deposit receipts
214 412
124
36
8142 13
8155
1-11i 73
*Without warrants
24 44
3618 E/012
184
894 69
Irler sinking fund 65 set A
1945 A 0 84
80 103
____ 83
5914 89
5914
114
83
'Deposit receipts.
10234 1054
10414
10218
Mk 8912
24
ma M 5 88
Warner Bros Pict deb (14
7612 88
8938 151
21
21
ILO
38
76
2612 55
I•Warner-QuInlan Co deb 85
1939 m 6 24
31
53
80
204
351g
4112
M
S
39
504 'Warren Bros Co deb 65
1941
3518 364
3518
2
3512 3512
*Deposit receipts
,
.
10834 113
80
80
! Warren RR 1st ref gu g 314e
76
79 ---2000 irA *
We gm
94
91
79
Ms 821, Washington Cent 1st gold 49 _1948 Q m *9112 95 ---88
10353 10612
• 58 ____ --- _
1945 F A *105
.9854 1081; Wash Term let gu 310
1st
40-year
guar
4s
'
*107
F
A
1945
84
loo --117678 106%
10058 10258
9818 105 112
1
1939 1 1 11012 11012
17258 10444 Wash Water Power s f tie
14 10814 11514 12252
112 1164 Westchester Ltg 55 stpd gtd ......_1960 3 0 12012 121
11112
106
10014
14
West Penn Power ser A 5e
1946 M F 10634 107
3 10178 11414 122
1st 55 series E
1963 1W 8 11838 11835
106 110
10514
101
11115
5
see
1st
55
J
D
series
0
10614 10778
1956
82 173
9014 1051x 11014
let mtge le eer H
604 8314
4
1961 1 1 no
no
734 3712
6114
8712 93
9584 105
Western
Maryland 152 48
1952 A 0 95
5612 7618
96 10534
86
70
hut & ref 634* series A__
I977 J 1 10414 105
554 76
104 107
5 100
22711 West N 7 & Pa let g58
26
1937 1 1 10414 10412
102 10834
78
10712 27
Gen gold 4s
1943 A 0 105
9912 10812
25
37
23
208
33
1948 111 S 3214
10612 10778 (*Western Pao lit 58 ser A.
25
3624
154
•55 Assented
10012 10012
3212 35
1946
10612 36 -8512 1014 1064
89
9834 Western Union coil trust 56
1988 J 1 108
82 102
6718
97
60
37
Funding & real est g 4344
1950 MN 10012 102
100 10414
92
15-year 614s
1936 P A 10314 10312 61
8212 10414
7114
87
25-year gold 54
1951 J D 10234 104
77 1034
80 10314
73
30-year 54
1960 1W e 1024 10314 282
28
6212
4312
31
*Westphalia Un El Power 6s..
27
1953 1 1 324 3234 20
354 81
744 8814
66
73
7812 81
West Shore 1st 4. guar
2381 1 .1
3518 88
7014 823e
11 ---77
2361 J .1 76
69
924
Registered
6912 88
103
f,103
Wheeling Jr L E Ry 40 set D_1966 M 5 *10334 10434 -95 103
10214 104
10834
83
0R let consul 4s
213
194936 5 10614 10758 ii
67
70
1004 105
9
Wheeling Steel Corp 1515345
1948 3 1 10334 10418
10534 111
90 10214
60
6
1434
let & ref 4144 series B
1953 A 0 1014 10214 56
9614
65
_ White Sew Mach 65 with warn _1938 1 J *9818 100 ---4314
99
66
45
1
1
Without
.1
warrants
99
___1321
99
89
64
4212
22
33
76
Partlo 5 f deb 13e
' 1940 M 14 8312 88
__ _
_ ('Wickwire Spencer Eit'l 1st 75 1935
•Ctf dep Chase Nat Bank
84 19
J J
414
10112 fa
M
1712
19
34
7
*CM for col & ref cony 76 A ---1935 MR
1838
in 303
17
Wilk & East let go 55,
MIA 71
1942 1 D 45
4658 30
33
36
60
113 12134
9112 10312 WM & SF 1s1 ined 55 _ _
80
11
_.1938 J 1) 10618 1061
102'3 10014
98
9934
98
Wilson & Co let M UseHee
90 104
.- - A-- 1955 J .1
984 9938 118
10455 10813
83
1084 112
Winston-Salem El B let 4e
1960 1 1 *10414 108 ____
714 1312
758
9i2 1 1 7 143
10912 11614 (*Mb Cent 50-yr let gen 45
1949 .1 .1
712 1012
712
24
10111 106
*Certificates of deposit
10
814
764 0614
412 012
412
*Sup & Dul dl,& term 1st 44_1936 l'A N
913 82
712
712
4
4
2
•Certtneatto of deposit
1025, 10434
Ols
618
t•Wor & Conn East liff 414e____1943 J 3 ------------86
83 100
8912 10114
0314
118 120
Young/nova Sheet & Tube 61-1978 1 7 10012 101 140
70
94
8912 1013e
let mtee a f 5.ler B....
6814
1970 A 0 10034 10138 163
7912 9344
7912 934
8912 10434
r Cash sales not included in year's range. a Deferred delivery sale not Included In
year's range. n Under-the-rule sale not Included in year's range. 1 NegotiabilitY
504 5912
1854 2612 Impaired by maturity. t Accrued interest payable at exchange rate of 54.8865.
1004 103
I Companies reported as being la bankruptcy, receivership, or reorganized under
884 951
4 Section 77 of the Bankruptcy Art, or securities assumed by such companies.
72
8534
'Friday's bid and asked
as
price. •Bonds selling flat.
974 98%
81
9412
e Cash sales in which no account is taken in computing the range. are shown below:
103 103
No sales.
9814 10212
e Deferred delivery sales In which no account is taken in computing the range, are
1124 11812
11212 11835 given below:
70
94
Cent. Bk. of Germany. Nov. 21 at 3894•
100 10434
96
75
Bergen 5s, 1980, Nov. 22 at 100%.
7138 9012
Cuba Rep. 55, 1944, Oct. 20 at 9911.
87
964
Cuba RR,6s, Oct. 18 at 45.
Italian Pub. Util. 7e, Nov. 16 at 5034.
Pan Amer. Pet. 6s, ctfs, Nov. 20 at 3914.
Low
Mob No
High
Low Low
107
2
10612 10978
96
Rocb G&E gen M 15345 ser C___11148 M S 107
108 11138
Gen mtge 434s series D
1977 M S *11218 --------86
Gen mtge 54 serlee E
1962 M 8 *10812
894 10612 110
74 14
758
it•R I Ark & Louie 1st 4144
1934 M S 1012 1312 84
Was 19612 13612
Royal Dutch 44 with wart.
1945 A 0 311134
1
3218
3218 38
•Rubr Chemical, f 6e
1948 A 0 3212 3212
2512 2812
3
1812 4014
2412
19491 J
Rut-Canada let gU e 48
51
22
3278 36
30
Rutland RR let con 434e
1941 .7 1 24
___ ---StJoe & Grand Isla let 45__.....1947 J .1
10312 104
13
St Joe Ry Lt Ht & Pr let S.
1987 M N *105St Lawr & Adr let g 56
19963 1
1996•0
2d gold Ile
St Louis Iron Mt & Southern1333 MN
59
60
91
*SRI. &0 DIv 1st g4s
*57
62
'Certificates of deposit
31
3558 110
t•St I. Peor & NW 1st gU 5.._....1948J J
1955.7 J 7012 7178 10
St L Rocky Mt & P 54 sti)/
1312 1614 263
1950 3 J
t'St L-Elan Fran pr lien 48 a
12
14
184
*Certificates of deposit
14
1814 133
*Prior lien 5e series B____. ___1950 .7 J
. 1134 1414 52
*Certificates of deposit
1358 731
'Con M 414s series A---- --1978 M 8 11
912 12
509
•Ctte of deposit stamped
79
St L S W let se bond Otis 1989 M N
211 g 4s Inc bond etre
Dior 1989 3 J 584
1st terminal & m1117106 Se----1952 J 1 54
Gen & ref ir 54 ear A
1990J .1 48
ot Paul City Cable cone tie
1937 J J 10012
1937 J 1 10012
Guaranteed 5e
St Paul & Duluth let cons 48-1988 1 D •l0314
_
t•St Paul IC Or Trk 1st 4349
1947 1 J *-__
1212
(*St Paul & E 0 Sb L go ASSN.-1941 F A
85 Paul Minn & Man 5
1943 .7 .1 10734
1037 .1 D 10312
Mont ext let gold 4e
fPacific ext(01 48 (Tange)
1940 1 J 1034
Sil Paul Un Dep &mum
1972 1 1 118
8314
70
6414
70
4512
52
30
37
084
812
944
944
734
74
81
41
51
60
14
414
354
5912 96
4918 130
27
10012
5
46
10034
8
4578
--------84
2912 ---,
45
154 69
11
108
110
924
104
11
86
10358 17
85
11812
7
96
S A & Ar Pass 152 go g 4/1
43
53
1943 J ) 8634 88
San Antonio Pubi fiery let 85 ....I952 1 J 107
10914 53
70
Banta Fe Pres & Phen let 581942 M II *---- 11312 ---- '' 95
53
54
ficbulco Co guar 8345
5
84
1946 .1 J
52
53
Stamped
9
264
Guar e 1 645 series B
29
1946A 0 *5514 70
28
55
5512
9
Stamped
Scioto V & N E let gu 45
1989 M N *112
1124 90
15
2
884
it•Seaboard Air Line let g 46.- 1950 A 0 15
*1412 28 ---1014
*Certificates of deposit
10
11•Gold 44 stamped
1950 A 0 1312 1512 16
1478 12
A 0 12
1014
•Certife of deposit stamped
212
234 16
2
*Adjustment 55
Oct 1949 F A
555
9
ma A 0
256
414
1•Refunding 45
334
512
8
28
*Certificates of demon
834 462
412
612
*let & cons 138 series A
1945 M $
34
421
8
554
*Certificates of deposit
1534 1618 15
1933 M S
812
tl•All & Birm let g 4e
318
VON:aboard All Fla tis A etre--1935 A 0
Merlon B certifIcatee
*3
1935 F A
Sharon Steel Hoop 4 f 5345
1948 F A 10234
Shell Pipe Line of deb 58
1952 M N 10312
1347 WI N 10312
Shell Union Oil? t deb 5.
j9523 0 8412
Shlnyeteu El Pow let 6341
1935 1 .1 *5834
'(Siemens & Betake e 1 7e
1951 M $ 42
*Debenture 4 f 6144
Sierra & San Fran Power Si
1949 F A 11112
8
*Silesia Elm Corp if 6745
1946 F A *29,
7614
SlInelan-Am Corp coil tr 76
1941 F A
1939M S 10212
Skelly Oil deb 5141
S0000y-Vamum 01131111
1950 A 0 10218
South & Nor Ala cone go g 54-1936 F A •l021
1963 A 0 *114 Geo eon,guar 50-year Se
4
101
414 103
64
104
90
104
23
85
7
61 ____
4238 -16
11114
6
31 -8212 io
103
14
10258 174
1031 _-__
---- ----
214
214
85
86
7858
58
39
30
8634
257
33
FM
1004
99
89
South Bell Tel & Tel lit If 55-1941 1 1 10734
Southern Colo Power 65 A
1947 J 1 1024
7755
Ho Pao coil 45(Cent Pao m11)
ffplo J D
1977 M 8 84
let 414e (Oregon Linea) A
Gold 434s
1968 M 8 74
7418
Gold 43.4s
1989 M N
Gold 4145
734
1981 m N
1050 A 0 10434
San Fran Tern] 1st 45
1037 MN *10612
lio Pao of Cal 1st con go 555
So Pao Coast let go if 46
1937 J 1
So Pao RR let ref guar 4e
1955J .1 974
let 4*, Stamped
10818
103
81
85
7578
7512
754
106
10734
11
19
145
191
269
340
576
4
1034
6014
48
55
64
63
42
1012
100
96
6018
97
9778 267
Southern Ry 1st cons g be
1994 1 A 8412 87 483
Devi & gen 45 series A
1956 A 0 4432 4834 1036
1989 A 0 5584 617 239
Devi & gen 65
1056 A 0 5834 65
440
Devi & gen 634s
1096 3 J
75
77
Mem Div 1st g 5s
7
1951 J J
7412 7712 50
St Louis Div 1s1 g 45
Earn Tenn reorg lien g 55
1
1938 M S 9534 9554
Mobile & Oblo con tr 4e
271
1938 M S 3978 44
if
Bell Tel let & ref 58
1954 F A 10534 10614 41
1334 14
(*Spokane Internet 1st g 54
1955 1 1
29
Staten Island Ry 1st 43.01
--- --1943 1 D ---it•Stevens Hotels tie series A
20
1945 1 1 2014 -22
76
603
*Studebaker Corp cony deb 6...1945J 1 70
Sunbury & Lewleton 1st 44
1936 .1 J *10012 _-__ ____
Swift & Co let M334s
46
1950 M 8 10412 105
Tenn Cent let fle A or B
1947 A 0 70
Tenn Coal Iron & RR gen fie
1951 1 .1 120
'I'enn Copp & Chem deb lla B
1944 M F 10278
J D 9834
Tenn Elea Pow 1st fleser A
Term Assn 01St L let g 4)48
1939 A 0 *11034
let cons gold 54
1944 F A 3115
Gen refund 4 I g 45
1953 1 .1 10414
1960 F A
7978
Texarkana & Ft 8 ea 5)4e A
1944 A 0 103
Texas Cory cony deb 54
1943.7 1 99
Tex & N 0 con gold 55
Texas & Pao 1st gold be
2000 1 D 11412
1977 A 0 9034
GM & ref de aeries B
__ma A C
9012
Gen & ref 55 series C
19803 D 91
Gen & ref 5s Bales D
1984 M $ 104
'rex Pae-Mo Pao Ter 5145 A
71
25
484
120
5 1002
60
103
11
9912 81
544
99
11075
-------98
1043
; 18
71
844
83
69
10312 121
9312
99
2
64
82
11458 20
55
9212 91
92
136
We
9214 72
54
10434
87
7
1960 1 1 564 5834 53
'Third Aye Ry let ref 45
1980 A 0 2112 2334 267
*AM Inc 55 tax-ex N Y_Jan
102
5
1937 1 J 102
Third Ave RR let 5 65
1966 al 0 9312 9418 20
Tobo Else Power 15t 76 A
Tokyo Eiec Light Co Ltd7978 81
45
._... __ABU .1 D
let 84 dollar palm
Tol & Ohio Cent ref & impt...0_1960 J D 9734 9818 28
9212 25
1950 A 0 92
Tol St L & W let 4e
1942 51 $ *10818-_ --__
Tol W V & Ohio User 0
99
1946 1 D 99
2
Toronto ham & Buff 1st g 45
1184 ----1949 M E *118
Trenton 0 & El let g
11738 15
1 J 117
Tri-Cont Corp 5s cony55--dab .A...
1943 M II *85
Truax-Traer Coal cony 662a
894 ---10434
1940 M 14 104
9
Trumbull Steel 1s1 4 t fie
8118 8112
6
*Tyrol Hydro-Elec Pow 734i..1955 r01 is
80
80
1952 F A
3
*Guar am a t 74
9412
1:111gawa Mee Power 4 t 74
2
1945 M E 94
74
28
3512
3518
60
5814
73
29
104
6
9612
12
39
9844
10112
88
1858
8514
704
574
9714
60
103
82
10134
1124
85
6712
454
684
6918
Range
80w4
Jars. 1
aa
3352
Nov. 23 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 (Nov. 16 1935)and ending the present Friday (Nov. 22 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
July 1
Week's Range Sales 1933 to
Oct. 31
of Prices
for
Week
1935
Par Low
High Shares Low
Acme Wire•t a com__ _20 4214 4631
1,800
6%
10 6655
Adam. Millie 7% let pf-100 113 113
Aero Supply Mfg cl A
5
•
Clam B
%
1% 2
2,000
•
3
8
100
Agra Anne Corp com___ _1
8
Ainsworth Mfg Corp_-- _10 48
1,600
5
50
,
i,
Air Ines Mors corn
1% 1% 1,200
•
Cony pref
9
500
2134
• 21
34
Warrants
225 30
42
A labamaGt Southern__ _50 41
450 26
Ala Power $7 pref
• 7555 77
$6 preferred
50 25
69%
• 69
n
tie
Algoma Consol Corp corn'
al 'is
7% preferred
•
Allied Internatl Invest_ _ _•
116
%
200
34
Alliance Investment com_•
ti,
200
1% 2
Allied Mills Inc
555
• 19% 23% 50,900
Allied Products cl A corn 25 21
23% 2,600
5,850 82
95
Ai=MUM CO COMMOU---• 88
100 11034 112% 1,300 54
6% preference
Aluminum Goode Mfg' 16% 16%
8
200
12 6
Aluminum Ind corn
•
Aluminum Ltd corn
• 55
5934 1,300 17
10,000 37
100 91
91
9% preferred
C warrants
234
D warrants
5
American Beverage com_ _I
1
434 4% 1,000
American Book Co _ _ _ _100 74
100 41
74
Amer CapitalClass A corn
10c
1
Common elan/ B____10c
55
55
31
100
100
25
$3 preferred
• 25
934
150 46
$5.50 prior pref
• 8311 86
Am Cities Pow & Le254314
Class A
700 23%
4534
1
5% 0,700
h
Clam B
534
Amer Cynamid clam A_ _10
1215
Class B n-v
10 2851 29% 20,500
851
75 me
Amer Dist Tel NJ com__, 107 107
25 98
7% Cony preferred_ _100 114% 114%
800
Amer Equities Co corn_ _1
1
354 33.4
Amer Fork & line Co corn •
1634 1834
630 1555
Amer Founders Corp____1
51
Pis 2,200
216
125
50 3734 37%
834
7% Prat series B
6% lat prat ear D_ _ _ _50 37
8
300
3715
Amer as Foreign Pow wart.
1%
451 43
5,300
Amer Gas & Eleo oom___• 38% 4055 1,200 1631
Preferred
950 5755
• 10031 11134
Amer Hard Rubber com_ 50 22
1,100
4
26
Amer Laundry Mach___20 2011 2134
950 1034
Amer LA Tr Isom
25 15
754
1534 7,500
200 16
25 24% 24%
6% Preferred
Amer Mfg Co corn_ -100 13
325
15
334
Amer 51aracalbo Co1
%
11,6 2,200
%
Amer Meter Co
515
1,225
• 1551 1735
Amer Pneumatic Service_•
6
X
Amer Potash & Chemical _•
11
Am Superpower Corp corn •
55
2% 255 124,400
let preferred
3,400 44
72
• 64
Preferred
• 33
715
373,4 7,700
Amer Thread Co pref. _ _ _5
400
3
455 435
Amsterdam Trading
American shares
•
1135
Anchor Post Fence
%
700
14
"A
•
Anglo-Iranian Oil Co Ltd9
Am dep rots ord reg__£1
Angostura W uppertoan..1
2,400 3 254
4% 5
Apex Elec Mfg Co corn_ _ _• 1231 13
200" 355
Appalachian El Pow pref.' 106 106%
150 5754
ArOtUrtla Radlo Tube____1
.%
35 2.600
X
Arkansas Nat Gas oom___.
54
24 3
8,900
Common class A
55
•
234 2% 13,200
Preferred
1%
10
6% 655 9,800
Arkansas P ds I. $7 pref._' 85
20 2534
85
Art Metal Works corn _ _ _ _5 1034 1114 2,700
154
Alsociated Elea Industrie/
Amer deposit rots_ _LI
400
6
934 934
Assoc Gas & ElseCommon
1
134
300
34
13,4
Claes A
1
X
1%
134 6,900 6
$5 preferred
400
134
•
695 7
t.
Option warrants
13, 7,000
le,
ASSOC Laundries of Amer.'
%
Associates Investment Co • 29
32
1,650• 8%
Associated Rayon oom___•
1
200
155 134
Assoc Telco $1.50 pref
13
•
Atlantic Coast Fisheries_ _• 10
2
1334 28,800 18
Atlantic Coast Line Co_ _50
Miro Corp common
• 1355 1391 26,400
73.4
$3 preference A
800 35
• 5234 533.4
Warrants
154
354 354 7,000
1,500
8
•
Atlas Plywood Corp
23.4
83.4
Automatic-Voting M150_, 1235 12.51
151
2.200
Axton-Fisher TobaccoClass A common
190 4354
10 55
5634
Babcock & WIloox Co_ _ _ _• 68
74
Baldwin Locomotive warr_
15 2
Baumann(L)&C07%Dfd100 50
50
liellanca Aircraft•t c___I
151 23,4
Bell Tel of Canada
100
Benson & Hedges corn- •
•
Cony pref
Blotter& Inc corn---- ---s 13
13
$2.50 cony pref
• 36
36
•
Illauners Inc
Blies(E W)& Co com____• 1334 14
Blue Ridge Corp corn_ _ __I
351 355
23 opt conv pref
• 4455 4551
Blumenthal (8) & Co
• 137,4 155,4
Bohack(H C)Co coin- •
831 8%
7% let pref
ii() 50
50
4
s,e
Botany Consol hone corn..•
Bourhois Inc
534 634
•
Borne Scrymser Co.... 25
934 10%
Bower Roller Bearin___ _I) 3054 3355
Bowman Blitmore hotels
7% lot pref
100
Brasilllan'Tr Lt & Pow...*
954 1054
Bridgeport Machine
• 1014 1231
Brill Cap ohms B
•
1%
13.4
Clam A
•
2% 354
7% preferred
100 23
24
Billie M fa Co corn
•
674 7
• 2415 25
Class A
•
Brit Amer Oil coup
•
Registered
For footnotes see page 3357.
850
9,000
40
4,500
1815
Range Since
Jan. 1 1935
High
Low
4631 Nov
8% Jan
Nov
Feb 113
103
July
5
1134 Mar
Mar
4
% June
Nov
8
334 Jan
Nov
1834 Feb 51
2% Oct
55 Mar
Oct
12% Mar 22
31, Feb
% Sept
Nov
Apr 42
30
7851 July
4115 Jan
Jan 69% July
37
% Feb
34 Feb
15 Mar
9ie Aug
% Nov
May
31
254 Nov
,ii, Feb
233.( Nov
12% Jan
21
Nov 23% Nov
Nov
Mar 95
32
Nov
8954 Mar 114
9% Feb 16% Nov
1034 Sept
734 Mar
Mat 5955 Nov
17
Nov
50% Apr 91
Apr
7
2% Jan
614 Mar
Apr
5
534 Oct
134 Feb
Nov
74
Jan
57
29
h
20%
15
76
111
1%
1.5%
Ne
1311
13%
155
16%
80%
414
12%
755
1735
314
55
8
1
12%
4
44
715
4
134
7%
Si
.4
55
534
2215
1255
144
Nov
Aug
Nov
Nov
Mar 47
mar
634:
Apr 28
mar
29%
Jan 107
Apr 115
334
Feb
Sept 2234
'2It
Mar
4451
Jan
44
Jan
515
Mar
Feb 4234
Feb 11155
26
Apr
2431
Mar
1634
Mar
Feb 26
15
Apr
ilis
Mar
Mar 19
134
Jan
Apr 30
34
Mar
Feb 7631
Mar 3715
43.4
Jan
Oct
Nov
Oct
Nov
Nov
Oct
Nov
Oct
Aug
Oct
Oct
Aug
Nov
Nov
Nov
Oct
Aug
Aug
Nov
May
Oct
Aug
Oct
Aug
Aug
Nov
Nov
1155 Jan
A, Mar
144
4
434
71
Ng
55
55
234
4134
311
34
X
134
lee
55
29
155
22
4%
18
754
67
151
3%
5
1511 Mar
% Nov
may
1554 Aug
6% July
May
Nov
Apr 13
Jan 106% Nov
X Aug
Mar
Nov
3
Mar
254 Aug
Feb
Aug
7
Mar
8.5
Nov
Jan
1174 Oct
Mar
64 Feb
Apr
Mar
Feb
Oct
Aug
Nov
Sept
Apr
June
Mee
Mar
Apr
Mar
mu
Jan
955 Nov
2
234
10%
233
%
aos
274
26
1334
30
14
54
431
83,4
13
Aug
Aug
Aug
Aug
Aug
Oot
Jan
Oct
Nov
Jan
Nov
July
Aug
Nov
Sept
41
Oct60
Feb
28
Mar 74
334
Feb
May 50
5%
Apr
May 138
4
Feb
10
Star
14
Feb
Apr 36
16
Nov
mu
15
43.4
Mar
Mar de
16
Jan
Jun
11
Oct65
34
May
654
Jun
may 11%
Mar 3551
Nov
Jan
Oct
June
Nov
July
July
May
Nov
Nov
Oct
Nov
May
Oct
Jan
Feb
Oct
Nov
Sept
Oct
Jan
Aug
Jan
Mar
Jan
Nov
Apr
Nov
Mar
June
Jan
Nov
Nov
Nov
Nov
Nov
May
Aug
June
June
54
15
11
I%
134
10454 123
1%
154
1%
5
100
835
454
3355
100 23
16
12
34
134
4,400
5,500
1
1
3.514
2,900 2814
254
6,300
5
5
7
200
10 60
40
300
15
55
3
3
1.100
6
400
6
16
4.200" 851
7,500
8,400
2,200
5.200
20
400
250
3
X
25
86
134 Apr
51 Jan
1634 May
July
76
1%
751
354
35
1
23
655
2455
1434
16
3
1054
1254
154
354
24
7
28
16%
16
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Oct. 31
1935
par Low
High
British Amer TobaccoAm Sep rel. ord bearer£1
Am dep rets ord reg __II
British Celanese LtdAm Sep rcts on reg_108
3% 3%
British Col Power el A_ _•
515 6
100
Brown Co 6% pref
Brown Forman Dietillery -1
7% 855
Bruck Silk Mills Ltd
•
Buckeye Pipe Line
42%
50 41
Buff Niag & East Pr pre 26 24
2411
• 103% 103%
55 let Preferred
Bulova Watch $334 pref.._• 4914 52
Bunker Hill& Sullivan__10 45
48%
Buren Inc corn
2%
2
•
33 cony prof
• 3434 34%
16
yi
Warrants
Burma Corn Am dep rats
3
3
Butler Brothers
714 8%
10
Cable Elea Prod•t o
55
•
%
Cables & Wireless LtdAm der/ rote A artist:Is...El
1%
1%
Am dep rote B ord she £1
7,,
%
Amer dap rots pret she £1
5% 511
Calamba Sugar Estate 20 23% 24%
Canadian Indus Alcohol A• 11% 13%
B non-voting
9 10% 11%
2%
Canadian Marconi
2
1
Carib Syndicate
2% 334
250
Carman & Coconvertible eiaee A_ __•
Carnation Co corn
18
• 18
Carolina P de L $7 pref • 92
92
$6 preferred
•
carrier Corporation
951 10%
•
Castle(AM)& Co
10 42% 45
Catalin Corp of Amer_ __1 1134 1214
Celanese Corp of America
7% let partici pref-100 10934 113
7% prior preferred___100 106 106
Celluloid Corp oom
1415
15 13
$7 dB, preferred
• 4351 48
le preferred
• 8915 9251
Cent Hod 0 & Eva e • 1551 16%
Cent Maine Pr 7% pref 100
Cent PAL 7% pref_ __100 39% 39%
Cent & South West -1:/t11.1
1%
134
C,ent States Eleo corn_ _ _ _ l
1%
1%
6% pref without warr 100 15% 1734
7% preferred
100 26
3031
Cony preferred
100 1951 2014
Cony pref op ser '29 100 1634 1755
Centrifugal Pipe
5
574
•
Cherie Corporation
19%
19
1
Chembrough Mfg
25 124% 12634
Chicago Flexible Shaft Co 5 3515 3514
Chicago Rivet & Mach_ • 2514 27
Childs CO pref
2434 2774
100
.
Chief Consol Mining Co _ _1
51 5
55
Cities Serviee corn
255 3
•
Preferred
• 2955 31
Preferred B
•
• 28
Preferred BB
28
Cities See,PAL 37 pref.*
$6 preferred
•
City Auto Stamping
• 1034 1231
City Sc Suburban Homes 10
Claude Neon Lights Ina_ _ I
9ts
55
Cleve Else Ilium oom__.• 4611 49
Cleveland Tractor com___• 1451 16%
Clinchfield Coal com_ _100
Club Alum Utensril Co__ _•
234
2
Cockshutt Plow Co corn_ _•
Cohn & Romeo berger
•
Colon 011Corp corn
1
51
•
Colt's Patent Fire Arms_25 4315 4855
Columbla Gas & EieeCony 5% pref
100 9315 9915
Columbia Oil& Oas vile_ •
1
55
Columbia Piet urea
• 6951 7234
Commonwealth Edison_100 95
9831
Commonwealth & Southern
Warrants
51
3,6
Community P & L 56 prer • 1334 1554
Community Water Elent....•
51
55
Como Mines
I%
I
13.4
Campo Shoe MachInery 1
1055 1214
Conn Gas & Coke See $3 pf•
Consolidated Aircraft_ ___1
16
15
Consolidated Automatic
Merchandihing pre__ •
Consol Copper Mines__ „Is
434 535
Cense](1 E L&P Balt corn• 88
90
Consol Min & Smelt Ltd_25 194 199
Consol Retail Stores
5
4% 5
8% preferred w w_ _100
Consol Royalty 011
2% 211
10
Cont0 & E 7% prior of 100 8734 88
Continental Oil of Mex. _1
Continental securities_ •
Cooper Bessemer com____•
6% 734
$3 pre A
31
• 30
Copper Range Co
4% 411
•
cord Corp
434
4
5
Corroon & ReynoldsCommon
415 5
1
56 preferred A
•
Cosden 011 oom
7,6
55
1
Preferred
131
1
100
Courtaulds LtdAm deo rots ord reg_tl.
Cronin(Win)& Sons Ship
& Eng Bldg Corp_
100
Crane Co oom
25 2014 2154
Preferred
100 11614 117%
Creole Petroleum
5 2151 2255
Crocker Wheeler Elm....'
851 955
IS,
1
4
Croft Brewing Co
Crowley Milner & Co _
7
8
•
Crown Cent Petroleum 1
114
1%
Crown Cork Internatl A..' 1134 1134
Cuban Tobacco oom vlo_•
314
3
Cuneo Press corn
38
• 37
655% preferred
100
Cunt Mexican Mlning_500
155
14
Darby Petroleum corn _ _ ...
634 6%
Davenport Hosiery Mills.•
Shares
Low
STOCKS
(Continued)
Range Since
Jan. 1 1935
Low
High
Oct
Apr
31% Jan
2914 July
24%
2455
2634
2651
2
2134
215
534
17%
500 26
900 1451
250 1 66
650 1634
1,050 26
51
200
25 20
1,000
316
300
134
2,400
234
%
5,600
2
2131
255
534
17%
30%
1451
69%
2454
30
51
20
X
154
551
%
June
4
Mar
July 2431 Nov
Sept
9
Aug
951 Jan
Oct
Oct 18
Oct
42% Nov
Jan
Jan 24% Nov
Jan 103% Nov
Nov
Mar 52
Mar 5034 Oct
236 Nov
Feb
Nov
Feb 36
11 Aug
Jan
Mar
Oct
3
Aug
8% Nov
Jan
1
Aug
'is
100
400
21,
334
100
600'1514
534
3,400
434
600
13.4
44,900
115
13,600
51
tie
334
20
754
6%
154
134
Mar
May
Mar
Feb
Oct
Jan
Mar
Mar
6
1814
33
27
4%
11,900
125' 10
334
19,700
814 Jan
Jan
17
5414 Jan
Feb
57
8% Oct
4155 Aug
4I5 Apr
200
225
1,900
100
10
1% June
31, June
5% Nov
24% Nov
33% Nov
1134 Nov
235 Nov
434 May
12
1955
93
85
1914
45
12%
Sept
July
Nov
Nov
Feb
Nov
Nov
Nov
May 113
Mar 11134 Ool
Jan
Oct 15
Oct 48% Nov
May 9234 Nov
Mar 17% Aug
Nov
Oct 73
Jan 4351 Aug
234 Nov
Mar
Mar
2
Alai
Mar 2054 Nov
Mar 3455 Nov
Mar 2034 Nov
Nov
19
Mar
June
634 001
1 934 Nov
Mat
Fel
Mar 157
Nov 3534 Nov
2715 Nov
Jan
Jar
Apr 30
134 Ate
Jan
3% Nov
Mar
Mar 3134 Not
351 Aus
Mar
Nov
Mar 30
Mar 42% Am
Mar 42
Not
Jan
1231 Not
Ate
4
Nov
5,
Mar
4 Ma)
Jan
Not
49
18
2% jA
Ja y
ug
n
Ni
81
75
634
1634
40
8
63
11
90
97%
7
243.4
6915
854
03
20%
31
655
55i
.55
15
A Aug
654 Oct
534 Mar
55 June
Jan
25
3%
83.4
7
215
4815
Sole
Aru
Ma,
Sepi
Not
2,700 32
%
6,900
40 1915
2.100' 3034
Mar
32
% Mar
Jan
38
473.1 Jan
100
1%
7236
9851
Not
Sep
Not
Not
Jan
Jan
May
Sept
Oct
July
June
4
2034
1
234
183.4
47
1655
Am
A ui
S um
Ap
Ma
Sep
Co
I,
15
55 Jan
1
620
Jan
514
47.700
5214 Jan
90
3,150 4534
13454 Feb 109
240 115
554
Juno
2
35
200
1214 3454 Jan 92
3
Feb
1
100
1
Mar 8934
36
150 29
4
54
A Mar
474
2
2
Apr
851
3% Alit
254
1,900
3534
1651 Jat
1.000 12
534
3
100
334 Feb
5
234 Mar
10,800, 2
Jai
Nu,
No'
No,
No'
No'
140'
No'
Ma:
Au'
Oc
No'
Oc
Belt
450
250
1,700
250
140
2,300
150
56
'Is
300
7,100
h 1h
1
300
2
2
1,550
134
134
350
51
Si
50
455
355
7,100
1234
9
800
115
400 105
3514
50' 7
454
1234
1,300
515 16
1.620
4
Si
800
51
51
82.800
614
654
4,100
55
54
6
20
6
755
755
634
6%
34
3
11,600
351
3
'ii
Ns
900
2335
700 2134
5
15x4
Ix
%
12,200
8,000
3,800
1,450
15
24.800
3
250
51
300
12,500' 80
700
8
46
6
14,700
1,500
1,300
500
34
ili
115 Star
Mar
22
51 June
1.111 July
No
5
No
52
35 JA
Fe
2
8
11% Ma
1415 Jul
1
10
34 Au
15 Mar
No
Mar 23
7
5
Feb 11714 Or
87
32
Mar 2334 Oc
10
554
Jul
10
Mar
4
351
Or
1
15 Oct
55
No
9
Feb
254
2%
135 Or
54 Feb
N
sn 751 Mar 1155 Jul
5
Au
154 July
154
Feb 39
0(
30
1534
Feb 106
0(
6954 87
114 Aup
251 Ja
91,
Oct
4
6% No
4
16
June
Ja
8
Ft
11
8,900
150
15,100
5,200
11,600
200
6,000
000
800
300
17,200
700
15
5.55
11
1
934
46
7
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sates 1933 to
for
Oct. 31
Week
1935
Range Since
Jan. 1 1935
Par Low
High Shares Low
Low
High
De HayBland Aircraft Co154 Apr
4
Jan
13
Am Den Rcts ord reg Ll
1,800
May
Aug
4
11
Detroit Gray Iron Fdy __ _5
136
854
54 Apr
1% 136
300
2
Derby Oil & Ref Corp corn•
May
34
Preferred
20
Feb 20
•
Feb
20
•
18
Diamond Shoe Corn
10% Jan
9%
Nov
8
2% July
pictograph Products____2
854 4,200
836 Nov
136
Aug 1636 Apr
11
Distilled Liquors Corp__ 5 11% 12% 3,300 11
Distillers Co LtdAmer deposit rets . £1 23% 24
500 174 21
Nov
Mar 24
Distillers Corp SeaKraMs-• 35
37% 87,700
13% May 3734 Nov
26% 2,200
Doelder Die Casting-.-.• 26
1034 Mar 27;4 Nov
a
4% Oct
Dominion Steel &Coal 1325
534 Feb
Dominion Tar & Chemical.
7
35i
Mar
43.4 Jan
Douglas (W L) Shoe Co18
100 18
25 12
12
7% preferred
Mar 18
Nov
• 99 101
Dow Chemical
2,400 • 3554 80% Mar 1054 July
65%
450 52
• 61
52
Ilraper Corp
Oct 654 Nov
13
10 3074 32
Driver Harris Co
500
934
Apr 3444 Oct
100
7% preferred
aa
Oct
9134 Mar 105
Dubiller Condenser Corp.'
34 Feb
"16 14 7,200
134 Apr
3i
10 64% 6534 1,500 33
Duke Power Co
Jan
37
6554 Nov
Durham Ho.lery class 13_
Si June
Si
3-1 Feb
Durham Duplex Razor•
12
$4 prior pref w w
751
Aug 15
Oct
• 10
10%
Duval Texas Sulphur
600
2
6% June 1246 Feb
6,200
754 8
Eagle Filler Lead Co___20
3% Mar
8
3%
Nov
East(las & Fuel A8600•
3% 3% 4,400
Common
6 Jan
234 Mar
234
675 53
54
334% prior preferred_100 60
Oct 66% July
6134
6% preferred
1,775 36%
100 4274 44
3636 Oct 53% Aug
3% 4
Eastern Malleable Iron _ _.5
200
334 Nov
.5% Nov
1% 1% 2,900
East Matte Pow corn
1% Aug
% Jan
%
4
18%
18% Aug
1,600
$6 preferred series B___• 17
4
Mar
1,000
1851 Aug
5
5
AD
$7 preferred series A___• 1734 1834
Easy Washing Mach -13".•
3
634 6% 1,500
Jan
234
Nov
Economy Grocery Storm..
16% Aug 20
6 15%
Jan
3934 Nov
Edison Bros Stores corn __• 36
1,300
2434 Jan
6
3934
•
1% 1% 2,200
134 Oct
Eisler Electric Corp
34 Jan
34
203.4 Aug
Elite Bond & Share com„..5 1634 174 173,900
334 Ma
334
34
$5 preferred
700 25
• 6434 66
Jan 69
Aug
3734 Jan
78
36 preferred
• 7354 7434 4,200 2634
Aug
Elea Power Amos com
2%
1
234 Ma
7% Nov
634 734 5,200
class A
234 Ma
6% 734 11,510
234
1
73.4 Nov
Else P & L 26 prat A
225
• 1534 15%
2% Feb 20
24
Aug
Option warrants
1% 234
234 Aug
700
34 Mar
34
Electric ShareholdingCommon
34 Mar
1
734 3,300
6
7% Nov
Si
40
175 34
$6 cony pref w w
Jan
• 0034 9534
95% Nov
1
Elea Shovel Coal $4 prof...•
1
Jan
6.1 Oct
6
e.lectrographle I era corn. /
Aug
16
1
Jan
July
25
Elgin Nat Watch Co _ _.15 3134 31%
84 23
31% Oct
14
50 1234
Jan 40
39
Empire District El 6% -100 39
Nov
Empire Gas & Fuel Cu250
100 3034 34
73.4
6% preferred
May
734 Mar 35
32
75
8
8
634% preferred
100 32
Mar 38
May
400
8
100 33
8
7% preferred
36
Mar 37
May
8% preferred
500 11 gti
100 36
37
834 Mar 40
May
Empire Power Part Stk__• 2134 2246
400
4
Apr 2234 Nov
9
Emsco Derrick & Equip_ _5
13% July
12
6 234
June
Equity Corp coin
1
10c
234 2% 17,500
246 Sept
134 Jan
Eureka Pipe Line
30
334, May 38
50
Feb
European Electric Corp1116
Option warrants
tilt June
500
%
34
34 Nov
Evans Wallower Lead__ _.•
1,800
%
35
4 Apr
34
34 May
3% Aug
7
2
7./ preferred
100
May
Ex-cell-0 Air & Tool
24
13,500
19
a 18
8
Feb 204 Oct
Fairchild Aviation
934 Sept
231
1
7% Nov
754 7% 4,600
Fajardo Sugar Co
425 59
100 14834 156
71
Jan 15936 Nov
Falstaff Brewing
1,200
24
1
24 Jan
July
33-4 4
Fanny Farmer Candy _ - I
7% Mar 13% Nov
1234 1334 3,100" 234
Fanitteel Metallurgleal • 11
13
1,700
134
13
1% Mar
Nov
Fedders Mfg Co corn__
19% Oct 27% Nov
• 21
2734 3,300 19%
Fed Compress & Warelise_•
27
Nov 28% Nov
Ferro Enamel Corp com....• 2634 2734 3,100
10% Feb 29
734
Oct
Flat Amer deo recta
26
18% Sep
15%
Aug
Fidello Brewery
1
Si Sep
Jan
916 1,200
%
Film Inspection Mach.,'
4 Feb
3i
34 Oct
57
Fire Association (Phila.) 10 76
125"31
Jan 77
77
Nov
First National Storm7% let preferred__ _100
112
110
Jan 117
Aug
Fisk Rubber Corp
434 Oct 114 Jan
10,600
7
1
434
5934
50 preferred
350 35% 45% Oct 88
100 57
Jan
3536 Nov
33
Flintokote Co el A
34 11% Ma
35% 3,800
1,150
Florida P & L $7 pref
831
Nov
1034 Mar 61
.
• 5336 56
Ford Motor Co Ltd936 Jan
43.4
Am dep rote ord reir.11
834 834 9,600
7% Mar
Ford Motor of Can Cl A • 254 284 14,100
23% June 32% Jan
834
173 14%
• 3234 35
Class B
25% June 39% Oct
Ford Motor of FranceAmerican dap rote _100
354 344
100
4% May
2%
314 Jan
Foremast Dairy Prod corn
400
34
34
3-4
4 Mar
34 Mar
Preferred
400
•
69, June
3.6
34
34
Mar
Froedtert Grain & Malt15 1534 1534 1,700 343' 1434 Apt
Cony preferred
174 Aug
General Alloys Co
2% 3,400
2
•
254 Oct
34 Apr
(len Electric Co LieAm dap rote ord reg__CI
700
1634 1734
17% Nov
1134 Mar
93.4
Gen Fireproofing oom _ _•
934 936
1,900
4% June 10% Oct
Gen Gas &
VI cony prof 11
•
531
8
Oct 154 Apr
Oen Investment oom____I
1
3-4
1,1.00
5,6 Mar
134 Aug
$6 cony pref class B___• 31
31
100
31
15
Jan
Nov
tat
Warrants
its
332 2,800
'16 Jan
itz Aug
Gen Outdoor Adv 6%01100
62
68
60
Nov
Oct
Gen Pub dery 55 prat
71
73
260 20
24
73
Ma
Nov
600
(len Rayon Co A stock _•
Si
154
34 Oct
94
Feb
UeneralTire & Rubber__25 51
1,620 34%
543.4
3436 Oct 71% Jan
50 56%
99
100 923-4 9334
6% preferred A
AD
89
Mar
Georgia l'ower $6 pref__• 8534 88
450 35
52
Jan 88
Nov
• 7034 7034
$5 preferred
25 90
Apr 70% Nov
50
4% 434
300
•
Gilbert (A C) corn
416 Oct
1
1% May
l'referred
•
40
22
24% Ma
Oct
• 1834 193-4 4,200 10
24
Glen Alden Coal
13% May
Jan
1,800
Globe Underwriters lno..2 1134 1431
14% Nov
Jae
7
5,100 • 10
16% Apr 28
G ,,ichaux Sugars class A.• 1844 19
51113,
400• 33(
•
634 651
Class B
Oct 1146 May
Goldfield Consol Mines.in
316 5,000
34
34
Apr
% Jan
1
Gold Seal Electrical
is
34 2,100
1
54
54 Au
Feb
1%
100
134 May
351
334
Gorham Inc class A com.•
354 Nov
• 20
350 11%
2034
2016 Nov
11% Jul
$3 preferred
Gorham Mfg Co1914 21
1,400 10% 1236 Mar 21% Nov
V is agreement extended
1034
44
1,000
11% Sept
534 Mar
Grand Rapids V arnish_ _ _• 10
18,300
8
834 Mar 26
Gray Telep Pay Station..' 1934 26
Nov
Great All & l'ao Tea130 115
121
• 130 134
Non-vol corn stook
Mar 140
Aug
120 120
12234 Jan x135
7% 1st preferred____100 12834 13034
July
900 19%
20
25 1934 22
(It Northern Paper
26
May
Jan
8:4 103i 12,000
Greenfield Tari &
•
434 Mar 10% Nov
334
300
Grocery Stores Prod v I025
'16
916
h Feb
Si Aug
46 Mar
400
1
Guardian Investors
35
34
Nov
Gulf Oil Corp of Penna__25 6534 68
8,600 48
50% Mar 74% May
40
DIE Statm Util $6 pref..•
55
Jan 87
Sent
100
6%
634 Nov
Gypsum Lime & Alabast_•
634
7
Jan
Rail Lamp Co
7,600 16 3
34 Mar
534
•
7
7% Oct
Handley I'age Ltd14
Am dep rots prat __8 eh.
asi Mar
744 Oct
604 Jan 71
Hartford PlAntrlf. • 11110 95
4164
J1119
toe 1499 W.tip. .44 pago 3.051
Week's-Range
of Prices
STOCKS
(Continued)
High
Par Low
154
154
Hartman Tobacco Co _ _ _ _•
234
234
1
Harvard Brewing Co
• 113-4 1234
Hazeltine Corp
97-4 1136
21
Hecla Mining Co
I%
1
Helena Rubenstein
•
58
10 55
Hayden Chemical
•
Hires(C E)Co cl A
Hollinger Consol 0 M___15 1334 145-4
9734
Holly Sugar Corp corn_ • 89
Preferred
100
Holopnane Co corn
•
Holt (Henry) dr Cool A.•
Hormel (Geo A) & Co__
• 29
3034
Horn & Hardart
100 10
17
9 10
17%
9
7% preferred
Hod Bay Min &
Humble Oil & Ref
• 5934 6134
Huylers of Delaware I001
1
1
Common
42
7% pref stamped ____109 38
pref unstamped_ _100
534 534
Hydro Electric Securilles_•
Hygrade Food Prod
8
2%
2
5%
34 33
.
15 38
Hygrade Sylvania Corp._•
Illinois P & L $6 pret
38%
100 38
53
Illuminating
67. preferrSehdares cl A _• 53
Imperial Chem Industries
934 9%
Amer deposit rc1s____£1
.
• 2
20
Imperial 011 (Can) ooup__
1% 21%
4
Registered
Imperial Tob of Canada_5 1335 13:4
Imperical Tobacco of Great
Britain and Ireland__ 11
36 34 3634
5% 634
10
Indiana Pipe Line
Inerpolis P & L
% P1100 8834 8835
Indian Ter Ilium 011Non-voting class A _ _ _•
2% 2%
234 2%
•
Class B
Industrial Finance1
V t o common
100
7% preferred
Insurance Co of N Amer_10 7054 7136
3436
International Cigar Mach • 34
Internat Holding & Inv__•
Internal II y dro-Eleo1134
Pre!$3.50 series
50 10
117-4 1214
Internal Mining Corp-__1
334
Warrants
431
International Petroleum... 3634 38
3734 37%
Registered
3%
3
International Produets__-•
131
13.4
Internal! Safety Razor I.
Internat'llJtility•
334
33-4
C1885 A
Class B
1
916
34
$7 prior pref
•
Warrants
Interstate Equities Corp83 cony prat A
50
• 2836 31
Interstate Hoe afills
Interstate Power 37 pref_• 2134 22%
Investors Royalty corn...25
Iron Cap Copper corn_ _10
26
28
Iron Fireman Mfg v t c_ _1C
15% 16
Irving Air Chute
1
Italian Superpower A
%
%
•
Si
3-4
Warrants
Jersey Central P & L100 74
74
534% preferred
1% 80
1%
6' preferred
100 80
100 9034 9034
burg
effteu
rrm
ed
&
prN
Jonas
Jones & Laughlin Steel_1(10 3334 3631
1%
1H 110
Ka
i ng
nsias
bury
G &BE
ef_100
re7aipz_
__ 1 110
Kings County Lighting7% pref 13
100
Kirby Petroleum
Kirkland Lake GM Lt6._.
1
Klein(Emil)
Kleinert Rubber
corn
Knott Corp co
Holster Brands.ISCI____£1
10
1
Koppers Gas & CokeCO100
6% Preferred
Kress (Sh) & Co pref. _100
Krenger Brewing
Lackawanna RR of NJ 100
1
Lake Shore Mines Ltd
2
Lakey Foundry & Mach 1
Lane Bryant 7% prat 100
Lefoourt Realty corn
•I
Preferred
Lehigh Coal & Nay
•
Leonard 011 Develop___25
Lerner Stores common...5
6% pref with warr__I00
Lion 011 Development...•
Loblaw Groceterlas cl A •
Lockheed Air Corp
1
Lone Star Gas Corp
•
Long Island MgCommon
•
ferB
ie red
100
rerPorl
7
p%
i_!°•
Loudon Packing new _
Louisiana Land & Explor_l
Lucky Tiger Comb 0 51 10
Ludlow Mfg kssociates_ •
Lynch Corp com
5
Mangel Stores Coro
•
634% pref w w
100
•
MaMaps.Congo! Mfg
Marconi Internal MarineAmerican dap reoelpts_il
Margay Oil Corp
Marion Steam Shovel
Maryland Casualty
1
Masonite Corp corn
•
Mass IRO ASSOC V60
1
Massey-Ilarris corn
•
Mayflower Assoeistits
•
May Hosiery Mills34 prat w w
•
McColl Frontenac 011 corn'
McCord Rad & Mfg 13 •
McWilliams Dredging....•
Mead Corp com
Mead Johnson & Co
Memphis Nat Gas oom 5
Mercantile Stores com
•
7% preferred
100
Merritt Chapman & Scott•
834% A preferred _ .100
Mesabi Iron Co
•
Metropolitan Edison•
46 preferred
Mexiena-mir, 011_ _
12951
4
493%
98
12
13%
4934
254
24.4
20%
5%
34
69
636
534
10
3353
Sales
for
IPeek
July 1
1933 to
Oct. 31
1935
Shares Low
Low
High
1% May
34 Apt
%
600
2% Oct 336 May
2%
400
Nov
234
June 13
7
2,300
6
4
8,100
Feb 12% Apr
134 Sept
1,800
54 Jan
Ii•
Jan 58
Nov
37
700 14
2534 July
Nov
22
18
113-4 Oct 204 Jan
834
6,500
1,650 1, 834 30
Jan 97% Nov
14 34
Feb 108
Sept
100
6
134
Jan
Aug
2
7% Aug
3
53.4 Feb
Aug
• 16
1634 July 18
Feb 31% Sept
450 154' 20
10 8336 10234 Jan 108% Nov
25,100
1134 Jan
734
19% Oct
Slay
7,200"2254 44
Jan 64
1,300
3,350
Oct
Nov
Aug
Nov
Oct
Nov
Nov
Nov
Nov
500
6,400
325
1,500
300
75
600
15,000
200
600
6
1034
1134
9%
8
Oct
15% Mar
15% Ma
Apr
12
954 Jan
22% Slay
2234 May
1434 July
200
1,600
25
2334
3%
48
31% Ma
334 Mar
55
Jan
3654 Nov
634 Nov
8834 Nov
100
300
134
1% Jan
134 Feb
431
43.4
Apr
Apr
1,250
300
1
3434
1854
31
54
1
52
29
34
July
May
Mar
May
Aug
1%
8
7234
34%
1%
Feb
Aug
Aug
Nov
Nov
2,325
4,700
6,500
14,700
100
700
700
33.4
7%
214
15%
23
1
Si
3%
10%
2%
28
29%
234
34
Mar
Aug
Nov
Mar
Feb
Jan
July
1354
5534
654
agyi
37%
434
15i
Aug
Jan
Jan
May
Nov
Aug
Aug
200
6,800
136
31
35
134 Jan
Si Jan
35
Apr
'or Ma
4%*
%
35
34
Aug
Aug
Apr
Aug
1,050
500
500
200
15%
13
7
1
34
34
254
34
34
20
22
8
1
34
14%
354
36
34
Jan
Jun
Jan
June
Jun
Apr
Jan
Ma
Oct
2534
32%
27
2)4
%
28
17
134
36
Aug
Nov
Apr
May
Nov
Nov
Nov
Aug
Aug
25
20
10
500
3,950
10
2,300
42
60
6034
3.4
15%
83%
34
43
60
6034
Si
18
8334
.1
74
Feb
SO
May
Apr 92%
AD
ma
3634
Ma 110
234
July
Nov
Nov
Nov
Oct
Nov
Nov
Jan
75
31
75
114
54
15
6
134
'16
Mar
Mar
Aug
Jan
Aug
Jar
Oct
95
3
"16
22
10%
434
34
Nov
May
Jan
May
Nov
Nov
Nov
72
Mar 6100
250 a 54
9834
12%
zit 36 Apr
10
200
12%
15%
436 Ma
1534 11,900
78
59% 754 Feb
7,100 • 32% 45% Oct 58
5254
334
54 Mar
34
3% 4,900
67
Jan 80
25
234
131 Oct
1
100
2%
18
Jan 22%
1,200
7
21
5
Nov
534
634 10,000
4 Apr
Si
1,700
'is
72
Jo
3,900 10%1 40
72
9134 Fe 107
40
734
3% Ma
1,400 • 3
731
1734 Feb 19%
15
No
534
:
73
.4
'
1
90c
3,200
6%
10%
434 Ma
43(
2,900
10.4
Sept
Mar
Nov
May
Mar
Nov
Jan
May
Aug
Aug
May
Nov
Sept
Nov
July
Oct
Nov
Aug
Nov
Nov
Oct
May
Apr
Nov
Aug
Nov
Oct
Jan
19334
6
9411
37
10%
65%
27%
936
53%
11%
90
5.4
26
334 536
33
4936
51
34
1,000
300
2,100
500
700
100
100
600
It
93i
5
Sri
2
38
32
24
1%
2
70
200 • 15
7,500
12
60
500 21%
2
48
37
7
4
2.4
89
2634
534
47
2134
6
Mar
Jan 92
Jan 8335
8;6
Oct
934
Jan
3.34
Nov
Jan 118
Mar 42
10%
June
July 65%
Oct 33%
8%
4
8
4
134
134
56
1
334
al
June
Feb
Mar
Jan
Oct
Feb
Ma
Jan
836 Nov
19
Oct
Nov
2% Nov
72% Nov
2
Aug
751 Nov
Nov
59
4054
12%
336
21%
3.4
55
134
934
70
54
8
Feb
Sep
Apr
Jan
Fe
Apr
Ma
July
Jan
Jan
Ma
Slay
44
1534
934
53%
11%
90
534
274
95
554
4931
34
1
8%
38
22
12
16,800
14
1,300 • 12%
2,200 443433.4
1,400
12,200
134
900
60
18,000
34
554
000
1,600
'16
46%
134
134
42
26
534,
3%
40
41%
40
6335
34
20%
26
234
1%
26
1334
14
3434
1534 1735
200
534 3,800
4
I ,400
234 2%
1,260
65
7235
1% 1%
300
5% 734 49,900
58
59
1,100
731
5034
11
83
34
25%
Mar
Apr
Aug
Mar
Oct
Jan
Jan
Jan
Jan
20%
26
234
134
17
10
10
3434
7,100
4.4 544
170
8934 92
650
7834 83%
3,900 •
734 834
9% 33,400
9
100
2% 254
3634
9%
6434
23
Range Since
Jan. 1 193.5
2
300
80
34
Jan
Jan
Mar
Jan
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Nov
Nov
96
May
2% Nov
New York Curb Exchange-Continued-Page 3
3354
STOCKS
(Continued)
Week's Range Sales
for
of Prices
Week
High
Par Low
Michigan Gas & 011
•
234 234
Michigan Sugar Co
1
•
31
Preferred
10
5% 531
Middle Staters Petrol•
2% 3%
Class A vte
Class B vie
i6
•
.4 "
Middle 'V/cent UM corn
34
14
•
234 234
$6 cony pref net A w w •
234 214
Certificates of dep
•
Midland Royalty Core•
84 8%
32 cony pref
• 1734 1911
Midland Steel Prod
• 424 48
Midvale Co
1
14
Mining Corp of Canada.
Minnesota Mining & Mfg_• 2034 21
Miss River Fuel rights__
Miss River Pow 52% pfd 100 107 107
Mock Judson Voehringer_• 17% 17%
Moll & Bud Pow let pref_• 804 824
• 39
41
2d preferred
1
1034 11%
Molybdenum Corp
Montgomery Ward A_ __ _• 139 140
Montreal Lt B$& Pow__.• 3534 35%
40
Moody's Invest Service__' 39
•
Moore Corp Ltd corn_
Preferred A
100
Mtge ilk of ColumbiaAmerican Shares
7,6
1
14
Mountain & Gulf 011
Mountain Producers---10
5
534
Mountain Sts Pow corn_ •
Mountain Ste Tel& Te1100 1364 138
• 130 134
Murphy(G C1 Co
100 11234 11334
8% preferred
Nachman-Sprinfilled Corp.
National Baking Co corn _1
Nall Hellas Hess eom____1
1% 2
Nat Bond & Share Corp--• 434 44
National Container Corp• 2334 2334
Common
•
$2 cony pref
• 184 184
National Fuel Gas
National Investors eom 1
1% 23-4
1
844 86
$5.50 preferred
34
1
Warrants
•
1
134
Nat Leather corn
National P & L $6 pref___' 7834 8014
•
474 54
Nat Rubber Mach
A
1
tle
Nat Service common
Cony part preferred_ •
15
National Steel Car Ltd_ _.• la
• 2534 2714
Nat Sugar Refining
Nat Tea Co 54% Pr- --10
914 934
914 9%
National Transit____12.50
4
4
Nat Union Radio Corp..]
Nebraska Pow 7% pref _100
•
Nehl Corp corn
lot pref
•
Nelsner Bros 7% pref _ _100 113 . 1133-4
6
6
Nelson(Herman)Corp__ _6
9% 934
Neptune Meter class A __ _•
Nestle-Le Slur Co cl A_ •
_100
Ney Calif Flee com_
7% preferred
100
Nev Bradford 011
/
2% 3
New Brig Tel & Tel__ _100
20 7244 7534
New Jersey Zinc
1% 134
New Mel & Arts LanCI__ _1
94 10
New Haven Clock Co_ ___•
Newmont Mining Corp_ lb 6334 654
New Process corn
•
NY Auction Co corn
•
• 3434 3534
N Y Merchandise
NY & Honduras Rosario16 3634 41
N Y Pr & Lt 7% met__ _100 993.4 1014
• 91
92
$6 preferred
N Ir Shipbuilding CorpFounders shares
1
734 834
174
N Y Steam Corp com____• 17
N Y Telco 64% wet _106 119 1194
1
414 434
N Y Transit
71
NY Wat Serv 6% pfd__100 68
Niagara Hurl Pow84 14
Common
10
34
34
Clan! A opt ware
131
134
Class B opt warrants.__.
Niagara Share834
8
Class B common.__ _ E
Class A preferred_ _100
• 3034 344
Niles-Bement-Pond
NIpiesing Mines
5
234 234
Noma Electric
1
43.4 4%
Nor Amer Lt & Pr% 3%
Common
1
27
• 3614 40
$6 preferred
5534
North American Match . _• 55
23,4 3%
No Amer Utility Securities.
33,4 4
Nor Cent Texas 011 Co__5
14
5,6
Nor European 011 corn._ 1
Nor Ind Pub Ser 6% pfd100
7% preferred
100
Northern N Y Utilities
7% lit preferred_ _ __100 102 102
744 734
10
Northern Pipe Line
Nor Ste Pow com class A100 224 26
Northwest Engineering _ _• 1514 17%
Novadel-Agene Corp __ • 3534 384
onio Bran! Cool B oom__• 3054 3154
• 10214 103%
Ohio Edison $6 pref
100 10334 103%
Ohio 0116% pref
100 109 1104
Ohio Power 6% pref
0)110 1' 57% 1st pref _ _100 102 104%
5 124 1234
011stooks Ltd corn
Outboard Motors B corn'
131
1%
• 10% 124
Class A cony pref
•
534 6
Overseas Securities
1
4% 534
Peel rie Eastern Corp
Pacific(I& E6% lat pt _25 2834 294
25 2631 2674
534% 1st pref
• 105 106
Pacirle Ltg $6 pref
Pacific P & L 7% prof..100 76
76
PacIne Pub Serv non-vot..*
• 20
let preferred
204
• 42
Pacific Tin spec stk
4554
42%
Pan Amer A irways. _ __10 40
1
3
Paritepee 0)101 Venom
3%
i
54 534
Paramount Motor
• 4434 46
Parke, Doyle & Co
10 274 274
Parker Pen Co
80
Patter Rust-Proof corn._• 75
Patchogue Plymouth CD-•
• 407% 4074
Fender 13 Grocery A
5% 6
•
Class 11
13
Pentnsular Wel)COM----• 13
100 106 107
Preferred
Pa Cent Lt & Pow 32.80 Pf•
•
$5 preferred
1
Penn Mex Fuel Co
For
tnotes see page 2357.
July 1
193310
Oct. 31
1935
Shares Low
1%
1,400
2,10011
A
2%
700
5,600
3,900
12,500
100
300
4
h
li,
4
34
Range Since
Jan. 1 1935
STOCKS
(Continued)
Low
1% Oct
34 Mar
Feb
3
High
3% May
134 June
8
June
Mar
Mar
Jan
Apr
Apr
34 Nov
1,14 Nov
*re Aug
34 Oct
Oct
3
4
h
1,4
%
*or
10
2034
48
134
21
4
10734
184
83
4454
1434
14434
354
z40
2234
137
Jan
Sept
Nov
Apr
Nov
Feb
Nov
Nov
Nov
Nov
July
May
Nov
Oct
July
June
414
334 Aug
216
A Feb
554
44 Jan
1
X Jan
1054 Mar 138
Jan 1374
72
Apr 116
112
Mar 144
6
A Sept
1%
24
14 May
2934 Feb 44
Apr
Nov
May
July
Nov
Oct
Apr
Nov
Oct
Jan
Nov
2334
35
20
234
86
1
*34
8436
934
%
41
164
35
945
1034
11.4
1134
0
5134
1134
8
13
531
7%
60
34
111
76
2.4
11
66
20
34
351-4
694
1014
02
Nov
Mar
Nov
Nov
Nov
Nov
Jan
Aug
Mar
Jan
Jan
Aug
grab
May
July
Oct
Nov
May
Aug
Nov
Jan
Oct
Jan
Nov
Oct
Aug
Oct
Nov
Jan
Oct
Nov
Ariz
Aug
Nov
Apr
Nov
Oct
1354
414
434 Mar
700
22
May
12
300 12
200 113
1134 May 121
4%
Apr
3
100
3
150 20
774
464 Feb
Jan
Aug
Mar
Sept
Aug
300
4
1,000
434
340 184
500
93r,
150" 734
116
10 65
300
64
650 304
175
9
10,900' 24
440 9 56
400 2634
125 1634
12
90
134
400
3,100
34
11,700
1,300
1%
2814
334
4
20 100
600 3134
75 105
I 431
34
74 Nov
Mar
6
Jan
35
991, Mar
Jan
12
916 July
Feb
82
1034 Mar
304 Mar
Mar
9
714 Jan
Jao
127
264 May
Jan
23
184 Feb
Jan
125
10
1834 June
July
30
29
114 Mar
3,400 114
5,900
4 Mar
34
Mar
55
30 35
2,700
54 Feb
X
34 Mar
5,800
4
t634 Feb
1,550 32
4% Oct
2,400
2
14
2,400
116 Nov
%
A Apr
300 114 15
May
Oct
21
2,300 21
9
Apr
50
9
1,400
634 Feb
654
Slay
2,300' 19
h
Nov
964 113
34
24 Mar
July
50
31
Feb
50 264 90
434 Apr
200
2
64 may
400
34
234 July
93 1
534
514 June
Mar
35
35
Feb
2
134
1,100
6 75
June
102
Apr
2,700 4734
49
1
600
May
4
334 may
200
134
344 Mar
5,800 34
Jan
12
104
4
1% Feb
300 15
Jan
253-4
Feb
950 174 33
160 59
6134 Jan
110 5334
5354 Jan
50
24
34
34
214 Mar
34 Jan
14 Mar
104 Nov
216 Nov
2
Nov
294
9 34
2,800
74
2,700• 134
A
8,000
254 Mar
Oct
82
84 Mar
2
July
A Jan
934 Nov
82
Oct
3434 Nov
Apr
3
534 Oct
g
21.6009
2,600
3
50 18
g Mar
434 mar
2434 Jan
34 Jan
Jan
2
Ile Jan
Feb
32
3814 Mar
134
4176
55
43-4
4
;4
7534
7634
Aug
Nov
Oct
Aug
Nov
Nov
Nov
Nov
Jan
Jan
Mar
Jan
May
Jan
Feb
Jan
Jan
Apr
Feb
Mar
Oct
Apr
Mar
Jan
Jan
Feb
Oct
may
Feb
Jan
June
Mar
Mar
Jan
June
Sept
Oct
Feb
Sept
Mar
Apr
Feb
Nov
July
103
8
2734
20
40
33
104
108
11151
10434
123-4
234
1234
6
514
2934
2734
106%
76
434
204
4554
444
336
534
474
2734
80
1234
4034
7
13
107
4154
70
11
Oct
Nov
Nov
Nov
Nov
Sept
Aug
Aug
Oct
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Nov
Nov
Nov
Nov
Feb
Sept
Nov
July
Nov
Nov
Oct
Nov
Feb
Nov
Nov
July
July
Jan
26,400
900 1
300
4,100
1.000
A
700
29,000
14
'is
21
204
50 454
200
434
14,900
64
600
3
2,400.1 1434
60 13 10
325 454
800 8114
120 80
40 71
631
400
4514
54
634
54
184
19
70
89
8534
9034
934
A
1,800 16
1,900
14
8,100" 1%
2,900 1834
500 n 104
855"61354
10_70
Ti
44
600 17 19.4
1,150 10
4,450 8114
21,100
11
.
100
334
1,000 193-4
50' 4
6,900"39
44
50 244
400
534
100
5
30 6634
24
67
24
314
14
2
204
800
%
g
1834
71
70
1
7%
25
36
13-4
334
3234
17
39
124
34
551
5.54
7934
24
65
534
Week's Range
of Prices
High
Par Low
Pennroad Corp vie
334 434
1
Pa Gas & Elec class A_
•
• 105 1074
Pa Pr & Lt $7 prof
$6 preferred
•
Penn Salt Mfg Co
50
Pa Water & Power Co___ _ • 87
894
Pepperell Mfg Co
70
100 67
Perfect Circle Co
•
Philadelphia Co corn
•
94 104
Phila Flee Co 55 pref
• 11314 113%
Phoenix securities-Common
34 414
I
$3 cony pref net A___10 39% 41
Pie Bakeries Inc corn
911 1034
•
Pierce Governor corn
734 8
•
Plum Winterfront Co
334
5
3
Pioneer Gold Mines Ltd i
1034
9
Pitney-Bowes Postage
Meter ..
734 74
•
Pitts Bessemer & Le R11_50
Pittsburgn Forgings
614 74
1
Pittsburgh & Lake Erie_60 6734 70
Pittsburgh Plate Glass .211
95
9934
Pleasant Valley Wine Col
2% 2%
Pond Creek Pocahontas •
Potrero Sugar corn
314
311
I
Powdrell & A lexander _ __.• 214 23
Power Corp of Can com__• 114 1111
Pratt & Lambert Co____• 33
3514
Premler Gold Mining__ 1
1%
1%
Prentice-Hall Inc
• 34
34
Pressed Metals of Amer • 1734 20
Producers Royalty . _. _ 1
4
A
Properties RealisationVoting trust ctn. 33 I-3r
174 174
Propper McCallum Hos'y •
91,
34
•
Providence Gas Co.
Prudential Investors
•
94 10
$6 preferred
98
• 98
Pub Serv of Colo7% lot pref
100
Pub Bery of Indian $7 pre}• 3234 36
$6 preferred
• 134 1434
Public Serv Nor III Corn. _• 53
53
Common
60 524 522i
6% preferred!
10I•
7% Preferred
100
Public Service Okla7% pr L pref
1110
6% prior lien pref _ _ _100 92
92
Pub UM Secur $7 pt pf_•
2% 4
Puget Sound P & L$5 preferred
• 4434 46
VI preferred
• 1714 1834
Pyle-National Co
5
9
9
Pyrene Manufacturing _ _111
54 64
Quaker Oat,corn
• 139 141
6% preferred
100 1394 13914
•
Quebec Power Co
Hy & Light Scour corn _•
174
17
Rainbow Luminous ProdClass A
•
h
34
Class B
11
;6
•
Raymond Concrete PileCommon
•
33 convertible preferred • 17
20
Raytheon Mfg•I a__ _50ir
Red Rank Oil co
1% 4
*
Reed Roller Bit Co
• 41% 41%
Reeves(D)corn
64 734
*
Reiter-Foster 011
%
g
•
Reliable Stores corn
• 1114 12
Reybarn Co Inc
334 4
10
Reynolds Invest103
1
1%
154
Rice Stix Dry Goods
114
• 10
Richfield Oil pref
h
Si
26
3% 334
1
Richmond Bad corn
Roiliest 0 &E 6% D p1100
Rogers-MajestIc class A- •
Roosevelt Field. Inc
1% 24
b
Root Petroleum Co
334 4
1
$1.20 cony pref
20 1034 12
Rossia International
4
%
•
Royallte011Co
•
Royal Typewriter
444
• 41
•
Ruberold Co
Rurseeks Fifth Ave
84 84
5
Ttyan Consol Petrol ___ -.•
14
134
Safety Car Heat & Ligh$100 81
85
St Anthony Gold Minea__1
14
91,6
St Regis Paper corn
10 2% 37%
7% preferred
100 413-4 56
Salt Creek Como! Oil _ _ 1 Salt Creek Producers_ _ _10
634 6%
Savoy 011
134
134
•
Schiff Co corn
• 294 30
Schulte Real Fstate com •
916
;6
Scoville Manufacturing _26 3234 333s
Securitiee Corp Cleneral_•
3
3
Seeman Bros Inc
43%
• 48
Segal Lock & Hardware...*
134 134
Selberling Rubber Com___.
23-4 23-4
Selby Shoe Co
30
• 30
Selected Industries I noCommon
234 234
1
35.50 prior stock
21 8134 82%
Allotment certificates_
814 8214
Selfridge Prov StoresAmer dep tee_
1
Sentry Safety Control.-- 1
%
34
Ileton Leather corn
•
63-4 6%
Shattuck Henn Mining
44
4
5
Shawinigan %Vat & Power_ • 214 2214
Shenandoah Corp corn _1
1% 24
$3 cony pref
39
2/ 38
Sherwin-Williams (Kim_ .26 127 128%
6% preferred A A____101 107 108
Singer Mfg Co
100 299 301
Singer Mfg Co LtdAmer deo ree ord ray fl
Sioux City 0& E 7% p1100 7634 77
Smith (A 0)Corp corn..• 47
49
Smith (L C) & Corona
Typewriter•to corn _ _ _ • 20
203.4
Sono tone Corp
234 234
1
So Amer Gold & Plat
414 4%
1
Sou Calif Edison5% original preferred_25 354 36
Preferred Li
20 273.4 284
514% prof series C
313 25% 283-h
Southn Colo Pow el A...20
23-6 2%
Southern Nat GM corn..'
916
1is
Southern N E •Telep __100 130 130
Southern Pipe Line
434 434
lo
Southern Union Gas corn.'
64
Southland Royally CO---6
6
Mouth Penn 011
29
26 23
So'west Pa Pipe Line.. 511 47
47
Nov. 23 1935
July 1
Sales 1933 to
Oct. 31
for
1935
Week
Range Since
Jan. 1935
Low
Low
14 Mar
134
a
934 Apr
610 744 804 Jan
Jan
724 77
4234 7634 Apr
500 4134 534 Jan
280 524 524 Apr
Feb
31
9 21
4
Ma!
4
1,100
1124 Nov
50 21 90
Shares
55,300
High
4 Nov
2034 Nov
10734 Oct
103
Oct
116
Nov
8934 Nov
894 Jan ,
4314 Oct I
134 Aug
11314 Nov
Si
19,800
1,200 164
34
3,600
2,900 9 1
11
400
84
18,800
134
2751
814
2
4
834
Feb
Fet
Apr
Jan
Jan
Mar
434
48
12
8
44
124
Nov
Aug
Aug
Sept
Oct
May
211
29
2
51
3011
5
3334
24
51
4631
24
1834
31
74
64
23
13-4
31
931
4
Mar
Mar
Jun
Feb
Apr
Nov
Aug
Jan
Jan
Mar
July
Jan
July
June
Jar
734
37
7%
734
99%
3
2534
3%
2334
1114
3531
23-4
34
20
..4
Nov
Sept
Nov
Sept
Nov
Nov
Feb
Nov
Nov
Nov
Nov
Apr
Nov
Nov
Jai
12,200
600
1,610
4,400
200
5,600
600
100
1,100
3,800
100
650
3,000
9 10
4
734
631
154
TA
514
914
4
124
4
104
434
59
1934 Aug
1234 n,
154 Feb
34 Mar
1 215 .
1011 Mir.
1cin
Nov
10
44 Mar
Jar, IOU
83
Sept
320
140
100 9
50'
11
*
90
8
5
934
9
28
38
A pr 102
90
8
Jar. 36
5
Jan
15
1734 Feb 53
16
Feb 5234
7834 Al), 102
83
Jar
77
Nov
Nov
Nov
Nov
Nov
July
Feb
20
175
61
54
4
8)
MaN
Nov
87
4 Feb
Nov
Nov
Nov
50
2,900
4,200
300
13
794
1,075
64
3
1,475
9
25
4
234
134
1,700
127
370'106
1324
10 111
13
13
OM
434
175
1,800
800
h
116
334
10
A
4
2,900
200 43
4,100
43-4
'It
2,900
131
3,600
134
1,300
4
6,300
1,600" 631
h
600
234
1,500
65
6
31
3,700
%
7,900
8
1,300
4
400
2311
8%
1,900
25
234
100
94
200
675 38
14
900
1
47,800
1,320 1734
;a
2,800
5
200
4
300 13
A
100
275 17
54
200
200 34
34
3,000
2,000 9 1
50 1534
75
4,000
800
1,400
9
4
38
374
A
2%
85
6
14
14
8
4
2314
15%
41
34
.h
6034
4
1
1734
916
514
54
254
19
194
54
4354
4
1
28
2
40
1534
500
8,300
15,200
354
1
111
Nov
Nov
Nov
Sept
Nov
July
Oct
Nov
34 Nov
11 Sept
Jan
5
Aug
Jail
Oct 25
Oct
Feb
3
Nov
4
Fe i
Oct 4314 Oct
Oct
8
k eb
14 May
Apr
Oct
Mar 12
Nov
Apr
4
134 Jan
A pr
124 Jan
July
134 Aug
July
Aug
434 Oct
Ala 10314 Nov
94 Jan
Mar
24 May
Apr
44 Sept
Aug
Nov
Aug 12
keb
7t6 May
Aug 264 May
May
4434 Nov
Jan 834 Nov
Oct
9
Apt
14 May
Mar
Nov
Mar 85
54 Jan
Aug
Mar
334 Nov
Nov
Mar 56
Jan
1
Sept
Mar
734 May
1% Nov
Jan
Mar 334 Jun
J11111
19 Sept
36
Oct
Mar
Mar
351 Aug
Mar 50
May
Mar
194 Oct
Oct
234 Jan
Jai
34
A Or
54 Mar
Mar
48
4614 Mar
234
14
4
34
4,500
334
314
200
14
134
2,900
1454
700 1454
54
31
1,900
124
1,900 12
84
2,300 9 3251
70 '9034 106
235
80 119
50
2,300
Mar 494
Mar 214
9
Nov
Jan
74
Jan 141
Feb 147
Oct 13
18
Mar
916 June
'is June
34
1011
61
4
43
454
932
431
11
4
9
97
92
4
2% Oct
Nov
86
8534 Nov
Sept
2.34 Jan
4 Nov
Jan
Mar
7
May
434 Nov
Jan
2214 Nov
May
214 Nov
Apr
Star 394 Nov
Jan 12874 Nov
Aug 1134 Mar
July
Mar 301
234 Feb
744 Oct
Jar
211
334 Aug
Nov
77
72
Slay
Feb244
334
Apr
514
AP:
Oct
Oct
Oct
2811 Jar, 3934
350"25
174 Jar, 287-4
1,300 154
263i
1,160 17 1434
18% Jar
1434
Jar
1
A
100 k
q
NOV
'16
'it
15,700
Jan 130
104
20 100
6
334 Jar,
331
100
9
44
44 Oct1
11%
434 Jan
44
3,500
214 Mar 29
4,200 154
50 344
4434 Nov 5234
July
Oct
Oct
Aral
Aug
Nov
Sept
Apr
July
Nov
Feb
6
1
334
,
1
1
1
I
:
'
!
I
New York Curb Exchange-Continued-Page 4
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
Par Low
High
Spanish & Gen CorpAm dep rcts ord bear_ £1
Am dep reta ord reit--£1
4
55
4031 42
Square D class 11 com____I
• 30
Class A pref
3031
•
Stahl-Meyer Inc corn_
Standard Brewing Co___•
35
34
Standard Cap & Seal com_b 33
3335
Standard Dredging CoCommon
•
431 431
•
Cony preferred
Stand Investing 35.50 pf_• 2855 32
Standard Oil(Ky)
10 22
24
Standard 011(Neb)
25 11
11
Standard Oil (Ohio) corn 25 204 23
5% preferred
100
Standard P & L corn
•
231 215
•
131 234
Common class13
• 2035 204
Preferred
)
Standard Sliver Lead
9,8
35
Starrett Corporation
1
94
35
10
24 335
6% preferred
•
Steel Co of Can Ltd
Stein (A)& Co COM
•
134 1331
100
634% preferred
Sterling Brewers Inc__ 1
334 335
Stetson (J B) Co com____• 194 20
Stinnes (1lue()) Corp
b
Stroock (S)&Co
22
• 32
•
14 131
Htuts Motor Car
Sullivan Machinery__ • 1331 14
•
634 631
Sun Investing corn
• 4815 4831
$3 cony preferred
Sunray 011. _ ,
1
234 235
Sunshine Mining Co_10e 1734 2031
Sutherland Paper Co_ _10
SwanFinch Oil Corp____ 15
531 6
Swift Internacional
lb 3031 3374
Swims Am Eleo prat ___100 53
.5531
Swiss Oil Corp
I
235
231
Syracuse Ltg 6% pref__100
•
334 454
Taggart Corp corn
Tampa Electric Co corn...0 364 3635
Tastyeast Inc cl A
1
235
335
Technicolor Inc corn
• 1731 1831
Teck-Hughen
_. 1
431 431
Tenn El Pow 7%
Minee._1st pf100 70
71
Tenn Products Corp WM.
)'fi
H
Texas Gulf Producing
•
24 3
Texas P & L 7% pref__100 100 104
Texon 011 & Land Co___ _•
574 654
Thermold 7% pref
100 .57
6931
Tobacco Allied Stocke____• 704 7031
Tobacco Prod Exports___•
34 431
Tobacco Securities Trust
Am dep rete ord reg__£1
Am dep rets dot reg_el
Todd Shipyards
__• 3035 32
Toledo Edison 6%
Corp_pref 100 10335 10334
7% preferred A
100
Tonopah Belmont DeveLl
Tonopah Mining of Nev__1
35
31
Trans Lux Pict ScreenCommon
1
4
434
TM-Continental warrants_
131 231,
Triplex Safety Glass CoAm dep rag for ord reg_
TrI-State Tel&Tel6% pf 10
11
.11116 Pork Stores
Tubizo Chatillon Corp___1
631 735
Class A
1 23
29
Tung-Sol Lamp Works_'
931 1194
$3 cony prat
• 4534 4635
Unexcelled Mfg Co
15
24 231
Union American Inv'g___• 26
26
Union Gas of Can
•
9
94
Un ()II of Calif rights
Union Tobacco corn
•
31
316
Union Traetion co
50
United Aircraft Transport
Warrants
9
935
United Chemicals corn_ •
13 cum & part prig
•
thew,i ore warrants
1
155
United Dry Docks corn _.•
35
31
()tilted Founders
1
Hut
34
1
355
United Gas Corp com
331
Prof non-voting
• 78
81
Option warrants
35
31
United (I & E 7% pref _10(
United Lt & Pow corn A,,,.'
234 335
Common class 13
•
435 435
$6 cony 1st pref
• 21
2551
United Milk Producte •
4
4
$3 preferred
•
Molasses
United
CoAm dep rote ord ref__ _ fl
44 535
United NJ RR & Canal 100
U lilted Proflt-Sharing____•
135
155
Preferred
10
731
74
United Shoe Mach com_215 85
86
Preferred
25 39
39
US Dairy Prod class A. •
Class B
•
11 H Flee Pow with warr_l
35
35
Warrants
1
134
0 El Finishing cm__ •
Preferred
100
1
19
2035
U H Poll Co class B
•
154
13 kl Intl Securities
135
let pref with warr
• 7231 7931
•
135
U S Lines prof
135
10 34
U 8 Playing Card
34
34 54
(1 kl Radiator Corp com___•
100 184 264
7% preferred
U S Rubber Reclaiming_ •
United Stores v I o
13t6
•
51
251 3
Uri Verde Extenelon___50e
26
331
335
United Waren&
Universal Consul 011. _10
8 17
1831
Universal Insurance
I
5
635
Universal Pictures corn
• 2354 254
Universal Products
qi
Utah Apex Meting Co
%
5
Utah Pow & Le $7 pref ' 46
50
Utah Radio Products
•
Utica Cask Ewe 7% 14-10(
435 435
UMW, IfAlultieu Corp_,..,...
• 7335 77
Priority stock
Utility & Ind Corp
•
1
14
Cony preferred
•
3
351
Util Pow & Lt °ern
1
1
131
1631
100 16
7% Preferred
Venezuela Mex 011 Co _ _11
Venesuelan Petroleuin___5
14 2
Vu Pub Sere 7% pref__10() 88
88
Virginian Ity
100
Vogt Manufacturing
• 1555 1535
Waco 611.06•JI f'0
•
5
634
For footnotes see page 3357.
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Shares
1,500
1,000
700
1,300
650
Low
3£
1,8
2 79e
2 3
135
31
23
Range Since
Jan. 1 1935
Low
31
're
17
29
194
31
2034
June
APT
May
May
Apr
Aug
Mar
STOCKS
(Concluded)
High
4 Oct
Hie Sept
44
Oct
40
Oct
34 Oct
34 Jan
3535 July
4
235 Aug
431 Nov
135
551 July
17
Oct
1031 Apr 32
1031
Nov
18
Jan
1354
24
Nov
74 Mar
12
731
May
114 /IA Mar
2331 Nov
764 89
Sept 9935 May
1
Mar
5
2,400
1
Aug
31 Apr
31
2,000
435 Aug
8
100
Oct 22
8
Nov
34 Apr
4,600
31
Hi. June
3,500
.,
1
4 Oct
Apr
3,400
51
34 Mar
3% A or
4231 Mar 5031 July
32
935 Mar
300
5
1431 July
103
Jan 107
80
Feb
100" 235
3
Oct
4
Apr
731
1031 June 21
350
Nov
1
2
134 May
Jan
100
44
631 Jan
22
Nov
4,700
31 Sept
51
331 Feb
500
54
10
Mar 154 Sept
24 Mar
100
24
631 Nov
100 34
10
Mar 4831 Nov
20,800
54
231 Oct
31 Apr
30,400 3° 2.10 1031 Jan 25
June
9
554
1831 Sept
19
Sept
24 Mar
700
6
Nov
154
2731 Sept 3831 Apr
8,400' 194
600 324 44
Oct 5835 Feb
2
2,500
Feb
1
331 May
89
89
Apr 100
Aug
8,800
31 June
4
434 Nov
3831 Nov
2231 Mar
209 2131
18,300
34
31 July
335 Nov
1131 Jan
27
7,300
June
74
12,900
354
4% Mar
354 Jan
48
Feb
175 45
7831 July
3,8
316 July
200
51 Jan
6,900
255
24 July
434 Slay
76
70 75
Feb 104
Oct
3,900
435
6
Mar
64 Jan
2,950 20
32.31 May 6931 Nov
Mar 704 Nov
100 374 60
20,200
35
135 Feb
431 Nov
100'
•
1,100
7,800
300
3,900
400
1834
5
18
61
5831
„
35
13,500
2,700
134
35
200
10
114
715
64
5,000
3
2,100
935
9.100
231
700 12
2,500
2
100 18
700
3
31
200
16
0 334
II,
500
15,700
2,000
29,100
4,2,600
1,700
2,600
28,000
1,300
35,800
50
6,200
3
24
13
4
Ili
31
Si
15
34
46
31
1
315
3
20
194 Apr 24
Jan
5
July
7
Jan
2331 Jan 33
Apr
88
Jan 104
Nov
83
Jan 109
Oct
31 Apr
34 Apr
35 Feb
131 Apr
2
Apr
35 Mar
1631
1031
64
3
1031
331
29
231
1934
4
34
451 Nov
231 Sept
July
1951
June
1031
Oct9
Apr
84
July
29
Apr
1151
Jan 4831
Mar
4
Mar 26
May
931
34
June
31
Jan
5
June
Nov
Oct
Jan
Oct
Nov
Nov
Nov
Sept
Oct
Nov
June
Jan
Apr
331 Mar 10
734
231 Mar
2131 Apr40
51 SOar
151
lig
Al)
'is
31 Mar
131
si Mar
435
Mar 84
35
31 Mar
1014
54
Jan 85
34 Mar
34
1
Feb
7
335 Mar 254
3
Jan
451
30
Jan 3931
Oct
July
Aug
Aug
36
.
4
J6D
Aug
Sept
Sept
Aug
Nov
Aug
Sept
Nov
July
Nov
24
431 Jan
534 .11112
251
Oct 251
194
Oct
1,700
34 Mar
35
14 Apr
300
6
Sept
9
74 Feb
1,175 • 47
Jan 8654 Nov
70
20 3051
36
Jan 4034 Aug
31
35 Sept
31 Oct
316 Feb
34
31 July
35,400
35
31 Jan
34 Aug
Su Jun
'ts JIM
In
500
48
5£ b3ar
2
Jan
5
Oct
5
.5
Oct
13,900
535
1035 Mar 2034 Nov
2,900
55 Mar
4
2
Aug
1,900 394 4131 Apr 7931 Nov
3,200
•,8
3-1 Apr
134 Nov
50" 1434 8051 Mar 384 May
5,300
151 June
134
.534 Nov
2,300" 16
10
July 2635 Nov
14 Aug
34 Feb
4
2.800
31
35 Mar
151 Jan
5,100
235
435 June
234 Oct
87,600
1
134 Aug
335 Nov
33 1.20
331 Jan
635 Feb
500
7
Jan
535
19
Aug
300
1
2
Aug
6 15 Nov
400" 435
13
July
274 Oct
1,300
54
54 July
15£ Jan
700 134 16
Jan 524 Nov
2
1
Aug
3
34
Oct
84
Apr 100
77
Aug
3,500
31
h Mar
531 Nov
325
30 433.4 Jan
78
Nov
800•
31
31 May
114 Aug
900'
A
1
Mar
435 Aug
10.600'
X
X
Feb
14 Aug
351
834 Mar 1731 Nov
250
135 Mar
3
13-4
May
6,800
231 Oct
718 Jan
4
1 °3 3134 88
Nov 88
Nov
67
Nov 76
Nov
200
251
8
Jan
17
Aug
5,000
34
34 Mar
634 July
Week's Range
of Prices
Par Low
•
Wahl (The) Co corn
Wattle Bond al A
• 10
•
1%
Claw B
Walgreen Co warrants____
31
I
131
Walker Mining Co
Walker(Hiram)-Gooderh'n.
& Worts Ltd com
• 3131
• 1731
Cumul preferred
I
1731
Wayne Pump corn
I
Wendell Copper
434
1
Western Air Express
Western Auto Supply A.• 4535
Western Cartridge pref _100
Western Maryland Ry
7% let preferred__ _100
Weetern Power 7% pre? 100 107
1631
Western Tab & Stat vs c..•
west moreland Coal Co_ •
West Texas URI $6 pref_ •
Weetvapo Chlorine Prod100
7% preferred
411
West Va Coal & Coke..,._•
Wilhelm@(R 0)&On
•
831
Willms 011-0-Matic Ileat_. 104
Wil-kw Cafeterias Inc
I
35
Cony preferred
341
•
Wileon-Jonee Co
• 254
•
Winnipeg Electric
Wise Pow & Lt 7% Pre 100
1
531
Woodley Petroleum
Woolworth(F W)LtdAmer deposit reta _ _ Ss 2831
731
Wright-Hargreaves Ltd •
9
Yukon Gold Co
134
July 1
1933 to
Oct. 31
1935
Low
•
51
34
900
400
35
X
1.000'
500
'ii
435
494
107
17
5
935
124
1
631
26
535
Range Since
Jan. 1 1935
Low
2
Aug
431 Feb
% Mar
31 Oct
31 Jan
High
4
Sept
11
Nov
131 Nov
I% Feb
131 Sept
2035
1235
124
1,8
2
17
824
224
1631
1231
118
2
4535
98
Oct 344
Jan 18%
Aug
1934
June
4
Jan
531
Nov 6031
Jan 103
Nov
Mar
Oct
Ma.
Oct
Mar
July
36
65
64
51 45£
22
4531
7454
12
7
28
Mar 6931
Mar 107
Feb
174
June
12
Jan 55
Nov
Nov
Sept
Aug
Nov
60
55
3,000
7
500
200 • 231
1,500
34
211
1,300
400
14
2631
1,800
2
99
3
7
3
54
24
18
111
6231
335
Jan 105
June
64
July
1715
Apr
1331
Sept
1
June
034
Jan 274
July
131
Nov 6211
Jan
631
June
Oct
Jan
Nov
Nov
Nov
May
July
Nov
Sept
343£ 36,500
600
1731
194 15,100
100
1,410
10
1,300
1,600
2831
8
18,800
2
3,500
ON DSAbbott', Dairy 6._.._1$42
Alabama Power Co1946
let & ref 58
1951
let & ref 52
1956
let & ref 58
1988
let & ref 58
1987
let & ref 41.41
Aluminum Cod f deb Se 52
Aluminium Ltd deb 55 1945
Amer Comity Pow 534s 53
Am El Pow Corp aeb 8857
Amer 0 & El deb 158_2029
Am Gas & Pow deb 6e..193e
1953
Secured deb Is
Am Pow & Lt deb 6s_20111
Amer Radiator 4310.-1947
Am Roll Mill deb 58 1941.
Amer Seating cony 68_1930
Appalachian El Pr 50_1950
Appalachian Power 58_1941
2024
Deb tie
Arkaneam Pr & Lt 5a 1950
Associated Eleo 435e 1953
Arreociated Gas & El Co1938
Cony deb 5141
Cony deb 434,0-1940
194u
Cony deb 431e
195n
Cony deb 50
1968
Deb 58
1977
Cony deb 514*
1950
A8600 Rayon ris
Assoc T & T deb 534e A '55
Aiwa Telep UM 540_1944
Certiticatee of deposit.
1933
68
Cite of aeposit
Atlas Plywood 530-1943
Baldwin Loco Works69 661111 warrants._.1938
fie without warr____1934
Bell Telep of Canadalet M 5e series A__1955
1st M 5e series B___1957
1960
5s series C
1998
Bethlehem steel 60
Binghamton L H & P56'46
Birmingham Elee 440 1968
Birmingbam Gas 50-1959
Breton ()wool OM 18_1947
Broad River Pow 58_1954
Buff Gen Elea 5. ____1939
1956
Gen & ref 56
Canada Northern Pr 5, 51
Canadian Pee Ry 80_1942
Capital Adminls 50_1953
Carolina Pr & Lt 5s,_1956
Cedar Rapids M & P56'53
Cent Ariz Lt & Pow 56 196(1
Cent German Power 681934
CO/11 III Light M----1943
Central III Pub Service58 Bence E
1956
let & ref 4340 ser F_1967
58 Berton G
1988
434% series 11
1981
Cent Maine Pow be D..1955
4350 aeries E
1957
Cent Ohio Lt & Pow 501950
Cent Power be aer D 1957
Cent Pow & Lt let 58_1950
Cent States Elea 58
1948
534e ex-warr
1954
Cent States P & I. 548.'53
Chic Dist Elea Gen 4348'70
Chic Jet Ry & Union St%
Yarns be
1940
Chic Pneu Tools 5340_1942
Chic Rye 58 titre
1927
Cincinnati St Ity 534s A '51:
13.9 series 11
1955
CitlemServIce 50
1980
Registered
Cony deb 68
1950
Cltlee Service Gas 535e '42
Cities Service Gas Pipe
Line 60
1963
Cities Sere PA L 54.1052
531e
1949
Cornmerz & Privet 53-93 '37
Sales
for
Week
High Shares
11
131
35
131
3355
_
174
54
.1
Mar
24
651 Aug
35 Mar
2831 Nov
10
Mar
24 July
6
864 102
Jan
107
Oct
54,000
10331 105
10035 10131 80,000
09
994 9,000
9151 9235 9,000
84
8431 98,000
26,0(8)
10631 107
59,000
102% 103
24 231 10,000
154 154 4,000
1054' 1064 164,000
15,000
4331 46
39% 4135 17,000
0235 94 123,000
1,000
105 105
58,000
1034 104
100 10035 11,000
105% 10535 43,000
4.000
1074 103
113 11331 4,000
0711 98 154,000
604 6231 145,000
63
5435
55
4735
4435
9231
59
I 35
735
81
134
124
384
974
62
41
64
99
68
50
204
884
8351
834
73
6831
19551
9731
155
74
894
18
1731
6051
10331
9431
74
101
10515
844
734
2931
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
105
10131
1014
9554
90
108
104
535
174
107
46
414
9631
106
104
10031
10631
109
11335
98
644
Nov
July
July
July
July
Sept
Aug
Aug
July
Oct
Nov
Nov
Oct
Feb
Nov
Nov
May
Mar
Nov
July
Nov
22,000
18,000
139,000
114,000
137,000
33,000
8,00
30,000
52,000
30,000
14,000
11,000
13,000
12
94
94
11
114
11
3835
34
9
8
134
134
47
1431
13
11
1231
12
1435
60
5731
1435
1434
20
20
78
Mar
Feb
Mar
Mar
Slur
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Slur
4535
37
37
3935
39
44
77
784
31
31
6951
70
93
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Oct
Oct
Oct
Oct
Nov
7034 89 320,000
6735 8131 405000
3234
3034
3234 Apr
3035 Apr
42
3215
32
34
3435
39
75
77
2911
29%
16835
68
89
44
344
3431
3735
3734
404
76
7831
31
31
z69
6834
93
11235
1145£
116
13331
10531
9035
78
11335
115%
11631
134
10535
9135
79
89
89
10134
10354
104
9835
11231
105
1014
11134
10431
9931
113
10531
108
103
3914 101
9331 9435
9335 9935
0235 9434
105 10534
103% 10355
9635
96
8651 87
8134 84
6331 66
6431 67
67
66
10435 105
11535
1184
120
138
10734
9131
8035
109
9131
10931
110
103
1124
1054
10034
1134
10551
4435
10931
Apr
Aug
July
July
Oct
Aug
Aug
Jan
Aug
Jan
May
July
Jan
Nov
May
Aug
Oct
June
Mar
7631 Jan 101
50
454 67
Jan
9435
75
Jan
49
9935
46
6731 Jan 9431
80
101
Jan 106
72
9531 Jan 10331
5531 72
Jan 984
3734 59
Jan 874
3734 5951 Jan 84%
25
26
Mar 65
2535 254 Mar 6734
29
4854 Jan
7154
9234 Jan 105.4
62
Nov
Nov
Nov
Nov
Oct
Nov
July
July
Aug
Nov
Nov
Aug
July
22,000 98
22,000 97
13,000 974
8,000 102
2,000 7631
47,000 4531
21,000 3854
10251
6,000 29
1024
102
31.000 71
167,000 98
10,000 65
93,000 4634
23,000 9455
18,000 7234
335£
2,000 1/9
27,000
216,000
90,000
55.000
17,000
6,000
89,000
18,000
280,000
178,000
520,000
84,000
56,000
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Slay
Jan
Aug
Apr
Apc
Slur
Jan
Jan
Aug
Jan
Mar
Apr
89
Nov
814 Nov
10935
1114
11234
1264
10234
6931
56
106
70
10634
105
97
105
8834
8354
109
89
39
106
10235
7135
8735
8831
65
66
66
9431
10235 14,000
7335 40,000
8735 2,000
9035 10,000
68
65,000
66
1,000
6931 636,000
9531 47,000
10634 Jan 11034 May
90
Aug
51 31 8711 Jan 103
6531 Jan 80
43
June
Feb 894 Aug
4034 .58
47
6634 Feb 93
Aug
2854 3054 Mar 6934 Nov
3231 Nov 66
Nov
2954 Feb 7054 Nov
2851
4334 6335 Jan 954 Nov
100
614
62
41
103
6431
6535
41
22,000
296,000
170,000
11,000
55
26%
2754
33
111
11255
1124
11234
105
10234
10334
644
11174
11235
11331
113
10535
103
104
63
8,000
6.000
17,000
16,000
170,000
55,000
35,000
160,000
8634
864
8031
7034
6935
9851
64
33%
8431 Jan 1034 Nov
2635 Feb 6635 Nov
2734 Feb 6635 Nov
334 Aug 47
Feb
COMM0nweillth Edison-
1953
lee /31 50 series A
let M 5e !writ% 13....1954
let &Sie aeries 0_1956
let ASSs series D 1957
let M4.0 series F
1981
391s series II
1965
Coin- wealth Subsid 5350'48
Community Pr & Lt 601957
Connecticut Light & Pewcr
Te series A
1951
4 316 eeriem C
1956
Si aeries D
1962
12535 12531
10735 10754
10934 Jan 11354
Jan 113
109
1054 Jan 11331
10434 Jan 113
9454 Jan 10535
9831 Aug 10331
Jan 105
85
5134 Mar 7331
11934
1,000 112
9831 10834
10534
3,000 102
July
June
Nov
Nov
Nov
Oct
Oct
Aug
Jan 12534 Nov
Jan 110
July
Oct 1094 Jan
3356
BONDS
(Continued)
New York Curb Exchange-Continued-Page 5
Week's Range Sales
for
of Prices
Week
Low
High
Conn River Pow Sc A 1952 10534 10534 13,000
Consol GM (Ballo City)1939 1 1234 11251 5,000
Is
19/54 11854 12054 21,000
Gen mtge 414s
Comm!Gas El Lt & P (Balt)
1981 10734 10934 9,000
1st ref f 4.8
ConsolGae Utll Co18,000
let & coil 68 ser A 1943 8534 88
2114 11,000
Cony deb 641 w w _1943 21
12,000
Consol Pub 7gs stmp_ 1939 9454 95
Consumers Pow 441_1958 107 10734 27,000
1936 10031 10034 8,000
1st & ref be
8654 427,000
Cont'l Gas & El 55 _ _ _ _1958 84
Crane Co 6e__ __Aug 1 1940 10331 10431 6,000
1940 10234 10254 18.000
Crucible Steel be
Cuban Telephone 730 1941 8651 86% 13,000
Cuban Tobacco 54 _ _1944
Cudahy Pack deb el bs 1946
9,000
Cumberld Co P& L 4319•645 1053.4 106
Dallas Pow & Lt 68 A_1949 108 10834 14,000
1952 1063-4 10634
1,000
Is series C
Dayton Pow & Lt 5s._1941 105 10554 16,000
Delaware El Pow 548_ _'59 103 10354 17,000
3,000
Denver Gas & Elea 5.1949 1073-4 108
Derby Gm & Elea 5e 19443 99
9974 30,000
24,000
Del City Gas fle eer A_194,7 10534 106
1950 10154 10231 79,000
Is let series B
Detroit Internal BridgeAug. 1 1952
3,000
645
53-4
53.4
454
Certificatee of deposit _
1,000
434
Aug 1 1952
Deb 7s
% 1,000
Certificates of deposit.
Dixie Gulf Gas 646_1937 10114 101%
2,000
1967
Duke Power 441
5,000
Eastern Utll Invent 58_1954 1614 1734
Elea Power & Light 58_2030 71
7354 201,000
4,000
Elmira Wat,Lt & RR 54'56 10131 10154
El Paso Elea 58 A _ _ _ _1950 10334 10354 7,000
El Paso Nat GM 6145_1963
With warrants
1938
Deb 51341
1953 97
Empire Diet El 5I
971.1 39,000
Empire Oil & Ref 548 1942 7614 79% 35,000
Emirs Marelli Eleo Mfg1953
8145 A ex-warr
1967 106 106
3,000
Erie Lighting 58
European Eleo Corn Ltd1965 76
6341 4-wart
853.4 19,000
39
1,000
European Mtge Inv 7e C'67 39
Fairbanks Morse 55_1942 1025,4 103
4,000
Farmers Nat Mtge 78_1963
Federal Sugar Ref 6e_ _1933
7714 4(3,000
Federal Water Sere 554154 76
Finland Residential Mtge
Banks fie-5813tamped1961 9914 9934 10,000
Firestone Cot Mills be:48 10334 1034
5,000
Firestone Tire & Rub ISs'42 104% 105
6,000
First Bohemian Glass 7s'57
Fla Power Corp 548_1979 9334 9911 67,000
Florida Power & Lt 5! 19by 9034 91 149,000
60,000
Gary Elea & Gal Is ext_'44 8934 91
Gatineau Power let 55 1956 8411 8934 199,000
7734 53,000
Deb gold 68 June 15 1941 69
1941 694 7731 45,000
Deb 6s series B
1940 96
99
25,000
General Bronze 6e
12,000
General Pub Serv 54 1953 97
94
Gen Pub Util 634e A_I956 7831 79
57,000
General Rayon Se A._1948
Gen Vending fle ex war '37 2034 2154 6,000
Certificate/ of deposit _ _ _
204 204 1,000
Gen Wat Wks & El 58_1943 82
83
46,000
Georgia Power ref 5a 19a7 93
9834 177,000
Georgia Pow & Li 58..1978 70
52,000
83
Geefurel 68 x-warrant! 1953
Gillette Safely Razor be '46
Glen Alden Coal 45_1965 92
923.4 133,000
Gebel (Adolf) el 54ii___193o
with warrants
70
8411 49,000
Grand Trunk Ry 614e 1936 10031 101
3.000
Grand Trunk West 41_1950 91
9114 26,000
G; Nor Pow 55 strim__1961,
Great Western Pow be 1946 10834 10814 12,000
Guantanamo & West 6e '58 42
42
1,000
Guardian In vaetors 5s_1948 5854 60
98,000
1947 106 107
Gulf 011 of Pa 58
19,000
Gulf States UM 5(1_1956 105 10554 42,000
1981 103 103
2,000
43.4. series B
Hackensack Water 58_1985 11034 1104
1,000
1977 1043 10434
2,000
be eerie! A
Hall Print 611 stmp _ _1947 7454 75% 22,000
Hamburg Flea 78_
1935
Hamburg El Undergrouno
1938 3134 3131
7,000
& St Sty 53411
1936 10034 10031 22,000
Hood Rubber 5348
1936 10414 105
18,000
78
Houeton Gulf Gam 68_1943 10431 104% 17,000
6145 with warrants_ 1943 983.4 9834 13,000
Houston Light & Power1953 105 105
6,000
let 55 ser A
1978 10434 105
let 414e ser D
3,000
1981 10531 10531 2,000
let 44e ser F
Hungarlan-Ital Ilk 734s '63
hydraulic Pow 5s_ __ _1950
1951
lief & impr 54
Hygrade Food 6s A _ _ _1949 56
5854 12.000
1949 5554 5754 14,000
68 series B
1947 107 10734 15,000
Idaho Power 54
Illinois Central RR 5, 1937 61
6854 163,000
ill Northern URI be__ _1957
HI Pow ee L Islas ser A '53 9931 100% 117,000
let & ref 514e ser 8_1954 961,4 9731 63,000
Int & ref 58 ser C_ _ _1956 914 9231 187,000
f deb 55,44 __May 1957 86
874 17,000
1•947 95
963i
Indiana Electric Corpas aerial A
10,000
1963 97
6148 series B
9831 22,000
1951 8534 88
5e !facto C
40,000
Indiana Gen Serv 58....1948
Indiana Hydro-Elea Se '58 9354 95
22,000
Indiana & bitch Elea 58 '66
1967 10831 10834
1,000
bs
1950 6534 69
Indiana Service he
63,000
i962 6554 6854 55,000
let lien & ref Ss
Indianapolis Gas U21_1952 97
9854 43,000
Ind'polis P & L 55 ser A '57 10414 1054 101,000
Intercontinents Pr 88..1948
4
4
12,000
nternational Power See1955 46
4711 10,000
6341 series 0
1957 55
61
4,000
7! series E
1952 58
58
3,000
7e series F
International Salt II...1951 10714 1074 7,000
International Sec 5s _ _1947 9231 9434 85,000
Interetate Irn & Sti 648'46 10214 10314 24,000
Interstate Nat Gas 69_1936
Interstate Power 5s__1957 8031 8131 133,000
1952 6634 69
Debtnture Se
75,000
Interstate Public Service1958 8554 8734 36,000
be eerier, D
414,1 eerie/ F___ _ .1954 8154 8354 55,000
For footnotes see page 3357.
July 1
1933 to
Oct. 31
1935
Range Since
Jan. 1 1935
BONDS
(Continued)
High
Low
Low
874 103% Jan 1064 June
11014
103
9914 1144
Oct 113
Jan 122
May
July
88% 1064
Jan 112
July
Jan 88
bl
33
23
434 Jan
4%
Mar 100
87
70
106% Sept 1094
88
10011. 100% Nov 104
Jan 8651
42
33
Jan 104%
774 102
6034 95% Apr 103%
614 Mar 8654
ao
38
Aug 56
36
102% Oct 107%
102
9554 Jan 106
85
Sept 11054
100% 106
104% Feb 107%
94
Nov 109
994 105
8654 Jan 10354
55
9214 10554 Jan 110
Jan 995,g
58% 83
99
Jan 106
76
6734 91% Jan 102%
3,4
76
85
10
22
55
84
3
2
3,1
3.4
10154
105
10
3354
8554
8954
6634
25
46
41
91
9051
67
54
234
Jan
Jan
Jan
Mar
Aug
Jan
June
Feb
Jan
Jan
Nov
Nov
Nov
Mar
Jan
Nov
Nov
Oct
Nov
Oct
Feb
Nov
Mar
Aug
Mar
Nov
July
Nov
Nov
Nov
734 Apr
7
Apr
215 Apr
111, Apr
10311 May
108% Mar
1754 Nov
76
Nov
102% Oct
105
Oct
Jan 10534 Oct
Oct
Jan 102
Jan 97% Nov
79% Nov
Jan
Oct 69
Jan 10654
Jan
Oct
65
Aug 98
34% Apr 554
964 Jan 104
4511 Aug 5514
214
14 Feb
3114 Jan 78
Apr
Jan
July
Jan
May
Nov
9814 Mar 100
86
102% June 1054
85
Apr 1054
103
89
92% Oct 92%
61
9954
Jan
76
48
4432 6854 Jan 9154
91
6331,
Jan
63%
714 7914 Apr 9914
Apr 904
60
60
594 6934 Apr 98%
8134 Mar 99
55
Mar 98
74
54
81
2314 514 Jan
Nov 6754
48
36
23
Jan
4
2
23
Jan
2
8454
Jan
5634
384
6454 8114 Jan 100
5631 Jan 83
40
3114 May 6654
30
1014 Sept 10554
93
53
844 Jan 93
Apr
Mar
Mar
Oct
Nov
July
Nov
Jan
Jan
Jan
Nov
Nov
Aug
July
Oct
Nov
Aug
July
Nov
Jan
Feb
Sept
9354
10554
95
10811
109%
52%
63
107%
10534
103
111%
10614
774
51
Feb
Jan
Aug
Aug
Oct
May
Aug
Jan
Nov
Nov
July
Feb
Apr
Feb
46
78
65
24
58
38%
155
15
48
100
69
9811
63
10211
9334
10
24
97
62
55
9834
98
60
37
70
10051
8634
10234
107
174
25
103
9414
8734
10814
104%
60
37
28
bb
65
40
29%
30
84
87
93
76
91%
79
80
42
10012
100
4031
42
88
60
8214
48
46
42%
324
10334
101%
104
42
11154
105
47
50
106
60
102%
7514
6914
663-4
57
Apr
Nov
Oct
Feb
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Nov
July
June
Aug 41% Feb
Jan 10134 July
Nov
Jan 105
Nov
Jan 105
Mar 99% June
Aug
Sept
Jan
Aug
Jan
Nov
Apr
Sept
Nov
Mar
Jan
Jan
Jan
Jan
Jan
107
105%
10614
55
114
108
64%
63
109
804
1074
1004
97%
94
89
Jan
54% 64
Jan
68
68
Jan
60
45
106% Oct
93
62% Jan
44
Jan
99
70
884 1074 Jan
2354
3615 Jan
3511 Jan
22
Jan
80
88
73
9734 Jan
14 Mar
154
9634
98%
88
10754
95
1064
112
69
Nov
Nov
Nov
Mar
Nov
Sept
July
Nov
6834 Nov
105% Aug
105% July
414 Mar
41% Oct 77%
4111
Oct 85%
46
46
Oct 8031
49
49
83% 1044 Apr 108
6814 Jan 97%
43
Apr 103%
89
53%
10431 May 10554
103
Jan 83%
57
37
72
Jan
38
2634
41
42
62
6711
Jan
Jan
Mar
Nov
Mar
Jan
July
Sept
Jan
Apr
May
Jan
Aug
Nov
Nov
July
Aug
Jan
Feb
Feb
Apr
Oct
Nov
Jan
Aug
Aug
854 Nov
8134 Nov
Week's Range
of Prices
July 1
Sales 1933 to
Oct. 31
for
1935
Week
Low
High
Low
Invest Co of Amer58 series A w w
1947
without warrants
lo wa-N eb L & P be_ _.19131/
be eerie/ 11
1961
Iowa Pow & Lt 4%8_1958
Iowa Pub Serv 56
1967
Team Hydro Eleo 78_1952
Isotta Franshini 7e_ _ _1942
Italian Superpower of De
Deb Si without war_1963
Jacksonville Gag 51_1962
Stamped
Jamaica Wat SUP 510'55
Jersey Central Pow & L119
24
h7
t
rie.
B
55
43.i
.
sersieea
1961
Jones & Laughlin 811 be '39
Kansas Gas & Elee 65_2022
Kantrae Power be
Kansas Pow & Lt 68 A1_9
'5
45
7
1967
Kents
58 ueorilry B
Utilltles Colet mtge be ser 11....1961
6145 series D
1948
534/ series F
1965
Se series I
1969
Kimbetly-Clark 58_1943
Koppers0& C deb be 1947
Sink fund deb 54s_195(
Laclede Gas Light 5481935
Larutan Gas Corp 64s '35
Lehigh Pow Secur as 2025
Lexington Utliltiesbe_1952
Libby MoN & Libby be '42
Lone Star Gas 58
1942
Long Island Ltg 65. _1945
Los Angeles G& E be 1939
1961
6s
1942
634a/erica E
53-is series F
1943
Louisiana Pow & Lt ba 19
94
57
Louisville G&E 434sC 1961
Manitoba Power 53-48.1991
Maas Gas deb be
195t
5148
1946
McCord Radiator & Mfg6a with warrants_ _ _1943
Memphis P & L iSs A _1948
Metropolitan Ed 4s E_1971
be series F
1962
Middle States Pet 648'4
65
2
Middle Weal Utilities5.
55 octtr.
leoto6
f„ill:90,111_1932
1933
/gotta of dap
1934
55 efts of deposit_ 1935
Midland Valley 54_ _ 1943
Milw Gas Light 4 As 1987
MlrineapGasLt
p t L 4 s4348_1950
Minn
1978
Se
1955
Mississippi Pow 58_1955
M IseR
Peogtv
i th
ere
Ldt 5s _ _1957
Nov. 23 1935
100 100
104% 10554
104 105
105% 10511
1014 102
43
44
90
90
36
44
3,000
31.000
15,000
2,000
49,000
13,000
1,000
31.000
51
52% 57,000
107% 10714 2,000
10411 1044
10314 104
107 10714
11314 114
98% 9914
107 1074
1054 10614
92
95
10211 1044
96% 100
0211 95
1034 10351
103% 105
104% 105%
105,000
45,000
37,000
65,000
12,000
26,000
7,000
10634
101%
10454
104%
105%
105%
1054
10714
107%
10734
102%
10454
104%
1054
106
106
10714
10711
49,000
28,000
24,000
2,000
12,000
3,000
64,000
13,000
1,000
103%
10514
66
914
964
104
106
68
934
9854
30,000
12,000
19,000
149,000
195,000
944 96
101% 10211
103 104
10614 10631
24,000
38,000
70,000
37,000
18% 21% 132.000
1754 2194 411,000
1754 2174 153,000
18
2131 268,000
774 36,000
74
104 10434 35,000
24,000
103% 104
9514 9634 74,000
10034 1013,4 21,000
59,000
9015 93
9011 9234 275,000
2,000
9214 9234
Pub Herr 534 ser 13_1953 10514 1053-4 31,000
6,000
o t-r aalki tH
883i 8,1h
a
0
60
1,
15'4
1N
5111):
2
4A
W
nF
tes
uarli9
e181;
15
121
.:
eor 4:
94
g84 2
195
6
1959
ba series A
Nippon El Pow 648_1953
No Amer Lt& Pow 5a _1936
548 eerie/ A
Nor Coat Mil 54e
195
48
9
No Indiana G & E 6a_1952
Northern Indiana P 81966
series C
196970
9
baserleaD
448series F
No Ohio P & L 530_1951
Nor Ohio Traci & Lt 58 '58
No States Pr ref 44e 1961
0
N'Vi
egtern99
E1leesct 6s.... _14('
9945
N'western Power tis A _196u
Certificates of demerit _
N'weetern Pub Serv 58 1957
1940
Ogden Gas Is
Ohio Edison let 5___j960
Ohio Power let 5e B 1952
1st & ref 445 ser D 1956
Ohio Public Service Co1953
13e series C
be series D
196
541
534e series E
Okla Gas & Elea 5s
1950
Se series
Okla Power
& Water 55'4408
A19
Oswego Falls 68
Pacific Gas & El Co-1941
1941
let be aeries 13
58 series D
1955
1st & ref 614e E____1957
Int & ref 44,F_ _ _ 1940
10631 10714 21,000
44 11 103,000
104 10415 14,000
1,000
104% 10455
9734 9811 56,000
8714 8834 82,00
1311 154 567,000
18,000
10414 105
85
80.4 190,00(
10911 1094 4,000
7534 7951 199,000
7651 794 76,000
207,000
8
751 31 8479%
54 79,000
8854 95.000
86
69% 71
170215,1 10
72
4
67,000
29,000
16,000
1054 10511 43,000
10114 10231 103,000
14 103
4u 30,000
107
0,
,
11,000
1,000
110128
110127
17,000
31
10814 1033.1 3,000
89.51 14,000
89
13,000
10024 101
61,000
29,000
5154 .
,
5
9
,
30
15,000
106U "‘
102
714023.be
1,
0
1054
10534
10434
103
1 11
43
4231
9734
101%
106
10434
105
65,000
73,000
83,000
10631 62,000
10594 5,000
10534 59,000
10
03
1.4 31,000
31,000
444 26,000
8,000
43
9711 55,000
10314 62,000
1063.4 155,000
10814 8,000
10514 20,000
103
E
Low
High
Jan
92
67
Jan
91
67
55
88
Jan
564 86
Jan
Jan
100
72
5734 824 Jan
Oct
40
40
55
55
Aug
35
35
Oct
101
1004
1053.4
105
106
102
8314
95
33
70
63
73
46
6214
73
69
6211
102
10134
103
5634
100
9111
75
9814
101
9534
10554
10311
10754
107
10414
95
105
100
95
10431
105
10574
85
101
108
1027.4
106
10514
107
1083-4
10731
110
1094
10734
3.4
Nov
July
Nov
Nov
Sept
Nov
June
Nov
Mar
Juno
Nov
Aug
Aug
Oct
Mar
Aug
Feb
Feb
May
Novr
6911 Nov
June
96
10214 Jan
96
Nov
May
67
903-4 Jan 10434 June
Oct
Jan 105
89
1004 Jan 10734 Oct
Jan 9311 Oct
66
5
34
334
43.4
43.4
3%
431
34
6234
53
10214
90
67
9454
794
54
5834 884
21.1
72
5% 6
4
30
40
9214
Jan 224 Oct
Jan 224 Oct
2214 Oct
Jan
2211 Oct
Jan
July
Jan 82
Oct 10854 Jan
Aug
Jan 106
Jan 9654 Nov
Jan my& Nov
Nov
j
Ja n 93
July
923-1 Nov
Nov
Mar 103
94
89
953.4 10634 Jan 1084
704 1014 Jan 10711
6134 Mar 62
33
58
474
June
Mar
Oct
Jan 106
July
Jan 105
Jan 10774 July
Jan 1153% Aug
1954 Nov
Jan
Jan 10854 Nov
July
Jan 107
Jan
Jan
Jan
Jan
Jan
Feb
Fel
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Nov
Jan
Jan
Jar,
7
69
114 10
84
81'4 Jan
July
224 50
82
Oct
70
874 Mar
80
46
55
50
4531
824
72
76
50
91
54
5431
57
8234
65
100
874
9934
94
94
Oct
July
Nov
Nov
July
Oct
Apr
June
6614 Feb
57
May
48
48
964 1054 Apr 108
1013-1
18,000 77
9334
83,000 7024
6,000 1024 10655
90
4,000 6131
773.4
82,000 55
12,000 8034 105
100
21,000 70
M91111aling River Fuel3,000
6a es warrants
28,000
Mles River Pow lit be 195
441 110972% 112
Missouri Pow & Lt 546•58 1065-4 106% 31,000
58,000
m
Mo
iee
mon
tig
riab
Penib
a wSeer.viber4.1.9-47 58% 61
1st & ref be ser A _ _ _1951
Munson S El 6 14e ww_ _1937
NarragansettKlee be A '57
57
19
,4
Nassau & Suffolk L*2 be 5
Nat Pow & LS 6a A _ _2026
Deb be series B,.__2033)
Nat Pub Serv 58 Ws- _1978
Nebraska Power 448_1981
8e series A
2022
Nelener Bros Realty fle '45
Nevada-Calif Ere° Se_ 1956
New Amsterdam Oa 5.48
NE Gas & El Also 58_1947
Cony deb be
1948
Cony deb be
New Eng Pow Aerm 58.1
195
49
t
Debenture b 48_ _ _ _1954
New On Pub Baty55 stamped
fleaerlee A
N Y Central Elea 534e199'11199
2
N Y Penn & Ohio 43
-Is 1950
NY
1 P&L
1st 44e .67
N Y State G & E 444_1980
Range Since
Jan. 1 1935
86
5714
1044
94%
2
2
9154 10254
933,4 10254
1003-4
98
51
7134
6111
42
334
314
0734
15
5
84
3
70% 10111
90
35
Aug
May
Sept,
Nov
Jan 10514 Nov
Jan 8911 Nov
Mar
June
Apr
Oct
Jan
Jan
Jan
Mar
,
A
Japn
107%
11
10654
10531
10411
9874
8934
1514
111
Jan
1816731,1
Jan 105
Jan
Nov
Feb
Feb
May
Sept
Aug
Aug
May
v
Nov
Nov
1004 Jan 10934 May
85
Nov
vv
779X
)i NN
7A n
m ir 799
33
4 54 48
33%
4634
60
60
25
56
10314
73
5811
77
81
96
104
9931
63
8134
2
1%4
8
47
Mar
543% Mar
574 Mar
Nov
85
884 Nov
Aug
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Sept
Apr
Feb
Jan
Nov
74
7411 Nov
Nov
102
10711 May
10511 June
10331 Oct
10854 Jana
106
May
11231 Oct
Mar
110
10911 Feb
June
90
June
%
11
4 .v
10
53
014 Nov
10
97
Mar
Jan
Nov
60
3051
77
1034
8914
85
994
9934
10434
10834
1054
824
120003i4
04044u
71
Nov
Jan 103
77
51%
6234 76
1% Jan 1111 Nov
Nov
49% 754 Jai, 9
Oct
10114 Jan 108
69
Sept
Jan 108
100
65
90% Jan 105% Nov
6
79
1
July
Jan 104
88
Sept 10354 Oct
908
7;1 97
ov
%No
7,1
45
Jan 0
28
Nov
45
Jan
28
9762
Nov
4714
10554 July
96
73%
9711 Jan 10634 Oct
6334
1043,4 Apr 1084 Jan
88
8334 1034 Oct 10654 May
109 10911 5,000 7054
12,000 604
06
105% 1054
8,000 63
10414 10511 41,000 683.4
13,000 63
104
824 102
85
34 32,000 40
26,000 4511
9354 95
119 11914 14,000 101
91
7,000 824
1073-1 10714
10714 10734 13,000 8244
1104
10631
10714
10534
104
87
06
July
Nov
Sept
Sept
June
Nov
Nov
10534
994
10024
ou
9034
48
6534
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11114
1053-1
101
1004
Jan 1204 July
Oct10811 Jan
Oct
Jan 108
Jan 10774 Oct
New York Curb Exchange-Concluded-Page 6
Volume 141
BONDS
(Continued)
Week's Rance
of Prices
July I
Sales 1933 to
for
Oct. 31
Week
1935
Low
High
$
Pacific Coast Power 561940 106 106
3,000
Pac Invest bs ser A _....1948 954 9634 26,000
Pacific Ltg & Pow bs__1942 115 115
2,000
Pacific Pow & Ltg 58_1955 8434 87 162,000
Palmer Corp as
1938 10231 103
6,000
_1936
Park & Tilford 6s_
Penn Cent L & P 4146 1977 9831 9911 96,000
1979 10431 104%
Es
1,000
1971 9634 973.4 74,000
Penn Electric MF
Penn Ohio Edison1950 10031 10131 16,000
Miseries A zw
_1959 974 9831 52,000
Deb 51is series
5146 1954 10431 10438 34.000
Penn-Ohio P & L 13_1958 10531 10631 34,000
Penn Power bes
Pena Pub tier, 156 C 1947 10711 10714
5,000
1954
56 series D
Penn Telephone 55 C_1960
Penn Water Pow 5s___1940 112 11231 8,000
1968 1064 1064
645 series B
1,000
People!, Gas L & CokeMiseries B
1981 8234 8434 340,000
1957 1014 1024 121,000
defiance C
1979
Peoples LI & Pr 5s
44 534 56,000
Phlia Electric Co 5e_1966 112 11234 19,000
Phila Elm Pow 5346_1972 10931 11014 21,000
Fhila Ra pld Transit 64 1962 8731 8831 18,000
Phil Sub Co 0& E 6341'57 1074 1074 10,000
Plefluft Hydro-El 61411'
4431 21.000
60 41
Piedmont & Nor 152_1954 10334 10431 20,000
Pittsburgh Coal 6s
1949 106 106
3,000
Pittsburgh Steel 86_1948 974 98
45,000
Pomeranian Elm 65_1953 27
27
7.000
19341 1024 1034 8,000
Poor & Co 65
Portland Gas & Coke 5140 79
814 49,000
Potomac Edison 51_1959 10531 1064 13,000
1961 1054 106
414e scrim le
9.000
Potomac Elm Pow 54_1936 1024 10231 11,000
1947
Potrero Sugar 75
Stamped
674 68
3.000
PowerCorp(Can) 445 13153. 8834 8931 9,000
Power Securities 13s___1943 97
9731 8.000
Prussian Electric 6s _ _1954 3131 314 3,000
Pub fiery of N H 4145B '57 10311 10331 21,000
Pub Serv of NJ 6%Pet MD 132 1334 42,000
Pub Say of Nor Illinoislet & ref 51
1956 10831 10931 29,000
as series C
1966 1044 10414 17,000
445 series D
1978 101
10134 22,000
634s series E
1980 10011 102
17,000
lel & ref 4.41 ser F_1981 1004 101
68,000
l'ub fiery of Oklahoma1961 104 10434 13,000
56 seriee C
Maarten D
1957 103 1034 43,000
Pub Sere Subald 546_1949 004 101
19,000
Puget Sound!'& L 5 he'49 864 8831 195,000
1st & ref 56 series C_1950 8311 85
86,000
lot & ref 44116er D_1950 80
8134 117,000
19634 1054 10534 6,000
Quebee l'ower 55
Queens Hero0& E 4141'58
545aeries A
1052 101 102
8,000
Reliance Managemt Es 1954
With
-- _.- 954 96
5,000
warrants__Cent Pow 561953 7754 7934 15,000
Rochester
Rochester Ry & LI 58_1954 11254 1124 7.000
Ruhr Gas Corp 6145_1953 334 3554 4,000
Ruhr Housing 6141
19541 28
28
1,000
Hate Harbor Water 446'70 1063.4 10644 9,000
HI Louis Gm & Coke 6s '47 1211 133.4 32,000
San Antonio I'S bs 11_ _'58 1014 1024 144,000
Han Joaquin L & I'6813'52
Salida Falls Si
1966
Saxon Pub Wks66____1937
Schulte Real Estate6a with warrants___1935 184 1834
1,000
85 ex-warrants
1931 18
1814 5,000
ticripp(E W)Co 5148_1943 1024 103
11,000
(Seattle Lighting 5s
1949 633.4 6431 49,000
Serval Inc 55
1968 1064 10614
1,000
Shawinigan W & P 434s '67 994 1003.4 59,000
414s series 13
1968 994 9914 24,000
1st bs series0
1970 1044 10414 16,000
1st 414aseries _
1970 9931 10034 51,000
Sheridan Wyo Coal
D-66 1947 5331 5331 2,000
7 99
Hou Carolina Pow Es_1957 974
25,000
Houtheaat P & L 65
2025
Without warrants
100 10134 100,000
lieu Calif Edison 55.__1954 105 105
6,000
Ref M 314s May 1 1960 9831 9874 102,000
Ref M 311,313July 1 1960 984 9831 51,000
Hou Calif Gas CO 441_1961 1054 106
17,000
Hon Calif Gas Corp M 1937
Hou Counties Gas 448_138 10331 1034
1,000
Hon Inalana 0& 5853.4.'57 1074 1074
1,000
Sou Indiana Hy 45____1951 5131 54
59,000
Hou Natural Gal 1311---1944
tinstamped
1014 10214 131,000
Stamped
10174 10174 2,000
S'western ABSOO Tel fs '61
883-5 8934 29,000
(Southwest(1 & E 66 A_1957 103)4 10334 25,000
66 aeries 0
1957 10335 1034 19,000
S'western LS & Pr 56_1957 9534 0754 60,000
)S'western Nat Gas 64_1945 924 9435 24,000
So'West Pow & Lt 56_2022 9214 9234 6,000
H'weat Pub Sere els
1948 1013.4 10151 8,000
1942 104 104
Staley Mfg 611
2,000
Stand Ofte & Elm 65..1935 5814 6074 69,000
Certificates of deposit_
563.4 59 145,000
Cony 66
1935 5314 5911 53,000
Certificates ot deposit. 5654 58
69,000
Debenture 85
1951 534 55
81,000
Debenture fis_Dec 1 1966 514 543.1 162,000
Standard Invedtg 534s 1939 9434 95
44,000
1937 9734 974 14 000
as ex warrants
Stand Pow & LS as__1957 5411 5534 272,000
Standard Telep 546-1943 453.4 46
11,000
titInnem (Lino) Cor1)-1936
Deb 7sex-warr
7-4% atamped_ 1936
Deb 78 ex-warr____1946
45
7-4% etamped_.-1940 45,
4,000
(Super Power of 111 4341 '68 1044 10534 47,000
1970 10331 1045-4 26,000
1st 434!
1961 105 105
17,000
thr
Syracuse Los 5558-1954 10634 1074 3,000
1957 10731 108
11,000
Es aeries 11
93
Tennessee Elm Pow BRIM, 92
24,000
Tenn Public Service as 1970 7814 8031 22,000
Terni Hydro Elec 6451963 424 4311 10,000
Texas Elm Her rice 51.196n 994 100 134,000
1946 3136 32
Term Gas Util 6a
9.000
Texas Power & Lt 51_1956 10434 10.131 105,000
5s
1937 105 105
4,000
as
1,000
2022 1024 1024
Tbermold Co as 1150.193791 100 210,000
Tide Water Power 55_1979 97
97% 38,000
Tletz (Leonard) 745_1946
Toledo Edison be
1962 1064 107
28,000
Twin EitY Rap Tr 53.41'S) 7114 7831 307,000
(Ben Co deb as
1944 77
78
10,000
(is 2d stamped
1944 7634 7714 18,000
Rance Since
Jan. 1 1935
Low
994 Jan
87
Mar
110
Jan
574 Jan
102
Jan
9214 Jan
8454 Jan
934 Jan
6114
7431 Jan
Low
85
69
102
35
85
62
57
BONDS
(Concluded)
High
106
July
9931 July
117
Apr
87
Nov
1044 June
Oct
101
10031 July
1054 June
July
98
394
35
74
9211
6
,
14
60
86
103
89
664 Jan 1024
6111 Jan 984
10334 Jan 1067.
Apr 1084
105
100
Jan 108
95
Jan 106
10334 Jan 10731
1104 Jan 1144
10531 May 109
Oct
Nov
Mar
Feb
July
Aug
July
Sept
Sept
5631
68
14
10431
100
4434
98
37
69
89
79
25
80
67
72
65
101
13
41
53
414
29
8274
102
72
89
134
11134
10734
754
1064
37
934
1054
89
25
9831
674
9931
934
1024
34
41
7831
76
2931
10331
118
July
Oct
Aug
Mar
July
Sept
Mar
Jae
Nov
Feb
Jan
ksb
Oct
July
Nov
July
Jan
Oct
Nov
Nov
Nov
Feb
May
Sept
62
5814
534
5331
5234
904
89
81
804
80
Jan 89
Jan 104
Mar
854
May 11431
Apr 11131
Jan 904
July 109
Oct7514
Jan 105
Jan 10814
Apr 983.4
June 35
Apr 105
Feb 884
Jan 10631
Jan 1074
Sept 10.534
Jan
71
June 7034
Mar 8931
Feb 99
Aug 42
Nov 10654
Jan 13334
Jan
Jan
Jan
Jan
Jan
10934
10534
104
103
1024
July
July
July
July
July
6014 94% Jan 1054 Nov
55
9311 Jan 104
July
4031 794 Jan 102
Nov
374 5514 Jan 894 Nov
3634 5334 Jan
8531 Nov
3314 5034 Jan 8654 Nov
85
101
Apr 10531 July
88
102
Jan 107
Oct
6114 86
Jan 102
Nov
5531
2214
100
2811
23
91
334
64
88
101
3051
82
3134
1114
33
2534
1053.4
6
9234
10734
108
3011
Jan
Mar
Oct
Oct
Aug
May
June
Jan
Jan
Sept
Aug
100
83
11331
4331
344
10934
144
105
126
111
4211
Oct
Oct
Sept
Feb
Feb
June
Aug
July
June
Jan
Feb
11
7
Jan 314
434
1011 Feb
2114
6611 96
Jan 103
17
2834 Jan 654
61
101
Jan 10634
634 90
Apr 10154
63
90
Apr 10031
73
98
Apr 10631
6311 914 Apr 101
38
47
Jan 63
41
73
Jan 9/
Sept
Sept
July
Nov
Nov
374 6431
9014 105
964 964
9634
0634
7811 974
8334 101
7514 964
9634 1053.4
25
25
Nov
Feb
Nov
Nov
July
Mar
Aug
Jan
June
Jan
Nov
Oct
Oct
Jan
Sept
Jan
July
Max
10231
108
99
9874
10631
1024
105
11031
6134
Aug
Aug
July
Aug
Aug
Nov
53
81
Feb 10214 Nov
56
804 Feb 102
Oct
40
6311 Jan 894 Oct
60
93
Jan 1044
60
9211 Jan 1044 Septt
Aug
45
7134 Jan 974 Nov
25
60
Jan 13511 Aug
37
49
Jan
9654 Oct
55
77
Jan 10234 Oct
85
103
July 106
Mar
3734
3731 Feb 68
Jan
48
48
Oct 59
Nov
37;4 374 Feb 68
Jae
474 4734 Oct 58
Nov
30
32
Feb 61
Aug
38
31
Mar 60% A
4Aug
64
824 Jan 95
may
6414 85
Jan 974 Nov
254 2511 Mar 594 Aug
16
2331 Jan
48.11 Oct
3034
26
29
25
59
56
70
10331
97
48
40
38
60
12
65
87
51
55
49
25
79
19
33
64
4334
3414
36
2934
86
854
10031
100 •
10614
8134
7534
38
8554
1 331
9434
1034
8334
87
7634
32
1054
4511
424
64
Apr 53
May 51
May 55
May 5334
Jan 1054
Jan 1044
Jan 1064
June 108(4
Apr 10934
Jan 10034
Feb 8511
Oct754
Jan 1003.4
Jan 32
Jan 105
Jan 10654
Jan 103
Jan 100
Jan 98%
Feb 4031
Jan 108
Jan
784
Apr 78
Aug 774
Nov
Feb
Aug
sent
Nov
Oct
Aug
Feb
July
July
July
Feb
Aug
Nov
Oct
Aug
July
Nov
July
Feb
Se t
Novp
Nov
Nov
3357
July I
Week's Rance Sales 1933 to
of Prices
for
Oct. 31
TVeek
1935
Unlon Amer Inv bs A _1948
Union Elea LS & Power5a series A
1954
1987
55 series 13
1967
41411
1949
United Elea N J 4e
United El Say 7s x-w_1956
United Industria164s 1941
lot a t 6a
1945
United L$& Pow 6s___1975
646
1974
514e
Apr 1 1959
Un Lt & Rre (Del)546'52
United LI & Rye(Me)1952
65 series A
asseries A
1973
1938
U 8 Rubber as
614% serial notes__1937
64% serial notes__ 1938
64% serial notes___1939
64% serial notes__1960
Utah Pow & L86. A__2022
4 3.4s
1944
Utica Gas & Elec ba D_1958
Is Series E
1952
1937
V alvoll ve 011 5s
Vamma Water Pow 55057
Va PUblicSery 54s A.1946
1950
15S ref 5s ear B
65
1966
Waldorf-Astoria Cori,1954
75 with warrants
Ward Baking 6s
1937
Wash Gas Light 56_1958
Wash Ry & Elect 4s_1951
Wall!) Water Power 51_1960
West Penn Elea 5a__ _2030
West Penn Traction 58'60
West Texas Mil be A..1957
west Newspaper Un (Is '44
west United G & E 54s'55
Wheeling Elm Ca 56__1941
Wise Elee Pow be A _ _ _1954
Wise-Minn Lt & Pow 5544
Wise Pow & Lt ba E__1958
1958
Es series F
Mac pub serv 85 A
1952
Yadkin Ely Pow 55_1941
York Rya Co as
1937
Low
101.
High
1013.4
$
Low
3,000 78
107
10511
114
4111
3234
7,000
107
1074 13,000
1144 13.000
16,000
42
324 3,000
6511
684
9831
784
67% 247,000
704 68,000
51,000
99
81 129,000
103 1044 21.000
26,000
6531 67
1024
1034
1044
106
8931
91
106
97
1024 11,000
1,000
1034
1044
1,000
106
40,000
16,000
91
91
2,000
1064 2,000
97
3,000
964 9611 31,000
914 47,000
91
864 8,000
86
99
924
9034
964
354
33
33
26
264
50
31
106
9738
1054
8631
35
10554
106
10031
101
106
10634
10335
10634
10111
1014
106
10634
10334
15
18
Low
944 Jan
10534
104
10534
1084
3534
3211
33
28
29
78
3934
Nov
Apr
Sept
Jan
Oct
Nov
Sept
Jan
Mar
Jan
Mar
High
102
Oct
10811
10834
1074
116
75
4234
43
674
704
99
84
Feb
Feb
Mar
July
Jan
July
Feb
Nov
Nov
Nov
Nov
514 824 Jan 10434 Nov
30
25
Feb 6831 Nov
8914 10031 Nov 103
Feb
994 Jan 1034 Sept
60
9831 Jan 10331 Nov
60
98
69
Jan 106
Nov
984 Jan 106
60
Nov
92
Jan
Nov
55
46
Jan
Nov
91
5211 62
92
May 10834 July
104
91
1044 Jan 1094 July
9034 Mar 100
75
Oct
9514 Jan 1034 June
75
Jan 993.4 July
73
52
6814 Jan
95
45
July
45
5631 Jan 8831 July
2234 30
80,000
10531 10534 5,000
35,000
10531 106
1054
954
104
8434
3234
105
Rance Since
Jan. 1 1935
411
924
76
"83
17,000 75
90,000 4634
37,000 60
138,000 41
56,000 21
31,000 64
100
97
14,000 61
53,000 52
19,000 51
1,000 7814
1,000 634
24,000 70
5'
10434
10034
99
9831
6331
84
63
21
9134
19811
1044
94
7634
75
9634
9531
9434
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Mar
Feb
Jar
jilo
Jan
Jan
Jan
Jan
30
1064
1064
1054
10631
9831
10514
8611
5914
10534
108
10631
1064
102
10231
10634
107
10434
Nov
Aug
Aug
May
Oct
Oct
Nov
Nov
Feb
July
May
Mar
Nov
Nov
Nov
Oct
Oct
Sept
38
3414
3534
34
Jail
Jan
Jan
Jan
FOREIGN GOVERNMENT
AND MUNICIPALITIESAgricultural Mtge 131 (Col)
20-year is _ _1934-1946
With couPoll
26-year 75
1947
Baden 71
1951
Buenos Aires (Province)1952
75 stamped
734a stamped
1947
Cauca Valley 75
1948
Cent Bk of German State a
Pros Banks as B
1951
descries A
1952
1955
Danish 514s
1953
ba
Danzig Port & Waterway&
1952
External 6146
German Cons Muni° 7s '67
Secured fla
1947
Hanover (City) 7s
1939
Hanover(Prov)6 46_1940
Lima (City) Peru 6145_258
Certificated of depositMaranno 75
1958
711 coupon off
1958
Medellin 75 ser E
1951
1951
Mendoza 744
1951
48 stamped
Mtge Bk of Bogota 75_1947
Issue of May 1927
Issue of Oct 1927
Mtge Bk of Chile 66_11)31
Mtge Bk cf Denmark 54'72
Parana (State) 7a____1955
Coupon off
Rio de Janeiro 6141-1959
Coupon off
Russian Govt 634s___1919
614,3 certificatea____1919
1921
545
1921
534s certlfleateg
1945
Santa Fe 75
7s Stamped
1945
Santiago 7.
1949
76
.
1981
4,000
1831
1.000
1934
21
Nov
15
20
Oct
16
Nov
3154 Aug
6014 604 1.000
614 6211 23,000
7
734 6,000
2531
2754
731
54
59
7
Apr
Jan
Nov
66
70
11
2,000
7,000
4,000
1,000
30
22
6814
81
324
30
924
86
Nov
Aug
May
Ala
5514
49
9811
9331
Jan
Feb
Jan
Jan
2,000
10,000
13,000
3611
23
2114
23
21
434
314
1034
1034
914
2631
233.4
544
23
224
304
21
611
514
1034
1031
814
524
443.4
Aug
Aug
Aug
Jan
Aug
Mar
Mar
Oct
Aug
Nov
Jan
Jan
72
3814
37
39
34
12
1034
1711
1534
13
733-1
66
Feb
Feb
Feb
Feb
Feb
July
July
Jan
Jan
Feb
Nov
Nov
13
13
73.4
8254
n
94
1034
1034
1
34
1
11
13
4314
54
5%
13
13
104
8231
94
94
1034
1034
1
II
1
Si
46
434
914
10
Oct 24
Oct 2431
134
Nov
Oct 94
Nov
1434
Aug
143.4
Sept
1531
Aug 14
43.1
Sept
Sept411
5
Sept
414
Aug
Jan 57
Oct5334
114
Mar
ii4i, 1254
Jan
Jan
Jan
Jan
Fel
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Nov
June
Aug
July
27
324
314
954
914
27
324
3234
954
9114
65
65
2731 28
274 28
94 1014
n851 n834
133.4 134
84
93.4 25,000
644 66
15
104
9054
955
8,000
1,000
6,000
15.000
15
1,000
1154 30,000
904 1,000
11% 19,000
114 1434 46,000
14
14
14
1
2
114
111
131
17,000
133,000
30,000
117,000
50
.56,000
51
1014 1034 11,000
June
June
Jail
• No par value. a Deferred delivery sales 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. s Ex-dividend.
si Price adjusted for spilt-up,
.. Price adjusted for stock dividend.
z Deferred delivery sales not included in weekl
yearly range are shown below:
Associated Telep. nil. Gs 1933, low-Nov. 22 at 68 high-Nov. 21 at 6931.
Abbreviations Used Above-"eod" certificates of deposit; "cons," consolidated;
"cum." cumulative; "cony," convertible; "m," mortgage; "n-v." non-voting..stock.
"v t c," voting trust certificates; "w I," when issued;"w w." with warrants: 5 w.
without warrants.
The National Securitlea Exchanges on which low prices since July 1 1933 were
made (dmignated by superior figures in tables), are as follows:
New York Stock
.
1 Cincinnati Stock
.. Pittsburgh Stock
New York Curb
"Richmond Stock
1.Cleveland Stock
New York Produce
"Colorado Springs Stock .. St. Louis Stock
New York Real Estate Is Denver Stock
w Salt Lake City Stock
Baltimore Stock
"San Francisco Stock
"Detroit Stock
Boston Stock
T,San Francisco Curb
1, Los Angeles Stock
Buffalo Stock
14 Loa Angeles Curb
.
4 San Francisco Mining
California Stock
w Seattle Stock
15 Minneapolis-St. Paul
.. New Orleans Stock
w Spokane Stock
Chicago Stock
1 Chicago Board of Trade .
1 Philadelphia Stock
.
1 Washington(D.C.)Stock
1 Chicago Curb
CURRENT
NOTICES
-Franklyn D. Webb has become associated with Townsend, Graff &
Naumburg in their bond department.
-Holt, Rose & Trotter, 74 Trinity Place, New York, have prepared a
special study of Bankers Trust Co.
-Bristol & Willett, 115 Broadway, New York, are distributing their
current offering list of baby bonds.
Sherwood & Merrifield announce that Douglas II. Saxe has become
associated with them.
-Edward Townsend Look has been elected an Assistant Vice-President
of James Talcott, Inc.
Nov. 23 1935
Financial Chronicle
3358
Other Stock Exchanges
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, Nov. 22
Unlisted Beads
1941
Alden Be
Brierfield Apt Bldg ctfs____
Carnegie Plaza Apts
1937
Bldg es
1961
Dorset 6.este
80 Broad St Bldg 634s_1950
.9th Ave.429th $t Corp 69'46
Lincoln Bldg 5545 ex-v t c'63
Nat Tower Bldg 6345_ _1944
Bid J Ask
46
1712 21
29
2912
1412
53
55
54
55
62
53
CF
Unfitted
Bid
BOtkil (Concluded)
_1939
1 Park Ave Bldg 6s
Pennsylvania Bldg 6s _ _1939
79 Madison Ave Bldg 5e '68
2124-34 Bw ay Bldgs ctfs_ _ _
2450 Bway Apt Hotel BldgCertificates of deposit____
Unlisted StocksCity & Suburban Homes
Ask
72
22
17
15
171-2
12
15
334
Orders Executed on Baltimore Stock Exchange
STEIN BROS.SD BOYCE
Established 1353
39 Broadway
NEW YORK
BALTIMORE, MD.
York, Pa.
Louisville, Ky.
Hagerstown, Md.
MembersNewYork,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
6.S. Ca I yert St:.
Baltimore Stock Exchange
Nov. 16 to Nov. 22, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
Oct. 31
for
of Prices
Week 1935
Par Low
Stocks• 215
Arundel Corp
%
AU Coast Line (conn) _ _50 30
36
Bait Transit Co corn vtc_*
*
1%
1st preferred vtc
• 19%
Black & Decker corn
25 33.4
Preferred
Ches &Pot Tel of BR pf 100 1184
Comm Credit 556% pref__ 111%
Consol Gas E L & Pow__* 88
100 115
5% preferred
36
Davison Chemical Co._--*
Eastern Sugar Assoc com_l 1334
1
19
Preferred
20 86%
Fidelity & Deposit
Fidel & Guar Fire Corp_10 39
9
Finance Co of Amer ci A_*
Guilford Realty pret _ _100 42%
High
Low
High Shares Low
23
1,215 11% 15% Mar 234 Oct
Mar 31% Nov
20
31% 1,675 18
136 Nov
yi Aug
36
664
14
3% Sept
1% Nov
481
3
2%
Nov
7% Jan 21
4%
21
9,263
Aug
74 2334 Feb 34
242
34
Nov
Apr 120
111
8 111
1184
Aug
1194
Nov
110
110
40
1114
Aug
Jan 90
235 2 45% 53
894
Sept
10431 Jan 117
174 91
116
Mar
1
36 Sept
. 9e
415
31
14
15
6% July 19% Oct
946
Sept
July 26
34 11
20
140
Sept
4136 Feb 90
88
25 15%
Aug
224 Jan 40
8
96
39%
9% Oct
6% Jan
9
3
32
Aug 42% Nov
14 27
10
4234
100 124 1434
Houston 011 prof
%
4
Mfrs Finance corn v t25
25 10% 10%
lot preferred
25
14 1%
2d preferred
Mercantile Trust Co.._ _ -50 231 231
Merch & Miners Transp.* 2834 29
Monon W Pa P S 7% pf _25 244 25
MtVern-Woodb M corn 100 ' 234 3
50
100 49
Preferred
New Amsterdam Casualty5 10% 1136
90
Penns Water & Pow com_• 90
7
7
Seab'd Comm'l corn A10
2 10% 114
U S Fidelity & Guar
1434
Feb
Oct
154
11
May
14
June
Jan 231
Mar 29
Jan 25
4
July
Sept 5131
Mar 1136
Jan 90
Apr
7
Jan 11%
Nov
Apr
Oct
Jan
Nov
Oct
Nov
Jan
Oct
Nov
Nov
Nov
June
104% Jan 115
93
13% 134 Oct 18%
Sept 81%
79
79
134 Nov 17%
14
Aug 101
99
99
Sept
Aug
Nov
Oct
Nov
5
4
6,440
%
4
50
5%
54
43
%
4
34
210
4 182
21
315 21
185 1234 1536
134
1%
28
286 1934 39
6
2,653
5%
95 41% 53
5
236
11
64
24
2,792
BondsBaltimore City$200
4s sewerage impt__1961 1144 1144
52,000
Bait Transit Co 4s flat '75 13% 14
1975 81
81%
3,500
B 5s flat
15
6,500
1975 14
A .5s flat
2.000
101
Read Drug Sr Chem 5348'45 101
Boston Stock Exchange
Nov. 16 to Nov. 22, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
Oct. 31
for
of Prices
1935
Week
Low
Par Low
High Shares Low
StocksApr
7
105 3 4
1 11% 11%
American Coat Corp
Amer PneumaticSay Co31 Mar
295
134 1%
31
25
Common
2 June
2
220
50
434 436
6% non-cum pref
38 10
23%
50 22
lot preferred
100 149 153% 3,280 9834 98% Mar
Amer Tel & Tel
Mar
88
139 88
100 1124 118
Boston & Albany
5534 Ayr
436 55
100 66
68
Boston Elevated
Boston & Maine1% May
1.36
20
100
3
3
Preferred
Feb
2
43
236
134
100
I'referred stpd
23-4
Mil
892 124 12% Mar
22
23
Prior preferred
34 Apr
794
34
5% 6
100
CIA 1st pref stpd
Apr
3
20
loo 4% 5
3
CIA lot prof
54 Apr
116
534
636 7
100
Cl B 18t prof stpd
44 Nov
3
459
100
5
6
CI B 1st pref
4% June
15
6
100
6
Cl C lot prof stpd
Mar
6
85
6
93-4 10
CI D 1st pret stpd_ _ _ 100
Nov
5%
125
100
8
pref
63-4
CID 1st
94 Jan
140
834
100 1411 15
Boston Per Prop Tr
Mar
125
40 111
Boston & Providence 100 133 140
136 July
100
3
3
Brown-Durrell Co cora__ _*
231
2% Mar
236
25
5
556
Calumet & Hecla
3
Feb
1,041
3
25
434 4%
Copper Range
East Gas & Fuel AgeeMar
2
2
480
•
334
334
Common
Oct
935 37% 36
100 43
44
6% rum pre(
Oct
54
665 63
434% prior preferred 100 5936 60%
RyMass
St
Eastern
Iapyr
1A
% NA
970
100
24 2%
36
Common
Jan
5
4%
1,169
100 3436 38
1st preferred
1
145
100 114 13
Preferred B
760 July
76c
360
100
4
Adjustment
5%
4% Apr
436
604
Eastern SS Lines com----•
6
6%
Mar
34
* 433-4 4334
25 33
2.1 preferred
832 9736 974 Feb
106 165% 170
Edison Elea Illum
Jan
114
____
• 20
2036
404
634
Employers Group
244 Mar
130 18
General Capital Corp_ ---• 36% 36%
Georgian Inc(The)A Aug
65
20
136 1%
34
CI A pref
Apr
3
175
64 6%
•
Gilchrist Co
Mar
124
7%
Razor_
•
17%
18%
1,737
utilette Safety
35
5 10% 1736 May
Hathaway Bakeries Pref.-• 35
Jan
2
115
8
836
"
34
Class A
36 July
•
2
170
34
234
Class B
20c Oct
20c
1
500
56
%
Helvetia 011 Co T C
4 Mar
100 300
82c 82c
isle Royale Copper ____25
cur footnotes see page 3361.
High
13
Nov
Oct
Oct
Nov
25
153% Nov
Sept
122
7134 Aug
2
ag
3
Nov
234 Feb
2644 Aug
Aug
8
Aug
July
12
Feb
8
Aug
11
14
July
9
Feb
1556 Oct
Jan
153
Jan
4
Oct
5% Oct
Jan
534 Aug
6836 July
23-4 Oct
Nov
38
134 Oct
Oct
74 Nov
Aug
45
Nov
170
22
Aug
36% Nov
136
656
1956
38
10
Nov
Nov
Aug
Nov
Oct
Nov
Oct
1.4 Oct
Juty i
Week's Range Sales 1933 to
Oct. 31
for
of Prices
Week
1935
Range Since
Jan. 1 1935
High
Low
High Shares Low
Stocks (Concluded) Par Low
Maine Central94 Oct
44 Jan
44
200
64 736
Common
100
Sept
114 Jan 23
8
13
Preferred
1636
100 16
24 Aug
Feb
1
1
134
14 1,259
Mass Utilities v t c
•
491 20% 244 May 394 Oct
Mergenthaler Linotype_ _• 3036 333,6
884 Mar 112% Nov
613 75
New Eng Tel & Tel____100 110 1124
Nov
Jan 87
73 2436 55
87
New River Co prof ......100 84
84 Aug
234 Oct
234
710
24 4%
NY N daven&Hartfordlial
Aug
Feb 112
103
36 83
Northern RR(N /I) _ __100 10736 10834
June
46% Oct 72
344 58
53
Old Colony RR
100 50
Oct
Feb
13-4
4
4
Old Dominion
200
14 14
Jan
Apr 21
12
30 12
Pacific Mills Co
* 17% 1734
Jan
July 27
19
130 10
Pond Creek l'ocohontas * 21
23
Sept
1734 Mar 30
1,399 1736
Pennsylvania RR
30
50 29
134 Oct
H Jan
4
510
66c 80c
Quincy Mining
25
July
lag
Mar
13%
8
295
Reece Butt Hoe Mach 10 15
15
2% June
1% Aug
134
Reece Folding Mach Co_1()
70
2
2
1136 Nov
Feb
8
636
965
Shawnaut Aeon Cr ctfs____ • 10% 1136
234 Mar 144 Nov
24
Stone & Webster
• 1234 13% 2,083
July
Jan 93
69
207 35
Torrington Co
• 8534 87%
Nov
Jan 26
1231
934
480
Union Twist Drill Co..___5 25
26
136 Aug
31 Mar
3.6
281
United Founders Corp___1
A
4
456 Sept
156 June
A
105
United Gas Corp
336 334
1
Jan 864 Nov
70
U Shoe Mach Coro -----25 84% 8656 2,006 47
4036 Sept
240 30% 354 Jan
Preferred
100 38% 40
1% Jan
July
36
4
Utah Apex Mining
1,825
36
56
5
Oct
234 Jan
80c 48c
Utah Metal & Tunnel... I
48c 53c 5,970
Oct
Apr 128
120
14 96
Vermont & Mass Ry Co 100 1224 124
934 Nov
434 Mar
4
37
115
Waldorf System Inc
9%
9
•
63,6 Jan
236 Sept
256
1,412
warren Bros
.Co
336 536
Nov
15
434 Jan
50
Warren (SD) Co com_* 15
434
15
BondsEast Mass St Ry753-4 532,000 32% 4936 Jan 7636 Nov
Series A 434a
1948 74
Mar 824 Nov
50
6,000 34
80
Series B ts
1948 80
Oct
Jan 00
63
30
200
AS
RA
RPrIrs,4 T1 ea
CHICAGO SECURITIES
Listed and Unlisted
Paul. H.Davis &Co.
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Nov. 16 to Nov. 22, both inclusive, compiled from official sales lists
July 1
flange Since
1Veek's Range Sales 1033 to
Jan. 1 1935
Oct. 31
for
of Prices
1935
Week
StocksHigh
Par Low
Abbott Laboratories com_• 96 103
Adams (J D) Mfg corn_ _.• 1634 17%
Adams Royalty Co com*
54 54
Advance Alum Ca8tings-5
4% 5
Allied Products Corp el A _• 21
234
Amer Pub Seri, Co pref_100 35
37
Armour & Co common..)
4% 536
436
436
Asbestos Mfg Co corn____I
Associates Invest CoNew common
29% 3236
934 94
Automatic Products earn.)
Auto Washer cony pref.- _•
2.4 3
Backstay Welt Co corn..." 17% 2036
Bastian-Blessing Co com_•
6
634
22
liendix Aviation corn
21
Berghoff Brewing Co__ 1
636 6%
"links Mfg Co A cony pref •
334 336
Borg Warner Core cow.10 6154 63
100 10836 1084
7% Preferred
Brach & Sons(E J) corn- -* 16
16
Brown Fence & WireClass A
• 28
304
Class B
31
• 26
• 114 1436
Bruce Co(E L) corn
Butler Brothers .
836
8
Canal Construct cony pref.
2% 274
Castle & Co(AM)com__10 41
45
Cent ..3old Stor Co com...20 1636 164
Cent III Pub Serv oref • 565,
4 5034
Cent II1Secur common
1
3.4 134
Central S W176
Common
136
1
48%
Prior lien prat
• 48
Preferred
• 2294 2334
Central Sts Pow Sr Lt pref*
84 836
Chain Belt Co corn
37
37
436
Cutting° Gory ornumuo
436
•
46
Preferred
• 45
Chicago Eiee Mfg class A_• 254 2634
Chit Flexible Swift orins_..5
3-136
33
34
Chicago Mall Order corn _ _5 33
Chic & No West Ry com100
236 3%
Chic Rivet & Mach cap-. 26
26
Chia Towel Co cony prat.' 99 100
Chic Yellow Cab Ins cap_• 1336 14
Cities service Co
2% 3
____•
Club Alum Uten
24
2
__•
Commonwealth Edison 100 954 98
Consumers CoCommon
5
6% prior pref A
IOC
54 536
cumul prof
34 3%
100
Continental Stem•
Common
38
42%
Preferred
100 119 122
Cord Corp cap sloe
43i
4
Crane Co common
25 20% 21%
Preferred
106 116 118
T
9
Dayton Rubber Mfg com.•
Cumul .4 A pret
35 1736 19
Decker (Alf) Sr Cohn comb0
336
476
Deep Rock Oil cony pref_*
9
8
De Mets Inc preference...* 20
2031
Dexter Co (The) cona .5
9% 9%
Eddy Pap Corp (The) corn* 24
25
Elms Household UM cap_5 18% 18%
32
Elgin Natl Watch Co
I5 31
16
17
Fitz Sim & Con D&D corn*
37
Gardner Denver Co com__* 35
Gen Candy Corp cl A__ ._5 1236 124
Shares Low
560 3436
5
190
350
134
1,200
534
2,100
3
270
13,650
136
5,450
08%
214
2,200
2,550
150
520
500
5,000
10,350
300
3,700
• 40
50
2,250
4,250
2,100
10,700
50
5,000
20
750
2,200
434
23.4
99-4
114
87
6%
05
g1Si
II
4,250
450
480
30
40
19,250
5,350
60
250
250
2,950
120
160
700 I
8,250
5,200
1,500
231
3-4
10
436
104
2
2
14
2054
3
7
134
414
58%
0%
31
30%
650
20
20
34
14,050
150
12,500
3,250
150
3,850
600
290
130
30
100
350
8.300
1,450
200
100
650
5
40
2
5
32
236
834
34
3
12
3%
4%
6
614
8%
9%
3
34
Low
mon
Nov
Jan 127
60
Mar 2236 May
12
May
636
May
33.4
534 Oct
134 Mar
12
Jan 36% Oct
Nov
734 Jan 37
356 Apr
64 Jan
54 Nov
154 Mar
294
5
36
11
2%
12
2%
14
28%
1013-4
1336
1434
4
5
576
36
1734
1136
134
36
Si
124
3%
14
214
1
29
12
13%
1536
1%
13
80
9%
56
31
47
1
Nov 364
1036
Jan
3
June
May 224
July
7%
Mar 24%
6%
Jan
336
Jan
Jan 6536
Oct 113
1736
Jan
3035
31
17%
836
3
45
17
5031
1%
Oct
Nov
Nov
Nov
Oct
Nov
Oct
Nov
Nov
2
Jan
Jan 51
Mar 2536
12
Jan
Jan 39
436
Apr
Jan 46%
Oct 26%
3634
Jan
Mar 35
June
5%
Mar 2736
Jan 100
14
May
336
Apr
336
May
Jan 93
Nov
Nov
Nov
Aug
Oct
Nov
Nov
Nov
Oct
Nov
Jan
Nov
Oct
Nov
Nov
Sept
Oct
Jan
Jan
Apr
Aug
Apr
Jan
Apr
Jan
Jan
4 Feb
July
56 Mar
6
70
2
7
83
2/4
8%
1
3
18%
4%
13%
12
14 14
84
17
634
Oct
Oct
Nov
Nov
Oct
Oct
Nov
Nov
Oct
Mar
Oct
136 Sept
814 Sept
Oct
5
Feb 42%
Jan 122
536
Mar
Mar 224
Jan 118
194
May
May 21%
4%
Jan
9
May
Jan 204
10
Jan
Jan 254
Apr 18%
Feb 32
Jan 184
Feb 37
Jan
1334
Nov
Nov
Sept
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Nov
Oct
Oct
Nov
Oct
Volume 141
Financial Chronicle
IVeek's Range
of Prices
Stocks (Concluded) Par Low
High
lien HOUPC/10111 ULII COIL •
434
1.24
Godchaux Sugars Inc A _•
19
19
Class B
•
634 634
Goldblatt Bros Inc own _• 2334 24
Great takes 0& D corn • 264 2831
Ilan Printing Co com _ _ _I0
7
736
Harnischfeger Corp com_10 11
1136
Heileman Brew Co0 cap. I
734 831
Ilibbard Spencer & Bartlett
Common
25 38
38
Hormel& Co(Geo Al corn • 184 1934
Houdaille Hershey CI 13..• 2634 304
Illinois Brick Co
21
7
736
III North CBI Co pref _ _100 99 1004
Independent Tool v t o___• 6431 69
Iron eireumn Mfg v so . • 2534 2736
Jefferson Electric Co corn.. 32
33
Kalamazoo Stove corn ___* 45
46
@FedFRASER