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The Financial Situation
HE Chairman of the Board of Governors of the
T
Federal Reserve System was at pains early in
the week to let it be known far and wide that he
Apart from the fact that a somewhat elaborate
statement is issued concerning the matter at this
time, there is hardly much cause for surprise in all
(and presumably the organization of which he is the this. The fact of the matter is that the point where
head) saw no indication of ill-health in the existing pressure and "control" ought most to be applied
stock market or in the excitement that has been so is the United States Treasury. As long as our
evident there for a number of weeks past. He national budget remains so seriously out of balance,
further expressed himself in sharp disagreement with and as long as the deficit is financed as it is now
those who entertain any uneasiness about the possi- through the banks of the country, sane central bank
bility of untoward developments in industry and policy seems to be virtually out of the question—
trade as a result of the highly abnormal banking the more so when it is recalled that the authorities
situation which both the present Administration who in the nature of the case must formulate and
and the one that preceded it worked so diligently execute such policy are for all practical purposes a
to bring into existence and
part of the Administration
finally, succeeded in creatwhose Treasury Departing. He feels considerable
ment is offending. As far
No More NRA Doctrines Needed
confidence in the current
as
credit expansion is conWalter S. Tower, Executive Secretary of the
American Iron and Steel Institute, in making
state of affairs, and indeed
cerned the cardinal sin of
known the fact that his organization would
would apparently welcome
the banks at the present
not participate in the forthcoming conference
much more extensive emtime is, and for that matter
planned by Mr. Berry, the President's "Coordinator for Industrial Co-operation," asployment of the enormous
has been for a good while
serted the other day that the leaders of the
volume of bank deposits
past, simply that of consteel industry were of the opinion that recovery, at least as far as their own branch is
that have been arbitrarily
tinually enlarging their
concerned, "would probably be hampered
brought into existence and
holdings
of government obrather than helped by any further legislation
designed to regiment business enterprise."
widely distributed among
ligations. Any effective
We heartily endorse the Institute in refusthe people of the country.
control would have, thereing to have anything to do with this conference and fully agree with the belief that
fore, to be directed at a
No Action Planned
further legislative effort to meddle with
stoppage of this process,
business enterprise would do serious injury
The natural, not to say
to the steel industry—and other industries
and in our judgment a
as well, for that matter.
the unavoidable, inference •
reversal of it. But this,
Despite repeated denials and explanations
from all this is of course
if effective, would result
the impression is widespread that the conference which is being planned by Mr. Berry
that the authorities at
either in rendering the
has as its main objective a perpetuation of
Washington have no intenTreasury unable to find
the false industrial relations philosophy of
the National Recovery Administration. We
tion of undertaking to do
means with which to meet
feel quite certain in any event that there will
anything to remove the
its needs or else forcing it
be those who will try to use it as an instruhazards inherent in excess
ment with which to create a demand for some
to finance its requirements
form of legislation of the general type of the
reserves and other banking
with fiat currency.
National Industrial Recovery Act.
conditions which at the moThe NRA is dead. It ought to be left to
rest in peace. If the state of the budget be
Budgetary Outlook Not
ment seem to be threatenleft out of consideration, it was perhaps the
Inspiring
ing to get out of hand in
most harmful of all the New Deal projects
have
that
operation.
The
actually been in
the securities markets,and
The prospect for subbusiness community has now had its fill of
which doubtless at one time
stantial early reduction in
this type of legislation, particularly in reor another will do serious
spect to labor relations.
the deficit, if indeed there
It seems to us that business men would be
injury throughout the busiever was any, appears to
wise to remain at their daily tasks and let
ness community. Apparthe meeting now being organized for Dec. 9
have grown dimmer of
become a gathering of labor unions, which
ently they would wait until
late.
There have been
apparently are looking forward to it with
these unsound conditions
enthusiasm.
some suggestions from
have begun to work themsemi-official quarters of
selves out in evil consecertain reductions here and
quences—at which time,of course,it would be much there in outlays, but the indications seem to be that
more difficult to control the situation, and might the President's will ask Congress for a billion dollars
even be wholly impossible to do so even with the more for direct relief, and perhaps nearly as much
best of intentions and the utmost determination.
more for public works and maintenance of the
The basis for this inference is hardly impaired Civilian Conservation Corps. Unexpended balances
by the closing sentences asserting that "the general of existing appropriations will probably supply
credit situation as well as developments in the stock another two billions more or less. The Adminismarket require close and careful study as to the tration is concentrating its forces upon a
"drive"
appropriate time for and method of action. This to emply some 3,500,000 persons on
various Works
close study is being given by the System, including Progress Administration projects and to disburse
not only the Board of Governors itself, but the open as much of the $4,000,000,000 of relief money
market committee and the Advisory Council as placed at its disposal as may be possible. Just how
well." Nor is much reassurance to be found in far success will attend these efforts it is impossible
Washington dispatches during the past day or two to say at this time, but it is certain that before the
stating that certain mechanisms have been contrived close of the present fiscal year, indeed before the
for use in exercising control when the time comes close of the current calendar year, a large army of
for such action.
men and women will be employed upon a multitude
3428
Financial Chronicle
Nov. 30 1935
by the banks, but by other lenders who had obtained their funds indirectly through the large expansion in bank credit that had previously taken
place. This seems to us to be in effect what is happening to-day, or threatening to happen.. In the
former period the deposits so used had been brought
into existence at a still earlier period by excessive
loans on and purchase of corporate securities by the
banks. Now they result from similarly excessive purchases of government obligations. The difference in
the result is not likely to be nearly so great nor of
Familiar Fallacies
the nature apparently supposed in official quarters.
But Mr. Eccles's official apologia pro vita sua The fact that the owners of these funds are now
must not, because merely confirming a general line using them to purchase securities for their own acof thought already well-known to exist in Washing- count, if fact if be, instead of lending them to others
ton, be taken as unimportant. On the contrary, it is for such purchases, unquestionably is a difference of
an official espousal of the worst in central banking, some importance but does not go to the root of the
and sets forth to a confused general public, whose matter.
normal fears are subsiding, a superficially plausible
The Chairman makes something of the fact that
financial philosophy that is as dangerous in its pos- foreigners are sending their funds to this cduntry
sible effects upon unthinking minds as it is wholly for investment. This they likewise did in the gay
without sound foundation. The matriculate will twenties. That such funds are not to be relied upon
hardly be misled by the familiar fallacies running as permanently domiciled here, our experience of
like a scarlet thread through his reasoning, but the only a few years ago ought to warn us. As to his
uninitiated may be. We think it well, therefore, to feeling of assurance that no "runaway stock market
devote somewhat more space to the matter than situation can proceed very far without being reotherwise would appear warranted.
flected in an increased demand for borrowed funds;"
Three important assertions are found in the pro- if he means the total of such funds borrowed from
nunciamento of the Chairman of the Board of Gov- the banks let it be noted that member banks inernors, as follows:
creased their loans and investments by something
(1) "The rise in security prices has not been like $1,250,000,000 only, during the last two years
financed by bank credit." To support this statement of the 1929 stock market boom, as compared with a
he cites the familiar security loan figures of report- rate of increase three or more times as great in the
ing member banks to show that such advances, both years immediately preceding.
to brokers and to other customers, have declined
Unwarranted Confidence
slightly since last March instead of rising. To the
conclusion thus reached he adds the further assertion
As to confidence based on lack of "accumulation
that he is doubtful "whether a runaway stock market of inventories" or "frantic bidding for a limited
situation can proceed very far without being re- amount of goods," it is the faith of the child. Can
flected in an increased demand for borrowed funds." the Chairman have forgotten the stream of assur(2) The Federal Reserve System "has no author- ances with which authorities attempted to soothe
ity whatsoever to curb buying of securities by in- fears in 1929, all asserting that no general or severe
dividuals or corporations, whether foreign or domes- depression was possible for the reason that inventic. Its only authority in this matter is over margin tories were almost everywhere strictly limited?
requirements, which apply only when transactions Where during the 1921-29 period was there any franare on credit, as is not the case to any extent at the tic bidding for goods? If the authorities in Washpresent time. The only power the system has is to ington, who unfortunately are the only ones in a pocontrol the speculative use of bank credit. There is sition to do anything really effective, wait until
no speculative use of bank credit in the present sit- "frantic bidding" for goods has made its appearuation."
ance before undertaking any serious steps to correct
(3) "As for the general business and credit situa- the existing banking and credit situation, then may
tion and the volume of member bank reserves, it is Heaven save us—for no earthly power will be able
clear that there is no excessive expansion in any field to do so.
at this time. There is no evidence of accumulation
Now,finally, we turn to Mr. Eccles's remarks about
of inventories or of frantic bidding for a limited the powers of the Governors of the Federal Reserve
amount of goods, or of an expansion of bank credit, System in relation to stock market excesses. It is, of
save through the purchase of government securities." course, true that the control which a central bank
What the Record Shows
may exercise is a control over the entire credit situation,
and not specifically over any particular branch
Let us now turn to the record and test these stateof
business
which may be showing the results of unideas
facts
to
the
underlying
by
the
ments and
them
be found on its pages. First as to the statement that due expansion of credit most markedly. However,in
"the rise in security prices has not been financed our opinion, it is certainly not true that there is no
by bank credit," and presumably therefore is no par- reason at the present time to exercise this general
ticular concern of the central bank managers of the control, or even that credit expansion ought to be
country—a position buttressed by citations from the permitted to increase at will so long as "speculative
brokers'loan record. In this connection let it be re- use" is not being made of bank funds, or so long as
called that loans by banks to brokers increased only "plants and men are idle." To adopt such an attinominally during the last year of stock market ex- tude is to invite disaster, for the root of the evil is
cesses prior to the collapse in 1929. As is well known, found in the accumulation of slow, doubtful and ilthe worst of the speculative excesses in the securi- liquid assets in the portfolios of the banks. Once this
ties markets during the New Era were financed, so has been allowed to occur and to continue, certain
far as the direct loan of funds was concerned, not evils such as those for the appearance of which the
of "projects" that go far past those of the old and
discredited Civil Works Administration in their folly
and absurdity. No man in his right mind can well
expect this swarming host to be absorbed in private
industry during the next half year. The unpalatable
truth therefore seems to be that so far as can now
be foreseen the coming fiscal year bids fair to be
about as expensive as the current year, whatever
sleight-of-hand may be used to obscure the facts
for a time from the unwary.
Volume 141
Financial Chronicle
Chairman is apparently waiting will certainly appear, but when they do it will be much too late to
remedy the situation without great inconvenience
and loss. Deliberately to encourage bad banking in
the hope that it will provide employment or in any
other way improve the situation is both foolish and
exceedingly dangerous. Mismanagement of credit
is a cause, and an important one, of unemployment,
not its cure.
Mr. Eccles's statement is only one of several that
have appeared in recent weeks which seem to have
as their purpose a stimulation of the things most to
be dreaded in the existing business situation. We
wish we could summon the hope that there would be
no more. Probably the only hope of avoiding their
evil consequences lies in the good sense of the business community.
3429
but holdings of United States government securities
fell $65,000 to $2,430,179,000.
Corporate Dividend Declarations
ORPORATE dividend actions were a feature
again the current week. Union Carbide & Carbon Corp. declared a dividend of 50c. a share on the
common stock, payable Jan. 1, which compares with
40c. a share in preceding quarters. International
Business Machines Corp. declared the regular quarterly dividend of $1.50 a share on the capital stock,
payable Jan. 10; in addition, a stock dividend of 3%
was declared, payable Feb. 10. Greene Cananea Copper Co. declared a special dividend of $1 a share in
addition to a quarterly of 75c. a share on the common
stock, both payable Dec. 16; in the two preceding
quarters only 50c. a share was paid. Wesson Oil &
2c. a
Snowdrift Co., Inc., declared an extra of 371/
Federal Reserve Bank Statement
share in addition to the regular quarterly dividend
ANKING statistics made available yesterday by of 12y2c. a share on the common stock, both payable
the Federal Reserve authorities reflect a halt Jan. 2; an extra of 87y2c. was paid Oct. 1 last. New
in the rapid upswing of excess reserves of member Jersey Zinc Co. declared an extra dividend of 50c. a
banks over requirements, but only because currency share on the capital stock, payable Dec. 10; a regular
in circulation increased sharply due to holiday needs quarterly of 50c. a share was paid Nov. 9 last. Herand possibly also as a result of changes in the nature cules Powder Co., Inc., declared an extra dividend of
of deposits which increased the reserve requirements 50c. a share in addition to a regular quarterly of
somewhat. Monetary gold stocks of the country con- 75c. a share on the common stock, both payable
tinued their rapid advance, the gain for the week Dec. 20; on Dec. 21 1934 an extra disbursement of
ended Nov. 27 being no less than $70,000,000. New 75c. a share was made. Ingersoll-Rand Co. declared
engagements for shipment from France to the United an extra dividend of $3 a share on the common stock,
States were reported on a large scale every business payable Dec.28; the regular quarterly of 50c. a share
day, and it is evident that the credit base will con- is payable Dec. 2. Johns-Manville Corp. declared a
tinue to expand for some time to come. Excess re- dividend of 50c. a share on the common stock, payserves over requirements are estimated officially as able Jan.15, which compares with 25c. a share in the
of Nov. 27 at $3,060,000,000, or $10,000,000 less than two preceding quarters. Barnsdall Corp. declared
the record of $3,070,000,000 attained a week earlier. an extra dividend of Sc. a share in addition to the
Obviously, this index of idle credit resources will regular quarterly of 15c. a share on the common
show a marked expansion after the year-end, when stock, payable Feb. 1; similar distributions were
holiday currency flows back to the banks. It is evi- made Nov. 1 last. George W. Helme Co., Inc., dedent, and now has been pointed out by many authori- clared an extra of $2 a share in addition to the reguties, that corrective action should be taken through lar quarterly of $1.25 a share on the common stock,
sales of United States government securities by the payable Jan. 2. The American Bank Note Co. reFederal Reserve banks, or increase of reserve require- sumed dividends on its common stock by the declaraments, but Marriner S. Eccles, as Chairman of the tion of 25c. a share, payable Jan. 2 next. The last
Board of Governors of the System, indicated clearly previous distribution was 50c. a share, made on
last Saturday that the Administration is not dis- Jan. 2 1932. Columbia Broadcasting System, Inc.,
declared an extra dividend of $1 a share as well as
posed to sanction any steps of this nature.
The Treasury deposited with the gold certificate the regular quarterly of 40c. a share on the class A
fund $105,003,000 of such instruments in the week stock, and the same on the class B stock, all payable
covered by the report now available, and Federal Dec. 27. National Fuel Gas Co. declared a special
Reserve holdings were increased to $7,206,651,000 on dividend of 25c. a share on the capital stock, payable
Nov.27from $7,161,648,000 on Nov. 20. The advance Dec. 21, out of surplus earnings of previous years;
in reserves was modified somewhat by a decline of regular quarterly dividends of 25c. a share have been
cash in vaults, and total reserves advanced to $7,511,- paid since July 15 1927 to Oct. 15 last.
568,000 from $7,422,356,000. Federal Reserve notes
Of an adverse nature was the action of New York &
in actual circulation increased to $3,626,782,000 from Queens Electric Light & Power Co., which declared
$3,570,416,000, owing to currency needs for the a dividend of $1 a share on the common stock, payThanksgiving Day festivities and the start of Christ- able Dec.14, which compares with $2 a share in previmas buying. Member bank deposits on reserve ous quarters. New England Gas & Electric Assn.
account showed a small gain to $5,788,991,000 on failed to take any action on the dividend due at this
Nov.27 from $5,781,642,000 on Nov. 20, while modest time on the $5.50 cumul. pref. stock; in each of the
increases also were shown by Treasury deposits on three previous quarters only 37Y2c. a share was paid.
general account, foreign bank and other deposits, so
The New York Stock Market
that total deposits moved up to $6,124,328,000 from
$6,093,638,000. The gain in reserves outweighed the TRREGULAR price movements again marked the
increase of circulation and deposit liabilities and the 1 trading in stocks on the New York market this
reserve ratio advanced to 77.0% from 76.8%. Dis- week. Activity was well maintained, especially in
counts by the System were $610,000 higher at the pre-holiday sessions, but on the approach of the
$6,032,000, while industrial advances moved up Thanksgiving Day suspension dealings became
$72,000 to $32,634,000. Open market holdings of lighter. Gains of one day were offset to a considbankers' bills were quite unchanged at $4,674,000, erable degree by the losses of the subsequent session,
B
C
3430
Financial Chronicle
Nov. 30 1935
but on the whole stocks remained in fair demand and although daily fluctuations were pronounced at
numerous high records for the year and the move- times. In the foreign exchange markets dealings
ment again were registered. The uncertainty of last reflected the huge flight of capital from France.
week regarding possible action by Federal Reserve Funds moved both to London and New York, and the
authorities to limit the total of excess reserves was result was an upward trend of sterling exchange,
largely dispelled last Saturday, when Marriner S. while the franc remained at the gold export point in
Eccles, Chairman of the Board of Governors of the relation to the dollar. The Italian lira was held
System, expressed the belief that "there is an ele- artificially at about 370 below the official gold
ment of strength and safety in the fact that the equivalent figure, and additional uncertainty desecurity purchases are being financed out of cash veloped regarding that currency when the Bank of
without increased bank credit." This was accepted Italy was authorized to pay a premium for gold
in the market as an official blessing on the prolonged offered by Italian citizens.
advance in stock quotations, and a sharp increase
On the New York Stock Exchange 212 stocks
occurred last Saturday. During the current week touched new high levels for the year and eight stocks
some uncertainty prevailed with respect to the for- touched new low levels. On the New York Curb Exeign situation and realization sales were prominent change 106 stocks touched new high levels and four
Monday and Tuesday. But the market regained its stocks touched new low levels. Call loans on the
equilibrium in the pre-holiday session, and steady New York Stock Exchange remained unchanged
conditions were to be noted yesterday.
at 3
47
0.
One of the sharpest advances of the entire 1935
On the New York Stock Exchange the sales at the
boom occurred last Saturday, after publication of half-day session on Saturday last were 1,819,130
the statement by Mr. Eccles. Trading during the shares; on Monday they were 3,372,355 shares; on
brief session was more than 1,800,000 shares on the Tuesday, 2,331,510 shares; on Wednesday, 1,859,410
New York Stock Exchange, while gains of 2 to 4 shares; Thursday was Thanksgiving Day and a holipoints were common among the speculative favorites. day, and on Friday, 2,170,860 shares. On the New
Industrial, railroad and utility stocks all joined in York Curb Exchange the sales last Saturday
were
the movement. Foreign developments over the last 277,570 shares; on Monday,545,195 shares; on Tuesweek-end were not of a nature to increase confidence, day, 364,370 shares; on Wednesday, 352,385 shares,
and liquidation was pronounced on Monday. Levels and on Friday, 397,990 shares.
of leading stocks fell 1 to 3 points on reports of in- • The stock market this week was rather irregular,
creasing internal difficulties in France, the more with trading volume fairly well maintained
despite
dubious aspect of the Italo-Ethiopian situation, a the Thanksgiving Day holiday on Thursday.
Yesterrevolt in Brazil and Japanese aggression in China. day, after early firmness, prices declined,
with many
Gold engagements from Europe since the movement issues at the close lower than on Friday of
the week
started on Sept.9 moved over the $700,000,000 mark previous. General Electric closed yesterday
at 37%
and accentuated the possibilities of financial dis- against 38% on Friday of last week;
Consolidated
turbances in Europe. Turnover was more than Gas of N.Y.at 313
/
4 against 33; Columbia Gas & Elec.
3,300,000 shares. Nervousness regarding foreign de- at 13% against 141/
8; Public Service of N. J. at 4 78
velopments still was pronounced on Tuesday, and ex-div. against 45; J. I. Case Threshing Machine3/
at
fresh declines were noted in nearly all parts of the 98 against 104%; International Harvester
at 60
list. Selling pressure lessened, however, as lower against 62%; Sears, Roebuck & Co. at 643
/
4 against
levels were reached, and turnover was only a little 6434; Montgomery Ward & Co. at 371
/
4 against 37%;
more than 2,300,000 shares. The pre-holiday session Woolworth at 56% against 57%, and American Tel.
on Wednesday was relatively quiet, with turnover & Tel. at 158% against 153. Allied Chemical & Dye
less than 2,000,000 shares. Demand for stocks was closed yesterday at 164 against 1641/
2 on Friday of
good, especially in the railway group, and small last week; Columbian Carbon at 95 against 9534;
gains were registered in the majority of issues. All E. I. du Pont de Nemours at 1371/
4 against 14234;
markets were closed Thursday in observance of National Cash Register A at 197
/
8 against 203
4; InThanksgiving Day. Trading yesterday was fairly ternational Nickel at 401/
8 ex-div. against 38%; Naactive, with the trend moderately uncertain. Rail- tional Dairy Products at 1914
against 191/
8; Texas
way stocks remained in demand on the theory that Gulf Sulphur at 32 ex-div. against
32%; National
the carriers may share more fully in business re- Biscuit at 34 against 343
4; Continental Can at 92%
covery during coming months. Copper and other against 95; Eastman Kodak at 161
against 167%;
commodity stocks also reflected inquiry, but utility Standard Brands at 147
/
8 against 14%; Westingand industrial shares were dull and lower.
house Elec. & Mfg. at 91 against 93; Lorillard at
The listed bond market was a dual affair all week, 25% against 251/2; United States
Industrial Alcowith high-grade investment issues dull and un- hol at 47% against 48; Canada
Dry at 12% against
changed, while speculative bonds of all descriptions 12%; Schenley Distillers
at 501/
4 against 503
/
4, and
tended to advance. United States Treasury securi- National Distillers at 30%
against 301/
8.
ties hardly fluctuated at all, and the leading utility,
The steel stocks show declines for the week.
railroad and industrial issues in the corporate sec- United States Steel closed
yesterday at 46% against
tion also were dull. But speculative railroad bonds 48 on Friday of last week;
Bethlehem Steel at 48%
staged a sharp and almost uninterrupted upswing against 487
/
8; Republic Steel at 19 against 19%, and
which carried dozens of issues to best levels of the Youngstown Sheet & Tube
at 347
/
8 against 34. In the
year. Other speculative domestic groups also ad- motor group, Auburn Auto
closed yesterday at 38
vanced, although on a smaller scale than the rails. against 373
/
4 on Friday of last week; General Motors
Foreign dollar bonds were depressed by the uncer- at 54% against 57; Chrysler at 83 ex-div. against
tain outlook in many quarters of the globe, but sell- 8514, and Hupp Motors at 2% against 2%. In the
ing pressure was pronounced only in a few instances. rubber group, Goodyear Tire & Rubber closed yesterCommodity markets were irregular throughout the day at 21 against 211/
8 on Friday of last week; U. S.
week, and changes were small for the entire period, Rubber at 143
4 against 14%, and B. F. Goodrich at
Volume 141
Financial Chronicle
3431
% against 12. The railroad shares closed higher ability of Premier Laval to gain the support of the
113
for the week. Pennsylvania RR. closed yesterday at French Parliament and thus prevent devaluation of
% on Friday of last week; Atchison the franc. M. Laval was sustained in a test late
30 against 283
Topeka & Santa Fe at 53 against 51%; New York Thursday, but the financial markets were unsettled
8; Union Pacific at 106 ex- until yesterday as a result of the general uncertainty
/
Central at 27 against 257
div. against 101%; Southern Pacific at 24 against regarding the fate of the Cabinet and the franc. It
8 against 11%, and was realized that new encroachments by Japan in
21%; Southern Railway at 141/
2. Among the northern China would not lead to immediate inter2 against 221/
Northern Pacific at 221/
oil stocks, Standard Oil of N. J. closed yesterday at national difficulties, but uneasiness prevailed on this
8 against 49 on Friday of last week; Shell Union account just the same. Little attention was paid in
481/
% the markets, in these circumstances, to the course
8,and Atlantic Refining at 233
Oil at 14 against 141/
4. In the copper group, Anaconda Cop- of trade and industry, but there were no changes in
against 241/
per closed yesterday at 25% against 24 on Friday of this respect in any event.
Price changes on the London Stock Exchange were
4 against 277
/8;
last week; Kennecott Copper at 281/
in the initial session of the week. British funds
small
American Smelting & Refining at 59% against 611/
4,
good support and small advances were rereceived
25%.
and Phelps Dodge at 25% against
Most trade and industrial indices remain favor- corded in these and other gilt-edged issues. Most
able, and stock trading was stimulated at times by British industrial stocks were firm, but some losses
the disclosures of an advancing trend. Steel ingot also appeared. Anglo-American issues improved in
production for the week ending to-day was estimated the foreign section, while Far Eastern and Latin
by the American Iron and Steel Institute at 55.4% American issues drifted downward. In another quiet
of capacity as compared with 53.7% last week and session on Tuesday fresh advances developed in Brit28.1% in the corresponding week of 1934. The gain ish funds, apparently because capital from France
of 1.7 points this week means an increase of 3.2% was thus put to employment. The industrial section
in operations. Electric power production for the showed few changes, but most securities in the forweek ended Nov. 23 was reported by the Edison Elec- eign list dropped sharply. Anglo-American issues retric Institute at 1,953,119,000 kilowatt hours against ceded because of unfavorable overnight advices from
1,938,560,000 kilowatt hours in the preceding week New York, while thickening difficulties in the Far
and 1,705,413,000 kilowatt hours in the same week of East and the revolution in Brazil caused liquidation
last year. Car loadings of revenue freight for the of related obligations. The market on Wednesday
week to Nov. 23 were reported by the Association of again was dull. British funds hardly varied and inAmerican Railroads at 646,503 cars, an increase of dustrial stocks also closed with only minor net
18,173 cars from the preceding week and a gain of changes. Some of the gold mining stocks were in ex84,561 cars over the loadings for the similar week cellent demand, but international securities remained soft. Some improvement in business was reof last year.
As indicating the course of the commodity mar- ported on Thursday. British funds eased a little, but
kets, the December option for wheat in Chicago closed most industrial stocks improved and home rail shares
8c. as against 99c. the close on Fri- also strengthened. Interest was well sustained in
/
yesterday at 987
day of last week; December corn at Chicago closed gold mining stocks, but most international issues
yesterday at 58%c. as against 60c. the close on Fri- continued their downward drift. Small declines
day of last week. December oats at Chicago closed were the rule yesterday in all departments of the
4c. the close on London market.
/
yesterday at 26%c. as against 263
The Paris Bourse was faced at the start of busiFriday of last week.
The spot price for cotton here in New York closed ness on Monday with the Bank of France announceyesterday at 12.20c. as against 12.30c. the close on ment of a discount rate increase to 6% from 5%.
Friday of last week. The spot price for rubber yester- This gain in the bank rate—the third in twelve days
day was 13.18c. as against 13.00c. the close on Fri- —was accepted as an indication that every effort
day of last week. Domestic copper closed yesterday would be made to protect the franc, and rentes were
in good demand in consequence. French bank,indusat 9Y4c., the same as on Friday of last week.
In London the price of bar silver yesterday was trial and utility stocks receded, however, and liquid29 3/16 tpence per ounce as 'against 29% pence ation also appeared in the international issues. There
per ounce on Friday of last week, and spot silver in was little business on Tuesday, with changes small
New York closed yesterday at 65%c.,the same as on and uncertain. A declaration by Marcel Regnier,the
Finance Minister, that no embargo would be put on
Friday of last week.
In the matter of the foreign exchanges, cable trans- gold exports, had a reassuring effect but it did not
fers on London closed yesterday at $4.927
/ as against affect the trend to any degree. Small fractional
$4.93% the close on Friday of last week, and cable • gains and losses were registered in rentes, French
transfers on Paris closed yesterday at 6.58c. as equities and international issues. There was an impression on Wednesday that M. Laval would be able
against 6.58%c. the close on Friday of last week.
to overcome the political difficulties, and gains were
European Stock Markets
recorded in rentes and French equities. InternaEALINGS on stock markets in the leading Euro- tional issues drifted slightly lower. The Italo-Ethipean financial centers were quiet this week, opian situation appeared less promising on Thurswith the trends uncertain in every case. Traders in day, and losses were recorded in almost all securithe European markets obviously preferred to await ties. Recessions were small, however, as the better
developments in the Italo-Ethiopian problem, the internal prospects proved an offset to depressing reFrench internal situation and the Far Eastern ques- ports of foreign developments. Gains in rentes retion. A new war scare developed as Premier Mus- sulted from the support given M. Laval by Parliasolini intimated that application of oil sanctions by ment, but other sections of the French market were
the League member States might be regarded as a uncertain yesterday.
cause for war. Almost equally important as a marChanges of importance were lacking on the Berlin
ket factor was the early uncertainty regarding the Boerse when trading was resumed for the week. Ac-
D
3432
Financial Chronicle
tivity was limited on Monday, and small gains and
losses were recorded in the irregular market. After
a weak opening on Tuesday, prices firmed and net
changes at the close again were small and irregular.
Only in a few instances were the variations more
than fractional. A few of the potash stocks were in
demand during another quiet session on Wednesday,
but most issues showed fractional fecessions. So dull
were the dealings that some prominent speculative
favorites were traded only once in the entire session. No change was noted in conditions on Thursday. One.or two issues in the machinery group reflected buying, but the bulk of stocks drifted slowly
lower in an inactive market. Small advances were
noted yesterday in another dull session.
Naval Conference
TEADILY the stage is being set for the naval
conference at London which Prime Minister
Stanley Baldwin will open next Friday. Strong
delegations have been appointed by the United
States, Great Britain, France and Japan, and it is
taken for granted that Italy also will send prominent spokesmen to the gathering. It is suggested in
London that the meeting may last six or seven
months, and if all current naval problems are thoroughly threshed out the delegations assuredly will
be in the British capital for a long time to come. But
there are many delicate diplomatic aspects of the
naval armaments problem, with only slim chances
for any genuine limitation agreement, and a rapid
collapse of the conference would not prove surprising. The essentials of the naval problem have been
apparent for many months. No leading naval Power
agrees with any other regarding objectives, and the
heavy building programs projected for the future
are not likely to be curtailed by anything said or
done at London.
The United States government has given ample evidence of its desire to continue the Washington and
London treaty arrangements, but no other country
cares to support that simple plan. Great Britain
wants to build 20 additional swift cruisers, and apparently hopes to gain American acquiescence
through abandonment of opposition to large battleships. Japan denounced the Washington treaty and
hopes to persuade Great Britain and America to
limit their fleets to the size of the Japanese fleet.
France was made apprehensive by the British accord
whereunder Germany received permission to build
up to 35% of the British fleet, and French building
plans have been expanding for some time. This
affects the Italian position directly, and further complications were introduced by the current AngloItalian contest for supremacy in the Mediterranean.
The international atmosphere is highly charged at
present, and the possibilities for mischief at the •
London conference far overshadow any likelihood of
a satisfactory naval agreement.
S
American.Neutrality
FFORTS by the Administration in Washington
to formulate a policy of neutrality in the current Italo-Ethiopian conflict were continued this
week, with results that can hardly be considered
entirely satisfactory. Not content with application
of the neutrality resolution passed in the closing
days of the last session of Congress, Secretary of
State Cordell Hull has endeavored steadily to prevent undue expansion of American exports of various commodities that are essential in modern warfare, even though they were not mentioned in the
E
Nov. 30 1935
resolution. Such measures, ostensibly aimed against
both belligerents, naturally are effective only against
Italy, since Ethiopia has no use for the raw materials of modern warfare. The steps taken at Washington, moreover, seemed to precede with curious
regularity the schedule of embargo proceedings by
the special committee of the League of Nations, set
up to act on such matters. Rightly or wrongly, a
popular impression thus was fostered that the Administration endeavored to co-operate closely with
the League in its measures against Italy, despite
the patent desire of the American people for aloofness from all European political affairs. An attempt
was made by the State Department on Tuesday to
portray the American policy as one that is singular
and not in any sense dependent upon action by the
League or the chief member States of the League.
Rumors were current last week that the League
soon would extend its punitive measures against
Italy by placing an embargo on oil, coal and steel
shipments by member States to the aggressor in the
current conflict. In London and other European
capitals concern was expressed regarding the availa•
bility of these important items in the United States.
The Administration in Washington appeared late
last week to supply at least a partial answer to the
European apprehensions by moving against the
transportation of oil in ships that were constructed
in part with the aid of Treasury funds. The United
States Shipping Board sent letters to all operators
of vessels in which the Board has an interest calling
attention to a statement by Secretary Hull in which
oil, copper, trucks, tractors, scrap iron and scrap
steel were classified as "essential war materials."
The clear implication of the letter was that financial
pressure might be brought to bear if the ship operators failed to observe the neutrality policy of the
Administration. Concurrently, the Department of
Commerce made public a special schedule showing
exports of various classes of commodities to Italy
and her colonies during recent months, as compared
with similar periods of last year. Press correspondents in Washington called to the attention of
the State Department last Saturday that cotton was
omitted from the official list of essential war materials, and it was promptly indicated by Mr. Hull
that a restriction on exports of that staple to Italy
might follow any rapid increase of exports.
These steps at Washington coincided with reports
from Geneva that the League Committee of Eighteen, concerned with sanctions against Italy, would
meet Nov. 29 to approve a further list of sanctions,
including oil and various other essentials. But early
this week it was decided at London and Paris that
the Committee would postpone its meeting "for some
days" at the request of Premier Pierre Laval of
France, who has labored unceasingly in the Italian
cause. Reports from Paris stated that Italy would
take an extremely serious view of sanctions that
would take the form of an embargo of oil exports and
might even consider them a cause for war. Augusto
Rosso, the Italian Ambassador to Washington, conferred with Secretary Hull on Nov. 22 and again last
Tuesday, apparently with regard to the measures
being taken at Washington. It was rumored that the
Italian Ambassador had protested informally
against actions which resulted in the cancellation
of a sailing to Italy by an American oil tanker.
Criticism of the course pursued by the Administration waxed when it appeared that the United
States government was out-sanctioning the League
itself, and an attempt was made on Tuesday to clarify
Volume 141
Financial Chronicle
the American position. It was declared at the State
Department, on "high official authority," that the
American course is one of strict independence from
the League and non-collaboration with that body and
the Powers which obviously are determining its
activities. The aim at Washington, it was further
indicated,is rather to prevent any undue increase in
shipments of essential war materials to the belligerents than to interfere with normal trade in such
commodities, and some reports suggested that the
matter might even be carried to the length of a prohibition or curtailment of war profits resulting from
such shipments. Publication last week of the comparative tables of essential war material exports
suggests that the Administration had such a policy
in mind for some time, and it seems unfortunate that
clarifying statements were issued only after the
League entered upon another period of confusion and
uncertainty.
European Diplomatic Maneuvers
HERE was every indication in Europe this week
of a rapid but thorough resurvey of diplomatic
relationships in the light of the Italo-Ethiopian conflict and its European repercussions. The actual
trend of developments is exceedingly difficult to
assess, for the hopeful incidents of one day are counterbalanced by renewed fears on the next that the
war will spread and embrace all of Europe. It is
often true that information made available by governments during difficult times only partially reveals the real inwardness of affairs, and rapid shifts
of emphasis during the current week suggest that
this is especially the case just now. Externally,there
have been few important changes in the situation.
The sanctions applied by League member States
against Italy, as the aggressor in the conflict with
Ethiopia, are undoubtedly proving effective. Agreement by 50 nations to purchase no more Italian goods
means that the external purchasing capacity of Italy
will diminish rapidly. The Italian authorities,
alarmed by this prospect, appealed to patriotic citizens of that country to surrender their gold so that
further purchases of essential war materials might
be made, and Rome reports state that long lines of
Italian men and women gathered at offices of the
Fascist party this week to give or sell their wedding
rings and trinkets. On Wednesday it was made
known that the Bank of Italy would pay a 25% premium for gold over the former official price of
12.35 lire per gram. The new buying price of 15.45
lire per gram was viewed in some circles as an
effective 20% devaluation of the lira, but since the
external value of the lira was maintained some
doubt exists on this point. The Italian authorities
declared that the increased price of gold within the
country is only temporary.
Diplomatic changes in Europe were most apparent
this week in rapid changes of viewpoints on further
application of sanctions against Italy. The changes,
as indicated elsewhere in these columns, proved somewhat embarrassing to the United States government.
Great Britain and France replied on Nov. 22 to the
Italian protestations against sanctions. In the British note an uncompromising stand was taken, but
the French reply was conciliatory and much in line
with the expectation aroused by the close accord between Premiers Mussolini and Laval. Arrangements
were made last week for a further meeting of the
League sanctions committee, to take place yesterday.
It was, apparently, in the belief that a League em-
T
3433
bargo on oil shipments to Italy would be proclaimed
that the United States government moved to halt the
increased flow of that commodity to Italian ports.
But the Italian government, aroused over the possibilities of such actions, indicated last Saturday that
it might withdraw from the League if an embargo
on oil shipments were voted. It was suggested in
Paris that Italy might even consider an oil embargo
a sufficient cause for war with States applying it.
On Monday this problem was surveyed in an extensive conference between British and French officials
in the French capital, and the two governments
reached an agreement to postpone the discussion of
a League oil embargo against Italy. Accordingly,
the meeting of the sanctions committee was post-.
poned until Dec. 12. The pretext for the delay was
found in the French internal situation, an announcement being issued that Premier Laval would be unable to attend the committee sessions originally
scheduled for yesterday.
Intertwined with these developments were new
reports of negotiations for a settlement of the ItaloEthiopian war, and adjustments of European difficulties. The British government was said on Monday
to be "available for discussions which might promote
peace in Ethiopia." Premier Laval labored assiduously to find a common ground for an Anglo-Italian
settlement of differences regarding Africa and the
Mediterranean. The Italian Government itself was
reported to be more willing to consider suggestions
for peace and some dispatches said the Italian armies
were being restrained in the hope that favorable developments would make possible curtailment of the
war. By Thursday, however, new tension was introduced owing to Italian resentment over oil sanctions
proposals and lack of any British warship withdrawals from the Mediterranean. The British attitude
stiffened because the Italians were said to be planning a drive in the Lake Tana region, which is important to England, since the lake is an important
feeder to the Nile. Italian authorities canceled the
leaves of many soldiers who were to have been released for agricultural and industrial service. Accompanying these incidents were unofficial FrancoGerman conversations for settlement of the differences between those States, and the possibility thus
arose of a very widespread reshuffling of European
alignments.
Ethiopian Resistance Increases
OTWITHSTANDING their possession of modern weapons and means of transportation,
Italian forces in Ethiopia apparently are finding
their positions increasingly uncomfortable owing to
the stiffened resistance of the Ethiopians and skilful use of hampering guerilla tactics. Dispatches
from the southern front in the Ethiopian war leave
little doubt that the Italians found a wide retreat
advisable, and some reports from Addis Ababa also
suggest withdrawals in the north. There has been no
denial of reports that the Italian army moving northward from Somaliland rapidly moved back to its
starting point early this week, driven by an Ethiopian horde. All the slow and painful gains of eight
weeks apparently were canceled when the Gorahai
and Gerlogubi regions were recaptured on Tuesday
by the forces of Emperor Haile Selassie. It was
stated by the Ethiopians that a huge army was carrying the fight onto the enemy's ground in Italian
Somaliland. Rome reported, on the other hand,that
the chiefs of the Ogaden tribes in southern Ethiopia
N
3434
Financial Chronicle
had surrendered that province to the Italian commanders.
On the northern front guerilla fighting by the
Ethiopians hampered the Italians badly and threatened their lines of communication between Eritrea
and Makale. The Ethiopians stated officially that
white troops were withdrawn from Makale, on
Wednesday. But this move quite possibly is due only
to changes in the Italian plans resulting from the
recall of General Emilio de Bono, and assumption
of command by Marshal Pietro Badoglio, The new
Italian commander was said to contemplate a drive
westward with the aim of embracing the Lake Tana
region in the conquered area. Ethiopian morale was
said to be excellent, and one of the internal political
'problems of that country was eliminated on Tuesday
through the death of the former King, Lij Yasu, who
had lived for the last six years in luxurious confinement.
French Crisis
P
ARLIAMENT reassembled in France on Thursday, after five months during which Premier
Pierre Laval ruled by decree. The measures taken
by the Laval regime now must be approved or disapproved by the Legislature, and it is generally believed that the fate of the franc hangs on the decision. The flight of capital from France continued
all this week without any diminution, with huge
daily engagements of gold for export to the United
States one result. The Bank of France found it advisable last Monday to raise its discount rate for
the third time in 12 days, the latest advance carrying
the figure to 6% from 5%. Premier Laval defended
his regime on Tuesday in a radio address to the
French people, and it was admitted generally that
his prospects improved as a consequence of that
effort. His plea was made entirely on the basis of
his defense of the franc and his skilful foreign policy.
Political observers in Paris now are convinced that
M. Laval will be sustained by the Chamber on financial and foreign affairs, but the helpless attitude
of the Cabinet toward the growth of Fascist organizations in France easily may cause his defeat when
that question is reached. A Chamber test developed
almost immediately after the Parliament assembled
on Thursday, but it was a question merely of procedure, and M. Laval was sustained by a vote of 345
to 225. The question at issue was whether the
financial interpellation would precede that on
Fascist organizations, or vice versa. M. Laval demanded priority for the financial debate, and made
this small issue a question of confidence. It will be
some days before debate begins on the Cabinet's attitude toward nationalist units like the Croix de Feu.
Nov. 30 1935
the aims of the malcontents may have been, they
seemed to have had little or no public following, and
the rapid collapse of the revolt is to be attributed
principally to that circumstance. Bloody fights developed last Sunday in the northern part of Brazil
between loyal troops and the revolutionaries, while
further fighting occurred Tuesday at Rio de Janeiro,
the national capital. But the struggles were entirely between military units, with the populace taking no hand whatever.
The revolutionaries evidently planned to stage a
nation-wide revolt last Sunday, but some hitch developed and the movement started first in the northern States of Pernambuco and Rio Grande du Norte.
The cities of Pernambuco and Natal were taken over
by the revolting troops encamped in those places.
Minor uprisings also were reported in several other
northern States, but such movements never gained
any importance. The authorities at Rio de Janeiro
acted with energy and speed to quell the rebellion.
Congress was requested by President Vargas to vote
a state of siege, and martial law quickly was proclaimed for a period of 60 days. Loyal army, navy
and air forces swiftly were rushed to the affected
areas and by Monday the city of Pernambuco was
recaptured. The government was able to announce
officially on Tuesday that the revolt was substantially over. But late that day several military units
in the capital itself revolted, and the several battalions concerned were subdued only after a night
and day of severe fighting. Airplanes were put to
good use by the authorities in putting down the rebellion at the capital, and by Wednesday the entire
revolution seemed to be ended. Natal, in the north,
was recaptured on that day and the rebellious troops
put to flight. Order quickly was restored at all
points and press correspondents were able to report
late on Wednesday that life in Brazil again was
assuming a normal aspect.
Northern Chinese Autonomy
'TER a week of uncertainty, Japan now has
resumed openly its aim of nibbling away bits
of China and adding them to the already immense
area incorporated in the puppet-State of Manchukuo.
This is being done through promoting "autonomy"
movements in the regions selected and forbidding
any adverse action by the Chinese themselves. The
method chosen is slightly more refined than the barefaced invasion of Manchuria some years ago, but it
is no more deceptive and apparently no less effective.
Japanese troops marched southward on Wednesday
into a section of Eastern Hopei Province that was
declared "autonomous" two days earlier by a .Chinese ally of the Tokio government. It is hardly to
be disputed that the Japanese actions constitute agBrazilian Revolt
gression in quite the same sense that Italian measILITARY malcontents in Brazil staged a brief ures in Ethiopia constituted aggression, but no notice
and unsuccessful revolt early this week seems to have been taken by the League of Nations.
against the constitutional government headed by The British and American governments were rePresident Getulio Vargas. The uprising was de- ported in consultation regarding the newest Japascribed broadly by the spokesmen of the government nese infringement of Chinese sovereignty. There is
as due to Communist influence, and some officials every indication that the British Foreign Office and
even stated that funds from Moscow financed the the State Department in Washington are content to
revolt, but the accuracy of such charges may be observe developments for the time being without
doubted. Leaders of the movement, however, were taking any formal action. This is as it should be, for
identified as members of the Brazilian National Lib- any move by one or two nations against the Japanese
erators Alliance, which is said to plan overthrow of would be sure to provoke a conflict.
the government, redistribution of national wealth,
Japanese authorities made no secret of their intenrepudiation of external debt, and nationalization of tion to set up an "independent" regime in a section
public utilities and transportation lines. Whatever of northern China, and some diplomatic exchanges
M
IN
Volume 141
3435
Financial Chronicle
apparently resulted between London and Tokio. The
British were reported last week to have checked the
Japanese plans, but such statements proved fallacious. A spokesman for the Japanese Foreign Office indicated last Sunday that financial and other
advice given the Chinese government at Nanking by
Sir Frederick Leith-Ross, of the British Treasury,
was proving exasperating to Tokio. It is significant
that London Foreign Office officials virtually repudiated the Treasury expert the next day and suggested
that he return to London forthwith. This procedure
lent color to reports that the British are willing to
leave Japan alone in north China, provided no effort
is made by the Tokio goveriiment to set up an independent regime in the great Yangtse Valley, where
British commercial interests are paramount. The
British government on Thursday took the exceedingly mild step of instructing its Embassy in Tokio
to inquire regarding the intentions of the Japanese
government in north China. London dispatches
made it clear that the "polite" inquiry did not signify any intention even of invoking the Nine Power
Treaty, but was due mainly to British financial interests in railways that fell into Japanese hands
during the latest incursion.
Japanese plans for further encroachments in
northern China began to be realized last Monday,
quite obviously under the propelling force of the
Japanese military authorities. A large area in the
eastern part of Hopei Province, containing about
4,000,000 Chinese, suddenly was declared autonomous by Yin Ju-keng, administrator of the demilitarized zone south of the Great Wall. Mr. Yin is
related by marriage to a high Japanese official, and
he owes his appointment to the Japanese. The proclamation recognized the sovereignty of Nanking, but
warned that no interference would be permitted in
local affairs. Chinese authorities at Nanking
adopted their usual course, and, indeed, the only
course open to them in the present circumstances.
They ordered the arrest of Mr. Yin, which cannot be
carried out, since the Japanese are in control, and
sought by other means to prevent the spread of the
"autonomy" movement. Not content with their coup,
the Japanese military authorities on Wednesday
sent 3,000 troops into the newly acquired area and
some additions also were made to the Japanese garrisons in Tientsin and other places outside the area.
The most important railway junctions in northern
China fell into Japanese hands. Further "autonomy" announcements in fresh areas now are expected, and Japanese military authorities already
are stating that if Nanking sends troops to north
China, "Japan will be obliged to take measures to
assure peace and order."
The 5% discount rate had been in effect since Nov. 21
1935, at which time it was raised from 4%. On Nov.
29 the Reserve Bank of India reduced its discount rate
from 332% to 3%. The 3% rate had been in
effect since Feb. 16 1934, at which time it was
reduced from 4%. Present rates at the leading
centers are shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Rate in
Date
Effect
Nov.29 Established
Austria__ 334
Batavia-___ 4
Belgium— 2
Bulgaria— 6
Canada__ 234
4
hlle
Colombia-- 4
zechoslovakia____ 334
Danzig..___ 5
Denmark.. 334
England... 2
Estonia.-- 5
Finland__ 4
Prance...... 6
Germany.. 4
7
Greece __
334
Holland......
July 10 1935
July 1 1935
May 15 1935
Aug. 15 1935
Mar. 11 1935
Jan. 24 1935
July 18 1933
Jan. 25 1933
Oct. 21 1935
Aug. 21 1935
June 30 1932
Sept. 25 1934
Dec. 4 1934
Nov. 25 1935
Sept. 30 1932
Oct. 13 1933
Nov. 13 1935
PreMous
Rate
Country
Pmrims
Rate
Rate in
Date
Effect
Nov.29 Established
Hungary-__ 4
4
3
434 India234Ireland...... 3
5
Italy
7
3.65
Japan
__
434
434 Java
Jugoslavia. 5
5
6
Lithuania
634
434 Morocco
Norway...... 334
6
234 Poland— _ 5
4
234 PortugaL
534 Rumania.... 334
434 SouthAfrica 334
5
Spain
5
Sweden__ 234
5
731 Switzerland 234
4
Aug. 28 1935
Nov. 28 1935
June 30 1932
Sept. 9 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1936
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
May 15 1933
July 10 1935
Dec. 1 1933
May 2 1935
454
3Iz
334
434
3
334
634
7
434
4
6
534
8
4
534
3
2
Bank of England Statement
HE statement for the week ended Nov. 27 shows
a further gain in gold holdings of £369,895
bring the total gain to a record high £198,439,185.
A year ago the figure was £192,681,035. However,
as the gain in gold was attended by an expansion of
0,445,000 in circulation, reserves declined L2,075,000. Public deposits fell off £1,923,000 and other
deposits £18,163. The latter consists of bankers'
accounts which decreased £53,453 and other accounts
which rose 05,290. The reserve ratio dropped
slightly to 38.80% from 39.69% a week ago; last
year it was 47.10%. Loans on government securities
increased £1,925,000 and those on other securities fell
off £1,752,371. Of the latter amount, £212,911 was
from discounts and advances and £1,539,460, from
securities. The rate of discount did not change
from 2%. Below we show the different items with
comparisons of previous years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Nov. 27
1935
Nov. 28
1934
Nov. 29
1933
Nov. 30
1932
Dec.2
1931
8
£
£
£
£
401.346.000 379,686,948 370,201,697 358.843,248 358.457.650
Circulation
19,706,000 27,692,954 13.637,336 10.147,445 8.593.820
Public deposits
127.423.010 127.259,599 143.404,697 12.595.575 125.472 422
Other deposits
Bankers'accounts. 90.887,211 89.125,832 106,910.361 90.531,58.5 86,176.003
36.535.799 38.133,767 36,494.336 37.063.920 39.296,419
Other accounts
85,545,999 80.361,413 70,841.066 68,871.740 70.015.900
Govt.securities
22,320.057 19.428,281 22,326.234 30.141.309 43.750.944
Other securities
DIM.& advances_ 9,499,737 9,155.732 8,570.416 11,867.034 12.344.094
12,820,320 10.272.549 13,755.818 18.274,275 31,406.850
Securities
Reserve notes & coin 57.095,000 72,994.087 81,616.427 56.574,938 38.141.694
198.439,185 192,681.035 191,818,124 140,418,186 121,599,344
Coln and bullion
Proportion of reserve
28.44%
41.07%
51.97%
47.10%
38.80%
to liabilities
6%
2%
2%
2%
2%
Bank rate
Bank of France Statement
HE weekly statement dated Nov. 22 shows a
large decline in gold holdings, namely 1,364,Foreign Money Rates
364,602 francs. Owing to this • loss, gold holdings
IN LONDON open market discount rates for short now aggregate 69,025,012,910 francs, in comparison
bills on Friday were 9-16@Vs% as against 9-16@ with 81,976,307,838 francs a year ago and 77,822,4% on Friday of last week, and 4% for three- 419,424 francs the year before. An increase appears
months' bills as against 9-16@4% on Friday of last in credit balances abroad of 65,000,000 francs, in
week. Money on call in London on Friday was %. French commercial bills discounted of 1,482,000,000
At Paris the open market rate was raised on Nov. 25 francs, in bills bought abroad of 15,000,000 francs
4% to 3% and on Nov. 29 was again raised to and in creditor current accounts of 793,000,000 francs.
from 27
4%. At Switzerland the rate remains at 2
The Bank's ratio is off this week to 72.27%, as
against 80.44% last year and 79.14% the previous
Discount Rates of Foreign Central Banks
year. Notes in circulation record a contraction of
HE Bank of France on Nov. 25 raised its discount 647,000,000 francs, bringing the total down to
rate from 5% to 6%,at the same time advances 81,233,430,115 francs. Circulation a year ago stood
on securities were increased from 6% to 7% and the at 79,956,499,905 francs and two years ago at
advances on 30-day bills were raised from 5% to 6%. 80,367,916,305 francs. The item of advances against
T
T
3436
Financial Chronicle
securities registers a loss of 36,000,000 francs. A
comparison of the various items for :three years
appears below:
BANK'S OF FRANCE'S COMPARATIVE STATEMENT
Chances
for Week
Nov. 22 1935
Nov. 23 1934
Nov. 24 1933
Francs
Francs
Francs
Francs
Gold holdings
—1,364,364,602 69,025,012,910 81,976,307,838 77,822,419,424
Credit bals. abroad_
+65,000,000
72,176,232
8,976,191
37.694,523
a French commercial
bills discounted
+1,482,000,000 9,572,730,476 3.922.006.334 4,092,368,355
b Bills bought abr'd
+15.000,000 1,264,301,197
921,324,877 1,212.560.324
Adv. against secure.
—36,000,000 3,198,372.974 3,132,426,139 2,813,896,302
Note ch culation_ __ _ —647,000,000 81,233,430,115 79,956,499,905 80,367,916,305
Credit current accts +793,000,000 14,269,937,976 21,958,793,869 17,971,465.615
Propor'n of gold on
hand to sight nab_
—1.55%
79.14%
72.27%
80.44%
a Includes bills purchased In France. b Includes bills discounted abroad.
Bank of Germany Statement
HE statement for the _third quarter of November
shows an increase in gold and bullion of 45,000
marks, bringing the total up to 88,117,000 marks.
Gold a year ago aggregated 78,390,000 marks and the
year before 398,953,000 marks. Reserve in foreign
currency, bills o'exchange and checks, advances, and
other assets record decreases, namely 33,000 marks,
67,239,000 marks, 10,950,000 marks and 14,556,000
marks respectively. The Bank's ratio which is now
2.48% compares with 2.34% last year and 12.4%
the previous year. A contraction in note circulation
of 108,381,000 marks, brings the total down to 3,797,864,000 marks. Circulation a year ago stood at
3,526,039,000 marks and two years ago 3,285,529,000
marks. An Increase is shown in silver and other coin
of 33,711,000 marks, in notes on other German banks
of 2,117,000 marks, in investments of 597,000 marks.
in other daily maturing obligations of 50,363,000
marks and in other liabilities of 1,710,000 marks.
Below we furnish a comparison of the different items
for three years:
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Receive in foreign curr_
Bills of exch. anti checks
Silver and other coin...
Notes on other Ger.bks.
Advances
Investments
Other assets
Liabilities—
Notes in circulation__
Other daily matur. obil9
Other liabilities
Propor. of gold dt torn
curr. to note cIrcul'n.
Nov. 23 1935 Nov. 23 1934 Nov. 24 1933
Reichimarks
IS
Reichsmark, Reichsmarks
+45,000
88.117,000
79,390,000 398.953,000
No change
21,034.000
21,204,000
52,561.000
—33,000
5,432.000
4,152,000
7.616,000
—67,239,000 3,686,507,000 3.454,792,000 2,804,916,000
+33,711,000 230,614,000 286.481,000 285.482,000
+2,117,000
14,353,000
15,129,000
16,630,000
—10,950,000
52,579,000
81,783,000
51,654,000
+597.000 660.705.000 749.675,000 513,124,000
—14,556,000 701,415,000 675.159,000 559,400,000
Nov. 30 1935
for both new loans and renewals. The market for
time money remains at a standstill, no transactions
having been reported this week. Rates are now
quoted at 1% for till maturities. The demand for
prime commercial paper has fallen off somewhat this
week due to seasonal influences. This is also true
for paper which has been available only in small
quantities. 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 featureless thiii week. Very few bills have
been coming out and the demand has slowed down
considerably. Rates are unchanged. Quotations
of the American Acceptance Council for bills up to
and including 90 days are 3-16% bid and %% asked;
for four months, Yi% bid and 3-16% asked; for five
and six months,/% bid and 5-16% asked. The bill
buying rate of the New York Reserve Bank is %% for
bills running from 1 to 90 days, 4
3 % for 91- to 120day bills, and 1% for 121- to 180-day bills. The
Federal Reserve banks' holdings of acceptances
remain unchanged at 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
Prime eligible bills
SPOT DELIVERY
—180 Days-- —150 Days—
Asked
Bid
Asked
Bid
sis
'is
H
—120 Days—
Asked
Bid
Si
'at
—90Days— —60Days— —30Days-Asked
Asked
Bid
Bid
Asked
Bid
h
116
H
H
'is
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
34% bid
Eligible non-member banks
34% bid
Prime eligible bills
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 ot rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
—108,381,000 3,797,864,000 3.526,039,000 3,285,529.000
+50,363,000 616,907,000 935,009,000 488,539,000
+1.710,000 281,243,000 273,217,000 239,049,000
-1-0.07%
2 Aim
2.34%
Federal Reserve Bank
12.4%
Date
Established
2
134
2
134
2
2
2
2
2
2
2
2
Feb. 8 1934
Feb. 2 1034
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
Previous
Rats
1
Rate in
Effea on
Nov. 29
N
Boston
New York
Philadelphia
Cleveland
RlisbniOnd
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
an Francisco
M M MXXX
eft vi ea rte.'.2el cilti ell c4 nu
New York Money Market
THOUGH demand for accommodation in the
New York money market now shows signs of
modest expansion, available credit resources so far
overshadow the demands that there is no thought of
any increase in rates. Conditions this week were
fundamentally unchanged, and rates also were car:
ried over from last week without alteration. Call
loans on the New York Stock Exchange were 34%
for all transactions, whether renewals or new loans,
while time loans for all maturities up to six months
were offered at 1%, without many takers. Commercial paper and bankers' bill rates were unchanged. The Treasury sold last Monday two further series of discount bills aggregating $100,000,000.
One series of $50,000,000, due in 110 days, was
awarded at an average discount of 0.063%, .while
another series of $50,000,000, due in 273 days, went
at 0.131% average, both computed pn an annual bank
discount basis.
Course of Sterling Exchange
TERLING exchange is exceptionally steady, displaying a firmer undertone than at any time in
several weeks. In Wednesday's trading sterling went
as high as $4.943.1, the best price in terms of the
dollar since Sept. 17. On Thursday the market in
New York was closed in observance of the Thanksgiving Day holiday. The entire interest of the foreign
exchange market is concentrated on the French
situation and on the heavy gold movement now in
progress from Europe to New York. The range for
sterling this week has been between $4.92% and
$4.943/á for bankers' sight bills, compared with a
5 last week.
range of between 14.91% and $4.93%
New York Money Rates
The range for cable transfers has been between
EALING in detail with call loan rates on the $4.92% and $4.943., compared with a range of
Stock Exchange from day to day, % of 1% between 11.913
4 and $4.9334 a week ago. Sterling
remained the ruling quotation all through the week is exceptionally firm in terms of the French franc and
D
S
Volume 141
Financial Chronicle
the rate for London on Paris was prevented from
running well above 75 francs to the pound only by
the intervention of the Exchange Equalization Fund.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price, and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS
Wednesday, Nov. 27
74.968
74.968 Thursday, Nov. 28
74.996
Friday,
Nov. 29
Saturday, Nov. 23
Monday, Nov. 25
Tuesday, Nov. 26
74.961
74.999
74.903
LONDON OPEN MARKET GOLD PRICE
Saturday, Nov. 23
140s. lid. I Wednesday, Nov. 27_ _ __141s.
Monday, Nov. 25
140s. 113id. Thursday, Nov. 28_ __ _140s. lid.
Tuesday, Nov. 26
140s. Ild.
Friday,
Nov. 29_ __ _141s. ;id.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Nov. 23
$35.00
Wednesday, Nov. 27
$35.00
Monday, Nov. 25
35.00
Thursday, Nov. 28
Holiday
Tuesday, Nov. 26
35.00 Friday,
Nov. 29
$35.00
The flight of capital from France and from other
European countries is the dominating factor in the
present foreign exchange situation. The total movement of gold to New York since Sept. 9 amounts to
approximately $757,300,000. The principal shippers
have been France with $483,800,000, England with
$151,200,000 and Holland with $62,300,000. As of
the close of business on Wednesday, $601,400,000 of
this gold had arrived. The total gold stocks of the
United States have now passed the $10,000,000,000
mark, the total on Nov. 26 having been $10,004,000,000.
In commenting on the gold flow, Alexander Dana
Noyes wrote as follows in the New York "Times" of
Nov. 25: "There are anomalies in the general situation. It could scarcely be otherwise, after our
government's numerous experiments. Last week's
statement of October foreign trade amplifies one of
these anomalies. The surplus merchandise export
was the smallest for the month since 1922. Allowing
for excess of silver imports (which far surpassed all
October records) the 'visible balance' against this
country in October was $16,663,000. Yet our gold
import for the month exceeded $35,000,000. In the
ten completed months the adverse visible balance,
similarly computed, was $132,636,000; yet our gold
import for the period was no less than $1,338,442,000,
which surpassed all records in our history. Prior to
1934, the largest record gold import of the corresponding period in any year was the $609,138,000 of
1921, and in those same months of 1921 our excess
of merchandise exports over imports was no less
than $1,835,000,000.
"It is believed in the innermost European financial
circles, and is coming to be believed in the United
States, that the utterly abnormal volume of our
present gold importation results from the overvaluing
of gold by the arbitrary 'dollar price' which was
fixed by our government in 1934, after four or five
months of foolish and discreditable manipulation of
the foreign market for our currency. To an extent,
no doubt, large scale investment of foreign capital
on our Stock Exchange would explain a large gold
import. But on the other hand, if foreigners have
been selling gold to us because of the profit in the
operation, what other disposition would they naturally make of the proceeds of the sale"
During the past few weeks foreign exchange traders
have discovered evidence that both the American and
the British equalization funds have been actively
supporting the franc. The extent to which the
United States stabilization fund is presumably aiding
the franc in conjunction with the British fund can
3437
not be known definitely unless Secretary Morgenthau
sees fit to disclose the fact or even to state that such
support is being given at all. Foreign exchange traders point out that official United States aid for the
French currency last spring did not become known
to the public until the news had leaked out abroad
-many weeks later. The support now presumably
being extended is in the nature of supplying dollars
to the French market at a time when few are immediately available. If, as has happened before,
the franc should fall below the gold shipping point,
and private banks should book all available shipping
space with gold from Paris and find that additional
transport facilities could not be provided for two or
three days, the private banks would hesitate to contract for more metal lest France should in the meanwhile declare a gold embargo. Thus the supply of
dollars in Paris would be greatly diminished. The
stabilization fund might then step in, exchanging
dollars for francs, and with the latter claim gold. In
so doing the fund would assume the risk of an embargo
or in other words hazard the consequence of a departure by France from the gold standard.
Paris dispatches on Saturday last stated that
arbitrageurs in the Paris foreign exchange market
have received information that the Bank of France
is discouraging the purchase of gold from the bank
destined for shipment and sale in the London open
market, although the London open market price for
gold would warrant such shipments. The same reliable sources stated that the Bank of France is extending every facility for expediting shipments of gold
to New York and Brussels. The distinction which is
now apparently being drawn between shipments of
gold to gold countries and the London open market
is the first break in the bank's traditional policy of
paying out gold freely to meet any and all demands,
as long as they conform to the law which allows payment to be made in bars of specified weight. It is
considered possible that the Bank of France eventually may copy the example set some time ago by the
Bank of The Netherlands, which institution pays out
metal only if it is destined for delivery to the central
bank of another gold standard country or to the
British Exchange Equalization Fund. The American policy is also to deliver gold only for shipment to
another gold country when the position of the foreign
exchange warrants such shipments.
The Bank of England continues to buy gold in
large quantities and it is believed that the bank will
maintain this policy long after the end of the present
holiday season which is causing a great increase in
the bank's note circulation. So far this year the
bank seems to have bought approximately £5,378,396
in gold bars, bringing its present gold holdings to
a new high of £198,439,185.
An element favoring strength in sterling is the
continued purchases of silver in the London market
for account of the United States Treasury. These
purchases absorb practically all silver offerings in
London from day to day. Sterling is also favorably
affected by the steady purchases of gold in the open
market for account of hoarders.
The London Board of Trade index of British industrial activity for the third quarter, based on 1930
as 100, stands at 110.8, compared with 111.5 for the
June quarter, and with 103.2 for the third quarter
of 1934.
The Westminster Bank's latest bulletin, commenting on the course of British commodity prices,
3438
Financial Chronicle
contrasts their stability in the last four years with
the fluctuations in other countries. The Bulletin
draws attention to the maintenance of abundant
supplies of cheap money which the policy followed
in both London and the United States has produced,
and says that if the commercial world can rid itself
of economic and political fears which prevent greater
use of this credit, prices may be materially affected
and any change in Great Britain's relative stability
would more likely be upward than downward.
Money in Lombard Street is unchanged from the
rates prevalent for many months. Call money
1 %. Two- and threeagainst bills is in supply at 4
months' bills are quoted 9-16% to %%,four-months'
bills N to 11-16%, and six-months' bills 11-16 to
i%. All the gold on offer in the London open
Y
market was taken for unknown destinations. On
Saturday last there was available £286,000, on Monday £140,000, on Tuesday £543,000, on Wednesday
£147,000, on Thursday £85,000, and on Friday
£68,000. On Friday of last week the Bank of
England bought £50,785 in gold bars. On Tuesday
the bank bought £292,572 in gold bars.
At the Port of New York the gold movement for
the week ended Nov. 27, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,NOV.21-NOV.27,INCLUSIVE
Exports
Imports
$56,003,000 from France
5,188,000 from India
None
1,698,000 from Canada
588,000 from Holland
373,000 from England
276,000 from Russia
3,000 from Guatemala
$64,129,000 total
Net Change in Gold Held Earmarked for Foreign Account
Decrease $347,000
Note—We have been notified that approximately $274,000 of gold was
received at San Francisco, from China.
The above figures are for the week ended on
Wednesday. On Thursday (Thanksgiving Day) no
reports were issued. On Friday $16,322,500 of the
metal was received from France. There were no
exports of the metal or change in gold held earmarked
for foreign account.
Canadian funds during the week were quoted in
terms of the United States dollar from a discount
of 13/s% to a discount of 31-32%.
Referring to day-to-day rates sterling exchange on
Saturday last was firm. Bankers' sight was $4.933/
On
5
@,84.93U; cable transfers, $4.934@$4.93%.
Monday the pound continued steady. The range
/for bankers' sight and $4.933/
was $4.93%@$4.935
@$4.93% for cable transfers. On Tuesday sterling
was firm. The range was $4.93%@$4.93% for
bankers' sight bills and $4.933@$4.94 for cable
transfers. On Wednesday exchange continued to display a firm undertone, touching $4.9431, the best
price since Sept. 17. Bankets' sight was $4.9332@
$4.943/; cable transfers, $4.93%@$4.9431. On
Thursday, Thanksgiving Day, there was no market
in New York. On Friday sterling was lower, the
range was 4.92%@$4.933/ for bankers' sight bills
and $4.92%@$4.93% for cable transfers. Closing
quotations on Friday were $4.92% for demand and
$4.93 for cable transfers. Commercial sight bills
finished at $4.923, sixty-day bills at $4.91%,
8, documents for payment
ninety-day bills at $4.913/
(60 days) at $4.91%, and seven-day grain bills at
S4.928. Cotton and grain for payment closed at
-44.92%.
Nov. 30 1935
Continental and Other Foreign Exchange
HE importance of exchange on Paris in the current market is emphasized above in the review
of sterling exchange. As frequently pointed out,
the great outflow of gold from Paris since Sept. 9
has been due largely to fears that the French Chamber
of Deputies which reconvened on Thursday would
not support M. Laval in his program of economic
reform. Anticipating an adverse vote by the Chamber of Deputies, M. Laval on Tuesday made a direct
radio appeal to the people of France. In his address
he denounced the policy of devaluation as dangerous
and challenged the Chamber of Deputies to upset his
government, predicting that if the cabinet should be
overthrown by the Deputies, a grave currency and
economic crisis would be precipitated.
On Wednesday the franc improved and the spirit
of the Paris markets indicated that the conflicting
parties in France had decided to avoid a domestic
crisis over the monetary question in view of the difficult conditions outside the country, particularly in
connection with the Italian situation.
It will be recalled that on Thursday of last week
the Bank of France increased its rediscount rate from
4% to 5% in an endeavor to stem the efflux of gold.
On Monday the rediscount rate was again advanced,
this time to 6%. Since the position of the franc is
bound to continue adverse for some time whether the
Chamber of Deputies gives M. Laval support or not,
it is believed that the bank must shortly increase its
rate again. A policy of tight money, however, would
work contrary to the policies of the government
directed toward economic revival. Nor would a high
discount rate end the flow of funds from Paris in the
present disturbed condition of business sentiment.
The general public in France appears calm in the
face of the gold crisis. It would seem that only
French capitalists either as individuals or in their
corporate capacity have been exporting funds or
converting them into gold. They seem to consider
it wiser to buy in London than at the Bank of France
or else to buy gold coin, which has begun to be imported into France in fairly large volume. The
exodus of gold from France is in no way ascribable to
withdrawals of foreign capital because overseas
balances in France,the volume of which was formerly
considerable, were withdrawn during the franc crisis
last May and seem not to have been returned.
Italian lire are only nominally quoted. Dispatches
from Rome on Thursday stated that the Bank of
Italy is paying a 25% premium on gold to increase
its reserves for Italy's purchases abroad. It is buying
gold at 15.45 lire per gram. Its rate was 12.35 lire
per gram. Italian officials, it is understood, stated
that this is only a temporary expedient in the
nature of a bonus to those who are coming to the
assistance of the Treasury in the present crisis. This
move, however, is equivalent to devaluation of the
lire, a 25% rise in the price paid for gold representing
approximately a 20% devaluation of the gold value
of the currency. Whether or not the expedient is
temporary, there can be no doubt that the market
generally expects that the lira must ultimately be
devalued. No accurate information is available regarding the present status of the Bank of Italy's gold
reserves and the value of the gold which has been
sold or donated to the government since publication
of the periodical Treasury statement was abandoned
this month.
T
Financial Chronicle
Volume 141
Recent regulations of the Italian Exchange Institute were said to be made for the purpose of arresting
the "bootlegging" of exchange which was carried on
to facilitate the flight of capital. People were finding
it possible to transfer their holdings of lire to foreign
commercial banks at a discount, and the balances,
once in the possession of the foreign banks, could
then be traded in as lire exchange, adding to the
difficulties of lire control. The prohibition of transfers of lire funds among foreign banks was designed
to stop this movement. As matters now stand,
transfers may be made among Italian banks and
transactions calling for the purchase or sale of lire
exchange may be executed, but they must first be
approved by the exchange control and routed through
specified banks.
The following table shows the relation of the
leading European currencies stil on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lire)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
6.63
3.92
16.95
13.90
8.91
5.26
32.67
19.30
68.06
40.20
Range
This Week
6.58)( to 6.60,4
16.90 to 16.93
8.09% to 8.11
32.30)5 to 32.35
67.58 to 67.71
The London check rate on Paris closed on Friday
at 74.94, against 74.94 on Friday of last week. In
New York sight bills on the French center finished at
6.58, against 6.579; cable transfers at 6.59, against
6.583
/
8; and commercial sight bills at 6.56, against
6.559/8. Antwerp belgas closed at 16.903' for bankers'
sight bills and at 16.913/ for cable transfers, against
16.91 and 16.92. 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 are nominally quoted 8.09 for bankers'
sight bills and 8.10 for cable transfers, against 8.09
and 8.10. Austrian schillings closed at 18.78, against
18.78; exchange on Czechoslovakia at 4.14, against
4.139; on Bucharest at 0.80, against 0.80; on Poland
at 18.83, against 18.83; and on Finland at 2.18 2,
against 2.183. Greek exchange closed at 0.9332
for bankers'sight bills and at 0.94 for cable transfers,
against 0.933 and 0.94.
3439
Spanish pesetas have only a narrow market in
New York at present. The Spanish exchange control
has consistently managed to keep the peseta more or
less closely pegged to the French franc. However,
owing to the weakness displayed by the franc in
recent weeks, there has been some talk to the effect
that the Madrid government may abandon the tie
of the peseta to the franc and may even join the
sterling bloc.
Bankers' sight on Amsterdam finished on Friday
at 67.68, against 67.56 on Friday of last week; cable
transfers at 67.69, against 67.57, and commercial
sight bills at 67.66, against 67.54. Swiss francs
closed at 32.323' for checks and at 32.343 for cable
transfers, against 32.35 and 32.36. Copenhagen
checks finished at 22.01 and cable transfers at 22.02,
against 22.04 and 22.05. Checks on Sweden closed
at 25.42 and cable transfers at 25.43, against 25.44
and 25.45; while checks on Norway finished at 24.77
and cable transfers at 24.78, against 24.79 and 24.80.
Spanish pesetas closed at 13.64 for bankers' sight
bills and at 13.65 for cable transfers, against 13.64
and 13.65.
XCHANGE on the South American countries is
somewhat more active than at any, time this
year. The Argentine government is thought to be
about to abandon exchange control. The fortnightly
statement of the Central Bank of Argentina as of
Nov. 15 showed gold at home to the value of 1,224,417,645 paper pesos, and gold abroad and foreign
exchange of 130,553,766 paper pesos. The gold reserve ratio to circulation stands at 143.8% and the
reserve ratio of gold to note and sight liabilities stands
at 80.67%. The political disturbances in Brazil seem
to have had no important effect on milrei exchange.
Recent dispatches from Lima, Peru,stated that overseas trade of Peru in the first eight months of this
year amounted to 309,955,426 soles, against 300,097,416 soles in the same period in 1934. Exports
declined to the extent of 2,292,934 soles, whereas
imports increased from 103,549,398 soles to 115,100,342 soles. Peru's trade with the United States has
been increasing, while her trade with Great Britain
XCHANGE on the countries neutral during the shows a decline. Exports to the United States showed
war follows trends long in evidence. The an increase of more than 12,000,000 soles, due largely
Scandinavian currencies move in close relation to to the rise in the price of cotton. Imports from the
the trend of sterling. Holland guilders are ruling United States increased by 9,000,000 soles.
easy in terms of the United States dollar and during
Argentine paper pesos closed on Friday, official
the past few weeks several small shipments of gold quotations, at 32% for bankers' sight bills, against
were sent from Amsterdam to New York. How- 32% on Friday of last week; cable transfers at 32.90,
ever, it does not seem likely that this movement will against 32.89. The unofficial or free market close
be extensive. It is understood that some of the gold was 27.40@)27.55, against 273@27%. Brazilian
recently shipped here from Holland was in the nature milreis, official rates, are 83 for bankers' sight bills
of special transactions and had no relation to the and 8.45 for cable transfers, against 81
4 and 8.44.
foreign exchange market. In Amsterdam confidence The unofficial or free market close was 5.60 against
in the guilder is unshaken, resulting in a healthy 5.65. Chilean exchange is nominally quoted on the
reaction on the bourse. American shares seem to be new basis, at 5.19, against 5.19. Peru is nominal at
especially active there, the railroads being favored. 25.13, against 25.78.
The current statement of the Bank of The Netherlands shows an increase in gold stocks of 5,800,000
XCHANGE on the Far Eastern countries presents
guilders, bringing the total to 628,000,000 guilders.
no new features of importance from those of
The gold cover is 72.8%.
recent weeks. It would seem, however, that the
Swiss francs are also easy in terms of the dollar, Chinese National Government is experiencing some
although the position of the Swiss franc is exception- difficulty in its plans to bring about the nationalizaally strong with respect to other European currencies. tion of silver and the issue of new notes. London
The gold stock of the National Bank of Switzerland opinion is sharply divided as to the effectiveness
has reached a new high on the current move at of Sir Frederick Leith-Ross's mission to China.
1,391,900,000 Swiss francs on Nov. 23. The ratio It now develops that Sir Frederick, who is the chief
of gold to circulation is now 109.79%.
economic adviser of the British Treasury, was corn-
E
E
E
Financial Chronicle
3440
missioned to study and report on possible measures
which might help China and incidentally counteract
the effects of the United States'silver buying policy.
Sir Frederick insists that the Nanking currency
scheme recently inaugurated did not originate with
him. The British Foreign Office is apparently at
odds with the Treasury Department over Sir Frederick's visit and desires his recall, as the Foreign Office
feels that China's finances can not be improved until
there is political agreement between China and Japan.
On Friday the Reserve Bank of India reduced the
rediscount rate to 3% from 332%. The latter rate
had been in effect since Feb. 16 1934.
Closing quotations for yen checks yesterday were
28.76, against 28.72 on Friday of last week; Hong
Kong closed at 37@37 1-16, against 37@37 7-16;
Shanghai at 297/8@303/8, against 29%@29 15-16;
Manila at 50, against 50;Singapore at 57.90, against
57.90; Bombay at 37.24, against 37.28; and Calcutta
at 37.24, against 37.28.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
NOV. 23 1935 TO NOV. 29 1935, INCLUSIVE
Country and Moneta
unit
Noon Buying Rafe for Cable Transfers in New York
Value In united States money
,
Noe. 23 Nov. 25 Nov. 28 Nov. 27 Nos. 28 Nov. 29
$
Europe$
3
$
$
$
.187683*
187683* .187650* .187883* .187683*
Austria,schilling
.1139050
169096 .169030 .169080 .169042
Belgium, belga
.013375*
.013625* .013375 .013375* .013375*
Bulgaria, lev
.041342
Czechoslovakia, kron .041346 .041339 .041346 .041339
.220254
.220275 .220391 .220327
Denmark, krone
.
4.934583
England, pound sterl'g 4.935916 4.934750 4.938428 4.936868
.021775
.021750 .021765 .021810 .021770
Finland, markka
.065838
.065840 .065834 .065834 .065840
France,franc
.402235
Germany, reichsmark .402284 .402207 .402230 .402221
.009385
.009375 .009387 .009375 .009380
Greece. drachma
.676578
.675971 .675728 .675935 .676591
Holland. guilder
.296125*
296125* .296125 .296125* .296125*
Hungary, pengo
.081006*
.080900 .080916 .081068* .081050*
Italy, lira
.247862
.247891 .247883 .248075 .247950
Norway, krone
.188140
.188200 .188140 .188160 .188160
Poland, zloty
.044882
.044825 .044868 .044962 .044955
Portugal, escudo
.007882
.007991 .007868 .007868 .007868
Rumania,leu
136403 .138425 .136421 .136439
.136428
Spain, peseta
.254353
254400 .254416 .254566 .254441
Sweden,krona
.323028
.323250 .323089 .323089 .323082
Switzerland, franc
.022837 .022862 .022862 .022862 HOLT- .022860
Yugoslavia, dinar
DAY
AsiaChina.297083
Chefoo (yuan) dol' .295416 .295416 .295833 .296250
.297500
Hankow(yuan)dol' .295833 .295833 .296250 .296666
.297083
Shanghat(yuan)do) .295000 .295625 .296041 .298041
Tientsin(yuan) dol' .295833 .295833 .296250 .296666
.297500
.364687
Hong Kong, dollar_ .372187 .384062 .380937 .362187
.372185
.371875 .372035 .372450 .372040
India, rupee
.286560 .286925 .287580 .28749 6
.287450
Japan, yen
.577500
Singapore (5. 8.) doi' .576875 .576875 .577812 .577750
Australasia3.919375'3.915625'3.918125'3.918875*
3.915000*
Australia, pound
3.945312*
New Zealand, pound_ 3.949687°3.945937* 3.948437*3.947187*
Africa4.878750*
South Africa. pound 4.880750*4.878750•4.882750*4.881000*
North America.988828
990234 .984791 .989861 .989791
Canada, dollar
.999200
999200 .999200 .999200 .999200
Cuba, peso
.277675
Mexico, peso (silver) _ .277675 .277675 .277675 .277625
Newfoundland, dollar .987750 .987375 .987125 .987250
.986437
South America.328725*
Argentina, peso
.328650* .328675* .328750* .329137*
.083733* .083764* .083733* .083764*
.083764*
Brazil, milrels
.050950° .050950* .050950* .050950•
.050950*
Chile, peso
.801500* .801500* .801500* .801500*
Uruguay. peso
.801500*
.563400* .573400* .565000* .568200*
.568200*
Colombia. Peso
*Nominal rates; firm rates not available.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
in the principal European banks as of
exchange)
of
Nov. 28 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks ofEngland-France a-Germany b.
Spain
Italy
Netherlands
Nat. Belg_ _
Switzerland
Sweden.__
Denmark.Norway _..
1935
1934
£
£
198.439.185 192,681,035
552,200,103 655,810,462
3,354,150
2,876,950
90.314,000
90,680,000
42,575,000
86,158,000
51,853,000
73,410,000
98,216,000
72,072,000
46,719,000
69.482,000
21,804,000
15,732,000
6,555,000
7,396,000
8,602,000
6.580.000
1933
£
191,818,124
622,579,355
17,250,350
90.433.000
76,329.000
78,730,000
77.642,000
61,691,000
14,290,000
7,397,000
6,573,000
1932
£
140,418.186
868,732,498
38,298,850
90,321,000
62,848,000
86,048.000
74,690,000
89,166,000
11,443,000
7,400.000
8,014,000
1931
£
121.599,344
542,753,008
45.596,200
89,873,000
60,241,000
73,097,000
73,072,000
57,582,000
11,438,000
9,121,000
6.560,000
Total week_ 1,118,431,438 1,252,858,447 1,242,732,829 1.275,383,534 1,090,932,552
Prey. week- 1,153,544,210 1.254.176,040 1,252,359.345 1,274,721,893 1,089.532,948
a These are the gold holdings of the Bank of France as reported In the new form
of statement. 13 Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £1,051.700.
Nov. 30 1935
The Case of the Utilitiy Companies
The action of a number of large utility holding
companies in declining to register with the Securities
and Exchange Commission under the Public Utility
Holding Act of 1935 undoubtedly presages a long
and costly legal battle, but the issues involved are
so far-reaching and fundamental as to merit the
widest and most thoughtful public attention. Thus
far, unfortunately, there has seemed to be a marked
disposition on the part of the public, or at least of
so much of the public as still supports the New Deal,
to dip the scales of opinion heavily against the companies and dismiss their arguments as unworthy of
serious consideration. The attitude of the Congress
that passed the Holding Company Act, like that of
the Administration which pressed for its adoption,
was one of open hostility, and the long debate over
whether the "death sentence" should be pronounced
by statute or left to the tender mercies of the Securities and Exchange Commission involved, after
all was said and done, only questions of time and
procedure. Not until Judge Coleman, of the Federal
District Court at Baltimore, held the Act "invalid
in its entirety" did the public appear to wake up to
the fact that enforcement of the Act would not be
all plain sailing, and that the case for the companies
rested upon constitutional grounds whose importance could not possibly be ignored.
In commenting on Nov. 8, the day after Judge
Coleman's decision, upon the possibility that the
holding companies might fail to register by Dec. 1,
as the Act requires, Chairman Landis of the Commission emphasized the fact that the registration
form asked only five questions and called for only
three exhibits, and at the same time reserved to the
companies all their constitutional rights. "We want
to govern under the Constitution," he was quoted as
saying. "We don't want to euchre them out of anything." His position was promptly challenged by
counsel for the companies, who maintained that any
compliance with the provisions of the Act, even the
formality of preliminary registration, would debar
the companies from subsequently raising the question of constitutionality, and that in any case the
Commission's assurance was not a judicial ruling.
In a statement prepared for the New York "Times"
and published in that paper on Nov. 15, counsel for
the Commission replied that the cases cited in behalf
of the companies "have no application in the present
circumstances" because of the reservation just referred to, and that "that action has made it impossible for the Commission, either as a matter of law or
as a matter of good faith, later to assert any estoppel
against any companies so registering. ... The Act
is, frankly, one which regulates and restrains. The
holding company does not register to obtain a privilege, but as a part of a regulatory scheme. It would
be strange indeed if the companies which have opposed the passage of this Act should now appear in
court to contend that their registration was not obligatory under the terms of the Act, but, on the contrary, was a purely voluntary action on their part in
order to obtain its benefits."
The argument was not convincing. Title I of the
Act, the only part of the statute whose constitutionality is questioned, is the part which authorizes the
Commission to interfere with the centralized control
exercised by holding companies and, under certain
circumstances, to require their dissolution. It was
still not clear, in spite of the -Commission's disclaimer, that registration was not a first step in the
Volume 141
Financial Chronicle
enforcement of the Act, and that registration might
not impede objections to the constitutionality of
Title I. On Nov. 20 the directors of the United Gas
Improvement Company decided against registration,
and a suit to test the Act's constitutionality was
brought in the Federal District Court at Philadelphia. The next day it was announced that the Consolidated Gas Company of New York and its subsidiaries would not register, and on Nov.23 the Commonwealth & Southern Corporation filed a suit at
Wilmington, Del. In a circular communication made
public on Nov. 22, Attorney General Cummings advised the United States District Attorneys that the
government did not intend at present to institute
criminal proceedings under the Act, but that civil
suits would shortly be lodged against one or more
large companies which had failed to register. The
first of these suits was filed on Tuesday, in New
York, against the Electric Bond & Share Corporation
and five of its intermediate holding companies.
The specific constitutional objections to the Act,
as set out in the bills of complaint filed by the contesting companies and elsewhere, rest upon several
grounds. The Act is challenged on the ground that
Congress,in passing it, exceeded its powers under the
inter-State commerce clause in that it undertook to
regulate matters which not only are not inter-State
commerce, but which neither directly affect nor in
any way burden such commerce. The Commonwealth
& Southern,for example,it is urged, is essentially an
investment company doing a local and intra-State
business, its business consisting of owning and holding the capital stock and other securities of a number
of subsidiary companies and disbursing their earnings, each of the subsidiaries being also essentially
local. It is further urged that the power which is
given to Congress to operate and control post offices
and post routes does not extend to such sweeping
prohibition of use of the mails as the Act ordains
for holding companies which do not comply with its
provisions, and that to invoke either the inter-State
commerce clause or the post office clause for such
purposes as the Act contemplates would deprive the
companies of their property without due process of
law.
It is also contended that the Act is an invasion
of the reserved rights of the States in that intra-State
business, subject in all respects to regulation by the
State and hitherto so regulated in fact, is subjected
to the control of a Federal Commission. The Federal
regulation, it is pointed out, extends to practically
everything that the companies may do, whether interState or intra-State,from the issuance or acquisition
of securities to company service, contracts and management. The constitutional prohibition of excessive
fines is also violated, it is claimed, in the drastic
penalties which the Act imposes for failure to comply
with its provisions. For failure to register, the Act
provides for fines which may amount to as much as
$200,000, while for wilful violation of any provision
of Title I or any regulation or order which the Commission may issue under it, the penalties may extend
to a fine of $10,000 and imprisonment for two years.
To what extent the courts will go in considering
the motives which lie behind a statute is always a
matter of uncertainty. As a general rule, the motive
of Congress will not be impugned, since comity dictates that the legislative branch of the government
should be assumed to have acted with good intentions. There is abundant ground for maintaining,
however, that Congress, in considering and passing
3441
the Holding Company Act, was influenced very much
by a desire to punish, and that regulation was not
the sole purpose. For the punitive temper which
Congress and the Administration exhibited, and
which was widely reflected in the country, the holding companies have themselves largely to thank.
There have been grievous improprieties in the organization and management of some of the utility
holding companies and in the conduct of some of
their subsidiaries, and what is wrong should be
neither condoned nor tolerated. No amount of misconduct in management, however, can justify resort
to unconstitutional means of punishment or correction, and it is against a statute which Judge Coleman found unconstitutional "in• its entirety," with
the invalid provisions "so multifarious and so intimately and repeatedly interwoven throughout the
Act" as to make it impossible to separate them from
other provisions that might otherwise, perhaps, be
valid, that the holding companies rightfully protest.
The constitutional issues, moreover, cannot be divorced from the large question of public policy. The
Holding Company Act is a striking illustration of
the purpose of the Federal government to extend its
authority in all directions and interfere in everything. Ostensibly, the Act aims to correct financial
and other abuses and promote decentralization, but
the underlying aim is Federal centralization of control. Irrespective of the obvious benefits which holding companies have conferred in the development of
electric light and power facilities and the provision
of efficient service, the companies are to be dissolved
or placed under rigorous Federal supervision, on the
theory that government control is better than private management and that State and local authorities are largely impotent. As a corollary of the theory, Federal funds are being widely used to promote
the establishment of competing municipal plants
where efficient private plants are already in operation, and direct and ruinous competition is being promoted through such government agencies as the Tennessee Valley Authority which pay no taxes and are
under no obligation to operate at a profit. There is
no sound reason for believing that government business is better managed than private business; on the
contrary, it is almost everywhere in this country less
efficient, less economical, less progressive, and notoriously more disturbed by political influence.
The fundamental issues in the holding company
controversy are mainly two in number. The first is
whether the right to private property, held and used
in accordance with the Constitution and such laws
as are constitutionally enacted, is to be preserved.
The second is whether, if the right to private property is still to be formally recognized, the legitimate
exercise of the right is to be increasingly interfered
with by the Federal government through unfair
competition, inquisitorial regulation and drastic
pains and penalties. Administration spokesmen have
more than once declared that the abolition of private
property and the profit system is not the Administration's aim, but it is difficult to accept the disclaimer in the face of legislation which, regardless of
the Constitution, jeopardizes hundreds of millions of
dollars of invested property, dictates arbitrarily how
business shall be organized, its capital needs supplied
and its products or services distributed or used, and
commits the execution of a "death sentence" to the
discretion of a Federal commission. The holding
company cases have an interest far beyond that of
the companies themselves. They involve the nature
Financial Chronicle
3442
of the American government, the integrity of the
Constitution, and the rights of every form of our national economic life.
Sanctions and World Recovery
The more the question of sanctions is studied, the
more difficult and perplexing are the situations
which sanctions seem to entail. We know now that,
contrary to predictions and expectations, the threat
of sanctions cannot be counted upon to prevent a
war, and we have yet to learn whether, once they
have been applied, they can prevent a war from continuing. As a means of preserving peace they have
obviously failed, and the high claims that were made
for them in this respect when no war was in sight
cannot with any intellectual decency be made again.
We know,further, that the sanctions which have been
applied to Italy would never have been invoked but
for the insistance of Great Britain with the reluctant
assent of France, and that instead of representing a
genuine world policy they actually represent the
policy of one great Power which, with the help of
another much less urgent or convinced, was able to
bring the members of the League into line. We also
know that, even with this powerful pressure relentlessly exercised, it took weeks and months to bring
action to a head, thereby demonstrating that the
Covenant, as a means of conciliating disputants and
preventing war, is about as slow and clumsy an international instrument as could have been devised. It
is apparent to everybody, moreover, that the imposition of sanctions has greatly intensified national
feeling in Italy, aroused a spirit of hostility and retaliation which may have disastrous consequences
for other countries, and probably ended for years
to come all hope of Italian cordiality in any international undertaking. How greatly sanctions have
affected the neutrality policy of the United States
and opened the way to economic and political controversies with Europe is a matter of common
knowledge.
One wonders whether the Geneva statesmen could
have failed to perceive that sanctions, unless they
were immediately effective, would administer a serious check to world recovery, or whether, if they did
perceive it, they calculated that, as between a check
and a war, the former was the lesser evil. Moral considerations aside (and moral considerations do not
weigh very heavily when one remembers that a threePower partition of Ethiopia had already been agreed
upon and is quite likely to be made whatever the result of the war), it is evident that sanctions are already operating, and must continue to operate, to the
serious detriment of international economic relations. They disturb the ordinary course of international trade with an important importing and exporting country, and all the economic activities
which such trade involves. The temporary boom in
industry, commerce and transportation occasioned
by the abnormal importation of goods by Italy in
anticipation of sanctions is of small consequence in
comparison with the indefinite closing or restriction
of Italian markets for foreign goods, and the intensified production in Italy of as much as possible of
what previously was bought abroad. International
trade, like domestic trade, makes large use of credit,
and to clap upon a country a widespread prohibition of loans, forbid the extension of credit, and demand that it pay cash for such things as it may still
buy, is a pronounced check to every business or in-
-
Nov. 30 1935
dustry having Italian connections or hopeful of developing them.
The same thing is true in the large field of international finance. Nothing is more essential to world
recovery than the stabilization of foreign exchange,
the prevention of further devaluations of national
currencies, and a rational redistribution of the
world's supply of gold as a condition of a return to
the gold standard. There can be no assurance of
any of these things so long as sanctions impede international trade, or deflect it into unnatural channels, or raise doubts of how long this or that branch
of trade will be allowed to continue. The return of
financial stability, moreover, has for years been obstructed by the extreme nationalistic policies which
have raised tariff barriers, imposed quota restrictions and sought profit or defense in subsidies, but
the effect of sanctions is akin to that of tariffs and
quotas in the limitations which it imposes and the
normal markets which it cuts off. To the extent that
any country has a surplus of raw materials or manufactured goods some of which Italy normally would
buy, its markets will be restricted as long as sanctions operate,since no country is likely to expand its
foreign purchases while its own market is curtailed.
Merchant tonnage, too,is at a low point throughout
the world, and a stimulus to building is not to be
looked for as long as trade is arbitrarily interfered
with and its future recovery left in doubt.
Pacifists will, no doubt, insist that Italy is relatively a small country, that it cannot hope to hold
out very long under an international boycott, and
that while the evils which have been mentioned are
of course to be reckoned with, they will be a small
price to pay if peace is eventually restored and future imperialist adventures are discouraged. The
answer to that contention, abundantly shown already by the case of Italy, is that sanctions do not
promote peace but on the contrary make for war,and
that to the extent that they encourage war or war
preparations they intensify and spread conditions
which delay and may indefinitely postpone recovery.
The case was well stated by Professor Edwin M.
Borchard of Yale University, one of the foremost
American authorities in international law,in a radio
address in New York last Sunday. "Under the fear
of boycotts which the world is now evperiencing,"
he said, "every nation will seek to make itself as independent as possible, militarily and economically,
from all other nations. Whether they consider sanctions practical or not, they will never know when
they may be selected as the guilty nation, and must
be prepared to survive alone. This does not make
for tranquillity, but hysteria, and its effects already
have been ruinous. International trade under such
inspiration will gradually evaporate, and the incentive to acquire raw materials under your own
control will irresistibly grow. It thus stimulates the
causes of war."
There are multiplying evidences of the accuracy
of this analysis. The announced intention to enlarge
the list of articles to which sanctions will apply, and
in particular to include in the list oil and cotton,
has greatly stiffened Italian resistance. For the first
time since the conflict in Ethiopia began, there is
open talk of an imminent war in Europe. Rome correspondents wrote on Thursday of rumors that Italian aviators might undertake the desperate adventure of bombing the British fleet in the Mediterranean, themselves going down to death if need be,
and the possibility of an Italian blow on the Conti-
Volume 141
nent, before the nations are ready to fight, has been
freely discussed. Talk of this kind, the natural result
of an inflamed public opinion, is dangerous in the
extreme, and the more 60 because Italy feels that
it has a real grievance, but it is peculiarly disturbing
when we remember that its provocation is a sanctions
policy whose professed aim was to prevent or stop
a war by cutting off the financial and material means
of prosecuting it. There is no permanent aid to world
recovery in stimulating the production of munitions,
the construction of additional naval vessels and the
accumulation of war materials,for while these things
of course create numerous economic demands and
give employment to labor, their benefits are more
than offset by the disturbance of ordinary international relations in all directions, anxiety regarding
the future of international trade and finance, and
the losses in life and property if war actually comes.
It has more than once been pointed out by the advocates of sanctions that the policy could not be expected to succeed unless support for it was practically universal, and they have accordingly exerted
themselves to bring the United States into co-operation with the League. The course which the Roosevelt Administration has followed during the present
crisis is very far from reassuring. The United States
has no direct interest whatever in the Ethiopian
controversy, and its indirect interest is too small and
remote to be of any special consequence. Congress,
in passing the Neutrality Resolution, clearly intended to emphasize the national policy of independence and aloofness by making obligatory a declaration of neutrality whenever a state of war elsewhere existed, and requiring a prohibition of the
export of arms, munitions and implements of war
irrespective of the strength or resources of the warring Powers. The actions and public statements of
President Roosevelt, and particularly of Secretary
Hull, in putting pressure upon American exporters
to limit their exportation of non-prohibited commodities to Italy, and threatening some kind 0 government action in the event of continued non-compliance, is not only wholly without warrant in law,
but operates in effect to align the United States with
the League, and thereby to expose it to entanglement
in the political, as well as the economic, complications which sanctions may produce.
The observance of neutrality, especially where a
number of Powers are involved, directly or indirectly,
in a conflict, is not easy. It calls for clear-sightedness, firmness, and a stout insistance upon a nation's
rights. It demands, as Professor Borchard said in
the address from which we have quoted,"the development of a philosophy that it is better to stay out
of other peoples' wars than to participate and insure
the victory for one side; that all the deplorable
things of earth cannot be alleviated by sharing them;
that it is better to limit than enlarge the area of
war, and that the thread of law is best kept alive by
making the oases of neutrality and peace as wide
and not as narrow as possible." No such philosophy,
we may be sure, has controlled the thought of the
League Powers in courting the co-operation of the
United States, and it apparently has not commended
itself to Secretary Hull. There are hopeful indications, however,that it is making an appeal to some
members of Congress, and that there will be less
disposition than has seemed likely to enlarge Executive authority when the question of neutrality comes
up at the next session. There is a goal of world recovery to whose attainment the thought of the gov-
3443
Financial Chronicle
ernment should be directed and its efforts consistently bent. If the members of the League choose to
block the road by widening the scope of sanctions
and taking the grave risk of enforcing them, the responsibility rests with them, but the United States
has no mission to share in such an undertaking, and
there is only trouble in store if it allows itself to be
drawn in.
Moody's Daily Commodity Index Recedes Slightly
A slightly receding tendency has characterized the movement of Moody's Daily Index of Staple Commodity Prices
this week. There have been no outstanding price changes
during the period, except, possibly, the continuation of the
downward movement in hide prices which has been in progress
for the past month.
Among the fifteen commodities comprising the Index,
advances were made by top hogs, rubber and cocoa. Declines
were suffered by corn, cotton, hides, wool and silk, while
wheat, silver, scrap steal, copper, lead, coffee and sugar
remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Nov 22
Fr.,
Nov. 23
Sat.,
Mon., Nov. 25
Tues.. Nov. 26
Wed.. Nov. 27
Thurs., Nov. 28
Nov. 29
Fri.,
168.2
167.8
167.6
166.6
167.0
holiday
167.6
2 Weeks Ago, Nov. 15
Month Ago, Nov. 1
Nov.30
Year Ago,
1934 High— Aug.20
Low— Jan. 2
1935 High— Oct.7-9
Low— Mar. 18
167.8
166.6
149.1
156.2
126.0
175.3
148.4
The Course of the Bond Market
This week again the bond market has been featured by
marked buoyancy and strength of lower-grade railroad bonds
in response to favorable rail earnings reports. Other lowergrade issues remained mostly unchanged around the year's
highest prices. High-grade bonds have remained stable, continuing the horizontal trend of recent weeks. United States
governments have hardly moved at all, perhaps awaiting
the December finance program, which— is to be announced
Dec. 2. Maturities of $418,000,000 on Dec. 15 as well as
the needs of the government's winter relief activities will
require about a billion dollars at this time. Evidence of
continued strain abroad was seen in another advance in the
discount rate of the Bank of France, from 5% to 6%. Despite this measure, gold continued to be engaged for export
to this country. The Board of Governors of the Federal
Reserve System, at its recent meeting, concluded that no
restriction of bank credit was necessary because of the actively rising stock market.
High-grade railroad bonds have been virtually unchanged,
with the trend slightly upward. Norfolk & Western 4s,1996,'
closed the week unchanged at 113%, and Union Pacific 4s,
3947, declined % to 111. The lower-grade railroad bond
market showed a definite improvement, in line with the
favorable earnings reports being released by most of the
carrier companies. Illinois Central it. 5s, 1963, advanced
. 2013, advanced % to
5% to 68%; New York Central 4174,
71%, and Southern Pacific 4%s, 1969, gained 1% to close
at 77.
Utility bonds have moved within a narrow range, highgrades holding very steady and lower grades displaying
some weakness, although not marked. The principal developments have been the action taken in connection with the
Public Utility Act of 1935 and new financing. Holding companies in growing numbers have instituted legal action
against registration with the Securities and Exchange Commission, while the latter itself has started suit to compel
the Electric Bond & Share group to register. These developments had almost negligible effect on holding company debenture prices. New financing totaled $37,460,000, of which
$25,000,000 New York & Queens Electric Light & Power 3%s,
1965, and $11,710,900 Metropolitan Edison 48, 1965, were the
largest.
The industrial list has shown a mixed trend, with bettekgrade issues fluctuating narrowly and the more speculative
type displaying a tendency toward strength. Most steel issues
were unchanged. The building group has again been strong,
and Walworth 6s, 1945, gained 2, closing at 91. Container
Corp. 5s, 1943, declined 1 to 100, and Goodrich Gs, 1945, lost 1,
closing at 101%. Studebaker 6s, 1945, made an abrupt advance, closing at 85 for a gain of 12. Retail issues have
been generally strong, with Namm & Sons 6s, 1943, advancing
Financial Chronicle
3444
Nov. 30 1935
to 95, up 1%. The Warner Broa. 6s, 1939, reacted, closing
at 86, down 2.
Foreign bonds exhibited irregular tendencies. The revolution in Brazil caused sharp declines in that country's bonds.
Italian issues have been generally lower. Other groups have
been unchanged or moved only fractionally.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICEBt
(Based on Average Yields)
MOODY'S BOND YIELD AYERAGEM
(Basal on indisIdual Chaim Prices)
107.31
107.14
106.96
106.78
106.60
106.25
106.07
105.37
105.54
105.54
105.89
105.54
105.20
105.37
105.72
105.54
105.54
105.72
105.89
108.07
105.89
105.20
104.68
104.83
103.99
103.65
103.65
103.82
103.82
103.99
02.64
111.16
111.16
110.81
110.05
109.68
109.12
109.49
108.94
108.75
108.57
108.75
108.57
108.21
108.39
108.39
108.39
108.94
108.57
108.89
108.39
108.39
107.67
107.67
107.31
107.31
107.49
107.85
107.85
107.85
107.67
107.67
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
96.23
95.93
94.58
107.31
94.14
94.58
74.25
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.31
107.49
106.78
106.96
106.96
111.35
106.78
106.78
96.54
97.62
93.11 106.25
R2 414
70.45
71.96
95.33
July 26._
19__
12._
June 28-21._
14__
7__
May 31_
24_
17_
10_
a__
Apr. 26._
19._
12._
a__
Mar.29._
22._
15._
8-1..
Feb. 23..
15-8-Jan. 25._
18_
11_
4.
Low 1935
Hign 1935
Low 1934
High 1934
Yr. A goNov.28'34
2 Yrs.Ago
Nov.29.8.g
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
4.00
4.26
4.24
5.20
4.81
Close
4.80
4.83
4.82
4.83
4.87
5.46
4.52
4.94
5.53
4.54
4.96
4.55 • 5.56
4.95
5.57
4.56
4.94
5.56
4.55
5.00
5.63
4.59
4.98
5.64
4.57
4.97
5.67
4.68
4.91
5.60
4.56
4.93
5.64
4.56
4.90
5.61
4.54
4.90
5.62
4.57
4.98
5.68
4.58
4.93
5.66
4.57
4.94
5.65
4.58
4.96
5.71
4.57
4.99
5.74
4.55
5.00
5.81
4.54
4.98
5.77
4.56
5.02
6.84
4.54
4.92
5.75
4.53
4.91
5.78
4.54
4.88
5.73
4.58
4.96
5.82
4.63
5.12
6.00
4.68
5.13
6.01
4.66
5.11
6.00
4.65
5.08
5.93
4.66
5.15
6.04
4.66
5.12
6.00
4.66
5.03
5.97
4.69
Stock E xchang e Close
5.12
6.14
4.77
5.22
6.25
4.79
5.36
6.40
4.82
5.17
6.26
4.74
5.19
6.29
4.73
5.03
6.09
4.68
4.89
5.96
4.65
4.77
5.88
4.62
4.77
5.91
4.68
4.81
6.00
4.72
4.81
6.01
4.73
4.72
5.85
4.70
4.77
6.02
4.73
4.74
0.00
4.78
4.75
6.08
4.32
4.72
5.42
4.49
6.37
6.40
4.83
4.72
5.90
4.81
5.75
7.58
6.06
4.90
6.30
4.90
5_37
6.33
8.06
8.26
IK
RR.
4.25
E
78.99
7888
Aug.BO__
23._
16__
Aug. 9_
4.01
4.04
4.05
4.07
4.09
4.10
4.09
4.11
4.11
4.12
4.10
4.11
4.14
4.15
4.14
4.16
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
Baa
0
C
97.62
wile
Sept.27__
20._
13._
4.00
4.00
4.00
4.00
A
5.42
4.49
Stock E xchang e
5.42
4.49
5.44
4.50
5.43
4.49
5.42
4.50
120 Domestic
Corporals by Groups
M
C
98.88 116.42 108.57
81.42 102.47
Oct. 25-18-11._
Aa
4.01
CC.00OCCCCqC1Q
110.98
110.98
111.16
111.16
Aaa
*0
89.45 98.09
88.50 97.00
88.10 96.70
87.96 96.85
88.10 97.00
87.17 96.08
87.04 96.39
86.64 96.54
87.56 97.47
87.04 97.16
87.43 97.62
87.30 97.62
86.51 96.70
86.77 97.16
86.91 97.00
86.12 96.70
85.74 96.23
84.85 96.08
85.35 96.39
84.47 95.78
85.61 97.31
85.23 97.47
85.87 97.94
84.72 96.70
82.50 94.29
82.38 94.14
82.50 94.43
83.35 94.88
82.02 93.85
82.50 94.29
82.87 95.63
e Close d
80.84 94.29
79.56 92.82
77.88 90.83
79.45 93.55
79.11 93.26
81.42 95.63
82.99 97.78
83.97 99.68
83.60 99.68
82.50 99.04
82.38 99.04
84.35 100.49
82.26 99.68
82.50 100.17
81.54 100.00
90.00 100.49
77.88 90,69
83.72 100.49
66.38 85.61
107.31
107.31
107.31
107.31
Nov.29_
2827__
26__
25_
23_
WeeklyNov.22._
15-8--
-.
OVOMMMWMAMOO.0,
WODIDIOr.r.t..TWC,W
119.07
119.07
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
116 22
117.0a
105.37
113.07 103.82
112.50 103.48
112.31 103.32
111.92 103.15
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
Stook E rehang
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
113.26 104.33
103.67 98.73
108.75 99.04
93.11 81.78
P. U. Indus.
107.31 110.08
MCWOOMMVNN.N.OVV.OVMSCM.0.00.0.0.11.M.OVV
.0.0.1.0•04000qWww
100.81
100.17
99.86
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.31
100.81
100.33
105.72
99 20
100.00
84.85
RR.
..NMN
118.45
118.45
118.25
118.04
117.84
117.22
117.22
117.22
116.82
117.02
117.22
117.43
117.02
117.63
117.63
118.25
118.66
119.07
119.27
119.48
119.69
119.27
119.27
118.86
118.66
118.45
118.45
118.04
118.45
118.66
118.66
Baa
4444 444444444444444444444&44444&444 4&44&444&444444& 4yri 4
105.37
104.85
104.51
104.33
104.33
103.65
103.65
103.48
103.82
103.65
103.99
103.82
103.32
103.48
103.48
103.32
103.48
103.32
103.48
103.15
103.85
103.32
103.32
102.64
101.64
101.64
101.81
101.97
101.64
101.81
101.81
A
104.33 90.00 99.04
xchang e Closed
104.33 90.00 99.20
104.16 89.72 98.73
104.33 89.86 98.88
104.16 90.90 98.73
120 Domestic Corporate
by Ratings
S
; g
;.4.;-.
O66;.666666666666666 66666666666666666666666666
6
w ..40,a050.4.-wcw-aoc.m,-w•D. ooccc.-wwoomocoawocoowowovo...-. .-...... to.
As
All
1935
120
Daily
DomesAverages
tic
Oe
Aaa
105.54 118.45 113.07
Shock E
105.72 118.45 113.26
105.54 118.45 113.26
105.54 118.45 113.26
105.54 118.25 113.26
120 Dogmatic
Corporate* by Groups
N
Nov.29- 107.43
28._
27__ 107.47
26_ 107.44
25-- 107.47
23._ 107.49
WeeklyNov.22_ 107.48
15-- 107.52
8- 1Q7.67
1._ 107.55
Oct. 25._ 107.43
18:_ 107.13
II__ 106.84
4- 106.67
Bept.27_ 106.73
20._ 106.39
13._ 107.15
6_ 107.53
Avg.30_ 107.50
23._ 107.64
16._ 108.50
9.. 108.88
2.. 109.06
July 26_ 109.05
19._ 109.19
12.. 109.00
5_ 108.95
Jane 28_ 108.99
21.. 108.80
14._ 108.81
7_ 108.61
May 31__ 108.22
24_ 108.66
17._ 108.55
10.. 108.61
3._ 108.89
Apr. 26._ 108.61
19._
12_ 108.25
5-- 108.54
Mar.29... 108.07
22.. 107.79
16.. 107.94
8.. 107.85
1._ 108.22
rib. 23._ 108.44
16._ 107.49
8- 107.47
L._ 107.10
lap. 25._ 107.33
18.. 106.79
11-- 106.81
4. 105.76
High1935 109.20
Low 1146 i05 66
High 1934 106.81
Low 1934 99.06
Yr.Ago
gov.28'34 104.72
1 Yrs.Ago
gov_29.8.8 100.15
120 Domestic Corporate*
by Ratings
0.
120
U. S.
Govt. DomesBonds
tic
••
Corp.'
6
6 6666
6 4;-,7..6;-66;r6OOMO6 664.6z66.64.4,.4..4.4.66666
wwww 6 .
oto
C ii.owwo.00mo.wo.00coom 0.66 6.0-ao.000.ww.w.46066wo moo,
1935
Daily
Arerages
ft
30
Forsigns.
6.86
6.71
6.67
6.63
6.60
6.53
6.41
6.31
6.46
6.34
6.97
6.85
8.90
6.64
6.79
6.50
6.62
6.58
6.59
6.24
6.17
6.15
6.12
5.97
5.91
5.85
681
5.80
5.81
5.82
5.83
5.88
5.86
5.85
5.97
5.93
8.11
6.23
6.46
6.33
6.16
6.12
6.03
6.02
8.04
6.01
6.12
6.14
8.15
6.22
6.30
5.78
6.97
8.65
6.35
6.44
8.99
bond (434% Coupon, maturing in 31 years and do not purport to show either the average
•These prices are comcuted from average yields on the basis of one Idea"
level or the average movextent of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
Moody'
Index of bond prices by months back to 1928. see the issue of Feb. 6 1932. page 907.
For
market.
yield averages, the latter being the truer picture of the bond
**Actual average Price of 8 id 13-terrn Treasury issues. t The latest complete list of bonds used in computing these indexes was published in the Issue of May 18 1935.
with
basis
compsrable
previous
30
of
Average
averages of 40 foreign bonds.
foreign
bonds
a
to
adjusted
but
page 3291. If
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Nov. 29 1935.
the
of
was the announcement of
news
week
big
The
President Roosevelt to-day that the "peak appropriation"
for recovery projects has been passed, and that the country
can look forward to a decreasing budget deficit. This surely
should have a wholesome effect on general business and give
further impetus to the increasing activity in evidence in
almost all lines. Another encouraging feature was the continued increase in retail store business. Early Christmas
shopping was a factor with the weather more seasonable.
Car loadings last week showed a gain of 18,173 cars to
646,503 cars. The gain over the same week a year ago was
85,561 cars, and 60,765 cars more than in the corresponding
week two years ago. Bank clearings this week reflected the
current rapid recovery in industrial activity, with a gain of
more than 31% over the same period a year ago. Electric
output last week reached a new high record when it reached
1,953,119,000 kilowatt hours. It was 14.5% above the same
week last year. Steel operations, according to the American
Iron and Steel Institute, were scheduled,at 55.4%, the highest since the week of June 18 1934. The action of the
Steel Corporation in not advancing prices for the first quarter of next year, while quite a surprise to the trade, and
especially the independent companies, is looked upon as a
most wholesome influence in maintaining the present exceptional stability in the finished steel trade. Highly interesting
reports came from Washington to the effect that home building for the first 10 months of this year was 150% above the
entire year of 1934. Woolen and worsted mills continue to
operate at capacity, and indientions are that the schedules
will be maintained for four months at least. The cotton
market was a dull affair, and prices were generally lower.
Grains were also dull and showed a downward trend. Rubber was extremely active of late and prices advanced in sym-
pathy with London and Singapore. Coffee trading was brisk
and prices moved sharply upward owing to political developments in Brazil. Silk, after early weakness, rallied late in
the week, with trading volume of fair proportions. Other
markets were generally Quiet. The season's first freezing
temperatures swept into New York on the 24th inst., accompanied by the city's first snow. The minimum temperature
was 24 degrees. A heavy rain fell on Thanksgiving Day.
Wintry blasts and snow swept Virginia on the 24th inst.,
with the temperature down as low as 20 degrees in the Valley
of the Shenandoah. A swift-moving Northeaster, laden with
snow, sleet and rain, swept from Cape Hatteras into New
England. Nearly half an inch ^f snow fell in Boston on the
24th inst. A sharp earthquake was felt at Santa Ana, Calif.
Helena, Mont., continued to get shocks. To-day it was
cloudy and cold here, with temperatures ranging from 42 to
50 degrees. The forecast was for fair, colder to-night and
Saturday; Sunday fair and moderately cold. Overnight at
Boston it was 44 to 60 degrees; Baltimore, 44 to 64; Pittsburgh, 30 to 42; Portland, Me., 44 to 54; Chicago, 22 to 32;
Cincinnati, 26 to 42: Cleveland, 26 to 48; Detroit, 28 to 44;
Charleston, 46 to 72; Milwaukee, 22 to $0; Dallas, 46 to 62;
Savannah, 44 to 70; Kansas City, 30 to 34; Springfield, Mo.,
28 to 38; Oklahoma City, 38 to 54; Salt Lake City, 24 to 50;
Seattle, 36 to 48; Montreal, 40 to 48, and Winnipeg, 8 to 20.
Selected Income and Balance Sheet Items of Class I
Steam Railways for September
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of September.
These figures are subject to revision and were compiled
from 143 reports representing 149 steam railways. The
3445
Financial Chronicle
Volume 141
present statement excludes returns for Class I switching and
terminal companies. The report in full is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS)
For Month of September For the Nine Months of
Income Items
1935
1934
1935
on their own lines, compared with 302,095 cars in the preceding week and 267,296 cars in the seven days ended Nov.24
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
1934
Loaded on Own Lines
IWeeks Ended-
Net railway operating income_ __ 57,359,249 41,713,426 321,994,749 344,585,705
12,117,707 13,398,938 115,829,706 129,931,401
Other income
69,476,956 55,111,864 437,824,455 474,517,106
Total Income
1,254,951 1,523,843 12,832,601 15,426,056
Miscell. deductions from income_
Income avail,for fixed charges_ 68,222,005 53,588,021 424,991,854 459,091,050
Fixed charges:
11,523,204 11,217,457 100,134,141 100,239,660
Rent for leased roads
41.932,940 42,315,875 380,492,382 381,537,473
Interest deductions
233,638 2,016,862 2,197,824
222,625
Other deductions
Total fixed charges
Income after fixed charges
Contingent charges
53,678,769 53.766,970 482,643,385 483.974,957
d178,949 d57,651,531 d24,883,907
14,543,236
1,000,302 1,000,214 9,020,156 9,019,612
13.542.934 d1,179,163 d66,671,687 d33,903,5I9
Net Income_a
Depreciation and retirements_ __.. 16,183,720 15.803,674 145,117,128 142,936,556
Federal income taxes
1,913,884 1,226,165 12,783,949 12,223,672
Dividend appropriations:
5,065,192 2,386,462 58,114,765 67,936,514
k On common stock
12.655,620 13,082,675
I' On preferred stock
1,039,712
Nov. 23 Nov. 16 Nov. 24 Nov. 23 Nov. 16 Nov. 24
1934
1935
1935
1934
1935
1935
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chines:. Milw. St. Paul & Pac. Ry
y Chicago & North Western Ry
Gulf Coast Lines
International Great NorthenaRR
Missouri-Kansas-Texas RR
Missouri Bacilli+ RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
Balance atEnd of September
1935
1934
$734,653,134
$760,054,083
$397,838,152
14,032,671
32,526,047
64,392,854
4,095,552
56,367,750
49,285,692
134.685,128
285,785,731
34,926,819
2,928,117
5,462.714
$312,122,190
37,998,134
40,690,412
56,568,743
6,305,184
50,000,473
46,236.421
151,492,945
308,288,593
44,991,559
3,510,824
4,323,270
$1,082,327,227 $1,062,528,748
Selected Liability ItemsFunded debt maturing within six months_b
$243,607,694
$107,506,476
Loans and bills payable_c
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
TJnmatured rents accrued
Other current liabilities
$344,232,829
73,014,739
214,099,880
59,992,430
395,075,096
15,550,650
321,338.273
1,182,783
106,510,427
32,303,412
17,770,767
$296,694,005
66,368,439
217,656,119
62,894,999
305.366,786
16,211,046
274,433,153
1,123.121
106,629,306
31,451,376
19,081,145
$1,581,071,286 $1,397,909,495
Tax liability:
U. S. Government taxes
33,070,238
31,786,378
Other than U. S. Government taxes
158,886,129
164,032,805
a September 1935 income as reported, was increased by credits to operating expenses on account of reversal of charges previously made for nab lily under the
Railroad Retirement Act. These credits for September 1935 amounted to $316,168
and for the nine months ended with September 1935 the net credit Is $7,284,425.
For September 1934 the reported net income includes charges because of the Retirement Act amounting to $2,758,922 and for the nine months ended with September
1934 the charges included are $5,575,523. b Includes payments which will become
due on account of principal of long-term debt (other than Account 764, funded debt
matured unpaid) within six months after close of month report. c Includes obligations which mature not more than two years after date of issue. d Deficit.
1
4,792 New Freight Cars Installed During First Ten
Months of 1935
Class I railroads of the United States, in the first 10
months of 1935, installed 4,792 new freight cars, according
to reports just received by the Association of American
Railroads and made public on Nov. 23. In the same period
last year, 21,671 new freight cars were placed in service, and,
In the same period two years ago, there were 1,872. The
reports furnished the Association further showed:
Thirty-one new steam locomotives and 102 new electric locomotives were
placed in service in the first 10 months of this year. The railroads, in the
first 10 months of 1934, installed 22 new steam locomotives and 16 new
electric locomotives.
New freight cars on order on Nov. 1 totaled 6,433 compared with 3,080
on the same day in 1934 and 127 on the same day in 1933.
The railroads on Nov. 1 this year had on order 11 new steam locomotives
and three new electric locomotives. New steam locomotives on order on
Nov. 1 1934 totaled 34, and on the same date in 1933 there was one. New
electric locomotives on order on Nov. 1 1934 totaled 101. No reports are
available as to the number on order on Nov. 1 1938.
Freight cars and locomotives leased or otherwise acquired are not included
in the above figures.
Revenue Freight Car Loadings Gain 18,173 Cars
Loading of revenue freight for the week ended Nov. 23
1935 totaled 646,503 cars. This is a gain of 18,173 cars,
or 2.9%, from the preceding week, a rise of 84,561 cars, or
15.0%, from the total for the like week of 1934, and an
increase of 60,765 cars, or 10.4%,from the total loadings for
the corresponding week of 1933. For the week ended Nov. 16,
loadings were 7.4% above the corresponding week of 1934
and 4.3% higher than those for the like week of 1933.
Loadings for the week ended Nov. 9 showed a gain of 9.9%
when compared with 1934 and a rise of 12.1% when comparison is made with the same week of 1933.
The first 18 major railroads to report for the week ended
Nov. 23 1935 loaded a total of 306,146 cars of ravenuo fraight
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
17,771 5,346 5,214 4,536
25.381 13,741 15,049 12,102
20.442 8,994 10.034 7,179
14,700 7,623 7,617 6,297
16,548 7,391 7.303 6,221
12,820 9,567 9,453 8,485
2,732 1,370 1,380 1,195
2,692 1,890 1,952 1,879
4,414 2,624 2,482 2,403
13.294 7.929 7,606 6,608
31,444 37.949 35,009 33,777
4,007 8,447 8,257 7,587
16,022 3,865 4,033 3,251
51,264 34,384 34,101 31.522
4,357 4,971 4,879 4,184
4,188 4,973 4,727 3,996
20,516
4,704 8,327 7,885 68.55
306,146 302,095 267,296 169,391 166,981 148.077
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic+ and car-service balances receivable
Net balance receivable from agents and conductors_
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
Total current liabilities
19,246
26,970
22,167
15,732
18,958
14,009
2,958
2,082
5,137
14,823
37,832
4,321
20,117
58,752
6,150
6,139
25,325
5,428
x Not reported. y Excluding ore.
Selected Asset ItemsInvestment in stocks, bonds, &a., other than those
of affiliated companies
Total current assets
Receivedfrom Connections
Weeks Ended-
Weeks Ended-
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total
Nov. 23 1935
Nov. 16 1935
Nov. 24 1934
21,887
29,951
13,743
20,900
28.215
12,305
19,285
25,501
12.002
65,581
61,420
56.788
The Association of American Railroads, in reviewing the
week ended Nov. JUG, reported EIS follows:
Loading of revenue freight for the week ended Nov. 16 totaled 628,330
cars. This was an increase of 43,296 cars, or 7.4%, above the corresponding week in 1934 and an increase of 25,622 cars, or 4.3%, above the same
week in 1933.
Loading of revenue freight for the week of Nov. 16 was a decrease of
25,195 cars, or 3.9% below the preceding week this year, due to the usual
seasonal decline in business.
Miscellaneous freight loading totaled 255,029 cars, a decrease of 9,716
cars below the preceding week, but an increase of 35,816 cars above the
corresponding week in 1934 and 46,200 cars above the same week in 1933.
Loading of merchandise less than carload lot freight totaled 159,172
care, a decrease of 5,339 cars below the preceding week, but 2,220 cars
above the corresponding week in 1934. It was, however, a decrease of
6,373 cars below the same week in 1933.
Coal loading amounted to 122,409 cars, a decrease of 2,124 cars below
the preceding week, 3,995 cars below the corresponding week in 1934, and
14,494 cars below the same week in 1933.
Grain and grain products loading totaled 29,133 cars, a decrease of 1,459
cars below the preceding week, but an increase of 1,096 cars above the
corresponding week in 1934. It was, however, a decrease of 3,446 cars
below the same week in 1933. In the Western districts alone, grain and
grain products loading for the week ended Nov. 16 totaled 18,885 cars, an
increase of 1,330 cars above the same week in 1934.
Live stock 'loading amounted to 17,138 cars, a decrease of 1,792 can
below the preceding week, 6,124 cars below the same week in 1934, and
5,127 cars below the same week in 1933. In the Western districts alone,
loading of live stock for the week ended Nov. 16 totaled 13,495 cars, a
decrease of 4,280 cars below the same week in 1934.
Forest products loading totaled 26,049 cars, a decrease of 1,653 cars
below the preceding week, but an increase of 4,352 cars above the same
week in 1934 and 1,821 cars above the same week in 1933.
Ore loading amounted to 12,280 cars, a decrease of 3,517 care below
the preceding week but an increase of 8,228 cars above the corresponding
week in 1934 and 7,353 cars above the corresponding week in 1933.
Coke loading amounted to 7,120 cars, an increase of 405 cars above the
preceding week and 1,703 cars above the same week in 1934, but a decrease
of 312 cars below the same week in 1933.
All districts reported increases for the week of Nov. 16 in the number of
care loaded with revenue freight compared with the corresponding week
last year. All districts also reported increases compared with the corresponding week in 1933 with the exception of the Central Western, which
showed a decrease under two years ago.
Loading of revenue freight in 1935 compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Five weeks In March
Four weeks In April
Four weeks in May
Five weeks in June
Four weeks In July
Five weeks in August
Four weeks In September
Four weeks In October
Week of Nov. 2
Week of Nov. 9
Week of Nov. 16
Total
1935
1934
1933
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
2,228,737
3,102,066
2,631,558
2,881,924
680,662
653,525
628,330
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
585,034
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
602,708
27.982.859
27.690.264
26.047.078
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
Nov. 16 1935. During this period a total of 87 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 Union Pacific
System, and the Southern Pacific RR.
Financial Chronicle
3446
Nov. 30 1935
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED NOV. 16
1935
Eastern DistrictAnn Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & Loulay_
Central Indiana
Central Vermont
Delaware dr Hudson
Delaware Lackawanna & West.
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line...Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central
N. Y. N. H. & Hartford
New York Ontario & Western_
N.Y.Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh dr Shawmut
Pittsburgh Shawmut & North_
Pittsburgh dr West Virginia.-Rutland
Wabash
Wheeling dc Lake Erie
Total
Allegehay DistrictAkron Canton & Youngstown
Baltimoredr Ohio
Bessemer gr Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR.of New jersey.....
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Penn-Reading Seashore Lines..
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian.
Total
Southern DistrictGroup AAtlantic Coast Line
ClInchfield
Charleston ds Western Carolina.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac....
Seaboard Air Line
Southern System
Winston-Salem Southbound...
Total
Group BAlabama Tennessee & Northern
Atlanta Birmingham dr Coast..
Atl. & W.P.-W.RR.of Ala_
Central of Georgia
Columbus & Greenville
Florida East Coast
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1934
1933
1935
1934
662
1,765
6,791
1,347
12
1,002
4,427
7,958
352
2,609
381
11,117
5,059
148
1,046
7,332
2,232
3,357
2,033
37,263
9,740
1,553
4,214
5.742
8,480
217
307
858
628
5,019
3.155
665
1,818
6,742
1,501
23
919
4,657
8,494
293
1,416
189
11,474
2,109
159
1,401
7,832
2,482
3.558
1,781
31,610
9,809
1,797
4,210
4,114
4,538
408
380
1,214
627
5,162
2,960
594
1,389
7,624
1,453
11
1,094
5,995
9,887
199
1,288
181
11.882
2,124
159
1.308
8,242
2.445
3.839
2,252
35,397
10,605
1,920
3,707
4,533
4,003
379
376
1,165
673
5,307
2,766
1,139
247
9,495
1,909
57
1,902
6,156
5,874
82
1,382
2,982
12,948
6,789
1,653
941
6.691
2,374
157
40
35,011
10,466
1.558
8,257
4,526
4,879
20
152
1,046
831
7,885
3,083
951
351
9,062
1,591
40
2,119
6,076
5,348
98
871
2,339
11,443
5,347
1,691
975
5,939
2,268
208
63
34,112
10,206
1,758
7,658
4.231
4,261
18
254
820
829
6,539
2,221
134,806
124,342
132,596
140,512
129,685
637
324
416
15,049
25,693
28,250
1,730
1,630
1,687
8
270
252
15
1,036
a
9,602
5,574
5,979
56041
34
-iii
291
17
176
172
2,168
907
859
1,298
1,161
1,160
34,101
53,883
51,496
14,618
12,716
11,979
1,610
6,518
4,034
77
69
5,493
3,181
2,963
620
12,767
1,033
6
11
9.279
61
27
13
2,454
896
31,592
13,417
879
Group B (Concluded)Georgia
Georgia & Florida
Gulf Mobile de Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L
Tennessee Central
5,151
118,615
109,196
112,476
88,419
78,206
22,699
20,415
767
3.381
21,422
18,589
754
3,397
21,108
18,494
845
3,459
10,034
4,033
1,413
694
7,984
3,438
1,128
615
47,262
42,162
41,706
16,174
13,165
7,987
1,156
348
155
49
1,251
398
327
7,277
18,720
174
8,452
1,049
314
134
57
1,216
440
263
7,523
18,559
151
7,921
1,108
336
149
65
1,535
358
316
7,074
18,100
175
4,891
1,597
853
498
98
1,152
928
2,591
3,859
124532
766
4,808
1,445
859
306
97
992
813
2,382
3,375
11,344
619
37,842
38,158
37,137
29,363
27,040
1933
1935
1934
1935
1934
801
327
1,776
18,959
18,403
174
135
1,943
2,669
343
763111
90
2
300
1,M
1,577
9,770
19,927
19,917
4,175
17.749
17,442
293
151
131
300
135
139
1,316
1,916
2,035
1,922
2,659
2,825
652
255
370
1,342
442
727
8,772
3,690
346
247
1,373
1,971
639
E
Total
52,205
51,601
50,957
26,364
24,745
Grand total Southern District
90.047
89,759
88,094
55,727
51,785
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western _
Chicago Great Western
Chicago Milw. St. P.& Pacific.
Chicago St. P. Minn. & Omaha
Duluth Missabe & NorthernDuluth South Shore & Atlantic.
ElginJoliet & Eastern
Ft.Dodge Des Moines & South_
Great Northern
Green Bay & Western
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. l'aul & 8.8. M
Northern Pacific
Spokane International
Spokane Portland & Seattle- -
623
15,514
2.267
19,139
3,544
933
635
5.678
238
12,722
591
813
1,540
5,301
9,836
125
2,027
601
13,759
2,274
17,491
3,468
394
420
3,469
266
12,267
694
367
1,696
4,981
9,607
99
992
1,158
14,049
2,369
17,722
3,529
483
691
3,262
267
9,694
506
503
1.902
4,286
9,787
140
1,163
1,719
9,453
2,572
7,303
2,788
151
350
5,375
133
2,479
472
111
1,688
1,946
2,817
295
1,190
22
1:
8.575
2,604
6.583
2,532
70
307
3.715
113
2,257
351
67
1,422
2,112
2,273
169
803
81,526
72,845
71,611
40,842
35,452
19,599
2,689
348
16,315
1,278
10,680
2.773
1,698
5,023
920
1,304
1,967
964
133
17.345
156
339
16,074
840
1,637
19,195
2,733
215
15,946
1,605
10,936
2,915
1,446
3,070
343
1,164
1,912
527
231
15,199
178
302
14,196
285
1,371
21,575
2,837
174
17,089
1,150
11,641
3.117
1,683
3,857
459
1,894
1,967
770
75
15.967
224
423
18,310
535
1.611
5,214
1,961
48
7,617
793
8.783
1,691
1,253
2,496
12
1,062
1,111
329
79
4,517
215
895
8,588
13
1,792
4,949
1,621
22
6.400
664
6.009
1.654
894
1,987
4
1,161
857
193
47
3,019
172
854
7,216
11
1,447
102.042
93,769
103,358
46,469
39.170
185
164
206
2,820
2,123
182
1,699
1,294
120
319
671
182
4,885
14,341
55
164
7,313
2,377
7,255
4,899
2,469
282
24
148
138
168
2,873
2,085
138
1,557
1,275
93
393
712
113
4,432
13,984
35
102
7,775
2,222
7,629
5,058
2,051
156
26
152
199
238
2,206
2,164
148
1,432
1.099
152
397
498
135
5,315
13,830
34
236
8,618
2,338
7,386
4.888
1,383
a
19
3,871
299
211
1,380
1,952
1,054
1,716
981
315
833
179
215
2,482
7,606
12
107
3,472
1,542
2,283
3,364
14,443
41
50
3,152
296
140
1,249
1,379
780
1,195
743
328
779
185
158
2,363
6,289
15
106
3,470
1,327
2,065
2,822
13,147
88
27
Total
604
26,136
1,897
300
1,280
5,185
729
378
153
911
1,210
56,355
11,395
8,813
67
3,200
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
Central Western DistrictAtch. Top. dr Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & QUM
Chicago & Illinois Midland.....
ChicagoRock Island & Pacific.
Chicago & Eastern Illinois
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
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
LOU1818113 Arkansas & Texas.Litchfield & Madison
Midland Valley
Missouri & Arkansas'
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quauah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans.
Texas & Pacific
Terminal RR.Ass'n 01 8$. Louis
Wichita Falls & Southern
Weatherford M. W. dr N. W
289
103
640
631
1,051
1,253
2.414
2,282
319
341
Total
483
41,903
54,032
48.208
52,961
52,867
777
Note-Munn for 1934 revised. •Previous figures. a Not available. b Includes figures for the Boston & Albany RR., he C. C. C. & Si. Louis RR., and the
Michigan Central RR.
176
737
711
3.973
268
810
215
635
651
3,488
301
812
197
688
579
3,200
255
735
273,125 Freight Cars in Need of Repairs on Nov. 1
Class I railroads on Nov. 1 had 273,125 freight cars in
need of repairs, or 15.0% of the number on line, the Association of American Railroads announced on Nov. 25. This was
a decrease of 11,302 cars compared with the number in need
of such repairs on Oct. 1, at which time there were 284,427,
or 15.5%. The Association further announced:
Freight cars in need of heavy repairs on Nov. 1 totaled 226,431, or 12.4%,
a decrease of 4,796 cars compared with the number in need of such repairs
an Oct. 1, while freight cars in need of light repairs totaled 46,694, or 2.6%,
a decrease of 6,606 compared with Oct. 1.
Locomotives in need of classified repairs on Nov. 1 totaled 10,187, or
22.8% of the number on line. This was a decrease of 148 compared with
the number in need of such repairs on Oct. 1, at which time there were
10,835, or 22.6%.
Class I railroads on Nov. 1 had 3,030 serviceable locomotives in storage
compared with 8,815 on Oct. 1.
Number of Surplus Freight Cars in Good Repair on
Oct. 31 Declines
Class I railroads on Oct. 31 had 208,158 surplus freight
cars in good repair and immediately available for service.
the Association of American Railroads announced on Nov. 25.
This was a decrease of 12,041 cars compared with the number
of such cars on Oct. 14, at which time there were 220,199
surplus freight cars.
Surplus coal cars on Oct. 31 totaled 47,728, a decrease of
1,555 cars below the previous period, while surplus box cars
totaled 125,339, a decrease of 80 cars compared with Oct. 14.
Reports also showed 19,990 surplus stock cars, an increase
of 1,646 compared with Oct. 14, while surplus refrigerator
cars totaled 5,652, or a decrease of 944 for the same period.
Increase of 0.2% in Wholesale Commodity Prices
During Week of Nov. 23 Reported by United States
Department of Labor
Continuing the upward movement of the two preceding
weeks, wholesale commodity prices advanced 0.2% during
the week ending Nov. 23, according to an announcement
made Nov. 27 by Commissioner Lubin of the Bureau of
Labor Statistics, U. S. Department of Labor. "The allcommodity index now stands at 80.6% of the 1926 average,"
Mr. Lubin said. "Although there has been a net gain of 1%
since the first of November, the general index is still 0.5%
below the high point of the year-81.0--reached during the
week of Sept. 21. Compared with the corresponding week of
a year ago, the current index shows an increase of 5.6%."
Mr. Lubin continued:
The increase was due mainly to advances in farm products and foods.
Textile products,fuel and lighting materials, and metals and metal products
were also fractionally higher. Decreases were registered for hides and
leather products, building materials, and the chemical and drug groups.
Housefurnishing goods and miscellaneous commodities remained unchanged.
The index for the large industrial group,"all commodities other than farm
products and processed foods" remained unchanged at 79.0, the high point
of the year.
Comparisons of the present level of wholesale prices with
the previous week, a month ago, and the corresponding week
Financial Chronicle
Volume HI
of last year are shown in the following table contained in
Mr. Lubin's announcement:
Commodity Groups
All commodities
Farm products
Foods
Hides & leather products
Textile products
Fuel& lighting materials
Metab3 and metal products_ _ Building materials
Chemicals and drugs
liouseturnishing goods
Miscellaneous commodities_ All commodities other than
farm nroducts and foods
Nov. Nov. Parent- Od. Percent- Noy. Perynt23
16
age
26
age
24
ale
1935 1935 Change 1935 Change 1934 Change
80.8
80.4
+0.2
80.3
+0.4
76.3
+5.6
78.2
85.8
95.7
73.1
75.7
86.4
85.8
80.9
82.1
67.4
77.8
84.9
95.8
73.0
75.6
86.3
88.0
81.1
82.1
67.4
+0.5
+1.1
-0.1
+0.1
+0.1
+0.1
-0.2
-0.2
0.0
0.0
78.6
84.8
95.1
72.8
74.3
85.9
85.9
81.3
81.9
67.4
-0.5
-1.2
-0.6
-0.4
-1.9
-0.6
-0.1
-0.5
+0.2
0.0
70.6
75.0
84.9
69.3
75.6
85.3
84.9
77.1
82.7
70.6
+10.8
+14.4
+12.7
+5.5
10.1
1.3
1.1
+4.9
-0.7
-4.5
79.0
79.0
0.0
78.4
4-0.8
'75.1
-1-1.5
From the announcement the following is also taken:
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous commodities
All commodities other than farm
Droducts and foods
Nov. Nov. Nov. Nov. Oa. Nov. Nov.
23
16
2
9
26
24
25
1935 1935 1935 1935 1935 1934 1933
80.6 80.4 80.1 79.8 80.3 76.3 71.0
78.2
85.8
95.7
73.1
75.7
86.4
85.8
80.9
82.1
67.4
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
77.4
83.8
95.1
72.7
74.3
85.9
85.6
81.1
82.0
67.5
78.6
84.8
95.1
72.8
74.3
85.9
85.9
81.3
81.9
67.4
70.6
75.0
84.9
69.3
75.6
85.3
84.9
77.1
82.7
70.6
56.8
63.9
88.9
75.8
73.9
83.5
85.1
73.8
82.0
65.4
79.0
79.0
78.9
78.4
78.4
78.1
77.5
Retail Costs of Food Dropped 0.2 of 1% During Two
Weeks Ended Nov. 5, According to United States
Department of Labor
The index of retail food costs declined 0.2 of 1% during
the two weeks ended Nov. 5, Commissioner Lubin, of the
Bureau of Labor Statistics of the United States Department
of Labor, announced Nov. 21. "The decrease resulted primarily because of a decline of 3.5% in meat prices and
smaller decreases in the prices of fats and oils, and beverages
and chocolate," Mr. Lubin said. "The decrease of these
groups more than offset advances for the five other commodity groups." The Commissioner continued:
The current index at 80.4% of the 1923.25 average stands 6.5% higher
than for the corresponding period of a year ago, when the index was 75.4,
and 12.3% higher than on Nov. 15 1932. When converted to the former
base (1913 equals 100.0), the index stands at 127.4.
Cereals and bakery products advanced 0.5 of 1%. Flour prices increased
only 0.3 of 1% as compared with an increase of 1.7% in the previous fortnight. Among the 29 cities that reported an average increase in the
price of white bread, New Haven, with an increase of 7.1%, showed the
largest gain.
Meat prices decreased 3.5%, with lower prices for all meats the country
over. Declines were more marked in the Central and New England States
Corresponding Period in
Oct. 22 Oct. 8
Nov. 5 2 Weeks 4 lireeks 1934
Current• Ago
Ago
Nov.6
1933
1932
Nov. 7 Nov. 15
80.4
All foods
80.5
79.9
75.4
70.8
65.6
Cereals & bakery prods_ 94.9
94.4
93.4
92.1
87.1
73.3
97.1
Meats
101.3
100.6
77.7
67.9
70.0
Dairy products
75.1
73.5
74.4
74.7
69.4
65.8
86.7
85.8
81.2
83.8
72.3
78.4
Eggs
Fruits and vegetables... 55.4
53.4
.51.7
66.2
60.0
50.4
Fresh
50.7
53.1
48.8
66.2
57.7
49.0
Canned
79.8
79.9
79.9
83.0
67.6
73.1
59.4
Dried
60.0
63.8
60.7
69.0
50.6
Beverages and chocloate 67.8
68.0
68.1
68.4
73.0
73.8
85.1
Fats and oils
86.3
87.2
65.0
49.9
50.3
Sugar and sweets
66.9
67.1
66.7
65.8
58.8
64.6
•Prellminary-subject to revision
The prices of foods included n the fruit and vegetable group increased
by 3.8% as a result of an increase of 4.7% in the prices of fresh fruits
and vegetables. Prices of canned and dried items declined. Increases in
these prices were reported from all areas, but were largest in the Mountain
and Pacafic cities. Prices of all fresh fruits, except oranges, advancedapples by 1.7, bananas by 4.5, and lemons by 2.7%. Prices for most fresh
vegetables advanced. Potato prices rose 10.0%. The increase was general
throughout the nine regional areas. Lettuce, celery and carrots increased
in price 9.6, 5.4 and 5.0%, respectively. Spinach decreased in price 4.6%,
and green beans 7.5%.
Prices for beverages and chocolate declined 0.3 of 1%; prices for both
coffee and tea decreased slightly.
Lard prices declined 3.2%. This drop, together with smaller decreases
for vegetable shortening, salad oil and mayonnaise resulted in a decline of
1.3% in the composite index for the foods included in the fats and oils
group.
Prices for commodities in the sugar and sweets group rose slightly, due
chiefly to a 0.4 of 1% increase in sugar prices.
INDEX NUMBERS OF RETAIL FOOD COSTS•
Three-year average, 1935-25=100
1935
Regional Areas
United States
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Panitin
Corresponding Period in
Oct. 22 Oct. 8
Nov. 5 2 Weeks 4 Weeks 1934
Ago
Ago
Nov. 8
80.4
79.1
81.5
79.9
82.1
81.1
76.9
78.3
83.4
78.0
80.5
79.6
81.6
80.2
82.4
81.7
77.6
77.8
82.3
77.1
79.9
79.2
80.5
80.1
81.6
81.0
77.0
79.3
82.5
75.9
1933
1932
Nov. 7 Nov. 15
WCIVV05.0CD101t,
ci.e4o;o6Mcocnd
Commodity Groups
1935
Commodity Groups
ui.inivir4e4MoOLd
During the week wholesale food prices rose 1.1%. Dairy products
advanced 2.2%. Meats were up 1.9%; fruits and vegetables. 0.9%; and
cereal products, 0.4%. The "other foods" sub-group including cocoa beans,
Rio coffee, smoked salmon, glucose, pepper, and raw sugar, was lower.
Higher prices were reported for lard, molasses, and vegetable oils. The
present index for the foods group is 85.8, and is 14.4% above the corresponding week of last year.
The farm product index increased 0.5% due to higher prices for rye,
wheat, hogs, sheep, poultry, cotton, apples, oranges, seeds, and wool.
Lower prices were shown for barley, corn, oats, cattle, eggs, lemons,
timothy hay, dried beans, and potatoes. The level for each sub-group
classification-grains, livestock and poultry, and other farm productswas above that for the preceding week. Compared with the corresponding
week of a year ago,the present level offarm product prices shows an increase
of 10.8%.
An increase of 0.1% in prices of textile products brought the index for
the group to a new high for the year. Cotton goods, woolen and worsted
goods, and other textile products, including burlap and raw jute, averaged
higher. The index for silk and rayon was lower. Clothing and knit goods
remained steady.
A minor advance was registered by the fuel and lighting materials group
due to higher prices for bituminous coal and petroleum products. Anthracite coal and coke were unchanged. The index for the group as a whole,
75.7, is the highest reached in more than a year.
An increase of 0.1% for the metals and metal products group advanced
the index to a new high point for the year. Minor decreases for nonferrous metals were more than offset by an increase in the iron and steel
sub-group. Average prices of agricultural Implements, motor vehicles, and
plumbing and heating fixtures were stable.
Weakening prices for lumber and certain paint materials resulted in a
decline of 0.2% in the building materials group. Wholesale prices of sand
and gravel averaged higher. Prices of brick and tile, cement,and structural
steel were steady.
The index for the chemicals and drugs group decreased slightly to 80.9
because of lower prices of certain chemicals and mixed fertilizers. Drugs
and pharmaceuticals and fertilizer materials remained at the level of the
previous week.
The index for the hides and leather products group receded to
95.7%
of the 1926 average, a drop of 0.1% for the week. A fall in the price of
hides was alone responsible for the decrease. Skins, leather, and shoes
were unchanged. "Other loather products" were slightly higher.
The index for the housefurnishing goods group remained at 82.1. Average
prices of both furniture and furnishings were stationary.
Cattle feed prices advanced 1%. Crude rubber declined 0.7%. No
changes were shown for the sub-groups of automobile tires and tubes. Paper
and pulp, and other miscellaneous commodities.
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. 24 1934, and
Nov. 25 1933:
3447
than elsewhere. Pork loin roast and pork chops dropped 14.1 and 13.9%,
respectively. No other foods showed so marked a change in the two-week
interval. Price changes for certain varieties of meats during the past four
weeks have been substantial; round steak has decreased in price 5.0%,
pork chops 15.7, and leg of lamb 4.8.
Dairy products increased 1.0% in cost, due mainly to a 2.6% increase
in the price of butter. Egg prices advanced 1.0%. Ordinarily, egg prices
at this season of the year show a much greater increase. Prices for eggs
in cities in the Southern and Far Western areas declined.
INDEX NUMBERS OF RETAIL FOOD PRICES
Three-year average. 1923-25=100
65.6
66.5
67.9
83.3
64.6
84.1
61.0
82.3
64.2
66.4
•Preliminary-subject to revision
Although average retail food costs for all cities combined allowed a slight
decline, food prices in the West South Central, Mountain and Pacific States
increased. Of the 51 cities included in the combined index, 23 reported
higher food prices than two weeks previous, 24 reported lower prices, and
four reported no change. The city with the largest increase in food prices
was Seattle. Prices in this city increased by 4.1%, due largely to a marked
advance in the prices of fresh fruits and vegetables. The greatest decline
in food costs was reported for Newark, where prices fell 1.9%, due to the
elimination of the New Jersey sales tax.
"Annalist" Weekly Index of Wholesale Commodity
Prices Higher for Week Ended Nov. 26-Decrease
Noted for November as Compared with October
Higher prices for cattle and beef, for cotton and wool and
their products and for petroleum caused an advance of
0.9 points in the "Annalist" Weekly Index of Wholesale
Commodity Prices, the index rising to 129.4 on Nov. 26
from 128.5 (revised) Nov. 19. The "Annalist" reported:
It is now within 0.8 points of the five-year high of 130.2, established
Oct. 8. Lambs also advanced, along with pork, wheat, cocoa and cheese.
Milk and butter were lower, as well as potatoes, rubber and time.
The injunction granted Monday (Nov. 25) by the Supreme Court against
the collection of the processing tax against the collection of the processing
tax from the rice millers sent sugar prices downward, but raised cotton
prices. While variously interpreted, it is scarcely an indication of what the
court's decision will be when it comes to pass on the AAA.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100)
Nov. 26 1935 Nov. 19 1935 Nov. 27 1934
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
v All commodities on old dollar bards
122.8
136.4
*119.3
169.8
111.6
111.7
98.2
84.9
129.4
77.1
121.1
135.7
x119.2
169.3
111.6
111.6
98.2
85.0
x128.5
'75 2
107.6
117.0
106.5
162.6
109.6
112.4
99.0
77.8
118.5
50 2
•Preliminary. x Revised. y Based on exchange quotations for France, Switzerland and Holland: Belgium included prior to March 1395.
As to prices during November the "Annalist" had the
following to say:
The monthly average declined to 128.3 for November from 129.2 for
October. the drop reflecting the decline in the weekly index in the second
half of October and the first part of November.
00.1935
Nov. 1934
106.5
118.3
107.0
161.8
109.6
112.5
99.0
77.9
116.4
69.3
*Preliminary. a Based on exchange quotations for France, Switzerland and
Holland; Belgium included prior to March 1935.
Chain Store Sales Continue Climb During October
October trade results in the chain store field revealed further improvement in many directions, according to the current review of "Chain Store Age." Substantial gains were
made by the apparel, shoe and drug store groups. Business
in the variety stores eased off slightly, while returns of the
grocery chains were moderately under those of the preceding
month, though still far ahead of a year ago. The "Age"
further stated:
Viewed as a whole, the situation continued definitely favorable, with a
further rise in the composite showing. On the other hand, reports from
the agricultural communities and other industry generally followed a more
optimistic vein in regard to both earnings and business prospects.
As reflected by the "Chain Store Age" index, the level of sales activity
in the chain store field in October increased to 99.8 of the 1929-31 average
for that month taken as 100. In September the index stood at 99.7, while
in August it was 97.7.
A year ago the index dropped from 95.3 in September to 92.0 in October.
The sales improvement in October this year over 1934, as indicated by a
comparison of the index figures, was thus 8.4% as against an increase of
4.6% in September over lai var.
The surprisingly good results of the apparel and shoe groups, after a
Slow start the early part of the month, when unfavorable weather held back
buying, testify to the healthy basic condition of consumer buying power.
The strong comeback is construed as a favorable augury of future business,
particularly during the forthcoming holiday season.
The index for the apparel group of three chains in October advanced to
109.7 from a level of 107.0 in September. The indicated sales gain in
October over the same month of last year, when the index stood at 101.4,
was 8.1%.
The sales index of the shoe group, consisting of two leading chains, Increased in October to 113.0 from a level of 110.0 in September. Shoe
retailers are anticipating a continued good business throughout the fall and
winter months. Reports have been current lately of a probable increase in
shoe prices to offset some of the increased cost of raw material and manufacture. Store executives believe the current market is sufficiently healthy
to absorb this inescapable advance in prices, and that no serious loss will
occur if the higher prices are put into effect.
In the five-and-ten department store division the index of sales dropped
fractionally to 103.4 in October from 104.0 in September. A year ago the
index declined front 102.8 in September to 97.0 in October, so that the
comparative increase in October over the same month last year was 6.6% as
against 1.1% in September.
Drug store sales increased in October over September more than the seasonal extent. The index figure for the month was 115.7 as against 114.2 in
September and 108.5 in October 1934.
Results of the grocery chain group took a downward turn after an almost
uninterrupted rise extending over the preceding 10 months. The index of
sales for October was 92.8 as against a revised level of 93.6 in September
and 92.0 in August. In October a year ago the index figure stood at 84.9.
The "Chain Store Age" index of independent department store sales in
October, based on preliminary figures reported by the Federal Reserve Board,
declined to 77.0 of the 1929-31 average taken as 100, from a level of 82.8
in September.
Continued/Increase in Business Activity During October and First Half of November Reported by NationalIndustrial Conference Board
The general improvement in business activity noted during
the past four months continued through October and the
first half of November, according to the regular monthly
survey of business conditions by the National Industrial
Conference Board. In its survey, issued Nov. 25, the Board
said:
More than seasonal increases were made during October, compared with
September, in motor vehicle production, machine tool orders, building and
engineering contract awards, electric power output, bituminous coal production, textile activity, and rail shipments.
Steel production and retail trade advanced slightly less than the usual
amount during October. Wholesale prices declined during that month and
the first half of November. Retail prices continued to advance. The cost
of living rose as a result of higher prices for food, rents, clothing and coal.
Data for October show that business is in a better position than it was a
year ago. Improvement has been general in the fields of production, trade,
and finance. Machine tool orders last month were 134% greater, residential
building was 109% greater, and automobile production 91% larger than
Ix October 1934.
Both wholesale and retail prices have advanced gradually since October
1934, wholesale prices increasing 5% and retail prices nearly 4%. The
rise in prices of foodstuffs, both at wholesale and retail, has been much
greater than that in other classes of commodities. This increase has been
stimulated by the crop control activities of the Agricultural Adjustment
Administration.
Weekly Electric Output Continues Climb to New
Peaks
r The Edison Electric Institute in its weekly statement
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Nov. 23 1935 totaled 1,953,119,000 kwh. This is
the fifth consecutive week that weekly electric output has
reached a new all-time high mark. Total output for the
PERCENTAGE INCREASE OVER 1934
Week Ended
Nov. 23 1935
Major Geographic
Regions
New England
Middle Atlantic
Central Industrial_
West Central
Southern States
Rocky Mountain
Pacific Coast
Week Ended
Nov. 2 1935
Week Ended
Nov. 9 1935
Week Ended
Non. 16 193.5
14.3
11.5
20.1
13.6
12.3
19.9
13.2
16.7
10.8
21.4
17.4
10.7
17.9
12.8
14.2
9.7
20.4
12.6
11.6
17.7
12.5
14.1
10.7
18.7
10.4
8.7
26.0
14.7
14.5
14.6
14.2
13.7
Total United States_
DATA FOR RECENT WEEKS
Weekly Data for Precious Years
Week of-
in Millions of Kilowatt-Hours
P. C.
Clege
1934
1935
Sept. 7.. 1,752,066,000 1,564,867,000
Sept. 14._ - 1,827,513,000 1,633,683,000
Sept. 21_ .. _ 1,851,541,000 1,630,947.000
Sept. 28_ - _ 1,857,470,000 1,648,976,000
Oct. 5_
1,863,483,000 1,659,192,000
Oct. 12.. 1,867,127,000 1,656,864,000
Oct. 19._ _ 1,863,086.000 1,667,505,000
Oct. 26 _ _ _ 1,895,817,000 1,677,229,000
Nov. 2._ - 1,897.180,000 1,669,217.000
Nov. 9._ 1,913,684,000 1,675,760,000
Nov. 16._ - 1,938,560,000 1,691,046,000
Nov. 23_
1.953,119,000 1,70.5,413,000
1,683,590,000
Nov. 30_ _ _
1,743,427,000
Doe. 7_ _ _
1,767,418,000
Dec. 14...
1,787,936,000
Dee. 21...
1.650.467.000
Dec. 28.._
+12.0
+11.9
+13.5
+12.6
+12.3
+12.7
+11.7
+13.0
+13.7
+14.2
+14.6
+14.5
1933
1932
1931
1930
1929
1,583
1,663
1,639
1,653
1,646
1,619
1,619
1,622
1,583
1,617
1,617
1,608
1,554
1,619
1,644
1,657
1,539
1,424
1,476
1,491
1.499
1,506
1,508
1,528
1,533
1,525
1,521
1,532
1,475
1.510
1,519
1,563
1.554
1,415
1,582
1,663
1,660
1,646
1.653
1.656
1,647
1,652
1,628
1,623
1,655
1,600
1,671
1,672
1,676
1,565
1,524
1.630
1,727
1,722
1,714
1,711
1,724
1,729
1,747
1,741
1,728
1.713
1,722
1,672
1,747
1,748
1,770
1,617
1,675
1,806
1.792
1,778
1,819
1,806
1.799
1,824
1,816
1.798
1,794
1.818
1,718
1,806
1,841
1,860
1,638
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
Jan.-..
Feb__ .
MarcIL
April__
May...
June__
July..
Aug-Sept__ _
Oct_ ___
Nov..
Dec....
is.
Total_
1935
1934
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
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
P. C.
Clegg
1933
1932
1931
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
6,130,017
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
1930
t-.N.4=00.4.4.010.01
120.9
135.5
.118.7
169.5
111.6
111.6
98.2
85.0
128.3
76.2
Z.,
,
1,:
0
4141.141.0-0.
04C0 app
Nov. 1935
latest week indicated a gain of 14.5% over the corresponding
week of 1934, when output totaled 1,705,413,000 kwh.
Electric output during the week ended Nov.16 1935 totaled
1,938,560,000 kwh. This was a gain of 14.6% over the
1,691,046,000 kwh. produced during the week ended Nov. 10
1934. The Institute's statement follows:
•i,
c,mmoo
THE ANNALIST MONTHLY INDEX OF WHOLESALE
COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
:All commodities on old dollar basis
Nov. 30 1935
Financial Chronicle
3448
80,009,501 77,442,112 86,063.969 89,467,099
based on reports covering approximately 92% of the elee.ric light and power industry and he weekly figures are
based on about 70%.
85 564.124
Note-Time monthly figures shown above are
National Fertilizer Association Reports Wholesale
Commodity Prices During Week of Nov. 23 at Highest Level Since March 1933
The wholesale commodity price index compiled by the
National Fertilizer Association in the week ended Nov. 23
advanced to the highest point reached this year, and also the
highest in the recovery period which began in March 1933.
The index for the week stood at 80.0% of the 1926-28 average
compared with 79.5 in the preceding week, 79.3 a month ago,
and 75.7 a year ago. The highest point previously attained
this year was 79.6, in October. An announcement by the
Association, Nov. 25, also said:
The general trend of prices was upward during the week, with five of the
component groups of the index, including the four most heavily weighted
groups, advancing and only three declining. The largest advance was
registered by the grains, feeds and livestock index, reversing the decline
which had been in progress for the two preceding months. Twelve commodities included in this group rose in price last week, with grain, feedstuffs and live stock prices generally moving higher ; slight declines took
place in oats and rye, the only commodities in the group to move downward. Time index of foods prices advanced to a new high point, largely the
result of higher quotations for pork and flour. The eleventh consecutive
weekly rise in the textiles index occurred last week, reflecting higher
prices for cotton, cotton yarns and hemp. Higher petroleum prices were
responsible for a slight rise in the fuel index. A drop in Southern pine
prices caused a recession in the building materials index. Lower tankage
quotations more than counterbalanced a rise in cottonseed meal, with the
result that the fertilizer materials index fell off slightly.
Thirty-two price series included in the index advanced last week and 16
declined ; in the preceding week there were 23 advances and 23 declines;
In the second preceding week there wre 26 advances and 21 declines.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association
1926-1928=100
Per Cent
Each Group
Rears to the
Total Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
100.0
•Revised.
Group
Latest
Week
Nov. 23
1935
Pre
ceding
Week
Month
Ago
Year
Ago
86.7
67.5
84.7
69.5
71.9
87.9
76.9
78.2
70.1
74.2
69.0
68.1
88.4
79.2
87.8
Foods
89.0
Fuel
83.4
Grains, feeds and livestock
72.1
Textiles
Miscellaneous commodities-. 72.3
86.6
Automobiles
77.3
Building materials
84.1
Metals
84.8
Housefurnishing goods
82.1
Fats and oils
95.6
Chemicals and drugs
65.9
Fertilizer materials
70.6
Mixed fertilizers
101.7
Agricultural implements
86.8
68.7
81.5
71.6
72.5
86.6
78.2
84.1
84.8
81.9
95.6
66.0
.70.6
101.7
83.8
81.6
84.7
76.5
95.6
66.0
70.9
101.7
85.9
66.5
93.8
65.5
75.0
99.8
80.0
79.5
79.3
75.7
All arouos combined
Monthly Indexes of Federal Reserve Board for October
Under date of Nov. 27 the Board of Governors of the
Federal Reserve System issued as follows the monthly
indexes of industrial production, factory employment, &c.:
BUSINESS INDEXES
(Index Numbers of the Federal Reserve Board. 1923-2100) a
General IndexesIndustrial production, total_ b
Manufactures_ b
Minerals
Construction contracts, value cTotal
Residential
All other
Factory employment.c1
Factory payrolls..d
Freight-car loadings
Department store sales, value
Production Indexes by Groups and
IndustriesManufactures:
Iron and steel
Textiles
Food products
Automobiles.1)
Leather and shoes
Cement
Petroleum refining
Tobacco manufactures
Minerals:
Bituminous coal
Anthracite
Petroleum, crude
Iron Ore
Zinc
Silver
Lead
Adjusted for
Seasonal Variation
Without
Seasonal Adjustment
Oct.
1935
Sept.
1935
Oct.
1934
Oct.
1935
Sept.
1935
Oct.
1934
p94
994
992
89
89
87
74
72
81
996
995
999
89
89
92
75
75
87
946
p25
964
83.7
43
25
58
81.9
64
977
62
81.
31
p44
12
925
46
v60
76.8
85.3
75.1
57
73
73
986
44
25
59
183.5
72.1
70
85
29
12
43
78.4
61.0
64
82
87
9112
83
89
9102
52
84
106
78
r50
102
47
172
129
41
89
107
41
85
46
153
120
85
9116
86
78
9113
59
58
65
135
62
83
71
59
65
53
121
35
76
39
56
980
962
9141
105
78
138
p72
948
P140
62
80
68
148
io
83
106
81
29
118
59
173
143
40
92
110
37
93
53
154
129
61
65
139
119
79
68
56
71
68
123
60
73
39
58
9Preliminary. r Revised.
a Indexes of production, car loadings, and department store sales based on daily
averages. b Revised seasonal adjustment factors for automobiles used in September and October 1935. c Based on three-month moving avetage of F. W.Dodge
data centered at second month. d Indexes of factory employment and payrolls
without seasonal adjustment compiled by Bureau of Labor Statistics. Index of
factory employment adjusted for seasonal variation compiled by Federal Reserve
Hoard. Underlying figures are for payroll period ending nearest middle of month.
October 1935 figures are preliminary, subject to revision.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-25=100) a
Employment
Group and Industry
Payrolls
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variation
Adjustment
Adjustment
Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct.
1935 1935 1934 1935 1935 1934 1935 1935 1934
Iron and steel
75.8 74.1
Machinery
90.7 88.8
Transportation equipment_b 99.8 81.4
A utomobiles.b
113.8 91.0
Railroad repair shops
54.8 52.4
Non-ferrous metals
91.0 87.4
Lumber and products
55.2 r55.5
Stone, clay and glass
54.6 53.9
Textiles and products
96.1 96.0
A. Fabrics
93.6 93.2
B. Wearing apparel
97.7 98.3
Leather products
84.5 r85.4
Food products
97.2 r98.8
Tobacco products
57.4 57.3
Paper and printing
97.8 r97.6
Chemicals dr petroleum prods. 111.3 110.3
A. Chemicals group except
petroleum refining
111.3 110.8
B. Petroleum refining_ .__ 111.4 108.2
Rubber products
83.8 81.7
l Total..b
65.6 76.3 74.7
75.8 93.3 91.1
69.3 92.5 75.8
74.7 105.0 84.0
53.7 .55.1 52.6
r76.2 92.1 86.9
47.7 57.3 r57.0
50.0 56.7 55.8
90.7 97.8 95.9
88.8 94.6 92.1
91.3 100.9 100.5
81.4 86.6 r88.8
109.3 107.21118.0
62.5 60.0 58.9
96.0 98.3 r97.3
107.5 113.2 110.7
66.0
77.9
64.2
68.7
53.9
r77.2
49.5
51.9
92.3
89.7
94.4
83.4
119.5
65.3
96.4
109.4
65.5 r62.7 42.8
78.5 75.2 67.0
86.5 65.7 49.7
97.8 72.1 52.0
53.1 49.1 46.8
78.4 70.9 157.8
48.6 r47.3 35.2
44.5 42.2 35.3
84.6 84.6 74.7
83.3 80.4 73.1
82.0 87.8 73.4
73.8 r76.9 64.3
97.2 r104.3 103.4
50.5 49.4 49.0
88.2 r86.2 82.7
100.4 r99.0 91.6
106.2 113.7 110.8 108.5 100.0 97.8 89.6
113.1 111.2 110.1 112.9 101.61102.5 97.9
r79.4 83.1 81.1 r78.7 72.2 68.8 58.3
83.7 81.9 76.8 85.3 r83.5 78.4 75.1 72.1 61.0
Department Store Trade
Seventh District department store trade expanded 6% in October over
the preceding month, which increase is about average for the period. The
largest gains were recorded in sales of Milwaukee firms and those of stores
in smaller centers, which exceed the September volumes by 18% each;
Chicago trade gained 11%, and that of Indianapolis firms 7%. Detroit
sales fell off 14%, which trend, however, is customary for that city,
following special sales each September. The gain of 9% for the district
over last October was the largest in the yearly comparison in three months
and reflected particularly favorable margins in Detroit, Indianapolis, and
smaller cities. Stocks again rose more than seasonally at the end of
October over a month previous (by 8%) and were 2% heavier than a year
ago, but the rate of turnover exceeded that in the month last year. . . .
Industrial Employment Conditions
Seventh District industries increased employment almost 5% and wage
payments more than 7% between the payroll periods of Sept. 15 and Oct. 15.
These gains were the largest since the heavy seasonal expansion of last
February, when employment advanced as sharply as in the current month
and payrolls by an even somewhat larger percentage. As in the earlier
expansion, the present improvement affected the majority of the reporting
industries, all of the principal groups with the exception of food products
and construction work contributing to the gain in employment and all but
these and the textile and leather groups to the rise in payrolls. The automobile industry was almost entirely responsible for the substantial increases
of 17% in employment and 22% in payrolls recorded for the vehicles group
as a whole.
Automobile Production and Distribution
An exceptionally sharp upturn was shown during October in production of
automobiles, following the low level reached in September, as manufacturers
pushed output of new models. Passenger vehicles produced in the month
numbered 214,609, representing a rise of 275% over a month previous
and a gain of 155% over October 1934. Truck output numbered 60,412
in the period, or 86% more than in the preceding month and 26% above
that of last October.
Receipt of new models in certain makes of cars resulted in a substantial
aggregate gain over a month and a year previous in October sales of
reporting distributors in this district. Sales by dealers to users likewise
rose in the total over September and were moderately greater in number
than a year ago. New cars on hand at the end of October were noticeably
heavier than a month earlier, but numbered slightly smaller than on the
same date of 1934. Sales of used cars increased 5% in the monthly and
3% in the yearly comparison; stocks were somewhat larger than a month
previous, and moderately above those of a year ago.
New York Federal Reserve Bank Reports 5% Increase
in Chain Store Sales in October as Compared with
October 1934
In October "total sales of the reporting chain store systems
in the Second (New York) District were approximately 5%
higher than last year, and the average daily sales showed
the largest increase since April." In stating this, the New
York Federal Reserve Bank, in its "Monthly Review" of
Dec. 1, continues:
Grocery chain systems reported a slight increase in sales, the first since
April. and on an average daily basis the comparison with a year ago was
the most favorable since January. Average daily sales of the variety and
shoe chains were above a year ago by the largest percentages since April,
and the drug chains reported a substantial advance in sales for the third
consecutive month. A moderate rise in sales was recorded by the ten Cent
chains, following a decline in the previous month, while a small decrease
was registered by the candy chain systems, following a slight increase in
September.
There was little change in the total number of chain stores in operation
between October 1934 and October 1935, so that sales per store for all
types of chains showed about the same increase over a year ago as total
sales. Grocery chains continued to show a reduction from a year ago in
the number of stores in operation, but there were increases in the number
of units operated by most other types of chains.
r Revised.
a Indexes of factory emp oyment and payrolls without seasonal adjustment
compiled by Bureau of Labor Statistics. Index of factory employment adjusted
for seasonal variation compiled by Federal Reserve Board. Underlying figures
oil period ending nearest middle of month. October 1935 figures are
are for r
preliminary, subject to revision. b Revised seasonal adjustment factor for automobiles used in September and October 1935,
Wholesale and Department Store Trade in Chicago
Federal Reserve District-Increases Noted in
Industrial Employment and Payrolls from Sept. 15
to Oct. 15-Automobile Production in Mid-West
Also Higher
In its "Business Conditions Report" of Nov. 30, the Federal
Reserve Bank of Chicago reports that both wholesale and
department store trade in the Seventh (Chicago) District
during October were about average for the month. Industrial
employment and payrolls, the bank notes, increased 5% and
7%, respectively, from Sept. 15 to Oct. 15, which gains "were
the largest since the heavy seasonal expansion of last February, when employment advanced as sharply as in the current
month and payrolls by an even somewhat larger percentage."
October automobile production in the Middle West was also
reported higher. In its review the Chicago Reserve Bank
said:
Wholesale Trade
The usual seasonal trends were followed this October by reporting wholeAlthough
the decline of 5% from September in the
sale trade groups.
wholesale grocery trade was greater than average and the increase of 1014%
in electrical supply sales smaller than usual, gains of 10 and 8% in hardware and drugs, respectively, were above normal for the month. All groups
showed smaller increases over a year ago than in the corresponding comparison for September. Gains fcr the first 10 months of 1935 over the
Finnic period of 1934 amounted to 4% in groceries, 10% in drugs, 21% in
hardware, and 23% in electrical supplies. With the exception of groceries,
stocks on hand were heavier at the end of October this year than last.
Ratio of accounts receivable to net sales remained smaller than a year ago.
Prices are reported as steady to upward.
3449
Financial Chronicle
Volume 141
Percentage Change October 1935
Compared with October 1934
VP
Wre
Sales
Per
Store
No. of
Stores
Total
Sales
Grocery
Ten cent
Drug
Shoe
Variety
Candy
--3.1
+1.9
+6.9
-0.2
+1.0
+14.1
+2.8
+11.3
+8.1
+11.4
-1.7
+3.8
+0.8
+4.1
+8.3
+10.3
-13.9
Total
-0.1
+5.1
+5.2
+0.6
Sales of Department Stores During October in New
York Federal Reserve District Above Octobe Last
Year-Sales in Metropolitan Area of New York
During First Half of November 4.7% Below Like
Period 1934
"Following a substantial increase in September," states
the Federal Reserve Bank of New York, "total October
sales of the reporting department stores in the Second (New
York) District were 0.6% below a year ago, less than the
usual seasonal expansion from September to October having
occurred." Continuing, the Bank also has the following to
say in its "Monthly Review" of Dec. 1:
The New York, Buffalo, Northern New York State, Southern New
York State, and the Capital District department stores reported sales lower
than last year, following increases in September, while the Rochester,
Syracuse, Northern New Jersey, Bridgeport, and Westchester and Stamford stores showed larger sales, although the increases were smaller than in
the previous month. Stores in the Hudson Myer Valley District, on the
other hand, registered a moderate advance in sales in October, compared
with a slight recession in the previous month. Sales of the leading apparel
stores in this District were 6.7% higher than last year, the smallest increase
in four months.
Department store stocks of merchandise were 3% above last year. the
first increase in over a year, due largely to increases in apparel departments
where sales were retarded by unseasonably warm weather, and apparel
Financial Chronicle
3450
store stocks continued larger than a year previous. Collections continued
to be better than a year ago.
Percent of Accounts
Outstanding
Sept. 30
Collected in
Stock
Net Sales
October
on Hand
Feb. to End of
1935
Oct.
Oct.
Month
1934
Percentage Changefrom
a Year Ago
Locality
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester and Stamford
1.3
-0.2
+5.7
+10.0
+0.5
+2.7
-1.0
-4.9
-1.9
+4.8
-4.8
+0.4
+0.3
+3.4
+2.4
+6.2
+0.2
+3.1
-2A
-0.1
-4.1
-0.6
-1.0
+2.9
+1.0
+8.2
-4.3
+7.6
-0.4
-3.3
-__-___
51.1
47.6
45.6
37.0
43.6
41.2
27.9
All department stores
Apparel stores
52.2
51.8
48.2
40.1
43.6
41.2
33.2
4.1
8
October sales and stocks in the principal departments are compared
with those of a year previous in the following table:
Stock on Hand
Net Sales
Percentage Change Percentage Change
Oct. 31 1935
October 1935
Compared with
Compared with
Oct. 31 1934
October 1934
Books and stationery
Silverware and jewelry
Toys and sporting goods
Furniture
Luggage and other leather goods
Musical instruments and radio
Hosiery
Shoes
Home furnishings
Toilet articles and drugs
Men's and boys' wear
Women's and misses' ready-to-wear
Men's furnishings
Linens and handkerchiefs
Women's ready-to-wear accessories
Cotton goods
Silks and velvets
Woolen goods
Miscellaneous
+9.4
+6.9
+4.2
+4.1
+3.7
+3.3
+0.3
+0.3
+0.3
-1.7
-2.1
-3.1
-3.6
-5.3
-6.2
-22.2
-25.4
-4.7
+0.1
-9.2
+0.2
+1.0
-2.2
-43.1
+25.4
+2.9
+1.4
+8.6
+19.5
+19.0
+0.4
-9.7
+7.4
-1.0
-1.0
-5.5
+2.7
The following, regarding sales in the Metropolitan area of
New York during the first half of November, is also from
the "Review":
For the first half of November sales of the reporting department stores
in the Metropolitan area of New York did not show the seasonal increase
which usually occurs in November, and were 4.7% below sales in the
corresponding period a year ago. Reporting stores in New York and
Brooklyn showed a 5% decrease in sales, while the Northern New Jersey
stores reported a decline of 2.8%.
Increase of 15.3% Over Year Ago Noted in October
Sales of Wholesale Firms in New York Federal
Reserve District
According to the Dec. 1 "Monthly Review" of the Federal
Reserve Bank of New York, "October sales of the reporting
wholesale firms in the Second (New York) District averaged
15.3% higher than last year, the largest advance recorded
since last December." From the "Review" the following
is also taken:
The shoe concerns registered the most substantial increase in sales since
March 1934,stationery firms the largest since July 1934,and men's clothing
concerns the largest In six months. The gain in sales reportel by the
grocery firms, although small, was somewhat larger than last month's
Increase, while the drug, paper, cotton goods,rayon and silk goods, diamond,
and jewelry concerns showed smaller advances in sales than in the previous
month. Hardware sales were lower than last year, following a moderate
Increase in September.
The amount of stock held by the rayon and silk and by the diamond
firms at the end of October was higher than last year, but stocks held by
the grocery, drug, hardware, and jewe ry concerns were lower. As in
September, collections averaged slightly slower than a year ago.
Commodity
Percentage
Change
October 1935
Compared with
October 1934
Net
Sales
Groceries
Men's clothing
Cotton goods
Rayon and silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month
+3.1 -11.3
+25.5
+16.9
+20.7* +WE*
+49.4
+8.3
-3.0 -2.2
+13.1
+10.6
+19.6
+12.7 -8.2
Percent of Accounts
Outstanding
Sept. 30
Collected in
October
1934
1935
99.4
43.0
40.8
67.1
44.7
32.7
50.4
44.3
48.0
21.1
96.8
44.2
406
6L3
46.4
33.8
48.8
55.7
46.8
21.4
59.3
59.9
+15.3
Weighted average
'•Quantity figures reported by the National Federation of Textiles, Ins., not
winded in weighted average Tor total wholesale trade.
Business Conditions in San Francisco Federal Reserve
District-Moderate Expansion Noted in Industrial
Production in October
"After allowance for seasonal influences, volume of production in Twelfth (San Francisco) District industries expanded moderately during October," the Federal Reserve
Bank of San Francisco announced Nov. 25. The bank stated:
Employment in representative industrial establishments, excluding fruit
and vegetable canneries, increased by about the usual small amount, and
industrial payrolls advanced considerably. . . . Employment at motion
picture studios was maintained at the relatively high level of the preceding
Month.
Nov. 30 1935
This season's fruit and vegetable packs were practically completed by the
end of the month, and activity at canneries was sharply curtailed.
Department store sales increased slightly on a seasonally adjusted basis,
and the number of new automobiles sold did not decline, as has been
customary in October of most years. Railroad freight car loadings, how.
ever, were practically unchanged from September, whereas a rather sharp
increase has usually taken place in October.
Stormy cold weather in late October and early November caused considerable damage to unharvested crops. Losses were restricted largely to late
fruits and vegetables, and consequently total crop production estimates for
the year were not greatly reduced. Livestock ranges remained in fairly
good condition in most parts of the district. Volume of agricultural
products marketed was about as large as in October last year. Prices
of farm products as a group were practically unchanged from mid-October
to mid-November, and averaged slightly higher than a year ago.
Review of Industrial Situation in Illinois During
October by Illinois Department of Labor-Contrary
to Seasonal Increase Noted in Employment from
September-Payrolls Also Higher than Usual
Statistical summaries of reports from 4,512 manufacturing
and non-manufacturing enterprises in Illinois show increases
of 0.3 of 1% in employment and 2.5% in payrolls, said a
review of the industrial situation in that State, issued Nov. 21
by Peter T. Swanish, Chief of the Division of Statistics and
Research of the Illinois Department of Labor. It was stated:
For the 12-year period, 1923-34, inclusive, the records of the Division of
Statistics and Research show that the average September-October change
was a decrease of 0.1 of 1% in the number employed, but an increase of
1.6% in payrolls. The current September-October increase in employment
represents a reversal in seasonal trend, while the change in payrolls exhibits
a greater-than-seasonal increase. The increases in both employment and
payrolls during October in comparison with September are an additional
gain and thus represent further improvement in industrial activity within
the State.
The review issued by Mr. Swanish continued:
Compared with October of last year, the current October indexes of employment and total wage payments indicate gradual growth in industrial activity.
The index of employment for all reporting industries advanced from 73.9 in
October 1934 to 75.8 in October of this year, or 2.6%, while the index of
payrolls moved upward from 55.5 to 61.3, respectively, or 10.5%.
Changes in Employment and Il'ages Paid, According to Sex
Reports from 3,773 industrial enterprises, which denoted the sex of their
employees, showed an Increase of 0.5 of 1% in the number of male, but a
decrease of 0.1 of 1% in the number of female employees. Total wages paid
male workers increased 3.4%, while wage payments to female workers
increased 1.4% during the September-October period.
Within the manufacturing classification of industries, 2,039 reporting
enterprises, the number of male workers increased 0.5 of 1%, but the
number of female workers declined 1.1%. Total wage payments to males
in manufacturing industries increased 2.9%, while wages paid female
workers increased 0.2 of 1% during October in comparison with September.
The non-manufacturing industries, considered as a group, with 1,734
reporting concerns, showed increases of 0.4 of 1% in the number of male
and 1.5% in the number of female workers employed. Total wage payments to male and female workers increased 4.6% and 3.2%, respectively.
Changes in Man-hours During October in Comparison with September
For male and female workers combined, in all reporting industries, the
total number of hours increased 2.8%. Total hours worked by male and
female workers during October in comparison with September increased
3.6% and 2.4%, respectively.
In the manufacturing group of industries, 1,794 concerns reported manhours for both sexes combined, and in these enterprises the total hours
worked were 2.7% more in October than in September.
Hours worked in 1,743 manufacturing plants, reporting man-hours for
male and female workers, separately, increased 3.7% for male workers and
2.9% for female workers.
In the non-manufacturing group, 1,351 establishments reported an increase
of 3.2% in total man-hours worked by male and female workers combined.
Within this classification of industries, 1,246 concerns showed increases of
3.4% and 0.2 of 1% in the total number of man-hours worked by male and
female workers, respectively.
Average actual hours worked by 365,634 wage earners in the 8,145 industrial enterprises reporting man-hours, increased from 38.5 in September
to 39.4 in October, or 2.3%. In the manufacturing plants, man-hours
increased from 38.2 in September to 39.1 in October, or 2.4%. In the non.
manufacturing plants, the average number of hours worked per week during
October was 40.1, or 2.6% more than in September.
Orders:and Shipments at Lumber Mills Decline Less
Than Seasonally
The lumber movement during the week ended Nov. 16 1935
showed no more than a seasonal decline from the previous
week, production of reporting mills being 4% below and new
business and mill shipments 2 and 1%, respectively, below
the week ended Nov. 16, according to reports to the National
Lumber Manufacturers Association from regional associations. Reported lumber orders (hardwoods and softwoods)
were 7% below, and reporting shipments 10% below production, compared with 10 and 15%, respectively, the preceding
week. All items were reported by identical mills as appreciably in excess of corresponding week of 1934, production at these mills being reported as 45% above last year;
new business, 24% above, and shipments 15% above. The
reports furnished the Association further showed:
During the week ended Nov. 16, 560 mills produced 206,931,000 feet;
shipped 185,510,000 feet; booked orders of 192,400,000 feet. Revised
figures for the preceding week were: Mills, 562; production, 218,158,000
feet; shipments, 186,274,000 feet; orders, 196,527,000 feet.
All regions but Southern pine, Southern cypress, Northern pine and Northern hardwoods reported orders below production, and all but the last three
named reported shipments below output during the week ended Nov. 16.
All reporting regions but redwood showed orders; all but redwood and
Northern pine reported shipments, and all but Northern pine reported production above corresponding week of 1934.
Identical softwood mills reported unfilled orders on Nov. 16 as the
equivalent of 29 days' average production and stocks of 165 days' compared
with 21 days' and 179 days' a year ago.
3451
Financial Chronicle
Volume 141
Forest products car loadings totaled 26,049 cars during the week ended
Nov. 16 1935. This was 1,653 cars below the preceding week, but 4,352
cars above the same week of 1934, and 1,821 cars above corresponding
week of 1933.
Lumber orders reported for the week ended Nov. 16 1935 by 497 softwood mills totaled 183,347,000 feet, or 7% below the production of the
same mills. Shipments as reported for the same week were 176,872,000
feet, or 10% below production. Production was 197,353,000 feet.
Reports from 80 hardwood mills give new business as 9,053,000 feet,
or 5% below production. Shipments as reported for the same week were
8,638,000 feet, or 10% below production. Production was 9,578,000 feet.
UnfUled Orders and Stocks
Reports from 492 softwood mills on Nov. 16 1935 give unfilled orders
of 611,307,000 feet and gross stocks of 3,548,532.000 feet. The 482 identical softwood mills report unfilled orders as 608,241,000 feet on Nov. 16
1935, or the equivalent of 29 days' average production, compared with
442,742,000 feet, or the equivalent of 21 days' average production on
similar date a year ago.
Identical Mill Reports
Last week's production of 485 identical softwood mills was 195,745,000
feet, and a year ago it was 135,248,000 feet; shipments were, respectively,
175,809,000 feet and 152,603,000 feet, and orders received, 181,302,000
feet and 146,189,000 feet.
Number of Unemployed Workers in October 2.5%
Below September, According to National Industrial Conference Board
The total number of unemployed workers in October
1935 was 9,196,000, according to the regular monthly
estimate of the National Industrial Conference Board,
made public Nov. 29. This is a decrease of 235,000, or
2.5%,from the preceding month, and a decrease of 861,000,
or 8.6%, below October 1934. The Conference Board
further reported:
From September to October 1935 the decreases In unemployment, by
Industrial groups, were: Manufacturing and mechanical industries, 154,000: trade, 105,000; mining, 10,000, and miscellaneous industries, 7.000.
Unemployment showed an increase of 15,000 in transportation.
Compared with October 1934, unemployment in October 1935 decreased
25.2% in manufacturing and mechanical industries, 6.0% in domestic
and personal service, 6.0% in trade. 3.7% in transportation, and 6.8%
In miscellaneous industries. Unemployment increased 1.1% in mining.
The following table prepared by the Conference Board
shows the number of unemployed workers in the various
industrial groups in October 1934, September 1935, and
October 1935:
NUMBER OF UNEMPLOYED
Industrial Group
Odober 1934
Non-Manufacturing Industries
Based on reports received from 51,584 retail trade establishments employing 847,675 workers in October, there was an estimated gain of over
75,000 employees in retail establishments. Seasonal activity in important
lines of retail trade, particularly department, variety, general merchandising,apparel and furniture stores, was a factor contributing to this expansion.
Retail food stores also showed a slight gain in workers over the month
Interval.
There was an estimated gain of 24,000workers in wholesale trade establishments, based on reports received from 15,020 establishments employing
290,336 workers in October 1935. These combined reports showed a net
gain of 1.8% in employment, establishments in many important lines of
wholesale trade reporting additional workers on their payrolls.
Substantial gains in employment were reported in anthracite mining
(over 18.000 workers) and metalliferous mining (3,000 workers). The
Increase in the latter industry was particularly marked in copper mining.
Smaller gains in workers were shown in year-round hotels, power and light
companies, brokerage and insurance offices and electric-railroad and motor
bus operation.
The most pronounced decrease in employment was in the bituminous
coal mining industry in which it was estimated that nearly 13,000 fewer
workers were on the payroll during the Oct. 15 pay period than in the
same period in the preceding month. This decrease was due primarily
to strikes in a number of mines during the October pay period. As the
reported information relates to the pay Period ending nearest toe 15th of
the month, the effect of the general strike which occurred in the latter
part of September is not reflected in these figures. Laundries showed a
seasonal decline in employment (1.3%) indicating 2,600 fewer employees
In this industry in October than in September and smaller losses in number
of workers were reported in the telephone and telegraph, crude petroleum
producing, and dyeing and cleaning industries and banks. Employment
In the private building construction industry remained practically stationary
from September to October.
Manufacturing Industries
427,000
3,889,000
1,309,000
1,048,000
1,031.000
497,000
296,000
442,000
3,062.000
1,246,000
1,090,000
970,000
470,000
296,000
432.000
2,908,000
1,261,000
985,000
970,000
463,000
296,000
All industries_b
Allowance for new workers since 1930
census
8,496,000
7.576,000
7,313,000
1,561,000
1,856,000
1,883,000
10.057.000
9.432.000
9.196 000
a This group Includes agriculture, forestry and fishing, public service, and professional service. The numbers given are the unemployed workers in 1930, satisfactory data being unavailable from which later changes in unemployment can be
computed. b Industrial classification includes 3,188,000 listed as unemployed
In census of April 1930. c Revised.
Increases in Employment and Payrolls in Manufacturing and Non-manufacturing Industries of United
States Continued During October, According to
Secretary of Labor Perkins
Continuation of the substantial gains in employment and
payrolls which were reported in September was shown in
October in the combined manufacturing and non-manufacting industries, Secretary of Labor Prances Perkins announced Nov. 25. "Approximately 250,000 -workers were
returned to employment in those combined industries in
October," Secretary Perkins said. "Weekly wage disbursements were ,200,000 greater than in the preceding month."
Miss Perkins continued:
Factory employment continued the forward movement which began in
August of this year. Estimates computed from reports supplied by firms
employing more than one-half of the total factory wage earners of the
country indicated additional jobs for nearly 150,000 workers in manufacturing industries between September and October. Retail trade establishments showed a seasonal expansion, rqllecting fall buying. Employment In anthracite mines also increased sharply, recovering from the losses
reported in July and August. Smaller gains were shown in metalliferous
mining, power and light, electric-railroad operation, wholesale trade,
hotels, and brokerage and insurance companies.
The gain of 2.2% in factory employment brought the preliminary October
employment index (85.3) to the highest level reached since October 19301
and the increase of 4.2% in factory payrolls raised the October payroll index to 75.1%, which is the highest point recorded since March 1931.
These gains in factory employment and payrolls have been exceeded in
October of only two of the preceding 16 years. The change in the production
schedule of automobiles which advanced the date of the introduction of
new models accounts for a significant portion of the more-than-seasonal
Increase in factory employment and payrolls.
The durable goods group of industries continued the expansion recorded
In the preceding two months with an employment increase of 5.2%. Employment in this group in October was 19.1% above the level of October
of a year ago. In the non-durable goods industries, small declines in employment were reported, due largely to seasonal recessions. The employment index for the durable goods group stood at 74.9 in October, which is
the highest point registered since December 1930 and indicates that for every
thousand workers employed in the index-base period (1923-192100).
749 were employed in October 1935. The October employment index of
the non-durable goods group (96.4) shows that for each thousand workers
Secretary Perkins also reported:
Sept. 1935 c October 1935
Mining
Manufacturing and mechanical
Transportation
Trade
Domestic and personal service
Industry not specified
Other Industries_a
Total unemployed
employed in the index-base period. 964 wereon factory payrolls in October
1935.
The gains in factory employment and payrolls were widespread, 69 of
the 90 manufacturing industries surveyed showing gains in employment
and a similar number showing gains in payrolls. The more important
gains in employment were in the automobile, blast furnace-steel worksrolling mill, electrical machinery, foundry and machine shop, furniture.
cotton goods, knit goods, and woolen and worsted goods industries. Industries allied to building construction reported increased employment.
among which were plumbers' supplies, steam and hot-water heating apparatus, sawmills, brick, cement, and glass. The machine-tool industry,
which is an indicator of orders placed for power driven metal cutting machinery, continued the steady expansion which has been shown each month
since October 1934. Machine tool employment was 2.2% higher than in
the preceding month and 42.5% above the level of October 1934. The
Index of employment In this industry in October (98.5) now stands at the
highest point recorded since November 1930.
A further gain of 2.2% was shown in factory employment from SePtember to October. Payrolls increased 4.2%.
The preliminary October employment index (85.3) shows an increase
of 8.8% or approximately 575,000 employees over the year interval. A
similar comparison for payrolls shows that the October payroll index
(75.9) is 23.1% higher than the October 1934 index, an increase of approximately $28,600,000 in weekly wage payments. The outstanding
gain in employment over the month interval was an increase of 25.1%
In the automobile industry and was due to increased production of new
models. Pronounced seasonal gains were shown in the beet sugar industry
(190.6%) and cottonseed oil, cake, and meal (24.7%). The electric and
steam car building industry reported a gain of 19.4% in number of workers
and the lighting equipment, radio and phonograph, and wirework industries showed gains ranging from 11.2% to 12.9%. Other industries reporting substantial percentage gains (ranging from 6.1% to 7.7%) in
number of workers were hardware, tools, shipbuilding, aluminum manufactures, brass-bronze-copper products, Jewelry, stamped and enameled
ware, and fertilizers. Gains of more than 5% were shown in the steam
and hot-water heating apparatus, steam railroad repair shop, and clock
and watch industries. Smaller percentage gains in industries of major
Importance were: Cotton goods, 3.8; knit goods, 3.0; electrical machinery, apparatus, and supplies. 2.8: woolen and worsted goods. 2.7;
furniture, 2.1: blast furnaces-steel works-rolling mills, 1.3; newspapers,
1.3; women's clothing. 1.2, and foundries and machine shops, 1.1.
The most pronounced declines in employment over the month interval
were due to seasonal recessions and were shown in canning and preserving.
41%; ice cream. 10.9%; millinery, 9.6%; beverages, 5.2%; butter, 4.5%;
fur-felt hats, 4.4%; and boots and shoes. 3.8%. Among the remaining 14
industries in which decreases were reported,the declines in8 instances were
less than 1%.
The indexes of factory employment and payrolls are computed from
returns supplied by representative establishments in 90 manufacturing
industries. The base used in computing these indexes is the three-year
average, 1923-25, taken as 100. In October 1935 reports were received
from 23,622 establishments employing 3,960,715 workers whose weekly
earnings were $85,357,953. The employment reports reiteived from
these co-operating establishments cover nearly 55% of the total wage
earners in all manufacturing industries of the country and more than
60% of the wage earners in the 90 industries included in the Bureau of
Labor Statistics' monthly survey.
The following tabulation shows the percentages of change in employment and payrolls in the Bureau's general indexes of manufacturing industries from September to October in each of the 17 years, 1919 to 1935.
inclusive:
Employment
Payrolls
In- DeIn- DeIn- DeYear crease crease Year crease Crease Year crease crease Year
1919_
1920_ _
1921 _ _ 0.8
1922_ _ 2.6
l923_ _
1924_ _ 1:6
1925_ _ 0.7
1926 -1927--
0.4
3.5
1.1
0.3
0.9
1928_ 0.4
1929-1930__
1931._
1932-- 1:i
1933-1934_ 3.3
1935-- 2.2
1.2
2.1
3.9
0.5
1919._
1921._
1922._
1923-1924.1925.1926._
1927_
1.11
2.2
2.8
5.9
3.1
0.7
2.4
3.3
1.1
Increase
1928._
1929._
1930__
1931__
l932
1933-1934_1935__
-
Decrease
3.3
1:i
0.4
2.3
3.3
0.5
5.2
4.2
In the table fol owing are presented the indexes of factory employment
and payrolls for October 1935, September 1935. and October 1934. The
Indexes are not adjusted for seasonal variation:
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES
(Three-Year Average 1923-1925=100.0)
Payrolls
Employment
Oct.
1934
x Oct.
1935
Sept.
1935
All industries
85.3
z83.5
78.4
But able goods
Non-durable goods
74.9
96.4
71.2
296.7
z82.9
95.0
Manufacturing industries--
Durable Goods
Iron and steel and their products,
not including machinery._ _ _
Blast furnaces, steel works, and
roiling mills
Bolts, nuts, washers & rivets._ _
Cast iron pipe
Cutlery (not incl. silver and
plated cutlery)& edge tools..
Forgings, iron and steel
Hardware
Plumbers supplies
Steam & hot water heating apparatus & steam fittings
Stoves
Structural & ornamental metal
work
Tin cans and other tinware_ _Tools (not including edge tools
machine tools, files, dc Saws)Wirework
Machinery, not including transportation equipment
Agricultural implements
Cash registers, adding machines
& calculating machines
Electrical machinery, apparatus
& supplies
Engines, turbines, tractors, &
water wheels
Foundry & machine-shop prods.
Machine tools
Radios & phonographs
Textile machinery & Parts
Typewriters & parts
Transportation equipment
Aircraft
Automobiles
Cars, electric Sc steam railroad
Locomotives
Shipbuilding
Railroad repair shops
Electric railroad
Steam railroad
Nonferrous metals St their prods..
Aluminum manufactures
Braes, bronze, St copper prods _
Clocks & watches St time-recording devices
Jewelry
Lighting equipment
Silverware & plated ware
Smelting Sc reflnIng-copper.
lead.& zinc
Stamped & enameled ware
Lumber Sc allied products
Furniture
Lumber, millwork
Lumber,sawmills
Turpentine St rosin
Stone, clay, & glass products
Brick, tile, & terra cotta
Cement
Glass
Marble, granite, slate, & other
products
Pottery
Nov. 30 1935
Financial Chronicle
3452
Sept.
1935
Oct.
1934
75.1
72.1
z61.0
66.3
86.2
60.6
86.9
46.4
79.6
:Oct.
1935
changes from September 1935 and October 1934, are shown below. The
12-month average for 1929 is used as the index base, or 100, in computing
the index numbers of the non-manufacturing industries. Information for
,
earlier years is not available from the Bureau's records:
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANUCOMPARISON
AND
1935
OCTIBER
IN
INDUSTRIES
FACTURING
WITH SEPTEMBER 1935 AND OCTOBER 1934
1929=100)
(Average
76.3
74.7
66.0
65.5
z62.7
42.8
75.4
81.7
50.7
74.4
78.8
51.9
65.4
72.5
50.8
68.0
70.8
28.9
64.2
63.7
z29.9
39.2
43.9
27.5
79.3
63.2
55.6
98.0
76.6
61.2
51.8
96.0
78.3
49.2
44.2
61.9
64.3
48.6
52.0
65.1
59.8
46.1
46.0
62.0
55.9
31.5
31.8
36.3
57.8
110.1
54.7
107.3
49.6
95.3
43.4
96.7
39.2
89.6
32.4
71.9
59.0
100.5
58.6
105.4
57.1
93.9
46.2
100.2
45.6
105.7
40.8
82.5
69.0
132.8
65.0
117.6
57.7
121.4
61.0
68.1
124.0 z101.2
47.4
95.9
93.3
116.6
91.1
118.5
77.9
72.9
75.2
136.8
57.0
74.4
108.0
105.0
106.7
90.7
88.2
78.7
75.3
73.3
65.0
65.2
62.1
49.3
101.3
76.8
98.5
284.2
64.3
105.2
92.5
447.3
105.0
40.0
21.3
81.5
55.1
64.5
54.4
92.1
85.2
86.8
101.2
76.0
96.4
254.9
62.9
101.7
75.8
442.9
84.0
33.5
21.0
76.1
52.6
64.6
51.7
86.9
79.1
81.8
72.3
66.4
69.1
222.8
60.8
104.1
64.2
265.0
68.7
36.6
38.0
71.2
53.9
65.1
53.1
z77.2
z73.2
71.0
75.0
64.6
89.5
189.6
54.4
96.6
86.5
370.3
97.8
41.0
9.5
71.0
53.1
60.0
52.7
78.4
76.0
72.5
74.4
62.2
85.2
166.3
50.4
92.3
65.7
360.3
72.1
31.8
8.9
65.6
49.1
59.1
48.5
70.9
69.6
65.8
48.4
47.6
50.3
137.8
44.8
92.5
49.7
234.9
52.0
34.4
17.0
56.2
46.8
57.1
46.2
z57.8
558.5
49.5
92.1
89.0
86.9
72.4
87.3
83.0
78.1
69.8
75.1
79.6
67.1
70.6
87.0
76.8
81.6
59.9
77.0
68.2
69.5
.56.0
61.8
85.4
56.3
53.8
85.7
112.7
57.3
77.9
49.5
37.5
100.3
56.7
35.3
52.9
97.5
83.7
106.2
z57.0
76.3
50.1
z37.4
100.5
55.8
34.0
51.9
95.8
73.1
z92.7
49.5
66.5
36.3
33.9
89.3
51.9
29.9
50.7
86.1
58.8
99.9
48.6
63.0
41.9
29.5
64.6
44.5
24.0
35.1
90.9
56.1
89.8
z47.3
60.2
40.8
z29.4
59.3
42.2
22.5
35.2
85.6
45.9
z69.1
35.2
47.2
24.1
22.6
45.1
35.5
16.9
32.4
69.4
27.8
68.6
27.9
69.5
29.7
68.4
19.8
53.3
19.0
50.3
18.6
45.7
78.5
135.1
Payrolls
Employment
P. C. Change From
P. C. Change From
Industry
Index
Oct.
1935 a
Sept.
1935
Oct.
1934
Index
Oct.
1935 a
-0.9
66.6
+1.1
+1.8
Trade-Wholesale
85.2
t1.1
63.2
+1.5
+2.4
Retail
83.8
General merchandising_
96.9
+2.3
+5.1
79.9
3.5
Other than general mer+0.6
59.8
+1.0
+1.5
chandising
80.3
Public Utilities
+1.5
75.3
-0.4
-0.6
Telephone & telegraph._ -- 70.0
Electric light & power &
-0.1
84.4
+1.7
+0.5
manufactured gas
87.3
Electric-railroad Sc motor+0.1
64.1
-1.5
+0.1
bus operation & maint._
71.1
55.9 +48.5
+0.5
58.8 +27.7
Mining-Anthracite
69.8 +16.1
-6.3
-3.6
74.3
Bituminous coal
+9.2
38.7
+5.5 +19.2
61.6
Metalliferous
+3.3
36.5
-3.5
-0.1
Quarrying & nonmetallic._ .50.0
-4.6
60.2
-3.3
-1.0
Crude petroleum producing 76.9
Services
Hotels (cash payments
+1.9
64.3
+0.9
+0.6
only) b
81.6
-1.1
67.1
+0.2
-1.3
Laundries
81.9
-3.1
61.1
+0.1
-2.1
Dyeing and cleaning
80.4
-0.3
c
+2.0
-0.4
Banks
c
+1.4
c
+6.1
Brokerage
+0.3
c
-1.0
c
+1.2
+0.3
Insurance
c
c
+0.1
+4.6
Building construction
-d
c
a Preliminary. b The add tiona value of board, room, and tips cannot
puted. c Data not available for 1929 base. d Less than 0.1 of 1%.
97.8
Textiles & their products
94.6
Fabrics
84.3
Carnets & rugs
88.0
Cotton goods
85.3
Cotton small wares
Dyeing St finishing textiles._ 109.0
84.8
Hats,fur-felt
117.4
Knit goods
77.6
1311k & rayon goods
Woolen & worsted goods.... 98.5
100.9
Wearing apparel
94.8
Clothing, men's
131.7
Clothing, women's
Corsets dr allied garments._. 87.0
104.2
Men's furnishings
60.4
Millinery
113.6
Shirts & collars
86.6
Leather dr Its manufactures
84.0
Boots & shoes
97.0
Leather
107.2
Food & kindred products
114.6
Baking
162.9
Beverages
71.5
Butter
125.8
Canning dr preserving
90.8
Confectionery
77.1
Flour
65.7
Ice cream
79.7
Slaughtering & meat packing._
245.8
Sugar beet
81.3
Sugar refining, cane
60.0
Tobacco manufactures
Chewing & smoking tobacco &
66.2
snuff
59.2
Cigars & cigarettes
98.3
Paper & printing
92.6
Boxes. paper
109.1
Paper & pulp
88.2
Printing & Pub'g-book &job._
100.7
Newspapers & periodicals
Chemicals dr allied products, &
113.2
petroleum refining
Other than petroleum refining.. 113.7
108.9
Chemicals
Cottonseed--oil cake,& meal 107.4
101.6
Druggist's preparations
89.8
Explosives
88.8
Fertilizers
109.2
Paints & varnishes
356.8
Rayon dr allied products
105.4
Soap
111.2
Petroleum refining
83.1
Rubber products
59.7
Rubber boots dr shoes
Rubber goods, other than boots,
128.7
tubes
inner
Sc
.l.e•
shoe.
71.0
Ruhr r OW & Inner tubes
92.3
89.7
63.4
94.5
82.2
106.7
75.6
109.5
75.9
68.1
94.4
86.8
121.7
89.2
107.0
68.8
103.4
83.4
82.3
88.2
119.5
116.1
168.2
77.7
137.3
86.6
80.5
69.8
117.6
200.4
90.9
65.3
84.6
83.3
73.8
75.8
75.8
88.4
71.1
120.8
68.2
79.0
82.0
74.8
103.3
81.3
80.8
49.2
113.8
73.8
65.9
99.4
97.2
100.8
157.7
55.5
142.0
81.1
73.7
54.0
75.6
170.2
68.3
50.5
z84.6
80.4
83.4
70.7
71.8
86.0
91.9
114.8
z67.2
75.8
87.8
80.4
109.0
84.4
74.6
76.1
109.1
z76.9
z71.1
95.2
104.3
101.6
171.0
59.8
229.4
86.1
72.6
60.2
74.1
82.8
70.2
49.4
74.7
73.1
40.3
78.6
69.2
83.0
60.5
107.1
63.7
46.9
73.4
62.6
94.8
79.4
78.6
54.8
99.8
64.3
60.4
78.9
103.4
98.3
157.2
58.3
134.4
84.1
68.5
55.2
107.0
125.6
74.0
49.0
65.3
58.1
z97.3
88.8
109.2
87.6
z99.4
73.5
64.2
96.4
89.7
106.6
87.0
99.2
65.4
48.6
88 2
91.8
93.4
78.3
92.1
66.7
47.2
z86.2
85.3
90.7
77.6
z90.5
83.9
47.1
82.7
82.6
83.2
73.7
89.9
110.7
110.8
108.0
86.1
99.5
86.2
82.6
106.7
353.6
103.1
110.1
81.1
58.2
109.4
108.5
106.5
109.3
106.8
91.8
91.5
99.6
307.0
105.7
112.9
z78.7
581.5
100.4 z99.0
97.8
100.0
98.8
100.1
88.8
112.4
97.3
99.9
71.3
80.2
77.1
78.6
89.5
94.8
263.5 284.1
99.4
101.3
101.6 z102.8
68.8
72.2
50.4
53.7
91.6
89.6
92.4
101.0
99.1
72.5
73.5
78.1
217.2
94.6
97.9
58.3
50.3
123.2
70.3
113.1
69.4
116.6
60.9
108.9
59.0
88.1
49.6
x October 1935 Indexes preliminary, subject to revision. z Revised.
The 17 non-manufacturing industries surveyed, with indexes of employment and payrolls for October 1935, where available, and percentage
+3.3
+2.1
+3.4
+1.9
+0.5
+4.7
+1.7
+15.7
+21.2
+37.2
+13.7
-1.0
+2.6
+3.5
+3.4
+1.4
+10.0
+3.1
+13.9
be com-
NUMBER OF VEHICLES (INCLUDING CHASSIS)
Year and Month
95.9
92.1
85.9
84.8
82.3
104.7
88.7
114.0
78.0
95.9
100.5
95.4
130.1
87.6
102.4
66.8
109.5
z88.8
587.3
95.2
116.0
114.6
171.9
74.9
213.3
87.9
77.0
73.8
78.9
84.6
z78.0
58.9
Oct.
1934
Automobile Sales Rise in October
October factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
In the United States and reported as complete units or
vehicles) consisted of 275,021 vehicles, of which 214,609
were passenger cars and 60,412 were trucks, as compared
with 80,805 vehicles in September, 131,991 vehicles in October 1934, and 134,683 vehicles in October 1933. These statistics were released this week by Director William L. Austin,
Bureau of the Census, Department of Commerce.
The table below is based on data received from 112 manufacturers in the United States, 29 making passenger cars
and 83 making trucks (10 of the 20 passenger car manufacturers also making trucks). Of the 119 manufacturers reporting prior to June 1934, seven have gone out of business.
Figures for passenger cars include taxicabs and those for
trucks include ambulances, funeral cars, fire apparatus,
street sweepers and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics. A segregation of factory sales between the domestic market and foreign markets
prior to January 1935 is not available:
Canada
United States
Non•Durable Goods
Sept.
1935
Passenger
Total
Cars
all vehicles
1935January
February
March
April
May
June
July
August
September
October
Total (10 mos.)
1934January
February
March
April
May
June
July
August
Septernber
October
Total (10 mos.)
November
December
Total (year)
1933January
February
March
April
May
June
July
August
September
October
Total (10 zoos.)
November
December
Total (year)
292,817
335,700
429.834
477,74
364,727
361,321
337,049
240.051
89,805
275,021
229.233
275,623
361,816
401.628
307.522
296,609
278,084
182,389
57,285
214,609
Trucks.
.Sc.
63,584
60,077
68.018
76.118
57,205
64,712
60,960
57,662
32,520
60,412
Total
10,607
18,114
21,975
24,121
20,765
15,745
13,069
7,692
5,323
8,313
Passe*gel' Cars Trucks
8,269
13,885
18,179
20,686
17,093
12,276
0,471
5,524
3,819
7,128
2,338
4,229
3,798
3,435
3,672
3,469
3,598
2,168
1,504
1,185
3,204,066 2,602,798 601,288 145,721 116,330 29,394
155.666
230,256
338,434
352,975
330,455
306,477
264,933
234.811
170.007
131,991
112.754
186,774
279,274
288,355
273,764
281.280
223.094
183,500
125.040
84,003
42,912
43,482
59,160
64,620
56,691
45,197
41,839
51,311
44.967
47.088
6,904
8.571
14,180
18,363
20,161
13.005
11,114
9,904
5,579
3,780
2,518,005 2.017,838 498,187 112,461
83.482
153,624
49,020
111,061
34,462
42,563
1,697
2,694
2,753,111 2,177.919 575,192 116,852
18,992
15,310
17,803
26,677
33,760
42,130
38,092
41,441
34.424
29,813
3,358
3,298
6,632
8,255
9,396
7,323
6,540
8,079
5,808
3,682
1.778.809 1.480,358 298,451
60,371
18,318
29,776
2,291
3,190
1,920.057 1.573.512 348,545
65,852
128,825
105.447
115,272
176,432
214,411
249,727
229,357
232,855
191,800
134,683
60.683
80,565
109.833
90.128
97.469
149,755
180,651
207,597
191,265
191,414
157,376
169,870
42,365
50,789
4,946
7,101
12,272
15,451
16,504
10,810
8.407
7,325
4,211
2,125
1,958
1.470
1,908
2,912'
3,657
3,0952,707
2,579
1,368
1,655.
89,152 23,309
1,052
2,443
645.
251
92,847 24,2052,921
3,025
5,927
6,957
8,024
6,005
5,322
4,919
4,358
2,723
437
273
705.
1,298
1,372
1,318
1,218
1.160
1.450959
50,181 10,190.
1,503
2,171
788
1,019
53,855 11,997
Daily Average Crude Oil Output Drops 10,650 Barrels
in Week
The American Petroleum Institute estimates that tho
daily average gross crude oil production for the week ended
Financial Chronicle
Volume 141
Nov. 23 1935 was 2,839,950 barrels. This was a drop of
10,650 barrels from the output of the previous week. The
current week's figure was, however, 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. 23 1935 is
estimated at 2,822,800 barrels. The daily average output
for the week ended Nov. 24 1934 totaled 2,369,100 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. 23 totaled 1.264,000 barrels,
a daily average of 180.571 barrels, compared with a daily average of
62,571 barrels for the week ended Nov. 16 and 131,036 barrels daily for
the four weeks ended Nov. 23.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Nov. 23 totaled 214.000 barrels, a daily average of 30.571 barrels,
compared with a daily average of 22.714 barrels for the week ended Nov. 16
and 21,679 barrels daily for the four weeks ended Nov. 23.
Reports received from refining companies owning 89.5% of the 3,806.000
barrel estimated daily potentital refining capacity of the United States,
Indicate that 2,575,000 barrels of crude oil daily were run to the stills?
operated by those companies and that they had in storage at refineries
at the end of the week 25.294.000 barrels of finished gasoline, 5.231.000
barrels of unfinished gasoline and 106,778.000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 16.630,000 barrels.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units, averaged 564,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Dept. of
Interior
Calculalions
(Nov.)
Week End. Week End
Nov. 16
Nov. 23
1935
1935
514.250
144,600
499.150
143,550
451.700
122,900
65,050
59,800
25.650
165,200
47,050
433,050
63,500
208,750
59,950
59,400
25,600
164.900
46.600
431.900
62,700
205,050
58,350
59,250
25,550
162,000
45,800
431,300
62.450
201,600
55.950
54,400
27,4500
139,400
43,400
411.500
59,200
164,750
1,027,000 1,067,850 1,056.100 1.046,300
956,100
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
3outhwest Texas
Coastal Texas
Total Texas
Week
Ended
Not'. 24
1934
499,400
144,100
492,000
143,300
)klahoma
Kansas
Average
4 Weeks
Ended
Nov. 23
1935
North Louhlana
Coastal Louisiana
TotalLouislana
Arkansas
Eastern
Michigan
Wyoming
Montana
Colorado
New Mexico
33,850
126,500
31,050
129,850
32,200
128,800
24,050
80,850
127.100
160,350
160,900
161,000
104,900
29,100
97,700
40,400
33,900
11,400
4,000
52.200
29,650
105.250
50,100
36,850
12,750
4,050
57,900
29,600
106,050
49,700
36,550
12,800
4,000
56,950
29,700
106,200
51,550
36,750
12,850
4,100
57,050
30,900
105,000
25,150
36,400
11,400
3,250
46,200
Total East ot California- 2,058,700 2,188,250 2,171,500 2,148,200 1,893,900
California
505.000
671,700
679.100
674,600
475,200
Total United States__ 2,583,700 2.839,950 2,850,600 2.822.800 2,369,100
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. 23 1935
(Figures In Thousands of Barrels of 42 Gallons Each)
Doily Refining
Capacity of Plants
District
Poennal
Rate
Eaa tCoast_ _
Appalachian.
Ind.,Ill.,Ky.
Okla., Kan.,
Mlssour
Inland Texas
Texas Gulf._
La. Gulf____
No. La.-Ark.
Rocky Mtn
California__
Crude Runs
to Stills
Stocks a Stocks
Stocks
of
of
b Stocks
of
FinUnof
Gas
Repor int
Daily P. C. tshed finished Other
and
Ater- Oyer- Gala Gaso- Motor Fuel
Total P. C. age
Med
line
line
Fuel
Oil
612
154
442
612 100.0
146 94.8
424 95.9
468 76.5 11,704
110 75.3 1,758
351 82.8 7,134
453
330
617
169
80
97
852
384
160
595
163
72
60
789
271
98
546
131
51
44
505
84.8
48.5
96.4
96.4
90.0
61.9
92.6
70.6
61.3
91.8
80.4
70.8
73.3
64.0
4.533
1.104
4,828
1.035
239
660
8,931
785
268
666
200 12,094
65
953
45 4,035
482
186
1,419
258
35
108
1,026
680 4,729
1,615 1,678
115 10,964
-___ 5,007
145
523
115
769
1,720 66,026
Totals week:
Nov. 23 193
3,806 3,405 89.5 2,575 75.6 c41,924 5,231 4,700 106,778
Nov. 16 1935 3,806 3.405 89.5 2.592 76.1 d41.561 5.316 4.820 10741S
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unb ended natural gasoline at refineries and plants: also blended motor
fuel at plants c Includes 25,294,000 barrels at refineries and 16.630,000 barrels
at
bulk terminals, In transit and pipelines, d Includes 25,152.000 barrels at refineries
and 16.409,000 barrebi at bulk terminals, In transit and pipe lines.
Petroleum and Its Products-Government Stops Oil
Shipment to Italy-Foreign Powers Delay Action
on Oil Embargo to Italy-Moffett Finds Outlook
Good-Action on Increased Allowable in Texas
Delayed-Higher Penn-Grade Crude Prices Foreseen-Daily Crude Output Lower in Week
The first direct result of the United States Government's
drive to stop•all shipments of "secondary" war materials to
either Italy or Ethiopia came this week when a cargo of
12,000 tons of oil on the American Tanker Corp. tanker
"Ulysses" was prevented from leaving New York Harbor
by orders of the Shipping Board Bureau.
The contract for the delivery of the 12,000-ton cargo was
made between an American oil company and Italian naval
attache in Washington. The contract was closed with the
David C. Reid Co. (of New York) and specified that the
shipment must be made on the "Ulysses." Officials of the
Reid Co. made a sub-contract with the American Tanker
Corp. covering the shipment.
3453
It was indicated that representatives of the American
Tanker Corp. achieved little success in an appeal to the
State Department for reconsideration of the case. Owners
of the tanker reported that oral approvement of both the
Shipping Board and the Navy Department had been obtained
before they had put the tanker in dry-dock for the necessary
repairs incident to a trans-Atlantic voyage. The Shipping
Board holds a mortgage on the "Ulysses."
In Europe, thinly-veiled threats from Premier Mussolini,
of Italy, that extension of the League of Nation's sanctions
against Italy to include oil would mean war was credited
with being the main reason for the Dec. 5 postponement
of the League of Nations Committee of Eighteen from its
original meeting on Nov. 29.
The League Committee has set Dec. 5 next as the date
for consideration of the question of adding oil to the list of
commodities which members may no longer supply to Italy.
Soviet Russia and Rumania have already rileZtly signified
their intention of adhering to the policy of
e of Nation
members.
American oil men did not receive the request of Secretary
of the Interior Ickes for a stoppage of oil movements to Italy
with much equanamity. It was pointed out that should the
government seriously desire to stop shipments of oil or oil
products, adding them to the list of contraband articles would
be the only necessary action. An informal request such as
Mr. Ickes made puts the industry in a bad light with the
public, and this knowledge brought normal resentment from
oil men. It was pointed out, off-the-record, that British
oil companies are still selling oil to Italy.
While no leading officials were found willing to place
themselves on record in answer to Mr. Ickes' request, the
general consensus in the industry was that its leaders were
still in accord with the principles outlined by Walter C.
Teagle of Standard Oil Co., New Jersey, who a few weeks
ago, said that Standard of Jersey was going to keep up the
normal commercial relationship with its Italian affiliate as
long "as it was legal." At that time, President Roosevelt,
when queried at a press conference a few days after Mr.
Teagle's statement, declared that the Administration had
no wish to interfere with normal movements of commercial
trade, such as cited by Mr. Teagle.
Before leaving for Europe on Thursday aboard the Europa,
James A. Moffett, vice-president of the Standard Oil Company of California, declared the general oil situation to be
the best in years. He said he was going abroad "to look
over the general foreign picture with respect to company
business.'
He said he was going to London for conference in connection with the refinery to be constructed on Bahrein Island
in the Persian Gulf where the company has developed oil
properties. He intimated that he would discuss markets for
Bahrein Oil, a matter which has been under consideration
for some months.
No action on the proposed increase in the Texas crude oil
allowable for December will be taken until after the monthly
hearing in December at which testimony will be heard on
which the planned boost will be based, members of the Texas
Railroad Commission disclosed. Commission members
stated that there were 19,205 producing wells in the East
Texas field on Nov. 22, of which 6,964 were marginal, being
mostly east edge wells. They estimated that the present
hourly potential is 14,507,021 barrels, and the drilling
intensity 5.53 acres per well.
Early in the week, L. A. Smith, member of the Railroad
Commission, advocated an increase in the allowable oil production in the East Texas field, backing a boost heavy enough
to stimulate drilling in the newer sections of the proved area,
as well as in the older portions. "In this day when revenue
is needed to carry on the program of the State, when employment is being sought by people out of work,when the question
of market demand is being cared for by the rules and regulations of the Commission, I can see no good reason for objecting to this additional revenue," he said.
Oil men in the Pennsylvania fields were predicting prices
of from $2.60 to $2.75 cents a barrel for Pennsylvania grade
crude oil by spring. Two advances have lifted the price of
Pennsylvania grade crude 30 cents a barrel since the first
week of September. Western and northern Pennsylvania
fields are due to increase drilling activity, according to reports
from Oil City.
Sharply lowered production in Oklahoma and California
offset an increase of nearly 12,000 barrels in Texas output
and brought a net reduction of 10,650 barrels in daily average
oil production for the nation for the week ended Nov. 23,
the American Petroluem Institute reported. Production
last week of 2,839,950 barrels compared with estimated market demand for November of 2,565,700 barrels set by the
Bureau of Mines and actual production in the like 1934 period
of 2,369,100 barrels.
Oklahoma output was off 14,850 barrels while California
dipped 7,400 barrels. There were no crude oil price changes.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford,Pa
$2.30 Eldorado, Ark..40
Lima (Ohio 011 Co.)
1.15 Rusk, Tex., 40 and over
Owning, Pa
1.82 Darst Creek
Illinois
1.12 Midland District. Mich
Waitern Kentucky
1.13 Sunburst, Mont
Mid*Cont.. Okla., 40 and above-- 1.08 Santa Fe Springs. Ca1,38 & over_
Hutchinson, Tex.. 40 and over__ .81 Huntington. Calif., 30 and over
Spindletop, Tex.. 40 and over
1.05 Kettleman Hills, 39 and over
Winkler.Tex
.75 Petrone. Caned
Smackover. Ark., 24 and over
.70
81.00
1.00
.87
1.02
1.23
.89
.82
.90
1.10
3454
Financial Chronicle
REFINED PRODUCTS-STANDARD OF JERSEY LIFTS GASOLINE
PRICES-THIRD-GRADE "GAS" CUT IN PHILADELPHIAMID-CONTINENT LOW-OCTANE MO JOB FUEL PRICE
EASES-GASOLINE STOCKS ADVANCE
An increase of 0.3 cents a gallon in service station, tank
wagon and tank car prices of gasoline was posted by Standard
Oil Co. of New Jersey, throughout its entire marketing territory with the exception of Delaware. The advance is effective Monday.
The company, through its subsidiary, Standard of Louisiana, had announced several readjustments in its Southern
territory earlier in the week. An advance ofM cent a gallon
in the service station price of gasoline in Arkansas lifted the
retail price at Little Rock to 21 cents a gallon, taxes included,
while a similar mark-up in Louisiana lifted New Orleans
prices to 21.5 cents a gallon, taxes included.
Sub-normal marketing conditions rule at Richmond, Va.,
where price-cutting has brought a general reduction of 2
cents a gallon in service station prices to 23.3 cents a gallon,
taxes included. Independents are selling gasoline 1 cent a
gallon under the price structure maintained by the major
units.
Introduction of a third-grade gasoline in Philadelphia to
sell at 11 cents a gallon, or 2cents under regular, by Standard
Oil Co. of Pennsylvania brought a reduction of 1 cent to 11
cents a gallon in its third-grade gas by Sinclair Refining.
The cuts by the majors were reported due to marketing
tactics of independent chains which have been selling gasoline
at a 2-cent a gallon discountfrom the 12-cent a gallon posting.
Prices in the local refined products market showed little
change. The stormy weather last week-end, coupled with
the Short cold spell stimulated demand for fuel and heating
oils and prices benefited. Grade C bunker fuel oil failed to
stage its forecast price advance but the marketing structure
is firm to strong. Bulk and retail gasoline prices are holding
steady. Kerosene is well maintained at 5 cents a gallon.
A fractional recession in Mid-Continent bulk gasoline
prices carried low octane material off %-cent a gallon to 45%
to 438 cents a gallon, after ruling at the 4%-cent level for
nearly six months. Regular grade gasoline is held at 5%
% cents a gallon. Current prices are better than 1 cent
to 53
a gallon above this time last year.
Increased offerings out of East Texas and Oklahoma are
credited with bringing the slight decline in bulk motor fuel
prices. While major companies continue active purchases, the further contraction in consumption, coupled
with the continued high refinery rate, have made it impossible for them to absorb all offerings. Some of the
smaller refiners, as a result, are shading their prices in
order to move their holdings a little faster.
Little alarm is felt in trade circles about the weakening
of the price structure. The softness, which is a normal
seasonal development, is somewhat overdue, as a matter
of fact. Bulk prices generally ease following the Labor Day
holiday, but this year, bolstered by the record high consumption in September and October, the market held until
this late date.
It is felt, however, that the increase in offerings may have
a disturbing effect upon retail gasoline prices in several
areas in the Mid-Continent, where they are already at subnormal levels due to local competitive conditions. Pricecutting activities are quite widespread in Chicago and
other centers in the Mid-Continent area.
Gasoline stocks added an increase of 363,000 barrels
last week to the previous period's rise of 781,000 barrels,
bringing the Nov. 23 total to 41,924,000 barrels, statistics
compiled by the American Petroleum Institute disclosed.
Refinery stocks rose 142,000 barrels, while bulk terminal
holdings were up 221,000 barrels.
Operations of reporting refineries of 76.5% of capacity
represented a decline of 0.5% the previous week, the rate
still holding around the normal mid-summer figure and far
higher than is normal at this time of year. Daily average
runs of crude oil to stills dipped 17,000 barrels to 2,575,000
barrels. A decline of 10,000 barrels in daily average output
of cracked gasoline pared the total to 564,000 barrels.
Representative price changes follow:
Nov. 23-A general reduction of 2 cents a gallon in service station"prices
of gasoline in Richmond. Va.. cut the regular grade to 23.3 cents a gallon,
taxes included. Independents are psoting 1 cent a gallon under the majors'
level.
Nov. 23-Standard 011 Co. of Louisiana, subsidiary of Standard 011 of
New Jersey, advanced service station prices of gasoline X cent in Arkansas
and Louisiana. Under the new schedule, Little Rock "pump" prices for
regular are 21 cents a gallon. taxes Included. New Orleans is 21.5 cents,
taxes included.
Nov. 25-Sinclair Refining lowered third-grade gasoline in metropolitan
Philadelphia 1 cent a gallon to 11 cents to meet new prices of third-grade
re-introduced by Standard of Pennsylvania.
Nov. 26-Mid-continent postings for low octane gasoline in the bulk
market eased X cant to 4'/,-46% cents a gallon. Regular held unchanged
at 56% to 5% amis.
Nov. 27-An increase of 0.3 cants a gallon in service station, tank wagon
and tank car prices of gasoline in all of its marketing area, with the exception of Delaware, was posted by Standard 011 Co. of New Jersey,
effective Monday.
s New York
a Brooklyn
Newark
Camden
Boston
Buffalo
Chicago
Gasoline. Service Station. Tax Included
Minneapolis
5.175
5.1955 Cincinnati
New Orleans
5
.1930 Cleveland
Philadelphia
Denver
20
.17
Pittsburgh
Detroit
.155
.17
San Francisco
Jacksonville
.205
17
Bt. Louis
.17
Houston
.165
.15
Los Angeles
16
$.169
.215
18
.19
.15
.172
Nov. 30 1935
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery
New York
!North Texas _ $.03%-.03% New Orleans _$.03%-.04
.0374-.04
(Bayonne)......$.05 -.05' Los Angeles.. .0414-.05 'Tulsa
Fuel Oil, F.O.B. Refinery or Terminal
8.80
New Orleans C
N.Y.(Bayonne)
27 pus D
Ca
8.951llfornia
$1.15-1.251Phila., bunker C..- .95
Bunker C
Diesel 28-30 D..... 1.65
Gas 011, F.O.B. Refinery or Terminal
5.0234-.02%
N.Y.(Bayonne)
i Tulsa
'Chicago,
27 plus-- _ _ $.04 -.0434 f 32-36 GO__$.02%-.02X'
Refinery
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
8.05%-ossi
Chicago
Standard Oil N. J-$.07
New or ColonialBeacon._$.06% New Orleans_ .0514-.05X
Socony-Vacuum____ .07
Texas
Tide Water 011 Co__ .07
.06% Los Ang.,ex .0514-.04)(
Richfield 011 (Calif.) .0634
Gulf
.0634 Gulf ports- .0514-.0534
.0534-.056%
Republic 011
Warner-Quinlan Co_ .06x
0614 Tulsa
Shell East'n Pet-- 0634
a Not including 2% city sales tax.
Production of Soft Coal Lower as Anthracite Gains
The weekly coal report of the United State Bureau of
Mines showed that the total production of soft coal during
the week ended Nov. 16 is estimated at 7,674,000 net tons,
in comparison with 7,838,000 tons in the preceding week,
and 7,349,000 tons in the corresponding week of 1934.
Many mines observed a holiday on Armistice Day, Nov. 11.
Anthracite production in Pennsylvania during the week
ended Nov. 16 is estimated at 599,000 net tons, as against
554,000 tons in the preceding week. Armistice Day is recognized as a full holiday in the hard coal fields. Production
during the holiday week last year amounted to 1,050,000
tons.
During the calendar year to Nov. 16 1935 a total of 316,359,000 tons of bituminous coal and 44,463,000 net tons of
Pennsylvania anthracite were produced. This compares
with 311,714,000 tons of soft coal and 50,780,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Calendar Year to Dale
Week Ended
Nov. 16
1935c
Nov. 9
1935d
Nov. 17
1934
1934e
1935
1929
Bitum. coal:
Tot.for peed 7,674.000 7,838,000 7.349,000 316,359,000 311,714,000 466,594,000
Daily aver... f1,395,000 1.306,000 1.289.000 1,171,000 1,153,000 1,720.000
Fa.anthra.:
Tot.for per'd
599,000 554,000 1.050,000 44,463.000 50,780,000 63,740,000
166,200
238.300
189,800
92,300 210,000
Daily aver_ _
119,800
Beehive coke:
757,700
23.600
871,300 5,918,900
20.300
Tot.for per'd
21,500
3,933
2.762
21,602
3,180
3,383
Daily aver__
3,583
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan Coun y, washery and dredge coal, local sales colliery fuel and coal shipped
by truck from established operations. Does not include an unknown amount of
"bootleg" coa . c Subject to revision. d Revised. e Adjusted to make comparable the number of working days in the three years. f Armistice Day weighted
as 0.5 of a working day.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES (IN THOUSANDS OF NET TONS)
(The current weekly estimates are based on railroad carloadings and river shipments
and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Week Ended
Stale
Nov.9 Noy. 2 Nov. 20 Nov. 11
1935p 1935p 1934r 1933r
1
Alaska
18
Alabama
95
Arkansas and Oklahoma
182
Colorado
1
Georgia and North CarolinaIllinois
874
Indiana
336
Iowa
70
Kansas and Missouri
139
Kentucky-Eastern-a
693
Western
148
Maryland
35
Michigan
12
90
Montana
New Mexico
38
North and South Dakota
90
Ohio
395
1,819
Pennsylvania bituminous
83
Tennessee
18
Texas
Utah
103
Virginia
234
Washington
41
West Virginia-Southern_b
1,694
481
Northern_e
Wyoming
148
Diner Western States_d
•
Total bituminous coal
Pennsylvania anthracite
7,838
554
2
16
110
167
1
833
310
so
127
710
159
38
10
85
40
71
391
1,752
37
15
92
258
38
1,768
470
125
7,685
608
Novem
bet
Nov.9 Average,
1923e
1929
2
182
65
132
1
881
338
80
132
630
159
35
17
66
26
48
480
1,806
83
14
64
187
35
1.443
488
115
I
(s)
158
69
146
(s)
916
362
71
141
547
173
28
12
61
30
448
441
1,793
61
13
76
162
34
1,356
558
98
56
(s)
280
139
265
(s)
1,289
375
132
155
824
244
66
16
86
63
559
558
8,052
106
16
126
252
65
2,152
803
167
55
(s)
409
100
236
(s)
1,571
536
128
175
724
218
35
26
83
62
135
764
2,993
117
29
112
217
72
1,271
776
184
55
7.508
1.033
7.350
851
11,285
1.524
10,878
1,896
Grand total
8.392 8.293 8,541 8,201 12,809 12,774
a Coal taken from under the Kentucky mountains through openings in Virginia
is credited to Virginia in the current reports, and the figures are therefore not directly
comparable with former years. b Includes operations on the N. & W., C. & 0..
Virginian, K. & M., B. C. & 0., and on the B. dr 0. in Kanawha. Mason and Clay
counties. c Rest of State, including Panhandle District and Grant. Mineral and
Tucker counties. d Includes Arizona. California. Idaho, Nevada and Oregon,
e Average weekly rate for entire month. p preliminary. r Revised. s Alaska,
Georgia, North Carolina and South Dakota with "Other Western States." *Leas
than 1,000 tons.
Portland Cement Production Up 12.5% During October
-Shipments Show Gain of 4.2%
The monthly cement report of the United States Bureau
of Mines shows that the Portland cement industry in October
1935 produced 7,510,000 barrels, shipped 8,794,000 barrels
from the mills, and had in stock at the end of the month
20,498,000 barrels. Production and shipments of Portland
cement in October 1935 showed increases, respectively, of
12.5 and 4.2%, as compared with October 1934. Portland
cement stooks at mills were 2.6% higher than a year ago.
Financial Chronicle
Volume 141
The output of a new plant located in Idaho, which began
produeing during the month, is included in the statistics
here given which are compiled from reports for October,
received by the Bureau of Mines, from all manufacturing
plants except one.
The mill value of the shipments-55,651,000 barrels-in
the first nine months of 1935, is estimated as $85,203,000.
According to the reports of producers the shipments totals
for the first nine months of 1935 include approximately
1,553,000 barrels of high-early-strength Portland cement
with an estimated mill value of $2,977,000.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 163 plants at the close of
October 1934 and 1935.
RATIO OF PRODUCTION TO CAPACITY
1
Oct. 1934
The month
The 12 months ended-
29.3%
28.3%
Oct. 1935 Sept. 1935 Aug. 1935 July 1935
33.1%
27.6%
32.6%
27.3%
31.8%
27.4%
I
35.3%
27.7%
PRODUCTION, SHIPMENTS. AND STOCKS OF FINISHED PORTLAND
CEMENT. BY DISTRICTS IN OCTOBER 1934 AND 1935 (IN
THOUSANDS OF BARRELS)
Production
October
District
1934
1935
Shipments
October
1934
Stocks at End
of Month
1935
1934
1935
1
1,417
543
895
481
825
623
612
516
283
280
788
247
1,799
591
848
408
1,132
673
1,063
556
297
209
722
141
1,577
548
860
676
1.073
665
1.073
646
314
289
932
141
6,675
7,510
8,439
8.794 19.972 20.498
.4.-.MOMAM.,ONPA
WONV003000V6PN 4
..V.W.001
0,00.-QW
,.
Total
O.W.qW
..9.N[qW0W.
1,
4
Eastern Pa., N. J., and Md
New York and Maine
Ohio, western Pa., and W. Va
Michigan
Wis., Ill., Ind. and Ky
Va.,Tenn., Ala., Ga.,Fla.,& La.
Eastern Mo.. Ia., Minn.& S. flak
W.Mo.,Neb.,Kan.,Okla.& Ark
Texas
Colo., Mont., Utah, Wyo.& Ida
California
Oregon and Washington
3,646
1.823
3.189
1,799
1,576
1,577
2,281
1,665
611
480
1,276
575
PRODUCTION, SHIPMENTS. AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1934 AND 1935 (IN THOUSANDS OF
BARRELS)
Month
Production
SNP/mugs •
Stocks at End of
Month
1934
1935
January
February
March
April
May
June
July
August
September
October
November
December
3,779
4,168
5,257
6,544
8,554
8,813
8,144
7.842
7,680
6,675
5,779
4,447
3,202
3,053
4,299
6.136
8,222
8,725
8,021
7,235
7,173
7,510
......
____
3,778
2,952
4,618
6,492
8,784
8.541
7,898
8,249
7,388
8,439
5,074
3,104
2.846
2.952
4,878
6.198
7.428
7,632
7.813
8,105
7,799
8,794
.....
.......
19,547
20.762
21,422
21.557
21.301
21.600
21.852
21.424
21,734
19,972
20.078
21,460
Total
77,682
......
75,917
.........
........
1934
1935
1934
1935
21.847
21,899
21.289
21.219
21.991
23.083
23.287
22,415
a21,783
20,498
-.
.-
a Revised.
Increased Activity in Domestic Copper-Week's Lead
Sales Smaller-Zinc Quiet
The November 28 issue of "Metal and Mineral Markets"
stated buying interest in non-ferrous metals last week shifted
to copper. Activity in the metal increased as the week
progressed and the market unquestionably presented a
firmer appearance, yet offerings on the 93ic. basis continued
fairly numerous up to the close. Demand for lead slackened,
which was more or less expected after the recent heavy
purchases. Zino sold at unchanged prices. Spot and near-by
tin continued to suffer because of the scarcity of supplies,
and the spread in prices between the near positions and
futures remains abnormally wide. Antimony was lowered
one-quarter of a cent. Quicksilver was firmer. Industrial
news, in the main, was favorable. The operating rate of steel
companies for the current week was estimated at 55.4% of
capacity, against 53.7% a week previous and 28.1% a year
ago. "Metal and Mineral Markets" further stated:
Fair Call for Tin
There was a fair demand for tin in the last week, inquiry for nearby
material having increased on evidence that the scarcity of prompt metal
IS not going to be relieved in a hurry. Compared with a week ago, prices
showed no marked change. Prompt Straits tin settled at 51.25c., with
January at 49.30c., February at 48.37c., and March at 48.25c. Imports
of tin during October totaled 4,586 long tons. United States deliveries
for November are expected to come to 4,200 tory]. The 1936 price of tin
plate will remain unchanged at $5.25 per base box.
Chinese tin, 99%. was quoted nominally as follows: Nov. 21st, 49,6250.:
22d, 49,625c.; 23d, 49,625.; 25th, 49,625c.; 26th. 49,8750.: 27th, 49.8750.
Copper Price Firmer
Stimulated by rumors of an impending rise in the domestic quotation
of copper, buyers came into the market for a substantial tonnage. Sales
for the week amounted to a little more than 17,000 tons, which more than
offset the very dull period in the first half of the month. Sales of copper
for the month to date now total 26,000 tons. The demand was chiefly for
February-March metal. Opinion was divided as to when the price would
advance, but virtually all operators look for a higher market before the
end of the year. Up to the close yesterday, buyers experienced no difficulty
in obtaining copper on the old basis of 9 Yic., Valley.
The foreign market scored a small net gain for the week. Buying abroad
was in fair volume. Producers believe that activity abroad would have
shown up to better advantage if the political situation in Europe,particularly
In France, had been less disturbing.
Imports of copper during October, including bonded material, totaled
6.094 tons contained in concentrate,and 22.923 tons in blister, the A.B.M.8.
reports.
3455
Exports of refined copper from the United States, including copper
refined in this country in bond, for the months of September and October.
in short tons:
October
September
Belgium
Denmark
France
Germany
Great Britain
Italy
Netherlands
Sweden
China and Hongkong
Japan
British India
Other countries
Totals
1,278
112
959
1,377
4,414
2,841
516
1,804
185
3,178
112
555
1,408
394
2.147
3,195
1,667
3.238
429
701
17,331
17.222
2,582
112
1,348
Lead Shipments Large
Though the October statistics showed that 42,271 tons of refined lead
were shipped to consumers in that month, against a monthly average of
34,809 tons in the first ten months of the year, the favorable impression
was dulled just a little by an unespected gain in output. The net result
was an insignificant gain in stocks of refined lead on band at the end of
the month. Producers point out that the gain in output did not originate
through increased mine operations and that, therefore, total stocks of
lead above ground probably decreased during October.
The market quieted down considerably, sales for the week amounting
to about 5,100 tons, against more than 10,500 tons in the preceding sevenday period. The undertone remained firm. Quotations held at 4.50c.,New
York, which was also the contract settling basis of the American Smelting
& Refining Co.. and at 4.35c., St. Louis. Business again was booked by
St. Joseph Lead at a premium in the Eastern district.
Zinc Quiet
During the last week the sales of Prime Western zinc amounted to a
little more than 3.000 tons. Producers consider the market to be in a
Period of "digestive activity," therefore, buying on a reduced scale was
more or less expected. A firm undertone prevails, however, in the light
of recent favorable statistics for the metal. The price remained unchanged
at 4.85c.. St. Louis, for the week. Galvanizing operations are reported as
favorable.
Steel Shipments Larger in October
Steel product shipments by subsidiaries of United States
Steel Corp. totaled 686,741 tons in October, an increase of
71,808 tons, as compared with the previous month when
614,933 tons were shipped. In October 1934 shipments
were only 343,962 tons. Below we show the figures by
months since January 1931:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED
Month
January
February
March
April
Slay
June
July
August
September
October
November
December
Yearly adjustment.
Year 1931
Year 1932
Year 1933
Year 1934
Year 1935
800.031
762,522
907,251
878,558
764,178
653.104
593.900
573.372
486,928
476.032
435.697
351,211
426,271
413,001
388.579
395,091
338,202
324.746
272,448
291,688
316.019
310,007
275,594
227.576
285.138
275,929
256.793
335,321
455,302
603,937
701,322
668.155
575.161
572,897
430,358
600.639
331.777
385,500
588.209
643.009
745,063
985.337
369.938
378,023
370,306
343,962
366.119
418,630
534,055
583,137
668,056
591.728
598,915
578.108
547,794
624,497
614,933
686,741
a(6.040)
a(5,160)
6(44.283)
a(19,907)
7 A757.14.
It 074nA9
A ;um 91R
Ransom
a Reduction. b Addition.
Increase in Foundry Operations During October in
Philadelphia Federal Reserve District Reported by
University of Pennsylvania
The output of iron and steel castings by foundries located
in the Philadelphia Federal Reserve District increased during
October according to reports received by the Industrial
Research Department of the University of Pennsylvania.
The gain in activity was sufficient to raise the total production
in October above that reported a year ago, it is stated.
An announcement by the Research Department continued:
Not since last March have the steel foundries produced more than in
the corresponding month of 1934. The gray iron foundries, however, have
exceeded for seven consecutive months their output in the same period of
last year.
Shipments of iron and steel castings increased during October. Despite
the fact that in the iron foundries the deliveries kept pace with production.
the tonnage of orders unfilled also increased indicating a substantial gain
In the amount of new orders received during the month. In contrast, the
steel foundries reported a decline in unfilled orders even though shipments
did not increase in proportion to production.
IRON FOUNDRIES
No. of
Firms
Reporttag
30
30
29
4
29
19
26
25
25
Capacity
Production
Gray iron
Jobbing
Further manufactun
Malleable iron
Shipments
Unfilled orders
Raw stock:
Pigiron
Scrap
Coke
October
1935
(Short
Tons)
Per Cent
Change
from
Sept. 1935
Per Cent
Change
from
Oct. 1934
11,872
3,272
2,578
2.279
299
694
3,309
955
0.0
+16.7
+10.7
+8.5
131.1
46.0
14.1
17.6
0.0
+12.2
+ 1.3
+7.7
-30.4
+86.9
+9.8
-r53.2
2,272
1.682
431
+24.8
+7.7
-25.1
-12.8
+8.7
-12.6
Financial Chronicle
3456
STEEL FOUNDRIES
No. of
Firms
ReportPig
8
8
8
7
6
6
6
Capacity
Production
Jobbing
Further manufacture
Shipments
Unfilled orders
Raw stock:
Pig iron
Scrap
Coke
October
1935
(Short
Tons)
Per Cent
Change
from
Sept. 1935
Per Cent
Change
from
Oct. 1934
8,630
2,431
2,119
312
1,940
2,578
0.0
+21.4
+32.4
-22.5
+14.7
-5.7
0.0
+42.5
+58.1
-14.8
+5.4
+43.2
342
7,519
266
-5.5
+5.1
-6.8
-9.7
+17.1
+37.2
Advances in Finished Steel Prices Fail to MaterializeScrap Index Hits New High
The Nov. 28 issue of "Iron Age" stated that contrary to
expectations, a general advance in finished steel prices has
failed to materialize. A number of producers have opened
books for first quarter on sheets, tin mill black plate, hot and
cold-rolled strip steel, hot-rolled bars, plates, shapes, pipe,
wire products and tool steel at unchanged prices. Similar
action has been taken on tin plate for 1936 contracts, and on
rails, tie plates and splice bars for delivery through the first
half of next year. One mill has advanced track spikes $4 a
ton to 2.60c, a lb. for first half shipment, but to date other
producers have not followed suit. The "Age" further continues:
On the other hand, the last advance of a semi-finished product, i.e.. a
$2 mark-up on wire rods, has become general. The continuance of existing
finished steel prices in the face of higher prices on semi-finished products
will doubtless evoke protests from non-integrated mills which must buy
steel for further rolling. In the case of one semi-finished product, forging
billets, persistent complaints of buyers have resulted in a price revision in
their favor. In August forging billets under 5 by 5 in. to 4 by 4 in. were
placed on a bar base, but these sizes have now been restored to a billet base,
thereby effecting a sharp reduction in price to forge shops.
The turn-about-face on finished steel prices comes as a surprise. Rising
demand, higher costs of scrap, pig iron and fuel, and finally the recent advances in semi-finished steel-all pointed to a mark-up of finished products
as a logical sequence. It will be recalled, however, that the attitude of the
Industry toward the proposed advances has been divided from the first,
and the more conservative interests, by reaffirming current prices, have
definitely settled the issue.
A number of considerations may have influenced the decision to stand
pat. In the first place, heavy anticipatory stocking by consumers in the remainder ot this year might have robbed mill operations in the first quarter
to unduly inflate production prior to Dec.31. Secondly, automobile makers,
having committed themselves on car prices in an early show, may have
protested against an advance in their first-quarter costs. Thirdly, higher
prices mig t have operated to discourage railroad buying, which is showing
the most convincing signs of revival since the depression set in. Finally,
steel producers may hope to gain more from expanded business volume than
they will lose by refraining from marking up prices.
Steel ingot production has advanced one and one-half points to 56% of
capacity, raising the average for November to 54.20 %,or the highest rate
for any month since May 1934. The "Iron Age" scrap composite has risen
from $13 to $13.25 a gross ton, Its highest level since the first week in
October 1930.
Steel demand of late has been stimulated in part by the recent talk of
price advances, and it is possible that the removal of this incentive may act
as a check on further expansion of production in the immediate future.
However, there is abundant evidence that actual consumption of steel is
expanding. Motor car companies continue to take larger quantities of both
pig iron and steel, farm equipment makers are planning for a 25% Increase
in business in 1936,numerous government-financed construction projects are
maturing, and railroad buying promises to resume its former position as a
leading outlet for steel.
The Union-Pacific has entered the market for 70,000 tons of rails and
30,000 tons of accessories. The Southern Railway System has ordered
10.000 tons of 130-lb. rails from the Alabama mill. Meanwhile the carriers,
generally, are undertaking car repair programs as the first step in the rehabilitation of their rolling stock and are likewise beginning to estimate
their requirements in new cars. In addition to the 10,000 cars on which
the Pennsylvania Is now figuring, it is estimated that 50,000 freight cars,
requiring from 750,000 to 1.000,000 tons of iron and steel materials, will
'soon come before the trade for tenders, a substantial part of them shortly
after the turn of the year.
Structural steel awards of 23,000 tons compare with 11,250 tons In the
preceding week. New projects total 21,000 tons as against 14,300 tons last
week. Plate awards aggregate 1530 tons, and reinforcing steel lettings,
6700 tons.
The contractor for the Triborough bridge, New York, who had bought
German sheet piling, has rescinded the order, but the reaward of the major
part of the steel is yet to be made. Thus far he has bought 250 tons of
second-band piling and 20 tons of new piling from an American mill, but still
has 330 tons to purchase.
The "Iron Age" composite prices for finished steel and pig iron are unchanged at 2.130c. a lb. and 118.84 a gross ton respectively. Alabama
producers have advanced pig iron $1 a ton for delivery in the South,following the similar action recently taken by furnaces in the North.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Nov. 26 1935, 2.130c. a Lb.
Based on steel bars, beams, tank platep
2.1300. wire, rails, black pipe, sheets and ho
One week ago
2.1300. rolled strips These products mak
One month ago
2.1240. 85% of the United States output.
One year ago
Low
Fligh
2 130c. Oct. 1
2.124o. Jan. 8
1935
2.0080. Jan. 2
2.1950. Apr. 24
1934
2 0150. Oct. 3
1.8670. Apr. 18
1933
1.9260. Feb. 2
1 977c. Oct. 4
1932
2037c. Jan. 13
1.945c. Dec. 29
1931
2 2730. Jan. 7
2.018c. Dec. 9
1930
2.2730. Oct. 29
2 3170. Apr. 2
1929
2 286c. Dec. 11
2.217c. July 17
1928
2.402c. Jan. 4
2.2120. Nov. 1
1927
Pig Iron
Based on average of basic Iron at Valley
Nov. 26 1935, $18.84 a Gross Ton
$18.84 furnace and foundry irons at Chicago
One week ago
18 01 Phliadelphla, Buffalo, Valley and
One month ago
17.90 Birmingham.
One year ago
Nov. 30 1935
High
$18.84 Nov. 5
17.90 May 1
16.90 Dec. 5
14.81 Jan. 5
15.90 Jan. 6
18.21 Jan. 7
18.71 May 14
18.59 Nov.27
19.71 Jan. 4
1935
1934
1933
1932
1931
1930
1929
1928
1927
Low
$17.83 May 14
16.90 Jan. 27
13.50 Jan. 3
13.56 Dec. 6
14.79 Dec. lb
15.90 Dec. 16
18.21 Dee. 17
17.04 July 24
17.54 Nov. 1
Steel Scrap
Nov. 26 1935. $13.25 a Gross Ton
Based on No. 1 heavy melting stee
One week ago
$13.00 Quotations at Pittsburgh, PhiladelpM4
One month ago
12.58 and Chicago.
One year ago
10 33
Leto
High
$10.33 Apr. 23
1935
'13.25 Nov. 26
9.50 Sept.25
1934
13.00 Mar. 13
6.75 Jan. 3
1933
12.25 Aug. 8
0.43 July 6
1932
8.50 Jan. 12
8.50 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan. 29
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov.22
1927
15.25 Jan. 11
The American Iron and Steel Institute on Nov. 25 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.0%
of the steel capacity of the industry will be 55.4% of the
capacity for the current week, compared with 53.7% last
week, 51.9% one month ago, and 28.1% one year ago. This
represents an increase of 1.7 points, or 3.2% from the estimate for the week of Nov. 18. 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 0
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
193552.5% May 13
52.8% May 20
50.8% May 27
49.1% June 3
47.9% June 10
48.2% June 17
47.1% June 24
46.8% July 1
40.1% July 8
44.4% July 15
43.8% July 22
44.0% July 29
44.8% Aug. 5
43.1% Aug. 12
42.2% Aug. 19
43.4%
42.8%
42.3%
39.5%
39.0%
38.3%
37.7%
32.8%
35.3%
39.9%
42.2%
44.0%
46.0%
48.1%
48.8%
1935Aug. 26
Sept. 2
Sept. 9
Sept. 10
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 5
Nov. 11
Nov. 18
Nov. 25
47.9%
45.8%
49.7%
48.3%
48.9%
49.7%
51 .4%
51.8%
51.9%
50.970
52.6%
53.7%
55.4%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Nov. 25 stated:
Uncertainties pertaining to finished steel prices for first quarter are
expected to be cleared away by producers this week, preparatory to opening
books for that period Dec. 2, in line with former code practice.
While majority opinion has strongly favored advances, up to the close of
last week there was no positive indication of which products are to be
raised, or amounts. In this respect the situation was unlike that which
prevailed under the code when prices were announced 10 days prior to the
opening of books.
It appeared that there was no definite decision, though some interests
intimated that sheets and strip, wire, and bars are likely to be increased,
with no change in pipe, plates, shapes, or tin plate.
Meanwhile, as an evidence of the general strength in iron and steel markets, scrap continued to rise. At Chicago most grades were up 50c., to a
parity with Pittsburgh.
Iron and steel shipments gave further indications of a pronounced bulge
late this month and in December, possibly to reach the year's high point
next month.
Steelworks operations rose 2% points to 54%%, with Pittsburgh up 2
points to 46%; Chicago, 4 to 61; Cleveland, 3 to 80; Youngstown, 3 to 80;
Detroit, 6 to 94. Declines were noted only at Wheeling, down 6 to 78,
and Birmingham, off 11% to 46%, with other districts unchanged. This
week the Thanksgiving holiday may cause some temporary recession.
Many consumers have placed protective contracts, though the volume of
their specifications will depend on the trend of prices. Actual consumer
requirements, however, are believed to form the main basis for present
activity. Certain manufacturing lines usually affected adversely by sea.
sonal influences are either holding their recent gains or expanding. This Is
particularly true of tractor and agricultural implement manufacturers, some
of whom have already started production for spring.
Sheet mill operating average has increased several points to 70%, and
producers are sold up for the rest of the year on automotive sheets. For
the present, automobile manufacturers are not attempting to speed schedules,
output last week increasing only 2,000 units to 95,000. Pressure for
delivery of material, however, is strong, and orders have already been
placed for sheets, strip and other steel products for enrollment as soon as
mill books are opened.
Reports of an impending increase of $3 a ton on rails, though lacking
verification, have led to larger purchases, 43,600 tons of rails and fastenings
being booked last week, including 20,000 tons of rails and 13,600 tons of
fastenings for Chicago Burlington & Quincy, and 10,000 tons of rails for
Southern By. Pennsylvania RR. is inquiring for 16,000 car wheels, and
St. Louis & San Francisco has asked for court consent to spend $1,800,000
for rails and accessories.
Approval was given at Washington last week to several hundred grade
eliminations, which fabricators estimate will require 45,000 tons of structural steel. Shape awards for the week dropped to 8,019 tons, compared
with 19,795 tons in the preceding week. The navy awarded 2,480 tons of
plates and 1,010 tons of sheets; 1,750 tons of plates were placed for 140
beer tanks at Milwaukee. New York will open bids Dec. 3 for ferryboats
requiring 3,600 tons of steel.
Pig iron producers estimate November and December shipments will be
the largest of the year. Increased buying of scrap for export is noted.
The Cargenie•Illinois Steel Corp. is scrapping 1,000 Bessemer & Lake Erie
freight cars for 15,000 tons of scrap, and Pennsylvania may scrap 32,000
to derive 300,000 to 400,000 tons.
Instead of a price advance in ferromanganese, as recently contemplated,
there may be some reduction, as the new trade agreement with Brazil
lowers the American duty on manganese ore from $33.60 to $17.92 a
gross ton.
"Steel's" iron and steel composite is up lc. to $33.17, due to scrap prices.
The finished steel composite remains $53.70, while the scrap index has risen
160. to $13.12, highest since June 1930.
3457
Financial Chronicle
Volume 141
Steel ingot production for the week ended Nov. 25 is
placed at nearly 55% of capacity in the compilation by Dow,
Jones & Co., Inc. This compares with 53M% in the previous week and 523,i% two weeks ago.
IL S. Steel is estimated at 43%, the same as the week before. Two
weeks ago the big company was at 42%. Independents are credited with
56%. against 64% in the preceding week and 63% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with
the approximate changes,In points,from the week immediately preceding:
U. S. Steel
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1027
43
25
24
16
28
45
70
82
68
+136
55
+1
29
27
1636 —134
—2
29
—3
40
—2
69
+2
83
—214
66
Independents
+1
+1
—1
—3
—236
—3
+236
—336
+2
66
32
+134
— 36
20
1636 —236
29y6 —13.6
—4
37
—2
68
+2
84
—2
64
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Nov. 27, as reported by
the Federal Reserve banks, was $2,474,000,000, a decrease
of $17,000,000 compared with the preceding week, and an
increase of $10,000,000 compared with the corresponding
week in 1934. After noting these facts, the Board of
Governors of the Federal Reserve System proceeds as follows:
On Nov. 27 total Reserve bank credit amounted to $2.472,000,000, an
increase of $1.000,000 for the week. Increases of $81,000,000 in money in
circulation, $7,000,000 in member bank reserve balances and $19.000,000
in non-member deposits and other Federal Reserve accounts were offset by
increases of $70,000,000 in monetary gold stock and $12,000,000 in Treasury
and national bank currency and a decrease of $23,000,000 in Treasury cash
and deposits with Federal Reserve banks. Member bank reserve balances
on Nov. 27 were estimated to be approximately $3,060,000,000 in excess
of legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of $6.000,000 in
holdings of United States Treasury notes was offset by a decrease of $6,000.000 in United States bonds.
The statement in full for the week ended Nov. 27, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 3490 and 3491.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Nov. 27 1935, were as follows:
Increase (+) or Decrease (—)
Since
Nos. 27 1935 Nov. 20 1935 Nov. 28 1934
6,000,000
Bills discounted
5,000,000
Bills bought
2 430,000,000
U. S. Government securities
Industrial advances (not Including
$27,000,000 commitm'ts—Nov. 27) 33,000,000
—1,000,000
Other Reserve bank credit
+1,000,000
—9,000.000
—1,000,000
+23.000.000
+1.000,000
+1,000,000
2,472,000,000
+12,000,000
Total Reserve bank credit
9,874,000,000 +70,000.000 +1.762,000,000
Monetary gold stock
—48,000,000
Treasury & National bank currency...2,421,000.000 +12.000,000
5,820,000,000 +81.000.000 +304.000.000
Money in circulation
+7,000,000 +1.681,000,000
5,789,000,000
Member bank reserve balances
Treasury cash and deposits with Federal Reserve banks
2,625,000.000 —23,000,000 —392,000,000
Non-member deposits and other Federal Reserve accounts
534,000,000 +19,000,000 +135,000,000
---4.--.
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— ---cidcagn-Nos. 27 Nov. 20 Nov. 28 Nov. 27 Nov. 20 Nos. 28
1935
1935
1934
1935
1935
1934
$
$
$
$
$
Assets—
$
7,949 7,817 7,064 1,791 1,794 1.535
Loans and investments—total
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. Government obligations..
Obligations fully guaranteed by
United States Government...
Other securities
Reserve with F. R. Banks
Cash in vault
Due from domeetio banks
Other assets—net
Liabilities—
Demand deposits—adjusted__
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
827
60
797
59
525
61
28
--ii
26
21
732
731
789
149
151
173
169
123
114
1,187
156
123
48
1,177
228
133
69
1,219
17
16
6
242
17
16
6
239
66
20
11
218
3,332
3,346
2.841
996
996
697
373
1,032
373
1,007
272
937
97
240
97
249
78
225
2,435
61
81
519
2,460
55
79
483
1,463
52
58
774
633
38
202
83
614
36
201
80
488
37
158
102
5,898
583
176
5,777
585
176
4.786
622
420
1,481
398
60
1,464
398
60
1,220
363
28
2,197
404
2,229
348
1,651
122
530
538
a
435
2
330
1,457
320
1,459
3
345
1,462
_
46
227
34
226
44
226
a
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. 20:
Condition of Weekly Reporting Member Banks in 101 Leading Cities
Complete Returns of the Member Banks of
rhe condition statement of weekly reporting member banks in 101 leading
cities on Nov. 20 shows no change for the week in total loans and investments, an increase of $99,000,000 in demand deposits adjusted, and
decreases of $20,000,000 in time deposits and of $44,000,000 in deposit
balances standing to the credit of domestic banks.
Loans to brokers and dealers in securities in New York City increased
$4,000,000. loans to brokers and dealers outside New York City declined
$4.000,000. and loans on securities to others (except banks) increased
$4,000,000. Holdings of acceptances and commercial paper bought increased $7,000,000, real estate $1,000,000 and loans to banks 62,000,000.
while "Other Loans" declined $8,000,000 in the New York district and
$9.000.000 at all reporting member banks.
Holdings of United States Government direct obligations increased
$29.000,000 in the New York district. 59.000,000 each in the Chicago and
San Francisco districts. and $38,000,000 at all reporting member banks;
holdings of obligations fully guaranteed by the Unites States Government
declined $7,000,000 in the New York district and $6,000,000 at all reporting
member banks; and holdings of "Other Securities" declined $25.000.000
in the New York district, $9,000,000 in the Chicago district and $37.000.000
at all reporting member banks.
Demand deposits-adjusted increased $61.000.000 in the New York
district, $21,000,000 in the Boston district, $12,000,000 in the Philadelphia
district, $11,000,000 in the Cleveland district and 510,000,000 In the
Chicago district, and declined $12,000,000 in the Kansas City district.
Time deposits declined $12,000,000 in the Chicago district and 520,000.000
at all reporting member banks. Deposit balances of other domestic banks
declined $20,000,000 in the Chicago district, $16,000,000 in the Cleveland
district and $44,000.000 at all reporting member banks, and increased
$11.000,000 in the New York district.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the
week and the year ended Nov. 20 1935, follows:
Nov. 20 1935
$
Assets—
,000,000
investments—total____20,490
Loans and
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. 8. Govt. direct obligations
Obligations fully guaranteed by
United States Government
Other securities
819,000,000
155,000,000
Increase (+) or Decrease (—)
Since
Nop. 13 1935 Nor. 21 1934
s
+1.576.000,000
+4,000.000
—4,000.000
+148.000,000
—2.000,000
2,082,000.000
340,000.000
1,141,000,000
86,000,000
3,379.000,000
8.333.000.000
+4.000.000 —199,000.000
+7,000.000 —143.000,000
—1.000,000
+1,000,000
—33,000.000
+2,000,000
+72,000,000
—9,000,000
4-38,000.000 +1.111.000.000
1,135,000.000
3,020,000,000
—6.000.000
—37,000.000
Reserve with Fed. Reserve banks_ 4,754,000,000
346,000,000
Cash in vault
2,350,000,000
Due from domestic banks
Liabilities—
13,819.000,000
Demand deposits—adjusted
4,872,000,000
Time deposits
502,000,000
United States Govt. deposits
deposits:
Inter-bank
5,430,000,000
Domestic banks
380,000.000
Foreign banks
1,000,000
Borrowings
+535.000.000
+88,000,000
+46,000.000 +1.423,000,000
+49,000,000
—17,000,000
—18,000,000 +569,000,000
+99.000,000 +2,427,000,000
+49,000,000
—20.000.000
—24.000,000 —335,000,000
—44,000,000 +1.111.000,000
+13.000.000 +248,000.000
—3.000.000
—1,000,000
League Delays in Extending Sanctions Against Italy—
Embargoes on Oil, Coal, Steel and Iron Discussed
—Britain and Russia Reply to Italian Protest—
England Warns Italians Against Invasion of Lake
Tana Region
Extension of the League of Nations sanctions against
Italy to include oil, coal, iron and steel constituted the
principal subject of debate among European powers this
week, in their efforts to formulate a policy that would end
the Italo-Ethiopian war. The Committee of Eighteen of
the League had been scheduled to meet yesterday (Nov.
29) and it was anticipated that at this session the League
he
members would formally widen the embargo list.
meeting was postponed, however, at the request of Premier
Laval of France, who asked the delay on the ground that
the French Parliament was scheduled to meet on Nov. 28,
3458
Financial Chronicle
and would be unable to attend the Geneva conference until
later. United Press advices yesterday (Nov. 29) from
Geneva, said:
Augusto de Vasconcellos of Portugal.Chairman of the League's Sanctions
Committee, convoked the Steering Committee of Eighteen to-day to meet
on Dec. 12 to decide on imposing an oil embargo against Italy.
In addition to extension of the embargo on oil, the Committee will
consider further extensions of the general embargo, including coal, Iron
and steel, as soon as "conditions are favorable" meaning that the attitude
of the United States and other neutrals must first be ascertained.
The British Cabinet, at a meeting on Nov. 27, reasserted
its determination to impose an oil embargo against Italy.
It was also revealed that the British Government had
assured the United States that imposition of the embargo
will be considered by the League Committee shortly. The
action of the United States, with regard to limiting trade
with belligerents, is noted elsewhere in this issue of the
"Chronicle." A summary of the Italo-Ethiopian war situation
appeared in our issue of Nov. 23, pages 3299 and 3300.
British authorities, who received reports that an Italian
expeditionary force might soon invade the Lake Tana
region of Ethiopia, intimated on Nov. 27 that such an
invasion would be regarded as a violation of Italian Government assurances.
Meanwhile other reports from Ethiopia indicated that the
Italian troops had lost ground in the south, and were being
driven back from Makale by Ethiopians under the command
of Ras Seyoum. These reports were contained in communiques issued at Addis Ababa, and were denied by Italian
spokesmen.
Russia and Rumania, who are Italy's chief suppliers of
oil, informed the League on Nov. 25 that they were ready
to extend the embargo on exports to petroleum products
whenever all other producers did the same. Foreign Commis.ar Maxim M. Litvinoff of Russia on Nov. 23 had told
the Italian Ambassador to Moscow that the Soviet unqualifiedly approved League sanctions against Italy. Associated Press Moscow advices of Nov. 23 reported this
statement as follows:
The declaration was made in answer to a protest by the Italian GovernSilent to the sanctionist countries on Nov. 11.
Soviet Russia agreed to the sanctions, Mr. Litvinoff said "because any
otner line of conduct would mean a departure from the basic principles of
the League of Nations and from the principles of collective organization
of safety."
The Foreign Commissar asserted that "any other policy would encourage
agression and would remove any possibility of demonstration international
solidarity in the cause of protection and strengthening of the general peace."
Mr. Litvinoff said the U. S. S. R. as a nation had "no interest in the
Italo-Ethiopian conflict or its outcome" and was participating in sanctions
exclusively as a member of the League whose protection, it felt, should
be extended to Ethiopia on a basis of equality with all other League members.
The British Government on Nov. 22 irformed Premier
Mu solini of Italy that it had good reasons for imposing
sarctions and did not intend to discuss the matter further.
A London dispatch of Nov. 22 to the New York "Times"
described this note as follows.
The note which went to Italy today was not a collective document, as
the British had hoped, but its contents had been communicated to Paris
and received the French Government's approval.
Addressed to Dino Grand!, Italian Ambassador here, it recalled the
"constant anxiety" shown by Britain and other members of the League
to recognize Italy's legitimate rights.
In view of the "impartiality shown by the League," the note asserted
that Britain felt "no useful purpose would be served by reopening or recapitulating discussion of the questions raised in the Italian note."
It reminded Italy that the provisions of the covenant were mandatory
in character whenever the facts of the question were not in dispute, and
that all governments represented In the League Council except Italy agreed
that Italy had gone to war in violation of Article XII. Therefore, the note
explained, the British Government felt bound to accept the decision and
its inevitable consequences.
The British Government is still eager, according to the note, to bring
about a settlement of the Italo-Ethiopian war as quickly as possible.
United Press advices of Nov. 27 from London discussed
the action taken by the British Cabinet on that date as
follows:
The Lake Tana matter is regarded with gravity. The lake, in northeastern Ethiopia, comprises the headwaters of the Blue Nile and is vital
to Britain's vast irrigation project in the Anglo-Egyptian Sudan.
Britain received the most formal pledges from Italy that British interests
in Ethiopia would be respected. The safeguarding of Britain's concern in
the Lake Tana area is governed by the treaty of 1906 regarding spheres of
economic influence in Ethiopia, and by an exchange of notes between
Britain and Italy in 1925.
Inquirers were reminded that both Premier Benito Mussolini and Dino
Grandi, Italian Ambassador, reaffirmed the Italian promises.
The assurance to the United States regarding action on oil sanctions
at Geneva said that the penalties committee of 18, which was to have
met at Geneva on Friday. will meet soon. The information was conveyed
to Washington after Ray Atherton, counselor of the United States embassy.
visited Sir Samuel Hoare, Foreign Secretary. on Monday.
United States to Act Independently of League in
Embargoes-State Department Indicates Abnormal
Shipments of War Materials Will Be Frowned
Upon-Shipping Board Warns Shipowners-Commerce Department Figures Show Expansion in
Exports to Italian Africa
The United States is determined to maintain an independent neutrality policy in the Ita10-Ethiopian war, and
will not permit that policy to be affected by any action of
the League of Nations, a spokesman for the State Department said on Nov.26. He added that there was no intention
Nov. 30 1935
of relaxing the pressure on American business men to prevent
the acquisition of war profits. These statements were made
in reply to suggestions in Europe that the United States
had been embarrassed because the League had delayed in
extending sanctions against Italy to cover oil, steel and
other raw materials essential for war. Meanwhile Augusto
Rosso, the Italian Ambassador, conferred several times
this week with Secretary of State Hull, presumably with
reference to the United States ban on shipment of certain
quantities of war products to Italy.
Another indication that the Government is determined
to suppress excess exports of war materials was seen Nov.
22, when the Department of Commerce issued a special
report showing that in October American exports to Italian
Africa totaled $367,785, compared with only $45,266 in
the same month last year. On the same day the United
States Shipping Board sent a form letter to every ship
owner and operator owing money to the Government,
calling attention to the statement issued by Mr. Hull on
Nov. 15, in which the Secretary classified oil, copper, trucks,
tractors, scrap iron and scrap steel as "essential war
materials" and said that their shipment to Italy Ethiopia,
as well as all excess war trade, was directly or
contrary to
Government policy.
Mr. Hull at a press conference on Nov. 23 said that the
:Administration will seek to curb cotton exports to Italy
if they become abnormal. A Washington dispatch of Nov.
23 to the New York "Herald Tribune" reported the Secretary
as follows:
Mr. Hull said to-day that the Government would look upon any
undue
increase in exports of cotton to belligerents in the same light as marked
increases in the exports of the commodities previously listed as "essential
war materials." These "essential war materials" are in a different
category
from arms and implements of war, on which an export embargo is effective
under the neutrality legislation.
Mr. Hull refused to comment on the specific items of the Department
of Commerce figures showing exports to Italy, published yesterday,
but
recalled his previous statement that the export of such war essentials was
contrary to the American neutrality policy. He refused to say definitely
whether he considered cotton an essential of war, but indicated that in
the event of abnormally large exports of any commodity to a belligerent
consideration would be given as to whether or not that commodity was
for war purposes.
Delivery of Scrap Halted
The Shipping Board Bureau of the Department of Commerce having
revealed yesterday that it had notified all shipping companies on which
it holds mortgages ot the Government's policy, with the implied direction
that this policy be observed, to-day disclosed that it had taken steps
to
prevent vessels under Its control from becoming scrap iron for Use of Italy.
A spokesman for the bureau explained that recently the Pacific-Atlantic
Steamship Co. had sold three obsolete vessels on which part ot the purchase
price was owed to the Government, to an Italian shipyard to be scrapped.
Two ox the vessels were delivered prior to the President's neutrality
proclamation. The board forbade delivery of the third vessel, as contrary
to the Government's policy.
Mr. Hull refused to discuss his conference yesterday with Augusto
Russo, the Italian Ambassador, beyond saying that they had discussed
various phases of the international situation with particular reference to
Italy and the United States.
The report made public on Nov. 22 by the Department of Commerce
listed exports from the United States to Italy and Italian Africa in October
this year as compared with October, 1934. and in the first ten months
ox 1935 as compared with the corresponding 1934 period, as follows:
BY MAJOR COMMODITY CLASSIFICATIONS
First Ten Months
1934
1935
October
1934
1935
To Bair-Total exports
850,885,070 855,100,815 88,184,491 $6,821,368
Animals and animal products.-- _ 2,130,065 1,104,412
198,686
33,171
Vegetable food products and
beverages
9 65,889
363,504
138,032
29,397
Vegetable products, inedible, except fiber and wood
922,849
772.468
80,801
95,397
Textile fibers and manufactures
25,422,675 25,292,717 3,956,452 3,507,577
Unmanufactured cotton
24,458,274 24,333,123 3,740.755 3,423,987
Wood and paper
2,705,768 2,301,671
329,583
146.936
Non-metallic minerals
5,830,942 6,729,151
382.821 1,104,784
Metals and manufactures, except
machinery and vehicles
6,081.287 9,289,863
502,030 1,073.395
Machinery and vehicles
4,757,371 7,098.136
390,426
638,938
Chemicals and related products._ 1,362.972 1,655.617
138.103
151,995
Miscellaneous
685,252
478,407
67,557
39,798
To Italian AfricaTotal exports
254,029 3,597.022
45,288
387.785
Animals and animal products.1,467
1,318
761
Vegetable food products and
beverages
400
1,053
Vegetable products, inedible, except fibre, wood
36.714
81,138
1,247
7,883
Textile fibres and manufactures
566
486
488
Wood and paper
27,508
4,019
Non-metallic minerals
4,647
220,865
118,128
36
Metals and manufactures, except
machinery and vehicles
2,060
1,381
7,166
528
Machinery and vehicles
172.706 2,961,681
219,688
35,727
Chemicals and related products
25,868
5,303
323,883
52
Millf.111.1Willl.
9 ARI2
IR AIR
lx
1.475
A Washington dispatch of Nov. 22 to the "Herald.
Tribune" commented on these statistics and on the Shipping Board's letter as follows:
The Shipping Board letter contained no notice of punitive action In case
the Federal policy was ignored, but the implication was clear. There are
200 to 300 Government loans outstanding on American ships. Loans might
be called, renewal terms made embarrassing or other action taken to pull a
financial noose around defiant ship operators.
In high official quarters the Board's action was approved and the cooperation of any Federal department or agency having loan relationships
with the public was welcomed as an aid in carrying out the neutrality
policy. This was taken in some quarters to mean that the Postoffice Department, with its ocean-mail contracts: the RFC and other such pursestring agencies might be brought into the cordon of Administration pressure.
The October figures which provoked the new Government action showed
that American exports to Italian Africa, base of the operations against
Volume 141
Ethiopia, jumped 8 times above the amount shipped in the same month a
year ago. The figures rose from $45,266 to $367.785.
Exports to Italy Increase
Exports to Italy itself were well above the shipments of October 1934,
rising from $6,184,491 to $6,821,366. Such exports in October this year
were also above the average for the first ten months of 1935, which was
$5,510,066.
Despite the weight of a flow of warning statements from Mr. Hull and
the White House discouraging trade with the belligerents, some of the commodities on which the Administration has especially directed its attention
continued uninterruptedly in the channels of trade to Italy.
011 exports to Italy amounting last month to $1.066,625 were swollen
three times their size for October of last year, when they totaled $337,015.
rhe increase last month was even greater over the preceding month of
September, when oil exports to Italy were valued at about $305,000. In
August they were $350.000.
Besides the shipments to Italy, oil sent to Italian Africa in October
jumped 3.305 times over the amount for October 1934. The rise was from
$36 to $118,126.
We also quote in part from a Washington dispatch of
Nov. 26 to the New York "Times," in which the State Department clarified the Administration's attitude toward
trade with belligerent countries:
It was amply evident from what was clearly indicated at the State Department that Washington intents to stand pat on its neutrality policies as
enunciated and to develop them further as circumstances warrant.
To Follow Existing Lines
rhe program will be followed in the main along lines already charted,
and officials would not express an opinion in detail as to what further steps
might be taken. Every effort will be made to prevent exports of oil and
other essential war materials in more than normal volume to both Italy and
Ethiopia, but beyond this what is done will depend upon circumstances.
In pursuing this course the administration is convinced that it has the
support of the country.
Three Delegates to Represent United States at London
Naval Conference Beginning Dec.6—Italy, Britain,
France and Japan Also to Send Representatives to
Parley
Three delegates to the London Naval Conference will represent the United States at the meeting which begins on Dec. 6,
and which will also be attended by representatives of Japan,
Great Britain, France and Italy. The American delegates,
who were appointed by President Roosevelt on Nov. 19, are
Norman H. Davis, Ambassador-at-Large and disarmament
expert; William H. Standley, Chief of Naval Operations, and
William Phillips, Under-Secretary of State. Mr. Phillips is
expected to remain in London only a few weeks, and will
then return to the United States to act as liaison officer
between the delegation and the President. The delegation
sailed from New York last night (Nov. 29) on the steamer
Aquitania, which is due to arrive at Southampton at noon
Dec. 6.
A Washington dispatch of Nov. 19 to the New York
"Herald Tribune" discussed the forthcoming conference as
follows:
In announcing the American delegation to London the President made
clear his attitude by saying that the United States position would be unchanged. The United States opposes navies which would cost the people of
the various nations more money than they cost to-day, was the way. Mr.
Roosevelt put it. The conference would start Dec. 6, he said.
Explains Omission of Bingham
Asked if his position meant that the United States would oppose the
probable British contention for at least 20 more cruisers, the President said
that he would not go into details. He had enunciated just a general principle, he declared. Explaining his failure to include in the delegation
Robert W. Bingham, Ambassador to the Court of St. Jennies, the President
said that an Ambassador should be footloose and not tied to a definite
assignment.
The delegation will go to London prepared to co-operate on any workable
plan which fits into their general objectives. The latter include: Opposition to change in the status quo and therefore to the parity demand of
Japan; opposition to increases in navies although some agreement might be
worked out on the basis of enlargement of some categories, provided the
general existing relative distribution of strength was not severely interfered
with; willingness tacitly to adhere to present naval limitations after the
treaties expire so long as other Powers do likewise.
Italy's Position a Problem
Barring a new treaty, an exchange of building programs has been proposed
by Great Britain, but Japan's insistence on actual rights to parity dampen
the hopes for accord on this basis. The position of Italy, now hostile to
Great Britain, is also a question mark at the conference. France will be the
fifth Power represented.
The size of battleships is not expected to be an issue in the conference.
This problem apparently has been eliminated by Great Britain's apparent
agreement that large battleships may be built by Italy and France. The
qualitative limitation of guns, however, may be a question before the conference, with the United States ready to listen to arguments favoring 14-inch
instead of 16-inch guns.
Rumania Restores Trading in Foreign Currencies
Except in Few Instances
Associated Press advices from Bucharest, Rumania, Nov.
22, had the following to say:
The Cabinet decided to-day to restore free tracing in foreign currencies
except those of the few gold standard nations. Dealing in imports and
exports on an exchange basis will be suspended.
Additional Payments Made by Bulgaria of Back Interest
on 7% Settlement Loan 1936 and 734% Stabilization Loan 1928—New York Stock Exchange Rules
on Bonds
Speyer & Co. and J. Henry Schroder Banking Corp., New
York, as American fiscal agents for the Kingdom of Bulgaria
3459
Financial Chronicle
7% settlement loan 1926 and Kingdom of Bulgaria 731%
stabilization loan 1928, announced yesterday (Nov. 29) that
they are prepared to make further payments on the partly
paid Jan. 1 1934 coupons of the 7% settlement loan at the
rate of $6.62 per $35 coupon and $3.31 per $17.50 coupon,
and on the partly paid May 15 1933 and Nov. 15 1933
coupons of the 73/2% stabilization loan at the rates of $3.70
and $5.10 per $37.50 coupon and $1.85 and $2.55 per $18.75
coupon, respectively. These payments are offered to
holders in full settlement of the balances due on these coupons
the fiscal agents said. All coupons surrendered must be
accompanied by appropriate letters of transmittal.
Rulings on the bonds of the above loans by the New York
Stock Exchange were issued as follows on Nov,27 by Ashbel
Green, Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Nov. 27 1935.
Notice having been received that payment of $6.62 Per $1.000 bond will
1 1934 ($17.50
Jan.
due
coupon
the
of
be made Nov. 29 1935, on surrender
paid), from Kingdom of Bulgaria 7% settlement loan 1926 dollar bonds.
due 1967:
The Committee on Securities rules that the bonds be quoted ex-interest
$6.62 Per $1,000 bond on Nov. 29 1935:
That the bonds shall continue to be dealt in "Flat"and to boa delivery in
settlement of transactions made beginning Nov. 29 1935, must carry the
July 1 1935 ($5.25 paid) and subsequent coupons.
Nov. 27 1935.
Notice having been received that payment of $3.70 on the May 15 1933.
coupon ($16.87 paid) and $5.10 on the Nov. 15 1933, coupon ($9.38 paid),
of the coupons
Per $1,000 bond, will be made Nov. 29 1935. on surrender
from Kingdom of Bulgaria 73'% stabilization loan 1928 dollar bonds. due
1968:
rile Committee on Securities rules that the bonds be quoted ex-Interest
$8.80 per $1,000 bond on Nov. 29 1935:
That the bonds shall continue to be dealt in "Flat" and to be a delivery in
settlement of transactions made beginning Nov. 29 1935, must carry the
May 15 1935 ($5.62 paid), Nov. 15 1935 ($5.62 paid) and subsequent
coupons.
ASHBEL GREEN. Secretary.
Brazil Remits Funds for Payment of 35% of Dec. 1
Coupons on 20-Year External Gold Loan 8%
and 30-Year 7% Bonds—Rulings on Bonds by New
York Stock Exchange
Coupon holders of 20-year external gold loan 8% and
30-year 7% bonds of the United States of Brazil have been
notified that funds for payment of the Dec. 1 1935 coupons
of both issues at the rate of 35% of the face amount have
been remitted to Dillon, Read & Co., special agents. Payment accordingly will be made in United States currency at
this rate on and after Dec. 1 by Dillon, Read & Co.
Tre-following rulings on the bonds by the New York Stock
Exchange were issued on Nov.27 by Secretary Green:
NEW YORK STOCK EXCHANGE
Committee on Securities
Nov. 27 1935.
Notice having been received that payment of $14 per $1,000 bond will be
United States
from
due
then
coupon
made Dec. 1 1935, on surrender of the
of Brazil 20-year external gold loan 8% bonds, due 1941:
The Committee on Securities rules that transactions made on and after
Dec. 2 1935. shall be settled by delivery of bonds bearing only the June 1
1936 and subsequent coupon; and
That the bonds shall continue to be dealt in "Flat."
Nov. 27 1935.
Notice having been received that payment of $12.25 per $1,000 bond will
from United
due
be made Dec. 1 1935. on surrender of the coupon then
States of Brazil 30-year 7% gold bonds, due 1952:
The Committee on Securities rules that transactions made on and after
Dec. 2 1935. shall be settled by delivery of bonds bearing only the June 1.
1936 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN,Secretary.
Filing of Registration Statements Under Securities Act
The Securities and Exchange Commission announced on
Nov. 25 the filing of 12 additional registration statements
(Nos. 1758-1769, inclusive) under the Securities Act of 1933,
totaling $49,288,800, all of which represents new issues, and
all of which are of the commercial and industrial type. Included in the total, the Commission said, are the following
statements (the filing of which were referred to in our issue
of No 23, page 3303):
Edison Electric Illuminating Co. of Boston, 89,146 additional shares of
$100 par value capital stock, warrants and fractional warrants evidencing
534,875 rights to subscribe to the capital 'dock, and stock subscription
receipts for subscription payments on the capital stock (Docket 2-1760,
Form A-2, included in Release No. 574).
Hiram Walker-Gooderhain & Worts, Ltd., $8,000,000 10-year 414% convertible debentures, due Dec. 1 1945, and 164,140 shares of no par value
common stock, reserved for conversion of the debentures (Docket 2-1764,
Form A-2, included in Release No. 576).
Cleveland-Cliffs Iron Co., $16,500,000 first mortgage sinking fund 43i90
bonds, due Nov. 1 1950. (Docket 2-1768, Form A-2, included in Release
No. 682.)
The SEC announced that other securities for which registration statements have been filed are as follows:
Automatic Products Corp. (2-1758, Form A-1), of Chicago, Ill., seeking
to issue 100,000 shares of $5 par value common capital stock, to be offered
at the market. B. E. Buckman ez Co. of Illinois, Chicago, is the principal
underwriter, and George C. Fleener, of Chicago, is President of the corporation. Filed Nov. 13 1935.
MJR, the Goodwill Station (2-1759, Form A-2), of Detroit, Mich., seeking to issue 37,065 shares of $5 par value capital stock. George A. Richard',
of Detroit, is President. Filed Nov. 14 1935.
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Financial Chronicle
United Wholesale Druggists of Boston, Inc. (2-1761, Form A-1), of Wilmington, Del., seeking to issue 3,000 shares of no par value preferred stock,
to be offered at $50 a share. E. J. Grilling, of West Newton, Maas., is
President of the corporation. Filed Nov. 14 1936.
Bell Aircraft Corp. (2-1762, Form A-1), of Buffalo, N. Y., seeking to
Issue 8,098 shares of no par value preferred stock, and 3,098 shares of $1
par value common stock, to be offered in units of one share of each for $100.
Lawrence D. Bell, of Buffalo, Is President of the corporation. Filed
Nov. 14 1935.
International Carriers, Ltd. (2-1763, Form A-1), of Jersey City, N. J.,
seeking to issue $2,000,000 of 15-year 5% debentures with non-detachable
warrants for 100,000 shares of $1 par value common stock, and 25,000
shares of additional common stock. The warrants will entitle the holders
to purchase 60 shares of common stock at prices specified in the warrants.
for each $1,000 debenture. Calvin Bullock, of New York City, is President
of the corporation. Filed Nov. 14 1935.
Interstate Bond Co. (2-1765, Form A-2), of Atlanta, Ga., seeking to issue
$700,000 of 41
/
2% collateral trust bonds, series AAA, and $800,000 of 5%
collateral trust bonds, series BBB. Clement A. Evans & Co. and Norris &
Hirshberg, Inc., both of Atlanta, are the principal underwriters. George P.
Street, of Atlanta, is President of the company. Filed Nov. 16 1935.
Gordon Baking Co. (2-1766, Form A-2), of Detroit, Mich., seeking to issue
$1,000,000 of 5% first mortgage bonds, series B, due serially as follows:
$150,000 on June 1 1946, 1946, 1947 and 1948, and $200,000 on June 1 1949
and 1950. First of Michigan Corp, of Detroit, and Lawrence Stern & Co.,
Inc., Chicago, are the principal underwriters. Everett A. Weber, of
Detroit, is President of the company. Filed Nov. 18 1935.
W. B. Jarvis Co. (2-1767, Form A-2), of Grand Rapids, Mich., seeking
to register 113,000 shares of $1 par value capital stock. The shares
offered are from shares issued and outstanding owned by certain stockholders
of the company and do not constitute new financing by the company. The
principal underwriters are Paul H. Davis & Co., Chicago; Bacon, Whipple &
Co., Chicago; Kalman & Co., St. Paul, and Ames, Emerich & Co., Inc.,
Chicago. L. A. Jarvis, Of Grand Rapids, is President of the company.
Filed Nov. 18 1935.
Minnie Moore Mine Development Co. (2-1789, Form A-1), of Wallace,
Idaho, seeking to issue 1,750,000 shares of 10c, par value common capital
stock, to be offered as follows: 750,000 shares at 100. per share, 500,000
shares at 15c. per share, and 500,000 shares at 20c. per share. William J.
Stratton Co., of Spokane, Wash., is the uhderwriter, and William J. Stratton
is President and promoter of the company. Filed Nov. 19 1935.
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 material filed itself is correct.
Nov. 30 1935
fail to register, to enforce compliance with the act and to seek decisions
from the Supreme Court sustaining its validity.'
"Electric Bond and Share and its 5 intermediate holding company subsidiaries constitute one of the largest utility bolding company systems in
the country. As a group they present many points of contact with the
statute.
"Inasmuch as this suit will, it is believed, afford ample opportunity to
bring the constitutionality of the act speedily before the courts for decision
In 'an orderly and economical manner' the need for a multiplicity of injunction suits in order to effectuate that purpose seems unjustifiable;
especially in that registration offers the means for the protection of investigators without the sacrifice of any legal or constitutional rights."
SEC Modifies Regulations Governing Registration of
Public Utility Holding Companies—Exempts Those
Operating Within a State
A modification of its regulations governing the registration
of public utility holding companies was issued yesterday
(Nov. 29) by the Securities and Exchange Commission;
under the new ruling blanket exemption from registration
under Utility Holding Company Act is given to all holding
panics whose operations are predominantly within a State.
In reporting this, Associated Press advices from Washington
said:
The Holding Company Act itself provided for exemption of those companies whose business was chiefly within a State. Up to now application
exemptions have been required of such holding units.
The new rule makes even this move unnecessary in the case of predominantly Intro-State companies. The exemption is to continue until
further notice.
At the same time,the commission exempted holding companies which are
predominantly operating companies whose operations are confined to the
State of their organization and adjacent States; companies which are primarily engaged in businesses other than that of electric and gas utilities; companies which are only temporarily bolding companies in connection with
liquidation of debts or distribution of securities; and companies controlling
only foreign systems. This group of exceptions expires on Feb.3 1936.
Another regulation exempts affiliates, delined as a company holding 5%
or more ot the voting securities of a utility company,from applying to the
Commission for approval of further purchases of such securities.
This exemption extends until Feb. 3 1936. on condition that such acquisitions be reported to the Comission. Registered companies holding
10% or more of another company's securities are not exempted from the
law's requirement that such acquisitions be approved.
The last previous list of registration statements appeared
in our Nov.23 issue, page 3303.
SEC Eases Rules on Utilities—Exempts from Registration Non-Utility Subsidiaries of Holding
II Companies, Certain Banks, Security Dealers and
Registration Statement Filed with SEC by Public
lJ Others — Designates Types of Securities that
Service Electric & Gas Co. of Newark, N. J., for
Registered Companies May Invest in
$65,000,000 First and Refunding Mortgage Bonds,
New rulings under the Public Utility Holding Company
Series
Public Service Electric & Gas Co., of Newark, N. J., filed Act of 1935 have been adopted by the Securities and Exon Nov. 23 a registration statement (No. 2-1776, Form A-2) change Commission, it was announced Nov. 24, designating
under the Securities Act of 1933 covering an issue of $65,- certain types of securities as suitable for the investment
000,000 first and refunding mortgage bonds, 3%% series, of current funds of companies that are subject to the Act,
due 1965, the Securities and Exchange Commission ar- and granting exemptions to many non-utility subsidiaries
of holding companies. The new rules also deal with exempnounced Nov. 25 (in Release No. 587). It said:
tions for certain banks, security dealers and others. Earlier
According to the prospectus, $50,000,000 par of the issue were sold at
rulings governing the registration of utilities under the
private sale at 100% of par. The registration statement states that a firm
Act were referred to in our issue of Oct. 12, page 2358.
commitment to purchase $50,000,000 par of the issue was made and the
bonds were purchased for investment and not for resale at 100% of the
In announcing the new rules on Nov. 24 the Commission
principal amount thereof on July 30 1935. The company deposited $15,stated that non-utility subsidiaries and the other exempted
000,000 cash with the trustee and holds in its treasury $15,000,000 par
companies present problems which differ from those prevalue of the bonds. This $15,000,000 par value of the bonds is to be
sented by gas and electric subsidiaries. Studies will be
offered publicly at a date not yet determined.
made of the experience of the industry under these rules,
The $65,000,000 from the sale of these bonds was used in the redemption
and of the need for their revision the—
SEC said, continuing:
of $45,000,000 first and refunding mortgage bold bonds, 4%% series, due
—
1967, and $20,000,000 first and refunding mortgage bold bonds, 4%%
series, due 1970, called for redemption on Oct. 1 1935, at 104%%.
There are no underwriters, and the price at which the $15,000,000 bonds
are to be offered to the public has not yet been given in the registration
statement.
Interest on the bonds is payablue Oct. 1 and April 1, and the issue is
redeemable as a whole or in part on any date prior to Oct. 1 1965, upon 60
days' notice, at the following prices, plus accrued interest:
10734% to and including Oat. 1 1939:
10634% after Oct. 1 1939 and to and including Oct. 1 1941:
10534% after Oct. 1 1941 and to and including Oct. 1 1943:
10414% after Oct. 1 1943 and to and including Oct. 1 1948:
10334% after Oct. 1 1948 and to and including Oct. 1 1953:
10234% after Oct. 1 1953 and to and including Oct. 1 1958:
10114% after Oct. 1 1958 and to and including Oct. 1 1960:
10034% after Oct. 1 1960 and to and including Oct. 1 1963:
100% after Oct. 1 1963 and prior to Oct. 1 1965.
The company is a subsidiary of Public Service Corp. of New Jersey, and
Thomas N. McCarter is President of the company.
Statement By SEC Incident to Suit Filed Against
Electric Bond and Share Co. and Subsidiaries To
Enforce Compliance With Public Utility Holding
Company Act
Pir In another item in this issue reference is made to the
various actions brought by public utility companies to test
the validity of the Public Utility Holding Company Act
of 1935, and to the counter suit of the Securities and Exchange Commission against the Electric Bond and Share
Co. and subsidiaries. A statement issued at Washington
on'Nov. 26 by the Commission said:
IR "The suit filed to-day by the SEC against the Electric Bond and Share
and 5 of its subsidiary holding companies under the Public Utility Act of
1935 has been brought in the United States District Court for the Southern
District of New York. where the headquarters of the Electric Bond and
Share is located.
"It is the tirst action by the SEC under the act and follows the policy
announced by the Commission in its statement of Nov. 22, 1935, to the
effect that the Commission would 'proceed promptly to bring civil proceedings against one or more large and important companies, who may
A bank or trust company, in computing whether or not it holds a percentage of voting securities of a public utility company large enough to
make it a holding company, is permitted to exclude all securities which it
holds for the benefit of others and all securities acquired in connection with
loans made in the normal course of its banking business. The effect of
the rule is that banks which hold less than 10% of the outstanding voting
stock of a public utility or bolding company, exclusive of such stocks as
described above, will not be regulated as holding companies. Banks and
trust companies availing themselves of the rule are required to report
quarterly to the Commission the amounts of these voting stocks which
they own or control.
Similarly, brokers and dealers, in determining their status as holding
companies under the Act, are permitted to exclude securities which they
hold in customer's accounts and which are not voted except under the direction of the customer. They may also disregard securities which they have
acquired for resale in the ordinary course of business and have held for not
more than a year.
Subsidiaries of a registered holding company which are not public utility,
holding or investment companies are given exemptions from most of the
provisions of the Act, but remain subject to certain provisions. These
subsidiaries, however,remain subject to a limited extent, to the provisions
of the Act. Subsidiaries which are investment companies or investment
trusts do not come within the exemption.
The rules provide that companies which sell electricity or gas, but whose
primary business is not the electric or gas business,are not utility companies
within the meaning of the Act, provided their gross revenues from the sale
of electricity does not exceed 5100,000 a year. Subject to a similar provision as to gross revenues from electric utility operations, the Commission
has also exempted any electric company operating within a single State if
95% of its securities are owned by a manufacturing company which takes
Its output, and If the manufacturing company is not a subsidiary of any
other company.
Holding companies and their subsidiaries, organized outside of the continental United States, neither owning nor operating any utility properties
in the continental United States, have been exempted from the duties
imposed by the Act upon registered holding companies.
The Commission also designated certain types of securities as suitable
for the investment of current and surplus funds of registered holding companies and their subsidiaries in addition to those set forth in the Act.
Acquisitions in sharply limited amounts authorized by the rule are (1) investments of current funds in actively traded securities generally considered suitable for short-term investment;(2) prime commercial paper, trade
Volume 141
Financial Chronicle
acceptances or certificates of deposit maturing within one year, and customers' paper; (3) notes or other paper of "50% subsidiaries," maturing
In nine months; (4) its own obligations or the obligations of any "50%
subsidiary"; (5) its own stock or the stock of any "50% subsidiary"; (6)
obligations of any industrial or other enterprise located in the territory
served by the company acquiring them. A "50% subsidiary" is defined
as one that is 50% owned (as to voting stock) at each point of the chain
connecting the subsidiary to the partent. Holding companies and their
subsidiaries are required to file with the Commission quarterly reports
of these investment transactions.
The Commission further announced that it is drafting
forms for reports of security ownership by officers and
directors of public utility holding companies. These forms
will be similar in nature to those adopted under the analogous
section of the Securities Exchange Act, it is stated, and
will be available for public use before the filing of the reports
is required. It was also announced that no reports will
be required from persons representing public utilities before
Congress and other prescribed Federal agencies until a
reasonable time after the rules governing these reports have
been promulgated.
That part of the ruling of the SEC announced Nov. 24
designating the certain types of securities which are suitable
for investment of current funds of registered companies
follows:
Rule 90-1. Acquisitions of securities to which Section 9 (a) shall not apply.
(a) Section 9 (a) shall not apply to any acquisition of securities by any
registered holding company, or any subsidiary company thereof, which is
permitted under the provisions of this rule.
1. Any such company may acquire any bond or other evidence of indebtedness not issued, assumed or guaranteed by an associate company,
which is listed or admitted to unlisted trading privileges on any national
securities exchange or actively traded in on any over-the-counter market.
and is generally considered appropriate for the investment of current
funds; provided that, upon completion of the acquisition, the acquiring
company will not own more than 10% of the outstanding funded debt
of the issuer of such security.
2. Any such company may acquire any prime commercial paper, trade
acceptance or bank certificate of deposit maturing within 12 months,
of a customer for goods puror any obligation evidencing !noel)tests
chased from or services rendered by the acquiring company.
3. Any such company may acquire from any 50% subsidiary company
any note or other evidence of indebtedness issued by such subsidiary
company or by another 50% subsidiary company, and maturing within
nine months.
4. Any such company may acquire any obligation issued or guaranteed
as to principal by itself or by any 50% subsidiary company or any company
a substantial part of whose properties are leased to such company or to
any 50% subsidiary company provided that, upon completion of the
particular acquisition in question, the total cost of all such obligations
acquired during the calendar quarter-year (exclusive of obligations acquired pursuant to subparagraph 3 above, and obligations acquired for
sinking fund or other similar fund as required or permitted by the terms
of the indenture under which such obligations were issued) will not exceed
1% of the total assets of the acquiring company.
5. Any such company may make any acquisition of its own capital
stock or the capital stock of any 50% subsidiary company or of any company a substantial part of whose properties are leased to such company
or to any 50% subsidiary company, provided that, upon completion of
the particular acquisition in question, the total cost of all such stock acquired during the calendar quarter-year will not exceed A of 1% of the
total assets of the acquiring company.
6. Any such company that is primarily a public utility company may
acquire any security not otherwise permitted under the provisions of this
rule, which is issued by an industrial or other enterprise located in the
territory served by the acquiring company, provided that, upon completion of the acquisition, the total cost of all such securities acquired
during the calendar quarter-year will not exceed 1-10 of 1% of the total
assets of the acquiring company.
(b) The term "50% subsidiary company," as used in subparagraphs 3.
4 and 5 above, means any immediate or remote subsidiary controlled by
the acquiring company by the ownership of 50% or more of the outstanding
voting securities at each point in the chain connecting such subsidiary to
the acquiring company.
(c) The term "total assets," as used in this rule, means the total assets
and other debits as shown on the corporate balance sheet of the acquiring
company as of the close of the last fiscal year for which such balance sheet
is available.
(d) Each registered holding company and each subsidiary company thereof shall file with the Commission, within 30 days after the close of each
calendar quarter-year, a report, designated as "Report under Rule 90-1",
covering all acquisitions of securities made during the quarter pursuant to
the provisions ofsubparagraphs 3,4.5 and 6 of this rule.
(e) Reports shall be itemized for each separate transaction, and shall
briefly describe the securities acquired and state the price paid, the date,
and, unless the securities were acquired on the open market,the name ot the
person from whom acquired. Transactions shall be grouped in the report
according to the subparagraph of this rule under which they fall and each
group shall be totaled. The percentage that the total of acquisitions in
each group bears to the total assets of the acquiring company shall be stated.
(f) The first of such reports shall be filed in April 1936,covering acquisitions during December 1935 and the first quarter of 1936. No report need
be filed for any quarter during which there were no acquisitions pursuant
to subparagraphs 3, 4, 5 and 6. A holding company may file any reports
required of its subsidiary companies under this rule.
Three Temporary Forms Adopted by SEC Under Public
Utility Holding Company Act—Cover Issuance
and Acquisition of Securities and Acquisition
of Utility Assets
The Securities and Exchange Commission adopted on
Nov. 25 three forms covering the issuance of securities, the
acquisition of securities, and the acquisition of utility assets,
for use under the Public Utility Holding Company Act of
1935. In publishing the rules, the Commission stated that
it has not sought to specify in detail the information which
it may need in particular cases in order to make the findings
indicated in Sections 7 and 10 of the Act, but that it hopes
in most cases the information furnished will be sufficient
to enable it to act promptly without the necessity of calling
for further relevant and material facts.
The Commission pointed out that, while the forms are
temporary and subject to later revision in part or in full,
no such revision will be retroactive with respect to any
application or any declaration filed on the temporary forms.
As to the three new forms the Commission stated:
3461
Temporary Form 17-7 has been adopted for use by companies which are
either issuing securities or altering the rights of holders of any of their
outstanding securities. rhe company is required to submit information
to enable the Commission to determine whether or not the security to be
issued is adapted to the company's financial structure and its earning
power and whether the financing is appropriate to the efficient operation
of the business. Information is also sought as to fees and commissions
to be paid. If the rights of any outstanding securities are to be altered,
the company is required to submit information to enable the Commission
to determine whether or not the change will result in an unfair distribution
of voting rights.
Temporary Form 17-10-1 has been adopted for holding companies,
subsidiaries, and certain affiliates, seeking the Commission's approval
for the acquisition of securities. The information sought in this form
covers a description of the securities to be acquired, and data showing
the effect of the acquisition upon the capital structure and upon the system
as an integrated unit. rhe form also asks for the terms of the acquisition,
the relation of the seller to the buyer, and the fees and commissions to
be paid.
Temporary Form 17-10-2 has been adopted for use by registered holding
companies or subsidiary companies seeking approval of the Commission
for the acquisition of utility assets. This form seeks information similar
to that in Form H-10-1 as to the assets to be acquired and the terms of
the acquisition.
The rules adopting Temporary Forms 17-7 and 17-10-2 become effective
immediately, while that adopting Form II-10-1 does not become effective until Dec. 2. Instructions as to their use accompany the forms.
R. H. Jackson and J. L. Fly Appointed Special Counsels
of SEC—Will Assist in Suits Under Public Utility
Act
John J. Burns, General Counsel of the Securities and
Exchange Commission, announced Nov. 26 that the Commission had authorized the appointment of Robert H.
Jackson as Special Counsel to assist in the trial of the
important litigation whieh is expected to arise out of the
refusal of the holding companies to register as required by
the provisions of the Public Utility Holding Company Act
of 1935. The following day (Nov.27) Mr. Burns announced
that the Commission had authorized the appointment of
James Lawrence Fly was Special Counsel also to assist in
litigation arising under the Act. Mr. Jackson is Assistant
General Counsel of the Treasury Department and Mr. Fly
has temporarily left his past as General Solicitor of the
Tennessee Valley Authority.
SEC Plans to Extend Activities to Over-the-Counter
Markets—James M. Landis Says Owner of Unlisted
Securities Is Also Entitled to Protection—Urges
Greater Knowledge Be Made Available to Investor
The Securities and Exchange Commission plans to extend
its activities into the control of deaings in over-the-counter
markets and in smaller exchanges throughout the country,
James M. Landis, Chairman of the SEC, told the New
England Council at Boston on Nov. 22. Mr. Landis said
that the chief purpose of the law creating the SEC was to
greant the purchaser of securities the protection which had
been given the purchaser of merchandise from Colonial times.
The principle underlying the various securities legislation, Mr. Landis said, is that "investors are entitled to
knowledge of the thing that they purchase." This basic
thought, he continued, has for years governed the pure food
and drug laws, although the application to securities is
much more complex. He added, in part:
In registering listed securities, the Commission sought to be reasonable
In its requirements without sacrificing matters which are of consequence
even to expert analysts. To satisfy the ends of persons thoroughly
competent to analyze corporate securities must be a constant aim of the
Commission. One must recognize that the majority of investors need
and take advice and that,therefore,expertjudgments permeate and become
a part of every investment judgment. On the whole, these registration
requirements that became operative last July were well received by the
industries affected. Only a few industries decided that the value of an
exchange market was not worth the cost of disclosure.
These enterprises which refused to continue their listings, to the Commission's regret, were chiefly businesses which had been listed on the smaller
exchanges. I say to the Commission's regret because it is our wish to
build up and not to weaken the smaller exchanges. But no other policy
seems possible or just except the policy of requiring uniform reporting as
a condition to listing on all registered exchanges. The concern of the
Commission extends equally to the local exchanges and to the great exchanges of this country. A brief glance at this situation will illustrate
the reason for that concern. The centralization of exchange transactions
in New York is well known. To a degree, centralized trading in securities
of wide national distribution finds justification in the resulting economy.
But throughout the country, centering about strategic financial centers.
are found securities of local enterprises with sufficient regional distribution
so that they deserve an exchange market. Local stock exchanges such
as the Boston Stock Exchange exist for that purpose. They also serve
as a secondary market for trading in smaller lots in securities which are
listed on the central market in New York but which also have.a sizeable
distribution in the vicinity of the local exchange.
Mr. Landis pointed out that thus far the Commission's
activities have been limited to listed securities, but asserted
that this supervision should also be applied to other corporations not controlled by the exchanges. Owners of
securities that are only traded in the over-the-counter
market, he said, deserve as much information as owners of
listed securities. He continued:
Two methods for controlling practices in the wide unorganized overthe-counter market are now being pursued by the Commission. The first
calls for the registration of brokers and dealers active in these markets,
some five thousand in number, together with the imposition of a few
regulations mainly confirming their fiduciary obligations. This scheme
of registration should not be regarded as a guarantee that we will include
only the trustworthy and exclude all the untrustworthy. In putting into
3462
Financial Chronicle
effect a scheme on such a large scale, it was realized that only the most
obvious of the undesirable could be winnowed from such a number. These,
of course, were those with criminal records or those who had been found
guilty by the courts of fraudulent practices or those who had perjured
themselves upon the very record of registration. Thus we have only begun
to eliminate the black sheep.
The second method of control is a present attempt to help in the organization of a self-disciplinary agency of dealers. Just as the disciplinary
committees of the exchanges have been invaluable to us in our efforts to
supervise the activities on the exchanges, similar machinery would seem
to be of value for the over-the-counter markets. Under a self-imposed
discipline it is frequently possible to lift standards of individual contract
to a point beyond that possible through legislation and regulation.
Certain problems in the field of financial practices in their treatment
demand more than the singling out of Individual cases. They call for the
kind of effort from within the industry moving upon the entire front as
a whole. Such, for example, is the effort to reduce the feverish pace
that still too greatly characterizes the American methods of distributing
securities. Salesmen are held like horses before a barrier restlessly waiting
for the starting signal. And unless sales are immediately consummated
the operation is labeled a failure. Violations of the statutory requirement
that a definite time shall intervene between announcement and offering
result from such a system of distribution are to be expected. But merely
to punish the salesman in such a situation is to touch the fringes and not
reach those really responsible for the actions of mere subordinates. The
investment public is entitled to a more intense and genuine effort to control
this situation, and the impetus for such a movement can readily be given
rom within.
SEC Reports Dollar Value of Sales on National Securities Exchanges During October Largest Since
October 1934
The dollar value of sales on all registered securities exchanges in October was the largest since the Securities and
Exchange Commission began compiling figures on this basis
in October 1934, according to the monthly tabulation of
the Commission, issued Nov. 26. In issuing the tabulation
the Commission said:
Total dollar value of sales in October on registered exchanges amounted
to $2,214,379,595, an increase of 31.9% over the value of sales in September
1935, and an increase of 161.2% over sales in October 1934. Stock sales
(including a small amount of rights and warrants), had a value of $1,912:
161.309, an increase of 35.9% over September. Bond sales were valued
at $302,177,535, an increase of 11.3%.
Total sales of stock in October (including rights and warrants), were
81,106,287 shares or 36.5% above September's figure. Total par value of
bonds sold was $387,151,731, an increase of 16.3%.
The two leading New York exchanges accounted for 95.1% of the value
of all sales on 22 registered exchanges; of stock sales. 94.4%; and of bond
sales, 99.8%.
Roger W. Babson Urges Public Utility Companies to
_Register With SEC
—An appeal to all public utility holding companies to register with the Securities Exchange Commission on Dec. 1
was made by Roger W.Babson on Nov. 28 in a letter sent to
the officers and directors of two hundred leading public
utility corporations throughout the country. In part he
said:
Of course the Holding Company Act contains inconsistencies and injustices. These defects should be ironed out by Congress after Jan. 1 1936.
I have faith that the American people want fair play and will demand that
the necessary corrections be made in the Act. If these revisions are not
made, I hope the Act will be declared unconstitutional by the Supreme
Court. Here, however, is the vital point: Until such changes are made or
a Supreme Court decision rendered, surely it Is up to us directors of public
utility holding companies to obey the law.
I speak both as a public utility director and a large stockholder in the
industry,—probably having more money invested therein than the majority
of public utility officials and directors. I am making this appeal personally
as well as In behalf of many investors who feel likewise.
Credit Regulations Issued by Board of Governors of
Federal Reserve System to Apply Under Banking
Act of 1935—Interest Rates Fixed
Credit regulations which are to govern under the Banking
Act of 1935, were issued on Nov.27 by the Board of Governors
of the Federal Reserve System. Stating that the regulations
provide machinery for governing changes in reserve requirements in accordance with the law's grant of power to double
legal reserves without declaring an emergency should the
board find it necessary to prevent injurious expansion or
contractions of credit, Associated Press advices from Washington Nov. 27, said:
Semi-official observers read in to-day's step—making credit regulations
the first to be issued under the 1935 law—an indication that early moves
might be made to check further expansion of excess reserves or to bring
them down to more manageable proportions.
The Governors also on Nov. 27 set uniform maximum
interest rates for approximately $10,000,000,000 in time
deposits in the more than 6,000 members banks of the system.
Both credit rules and interest charges become effective on
Jan. 1. The Associated Press accounts also had the following
to say:
The Board holding that "under present conditions banks cannot afford
to pay higher interest rates," maintained the old 2%% rate on savings
deposits. But it added a graduated scale of maximums on all time deposits.
It was 234% on time deposits payable in not less than six months; 2% on
time deposits payable in less than six months and not less than 90 days;
1% on time deposits payable in leas than 90 days.
The maximum rate payable on postal savings funds, which are time
deposits, continued to be 2M % or such lower rate as State banks are permitted to pay under State laws.
To-day's order, is the first regulation thus issued by the Board pertaining
to interest rates. The Board, however, less than a year ago established by
resolution a maximum rate of 2 %.
Nov. 30 1935
The credit regulations provided the technical procedure for the Board
to apply gradually by small percentages its power to increase legal reserve
requirements as much as 100%. Existing reserve requirements are 13%
of net demand deposits in the central Reserve cities of New York and
Chicago, 10% for banks in Reserve cities and 7% for other banks.
Investment Bankers Form 17 Regional Committees to
Complete Liaison with SEC—National Organization to Co-operate in Formulating Rules for Overthe-Counter Transactions
The organization of 17 district committees of investment
bankers which will co-operate with the Securities and Exchange Commission in promulgating regulations fcr overthe-counter transactions and other investment problems
was announced on Nov. 23 by the Investment Bankers'
Conference Committee, of which B. Harold Griswold is
Chairman and Frank L. Scheffey is Director. The national
organization is designed as a liaison group between the SEC
and the investment bankers, and will perform much the
same function as the conduct committees of the Stock
Exchanges. The organization will report to the central
committee on the extent of regulation desirable, with a
subsequent review by the Commission.
Federal Reserve Board Finds Business Activity Near
High Point Rreached Early in Year—Cites Increase in Income of Workers and Farmers and
Profits of Corporations Incident to Greater Industrial Recovery—Expansion of Bank Loans and
Investments—Public Debt—
According to the Federal Reserve Bulletin, "sustained
ctivity of business at a level near the high point reached
at the beginning of the year has been the outstanding fact
an the economic situation during the first 10-months of 1935."
The Bulletin (for November, made public Nov. 25)goes on
to say that "this is in contrast to the course of business in the
three preceding years, when advances were not sustained,
but were quickly followed by sharp declines." In part the
Bulletin, issued by the Board of Governors of the Federal
Reserve System, continues:
Industrial activity and employment in the first 10 months of the year
have been at a level higher than in any of the four preceding years and
about bait way between the lowest point of the depression and the 1929
level. The volume of unemployment and the need for public relief, however, continue to be large.
The increase in production over last year was chiefly in industries producing durable goods, which had reported the greatest declines during the depression. Output of nondurable manufactures in the aggregate showed a
relatively small increase.
Since the beginning of the year industrial activity has shown lees change
than in the corresponding period of any other recent year. In September
the Board's seasonally adjusted index was at 89% of the 1923-25 average
as compared with a high point of 91% In January and a low point of 85%
In May. Preliminary figures indicate an index for October higher than
that for September.
Residential building has shown a marked and sustained increase this year
for the first time since the decline, which in this industry began early in
1928. but the volume of construction is still relatively small.
1 Greater activity in industry has been accompanied by an advance in the
income both of industrial workers and of farmers, and the distribution of
commodities to consumers has also increased. Wholesale prices of farm
Products and foods have continued to advance but at a slower rate than in
1933 and 1934. Prices of industrial products as a group have shown little
change in the past two years.
Continued ease in the money market and the accumulation of a vast
amount ot idle tunds in the hands of investors have been reflected in a revival in the capital market. Security flotations have been in larger volume
than in any year since 1930. For the most part they have been refunding
issues reducing the debt service, out there has also been an increase in the
amount of new money raised in the capital market to be used in part in
liquidation of bank debt and in part for productive purposes.
Profits of large corporations, for which alone current reports are readily
available, have increased. There has been a sustained advance insecurity
Prices,representing primarily the effect of cash buying by investors. Bank
loans to brokers have not increased and security loans to other borrowers
have declined.
Expansion of total bank loans and investments has been continuous during the year and has reflected for the most part additional purchases by
banks of United States government obligations and of securities guaranteed
by the government. Bank deposits have grown as the result chiefly of
gold imports and disbursements by the government, and demand deposits
of member banks are at a higher level than at any previous time.
In recent months disturbed conditions abroad and a strong foreign demond for American securities have resulted in a large flow of capital to
this country and consequent imports of gold. These imports, which
amounted to about $155,000,000 in September and $315,000,000 in October, have een the chief factor in carrying member bank reserves to a new
high level. Notwithstanding a considerable increase in legal reserve requirements, consequent upon the increase in deposits, and a more than seasonal growth in the demand tor currency, arising from the greater volume
of employment and trade, excess reserves of member banks increased further and at E.3,000,000.000 in the last week of October were at tho highest
point on record.
Industrial Production in Recent Years
Since the middle of 1932 there have been four periods of Increased industrial output, each quite different from the others. Some of the differences
are evident on the accompanying chart,[this We omit—Ed.1, together with
indexes of production of iron and steel, automobiles, other durable manufactures, textiles, meat and products, other nondurable manufactures, and
minerals, all expressed in terms of points in the total index, so that it is
possible to see just how much any movement in the total index is accounted
for directly by changes in activity in any ot these industries. The Indirect
effects, such as increases in the output of materials owing to increases
in the output of finished goods, are not shown separately.
The first of the four advances was in the summer of 1932. It was small
In amount and reflected largely an increase in textile output from an unusually low level. By the following March, at the time of the banking
Volume 141
Financial Chronicle
crisis, production had declined to about the same level as in the middle of
1932.
The second advance, stimulated by the reopening of the banks, the low
level of stocks of certain commodities and the prospects of higher costs and
higher prices in many lines, was widespread and exceptionally rapid. Output of semifinished products showed the most rapid expansion in this
period, and the Board's index, which is based in large part on output of
such products,advanced 41 points in four months—from 59% ofthe 1923-25
average in March to 100% in July 1933. This advance partly of a specullative character, was not sustained, and beginning in August there was a
general,rapid decline in output, which by November had brought the index
down to 72%.
The third advance in the index, to a high of 86% in May 1934, reflected
primarily increased output of steel, part of which was purchased for stock
in anticipation of price advances announced for the third quarter. Increased automobile production was also a factor in this advance. After
May the index declined rapidly, reflecting chiefly an abrupt decline in
steel production which continued at an exceptionally low level for several
months. There was also a decline in activity at textllelmills, while meat
packing showed a marked increase,largely as a consequence of the drought.
The low point of this downward movement in the index of industrial production was reached in September 1934, partly owing to the textile strike
in that month.
The fourth advance, from this low point of 71% in September 1934 to
91% in January 1935, was general for the industries shown on the chart,
(this we omit—Ed.], except that in the meat packing industry activity
showed a rapid decline during this period. The level of industrial output
reached in January was somewhat higher than that reached in the spring of
1934 and has been largely maintained. This is the first advance that has
not been followed in the immediately succeeding months by a sharp decline.
The lowest index reported so far this year is 85% for May. The most recent
index, for September, is 89%. and preliminary figures indicate that the
Index for October will be higher. . . .
Member Bank Deposits
Deposits at member banks have continued to show a rapid growth during
1935, reflecting principally the influence of gold imports and of disbursements by the government of funds raised through the sale of obligations to
the banks. In another article in this issue are presented and described
newly compiled statistics of deposits and other items in the condition of
member banks.
hi These data show that on June 29 1935, member banks held adjusted demand deposits, which exclude United States Government deposits, interbank balances, and reported "float," amounting to $17,530,000.000. This
is the largest amount ever reported for member banks, but demand deposits at non-member banks and at all banks continued below their previous
peak. Time deposits at member banks, excluding interbank and Postal
Savings deposits,increased in the first half of this year and at $9,750,000,000
were $1.650,000,000 larger than two years earlier, but considerably smaller
than in the period from 1928 to 1931. Reflecting an increase in idle fun
held by banks, there has been a continuous growth in interbank balan
which are now the largest on record.
That the growth of deposits has continued since June, although at a
somewhat slower rate than in the second quarter of this year, is indicated
by figures for weekly reporting member banks in 101 leading cities.
Adjusted demand deposits at these banks increased by over $600,000,000
between June 26 and Oct. 30, while time deposits showed a small increase.
Balances of domestic banks continued to increase, and there has also been
considerable growth in recent weeks in deposits of foreign banks, reflecting
the movement of short-term funds from abroad.
Bank Debits and Turnover of Deposits
Reflecting an increased volume offinancial and other business tranactions,
the amount of debits to depositors' accounts at banks has been larger in
1935 than in any of the three previous years. At banks in 140 cities outside
of New York City debits in the first three quarters of this year were 13%
larger than in the same period last year. In New York City, where debits
are to a considerable extent affected by speculative stock-market activity,
the increase amounted to 6%.
The increase in debits for the country as a whole has been somewhat slower
than the growth of deposits, and therefore the rate of deposit turnover has
decreased slightly.
Member Bank Loans and Investments
Loans and investments of member banks have increased this year by a
somewhat smaller amount than in the same period last year. This difference has reflected in large part the smaller volume of borrowing by the
United States government and its agencies this year as compared with last.
Another factor was the retirement in July and August of bonds bearing the
circulation privilege. Holdings of direct obligations of the United States
government by all member banks showed little change in the first half of
the year, while those of weekly reporting member banks in leading cities
increased by over $200,000.000 from June 26 to Oct. 30. Additional securities purchased exceeded in amount the circulation bonds retired.
Obligations fully guaranteed by the United States government increased
by $570.000,000 at all member banks in the first half of the year, reflecting
in part an exchange of partially guaranteed for fully guaranteed securities.
Since June weekly reporting banks have shown a turther increase. Holdings
of other securities also increased during the year.
Total loans of member banks declined in the first half of the year, but since
the end of July loans of weekly reporting banks have increased somewhat.
Loans on securities to customers continued to decline, while other customers'
loans showed seasonal increases in the spring and again in recent weeks.
Loans to brokers and dealers in securities, which are discussed more fully
in a subsequent section,fluctuated within a relatively small range,reflecting
principally operations of dealers in government securities.
Money Rates and Bond Yields
Short-term money rates have continued at low levels during 1935, with
rates on open-market commercial paper at e4 of 1% since January and those
on acceptances at 3i of 1% throughout the year to date. Rates on call and
time loans on the New York Stock Exchange remained at ;‘ of 1% from
April until late in October, when there was an increase to j of 1% for call
money and to 1% for time money. Yields on 9-month Treasury bills,
which declined in the first half of the year to 0.05 of 1% in July, rose in
September to 0.25 of 1% but declined in October to 0.17 of 1%.
Rates charged on prime loans to customers by banks have shown a further
Slow decline during the year. Rates at New York City banks in October
those in other Northern and Eastern cities, 334%; and those in Southern
and Western cities, about 4 M %•
Yields on outstanding Treasury bonds continued to decline during the
first half of the year but rose somewhat in August and September as a consequence of declines in prices. There was some increase in the prices of
these obligations during the latter part of October. Yields on high-grade
corporate bonds have been relatively stable at a low level since early in the
year.
3463
Security Prices and Security Loans
There has been a substantial increase in security prices and in stockmarket activity during recent months, reflecting for the most part cash
purchases by investors. Security loans by weekly reporting member banks
in 91 cities and stock prices since 1932, brings out the fact that this rise in
prices of securities has not been accompanied by an increase in security loans.
The increase in average stock prices since last March has exceeded 30%,
according to the most comprehensive available index, while security loans
of the weekly reporting member banks have shown little change. A small
increase in their loans to brokers and dealers in securities has been offset
by a decrease in their security loans to other customers.
It is an unusual development for a rise of 30% in stock prices in a short
period of time not to be accompanied by an increase in the amount of bank
credit used for carrying securities. This unusual condition is due in part
to the abundance of funds in the hands of inve3tors and in part to the
margin requirements prescribed in accordance with provisions of the
Securities Exchange Act of 1934. These requirements limit withdrawals
of cash from margin accounts for the purpose of realizing profits from a
rise in stock prices and thereby reduce the need of borrowing by brokers.
Public Debt
During the period July 1 to Oct.31 1935,Treasury expenditures,excluding
debt retirement, were $2,300,00,J. 00. receipts totaled $1,200,000,000. the
public debt increased by $760,000,000, and the general fund balance was
reduced by $370,000,000.
On the basis of revised Budget estimates included in a recent statement
by the President, the deficit, excluding debt retirement, for the fiscal
year ending June 30 1937, 113 expected to be about $2.700,000,000, as compared with a deficit of $3,000,000,000 in the fiscal year 1935. Whereas
during the fiscal year 1935 the Treasury met a large portion of its deficit by
drawing on its previously accumulated general fund balance and borrowings
to finance the deficit were only $1,700,000,000, it is anticipated that during
the current fiscal year the deficit will be met principally by borrowing and
the increase in the public debt for this purpose will be about $2,600,000,000.
With the redemption of most of the remaining Fourth Liberty Loan
bonds on Oct. 15 1935. the Treasury completed the refunding program
which was begun in October 1933 with the first call of the Fourth Liberties.
Under this program about $8.876,000,001 of bonds have been called for
redemption including all remaining war bonds and practically all pre-war
bonds. R emption of about $6,900.000,000 of these bonds was made
through e hange offerings of notes and bonds carrying lower interest
th varying Periods to maturity and about $1,900.000,000 have
rates a
cash or are subject to cash redemption. Through the
been
am the interest charges on the redeemed debt were reduced
ref
n $100,000,000 per annum.
by
eral Advisory Council Reported as Planning
Press on Open Market Committee of Federal Reserve
SystemAction to Effect Reduction in Excess Bank
Reserves
The Federal Advisory Council is reported to have privately
recommended to the Board of Governors of the Federal
Reserve System that action be started to lessen the recordbreaking excess bank reserves, which amount to $3,070,000,000. Advices to this effect were contained in a Washington account Nov. 24 to the New York "Herald Tribune"
which also said in part:
F
Despite the move of Governor Marriner S. Eccles. the Reserve Board
head, in dismissing talk at this time of the possibility of excessive credit
inflation, based on the inflation potentialities of the enormous bank reserves
the Council will press its recommendation upon the Open Market Committee which meets here next month. A written report is expected by the
Council at that time.
A comparatively mild first step is urged by the Council majority, it was
revealed. The initial plan calls for the decrease of the holdings of Government securities in the Federal Reserve System. As these government
securities mature, they would not be replaced, thus gradually cutting down
the holdings of the System and thereby contributing to a curb on excess
reserves.
This would constitute a significant step in the policy of the Federal
Reserve System if it were undertaken. Although the System has not added
to its holdings for about two years, it has maintained them at a stationary
position. Fresh buying has replaced maturing securities. Any departure
from this policy would represent the beginning of a turn and represent
action toward getting a firmer control of credit and away from attempt
to stimulate it.
The attitude of the Council, including this first step proposal, is merely
advisory, but considerable sentiment is understood to be mustered behind
a program for restraint on excess reserves. The group to which the Council's proposal goes is the old Open Market Committee which is a committee
of the Reserve banks themsleves. The Federal Reserve Board is not
represented on it although all have been working closely together of late.
Governor Eccies statement bearing on the question of
credit inflation incident to excess reserves is given elsewhere
in this issue.
Booklet Urges Commercial Banks to Undertake Financing of Automobile Purchases—Contends They Can
Underwrite Such Sales More Economically Than
Finance Companies
Commercial banks can give far more efficient service in
financing automobile purchases than can so-called finance
companies, according to a statement issued Nov. 27 by
Walter Meiss, Executive General Agent in New York of
The London Assurance and associated companies. N.Ir.
Meiss, in announcing the publication of a booklet outlinmg
an automobile financing plan for commercial banks, said that
since banks know more about their borrowers they can
finance automobile sales for appreciably less than finance
companies, while the automobile buyer is thus able to save
money on his insurance premiums by having the insurance
on the new car written by the same local agency that wrote
the policy on his old car. A summary of the booklet's contents, as issued by Mr. Meiss on Nov. 27 follows, in part:
IS The booklet makes clear that 6% discount-6% of the outstanding balance at the time of the sale—is really more that eleven percent interest.
With finance companies taking any and all risks without adequate investigation the repossessions on all new passenger and commercial cars in 1934
Financial Chronicle
Stock of Money in the Country
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
156,039,431
4,0 N .7
,16C;
0 01 •-, ./.
CONN el.
r.:0 I,: c..: ni
.
CiS
h
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0101000,V
....
NO.MMN
oociclos
.
<a" m ci 4
a a v) a ‘a 4
t- ,-- Nel...V.
400..hN
0,1“005.h
03 N. .Q... .16.146
0)01...1, M0
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0.44 0.VW
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NWON
a.com
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.
n: giti
.
M10.N
WMNM
N N N M
.
=4
, 0.0
00000
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N00,0.h
•5 64
n:
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00010010
00.1...N.I.N
.6,46.0
.0606
.1.000440.
Nhh...1.W
CON. N
. N. M.
Oh00.0.
.WM.N0
0106001.0h
ei n: ci o O n:
N....0.00.
0,MWMMW
06 .1; ei:
,
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0100.00
Oh0..
6,558,591,080
4,182,344,071
1,212,360,791
NN
__0000
emcicsgs
r000
sr,
mom000
mcont-o0
c.4 cc; oi c ,z; ok
...0.0.
7,619,950,719
5,736,213,372
718,674,378
2,681,691,072
1,507,178,879
21,602,640
4,051,737
3,527,377
2,558,870
14,107,220
757,580
6,483,086
16- 6000C4.00
00.0000
000000
000000
.
04.,16461,:.
10h0.NM
M00h0N
10,304,953,760
8,676,570,390
2,436,864,530
2,952,020,313
1,845,569,84
212,420,402
6.07
.01
2.40
1.01
2.20
27.43
.55
4.03
773,043,282
1,179,824
305,522,074
128,486,225
280,595,923
3,495,045,275
70,085,205
514,110,561
141,356,862
914,400,144
1,179,824
315,859,329
130.868,654
344,122,146
3,803,975,880
71,432,165
523,237,971
hh0000
MhhNWOO
.
ON00000
0.00.h.tP
0
000
0,2Oh
10,684,596,747 8,080,072,637
Total
10,336,355
2,382,429
63,526,223
308,930,605
1,346,960
9,127,410
0.87
.26
111,117,539
33,410,122
20,667,000
3,609,587
131,784,539
37,019,709
d2,372,759,5281
bc(7,032,708,130)
156,039,431
7,164,492,669
465,821,812
449,758,156
All
Other
Money
i
MONEY OUTSIDE OF THE TREASURY
Held for
Federal
Reserve
Banks
and
Agents
MONEY HELD IN THE TREASURY
Aral. Heist as Reserve Against
Security Ag'nst United Stales
Gold and Silver
Notes
Certificates (ct (and Treasury
Treasury Notes
Notes
of 1890)
of 1890)
00 ,
,M0
NOMN
0mo
.
.
.
•
w
fr.1
0,
0,0,-, ,,,,q,000
....t,
..0
.
...000..,..C...M0
,...
0 04
.0.0.9.0.-40C0WCON
01 0 00.0h0000.h
0,
r ..1•,
/;,;M MZV2 ggl
N
0a
.
a t.
a
0
V°
.0
13:
booila
11 .6
"g
"...a? 78
teg
vgiE079,
%gt.a.
• •:0- ,..vgg
15,489,560,373
13,919,395,014.
8,479,620,8241
5,396,596,6771
3,797,825,099
1,007,084,483
a
CO.N0.--.-,0.000A
.
0 00 •-• 0.04 10
01 0010•V
TOTAL
AMOUNT
•
Two Aspects of Recovery Problem
The unemployment of labor is one of the two principal aspects of the
recovery problem. The other is the unemployment of capital, as manifested
In abnormally low levels of new security issues and in bank reserves far
in excess of legal requirements. Relief from these two forms of unemployment must come together, and the means of achieving it must be sought in
the same directions. The situation clearly illustrates the fact that unemployed workers and excess funds in the hands of bankers and investors are
not two conditions but merely two manifestations of a single underlying
condition.
It is becoming increasingly clear that, however necessary governmental
aid may have been in affording temporary relief, the government has not
succeeded in producing a sound, normal and sustained recovery. . . .
Private Enterprise the Only Solution
There is only one means of escape from the present state of affairs—a
large-scale shift from public to private activity in the employment of idle
capital and labor. In spite of the billions spent by the Federal Administration to provide jobs, there are still nearly 9,500,000 unemployed, according
to the latest estimate of the National Industrial Conference Board. Re-employment is the crucial test of any recovery program, and governmental
spending cannot make more than a minor and temporary impression on the
unemployment situation that exists to-day.
The process by which the
government borrows idle funds from the banks and either spends or relends
the same for employment and relief must give way to normal economic
activity in which the banks lend directly to business borrowers and private
investors supply the corporate capital that is used to give employment
to labor in productive enterprise. The time has arrived for the withdrawal
of public agencies from a field in which their operations no longer represent
a constructive influence. . . .
The confidence that is essential to recovery is of two main kinds—first,
confidence in the ability of soundly conceived and well managed business
enterprise to earn profits; and, second, confidence in the stability of the
currency. When confidence of the first sort is lacking, there is no incentive
for business concerns to borrow money and expand their operations, no
matter how low interest rates may be; nor will investors risk their money
in business ventures that do not show a reasonable prospect of financial
success. When confidence in the stability of the currency is impaired,
capital, instead of being invested in productive enterprise, takes refuge in
foreign countries or in speculative investments in securities, commodities,
real estate, or any other outlet that seems to offer a protection against the
ravages of currency depreciation.
In the present situation, the first requirement is a revival of the capital
market. If such a revival can be achieved, re-employment of labor will
follow as a matter of course. But the revival will not take place as long
as business men and investors are threatened with arbitrary labor laws,
punitive taxation, governmental competition, uncontrollable inflation, and
even outright financial destruction through harsh legislative penalties against
established business practices. What business needs at present is not a
"breathing spell" from so-called reform measures, but a complete cessation
of such measures, with a concentration by the Administration and Congress
on means of reassuring capital and enterprise that their hitherto recognized
rights will be respected.
An equally important requirement is a definite program, rigidly adhered
to, to eliminate all unnecessary governmental spending, particularly that
susceptible of use for political ends, and to balance the Federal budget at
the earliest possible moment. There are three main essentials in such a
program—strict economy in ordinary expenditures, a definite abandonment
of efforts to stimulate recovery by pouring billions of dollars of the taxpayers' money into public works and other projects, and a shifting of the
relief burden to State and local governments wherever that is possible.
Experimentation has proceeded far enough to demonstrate that governmental interference with private business, profligate spending, and a redistribution of income constitute neither a substitute for, nor an inducement
to, real business recovery. Idle capital and idle workers can be re-employed
on a -sound and permanent basis only by private enterprise, and the latter
can flourish only when it is assured of a reasonable opportunity to earn a
profit in the long run. Capital must be permitted to earn a "living
wage" if industry is to be able to pay living wages to workers. The effort
to force recovery must be supplanted by an effort to permit recovery.
44,239,2811
...t
44.83 127,421,000
1
C0
3.,
.. ...,:,-:•-••
561,283,431 5,712,596,930
"K'
'...Z1v,-
.?..
b(7,032,708,130) e2,448,484,679 16,273,880,361
,,,
c "4
‘'2.
Unemployment of Labor and Unemployment of Capital
Two Aspects of Recovery Program Says Guaranty
Trust Co. of New York—Private Enterprise Held
Only Solution
The recently-announced new campaign on the part of the
government to hasten the removal of unemployed workers
from public to private payrolls indicates a growing recognition of the fact that the present scale of governmental
expenditures for relief mirposes cannot long continue, and
that business recovery cannot be said to have been achieved
until this transition takes place, states the Guaranty Trust
Co. of New York in the current issue of "The Guaranty Survey," its monthly review of business and financial conditions
in the United States and abroad, published on Nov. 25. "It
is the most constructive approach to the problem of recovery
that the government has yet taken," the "Survey" comments.
In part, it continues:
Nov. 30 1935
Oct. 31 1935 and show that the money invcirculation at
that date (including, of course, what is held in bank vaults
of member banks of the Federal Reserve System) was
$5,712,596,930, as against $5,683,128,967 on Sept. 30 1935
and $5,453,335,407 on Oct. 31 1934, and comparing with
$5,698,214,612 on Oct. 311920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
15,911,112,601
3464
were less than three percent. Ehe average loss on all new and used repossessions was about fifty dollars in 1934. It has been demonstrated that
banks can cut repossessions considerably below one percent. One large
bank that did a volume of $100,000 a month in automobile purchasers'
paper for a year and a half had to repossess only two cars. In both these
cases the bank got all its investment back and was able to return a portion
of the proceeds to the borrower.
The booklet points out that a bank need not set up a special department
for this purpose but can handle it by the same methods as FHA and other
installment paper. The plan provides that the bank shall get a twelvemonth note with a provision that the car buyer will deposit the required
monthly payments in a special savings account. The average commercial
bank with about 3,000 depositors can write at least 2,000 of these loans in
a two or three year period on its depositors along.
2o o.
m.at7.72.172
0,00 00
<1 0, co
co 60 60
x• "a,' Vi
00tilt-fic•ZE-En,*4'0wwX
• Revised figures.
a Does not include gold other than that held by the Treasury
b These amounts are not Included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold, standard silver dollars. and silver bullion, respectively.
c This total Includes 819,726,113 deposited for the redemption of Federal Reserve
notes ($1,088,340 in process of redemption).
d Includes $1,800 000,000 Exchange Stabilization Fund.
e Includes 859,578,549 lawful money deposited as a reserve for postal savings
deposits.
f The amount of gold and sliver certificates and Treasury notes of 1890 should be
deducted from thbs amount before combining with total money held In the Treruturl
to arrive at the total amount of money in the United States
Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
h The money in circulation Includes any paper currency held outside the continental limits of the United States.
Note--Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption for uses authorized by law; silver certificates are secured dollar
for dollar by standard silver dollars held In the Treasury for their redemption (or by
sliver bullion); United States notes and Treasury notes of 1890 are secured by a
gold reserve of $158,039,431 held in the Treasury. Treasury notes of 1890 are also
secured dollar for dollar by standard silver dollars held In the Treasury; these notes
are being canceled and retired on receipt. Federal Reserve nom.' are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold certificates or of gold Certificates and such discounted
or purchased paper as le eligible under the terms of the Federal Reserve Act, or,
until March 3 1937, of direct obligations of the United States if so authorized by a
majority vote of the Board of Governors of the Federal Reserve System. Federal
Reserve banks must maintain a reserve In gold certificates of at least 40%,Including
the redemption fund which must be deposited with the United States Treasurer.
against Federal Reserve notes In actual circulation. Federal Reserve bank notes
and National bank notes are in process of retirement.
Volume 141
$290,492,000 Tendered to Offering of $100,000,000 of Two
Series of Treasury Bills Dated Nov. 27—$50,250,000
Accepted for 110-Day Bills and $50,050,000 for
273-Day Bills
Tenders totaling $290,492,000 were received and $100,300,000 accepted to the offering of $100,000,000, or thereabouts, of two series of Treasury bills dated Nov. 27 1935,
Henry Morgenthau Jr., Secretary of the Treasury, announced Nov. 25. The tenders were received at the Federal
Reserve banks and the branches thereof up to 2 p. m., that
day (Nov. 25). Reference to the offering was made in these
columns of Nov. 23, page 3307.
The bills, as noted, were offered in two series, each in
amount of $50,000,000, or thereabouts. One series was 110day bills, maturing March 16 1936, and the other 273-day
bills, maturing Aug. 26 1936. Details of the bids to the two
issues were made available, as follows, on Nov. 25 by Secretary Morgenthau:
110-Day Treasury Bias, Maturing March 16 1936
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $124,025,000, of which $50,250,000 was accepted.
Except for one bid of $50,000, the accepted bids ranged in price from 99.991,
equivalent to a rate of about 0.029% per annum, to 99.980, equivalent to a
rate of about 0.065% 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 99.981, and the average rate
is about 0.063% per annum on a bank discount basis.
273-Day Treasury Bills, Maturing Aug. 26 1936
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $166,467,000, of which $50,050,000 was accepted.
The accepted bids ranged in price from 99.905, equivalent to a rate of
about 0.125% per annum, to 99.898, equivalent to a rate of about 0.135%
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 99.901, and the average rate is about 0.131% per
annum on a bank discount basis.
—4--.
New Offering of $50,000,000, or Thereabouts, of 273Day Treasury Bills—To Be Dated Dec. 4
An offering of 273-day Treasury bills in amount of $50,000,000, or thereabouts, was announced on Nov. 28 by Henry
Morgenthau Jr., Secretary of the Treasury. The bills, which
will be sold on a discount basis to the highest bidders, will
be dated Dec. 4 1935. They will mature on Sept. 2 1936,
and on the maturity date the face amount will be payable
without interest.
The Treasury for the past several weeks has been making
weekly offerings of Treasury bills in two series to the aggregate amount of $100,000,000, or $50,000,000 in excess of
weekly maturities. There is an issue of the securities maturing on Dec. 4 in amount of $50,072,000.
Tenders to the offering announced this week will be received at the Federal Reserve banks, or the branches thereof,
up to 2 p. m., Eastern Standard Time, Monday, Dec. 2. Bids
will not be received at the Treasury Department, Washington. In his announcement Secretary Morgenthau stated:
They (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 (mavalue).
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 Dec. 2 1935
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot leas
than the amount applied for, and his action in any such respect shall be
final. 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 Dec. 4 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.
turity
Treasury Reported Planning Issuance of $1,000,000,000
of Securities Next Week—$418,291,900 of 23/2%
Notes Due Dec. 15
It was learned Nov. 28, said United Press advices from
Washington, that day, that the Federal government plans to
offer at least $1,000,000,000 in new securities early next week,
half the proceeds of which will go for retirement of maturing
securities on Dec. 15. The advices continued:
On Monday (Dec. 2) Secretary of the Treasury Henry Morgenthau Jr.
will announce the December financing plans. These may take the form of
$1,000,000,000 worth of new securities, half of which will go for paying
oft of $418,291,900 of 2%% notes falling due Dec. 15.
The remainder would go into the Treasury general fund, increasing it
to nearly $2,000,000,000, to finance spending needs in January and February. The additional "new money" borrowed, however, would carry the
3465
Financial Chronicle
public debt well above the $30,000,000,000 mark to another all-time peacetime high.
Gold Receipts by Mints and Assay Offices During Week
of Nov. 22—Imports Totaled $50,238,671
The Treasury Department announced Nov.25 that a total
of $54,025,724.81 of gold was received by the mints and
assay offices during the week of Nov. 22. Of this amount
it was shown, $50,238,670.64 represented imports, $540,879.10 secondary, and $3,246,175.07 new domestic. The
following tabulation shows the amount of the gold received
during the week of Nov. 22 by the various mints and assay
offices:
Imports
$4,858.88
48.922,300.00
1,230.200.87
65,888.89
15,824.00
Secondary
New Domestic
$1,339.17
$138,483.56
291,800.00
255,800.00
42,287.88 1.484,743.43
556.272.26
40.707.22
40,959.80
24.681.47
912.220.21
850,238,870.64
--.40—
8540,879.10 43.246,175.07
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Nov.22
$234,926 of Hoarded Gold Received During Week of
Nov. 20—$18,116 Coin and $216,810 Certificates
Figures issued by the Treasury Department on Nov. 25
indicate that gold coin and certificates amounting to $234,925.56 wasreceived during the week of Nov.20 by the Federal
Reserve banks and the Treasurer's office. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up
to Nov. 20, amount to $133,469,449.09. The figures show
that of the amount received during the week ended Nov. 20
$18,115.56 was gold coin and $216,810 gold certificates.
The total receipts are shown as follows:
Gold Coin
Received by Federal Reserve banks:
Week ended Nov. 20
Received previously
Total to Nov. 20
Received by Treasurer's Office:
Week ended Nov. 20
Received previously
Gold Certificates
$18,115.58
30,916,457.53
8210.410.00
99,757,210.00
$30,934,573.09
$99,987,820.00
$288,258.00
88.400.00
2,294,600.00
$2,301,000.00
$288,256.00
Total to Nov. 20
Note—Gold bars deposited with the New York Assay Office in the amount of
8200.572.89 previously reported.
--No.—.
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 1,139,616.79 Fine Ounces During Week of Nov. 22
According to figures issued Nov. 25 by the Treasury
Department, 1,139,616.79 fine ounces of silver were received
by the various United States mints during the week of
Nov.22from purchases made by the Treasury in accordance
with the President's proclamation of Dec. 31 1933. The
proclamation, which was referred to in our issue of Dec. 23
1933, page 4441, authorized the Department to absorb at
least 24,421,000 fine ounces of newly-mined silver annually.
Since the proclamation was issued the receipts by the mints
have totaled 55,137,000 fine ounces, it was indicated by the
figures issued Nov. 25. Of the amount purchased during
the week of Nov.22, 561,636.77 fine ounces were received at
the Philadelphia Mint, 571,359.48 fine ounces at the San
Francisco Mint, and 6,620.54 fine ounces at the Mint at
Denver. The total receipts by the mints since the begin:
ning of 1935 follow (we omit the fractional part of the ounce)
Week Ended—
1935—
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar.15
Mar.22
Mar.29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Ounces
487.385
504,363
732,210
973,305
321,780
1,187,708
1,128,572
403.179
1,184,819
844,528
1,555.985
554.454
895,558
836.198
1,438.881
502,258
87.704
Week Ended—
Week Ended— Ounces
1935—
1935—
173,900Aug. 30
May 3
886.930 Sept. 6
May 10
86,907 Sept.13
May 17
383,073 Sept.20
May 24
247,954 Sept.27
May 31
203.482 Oct. 4
June 7
482,541 Oct. 11
June 14
1,253,628 Oct. 18
June 21
407.100 Oct. 25
June 28
798,750 Nov. 1
July 6
821.882 Nov. 8
July 12
608,621 Nov. 18
July 19
379.010 Nov. 22
July 28
863.739
Aug. 2
751.234
Aug. 9
887.100
Aug. 16
1.313.754
Aug. 23
Ounces
509,502
310,040
755.232
551,402
1,505,825
448,440
771,743
707,095
972,384
1,146.453
320.550
1,430,888
1,139,617
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. 22 Amounted to
8,799.94 Fine Ounces
During the week of Nov. 22 a total of 8,799.94 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on Nov.25
showed that receipts since the order was issued and up to
Nov. 22 totaled 113,026,965.42 fine ounces. The order of
Aug.9 1934 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of Nov. 25 shows that the
silver was received at the various mints and assay offices
Nov. 22 as follows:
during
..... the week of
Fine Ounces
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Nov. 22 1935
103.00
6,943.40
1,501.00
670.38
351.28
230.90
8,799.94
3466
Financial Chronicle
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Week Ended- Fine On.
1935Jan. 4
309.117
Jan. 11
535,734
Jan. 18
75,797
Jan. 25
62,077
Feb. 1
134,096
Feb. 8
33,806
Feb. 15
45.803
Feb. 22
152.331
Mar. 1
38.135
Mar. 8
57.08.5
Mar.15
19,994
Mar.22
64,822
Mar.29
7,615
Apr. 5
5.163
Apr. 12
6.755
Apr. 19
68,771
Apr. 26
50,259
Week Ended- Pine On.
1935May 3
7.941
May 10
5,311
May 17
11.480
May 24
100,197
May 31
5,252
June 7
9,988
June 14
9,517
June 21
26,002
June 28
16,360
July 5
2,814
July 12
9,697
July 19
5,956
July 26
16,306
Aug. 2
2.010
Aug. 9
9,404
Aug. 16
4,270
Aug. 23
3,008
Week Ended- Fine On.
1935Aug. 30
5,395
Sept. 6
1,425
Sept.13
11.959
Sept.20
10,817
Sept.27
3,742
Oct. 4
1,497
Oct. 11
2,621
Oct. 18
7.377
Oct. 25
1.909
Nov. 1
1,619
Nov. 8
1.440
Nov. 16
2,495
Nov. 22
8,800
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.
President Roosevelt Works on Budget PreparationCuts $400,000,000 from Department RequestsRepresentative Buchanan Predicts Budget Within
$600,000,000 of Balance
President Roosevelt spent much of this week in conferences at Warm Springs, Ga., preparatory to formulating the
budget for the year ended June 30 1937, which he will present to the next session of Congress. The President announced on Nov. 26 that he had cut $400,000,000 from appropriation requests of the regular Government departments
for the next fiscal year. On the following day, reports from
Warm Springs indicated that the so-called emergency budget
might limit requests for relief appropriations to $1,000,000,000. Representative James P. Buchanan, Chairman of the
House Appropriations Committee, revealed on Nov. 24
after a conference with the President, that a general budget
reduction "all along the line" will be sought. He advocated
a balanced budget as soon as possible, and predicted that the
new budget might be brought within $500,000,000 of balance
"by having a devil of a fight." A Washington dispatch of
Nov. 26 from Warm Springs to the New York 'Times"
discussed the budget outlook as follows:
Pruning of $400,000.000 from appropr ation requests of the regular
government departments for the next fiscal year was announced to-day by
President Roosevelt, after he and his fiscal aides had completed work on
their budgets.
At a press conference held while reporters clustered around his open car
on a road leading through the Warm Springs Foundation, he said that no
consideration had been given to possible requirements for emergency expenditures, such as public works and unemployment relief. These are requiring in the current year sums that will probably exceed greatly the normal expenses of the government.
With the President as he made the announcement was Secretary Morganthau, who came here yesterday for a budget conference.
Mr. Roosevelt denied all information as to totals to be recommended to
Congress for the various departments and professed ignorance c1 figures
that would give any comparison between current expenditures and the
budgetary totals for the next fiscal year.
Ever since the budget system was established it has been the practice of
government agencies to ask for considerably more money in their pre-budget
requests than they actually expect to get.
In view of that fact, there was some question that tbe actual saving in
appropriations would be more than a fraction of the sum announced by
President Roosevelt to-day, when the bills have run their course through
Congress.
More Talks With Mr. Buchanan
Chairman Buchanan of the House Appropriations Committee said Sunday that he expected total Federal expenditures in the next fiscal year to be
brought down within $500,000,000 ofexpected receipts. Hespent yesterday
and this morning in conference with Mr. Roosevelt on the budget, but the
President said to-day that the committee chief had not mentioned to him
his expectation of a budget within $500.000,000 of balance.
Even so, the President could not well have escaped knowledge of it,since
the Chairman's statement was displayed prominently in the newspapers
read by the President Monday morning.
Observers here concluded that Mr. Roosevelt might leave to Representative Buchanan, a prominent advocate of a balanced budget, the final task
of paring expenditures to the lowest possible figure.
Mr. Roosevelt said that splendid progress was made on the budget work
and that of the regular appropriation bills, only that for the District of
Columbia remaining for final disposition.
He described as a false rumor a persistent report that the administration
Planned to separate the regular and emergency items in the next budget,
saying no consideration had been given to any such proposals.
Also in the budget conference at the Little White House besides Mr.
Buchanan and Mr. Morgenthau were Daniel W. Bell Jr., Acting Director
of the Budget, and Marcellus Shields, clerk of the House committee.
President Roosevelt on "Home Coming" Celebration
in Atlanta Says Peak of Appropriations Is Passed
-This and Increasing Revenues Regarded as
Assuring Decreasing Deficit-Sees Achievement
of Program to Place 3,500,000 Idle at WorkComment on Government Debt
At a "home-coming celebration" in Atlanta yesterday
(Nov. 29), President Roosevelt declared that "as things
stand to-day, and in the light of a definite and continuing
economic improvement, we have passed the peak of appropriations; revenues without the imposition of new taxes
are increasing, and we can look forward with assurance to
a decreasing deficit". The celebration was planned in the
President's honor by Georgia's Congressional delegation.
It was observed in Associated Press accounts from Atlanta,
Nov. 30 1935
Gov. Talmadge of Georgia, a critic of the National Administration, was absentfrom the celebration;from these advices
we quote:
The Governor was given no part in the official welcoming ceremonies,
but he was invited to sit with Governors of other southern States at the
celebration.
After receiving greetings at Fort McPherson, a suburb, the President
headed a parade through downtown Atlanta's bunting-draped streets,
lined with thousands.
The parade was the first event on a program climaxed with a speech
at Grant Field, Georgia Tech football stadium.
On his arrival at the fort Mr. Roosevelt was greeted with a 21-gun salute.
Bareheaded and smiling, he rode with Mrs. Roosevelt and their son James.
As the salute rang out, the Presidential party circled the parade grounds
and came to a stop at the home of Gen. George Van Horn Moseley, Fourth
Corps Area commander.
In his speech the President surveyed conditions in 1924,
touching upon the speculative era, and the years following.
He entered into a defense of the Government's spending
program and asserted that "the credit of the Government
is to-day higher than that of any other great nation in the
world, in spite of attacks on that credit made by those few
individuals and organizations which seek to dictate to the
administration and to the Congress how to run the national
Treasury and how to let the needy starve."
The President recited a talk with bankers in the spring of
1933 incident to the national debt, and he made the statement that "if the bankers thought the country could stand
a debt of $55,000,000,000 to $70,000,000,000 in 1933, with
values as they were then, I wonder what they would say the
country could stand to-day, in the light of an enormous
increase of values of property of all kinds along the line
since 1933." Reference was also made by the President to
the goal to put to work by November, 3,500,000 employable
persons on the relief rolls and in adding that by Nov. 29
there were 3,125,000 of these at work, he viewed the result
as constituting "a substantial and successful national
achievement." Describing the word "progress" as a better
word than "recovery," the President went on to say "it
means not only a sound business and a sound agriculture
from the material point of view, but it means, with equal
importance, a sound improvement in American life as a
result of continuing and forceful effort on the part of our
people and, through them, on the part of their government."
In full the President's address follows:
I am happy to be in Georgia. I am proud of Georgia. Happy because
of this moving reception which my friends, the Senators and Representatives
in the Congress from this State have tendered me, and which you, the
good people of this State, have responded to with such warmth and hospitality. Happy because I meet again so many old friends and neighbors.
Proud because I see signs on every hand that the overwhelming majority
of the people of this State are keeping pace with the millions of others
throughout the nation who believe in progress, are willing to work for
progress and are going to get progress. Proud because I see clear signs of a
revival of material prosperity in country and in city, and especially because
I sense a swelling prosperity of the spirit that spells a greater help and a
deeper happiness for our fellowmen.
"Orgy of 'Prosperity'"in 1924
Eleven years ago I came to live at Warm Springs for the first time. That
was a period of great so-called prosperity. But I would not go back to the
conditions of 1924. and I do not believe that you people would want to go
back either. Of that year and of the five years that followed, I have a
clear recollection which you can verify for yourselves.
In that orgy of "prosperity" a wild speculation was building speculative
profits for the speculators and preparing the way for the public to be left
"holding the bag." In that orgy of "prosperity" banks, individually and
by chains, were closing their doors at the expense of the depositors. In
that orgy of "prosperity" the farmers of the South had become involuntary
speculators themselves, never certain when they planted their cotton
whether it would bring 25 cents or 15 cents or 5 cents. In that orgy of
"prosperity" the poorest vied with the richest in throwing their earnings
and their savings into cauldron of land and stock speculation. In that
orgy of "prosperity" slum conditions went unheeded, better education
was forgotten, usurious interest charges mounted, child labor continued,
starvation wages were too often the rule instead of the exception. Mammon
ruled America.
Those are the years to remember-those fool's paradise years before the
crash came. Too much do we harp on the years that followed, when from
1929 to 1933 this nation slipped spirally downward-ever downwardto the inevitable point when the mechanics of civilization came to a dead
stop on Mar. 3 1433.
You and I need not rehearse the four years of disaster and gloom. We
know the simple fact that at the end of those years America acted before
It was too late, that we turned about and by a supreme, well-nigh unanimous national effort, started on the upward path again.
I have reason to remember the past two and a half years that have gone
by so quickly; reason to remember the fine spirit of the average of American
citizenship which made my task lighter. Memory is short, but yours is
not too short to recollect those great meetings of the representatives of
the farmers, regionally and in Washington, in the spring and summer of
1933, when they agreed overwhelmingly that unfair low prices for farm
crops could never be raised to and maintained at a reasonable level until
and unless the Government of the United States acted to help them to
reduce the tremendous carryovers and surpluses which threatened us and
the whole world.
You and I can well remember the overwhelming demand that the national
Government come to the rescue of the home owners and the farm owners
of the nation who were losing the roofs over their heads through inflated
valuation and exorbitant rates of interest.
You and I still recollect the need for and the successful attainment
of a banking policy which not only opened the closed banks but guaranteed the deposits of the depositors of the nation.
You and I have not forgotten the enthusiastic support that succeeded,
and still in part succeeds, in ending the labor of children in mills and factories, in seeking a fairer wage level for those on starvation pay and in
giving to the workers hope for the right collectively to bargain with their
employers.
You and I will not forget the long struggle to put an end to the indiscriminate distribution of "fly-by-night" securities, and to provide fair
Volume 141
Financial Chronicle
regulation of the stock exchanges and of the great interstate public utility
companies of our country.
You and I—yes, every individual and every family in the land—are
being brought close to that supreme achievement of the present Congress—
the Social Security law which,in days to come,will provide the aged against
distressing want, will set up a national system of insurance for the unemployed, and will extend well-merited care to sick and crippled children.
You and I are enlisted to-day in a great crusade in every part of the
land to co-operate with nature and not to fight her, to stop destructive
floods, to prevent dust storms and the washing away of our precious soils,
to grow trees, to give thousands of farm families a chance to live, and to
seek to provide more and better food for the city dwellers of the nation.
Citizenship To-day on "Third-Class Diet"
In this connection it is, I think, of interest to point out that national
surveys prove that the average of our citizenship lives to-day on what
would be called by the medical fraternity a third-class diet. If the country
lived on a second-class diet, we would need to put many more acres than
we use to-day back into the production of food stuffs for domestic consumption. If the nation lived on a first-class diet, we would have to put
more acres than we have ever cultivated into the production of an additional supply of things for Americans to eat.
Why,speaking in broad terms in following up this particular illustration,
are we living on a third-class diet? For the very simple reason that the
masses of the American people have not got the purchasing power to eat
more and better food.
I mentioned a few weeks ago that farm income in the United States
has risen since 1932 a total of nearly three billions. That is because wheat
is selling-at better than 90 cents instead of 32 cents; corn at 50 cents instead
of 12 cents; cotton at 12 cents instead of at 41'i cents, and other crops in
proportion.
I wonder what cotton would be selling at to-day if during these Past
three years we had continued to produce 15 or 16 or 17,000.000 bales each
year, adding to our own surplus, adding to the world surplus, and driving
the cotton farmers of the South into bankruptcy and starvation. The
additional three billions of farm income has meant rebirth of city business,
the reopening of closed factories, the doubling of automobile production,
the improvement of transportation and the giving of new employment to
millions of people.
That brings us squarely face to face with the fact of the continued unemployment of many million persons, of whom approximately 3,500,000
are employables in need of relief. When some of the people of a great and
wealthy country are suffering from starvation an honest Government has
no choice. At first, realizing that we were not doing a perfect thing but that
we were doing a necessary saving and human thing, we appropriated money
for direct relief. That was necessary to ward off actual starvation. But as
quickly as possible we turned to the job of providing actual work for those
In need.
I can realize that gentlemen in well-warmed and well-stocked clubs
will discourse on the expenses of Government and the suffering that they
are going through because the Government is spending money for work
relief. I wish I could take some of these men out on the battle line of human
necessity and show them the facts that we in the Government are facing.
If these more fortunate Americans will come with me,I will not only show
them the necessity for the expenditures of this Government, but I will show
them, as well, the definite and beneficial results we have attained with
the dollars we have spent.
Some of these gentlemen tell me that a dole would be more economical
than work relief. That is true, but the men who tell me that have, unfortunately, too little contact with the true America to realize that in this
business of relief we are dealing with properly self-respecting Americans to
whom a mere dole outrages every instinct of individual independence.
Most Americans want to give something for what they get. That something. in this case, honest work, is the saving barrier between them and
moral disintegration. We propose to build that barrier high.
Goal to Place 3,500,00001 Work
Last April I stated what I have held to consistently ever since—that
it was the hope of the administration that by sometime in November of
this year we would substantially end the dole and offer in place of it employment to by far the greater part of the 3,500,000 employable persona
we estimated to be on the relief rolls in the United States.
Week after week since then some individuals and some groups, careless
of the truth and regardless of scruple, have sought to make the American
people believe that this program was a hopeless failure and that it could
not possibly succeed.
To-day is the 29th day of November. It gives me a certain satisfaction
to be able to inform you, and through you the nation, that on Wednesday,
two days ago, there were 3,125.009 persons at work on various useful
projects throughout the nation. The small remaining number have received
orders to report to work on projects already under way or ready to be
started. This result, I believe you will agree with me, constitutes a substantial and successful national achievement.
Aside from the tremendous increase in morale through substituting work
for a dole, there is the practical side of permanent material benefit.
Slum Clearance and Low Rent Housing Project
Within sight of us to-day stands a tribute to useful work under Government supervision—the first alum clearance and low-rent housing project.
Here, at the request of the citizens of Atlanta, we have cleaned out nine
square blocks of antiquated, squalid dwellings, for years a detriment to
this community. To-day those hopeless old houses are gone and in their
place we see the bright, cheerful buildings of the Techwood housing project.
Within a very short time, people who never before could get a decent roof
over their heads will live here in reasonable comfort and health, worthwhile surroundings; others will find similar homes in Atlanta's second
slum clearance, the university project; and still others will find similar
pportunity in nearly all of the older, over-crowded cities of the United
States.
I take it that it has been equally worth while to the nation to give Jobs
to the unemployed in the construction of a vast network of highways,
Including thousands of miles of farm-to-market roads; in repairing great
numbers of schools and building hundreds of new ones in city and country;
in helping cities to put in sewers and sewage disposal plants and waterworks. In constructing cold storage warehouses and county recreational
buildings; in creating aviation fields; in giving 1,000,000 boys a chance to
go to COO camps and to work on forestry and on soil erosion prevention;
In controlling malaria; in pushing health projects; in putting white-collar
workers into jobs of permanent usefulness to their communities, and in
giving youth an opportunity for better education.
Into the ears of many of you has been dinned the cry that your Government is piling up an unconscionable and back-breaking debt. Let me tell
YOU a simple story:
In the spring of 1933 many of the great bankers of the United States
flocked to Washington. They were there to get help of their Government
3467
In the saving of their banks from insolvency. To them I pointed out, in
all fairness, the simple fact that the Government would be compelled to
go heavily into debt for a few years to come, in order to save banks and
Insurance companies and mortgage companies and railroads, and to take
care of millions of people who were on the verge of starvation. Every one of
thess gentlemen expressed to me the firm conviction that it was all well
worth the price and that they heartily approved.
Government Debt
In order to get their further judgment, however, I asked them what they
thought the maximum National debt of the United States Government
could rise to without serious danger to the national credit. Their answers—
remember, this was in the Spring of 1933—were that the country could
safely stand a National debt of between 55 and 70 billion dollars.
I told them that a rise in the National debt to any such figure was. in
my judgment, wholly unnecessary, and that even if they, the bankers,
were willing I could not and would not go along with them. I told them
then that only a moderate increase in the debt for the next few years seemed
likely and justified. Fhat objective holds good to-day; but remember that
at that time many bankers and big business men would have been willing
to put the country far deeper into debt than I shall ever let it go.
If the bankers thought the country could stand a debt of 55 to 70 billion
dollars in 1933, with values as they were then. I wonder what they would
say the country could stand to-day, in the light of an enormous increase
of values of property of all kinds all along the line since 1933.
Your Government says to You:
"You cannot borrow your way out of debt; but you can invest your way
into a sounder future."
Treasury Position Explained
As a matter of actual fact, of course, the gross National debt under the
last administration rose from a little over 17 billions to 21 billions. The day
I came into office I found that the National Treasury contained only $158,000.000 or, at the rate of previously authorized expenditures, enough to
last the freasury less than a month.
Since Mar. 4 1933. the National debt has risen from 21 billions to 294
billions, but it must also be remembered that to-day, included in this
figure is nearly 1X billions of working balance in the Treasury and nearly
43 billions of recoverable assets which the Government will get back
over a period of years, and which will be used for the retirement of debt.
Peak of Appropriations Passed
As things stand to-day, and in the light of definite and continuing
economic improvement,we have passed the peak of appropriations;revenues
without the imposition of new taxes are increasing, and we can look forward
with assurance to a decreasing deficit. The credit of the Government is
to-day higher than that of any other great nation in the world. in spite of
attacks on that credit made by those few individuals and organizations
which seek to dictate to the administration and to the Congress how to
run the National Treasury and how to let the needy starve.
In the spring of 1933, if you and I had made a National balance sheet,
we would have found that if we had added up the values of all the property
of every kind in the United States owned by American citizens, the total
of these values, which we would call assets, would have been exceeded by
the tigure representing the total of all the debts owned by the people of the
United States. In other words,at that time our National balance sheet,the
wealth versus the debts of the American public, showed that we were in
the red.
To-day, less than three years later, it is a fact that the total of all the
debts in the United States is lower than it was then. Whereas on the other
side of the picture, you and I know that the values of property of all kinds—
farms, houses, automobiles, securities and every other kind of property—
have increased so greatly since 1933 that to-day we are once more in the
black. We were insolvent; to-day we are solvent.
In this fact most of us find a deep satisfaction. But recovery means
something more than getting the country back into the black. You and I
do not want just to go back to the past. We want to face the future in the
belief that human beings can enjoy more of the good things of life, under
better conditions. than human beings ever enjoyed in the past. American
life has improved in these two years and a half, and if I have anything to
do with it, it is going to improve more in the days to come.
The word "progress" if a better word than "recovery," for it means not
only a sound business and a sound agriculture from the material point of
view, but it means, with equal importance, a sound improvement in American life as a result of continuing and forceful effort on the part of our people
and,through them,on the part of their Government. lain certain that that
is your purpose, and that is why I continue my confidence, my faith, in
the people of America.
Federal Appeals Court Reverses Order Suspending
Arthur W. Cutten from Trading on Grain Exchanges—Holds Grain Futures Act Fails to Apply
to Past Violations—Government to Appeal to
Supreme Court
A ruling issued by the Federal Grain Futures Administration, suspending Arthur W. Cutten from trading on the
country's grain exchanges for a period of two years, was
reversed on Nov. 25 by the United States Circuit Court of
Appeals at Chicago. The Administration's order of Feb. 14
last had been held in abeyance pending Mr. Cutten's appeal.
J. W.T. Duvel, head of the Administration, said on Nov. 25
that the government would carry the case to the Supreme
Court. The Circuit Court upheld Mr. Cutten's contention
that the language of the Grain Futures Act did not authorize
the Administration to discipline traders for past offenses
against the law, and that the statute was "sterile" because
of conflicting provisions. Mr. Cutten's suspension was
ordered four years after the alleged violations occurred.
A Chicago dispatch of Nov. 25 to the New York "Herald
Tribune" outlined the Circuit Court's decision as follows:
The opinion held that while one section of the Grain Futures Act, under
which Mr. Cutten's trading suspension was order, is made .to apply to both
past and existing violations of the Act's provisions, another section limits
causes for suspension to existing violations only, and that "to expand the
latter section to include the provisions of the former would be to usurp the
powers of Congress."
Mr. Cutten's appeal dwelt largely on the provisions of the second session
mentioned in the decision. The plea was also made that the measure was
Improperly retroactive, having been passed in 1933, but made by the Commission to apply to acts alleged to have been committed in 1930 and 1931.
In the appeal it was charged that Mr. Cutten was purposely "led on" by
the officials so that they could later prosecute him for the alleged violations
3468
Financial Chronicle
although the same officials knew of the alleged violations while they were
taking place.
Henry A. Wallace, Secretary of Agriculture; Homer Cummings, AttorneyGeneral, and Daniel C. Roper, Secretary of Commerce, members of the Commission, were the defendants in the appeal.
The opinion was written by Presiding Judge Evan A. Evans, and concurred in by Judge Will H. Sparks and Judge Robert C. Baltzell of the
United States District Court, who was sitting as appellate judge.
Judge Evans, in his opinion, stated that the determination of the appeal
turned upon the use of the words "is violating" and "is attempting to
manipulate."
"Respondents argue that although the statute uses the present tense it
should be so construed as to include past transactions," Judge Evans's opinion
reads, in part. "A rather strong and persuasive argument is made in favor
of the wisdom of such a construction without which the power to deal with
an offender is almost nil. We are, however, required to construe the
statute—not pass upon its purposes, but upon its wording."
Mr. Cutten was suspended from the Chicago Board of Trade and other
American markets for a two-year period, the suspension to be effective
March 1 1935, on finding by the Commission that he failed to make reports
in connection with trades involving 500,000 or more bushels of grain as
required by the Act.
He was also charged with making false and misleading reports and with
keeping blind accounts for the purpose of evasion of the Act.
Federal Judge Nields in Wilmington, Del., Declines
Utility
to Pass on Constitutionality of Public
Holding Company Act—Dismisses Petition of
Trustees of Central West Public Service Corp.
In the Federal District Court in Wilmington, Del., Judge
John P. Nields dismissed the petition of the trustees of the
Central West Public Service Company to pass on the constitutionality of the Public Utility Holding Company Act
of 1935.
Judge Nields ruled:
"A body created by an act of Congress Is sought to be destroyed and
stripped of its powers without being a party to the proceedings and without
having its day in court. Such a course violates accepted canons of legal
procedure.
"Accordingly, the petition for instructions must be dismissed."
The filing of the action to test the law was noted in our
issue of Oct. 26, page 2671.
Stone & Webster, Inc., New York, Seeks to Have SEC
Enjoined from Enforcing Public Utility Holding
Company Act
A bill of complaint was filed in the Federal District Court
in Wilmington, Del., on Nov. 26 in behalf of Stone &
Webster, Inc., New York; Engineers Public Service Co., and
certain other subsidiary companies, asking that the Securities
and Exchange Commission and certain Federal officials be
enjoined from enforcing the Public Utility Holding Company Act of 1935 against these companies pending a determination of the constitutionality of the Act. Those
sought to be enjoined are:
John J. Morris, Jr., United States Attorney for the District of Delaware, Harry K. Heite, Postmaster in and for the City of Dover, Delaware,
Homer S. Cummings, Attorney General of the United States, James A.
Farley. Postmaster-General of the United States, and James M. Landis,
James D. Ross, George C. Matthews and Robert E. Healy, members of
the SEC.
Immediately after taking this action, Stone & Webster,
Inc., made public the following letter to its security holders:
At the time the Public Utility Holding Company Act was under consideration by Congress your attention was called to provisions thereof which your
officers and directors considered to be unwarranted and destructive. This
Bill became a law on Aug. 26 1935.
By the provisions of the Act the SEC is authorized and required to control
so many of the affairs of public utility holding companies and all of their
subsidiaries, including operating companies, as virtually to transfer to the
Commission the right to make many vital decisions regarding tbe operation
and management of all these companies, thereby violating property rights
of security holders. This domination is acquired by requiring all public
utility bolding companies to register under the Act by Dec. 1 1935.
The following instances of such power will illustrate the extent to which
decisions as to management and control of all companies which are members of a holding company system are lodged with the Commission under
the Act. The Commission is given jurisdiction over the acquisition of additional facilities; the acquisition of securities; the issuance of securities and
the character thereof; the voting rights of stockholders; loans and credit
extensions; other financing operations; the declaration of dividends; and
various other functions vested under state law in the directors. In addition,
the so-called "death sentence" provision of the Act arbitrarily requires the
dismemberment of holding company systems not consistent with a narrow
formula regarding geographical integration. The Companies in the Stone
& Webster system could not conform to this formula.
Since its enactment the officers of your company have been considering
carefully how compliance with this destructive and far-reaching measure
will affect your company, and have concluded that the definite requirements and probable application of the Act will cause needless and irreparable
'osa. Counsel have advised that in their opinion the Act is unconstitutional
and that, in view of the recent decision of Federal Judge Coleman in the
American States Public Service case holding the Act unconstitutional in its
entirety, the officers and directors would be derelict in their duty to the
security holders if they did not take proper steps to secure a determination
of the constitutionality of the Act before registering under It. Even though
the formality of initial registration is made simple by the Commission, it
immediately makes the above provisions operative.
Accordingly, the board of directors of your company, by unanimous
resolution, directed the officers and counsel to seek in the courts protection
against the requirement to register under the Act, and instructed them to
co-perate with representatives of the government for the purpose of securing an early adjudication of its constitutionality. Pursuant to this resolution, a bill of complaint has been filed in the Federal District Court in Wilmington, alleging the unconstitutionality of the Act and the irreparable
injury to your company from the application of the Act, and flaking that
Nov. 30 1935
the SEC and various government officials be enjoined from enforcing It
against your company.
As stated in previous letters to you, your officers and directors would
favor such constructive regu.ation of the utility industry as would prevent
evils and abuses and promote its efficient development in the public interest.
As enacted, however,the Act goes far beyond any such reasonable objective
and involves the destruction of the property rights of your Company and
its stockholders.
Suit to Test Constitutionality of Public Utility Holding
Company Act Filed by North American Co., New
York, in Supreme Court of District of Columbia
J. F. Fogarty, President of the North American Co.,
New York, announced in a letter to stockholders Nov. 26,
that the company is not registering under the Public Utility
Holding Company Act of 1935 and that it filed that day a
bill in equity in the Supreme Court of the District of Columbia asking that the Act be held unconstitutional in relation
to the North American Co. This action was authorized
at a meeting of the board of directors of the company,
Nov. 26, it is stated. The Securities and Exchange Commission, the Attorney-General and the Postmaster General
are made parties to the suit asking that the enforcement
of the provisions of the Act against the North American Co.
be permanently enjoined.
Excerps from Mr. Fogarty's letter to stockholders follow:
We are advised by our counsel that the Act is unconstitutional as a whole
in relation to our company.
Your directors are convinced that a primary and imperative duty devolves upon them to secure a final judicial determination that the Act is
unconstitutional as regards the North American Co. It is the Act itself
which seeks to impose upon each company the duty of independently
testing the Act in relation to that company's particular circumstances.
The situation does not permit of delay. The "death sentence," while
itself deferred, constitutes a present and serious obstacle to the proper
conduct of our company's affairs. No enterprise of magnitude can be
properly directed without basic policies which look to the future. If. as the
Act prescribes, our present enterprise is to be eliminated, then wholly
different policies are in the interval required than those which are appropriate if the enterprise is to be continued.
Mr.Fogarty pointed to the company's practice over many
years to build up and strengthen its operating utilities "so
that they may supply more power at low cost to the public."
He said that during the last 10 years the company's investments in and plowed-back earnings of subsidiaries exceeded
$130,000,000. He continued:
This company, like other sound holding companies, would have welcomed and whole-heratedly complied with a regulatory law designed to
prevent the recurrence of abuses which, particularly in the 1929 period,
developed in certain quarters. I so testified before Congress.
Not only does the pendency of the "death sentence" create confusion
as to our current operations, but the interim controls of the Act are likewise
destructive. Under the Act, it is a Federal Commission which, in essence,
the tdtis
extion and has the control as to practically all important
corporate
We cannot now see how the Act can be made workable or how it can be
administered without paralysis and disintegration of our business. This is,
Indeed, the intended result—a fact which sharply differentiates this Act
from the Securities Act and the Securities Exchange Act.
The New Jersey law, under which we are incorporated, charges your
directors with the duty of managing our company's business. This does not
mean that we cannot accept and co-operate with valid and genuinely regulatory measures. It does mean that we cannot abdicate in favor of a Corn..
mission which is required to apply measures which are deliberately destrucehest of an Act of Congress which counsel advised is un.
b
na
oe
uttih
tive,att
constitutional.
Commission has offered a procedure designed to permit a registrant
to reserve his constitutionl rights. Whether this procedure will accomplish
its intended result, is, however, a matter which only the courts, not the
Commission, can determine. Furthermore,counsel advise that even if such
a qualified registration were valid, it might operate to postpone the date
when we could properly ask the courts to adjudicate the constitutionality
of the Act in relation to our company.
Your directors are convinced that the course of action which they are
taking Is clearly dictated by their duty to the stockholders.
Injunction To Restrain Enforcement of Provisions of
Public Utility Holding Company Act Sought By
Standard Gas and Electric Co.—Subsidiary Also
Files Petition
The Standard Gas and Electric Co. filed a petition on
Nov. 27 in the District Court of the United States for the
District of Delaware at Wilmington in the proceedings
already instituted by the company for reorganization under
Section 77-B of the Federal Bankruptcy Act, asking an
injunction against the Securities and Exchange, and others,
to restrain them from enforcing against the company any
of the provisions of the Public Utility Act of 1935. Action
was also instituted in the same Court by Louisville Gas
and Electric Co. (Delaware) one of the companies in the
Standard Gas and Electric Company System, applying for
a restraining order to prevent the SEC,Homer S. Cummings,
United States Attorney General; John J. Morris, Jr.,
United States Attorney for the District of Delaware; James
A. Farley, Post Master General of the UnitedStates and
James J. Cahill, Post Master of the City of Wilmington,
Del., from enforcing against the provisions of the Public
Utility Act,
John J. O'Brien, President of the Standard Gas and
Electric Co., in announcing the filing of the petitions in
the Court by the two companies, said:
Our company has been advised by its attorneys that the Public Utility
Act of 1935 which requires registration by Holding Companies with the
SEC at Washington before Dec. 1, is unconstitutional. The United States
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Financial Chronicle
District Court in Baltimore has already held that the Act is illegal in its
entirety.
If our company were to attempt to comply with the Act and it should
later be held by the United States Supreme Court to be unconstitutional,
it would mean that we would have been subjected to unnecessary expense
and uncertainty in the operation and management of our business.
w The penalties imposed by the Act and the nature and
extent of the powers
of management and supervision, together with the power to eliminate or
readjust holding company corporate structures, which it confers on the
SEC, are so drastic that for the protection of our investors, property and
customers, the board of directors is convinced that as a matter of duty
it should test the constitutionality of the Act.
piUnder these conditions, it was determined by the board of directors that
an action be commenced in the Federal Court to restrain enforcement of
the Act and its penalties, pending final determination of its legality by
the United States Supreme Court.
0.. By taking these steps we do not wish to be understood as being in defiance
of the United States Government,since our companies and their associates
are not opposed to reasonable and proper Federal regulation. A number of
our companies already have taken steps to simplify their corporate structures.
Various Utility Groups Move to Test Constitutionality
of Public Utility Holding Co. Act—S E C In Counter
Move Files Suit Against Electric Bond & Share
Corporation and Subsidiaries To Force Registration
Under Act
Numerous actions to restrain the Securities and Exchange
Commission from enforcing the provisions of the Public
Utility Holding Company Act of 1935 have been filed this
week, following the filing of the suit (noted in our issue of
a week ago, page 3316) by the United Gas Improvement
Co. to test the constitutionality of the Act, and to seek
temporary injunctions forbidding enforcement against
the company. In bringing the test suit the company refused
to comply with the provision of the Act that it register with
the S E C by Dec. 1. In our item of a week ago we noted
the intention of the Consolidated Gas Co. of New York to
test the validity of the law. Suit by the latter, and its
subsidiaries, was filed in the United States District Court
on Nov. 25 to restrain the enforcement of the Act. Since
then, other utility companies which have instituted actions
to prevent the Government from enforcing the Act, include
the Commonwealth & Southern Corporation; the North
American Company; Stone & Webster Inc. and Engineers
Public Service Co.; the American Water Works & Electric
Company Inc.; the Standard Gas & Electric Co.;Eastern
Texas Electric Company; El Paso Electric Company; American Gas & Power Company; Louisville Gas & Electric
Company; the Standard Power & Light Corporation; Cities
Service Company, &c. Some of these actions are referred
to more at length elsewhere in these columns to-day.
In a counter move, the Securities and Exchange Commission on Nov. 26 filed an action in the United States
District Court in New York to compel the Electric Bond
and Share Companies and five subsidiaries to register under
the Public Utility Act.
The suit, filed in equity by John J. Burns, general counsel
to the S E C, and Robert H. Jackson, attorney for
the
SEC, will afford a full opportunity for a test of the constitutionality of the Act, with the issue clearly drawn said
the New York "Sun" of Nov. 26, which added that the
action is regarded as a move to forestall an avalanche of
litigation which, conceivably, would result in conflicting
decisions in different jurisdictions. From the same account
we quote:
The defendants named in the action. in addition to Electric
Bond &
Share, comprise the American Gas & Electric Co., the American
Power &
Light Co., the Electric Power & Light Corp, the National
Power & Light
Corp. and the United Gas Corp. The first named, the
Electric Bond &
Share, is the top holding corporation, according to the
complaint, owning
and controlling the others.
According to the New York "Times" the complaint
brought by the SEC said that all of the defendant companies
are alleged to have outstanding securities which were
sold
in part through use of the mails, and this fact, it said,
lishes the jurisdiction of the SEC under provisions estabPublic Utility Act. In part the "Times" continued: of the
Concerning a cause of action, the complaint asserts
that "it appears to
the plaintiff Commission that the defendants are engaged
and are about
to engage in acts and practices which constitute or will constitute
violations
of the Public Utilities Act of 1935."
The relief sought by the commission is as follows:
That a writ of subpoena be issued out of this
directed to the
defendants commanding them to appear and answer court
the allegations of this
bill of complaint, and to abide by such orders and decrees
as this court
may make.
"That each and all of the defendants, by an appropriate order
of this
court, be iequired in compliance with Section 4 (b) of the act
to register
under Section 5 of the act, or otherwise to comply with provisions
of the
said act.
"For such other relief as the court may deem appropriate."
Argument on the suit will not be heard until next month when
Federal
Judges Alfred C. Core and John C. ICnox will be sitting in equity
cases,
unlets a motion is made and granted that it receive a preferred
place
on
the regular calendar.
Unless the court intervenes, the petition holds, Electric Bond and
Share
and American Gas and Electric will continue to use the mails to
further
Dower sales and construction contracts, without registration, and
will
continue to provide service to public utility companies, and
"otherwise
to engage in interstate commerce."
None Have Made Application
It is further feared, the complaint sets forth, that unless they
are restrained, all of the defendants will continue to acquire and distribute
their
securities and those of their subsidiaries without registering by
Dec. 1.
3469
"None of the defendants," it is explained, "has made application to the
SEC under Section A, 7 (b) of the act for an order declaring that it is not
a holding company within the meaning of the act."
"And," the complaint adds, "none of the defendants has registered
with the SEC pursuant to Section 5 of the act." but instead, each has
notified the commission that it is not its intention to register.
The complaint alleges that Electric Bond and Share "exercises effective
working control of the utility companies which as hereinabove alleged are
engaged in interstate commerce."
"This control." the complaint continues. "is and will be continuously
exercised in the ordinary course of business to the extent of determining
all important questions of business policy in the operation of subsidiary
utility companies."
The "Times" in noting that the officers of the Electric
Bond and Share Company had planned that the companies
themselves would seek injunctive relief, noted that the
statement was issued in behalf of the company on Nov. 26.
"The Electric Bond and Share Co., believing that it is of the greatest
importance for this company and its security holders that there be a full
and prompt decision on the validity and extent of the Public Utility Act
of 1935. hopes that the proceeding brought here to-day by the SEC will
be adequate for that purpose and for the protection of the company and
Its investors.
"If so advised by its attorneys it will be the policy of the Electric Bond
and Share Company to cooperate with the commission in securing such
a decision."
Later in the evening the Electric Bond and Share Co. and the holding
and operating companies with which it has heretofore had service contracts
announced that they "have taken the necessary corporate action to dissolve
interlocking relationships."
"No officer or director of Electric Bond and Share Company is now an
officer or director of any of these holding or operating companies, nor is
any officer or director of any such company an officer or director of Electric
Bond and Share Company." the announcement said.
"The holding companies affected, consisting of National Power and
Light Company, Electric Power and Light Corporation, American Power
and Light Company and American and Foreign Power Company, Inc.,
are now separately officered and staffed.
"There has been created a new company, Ebasco Services, Incorporated.
completely owned by Electric Bond and Share Company, which has taken
over all the service contracts with operating utilities in this country and
abroad under which Electric Bond and Share Company has heretofore
rendered services to such companies.
"It will furnish the services to operating companies which are essential
to the financial, technical and economic development of such operating
utilities. The advantages sought by the company in the creation of a
subsidiary to render these services include qualification of such service
company to do business in the various States in which its clients operate,
and in making more readily available to regulatory authority all facts in
connection with the functioning of said service organization."
The following from Washington Nov. 27, is also from
the "Times":
The announcement made by the Electric Bond and Share Co. as to
dissolution of its interlocking relationships with its holding and operating
subsidiaries, and the formation of Ebasco Services. Inc., to take over all
service contracts, was studied today by counsel for the SEC.
The conclusion was reached that these changes would have no serious
effect on the broad allegations made in the suit filed in New York by the
SEC to compel compliance by Electric Bond and Share with the provisions
of the act.
As to the formation of the new servicing company, it was declared in
one quarter that apparently it was a subsidiary of the Electric Bond and
Share, not a mutual service corporation, and that servicing in any form
was brought under regulations of the commission after April 1 by the
terms of the act.
It was indicated that if, after careful study of the situation, any minor
changes in the bill of complaint were found advisable, these would be
made.
In a Washington dispatch Nov. 27 to the New York
"Herald Tribune" it was stated:
That the Government has decided to make the Electric Bond and Share
case the real test of the holding company in all its implications was obvious
here in an announcement of acquisition of more new counsel by the SEC
to assist in holding-company litigation. In addition to Robert H. Jackson.
general counsel for the Internal Revenue Bureau, whose services were
drafted yesterday, Mr. Burns announced to-day that James Lawrence Fly,
solicitor of the Tennessee Valley Authority, has been made special counsel
for the commission in holding-company cases.
The Commission to-day announced that reports of security ownership
of officers and directors of public utility holding companies which register
under the act will not be required until a reasonable time after the forms
now being prepared and specifying the manner in which such reports should
be made have been made public.
Federal Circuit Court of Appeals in New York Grants
Stay to J. E. Jones in SEC Suit
J. Edward Jones, oil royalties operator, who was recently
ordered by the United States Circuit Court of Appeals in
New York to appear before the Securities and Exchange
Commission to answer a subpoena and testify concerning
certain securities which he had listed for sale, was granted
a stay from the order on Nov. 25 by Judge Martin T.
Manton of the Circuit Court. All proceedings relating to
the case are stayed by the latest order pending action by
the United States Supreme Court on an application by
Mr. Jones for a writ of certiorari.
Incident to Judge Manton's action on Nov. 25, Mr.
Jones issued a statement saying in part:
I now have opportunity to lay before the United States Supreme Court
..
the fundamental question involved in my action. The issue is of
great
Importance because it involves the administration of the Securities
Acts.
If these Acts are permitted to stand as constitutional, they affect,
in
most substantial manner, the rights, not only of myself, but of all
other
persons, firms and corporations who issue, deal in, sell and purchase
securities by the use of the malls, or the instrumentalities of inter-St
ate
commerce.
It was announced Nov. 25 on behalf of Mr. Jones that
he had retained James M. Beck, constitutional lawyer of
3470
Financial Chronicle
Washington, D. C., and Bainbridge Colby, of New York,
former Secretary of State under Woodrow Wilson, for
presentation of his case to the United States Supreme Court.
Reference to previous action by the United States Circuit
Court of Appeals in New York was made in our issue of
Nov. 9, page 2980.
Appellate Court Upholds New York State Mortgage
Law—Permits Commission to Take Control of Issues of Companies Under Jurisdiction of Banking
Department
The constitutionality of the law creating the New York
State Mortgage Commission and giving it control over certificated mortgage issues of corporations under the jurisdiction
of the State Banking Department was upheld on Nov. 22 by
the Appellate Division in Brooklyn, which reversed a decision by Supreme Court Justice Faber. This ruling permits the Commission to take immediate control of mortgagecertificate issues of the Westchester Bond and Mortgage
Company and the Guaranteed Mortgage Company of New
the
York. The Court of Appeals had previously upheldother
Commission's jurisdiction over mortgage issues of 21
companies which were supervised by the State Insurance
Department.
The New York "Times" of Nov. 23 summarized the
Appellate Court decision as follows:
HutchinYesterday's ruling reversed an injunction obtained by Mildred
Guaranty
son as a stockholder of the Nassau-Suffolk Bond and Mortgage
mortgages
Company,restraining the commission from taking the company's
the hands
and securities for rehabilitation purposes. The company is now in
of the State Superintendent of Banks, in rehabilitation.
new agency
The court held that the statute in question created a single
of by two
vested with the duty of handling matters formerly taken care
and liberal
agencies. Declaring that "the statute should receive a broad
broad
"many
construction," the court nevertheless pointed out that
present case.
powers" given to the commission were not involved in the
questions. The
and no opinion was expressed by the court on these other
court said that they "will be determined when they arise."
Justices
The decision was made by Presiding Justice .Lazansky and
Hagerty, Young, Carswell and Davis.
Previous court decisions concerning the State Mortgage
Law were referred to in the "Chronicle" of Oct. 19, page 2524.
of
U. S. Supreme Court Restrains Treasury Collection
Processing Taxes on Rice—Case Will Be Argued
on Dec. 16—AAA Says Decision Will Not Affect
Contract Payments to Farmers
One of the most important legal rulings thus far issued in
connection with the Agricultural Adjustment Act was
handed down on Nov. 25 by the United States Supreme
Court, which, by a decision of six to three, granted a temporary injunction restraining the collection of the processing
tax of 1 cent a pound on rice. Eight millers had filed petitions a month ago, asking the injunction pending a ruling by
the tribunal on the constitutionality of the processing taxes.
Justices Brandeis, Stone and Cardozo dissented from the
restraining order. The case will be argued on Dec. 16, and
the Court ordered that during the period of the injunction
the amount of accrued taxes be placed in escrow. issued a
Immediately after the Court's decision, the AAA
statement that the order would not affect the availability
of farm contract payments, which are met "by the Treasury
out of the general funds of the Treasury." Litigation by
processors in more than 1,000 actions throughout the country
has already tied up more than $150,000,000 of processing
taxes.
The Supreme Court's ruling, and AAA comment thereon,
were described in greater detail as follows in a Washington
dispatch of Nov.25 to the New York "Herald Tribune":
issued
Meath'G. White, Solicitor for the Department of Agriculture, who
constitutionality of the
the statement,said in addition that "in so far as the
to
significance
no
Agricultural Adjustment Act is concerned" he attached
the AAA
the decision. But the millers challenged the constitutionality of
temporary
amendments in their suit for injunction, and the court in its
amendments can conorder in effect agreed to pass on whether the AAA
stitutionally prohibit processing tax injunctions.
Court
In this connection Judge John C. Pollock in the Federal District
of Internal
in Kansas City to-day signed an order directing Collectors collecting
Revenue to show cause why they should not be restrained from
a hearing
the 15% tax levied under the Guffey Coal Control Act, with
scheduled in that court for Friday.
Inc., vs. Rufus
In its ruling to-day in the case of the Rickert Rice Mills,
W. Fontenot, collector, the Supreme Court said:
assailed tax
"The motions for injunction restraining the collection of the
this court are
pending the hearing and determination of the causes in taxes,
as they
granted, upon condition that the amount of the assailed
a depository to be
accrue from month to month, shall be paid over to settled
Chief
the
by
appointed by the court, the order for injunction to be
Justice upon two days' notice."
insisted
Solicitor White,in his statement for the Agriculture Department,
not whether
the question remaining before the Supreme Court in this case "is
whole,
the processing tax on rice, or the Agricultural Adjustment Act as a
court correctly
is constitutional or unconstitutional." but whether a lower
processinga
entertain
decided that it had been deprived of jurisdiction to
amendments.
tax injunction suit by the Agricultural Adjustment Act
Court,
"A reversal of the decision of the District Court by the Supreme
back for deit is believed, would only have the effect of sending the case
processing
the
of
termination by the District Court of the constitutionality
on Aug. 24
tax on rice under the Agricultural Adjustment Act, as amended
1935," Mr. White said.
of the
He hastened to assure farmers that "even a final determination
ultimately by the
question of constitutionality by the District Court and
Governthe
upon
effect
any
appellate courts in this case would not have
with the
ment's obligations with respect to existing adjustment contracts
farmers of the country."
Nov. 30 1935
In view of the Government's vigorous efforts to stave off a temporary
rice tax injunction the Supreme Court's action to-day is not to be deprecated. A welter of New Deal litigation awaits court determination when
it meets again Dec. 9. In the offing are two cases involving the constitutionality of the Bankhead Cotton Control Act, one brought by a foxes
farmer, Lee Moor, and the other by Governor Eugene Talmadge of Georgia.
The Court also has consented to pass on the validity of the Act creating the
Tennessee Valley Authority and the PWA's authority to condemn land for
its low-cost housing activities.
From the Washington advices Nov. 25 to the New York
"Journal of Commerce" it was stated:
In their petition to the Court, the millers claimed that all other Federal
Circuit courts has granted injunctions against AAA taxes and refusal of
the Fifth Circuit to do this deprived citizens of Texas, Louisiana, Mississippi, Alabama, Georgia and Flordia of constitutional rights.
Furthermore, they declared, the remedy for recovery of processing taxes
provided for in the adjustment act does not give them adequate protection
because rice is bought in varied Iota and then mixed and sold, which makes
it impossible to show whether the tax had "fallen on the producer, miller
or purchaser."
Test of Public Utility Holding Company Act Sought By
Consolidated Gas Co. of New York and Subsidiaries
Following recent announcement of intention not to
register under the Public Utility Holding Company Act of
1935, the Consolidated Gas Co. of New York, and four of
its subsidiaries, filed suit on Nov. 25 in the United States
District Court for the Southern District of New York to
restrain Federal Government officials from enforcing provisions of the Holding Company Act which become effective
Dec. 1. The subsidiary companies are the New York Edison
Co., Inc., the Brooklyn Edison Co., Inc., the Central
Union Gas Co. and the New Amsterdam Gas Co.
The New York "Herald-Tribune" of Nov. 26, in reporting
the filing of the suit by the Consolidated company and its
subsidiaries, said:
The petition Vied in behalf of the Consolidated, four subsidiaries and
70 officials, asks an adjudication as to the validity of the Act as to them
and a temporary injunction restricting the Securities and Exchange Commission and other Government agents from penalizing the companies and
officials when they fail to register with the SEC, as required by the public
utilities law. . . .
The plaintiffs are engaged exclusively in intra-State business, the petition
sets forth in support of its contention that the Public Utilities Holding
Company law is unconstitutional in that it interferes with Intra-State
business.
The complaining companies, "their plants for the manufacture of gas
and the generation of electricity, their business offices, their clerical,
engineering, construction, service and other offices, and the work done by
the employees thereof, are exclusively and entirely within the State of
New York," tbe complaint states.
The bill of complaint, drawn up by the law firm of Whitman, Ransom.
Coulson & Goetz, 40 Wall Street, enumerates seven reasons why the Act
should be declared null and void.
Attacked on Seven Counts
The reasons follow:
(a) The Act, by its language, purpose and effect, attempts to regulate
matters not within the powers conferred upon Congress by the Constitution of the United States and in violation of the Tenth Amendment
thereto;
(b) The Act is an unlawful delegation of legislative power in violation
of Article 1, Section 1, and Article 1, Section 63, of the Constitution of the
United States;
(c) The Act is an unlawful and arbitrary exercise of the power of Congress to establish post offices and post roads and to regulate commerce
among the several states and in excess of any powers conferred upon Congress to that end, and in violation of the Fifth Amendment of the Constitution of the United States;
(d) The Act deprives the plaintiffs and the creditors and stockholders of
the corporate plaintiffs and of their "subsidiary companies" of liberty and
property without due process of law in violation of the Constitution of
the United States and of the Fifth Amendment thereto;
(e) The Act attempts to take private property of the corporate plaintiffs
and their "subsidiary companies" for public use without just compensation
in violation of the Constitution of the United States and of the Fifth Amendment thereto;
(f) The provisions of the Act are unreasonable, arbitrary and capricious,
having no real or substantial relation to the objects sought to be obtained
and are in violation of the Constitution of the United States and of the
Fifth Amendment thereto.
(g) The Act imposes excessive fines and cruel and unusual punishments,
in violation of the Constitution of the United States and of the Eighth
Amendment thereto.
The defendants named are Lamar Hardy,newly appointed United States
Attorney for the Southern District of New York; Postmaster Albert Goldman, of Manhattan and the Bronx; Raymond J. Mulligan, United States
Marshal for the Southern District of New York; Leo J. Hickey, United
States Attorney for the Eastern District of New York; Postmaster Francis
J. Sinnott, of Brooklyn; Albert C. Benninger, United States Marshal for
the Eastern District of New York; James M. Landis, Robert E. Healy,
George C. Mathews and James D. Ross, members of the SEC and the
Commission itself.
Regulation of Wages and Hours Under Guffey Coal
Conservation Act Held Invalid by District or
Columbia Supreme Court—Price Fixing Upheld—
Decision Given in Suit Brought by James W. Carter
While holding constitutional the price-fixing provisions
of the Guffey Coal Conservation Act,Justice Jesse C. Adkins, •
of the District of Columbia Supreme Court ruled on Nov. 26
that the provisions regulating Wages and hours are invalid,
because Congress did not set up definite standards. The
Court's conclusions were given in the action brought by
James W. Carter, President of the Carter Coal Co. of West
Virginia,reference to which appeared in these columns Oct.5,
page 2211. According to Washington accounts Nov. 28 to
the New York "Journal of Commerce," immediate appeal to
the United States Supreme Court is planned by the Government. These advices added in part:
Efforts will be made,it was said, to go directly to the highest Court for a
reversal instead ofletting the case take its usual course through the appellate
Volume 141
Financial Chronicle
Courts in order to hasten final ruling on the validity of the drastic law....
Attorneys for James W. Carter, West Virginia coal operator challenging
constitutionality of the statute, are also planning to appeal directly
to the
Supreme Court,it is understood, because of the action of the lower Court
in
upholding the power of Congress to fix prices on soft coal and
failing to
restrain the Government permanently from collecting the 15%
compliance
tax.
Judge Adlcins rendered his opinion orally shortly before midnight
last
night after three weeks of trial testimony followed by two days
of final
arguments. It is the second decision which has been made
on the controversial act, the first being that of Federal Judge Elwood Hamilton
of
Louisville, Ky., several weeks ago, who ruled the law valid in its
entirety.
Noting first that the Act is separable by express provision
having been
written in it by Congress, Judge Adkins held that Congress
acted within its
constitutional limits in fixing the price of coal and imposing
a tax of 15% of
the sales price at the mine with a 90% rebate allowed operators who
comply
with the code.
He relied chiefly upon the Supreme Court's ruling in the
Schechter case in
striking down the labor provisions of the Act, declaring that
Congress had
overstepped the commerce clause in attempting to provide
for agreements
fixing wages and hours.
These sections of the Act are "Invalid under the Schechter
opinion," the
justice said, because proper standards were not provided,
although the
Supreme Court "expressly holds" such standards are necessary.
Attitude on Price Fixing
"The Government relies most strongly on the price fixing
continued. "Upon consideration of all the facts it seems provisions," he
to me that that
power is within the power delegated to Congress by the
Commerce clause."
He then denied the petition of the coal operator for
two permanent injunctions restraining the Government from collecting
the 15 cents compliance tax from the Carter Coal Co.,of which Mr. Carter
is president, and
preventing the firm from accepting the code prescribed in
the Act.
For purposes of appeal however, Judge Adkins allowed a
stay similar to
the one granted by Judge Hamilton preventing the Government
from collecting more than 1%% tax from the company.
While counsel for the Government, represented by Assistant
AttorneyGeneral John Dickinson, contended that "every provision
In the Act has
a precedent" and that the statute represents "a combination
of old and well
established principles," counsel for Mr. Carter was just as
vehement In his
denial that Congressional powers under the commerce clause
were broad
enough to stabilize the industry in the manner sought.
Charges Against U. S.
Frederick H. Wood, who argued against the Government in
the Schechter
case, charged that the wage and hours provisions of the
Guffey Act are
invalid on three primary grounds: (1) They lie outside the
power of Congress to regulate under the commerce clause;(2) they constitute
a
of legislative power to groups of operators and employes, and delegation
(3) the provisions are repugnant to the due process clause.
"The production of soft coal," he asserted, "is no less
a local business
than is the slaughtering of chickens. The only difference
Is that slaughtering follows shipments in inter-State Commerce and mining
precedes it.
-If under the guise of regulating inter-State
Commerce Congress can
regulate production of a commodity entering Inter-State
Commerce,
then there
is no limit to the powers of Congress to regulate
production of any commodity."
•
American Water Works and Electric Co.
Files
Holding Public Utility Holding Company Suit
Act
Unconstitutional
Holders of securities of the American Water Works
and
Electric Co., New York, were informed on Nov.
27 by H.
Hobart Porter, President, that the board of directors
decided that the company should not register under had
the
Public Utility Holding Company Act of 1935. They
were
also informed that inasmuch as counsel for the company
had advised that the Act was unconstitutional and
that if
the company registered "it may seriously jeopardize
its
rights", a bill of complaint has been filed in the
Court of the District of Columbia to protect its Supreme
constitutional rights. In a letter to the security holders Mr.
Porter
said:
Your directors have given the most profound
consideration to this matter
of registration. If any way could have I•een found to
comply with the Act
and at the same time preserve the company's rights
would have been followed. But registering under unimpaired that course
the Act would not only
have Jeopardized the company's rights but would
have involved the company in very heavy expenses before its legal duty
to register could have
been determined. While formal notification of
intention to register, which
is all that is immediately required of the
company,
some, the preparation of the registration statement is not in itself burdenand performance of the
many other duties which the Act at once
imposes upon a company registering would be exceedingly burdensome
and expensive. Furthermore
,
practically complete regulation and control
of all the company's activities
and those of its su stidiaries would be at once
Government. If the Act is indeed unconstitutisurrendered to the Federal
onal, as we believe It to
be.
the directors could not surrender their duties
and obligations to their
security holders even for the period during
which its constitutionality is
being tested in the courts .
While this company would be less seriously
affected by some of the more
destructive provisions of the Act than many
other
nevertheless, these drastic provisions could bo so sound holding companies,
applied in the case of this
company as seriously to injure the investment of the
holders. Under all the circumstances your directors company's security
feel that they would
be remiss in their duties should they cause the company to
register under
the Act and it they failed to take proceedings to protect
the company's
constitutional rights.
While the Act is popularly supposed to be an Act for
the regulation of
only electric and gas public utility companies, all of the
waterworks subsidiaries of this company,some 40 in number, and the agricultural
properties of this company would be brought under the Act and
provisions, even under the qualified exemption recently subjected to its
granted to companies of such character by the SEC.
With minor exceptions none of these water companies is
engaged in
interstate commerce. The business of each is subject to the
jurisdiction
of its respective State commission or authority. To superimpose
on this
regulation and control the much more burdensome regulation
and control
of the Federal Government as provided in the Act, would not
only be
seriously destructive of the earning power of these companies
but might
even prevent them from economically and efficiently performing
their
duties to the communities which they serve.
3471
Philip H. Gadsden Defends Utility Holding Companies
Which Refuse to Register with SEC—Says Action
is Not Mere Formality, but Subjects Them to
Control of Commission
Registration under the Public Utility Act of 1935 is not a
"mere formality," but exposes the utility holding companies
and their operating subsidiaries to the possibility of destructive consequences, Philip H. Gadsden, Chairman of the Committee of Public Utility Executives, said in a statement issued
on Nov. 16. Therefore, he added, registration is a question
which each utility holding company must decide for itself
after carefully considering its responsibility to both stockholders and customers. Mr. Gadsden quoted James M.
Landis, Chairman of the Securities and Exchange Commission, as declaring that the process of registration subjects
the companies to control which "strikes at many features of
management." Mr. Gadsden's statement, in part, read as
follows:
In their long fight to obtain a modification of the public utilities bill
at the last session of Congress, the public utilities pointed out that the
bill would virtually transfer the management of the light and power industry
to two Federal Bureaus in Washington; that it would dissolve and dismember most utility holding companies; that it would seriously impair the
investment of more than 10,000,000 investors; that it would set aside the
rights of the States to regulate the business within their borders.
These statements were true then; they are true now. They have recently
been confirmed by the decision of a Federal Court, declaring the Act
"grossly arbitrary, unreasonable and capricious" and "invalid in its
entirety."
In the face of this first decision on the Act's constitutionality, registration
would be in effect an acceptance of the very provisions which the court has
condemned. It is not surprising, then, that the officers and directors of
these companies are giving so much time and thought to this question.
They have in their keeping the welfare of millions of investors. They
are charged with the duty of preserving their properties and of providing for
their expansion. They must not fail to exhaust every possible method of
obtaining the protection which the Constitution provides against confiscatory
legislation.
There are still three departments of government in the United States—the
executive, the legislative and the judicial; and to each one of these three
every American citizen has the right to appeal. During the past year the
public utilities appealed in vain to the President of the United States for
fair and reasonable regulation in place of the present destructive measure.
They appealed in vain to the United States Congress. They have a right
now to carry their appeal to the courts.
Neither the executive nor the legislative branch of the government has
the slightest constitutional warrant to criticize this appeal to the judiciary,
nor would they be justified in threatening reprisals against a utility holding
company for making such an appeal. In so doing, each company has the
right to seek a test of the constitutionality of the law as applied to its
own particular conditions. By the act of registration it might impair its
legal status in subsequently making such a test. Assurances to the contrary
are in conflict with court decisions and accordingly cannot be accepted,
even if made in good faith.
These are the issues which the utility holding companies must consider
within the next two weeks in determining, each on its own behalf, what
should be its policy toward registration. It is not a case of stubbornness
and an obstinate refusal to answer "five simple questions." It is one of the
most critical situations that ever confronted an American business, affecting
as it does the entire economic fabric of the nation. There can be no real
recovery so long as an important industry must battle for its life.
Commonwealth & Southern Corp. Seeks to Have
Public Utility Holding Company Act Declared
Unconstitutional—Files Suit in Federal Court
for District of Delaware
In a court action filed Nov. 23 in the United States District Court for the District of Delaware, the Commonwealth
& Southern Corp. requests the Court to declare the Public
Utility Holding Company Act of 1935 unconstitutional, and
null and void so far as the corporation is concerned. The
Court is asked to issue injunctions restraining the chairman
and members of the Securities and Exchange Commission,
the Attorney General and the Postmaster General of the
United States, the U. S. District Attorney for Delaware
and the U.S. Postmaster at Wilmington, Del.,from attempting to compel compliance with or enforcement of the provisions of the Act, from instituting criminal proceedings
based on alleged violations of the Act, and from excluding.
any property, communications or securities of the corporation from the mails.
An announcement issued incident to the filing of the
action also said:
The prayer of the complaint is preceded by a recital of the corporation's
relationship to and ownership of its eleven operating subsidiaries, an
assertion of the specific need for injunctive relief, and a statement of the
grounds upon which the allegations of unconstitutionality are based.
The corporation states that in pursuance of policies adopted "long prior
to Aug. 26, 1935" (the date on which the Act became law), all intermediate
holding companies have been eliminated from the Commonwealth &
Southern System, and that the corporation is now engaged simply in the
business of owning and holding the capital stock and other securities of
eleven electric utility operating companies, In collecting dividends and
Interest and in disbursing its net earnings thus acquired to its creditors
and stockbolders,—a purely local and intrastate business; furthermore.
that the business of each of the subsidiaries is essentially local in character.
In order to render service to these operating companies in respect to
their operating, technical, financial, purchasing, accounting, statistical,
engineering and other activities, a mutual non-profit service corporation
was organized, the entire capital stock of which is owned by the respective
operating companies.
As a result of these policies,the corporation states, the Commonwealth
& Southern Corp. has become essentially an investment company; it has
never borrowed from any of its subsidiaries, and its Income is derived
solely from the dividends and interest accruing from the stocks and securities which it owns.
The corporation states that it furnishes financial aid to its subsidiary
operating companies by the purchase of their stocks, bonds and other
securities and by lending money to them for the purpose of assisting them
In the current operations and extensions of their business. These transactions are handled by the mutual service company:t .e corporation receives
no profit or benefit other than the enhancement which there may be created
in the value of its investment in the securities of the subsidiary companies.
"In virtually taking the management and conduct of the plaintiff's business
from the hands of its directors and officers duly elected pursuant to the
charter granted to it by the sovereign state of Delaware and transferring
the same to a Federal commission."
Furthermore, it is stated, that since the plaintiffs public utility subsidiaries are located in the States of Alabama, Georgia, Florida. Illinois,
Indiana, Michigan, Mississippi, Ohio, Pennsylvania, South Carolina and
Tennessee, but are not all physically interconnected or capable of direct
physical inter-connection, the "death sentence" provision of the Act would
require dismemberment of the Commonwealth & Southern System, despite
the fact that continued ownership by the plaintiff of the stocks and securities
of said subsidiary companies now owned by it is not detrimental but beneficial to the interests of investors, consumers and the public.
The complaint asserts that the Act is unconstitutional
(1)Because the powers assumed by Congress are in excess of any constitutional authority which has been vested in it either by the authority
to regulate commerce among the States or to establish post offices and post
rodes, and therefore constitute a violation of Article 1, Sections 5 and 8
of the Constitution.
(2) Because it is in violation of the 10th Amendment to the Constitution
in that Congress has attempted to impose a system of Federal regulation
upon what is solely within the powers of the respective States.
(3) Because the provisions of the Act attempt to deprive stockholders
of the Corporation and of its subsidiaries of their liberty and property
without due process of law in violation of the 5th Amendment to the
Constitution.
(4) Because the Act imposes excessive fines and cruel and unusual punishments in vollation of the 8th Amendment to the Constitution.
Dividend Disbursements by Standard Oil Group for
Current Year Estimated Above 1934—Estimate for
Fourth Quarter Higher Than Last Quarter
Year Ago
Aggregate cash dividend payments by the companies of
the Standard Oil group for the ydar 1935 are estimated at
$170,078,682 compared with $169,092,529 in 1934, according
to figures compiled. by Carl H.Pforzheirner & Co., New York.
In addition to the cash payments this year, the Standard
Oil Co. of New Jersey on March 15 distributed in the form of
a stock dividend 1,339,345 shares of Mission Corp. capital
stock which on the date of distribution had a market value
of approximately $13,206,000, and which, it is noted, if
added to cash payments would bring the total for 1935 to
$183,284,682 or $14,192,153 more than in the preceding year.
An announcement in the matter also had the following to say:
Although Imperial Oil, Ltd. and International Petroleum Co., Ltd.
together will have distributed approximately $12.000,000 more than last
year, this increase was largely offset by the reduced disbursements of
Socony-Vacuum and Ohio Oil Co. and the suspension of dividends by the
Standard of Kansas and the Standard of Nebraska.
Imperial Oil. Ltd. controlled by the Standard 011 Co. of New Jersey will
distribute approximately $33,649,540 or $1.25 a share this year, compared
with $24,824,866 or 924 cents a share in 1934, while payments of International Petroleum Co.. controlled by Imperial Oil will total $36.310,220 or
$2.50 a share, against $33.114,920 or $2.28 a share in 1934.
Although Standard of New Jersey's cash payments of about $32,320,000
or $1.25 a share is the same as was paid in 1934, the company this year
distributed a stock dividend of 4-75ths of a share of Mission Corp. stock
for each share of Standard Oil Co.of New Jersey. Standard Oil Co.of Indiana
and Standard 011 Co. of California's dividend rates were unchanged at
$1 per share for totals of about $15.215,000 and $13,102,900, respectively.
South Penn Oil Co., which through the second quarter this year had been
paying 30 cents per share quarterly, increased its dividend to 35 cents and
40 cents a share respectively in the third and fourth quarters, making a
total of $1.35 a share this year against $1.20 a share in 1934.
Socony-Vacuum Oil Co. distributed 30 cents a share in 1935 for a total of
approximately $9,347,130. or half of what was paid last year. while Ohio
Oil Co.'s dividend of 30 cents a share this year approximated $1,970,000
compared with 45 cents a share or $2,954,000 in 1934. Preferred dividends
of Ohio Oil Co. totaled about $3,350.000 in both years. Although Standard
Oil Co. of Kentucky. Chesebrough Manufacturing and South West Pennsylvania Pipe Lines this year continued their usual rates of $1. $6.50 and
$4.00 per share respectively, Standard of Kentucky paid an extra dividend
of 25 cents a share in 1935 against a 50 cents extra in the previous year,
while in the final quarter last year Chesebrough and South West Pennsylvania had also made special distributions of $5 and $1 a share respectively. Among the smaller members of the group, Borne Scrymser Co. and
Swan Finch Oil Corp. resumed distributions this year, the former with a
special dividend of 50 cents a share and the latter with dividends of $1.313i
a share on account of accumulations on its preferred stock, while Southern
Pipe Line Co. paid 30 cents a share this year compared with 25 cents a
share in 1934.
The record of quarterly disbursements during recent years is as follows:
Year—
Nov. 30 1935
Financial Chronicle
3472
First
Quarter
Second
Quarter
*$18,122,737 $63,821,486
24,312,981 58.908,391
32,406,332 34,527,547
46,801,053 48.278,873
63.101.797 57.843.467
•Does not include 1.399 345 shares of
011 Co. of New Jersey.
1935
1934
1933
1932
Iasi
Third
Quarter
Fourth
Quarter
Totals
For Year
$17,653,161 370,481,298 .$170,481,298
18,582,065 67,289,092 169,092,529
19,546,576 42.457,920 128,938.375
43,858.468 44,112,501 181,050,895
51.263_688 48.530.230 220.739.182
Mission Corp. distributed by Standard
Marriner S. Eccles Denies Need of Government Action
to Halt Rise in Security Prices—Governor of Federal Reserve Board Finds Element of Strength in
Fact that Purchases Are Being Made for Cash—
Says Inflationary Influence is Lacking
The Board of Governors of the Federal Reserve System
believes that there is no necessity for any immediate steps
to retard the rise in security markets, Marriner S. Eccles,
Governor of the Federal Reserve Board, said in a statement
on Nov. 22. Mr. Eccles's statement followed the year's final
meeting of the Board's Advisory Council (to which reference
was made in our Nov. 23 issue, page 3306), when the chief
topic of discussion was the current huge bank reserves with
their potential influence in promoting business recovery and
stimulating inflation. Mr. Eccles said that the recent advance in the stock market has been financed almost entirely
by cash and is therefore relatively safe and healthful, as wen
as being beyond the control of the Federal Reserve System.
Reports from Washington said that the statement was
designed to refute charges that the Reserve Board had neglected its duty in not applying at this time the credit controls
provided by the Banking Act of 1935 and the Securities and
Exchange Act of 1934. In reply, Mr. Eccles contended that
there has been no occasion to apply such controls thus far.
Mr. Eccles's statement follows:
There appears to be widespread misunderstanding of the situation now
existing with respect to inflationary possibilities, as well as a misconception
of my own attitude with regard to inflation. I sought to emphasize in my
speech before the American Bankers Association that it was the duty of
the government to intervene in order to counteract as far as possible the twin
evils of inflation and deflation. The word inflation is used by some people
to mean any expansion ot credit, or any rapid advance in prices. In order
to make it clear what I have in mind when I speak of inflation as
a phenomen that needs to be controlled, I define inflation as a condition
brought about when the means of payment in the hands of those who will
spend them increases faster than goods can be produced. In other words,
the volume and velocity of money must be related to the volume of actual
and potential production of real wealth.
I asked the question:"How is it possible to have inflation In that sense
when men are idle and plants are idle?"
"There can be speculative excesses when surplus funds bid up stocks or
real estate, but inflation in the generally accepted sense can only come
about ay increasing the means of payment in the hands of people who are
willing to spend faster than we can increase production. We are a long
way from such a period of inflation."
Considerable confusion seems to exist in some quarters, as reflected in
some of the newspapers, about the dangers of "inflation" at present. But
it is evident that what is meant in most cases is not inflation in the sense I
have indicated, but a stock market "inflation." In other words, there
seems to be concern about a repetition of the stock market excesses of 1929
and a lack of understanding of the Federal Reserve System's power to deal
with the situation. I wish so far as possible to clarify the picture in order
to correct the notion that the Federal Reserve System could, by action at
this time, reach the stock market situation, and secondly, the totally mistaken idea that the Chairman, or for that matter, the other officials ot the
Federal Reserve System, are indifterent to or disinclined to do whatever
Is within their power to prevent the development of an unsound condition.
Any one who will take the trouble to consult tbe Reserve System's reports
on the condition of member banks will see at once that the total of security
loans by banks both to customers other than brokers and to brokers have
shown no growth since the middle of March,when the present rise in security
prices began. In fact, the figures show something of a decline between
March 13 and Nov. 13. as is indicated by the following table:
LOANS ON SECURITIES BY REPORTING MEMBER BANKS IN 101
LEADING CITIES
(In Milli0128 of dollars)
March 13
1935
Total loans on securities •
To brokers and dealers:
Total
In New York City
Outside New York GUY
rc* *"..),--- •
Nov. 13
1935
Change
3,239
3,052
—187
1,031
854
177
2 2fin
974
815
159
2 078
—57
—39
—18
—12f)
Stock Prices
(192100)
421 stocks
63.1
93.3
I
+30.2
(+48%)
*Exclusive of loans to banks.
The rise in security prices has not been financed by bank credit. The
securities are being bought mostly for cash out of the abundant investment
funds in the hands of corporations and individuals and out of funds sent
to this country by foreigners who wish to invest here because they believe
that this is the satest and most profitable use for their money.
I wish to emphasize two points as strongly as I can: First, I think that
there is an element of safety and of strength in the fact that the security
purchases are being financed out of cash without increased use of bank
credit. I am doubtful whether a run-away stock market situation can
proceed very far without being reflected in an increased demand for borrowed
funds.
In this connection I wish also to point out that the amount of money
going into the stock market is not, as some have contended, depriving the
capital market of adequate funds and thus retarding recovery. That
ample funds are available in the capital markets is evidenced by the tact
that offerings of long-term securities and mortgages are being absorbed
at yields which have been steadily declining.
The second point which I wish to emphasize even more strongly is that
those who are suggesting that the Federal Reserve System should do something about stock market conditions at present are under the mistaken impression that the System can intervene in the market at any time. As a
matter of fact, the System has no authority whatsoever to curb buying of
securities by individuals or corporations, whether foreign or domestic. Its
only authority in this matter is over margin requirements, which apply
only when transactions are on credit, as is not the case to any extent at the
present time. The only power the System has is to control the speculative
use of bank credit. There is no speculative use of bank credit in the present
situation.
Therefore, I should like to correct, if possible, the idea that the Federal
Reserve System is neglecting at this time to exercise its power over stock
market speculation.
As for the general business and credit situation and the volume of member
bank reserves—it is clear that there is no excessive expansion In any field
at this time. There is no evidence of accumulation of inventories, or of
frantic bidding for a limited amount of goods, or of an expansion of bank
credit, save through the purchase of government securities. The turnover of deposits is still relatively low.
The general credit situation as well as developments in the stock market
require close and careful study as to the appropriate time for and method of
action. This close study is being given by the System, including not only
the Board of Governors itself, but the Open Market Committee and the
Advisory Council as well.
Volume 141
Financial Chronicle
Speakers Urge Less Government Interference—Dr.
Glenn Frank Tells New England Conference That
Trend Toward Centralized Government Threatens
"Enslavement of Masses"—Former Governor Gardner and H. G. Moulton Also Address Council
General agreement that business recovery will proceed
more rapidly if unhampered by Government controls was
expressed by speakers who addressed the tenth annual session
of the New England Conference at Boston last week. Dr.
Glenn Frank, President of the University of Wisconsin,
told 1,000 persons who attended the conference on Nov. 21
that a continued trend toward centralized government will
result in a "new and tragic enslavercient of the masses,"
and added that only through retention of the American system of organized balance of power could "tyranny or anarchy" be avoided. Harold G. Moulton, President of the
Brookings Institution, said on the same day that in the interests of "enduring progress" business men should restrain "the
natural impulse to advance prices in order to realize maximum immediate progress." Former Governor 0.Max Gardner of North Carolina told the session on Nov. 22 that the
agricultural West must be brought to a realization that "her
best customers are the prosperous industrial cities of the
nation."
The Boston "Herald" of Nov. 22 quoted Dr. Frank in
part as follows:
"If the growing trend toward centralization of government," Dr. Frank
said, be "permitted to dominate the political development of the next
quarter century, it will, I venture to predict, mean a new and tragic enslavement of the masses at the very moment when the creative forces of
science, technology and power production have forged the instruments for
their emancipation.
"The factor that makes this a living issue in the United States at the
present time is not any threat of a communist overturn or a fascist march
up the Potomac, but Mr. Roosevelt's plain desire to bring about, through
legislative enactment and judicial approval, an unprecedented centralization of power in Washington. Whether or not Mr. Roosevelt sees fit
actually to formulate this as a fighting issue for 1936, it is implicit in the
temper and content of virtually all the New Deal legislation.
"This toying with the idea of centralized power as the solvent of our
social and economic difficulties is not just the political judgment of one
man who happens to be the Chief Executive of the Republic. It is the
American manifestation of a world-wide trend, a trend that has given communism to Russia, fascism to Italy, national socialism to Germany and the
New Deal to the United States."
The New England Council on Nov. 21 issued the following extract from Mr. Moulton's speech:
"The successful operation of the economic system requires that back of
each new unit of productive power there be placed a corresponding unit of
consuming power," he said. "The economics of mass production cannot
be realized unless we have corresponding mass consumption."
Tracing business evolution in recent years, the speaker said that "certain
practices have tended to nullify the benefits of technological improvements
and to retard the rate of economic progress. First, the importance of
maintaining the general wage level has too often been forgotten. Secondly,
instead of reducing prices as a means of expanding markets, there has been
a growing tendency to maintain prices and let well enough alone."
Industrial policy as it has developed here and elsewhere, Mr. Moulton
declared, "has tended to impede the free functioning of the price system.
Over an increasingly widening area the process of persistently widening
Purchasing power by means of price reductions has been checked." This
necessity for reducing prices as business becomes increasingly efficient
through improved processes and management is not a new idea, he explained,
but is a characteristic of the capitalist system of production, recognized
and explained, he said, by the oldest writers on economics.
A portion of former Governor Gardner's speech is also
given below, as quoted by the Council on Nov. 22:
Describing what he called North Carolina's "attack upon sectionalism
within the State on its strongest front, the county," Governor Gardner
outlined to the final session of the Conference of leading New England
business men the widespread reorganization which has been made in the
governmental structure in that State in recent years.
"The most notable advance in my State has been the realization that we
must all move, but we must move together and that unless we lift all we
cannot permanently lift any," he said. "To-day there are no county
roads in North Carolina; they are all State roads. We have no county
schools; we have State schools. We operate the State government under
the executive budget system. Local units of government no longer have
independent authority to borrow money. A State board must approve
each note or bond issue before it can be made."
Referring to industry, Governor Gardner commented that "in the future competition between North and South is found to be more even."
"Both New England and the South to-day know how to create an abundance of industrial goods. Their common problem is to develop the merchandising ability to distribute them," he asserted.
Lewis W. Douglas and Ogden L. Mills Declare Against
New Deal Economic and Fiscal Policies—Former
Budget Director Says Inflation is Already Here—
Ex-Treasury Secretary Urges Increased Production
and Balanced Budget
A joint attack on the Administration's economic and
financial program was launched on Nov. 25 by Lewis W.
Douglas, former Director of the Federal Budget, and Ogden
L. Mills, former Secretary of the Treasury, in speeches at a
dinner of the New York Economic Council. Mr. Douglas declared that inflation is already present, as the result of government activities, and that the American people must choose
between a small boom and a small collapse, or a large boom
and a "greater bust" that might bring about a new social
order. Mr. Mills asserted that the attempt to "spend our
way" out of the depression has failed, and cannot continue
much longer without serious consequences. Both speakers
said that increased production would solve Federal unemployment and budgetary problems.
3473
The New York "HeralenTribune" of Nov. 26 gave the following summary of the speeches by Mr. Douglas and Mr.
Mills:
Mr. Douglas, in a nationally broadcast address, said the New Deal was
nothing other than the New Era of 1928-29, sometimes called "the Old
Order," dressed up in new clothes. The average citizen, he said, believes
the banks created the inflation in the "Old Order," but the government is
creating it in the new.
He found four exact parallels between the Old Order and the New Deal.
Each period, he said, is marked "by a rising stock market; stocks selling
at abnormal levels in relation to yield and earnings; public statements that
everything is fine and healthy, and a reluctance on the part of the authorities to undo the damage done by cheap money." He found two divergences.
In the Old Order, he said, there was no rise in commodity prices, while
to-day there is a sharp one; there formerly was "a moderate creation of fiat
money or its equivalent, while to-day there is a staggering creation by the
government of such inflation.
"Here we are now," he said, "on our way, or—and I say this for the
skeptics—about to be catapulted on our way. Do we want the brakes to be
applied? Do you want to be thrown to the ground? Here we are on an
inflationary plateau brought here by the deliberate acts of government."
Predicts "Great Bust"
Mr. Douglas said the penalties for coming off "the inflationary plateau"
include a lower commodity price level, perhaps a collapse of the security
markets, a readjustment of costs, and possibly pressure on the banking
system. But as the other alternative he saw looming ahead "an even
greater `bust,' with more unemployment, more suffering, more destitution,
and, whether we wish it or not, far-reaching social and economic consequences."
Asserting that human experience shows inflation and deflation creating
"profound changes in the structure of political, social and economic organisms," Mr. Douglas said he believed the time had come to stop the boom
now, regardless of cost. "Have we the courage," he asked, "the conviction,
the devotion to a society of free men, yes, the spiritual quality, to demand,
to compel that the price now be paid?"
Mr. Mills's address, on the need to stimulate production and the increasing
burden of governmental debt, noted that despite some business improvement
"since the Supreme Court knocked out the National Recovery Administration,"
industrial production still lags, while "the Federal Government continues
to spend twice as much as it receives."
As his suggestions for remedying the situation, he said:
"Under no circumstances should the NRA be revived. The government
should abandon its hostile and harassing attitude toward legitimate business.
It should forgo its atetmpts to evade the Constitution and to exceed its
lawful authority. It should recognize the tragic failure of reckless spending
as a means of promoting recovery. It should give definite assurance that
the monkey business with money is now over and that the country can rely
on a stable and honest dollar."
The government, Mr. Mills said, should put its own house in order, endeavor
to develop some semblance of administrative efficiency and some measure
of economy in the expenditure of public funds. It should cease to rely on
inspirational and let-the-future-take-care-of-itself methods of public finance,
and return to orthodox principles and prudent management.
"It should grimly determine to balance the budget and give concrete
evidence of that determination. It should recognize that it is far more important to give the nation an adequate income than to attempt arbitrary redistribution of one that is totally inadequate. It should face the fact that,
according to its best friends and experts, its present program of relieving
employment is both ineffective and inordinately expensive."
Finally, Mr. Mills declared, the government should "accept as a basic
and all-controlling principle that only in abundance can there be prosperity."
Manufacturers Oppose Limitation of Industrial and
Farm Output—Report to Be Adopted at Annual
Convention Urges Repeal of Wagner Labor Act and
Guffey Coal Control Law
Opposition to production restrictions, either in industry or
agriculture, and to any new attempts by the Federal government to regulate industrial wages and hours, was expressed
In the report of the Committee on Relations of Government
to Industry of the National Association of Manufacturers,
made public on Nov. 24. The report was submitted to member manufacturers throughout the country and to affiliated
organizations for review prior to adoption as the formal
viewpoint of industry at the annual Congress of American
Industry, to be held Dec. 4 and 5, in New York City, in conjunction with the convention of the Association.
The philosophy that prosperity can be produced through
curtailment of production should be abandoned, the Committee said, adding that "the true abundant life can be supported only by abundant production of the things that enrich
the lives of all." The report remarked that between the
anti-trust laws and legislation such as the National Industrial Recovery Act, industry would "unhesitantly choose" the
anti-trust laws.
Other extracts from the Committee's report follow, as
made public by the Association on Nov. 24:
Citing the share-the-wealth movement, the 30-hour work week proposals,
and similar economic theories, the Committee said "the fallacy lies in
assuming that because there are certain natural results of prosperity we can
achieve prosperity by legislating the results."
The Committee cited the repeated statements of the Administrator of the
National Recovery Administration that American industry responded wholeheartedly to the call for co-operation, and added:
"A condition of co-operation, however, cannot exist save where the will to co
operate is present on both sides. We are driven to the conclusion that the Admin
latmtion desired co-operation from industry but did not genuinely wish to give to
industry the same degree of co-operation that it exacted.
"The often-declared theory of the Administration that codification was to bea
voluntary process was perverted in practice. Many industries were asked and
even forced to accept the burdens of the code system without any commensurate
benefits. The Administration likewise secured adoption of many codes in forms
entirely unsatisfactory to the industries Involved by threatening to invoke the Reneging provisions of the Act or the provisions for imposed codes."
Among the other specific recommendations were:
1. Opposition to proposed arbitrary shortening of the work week, as proposed In
the 30-hour week bills.
2. Opposition to the Ellenbogen bill to set up a little NRA for textiles, the
O'Mahoney bill for controlling industry through a system of licenses to enter goods
3474
Financial Chronicle
in Inter-State commerce, and the 15.1sh government contract bill to use the weight
of Federal funds to compel acceptalte of regulation.
3. A continuing campaign for repeal of the Wagner Labor Disputes Act.
4. Opposition to Federal use of corporate devices to enter into business operations. except in rare cases, and then they "should operate under the same rules
as to borrowing, expenditures and auditing as the regular departments of government."
5. Abandonment of the unsound principles underlying the share-the-wealth
tax act.
6. Avoidance of extra-legal methods, such as proposals to enforce Federal regulations of local matters by barring use of the malls.
7. Repeal of the Gurley Coal Act.
8. Postponement of the effective date of the tax burdens of the Social Security
Act in order that the problems involved may be carefully and impartially considered,
and only so much of the Act preserved as careful study shall indicate should be Preserved.
"As the Act (Social Security Act) now stands," the Committee said, "it
is of questionable validity and the requirements it imposes upon the State
governments are such as to make it impossible for many States to comply
with its terms. Postponement of the tax burdens would not operate against
the aged or unemployed, because no benefits are payable to them under
this Act for several years to come."
Railroad Leaders Urge Less Government Supervision—
Say Carriers Are Essential to National Defense—
Relaxation of ISC Control Is Advocated
Pleas that the nation's railroads be permitted a greater
voice in the conduct of their own affairs, with more freedom
from government supervision, were uttered by railroad leaders at several Eastern conferences this week. R. V. Fletcher,
General Counsel of the Association of American Railroads,
told a meeting in Reading, Pa., on Nov.26 that the railroads
should be permitted to consolidate without supervision and
to have less direction by the Interstate Commerce Commission. John J. Cornwall, General Counsel of the Baltimore
& Ohio Railroad Co., speaking at the annual meeting of the
West Virginia Manufacturers' Association at Parkersburg,
W. Va., on Nov. 22, said that the railroads are still essential
as a part of national defense, and added that there is much
evidence to support private ownership of rail transport.
Five Governors of New England States, meeting with 600
business leaders in Boston on Nov. 21, discussed the interest
of the New England States in the proper reorganization of
the New Haven Railroad.
A Reading dispatch of Nov. 26 to the New York "Times"
quoted Mr. Fletcher in part as follows:
Mr. Fletcher said it always had seemed unfortunate to him that the
transportation industry had been selected for "exceptional" legislative
treatment.
"Careful analysis will disclose no real reason why its management should
be any more the business of government than the growing ofcorn,the milling
of grain, or the manufacture ofsteel." be said.
- amnihrl
,For Permanent ICC Head
Endorsing the proposal that the ICC have a permanent chairman, with
defined administrative and executive authority, Mr. Fletcher said of the
ICC:
"I have come, somewhat hesitatingly I admit, to the view that practice
and procedure before the ICC are entirely too legalistic and cumbersome.
Take, for example, the litigious procedure wl.ich accompanies the action of
the commission when a rate change is suspended.
"I have some serious doubts as to whether the power of suspension should
be lodged in the commission. But if mistaken in this tentative view, I see
no reason why the parties could not be beard and the question decided in a
somewhat summary fashion without the use of long hearings, tentative reports,exhaustive not to say exhausting briefs and elaborate oral agreements.
"In other words, why cannot the question be settled at an informal,
business-like conference, pitched upon the understanding that the commission is in fact an expert body. Informed by experience and capable of
acting intelligently without listening to endless harangues?"
Mr. Cornwell's speech was outlined as follows in a Parkersburg dispatch of Nov.22 to the New York "Herald Tribune":
The theories advanced toward government ownership of the railroads by
Federal Co-ordinator of Transportation Joseph B. Eastman as a solution of
railroad problems have invariably been punctuated by several "ifs," Mr.
Cornwell said. "The most important of these is 'if' they are operated
under government ownership free from political influence and control,"
he said.
Such a Utopia Mr. Cornwell could not realize, he stressed, stating Mr.
Eastman "knows the transportation system as well or better than any man
in this country, but If he thinks the government can take over the railroads
of the country and operate them free from political influence and control he
is more unsophisticated than be should be."
Looked at from every angle, there could not possibly be any advantage
derived from government ownership and operation, he said. Further, he
declared: "Are we ready in this country to abandon the American policy
of private ownership and plunge headlong Into the system of complete
government ownership of everything?"
If government ownership were accomplished there would be a huge
national deficit in operation each year, "probably ton times what Canada
experiences with a single system-3500,000.000," Mr. Cornwell continued,
and asked,"Who would pay the deficit?" and answered, "You and your
industries in large part."
We also quote in part from a Boston dispatch of Nov. 21
to the "Times" regarding the meeting of the New England
Governors:
Governor Green of Rhode Island expressed faith that the three trustees
for the railroad appointed by the court "will not be unmindful of the interest
the Governors are taking" in the proceedings.
Reviewing the action of the New England Governors in authorizing him
to appear before the Federal court and request "that trustees adequately
representative of the general public interest be appointed." Governor
Green said that he bad acted in accordance with the resolution. Ile said:
"The court appointed the I'resident of the railroad as one trustee and
later appointed the nominee of the bondholders as another trustee, and as
the third a gentleman who might be considered a representative of the
public interest were it not for thefact that he is a stockholder in the road.
Ruling by ICC Recalled
"These appointments were made in spite ot the tact that, a few days before, the ICC had, as I drew to the attention of the court, served notice
that In the future it would not ratify the appointment of trustees in railroad
Nov. 30 1935
organizations which would give majority representation to the management of the roads. This was one of the evils the new act was intended to
correct.
"I feel that the action of the six Governors will have its effect and that
the three trustees appointed will not be unmindful of the interest the Governors are taking in behalf of the people of their respective States, especially
as any plan they have to submit must be passed upon by the ICC, before
whom the Governors can appear, with greater probability that their appearance will be recognized as proper."
Member Organizations of U. S. Chamber of Commerce
Overwhelmingly Against New Deal Policies—
Results of Poll Show 98% Opposed to Legislative
Trends
Chambers of Commerce throughout the United States have
recorded overwhelming opposition to recent Federal legislative trends, according to the results of a poll made public
on Nov. 25 by the United States Chamber of Commerce.
About 98% of the organizations casting votes revealed sentiment against trends which the Chamber found in recent
laws. The Chamber's Board of Directors ordered the poll
at its September meeting, as a means of testing opinion
among 750,000 business men on the course it should follow
as their representative with regard to legislation at the
coming session of Congress. The result was generally accepted as a rebuke to the New Deal.
The results of the balloting were summarized as follows
Ir. a Washington dispatch of Nov. 25 to the New York
"Times":
The questions, with a record of the votes, were:
1. Should there be extension of Federal jurisdiction into subjects of State
and local concern? For, 45; against, 1,796.
2. Should the Federal government at the present time exercise Federal
spending power without relation to revenue? For, 22; against, 1,845.
8. Should there be government competition with private enterprise for
regulatory or other purposes? For, 86; against, 1,825.
4. Should all grants of authority by Congress to the executive department
of the Federal government be within clearly defined limits? For, 1,813;
against, 58.
The vote was taken by member organizations, each being entitled to from
one to 10 votes. A total of 1,473 organizations were entitled to ballot,
with a combined voting strength of 2,909. Of these, 833 organizations voted,
with a total voting strength of 1,875, or 64.4% of the total membership.
Forty-five organizations declined to vote because of objections to the referendum, the Chamber's announcement said. It added that there had been
reports of resignations because of the referendum, but that the records
showed that only one constituent organization actually had dropped out.
The first meeting of the board of directors at which the results of the
poll will be considered will be held in January. The board will then decide
definitely whether to pursue an active course against the Administration,
as was urged by a number of its members at the September session, or to
assume a more "co-operative attitude in light of improving business conditions."
Members of the Chamber's permanent staff explained that the board would
have the privilege at that time of selecting the policies on which it would
be active.
At the same time many observers, including members of the Administration, doubted that the major trends voted against in the referendum would
be a part of the Federal legislative policy during the next session of
Congress.
Items bearing on the referendum appeared in these columns
Sept. 28, page 2055, and Oct. 19, page 2524.
Steel Industry Leaders Refuse Invitation to Participate
in Washington Conference of Labor and Industry
—Say Recovery Would Be Hindered by Further
Legislation "Regimenting Business Enterprise"
The American Iron and Steel Institute has refused to
participate in the conference called by Major George L.
Berry, Co-ordinator for Industrial Co-operation, to be held
on Dec.9 at Washington, according to an announcement on
Nov. 26 by Walter S. Tower, Executive Secretary of the
Institute. In adopting this policy the Institute followed a
course similar to that recently announced by automobile
manufacturers, who also refused to attend the industrylabor conference. Mr. Tower said that leaders of the steel
industry were opposed to "any further legislation designed
to regiment business enterprise," and added that recovery
in the industry would "probably be hampered rather than
helped" by such legislation. His statement follows:
The Institute has not made any general canvass of the members of the
iron and steel Industry with respect to their attitude toward the conferences
proposed by Major Berry. We assume that many, if not most of them.
have received invitations to attend and that they will reply individually
as they see fit.
However. the Institute is aware of the fact that among the leaders of the
Industry, representing a major part of the productive capacity, there is a
general feeling that sound recovery is at work under the influence of natural
economic forces.
These leaders are of the opinion that such recovery in the steel industry
probably would be hampered rather than helped by any further legislation
designed to regiment business enterprise.
Under these circumstances it does not seem advisable for the Institute
to take any part in conferences which appear to be planned for the purpose
of discussing possible further legislative measures relating to business, and
no respesentative will attend.
The New York "Times" of Nov. 27 commented on the
action of the Institute as follows:
Since the Institute represents all the leading steel companies, it was
believed the individual action taken by the latter concerning the conference
would be similar to that of the Institute,
In boycotting the conference, the steel institute is following the example
of the Automobile Manufacturers Association and the Machinery and
Allied Products Institute, which passed resolutions recently criticizing the
proposed meeting as an attempt to rasurrect the principles of National
Recovery Administration.
Volume 141
associations and
Major Berry sent invitations to the conference to 5200,
corporations. He explained that the purpose was to formulate a program
for hastening recovery, eliminating unemployment and maintaining business
and labor standards.
Several days ago he announced that more than 30 large corporations had
accepted his invitation.
AAA Reports Expenditures of $204,156,727 for purchases
of Farm Surpluses-Approximately $187,540,089
Recoverable in Cash or Represents Relief Donations
The Agricultural Adjustment Administration, since the
passage of the Agricultural Act in 1933, has expended $204,156,727 up to Nov. 1,for removal and conservation of surplus
commodities and for drought relief, it was indicated in a survey issued Nov. 17 by the commodities purchase section of
the Administration. Of this sum, it was stated, "approximately $187,540,089 has been or will be recovered, either
in cash or is represented in the value of commodities used
by the ,government for distribution to needy and unemployed.' In report on the survey of the AAA, Washington
(Associated Press) advices, Nov. 17, said:
The surplus removal activities of the AAA included purchase for distribution by the old Surplus Relief Corporation of hogs and pork products,
dairy products and sugar. Drought relief activities included purchase of
cattle, sheep and goats, while conservation activities included purchase of
feed, forage and seed for sale and distribution to farmers in the drought
areas.
Dairy-product purchases were listed as follows: 67,973,254 pounds of
butter for $16,146,865: 17,970,285 pounds of cheese for $3,041,836;37,595.985 pounds of evaporated milk for $1,974,675; 13,482,263 pounds of dry
skim milk for $819.621.
The AAA bought 9,000,000 pounds domestic beet sugar for $365.536.
During the latter half of 1933 and the first part of 1934, the report said,
the AAA bought 7,643,265 surplus hogs. file cost was $42,828,811. From
these hogs, the AAA said, 97,213,440 pounds of dry salt pork was recovered and distributed for relief purposes. The estimated value of the
salt pork was $9,721,344. A total of $545,550 was reported recovered from
sale of inedible grease and. $59,000 from the sale of tankage. A total of
33,367.773 pounds of surplus pork products were bought for $2,793,967.
During the drought program, which began in the middle of 1934 and continued during the first part of this year, the AAA bought 8,280,066 head of
cattle for $111,544,913. Of these, 1,486,000 were reported unfit for food
because of starvation and thirst. Animals fit for food were turned over
to the Surplus Relief Corporation, which obtained 766.591.060 pounds of
meat with an estimated value of $126,500,223. There remain on hand
1.904,068 hides with an estimated value of $7,000,000, which have been
transferred to the new Surplus Commodity Corporation.
The AAA bought 3,069,659 sheep for $7,219,318, gave 23.767 to State
relief agencies and 18,341 to Indian agencies. The Surplus Corporation
obtained from the remainder 20,741,770 pounds of canned mutton valued
at $4,148,354.
Of 350,460 goats bought for $490,644, 79,590 were given to State relief
agencies and 194,935 pounds of canned goat meat valued at $38,987 were
obtained from the remainder.
Hay and straw totaling 12,615 tons were bought for $88,489; 19,052,882
bushels of grain seed were bought for $16,842,052. There remain on hand,
the AAA said, 4,000,000 bushels of wheat, 2,600,000 bushels of oats, 200.
000 bushels of barley and 75,000 bushels of flax with a total market value
of $7,000,000.
$250,000,000 of Farm Supplies Bought Co-operatively
Annually-Is One-Eighth of Total Purchases,
FAC Reports
Of the $2,000,000,000 worth of supplies used by American
farmers in growing and marketing their crops annually, fully
$250,000,000-or one-eighth-is now purchased co-operatively,
according to a bulletin recently published by the Co-operative
Division of the Farm Credit Administration. The purchases
Include such farm supplies as feed, seed,fertilizer, containers,
spray materials, twine, and petroleum products. In noting
this, an announcement, Nov. 19, by the FCA said:
Tracing the growth of co-operative farm supply buying over 70 years, the
bulletin states that a number of purchasing associations were started by
general farm organizations. Others developed independently or in connection with co-operative associations originally formed for marketing farm
products.
The development during the past 15 years has been marked by the rise
of large-scale co-operative purchasing associations. These regional associations, located in almost every section of the United States, did an aggregate
business of well over $100,000,000 in 1934. In addition to these, there are
several thousand smaller associations that operate either as strictly purchasing associations or in connection with co-operative elevators, cotton gins,
creameries and poultry organizations.
The bulletin, entitled "Co-operative Purchasing of Farm Supplies," discusses the legal basis for this type of farmers' co-operative activity, the
way in which these associations are organized and operated, their business
policies, and how they are financed.
Increase in Payments of Interest by Farmers on Land
Bank Commissioner Loans Reported by Governor
Myers of FCA
The fact that farmers had paid over 84% of all matured
Interest instalments on Land Bank Commissioner's loans at
the end of October reflects continued improvement in agricultural conditions, according to a statement, Nov. 21, by
W. L Myers, Farm Credit Administration Governor. The
Interest maturities on over $765,000,000 of Commissioner's
first and second mortgage loans made since May 1 1933
amounted to $35,300,000 to the end of October this year, of
which over $29,700,000 was collected and $5,600,000 was unpaid, Governor Myers said. Some of the loans were made
recently and have had no maturities so far, he added, stating:
Improvement in collections has followed closely the opening of the marketing season in most sections. The best all-round improvement so far has
occurred in the Louisville district, including Ohio, Indiana, Tennessee and
Kentucky, where crop conditions have been generally good and livestock
3475
Financial Chronicle
prices favorable. Collections in the district increased from 86.2% of
maturities at the end of October 1934 to 94% at the end of September this
year to 95.3 at the end of October.
In large parts of the St. Louis, St. Paul, Omaha and Wichita districts,
which were hit by the drought in 1934, a great many farmers operated
with a very slim cash margin this year, and there was only slight improvement in collections at the end of September. But many of these farmers
caught up with their interest payments just as soon as they sold their crops.
This was reflected by the increase in collections at the end of October.
Although the percentage of collections in the Columbia, S. C., and
New Orleans, La., districts was higher in September than at the end of
October, this is largely accounted for by heavy maturities during the
latter month.
Interest collected on Land Bank Commissioner loans as per cent, of
maturities is given, by districts, in the following tabulation issued by
Mr. Myers:
O2. 3l Sept. 30 Oct. 31
1934
1935
1935
Springfield, Mass.(Connecticut, Maine, Massachusetts.
New Hampshire. New Jersey, New York, Rhode
83.4
Island and Vermont)
Baltimore, Md.(Delaware, District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia)---- 96.2
Columbia, S. C. (Florida, Georgia, North Carolina and
57.9
South Carolina)
Louisville. Ky.(Indiana, Kentucky, Ohio. Tennessee)_ 86.2
New Orleans, La.(Alabama, Louisiana, Mississippi)
8.5.3
St. Louis, Mo.(Arkansas, Illinois, Missouri)
St. Paul, Minn.(Michigan, Minnesota, North Dakota,
66.8
and Wisconsin)
Omaha, Neb.(Iowa. Nebraska, South Dakota, Wyom80.6
ing)
Wichita, Kan. (Colorado, Kansas, New Mexico, Okla83.3
homa)
88.6
Houston, Texas (Texas)
92.3
Berkeley, Calif. (Arizona, California, Nevada, Utah)
Spokane, Wash. (Idaho, Montana, Oregon, Washing88.7
ton)
88.8
90.0
83.0
82.9
84.2
Total
• No maturities.
87.6
87.8
93.8
93.4
93.3
94.0
94.3
89.9
91.6
95.3
75.8
90.5
67.4
70.7
76.1
78.9
79.6
84.5
91.9
81.0
88.5
92.7
FCA Reports Increase in Farm Financing in October$78,200,000 Loaned to Farmers During Month,
Against $72,500,000 in September
Farm financing continued to surge ahead during October,
the most substantial increase being registered in the shortterm field, according to a statement, Nov. 24, from the Farm
Credit Administration on loans during the month. The statement noted:
A 37% increase in loans by production credit associations carried total
short-term loans by the FCA during the month to $36,000,000 compared
to $26,300,000 loaned in September. The associations loaned $20,200,000
during October as against $14,700,000 in September and $11,200,000 in
October 1934. More financing of cattle feeding and farm supply purchasing
accounts for a large part of the increase, FCA officials said.
The amount of new Federal Land bank and Land Bank Commissioner farm
mortgage loans also increased during the month, being $32,100,000 in
October compared to $29,500,000 in September. More farmers are getting
loans to finance the purchase of farms since the Land Bank Commissioner
was authorized last summer to make loans for that purpose up to 75% of
the value. During October over 2,200 tenants and other farmers applied
for loans to purchase farm land.
Loans to farmers' co-operative marketing and purchasing organizations,
made primarily by the banks for co-operatives, amounted to $10,100,000 in
October compared to $16,700,000 during September.
Total loans and discounts by all institutions under supervision of the FCA
amounted to $78,200,000 in October compared to $72,500,000 in September.
Farmers' Income During First Ten Months of Year
Above Same Period in 1934, According to Bureau of
Agricultural Economics
The Bureau of Agricultural Economics, United States Department of Agriculture, announced Nov. 25 that during the
first 10 months of this year farmers marketed $5,099,000,000
of farm products and received in addition $464,000,000 in
government benefit payments. The total of $5,563,000,000
compares with $5,249,000,000 in the first 10 months of 1934,
the Bureau said. As to sales of farm products during October, the Bureau announced:
October sales of farm products increased more than seasonally. Sales
totaled $793,000,000 compared with $638,000,000 in September and with
$692,000,000 in October last year.
Benefit payments in October were $58,000,000 compared with $57,000,000
in September and with $76,000,000 in October last year. In October last
year farmers also received $28,000,000 for cattle sold to the government
There was a marked increase in income from truck crops and meat
animals this October. Income from grains, fruits and vegetables increased
seasonally. Income from cotton was slightly higher than usual, but tobacco
income increased less than usual.
The movement of all types of meat animals to market was exceptionally
large during October, but prices held up well, and a marked increase in
income was reported. Income from marketings in November and December
is expected to exceed income for the last two months of 1934.
AAA Announces Sugar Beet Acreage Allotments to
Producers for 1936-Adjustment Contract Extended to Cover Next Year's Crop
Acreage allotments for 1936 to sugar beet producers in all
beet sugar factory 'districts in the United States were announced on Nov. 25 by the Agricultural Adjustment Administration. It was explained by officials of the Sugar Section
of the AAA that the allotments announced for the various
districts represent the total of the acreage allotted to individual producers in each district, under the terms of the
sugar beet production adjustment contracts. The present
adjustment contracts have been extended by Secretary of
Agriculture Wallace to include the 1936 crop year, according
to announcement of the AAA on Nov. 22. At that time the
Administration said:
3476
Financial Chronicle
The contract provides that such extension may be made. By means of
the adjustment contract, a national sugar beet acreage sufficient to produce,
on the average, 1,550,000 tons of sugar has been allotted to co-operating
producers on the basis of their past production. The producers receive benefit
payments on their beet production. These payments, together with the
receipts from the sale of the crop, provide parity returns. In addition,
producers who have to abandon planted acreage because of general crop
failure may receive crop deficiency payments which provide a measure of
crop insurance.
Benefit payments to be made to co-operating producers for 1936 under
the extended contracts will be computed upon the same basis as in 1934
and 1935.
Acreage allotments to farmers for 1935 totaled approximately 975,000
acres. This was, the acreage considered necessary to produce, with average
yields, the 1,550,000 tons of sugar which the Jones-Costigan Amendment
provides may be marketed annually by the domestic beet sugar industry.
The acreage actually planted for 1935 was only approximately 847,000
acres, as drought conditions were severe in much of the Western area at
planting time. The acreage planted in 1934 was 945,000 acres.
The sugar beet program was offered to farmers in November 1934. Approximately 70,000 contracts have been signed by farmers in Michigan,
Colorado, Utah, Ihado, Ohio, Montana, Nebraska, Wisconsin, Wyoming,
California, Minnesota, Indiana, Illinois, Iowa, Washington, North Dakota,
South Dakota, New Mexico and Kansas. The contracts provided for payments on the 1934 and 1935 crops and for acreage adjustment on the
1935 crop.
The parity price of sugar beets for 1934 was computed at $8.79 a ton
and benefit payments were $1.75 a ton, less a small deduction for local
administrative costs of the program. The rate of the 1935 benefit payment
will depend upon the prices received for sugar and sugar beets during the
current marketing season and the parity price for the year.
In announcing the acreage allotments to producers for
1936, the AAA on Nov. 25 stated:
The acreage allotted is that which it is estimated will, with average
Nov. 30 1935
RFC Advances $100,000,000 to CCC for 4E-Cent Loans
on 1935 Corn Crop
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, announced Nov. 25 that the directors of the
Corporation have made a commitment of 8100,000,000 to
the Commodity Credit, Corporation to enable the latter
organization to make the 45-cent loan on the 1935 corn crop.
Mr. Jones stated:
Loans will be made only to producers, on corn under seal on the farm.
who have executed the 1935 corn-hog contract and whose contract has been
in force throughout the contract year, the borrowers agreeing to co-operate
in any general corn-hog program offered by the Secretary of Agriculture
in 1936 and to sign such agreement as may be put forth by the Secretary.
The interest rate to producers remains 4%. It is anticipated that most
of the paper will be carried by local banks. Corn loans were made in 1933
and 1934, and all have been paid.
If more than 8100,000,000 is needed by the CC0 the RFC will make
available additional amounts.
A tentative corn-hog program for the years 1936 and 1937,
recently announced by the Agricultural Adjustment Administration, was referred to in our issue of Nov. 23,
page 3321.
John L. Lewis Resigns as Vice-President of American
Federation of Labor-Dispute over Industrial
Unions-President Green Warns against Creating
"Line of Cleavage"-Views of Secretary of Labor
Perkins
In a brief message on Nov.23 to William Green, President
of the American Federation of Labor, John L. Lewis resigned as Vice-President of the Federation. Mr. Lewis advised President Green of his withdrawal from office as
follows:
yields, produce the annual marketing quota of 1,550,000 short tons of sugar
established for the beet sugar industry by the Jones-Costigm Act. The Act
also provided for establishing of quotas for the other principal areas
supplying the United States sugar requirements.
Dear Sir and Brother:
Each sugar beet producer who signed a contract has been given an allotEffective this date,I resign as a vice-president of the American Federation
ment based upon his past production history. These allotments then became
of Labor.
incorporated as part of the contract, under the provisions for determining
Yours truly,
allotments by the Secretary of Agriculture. Producers who did not use
JOHN L. LEWIS.
their entire allotments in 1935 will have the original 1935 allotments
The resignation of Mr. Lewis (who is President of the
available in 1936. Producers who were allotted acreage in excess of their
original allotments for the 1935 crop year will have only their original
United Mine Workers of America), appears to have grown
allotments available for 1936, and will not receive additional acreage unless
out of differences in the organization over the vestion of
additional acreage is again available, and their allotments are again inindustrial unionism, which figured in the deliberations of the
creased. Such individual increases are possible only when some producers
recent annual Convention of the Federation, to which referwho have allotments decide to plant no acreage, or only a portion of their
ence was made in them columns Oct. 19, page 2528 and
allotments. Such unused acreage then is available for increasing the allotOct. 26, page 2677. From Washington Nov. 23 the New
ments of other producers, or for allotments to growers who have no past
York "Herald Tribune" reported the following:
production history.
The following are the allotments by States and factory districts:
Mr. Lewis refused to discuss his resignation but announced that he would
hold a press conference Monday morning. At headquarters of the United
Company Processing BeetsAcres
Agricultural DtsfrfaMine Workers it was emphasized that he had not resigned as a member of
California
114.927
Colorado-American Crystal Sugar Co
the A. F. of L. or taken any step toward taking the United Mine Workers
Rocky Ford
22,081
Great Western Sugar Co
Brighton
11,243
out of that organization.
Great Western Sugar Co
Brush
9,824
Defeated at Convention
Great Western Sugar Co
Eaton
17,664
Great Western Sugar Co
At the convention, in October, Mr. Lewis and his allies were defeated
Fort Lupton
13,115
Great Western Sugar Co
Fort Morgan
13,857
three times on the issue of industrial unionism versus craft unionism. Mr.
Great Western Sugar Co
Fort Collins
14,152
Green, although a member of the United Mine Workers, an industrial
Great Western Sugar Co
Greeley
15,316
Great Western Sugar Co
union, and the most powerful union in the country, stood with the craft
Longmont
17,145
Great Western Sugar Co
Loveland
11,926
union leaders in upholding the San Francisco declaration of the preceding
Great Western Sugar Co
Ovid
12.731
year.
Phis permits organization of the mass production industry along
Great Western Sugar Co
Sterling
13.883
Industrial union lines, but so carefully reserves the rights of the craft unions
Great Western sugar Co
Windsor
11,596
Holly Sugar Corp
that the industrial union advocates consider it a barrier to industrial
Delta-Grand Junction
13,207
Holly Sugar Corp
Swink
12,929
unionism.
National Sugar Mfg. Co
sugar City
5,800
About two week s ago Mr. Lewis and the heads of seven other industrial
Idaho-Amalgamated Sugar Co
Burley-Twin Falls
23,036
Franklin County sugar Co
unions organized a committee to push the industrial union idea.
Preston
8.241
Utah-Idaho Sugar Co
Upper Snake River Valley-- 37,960
Indiana-Central Sugar Co
President Green in a letter dated Nov.23, and made public
Decatur
10,557
Iowa-American Crystal Sugar Co
Mason City
16,824
Nov. 25, addressed to Mr. Lewis and the heads of the unions
Kansas-Garden City Co
Garden City
13,702
associated with him in the formation of the new Committee,
Michigan-Great Lakes Sugar Co
Blissfield
13,240
Isabella Sugar Co
Mt. Pleasant
warned against "creating a line of cleavage" through such a
14,541
Lake Shore Sugar Co
Holland
4.607
movement. In part Mr. Green said:
Michigan Sugar Co
All districts served by the
Michigan Sugat Co
75,401
"Officers of national and international unions would undoubtedly' view
Monitor Sugar Co
Bay City
17,234
with feelings of apprehension and deep concern any attempt on the part of a
Northeastern Sugar Co
Mt. Clemens
11,700
St. Louis Sugar Co
group of local unions to organize within the organization they represent a
St. Louis
8,400
Superior Sugar Ref. Co
Menominee
9,380
movement for the avowed purpose of promoting the acceptance or rejection
West Bay City Sugar Co
West Bay City
8,009
of a principle or a policy which had been considered and decided upon at a
Minnesota-American Crystal Sugar Co___ _E. Grand Forks
24,094
American Crystal Sugar Co
convention representative of all the members of said national or international
Chaska
16,591
Montana-Amalgamated Sugar Co
Missoula
10,714
union. Some officers and members within national and international unions,
Great Western Sugar Co
Billings
28,524
as well as within the American Federation of Labor, regard separate moveHolly Sugar Corp
Sidney
13,630
ments formed within the main organization structure as dual in character
Utah-Idaho Sugar Co
Chinook
8,737
Nebraska-American CrystalSugar Co
and as decidedly menacing to its success and welfare. When organizations
Grand Island
8.823
Great Western Sugar Co
Bayard
14,262
within organizations are formed for the achievement and realization of some
Great Western Sugar Co
Gering
13,166
declared purpose no one can accurately prophesy or predict where such a
Great Western Sugar Co
Lyman
7,404
movement will lead. It could and may be diverted from its original purpose.
Great Western Sugar Co
Minatare
11.692
Great Western Sugar Co
Mitchell
9,162
"Experience has shown that organizations thus formed are productive of
Great Western Sugar Co
Scottsbluff
11,098
confusion and fraught with serious consequences. A line of cleavage
Ohio-Great Lakes Sugar Co
Fremont
8,963
between
such a movement and the parent body may be created and the
Great Lakes Sugar Co
Findlay
7,873
Ohio Sugar Co
breach between those who sincerely and honestly believe in different forms
Ottawa
9,293
Paulding Sugar Co
Paulding
of organization could be definitely widened. Bitterness and strife would
12,395
Utah-Amalgamated Sugar Co
Lewiston
13,009
inevitably follow.
Amalgamated Sugar Co
Ogden
7,813
"It has been the fixed rule, both within the A. F. of L. and national and
Gunnison Sugar Co
Centetfleld
7,423
Layton Sugar Co
international unions affiliated with it to decide upon organization policies
Layton
7,276
Utah-Idaho Sugar Co
Garland-Brigham City
12,615
by a majority vote at legally convened conventions. The widest opportunUtah-Idaho Sugar Co
West Jordan
6,989
ity must be accorded the officers and delegates who participate in these
Utah-Idaho Sugar Co
Spanish Fork-Springville
12,302
Wyoming-Great Western Sugar Co
conventions to present their point of view... When a decision has thus been
Lovell
9,167
Great Western Sugar Co
Wheatland
rendered it becomes the duty of the officers and members of the A. F. of L.
7,589
Holly Sugar Corp
Sheridan
8,544
to comply with it, and they should be permited to do this free from the
Holly Sugar Corp
Torrington ,
22,038
interference and opposition of those who constitute the minority."
Holly Sugar Corp
Worland
9,590
Wisconsin-Rock County Sugar Co
Janesville
6,189
At a press conference after Mr. Green's letter had been
Menominee Sugar Co
Green Bay
8,416
South Dakota-Utah-Idaho Sugar Co
Belle Fourche
made public Mr. Lewis was reported in a Washington dis11,571
Washington-Utah-Idaho Sugar Co
Bellingham
4,405
patch Nov. 25 to the New York "Times" as saying:
California will be considered as one area and will not be divided into
"This issue boils down to whether the A. F. of L. will adapt itself to
factory districts for the purpose of the allotment procedure. Processors in
modern industrial conditions by creating modern unions," he added.
California will contract acreage in whatever portion of the State it is
"The A. F. of L. leaders to-day have a subconscious fear that the inpractical for them to do so with the understanding that all growers having
dustrial unions, when formed, may be as unmindful of the craft unions as
allotments will be offered purchase contracts for acreage at least equal
they have been of the industrial unions. I do not like their dog-in-theto their allotments.
manger attitude.
Volume 141
Financial Chronicle
"Despite all the quibbling, the A. F. of L.is not organizing workers in the
modern industries. The craft unions have no hope of standing against
industry. We think a quarter of a century's experience has been enough
to demonstrate this."
The dispatch continued:
Mr. Green, at a press conference held later, said that he personally had
always favored industrial unions, but that he knew the other A. F. of L.
officials could not be forced to accept them against their will, although
ultimately they might be persuaded to endorse them.
"There 113 no danger to the A. F. of L." he said. "It has lasted a half
century. All I want to do is maintain solidarity and warn of the dangers."
Stating that Mr. Lewis's resignation would be submitted to the executive
council at Miami, he expressed regret that it should be tendered "at this
time iramedicately following his election at Atlantic City."
In reply to Mr. Lewis's charges, he said that 1,804 Federal labor unions
have been created in the past two years, 103 of them in the automobile
Industry, 69 in the rubber industry and 17 in the aluminum industry where
there had been no unions.
Secretary Perkins termed the efforts of Mr. Lewis to promote industrial
unionism "one of the most important developments" in recent labor history
but indicated that while the Labor Department would help in any way that
might appear to settle the difficulties, it would not itself take the initiative.
"The Government has no policy in this matter and should not have one,"
she said. "One of the things we have watched with horror is the attempts
of other Governments to influence the labor movement."
On Nov. 26 the Committee for Industrial Organization,
headed by Mr. Lewis, notified labor bodies through the
country of the formation and purpose of the Committee—
the notice stating:
Because of the urgency of organizing the unorganized in the basic
Industries of America, the Committee for Industrial Organization has been
formed. Its purpose is thatoutlined in the minority report ofthe resolutions
committee submitted to the convention of the A. F. of L. in Atlantic City.
That is, it has been formed for the purpose of encouraging and promoting
the organization of the unorganized workers in mass production and other
industries upon an industrial basis.
Its aim is to foster recognition and acceptance of collective bargaining
in such basic industries; to counsel and advise unorganized and newly
organized groups of workers; to bring them under the banner and in affiliation with the A. F. of L. as industrial organizations.
sk It is the desire of this Committee to further in every way the effort
of groups of workers in autos, aluminum, radio and many other mass
production industries to find a place within the organized labor movement
as represented by the A. F. of L.
Such a great proportion of the workers are outside of the A. F. of L.,
or outside of the organized labor movement entirely, that a group of leaders
of labor representing over a million workers allied with the A. F. of L.
thought that the most efficient thing to do at the present time was to place
their experience at the service of these unorganized workers, or those unaffiliated with the A. F. of L. with the purpose of bringing them, where
organized, into the Federation and, where unorganized, doing everything
Possible to further organization along lines that would best serve their
interests as workers.
Scotland and United States Celebrate 100th Anniversary of Birth of Andrew Carnegie—Secretary Hull
Praises Philanthropist as "Apostle of Peace"
The one-hundredth birthday anniversary of the late
Andrew Carnegie was commemorated on Nov. 25 both in the
United States and abroad. A concert in Carnegie Hall, New
York City, was attended by leaders in the business, philanthropic, educational and musical worlds, while the centenary
was also observed with ceremonies at Dunfermline, Scotland,
the birthplace of the famous philanthropist and steel manufacturer. Speeches made at Dunfermline were broadcast
throughout Great Britain and this country. Secretary of
State Hull, speaking on Nov. 25 as Chairman of the Governing Board of the Pan-American Union in Washington, described Andrew Carnegie as "an apostle of peace who deserves to be known as a great citizen of the Americas." The
ceremony, which was held in the Union's building, a gift of
Mr. Carnegie, was attended by diplomatic representatives of
the other American Republics. Secretary Hull's address was
as follows:
We are assembled to-day to do honor to the memory of a great servant
of humanity. Andrew Carnegie embodied both in thought and action the
highest qualities of citizenship in a democracy, namely, service to his
country and to his fellow men regardless of race, creed or nationality.
Throughout the Americas his name has become a symbol; a source of constant
Inspiration to the younger generation.
His benefactions have had far-reaching influence. The libraries which
he founded have been important factors in the education of public opinion.
The great centers of scientific research which he established, such as the
Carnegie Institution of Washington and the Carnegie Institute at Pittsburgh,
have been potent factors in the promotion of scientific research. The
Carnegie Corporation and the Carnegie Foundation have become great centers
of cultural influence.
Amongst the many high purposes to which Andrew Carnegie gave the
best years of his life, the one which commanded his greatest enthusiasm
and devotion, was the maintenance of peace throughout the world, but
especially on the American continent.
The establishment of the Carnegie Endowment for International Peace is
the outward expression of his dedication to this great cause .
Andrew Carnegie was one of the delegates of the United States to the
First International Conference of American States in 1889. He soon made
his influence felt in espousing the cause of peaceful settlement of all
disputes that might arise between the American Republics.
With enthusiasm he welcomed the founding, by the conference, of the
Bureau of the American Republics, which was destined to develop into the
Union of the American Republics.
During the years that followed the First Conference, Andrew Carnegie
gave increasing attention to the fostering of closer ties between the American
Republics,
He followed with .the deepest interest the development of the work of the
Pan-American Union. The generous gift of this building to the American
Republics is one of the outstanding expressions of his devotion to the
cause of peace.
3477
We all owe him a deep debt of gratitude, and on this, the hundredth
anniversary of his birth, I am certain that I am voicing the sentimenta
of the governments and nations of the Americas in paying tribute to an
apostle of peace who deserves to be known as a great citizen of the
Americas.
Death of Arthur Henry Lamborn, New York Sugar
Broker—Was Senior Partner of Lamborn, Hutchings & Co. and Chairman of Board of Lamborn
& Co.
Arthur Henry Lamborn, Senior member of Lamborn,
Hutchings & Co. and Chairman of the Board of Lamborn
& Co., Inc., both of New York, died Nov. 26 at his home in
Sea Bright, N. J., after a prolonged illness. Mr. Lamborn
was born on April 22 1871 in West Chester, Pa., of Quaker
parentage. Following his eduction at the West Town Friends
School of West Chester, he went to work as an office
boy for the Spreckels Sugar Refinery of Philadelphia in 1889.
Two years later he became a partner of John M. Greene &
Co., local sugar brokers of Philadelphia. Shortly thereafter
Mr. Lamborn opened a New York office for his company.
In 1905, he became the owner and changed the name to
A. H. Lamborn & Co. Regarding his career an announcement issued by Lamborn & Co., stated:
Mr. Lamborn's career was most colorful and he was an outstanding figure
in the sugar industry for 45 years, nationally and internationally, and was
recognized as an authority in all branches of the business. In 1914, at
the outbreak of the World War, Mr. Lamborn volunteered his services
to the British Government and shortly thereafter he was requested to handle
the entire tonnage of Cuban raw and American refined sugar shipped to
Great Britain and the Allies. The British Admiralty consigned to him
all steamers carrying these products during the entire period of the war
and until the Royal Commission on Sugar Supplies of Great Britain ceased
to function several years after the war. For this service. the British Government publicly cited Mr. Lamborn. commending him for his exemplary
diligence and zeal in behalf of their interests and those of the Allied Governments. In 1917, he became a member of the New York Stock Exchange
and established the firm which is now known as Lamborn, Hutchings & Co.,
with headquarters at New York and branch offices in Chicago, Savannah,
Newark, Montclair and Havana, Cuba. He was also a member of the
New York Coffee and Sugar Exchange, Inc., New York Cotton Exchange,
New Orleans Cotton Exchange, Commodity Exchange. New York Cocoa
Exchange and New York Produce Exchange.
Delegation of German Motor Dealers Concludes Visit
to United States
Twenty-four leading automobile dealers of Germany who
have been in the United States attending the recent automobile shows and visiting American factories, were guests at
a farewell luncheon given by George F. Bauer, Manager of
the Export Department of the Automobile Manufacturers
Association in the Rockefeller Center Club,noon on Nov.27.
The delegation, which was headed by Dr. Alfonse Reuss,
General Manager of the German Automobile Dealers Association, sailed for Germany on Nov. 28 abroad the SS.
Europa.
J. A. Rushton Nominated as Chairman of Chicago
Association of Stock Exchange Firms
Joseph A. Rushton, partner of Babcock, Rushton & Co.,
Chicago, was named on Nov. 22 for the Chairmanship of the
Chicago Association of Stock Exchange Firms by the Nominating Committee. Mr. Rushton was one of the organizers
of the Association in 1921, and has served continuously as
its Treasurer. If elected at the annual meeting, Dec. 6, he
will succeed Thaddeus R. Benson, who has served as Chairman for three consecutive terms. Others named by the
Nominating Committee, Nov. 22, follow:
Vice-Chairman, William T. Bacon, partner of Bacon, Whipple & Co.
Treasurer, James A. Cathcart, partner of Harris, Upham & Co.
Four members of the Board of Governors to serve three years—William
T. Bacon, Thaddeus R. Benson of F. M. Zeiler & Co., James A. Cathcart,
and Fred D. Sadler of Sadler & Co.
Members of the Nominating Committee to serve one year—George E.
Barnes of Wayne Hummer & Co., Chairman; Alfred W. Mansfield of Thomson
Is: McKinnon, William McKenna of Jas. H. Oliphant & Co., Louis C. Seaverns
of Abbott, Proctor & Paine, and Leonard M. Spitzglass of Stein, Brennan & Co.
Robert L. O'Brien to Continue as Chairman of USTC—
President Roosevelt Extends Term Additional
Year—Also Names Captain Milne, U. S. N., as
Governor of American Samoa
President Roosevelt, in Warm Springs, Ga., signed an
Executive Order on Nov. 23 continuing Robert Lincoln
O'Brien as Chairman of the United States Tariff Commission for another year. Mr. O'Brien, a Republican, was
appointed originally to the post by President Hoover during
his administration.
With the signing of the Order, President Roosevelt also
Eigned a commission appointing Captain MacGillivray Milne,
United States Navy, as Governor of American Samoa,succeeding Captain Otto Dowling,
Morris L. Cooke Resigns as President of EHFA—Continues on Board of Trustees
Confirming reports that Morris L. Cooke had resigned as
President of the Electric Home and Farm Authority,
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, announced Nov. 27 that "there is no significance to the resignation" "and no lack of understanding
between Mr. Cooke and the RFC." In Philadelphia, Mr.
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Financial Chronicle
Cooke, who is also Administrator of the Rural Electrification
Administration, also denied that his resignation was the
result of any "difference of opinion", it was reported in
Associated Press advices of Nov. 27.
In his announcement, Mr. Jones stated:
The functions of EHFA are to purchase from dealers, notes and contracts
taken in payment or part payment for electrical appliances.
The RFC has agreed to provide the funds, and Mr. Cooke's successor
as President, will be a member of the RFC organization.
If is my understanding that Mr. Cooke will continue extending the
operations of the ERA to bring electric power and its benefits to people
living in the country.
Certainly the most cordial relations exist between him and ourselves and
he remains a member of the Board of Trustees of EHFA.
Robert V. Fleming, President of American Bankers
Association, to Address Chamber of Commerce of
State of New York Dec. 7
Robert V. Fleming, newly-elected President of the American Bankers Association, will address members of the
Chamber of Commerce of the State of New York at the
monthly meeting on Dec. 5, it was announced Nov. 25 by
Thomas I. Parkinson, President of the Chamber. Mr.
Fleming, who is President of the Riggs National Bank of
Washington, D. C., was elected head of the American
Bankers Association by acclamation at the recent annual
convention in New Orleans. His address before the Chamber
will be the first since his elevation to the head of the Association and is expected to throw further light on the attitude of
the banking world toward current economic conditions.
Mr.Parkinson will preside at the meeting at which a number of reports from committees will be acted upon.
S. H. Logan, of Canadian Bank of Commerce, Elected
President of Canadian Bankers' Association
At the annual meeting of the Canadian Bankers' Association in Montreal, Nov. 14,S. H.Logan was elected President.
Mr. Logan, who is General Manager and director of the
Canadian Bank of Commerce, succeeded Jackson Dodds,
General Manager of the Bank of Montreal. Other officers
elected are as follows:
Honorary Presidents, Sir John Aird, Sir Frederick Williams-Taylor.
C. A. Bogert, John It. Lamb and J. A. McLeod.
Vice-Presidents, H. B. Henwood, Gen. Mgr. Bank of Toronto; Dudley
Dawson, Gen. Mgr. Dominion Bank; S. G. Dobson, Gen. Mgr., Royal
Bank of Canada, and H.F. Patterson, Gen. Mgr., Bank of Nova Scotia.
Mid-Winter Meeting of New York State Bankers
Association to Be Held in New York Jan. 27 1936
The New York State Bankers Association will hold its
mid-winter meeting on Jan. 27 at the Federal Reserve Bank
of New York, it was announced Nov. 28 by S. Sloan Colt,
President of the Association, who is President of the Bankers
Trust Co., New York City. The members of the Association will be luncheon guests of the officers and directors
of the Reserve Bank and business sessions will be held during
the day in the auditorium of that institution. The meeting
will close with the annual mid-winter banquet at the Hotel
Roosevelt in the evening. The officers of the Association,
in addition to Mr. Colt, are:
Vice-President. Raymond N. Ball, President, Lincoln-Alliance Bank
& Trust Co., Rochester.
Treasurer, George F. Bates, Vice-President, Marine Trust Co., Buffalo.
Executive Manager, W. Gordon Brown.
Secretary, Clifford F. Post.
Issuance of Our Annual Number, American Bankers
Convention Section
We are issuing to-day our annual publication, the American Bankers Convention Section, containing the proceedings
of the Annual Convention of the American Bankers Association, held at New Orleans, La., Nov. 11-14 1935. In our
special number will be found not only the addresses, reports,
&c., which came before the General Convention, but also
those which formed part of the proceedings of the various
Sections and Divisions.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Nov. 27 for the sale of a New
York Curb Exchange seat at $33,000, unchanged from the
previous transaction.
Arrangements were completed Nov. 22 for the sale of two
memberships in the Chicago Stock Exchange, both at $5,000,
up $200 from the last previous sale.
The General Motors Acceptance Corp., New York City, was
granted authority on Nov. 21 by the New York State Banking
Department to open a branch office in Springfield, Mass.
At a recent meeting of the Board of Directors of the Sterling National Bank & Trust Co., New York, Julian C. Ruben
was elected Vice-President, it was announced yesterday
(Nov. 29).
The membership of James F. Burns Jr. In the New York
Cotton Exchange was sold Nov. 25 to William S. Dowdell,
for another, for $11,500, this price being an increase of $400
over the previous sale, and on Nov. 27 the membership of
Nov. 30 1935
the Estate of James B. Clews was sold to William J. Jung,
for another, for $12,000.
Supreme Court Justice William P. Bleakley on Nov. 25
approved the application of the Huguenot Trust Co. of New
Rochelle, N. Y., for permission to organize a corporation to
absorb certain certificates of beneficial interest which were
issued to depositors when the bank was reorganized in 1934.
The New York "Herald Tribune" in a White Plains dispatch
under date of Nov. 25 furthermore said:
The bank closed on Jan. 2 1934 and, after reorganization, reopened.
Under the reorganization plan depositors were paid one-half of their deposits
in cash and were given certificates of beneficial interest for the balance.
The new corporation will have a voice in the management of the bank in the
interest of the certificate holders.
Several changes have been made in the personnel of the
Girard Trust Co. of Philadelphia, Pa., it is learned from the
Philadelphia "Record" of Nov. 25. William Newbold Ely
has resigned as a Vice-President of the institution after 54
years of service, and Thomas S. Hopkins, heretofore Treasurer, has been elected Vice-President in his stead; Lewis
Barroll, formerly Assistant Treasurer, has been promoted to
Treasurer in lieu of Mr. Hopkins; Joseph Harrison Jr. has
been made Assistant Treasurer, while Thomas S. Jenks has
been appointed Assistant Secretary. Mr. Ely's resignation,
effective Dec. 1, was due to ill health, and was accepted
with regret by the Board of Directors.
•
George B. Oates has been appointed Assistant to the President of The Dollar Savings Bank of Pittsburgh, Pa., according to a recent announcement by Francis S. Guthrie, President of the institution. Mr. Oates will have charge of the
investment securities, under the direction of Mr. Guthrie.
We quote further from "Money and Commerce" of Nov. 23,
from which the foregoing is learned:
Mr. Oates has been associated for many years with the investment banking
house of Graham, Parsons & Co., of Philadelphia and New York, in charge
of the Pittsburgh office in the Union Trust Building. He will assume his
new duties Dec. 1.
Coming from Philadelphia a trifle over 20 years ago, Mr. Oates has made
many friends and is highly regarded in investment banking. He was Secretary of the Regional Code of the National Necovery Administration, and a
short time ago retired as Secretary of the Western Pennsylvania Group of
the Investment Bankers Association of America.
At a recent meeting of the directors of the First National
Bank of Apollo, Pa. Dr. T. J. Henry was elected Vice-President of the institution and Samuel N. George was named a
director, to fill vacancies caused by the death of George J.
Bortz. Advices from Apollo, printed in "Money and Commerce" of Nov. 23, from which this is learned, went on
to say:
Dr. Henry has served as director of the bank for 35 years.
is an employee of the Mellon National Bank, Pittsburgh.
Mr. George
It is learned from Reading, Pa., advices, appearing in
"Money and Commerce" of Nov. 23, that The Berks County
Trust Co,of Reading plans to increase its capital stock by
the issuance of 70,000 new $5 par shares at $7.50. of which
$1.50 will go to surplus account. The dispatch added:
The proposal will be voted on Jan. 14. It will give the company $1,850,000
capital stock, with surplus, undivided profits and reserves of $830,741.
A 10% payment will be made Dec. 5 to depositors of the
closed Michael Berardini Estate private bank, it was announced on Nov. 26 by Dr. Luther A. Harr, State Secretary
of Banking for Pennsylvania. The Philadelphia "Inquirer"
of Nov. 27. in noting this, continued:
The checks will total $11,013, and will bring the amount paid to date to
$55,064, or 60% of the deposit liability. Dr. Harr announced at the same
time that payments will be made within the next few weeks by three other
closed banks in the State.
From "Money and Commerce" of Nov. 23 it is learned that
Thomas H. Cullinan has been elected President of the Beneficial Savings Fund Society of Philadelphia, Pa. He succeeds Louis E. Pequignot, who retired last October after
having served as President of the Society since 1926. The
paper added:
Mr. Cullinan has been associated with the Beneficial institution for more
than 88 years. Ile has been Vice-President of the Society for the past
nine years and
Eastern cities.
is
widely known in banking circles in Philadelphia and other
The Mitten Bank & Trust Co. of Philadelphia, Pa., has
declared a dividend of 60e., payable Dec. 16 to stockholders
of record Nov. 30, according to "Money and Commerce" of
Nov. 23, which, continuing, said:
This is the first payment since January 1930, when a dividend of $2.50
was paid for the year 1929.
Depositors of the defunct Farmers' Commercial Bank of
Edgerton, Ohio, are to be paid in full, according to a dispatch
from Bryan, Ohio, on Nov. 22, appearing in the Toledo
"Blade," from which we also quote the following:
Stockholders of the bank have submitted a proposal, which has been
approved in the Common Pleas Court here, to purchase the remaining assets
for $33,000. This will provide cash to pay the remaining 20% due to the
depositors.
This is the third closed bank in the county to pay in full, the others being
the Montpelier National and the Kunkel State.
Volume
141
Financial Chronicle
3479
The Chicago "Journal of Commerce" of Nov. 27 is authority
for the statement that stockholders of the Harris Trust &
Savings Bank of Chicago of record Nov. 20 will receive one
share of common stock of the recently formed Harris, Hall &
Co. for each five shares of the bank stock held and up to
noon Dec. 6 will be permitted to subscribe for additional
shares of the recently formed securities company at a price
of $17.75 a share. We also quote from the paper, in part, as
follows:
Concerninu- the recently-opened Pine River State Bank,
Pine River, Minn., the "Commercial West" of Nov. 23 carried
the following, in part:
The bank stockholders are entitled to purchase one share of the investment firm's common for each five shares of the bank stock held, but are at
liberty to apply for as many more as they desire. Allotments will be made
on the date specified.
In the distribution outright of stock to the bank shareholders, no fractional
shares will be issued, each one-fifth share being allocated $3.55 cash in lieu
of a fractional share payment. Preferred stock in the amount of 2,500
shares at $100 a share is also offered for subscription to bank shareholders.
These disclosures were made yesterday (Nov. 26) in letters sent to stockholders of the bank by Albert W. Harris, Chairman of the Board of the bank,
and by Norman W. Harris, of Harris, Hall & Co. . . .
Through the distribution and allocation of stock for subscription to the
bank's stockholders, 40% of the firm's common stock is being made available
to bank shareholders.
In indicating the proposed opening of a new banking institution in Algona, Iowa, the "Commercial West" of Nov. 16
had the following to say:
Reference was made to the formation of the firm of Harris,
Hall & Co. to carry on the bank's business of underwriting
and distributing securities in our issue of Nov. 9, page 2981.
Edward J. Barrett, State Auditor of Illinois, announced
on Nov. 21 that he had authorized the payment of 10%,
amounting to $43,688, to depositors of the North Shore Trust
Co. of Highland Park, Ill. In noting this, the Chicago
"News" of Nov. 21 added:
This is the third payment to be made since the bank closed, and brings
the total to 68%. In addition to this payment, $150,829 has been paid
preferred creditors. William L. O'Connel is receiver for the bank.
---4
The following in reference to the affairs of the defunct
First National Bank of Detroit, Detroit, Mich., appeared
in the Detroit "Free Press" of Nov. 23:
With 194.615 claims still unproved, trustees of the subordinating depositors of the First National Bank Friday asked ratification of a sixmonth extension of the deadline for the payment in full of accounts which
originally were $300 and less.
On the unproved claims, reserves of $1,207,934 have been established
to pay the receiver's 70% and $517,686 to pay the 30% provided by larger
depositors.
Confirmation of the extension is expected from the 1,100 subordinating
depositors.
The trustees are William G. Woolfolk, Clifford B. Longley, E. W.
Hotchkiss and Ford Ballantyne.
Judge Joseph A. Moynihan has signed an order in Wayne
County, Mich., authorizing B. Detweiler, the receiver, to pay
a dividend of 15% to depositors and creditors of the defunct
Wayne Savings Bank of Wayne. The payment, amounting
to $206,000, was previously approved by the Michigan State
Banking Department. The "Michigan Investor" of Nov. 23,
Indicating this, added:
It is made poisible by a loan of $150,357 from the Reconstruction Finance
Corporation, $47,710 held on deposit by the receiver with the State Treasurer and funds in possession of the bank. The disbursement raises the total
sum paid to 30%, as a payment of 15% was made before.
According to the "Michigan Investor" of Nov. 23, the
Owosso Savings Bank, Owosso, Mich., has purchased the
Owosso Citizens Savings & Loan Co., paying par for the
stock. The paper added:
The company was organized eight years ago with a capital of $100,000.
It made a specialty of financing automobile loans, and now this business
will be merged with a similar department recently created by the bank
under the direction of J. H. Hahn, Assistant Cashier.
From the "Michigan Investor" of Nov. 23 it is learned that
approximately 7,000 depositors in the Peoples Wayne County
Bank of Hamtramck, Mich., are to receive a 10% payoff on
their original deposits after Dec. 4. The paper said:
Approximately 7,000 depositors in the Peoples Wayne County Bank of
Hamtramck will receive a 10% payoff on their original deposits, after
Dec. 4, it was announced by H. C. Blackman, Manager of the Depositors
Corp. The payoff will total $360,000, and is designed to give the Hamtramck depositors some money before Christmas. The payoff is 10% on
original deposits, but amounts to 20% on the certificates of deposit the
depositors are now holding.
The payment of a dividend to depositors of the defunct
Peoples State Bank for Savings of Muskegon, Mich., was
Indicated in the "Michigan Investor" of Nov. 23, as follows:
Announcement in Muskegon of a release of $105,554 by the closed Peoples
State Bank for Savings came as a Thanksgiving Day offering. Of the
total, $68,362 is in commercial accounts, and $37,182 is in savings.
The present distribution, made possible partly by loan and partly by current collection of old obligations, will increase the total received by savings
depositors to 50% and a total of 40% to commercial accounts. It is
anticipated the next distribution will comprise 10% on commercial deposits only, to even up the return.
Obligations of the bank totaling $1,880,603.35 at the time of closing,
Oct. 2 1931, will have been reduced to $435,762.11 after the current payment. The original claims totaled $1,615,514.25 and $265,089.10 in
secured bills payable. The secured bills were paid in full. The present
balance of claims includes $347,064.53 in savings deposits and $88,697.58
Is commercial accounts.
The new Pine River State Bank, which opened Nov. 12 at Pine River,
Minn., has made an excellent start. Many large and substantial depositors
have become customers, and officials report they are well pleased with the
way business has opened up. . . . Officers of the new bank are: President, A. J. Wakion ; Cashier, Oscar Dahl; Assistant Cashier, L. M. Severied.
Algona, Iowa, is scheduled to have a new bank shortly after the first of
next year, according to application for a charter filed with State Superintendent of Banks D. W. Bates by a group of Algona business men. . . .
Capital will be $50,000 and the executive officer probably will be State
Comptroller C. B. Murtagh, for more than 28 years a Northern Iowa banker
—18 years at Emmetsburg and 10 at Algona.
A second 10% payment, aggregating $185,317, will be made
to depositors of the old First National Bank of East St.
Louis, Ill., ,on Dec. 2 and thereafter, according to an announcement %on Nov. 23 by A. C. Johnson, Vice-President of
the new First National Bank. The St. Louis "Globe-Democrat" of Nov. 24, authority for this, also said:
The old First National Bank was closed during the bank holiday in 1933
and was reorganized last May, when 50% of deposits were paid and certificates issued for the remaining 50%. The first 10% payment was made
several months ago. The second payment will be made to approximately
14,000 depositors.
The Memphis "Appeal" of Nov. 21, in indicating that a
special dividend had been paid to the stockholders of the
First National Bank of Memphis, Tenn., had the following
to say:
Stockholders of the First National Bank have received another melon
of $20,000, or $2 per share. It came as another instalment from the
liquidation of the First Securities Corp.. an affiliate of the bank, which
under revised banking laws had to be separated from the parent institution,
May 1 1933.
The melon goes to shareholders as of record of Nov. 19, and a noticefrom
S. E. Ragland, President, advised it had been credited to their account.
Checks totaling $21,440, representing a final dividend payment of 20%, were mailed recently by Grant McFerson,
State Bank Commissioner for Colorado, to depositors in the
defunct Colorado State Bank of Canon City, which closed
its doors July 8 1932. The Denver "Rocky Mountain News"
of Nov. 21, authority for the foregoing, also supplied the
following details:
Depositors now have received all money on deposit when the bank was
taken over, $107,363.11, Mr. McFerson said.
"The efficient services of Nelson B. Cook as Special Deputy Commissioner
in charge have resulted in unusual success and, with the assistance of the
stockholders, I am able to distribute a sixth and final dividend, totaling
100%, to each creditor whose claim has been duly filed," Mr. McFerson said.
Herbert D. Ivey, President of Citizens' National Trust &
Savings Bank of Los Angeles, Calif., was re-elected President of the Los Angeles Clearing House Association at the
annual meeting on Nov. 12. G. M. Wallace, President of
Security-First National Bank, was re-appointed Vice-President, and Henry N. Thompson was re-named SecretaryManager.
The Ogle County National Bank of Oregon, Oregon, Ill.,
was chartered by the Comptroller of the Currency on Nov. 18.
The new institution is capitalized at $50,000, all common
stock. George M. Etnyre heads the institution, with Fred E.
Allen as Cashier.
The sixty-first annual report of the Imperial Bank of
Canada (head office Toronto) covering the fiscal year
ended Oct. 31 makes a satisfactory showing. The Imperial
Bank's statement is always awaited with interest because it
Is the first (Canadian) bank to make a report for the year,
and the figures usually denote the general trend in bank
earnings. Net profits for the year (after making appropriations to contingency accounts, out of which accounts full provision for bad and doubtful debts has been made, and after
deducting Provincial taxes amounting to $91,619) amounted
to $1,208,079 and, when added to $595,775, the balance to
credit of profit and loss brought forward from the preceding
fiscal year, made $1,803,855 available for distribution. This
amount, the report tells us, was allocated as follows:
$700,000 to pay dividends at the rate of 10% per annum;
$47,500 representing contributions to officers' guarantee and
pension funds; $250,000 written off bank premises account,
and $199,113 to take care of Dominion government and other
taxes, leaving a balance of $607,242 to be carried forward
to the current year's profit and loss account. Total assets
are shown in the statement as $142,405,878 (as compared
with $136,272,631 last year), while total deposits are given
at $114,674,601 as against $106,761,943 a year ago. The paidup capital of the institution stands at $7,000,000, and its
reserve fund at $8,000,000. Frank A. Rolph is President, and
A. E. Phipps, General Manager.
The annual statement of the Bank of Montreal (head
office Montreal, Canada) covering the fiscal year ended
Oct. 31 1935 shows total assets of $792,772,872 (a gain of
more than $30,000,000 over last year), of which quickly
available resources amount to $533,374,811, or equal to
3480
74.48% of all liabilities to the public. Of the liquid assets,
cash is represented by cash on hand and money on deposit
with the Bank of Canada of $82,711,635; notes of and checks
on other banks, $27,614,596, and money on deposit with other
banks of $37,764,631. An outstanding feature is the holdings
of government and other bonds and debentures amounting
to $361,769,848, as compared with $317,936,912 a year ago,
an increase of over $43,000,000. In keeping with the bank's
policy, the greater portion consists of gilt-edge securities
which mature at early dates. Further details regarding the
bank's showing follow:
Call loans outside of Canada now stand at $18,835,238, down from $32,133,844. The decline may be attributed to the unusually low interest rates
that have prevailed in the principal money markets of the world. At the
same time call loans in Canada have declined to $4,435,736 from $8,399,657.
While there have been reports of gains in many lines of business, current
loans have not shown a tendency to increase, with the result that loans to
manufacturers, farmers and merchants now stand at $234,461,311, down from
$243,477,041. This would appear to indicate that many customers have been
able to finance the present increase in business from their own resources.
Of special interest is the continued tendency of deposits to expand throughout the country, and, as a result, total deposits have now gained to $676,944,866 from $630,218,835 a year ago.
An informative feature of the report is contained in the section where
the bank shows that it has total assets of $792,772,872, with which to meet
payment of liabilities to the public of $716,107,779, leaving an excess of
assets over liabilities to the public of $76,665,093.
The profit and loss account shows earnings slightly down from the previous
year. It also indicates that the bank's taxes to Dominion and Provincial
governments are in excess of $1,000,000.
Profit for the year amounted to $4,007,302, against $4,105,024 in the
previous year. From the profit, taxes to Dominion and Provincial governments required $1,002,089, leaving for distribution $3,005,212. Of this
amount dividends to shareholders took $2,880,000, leaving an amount to
be carried forward of $125,212. The net profits of $3,005,212 were equal
to 3.92% of capital, surplus and undivided profits. After provision for
taxes and dividends, the balance brought forward increased the balance of
profit and loss carried forward to $1,935,033.
The New York agency of the Standard Bank of South
Africa, Ltd., at 67 Wall Street, announces receipt of the
following cablegram from the head office in London regarding the operations of the institution for the half-year ended
Sept. 30:
The Board of Directors have resolved, subject to audit, to pay to the
shareholders an interim dividend payable in British currency of five shillings
per share, being at the rate of 10% per annum, subject to British income
tax. Dividend warrants will be posted on Jan. 24.
The bank's investments stand in our books at less than market value as
at Sept. 30 last, and all usual and necessary provisions have been made.
THE CURB EXCHANGE
Trading on the New York Curb Exchange has been fairly
brisk this week, but the trend of prices has, for the most
part, been toward lower levels due to selling pressure.
Some of the more active stocks were inclined to move
against thew trend, particularly among the industrial specialties, which showed modest gains in several issues.
Following a strong opening, the curb market continued
ts upward swing during the greater part of the two-hour
session on Saturday. Industrial specialties led the advance,
but with the exception of Parker Rust-Proof, most of the
gains among the active issues in other parts of the list were
comparatively small, although the losses of the preceding
day were generally canceled. The best advances were
registered;by some of the slower moving stocks, particularly
North American Light & Power pref., which moved up
2 points to 38;Allied Mills, which went up a point to 23;
Childs pref., 13j points to 28; Distillers Seagrams, 1 point
to 36; Sun Mining, 13 points to 20 8, and United Gas
pref., 13. points to 80.
Early improvement, followed by late selling, were the
outstanding features of the trading on Monday. Mining
and metal shares and a few scattered issues displayed some
resistance, but the list, as a whole, moved downward under
selling pressure. There were a few declines ranging above
a point, but in most of the active shares the recessions were
in small fractions. Stocks showing losses at the close included among others, American Superpower (6) pref.,
3% points to 33; Ford of Canada (A), 13i, points to 263i;
Great Atlantic & Pacific Tea Co. (7), 2 points to 130; Singer
Manufacturing Co.(1330), 3 points to 298; Smith-Corona,
2 points to 18; United Gas pref., 13( points to 78k, and
Lynch Corp., 134 points to 35.
Selling predominated on Tuesday, though there were
occasional spots among the industrials and specialties that
were inclined to resist selling pressure, and while the liquids,
tion movement slowed up to some extent it continued in
evidence until the close. Outstanding among the declines
were such market favorites as American Gas & Electric
(1.40), 13i points to 37;Babcock & Wilcox, 2% points to
6734; Cities Service pref., 2 points to 27; Thermoid pref.,
234 points to 65; Distillers Seagrams, 134 points to 34;
Nov. 30 1935
Financial Chronicle
Royal Typewriter, 1 point to 403, and Newmont Mining
(13.k), 1 point to 643
4.
The Curb market closed somewhat higher on Wednesday,
though reactionary spots were still to be found scattered
through the general list. Most of these, however, were
among the public utilities and specialties. The volume of
trading was approximately 352,000 as compared with 364,000
on the preceding day. The gains included among others
Aluminum Co. of America, 2X points to 903'; Childs pref.,
‘ points to
23j points to 31; Gulf Oil of Pennsylvania, 251
4.
6834 and New Jersey Zinc, 1 point to 733
The Curb Exchange, the New York Stock Exchange and
all commodity markets were closed on Thursday in observance of Thanksgiving Day.
Reactionary movements, due to selling pressure, carried
the industrial specialties sharply downward on Friday.
There were a few scattered stocks that continued to move
slowly upward, but the list, as a whole, showed a downward
trend. The volume of sales was higher than on Wednesday,
the turnover being approximately 398,000 shares. As compared with Friday of last week, prices were lower, American
Gas & Electric closing last night at 37 against 383 on
Friday a week ago; Atlas Corp. at 12% against 13; Com4;Electric Bond & Share
monwealth Edison at 96 against 963
at 143
/i against 16%; Humble Oil (New) at 58% against
593'; International Petroleum at 343 against 36%; Lake
Shore Mines at 50X against 51%; Parker Rust Proof at
713/i against 76; Singer Manufacturing Co. at 298i against
300, and Sherwin Williams at 1243/i against 127g•
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Nos. 29 1935
Stocks
(Number
of
Shares)
Domestic
277.570 $2,737,000
545,195 4,120,000
364,370 4,166,000
352,385 3,989,000
HOLI DAY
397,990 4,164,000
843,000
52,000
49,000
91,000
1,937,510 $19,176,000
285,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bands (Par Value)
Foreign
Foreign
Government Corporals
Sales at
New York Curb
Exchange
.50,000
Week Ended Nov. 29
1935
Total
814,000 $2,794,000
45,000 4,217,000
36,000 4,251,000
52,000 4,132,000
HOLT DAY
39,000 4,253,000
$186,000 819,647,000
Jan. 1 to Nov. 29
1935
1934
1934
Stocks—No, of shares_
65,862,831
873,200
1,937,510
Bonds
Domestic
$19,176,000 815,698,000 $1,056,865,000
14,768,000
Foreign government_ _
593,000
285,000
11,727,000
Foreign corporate
250,000
186,000
8873.521.000
33,067,000
23,789,000
819.647,000 816,541,000 $1,083,360,000
$930,377,000
Total
55,491,035
COURSE OF BANK CLEARINGS
Bank
clearings this week will again show an increase corn_
pared 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. 30), bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
24% above those for the corresponding week last year. Our
preliminary total stands at $5,330,509,664, against $4,299,325,430 for the same week in 1934. At this center there is
a gain for the week ended Friday of 34.1%. Our comparative summary for the week follows:
Clearings--Returns by Telegraph
Week Ended Nov. 30
Per
Cent
1935
1934
Baltimore
New Orleans
$2,524,928,388
194.893,530
256,000,000
158,000,000
57,327,718
57,500,000
99,999,000
77,265.566
79,896,658
50,887.799
41,973,948
31,676,000
81,882,530,350
153.322,459
205,000,000
134,735,000
44,873,513
45,800,000
79,000,000
64,042,626
50,722,783
38,621,284
32.858,704
26,741,000
+34.1
+27.1
—24.9
—17.3
—27.8
—25.5
—26.6
—20.6
—57.5
—31.8
—27.7
—18.5
Twelve cities, five days
Other cities, five days
$3,630,348,607
561,742,780
22,758,247,719
460,076,404
+81.6
+22.1
Total all cities, five days
All cities, one day
84,192,091.387
1,138,418,277
$3,218,324,123
1,081,001,307
+30.3
+5.3
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
- __ ..... ___._
.00U,000.000.
.
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Nov. 23.
For that week there is an increase of 25.9%, the aggregate
of clearings for the whole country being $5,764,301,406,
against $4,576,816,001 in the same week in 1934. Outside
of this city there is an increase of 25.7%, the bank cleairngs
at this center having recorded a gain of 26,1%. We group
• the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an expansion of 26.3%, in the Boston Reserve District of
22.5%, and in the Philadelphia Reserve District of 25.5%.
In the Cleveland Reserve District the totals are larger by
26.1%, in the Richmond Reserve District by 21.7%, and
in the Atlanta Reserve District by 15.7%. The Chicago
Reserve District is able to show an improvement of 34.6%,
the St. Louis Reserve District of 21.8%, and the Minneapolis Reserve District of 21.3%. In the Kansas City
Reserve District the increase is 20.5%,in the Dallas Reserve
District 30.2%, and in the San Francisco Reserve District 26.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Nov. 23
Clearings at
1935
1935
1934
inc.&
Dec.
1933
286,546,280
234,003,087 +22.5
215,884,689
188,017,529
3,433,013,052 2,718,882,623 +26.3 3,069,779,000 2255,837,711
377,263,863
303,660,274 +25.5
249,887,071
232,539,792
257,396,325
204,109,122 +26.1
168,829.682
148,658,679
126,109,669
103,634,766 +21.7
87,520,407
80,954,403
139,987,310
120,984,932 +15.7
95,205,381
66,721,993
453,264,356
336,823,370 +34.6
285,267,480
218,025,281
139,358,019
114,388,149 +21.8
96,514,617
67,090,743
103.069,581
84,958,373 +21.3
77,982,207
55,645,632
130,242.695
108,094,907 +20.5
88,700,317
78,073.024
62,507,834
48,015,993 +30.2
49,767.960
32.802,734
255,542,422
202,260,405 +26.3
167,855,661
131,893,380
Total
111 cities
Outside N. Y. City
5.764,301,406
2,454.848,937
537,698,132
4,576,816,001 +25.9 4,653,174,472 3,555,930,901
1,952,769,017 +25.7 1.659,015,808 1,366,273,159
335,773.580 +60.1
309,554,106
247,152.499
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Nov. 23
Clearings at1935
First Federal Reserve Dist
549,148
Maine-Bangor _
1,912,199
Portland
Mass.-Boston _ _ 250,105,657
768,123
Fall River_ -.303,514
Lowell
748,205
New Bedford
3,155,507
Springfield_ __
1,403,210
Worcester
Conn.-Hartford
12.525,096
New Haven_ _
3,891,540
10.809,500
R.I.-Providence
374,581
N.H.-Manchee'r
Total(12 cities)
286,546,280
1934
inc. or
Dec.
Het-Boston
456,679
1.617.096
206,812.716
646,297
312.440
551.577
2,552,823
1,058,900
8,646,257
2,819.394
8,188,900
340.008
+20.2
$18.2
20.9
18.8
-2.9
+35.6
+23.6
+32.5
+44.9
+38.0
+32.0
+10.2
401,278
1,232,757
190,314.530
683,994
270,227
488,888
2.284.357
1,121,088
6,944,841
3.709.393
7,888,200
545,136
269,883
1,483,801
167,026,919
566.244
204,982
418,229
1,914,287
1.337,550
5,236,260
3,298.220
5,990,100
271,054
234,003,087 +22.5
215,884,689
188,017,529
Second Feder al Reserve D strict-New
8.666.755
N. Y.-Albany.
9,507.214
723,894
1,133.625
Binghamton....
Buffalo
26,700.000
36.800,000
Elmira
397.744
615.023
Jamestown
386,039
566,506
New York_ _ _ 3,309,452.489 2.624,046.984
7,118,021
Rochester
5,284,700
3,733,327
Syracuse
2.704.341
3.465.485
3.585,114
Conn.-Stamford
391,427
.285,000
N. J.-Montclair
15,568.695
17.707,790
Newark
43,349,422
29,706.100
Northern N. J.
1933
1932
York
4,370,555
-8.8
3,100.315
684,186
+56.6
600,168
23,770,111
+37.8
19,918,496
466.100
+54.6
488,159
369.721
146.7
337,121
26.1 2,994,158.664 2.189,657,742
5,195,143
34.7
4,431,632
2,659,636
+38.0
2,329,613
2,687.229
+3.5
2,248.583
400,000
-27.2
289,853
13,727,890
+13.7
14.117.387
+45.9
21,289,765
17,988,642
Total(12 cities) 3,433,013.052 2,718,882,623 +26.3 3,069,779.000 2,255.507,711
Third Federal Reserve Dist rIct-PhIlad elphla
376,625
246.632 +52.7
Pa.-Altoona___
21,939.512 -75.2
2480,774
Bethlehem - _ _
402,594
Chester
227,461 +77.0
Lancaster
1,058,934
915,884 +15.6
Philadelphia_ _ 366.000,000 292,000.000 +25.3
Reading
1.270,184
1,062,396 +19.6
Scranton
2,041,710 +8.8
2,220,740
Wilkes-Barre
997.538
942,047 +5.9
York
974,144 +22.1
1,189,848
N. J.-Trenton..
3,747.400
2,250,000 +66.6
Total (9 cities)
377,263,863
300,660,274 +25.5
Fourth Feder al Reserve D Istrict-Clev eland
Ohio-Akron._
Canton
Cincinnati....
51,809,489
42,737,820 40.8
Cleveland
79.732.864
57,259,904 +39.2
Columbus
11.007.000
8,434 600 +30.5
Mansfield
1,642,806
1.265,381 +29.8
Youngstown
94,411,417 +20.1
Pa.-Pittsburgh - 113,404,166
236,220
251,050
760,061
241,000,000
889,434
2,052.951
1.098,719
866,636
2,732,000
218,823
2245.716
236.447
896,226
224,000,000
1,216,752
1,734,823
1.144.110
795,611
2,297,000
249,887,071
232,539,792
34,505,062
52,469,328
7,252,100
903,606
29,132,179
54,113.716
5,029,700
586.478
73,699,586
59,796,606
204,109,122 +26.1
188,829,682
148,658,679
Fifth Federal Reserve Dist riot-Richm ond172,580
W.Va.-Hunt'g'n
97,238 +77.5
Va.-Norfolk....
2,458,000
2,735,000 -10.2
43,016,991
35,639,671 +20.7
Richmond
.1,100,000
908,547 +21.1
B.C.-Charleston
59,979,491
49,890,017 +20.2
Md.-Baltimore
19,384,607
14,364,293 +35.0
D.C.-Washing'n
102,277
1.746,000
32,332,147
891,601
40,268,116
12.180,266
316,811
1,994.000
24.185,624
598,986
40,914,450
12,944,532
87,520,407
80,954,403
3.429,218
9,035,485
34,300,000
1,251,875
555,732
10,806,000
13,082,106
956,050
1,926,517
7,603,888
20,700,000
660,376
315.762
6,150,019
7.146,793
581,751
125,196
21,663,719
88,597
21,548,460
95,205,381
66,721,993
Total(5 cities).
Total (t)cities).
257,396,325
126,109.669
103,634,766 +21.7
Sixth Federal Reserve Dist act-Atlant a3.387,382
2.291,889 +47.8
Tenn.-Knoxville
15,304,037
12.701,610 +20.5
Nashville
49,800,000
43,400,000 +14.7
Ga.-Atlanta - -1,119,372
1,030,034 +8.7
Augusta
905,907
786.726 +15.1
Macon
15,202,000
13,860,000 +9.7
Fla.-Jack'nville.
17,223,291 +8.9
18,752,525
Ala.-Birmingh'm
1,089,533 +26.5
1,378.092
Mobile
Miss.-Jackson
109,138 +21.8
132,969
Vicksburg
28,492,711 +19.3
34.005,026
La.-NewOrleans
Total(10 cities)
139,987,310
120,984,932 +15.7
Inc. or
Dec.
1933
1932
37,789
250,264
55,824,932
1,329,967
637.040
454.698
8,958.000
538.888
3,048.172
11,490.614
230,156
4,921.617
1,951,151
74.970
296,415
42.124,189
1,818,035
345,300
782.563
8,797,000
810,470
2,387,503
10,017.120
427.777
3,208,689
1,600,465
238,102
191,715,691
383.514
2,082,412
436,724
737,749
674.692
141,207.007
322.595
1,463,392
505,946
1,161,153
336,823,370 +34.6
285,267,480
218,025,281
Eighth Federa I Reserve DIs tact-St.Lo uis
Ind.-Evansville _
85,600.000
69,400,000 +23.3
MO.-St. Louis_
29,736,375
23,987.166 +24.0
23,627.644
20,591,983 +14.7
Tenn.-Memphis
I11.-Ja4lksonville
394,000
409.000 -3.7
Quincy
59,400.000
18,642,490
18,206,127
43,700.000
13,538,307
9,493.105
266,000
359,331
114,388,149 +21.8
96,514,617
67,090.743
Ninth Federal Reserve Dis trict-Minne apolls3,167,794
2,324,276 +36.3
Minn.-Duluth_ _
53,772,977 +23.6
66,461.740
Minneapolis
26,263,501
23,177,806 +13.3
St. Paul
2.174.113
1,667,697 +30.4
N. D.-Fargo...
695,683
587.245 +18.5
S. D.-Aberdeen
587,061 +12.5
660,314
Mont.-Billings_ _
3,646,436
2,841,311 +28.3
Helena
2.688.502
52,838.175
18.204,735
1,451,571
459,782
427.169
1,892.273
1.608,469
38.466,630
11,983,305
1,281,1319
423,743
343,899
1,557.967
84,958,373 +21.3
77,962,207
55,645,632
Tenth Federal Reserve Die trict-Kansa s City67,606 +6.8
Neb.-Fremont_ _
72,204
62,525 +92.3
120.233
Hastings
1,813.251 +32.1
2,395,210
Lincoln
32,522,940
27.405,397 +18.7
Omaha
2,124.901 +12.4
2,388,795
Kan.-Topeka- _
2.733,984
2392.551 +24.7
Wichita
70,487,671 +21.6
85,705,569
Mo.-Kan. CRY3,041,691 +2.6
3,121,712
St. Joseph _
499,096
365,870 +36.4
Colo.-Col. Spgs.
682,952
533.444 +28.0
Pueblo
51,857
1,543,442
22.546.625
1,223,965
1.508.979
58.488,899
2.617.837
381.947
336,766
89,278
80,761
1,044,087
17.254,671
1,057,795
2.845.314
52,574.728
2.143.170
416.997
566,223
108,094,907 +20.5
88.700,317
78.073,024
Eleventh Fede ral Reserve District-Da has1,010,035
734.105 137.6
Tex.-Austln
31.4
48,418,933
36.845,818
Dallas
26.5
7,668,027
6,062,090
Fort Worth._ _
2,129,000 +31.4
2,797,000
Galveston
2,244.980 +16.4
2,613,839
La -Shreveport.
640,623
38,204,196
6.118,797
2,863.000
1,941,344
433,836
24,762,206
4,000,000
1.915,000
1,691,692
48,015,993 +30.2
49,767,960
32,802,734
Franc sco19,481,236
+36.0
5,523,000
+21.4
416,817
+52.7
18.732,917
+25.1
12,010,308
+8.1
2,753,791
131.0
2.215,316
41.8
3,021.759
85.3
99,979.292
+23.6
1.716,180
+47.6
892.317
+41.6
1,132.728
+31.2
16,584,973
4,262,000
383,516
13,623,954
9,719,264
2,376,047
2,134,511
4,531,382
75,327,322
1,322,091
792.191
836,129
453,264,356
1932
Federal Reserve Diets.
let Boston_ _ _ _12 cities
2nd New York.12 "
3rd Philadelphia 9 "
4th Cleveland_ 5 "
5th Richmond _ 6 "
6th Atlanta.___10 "
7th Chicago _19
8th St. Louis._ 4 "
9th Minneapolis 7 "
10th KansasCity 10 "
5
11th Dallas
12th San Fran._12 "
32 cities
1934
Seventh Feder al Reserve D Istrict-Chic ago-47,761 +141.2
Mich.-Adrian._
115.214
274,247 +29.4
Ann Arbor_
354,915
67.403,144 +47.1
99,130.368
Detroit
1,512,471 +49.1
2,254,378
Grand Rapids.
Lansing
1.317,975
749.000 +76.0
1.023,392
653.545 +56.6
Ind.-Ft. Wayne
14.339.000
11.991.000 +19.6
2.024.347 +49.7
South Bend_
1,018.052
3,791,985 +14.6
Terre Haute.,.
4.344.253
13,997,878 +24.9
Wis.-Milwaukee
17,478.195
Iowa-Ced. Rap_
900,140
579,208 +55.4
7,471,188
6.384,117 +17.0
Des Moines.__
3,051,667
2,863,394 +6.6
Sioux City
Waterloo
'n
475,672 -39.0
290,004
Chicago
292,886,626 219,661,437 +33.3
665,547
515,986 +29.0
Decatur
4,699,099
2,448,018 +92.0
Peoria
613,035 +53.5
Rockford
940.973
837,122 +17.5
Springfield.
983,370
Total(19 cities)
Week Ended Nov. 23 1935
Canada
3481
Financial Chronicle
Volume 141
Total(4 cities).
Total(7 cities).
Total(10 cities)
Total(5 cities)_
139,358.019
103,069,581
130.242,695
62,507,834
Twelfth Feder al Reserve D 'strict-San
25,723.499
34.978.395
Wash.-Seattle8,223,000
9,980,000
Spokane
591,239
902,870
Yakima
22,401.123
28,032.597
O.
-Portland..
13,300.352
14,375,720
Utah-S.L City.
3.804.902
2,905,070
Calif.-L.Beach_
2,366,549
3.355,943
Pasadena
4,284,409
7,938,393
Sacramento _San Francisco_ 145,685,000 117,847,419
1,898.850
2,802,521
San Jose
1,138,688
1,612,256
Santa Barbara.
1.580.207
2,073,825
Stockton
Total(12 cities) 255,542,422 202,260,405 +26.3 167,855,661 131,893,380
Grand total (111
5,764,301,406 4.576,816,001 +25.9 4.653.174.472 3,555.930,901
cities)
Outside NewYork 2,454,848,937 1.952,769,017 +25.7 1.859,015,808 1,366,273.159
Week Ended Noe. 21
s at-
1935
1934
Inc. or
Dec.
1933
1932
$
Canada197,213,269
Toronto
134,579,704
Montreal
74.773,901
Winnipeg
18,986,408
Vancouver
58,072.644
Ottawa
5,088,451
Quebec
2,726.261
Halifax
4,804,706
Hamilton
8,238,653
Calgary
2.588,079
St. John
1.807,892
Victoria
3,929.130
London
4,767,031
Edmonton
4,780.911
Regina
Brandon
378,054
534.637
Lethbridge
1,866,329
Saskatoon
768,376
Moose Jaw
973,940
Brantford
662,669
Fort William_
598,645
New Westminster
315,799
Medicine Hat _ _ _
Peterborough....
651.784
630.921
Sherbrooke
1,180,911
Kitchener
2,795.754
Windsor
373,374
Prince Albert....
843,198
Moncton
574,794
Kingston
663,191
Chatham
607,636
Sarnia
921,080
Sudbury
$
%
124,176.832 +58.8
94,389,622 142.6
37.7
54,298,978
29.4
14.677,890
4,874.215 +1091 4
4,259,866 +19.5
2,494,211 +9.3
3,632,233 +32.3
6.716.544 +22.7
1,612,292 +60.5
1,343,509 +34.6
2,530,486 +55.3
4,164,280 +14.5
4,135,208 +15.6
326,582 +15.8
522,397 +2.3
1,604,792 +16.3
557,883 +37.7
795,240 +22.5
755.077 -12.2
459,810 $30.2
22.5
257,707
21.3
537,438
524,374 +20.3
1,064,636 +10.9
1,827,662 +53.0
313,729 +19.0
688,314
22.5
521,029
10.3
561,453
18.1
547,304
11.0
601,987 +53.0
$
104,538,777
98,431,254
50,146,310
14,287.880
4,439.368
3.477.841
2,123,445
3,512,994
5,359.645
1,460,039
1.351.346
2.129,048
3,427,702
3,313.172
272,724
359.325
1,466.164
515.582
698.611
538.241
366,352
228.942
501.743
474.146
919,180
2.176.780
242.475
736,912
485,389
500.349
503,120
569,250
$
74.106.650
73.676.221
42.653.077
13,039.398
4,264,704
5,795.838
1.825,220
3,309,165
5,839,080
1,373,731
1,197,958
2.057.362
3.194,378
3,401,953
272,655
337,459
1,393.176
494,361
689,023
783,625
364,027
201,700
482,978
487.450
784,668
2,378,059
254,866
651,644
472,659
535,116
432,316
401.982
537.698,132
335,773,580 +60.1
309,554,106
247,152,499
Total(32 cities)
a Not included in totals. b No clearings available. c Clearing House not function
ing at present.
•Estimated.
3482
Financial Chronicle
Nov. 30 1935
TREASURY STATEMENT SHOWING APPROPRIATIONS AND EXPENDITURES FOR RECEOVERY AND
RELIEF AS OF NOV. 15 1935
A tabulation, contained in the Treasury's "Daily Statement" of Nov. 15, shows that $18,148,592,608 had been appropriated by the various agencies of the government, as of Nov. 15, for recovery and relief. Of this amount, it is shown,
$9,827,695,784 was expended during the fiscal year ended June 30 1935 and $1,472,754,267 thus far during the present
fiscal year ending June 30 1936; $6,848,142,557 remains unexpended.
The tabulation lists $2,783,098,965 of the appropriations as specific Congressional allocations to the various governmental agencies; $6,489,318,643 as having been made available by the Reconstruction Finance Corporation; $3,300,000,000
under the National Industrial Recovery Act; $1,426,175,000 under the Emergency Appropriation Act, 1935 (approved
June 19 1934), and $4,150,000,000 under the Emergency Relief Appropriation Act, 1935 (approved April 8 1935).
The following is the Treasury's tabulation:
FUNDS APPROPRIATED AND ALLOCATED FOR RECOVERY AND RELIEF, EXPENDITURES THEREFROM. AND UNEXPENDED BALANCES
AS OF NOV. 15 1935
Sources of Funds a
Expenditures a
Appropriations
Statutory and Executive Allocations
Organizations
Specific
Reconstruction
Emergency
National
Emergency
Finance
Industrial Appropriation
Relief
Corporation
Aa 1935, Appropriation
Recovery
Approved
Act
Act 1935,
Approved June 19 1934 Approved
April 8 1935
June 16 1933
8glicultural aid:
$
Agricultural Adjustment Administration c1716880,281
Less processing tax
e931,661,125
$
37,554,000
Net
785.219,156
Commodity Credit Corporation_ f
Farm Credit Administrationd
80,000,000
Federal Farm Mortgage Corporation-Federal Land banks:
Capital stock
125,000,000
Paid-in surplus
145.000,000
Reduction in int. rates on mortgages58,950,000
%elle:
Federal Emergency Relief Admin
11605,000,000
Federal Surplus Relief Corporation
f
Civil Works Administration
1345,000,000
Emergency conservation work
93,101,630
Department of Agriculture, relief
?utak, Works (including Work Relief):
Boulder Canyon project
118,339,960
Loans & grants to States, munic., &c_f_
Loans to rallroads_f
Public highways
255,488,217
River and harbor work
Rural Electrification Administration__
Works Progress Administration
All other
72,000,000
lids to home owners:
Home-loan system:
Hone-loan bank stock
Home Owners' Loan Corporation__
Federal savings and loan associations_ 150,000.000
Emergency housing
Federal Housing Administration
Resettlement Administration
Subsistence homesteads
11discellaneous:
Export-Import Banks of Washington_ f..
Federal Deposit Insurance Corporation- 150,000,000
Administration for Industrial Reel:WaryReconstruction Finance Corp.—direct
loans and
Tennessee Valley
Authority
expenditures_f1
1.1
37,554,000
3,000,000
60,000,000
Total
fnallocated funds:
By the President
By Public Works Administration
152,304.158
400,005,000
323.362,315
44.125,000
455,483,257
199,580,506
437.141,725
262,837,586
767,122,195
8
$
$
d
Total
$
1,754,434,281
e931,661,125
8502,190,110
315,748,387
200,000,000
146,785,000
480,590,512
906,900,000
343,390,000
92,845,000
523,479,450
3,000,000
152,245,402
13,000,000
329,542,712
k
k
500,000,000
129,686,169
8,254,617
1,068,805,836
76.585,620 301,766,007
94,699,000
50,000,000
452,679,420
248,340,813
194,860,290
125,000,000
145,000,000
58,950,000
124,958,815
74.493,662
19,506,931
1,902,105
57,140,388
28,854,276
19,339,241
12,179.140
4,655,678
12,554,342
412,688
37,500,000
m
8,250,000
6,847,401
38,750,000
150,000,000
23,961,000
d4074880,144 4,074,880,144
75,000,000
25,000,000
h1,880,920
13.365,948
10,588,792
125,000,000
200,000,000
50,000.000
137,302,550
35,000,000
219,458,365
6,811,963
177,150,000
5,000,000
158,848,311
104,197,869
423,395,524
200,000,000
6,701,167
h9,809,360
h21,818,618
115,087,842
56,676,741
179,467
68,056,998
137,549,444
d34,000,000
1,250,000
18,961,000
3
452,679,420
822,773,156 211,245,424
505,190,110 152,651,427
602,533,387 h15,722,426
200,000,000
78,464,960
937,271,372
199,580,506
1,192,629,942
487,222,755
8,254,617
1 068,805,836
1,217,473,822
103,573.050
3,389,487
$
$
268,477,881 1,033,276,980
57,232,457 874,428,668
911,040,000 3.055,834,671 J 369,355,905 2,443,115,494 1119,771,956
1 6,966,992 116,624,322 i
311,415 816,450,155
17,203,428
88,960,000 833,965,000
1,283,333,395 250,599,032 767,449,494 265,284,868
10,634,648
1,649,101
80,561.249
92,845,000
125,000,000
200,000,000
33,729,500
1,000,000
38,918,877
6,811,963
Fiscal Year Unexpended
Fiscal Year
1935 and
1936
Prior Years b
3.829,348
28,497,904
730,777,085
84.429,372
492,303,142
210,170,881
8,058,328
1,000,748,837
460,640,362 619,284,015
43,265,888
216,303,647
136,969,752
585,238,957
220,375,133
16,820
81,645,700
200,000.000
30,241,584
6,849,186
15,963,873
1,761,663
6,034,250
37,827
160,000,000
19,129,222
35,104,300
419,174
118,274,222
14,380,448
205,142,360
365,023
31,864,770
1,002,429
33,553,492 2,276,434,748 1,764.891,903
19,358,557
47,185,331
8,456,110
2,783,098.965 3,293.187,085 1,423,530,022 4.062,157,841 6,489,318,642 18051292,556 1,472,754,266 9,827,695,783 6,750,842,506
6,812,914
715,095
o1,929,882
87,842,159
88,557.254
8,742,796
88,557,254
8,742.796
2.783.098.965 3.300.000.000 1,426,175,000 p4150000.000 6.4R9318642 18148 592 5971.472.754.2M 9.827.695.783 6.848.142.557
Grand total
a The following appropriations included in the 1936 budget estimate of $300,000,000 for general public works annual program and expenditures therefrom are
not included in the above statement: Boulder Canyon Project, $14,000,000;
Public Highways, $40.000.000: River and Harbor Work, $10,000,000; other Publla
Works, $118.409,000; TVA, 836,000,000; total, $218,409,000.
b The emergency expenditures included in this statement for the period prior
to the fiscal year 1934 include only expenditures on account of the RFC and subscriptions to capital stock of Federal Land banks under authority of the Act of
Jan. 23 1932. Expenditures by the several departments and establishments for
public works under the Emergency Relief and Construction Act of 1932 were made
from general disbursing accounts, and, therefore, are not susceptible to segregation
from the general expenditures of such departments and establishments on the basis
of the daily Treasury statements.
c Includes (a) $350.000,000 specific appropriations from the General Treasury
under the Acts of May 12 1933, May 25 1934, and June 19 1934;(b) $1,357,885,000
advanced by the Secretary of the Treasury under authority of Sec. 12 (b) of the
Agricultural Adjustment Act, which must be returned to the Treasury from the
proceeds of processing taxes collected on farm products; (c) $1,753,795 advanced
by the Secretary of the Treasury under authority of Sec. 10 (a) of the Act of June 28
1934; and (d) $8.000,000 allocated from processing taxes for purchase of surplus
sugar under the Act of May 9 1934; less $758,513.02 transferred to Division of
Disbursement. Treasury Department.
d There are no statutory limitations on the amounts of funds which may be made
available by the RFC for carrying out the Purposes of Sec. 5 of the Agricultural
Adjustment Act, and for the purchase by the RFC of preferred stock or capital notes
of banks and trust companies under the Act of March 9 1933. The RFC is required
to make available to the Federal Housing Administrator such funds as he may
deem necessary for the purposes of carrying out the provisions of the National
Housing Act. The amounts included in this column for the purposes specified
are based upon checks issued therefor from time to time by the RFC. The authority
of the RFC to issue its bonds, notes, and debentures has been increased by such
amounts as may be required to provide funds for such purposes.
e The sum of $8,000,000 of this amount has been allocated for the purchase of
surplus sugar under the Act of May 9 1934. The remainder is reserved to reimburse
the Treasury for the advances referred to in footnote c.
f Expenditures are stated on a net basis; 1.e., gross expenditures lees repayments and collections, the details of which are set forth In the supplementary
statement below.
8 Net, after deducting repayments to the RFC.
h Excess of credits (deduct).
i The appropriation of $950,000,000 provided in the Act of Feb. 15 1934 was
allocated by the President as follows: CWA, $345,000,000. and FERA, $605,000,000.
1 See note a above.
k Under the provisions of the Emergency Appropriation Act, fiscal year 1935,
the RFC is authorized to purchase marketable securities acquired by the PWA,
but the amount which the RFC may have invested at any one time in such securities
may not exceed $250,000,000. Moneys paid for such securities are available for
loans (but not grants) under Title II of the NIRA. The amount of obligations
which the RFC is authorized to have outstanding at any one time Is increased by
the sums necessary for such purchases, not to exceed $250,000,000. The purchase
of such securities by the RFC is reflected as expenditures of the RFC and as credits
against expenditures of the PWA. The amount by which the available funds on
account of such transactions has been increased is, therefore, included in the funds
of the "Reconstruction Finance Corporation—direct loans and expenditures."
1 Includes $700,000 allocated for savings and loan promotion as authorized by
Sec. 11 of the Act of April 27 1934.
m Under Sec. 3 of the Act of June 16 1934 the RFC is authorized to purchase
at par obligations of the FDIC in a face amount of not to exceed $250,000,000.
and the amount of obligations which the RFC is authorized to have outstanding
at any one time is increased by $250,000,000. The amount to be included in this
column will represent the proceeds deposited with the Treasurer of the United
States on account of the sale of such obligations by the FDIC to the RFC.
n The appropriation of $500,000,000 for subscription to capital stock is included
in the figures shown in the column for RFC.
o This amount represents the unallocated balance of an allocation of $400,000,000
by the President to the Administrator of Public Works. As and when such funds
are allocated by the Administrator to specific projects, the amounts are transferred
from an unallocated status to an allocated status.
Includes $4,000,000,000 specific appropriation and $150,000,000 transferred
from the RFC under the Act of April 8 1935.
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
This Month
Fiscal Year 1936
Organizations
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States, municipalities, &o
Loans to railroads
Export-Import Banks of Washington
Reconstruction Finance Corporation—direct loans & expenditures
a Excess of repayments and collections (deduct).
Payments
Repayments and
Collections
$1,694,499.62
1,748,634.23
9,470,705.91
103,000.00
62,647.66
33,852,021.35
$70,404.23
9,048,339.52
628,604.97
29,993.19
541,597.62
22,843,906.98
Net
Expenditures
Payments
$1,624,095.39 $173,131,082.53
a7,299,705.29
43,409,808.04
8,842,100.94
95,109,151.20
73,006.81
7.782,127.80
8478,949.96
7,884,090.79
10,808,114.37 317,807,844.50
Repayments and
Collections
Net
Expenditures
$20,479,655.34 $152,651,427.19
59,132,235.01 a15,722,426.97
104,918,511.32
a9,809,360.12
29,600,746.76 221,818,618.96
1.036,689.07
6,847.401.72
284,254,351.55
33,553,492.95
Volume 141
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash holdings of the United States, as officially issued as of May 31
1935, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1934:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
May 31 1935 May 31 1934
1,958,836,254 2,021,713,008
Balance end of month by daily statements. dm
Actil or Dedum-Excess or deficiency of receipts over
-861,966
-7.674,029
or under disbursements on belated Items
1,955,974,288 2,014.038,979
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount securea on War Savings Certificates
Settlement on warrant checks
Total.
25.901,818
611.405,203
3,824.030
4,284,065
29,475,371
138,666,496
3,983,755
1,907,602
645,415,116
174,033.224
+ 1,310.559,172 +1840,005,7.55
Balance, deficit(-)or surplus(+)
INTERESF-BEARING DEBT OUTSTANDING
Interest May 31 1935 May 31 1934
Payable
$
Tine of Loan599,724,050
Q.-J. 599,724,050
25 Consols of 1930
48,954,180
48,954,180
Q.-F.
25 of 1916-1936
25,947,400
25,947,400
Q.-F.
28 of 1918-1938
49.800,000
49,800,000
38 of 1961
Q.-M.
28,894,500
28,894,500
3s convertible bonds of 1948-1947
Q.-J.
156,800,000 1,811.850,500
Certificates of Indebtedness
J.-D, 189,928,800 1,392,226,350
3145 First Liberty Loan, 1932-1947
5.002,450
2,399.150
45 First Liberty Loan. converted 1932-1947.___J.-D.
532,489,350
434e First Liberty Loan, converted 1932-1947__J.-D. 159,925,300
552,850
3,492,150
434s First Liberty Loan. 2d cony., 1932-1947 J.-D.
A.-0.d1354.072.000 4.421,599,300
434s Fourth Liberty Loan of 1933-1938
758,983.300
A.-0, 758.955.800
4348 Treasury bonds of 1947-1952
J -I). 1,036,762,000 1,036,834,500
3s Treasury bonds of 1944-1954
489,087,100
M.-S. 489.087.100
8345 Treasury bonds of 1948-1958
454,135,200
J.-13, 454,135,200
3548 Treasury bonds of 1943-1947
.1.-19. 352,993,950
352.993,950
3548 Treasury bonds of 1940-1943
544,914,050
M.-8. 544,914,050
834s Treasury bonds of 1941-1943
819,098,500
J.-D. 818.646,000
354s Treasury bonds of 1946-1949
755,477,000
755.481,350
M -S
3s Treasury bonds of 1951-1955
834,474,100
F.-A. 834.474.100
334s Treasury bonds of 1941
A -0, 1,400,570,500 1.400.570,500
434a-334a Treasury bonds of 1943-1945
A.-13. 1,518,8.58,800 1.061,709,200
3lis Treasury bonds of 1944-46
J -1). 824.507,900
38 Treasury bonds of 1946-1948
J.-D. 491,377.100
333s Treasury bonds of 1949-1952
M.-S. 2.275,141,700
2345 Treasury bonds of 1955-1960
38,627,681
U. S. Savings bonds, series A
101,943,340
78,030,240
J -J
2145 Postal Savings bonds
10,470,881,750 6,677,797,300
Treasury notes
Treasury bills, series maturingc100.110,000
1934-June 20
c50,091,000
June 27
c50.151,000
July 3
c50,257,000
July 11
July 18
c75.047,000
July 25
c75,325,000
Aug. 1
c75,056,000
Aug. 8
c50.078,000
Aug. 8
c75,114,000
Aug. 15
c75,044.000
Aug. 15
c50,254,000
Aug. 22
c50.457,000
Aug. 29
c75,088.000
Sept. 5
c100,236,000
Sept. 26
c50,525,000
Oct. 3
c50.096,000
c50.225,000
Oct. 10
c50,033,000
Oct. 17
c50.040.000
Oct. 24
c50,037,000
Oct. 31
c50.173,000
Nov. 7
Nov. 14
c50,080.000
c50,140,000
Nov. 21
c75,139,000
1935-June 5
e75,079,000
June 12
c75.020,000
June 19
c75,300,000
June 26
c75,150,000
July 3
c75,185,000
July 10
c75.079,000
July 17
c75,129,000
July 24
c75.106.000
July 31
c75,185,000
Aug. 7
c75.112,000
Aug. 14
c75.024,000
Aug. 21
c50,054,000
Aug. 28
Sept. 4
c50,114.000
Sept. 11
c50,052,000
Sept. 18
c50,125,000
Sept. 25
c50,079,000
Oct. 2
c50.063.000
Oct. 9
c50.021.000
Nov.27
c50,185.000
Dee, 4
c50,072.000
Deo. 11
c50,149,000
Dec. 18
c50,006,000
Dec. 24
c50,071,000
Dec. 31
c50,018,000
1936-Jan. 8
c50,062,000
Jan. 15
c50,020,000
Jan. 22
c50.155,000
Jan. 29
c50.085,000
Feb. 5
c50,091,000
Feb. 11
c50,255,000
c50.020.000
Feb. 19
c50,037,000
Feb. 26
Aggregate of Interest-bearing debt
Bearing no interest
Matured.Interest ceased
27,737,594.201 25,587,744,520
832,786.107
508,870,413
68,521,190
58,539,685
828,638,881.498 28,154,954,618
Total debt
Deduct Treasury surplus or add Treasury deficit.-+ 1,310.559,172 +1840,005,755
b27,328.322,326 24.314,948,863
Net debt
a Total gross debt May 31 1935 on the basis of daily Treasury statements was
of
amount
net
public
the
and
debt redemption and receipts
328.638,385,223.28,
In transit, &c., was $496,275. b No reduction is made on account of obligations
of foreign governments or other investments. c Matury value. d Includes amount
of outstanding bonds called for redemption on April 15 1934.
CONTINGENT LIABILITIES OF THE UNITED STATES. MAY 31 1935
-Amount of cotatinoent Liability
Principal
Tutai
Interest•
DetailGuaranteed by the United States:
$
$
$
Federal Farm Mortgage Corp.:
862,088.900.00 1.077.811.13 883.166,511.13
3% bonds of 1944-49
663,735.99
98,028,700.00
98,692,435.99
334% bonds of 1944-84
194,268,100.00 2,185,518.13 196.453,616.13
3% bonds of 1942-47
81,393.23
22,325,000.00
22,406,393.23
% bonds ot 1937
79.991.10
11,765,800.00
11,845,791.10
234% bonds of 1942-47
•1,188,476,500.00 4,088,247.58 1,192,564,747.58
Federal limning Administration_
3483
Financial Chronicle
CONTINGENT LIABILITIES OF THE UNITED STATES, MAY 31 1935
-Amount of Contingent Liability
Total
Interest a
Principal
Corp.:
Loan
Home Owners'
5,241,186.41
b5,247,186.41
4% bonds of 1933-51.
3% bonds, series A, 1044-52... _1.115,917.325.00 2,806,584.31 1,118.723.909.31
1,034,713,008.80
234% bonds,series 13, 1939-49-.1,025.224,925.00 9,488,083.80
49,953,595.00
217,595.00
134% bonds, series C. 1936.--- 49,736,000.00
50.097,406.98
254,406.98
49,843,000.00
1937-_
D.
series
bonds,
133%
49.821,037.25
288,937.25
49,532,100.00
2% bonds, series E, 1938
•2,290,253,350.00 18,302,793.75 2.308.556.143.75
Reconstruction Finance Corp.:
214% notes, series E
'% notes, series 0
2% notes, series H
149,621,666.67 1,553.763.46
188,287.29
16,000,000.00
700,982.04
84,025,000.00
151.175,430.13
16,188,287.29
84.725,982.04
249,646.666.67 2,443,032.79 c252,089.699.46
Total based upon guarantees
3,753.210.590.79
On Credit of the United States:
102,767.12 d62.102,767.12
62,000,000.00
Secretary of Agriculture
Postal Savings System:
e1225,926,145.49
25,419,507.59
1,200,506,637.90
Funds due depositors
Tennessee Valley Authority
Total, based upon credit of the
1,288,028.912.61
United States
Other Obligationsf3.166.288,330.00
Federal Reserve notes (face amt.).
Includes only bonds issued and outstanding. a After deducting amounts of funds
deposited with the Treasury to most interest payments. b Interest on $324,287,125
face amount of bonds and interim receipts outstanding. c Does not include $3,575,000,000 face amount of notes and accrued interest thereon, held by Treasury and
reflected in the puolic dent. d Funds borrowed by Secretary of Agriculture pursuant
to Sec. 4 of the Act of May 12 1933, upon cotton in his possession or control, for
which the warehouse receipts for such cotton have been pledged as collateral. e Figures as of April 30 1935-figures as of May 31 1935, not available. Offset by cash
In designated depository banks and accrued interest amounting to $455,823,393.24.
which is secured by the pledge of collateral as provided in the Regulations of the
Postal Savings System having a face value of $470,669,379.69: cash in possession
of System amounting to 385,154.758.19. and government securities with a face value
of 5680,204,665 held as investments, and other assets. f In actual circulation.
exclusive of $22,248,005 redemption fund deposited in the Treasury and 8239,989.735
of their own Federal Reserve notes held by the issuing banks. Federal Reserve notes
Issued are secured by gold certificates in the amount of $3.271,979,000: United
States Government securities of a face value of $237.900,000, and commercial paper
of a face amount of $6,882,000.
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. 13 1935:
GOLD
The Bank of England gold reserve against notes amounted to £195.482,528 on the 6th inst., as compared with £194.683.975 on the previous
Wednesday.
Purchases of bar gold announced by the Bank during the week amounted
to £975,131.
About £1,860,000 has been dealt in during the week: despite the larger
offerings, prices have been fixed daily well over the gold exchange parities.
To-day's quotation showed a premium of 2d. over the shipping parity to
New York.
Quotations during the week:
Per Fine
Equivalent Value
of E Sterling
Ounce
128. 0.13d.
1415.
5346.
Nov. 7
128. 0.18d.
1418. 5d.
Nov. 8
125. 0.306.
1425. 3346.
Nov. 9
125. 0.226.
142s. 4346.
Nov. 11
128. 0.268.
142s. 4d.
Nov. 12
1428.
68.
12s. 0.09d.
Nov. 13
125. 0.20d.
1418. 4.768.
Average
and
of gold
Kingdom
imports
exports
United
the
were
The following
registered from mid-day on the 4th inst. to mid-day on the 11th inst.:
Exports
Imports
£1,843,144 Netherlands
£1,037,325
British South Africa
21.328
595,005 France
British India
216.089 Switzerland
35,700
Germany
United
of
States
10,500
America811,584
Guiana
British
4,480 Other countries
948
Tanganyika Territory.
6,936
Netherlands
70.562
France
28,297
Venezuela
8.438
Spain
6.477
Argentine Republic
11.260
British Malaya
6.226
Australia
13,195
Other countries
£2,820,609
£1,906.885
The SS. Narkunda which sailed from Bombay on the 9th inst. is reported
to carry gold to the value of £480,000 consigned to London.
The Transvaal gold output for October 1935 amounted to 931.724 fine
ounces as compared with 902,333 fine ounces for September 1935 and
885.627 fine ounces for October 1934.
SILVER
The main event of the past week was the announcement on Saturday
the embargo imposed by the Hong Kong government upon the export of
silver and silver coin. As, however, this development had been generally
expected to follow after the announcement of the new Chinese currency
measures,it was without any immediate effect upon silver prices. American
support has maintained the cash price at 29 5-16d., but forward quotations
have shown some fluctuations. Offerings have varied in volume but
Chinese sales continue and there has been some liquidation of speculative
ong positions. On the other hand, Indian bear covering and fresh Indian
and general speculative buying have been in evidence and this demand for
forward caused improvement in the price for that delivery on several
occasions, quotations on the 8th and 11th inst. being 293-164. The total
amount of the metal acquired by America during the week was, in consequence of this demand rather smaller than of late. A slight reaction
ensued yesterday to 29 1-16d., and prices to-day are unchanged.
Uncertainty as to the future continues but there is nothing to indicate
the imminence of any Important change.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 4th inst. to mid-day on the 11th inst.:
Exports
Imports
£42,860 United States of America..£2.725.200
British India
34,200
17,416 Hungary
Australia
2,900
12.700 Sweden
Austria
1.895
13.774 Norway
Belgium
12,202 Other countries
2,445
France
9,450
Czechoslovakia
177,349
Japan
10,815
Colombia
9.755
Other_countries
a
£306.321
Quotations during the week:
IN LONDON
-Bar Silver per Oz. Std.Cash
2 Mos.
29146.
Nov. 7_ -29 5-16d.
29 3-168.
Nov. 8..295-16d.
29346.
Nov. 9_ -.29 5-16d.
293-168.
Nov. 11-.29 5-164.
29 1-16d.
Nov. 12-__29 5-164.
29 1-16d.
Nov. 13-29 5-166.
29.1268.
Average-29.312d.
£2,766,740
IN NEW YORK
(Per Ounce .999 Fine)
Nov. 6-12, inci
6514c.
3484
Financial Chronicle
The highest rate of exchange on New York recorded during the period
from the 7th inst. to the 13th inst. was *4.92% and the lowest 34.91%.
Name Of Company
. 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:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon..
Nov. 29
Nov. 28
Nov. 26
Nov. 27
Nov. 25
Nov. 23
Silver, per oz__ 29 3-16d. 29 3-16d. 29 3-16d. 29 3-18d. 29 3-18d. 29 3-18d.
1408.11d. 1418.54d.
Gold, p.fine oz. 140s.lid. 140s.i I Sid. 1408.11d. 141s.
84%
85
Consols, 214% Holiday
85%
85%
85%
British 394%105%
W.L
105%
105%
105%
Holiday 105%
British 4%117
1980-90
117%
117%
Holiday
117%
117
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)
85%
50.01
85%
50.01
85%
50.01
85%
50.01
Holiday
Holiday
85%
50.01
77.57
77.57
77.57
77.57
Holiday
77.57
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTER ISSUED
Capitol
Nov. 18-The Ogle County Nat. Bank of Oregon, Oregon, Ill-_- 350.000
Capital stock consists of $50.000 common stock. President.
George M. Etnyre. Cahsier, Fred E. Allen. Primary
Organization.
BRANCH AUTHORIZED
Nov. 11-The Butler County National Bank & Trust Co. of Butler. Pa.
Location of branch: Borough of Chicora, Butler County, Pa. Certificate
No. 1201A.
CONSOLIDATION
The First National Bank of Rapid City, S. Dak., preferred stock,
$225,000
3175.000 00; common stock, $50.000.00
The First Nati mai Bank of Philip. S. Dak., preferred stock.
'
50.000
315.000:c. nnm on stock.$35.000
Cons lidnted to-day under the provisions of the Act of Nov. 7
1918. as ame..ided, under the charter of The First National
Bank of Rapid City, Charter No. 3237. and under the corporate title of "First National Bank of Rapid City," with
capital stock of $260.000, consisting of 3175.000 of preferred
stock and $85.000 of c romon stock, and surplus of $20,000.
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.
Phe dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
Sc Jan. 1 Dec. 13
Affiliated Products (monthly)
31% Jan. 2 Dec. 14
Alabama Power Co., $7 preferred (quarterly)
$6 preferred (quarterly)
31% Jan. 2 Dec. 14
Allied Chemical ,It Dye Corp., pref. (quar.)_ _ j%% Jan. 2 Dec: 11
Allied Products. class A new, initial (quar.)
43%c Jan. 20 Dec. 20
Allied Stores5% preferred (guar.)
3194 Jan. 2 Dec. 20
American Bank Note (resumed)
25c Jan. 2 Dec. 11
750 Jan. 2 Dec. 11
Preferred (guar.)
American Can Co., preferred (guar.)
1V% Jan. 2 Dec. 190
h$3% Jan. 1 Dec. 20
American Chain, preferred
80c Dec. 10 Nov. 30
American Factors. Ltd. (extra)
American Hawaiian Steamship (quar.)
25c Dec. 31 Dec. 14
American Home Products (monthly)
20c Jan. 2 Dec. 140
American Hosiery Co.(quar.)
1% Dec. 2 Nov. 26
25c Dec. 2 Nov. 26
American Hosiery (quar.)
3794c Jan. 2 Dec. 6
American I'ower & Light Co.. $6 preferred
31%c Jan. 2 Dec. 6
$5 preferred
American Safety Razor (guar.)
31% Dec. 30 Dec. 10
cy Jan. 2 Dec. 10
American Tobacco Co., preferred (guar.)
Anglo-lranean Oil Co., Ltd., common
1 Nh
h$1% Jan. 2 Dec. 10
7% preferred
Armour & Co. (Delaware). preferred (quar.)
SI% Jan. 2 Dec. 10
Armour & Co.. Illinois. 6% preferred (quar.)
3194 Jan. 2 Dec. 10
Art Metal Works (guar.)
10c Dec. 24 Dec. 10
250 Dec. 24 Dec. 10
Extra
Atlanta Birmingham & Coast. gtol. (s.-a.)
3294 Jan. 2 Dec. 12
$1 Dec. 14 Dec. 4
Atlantic Coast Line of Connecticut
10c Jan. 2 Dec. 20
Babcock & Wilcox
$1 Nov.30 Nov. 20
Balfour Building. Inc.. v. I. C. (guar.)
$1 Nov.30 Nov. 20
Voting trust certificates (extra)
15c Feb. 1 Jan. 10
Barnsdall Corp. (quar.)
Sc Feb. 1 Jan. 10
Extra
Beecn-Nut Packing Co., common (quar.)
75c Jan. 2 Dec. 12
50c Jan. 2 Dec. 12
Extra
Belding-Corticelli, Ltd. (quar.)
$1 Jan. 2 Dec. 14
21
Jan. 2 Dec. 14
Preferred (quar.)
3194 Jan. 15 Dec. 23
Bell Telephone of Canada (guar.)
Bell Telephone of Pennsylvania pref. (quar.)
3194 Jan. 15 Dec. 20
Black & Decker preferred
550c Dec. 31 Dec. 23
Bloomingdale Bros
10c Dec. 27 Dec. 17
Bohn Aluminum & Brass (quarterly)
750 Jan. 2 Dec. 13
I:
Dec. 18 Dec. 2
Bon Ami Co.. class A & B. extra
Borg-Warner (quarterly)
50c Jan. 2 Dec. 13
Preferred (quarterly)
$194 Jan. 2 Dec. 13
Bridgeport Brass Co. (quarterly)
10c Dec. 31 Dec. 13
Brill° Manufacturing Co.. class A (quarterly)_ _
50c Jan. 2 Dec. 16
15c Jan. 2 Dec. 16
Common (quarterly)
Cairo Water Co., 7% preferred (quar.)
3194 Jan, 2 Dec. 20
37%c Dec. 15
Canada Malting Co. (quarterly)
50c Dec. 15
Extra
Canada Northern Power Corp. (quar.)
30c Jan. 25 Dec. 31
1%% Jan. 15 Dec. 31
7% preferred (quar.)
Canada Permanent Mtge.(guar.)
$2 Jan. 2 Dec. 11
Carter (Wm.) Co., preferred (quar.)
3194 Dec. 16 Dec. 10
$1 Dec. 15 Dec. 5
Carthage Mills (initial)
Class A (quarterly
$194 Jan. 1 Dec. 20
60c Jan. 1 Dec. 20
Class B (quarterly
Chickasha Cotton 0
50c Jan. 2 Dec. 9
Citizens Water Co.(Washington, Pa.), pf. (qu.) 3194 Jan. 2 Dec. 20
City & Suburban Homes (semi-ann.)
150 Dec. 4 Dec. 1
Claude Neon Electric Products (extra)
$1 Dec. 11 Dec. 2
Climax Molybdenum. new (special)
20c Dec. 24 Dec. 10
Quarterly
20c Dec. 24 Dec. 10
Clorox Chemical (guar.)
50c Jan. 1 Dec. 20
Extra
12%c Jan. 1 Dec. 20
Columbia Broadcasting A & B (quar.)
40c Dec. 27 Dec. 13
A & B (extra)
21 Dec. 27 Dec. 13
Commercial Credit (guar.)
62%c Dec. 31 Dec. 11
% preferred (guar.)
1
Dec. 31 Dec. 11
Commonwealth Utilities Corp.7% pref. A (qu.)
194 Jan. 2 Dec. 14
B (_quar.)
1% Jan. 2 Dec. 14
6%
6% preferredpreferred C (guar.)
$194 Mar. 2 Feb. 15
250 Dec. 2 Nov. 25
Conso Mated Rendering Co. (initial)
Continental Telephone Co.,7% panic. pf. (qu.) 3194 Jan. 2 Dec. 16
3194 Jan. 2 Dec. 16
894% preferred (quarterly)
1
Nov. 30 1935
Per
Share
When Holders
Payable of Record
Consoliyated Gas(N. Y.),$5 preferred (quar.)__
3194
24
1D
Dee..
Croweld Publishing (guar.)
25c Dec 24
Extra
25c
e Dec.24 Dec. 27
14
Dairy League Cooperative, 7% pref. (5.-a.)--- - 3194 Dec. 20 Dec. 2
De Long Hook & Eye (quar.)
75c Jan. 2 Dec. 20
Dome Mines Ltd. (quar.)
50c Jan. 20 Dec. 31
Dominguez Oil Fields (monthly)
15c Dec. 2 Nov. 23
g
hs211ti
Dominion Glass (quar.)
m
e JJaan .. 2
1D
NDe
oec
v.
.. 21
100
6
Preferred (quar.)
Dominion Scottish Investors
Dec.
Draper Corp. (guar.)
60c Jan. 2 Nov.30
Special
JJaa
an
nn.
.. 2
22 DD
$
0e
u
0 J
No
ec
ce v.
$
171.6
.. 3
1144
0
Duke Power Co.(guar.)
Preferred (quar.)
Eaton Manufacturing (special)
2i5c1
3
20
0 Dec. 3
5
Electric Storage Battery Co.. common
Dec. 30
21 Dec. 30 Dec. 3
Common,special
gt Dec. 30 Dec. 3
Preferred
$1 Dec. 30 Dec. 3
Preferred, special
Elgin National Watch
550 Dec. 16 Dec. 5
Enamel Products Co.(quar.)
10c Nov.30 Nov. 25
Equity Shares, Inc. (initial)
20c Dec. 20 Dec. 2
794e Dec. 21 Dec. 5
Faiconbridge Nickel Mines
Fanny Farmer candy
1294c Dec. 31 Dec. 16
Federal Motor Truck
10c Dec. 20 Dec. 7
Ferro Enamel Corp. (quarterly)
20c Dec. 20 Dec. 10
Gardner-Denver Co.. common (extra)
$2
154 J
Daec
n.
. 20
2 De . IL
General Mills, Inc., preferred (guar.)
General Ry. Signal (quar.)
25c Jan. 2 Dec. 10
Preferred (quarterly)
3194 Jan. 2 Dec. 10
.
Gillette Safety Razor Co., common
501254 jr,Daececn..
$1% Feb. 1 Jan.
$5 convertible preferred (Qum.)
Gold Dust Corp.$6 pref.(quar.)
$
31 Dec. 17
Goodall Security Corp. (quar.)
321 Nov.
Dec.ov 26
6
Gorham Mfg. Co.. common (quar.)
250 Dec. 16 Dec. 9
2
67(7
Extra
5: Daec
ec
n..• 16
26 Decee
DDec..
. 104
9
Greene Cananea Copper (quar.)
Dec.
Special
Great Western Sugar (quar.)
21:: an. 12
Preferred (quar.)
6 Dec. 14
9
Halifax Fire insurance Co.(5.-a.)
450 Jan. 2 Dec. 10
Hall (C. M.) Lamp
10c Dec. 10 Dec. 5
Harrisburg Gas, 7% preferred (quar.)
$194
Hartford Steam oiler. Inspection & Insurance
40
Extra
3 J.icDec.Daenc. 1225 Nov.NDo
ec
v.
.2
23
1
5
Hathaway Mfg.(resumed)
Havany Furniture (irregular)
1$2
0
x
c JJ
Naaonnv...22
22
Heime (Geo. W.) Co., common (quar.)
Common (extra)
Jan. 2 Dec. 10
Preferred (quarterly)
Hercules Powder Co., common
750 Dec. 20 Dec. 9
50c Dec. 20 Dec. 9
Common (extra)
(quar.)
50c Dec. 16 Dec. 5
Home Fire & Marine Insurance
Hones P. H. Knitting Mills,7% Prof
3194 Jan. 2 Dec. 20
Hoskins Mfg. (quarterly)
50c Dec. 26 Dec. 11
250 Dec. 26 Dec. 11
Extra
6294c Jan. 2 Dec. 20
Houdaille-Hershey, class A (quar.)
Class B (quarterly)
3794c Jan. 10
2D
No
ec
v.. 3
20
Idaho-Maryland Mines (quar.) ,
Sc
Ideal Finance Association A (quar.)
1294c Jan. 2 Dec. 16
32 Jan. 2 Dec. 16
$8 preferred (quar.)
r•Daecee
n... 238
$1
50c J
$2 convertible preferred (quar.)
2
1 Decec
DDec.
.. 2
18
6
1
Illinois Bell Telephone
Ingersoll-Rand, extra
33
(semi-ann.)
Preferred
Jan. 2 Dec. 9
International Cement Corp
250 Dec. 26 Dec. 11
International Business Machines (guar.)
$194 Jan. 10,Dec. 20
3
Stock dividend
Feb. 10'Dec. 20
International Match, debenture
5% Dec. 20 Nov. 29
c Dec. 15 Nov.30
Inventors Fund of America (quar.)
Jersey Central Power & Light,8% pref. (qu.)_ _
194 Jan. 1 Dec. 10
7% preferred (quarterly)
Jan. 11Dec. 10
Jan. 1 D.
594% Preferred (quarterly)
ec 10
Johns-Manville Corp.. common
5
11 c Jan. 15 Dec. 24
7% cumulative preferred (Qum.)
$194 Jan. liDec. 17
Jones (J. Edw.) Royalty TrustSeries A participating trust certificates
2.33 Nov. 25 Oct. 31
2.54 Nov. 25 Oct. 31
Series B participating trust certificates
Series C participating trust certificates
6.18 Nov. 25 Oct. 31
ht.$6 pref. B (quar.)_ _
Jan. 2 Dec. 14
Kansas City Power &
Jan. 2 Dec. 14
Kansas Electric Power Co.. 7% pref. (quar.)_ _
Jan. 2 Dec. 14
6% preferred (quarterly)
$
11
Jan. 2 Dec. 16
Kansas Gas & Electric, in pref. (guar.)
1
Dec. 16
7% Preferred (quarterly)
$1
Dec.an.. 20 Dec. 10a
Keystone Watch Case Corp.,common
Kobacker Stores, resumed (quar.)
$194 Dec. 2 Nov. 18
Koppers Gas & Coke, preferred (quar.)
3194 Jan. 2 Dec. 12
Kresge(S. S.)
2
15c
i „
an
n. 2 Dec: hi
Pre.erred (quarterly)
Lake of Woods Mill,7% cumul. preferred
194 Dec. 16 Nov.30
Lazarus(F.& R.) Co.(quarterly)
15c Dec. 31 Dec. 20
% preferred (quarterly)
31 94 Feb. 1'Jan. 20
Lehigh Portland Cement Co.. pref. (quar.)---- 87%c Jan. 2 Dec. 14
Leslie-Call ornia Salt (quar.)
350 Dec. 15 Nov.30
Libby, McNeil & Libby, preferred
$3 Jan. 1 Dec. 20
Lindsay Light & Chemical, pro.. (quar.)
1794e Dec. 16 Dec. 7
Lorillard (P.) & Co., common
30c Jan. 2 Dec. 13
Preferred (Quarterly)
Mallory (P. R.)& Co., Inc. (initial)
310
4
c J.
Daec
n.. 10
2D
Nov.
ec.
.3
10
Marion Water Co.. 7% pref. (quar.)
3194 Jan. 2 Dec. 20
Mayflower Assoc. (quar.)
50c Dec. 14 Nov.30
McKinney Steel Holding Co..8% preferred
_ $22.50 Dec. 2
Memphis Power & Light, $6 pref. (quar.)
3194 Jan. 2 Dec. 14
$7 preferred (quarterly)
$194 Jan. 2 Dec. 14
Mississippi Valley Public Service Co.
7% preferred A (quar.)
$1 94 Dec. 1 Nov. 20
6% preferred B (quar.)
3194 Jan. 1 Dec. 20
Missouri Edison Co.. $7 cum. pref
1.16 2-3 Jan. 2 Dec. 20
Mobile & Birmingham RR., pref. (8.-a•
$2 Jan. 2 Dec. 2
Monarch Knitting Co., Ltd.,7% prof. (Mar.)
$194 Jan. 2 Dec. 14
Mt. Diablo Oil Mining & Development
c Doc
ec. 2 Nov. 25
Extra
Dec. 2 Nov. 25
Murphy (G. C.) preferred (quar.
Jan. 2 Dec. 22
Myers(F. E.)& Bro.,(quarterly
50c
q2
n. 31 Dec. 16
National Breweries, Ltd. (quar.
40c Jan. 2 Dec. 16
Preferred (quar.)
43c Jan. 2 Dec. 16
National Fuel Gas Co.(special)
25c Dec. 21 Dec. 6
National Standard (quar.)
50c Jan. 2 Dec. 18
New England Gas & Electric, pref. no action.
New Jersey & Hudson River Ry.& Ferry (s•-a.)$3 an. 2 Dec. 31
New Jersey Water Co.,7% prof. (guar.)
$194 Jan. 2 Dec. 20
New Jersey Zinc Co.(extra)
50c Dec. 10 Nov. 29
New Method Laundry. 694% preferred
h$1, Dec. 2 Nov. 23
New York & Queens Electric Light & Power..
Dec. 14 Dec. 6
Preferred(quar.)
ilf Dec. 2 Nov. 26
New York Telephone. preferred (quar.)
194 Jan. 15 Dec. 20
New York Steam,$6 Preferred (quar.)
lt Jan. 2 Dec. 15
$7 preferred (quarterly)
19 Jan. 2 Dec. 15
North American Co.. corn. (quar.)
25c Jan. 2 Dec. 10
Preferred (quarterly)
75c Jan. 2 Dec. 10
Northern Pipe Line Co
25c Jan. 2 Dec. 13
Northeastern Water & Electric. $4 pref. (quar.)
il Jan. 2 Dec. 10
Ohio Finance Co.. 8% preferred
h$194 Jan. 1 Dec. 10
Otis Elevator (quar.)
15c Jan. 15 Dec. 27
li% Jan. 15 Dec. 27
Preferred (quar.)
Pacific Lighting, preferred (quar.)
.1% Jan. 15 Dec. 31
Pantheon 011 Co.(quar.)
294c Nov. 29 Nov. 25
Pennsylvania Glass Sand Corp.. preferred
h 194 Feb. 1 Dec. 13
Preferred (quar.)
194 Jan. 2 Dec. 13
Peoria Water Works Co..7% preferred (quar.)
194 Jan. 2 Dec. 20
Pfeiffer Brewing Co. (quar.)
250 Jan. 2 Dec. 20
Extra
15c Jan. 2 Dec. 20
ENov.
ecec.. 189
$194
1
1
I
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
Perfection Stove (guar.)
30c Dec. 28 Dec. 20
Philadelphia Co. $6 pref. (guar.)
Jan. 2 Dec. 2
$1
$5 preferred (quarterly)
$1
Jan. 2 Dec. 2
Philadelphia Electric Power, preferred (quar.)..
50c Jan. 1 Dec. 10
Publication Corp., 7% first preferred (quar.)...... $1% Dec. 16 Dec. 5
7% original preferred (guar.)
21% Jan. 2 Dec. 20
Public Investing Co., special
16c Dec. 16 Nov. 29
Public Service Co., of Oklahoma7% prior lien stock (guar.)
$1% Dec. 31 Dec. 20
6% prior lien stocks (guar.)
$1ft Dec. 31 Dec. 20
Reading Co., second preferred (quar.)
50c Jan. 9 Dec. 19
Reed Roller Bit (guar.)
25c Dec. 26 Dec. 16
Extra
50c Dec. 26 Dec. 16
Republic Steel,6% pref.(Initial)
Jan. I Dec. 12
$1
Rich's, Inc.,64% Preferred (guar.)
Jan. 21 Dec. 16
$1
Ruberoid Co
•
25c Dec. 14 Nov. 30
Extra
$134 Dec. 14 Nov.30
Safety Car Heating & Lighting
$1 Dec. 23 Dec. 6
Schine Chain Theatres, Inc., $3 pref. (quar.)
75c Dec. 2 Nov. 20
Scott Paper Co., corn. (guar.)
45c Dec. 31 Dec. 17
Common extra
20c Dec. 31 Dec. 17
Common
e50
Dec. 31 Dec. 17
Sherwin-Williams, Ltd., preferred
/41
Jan. 2 Dec. 15
South Carolina Power Co., $6 pref. (quar.)....... $1
Jan. 2 Dec. 16
South Penn Oil (quar.)
40c Dec. 28 Dec. 13
Southern California Edison Co.—
Original preferred (quar.)
374c Jan. 15 Dec. 20
Series C. 534% preferred (guar.)
344c Jan. 15 Dec 20
Southern Canada Power Co.
6% cum. partic. pref. (guar.)
135% Jan. 15 Dec. 20
Southern Colorado Power Co..
7% cum. preferred (guar.)
Dec. 16 Nov.30
Southern New England Telephone (guar.)
Jan. 15 Dec. 31
Southwestern Light & Power, preferred
h50c Dec. 31 Dec. 18
Sovereign Life Assurance Co.. 25% pref. ctfs
$1% Dec. 16 Nov.30
Springfield Woolen Mills, preferred .A
Dec. 7
Preferred B
Dec. 7
Standard Brands, Inc., common (guar.)
20c Jan. 2 Dec. 6
$7 preferred A (guar.)
$1% Jan. 2 Dec. 6
Sylvania Industrial Corp. (guar.)
25c Dec. 14 Dec. 5
Taylor (FL.) Distilleries (initial)
Sc Dec. 16 Dec 2
Terminal RR. of St. Louis (s.-a.)
$3 Jan. 2 Dec. 16
Texas Corp. (guar.)
25c Jan. 1 Dec 6
Texas Electric' Service, $6 preferred (quar.)
$1
Jan. 2 Dec. 16
Tobacco Securities Trust (final)
10%
Todd Shipyards
50c Dec. 30 Dec 5
Traders Building Assn. (guar.)
Dec. 2 Nov.22
$1
Troy & Greenbush RR. Assn. (s.-a.)
Dec. 16 Nov.29
$1
Semi-annual
June 15 June 1
$1
Truscon Steel, preferred
/41 Dec. 31 Dec. 16
Union Carbide Zg Carbon Corp
50c Jan. 1 Dec 6
United-Carr Fastener (guar.)
30c Dec. 16 Dec. 9
Extra
15c Dec. 16 Dec. 9
21c Dec. 16 Dec. 9
Preferred (guar.)
United Corp., $3 preference
75c Jan. 2 Dec. 10
United Morasses (final)
8%
United States Foil Co.,common cl A & B (qu.)-15c Jan. 2 Dec. 16a
Preferred (guar.)
$1% Jan. 2 Dec. 16a
Utah Power & Light,$7 preferred
h58 1-3c Jan. 15 Dec. 14
$6 preferred
h50c Jan. 1 Dec. 14
Vulcan Detinning (special)
$4 Jan. 20 Jan. 10
Preferred (gnarl
$14, Jan. 20 Jan. 10
Preferred (guar.
$ly Apr. 20 Apr. 10
Preferred (guar.
$t$ July 20 July 10
Preferred (guar.
Oct. 20 Oct. 10
$1.
Washington Water Power Co., $6 pref. (quar.)_ $1X Dec. 14 Nov. 25
Wesson Oil & Snowdrift Co., Inc
1234c Jan. 2 Dec. 14
Extra
3734c Jan. 2 Dec. 14
Westmoreland. Inc. (quar.)
30c Jan. 2 Dec. 14
Westmoreland Water Co.,$6 preferred (quar.)- - $1.
Jan. 2 Dec. 20
Weston Electric Instrument, A (guar.)
50c Jan. 2 Dec. 19
Westvaco Chlorine Products, preferred (quar.)
Jan. 2 Dec. 16
Wisconsin Power & Light, 6% preferred
75c Dec. 16 Nov.30
7%, preferred
8734c Dec. 16 Nov.30
Woolf 'Bros., Inc., 7% preferred
Dec. 1 Nov. 23
h$1
Yale & Towne Mfg. Co
15c Jan. 2 Dec. 10
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.
Per
Share
When Holders
Payable ofRecord
Abbott's Dairies, Inc. (quar.)
25c
Abbott Laboratories (guar.)
50c
Extra
25c
Acadia Sugar Refining. 6% preferred
hl5c
Acme Glove Works
581 c
Adams Express Co., 5% cumul. pref. (guar.)._ $1
Advance Corp. (initial)
2
Affiliated Products (monthly)
Sc
Agnew—S mass Shoe Stores. pref. (quar.)
$1 ft
Alabama Water Service, $6 preferred
5514
Albany & Susquehanna RR.(semi-annually)... 54)4
Albemarle Paper Manufacturing, 7% preferred. hal ft
Alexander& Baldwin. Ltd
s4,N
Allegheny Steel
25c
Preferred (guar.)
$1 ft
911en Indus-ries (guar.)
50c
Preferred (guar.)
75e
Allied Laboratories (guar.)
10c
Extra
10c
$334 preferred (quarterly)
87%
Allegheny & Western Ity.. guaranteed (s.-a.).-Aluminum Co. of America, preferred
3734c
Preferred
h50c
Aluminum Mfgs. (guar.)
50c
7% preferred (guar.)
31%
Amalgamated Leather, preferred
h50c
American Arch (quarterly)
25c
American Bakers Co., 7% pref. (semi-ann.)_ _
S3tt
American Business Shares. Inc
American Capital, $54 prior pref. (guar.)
$1%
American Chicle (quarterly) '
75c
Extra
25c
American Dock Co., 8% pref. (quarterly)
Common (resumed)
2t!
American Electric Securities Corp., pref. (guar.)
c
American Factors, Ltd. (monthly)
American Fork & Hoe (quarterly)
15c
Extra
20c
American Gas & Electric Co.common (quar.)_
35c
Preferred (guar.)
$14
American & General Securities, corn. A.(guar.). 7,tU
$3 preferred (quarterly)
25c
American Hardware Corp (guar.)
20c
American Home Products Corp
20e
American Investment of Illinois, class B (quar.)_
10c
American Laundry Machinery (quarterly)
30c
American Light & Traction
3734c
Preferred (quarterly)
/42
American Metals,6% preferred
American Paper Goods. 7% Preferred (quar.).. $1%
AmericanRadiator & Standard Sanitary Corp.,
$1 ft
Preferred (guar.)
American Smelting & Refining, 2d preferred... /46%
1st preferred (quar.)
$131
American Steel Foundries. preferred
50c
American Stores (quarterly)
50c
Dec. 2 Nov. 15
Jan. 2 Dec. 18
Jan. 2 Dec. 18
Dec. 2 Nov. 16
Dec. 14 Nov.30
Dec. 31 Dec. 17a
Oct. 30 Oct. 19
Dec. 1 Nov. 14
Jan. 2 Dec. 16
Dec. 1 Nov. 20
Jan. 1 Dec. 14
Dec. 2 Nov. 25
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
Jan. 1 Dec. 20
Jan. 1 Dec. 14
Jan. 1 Dec. 14
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Jan. 1 Dec. 19
Dec. 2 Nov. 20
Jan. 2 Dec. 16
Dec. 1 Nov. 15
Dec. 2 Nov. 15
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Dec. 1 Nov. 20
Dec. 1 Nov. 20
Dec. 2 Nov. 20a
Dec. 10 Nov.30
Dec. 14 Dec. 5
Dec. 14 Dec. 5
Jan, 2 Dec. 4
Feb. 1 Jan. 8
Dec. 2 Nov. 15
Dec. 2 Nov. 15
Jan. 1 Dec. 14
Dec. 2 Nov. 14
Dec. 2 Nov. 20
Dec. I Nov. 21
Feb. 2 Jan. 15
Feb. 2 Jan. 15
Dec. 2 Nov. 21
Dec. 16 Dec.
Name of Company
Dec. 2 Nov. 21
Dec. 2 Nov 8
Dec. 2 Nov. 8
Dec. 31 Dec. 16
Jan
1 Dec. 13
Name of Company
3485
Per
Share
When Holders
Payable of Record
American Sugar Refining (quarterly)
50c Jan, 2 Dec. 5
Preferred (quarterly)
$1 Si Jan. 2 Dec. 5
American Sumatra Tobacco Corp. (quarterly).
25c Dec. 16 Dec. 2
Extra.
50c Dec lb Dec. 2
American Surety
$1 Jan. 2 Dec. 16
American Telephone & Telegraph (quarterly)._ $24 Jan, 15 Dec. 16
American Thread preferred (semi-ann.)
12Sic Jan. 1 Nov.30
American Tobacco Co., corn, and corn. B (quar.)
Dec. 2 Nov. 9
Andian National Corp.. Ltd. (semi-ann.)
uSI Dec. 2 Nov.15
Extra
uS1 Dec. 2 Nov. 15
Anglo-Huron. Ltd
20c Dec. 2 Nov. 22
25c Dec. 2 Nov. 21
Archer-Daniels-Midland Corp. (guar.)
25c Dec. 2 Nov 21
Extra
70c Dec. 10 Nov. 25
Argonaut Mining
Armstrong Cork (quarterly)
25c Dec. 2 Nov. 15
Extra
25c Dec. 2 Nov. 15
Artloom Corp., preferred
$1 ft Dec. 1 Nov. 15
Asbestos Mfg. Co $1.40 cony. pref. (gnarl_
35e Feb. 1
Associated Dry Goods Corp., let preferred
Dec. 2 Nov. 8
20c Dec. 31 Dec. 21
Associates Investment (quarterly)
30c Dec. 31 Dec. 21
Extra
7% preferred (quarterly)
Si fi Dec. 31 Dec. 21
Atlantic Refining Co. common
25c Dec. 16 Nov. 21
Atlas Corp., preferred (guar.)
750 Dec. 2 Nov.20
50c Dec. 10 Nov.29
Atlas Powder (quar.)
Automatic Voting Machine (guar.)
1234c Jan. I Dec. 20
1234c Apr. 1 Mar. 20
Quarterly
Ouarterly
1234c July 1 June 20
25c Jan. 1 Dec. 20
Extra
Automotive Gear Works. Inc.. preferred (guar.) 41 c Dec. 1 Nov. 20
Jan. 1 Dec. 15
Avondale Mills, A & B (quarterly)
4
51,
Babcock & Wilcox (interim)
Dec. 15 Dec. 5
Badger Paper Mills.common
Bamberger (L.) & Co. (N. J.)—
$131 Dec. 2 Nov. 15
64% cumulative preferred (quar.)
62c Jan. 1 Nov.30
Bangor & Aroostook R. Co., common
131% Jan. 1 Nov.30
Preferred
Jan. 2 Dec. 10
$1
Bangor Hydro-Electric, 6% pref. (quar.)
Jan. 2 Dec. 10
7% preferred (guar.)
$134 Dec. 2 Nov. 15
Baton -Rouge Electric Co.. $6 pref. (quar.)
Belden Mfg CO. (extra).
$14 Dec. 14 flee. 9
50c Jan. 2 Dec. 16
Beech Creek RR.(quarterly)
25c Dec. 15 Nov.30
Bellows & Co.. Inc.. A (quarterly)
25c Dec. 12 Nov.20
Bendix Aviation (resumed)
$131 Jan. 2 Dec. 6
Bethlehem Steel. 7% cumulative preferred
$14 Dec. I Nov. 18
Bigelow-Sanford Carpet, pref. (quar.)
$131 Dec. 14 Nov. 15
Biltmore Hats. Ltd., 7% pref. (guar.)
Binghamton Gas Works, 7% preferred (guar.). $1 31 Jan. 1
$14 Feb. 1
7% preferred (quarterly)
$1.564 Dec. 2
64% preferred (quarterly)
$1.56% Mar. 1
65'% preferred (quarterly)
Dec. 16 Dec. 2
$1
Birmingham Water VVorks,6% pref.(guar.)
Blackstone Valley Gas & Electric. pref. (s -a,)..
$3 Dec. 2 Nov. 14
Block Bros. Tobacco Co.,6% preferred (gnarl_ 21% Dec. 31 Dec. 25
Blue Ridge Corp.. opt. $3 cony. pref., ser. 1929. s75c Dec. 2 Nov. 6
40c Dec. 2 Nov. 15
Borden Co.. common (guar.)
S23‘ Dec. 31 Nov 30
Boston & Albany RR
31% Jan. 2 Dec. 10
Boston Elevated Ry.(quarterly)
$2 125 Jan. 2 Dec 20
Boston & Pro% idence Eli (quar.)
Si ft Dec. 31
Boston Storage & Warehouse Co.(guar.)
Dec. 31 Dec. 2
Boston Wharf (semi-annually)
Dec. 16 Dec. 2
Boston Woven Hose & Rubber Co., preferred_.
25c Dec. 1 Nov. 9
Brach(E J.)& Sons(quarterly)
SI Dec. 25 Dec. 20
Brewer (C.) & Co. Ltd (monthly)
75c Dec. 16 Dec. 5
Briggs & Stratton Corp. (guar.)
7fic Dec. 15 Nov.30
Bright (T. G.) & Co. Ltd. (quarterly)
$14 Dec. 15 Nov.30
6% preferred (quarterly)
374c Dec. 14 Nov.30
Bristol Brass (quarterly)
25c Dec. 14 Nov.30
Extra
$1 Dec 14 Nov 30
Special
50e Dec. 2 Nov. 8
Bristol-Myers(quarterly)
10c Dec. 2 Nov. 8
Extra
$2 Nov. 30 Nov. 8
Brooklyn Edison Co.(quarterly)
Brooklyn-Manhattan Transit Cot p.. pref.(qu.)_ $1% Ian. 15 Jan. 2
$1 34 Apr. 15 Apr. 1
Preferred (quar.).
75c Jan. 2 Dec. 16
Brooklyn & Queens Transit, preferred
Si ft Dec. 1 Nov 20
Brooklyn Teleg. & Messenger Co.(quar.)
75c Tan. 2 Dec.
Brooklyn Union Gas(quarterly)
SI Feb. 25 Feb. 15
Brown Fence & Wire (initial)
30c Nov.30 Nov. 15
Class B
75c Dec. 2i Nov.20
Brown Shoe Co., common (guar.)
10%
Bryant & May. Ltd (interim)
75c Dec. 14 Nov. 22
Buckeye Pipe Line Co
SI Jan. 2 Dec. 18
Bucyrus-Erie Co.. preferred
Corp.
Realty
(quarterly)
$2 Dec. 2 Nov. 26
Budd
/4551 Dec. 31 Dec. 18
Budd Wheel. preferred
$131 Dec. 31 Dec. 18
Preferred (quarterly)
40c Ian. 2 Dec. 14
Buffalo. Niagara & Eastern Power, pref. (guar.)
5151 Feb 2 Jan. 15
let preferred (guar.)
25c Dec. 2 Nov. 12
Bullock's. Inc. (guar.)
$1.40 Dec. 10 Nov. 12
Belot° Gold Dredging
Bunker Hill & Sullivan Mining & Concentrating
50c Dec. 2 Nov. 15
Co
3 ft%
Burmah Oil Co. (initial)
15c Dec. 5 Nov. 2
Burroughs Adding Machine Co
45c Dec. 5 Nov. 2
Special
$131 Dec. 16 Dec. 2
Butler Water Co.. 7% Pref. (guar.)
2 Dec 14
40c Jan
C'elarnba Sugar Estates (guar.)
35c Jan. 2 Dec 14
Preferred (quarterly)
50c Jan. 2 Dec. 21
California Ink (quarterly)
50c Dec. 16 Dec. 6
Extra
37 Sic Dec. 16 Nov. 30
California Packing (quarterly)
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 corn
r37fic Dec 1 Nov 15
Canada & Dominion Sugar. Ltd (guar.)
40c Dec. 2 Nov. 15
Canada Vinegar, Ltd. (quarterly)
Canada West Natural Gas, Light. Heat & Power,
6% preferred (quarterly)
$14 Dec. 2 Nov. 15
$1 Jan. 2 Dec. 13
Canadian Cottons, Ltd. (guar.)
5i4 Jan. 2 Dec. 13
Preferred (quarterly)
75c Jan. 1 Dec. 14
Canadian General Electric (quar.)
Dec. 2 Nov 1
Canadian Hydro-Electric, preferred (guar.)---- rS1
374c Dec 2 Nov. 15
Canadian Silk Products A (guar.)
$I ft Dec. 31 Dec. 20
Canfield Oil Co.7% preferred (guar.)
2fic Jan. 2 Dec. 21
Caribou Gold & Mining, (initial)
/41 Dec. 1 Nov. 15
Carman & Co., Inc., class A
$1% Jan. 1
Carnation Co 7% prof. (guar.)
II ft Apr. 1
7% preferred (quar)
Nov. 16
Carolina Telephone & Telegraph
e25%
Si Jan. 1 Dec. 12
Case (J. I.). 7% preferred
25e Nov.30 Nov. 15
Caterpillar Tractor (quarterly)
50c Nov.30 Nov. 15
Extra
$1.20 Jan. 2 Dec. 20
Cayuga & Susquehanna RR.(semi-ann.)
Central Arkansas Pub Serv. Corp. pref. (guar.) 1 ft% Dec. 2 Nov. 15
Jan. 2 Dec. 14
Central Illinois Light Co.,6% pref.(guar.)
7% preferred (quarterly)
$134 Jan. 2 Dec. 14
Central Mississippi Valley Elec. Prop., preferred $134 Dec 2 Nov. 15
al ft Dec. 2 Nov 20
Century Ribbon Mill. preferred ((uer.)
Champion Paper & Fibre Co., pref. (guar.)._ $134 Jan. 2 Dec. 15
Chartered Investors. Inc $5 pref.(guar.)
$134 Dec. 2 Nov. 1
Chesapeake Corp. (quarterly)
75c Jan. 1 Dec. 6
Chesapeake & Onio Ky. (quarterly)
70e Jan. 1 Dec. 6
Preferred (semi-annual)
$3% Jan. 1 Dec. 6
Chesebrough Mfg.(guar.)
$1 Dec. 27 Dec. 6
Extra
$1 Dec. 27 Dec. 6
Chestnut Hill RR.Co.(guar.)
75c Dec. 3 Nov. 20
Chicago Corp.. $3 preferred
h60c Dec. 1 Nov. 15
40c Dec. I Nov. 15
$3 preferred (guar.)
Chicago District Electric Generating, $6 pref._ $154 Nov.30 Nov. 15
25c Dec. 2 Nov. 9
Chicago Mail Order (quarterly)
1234c Dec. 2 Nov. 9
Extra
Financial Chronicle
3486
Name of Company
Per
Share
When Holders
Payable of Record
$231 Jan. 2 Dec. 14
Chicago Junction Rys. & Union Stockyards Co_
$131 Tan. 2 Dec. 14
6% preferred (quarterly)
3731c Dec. 14 Nov.30
Chicago Rivet & Machine (guar.)
Extra
1215c Dec. 14 Nov.30
25c Dec. 2 Nov 21
Chicago Yellow Cab
$131 Jan. 2 Dec. 20
Christiana Securities Co., 7% pref. (quar.)
75c Dec. 31 Dec 2
Chrysler Corp
20c Dec. 20 Dec. 3
Churngold Corp
$4 Dec. 26 Dec. 4
Cincinnati New Or!.& Tex. Pac. By.(semi-ann.)
$3 Dec. 26 Dec 4
Extra _
5% preferred (quarterly)
$131 Dec. 26 Dec. 4
$131 Jan. 1 Dec 20
Cincinnati I rniot, rerminal, pref. (guar.)
50c Dec. 31 Dec. 14
City Ice & Fuel (guar.)
5)5% Dec. 1 Nov. 18
Preferred (quar.)
Dec. 2 Nov. 20
City of New Castle Water Co..6% pref.(qu.)__ _ $1
20c Dec. 14 Nov 26
Clark Equipment (guar.)
Preferred (guar.)
$1 /i Dec. 14 Nov. 26
2 Dec 21)
Clearfield & alahoiling Ry. (s. -a )
51 31 Jan
50c Dec. 31 Dec. 20
Cleveland Electric Illuminating Co.(guar.). _
$1.125 Jan. 1 Dec. 10
54 3.' preferred. initial (guar.)
.513i Dec. 1 Nov 15
Preferred (quorterly)
873ic Dec. 2 Nov. 9
Cleveland &I'ittsburgh Ry.. 7% guar.(quar.)
50c Dec. 2 Nov. 9
Special guaranteed (quar)
Sc Dec. 30 Dec 15
Climax Molybdenum Co (guar.)
50c Jan. 2 Dec. 16
Clinton Trust (N. Y.) (guar.)
50c Jan. 2 Dec. 16
Extra
Coast County Gas & Electric, 1st pref. (quar.)_ $131 Dec. 16 Nov. 25
Coca-Cola, old stock
400% Dec 18 Nov. 15
50c Dec. 31 Dec. 12
New stock (initial, quarterly)
25c Dec. 31 Dec. 12
Extra
Class A (semi-annual)
$1 3i Dec. 31 Dec. 12
(guar.)
Corp.
International
Coca-Cola
54 Dec. 31 Dec. 12
Extra
$2 Dec. 31 Dec. 12
$3 Dec. 31 Dec. 12
Class A (semi-annual)
Colgate-Palmolive-Peet(guar.)
121ic Dec. 1 Nov. 6
25c Dec. 1 Nov. 6
Extra
$115 Jan. 1 Dec. 5
Preferred (quarterly)
50c Dec. 2 Nov. 15
Collins & Aikman (resumed)
Preferred (quar.)
$1 '4 Dec. 2 Nov. 15
31 Sic Dec 31 Dec. 10
Colt's Patent -Fire Arms Mfg. (guar.)
50c Dec. 31 Dec. 10
Special
Columbia Pictures Corp
e50% Dec. 10 Nov 29
Preference
75c Dec. 2 Nov. 14
25c Jan. 2 Dec. 18
Quarterly)
3107
Feb. 3 Jan. 23
e2
Semi-annual
Aug. 3 July 23
Semi-annual
1 Dec. 2 Nov. 14
Columbian Carbon Co
40c Dec. 2 Nov. 14
Special
El Dec. 10 Nov 25
Columbus & Xenia
75c Jan. 1 Dec. 5
Commercial Investment Trust, common (guar.)
Common (extra)
25c Jan. 1 Dec. 5
Cony, preference, opt. ser. 1929 (quar.)
d$1 31 Jan. I Dec. 5
Cony. preference. 43 series of 1935 (quar.).. 51.0631 Jan. 1 Dec. 5
30c Dec. 31 Dec. 2
Commercial Solvents Corp. common (s.-a.)
Commonwealth Loan Co. (Indianapolis)7% preferred (quar.)
$131 Dec. 1 Nov. 20
2 Dec. 6
Commonwealth Sr Southern. $6 preferred
75c Jan
Commonwealth Utilities Corp. —
% preferred C (quarterly)
$131 Dec. 2 Nov. 15
1234c Dec. 2 Nov. 23
Compo Shoe Machinery (quarterly)
55c Dec. 14 Nov.30
Compressed Industrial Gasses. Inc. (guar.) _ _
El Dec 31 Dec. 25
Confederation life Assoc - Toronto' (guar.)
Dec. 16 Dec. 3
40c
(quarterly)
Congoleum-Nairn
25e Dec. 16 Dec. 3
Extra
Nov.30 Nov. 18
Ic
Congress Cigar Co.. Inc
Connecticut Light & Power,63i% pref.(quar.)_ $1% Dec. I Nov. 15
5Si% referred (quarterly)
$15i Dec. 1 Nov. 15
6231c Dec. 2 Nov. 15
Connecticut Power Co.(guar.)
30c Dec. 14 Dec. 4
Consolidated Amusement Co
5115 Dec. 16 Dec. 2
Consolidated Car Heating (guar.)
$111 Dec 2 Nov. 15a
Consolidated Cigar Corp . preterred (quar.)
25c Dec. 15 Dec. I
Consolidated Diversified Standard Security
25e Tan. 2 Dec. 10
Consolidated Film Industry. preferred
25c Dec. 16 Nov. 8
Consolidated Gas Co. of New York
Consolidated Gas. Electric Light & Power Co.
90c an. 2 Dec. 14
of Baltimore (quarterly)
Si 31 Jan. 2 Dec. 14
5% preferred (quarterly)
25c Dec 1 Nov. 20
Consolidated Paper (quarterly)
Nov. 15
$231 Dec
Consumers Glass
7% preferred (guar.)
$1 Si Dec 1 Nov. 15
Consumers Power Co.—
Jan. 2 Dec. 14
$1
$5 preferred (quar.)
$115 Jan. 2 Dec. 14
607 preferred (quarterly)
$1.65 Jan. 2 Dec. 14
6.6% preferred (quarterly)
75" preferred (quarterly)
$1% Jan. 2 Dec. 14
50c Dec. 2 Nov 15
65 preferred (monthly)
50c Jan. 2 Dec. 14
6% preferred (monthly)
55c Dec 2 Nov. 15
6.60% preferred (monthly)
55c an. 2 Dec. 14
6.60% preferred (monthly)
Dec. 31 Dec. 11
h$17
Container Corp., 7% preferred
(quarterly)
51 Si Dec. 31 Dec. 11
7% preferred
15c Dec. 2 Nov. 15
Continental Casualty Co. (Chicago, Ill.) (qr.).
50c Dec. 30 Doc. 16
Continental-Diamond Fibre
Continental Gas & Electric. prior pref. (guar.). $1 Si Jan. 2 Dec. 12
1$11 Dec.120 Dec. 10
Continental Steel preferred
Preferred (quarterly)
$1 5i Jan. 1 Dec. 16
$1 Dec. 1 Nov. 25
Cook Paint & Varnish Co., Del.. pref.(guar.).12 Vic Nov. 30 Nov 15
Copperweld Steel (quar.)
h$1 31 Dec. 2 Nov. 10
Corrugated Paper Box, 7% preferred
Creameries of Amer.. Inc., 333.' preferred (qr.) 8715c Dec. 1 Nov. 10
25c Dec. 6 Nov. 22a
Crown Cork dr Seal Co., Inc., common (quar.)_
50c Dec. 6 Nov. 22a
Extra
68c Dec. 16 Nov. 30a
Preferred (quar.)
h$1 Doc. 14 Nov.30
Crown Williamette Paper, $7 preferred
h$1 Jan. 1 Dec. 16
$7 preferred
h75c Dec. 1 Nov. 13
Crown-Zellerbach, preferred A & B
h$1 Doc 31 Dec. 16
Crucible Steel Co. of America, Preferred
$2 Dec. 28 Dec. 20
Crum dr Forster preferred (guar.)
Crum & Forster Insurance Shares Corp.—
25c Nov.30 Nov. 20
Class A and B (guar.)
20c Nov.30 Nov. 20
Class A and B (extra)
$1 1i Nov.30 Nov. 20
7% preferred (guar.)
54 3.' Doc. 14 Nov.30
Cuneo Press. Inc.. (iSi% Preferred (guar.)
$1 31 Dec. 2 Nov. 18
Cushman's Sons,7% preferred (guar.)
$2 Dec. 2 Nov. 18
$8 preferred (guar.)
25c Dec. 16 Dec. 5
(resumed)
Inc.
Cutler-Hammer,
El Jan. 2 Dec. 16
Dayton & Michigan RR. Co..8% pref. (qu.)
50c Dec. 2 Nov. 20
Dayton Power & Light Co..6% pref.(monthly)
35c Dec. 2 Nov. 15
Deere & Co., pref.(quar
Dec. 2 Nov. 25
Detroit City Gas. 6% preferred (quarterly)._ $1
Dec. 10 Nov. 23
2
Detroit Motorbus (liquidating)
43 tic Jan. 2 Doc. 16
Dejay Stores. class A (quarterly)
Tan. 2 Dec. 16
hll
Class A
'51 Jan. 2 Dec. 16
Delaware RR. Co.(semi-ann.)
Denver Union Stockyards, preferred (guar.)... $114 Dec. 1 Nov. 20
Deposited Bank Shares(N. Y.). ser. A. (8.-a.).- e2155' Jan. 3 Nov. 15
$2 Jan. 6 Dec. 20
Detroit Hillsdale & Southwestern RR.(8.-a.)—
25c Dec. 2 Nov. 20
Detroit Paper Products (quarterly)
Dec. 1 Nov. 15
20c
Dexter Co. (quarterly)
25c Dec. 2 Nov. 15
Diamond Match (irregular)
Dec. 2 Nov. 15
Dictaphone Corp
Dec. 2 Nov. 15
Preferred (guar.)
Doehler Die Casting,7% preferred (quarterly)... 8734c Jan. 2 Dec. 21
SI 5i Jan. 2 Dec. 21
$7 preferred (quarterly)
Jan. 2 Dec. 16
51
Dominion Textile (quarterly)
Jan. 15 Dec. 31
$1
Preferred (quarterly)
20c Dec. 1 Nov. 15
Dr.Pepper (guar.)
40c Dec. I Nov. 15
Extra
Dresser (S. R.) Manufacturing. preferred A_ $15.' Dec. 1 Nov. 20
090c Dec. 14 Nov. 27
du Pont de Nemours (quarterly)
25 Jan. 10
$1 15
Debenture (quarterly)
2 Nov. 26
20c
Durham Duplex Razor, $4 preferred
Name of Company
Nov. 30 1935
Per
Share
When Holders
Payable of Record
Jan. 1 Dec 14
Eastern Gas & Fuel Assoc. prior pref.(quar.)
Jan. 1 Dec. 14
6% preferred (quar.)
Dec. 1 Nov. 10
Eastern Shore Public Service, 3614 pref.(qu.).- Dec. 1 Nov. 10
$6 preferred (quarterly)
Dec. 15 Dec. 5
East alahanoy RR. Co (5.-a.)
2 Dec. 5
Jan
Eastman Kodak Co. common
Jan. 2 Dec. 5
Extra
Jan. 2 Dec. 5
Preferred (guar.)
East St. Louis Interurban Water Co.
Dec. 2 Nov. 20
7% preferred (guar.)
6% preferred (guar.)
$13.' Dec. 2 Nov. 20
4(16 Nov. 31) Nov. 15
Eddy Paper corp.
40c Dec. 20 Nov.30
Edison Bros. Stores (quarterly)
Extra
25c Dec. 20 Nov. 30
Preferred (quarterly)
Sit' Dec. 15 Nov.30
El Dorado Oil Works (quarterly)
373'(c Dec. 2 Nov. 18
50c Tan. 2 Dec. 20
Electric Controller & Manufacturing (quarterly)
Electric & Musical Industries(Am.shares)
24c Dec. 3 Nov. 26
Electric Shareholdings,$6 cony. pref
PE1 31 Dec. 2 Nov. 6
25c Dec. 2 Nov. 20
Electographic Corp
Dec. 2 Nov. 20
Preferred (quarterly)
$1
El Paso Electric Co. (Texas), $5 pref. (qr.)
51Si Jan. 15 Dec. 31
30 Nov. 19
Nov.
Ely & Walker Dry Goods (quar.)
25c
50c Jan. 2 Dec 14
Emerson's Bromo Seltzer, 8% preferred
Empire & Bay Shore Telep. Co.,4% gtd.(guar.)
$1 Dec. 2 Nov 20
Empire Capital Corp.. A & B (guar.)
10c Nov.30 Nov. 20
Empire Power Corp.. cumul. pref.(guar.)
$131 Jan. 1 Doc. 16
Equity Corp., $3 cony. preferred
37 35c Dec. 2 Nov. 15
Equity Shares (initial)
20c Dec. 20 Dec. 2
Erie & Pittsburgh RR. Co 7% gtd. (guar.).- - 87 c Dec. 10 Nov 30
Dec. 1 Nov 30
Guaranteed betterment (quar.)
8
Essex & Hudson Gas Co. (semi-annually)
$4 Dec. 2 Nov. 21
Ever Ready (Gt. Brit.) (interim)
10% Nov. 30
50c Dec. 1 Nov. 15
Faber Coe & Gregg. Inc (quar.)
5135 Dec. 2 Nov. 15
Fajardo Sugar Co. of Porto Rico common
Farmers & Tractors Life Insurance (quar.)-$234 Jan. 2
Quarterly
$231 Anr. 1
50c Jan. 1 Dec. 16
Faultless Rubber (quarterly)
$3 Dec. 20 Dec. 10
F. E. D. Corn liquidating)
5134 Dec. 2 Nov. 180
Federal Light & Traction Co. pref. (guar.)
16c Dec. 30 Doc. 13
Fifth Ave. Bus Securities (quarterly)
Dec. 1 Nov. 15
Firestone Tire & Rubber. pref. (guar.)
$134 Dec. 1 Nov. 20
First Holding Corp. (Calif.), 6% pref. (guar.)._
62 Sic Jan. 2 Dec. 9
First National Stores (guar.)
First preferred (guar.)
$131 Jan. 2 Dee 9
15c Nov.30 Nov. 15
Fishman (M. 11.) Co., Inc. (guar.)
12Sic Dec. I Nov. 20
Fitz-Simons & Connell Dredge & Dock (quar.)
12 35c Dec. 1 Nov. 20
Extra
50c Dec. 2 Nov. 20
Florence Stove (guar.)
50c Dec. 2 Nov. 20
Extra
$13' Dec. 2 Nov. 20
Preferred (guar.)
87 Sic Dec. 1 Nov. 15
Florida Power Corp.,7% pref.(quar.)
5131 Dec. 1 Nov. 15
Preferred A (quarterly)
25c Jan. 2 Dec. 14
Florsheim Shoe, class A (quarterly)
25c Jan. 2 Dec. 14
Class A (special)
1231c Jan. 2 Dec. 14
Class B (quarterly)
Class B (special)
123c Jan. 2 Doc. 14
1 Dec. 1 Nov. 15
Food Dealers Industrial Bank (Brooklyn, N. Y.)
$1 Dec. 15
Food Machinery Corp..631% pref.(mo.)
11$1 31 Dec. 2 Nov. 18
Franklin Simon & Co.. preferred
25c Dec. 2 Nov. 15
Freeport Texas (quarterly)
Preferred (quarterly)
513.4 Feb. 3 Jan. 15
Gates Rubber Co . Preferred (guar.)
$13' Dec. 2 Nor. 15
25c Dec. 17 Nov. 26
General Asphalt (resumed)
Si 54 Dec. 2 Nov.22
General Cigar. preferred (guar.)
Mar. 2 Feb. 20
Preferred (guar.)
$1
Preferred (quar.)
$131 Junel'36 May 22
Nov.30 Nov. 15
General Investments, preferred (s.a.)
Jan. 2 Dec. 14
Georgia Power Co.. $6 pref. (guar.)
31
Jan, 2 Doc. 14
$5 preferred (guar.)
$1
50c Dec. 12 Nov. 14
General Motors (quarterly)
50c Dec. 12 Nov. 14
Extra _
$13' Feb. 1 Jan. 6
$5 Preferred (quarterly)
2
5231 Ian 15 tan
Georgia RR & Banking (guar.)
50c Dec. 30 Dec. 2
General Refectories Co.(resumed)
40c Jan, 1 Dec. 14
Glens Falls Insurance Co.(guar.)
$131 Dec. 1 Nov. 20
Globe 11 Publishers. nref. (quar.)
z35c Dec. 16 Dec. 2
Globe Underwriters Exchange
50c Jan. 1 Dec 20
((lobe Wernicke preferred (quar.)
5c Dec. 20 Nov.30
Goebel Brewing (quarterly)
10c Dec. 20 Nov.30
Extra..
371ic Jan. 2 Dec. 16
Goldblatt Bros.(guar.)
40c Dec. 10 Nov. 30
Golden Cycle (guar.)
51 60 Dec. 10 Nov. 30
Extra
Jan. 2 Dec. 31
Gold & Stock Telegraph (guar.)
Jan. 2 Nov.30
Goodyear Tire & Rubber, $7 pref
Grace (W. R 1 & Co.
$3 Dec. 30 Dec. 27
6% preferred is -a•)
$2 Dec. 30 Dec. 27
Preferred A (quar.)
Dec. 30 Dec 27
Preferred B
$5 Dec. 2 Nov. 15
Granby Consolidated Smelting & Power Co-Grand Union Co.. $3 cony. preferred
3734c Dec. 1 Nov. 12
10c Dec. 23 Dec. 3
Grand Valley Brewing Co
Great Atlantic & Pacific Tea (quar.)
5115 Dec. 1 Nov. 22
25c Dec. 1 Nov. 22
Extra
$131 Dec. 1 Nov. 22
Preferred (quarterly)
25c Dec. 2 Nov. 20
Great Northern Paper (quarterly)
80c Dec. 15 Dec. 5
Great Western Electro-Chemical
30c .Ian. 2 Dee. 20
6% preferred (quarterly)
53 Dec. 19 Dec. 13
Greene RR.Co.(semi-ann.)
50c Ian. 6 Dec. 16
Greenfield Tap & Die, $5 preferred
Dec. 2 Nov. 15
Green Mountain Power, 56 preferred (quar.)
Greenwich Water & Gas Sys. 6% pref.(quar.)_ $1tC Jan, 2 Dec. 20
51 31 Jan. 1 Dec. 21
Greyhound Cot p . pref. A (quar.)
Si Si Dec. 16 Nov. 29
Gulf States Utilities Co.. $6 preferred
$15i Dec. 16 Nov. 29
5531 preferred
75c Dec. 1 Nov. 16
Hackensack Water Co.(semi-annually)
7% preferred A (quarterly)
43 tic Dec. 31 Dec. 14
15c Dec. 2 Nov. 15
Hale Bros. Stores (guar.)
$2 Dec. 14 Nov.30
Hamilton Watch, pref.(resumed)
$134 Jan. 1 Dec. 16
Hammermill Paper Co.,6% pref. (guar.)
25c Dec. 1 Nov. 14
Hancock 011 of California. class A LIc B (quar.)
Hanes (P. 11.) Knitting Co., corn. A.& B.(qu.) 12Sic Nov.30 Nov. 20
10c Nov.30 Nov.20
Common A & B (extra)
Hanna (M. A.) Co..5% pref.. initial (quar.)_ _
$131 Dec. 1 Nov. 15
25c Dec. 2 Nov. 15
Harbison-Walker Refractories Co.,common....
Preferred (quarterly)
$134 Jan. 20 Jan. 7
Hardesty (R.) Mfg. Co., 7% pref. (quar)
$1 Si Dec. 1 Nov. 5
20c Dec. 15 Dec. 5
Hawaii Consol. By.. 7% prof. A (guar.)
Hazel-Atlas Glass Co.(quarterly)
5131 Jan. 2 Dec. 14
25c Dec. 16 Dec. 2
Hazeltine Corp. (quar.)
Extra
50c Dec. 16 Dec. 2
Heath (D. C.) Co., 7% pref. (guar.)
$1 Si Dec. 31
25c Dec. 2 Nov. 26
Hoyden Chemical (quar.)
25c Dec. 2 Nov. 26
Extra
11k Dec. 27 Dec. 20
Hibbard. Spencer, Bartlett & Co.(monthly)...
25c Dec. 20 Dec. 13
Special
50c Dec. 2 Nov. 15
Hires (Chas. E.) Co.,class A common (guar.)._
37c Dec. I Nov. 18
Hobart Mfg.. class A (guar.)
Dec. 1 Nov. 18
Class A extra
St Dec. 1 Nov. 18
Class B
25c Dec. 1 Nov. 18
Class B extra
Dec. 2 Nov. 15
1
Hollinger Consol Gold Mines (monthly)
1% Dec. 2 Nov. 15
Extra
2 Nov. 9
Dec.
10c
Holt,(H.) & Co., A.(resumed)
520 Dec. 5 Nov.30
Homestake Mining (extra)
25c Dec. 15 Dec. 4
Honolulu 011 Corp.. Ltd
15c Dec. 10 Nov.30
Honolulu Plantation (monthly)
75c Jan. 15 Dec. 31
Household Finance, A & B (guar.)
Dec. 5 Nov. 22
$1.05
A & B special
87Sic Jan. 15 Dec. 31
Participating preferred (guar.)
11.225 Dec. 5 Nov. 22
Special
Name of Company
Per
Share
When Holders
Payable of Record
Hooven & Allison Co., 7% preferred (quar.)__-- $1 H Dec. 1 Nov. 15
Horn & ilardiirt (N. Y.1 pref. (quar.)
$1 H Dec. 2 Nov. 12
Howey Gold Mines, Ltd
2c Dec. 14 Nov. 14
Hudson Bay Mining & Smelting Co
r50c Dec. 16 Nov. 29
Hudson County Gas ('o. (s.-a.)
$4 Dec. 2 Nov. 21
Humble Oil & Refining (quarterly)
25c Dec. 26 Nov 26
Huntington Water Corp.,7% pref.(quar.)
$1 % Dec. 2 Nov. 20
6% preferred (quarterly)
$1 A Dec. 2 Nov.20
Hutchins Sugar Plantation (monthly)
10c Dec. 5 Nov.30
Illinois Central RR.. leased lines (s-a)
32 Jan. 2 Dec. 11
Illinois Water Service. 6% pref. (quar.)
$14 Dec. 2 Nov. 20
lini•erki Life Insurance (quar.)
53'4 ,Tan. 2 Dee 31
Imperial Oil, Ltd. (s-a)
r25c Dec. 2 Nov. 15
Special
r37 Sic Dec. 2 Nov. 15
Indiana Hydro-Electric Power. 7% preferred
h87 Sic Dec. 16 Nov.30
Indianapolis Power & Light.6% pref.(quar.)-__
$1 Si Jan. 1 Dec. 5
6)% preferred (guar.)
31 4 Jan. 1 Dec. 5
Indianapolis Water Co.. 5% pref. (quar.)
$1 si, Jan. 1 Dec. 12a
Industrial Credit Corp. of Lynn (quar.)
25c Dec. 2 Nov. 15
7% preferred (quar.)
8734c Dec. 2 Nov. 15
Ingersoll-Rand. common
50c Dec. 2 Nov. 4
Inland Steel (quarterly)
50c Dec. 2 Nov. 15
Extra
25c Dec. 2 Nov. 15
International Harvester (guar.)
30c Jan. 15 Dec. 30
Preferred (guar.
$1 .4 Dec. 2 Nov 4
International Mining
15c Dec. 20 Nov. 29
Extra
5c Dec. 20 Nov. 29
International Nickel
25c Dec. 31 Dec. 2
International Petroleum Co. (s-a)
r75c Dec. 2 Nov.22
Special
r50c Dec. 2 Nov. 22
International Safety Razor, A, (quar.)
60c Dec. 2 Nov. 20
International Salt Co
37 Ac Jan. 2 Dec. 16
International Shoe. extra
25c Nov.30 Nov. 15
International Teleg. of Maine (s.-a.)
$1..33 1-3 Jan. 2 Dec. 14
Inter Ocean Telegraph (quar.)
$1 A Jan. 2 Dec. 31
Intertype Corp.. common
20c Dec. 16 Dec. 2
1st preferred (quar.)
$2 Jan. 2
2d preferred (s-a)
$3 Jan. 2
Investors Corp. of Philadelphia (quar.)
60c Dec. 14 Dec. 2
Extra
25c Dec. 14 Dec. 2
iron Fireman Mfg (guar.)
250 Dec. 2 Nov. 9
Ironwood & Bessemer Ry. & Light,7% pf.(qu.) $1 4 Dec. 2 Nov. 15
Irving Air Chute (quarterly)
15c Jan. 2 Dec. 16
Extra
25c Jan. 2 Dec. 16
Jaeger Machine
15c Dec. 2 Nov. 25
Jainzen Knitting Mills. preferred (quarterly).—
$14 Dec. 1 Nov 25
Kalamazoo Vegetable l'archment (quar.)
15c Dec. 30 Dec. 30
Kansas City St. Louis & Chic. RR.. pref. (qu.)- $154 Feb. 1 Jan. 17
,
Kansas Oklahoma & Gulf Ry. Co.—
Series A 6% cumulative preferred
$3 Dec. 2 Nov. 25
Series B 6% non-cumulative preferred
$3 Dec. 2 Nov. 25
Katz Drug (guar.)
75c Dec. 14 Nov.30
Preferred (quar.)
$1 A Jan. 2 Dec. 14
20c Dec. 16 Dec. 2
Kaufmann Dept. Stores (special)
$1 ii Jan. 2 Dec. 10
Preferred (quarterly)
25c Nov. 30 Nov. 13
Kayser (Julius) & Co
20c Dec. 2 Nov. 25
Kekaha Sugar Co. (monthly)
$2.40 Dec. 2 Nov. 15
Extra_
12 A c Jan. 1 Dec. 5
Kelvinator Corp. (quarterly)
Extra
20c Jan. 1 Dec. 5
Kendall Co . preferred series A (guar.)
$1 4 Dec. 2 Nov. 9a
Kennecott Copper
20c Dec. 26 Nov. 29
Keystone Steel est Wire, preferred
ID 4 Jan. 15
Kimberly-Clark Corp., common (quar.)
124c Jan. 2 Dec. 12
Preferred (quarterly)
$1 A Ian. 2 Dec. 12
Kings County Lighting Co..7% ser. B pf. (qu.).. $1 4 Jan. 1 Dec. 16
6% series C preferred (quar.)
$1 A Jan. 1 Dec. 16
5% series D preferred (quar.)
S1 A Jan. 1 Dec. 16
Quarterly
$1 /4 Jan. I Dec. 16
Klein (D. Emil)(quarterly)
25c Jan. 1 Dec. 20
Preferred (quarterly)
$134 Feb. 1 Jan. 20
Koloa Sugar Co. (monthly)
50c Nov.30 Nov. 25
Monthly
50c Dec. 31 Dec. 24
Kress (S. II.) & Co., extra
$1 Dec. 10 Nov.30
Kroehler Mfg. Co.,'7% pret. (quar.)
314 Dec. 31
Class A preferred (quar.)
$1 A Dec. 31
Kroger Grocery & Baking (quar.)
400 Nov. 30 Nov. 8
7% preferred (quarterly)
$I Si Feb. 1 Dec. 20
6% preferred (quarterly)
$1 4 Jan. 2 Dec. 20
Kruger (0.) Brewing, initial (guar.)
25c Dec. 16 Dec 2
Lake Shore Mines, Ltd
50c Dec. 16 Dec 2
Bonus
50c Dec. 16 Dec 2
Lake Superior District Power.7% pref.(quar.)- Si 31 Dec. 2 Nov. 15
6% preferred (quarterly)
Si Si Dec. 2 Nov. 15
Landers Frary & clerk (quar.)
374c Dec. 31 Dec. 20
Landis Machine. 7% preferred (quarterly)
51%* Dec. 15 Dec. 5
Langton 5Ionotype Machine (quar.)
$I Nov. 30 Nov. 20
Lehigh Coal & Navigation (semi-ann.)
15c Nov. 30 Oct. 31
Lehi & Fink Products Co.,common (8.-a•)
50c Dec. 1 Nov. 15
Lexington Water,7% preferred
141 H Dec. 2 Nov. 20
Libbey-Owens-Ford Glass (quar.)
30c Dec. 16 Nov. 29
Life Savers Corp. (guar.)
40c Dec 2 Nov. 1
Liggett & Mayers Tobacco (quar.)
$1 Dec. 2 Nov. 15
Common 11 (quarterly)
$1 Dec 2 Nov. 15
Preferred (quar.)
$1 Si Jan, 1 Dec. 10
Lily-Tulip Cup (quarterly)
3734c Dec.716 Dec. 3
Lincoln Stores (quarterly)
25c Dec 1 Nov. 25
Preferred (quarterly)
$1 4 Dec. 1 Nov. 25
Link Belt
20c Dec. 1 Nov. 15
Preferred (quar.)
31A 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.)
$2 Jan, 1 Jan. 1
Loew's, Inc. (quarterly)
50c Dec. 31 Dec. 13
Extra
50c Dec. 31 Dec. 13
Long Island Lighting Co.,7% ser. A prod.(qu.)- $1 Si Jan, 1 Dec. 16
6% series 11 preferred (quar.)
314 Jan. I Dec. 16
Loose-Wiles Biscuit Co.
5% preferred (initial, quarterly)
Si q Jan. 1 Dec. IR
Lord & Taylor (quar.)
$2A Jan. 2 Dec. 17
1st preferred (guar.)
$1a Dec 2 Nov. 16
Extra
Dec. 17 Dec. 2
Louisiana Land & Exploration Co.(quar.)
10c Dec. 16 Dec. 2a
Louisville Gas & Electric, A & B (quar.)
374c Dec. 24 Nov.30
Ludlow Mfg. Assoc. (quar.)
$1 A Dec. 2 Nov. 9
Ludlum Steel. preferred (quar.)
$1 Hi Jan. 1 Dec. 20
Lunkenheimer Co., 6 A % preferred (quar.)
$334 Jan. 1 Dec 21
Lynchburg & Abingdon Telephone (s.-a.)
$3 Jan. 2 Dec. 14
Macy (R. II.) & Co.(quar.)
50c Dec. 2 Nov. 8
Manhattan Shirt (quar.)
15c Dec. 2 Nov. 12
Manischewitz (B.), preferred (guar.)
$1 4 Jan. `" Dec. 20
Mapes Consolidated Mfg.(quar.)
50c Jan. 1 Dec. 16
Maryland Fund, Inc. (quar.)
mlOc Dec. 15 Nov.30
Massachusetts Plate Glass Insurance
50c Jan. 2
Mathieson Alkali Works (guar.)
3734 Dec. 27 Dec. 6
Preferred (quarterly)
$1 Si Dec. 27 Dec. 6
40c Dec. 2 Nov. 15
May Dept. Stores (quarterly)
25c Dec. 2 Nov. 15
Extra
May Hosiery Mills, preferred
/412 Dec. 1 Nov. 26
McBryde Sugar
15c Dec. 1 Nov. 20
McCahan (W. J.) Sugar preferred ((mar.)
$1 Si Dec. 2 Nov. 20
1 qc Dec. 1 Nov. 15
McClanahan Oil (initial)
4334C Dec. 1 Nov.30
McClatchy Newspapers. 7% pref. (quar.)
20c Dec. 14 Nov. 15
McColl-Frontenac Oil Co. (quar.)
10% Dec. 2 Nov. 1
McIntyre Porcupine Mines, Ltd
2c Dec. 2 Nov. 22
McKinley Mines Security
10c Dec. 30 Dec.
McLennan, Mclreeley & Prior, Ltd.. A & B
3134 Jan. 1 Dec. 23
6 A % preferred (quarterly)
23
McWatters Gold Mines. Ltd., Initial
5c Dec. 18 Dec. 4
McWilliams Dredging (quar.)
50c Dec. 1 Nov.20
Special
50c Dec. 1 Nov. 20
3487
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
Mead Corp., 6% cum. preferred (resumed)-- — 6
31 Dec. 2 Nov. 15
3114
Memphis Natural Gas Co., $7 pref. (quar.)_
10c Jan. 1 Dec. 23
Merck & Co., Inc., common (quar.)
Preferred (quarterly)
$2 Jan. 1 Dec. 23
50c fan. 1 Dec. 16
Mesta Machine Co. common (guar.)
15c Dec. 2 Nov. 20
Metal Textile Corp
Participating preferred (quar.)
81 Sic Dec. 2 Nov. 20
Extra.
15c Dec. 2 Nov. 20
Metropolitan Edison Co.. $7 pref. (quar.)
$1 3i Jan. 2 Nov. 29
$14 Jan. 2 Nov. 29
$6 preferred (quar.)
$5 preferred (quar.)
3134 Jan. 2 Nov. 29
$1 34 Jan. 2 Nov. 29
$7 cumulative preferred (guar.)
$14 Jan. 2 Nov. 29
$6 cumulative preferred (quar.)
Jaa
ann
n..
. 2
22 Nov. 29
14
1 Jj
$$$
1142
$5 cumulative preferred (quar.) _
Michigan Electric Power.6% preferred
7% preferred
25c Dec. 10 Nov.30
Michigan Steel Tube Products
25c Dec. 2 Nov. I
Mid-Continent Petroleum
$3 Ian. 2 Dec. 20
Midland Grocery, preferred (semi-annually)
$1 Dec. 7 Nov.30
Midvale Co of Dela. (resumed)
Milwaukee Electric Ry. & Light, 6% pref. (qu.) $14 Dec. 2 Nov. 15
$14 Jan. 31 Jan. 20
6% Preferred (guar.)
314 Feb. 1 Jan.. 15
Mine 11111 & Schuylkill Haven RR.(s.-a.)
Minneapolis Gas Light Co.(Del.). 7% pref___ _ $1 Si Dec. 1 Nov. 20
Dec.N
oec
ov. 20
6% preferred (guar.)
Minneapolis-Honeywell Regulator Co., pf. (cm.)
h56ic Nov.30 Nov. 15
Mississippi Power & Light. $6 preferred
$1 34 Dec. 2 Nov. 24
Missouri Utilities Co.7% preferred (quar.)
25c Dec. 12 Dec. 5
Mock, Judson, Voehringer
5134 Jan. 1 Dec. 15
Preferred (quarterly)
15c Feb. 1
Monogram Pic,ores Corp. (guar.)
3754c Dec. 24 Dec.-- Monroe Chemical
I Dec. 24
8734c Jan
Preferred (quarterly)
15c Dec. 1 Nov. 20
Monroe Loan Society
$1 Si Dec. 1 Nov. 20
$7 preferred A (quar.)
15c Dec. I Nov. 20
Extra
25c Dec. 14 Nov. 25
Monsanto Chemical (quar.)
25c Dec. 14 Nov. 25
Extra
174c May 10 Apr. 30
Montgomery & Erie RR.(semi-annual)
Jan. 2 Dec. 20
$1
Montgomery Ward, class A (quar.)
$1 Si Dec. 15 Nov.30
Montreal Cotton, Ltd pref. (quar.)
Moore Dry t3oods (guar.)
1
Daec
n.. 14
1:
N
M v. 30
56
10
4
c j
Morrell (John) & Co.. Inc., common (quar.)
$134 Dec. 31 Dec. 21
Morris Finance Corp.. class A (quar.)
50c Dec. 31 Dec. 21
Extra
30c Dec. 31 Dec. 21
Class B (quarterly)
10c Dec. 31 Dec 21
Extra
5134 Dec. 31 Dec. 21
Preferred (quarterly)
51 Dec 1 Nov. 26
Morris Plan insurance Society (guar.)
20c Nov. 30 Nov. 23
Motor Finance Corp. (quar.)
15c Dec. 10 Nov. 20
Motor Wheel Corp.com.(quar.)
10c Dec. 21 Nov.30
Mountain Fuel Supply
20c Dec. 2 Nov. 20
Mueller Brass, initial (guar.)
52 Dec. 16 Dec. 2
Muncie Water Works CO.,8% pref. (quar.)____
40c Dec. 2 Nov. 21
Murphy (G. 0.)(quar.)
5134 Dec. 2 Nov. 20
Muskogee Co.,6% cum. pref. (guar.)
Mutual chemical Co of Amer. 6% pref (qu.)_ 5134 Dec. 28 Dec. 19
8c Dec. 20 Dec. 9
Mutual Telephone (Hawaii) (monthly)
75c Jan. 1 Dec. 16
Nassau & Suffolk Lighting Co.7% pref. (qu.)
40c Jan. 15 Dec. 13
NationalBiscuit (quar.)
$134 Nov. 30 Nov. 15
Preferred (guar.)
25c Dec. 16 Nov. 29
National Bond & Share Corp
3134 Nov.30 Nov. 18
National Casket, preferred (quar.)
JOe Dec. 15 Nov. 29
National Casualty Co.(Detroit)
50c Dec. 1 Nov. 15
National Container (guar.)
50c Dec. 1 Nov. 15
Preferred (quar.)
30c Jan. 2 Dec. 4
National Dairy Products (quar,)
Preferred A & B (quarterly)
$134 Jan. 2 Dec. 4
5134 Dec. 31 Dec. 13
National Lead (quarterly)
$1 Dec. 31 Dec. 13
Extra
$1 ki Dec. 14 Nov. 29
Preferred A (quar.)
5134 Feb. 1 Jan. 17
Preferred B (quarterly)
Nat. Life & Accident Ins. Co.. Nashville, Tenn.
35c Dec. 2 Nov. 20
Quarterly
25c Dec. 1 Nov. 20
National Oats Co.(guar.)
15c Dec. 2 Nov. 4
National Power & Light Co.. corn. (quar.) _
National Short Term Securities COTOMOn (quar.) 1.4c Dec. 20 Dec. 15
50c Jan. 2 Dec. 2
National Sugar Refining (quar.)
50c Jan. 2 Dec. 2
National Sugar Refining Co. of New Jersey
35c Dec. 16 Nov.30
National Transit
5134 Dec. 2 Nov. 12
Nebraska Power,6% pref. (guar.)
7% preferred (quar.)
$134 Dec. 2 Nov. 12
/41.3151 Dec. 31 Dec. 16
Nehi Corp.. 1st preferred
Neiman-Marcus Co.7% pref.(quar.)
$14 Dec. 1Nov.20
25c Dec. 14 Nov.30
Neisner Bros. (quar.)
143 Dec. 2 Nov. 120
Nevada-Calif. Electric.7% pref
$1 Feb. 1 Dec. 30
7% preferred (quar.).
$1 Dec. 10 Nov.30
Newark Telephone Co. (Ohio) (quar.)
25c Dec. 2 Nov. 15
New Bedford Cordage Co
25c Dec. 2 Nov. 15
Class B
7% preferred (quar.)
5134 Dec. 2 Nov. 15
40c Jan. I Dec
Newberry (J. J.) (quar.)
Newberry (J..11 & Co.. 7% preferred (quar.)_ _ 5134 Dec I Nov. 16
5134 Dec. 31 Dec. 10
New England Telep & Teleg
50c Dec. 16 Nov. 29
Newmont Mining Corp
$234 Jan. 2 Dec. 14
New York & Harlem RR.Co.(semi-ann.)
Preferred (semi-ann.)
5234 Jan. 2 Dec. 14
75c Jan. 2 Dec. 31
New York Mutual Telegraph Co. (senal-ann.)__
50c Dec. 28 Dec. 13
New York Transportation (guar.)
Niagara Share Corp. of Md.. class A pref. (qu.)_ $14 Jan. 2 Dec. 13
b2c Dec. 16 Nov. 18
Class B common
$2 Dec. 19 Nov.30
Norfolk & Western Ry. (quar.)
North American Edison Co.. pref. (guar.)
5136 Dec. 2 Nov. 15
52 Jan. 15 Dec. 20
North Central Ry. Co.(semi-ann.)
10c Dec. 16 Dec. 2
North Central Texas Oil (resumed)
25c Jan. 2 Dec. 13
Northern Pipe Line (s.-a.)
Northam Warren Corp., cony. pref. (quar.)-- 75c Nov.30 Nov. 15
Northern RR.of New Jersey, 4% gtd. (quar.)_ _
$1 Dec. 2 Nov. 20
$154 Dec. 16 Dec. 6
Northland Greyhound Lines, Inc
$655 preferred series I (quar.)
$15i Jan. 2 Dec. 20
15c Dec. 10 Nov. 29
North River Insurance (quar.)
Sc Dec. 10 Nov. 29
Extra
Northwestern Public Service.7% preferred
141.31 Dec. 2 Nov. 20
6% preferred
141.125 Dec. 2 Nov. 20
Northwestern Telegraph Co. (semi-ann.)
$154 Jan. 2 Dec. 16
Northwest Utilities 6% pref. (quar.)
Dec. 2No
1 Nov. 27
$1
Dec.
Nova Scotia Lt. & Pr. Co., Ltd.,6% pref.(qu.)_
Ogilvie Flour Mills. preferred (quar.)
Dec. 2 Nov. 20
Oahu Railway & Land Co. (monthly)
15c Dec. 20 Dec. 9
Oahu Sugar Co.(monthly)
20c Dec. 15 Dec. 16
Oahu Sugar, Ltd. (extra)
$1.20 Dec. 14 Dec. 4
Ohio Oil
15c Dec. 14 Oct. 31
Preferred (quarterly)
5154 Dec. 14 Dec. 2
Ohio Power Co.,6% pref. (quar.)
No
ov.12
15
5154 Dec. 1 N
Ohio Public Service Co.. 7% pref. (mo.)
58 1-3c Dec. 2
6% preferred (monthly)
50c Dec. 2 Nov. 15
3% preferred (monthly)
412-3c Dec. 2Nov.15
Oklahoma Gas & Electric Co.6% pref. (qu.),. 134%Dec. 16 Nov.30
7% preferred (quar.)
134%Dec. 16 Nov.30
Old Dominion Co.(resumed)
25c Dec. 14 Nov. 27
Oliver United Filters, class A
1 Nov.30 Nov. 16
Omnibus Corp.. preferred (quar.)
$2 Jan. 2 Dec. 13
Oneida, Ltd.,7% preferred (quar.)
43 Sic Dec. 14 Nov. 30
7% preferred
h$1
Dec. 14 Nov.30
Onomea Sugar Co. (monthly)
20c Dec. 20 Dec. 9
Ontario & Quebec Ry.(semi-ann.)
33 Dec. 2 Nov. 1
Debenture (semi-ann.)
254% Dec. 2 Nov. 1
Oriental Consolidated Mining
50c Nov.30 Nov.21
Oshkosh Overall,$2 cony. preferred (quar.)
50c Dec. 1 Nov. 20
Paauhau Sugar Plantations Co.(monthly)
10c Dec. 5 Nov.30
Pacific American Fisheries (resumed)
25c Dec. 16 Dec. 2
Pacific & Atlantic Teleg. Co.(semi-ann.)
50c Jan. 2 Dec. 14
3488
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Pacific Indemnity (guar.)
15c Jan. 1 Dec. 14
Package Machinery Co. (guar.)
50c Dec. 2 Nov. 20
Pahang Rubber Co. Ltd
Sc Dec. 20 Dec. 13
Paraffine Cos. (quarterly)
50c Dec. 23 Dec. 7
' Parker Pen (guar.)
25c Dec I Nov. 15
Quarterly
25c Mar. 1
Quarterly
25c June 1
Quarterly
25c Sept. 1
Paterson & Passaic Gas & Electric (semi-ann.)_ _ $24 Dec. 2 Nov. 21
Patterson-Sargent (guar.)
25c Dec. 1 Nov. 23
Peerless Woolen Mills. 64% Pref. (s.-a.)
$14 Dec. 1 Nov. 15
Pender (David) Grocery, class A (quarterly)__ _ 8714c Dec. 2 Nov. 21
Penick & Ford (quar.)
75c Dec. 16 Dec. 2
Pennroad Corp
20c Dec. 28 Nov. 22
Penn State Water Corp., $7 pref. (guar.)
$1 K Dec. 1 Nov. 20
Pennsylvania Gas & Electric, A (guar.)
3744c Dec. 2 Nov. 20
7% preferred (guar.)
$1 K Jan. 2 Dec. 20
$7 preferred (quar.)
31 34 Jan. 2 Dec. 20
Pennsylvania Power Co. $6.60 pref. (mthly.)
Mc Dec. 2 Nov. 20
36.6., preferred (monthly)
55e Jan. 2 Dec. 20
$6.60 preferred (monthly)
55c Feb. 1 Jan. 20
$0.60 preferred (monthly)
55c Mar. 2 Feb. 20
$6 pretemsi quaff
$1 34 Dec. 2 Nov 20
$6 preferred (guar.)$134 Mar. 2 Feb. 20
Pennsylvania Water & Power Co.(guar.)
31 Jan. 2 Dec. 16
Preferred (guar.)
$134 Jan. 2 Dec. 16
Peoples Drug Stores (guar.)
25c Jan. 2 Dec. 9
Extra
50c Jan. 2 Dec. 9
Preferred (guar.)
$14 Dec. 16 Dec. 9
Peoples Tele. Corp., 7% pref. (quar.)
$1 K Dec 1 Nov.30
Pet ersnurg RR tit -a.)
$134 Apr. 1 Mar 25
Pet Milk (quarterly)
25c Jan. 1 Dec. 11
Preferred (quarterly)
$134 Jan. 1 Dec. 11
Petroleum Exploration, Inc. (guar.)
25c Dec. 16 Dec. 5
Petroleum & Trading. class A
25c Dec 2 ODec.10
Pfaudler Co. 6% preferred (quar.)
$134 Dec 1 Nov. 29
Phelps Dodge
25c Dec. 14 Nov. 27
Philadelphia Baltimore & Washington RR
$144 Dec. 31 Dec. 16
Phila. Germantown & Morristown RR. Co.(qu.) $134 Dec. 2 Nov. 20
Philadelphia Suburban Water Co.. pref.(guar.). $134 Nov. 30 Nov. 12a
Philadelphia & Trenton RR. (quar.)
$244 Jan. 10 Dec. 31
Phillips Petroleum (quar.)
25c Nov 30 Nov. 1
Extra
25c Nov. 30 Ncv. 1
Phoenix Finance Corp.. 8% pref. (guar.)
50e Jan. 10 Dec. 31
Phoenix Hosiery, cumulative 1st preferred
8744c Dec 1 Nov. 20
Pillsbury Flour Mills (quarterly)
40c Dec 2 Nov. 15
Pioneer Gold Mines of British Columbia (qu.)
20c Jan. 2 Dec. 2
Pioneer Mill, Ltd.(monthly)
20c Dec 1 Nov. 20
Extra
20c Dec. 2 Nov. 21
Pittsburgh Bessemer & Lake Erie pref. (s.-an.)
$144 Dec. 2 Nov. 15
Preferred (s.-a.)
3% Dec. 2 Nov. 15
Pittsburgh Ft. Wayne & Chicago Ry. (quar.)
513' Jan. 2 Dec. 10
7% preferred (quar.)
31% Jan. 71Dec. 10
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (guar.)$1 34 Dec. 2 Nov 20
Placer Development. Ltd. (initial)
50c Dec. 10 Nov. 12
Plymouth Fund, Inc.. A (quarterly)
$14 Dec. I Nov 15
Pollock Paper & Box Co. pref (guar.)
3134 Dec. 15 Dec. 1
Ponce Electric. 7% preferred (guar.)
2 Dec. 13
$134 Jan
Potomac Electric Power, 6% pref. (guar.)
$134 Nov.30 Nov. 15
534% preferred (quarterly)
$134 Nov.30 Nov. 15
Powdrell & Alexander
25c Dec. 16 Dec 2
Preferred (quar.)
$134 Jan. 2 Dec. 16
Prentice-Hall (guar.)
50c Dec. 2 Nov. 20
Preferred (guar.)
75c Dec. 2 Nov. 20
Procter & Gamble. 5% preferred (guar.)
5134 Dec. 14 Nov. 25
Public Electric Light 6% pref. (guar.)
Dec. 1 Nov. 21
$1
Public Service Co. of Colorado 7% pref. (mthly.) 58 I-3c Dec. 2 Nov. 15
6% preferred (monthly)
50c Dec. 2 Nov. 15
5% preferred (monthly)
41 2-3c Dec. 2,Nov. 15
Public Service of New Hampshire36 preferred (quar )
Dec. 16 Nov. 30
$1
$5 preferred (guar.)
$134 Dec. 16 Nov. 30
Public Service Corp. of New Jersey (guar.)
60c Dec. 31 Dec. 2
87 preferred (guar.)
$2 Dec. 31 Dec. 2
7% preferred (quar.
$134 Dec. 31 Dec. 2
57: preferred (guar.
Ri Dec. 31 Dec. 2
6% preferred (monJtly)
50c Nov.30 Nov. I
6% preferred (monthly)
50c Dec. 31 Dec. 2
Public Service Electric & Gas Co.7% pf. (qu.). $1'% Dec. 31 Dec. 2
$5 preferred (guar.)
$194 Dec 31 Dec. 2
Purity Bakeries (guar.)
25c Dec. 2 Nov. 18
Quaker Oats (guar.)
$1 Jan. 15 Dec. 31
Preferred (quar.)
$14 Nov 101Nov. I
Preferred (guar.)
$134 Feb. 29 Feb. I
Queens Borough Gas & Elec. Co.-6% pf. (qu.)._ $144 Jan. 1 Dec. 16
Radio Corp. of Amer., A pref. (guar.)
8744c Jan. 1 Dec. 4
Rainier Pulp & Paper, A (guar.)
50c Dec. 1 Nov. 12
Class B (resumed)
SI Dec. 1 Nov. 12
Rapid Electrotype (guar.)
80c Dec. 15 Dec. 1
Raybestos-Manhattan. Inc
25c Dec 14 Nov. 29
Reading Co . 1st preferred (quarterly)
50c Dec. 12 Nov. 21
Reeves(Dan) Inc..(guar.)
1244c Dec. 16 Nov. 30
634% Preferred (quarterly)
$14 Dec. 16 Nov. 30
Reliance Grain, 634% preferred (guar.)
Dec. 14:Nov 30
$1
Reliance Insurance (Phila.) (semi-ann.)
30c Dec. 14 Nov 29
Extra
20c Dec. 14 Nov. 29
Remington Rand, new 5% pref. (guar.)
314c Jan. 1 Dec. 10
5% preferred new (guar.)
31.4c Apr. 1 Mar. 10
$6 preferred (semi-ann.)
.43 Apr. 1 Mar. 10
Reno Gold Mines, Ltd. (guar.)
3c Jan. 1 Nov.30
Rensselaer & Saratoga RR. (s.-a.)
$4 Jan. 2 Dec. 14
Rex Hide Rubber (extra)
50c Dec. 15 Nov. 30
Reynolds Spring (guar.)
25c Dec. 30 Dec. 16
Reynolds Metals Co.. common (quarterly)
25c Dec. 2 Nov. 15a
54% cumulative preferred (quarterly)
$14 Jan. 2 Dec. 20
Rich's, Inc. (extra)
50c Dec. 14 Dec. 4
Richmond Fredericksburg & Potomac RR
$2 Dec. 31 Dec. 23
Non-voting common (s.-a.)
$2 Dec. 31 Dec. 23
Dividend obligation (3.-a.)
32 Dec. 31 Dec. 23
Rickel (H. W.)& Co.(semi-ann.)
8c Jan. 15 Dec. 20
Extra
4c Jan. 15 Dec. 20
Rike-Kumler (guar.)
25c Dec. 11 Nov. 27
Roan Antelope Copper Mines(Amer. shares)._ _
76c Nov. 30 Nov. 22
Rochester Gas & Elec.. 7% pref. B (quar.)
$134 Dec. 1 Nov. 13
6% preferred 0 & D (guar.)
$134 Dec. 1 Nov. 13
Rolland Paper.6% preferred (guar.)
$144 Dec. 1 Nov. 15
Roos Brothers
25c Dec. 20 Dec. 1
Royallte Oil, Ltd
r50c Dec. 2 Nov. 15
Extra
r25c Dec. 2 Nov. 15
Rubinstein (Helena). preferred
25c Dec. 2 Nov. 20
Ruud Mfg. Co. ((Bar.)
10c Dec. 16 Dec. 6
St. Joseph Lead _
10c Dec. 20 Dec. 9
St. Louis Bridge Co.6% 1st pref. (semi-ann.)_ _ _
$3 Jan. 2 Dec. 15
3% 2d preferred (semi-annual)
*144 Jan. 2 Dec. 15
St. Louis Screw & Bolt, 7% preferred
55134 Nov. 30 Nov. 25
San Carlos Milling Co. (monthly)
20c Dec. 15 Dec. 2
Sandusky Bay Bridge Co.. 7% pref
55334 Dec. 2 Nov. 15
Savannah Electric & Power-8% deb. A (guar.)
$2 Jan. 2 Dec. 10
74% debenture B (guar.)
$14 Jan. 2 Dec. 10
7% debenture C (guar.)
S194 Jan. 2 Dec. 10
64% debenture D (guar.)
$14 Jan. 2 Dec. 10
6% preferred
5514 Jan. 2 Dec. 10
Savannah Gas Co..7% preferred (quarterly)._ _ 43 Kc Dec. 1 Nov. 20
Schiff Co., common (guar.)
50c Dec. 15 Nov.30
Preferred (guar.)
5134 Dec. 15 Nov.30
Seaboard Oil of Del.(quarterly)
I5c Dec. 14 Nov.30
Extra
10c Dec. 14 Nov. 30
Sears, Roebuck (guar.)
50c Dec. 16 Nov 22
50c Dec. 16 Nov. 22
Special
Second International Securities, 1st preferred.. 6244c Jan. 2 Nov. 15
75c Dec. 1 Nov. 15
Second Investors Corp.(R. I.). $3 pref. (guar..)
Name of Company
Nov. 30 1935
Per
Share
Wizen I Holders
Payable of Record
Second Twin Bell Syndicate (monthly)
20c Dec. 15 Nov.30
Secord (Laura) Candy (quarterly)
75c Dec. 2 Nov. 15
Securities Investment Co. of St. Louis,8% pref.
(quarterly)
$2 Jan. I
Selfridge Provincial Stores
24% Nov. 30
Nov.Dec
2N
Ordinary
14
w244%
Amer dep rec for ordinary
w24% Dec 9 Nov 14
Serve', Inc., common (initial)
1244c Dec. 2 Nov. 20a
7% cumulative preferred (quarterly)
$134 Jan. 2 Dec. 20a
Shenango Valley Water Co.6% pref. (guar.)... $14 Dec. 1 Nov. 20
Sherwin Williams Co , 6% pref , series AA (qu.) $134 Dec. 2 Nov. 15
Simon (Wm.) Brewery (guar.)
2c Nov. 30 Nov. 22
Siscol Gold Mines. Ltd.( guar.)
Sc Dec. 16 Nov. 30
S. M. A. Corp. (guar.)
124c Jan. 2 Dec. 20
Extra _
10c Jan. 2 Dec. 20
Smith-Alsop Paint & Varnish preferred (guar.)._ 874c Dec. 2 Nov. 15
Somerset. Union & Middlesex Lighting (s.-a.)._
32 Dec. 2 Nov. 15
Southern California Edison Co.
6% preferred, series B (guar.)
3744c Dec. 15 Nov. 20
South Jersey Gas, Elec. & Trac.8% guar. (5.-a.)
$4 Dec. 2 Nov. 21
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
Spiegei. May Stern 1154% preferred (quar.).-- $194 Feb
1 Jan 15
Standard Coosa-Thatcher Co.,7% pref. (quar.).. $114 Jan. 15 Jan. 15
Standard 011 Co., Inc. In N. J., $25 par value
shares (semi-annually)
50c Dec. 16 Nov. 16
Extra _
25c Dec. 16 Nov. 16
$100 par value shares (semi-annually)
$2 Dec. 16 Nov. 16
Extra
$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 Oil of Kentucky (guar.)
25c Dec. 14 Nov.30
Standard Sliver Lead Mining
lc Dec. 20 Dec. 1
Sterling l'roducts, Inc
95c Dec. 2 Nov. 15a
Stewart-Warner Corp., common (s.-a.)
25c Dec 2 Nov. 1
Extra
25e Dec 2 Nov. 1
Strawbridge & Clothier 6% pref. (guar.)
$114 Dec. 2 Nov. 15
Sun 011 Co.,common (guar.)
q25c Dec. le Nov. 25
Preferred (guar.)
5134 Dec. 2 Nov. 9
Sunset McKee Salesbook, A (guar.)
37 c Dec. 14 Dec. 4
Dec. 14 Dec. 4
Class B (guar.)
Susquehanna Utilities Co . 6% preferred (guar.) $134 Dec. 2 Nov. 20
Sutherland Paper (hi-monthly)
10c Dec. 23 Dec. 13
Extra
10c Dec. 23 Dec. 13
Swan-Finch Oil, preferred
587 Mc Dec. 16 Dec. 2
Swift & Co (quarterly)
1 Dec. 2
25c Jan
Sylvanite Gold Mines (guar.)
Sc Dec. 31 Nov 23
50c Dec. 31 Dec. 10
Tacony-Palmyra Bridge (guar.)
50c Dec. 31 Dec. 10
Class A (guar.)
Tampa Gas 8% preferred (quarterly)
$2 Dec. 1 Nov. 20
Dec. 1 Nov. 20
7% preferred (quarterly)
$I
10c Jan. 2 Dec. 10
Teck-Hughes Gold Mines
Telephone Investment Corp. (monthly)
25c Dec. 1 Nov. 20
Tennessee Electric Power Co.
Jan. 2 Dec. 16
5% first preferred (quar.)
$1
Jan. 2 Dec. 16
6% first preferred (guar.)
SI
7% first preferred (guar.)
$134 Jan. 2 Dec. 16
7 2% first preferred (guar.)
$1.80 Jan. 2 Dec. 16
6% first preferred (monthly)
50c Dec. 2 Nov. 15
6% first preferred (monthly)
50c Jan. 2 Dec. 16
7 2% first preferred (monthly)
60c Dec. 2 Nov. 15
7 2% first inwerrtai (mt-a,thly)
60c Jan. 2 Dec. 16
Terre Haute Water Works, preferred (guar.)._ $144 Dec. 2 Nov. 20
Texas Gulf Sulphur (guar.)
50c Dec. 16 Dec. 2
Tex-O-Kan Flour Mills (guar.)
15c Jan. 2 Dec. 14
Quarterly
pr. 2 Mr14 '36
15e
7% preferred (quar.)
5134 Dec. 1 Nov. 15
Texas Utilities Co.. 7% prof. (guar.)
$134 Dec. 2 Nov. 21
Thatcher Mfg. Co. (quar.)
25c Tan. 2 1/ec. 14
Third Twin Bell Syndicate (bi-monthly)
10c Dec. 31 Dec 28
Thompson Products preferred (quar)
$151 Dec. 1 Nov. 25
Tide Water Power Co $6 pref (guar.)
*114 Dec. 1 Nov. 9
Timken Detroit Axle preferred (guar.)
$134 Dec. 2 Nov. 20
50c Dec. 5 Nov. 20
Timken Roller Bearing Co
$1 Dec. 5 Nov. 20
Extra
1244c Nov.30 Nov. 20
Title Insurance Corp. of St. Louis (guar.)
25c Nov. 30 Nov. 20
Extra
58 -3c Dec. 2 Nov. 15
Toledo Edison Co. 7% preferred (monthly)
50c Dec. 2 Nov. 15
6% preferred (monthly)
41 2-3c Dec. 2 Nov. 15
5% preferred (monthly)
134% Jan. 15 Jan. 2
Toronto Elevator preferred (guar.)
15c Dec. 1 Nov. 15
Tri-State Telep. & Teleg 6% pref. (quar.)
$134 Jan. 2 Dec. 10
Tubize-Chatillon 7% preferred (resumed)
$2 Dec. 5 Nov. 30
Twin Bell 011 Syndicate (monthly)
6244c Dec. 31 Dec. 12a
Underwood Elliott Fisher Co. (guar.)
31.4 Dec. 31 Dec. 12a
Preferred (quarterly)
Unilever N. V., ordinary (interim.)
Union Pacific RR
$134 Jan. 2 Dec. 2
30c Dec. 2 Nov. 15
Union Tank Car Co. (quarterly)
40c Dec. 1 Nov. 4
United Biscuit of America (quarterly)
$1 4
3 Feb. 1 Ian. 16
Preferred (quarterly)
United Dyewood preferred (guar.)
$131 Jan. 2 Dec. 13
10c Dec. 24 Dec. 5
United Elastic Corp. (quar.)
United Gas & Electric Corp.. pref. (guar.)
134% Jan. 1 Dec. 16
United Gas Improvement (quarterly)
25c Dec. 31 Nov. 30
Preferred (quarterly)
$14 Dec. 31 Nov. 30
United Light & Ry. Co. (Del.)
50c Dec. 2 Nov. 15
6% preferred (monthly)
50c Jan. 2 Dec. 16
6% preferred (monthly)
607 preferred (monthly)
50c Feb. 1 Jan. 15
50c Mar. 2 Feb. 15
6%' preferred (monthly)
50c Apr. 1 Mar. 16
64 preferred (monthly)
58 1-3c Dec. 2 Nov. 15
7% preferred (monthly)
58 1-3c Jan. 2 Dec. 16
7% preferred (monthly)
58 1-3c Fob. 1 Jan. 15
7% preferred (monthly)
58 1-3c Mar. 2 Feb. 15
7%': preferred (monthly)
7% preferred (monthly)
581-3c Apr. 1 Mar. It)
Mc Dec. 2 Nov. 15
6.36% preferred (monthly)
2 Dec. 16
63c Jan
6.36% preferred (monthly)
53c Feb. 1 Jan. 15
6.36% preferred (monthly)
6.36% preferred (monthly)
53c Mar. 2 Feb. 15
6.3670 preferred (monthly)
53c Apr. 1 Mar. 16
United National Corp. preferred
15c Dec. 2 Nov. 15
' & Canal Co. (guar.)._ _
United New Jersey RR
3244 Jan. 10 Dec. 20
United States Freight (guar.)
25c Dec. 1 Nov. 21
Extra
25c Dec. 1 Nov. 21
United States Gypsum (guar.)
25c Jan. 2 Dec. 6
Extra
50c Dec. 24 Doc. 6
Preferred (quarterly)
SIK Jan. 2 Dec. 6
United States Industrial Alcohol
50c Jan. 2 Dec. 16a
United States Petroleum (5.-a.)
lc Dec. 15 Dec. 5
United States Pipe & Fdy Co., corn. (guar.)._ _ 1234c Jan. 20 Dec. 31
1st preferred (guar.)
3 c Jan. 20 Dec. 31
United States Playing Card (quarterly)
25c Jan. 1 Dec. 21
Extra
25c Jan. 1 Dec. 21
United Wall Paper Factories, 6% pref
556 Dec. 2 Nov. 20
Upper Michigan Power & Lt. Co..6% pf. (qu.). $134 Feb. 10 Jan. 31
Utica Clinton & Binghamton Ry.—
Debenture stock (s.-a
S244 Dec. 26 Dec. 16
Utica Knitting, 7% preferred
551 St Dec. 2 Nov.30
Utility Equities Corp.. $54 div. priority stock. $134 Dec. 2 Nov. 15
50c Dec. 2 Nov. 22
Vanadium-Alloys Steel Co
2.5c Dec. 1 Nov. 14
Van Raalte Co
$15.1 Dec. I Nov. 14
1st preferred (quarterly)
$2 Dec. 10 Dec. 1
Vapor Car Heating (e,tra)
50c Nov. 30 Nov. 16
Veeder-Root, Inc. (guar.)
$2 Nov. 30 Nov. 16
Extra
534 Dec. 31 Dec. 24
VIchek Tool, 7% Preferred
he$20 Dec. 31 Nov. 16
7% preferred
60c Dec. 2 Nov. 15
Vick Chemical Co., Inc. (quarterly)
10c Dec. 2 Nov. 15
Extra
3489
Financial Chronicle
Volume 141
Name of Company
Victor Monaghan Co..7% Pref.(quar.)
Viking Pump (special)
Preferred (quar.)
Virginia Coal & Iron (quarterly)
Virginia Electric & Power. $6 pref. (quar.)
Virginia Public Service 7% pref. (quar.)
Vogt Manufacturing (quarterly)
Vortex Cup (quar.)
Class A (quar.)
Wagner Electric, preferred (quarterly)
Special
Wa!slue Agricultural, Ltd
Waldorf System, Inc., common
Walker (IL) Gooderham & Worts. pref.(qu.)
Ward Baking 7% preferred (quar.)
Ware River RR., guaranteed (semi-ann.)
Washington Railway & Electric Co
5% preferred (quarterly)
5% preferred (s -a /
Welch Grape Juice Co.. preferred (quarterly)_ _
Resumed)
Wellington Fund (Phila.)
Extra
Wesson Oil & Snowdrift Co., Inc., pref.(quar.)_
Western Auto Supply, A & B (quar.)
Westinghouse Electric & Manufacturing
West Jersey & Seashore RR.(8.-a.)
6% 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 (quar.)
Wheeling Electric Co.6% preferred (quer.)Williams 011-O-Matic Heating
Williamsport Water Co., $6 preferred (quar.)
Wilson & Co., Inc., common.....
Wisconsin Public Service, 7% pref
% preferred
6% preferred
Wiser Oil Co. (quar.)
Woolworth (P. W.) Co. (quarterly)
Woolworth (F. W.) & Co.. Ltd.—
Am. dep. rec 6% Pref. reg. (1.-a.)
Wright-Hargreaves Mines (guar.)
Extra
Wrigley (Win.) Jr. CO. (monthly)
Monthly
Monthly
Monthly
Monthly
Zellers, Ltd., 6% preferred
Per
Share
When Holders
Payable of Record
$1
25c
60c
25c
$1%
$1 A
25c
37 Ac
62Ac
$1 A
50c
nal%
12 Ac
25c
50c
$3 A
$9
$1 A
$2A
$1 M
50c
15c
10c
$1
75c
50c
$114
$114
10c
$1 A
$1
10c
Jan. 1 Dec. 20
Dec. 16 Dec. 1
Dec. 16 Dec. 1
Dec. 2 Nov. 15
Dec. 20 Nov. 20
Jan. 1 Dec. 10
Dec. 2 Nov. 15
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Jan. 1 Dec. 20
Dec. 20 Nov. 29
Nov.30 Nov. 20
Dec. 20 Dec. 10
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
$1
$1
$1
50c
$114
12Ac
8734c
81 Ac
75c
25c
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. 20 Nov.30
Dec. 20 Nov.30
Dec. 20 Nov.30
Jan. 2 Dec. 12
Dec. 2 Nov. 8
sto3%
10c
Sc
25c
25e
25c
25c
25c
$114
Dec. 9 Nov. 15
Jan. 2 Dec. 10
Jan. 2 Dec. 10
Dec. 2 Nov. 20
Jan. 2 Dec. 20
Feb. 1 Jan. 20
Mar 2 Feb 20
Apr. 1 Mar. 20
Dec. 30 Nov.30
a Transfer books not closed for this dividend.
b Niagara Share Corp., class B corn., div. of 2c. payable in cora, stock of
Schoelikopf, Hutton & Pomeroy, Inc. at the rate of one sh. of cora, stock
for each five shs. of class B corn, held.
d A reg. quar. 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. 5 Payable in preferred stock.
k Congress Cigar Co.• Inc.. special div. of $2 per sh. payable In cash or,
at option of stockholders, in 6% bonds of Porto Rican Amer. Tobacco Co.
at 6314 plus accrued interest of $25 per $1.000 bond. Option expires
Nov. 25 1935.
I 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 Walalua 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, $1.14 in cash.
Sun 011 Co. declared that out of the authorized unissued common stock
of the co. a stock dividend be issued in proportion to respective holdings
of coin, stock at the rate of 7 shs, of new stock to each 100 abs. held. Said
stock when issued to be full paid and non-assessable.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s Blue Ridge Corp.. opt.$3 cony. pref., ger. 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.
u Payable in U. S.funds. w Less depositary expenses
z Bon And Co., extra div. payable in class A stock which is held as an
Investment in the treasury of the company, as follows: on class A. 1-100 of a
share for each share held, on class II, 1-200 of a share for each share held.
z Less tax. g A deduction has been made for expenses
z Globe Underwriters, stock div. of 54 sits, 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. 27 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. 23 1935
Clearing House
Members
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.&Tr.Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co._
Marine Midland Tr Co_
New York Trust Co
Comm'
. Nat. Bk. dr Tr_
Pub. Nat. Bk.& Tr. Co_
INNtstla
*Surplus and Net Demand
Deposits,
Undivided
Profits
Average
•Capital
Time
Deposits,
Average
$
$
S•
$
10,747,300
6,000,000
139,161,000
5,755,000
366,148,000
31,619,000
20,000,000
25,431,700
41,881,200 *1,326,745,000 151,483,000
127,500,000
420,452,000
19,207,000
20,000.000
49.711,100
36,204,000
90,000,000 176,613,400 bl 325,140,000
32,935,000
10,297,500
391,094,000
83,362,000
707,174,000
16,640,000
21.000,000
61,523,900
214,004,000
15,000,000
16,726,200
20,680,000
10.000,000
91,767,600
462,209.000
4,112,000
50,000,000
58,021,900
501,311,000
922,000
4,000,000
3.711,500
45.270,000
1,222,000
150,270,000
69,874,900 cb,764,677,000
55,864,000
500,000
3,377,200
45,622,00
25,000,000
63,748,200 d818,164,000
50,453,000
10,000,000
15,530.000
5,314,800
287,000
5,000,000
7,825,200
79,210,000
3,104,000
12,500,000
21,651,600
280.305,000
19,350,000
7,000.000
7,745,600
64,181,000
1,679,000
8,250,000
5,433,500
73,253,000
40,021,000
514 OAR nnn
751 404 son n 044 740 nnn
skt ORA non
Nov. 27 1935 Nov. 20 1935 Nov. 28 1934
Assets—
Gold certificates on hand and due from
3,050,789.000 3,003,588.000 1,768,873,000
U. S. Treasury _x
1.164,000
1,476.000
1,360.000
Redemption fund—F. R. notes
53,713,000 47.052,000
46.806.000
Other cash'
3 098,955.000 3,058,777,000 1,817,089,000
Total reserves
1,636,000
Redemption fund—F. it. bank notes_
Bills discounted:
obligations
Govt.
S.
U.
by
Secured
4,541,000
1.669,000
1,469,000
direct & (or) fully guaranteed
4,676,000
1,994,000
1.999,000
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities_
3.468,000
3.663,000
9,217.000
1,797,000
7,733.000
1,797,000
7,672,000
3,058,000
617,000
60,663,000
499.368,000
181.786,000
66,405,000
493,626,000
181,785,000
140,957,000
449.273,000
187,525,000
741,817,000
741,817,000
777.755,000
• As per official reports: National, Nov. 1 1935 State, Sept. 28 1935; trust
companies. Sept. 28 1935.
Includes deposits In foreign branches: a $217,520,000. b $32,385,000. c $65,960o000. d $27,711,000.
Other sectuitles
Foreign loans on gold
Total bills and securities
754,815,000
754,949,000
789,647.000
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. 22:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE mosrso
BUSINESS FOR THE WEEK ENDED
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
260,000
5,810,000
125,599,000
12,135,000
31,789,000
260,000
7,663,000
147,869,000
12,131,000
30.936.000
294,000
5,515,000
104,611,000
11,569,000
35,568,00J
OF
FRIDAY, NOV. 22 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Other Cads, Res. Dep., Dep Other
Disc, and including N. Y. and Banks and
Investments Rank Notes lateiWIMITO Trust Cos.
$
Manhattan—
21,283,400
Grace National
Sterling National- __ 15,671,000
4.228,854
Trade Bank of N.‘''
Brooklyn—
sh.,-,..1,..,, worionhl_ _ _ 4.635.000
$
102,300
681,000
278,539
$
3,144,700
3.416,000
1,498,040
95.000
780.000
Gross
Deposit,
8
$
2,044,000 23,025,600
3,473,000 20,839,000
142,460 5,218,642
398.000
3.412 nnn
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
win.. Onnnto
3
49,891,900
7,529,460
9,706,203
16,503,900
29,061,300
61,131,657
Cash
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere Trust Co.
$
$
*9,684,200 8,479,300
160,550
622,283
630,812
*831,960
*3.679,600 1,807,400
*8,160,400 1,466,200
24,562,427 17,318.876
Orals
Deposits
$
$
3,289,500 60,146,700
2,043,429 8,573,218
9,165,687
1,952,300 19.277,800
36.350,500
74.106,259
2,887,000 38,649,000
136,000 112,872,000
2.202.273 8.121.643
33.597.05(1
Reserve
as
Empire,
follows;
$8,394,300; Fidu• Includes amount with Federal
ciary, $526,679; Fulton, $3,455,000; Lawyers County, $7,515,100.
78,893,000
TR 0£14 125
Total amt.
4,029,363,000 4.012.585.000 2,765,929,000
lAalAttlies—
792,676,000 762.900.000 668,324,000
F. R. notes In actual circulation
26,759,000
F. II. bank notes in actual circulation net
Deposits—Member bank reserve seal_ _ 2,777,837,000 2,779.871,000 1.694,324,000
19,396.000
42.110.000
14,644,000
U S Treasurer—General account_ _
10,282,000
5,344,000
16,726,000
Foreign bank
176,168,000 168,006,000 94,944,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,985,375,000 2.977,555.000 1,836.722,000
125,295,000 145,947.000 102.321.000
59,583,000
51,006.000
51,005,000
45,217,000
49.964,000
49.964,000
7,250,000
7,250,000
4,737,000
7,500,000
7,500,000
22,266,000
10,463,000
10,298,000
4,029,363,000 4,012,585,000 3,765,929,000
Total liabilities
Ratio of total reserves to deposit and
72.5%
82.0%
81.8%
F R. note liabilities combined
contingent liability on bills eurobond
292,000
for foreign correspondents
Commitments to make Industrial ad2,113,000
9.491,000
10,003,000
WOMB
•-other cash" does not include Federal Reserve notes or a bank's own Faders
.tes
.t
Reetre
zeTheeseeanakreno
1fIcates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the Mr
ferenee. the difference Itself having been appropriated as Profit by the Treasury
1JDOPI II,e ,,,^1,121010 of the Gold Reserve Act of 1934.
Financial Chronicle
Nov. 30 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 Friday afternoon, Nov. 29,
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 OP BUSINESS NOV. 27 1935
Nov. 27 1935 Nov. 20 1933 Nov.131035 Nov. 6 1935 Oct. 30 1935 Oct. 23 1935 Oct
16 1935 Oct. 9 1935 Nov. 28 1934
ASSETS
S
s
S
s
s
$
s
s
s
Gold ctf5. on hand dc due from U.8.Treas.k 7,266,651,000 7.161,648,000 7,124,156,000 7.063.156,000 7.026,623,000 6.979,122,000
6.593,618,000 6.725.656,000 5,087,272,000
Redemption fund (F. R. notes)
18.508,000
17,668,000
18,595,000
20,138,000
19,370,000
19,727,000
18,470,000
18,687,000
19.250.000
Other cash •
227,249,000 242,110,000 234,685.000 223,634,000 238,953,000 232,392,000 218,896.000 207,251,000 220,216,000
Total reserves
7,511,568,000 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 5,327,626,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
B1114 bought In open market
Industrial advances
33.8. Government securities-Bonds
Treasury notes
Certificates and bills
1,886,000
3,200,000
2,832,000
2,500,000
2,922.000
5,569,000
3.497,000
3,773,000
3,028,000
2,999,000
3,129,000
3,407,000
3,335,000
4,779,000
4,646,000
4,150,000
5,437.000
7,315,000
7,607,000
6,032,000
5,422,000
9.066,000
6,801.000
6,128,000
6,742,000
9,4253)00
-
9.587,000
14.922,000
4,674,000
32,634.000
4,674,000
32,562,000
4,677,000
32,689,000
4,676,000
32.677,000
4,676,000
32.719,000
4,676.000
32,640.000
4,679,000
32,477.000
4,686,000
32.721.000
5,683,000
9,769,000
219,940,000 225.753,000 230,001,000 235,447,000 238,923,000 238.970.000 238,939.000 238,954.000 395,544,000
1,651,757,000 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 1,410,257,000
558,482,000 558.482,000 556,162.000 556,163,000 556,162,000 560,567.000 559,128,000 554,681,000 624,368,000
2.430.179,000 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 2.430,169,000
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
181,000
2,473,700,000 2,473,083,000 2,476.785,000 2.474.532,000 2,473,876,000 2,474,458,000 2,476,950,000 2,477,384,000 2,460,543,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other asset..
645,000
20,038,000
531,236,000
50,278,000
43,329,000
645,000
23,945,000
599,082,000
50,274,000
42,518,000
641.000
22,139,000
606,040,000
50,230.000
42,057,000
641,000
21.829,000
477,338.000
50,169,000
41,137,000
641.000
803,000
639.000
646,000
641,000
21,864,000
21,846,0(10
24,041,000
22,107,000
21,447.000
507,936,000 544.379.000 770,161,000 475,590,000 425,277,000
50,121.000
50,169,000
50,169.000
53,164,000
50,169,000
50,561,000
44.254.000
39,928,000
40,667.000
41,932,000
10,630,794,000 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 8,339,901,000
Total assets
Id ARI:ITIRS
F. R. notes In actual circulation
F. R. bank notes In actual circulation_
•
3,626,782,000 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 3.188,471,000
27,774,0011
Deposits-Member banks' reserve Account 5,788,991,000 5,781,642,000 5,745,948.000 5.671,235,000 5,652,989,000 5,575,016,000 5.834,326,000 5.329,807,000 4,118,453,000
50,458,000
77,772,000
U. S Treasurer-General account-- 53,768,000
59.719,000
85,576,000
60,327.000
53,994.000
98,919,000
60.279,000
26,131,000
29,396.000
Foreign banks
43,787,000
22,501,000
14,826,000
22,919.000
16,992,000
25,402,000
21.848.000
Other deposits
237,782,000 232,142,000 222,753,000 213,724,000 270,744,000 269,918,000 284,414,000 298,059,000 143,000,000
6,124,328,000 6,093,638,000 6,072,609.000 5,967.179,000 6,009,414,000 5.965,701,000 5,895,653,000 5.703,019,000 4,354,021,000
Total deposits
Deferred availability items
Capital paid In
Surplus (Sectlor 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
601,723,000 682,195,000 490,231,000 508.913,000 547.197.000 751,380,000 475.791,000 427,116,000
130,306.000 130,363,000 130.364,000 130.356,000 130.395,000 130,355,000 130.518.000 146,879,000
144,893,000 144,893.000 144.893,000 144.893,000 144,893,000 144,893,000 144.893,000 138,383,000
23,457,000
23,457.000
23,457,000
23.457.000
23,457,000
23,457.000
2,682,009
23.457.000
30,700,000 130.690.000
30,609,000
30.694.000
30,697,000
30,698.000
22,291,000
30,698.000
16,770.000 519,815,000
21,729,000
14.848,000
14,813,000
15,415,000
22,254,000
32,284,000
-0,630,794,000 10,611,903.000 10.666.118,00010.371.850,000 10,38001,000 10362,622,000 0.495,514,000 10022,009,000 8,339,901,000
533,284,000
130,436,000
144,893,000
23,457.000
30,700,000
16.914,000
Total liabilities
Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Inch:stria' advances
__Maturity Distributtcn of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
770%
76.8%
76.6%
76.7%
76.5%
76.3%
75.9%
75.6%
70.6%
490,000
28,002,000
527,486,000
27,373,000
27.336.000
527,047,000
26,914,000
26.791,000
26.859.000
6,657,000
S
3,761,000
784,000
231,000
118,01k
1,138,000
$
3,566,000
712,000
162.000
275,000
707,000
S
7.116,000
41,000
847,000
307.000
755,000
$
4,374,000
553.000
853.000
194,000
827,000
$
3,749,000
597,000
876,000
347,000
659,000
$
4,369,000
85,000
1.329,000
308,000
651.000
S
7,224,000
273,000
670,000
870,000
388,000
$
7.617.000
21(1,000
748.000
849.000
163.000
$
9,884,000
866.000
398,000
699,000
25,000
6.032,000
5.422.000
9,066,000
6,801,000
6.128.000
6,742.000
9.425,000
9,587,000
11,872,000
532.000
1,958,000
713,000
1,471,000
1,524,000
644.000
2,350,000
156,000
761,000
532,000
403.000
2.981,000
156,000
722.000
407.000
3.391,000
165.000
632,000
521,000
3,308.000
695.000
227,000
941,000
2,813,000
3,221.000
109,000
1,065,000
284,000
616.000
2,789.000
845,000
436,000
2,745,000
250,000
1,799,000
889.000
4,674.000
4.674,000
4.677,000
4,676,000
4,676,000
4,676,000
4.679,000
4,680,000
5,683,000
1,530,000
435,000
684.000
987,000
38.908,000
1,665,000
395,000
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
808.000
712,000
29.174,000
1.794.000
320.000
531.000
688.000
29.388,000
42,000
82,000
164,000
235,000
9,245,000
32,634,000
32,562,000
32.689,000
32,677.000
32,719.000
32.640,000
33,477,000
32,721.000
9,769,000
1-15 days U. S. Government securities
23,360.000
22,760,000
32,550,000
33,830,000
28.925.000
35,560,000
27,500,000
34.445.000
16-30 days U. S. Government securities
112,050,000 111,110,000
33,830,000
32.550.000
23,360,000
22,760.000
27.500,000
28.925.000
31-60 days U. S. Government securities
59,320,00( 139,300,000 145,360,000 145.880,000 143.660,000 132.223,000
56,925,000
5.5.310.000
61-90 days U. S. Government securities_
62,618,000
62,743,000
76,993,000
50,405,000
59,320,000
56,925,000
64,207,000 146,360,000
Over 90 days U.S. Government securities_ 2,164,756,000 2,164,521,000 2.156.609.000 2.179.032,000 2.176,507.000 2,175.554,000 2,170,638.0002,165.169.000
193,576,000
65,899,000
78,200,000
284,694,000
Total bills discounted
1-15 daysbills bought In open market
16-30 days bids bought In open market
81-80 days bills bought In open market
61-90 days bills bought In open market_ _.
Over 90 days bills bought in open market
Total biller, bought In open market
1-15 days Industrial advances
16-30 days Industrial advances
81-80 days Industrial advances
1-90 (lays Industrial advances
Over 90 days Industrial advances
Total indu.strial advances
Total U.S. Government securities
1-15 days other securities
13-30 (lays other securities
31-60 days other securities
61-90 days other securities
Over 90 (lays other securities
Total other securities
2,430,179.000 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
181,000
181.000
181,000
181.000
181.000
181,000
181,000
181.000
181,000
-
181,000
181,000
181.000
181.000
181,000
181,000
181.000
624,368,000
Federal Reserve NotesIssued to F. R Bank by F. R. Agent-- 3,897.108 000 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 3,464,219,000
Held by federal Reserve Bank
270,326,000 303.781.000 301,537,000 283,211.000 301,619,000 308.386,000 294,977,000 293,494,000 275,748,000
In actual circulation
3,626,732,000 3,570.416,000 3,562.087.000 3.563.254,000 3,511,319,000 3.504.866.0003.504,554,000 3.498.789,000 3,188,471,000
Collate( at Held by Agent as Security for
Notes Issued to BankGold ctts. on nand & due from U.S. Treas. 3,824,343,000 3,779,343,000 3,773,843,000 3.747,518,000 3,712,018,000 3,698,018,000 3,691,018.000 3.658.018.000 3,243.416,000
By eligible paper.
7.511.000
.
3,882,000
4,494.000
5,244.000
4,668,000
8,131,000
7.970,000
5.240.000
10,237,000
U. S. Government securities
109,100,000 125.900,000 124,500,000 129.500,000 138.000,000 147,000.000 139,000,000 160,900.000 258,700,000
Total collateral
3.937.937.00013.909.125.000 3.905,834.000 3,882.262.000 3.854.686.000 3.850.258.000 3.837.988.000 3.827.049.000 3.512.35.1.one
•-Other eash- does not Include Federal Reserve notes. I Revised figure.
x nese are Certificates given by the LI S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 Cents
on Jan 31 1934, these certifleates being worth less to ins extent of Site difference. ins difference Itself rutting been sooropriated as Wont 0 the Treasury
under the
provisions or the Gold Reserve 400 01 1934.
3491
Financial Chronicle
Volume 141
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV.27 1935
Two Ciphers (00) °miffed
Federal Reserve Bank of-
Total
New York
Boston
Clefelantil Richmond Atlanta
Phila.
81.LOVISI Minneap. Kos. ens
Chicago
Dallas San Fresi
RESOURCES
Gold certificates on hand and due
7,268,651,0 470,904,0 3,050,789,0 346,707,0 494,627,0 236,249,0 163,955,0 1,405,016,0 220,639.0 139,785,0 194,192,0 115,702,0 428,086,0
from U. S. Treasury
883,0
711,0 2,947,0
262,0
714,0
846,0
17,668,0 3,190,0
1,360,0 1,365,0 1,239,0 1,191,0 2,960,0
Redemption fund-F.R. notes-26,937,0 13,459,0 7,735,0 14,242,0 6,363,0 14,725,0
227,249,0 32,219,0
46,806,0 29,254,0 13,989,0 11,766,0 9,754,0
Outer cash_•
7,511,568,0 506,313,0 3,098,955,0 377,326,0 509,855,0 249,206,0 176,669,0 1,432,667,0 234,944,0 147,782.0 209,317,0 122,776,0 445,758.0
Total reserves
Bills discounted.
Sec. by U. S. Govt. obligations
45,0
39,0
10,0
88,0
200,0
50,0
62,0
15,0
1,469,0
308,0
914,0
3,200,0
direct At (or)fully guaranteed
7,0
609,0
30,0
64,0
7,0
12,0
27,0
4,0
10,0
1,999,0
47,0
16,0
2,832,0
Other bills discounted
Total DIM discounted
6,032,0
930,0
•34680
355,0
25,0
66,0
77,0
212,0
95,0
74,0
648,0
30.0
52,0
Bills bought in open market_.
Industrial advances
U. S. Government securities:
Bonds
Treasury notes.
Certificates and bills
4,674,0
32,634,0
345,0
2,989,0
1.797,0
7,733,0
474,0
6,928,0
444,0
1,774,0
173,0
4,412,0
168,0
993,0
555,0
1,888,0
79,0
403,0
64,0
1,729,0
126.0
1,130,0
122,0
1,792,0
327,0
863,0
219,940,0 14,420,0
1,651,757,0 108,478,0
558,482,0 34,773,0
60,664,0 16,348,0 19,069,0 10,209,0 8,240,0
499.367,0 122,288,0 150,660,0 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 12,965,0 9,514,0 18,033,0 17,435,0
243,634,0 74,923,0 47.544,0 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 if 8. Govt.securities. 2,430,179.0 157,671,0
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 75,583,0 106,844,0 78,975,0 199,331,0
181,0
2,473,700,0 161,935,0
754,815,0 184,877,0 220,267,0 121,367,0 95,447,0
358.344,0 108,777,0 77,450,0 108,929,0 80,919,0 200,573,0
48,0
645,0
415,0
20,038,0
531,236,0 57,641,0
50,278,0 3,168,0
510,0
43,329,0
23,0
24,0
61,0
66,0
260.0
5,810,0
842,0 1,411,0 2,805,0 1,353,0
125,599,0 42,331,0 48,921,0 46,090,0 19,036,0
12,135,0 4,805,0 6,632,0 3,028,0 2,331,0
31,789,0 3,975,0 1,513,0 1,080,0 1,490,0
45,0
16,0
17,0
4,0
3,0
78,0
333.0 1,941,0
866,0 1,046,0
2,162,0 1,054,0
74,700,0 22,179,0 15,282.6 29,847,0 19,498,0 30,112,0
4,967,0 2,628,0 1,580,0 3,449,0 1,686,0 3,869,0
388,0
904,0
338,0
265,0
470,0
607,0
Total bills and securities
Due from foreign banks__
Fed. Res. notes of other banks
Uncollected items
Bank premises
All other resources
10630 794,0 730,030.0 4,029,363,0 614,222,0 788,660,0 423,600,0 296,349,0 1,873,525,0 369,851,0 243,433,0 352,943,0 226,132,0 682,686,0
Total resources
LIABILITIES
Ps R. notes In actual circulation_ 3,626,782,0 309,976,0
792,676,0 267,872,0 343,567,0 185,226,0 151,122,0
828,770.0 155,836,0 108,264,0 137,580,0 71,899,0 273,994,0
Deposits:
Member bank reserve account_ ,788,991,0 329,263,0 2,777,837,0 253,159,0 353,184,0 169,184,0 107,196.0
U. S. Treasurer-Gen. scot_
14,644,0 1,563,0 5,313,0 5,323,0 1,821,0
53,768,0 2,591,0
Foreign bank
16,726,0 4,239,0 4,088,0 1,584.0 1,541,0
43,787,0 3,083,0
Other deposits
237,782,0 2,746.0 176,168.0 14,379,0 2,667,0 1,730,0 3,264,0
903,645,0 168,460,0 102,879,0 170,088,0 115,595.0 338,501,0
830,0 1,814,0
12,955,0 2,059,0 1,090,0 3,765,0
9,967,0 1,285,0 1,028,0 1,156,0 1,113,0 2,997,0
3,200,6 8,423,0 5,517,0 1,242,0 4,706,0 13,745,0
6,124,328,0 337,683,0 2,985,375,0 273,335,0 365,232,0 177.821,0 113.822,0
924,767,0 180,227,0 110,514,0 176,251,0 122,244,0 357,057.0
125,295,0 41,629,0 48,496,0 45,724,0 18,114,0
51,005,0 12,326,0 12,297.0 4,591,0 4,172,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
754,0
7,250,0 2,098,0 1,007,0 3,335,0
7,500,0 2,995,0 3,000,0 1,411,0 2,516,0
309,0
10,298,0
306,0
690,0
497.0
77,273,0 23,530,0 15,792,0 29,296,0 21,510,0 28,963,0
11,992,0 3,732,0 3,001,0 3,905,0 3,783,0 10,197,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
804,0
547,0 1,003,0 1,142,0 1,252,0
1,391,0
836,0 1.363,0 2,046,0
891,0 1,169,0
5,325,0
480,0
304.0
320.0
270,0
433,0
2,657,0
Total deposits
Deferred availability items
Capital Paid In
Surplus (Section 7).....
Siirplus (Section 13-b)
Reserve for contingencies
All other liabilities
533,284,0 58,162,0
130,436,0 9,435,0
144,893,0 9,902,0
23,457,0 2,874,0
30,700,0 1,648,0
350,0
16.914,0
10630 794,0 730,030,0 4,029,363,0 614,222,0 788,660,0 423,600,0 296,349,0 1,873,525.0 369,851,0 243,433,0 352,943,0 226,132,0 682,686,0
Total liabilities
Ratio of total roe to dep. & F. R.
note liabilities combined
Committnieuts to mate industrial
advances
• Other 011811
77.0
78.2
82.0
69.7
71.9
68.6
66.7
81.7
69.9
67.5
66.7
63.2
70.6
28,002,0
3,223,0
10.003,0
855,0
1,821,0
2,050,0
461,0
523,0
2,319,0
139,0
1,353,0
596,0
4,659,0
Qom n.,1 oloasur
ttevave
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Total
Boston
New York
Phila.
s
s
Federal Reserve notes:
8
i
Issued to F.R.Bk.by F.R.Agt. 3,897,108,0 339,577,0
Held by Fed'1 Reserve Bank-. 270,326,0 29,601,0
In actual circulation
3,626,782,0 309,976,0
Collateral held by Agent as V'
entity for notes issued to Gk.'
Gold certificates on hand and
due from U. S. Treasury._ 3,824,343,0 346,617,0
Eligible paper
4,494,0
923,0
U. S. Government mourities- 109.100,0
TntAleMlataral
.1 0.17 0.17n 217 54n A
Chicago
Cleveland Richmond &mato
s
$
s
$
St. LOMA Minneap Kan. Cite
$
s
$
Dallas San Fria
- ---
s
$
887,259,0 278,284,0 358,037,0 194,928,0 169,626,0
94,583,0 10,412,0 14,470,0 9,702,0 18,504,0
792,676,0 267,872,0 393,567,0 185,226,0 151,122,0
861,772,0 162.107,0 111,557.0 145,106,0 78,484,0 310,371,0
33,002,0 6,271,0 3,293,0 7,526,0 6,585,0 36,377,0
893,706,0 273,000,0 358,940,0 178,000,0 125,685.0
73,0
1,999,0
345,0
62,0
15,0
5,000,0
18,000,0 47,000,0
871,000,0 159,632,0 106,500,0 133,000,0 74,000,0 304,263,0
45,0
27.0
643,0
92,0
70,0
200,0
3,000,0 6,100,0 15,000,0 5,000,0 10,000.0
ROA man 270 215 A ass no., it Ina na9 it 179 760 1)
R71290 0 182 724 n 11287110 148643_0 79_027.0314.3138.0
828,770,0 155,836,0 108,264,0 137,580,0 71,899,0 273,994.0
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 hanks for a week later.
The statement beginning with Nov. 6 1935 covers reporting banks in 101 leading cities, as It did prior to the banking holiday in 1933, Instead of 91 cities, and has
also been revised further so as to show additional Items. The amount of "Loans to banks" was Included heretofore partly In "Loans on securities-to others" and partly
In "Other loans." ,The Item -Demand deposits-adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations,
associations, States, counties. municipalities. &c.. minus the amount of cash items reported as on hand or in process of collection. 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 Rem
"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 ail assets not otherwise specified, less cash Items reported as on
hand or In process of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES. BY DISTRICTS. ON NOV.20 1935 (In Millions of Dollars)
Federal Reserve DistrictASSETS
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'l paper bought_
Loans on real estate
Lonna 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 valut
Due from domestic banks
Other lig:tete-net
LIABILITIES
Demand deposits-adjusted
Time deposits
United States Govt. deposits
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
nanirsi arentint
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louts sifinneap. Nan. City
San Fran.
Dallas
20,490
1.141
8,684
1,098
1,699
575
508
2,671
588
380
630
440
2,076
819
155
5
24
804
61
6
12
9
2
4
1
27
4
1
2
3
1
1
7
2,082
340
1,141
86
3,379
8,333
1,135
3,020
149
41
86
3
285
373
20
155
890
159
241
48
1,317
3,573
403
1,188
148
22
69
3
169
287
94
288
225
65
3
7
189
20
51
177
106
777
262
74
38
240
74
48
6
21
1
145
168
41
74
218
31
65
10
335
1,476
161
347
58
11
39
8
111
208
53
96
31
9
6
4.754
346
2,350
1,381
262
94
131
82
2,536
69
165
552
193
15
156
95
276
30
217
110
112
16
167
36
66
9
150
46
753
58
421
116
13,819
4,872
502
912
302
11
6,248
986
196
733
258
24
968
673
41
360
191
17
296
172
21
5,430
380
I
803
3.514
226
8
2,294
349
1
334
1.805
294
4
306
1
221
20
224
15
290
31
06
21
2311
129
142
18
44
42
25
15
6
125
244
52
116
40
1
21
128
154
51
44
168
25
369
1
352
889
130
354
126
11
136
27
58
5
109
20
107
12
278
37
69
9
180
29
196
18
240
231
2,092
739
83
373
174
9
266
120
8
450
146
9
324
122
17
797
989
66
195
1
720
6
241
114
1
367
184
268
10
11
02
38
241
10
01
6
67
3
00
5
75
309
.•
3492
Financial Chronicle
b
Eire .41
damuttrilQ`- 411
Nov. 30 1935
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Nov. 29
Figures after decimal point represent one or more 32ds of
a point.
Sinanriat
(it1jriintrig
PUBLISHED WEEKLY
hu.
Ins.
WILLIAM B. DANA COMPANY, F ublishers,
maturuv
Rase
William Street. Corner Spruce. New York.
June 15 1936Dec. 15 1939_
Mar. 15 1939June 15 1940Sept. 15 1936_
Mar. 15 1940_
June 15 1939...
Sept 15 1938_
Dec. 15 1935___
184%
184%
1/4%
134%
114%
154%
284%
234%
2Wet
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.
Bid
10022
100 12
100.29
100 20
101.6
101
102.27
104.14
mils
Asked
Maturity
Rate
100.24
100.14
100.31
100 22
101.8
101.2
102.29
10418
100.17
Feb. 1 1938_
Dec. 15 1938_
Apr. 15 1936.-June 15 1938--Feb. 15 1937_
Apr. 15 1937-Mat. 15 1938-Aug. 11938...
Sept. 15 1937_
284%
284%
214%
214%
3%
3%
3%
Asked
854
104.19
102.28
10/ 8
105.8
103.161
103 301
105 12
sm % 102 8
3/04) 105 10
104.21
102 30
101.10
105.10
103.18
104
105 14
102.10
105.12
TRANSACTIONS AT THE NEW YORE STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Daily Record of U. S. Bond Prices Nov. 23 Nov. 25 Nov. 26 Nov. 27 Nov. 28 Nov. 29
Treasury
'N.1947-52
!High
Low_
Close
Total sales in 11.000 units___
righ
Low_
4s. 1944-54
Close
Total sales 6.11000 anus__
{High
Low.
43(.-33j1, 1943-45
Close
Total saki in $1,000
_
units_illigh
a84s, 1946-56
Low_
Close
Total ales in 11,0005n0,...
115.3
115.3
115.3
3
110.23
110.23
110.23
I
105.7
105.5
105.7
19
----
115.2
115.2
115.2
3
110.23
110.19
110.19
4
105.6
105.6
105.6
5
109.5
109.2
--- 109.5
4
----
115.2
115.2
115.2
10
110.18
110.18
110.18
10
105.5
105.5
105.5
5
109.2
109
109
43
115.3
114.31
114.31
6
110.19
110.16
110.19
4
105.6
105.4
105.6
60
108.30
108.30
108.30
12
108.2
106.2
106.2
115.3
115
115.3
3
110.20
110.18
110.18
13
105.5
105.4
105.5
153
109.2
108.30
109.2
6
Ms.1943-47
Total sales in $1,000 units__
3
--ia--i7-:i7
102.
ligl 102.
102
102.18
iLow 102.16 102.15 102.15 102.18
as.1951-55
Glyn 102.17 102.15 102.17 102.16
Total sales ilis $1,000 units_ _
58
19
61
13
---- 102.16 102.17 102.17
(High
Ili. 1946-68
---- 102.15 302.14 102.14
Low_
Close
---- 102.15 102.15 102.17
Total sales in SLOW units_
16
140
265
-.- 107.6 107.4 107.6
(High 1074
IN.. 1940-43
Low_ 107.4 107.6 107.4 107.8
Gime 107.4 107.6 107.4 107.6
Total sake In $1,000 units_
1
8
2
1
Irma 107.8 107.7 107.7 107.7
'Ms. 1941-43
Low_ 107.8 107.5 107.5 107.4
Close' 107.8 107.7 107.5 107.7
Total sales in 11.000 units_
I
14
2
11
(High 103.17 103.19 103.14 103.17
*Ms. 1948-49
Low_ 103.17 103.15 103.14 103.13
Close 103.17 103.15 103.14 103.17
Total sales in $1,000 units_10
17
5
12
(High103.13 103.12 103.11 103.11
IN.. 1949-52
Low 103.11 103.11 103.10 103.8 HOLTClose 103.11 103.11 103.10 103.11 DAY
Total sales as 11.000 snits_ .
46
7
88
45
(High 107.21
_.-- 107.22
Ms. 1941
Low_ 107.20
-_ 107.19
-____ 107.19
Close 107.21
Total sales in $1.000 units.-4
__
8
_ __
_(High 104.27 104.29
104.29 104.25
INS. 1944-48
Low_ 104.26 104.26 104.26 104.22
Close 104.27 104.28 104.26 104.22
Total sales in 81.000 units_
II
29
42
35
(High 99.31 100
99.31 99.29
1ha. 1955-80
Low.. 99.29 99.28 99.28 99.26
99.29
99.31
Close
99.28 99.28
Total sales in $1,000 units_ __
76
49
164
62
(High 100.25 100.26 100.24 100.22
284s. 1945-1947
Low. 100.22 100.23 100.22 100.20
Close 100.23 100.25 100.22 100.22
Teta .sales in $1,000 units_
28
19
15
99
Federal Farm Mortgage (High102.15
134., 1944-64
lLow 102.15
'Close 102.15
Total sales in $1,000 units_ .
2
Federal Farm Mortgage {High 10.28
108.27 11111:29 100-.28
8.. 1944-49
Low. 100.28 100.27 100.25 100.28
Close 100.28 100.27 100.25 100.28
Total sales in $1,000 units_ __
5
3
26
10
rederal Farm Mortgage
High 101.14 101.11 101.12 101.11
3s, 1942-47
Low_ 101.14 101.11 101.11 101.10
Close 101.14 101.11 101.11 101.11
Total sales in $1.000 units...
12
4
54
2
Federal Farm Mortgage
High
--...... 100.3 100
23s, 1942-47
Low
--------100.2 100
Close
--------100.2 100
Total saleatn 31,000 units.
13
---1
- -tome Owners' Loan
{High 100.23 100:24 100.23 100.22
3s, series A 1944 52
Low_ 100.21 100.20 100.19 100.20
Close 100.23 100.20 100.20 100.22
Total saw Rs Ito® units21
7
33
13
Some 0-ners' Loan
I
(High
99.17 99.19 99.16 99.16
•iis. series 13, 1939-49_ Low_ 99.16 99.15 99.14 99.14
Close 99.16 99.16 99.15 99.15
Total saw Si. 31.000 units._
72
60
114
52
102.17
102.15
102.17
10
102.17
102.13
102.16
7
107.7
107.4
107.4
5
107.4
107.4
107.4
1
103.17
103.14
103.17
9
103.13
103.13
103.13
1
107.21
107.21
107.21
1
104.26
104.23
104.25
9
99.29
99.26
99.28
30
100.22
100.20
100.20
10
102.14
102.14
102.14
1
100.25
100.24
100.24
50
101.10
101.10
101.10
100,22
100.20
100.22
14
99.15
99.13
99.13
42
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 Treasury 3Ms 1943-45
105.3 to 105.3
5 Treasury 3s 1951-55
1 Treasury 3hs 1944-46
5 Treasury 2848 1955-60
102.14 to 102.14
104.23 to 104.23
99.28 to 99.28
United States Treasury Bills-Friday, Nov. 29
Rates quoted are for discount at purchase.
Bid
Dec. 4 1935
Dec. 11 1935
Dec. 18 1935
Dec. 24 1935
Dec 311955
Jan. 8 1936
Jan. 15 1936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1938
Feb. 111935
Feb. 19 1936
Feb. 26 1936
Mar. 4 1936
Mar. 11 1936
Mar. 18 1938
Mar. 25 1938
Apr. 1 1938
Apr. 8 1938
0.10%
0 10%
0.10%
0.10%
0 10%
015%
0.15%
0 15 %
0.15%
0.15%
0.15%
015%
0 15%
0.159'
0.15%
0.15%
015%
0.20%
0.209'-
Asked
Apr. 15 1936
Apr. 22 1936
Apr 29 1936
May 6 1938
May 13 1936
May 20 1938
May 27 1936
June 3 1936
June 10 1936
June 17 1938
June 24 1936
July 1 1938
July 8 1938
July 15 1938
July 22 1936
July 29 1936
Aug 5 1936
Aug. 12 1936
Aug. 19 1936
Amr. 28 10311
ma
Asked
0.20%
0.20%
0.20%
020%
0.20%
0.20%
0.20%
0.20 %
0.20%
0.20%
0.20%
020",
0.20%
020%
0.20%
020 o
020 %
0.201
0 20 %
n 20 or_
-......
Week 1?nded
NO,. 29 1935
Saturday
Monday
Tuesday
Wednesday_ - - Thursday
Friday
Totei
Male,
Railroad
Stocks.
Number of and Missell. Municipal &
Bonds
Porn Bonds
Shares
$804,000
1.268,000
1,215,000
1,328,000
Total
Bond
Sales
1,819.130 18,732,000
3,372,355 16,349,000
2,331.510 12,812,000
1,859.410 12,237,000
HOLI DAY
2,170,860 12,483,000
1,430,000
$392,000 $9,928,000
357,000 17,974,000
832,000 14,859,000
717,000 14,282,000
HOLI DAY
310,000 14,203,000
ii AAA 9RA 562 A93.800
S8.045.000
32.808.000 371.246.000
Sales at
New York Stock
Exchange
Week Ended Nov. 29
1934
1935
Stocks-No. of shares_
Bonds
Government
State and foreign
Railroad & industrial
Total
Untied
States
Bonds
Jan. 1 to Nos. 29
1935
1934
11.553,265
5,060,870
335,376,125
300,248,022
$2,608,000
11,045,000
62,593,000
88.392,000
9,014,000
38,368,000
$853,315,000
344,140,000
2,021,032,000
$832,391,700
558,640,000
2,082,331,000
371.2413,000 353,774.000 33,018,487,000 $3.453.362,700
CURRENT
NOTICES
-An important flow of corporate capital expenditure appears to have
started as a result of growing confidence on the part of business leaders
that industrial betterment already experienced has a firm foundation and
that the rights of private property will be protected by the courts. it is
noted by the investment banking firm of Edward B. Smith St Co. in their
current issue of "The Outlook for Equities." This cheerfulness, the
review adds, prevails amongst the agricultural population as well as the
industrialists, as the dis-equilibrium between the prices of farm products
and that of manufactured goods is steadily being eradicated.
"Recovery is proceeding on an ever broadening front. For the first time
in six years business has enjoyed a normal autumn expansion, and in
many lines the improvement has exceeded seasonal proportions. The
business and financial communities received their first real inspiration to
replace defensive tactics with active enterprise when the Supreme Court
invalidated the NRA. Almost immediately thereafter the General Motors
Corp. and several other leading Industrial companies announced extensive
reconstruction and re-equipment programs initiating a trend toward
modernization which has gradually spread to many fields and has been
largely instrumental in reviving the heavy industries. Fresh encouragement has been received In recent months from the courts, from tho President's assurance that his reform program has been substantially completed,
and from the obviously more friendly and co-operative attitude displayed
by the Administration particularly since the 'breathing spell' promise of
early September.
"So long as business was beset by fears of the unknown and was continuously threatened by the reformist tendencies of the Roosevelt Administration, there was little chance for more than recurring consumption
goods cycles of activity. Forward planning had to be kept on a tentative
short term basis which did not permit the capital goods industries to
participate to any important extent in the recovery trend. Further
reassurance was recently' supplied by the President's informal orders to cut
Federal expenditure under the 1937 budget by half a billion dollars less than
the newly estimated 1936 budget and by the recent speech of Secretary of
Commerce Roper which was said to have the sanction of the President.
Interpreting Mr. Roosevelt's recent 'breathing spell' declaration, Secretary
Roper said that it 'means specifically that the basic program of reform has
been completed'."
--Greer, Crane, & Webb announce that Harold Jay Welsh, formerly
with Shields & Co. and before that with Adams & Peck, is now associated
with their organization.
-Webster, Kennedy & Co., Inc., 40 Wall St., New York City, has prepared a circular giving a resume of the financial history of the City of St.
Petersburg, Fla.
-C. H. Berets & Co., Inc.. 120 Wall St., New York, have prepared an
analysis on the new securities to be issued by the General Theatres Equipment Corp.
•
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prices, no sales on this day.
I Companies reported In receivership.
a Deferred delivery.
n New stock.
r Cash sale.
s Ex dividend.
V Ex rights
32 Adjusted for 25% stock dividend paid Oct. 11034.
"Listed July 12 1934; par value IN. replaced Cl par, share for share.
14 par value 550 lire listed June 27 1934: replaced 500 lire par value.
• Listed Aug. 24 1033; replaced no par stock share for share.
a Listed May 24 1934: low adjusted to give effect to 3 new shares exchanced for
1 old no par share.
"Adjusted for 66 2-3% stock dividend payable Nov. 30.
▪ Adjusted for 100% stock dividend paid April 30 1034.
I' Adjusted for 100% stock
dividend paid Dec. 31 1934.
"Par value 400 lire: Rated Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934: replaced no par stock share for share.
42 Ad lusted for 25% stock dividend paid June 11934.
ousted under this name Aug. 9 1934 replacing no par stock. Former name,
American Beet Sugar Co
a From low through first classification, loan 75% of current.
'
4 From last classification and above, loan of 55% of current.
46 Listed April 4 1934; replaced no par stock share for share.
"Listed Sept. 13 1934: replaced no par stock share For share.
•• Listed June 11934; replaced Socony-Vacuum Corp. $25 stock share for share.
The National Securities Exchanges on which low prices since July 1 1933 were
Made (designated by superior figures In tables) are as follows
"Pittsburgh Stock
New York Stock
"Cincinnati Stock
New York Curb
11 Cleveland Stock
41 Richmond Stock
New York Produce
"Colorado Springs Stock "St.Louis Stock
New York Real Estate Is Denver Stock
22 salt Lake City Stock
26 San Francisco Stock
Baltimore Stock
Is Detroit Stock
Boston Stock
17 San Francisco Curb
"Los Angeles Stock
Buffalo Stock
22 San Francisco Mining
Is Los Angeles Curb
California Stock
12 Seattle Stock
a Minneapolis-St. Paul
w Spokane Stoc
Chicago Stock
•• New Orleans Stock
II Washington
l Chicago Board of Trade 21 Philadelphia Stock
Chicago Curb
3493
Volume 141
Report of. Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Nov. 23
Monday
Nov. 25
Tuesday
Nov. 26
Wednesday
Nov. 27
Thursday
Nov. 28
Friday
Noy. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Raso4 8 sc. Jan. 1
Os Basis of 100-skate &Is
Lowest
-
No account is taken on such
Highest
July 1
1933 to Rasps for
Oct. 31 Year 1934
1935
Low LOW
EliOe
a per share $ per IS $ pair Oar.
Par 3 per share
30
35
43
32 Apr 3 5212 Nov 20
No rar
Abraham & Straus
89
111
89
100 110 Jan 10 116 Oct 23
Preferred
21
_
25 51 June 25 7434 Nov 15
Acme Steel Co
414
_-6
1-14
414 Mar 15 1014 Nov 22
No par
Adams Express
65
7014 x85
100 8444 Jan 2 y658 Nov 8
Preferred
1412
16
347t
No par 28 June 6 3714 Nov 26
Adams Millie
6
644 111
/
4
8 Jan 12 20 Nov 27
10
Address Multtgr Corp
318
318
758
44 Mar 18 1858 Oct 26
No par
Advance Rumely
478
838 Feb 11
473
91
/
4
612Sept 20
No Dar
Affiliated Products Ina
8018
9134 113
No per 10448 Mar 18 173 Nov 6
Air Reduction Inc
173 Jan 7
11
/
4
34 Apr 3
No par
11
/
4
3/
1
4
Air Way Elec Appliance
74
Alabama dr Vicksburg RR Co 100 74 Sept 26 74 Sept 26
-1-6-5-I Ili
1314
10 1314 Oct 17 22018 Jan 9
11,300 Alaska Juneau Geld Min
III
2/
1
4
7/
1
4
312 Jan 8
112June 24
No par
600 A P W Paper CO
514
114
34
3 Nov 25
%Mar 30
No par
61,700 :Allegheny Corp
23* Mar 21
2/
1
4
1314 Nov 29
41
/
4 164
100
Fret A with $30 wart
40,300
A
2
1458
2 Mar 27 13 Nov 29
100
Fret A with $40 warr
15,000
134
114 Mar 28 1212 Nov 29
378 1438
100
16,000
Fret A without wary
652
8/
1
4 Apr 2 3012 Nov 27
6,800
234 % prior cony pretNo par
li
-13/
1
4
131
/
4
No par 21 Jan 12 3012June 19
2,400 Allegheny Steel Co
No par 125 Mar 18 173 Sept 18 10712 1154 16014
7,100 Allied Chemical & Dye
1221
/
4
130
117
1.39
Oct
31
18
12212
Apr
100
800 Preferred
318
312
9 Nov 20
31s Mar 13,
814
No par
32,600 Allied Stores Corp
2514 1331
/
4
100 549 June 171 7514 Oct211 49
5% pref
2.200
1043
23
1013
Oct
26
Mar
13
3772
12
No
par
Allis
Chalmers
Mfg
3213 34
20.700
l
1 Nov 26
134 Nov 18
118
114 102,400
Eta w I
-file .2104,
1
4 Nov 20 -ill:
14 Mar 13 22/
*2012 21
2,800 Alpha Portland Cement__ No par
2/
1
4
414 Nov 29
21a Mar 14
334 414 9.600 Amalgam Leather Co
24
1
734
65
2114
25
50 28 June 25 3834 Nov 29
1.000
3834
7% preferred
37
/
4
27
39
651
773
4
Nov
6
Jan
11
71
481
/
4
No
par
72
Corp
3,600 Amerada
48
254
20
57/
1
4 Feb 18
50
50
2,700 Amer Agri() Chem (Del) No rat 4112June 1
1113 2514
114
42
/
4 Jan 12 4738 Nov 14
10 131
43
6,900 American Bank Note
40
5011
3413
50 43 Jan 11 70 Nov 14
69
69
Preferred
20
1912 d8
194
40
4072 2,000 Am Brake Shoe & Ftly_-_No par 21 Mar 29 4134 Nov 20
122
88
96
12814 12814
100 119 Jan 8 129 Nov b
Preferred
80
80
9014 11434
141 142
25 110 Jan 15 14958 Oct 22
7,600 American Can
/
4
12812 1521
160 16018
Stock
100 15184 Jan 4 168 May 3 120
Preferred
400
10
20
10
Mar
13
12
3372
32
/
1
4
Nov
par
2932 31
No
15,400 American Car & Fdy
2512
32
1
4 Nov 18
Exchange
5612
5812 59
100 2512 Mar 13 64/
Preferred
24,600
44 1214
4
8 Jan 30 3012 Nov 26
2832 3014 8,500 American Chain
No par
40
14
19
ClosedIll 111
100 88 Jan 11 115 Nov 21
7% preferred
500
4312
4614 701
/
4
88
No par 66 Feb 8 98 June 8
88
500 American Chicle
3518
22
20
3414
Aug
2
Mar
26
30
Thanks(Allegheny
Co)25
*32
42
NJ
Am Coal of
2
218
64
2/
1
4 Mar 14
832 Nov 19
10
*634 712
500 Amer Colortype Co
2034
20114 62/
1
4
20 2212 Mar 18 3534 Nov 2
giving
2952 3112 6.000 Am Compel Alcohol Corp
612 1311
1818 Nov 27 4, Ole
612 Feb 5
10
1612 17/
1
4 38,800 American Crystal Sugar
32
64 7278
100 57ta Jan 2 135 Sept 13
7% 2nd pref
Day
---- ---8634 8714 87
861
/
4
8634 8634 86
87
100 72 Aug 1 8714 Nov 17 72-85
8714
520
8% 1s1 pret
212 214
2l
252
44
34May 24
212
214 212
-1-5
3 Jan 3
214
214
238 17,600 Amer Encaustic Tiling___No par
878 878 4814 0
10
2/
1
4
8/
1
4 Aug 17
*8
872 *734 872
4
1
4 Apr 2
2/
"734 872
100 Amer European Sca's____No par
714
37, 1344
2
914 Aug 17
Mar 13
No par 2
634
714 12,500 Amer & Fors Power
738 71
7
714
712
/
4
7
712
29
2812 29
111
/
4 30
111
/
4
14 Mar 15 42 Aug 12
2612 28
28
29
30
2812 2912 3,500
No par
Preferred
1234 1234 1212 1212 12
64 1712
3/
1
4
3/
1
4 Mar 14 17 Aug 19
1212 1278
12
1212 12
No pat
1,200
2nd preferred
1014
24
25
11
25
*2434 2614 *2334 25
23
23
2334 2412 1,500
No par 12 Mar 30 3814 Aug 12
16 preferred
.13
1414 *1312 1412 1312 1372 *13
84
101
/
4 22/
1
4
814 Apr 18 1512 Oct 5
1312 1372
1372
10
500 Amer Hawaiian 8 El Co
434 478
3
672 Nov 29
3 Oct 15
614 6/
1
4 41.000 Amer Hide A Leather new., _1
01Z 634
514 544
434 5/
1
4
3312 3312 3412 3612 35
28
38
3514 39
36
28 Oct 14 40 Nov 29
50
40
6% cony prof now
6,700
2444
1b44 -3-6-,
;
37
3752 3712 3712
37/
1
4 3812 3732 38
36
15 294 Apr 12 3818 Nov 22
3652 3,200 Amer Home Products
11
/
4
3
10
242 234
234 2/
1
4
24 3
473 Jan 17
178 Oct 16
272 278 2,900 American Ice
234 234
No par
1414
1632 17
1732 1732 17
18
•1614 1712 18
2514 4514
100 1414 Oct 17 3714 Feb IC
17
6% non-cum pref
600
10
1012 1112 1034 1112 10
4,2
1034
412 Mar 18 1138 Nov 22
No par
41
/
4 11
1012 9,400 Amer Internal Corp
1014 10'2
9
14/
1
4 381
/
4
2534 24
25/
1
4 26
2514 2634 24
9 Mar 13 2734 Nov 20
No par
24,2 26
2512
10,000 American Locomotive
32
6712 69
72
351
/
4 7434
68
69
71
72
70
100 32 NIar 19 74 Nov 19
7034 1,400
70/
1
4
Preferred
12
3214 3014 31
1
4
12/
1
4 23/
2932 30
2934 3012
3113 3172 31
1812 Mar 13 3314 Nov 18
4,900 Amer Mach & Fdry Co___No par
3
1118 1112 111
1158
314 104
/
4 1138
1112 1134 11
414 Apr 4 1178 Nov 22
11
111
/
4 3,900 Amer Mach & Metale____No par
111
/
4 *11
44 10
3
1138 *11
1138
11
1114 *11
10/
1
4 1078
412 Apr 4 1158 Nov 20
No par
Voting trust We
700
2914 30
1
4 31
121
/
4
2934 301 2
30
30/
1
4 29/
1272 27/
1
4
131 Mar 15 3158 Nov 22
2912 3032 7,500 Amer Metal Co Ltd
No par
*12612 129 .126 12734 *126 12712 *126 12712
91
63
63
12712 12712
100 72 Jan 2 13012 Nov 12
6% cony preferred
100
36
361
/
4 36
36
364 36
2034
35
36
21
341
/
4
*35,2 3612 1,300 Amer News, NY Corp-- No par 524 Jan 3 3614 Nov 25
8
813
814 872
852 872
812 814
112
3
12/
1
4
958Nov 8
112 Mar 13
734 812 21,000 Amer Power & Light____No par
44
4234 4312 42
4212 43
111
8
297
8
1012
42
4112 43
4212
101
/
4 Mar 13 4912 Aug 12
No par
6,800
$6 preferred
3612 3634 3534 37
93* 2614
3514 3652 3434 3514
81
/
4
3512 36
832 Mar 13 4112 Aug 121
No par
5,900
25 preferred
2114 2214 2034 2112 2052 2114
2112 22
91
/
4
10
1758
1012 Mar 13 2212 Nov 20
2012 2132 70,500 Am Red & Stand San'y_.. No par
15712 158 *150 15734 *150 15634
•157 158
100 13412 Mar 1 151 Sept 28 10712 11112 13772
.150 156
Preferred
380
3032 3114 2972 3112 2934 3052 2914 3014
134 2814
121
/
4
29
25 1544 Mar 18 3238 Nov 16
3012 33,400 American Rolling Mill
9414 9412 9412 9412 *9214 9478
•9214 95
.1534
1
4
36
*9172 9434
400 American Safety Razor __No par 56 Mar 14 953 July 251 33/
19
1918 1838 1914 1818 1858 18
2
218
7
1838
1734 181
413 Mar 12 1934 Nov 8
/
4 5,200 American Seating v 11 ti_ __No par
2414 2434 244 25
2418 2412 24
15
1743
2013
7
24
2614
Jan
Mar
14
20
Co_No
par
Shipbuilding
2312 2334
590 Attlee
1
4 63
6134 6212 60/
5918 6114 5914 6012
2812
3014 51
/
4 Apr 3 6334 Nov 22
59,2 6112 10,700 Amer smelting & Refg___Ns par 311
143 143
•14212 143
1421
/
4 14272 *14212 145
71
100
125,2
*1425g 144
100 121 Feb 4 144 May 8
Preferred
300
10414 10438 10414 104/
*10312 105
57
1
4 104 10418
7114 109
/
4 Aug 6
104 104
100 103 Feb 14 1171
3,500
2nd preferred 6% cum
*71
7114 7114 7114 *7012 7114
71
71
4844 71 12
43
704 7012
25 83 Jan 16 78 June 28
600 American Snuff
*133 13712 .133 13712 *129 137 *130 135
106
12712
*131 13434
100 125 Feb 20 143 July 1 , 108
Preferred
1
4 2414 2212 2412 2318 2334
2358 244 23/
104
101
/
4 26
12 Mar 14 2514 Nov 14
22
2312 6,900 Amer Steel Foundries____No par
107 107 *10714 111 *10814 10912
.106 107
52
5978 9284
Feb 4 109 Nov 29
10812 109
88
Preferred
100
80
35l 3514 35
44
3534 35
3538 .35
37
3512
3512 3512 1,900 American Stores
No par 3312 Apr 4 43 Jan 9 11 3318
54
554 5312 55
721.
56
56
53/
1
4 54
4512
46
5318 53/
1
4 3.600 Amer Sugar Refining
100 5058 Oct 18 704 Feb 16
1
4 1361
/
4 13614 13514 *136 138
*137 13712 136/
129
10312
102
6
14012May
*13614 13812
Jan
3
12812
100
200
Preferred
2618 2612 2614 2612 2612 287o 2632 2672
11
1334 2414
/
4 Nov 14
D26
2613 1,600 Am Sumatra Tobacoo____No par
1812 Jan 29 271
158 15934 15812 15934 158 15958
153 158
981
/
4 1001
/
4 125
15812 16012 25,800 Amer Telep & Teleg
/
4 Mar 18 16012Nov 29
100 981
10134 10212 10034 10112 10012 101
8512
10112 102
6312
Nov
19
6514
10012 101
1,700 American Tobacco
25 724 Apr 3 10414
10412 10512 104 10434, 103 10412
89
10478 105
67
841
/
4
102 10334 6,200
Common class B
25 7434 Mar 21 107 Nov 18
140 14012 140 140 1'13934 140,2
139 139
139/
1
4 13934
10714 13034
100 12918 Jan 18 141 Nov 191 105
700
Preferred
4/
5
5
13
5
54 *458 514
1
4 5
5
218
*412 512
212 Mar 18
6/
1
4 Jan 181i
No par
700 tAm Type Founders
2614 25/
1
4 25/
1
4 *25
2572
2534 26
7
"2314 26
25
1
4 gaa.
9 Mar 15 2714 Nov 19
7/
Preferred
_10
70
12/
1
4 27/
1
4
71
/
4
1852 20
2032 2112 1972 2112 1952 2012 1952 2014
74 Mar 13 2172 Nov 21;
31,400 AM Water Wks & Elec___No pa
92
92
92
91
9114 911
54
80
91,4
48 Mar 19 944 Nov 12; 48
/
4
9112 9112 *91
700
1st preferred
No par
958 10
9/
1
4 1038
012 9/
9/
1
4 1018
171
/
4
1
4
41
/
4
7
475 Mar 13 1034 Sept 19
No par
9,2 958 5,100 American Woolen
6712 6312 6514 6312 6413
6234 64
6634 65
3e1
83/
1
4
3512
66
9,300
100 3512 Mar 18 6834 Nov 19
Preferred
1
112
1
112
14
14 *I
118
43*
1
1
134 Jan 181
58 Mar 29
1
32
1,100 :Am Writing Payer
1
/
4 ' 5
*4/
1
4 514
41
/
4 41
274
1712
214
/
4 514
214Mar 15
No par
51
812 Jan 18
Preferred
600
514 54
1
4
431 434
434 4/
512
434 4/
5
3
538May 23
5
334
9
3 Mar 13
1
4 1,700 Amer Zinc Lead & Smelt___100
5
*42
45
45
45
46
*40
8612 5018
31
45
4912 •43
*45
25 31 Mar 20 49 Aug 21
100
Preferred
2512 26 203,900 Anaconda Copper MinIngSO
2458 2531 2418 2478 2414 2512
8
10
1784
8 Mar 13 26 Nov 29
244 25
1
*3318
343
4
3514 35 4
35
35
35
7/
1
4
36
914 1832
361s Nov 22
1818 Apr i
3512
38
700 Anaconda Wire & Cable--No par
1452 1432 1478 1614
15
Vs par
1514 4,000 Anchor Cap
1412 1514
Ws sem 25 17/
1078
1
4 Jan 4
1434 15
1312 2434
10014 1011
102 102
101 101
/
4
106
80
No par 9612 Oct 2 109 Apr 28
84
150
*102 104 *102 104
$8.50 cony preferred
1012
418 1018
410
10
•914 1014
34 mar 21
*913 11
318
1012 Nov 25
10
1014 1012 10
700 Andes Copper Mining
44l
44
4314 433*
44
45
*4514 4638 4514 46
211
/
4
2814 391
/
4
2,500 Archer Daniels MidI'd-No par 36 Jan 16 52 Aug 1
__ •12012 ___
100 117 Aug 22 12214 JulY 19 106
*12012
1201
/
4 12018•12012012
10
117
7% preferred
10
1
4 108
"10712 108
64
100 97 Apr 3 10818:Nov 20
200 Armour 32 Co (Del) pret
.-.
1074 10714 108 10-8 *10718 108 *107/
7614 1031
/
4
5
532
618 5/
1
4
6:8 614
5
5
614 43,900 Armour of Illinois new
5'4
314
314 Apr 3
5
312
61
/
4
613 Jan 3
6612
4814
6614 6714 3,800
4814 714
7043 Jan 10
6612 66
Vo par 5512May 1
$15 oonv prat
8612 6712 66
8638 67
*95 105
*95 105
54
85
3114
*90 105
Preferred
100 85 Jan 2 110 Jan 30
.95 105
•95 105
41
1
4 411
/
4
42
1
4 411
/
4 40/
No par 2538July 19 4412 Nov 19 a 13
4214 40/
--- 5,500 Armstrong Cork Co
4134 411
/
4 41
$ per shore S per share S per share $ per share
5134 5134 *46
5134 *45
51/
1
4 5138 511
/
4
•11334 115 *114 115
114 114 *114 11612
*71
7312 7114 7112 71
*71
7232
71
958 10
914
978
934 101
/
4
914 912
*96
_ __ 06
*96
96
*96
__
3438 3412 3412 3678 3634 37-14 *3512 1634
1818 1818 1812 1918
1814 19
19
20
1734 1734 1712 1712 *1638 1714 *1612 1714
73* 74
714 738
71s
7
74
71
/
4
16834 16912 167 169
170 170
167 17214
112
112
112
112
112
112
158
158
*71
82
*71
82
*71
82
*75
79
1618 1612 1614 1658 1558 1632 1512 1578
*258 278 *2/
231 234 *234 278
1
4 278
212 232
234 3
234 2/
1
4
234 3
9
1072 1012 1212 1013 1214
1034 1272
858 1012 1112 12
11
1214 1134 1212
11
12
8/
1
4 1012 1012 12
12
1214
25
2812 2952 29
28
30
28
301 2
*2814 29
2814 22734 2912
2814 2832 28
16512 166
16214 16412 16112 163
16434 167
127 127 *126 12712
/
4 127
•12578 1261
/
4 1261
8/
1
4 834
814 872
814
8/
1
4
818 852
7212 721r 7212 73
7234 7234
7213 7314
9
3334
34
354 3314 3514 3258 3312 33
132
114
112
112
112
114
1
114
*2014 21
2014 22
21
2172 194 21
338 338
338 334
*3/
1
4 3,2
338 378
*3434 3634 "3532 363.1 *3434 3634 3634 3634
7312 74
7134 72
7334 7418 7234 73
51
51
49
50
50
4934 4912 5112
434 4414 4312 4558 4212 4412 4212 4312
*65
69
.68
69
*65
89
6834 6834
40
4048 4012 4134 3972 4012 3934 4014
.012714 129 *12714 129
1284 12834 *12814 129
142 144
14012 14234 14034 142/
14112 144
1
4
1594 1594 160 160 .160 162 *16012 162
3014 3112 30
3172 2812 3032 2952 3078
6012 6114 6014 62
59
58/
1
4 6012 59
2812 2932 29
2012 2912 3012 2972 3032
113 114
*110 113
11114 11114
114 114
*8912 90
8934 90
8913 8912 -*8812 90
*32
42
*32
42
*32
42
42
*632 714
714
714
712 71:.
713 712
3234 3038 3134 3012 31
3134 311
/
4 31
1
4 1634 1572 1738 1712 184
16
16/
1
4 15/
Far toornoteg see page 3492,
S. per share 5 per share
44 _
- *45
511
/
4
- .---- *114 11612
71
71
914 934
.96
__
3578 -357-2
191
/
4 1958
1612 1612
7
7
171 17214
11
/
4 1.84
*75
79
1512 16
278 278
2/
1
4 3
12
1314
1138 13
111
/
4 121z
2912 30
2834 2934
16314 16414
12612 12612
8/8 812
7112 7212
Shares
20
100
500
22.600
10
3,400
5,900
500
3200,
4,200
2.700
New York Stock Record-Continued-Page 2
3494
Nov. 30 1935
July 1
Range Steed Jan. 1
I 1933 to Rano,for
Os Batts of 100-share Lots Oct. 31 Year 1934
1935
Lowest
Highest
High
Low Low
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Par
per
Saari
$
per
share
$
per
share
$
2
per
34
8
8
74 818
818 9
834 914
878 938 111,300 Arnold Constable Corp
938 Nov 29
4 Mar 6
5
272
.1
PS
918 918 *918 94
9
9
*834 9
9
*834
200 Artloorn Corp
No par
978 Oct 21
334 Mar 15
312
4
1012
•8814
__ *884 _ . *8814 _ __ *8814 - r*8814
_ ...__. Preferred
100
Apr
70
25
Nov
6334
90
6384
2
2
1634 1712 17
1-74
1634 17
1614 17
5,300 Associated Dry Goode
--17
183
4
Mar
74
13
1
1834 Nov 10
74
74 184
*10412 10612 *10412 10612 10612 10612 *10412 10612
•10412 10612
6% 151 preferred
100
100 8078 Apr 3 109 Sept 18
44
46
90
93
93
*92 100
*92 100
*92 100
92
92
200
7% 2d preferred
afar
12
9314
48
100
Nov
20
36
36
644
38
3814 *3818 40
*3718 40
*384 40
*3818 40
110 Associated 011
25 2984 Feb 21 4012 Aug 7
26
2912 404
514 5434 5318 5514 5178 5434 53
5418
5212 5478 40,200 Atch Topeka & Santa Fe____110 3584 Mar 28 574July 29
3534
4514 733*
8578 8614 8618 8612 8638 8634 8612 8634
8634 8712 2,600
Preferred
8
Mar
665
100
28
91
June 26
534
7012 90
2812 3038 2914 304 284 3018 2912 304
2912 3118 36,400 Atlantic Coast Line RR
100 1912 Apr 3 374 Jan 4
1912
2412 1541,
64 658
634 634
7
7
7
814
1112 1,220 At GA WI 58 Linee__No par
9
3 Mar 6 1112 Nov 29
3
16
5
*1012 1178 1118 1114
1112 12
1112 12
1312 15
2,100
Preferred
6 Mar 5 15 Nov 29
100
'
6
78 24
2414 2434 2334 3478 2334 2412 24
1
2338 2418 11,300 Atlantic Refining
24 4
May
28
10
35
3
Oct
2012
2012
21
12
1514
46
46
4514 4514 4514 4534 24518 4518
*4518 4714
500 Atlas Powder
No par 3234 Apr 3 4812Nov 7
lti
3514 554
112 112 *11214 11312 11214 113 *112 113
•112 113
40
Preferred
100 10654 Jan 2 115 Sept 19
75
83
107
15
15
1514 1534 15
1514
15
15
1514
1514 4,800 Atlas Tack Corp
4 Mar 13 1534 Nov 25
No par
4
54 164
3834 4138 3912 4212 3814 41
39
3978
3712 3918 31,600 Auburn Automobile
No par
15 Mar 18 4513 Oct 21
15
1612 574
914 912
934 934
914
978
94 94
912 10
2,500 Austin Nichols
No par
512afay 6 14 Jan 2
4
612 1652
*43
4734 4318 4318 43
43
4278 4334
4414 46
Prior A
350
No pa' 3512May 7 63 Jan 2
2752
31,4 65
Aviation Corp of Del (The)____5
3 Mar 13
558 Jan 3
3
834 104
378 4
37s 414
4
412
412 434
412 434 77,700
New
24July 10
3
434 Nov 27
24
- - - 438 5
434 514
412 5
412 478
412 44 45,700 Baldwin Loco WorkeNo par
26
Feb
658
112
Jan
9
lla
-6-12 11
31
32
30
3278 30
314 3114 3114
308 3338 10,600
Preferred
74 Apr 3 364 Nov 20
100
712
1814 6434
1614 1634
1614 1714 16
1678 1638 1678
1638 1714 73,800 Baltimore & Ohio
100
712 Mar 13 18 Sept Ii
124 344
712
2034 22
22
2312 2134 2234 22
2318
2214 234 22,600
Preferred
Mar
•
94
100
13
2312
Nov
25
15
912
3738
*10712 109
107 10712 *10713 10914 *10712 10914
10914 10914
60 Bamberger (L)& Co pref
100 10034 Feb 21 11014 Nov IS
88
8612 1024
444 4478 45
4512 4514 4514 245
45
*4414 45
600 Bangor & Aroostook
50 3618 Mar 12 4912 Aug 9
29,4
3512 46 12
•114 11434 4.114 11434 *114 11434 *11313 1144
114 114
10
Preferred
100 10614 Mar 18 115 May 4
91 12
9518 115
1378 1478 13
154 14
1412 *14
1438
1312 1414 4,700 Barker Brothers
No par
314 Feb 25 1512 Nov 25
214
214
612
*82
8412 *82
85
82
82
82
82
82
82
70
63% cony preferred
14
100 82 June 21 88 Nov 18
1618 38,2
12le 1258 1214 1314 1218 124 1214 1212
1234 46,700 Barnsdall Corp
12
572 Mar 6 1314 Nov 25
5
54
57
8
10
5334 5212 534 52
53
52
52
52
4912 52
1.300 Bayuk Cigars Inc
No par 3712 Mar 14 55 Nov 7
23
23
454
*111 11234 111 III *11114 11212 *1114 112
*11114 11258
30
let preferred
100 10734 Jan 11 115 May 16
80
89
109,2
19
1812 19
19
1814 184 1814 1834
1818 1834 2,100 Beatrice Creamery
Oct
10
2012
14
1
25
Nov
16
84
10
4
1934
*103
_ .*103_ *103 105 *103 105
.103 105
Preferred
100 10012 Jan 5 108.2June 18
100
515
55
•_ _
-364 *_ __ - -3614 4._
3614 *3212 3614
•__ __ 3614
Beech Creek RR Co
50 33 Nov 6 3312Sept 24
27
36
31
89
8934 8834 894 8834 8834 8912 90
2,600 Beech-Nut Putting Co
90
90
54
20 72 Feb 2 95 Sept 12
7632
58
14
1378 14
1414 134 14
134 134
1312 134 3.800 Belding Hemingway Co_-No par
11 18 Mar 18
1434 Nov 15
7
84 1514
-_ *8134 83
*8112 83
*8112 83
200 Belgian Nat Rye part Dret
8112 8112
79 Sept 19 11712 Mar 7
79
9512 127
*813421
21
2112
2178 2014 2118 204 204
21,300 Bendix Aviation
2018 21
934
934 234
5 1178 Mar 13 2412 Oct 21
2018 2014 2018 2178 203 2138 204 2078
2012 2034 32,000 Beneficial Indus Loan____No par
124 19 12
1518 Mar 13 22 Nov 22 4 12
5612 5612 5612 5612 .55
5612
564 57
•5412 56
400 Beet & Co
21
20
30
7
Nov
Jan
No
6712
84
par
40
4958 5012 4838 504 4813 503 4912 5034
4818 5013 154.275 Bethlehem Steel Corp
No par 2153 Mar 18 5112 Nov 19
2152
2418 694
118 119
11712 11934 1184 1194 118,4 1121 2
7% preferred
11834 11934 4,400
Mar
18
12113 Nov 16
4452
5472 82
100 654
26
26
2512 2512 2518 2513 2178 2478
24
800 Blgelow-Sant Carpel Inc__ No par 144 Mar 19 274 Sept 30: 1434
21
1214 40
16
1612 1534 1612 1514 16
1512 1534
1514 154 10,100 Blew- Knox Co
17 Nov 14,
1152 Mar 14
164
6
6
No par
*2178 2313 *2212 2312 224 224 *224 2334
140 Bloomingdale Brothere
2212 224
16
17
1658June 19 2378 Aug 101
26
No par
•1111
___ *11112 115 *11112 11312 •11112 11312
•1111,2 11312
Preferred
19
June
BM
112
65
22
Jan
10314
88
100
*8212
2-84
84
84
•84
90
*8414 90
02
100 Blumenthal & Co prat
*84
6614
28
28
100 2814 Mar 13 84 Nov 25
1312 14
1278 1378 1278 134 124 1338
1318 1414 21,300 Boeing Airplane Co
5
618 mar 18
164 Oct 5
618
834
1 14
5012 5012 5112 52
4934 5113 49
2,900 Bohn Aluminum & Br
484 49
4934
395 July10 5972 Jan 8
684
4412
3354
5
9412 9412 9412 9434 9434 9434 95
95
05
320 Bon Am! class A
295
fiti
No par 90 Jan 31 100 July 18
94
76
41
414 4118 4118 41
41
4112 4112
41
241
Class 13
510
No par 384 Oct 3 4734 July 17
- -3834
-27
2714 2614 27
26
264 264 284
2614 2678 17,200 Borden Co (The)
le
1-94 1814
15 21 Mar 29 2734 Nov 8
6014 63
6214 644 6112 6213 6214 63
6314 12,000 Borg-Warner Corn
62
1612
22
Oct
Jan
6514
114
16
10
313
2814
8
*64 714
7
714
612 613
74
718 1,100 Boston & Maine
612 718
Stock
8 Sept 7
334
514 194
334 Mar 27
100
*112 2
*118
134
114
114 *114 2
100 /Botany Cone Mills class A___50
•114 2
74
3
218 Oct 211
12June 6
12
1614 1038 154 1612 1512 1578 1512 1534 Exchange
9,500 Bridgeport Brass Co
1514 16
No par
812 Apr 30 17:8 Nov 20
8,2
---- - 5214 53
5112 53
504 5134 514 524
17.900 Briggs maeufaccuring
5034 52
12
No p r
244 Feb 7 554 Oct 26
614
18-4
5134 52
5112 5112 5018 5114 43
48
Closed1,400 Briggs & Stratton
49
49
No par
2318 Jan 17 55 Oct 26
2712
1012
14
*4034 4114 41
4114 41
4114 4012 4034
1,300 Bristol-Myers Co
4038 41
Stay25
Oct
414
25
30-1,
26
5
26
374
*238 24
3
318
3
3
1,200 Brooklyn & Queens Tr___No par
3
34 Thanks318 314
132
312 Jan 6
Vs
138 Apr 18
84
3018 3018 30
31,2 30
30
30
30
3114 3112 1,400
Preferrid
No
3114
14
20
par
9
Nov
May
1814
3212
14
42
42
4214 4278 4158 42
4178 42
giving
4138 4212 3,800 inlyn Manb Transit
No par 3812 Mar 16 464 Aug to
2554
2814 4478
*98
9834 9812 9812 9714 9814 4.9712 9814
500
98
98
26 preferred series A
No par 90 Jan 4 100 Aug 8
6914
834 97
56
581
56
5512 5512 5513 5534
56
Day
x5438 544 2,100 Brooklyn Union Gas
No par 43 Mar 18 7113 Aug 13
43
46
804
62
62
*6112 62
62
624 *6112 63
800 Brown Shoe Co
6012 62,4
41
6334 Aug 2
No par
61
45
53 Mar 11
Preferred
---- ---- -- -_
1184 1254
100 121's July24 1964 Apr II 147
1038 1038
934 10 4 1014 1014
934 10,8
104 1114 6,800 Bruns-Balke-Collender___No par
34July 5 1114 Nov 29
iii4
338
4
74 818
758 814
74 738
778 838 8,900 Bucyrus-Erie Co
778 818
838 Nov 19
434
312
312
414 Mar 14
10
1434 154 15
16
1414 15
1478 1538
1534 8,000
15
Preferred
16 ,Nov 19
6
6
812 Mar 15
141,
5
0434 94
*93
04
9434 9434 94
• 70
94
7% preferred
94
941*
47
5234 Mar 22 9434 Nov 211
75
50
100
9
912
94 94
858 94
813 918 37,300 Budd (E GI Mfg
834 918
74
3
934 Nov 22,
3
314 Mar 15
No par
84
84
84
8513 8158 8412 *78
824
1,000
80
*75
7% preferred
44
16
100 23 Mar 14 8512 Nov 25; 16
212 234
212 3
24 278
238 238
238 39,600
214
Rights
14
3 Nov 25:
14 Sept 11
1314 1334 1238 1378 1212 1318 1212 1234
41,200
13
Budd Wheel
1218
2
144 Nov 22
6%
-2212 Mar 21
No par
1234 1312 1338 134 1212 1213 1313 1413
1312 1434 7,300 Buloya Watch
212
334May 13 1434 Nov 29,
No par
84
24
2214 2212 2212 2312 2112 214 2112 202
3,200 Bullard Co
2112 22
418
578
15,2
814 Mar 13 2413 Nov 16
No par
114
118
13
8
114
112 158
113
14 2,900 Burns Bros class A
138 158
4
Its
6
July
Jan
No
234
25
par
9
Li
84
78
78
78
1
78
118
113
Cltuse B
114 3,940
118
312
112 Nov 2
1
14 Mar 20
No par
'
1
718 838
8
734
84
FS
878
8
878 2.030
8
7% preferred
154
4
3
3 Mar 16
23
100
Jan
97
8
2718 28
2612 2712 2558 2632 254 2634
2518 2614 11.700 Burroughs Add Mach_No par 1314 Mar 14 28 Nov 23
1012
1012 .194
*14 218
158 2
178 2
144
37,
4
2
14
218 2,100 Mush Term
No par
1 Apr 8
34 Jan 21
4
64 612 *65* 678
*614 714
*5'4 8
64 712 2,100
Debenture
234
912
2
514 Apr 3 1012 Jan 22
100
15
15
15
*14
154 16
1512 151 2
390 Bush Term lilgu pref 58[8_100 10 Mar 28 2'212 Jan 21
1538 17
21
44
154
3,8 314
34 35,
3
34
3,4 338
314 31 2 12.000 Butte Copper & Zino
3,4
312 Nov 22
Ili
118
1 Is Mar 12
5
118
112
Ill
138 138
14
14
138
Ps 2.600 IButterick Co
1'2
118
38
44
38.1une 3
No par
134 Jan 3
1918 1938 1838 1952 1818 1812 1812 1812
1818 1834 5,500 Byers Co (A M)
114
1334 8234
1138 Mar 14 2058 Jan 7
No par
64
*61
63
63
61
5934 60
61
70
50
59
Preferred
574
32
40
100 33 Mar 14 64 Nov 21
•354 3634 3534 36
3514 3618 236
2,000 California Packing
36
3538 36
424 Feb III
No par 3012 Aug 1
1852
1834 444
78
1
34
78
78 23,700 Callahan Zino-Lead
34
34
34 1
1*
4
14
1
14 July 3
14 Jan 34
5,4 5,2
512 8
538 578 16,500 Calumet & Hecla Cone Cop-25
5,2 54
6,2 534
212
2,4
212 Mar 13
852
64 Oct 8
2814 2912 2838 2934 2738 2812 2614 2738
2738 9,500 Campbell W & C Fdy_-__No par
26
Mar 13 3338 Nov 2
1578
6
ti
712
1258 1234 1218 124 1214 1234 1218 1234
1214 1238 8,200 Canada Dry Ginger Ale
1814 .1110 7
84 Sept 27
5
1212 3912
84
*52_ *52
_ _ •53
_ _ •52
. _ __ _ ___ Canada Southern
4152
44
4812 6612
100 50 Apr 9 564 Oct 5
1112 12-18 1138 1-i14
11
-11-34 69,500 Canadian Pacifle
1114 1134
1138 -1-1-4
84 Oct 2 1334 Jan 9
84
25
1078 1814
40
40
40
40
3912 3934 3934 3934
Cannon
1,000
3912 394
Mille
No par 30 June 1
4014 Oct 15
2214
284 38 14
134 14
14
14
1318 1318
1314 131 4
1)00 Capital Admtnis ol A
1234 1234
14 Nov b
44 Mar 21
1
414
532 104
*4512 47
*4514 46
4512 4513 4534 4578
180
46
Preferred A
46
10 324 Feb 25 48 Nov 7
28
2834 39
8912 *_--- 8913 ---- 8912 *- - - - 8912
Carolina Clinch & Ohio Ry__100 8214 Feb 27 88 Aug 29
*_ _ 8912
(10
74
85
91
91
91
91
*89
*89
91
50
91
Stpd
oi 'it
100 85 Mar 20 95 July 18
70
70
9211
106 108
10212 1084 98 10312 9913 101
13,500 Case (J I) Co
97 101
100 4534 Mar 18 11114 Nov 16
35
35
841114
*118 124 *118 124 *118 124 *118 124
Preferred certificates
•118 124
100 8312 Apr II 12612 Nov 6
564
504 93
5814 59
58
55
5914 56
5738 6,300 Caterpillar Tractor
5814 5714 58
No par 3613 Jan 16 60 Nov 8
15
23
384
284 294 28
2712 2812 28
29
2714 2834 11,000 Celanese Corp of Am.-No par
2814
1912 Apr 26 364 Jan 7
1712
1718 444
1612 1612 5,100 Welotei Co
1812 19
1712 1878 1612 1712 1612 1738
1613 Nov 26 2114 Nov18-No par
6012 59
3'58
*50
59
5918 *50
400
58
55
5% DN2ferred
55
100 55 Nov 29 6234 Nov 21
2714 2778 2714 2712 2634 2738 274 2714
2712 1,300 Central Aguirre Asso____No par 2214 Feb 13 29 May s
27
104
164 -5291
55
52
56
56
53
55
54
53
1,300 Central RR of New Jersey_100 34 Mar 18 6212 Aug 17
5334
*51
34
53
22
*8
818 818
834
838 812 *818 834
400 Century Ribbon Milie_No par
*818 812
618July 31
124 Jan 16
54
54 124
101 101 *101 10212 *101 102,2
*9814 101
Preferred
20
*101 10212
100 9614 Mar 14 10912 Jan 2
111/1s
82
75
5813 594 5858 594 57
12,100
Cerro
5834 57
de
5812
Parma
574 524
Copper-No par 3852 Jan 15 6334 Apr 25
5014 a412
2334
778 81s
774i 8
74 778
714
74 734
734 778 4,100 Certain-Teed Product,-No par
358 Mar 13
812 Nov 19
238
314
*65
68
68
66
6612 *65
*o5
40
66
7% preferred
6514 6514
100 23 Mar 12 68 Oct 28
8
10,
174 35
15
15
15
1514 1634 18
1712 1813 1,200 Checker Cab
*144 1678
412 164
43g Mar 27 1813 Nov 29
5
432
5914 5634 5834 5734 611 1
5512 5612 57
5812 601 i 14,700 Chesapeake Corp
Vo par 36 Mar 12 6114 Nov 27
4872
2912
34
5034 5218 511g 5238
514 5233 5118 53
5118 525, 30,700 Chesapeake & Ohio
3912 Ws
25 374 Mar 12 53 Nov 25
8712
•1'2 134 *114
158 •118 08 "114
(Chic & East III Ry Co
•114
02
112
7
112
100
1 Apr 26
1
24 Jan 12
238 212
212 238
2
2
238 24 2.500
2
6% preferred
213
100
78
8
152
7eJune 3
258 Jan 8
134
158
14 14
158
158
134
55
114
134
178 5,500 Chicago Great Western
134
612
100
52 Feb 28
214 Jan 7
314 438
414 44
414 412
413 44 11,700
438 434
Preferred
100
1174
3,4
158 Feb 28
478 Nov 25
158
*114 24 *114 212 *138 212
70 (Chic Ind & Louis* pre__ -100
14
238 234
*234 44
7
1
234 Sept 12
1 Mar 30
3112 3112 3112 314 3114 3138 3112 3134
3112 3138 1,700 Chicago Mall Order Co
844 19
5 1918June 7 235 Nov 7 • 84
14 158
172
158
178
i„
134
158 2
21,700 (Chic Milw St P & Pac__-No par
812
14 2
I4Mar 29
3 Jan 3
234 3
278 314
278 314
31 1
3
338 31,700
3
Preferred
311
4
131,
100
14 Mar 29
484 Jan 4
318 338 16,800 Maw & North Western__ 100
35, 312
35, 314
318 34
34 34
1381une 2F1
65/
4
Jan
7
l's
3I3
IS
74 8
712 814
758 8
4,100
74 814
Preferred
74 8
534 28
34
338July 1
100
104 Jan 4
1278 1319 1318 1334 1238 1314
13
5,100 Chicago Pneumat ToolNo par
1234 13
1318
94
34
34
44 Mar 14
14 Nov 20
51
50
4712 481g 49
51
4912
4912 2,100
49
51
Cony preferred
144 284
1414
No par 20 afar 13 5338 Nov 20
34
14 2
178
14
14
134
158
158
21s 5,700 :Chicago Rock lel & PacIfIc100
2
132
0,4
34July 9
24 Jan 9
1
31
1
312 334 3,500
218
3 2 312
314 34
7% preferred
34 34
91*
14
34
3
418 Jan 9
14 Mar 30
100
31g
31 1
3
318
234 278
3
34
6% preferred
8
2
314 313 2,600
1 14
4 Jan 10
114July 22
100
143g *13
1478 *13
144 •13
Chicago Yellow Cab
.13
•13
1473
1478
No par
94
94 315
94July 19 14 Nov 19
ILICH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Nov. 23
Monday
Nov. 25
Tuesday
Nov. 26
Wednesday
Nor. 27
Thursday
Nov. 28
Friday
Nor. 29
Sales
for
the
'Week
STOCKS
NEW YORK STOCK
EXCHANGE
I
For loornor. -'i.e page 3492
New York Stock Record-Continued-Page 3
Volume 141
' HIGH AND LOW SALE PRICES-PER SHARE, NOT PRR CENT
Monday
Nov. 25
Saturday
Nov. 23
Tuesday
Nov. 26
Wednesday
Nov. 27
Thursday
Nov. 28
$ per share $ Ver share $ Fer share $ Per share $ per share
2812 2714 284 *27
28
28/
1
4 29
278
6/
512 614
6
1
4 612
6
618
612
*2378 25
25
26
25
25
L*23 25
8534 86/
1
4 8534 8812 8418 874 8434 86%
1512 1534 1512 1512 1514 1512 1512 1558
75
75 *74/
7434 75
7434 75
1
4 76
*37
_ *37 - -- *37 ---- *37 _ _
5
118
538
5
518 -538
5 .-53-4
x•2058 2112 2034 2112 22
22
215* 22
85 *80 8212
83 83 *80
*80
83
4012 4134 4112 4234 4014 4112 *4014 42
*8212 87 *8212 87 *8212 87 *8212 87
*43
*43
*43
_
_
_ *43
*3014 I1-34 30% -31-3; 30 -1118 29 if
117 117 *117 125 *117 126
*117 125
29312 29312
*297 300 296 298 296 296
_
7412 74
7412 7312 7418
7412 7412 74
5658 565 *5658 57
*5612 57
5612 5658
- *585
-- *585
*585- 585
1712 173
; 1734 18-38 1758 18
1712 -117
;
106 10634
10534 10534 *105 106 *10558 106
447
4434 4534 4412 4634 43
4334 454
108 108
107 10734 *107 108
*107 108
84 814 *8
*8
10
834
834 834
37
3/
1
4 4
334 38
38 4
3/
1
4
2012
2158 19/
1
4 2012 20
204 2012 20
18
1814 19
18
18
18
18
18
1634 1758 16
16
17
1612 1514 1612
*1012 1378 1214 1212 *1012 13 *1214 13
9612 9612
94
9514 98
9634 97
95
72
72
6912 72
19
68/
1
4 70
70
1458 1334 144 1334 14
1418 1458 14
8514 8514 8712 8712 87
8712 87 87
7912 7912 *76
*75 81
81
*76
81
488 4914 4834 4958 4814 49
4858 494
..:- ---- ---- ---- --- ---- ---/
4 112 *11012 112
*Ho; 1-1-z *1101
11034 111
6414 6512 6412 6512 63
6412 6314 6334
*11211 115 *11212 11412 113 113 *11212 113
10114 10112 101 101
10112 102
*10012 101
2112 2178 2012 22
201
/
4 2078 2038 2078
234 3
27
3
234 3
234 27
67/
1
4 88/
1
4 6614 69
67 6734 6614 67
10
10
10
10
9
9
*918 912
4514 4534 44/
1
4 4512 44
4434 4412 4518
*1512 171
/
4 *15
1812 1534 16
171
/
4 *15
2034 2214 2112 2234 211
/
4 2238 2034 21
35
36
33 33
34
35 *3214 3484
1
4 11
934 1114 10/
958 1078
1012 101
/
4
64
66
66
*64 66
66 66
64
74
7512 75
73
73
7612 *7318 74
*71 110 *71 110
*71 110
*71 110
514 511
538 512
558 512
54 54
1858 18/
1
4 1858 1834 1818 1858 18
1818
3338 3414 3258 3414 3134 327
315 3212
105 105 *10414 105
10412 1044 10412 10484
Stock
414 412
414 434
44 47
4/
1
4 58
97 1038
934 10 Exchange
934 1018
934 1018
"110 11014 *10934 1104 10912 1093 *10958 110
*4
4
4
4/
1
4 412
41
412 41 Closed118 114
11
/
4 118
118 114
14 14
18
1812 177 1878 1738 1734 1778 l8o Thanks714 /I
212 734
7/
1
4 /38
74 71/4
914 10
9
1038
834 9
9/
1
4 958
giving
14 114
138 11
/
4
118 11
/
4
11
/
4 14
6534 6434 661 *85
*64
664 65/
1
4 65/
1
4
Day
95 96
9212 96'z 9112 9314 9212 93
1612 17
1658 17
1612 161
/
4 1638 1638
4258 43
4258 431
4258 4258 42
4212
184 17
158 134
134
18
178
2'2
27
28
2614 2814 2614 271
2634 2758
6114 6014 604
604 61
6034 6114 60
70/
1
4 7112 7114 717
7012 71
6934 7114
*152 156/
1
4 *15314 1561 *15518 15614 156 156
618 812
6
6
63
614
61
/
4 638
3718 3718 3718 371
37/
1
4 3718 3718 3718
1738 175* 1714 173
1718 1712 17
1718
4514 46
4418 441s 44 442
4514 481
477 x47
4712 4712 *47
477 *47
47
*95 109 *98
*97 109
*9814 109
99
612 6/
612 7
63* 634
1
4
634 6/
1
4
1
4 2914 3034 2934 31
2734 2812 2834 30/
95
95
*90
95 *90 95
9512 9812
11
/
4 114
118 114
11
/
4 l'4
11
/
4 114
818 834
*812 834
1
4
818 84 *818 8/
558 614
6
614
578 618
64 618
61
614 62
63
6534 6534 6112 64
4012 4112 4034 414
4012 417
41
42
20/
1
4 2212 2314 2434 2234 2334 2234 2314
1033*
104
10314
10334 104
103
1038 1038
278 3
3
34
34 312
38 3/
1
4
8
812
858 914
878 9/
1
4
94 9/
1
4
9412 *89
9412 .89
94
*89
*89 94
*62
72 /
1
432
*62
72
7012 *62
7012
39
3812 3912 *3714 39 •3712 38
39
.858 938
812 812 *7/
1
4 812 *778 812
5214 5434 5114 5258 51
3414 55
5134
2718 2718 27
2712 27
27
27
2712
2034 1978 20
2012 2012 20
19/
1
4 1934
3912 36
3612 3814 37
38
3714 3812
154 1612 1614 1714 16
1618 1678
17
412 434
4
412
438 458
414 44
12012 12012 *11912 12012
11912 11912 120 120
*45* 534 *458 534 *434 534 *458 534
*41
/
4
9
9
*9
4514
*43 443 *43 -4I
44/
1
4 -45
119 119 "11634 119
*11654 119 *11634 119
4012
4012 39
39
3914 394
394 40
2812 3812 *38
3812 *38
3812 .38
3814
4112 4112 4238 411
/
4 4134
408 4112 41
858 858
84 8/
1
4
8/
1
4 878
858 8/
1
4
3314 335* 3234 344 328 334 2258 314
30
3012 .30
31
2712 2812 32
26
17
17
1618 1618
17
15
15
15
34
34
•/
1
4
34
*1
/
4
34
34
34
-46-7;
"4
114
"4
114
•58
114
*78
14
67
74
1384 7
634 7
6%
6
1514
15/
1
4 "15
1
4 *15
15/
1
4 *1514 15/
*15
4_
-__ *115
-- "115
•1141
/
4
*1143
/
4 1-44 513838 1-3938 13612 1391
14214 1-437
; 1381
/
4 13014 13014 130 130
12978 12978 13018 1301
11312 11312 11312 11312 11312 11312 11312 1131
*12_ *12 . __ "12 - __ *12 _ __
758 -8
7 7.12
7/
1
4 -7%
712 -8
16034 18114
15812 165
16712 16712 164 168
15712 15712 *154 1671
*154 15712 155 155
1
4 2778
2814 285* 2818 2878 2758 2814 27/
74 714
738 7/
1
4
758 8
738 7/
1
4
3334 3512 325* 3418 3278 3418
3412 35
/
4 11112 11134 11114 1111
11154 1111
/
4 *11112 1111
/
4 1184
11% 1078 1112 111
107 1134 11
67
678 678
7
714
7
74 75*
512
51
512
53
4
6
54
834 Vs
2413
24
25
2512 2414 2514 234 25
22
2112 22
2114 2114 21
*22
24
For too notes Pee pare 3492
Friday
Nov. 29
Sates
for
j the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
3495
gasps Sow Jas. I
Os Basis of 100-shars LoSs
Loyal
Highest
July 1
1933 to Rang'for
Oct. 31 Year 1934
1935
Low Lou
High
$ Der *bars $ per oh
Par $ per share
15
Chickasha Cotton 011
10 25 Sept 17 30 Aug 19
3/
1
4
712 Jan 7
312 Mar 16
Childs Cc
No par
9
9 Feb 23 26 Nov 25
26
Chile Copper Oo
2614
Chrysler Corp
5 31 Mar 12 90 Nov 18
12
No par 12 Oct 8 2478May 24
CRY Joe dt Fuld
6338
Preferred
MO 6934Sept 10 100 May 3
35
City Investing Co
100 35 Oct 7 37 Oct 29
34
612 Nov 18
34 Apr 30
6
City Stores new
612
No par 1214May 15 2654 Nov 2
Clark Eoulpment
71
100 83 Nov 25 89 Aug 23
C C C & St Louis pref
2758
Cleve Graphite Bronze Co(The) 1 2758July 3 45 Oct 16
60
50 80 Mar 26 87 Oct 31
Cleveland & Pittsburgh
31
Sposelgrt 4% betterment stk 50 48 June 25 48 June 25
20
171ttett Peabody & Co--No par 20 July 27 34 Nov 18
90
100 110 Aug 19 126 May 20
Preferred
coeft-emis ne ('The)
85
No par 1617s Jan 2 29812 Nov 20
7212 Nov 16 75 Nov 21
When issued
No pat 5332 Apr 20 5718 Oct 26 -461;
Chess A
Coca Cola Internat 0Orp_No par 450 Sept 5 450 Sept 6 200
9
Colgalle-Palmollve-Peet- No par 1518June 1 1914Sept 13
100 101 Jan 3 10634 Nov 27 66
8% preferred
9 Mar 13 4634 Nov 25
No par
9
Collins & Aikman
100 6934 Mar 13 108 Nov 9 695*
Preferred
97 Nov 9
5
544 Jan 10
Colonial Beacon 011
No par
54 Jan 21
/
1
4 Mar 13
12
/Colorado Fuel & Iron---No par
6
1
4 Jan 21
5 Mar 14 28/
100
Preferred
10/
1
4
100 1014 Feb 28 22 Sept 11
Colorado & Southern
7
7 Feb 28 1734Sept 11
100
1% lot preferred
65
658 Mar 9 1414Sept 10
100
4% 2d preferred
45
Columbian Carbon v t o -No par 67 Jan 16 10114 Nov 6
174
Columb Pict Corp v 8 0.-No par 344 Jan 16 81 July 8
3/
1
4 Mar 13 1534 Oct 30
Columbia Gas & Eleo..--No par
31s
3518
100 3618 Mar 13 90 Oct 23
Preferred aeries A
31
100 31 Mar 15 8112 Nov 15
5% preferred
1114
10 894 Jan 2 58 Oct 18
Commercial Credlt
22
26 29 Jan 6 8212May 14
7% lot preferred
iii fif -3,65 51
110 Oct 23 11912 Aug 10 110
/
4% preferred
83
334 9,000 Comm Invest Trust
No var 5614 Feb 7 72 Aug 15 "224
844
*11212 113
No par 111 Mar 13 11512 Jan 29
Cony preferred
100
1
4July 29 105 Oct 15
10034 101
977
24.25 cony pf ear of 1935 No par 97/
1,600
52014 2078 62,100 Commercial Solvents-No par 1612 Oct 3 23/
1
4 Jan 7
1534
258 278 102,000 CommonwIth & Sou
34
3 Nov 8
No par
5* Mar 6
66
17/
1
4
87
No par 2918 Jan 4 71 Oct 30
4,500
$6 preferred series
5/
1
4 Mar 18 1014 Nov 18
5
No Dar:
9
10
900 Conde Nast Pun., Ine
4334 4412 7,300 Congoleum-Nairn Ine
16/
1
4
No par 27 Mar 15 4534 Nov 20
9 Feb 7 2112 Nov 9
•1618 1612
714
No par
200 Congress Cigar
2012 2114 3,390 Connecticut Ity & LIghting__100 1458 Nov 19 49 July 19
2334
348
4
41
*32
100 24 Nov 20 6812Sept 20
180 Preferred
10/
1
4 1034 19,300 Consolidated Cigar
7 Mar i4 1114 Nov 25
514
No par
100 62 Mar 28 74 Jan 24
66
304
66
Preferred
280
4614
100 69 Nov 1 82 Feb 28
*721
/
4 74
380
Prior preferred
*71 110
454
100 7212 Oct 23 80 Mar 6
Prior pref es-warrants
7/
1
4 Jan 16
314May 17
1
158
514 5/
1
4 4,200 Oonsol Film Indus
18
1814 1,800
744
No par 1414May 31 2218 Feb 16
Preferred
31
3284 60.500 Consolidated Gas Co
1578
No par 1578 Feb 20 3434 Nov 20
No par 7218 Feb 23 10518 Nov 20 571
1044 10412
Preferred
700
512 Nov 29
434 52 27,200 Canso' Laundries CorP.....No par
112
1/
1
4 Mar 12
10
612 Mar 13 1012May , 7
No par
612
1012 173,000 Como' Oil Corp
/
4 Oct 28 103
100 10818 Feb 5 1121
10958 10958
500
. preferred
5 May 4
438 412
212
24 Jan 25
100
500 Consol RR of Cuba peel
11
/
4 Nov 21
1
lta Aug 10
11
/
4 8,400 Consolidated Textile
No par
12
Panne 5 1914 Nov 18
1818 19
44
20
6,400 Container Corp class A
2
278June 10
81
/
4 Nov 18
No par
7/
1
4 7/
1
4 11,500
Clan B
Cs Mar 13 1018 Nov 25
412
9
10 21,500 Continental Bak class A No par
% Apr 1
158 Nov 25
138 158 28,300
No vas
/
1
4
Class B
4414
1
4 Aug 9
"6512 6612
100 6614 Jan 28 67/
600
Preferred
37
20 624 Jan 16 9914 Nov 20
92
9312 9,000 Continental Can Inc
1658 1134 1,800 Cont'l Diamond Fibre
6
7 Jan 16 18 Nov 14
6
1
4 Nov 18
20
4178 43
2.50 28% Mar 13 44/
4,010 Continental Insurance
234 Nov 29
14 Jan 2
1
23* 234 139,700 Continental Motors
34
6 164 Mar 14 2834 Nov 18
1214
26/
1
4 27/
1
4 28,300 Continental 011 of Del
4018
10 61
640 Corn Exchange Bank Trust Co 20 4134 Mar 11 6112 Nov 20
5512
25 80 Oct 2 7838July 10
70
7118 6,000 Corn Products Refining
100 1484 Oct 8 164 May 23 133
15634 15718
400
Preferred
67 Jan 3
418 Mar 13
34
6
NO par
638 19,00 C0,7 Inc
23
1
4 Mar 4
37
No par 3578 Jan 15 39/
3718 2,900 Cream of Wheat othi
7
161
/
4 17/
No par 1134Sept 24 1734 Nov 14
1
4 3.400 Crosley Radio Corn
4414 45
185*
No par 2312 Mar 14 4878 Nov 16
2.800 Crown Cork & Seal
32
*4612 4778
No par 4312 Jan 4 48 Nov Ai
200
82.70 preferred
*97 109
Crown W'matte Pap let p1No par 7412 Mar 13 9458 Oct 29 37 40
3/
1
4 Mar 18
812 6/
314
714 Nov 7
1
4 8.700 Crown Zellerback v t 13-No par
2914 3034 15,500 Crucible Steel of Amerloa-100 14 Mar 15 31 Nov 27
14
*9712 99
30
100 4718 Apr 12 9612 Nov 27
600
Preferred
1 jam 28
1/
11
/
4 114 2,400 Cuba Co (The)
1
4 Feb 19
34
No pay
3
81
5 Jan 5 10 May 15
/
4 8113
100
90 Cuba RR 6% pref
2/
1
4
812May 13
518July
22
10
584 6
8,400 Cuban-American Saga
*6014 6134
1412
1
4 Jail 3 8034May 13
100 40/
Preferred
970
35/
1
4
4014 4034 3.100 Cudahy Packing
60 53914 Oct 3 4718 Jan 2
211
/
4 2278 41,400 Curtis Pub Co (The)
1312
No par 16 2,111r 16 2414 Nov 25
381
/
4
10312 104
No Dar 8912 Mar 14 10514June 13
3,600
Preferred
37 Nov 29
2 Mar 12
1
358 37 212,700 Curtiss-Wright
2
3%
614 Mar 15 104 Jan 2
1
94 934 131,700
CIsos A
*89
94
73
Cushman'. Sons 7% pret ...10O 73 Mar 23 x95 Nov 15
*62
No par 61 June 8 75 Nov 8 61
7012
8% preferred
918
No par 16 Mar 13 41 Oct 24
600 Cotler-Hammer Intl
37/
1
4 3712
61
/
4
958 Nov 20
6 June 7
*7/
1
4 858
6
100 Davega Stores Corp
49/
1
4 52
104
.,No par 2234 Mar 18 581 Nov 15
11,000 Deere & Co
27
27
1014
20 19 Jan 15 28 Sept 5
1,800
Preferred
1912 20
-__
1,800 Diesel-Wemmer-Gilbert Corp-10 1912 Nov 29 2114 Nov 20
36
3812 19,000 ocsaware & Hudson
1
4 Jan 7 2318
100 23.2 Mar 26 43/
1578 17 34,700 Delaware Lack & Western-50 11 Mar 13 1918 Jan 7
11
414 414 1,960 Deny & Rio Or West pref-.100
118
112 Feb 27
45* Jan 8
11934 11934
56
100 65 Mar 13 12012 Nov 26
500 Detroit Edison
*458 5/
2
6 Jan 17
2 Aug 12
Detroit & Mackinac Ry Co 100
1
4
.9 _
118
10
5/
1
4 Oct 2 1212May 1
6% non-cum preferred
100
*43
44-84 1,700 Devoe & Raynoldm A.-No par 3512 Aug 28 504 MILO 2
20
"11634 119
1
4
lot preferred
100 11412 Mar 8 12018July 8 89/
10
*3914 40
21
1,400 Diamond Match
No par 2612 Jan 2 41 Nov 19
*38
384
Participating preferred
25 345* Jan 7 4112May 3 275s
200
4112 4214 7.500 Dome Mines Ltd
25
No par 3418 Jan 15 4312May 17
812 834 2 100 Dominion Stores Ltd
634
634May 29 1258 Jan 28
No par
32/
1
4 3412 22,300 Douglas Aircraft Co Inc No par 174 Mar 12 35 Oct 21
1118
*2812 311p 3,4001 Dreseer(SR) Mfg °env A- No par 1312 Mar 15 32 Nov 25
814
•1512 17
No par
338
v
Con ertible class It
2800
65* Mar 18 17 Nov 25
14
14June 13
200 Duluth 88 & Atlantic
*58
14
34 Nov 21
1001
114
•78
14 Nov 19
14June 21
100
Preferred
14
2
74 75, 11,200 Dunhill International
758 Nov 29
2 June 6
1
15
1234
19 Aug 6
No par 1234May 21
500 Duplan Silk
1512
py
•115
___ __ _ _
92
100 103 Mar 20 116 Nov 16
13514 13914
13,250 DuPont deNemoun(E.I.)&05.20 8658 Mar 18 14612 Nov 20 St 5978
*12958 13018
1
4 Feb 8 132 Oct 28 10414
100 126/
700 8% non-vosIng deb
*11312 114
260 Duquesne Light let pref.-100 104 Feb II 115 Aug 6
85
12
12
13
10 Durham Hoisiery Mills pref-100 12 Nov 29 23 Mar 6
334 Mar 13
3/
1
4
8 Jan 7
-5
714 7/
1
4 13.900 Eastern Rolling Minh
161 16112 3,204 Eastman Kodak (N J)_--No Dar 11012 Jan 16 17214 Nov 18
6512
*15512 15712
100 141 Jan 4 164 July 26 120
20 8% cum preferred
2718 2//
1
4 9,600 Eaton Mfg Co
10
No par 164 Jan 16 3058 Oct 23
*7
7/
1
4 2,000 Eitingon Send
838 Nov 1
314 Mar 27
No par
314
3212 34 21,300 Eiec Auto-Lite (The)
111
/
4
6 1938June 1 3834 Oct 21
75
100 107 Jan 23 11312Sept 25
160
*111 1114
Preferred
37
11
111
/
4 50,000 Electric Boat
Mar 15 111
3
/
4 Nov 25
3
81 Feb 18 44 218
612 678 14,300 Elm & Mue Ind Am shares
6/
1
4Sept 21
538 57 11,800 Electric Power & Light No par
118
7/
1
4 Aug 17
l's Mar 15
233 24
3 Mar 13 32 Aug 17
37 preferred
No par
2,200
8
.2034 23
....No pa,
1,100
212 Mar 13 28 Aug 17
$5 preferred
2/
1
4
$ per share Shares
2712 28
5,500
614 678 12,100
2512 25/
1
4
120
8218 8512 155,000
1514 15/
1
4 2,300
*7412 76
260
*37 ____ _ _ _
518 514 4;900
21
2138 2,100
*80
8212
50
4018 4018 1,900
*8212 8/
_
*43
*3012 -31-12 1,200
*117 125
10
600
*285 296
*7334 7412 2,900
57
57
400
*585
_
_
1758 1734 10;500
*10578 106
400
4158 4412 29,200
108 108
210
*812 834
230
358 3% 2,000
1934 2012
400
1814 1912
160
1714 1734 1.040
13
13
240
95
95
1,900
6812 6938 2,500
1314 1378 41,500
8678 87
1,3C0
*75 81
20
48/
1
4 4918 11.800
- __
-
$ per share
194 3014
334 1158
1014 1758
2914 60/
1
4
1714 2438
67 o21
/
4
3714 52
18
31,
8/
1
4 211
/
4
71
9034
7018 78
38
45
2478 46
95
116
964 1814
"60; li
3114
314
95* 18',
684 1024
10
284
74
96
6
9
Pi
8%
1018 V2
1658 40%
13
331
.
11
30
68
7714
.
211
/
4 415
Pe 194
52
7834
61
71
18% 604
33/
1
4 304
lit. 61
91
114
-,- _,..,_.
15/
1
4 26/
1
4
1
3/
1
4
311
/
4 62,4
5
13/
1
4
22
36/
1
4
714 144
32
61
1
66
68
1
514 13/
1
4 1
31
76
454 747s
69
70
11
/
4
65*
104 20i.
184 47/
1
4
e71
95
Pi
4/
1
4
74 141.
108
11218
2/
1
4
63,
/
1
4
218
64 1334
2%
638
54 145*
78
2/
1
4
4414 64
565* 6418
6
113,
23/
1
4 3614
34
25*
1534 225*
4018 61
6512 8418
135
16012
3/
1
4
9/
1
4
3618
29
8
171
/
4
185* 3614
364 6414
47
84
3/
1
4
GIs
17
38/
1
4
64
71
78
314
34 104
31a
91,
204 65
37
62/
1
4
134 29/
1
4
63/
1
4 9554
218
314
514 124
7614 91
564 90
11
214
814
6
104 Uhl
104 194
-- 16
-76-12
14
MP,
8/
1
4 134
63/
1
4 86
5
7
10
184
29
5514
99
117
29/
1
4
31
284 244
82
4614
23
1I
1414 2
8
20
5
1178
58
12
3
13
92
100
118
90
21
V.
79
120
121
/
4
6
15
80
3
64
24
658
4
15*
218
1134
2372
11012
103
128
107/
1
4
301
/
4
12
116
147
22
19
31
110
7
9
9
21
19
3496
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 23
Monday
Nov. 25
Tuesday
Nov. 26
5 per share $ per share $ per share
5612 5734 5614 5718 564 57
58
34
5t
ki
5i3
34
*114
112
112 112
112 153
*6312 64
6312 6334 63
6312
12912 12912 *12912 12978 *12912 12978
634 714
7
634 7
734
44
.42
42
42
42
43
*49
51
*5014 5638 *47
49
*50
60
*4514 5034 52
52
*558 534 *55
534
55* 534
1134 12
1214 13
1134 1212
15% 1614 1512 17
1512 183*
1053 1078 104 1158 1014 1012
•67
73
*67
73
•67
73
12% 1314 13
1310 1234 1278
3412 3612
3012 3412 33% 37
*434 514 *434 514
434 434
2
2
1%
17
112
112
818 8%
734 814
83*
8
2914 30
28
30
2712 2814
14034 141
140 140
140 140
21
213* 20
2158 1934 2013
*80
83
83
83
*80
8212
*64
67
67
*63
3'63
68
•80
*80
90
90
.80
90
•634 6%
634 7
678 6%
338 4
4
41 &
4
4
21, 258
212 212
238 212
•2278 2312 2231 23
2212 23
4412 4412 44
44
44
4414
•2214 2412 *2214 2412 *2214 24
•110 11378 •110 11378 *110 11378
165* 16%
167s 1758 164 174
*98
9612 96
9612 06
9638
47
4712 473.1 4834 4758 4812
*274 2812 2812 2812 •27
28
4
4
4
438
4
414
.62
63
64
63
60
62
2134 2212 2118 2314 204 2114
95
95
9612 95
96
95
{Wednesday
Nov. 27
Thursday
Nov. 28
S per share $ per share
5612 57
53
5./
112
158
*6314 65
12978 13034
*64 714
*43
45
*47
50
*52
5318
512 64
1178 12,2
157 157g
1014 11
*67
73
1238 1258
3258 344
47
47g
*112 14
*734 818
2812 2834
139 1 139
2018 20,2
8212 8212
*63_4 68,a
*80 1111 99
65*, 712
334, 4
24 214
*2234 233*
44
44
*2214 F24
110 110
1718 175*
96
9612
4814 4834
*27
271 2
4
4
61
61 12
21,8 2234
*9514 100
Friday
Nov. 29
Sales
for
the
1Week
STOCKS
NEW YORK STOCK
EXCHANGE
Nov. 30 1935
Rasps Staid an. 1
0. Baits of 100-skars Lots
Lowest
IIWest
Ions 1
1933 to Naxos for
Oct. 31 Year 11134
1935 ----Low Lose
11109
$ per share Shares
Par $ per share
$ per share $IM? a
4,400 Elea Storage Battery
58
57
NO par 39 Mar 21 58 Nov 12 11 3372
se
3.1 4,400 :Elk Horn Coal Corp
14
No par
14 Mar 29
le Jan 10
158
134 3,100
6% part preferred
53 Apr 1
1% Aug 17
50
58
'
364
500 Endicott-Johnson Corp
65
45
50 5234 Jan 16 66 Sept 5
*12912 131
Preferred
150
100 125% Jan 10 132 Apr 23 112
7
1,500 Engineers Public Serv____No par
7
14 Mar 16
814 Nov 8
14
43
43
$5 cony preferred
700
No par 14 Mar 19 50 Nov 8
1018
*52
5312
$53 preferred
No par
WI Feb 7 55 Nov 8
11
47
47
400
$6 preferred
No par 151
:Mar 19 5512 Nov 8
12
618 614 6,300 Equitable Office Bldg
73 Aug 21
412 Aug 8
No par
412
1114 1238 11,900 Erie
718 Mar 20 14 Jan 4
100
7,8
1534 168 3,000
First preferred
812 Mar 26 1778 Aug 14
100
812
1012 1112 3,700
Second preferred
6% Mar 12 13 Jan 7
100
63
Erie & Pittsburgh
73
*67
50 694 Feb 18 8534 Nov 1
60
1234 1234 1,900 Eureka Vacuum Clean
838
5 1012 Mar 19 147 Aug 17
32
3458 108,300 Evans Products Co
5 15 May 7 37 Nov 25
3
54 538
500 Exchange Buffet Corp___No par
2 Apr 30
6 Nov 18
2
*112
210 Fairbanks Co
178
%'Mar 26
25
214 Jan 19
58
010
734 734
Preferred
93 Jan 18
4 Mar 19
100
312
2838 2912 4,700 Fairbanks Morse & Co_No par 17 Jan 11 32 Nov 20,
47
140 14014
280' Preferred
100 72 Jan 17 14212 Nov 221 25
2.900 Federal Light & Trac
198 197
53 Mar 15 2158 Nov 25
15
4
*80
83
Preferred
20
No par 48 Jan 8 s85 Aug 16
33
*63
68
Federal Min & Smelt Oo____100 40 Apr 3 72 Apr 20
40
90
*80
Preferred
100 54 Apr 1 95 May 2,4
50
718 732 7,400 Federal Motor Truck ____No par
334 Mar 23
753 Nov 29 • 23*
418 418 6.100 Federal Screw Works____No par
2 July 6
412 Jan 7
1
238 238 2,700 Federal Water Serv 4____No par
7s Feb 25
318 Aug 19
78
2214 2234 1,700 Federated Dept Storea. _No par 164 Mar 29 25 Aug ii
161s
4338 44
1,800 Fidel Phen Fire Ins N Y1 _2.50 2812 Mar 14 45 Nov 9
2014
*2214 24
Filene's(Wm)Sone Co___No
par
16 Apr 9 25 Sept 26
16
*110 11378
30
6%% preferred
100 10614 Mar 8 114 July 3 385
1714 175* 14,200 Firestone Tire & Rubber
10 1311May 2 184 Jan 7
131s
*9614 9612 1,500
Preferred series A
100 844 Apr 8 xltirs Noy 14
671a
484 4914 8.500 First National Storea___No par 4438 Nov 20 5878 Aug 12
45
2712 2712
200 Florsheim Shoe clam A___No par
19 Feb 21 2818 Nov 25
12/
1
4
.37, 4
1,800 :Follanabee Bros
No par
2
214 Mar 6
flls Jan 7
62
700 Food Machinery Corp
61
'
3 103*
No par 2014 Jan 15 6638 Oct 23
2112 2314 9.700 Foster-Wheeler
97 Mar 15 237 Nov 2
812
No par
*96 100
150
Preferred
No par 8038 Mar 15 103 Nov 2
41414
___ _
Foundation Co
258June
7
101,
par
J80
258
7
No
-iii2 -i-il-2
T3 ISITt -5578 -i478 -5534 fii2,500 Fourth Nat Invest w w
34 -31
1658
3618 Nov 18
1 1914 Mar 21
---- ---_ ---- ---- ---- --- ____
____
Fox Film class A
834 Mar 15 17%Ju1y 15
No par
84
6612 6612 64
64
64
64
64 164
*6114 65
60 Fkln Simon & Co Inc 7% 0-10
3014 Apr 2 70 Nov 8
20
29
2914 2818 2012 2758 2834 2814 2918
2834 5.100 Freeport Texas Co
28
8 Nov 20
10 1714 Mar 18 30,
IN
*122 16018 *122 16018 *122 16018 *122 150,8
•122 16018
Preferred
100 11212June 27 125 Nov 19 11212
37
38
3712 4012 41
42
39
39
39
*30
190 Fuller (G A) prior pret_No par
13
Mar
42
15
Nov
1212
26
2112 2112 2112 2234 20
2114 22
22
22,4
660
22
$6 2d pref
4% Mar 13 23 Nov 14
434
No pa
518 538
412 514
378 438
334 418
414 4,
8 19,700 Gabriel Co (The) cl A
71May 21
5% Nov 23
par
%
No
1038 1034 1014 11
1012 1012 *1058 111,
1012 101
150 Gamewell Co (The)
No par
12 Nov 6
7
7 Mar 30
1038 1058 1014 1058 1014 1038 1014 1
1038 105* 6,700 Gen Amer Investors
5I
053
Mar 13 1034 Nov 21
512
No par
•96 100 .96 100
*96 100
*96
*96 100
Preferred
6412
No par 8434 Jan 10 1004 sent 16
447 4514 4312 4514 433 4414 44 100
4412
43
447s 6,400 Gen Amer Trans Corp
5 32% Mar 12 4512 Nov 7
2534
2078 2114 22012 2118 2018 2053 2014 21
2014 2114 7,900 General Asphalt
1114
10 11% Mar 15 2212 Nov 20
1112 1134 1134 1212 1178 1218 12
12
1134 12
7,200 General Baking
Oct
Mar
z1.338
612
17
73
29
8
5
*135 141 •135 141
141 141 *135 141
10
$8 preferred
Stock
*135 141
No par 115 Jan 10 146 Aug 13 100
912 10
934 10
014
9
95*
9i,
8.000 General Bronze
9
91
5
20
Nov
Mar
103
514
8
4
5
57
6
57s 64
534 578
2,500 General Cable
534 6 - Exchange
534 6
638 Nov 6
2
2 Mar 20
No par
1678 1712 1614 1678 1534 16
1614 1614
1512 16
3.100
Class A
Nov 18
5812
4
26
par
Mar
No
4
•67
7134 *67
72
69
7134 66
66
Closed700
6212 671
7% cum preferred
14
100 19 Mar 14 76 Nov 16
5134 524 5238 5278 5212 5234 5214 52,4
5214 5258 1.600 General Cigar Inc
No par 4612 Nov 16 8414July 27
244
*140 143 *140 143 *140 143
14318 14318 Thanks14334 14334
30
7% preferred
100 1274 Jan 2 14512 Oct 7
97
381 3958 377 397
3712 3814 3734 385*
3738 3853 71,500 General Electric
No par 2012 Jan 15 4078 Nov 13 • 16
335* 333* 331* 3418 3338 34
331 1 3378
giving
12,700
337
33
General Foods
No par 30 Sept 17 377s July8
28
7, 1
78
1
7,
78
78
78
1
1
5,400 Gen.
!Gas ds Elea A
14
112 Aug 22
414
4 Feb 25
No par
1514 14
14
1214 14
14
14
Day
14
*12
360
Cony pret series A
1612 Aug 19
8 Oct 16
No p,jr
54
•13
18
18
*13
•1318 18
•I3
181
18
•13
$7
pret class •
No pa
11 Mar 5 18 Aug 20
634
*914 20
*1012 20
*1318 20
•124 20
•1218 20
$8 pref class A
4,_
15/4 Jan 15 18 Apr 6
712
No par
64,8 435t2 544 *351
2 575* *35
57,
5758
8
*35
Gen Hal Edison Elea Corp
32 Oct 7 61% Feb 5 34 32
.0/62 6878 6858 6858 683 6858 684 6853
68'2 1,700 General Mills
68
51
:Oct 25
No par 5978 Feb 6 721
•11912 121 *11912 12114 *11912 12114 *11912 121
100
120 120
Preferred
100 116 Jan 3 12014 Nov 15 10012
5718 5734 5614 584 553 56% 1.534 56%
6418 563* 160,800 General Motors
10 265* Mar 13 593 Nov 18 22 22%
Corp
11918 11918 11912 11912 119 119
119 119
1,400
118 1191
$5 preferred
84
par s10711 Jan 4 120 Nov 21
No
*154 1614 15
1514 15
15
16
2,000
18
16
1612
Gen
Outdoor
10 Mar 20 18 Nov 20
par
No
814
Adv
A
37
*4
37
4
44
4
4
434
434 512 5,000
C0130/38011
3
512 Nov 29
3 Aug 9
No par
4138 4112 *40
41
*40
41
*4012 41
41
400 General Printing Ink
41
Nov
101
:
7
8
Feb
425
175e
par
5
No
*10714 10712 10712 1071 3 10712 1071 10712 1073*
•1074 10712
50
$6 preferred
No par 931: Jan 22 109 Oct 16
6114
4
418 438
4
378 44 *334 43*
334 334 3.900 Gen Public Service
Mar
41:
114
par
13
Nov
No
Ds
8
3
37
39
39
3934 37
39
38
3812
3653 3912 4,000 Gen Railway Signal
1558
No par
155 Mar 13 397 Nov 22
10534 1054 *105 107 *105 107
105 107
40
*105 10912
Preferred
80
100 80 Jan 2 109 Oct 2
238 212
238 21
218 238
218 214
214 17,700 Gen Realty & UtIlltieS
2
Nov
Apr
212
22
3
2
4
1
34
32
3214 3112 3113 3,3012 31's 3012 303*
600
3112 3112
$6 preferred
1424 Mar 20 3314 Oct 31
No par
10
28
2814 28
2834 2712 2734 2734 2812
s2812 2834 7,700 General Refractories
No par
1634 Jan 30 2934 Nov 20
812
Voting tru_st certifs
No par
164 Jan 15 23 July V
714
-iii.2 161184 -3Wli, -3-liT4
8 .7
1 18.-2 --4
.8
. -4-9-4
49
4912
380 Gen Steel CastIngs pret No par
14
14 Apr 13 51 Nov 19
18
1812 175* 1838 1738 18
1812 18
13,500 Gillette Safety Rasor
173* 18
1912
12
par
7
Aug
11
Mar
No
712
14
8918 894 8958 90
8912 89% 894 89'2
1,900
8912 90
Cony preferred
No par 7012 Jan 4 93 Aug 6
4513
67
718
67s 714
67s
634 718
7
634 7
5,600 Gimbel Brothers
738 Nov 19
N. par
218
24 Mar 13
*5712 6212 6112 62
63
63
61
59
700
61 12
59
Preferred
100 18 Mar 27 65 Oct 19
134
7
4318 43
4212 44
414 4212 4134 43
4212 4312 6,400 Glidden CO (The)
1
No par 233 Feb 7 454 Nov 20
12
•10758 108 *1075* 108
107 108
108 108,2
10812 10912
Prior preferred
770
100 104% Jan 2 111 Oct 14
8058
Rights.
%July 16
I% July 19
33
31_
312 334
3,2 334
312 358 21,700 Blobel (Adolf)
338
358
Ds Apr 28
5
414 Jan 25
14
20
22
2112 21
2018 211s 2018 2038
2014 20,
8 43.500 0016 Dun Corp vie
No par
1438May 2 22 Nov 25
1438
11534 11638 .115 117 *115 11612 *115 116'2
•115 11612
300
$6 cony preferred
No par 11112MaY 3 120 June 26
1/612
1218 1238 1178 12,
115* 12
s
1112 123*
1112 1218 19,000 Goodrich Co(B F)
712 Mar 13 13% Nov 6
No par
712
7012 7112 7014 7112 70
71
694 7014
7034 3,200
69
Preferred
100 40 Mar 15 7012 Nov 7
2612
211s 2134 2118 2178 2038 2112 2038 2112
20,
8 2112 15,400 Goodyear Tire & Rubb_-_No par
1514 Star 13 264 Jan 7
1534
8412 8412 *8212 84
84
84
*8112 84
1st preferred
83
8414 1,000
No par 70 Apr 11 92 Jan 10 '
7 5318
94 958
918 978
878 938
968 9,
8 5,600 Gotham Silk Hose
878 934
97 Nov 25
212 Apr 4
No par
212
*73
73
75
7312 72
72
71
76
380
76
*71
Preferred
100 20 Apr 3 77 Nov 22
20
27
3
318 334
314 334
338
338 39
334 40,500 Graham-Paige Motors
44 Oct 25
114June 25
1
14
133 1338 1338 1312 1338 1338 1338 1312
1338 1358 4,900 Granby Cons 54 Sm & Pr--__100
1358 Nov 29
614 Mar 19
4
33* 338
312 33*
33* 33*
312 35*
35* 334 2.700 Grand Union Co Jr Ills
214
Mar
15
1
5
Jan
214
7
.1.814 1834 1838 1914
1838 1838 1818 183*
1,200
*1814 1834
Cone pref series
No par
143851ay 20 291* Jan 3
143,
3334 35
3538 33
35
35
3312 3312
2.700 Granite City Steel
3312 34
No par
1814 Mar 29 3538 Nov 25
1818
34
*32
_
*31
323 *30
*3012 32,
8
3212
Part paid rcts
223
par
4 Oct 2 3314 Nov 22
No
224
*323234 3-234 33
32
33,2 325 33
3,32
324 3,100 Grant 1W T)
3318
No par 20 Mar 20 3814 Sept 7
26
1414 1488 1414 1412 1418 1412 1438 147
1414 3,900 GI Nor Iron Ore Prop
14
No par
1538 Nov 14
914 Mar 19
784
3114 325* 304 3318 3014 31% 31
3238
70,400 Great Northern prof
3034 33
95
100
938 Mar 12 3358 Nov 20
33
3334 3212 3358 3212 3312 3234 33
3338 13,200 Great Western Bugar____No par
32
25
2653 Jan 15 3478May 20
•135 138 *135 138
134 135 *135 138
138 138
120
Preferred
100 119 Jan 2 140 May 4
99
*3514 40
36
36
*36
50
*3814 50
50
P 20 Green Bay & Western RR 00_100 21 Apr 12 36 Nov 25
.36
21
____
26
267s 2558 2612 26,8 2634
9,600 Green (II L) Co Inc
254 267
1 2558 Nov 26 267 Nov 25 -_-*50 64
*50
634 85
*67 100
3'67 100
110 Greene Cantwell Copper
34 Feb 6 66 Sept 19
100
in
6912 7018 684 7012 6818 -69
6812 69
7.900 Greyhound Corp (The)
6712 70
5 461,July 17 7412Nov 14 2 5
158
158
138
134
134
15*
158
178
3.800 Guantanamo Sugar
134
17
par
No
1
Feb
%
1
23
4MaY
13
*2534 30
•2534 30
•2534 30
30
31
30
•2512 31
Preferred
714
100 19 Feb 16 4314May 14
•812 834
83
9
814 884
1,800 Gulf Mobile & Norlbern..100
812 83*
834 9
4
4 Mar 7
9 Aug 16
304 3012 30
3112 2912 2912 307 30%
30
30
2.700
Preferred
6
6 Apr 3 314 Nov 25
100
•31
3212 3212 3312 *31
3212 *30
34
30
600 Gulf States Steel
30
12
No par
12 Mar 29 3312 Nov 25
99 100
100 100
100 10112 10112 101,2
•85 1021
280
Preferred
25,4
Nov
10112
26
Mar
48
100
29
•29
3014 2934 2934 *29
3012 •29
301
*29
100 Hackensack Water
3012
1978
35 2114 Jan 15 30% Nov 22
.3313 34
33
3312 *3212 34
*3212 34
*3212 34
20
7% preferred class A
26
25 30 Jan 18 34 J1/114'. '41
*634 678
68 68
658 634
6% 678
600 Hall Printing
678 67
314
•
28
10
Mar
8
4
19
Oct
•1318 14
1312 14
*1312 14
*1312 14
•1358 14
200 Hamilton Watch Co
358
1412 Nov 16
No par
613 Apr 30
*10514 110 *10512 110 *10534 110 *104 110
10614 10614
20
Preferred
20
100 63 Jan 4 10614 Nov 29
Hanna (M A) CO $7 pf_-No pa 101 Jan 2 108 June 3
77
'104 f6i- *iol" IVE" jai" fa- ;inii4 iVi"
.10414 105
30
3.5 preferred
Vo par 10012Sept 26 105 Nov 20 100,2
26
2634 25
2614 27
26
2518 2534
2512 2614 3,600 Harbison-Walk Retrao-__No par
12
Mar iS 28 Nov 16
16
118 118 *118 120
•118 120
120 120
*120 121
40
Preferred
82
100 9934 Jan 7 120 Nov 12
1313 1318
13%
1312 13
13
1212 1212
1212 1234 6.600 Hat Corp 01 America 01 A--1
111
25
Feb 6 1378
518
111 111
11014 11012 11012 111
110 110
11012 11012
250
Wm
634% preferred
100 81 Feb 6 111 Nov 25
For footnotes see pare 3492
$ Per share
34
52
14
le
314
1
45
63
128
130
2
81,4
1018 234
11
2411
13
2512
5
10%
91* 2474
14,
4 2814
23
9
68
50
141*
7
27 14
9
3
1012
2e,
1
314 121 1
7
184
774
30
11 14
A
We 62
107
62
62
98
275
8%
51*
2
4
1
31
20
2314 3511
23
30
106
87
25.4
13
71,8 92,4
69,
63
15
25
17,,
2
1018 21 ..
853 22
65
80
614 17
174 27
814 173*
63
20
2114 504
:
11312 16018
3353
14
198,
6
458
14
8
30
651 114
87
73
30
1
4
43/
231:
12
64 141*
11)0
10812
1018
6
618
214
44 12
144 33
27
6914
97
1274
1
254
16,
8878
28
4
1
84 12
21
11
22
13
6218
60
644
61
118
103
2458 42
89.4 109
8A4 21
314
658
1012 251:
7312 96
653
2
234 45%
101 12
90
8%
1
10
26%
1018 231s
20
10
173* 484
812 14%
72
s7
685
255
164 ;80
168, 281*
107 12
83
612
Ili
23
16
964 120
18
8
5is 62%
1812 1,1%
64
8614
31
10
.
384 714
Ps
4'2
131*
a
11
834
40
23
31,8
1St
- ---408.
18
Me I553
1214 324
25
2514
11812
102
---- ---- - --59
1-8_--- ---%
74 31
164
5
35%
12
154 42
83
47
204 26,4
31
27
934
312
33, 117
,
63
25
84
10114
13
2434
87
100
74
14
1914 92
New York Stock Record-Continued-Page 5
Volume 141
Bongo for
Oct. 31 Fear 1934
1935
L
„ Low
Lowest
Highest
IlloO
--$ per share 3 per 48 $ per share
Par $ per :bard
S per share Shares
158 Mar 19
2
1lA
6,
4
612 Oct 5 45 1
5
512 4,500 Hayes Body Corp
65
25 85 Jan 2 11712July 24
74
*114 11512
9674
300 Ha3el-Atlaa Gime Co
94
101
25 127 Jan 5 141 June 4
145
135 137
700 Helme (0 W)
100 14213 Jan 10 162 June 19 120
Preferred
12313 153
•1544 16812
51
/
4
No par 11 Jan 8 3312 Nov 18
51
/
4 124
2934 304 4,200 Hercules Motor.
40
No par 71 Mar 12 90 Oct 16
59
811
/
4
8514 8514
700 Hercules Powder
111
100 122 Feb 9 128 May 3 10418
$7 cum preferred
*12612 127
125/
1
4
20
12112 Aug 28 12158 Aug 29 12112
Preferred called
44
1
4 Jan 19
'Jo par 734 Apr 4 81/
-4813 -71/
1
4
400 Hershey Chocolate
itiT2 ii
80
83
No par 104 Jan 25 118 July 17
Cony preferred
*11412 115
1051
300
/
4
4
534 Mar 15 2712 Nov 27
No par
434 1014
2612 274 20,000 Holland Furnace
51
/
4
658 Mar 29 11 Jan 2
51
/
4 13
5
918 94 3,900 Hollander & Sons (A)
200
Nov
25
310 243014
100 338 Feb 5 443
*420 442
100 Homestake Mining
11
34
4112 4112
500 Houdallle-Herehey el A __No par 3078 Mar 14 42 July 31 • 7
612 Mar 13 301
24
/
4 Nov 21
No par
258
81
/
4
Class B
2718 2838 28,300
43
43
64
*6512 7318
100 Household Finance part pf___50 49 Jan 2 73 Nov 19
91
/
4
9/
1
4 Mar 15 1734 Jan 2
124 291
____ ____ ______ Houston 01101 Tex tern ctfs-100
/
4
02
7 Nov 25
14 Mar 13
212
25
558
Voting trust este new
614 658 114,300
20
354 5714
5 43 Jan 15 5814 Nov 25
5412 5512 11.200 Howe Sound Co
234
4
51
/
4 Jan 21
100
2/
1
4 Feb 27
4
41
1214
/
4 3,200 Hudson & Manhattan
612
100
*10
9
S's Mar 14 1312 Jan 21
Preferred
2614
1112
200
614 Mar 26 1712 Oct 23 31 6
/
4
No par
1458 1512 27,700 Hudson Motor Car
/
4 241
61
378 Jan 7
34 Apr 5
10
24
178
714
258 234 11,100 Hupp Motor Car Corp
913 Mar 14 2018 Nov 29
94
100
19
1338 3878
2018 98,600 Illinois Central
15
100 15 Apr 11 3412 Nov 29
21
50
3212 3412 3,500
8% Dref series A
40
4834 66
100 40 Mar 21 574 Jan II)
56
56
Leased lines
650
414
414 Mar 30 13 Nov 27
121
/
4 1258 1,810
713 2414
RR See etre seriee A____1000
24
21
/
4 Mar 16
10
314 Nov ,6
24
*3
434
34
300 Indian Refining
1938 32,4
No par 231215lay 8 3638 Oct 21 w 1314
3018 3078 6,200 Industrial Rayon
45
No par 8012Mar 13 121 Nov 6
4912 7354
11612 11812 2,800 Ingersoll Rand
100 109 Jan 7 130 July Is 105
105
11634
*130
_ _ ___
Preferred
26
34/
10512 10612 6,400 Inland Steel
1
4 56
No par 4614 Mar 22 103 Nov 18
838 Oct 8
213 Feb 27
20
212
252
671
612 678 6,300 Inspiration Cons Copper
2
878 Aug 2
438
4 Mar 1
1
2/
1
4
614 612 1,200 Ineuranshares CUE' Inc
8/
1
4 Mar 15 2358Sept 11
54
1712 1734 2,500 :Interboro RapidTran v to __100
54 174
2
7
4/
1
4 Jan 25
2 Oct 7
2
*234 312
80 Internal Rya of Cent Amer__100
5 Jan 3
134
134 Oct 14
No par
218
68,
Certificates
234 3
130
61
/
4
16
914May 21 1818 Jan 10
100
75t. 221
/
4
Preferred
1714
920
112
112May 1
3 Jan 7
*233 258
24
NO par
54
1,200 Intercont'l Rubber
4
44 Mar 7 1158Nov 20
No par
1038 1034 17,600 Interlake Iron
4
1114
5 Jan 2
11
/
4
No par
318 318 3,400 Internet Agricul
2
6,4
238 July11
1
4 Jan 25
28
15
3718
10
100 26 June 1 42/
28
1,700
Prior preferred
1
4 131
17934 181
164
1,700 Int Business Machinee___No par 14913 Jan 15 187 Sept 12 125/
41: 1318
358
8 Nov 29
358 Mar 12
1
712 8
11,800 Internal Carriers Ltd
1838
1
4 Nov 15
1
4 Mar 15 36/
1838 3734
3212 3312 7,400 International Cement-No par 22/
2314
/
4 Mar 18 6558 Nov 15
231
/
4 4678
NO par 341
593* 604 19,300 Internal Harvester
100 135 Jan 2 152 May 9 110
*151
110
127
_
Preferred
500
11
/
4
434 Aug 19
/
4 Mar 15
11
25
24
3/
1
4 13-4 6,600 Int Hydro-El Sys al A
91
/
4
612 Oct 3
178
178June 20
4
2
6
438 2,200 Int Mercantile Marine ___No par
/
4 Jan 15 24034 Nov 29 "145*
21
23912 4034 80,800 Int Nickel of Canada____No par 221
2914
100 12372July 11 13012 Nov 21 101
115/
1
4 130
128 128
Preferred
200
25
81
/
4
100
10
Internal Paper 7% Drat
412 Nov 20
1 18
118 Mar 15
2
612
353 -42,400 Inter Pap & Pow cl A--No par
21
/
4 Nov 22
/
1
4July 11
No par
*218 214
312
311
73
Class 13
600
as
2 Nov 22
/
1
4May 7
No par
134 7,700
53
234
Class 0
13*
41:Mar 13 2012 Nov 20
44
1814 1958 12.300
818 2478
100
Preferred
9
9
3978 4014 2,400 Int Printing Ink Corp..-No par 203 Jan 15 4212 Nov 21
2518
65
100 9818 Jan 2 10812 Nov 19
66
10t.
10812 10812
Preferred
160
20
No par 2514 Oct 21 3614May 14
21
33
26
2614
600 International Salt
38
38
No par 4214 Mar 19 4912 Nov 20
4734 49
501
/
4
.1,300 International Shoe
19
16
1712 20
100 16 July 19 28 Jan 4
4534
1,900 International Silver
40
57
59
100 6012 Mar 21 78 Oct 19
6912 1,360
841:
71 preferred
552 Mar 13 1334 Nov 20
No par
1218 1278 70,400 Inter Telep & Teleg
54
Vs 174
1658Sept 9
878May 8
1418 1438 2,300 Interstate Dept Stores
234
No par
34 1633
1614
7012June
27 90 Aug 19
100
•73
2158 811:
75
Preferred
200
434
64 Mar 13 16 Nov 19
No par
*1358 1434
558 10
400 Intertype Corn
2034
1 2413 Oct 22 36 Jan 8
26
2434 36
2634
700 Island Creek Coal
85
1 110 Jan 22 12013 Apr 9
90
*113
110
_ _._
Preferred
26
No par 49 Mar 13 57 Aug 8
5838 -59
33
- -12 2,100 Jewel Tea One
574
89
63/
1
4
3612
No par 384 Mar 13 9912 Nov 18
8912 924 7,150 Johns-Manville
101
21
87
100 11713 Mar 15 12614 Nov 29
12614 12614
Preferred
20
135
40
*145 153
Joliet & Chic RR Co 7% gtd_100 130 Feb 19 130 Feb 19 118
45
88
45
77
100 50 Apr 4 93 Nov 20
900 lopes & Laugh Steel pref
90
144
9778
977s
*11912
10 Kansas City P & L pf ser BNo par 11514 Mar 20 120 Aug 1
3/
1
4 Mar 13 10 Nov 25
100
34
914 10
64 1934
10,900 Kansas City &Mahon,
6
/
1
4
29
12
1634
Nov
Mar
1618 1634 11.400
1014
2712
638
100
Preferred
*1814 1812 1,000 Kaufmann Dept Stores 813.-50
51
/
4
713 Feb 6 2014 Nov 18
8
1038
12
26
1378 1812
5 1834 Jan 17 28 Oct 24
26
1,100 Kayser (J) & CO
15
*80
20
371:
/
4 Oct 23
Keith-Albee-Orpheum pref_100 34 Mar 7 901
85
412
/
1
4
238 Jan 17
/
1
4 Apr
5
1
:Kelly-Springfield Tire
5
22 Aug 12
5
20
6 Apr
No par
6% preferred
----;-34
2812 2934 9,800 Kelsey Hayes Wheel conv.tilA__I
6 Jan 25 3114 Nov 7
3
10
14
31
/
4 Mar 1 2814 Nov 6
2512 26
338
1
718
2,600
Class B
1413 1434 10,100 Kelvinator Corp
1 6/
1
4
111
/
4 21,4
1014 Aug 27 1814 Jan 9 .
No par
*90
55
91
3518 94
50 Kendall Co pt pf set A_ No par 84 Mar 21 98 July 9
27/
1
4 2878 65.300 Kennecott OoDPer
13/
1
4
13/
1
4 Mar 13 2912 Nov 25
No par
16
231
/
4
2012 2012
9/
1
4 184
9/
1
4
No par 10 Mar 5 21 Nov 6
100 Kimberly-Clark
*4
21
/
4
518 Jan 3
2/
1
4 Oct 4
No pa
478
3
71
/
4
600 Kinney Co
134 41
12
35/
1
4 37
No par 23 Mar 29 3912 Nov 20
680
Preferred
27
1338 32/
1
4
1014
10 1934 Mar 13 2734 Nov 221
2714 9,500 Kresge (85) Co
10812 10834
1
4 101 z114
100 10313 Apr 26 113 Apr 999/
30
7% preferred
2
612 Nov 22
No par
2 May 21
*54 64
212
400 Kresge Dept Stores
714
•72
55
12
19
100 42 Jan 11 80 Oct 31
90
Preferred
6513
27/
1
4
36
No par 584 Apr 5 80 Nov12
*75
761
/
4
300 Kreas (f3 H)& 00
2612 2634 12,100 Kroger Groo & Bak
19
No par 2214May 16 3218 Aug 12
23/
1
4 3358
22
12
20
22
634
70 Laclede Gas Lt Co St Louis _100 12 Mar 22 27 Aug 16
*37
1914
40
27
60
100 1914 Mar 27 46 Aug 20
5% preferred
100
23/
1
4 2378 4,200 Lambert CO (The)
/
4
2314 311
19/
1
4
/
4 Oct 3 284 Jan 8
No par 211
*8
10
9 Jan 3
5 May 13
No par
44
100 Lane Bryant
5
14,4
1134 12
t318
84 Mar 14 1314 Nov 8
5
7
1418
2,800 Lee Rubber & Tire
1434 1434 3,200 Lehigh Portland Cement
11
20
1
4 Mar 14 17,1
50 10/
/
4 Jan 7
9
10112 10112
73/
1
4 90
73
100 8934 Jan 3 103 Nov 19
40
7% preferred
912 101g 12,700 Lehigh Valley RR
5
5 Mar 13 114 Jan 7
513
94 3114
212 24 19,100 Lehigh Valley Coal
14
24
8
314 Aug 14
113 Mar 13
No pa
1334 1518 11,300
4
5
161
/
4
1534 Nov 26
513May 1
Preferred
50
9058 9134 2,500 Lehman Corp (The)
5834
8414 78
NO par 6718 Mar 28 9534 Nov 18
1212 1258 2.300 Lehi) & Fink Prod Co
1012
1113 2318
1714 Jan 25
5 1012 Oct 1
46
464 11,400 Libbey Owens Ford Glass_ No per 214 Mar 30 4914 Oct 28
324 4378
21
918 912 11,200 Libby, McNeill At LIbby-No par
638 Sept 10 1038 Nov 19 2 214
2812 29
-1-7-18 -2-41558
800 Life driven Corp
5 21 Mar 14 2958 Nov 22
112 11312
7112
73
110
200 Liggett & Myers Tobaoo0-__25 9414 Apr 5 120 Aug 6
113 11312 3,800
7314
Series B
28 93/
744 11114
1
4 Apr 4 122 Aug 0
*1581s 16234
129
Preferred
100 1514 Jan 30 16712May 4 123
1524
21 18 2212 10.400 Lily Tulip Cop Corp____Nopar
16
2618
1414
1512 Oct 16 2834 Nov 20
25
25/
1
4 2,800 Lima L000mot Works____No par
1312
1311 Mar 14 2758 Nov 18
1514 36,4
•404 41
114
1,400 Link Belt Co
1718 Mar 13 43 Oct 16
1112 19/
No par
1
4
34
1618 3838
35
1618
3,800 Liquid Carbonic
/
4 Nov 19
No par 2413 Mar 13 361
5112 5314 22,200 Loets'a Incorporated
194
307s 37
No par 3114 Feb 7 5518 Nov 25
10612 10612
300
105
Preferred
No par 102 Feb 1 10834 Oct 18
72
66
218 21
/
4 4,500 Loft Incorporated
118
3
258 Oct 28
1 Mar 15
No par
1
278 278 2.300 Long Bell Lumber A
1
114 Mar 12
No par
1
3
34 Nov 15
*39
393
33
500 Loose-Wiles Biscuit
33/
1
4 3a4/
1
4
25 33 Apr 25 4158July 25
*10718 112
5% preferred
100
100 10734 Nov 27 1084 Oct 16 107/
_
1
4
2538 257 10,500 Lorillard (P) CO
144
10 1812 Mar 26 2612 Nov 14
-1-E8-4 -1212
14434 145
70
7% preferred
100 124 Apr 5 145 Nov 29
9812 102 2130
1 18
11 14,500 :Louisiana 011
33,
/
1
4July 16
No par
11
/
4 Jan 7
24
4
*1234 14
440
71
/
4 234
412June 19 1412 Jan 8
412
100
Preferred
2014 201
1,900 Louisville Gas & El A___No par 1038 Mar 18 2318 Aug 19
1038
12
31
5914 623* 11,300 Lou:wine & Nashville
100 34 Mar 29 6218 Nov 29
37/
1
4 6218
34
2314 2438 3,900 Ludlum Steel
12/
1
4 Mar26 2613 Sept 18
1
715
81
/
4 19,8
*123 130
300
Cony preferred
No par 9014 Jan 4 135 Sept 18
50
60
97
*4112 43
MacAtulrewe dr Forbes
30
4214
1
4 Nov 4 46 Fen 19
10 37/
21
*12618 --6% preferred
110
1
4
100 113 Feb 8 130 May 13
95
87/
11114
111011 AND LOW RILE PR10ES-PER SIIARE, NOT PER CENT
Saturday
Nov. 23
Monday
Nov. 25
Tuesday
Noe. 26
1 IWednesday
Nov. 27
Thursday
Nor. 28
7. per share $ per share $ per share I $ per share $ per share
5
518
518 538
514
512
518 518
11512 11512 *114 11512
11512 11512 116 116
136 136 *134 136
136 136
*132 136
*15314 161 *15314 161 *154 161 *1544 16312
3012 3138
3078 3134 3Ou 31
3034 32
*86
8812 8612 8612 8514 8612
*86
88
127 127 *12514 126
126 126
*12514 126
..-77- iii7t7(-3- -ii- ;53- -f82-4 ;Hi- -ii- .
115 115
116 116 *115 11558 115 115
2458 2538 2434 2712
244 2412 2458 26
9
*834 878
84 934
94 94
912
448 448 *430 448 *420 446
*42512 447
4134 4134 *414 4134 4158 4158 4112 4112
29
2934 2814 2934 2712 2812 2734 284
*7214 7478 *7214 7434 7214 7214 *6514 7418
--- ---- ---- ---- ---- ---- ---- ---630 678
614
7 1
5
6 \
638 658
5614 544 5512
5512 5814 55
57
56
413 414
41
/
4 412
4
4/
1
4
418 414
*1012 1138' 1034 1118' *1010 1034' •1058 11
15
1512 1514 1614 1478 1558 15
1514
258 278'
234 278
258 278
258 234
1838 1738 1738 184 1758 1834 1858 1934
27 I 2714 .28
*26
2678 26
29
3212
52
521
/
4 5312 5312 5312 54
54
56
934 1012 1012 1114 11
11
1112 13
31, 314
314 314 *278 312 *3
34
3138 3134 3114 32
3012 3112 3018 3038
11434 11434 11511 117
115 115I 11534 117
*128
- *128
*128
___ *130
___
10614 1-(c1312 1054 10858 103 10514 1024 1-05
634 74
658 658
658 634
6/
1
4 6/
1
4
638 658 .614 612
638 638
638 638
1734 184 1712 1818 1734 18
1712 1712
*258 3/
1
4
314 312 *214 312 *214 312
*212 234
234 214 *212 234
24 2/
1
4
1412 14
1358 1378 1378 1438 14
1512
212 212
212 219
.238 253
212 258
1058 1114 1012 1138 1012 11
1012 104
3
34 3
310 34
3/
1
4
*34 314
3012 3012 2934 2934 27
2912 28 1 2812
17812 17812 17812 17914 17812 181
179 179/
1
4
74 712
74 734
738 712
714 778
3414 3412 34
3534 32
3212 3314
31
6258 6314 6012 63/
6134 59
1
4 59
5914
*119 150
/
4 15118
150 15018 15158 15158 1511
334 4
418
4
334 334
34 4
4
414 4/
1
4
418 412
41
/
4 414
4
3834 3912 3838 3912 3812 3914 3878 4014
128 128 *127 132 *127 128
*127 132
---- ---- --- ---- -- ---334 4
338 338
338 358
4
4
214 24
238 238
212 212
2's
23*
1 28
134
124
178
134
178
128 114
1858 1912 18
181
/
4 17/
1914 20
1
4 1838
Stock
40
4012 4134 4113 42
41/
1
4 3912 40
108 10814 108 108 Exchange
108 108
108 108
264 2618 2618 2612
.26
2712 *2618 27
49
4918 4918 4914 4914 49
4834 4834 Closed2112 2112 *2012 22
22
22
22
22
/
4 7014 72
7212 7212 7212 724 7118 711
Thanks124 1314 1212 1312 1218 1278 124 127s
14
1412 1334 14
14
1438 14
1414
;living
*7214 75
*7214 75
•72
75
75
75
•1514 16
1438 1438
15
15
15
15
Day
26
26
26/
1
4 27
2618 2612 *2614 267s
.. .. *113
_ _ *113
_ _ _ *113
.
*1135638 56-1
5714 -53/
/
4 5612 -57
1
4 5734 - 8-1•1
05
9612 9512 9714 9214 9413 921
/
4 94
*124 12614 *125 12614 12512 12512 *125 12614
*145 153 *145 153 *145 153 *145 153
9212 9212 9112 93
91
9234 90
902
119/
1
4 11938 •1194
-- *11912- - *11912 _
614 IP
914 .
934
912 -i2-4
4
1412 1558 14
1278 14
1538 1412 1558
1958 1834 19
1912 1912 19
*1812 1878
*26
264 2634 2618 2578 26
26
26
*80
85
*80
85
.80
90
*80
85
---- ---- ---- --- ----
-i5i2 "iiii; "NT2 I()); - 5" "i612 -:2-6- -213;
26
261
/
4 26
2634
2712 26
27
26
1
4 14/
1
4 14/
1
4 1514 14/
1
4 14/
1
4 14/
14/
1
4 15/
1
4
91
9112 91
*90
91
91
*9112 02
2912 2712 2858 22714 28
28
281
/
4 29
21
*193
4
*203
8
2012 •1912 203*
•201
/
4 21
434 434
*412 434
412 458
458 458
36
3612 3634 3778 35,2 36
35
36
2712 2734 2712 2758 274 274 274 27/
1
4
10812 10812 *108 109 *108 109 *10812 109
4814 634
6'2 633 •514 6
614 6i4
*72
90
*72
90
90
•72
*72
90
771
/
4 *76
7778 78 .76
7734 27734 771
/
4
2618 2612 2614 2634 26
2658 2614 264
*22
•22
23
22
22
2212 •22
23
3714 3738 3738 37/
*3738 38
1
4 *374 40
1
4 2438 2334 24
24
2438 23/
2358 23/
1
4
*818 812 *814
.8
9
813
814 814
1218 1258 12
12/
1
4 1238
1218 1178 1258
1412 14'2 1434 1518 1438 1478
1458 1538
*10138- -- 10138 10138 *1014 _ _ *10112 _ _
94 -978
912 10,4
813 -91
912 -924
212 234
234 24
278 3
278 314
1418 1484 1438 1538 1412 1534 15
1518
941
92
9212 9278 9218 924
941
94
1'24 1234
124 1234 1212 1278 1212 1258
4618
41,
453
4
4
47
47
x46
4534
4612
913 10
9/
1
4 10
03* 934
9/
1
4 912
29
2712 2812 2812 29
.2918 291_ 29
*11212 114 *112 114 *11112 11312 *111 113
113 11313
114 11434 11312 11412 11312 114
*160 164 •15812 16234 *15818 1624 *15818 16234
21
2218 22
2312
2134 2258 22
2212
25
241
/
4 25
1
4 2658 24
25/
1
4 2534 25/
411
/
4 4012 4012
4213 4212 4234 41
42
/
4 3358 3412 3334 3412
/
4 344 341
3418 341
5312
5334 5478 5334 5518 524 5458 53
1
4 10638 10614 10614 *106 10612
*106 10612 106/
213 214
218 21
214 214
/
4
218 214
3
3
3
24 3
3
278 3
3912 4014 39
39
4012 *3912 40
*40
1071
/
4 10734
*10612 112 *10612 112 .10612 112
255s 26
2558 26
25/
1
4 2534 2534 26
142 14214 *142 1441
/
4
*14313 145 *142 145
1 14
1 18
114
1)8
118
114
118
1
1212 1312
•1112 1234 1112 1124 1212 13
2112 214 12012 21 17
/
4 22
2134 2134 211
5934
604 5634 5812 59
58
5512 58
2478 2314 244 23'4 2334
2414 2414 24
127 1274 *123 130
*127 130
130 130
*1112 43
*41 12 43
*4113 43
*408 43
127 127 *12618 -127 127
127 127
For footnotes see page 3192
3497
„11 1933
!sty 1
to
Friday
Nov. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Badge Slam Jas. 1
On Basis of 100-shars Lots
New York Stock Record-continued-Page 6
3498
HIGH AND LO1V SALE' PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 23
Monday
Non. 25
Tuesday
Nov. 26
Sale
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Basso Sue Jai. 1
Oa Basis of 100-clare Las
Nov. 30 1935
July1
1933 to Banos for
Oct. 31 Ydar 1934
1935 ----High
Low Lois
Wedhesday
Thursday
Friday
Nov. 27 1 Nov. 28
Nov. 29
LOCUS
MOWS
$ Per share $ per share $ per share $ per share 3 per share 3 per share Shares
Par $ vet slays
$ per share 3 per 8.1 $ Vdr shard
24
2434 2334 2514 2312 2514 2434 2618
2434 2638 19.600 Mack Trucks Inc
No per
1858June I 281
/
4 Jan 8
1
4
18/
22
5318., 5434 5414 5638 5318 5418 5312 5438
411
/
4
5214 5334 7,200 Macy (R H) Co Inc
4838 .
No par 3012 Apr 1
5714 Nov 18
3013
35/
1
4 6212
9
1018 10
10
*978 10
*978 1018 1,300 Madison So Gard vi c_.-No par
3414 3414 347 3512 34
5/
1
4 Jan 2 11358Sept 12
212
2/
1
4
35
34
3512
2,203 Magma Copper
3412 35
1
4 Jan 18 37 Oct 5
10 18/
121
1513 z21114
/
4
-__- ---- -__- -_-_ ____
Niahoning Coal RE Co
50 515 Aug 20 315 Aug 20 515
*112
114
114
114
114
114
*119
112
*114
112
200 :Menai' Sugar
/
1
4
-1
/
4
-2-34
100
78 Feb 8
214May 14
618 612 *614 714
614
614
634 712
714 714
310
Preferred
100
4 Jan 7 10 May 24
I
134
914
PS 934
914 914
*814 912 *812 912
*8
978
300 Mandel Bros
No par
3 Apr 29 1014 Nov 22
3
*55
3
81
/
4
6312 60
60
60
60
*59
60
*59
6312
30 talanbattan By 7% guar_100 29 Apr 23 6618 Oct 16
20
14
41
22
2212 2212 23
22
2212 2218 2238
2212 23
2,200
Mod 5% guar
100 131
/
4 Mar 15 30 Sept 11
1813 1938 1812 1912 1812 1834 19
1034
10/
1
4 291
/
4
1914
4.300
183
4
19
Manhattan
Shirt
25 10 Mar 28 1912 Nov 25
101
/
4 20/
10
212 258
1
4
212 234
214 212
214 214
238 238 3.200 Maracalbo 011 Explor _
1 Feb 23
1
3 May 23
1
11
/
4
338
914 938
918 912
9
914
9
914
878 91s 12,900 Marine Midland Corp (Del) 0
614 Apr 1
912 Nov 22
5
511
9
*24
.
1
1
24
1
112
*24
1
112 124 1,810 Market Street Ry
100
%June 14
134 Nov 29
12
2/
1
4
*234 334 *234 334 *234 334
1/4
5
512
4
434
740
Preferred
100
212 Oct 24
512 Nov 29
2
2
10
81
/
4
10
*958 10
958 958 10
1234
Prlor preferred
1212 1412 2,150
100
3/
1
4 Mar 1 1412Nov /9
3
*112 2
3
1214
*112 2
*11. 2
2
214
212 212
290
2nd preferred
100
I Mar 15
212 Nov 29
40
/
1
4
1
41
/
4
40
3914 4012 *3812 39
*39
40
3912 3912
900 Marlin-Rockwell
No
par
20 Mar 13 42/
12
1
4 Nov 21
17
33
1312 1312 1314 1334
1318 1312 1314 1312
1314 1378
-1 7,900 Marshall Fleld & Co
No par
4 Mar 14 1414 Nov 7
82
6:
814 814
83
8
108
814 814 *7
814 *714 8
500 Martin-Parry Corp
734 734
No par
4 June 27
9/
1
4 Jan 7
214
4
121
/
4
*3278 3338 3212 3314 3134 32
3112 32
3113 3218 6,500 Mathieson Alkali Works No par
23/
1
4 Mar 14 3378 Nov 22
2312
2312 401
155 155
/
155 155 *151 155 *151 155
4
151 151
Preferred
90
100 136 Jan 2 156 Nov 16 10512 110
136
55
5518 55
56
55
5512 55
55
54
55/
1
4 1,990 May Department Stores
10 3572 Mar 29 5734 Nov 20
23
1512 1534
30
4534
1512 1534 •1512 1534 1534 1534
16
1634 2,600 Maytag Co
No par
414
512 Jan 30 20 Nov 4
314
*5012 52
233
5012 5012 5012 5012 *5014 5012
5012 5012
400
Preferred
No
par
33
Jan
15
11
834
10
Oct
54
*4614 50
36
*4614 50
*4614 49
*48
49
53
*50
Preferred
ex-warrants_
_No
par
321
/
4
Jan
7 55 Oct 11
8
323,
9
*10012 101
101 10112 10112 10112 10112 102
102 102
340
Prior
preferred
No par 8413 Jan 4 103 June 17
27
49
921
/
4
3314 34
3314 3418 3314 3338 3312 34
3334 3414 5,100 McCall Corp
No par 28 Mar 14 3512June 17
22
24
1234 1318 1278 1414 1314 1438 1313 141,
32
1418 41,900 IMcCrory Stores classA No par
13
714 Apr 3 1438 Nov 26
04
11
/
4
1212 1278 1212 14
1211
1278 1378 1312 1334
1378 14
9,000
Class B
612 Apr 3 14 Nov 25
No par
118
11
/
4 1238
102 102
100 102
100 10012 *102 108
*104 107
1,200
Cony preferred
100 5714 Feb 5 104 Nov 19
312
•16
51
/
4 6332
1612 1514 1512 15
15
1514 16
16
16
1,200 McGraw-Hill Pub Co__ _No par
714 Mar 28 1634 Nov 16
4
4
1012
3918 3958 3834 3912 3712 3912 38
3812 3934 9,200 McIntyre Porcupine Mines____5 3334 Nov 1 4518Sept 28
3834
2858
381
/
4 501
/
4
125 125 *12712 128
124 12612 *122 126
*117 12412
300 McKeesport Tin Plate_No par 901
/
4 Jan 15 1 31 Nov 20
6714
79
958 1014
951a
912 1018
914 9341
9
912 934
958 48,300 McKesson & Robbins
5/
1
413.1ay 22 1014 Nov 23
5
312
CA
51
9,4
5234 5214 5412 5134 5212 5214 5238
5112 5212 11,500
Cony pref series A
50 32 May 24 5412 Nov 25
912
117s 4234
1318 1312 1278 1314 1278 1312 13
1312 3,800 McLellan Stores
13
1312
0,
812 Apr 1 16211 Jan 3
No par
1
17,8
112 112 *112 11638 •112 11638 •1121
/
4 11638
11212 11212
30
8% cony pref ser A
/
1
4
Mar
85
13
29
6
Nov
100
11212
911 9212
*63
65
6434 6434 64
6434 *64
6438
64
900 Melville Shoe
64
No var 41 Jan 2 6514 Nov 6
1712
36
42
8
8
758 8
712 758
714 712
738
758 3,000 Mengel Co (The)
1
3 Mar 12
838 Nov 14
3
312 11
*57
5712 56
57
5418 55
05418 5712
5512 5612
260
7% preferred
100 2034 Mar 20 6034 Oct 21
2034
24
52
*28
30
*2858 30
*29
30
30
30
120 Merch & Min Transp Co_No par 22 Apr 12 30 Oct 26 • 22
•2912 ____
2512 33/
1
4
39(4 3934 39
4012 3834 391
/
4 3834 3918
39
5,700
3812
Mesta Machine Co
5 2412 Jan 15 4138 Nov 20 2, 834 2201g 2534
538 538
510 6
5/
1
4 534
538 6
4,400 Miami Copper
534 6
Mar
212
5
13
63
4
Oct
8
211
3
/
1
4
51
/
4
1638 1634 1618 16/
1
4 1618 1638 1638 1658
1534 .012 10 300 Mid-Continent Petrol
10
9' Mar 15 17 Nov 20
91
/
4
1012
1434
23
2334 2234 2378 2233 2314 23
2234 2318 6 000 Midland Steel Pr.()
2332
No par
814 Mar 12 2478Sept 20
612
612 211
/
4
11014 11014 111 11114 *11114 113
111 11118
112 112
110
8% cum 161 pre
Mar 6 11618 Oct 9
8018
100
44
64
45,,
*8514
-- 08514
-- .8514- .85
__
-__
___
*85
Mllw
_flee
fly
Nov
Az Lt COG % pref10
4 85 Nov 4
85
50
50
70
414212 1-47
147 1-47 *143 61
14634 *14258 11 2
47
100 minn-lioney well Rego-iv° par 58 Jan 15 147 Nov 20
*14258 120/
ad
65
1
4
*10634 107 *10634 107
107 107
107 107
120
107 108
8% pref series A
/
4June 19 2 88
103
5% Jan 9 el11
87
107
638 73
678 72
)
1
714
718 62,600 Minn Moline Pow Impl -.No pMar
Mar 15
738 Nov 25
112
Vs
51
/
4
6412 6712 65
66
6312 67
63
6312
6378 6412 3,300
Preferred
No par 31 Mar 14 88 Nov 18
15
151
/
4 41
3,
lo
12
12
12
12
12
52
12 1,600 :Minneapolis & St Louls____100
12
14
Is Mar 4
34 Nov 21
11
'4
/
4
Ps
13-4
134
134
134
178
2
2
3,000
214 238
Minn St Paul & SS marfe___100
14
24 Apr 24
212July 11
31
34
/
4
*2
314
314 314 *314 4
312 312
334 4
500
7% preferred
1 Mar 6
4 July 10
100
1
1 14
5,2
312 312
312 334 *338 312
*314 378
334 334
Stock
330
4% leased line elf,
114 Mar 29
334 Nov 22
100
114
112
713
1558 1333 1512 1512 1512 1512 1514 1512
1514 1514 2,000 Mission Corp_
10/
1
4 Apr 9 16,2May 16
No par
10/
--_- - _
1
4
512 618
538 618
534 638
578 614 Exchange
534 638 27.900 MO-Stan-Texas RR
212July 22
618 Nov 25
No par
212
61
/
4 1478
1234 1378 1338 1534 1378 151
/
4 1458 1514
1514 50,200
14
Preferred series A
57sMay 7 1534 Nov 25
100
57
8
12
3438
178
178
2
238
213 214
214 238 Closed238 278 8,100 :Missouri Pacific
1 July 8
100
3 Jan I
1
112
6
338 378
3/
1
4 414
334 41
378 418
/
4
14,700
Corm
414
3
/
1
4
preferred
112 Mar 30
100
414 Nov 25
i'1
218
9 .,
2014 21
2012 21
20
2044 20
2118 Thanks2078 2118 5,300 Mohawk Carpet Mills
1
4 Mar 13 23 Nov 7
20 10/
1034
121
/
4 22,
94
9412 9112 93
9112 9112 8914 91
8834 90
2,900 Monsanto Chem CO
Feb
55
9434
29
Nov
10
11 "24
39
61
38
3838 3634 3878 3678 3518 3738 3838
3612 3812 7a,600 Mont Ward & Co Ino____No par 211
givIng
/
4 Mar 12 4018 Nov 18
1514
20
35
49
49
*5012 55
*4918 51
51
51
52
300 Morrel (J) & Co
*50
No par 4812 Nov 20 66 Feb 25
3472
$7
33
*6213 6412 *6212 6412 *6234 6412 63
63
Day
•6212 6434
10 Morris & Enos
50 502 Apr 18 6512May 24 I 55/
1
4
58
71
34
34
34
78
34
78 13,700 Mother Lode CoalitIon___No par
34
78
34
%
1/4
Ilialay I
14 Apr 4
/
1
4
1
5634 58
5738 5334 5534 551* 5612
55
5512 571
/
4 12,400 Motor Products Corp____No par
Mar
18
5812
Nov
1514
22
171
/
4
1014
44/
1
4
1334 1438
1334 1412 1352 14
131* 13/
1318 1334 7,000 Motor Wheel
1
4
5
718 Mar 12
1478 Oct 15
614
65
8
163
4
1538 16
1512 1614 1514 1578 *1558 1534
1512 1558 3.300 Mullins Mfg Co Class A____7.50
914 Aug 21
1614 Oct 22
914
---- -1434 1434 15
1534 1434 1512 1512 1512
1478 1578 5,300
Class It
AIM;
918
1
23
153
4
Nov
25
912
---- -81
78
7678 78
80
8134 7934 80
930
8012 81
Preferred new
No pat 62 Sept 4 8134 Nov 21
62
201. 2112 21
211s *20
21
20
2078
1.400 Munsingwear Inc
"2014 21
1314 Mar 26 22 Nov 19
No par
10
13
15
2012 2078 1978 2138
1912 2014 1934 20
46,000 Murray Corp of Amer
1878 20
1
4 Mar 13 2138 Nov 22
4/
10
358
3/
1
4 1114
*4512 46
4534 46
*4312 4412 4434 45
4518
400 Myers F & E Bros
"4312
Jan
30
12
Oct
4712
1312
25
Nova?
14
3353
1678 1714
1758 1612 1718 1612 17
17
1612 1678 22,100 Nash Motors Co
11 Apr 3 1911 Jan 7
No var
II
1218 32
2312 2414 22
25
2212 2234 24
24
450 Nashville Chats & St Louis __100 14 Mar 14 2712 Jan 8
2514 2534
14
19114 4614
1318 1338 13
1334 1214 1278 1233 1234
16,400 National Acme
1214 13
413 Mar 13 14 Nov 20
1
31
/
4
81
/
4
3
*934 1014
978 1012 1012 11
1058 1012
1014 1078 6.400 National Aviation Corp.__No par
6/
1
4 Feb 26 11 Nov 25
514
514 1314
3434 3514 3458 3538 34
3478 3312 3418
3334 3438 15,500 National Macon
10 2214 Apr 1
2214
3632 Nov 6
2578 4912
*14814 15212 15212 15212.14912 15212 151 15112
300
•14978 151
7% cum pref
100 1411
/
4 Mar 7 15212 Nov 25 1291
/
4 131
16812
2038 2114 2018 2138 20
2058 20
2012
1914 2012 12,600 Nat Cash Register
No par
1312 Mar 14 22 Nov 8
12
235,
12
1918 1938 1914 1978 19
1912 19
1912
1958 36,50 Nat Dairy Prod
19
12
par
/
1
4
No
Mar
19
21
/
1
4
13
181
Nov
/
4
111.4
25
•10913 11178 *11014 11112 11014 11014 10912 10912
80
11014 11012
7% pref class A _
100
108 Sept 28 11314 Nov 6 2 80
---- -.110 _ _ *110
_ __ *110 - -- *110 _ _
*110 -----7% prof class 1.1
x106
100
Sept
108
3
Aug
x106
19
-234 -27g
278 -3
278 -3
278 -38 8,800 /Nat Departruenteltores__No par
234 17Il
112 Mar 7
i
458 Jan 17
.
37-4
31
30
3012 3012 30
32
30
580
3012
3012 3058
Preferred
100 17 Apr 2 3434 Feb 16
3
Ms
5
3018 3078 3013 3118 30
3078 3018 3034
3033 3138 33,400 Nati Distil Prod
2318May
par
NO
2
Nov
3412
2
16
311
/
4
16
*2713 28
*27
28
*27
2834 2713 2712
2814
400 Nat Enam & dliamping
28
No par 21 Ma 31 3212July 8
1612 3278
01
*192 201 *192 201 *190 201 *191 201
•195 201
National Lead
100 145 Jan 18 205 Nov 15
87/
1
4 135
170
160 160 *155 16012 *155 16012
160 160
300
16012 16012
Preferred A
100 150 Jan 18 1621251ay 23 122
122
1481
/
4
138 138 013812 140 *138 140 •138 140
20
*137 138
Preferred B
100 12152 Jan 26 14012July 30
9904 1001
/
4
/
4 1211
1014 1012 1018 1038 10
1014
978 10
16,100 National Pow & Lt
934 10
No par
ea
Mar
143
15
2
Aug
17
47
63
8
8
1512
78
034
78
78
78
%
78
78
% 112 5.600 Nat By,of Mex 1st 6% pr__-100
12July 12
112 Nov 29
28
24
238
*38
12 '
"2 '2
12
38
*32t
34 4,600
12
12
3d preferred
100
14
14 Mar 19
34 Nov 29
18
1
7978 8034 7934, 8114 7734 7912 7612 7834
7734 8,100 Nanonal sled Corn
75
Mar
403
25
13
8
83
34
Nov
14
33
341
/
4 581
/
4
1734 1878 1738 19
1712 1814 1712 18
1778 1812 9.000 National Supply of Del
Mar
9
25
13
2078 Aug 17
10
211/
9
7034 6812 69
70
69
68
69
*6538 7112
69
840
Preferred
ion 36 Mar 20 7738 Aug 17
33
3318 60
912 934 4,200 National Tea
934 978
934 9/
934 10
934 978
1
4
Co
/
4
No
Mar
281
par
13
Ills
Jan
4
2814
9
1834
1134 1114 1134 1114 1138
1114 1138
11
1112 1134 12,000 Natomas Co
NO Dor
712 Jan 15 1233May 24 .1 358
714 10/
1
4
39
*3812 3918 39
37
3712 *37
37
700 Nelsner Bros
37
37
No par 2114June 6 4134 Oct 21
4
612 301.4
58
5758 5758 *57/
5778 58
58
1
4 5814
800 Newberry Co (J J).
5712 5734
No
par
4312
Jail 2 61 Aug 9
15
31
49/
1
4
•11418 116 *11418 116
1141
/
4 11418 *113 116
10
0113 11418
7% preferred
100 109 Jan 25 11812 Apr 23
112
80
100
*634 10
0714 9/
1
4
8
8
10
90 :New Orleans Texas & Mex 100
10
*1013 15
358July 13 10 Nov 27
25
6
358
878 9
838 9
838 858
832 9
812 858
10,100 Newport Industries
1
4385.1ar 12
9/
1
4 Nov 7
412
411
13
33
3412 3412 3112 3478
3412 35
33
1,000
N Y Air Brake
3478 3512
par
No
1812Mar
12
3612
Nov
20
Ills
2854
1112
2618 2712 2638 2814 26
2738 2634 2778
2638 2814 169,500 New York Central
No par
1214 Mar 12 2814 Nov 25
1214
1832 451
/
4
1478 14
1413 14/
1
4 14
1412 1312 1434
1434 4,400 N Y Chic as St Louis Co
14
100
6 Mar 12 1478 Nov 2'
2678
6
t/
3112 3412 3212 3434 31
3314 3214 3334
3414 15,94)0
31
Preferred series A
100
9/
1
4 Mar 12 3434 Nov 25
16
431
1
4
/
4
9/
334 334
414 41
4
/
4
4
334 334
1,180 New York Dock
331 45
100
2 Mar 14
514 Aug 29
2
2/
1
4 32
1218
1212 12
11
12
1112 11
11
1114 1334 1.960
Preferred
100
4
NI
ar
29
a
133
4
Nov
9
29
4
12513 12512 126 126 *125 130
127 127
40 N Y & Harlem
*126 130
50 112 Mar 11 139 June 12 101
108
1061
/
4
0125 140 0125 140 0125 140 *125 140
•125 140
Preferred
50 11412 Mar 14 11414 Mar 14 112
120
112
1
1
its 8,400 IN Y Investors Inc
1
1
I
1
78
34
11/4
No par
May
/
1
4
31
118
Nov
114
/
1
4
8
14
96 *___ _ 96 *--7- 96 •___
4,__
96
NY Lackawanna & Western_100 96 Nov 16
•____ 96
83
95
7812
99 May 22
418 438
414 412
418 412
438 18,000 :N Y N H & Hartford
4
413 414
100
238 Oct 23
2412
6
238
812 Jan 4
91
858 912
9
/
4
/
4
1
4 91
834 9
8/
Cony preferred
838 918 8,700
58 Oct 23 1658 Aug 13
100
5
1012
371
/
4
533
578 638
618 612
558 618
638
6
573 612 9.400 N Y Oztario & Western
100
238 Mar 15
4.12 111
258
/
4
612 Nov 25
218 214
218
2
2
2
2,300
214 212
N Y Railways pref
234 234
No par
/
1
4
Is
Mar
114
29
231
Nov
29
18
*114
•112,-- •114 .
_ -.._ ___
*114
Preferred stamped
/
1
4
_ ‘,7 _
14May 22
218 Nov 18
1218 -1-23-4 1153 -1214
1218 -1-3
1178 1-21s
12 1238 6:400 NY Shipbidg Corp part att.__ 1
61/ Mar 14 161
;
.318
/
1
4 l'd1
/
4
/
4 Jan 7
*6314 68
*6314 6912 .65
68
*6312 68
*6312 68
7% Preferred
100 51 Oct 9 87 Jan 7
72
891
/
4
51
84
84
84
84
84
84
84
85
5t0 NY Stearn $6 pref
8312 84
No par 69 June 5 9213 July 15
60
73
9912
101 102 *100 102 *100 102
*100 102
30
$7 let preferred
0100 102
No par 79 May 28 102 Nov 25
79
90
1097
s
184
134
138 138
113 178
138
158
600 /Norfolk Southern
•158
178
34
Ile
41e
100
24 Aug 6
178 Nov 25
19712 199
19812 1981* 19834 199
19, 198
19914 19978 2,500 Norfolk & Western
100 158 Mar 13 200 Nov 15 138
161
187
*10412
10512
105
;
0100 1051
10512 *105 106
50
;AMA .4% pre
*105 106
10t) 99 Jan 10 11.18 June 18
77
82
10012
267g 2718 2578 2714 2558 2614 2538 2534
2434 2534 36,300 North American Co
No par
1014 2514
9 Mar 13 28 Nov 8
9
5378 5378 5334 5378 5334 5334 5378 54
5414 541, 1,000
Preferred
31
60 3512 Mar 15 5412 Nov 22
34
45
578 838 89,000 North Amer Aviation
514 .512
514
514 534
512
538 814
618 Nov 29
2
2 Mar 13
1
252
81
/
4
099 10114 *98
9913 .98
9912 *98
No Amer Edison pret____No par 57 Jan 3 102 Nov 21
*0834 991
9912
39
6718 7414
043
*434 6
4 6
*434 6
*434 6
No German Lloyd Amer MIS--*434 6
314 Nov 14 1018 Nov 26
718
16
718
9712 *95
9712 *95
9712 *95
*95
Northern Central
•95
9758
9712
50 8612 Mar 29 99 Aug 20
71
81
9214
For footnotes Bee page 3492.
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Not. 23
Monday
Nov. 25
Tuesday
Nor. 26
Wednesday
Nov. 27
Thursday
Nov. 28
$ per ehare $ per share $ per share $ per share $ per share
23/
1
4 2434 22
22/
1
4 24
2338 22/
1
4 2334
5014 504 5034 5034 51
*504 51
51
2
1/
1
4 1/
1/
1
4 1/
1
4
2
178
17g
1
4
2414 2512 2418 2418 *25
24
24
254
nig
1138 11
1112 1134 114 1134 11
2314 2314 2338 2328 2134 2314 2234 2234
154 1514 1412 1512 1412 15
1428 15
107 107
_ *10312 107
107 107
no31210% 107
- - 1034 1078 1012 1012 *10
1012
2134 2314 2134 2212 22
223g 23
23
*12034 12213 122 122 *12034 12213 •12034 122
1578 1614 1538 164 154 164 154 16
*804 8234 80
1280
83
80
80
80
*53
*53
54
*5218 54
*5213 54
54
*11634
*11634
__ *116___ _ *116
4 12318 11412 11834 12212 121 1--123 1221
2234
15
1512 1514 1512 1434 1518 144 15
234 278 *2
234 *134 234
212 234
634 634 *6
64 *412 6
614 612
*312 334
34 334
34 312
338 312
2914 2912 2834 2912 2918 2912 29
2914
5124 5212 5112 5234 51
5214 5138 52
1714 17
1714 1714 17
17
16
184
121 121
12038 1201
/
4 *119
____ •119 ____
*138
_
•138
_ __ *138
_ __ *138 . _
012 -07-8
915 "
38 -948
64
934 -934
638 65
612 634
64 628
638 612
*1114 1134 *1114 1134 *1114 1124 1112 1112
14 134
114
128
138
112
114
114
19
18
19
19
16
19
164 1628
018 038
878 914
834 0
834 878
7413 7718 734 76
73
7424 72
73
11
11% 1034 1114 1034 1114 1034 11
Friday
Nov. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
3499
Range Slate Ian. 1
On Batts of 100-Marl LOS3
Lowest
Highest
JitiII 1
1933 to Range for
Oct. 31 Year 1934
1935
L0T
0 - Low
High
$ per share Shares
Par 9 Per share
9 per 4,
03 2 per IS $ DOT chars
141i 364
1312
2238 23/
100 1318 Mar 28 2434.Nov 25
1
4 95,000 Northern Pacific
43
33
50 357g Jan 18 5112 Oct 24
70 Northwestern Telegraph
33
*5018 51
118 July 12
214 Jan 4
178 1% 1.200 Norwalk Tire & Rubber -.No par
11
413
IN
*25
Preferred
50 220 Mar 20 3212 Jan 3
2578
20
110
29
4014
1078 1114 27.500 Ohio 011 Co
iCeMay 17
914 Mar 18
No par
813
812 1518
*2238 23
2,300 Oliver Farm Equip now-No par 1614 Oct 2 2514 Nov 18
- 2-- - 1614
1414 154 11,800 Omnibus Corp(The)vte- No par
312
312July 23 164 Nov 20
-332 138
100 75 Jan 16 107 Nov 26
70
95
70
Preferred A
*10312 107
200
10
438 Apr 3 1138 Nov 8
434
800 OPPenhelm OM & 0o.--No par
10
5% 14%
2234 2414 22,600 Otis Elevator
1118
No par 1118 Apr 4 24% Nov 29
1212 1938
12212 12212
40
Preferred
100 106 Jan 7 125 July 61 92
92
108
1478 1678 32,800 Otis Steel
3
414 Mar 14 17388ept 71
No par
3%
8
*80
8212
9
25
712
Prior preferred
100 2238 Jan 16 8514 Nov 18
200
*5218 54
Outlet Co
No par 88 Mar 12 54 Nov 16
30
67
28
100 11412 Mar 23 1154 \Lir 491 97
*116
._
97
11412
Preferred
4-.50() Owens-Illinois Mass on
119 12
60
25 80 Mar 12 129 Nov 12
60
94
*1412 15
2,100 Pacific Amer Fisheries Ino____5 14 Aug 5 1734 Nov 11j 37 5
1
314 Nov 20
1 Mar 26
10
238 238
220, Pacific) Coast
Yi 138
312 Apr 22
No par
*534 7
312
8 Mar 401
312 1114
let preferred
301
318 34
1
4 Jan 71
1 Mar 27
No par
26 preferred
2
613
200
/
4 Nov 81 128s
2828 294 9,300! Pacific Gas & Eleetrk)
25 1318 Mar 6 301
1388 23131
19 Mar 18 56 Nov 6, 19
No par
5114 5234 5,800 Pacific Ltg Corp
2038 37
*1612 1634
19
114
No par 12 June 19 21 Jan 21 12
800 Punk) Mills
4518
121 121
100 70 Jan 2 121 Nov 18 37 6812
69
701 Paciflo Taloa & Telleg
9914 103
116
6% preferred
100 11112 Jan 14 138 Sept 26
-- -*138
111
/
4 Aug
634 July 11
912 -1-018 11,800, Pao Western 011 Corp____No par
512
9%
23!' 5
312 Mar 13
614
713 Oct 22" 25
612 78,200i Packard Motor Car
632
No par
238
*1114 1134
814
6 10% Jan 9 12 June 141
100 Pan-Amer Pelt & Trans
1084 12
112 112 4,000 Panhandle Prod & Ref--No par
118
213
134 Nov 25
12June 20
%
64 Mar 12 20 Nov 22
17
17
7
214
64
100
120 8% cony preferred
8
8 Aug 28 12 Sept (9
1
838 9 44,400 Paramount Pictures new
81
First preferred
100 70 Nov 29 101345ept 19
70
7212 6,500
1018 1034 23.400
914 Aug 28 1414Sept 18
10
Second preferred
- -- - 94
5/
1
4 Aug 7
IN
-UN
214 Mar 27
10
:Paramount Pubis ens
-1172
------;ILO; -2-65-8 ;iiii, -i65-8 -iiiis -12-18 -26- -2-61 11 May 20 211
11
/
4 Nov 14
17
2018 1018
$512
500 Park-Tliford Inc
44 5
428 5
21
428 478
428 478
2
6 Apr 16
428 5
2% Mar 21
1
29,200 Park Utah CM
618
338 418
3
338
3
318
328 4
418 Nov 26
12
114 Apr 18
312 4 44,400 Parmelee Transporlen-No par
12
2
64 614
6
614
6
614
618 64
418
64 612 11.700 Pathe Film Corp
718Sept 3
418 Oct 3
No par
1338 1234 1278 1228 1234
124 1278 13
814
814 Feb 28 15 May 23
1212 1212 2,400 Patin° Mines & Enterpr -No par
-91.
2 -2113
1
114
14
1
38 July 12
112 128
128
128
Ds Jan 4
112 128 5,500 Peerless Motor Car
3
34
1
43*
72
*70
73
72
70
71
•6912 71
4438 67
44/
1
4
7014 7014
No par 44% Feb 5 81 July 8
500 Penick & Fora
8112 82
1
81
8212 80
804 80
3513
81
No par 5714 Apr 3 8434Bept 18
7912 8112 4,700 Penney (J 0)
51
7414
51
512 534
54 528 *5
54 518
54
2/
1
4 Mar 13
54 518 1,800 Penn Coal & Coke Coro---.10
612 Aug 21
1%
Vs
478 5
434 514
27
238
512 Aug 6
412 478
7
3 Mar 9
No par
458 Vit 3,700 Penn-Dixie Cement
412 434
*29
2912 2818 2912 *2712 2912 *274 29
1214 3218
10
*26
100 18 Mar 11 3034 Nov 22
Preferred series A
2812
700
2928 3028 30 •3078 2914 3028 30
2018 37
1714
50 174 Mar 12 304 Nov 25
2938 3034 62,000 Penney yenta
3038
33/
1
4 34
34
34
1938 66
1
4 Apr 1 38 1013
3312 3334 *33
30 Feb 6 39/
No Par
33
33
3338
700 Peoples Drug Stores
*114 11613 *114 11612 *11418 11612 *114 11612
86
11214
80
100 1084 Oct 7 116% Mar 28
*114 11612
Preferred
384 39/
1
4 3813 3912 3734 3734 3812 3912
1734 Mar 7 4312 Aug 17
100
1738
3812 3912 3,100 People's 0 L & 0(Ch1e)
1914 6312
*338 4
*338 4
2
4 Nov 22
21g Feb 26
328 328
•313 338
2
8
100
334 334
300 Peoria & Eastern
30
3412 33
914
914 Mar 13 3412 Nov 23
3414 *294 33
12
38
100
3213 32/
3213 3312
1
4 1,800 Pere Marquette
6234 6234 6213 6234 5828 5838 60
14%
100 1612 Mar 13 6234 Nov 22
*59
60
18
6234
Prior preferred
500
5112
*4914 60
5112 53
52
52
52
Ms 63
100 18 Mar 15 53 Nov 27
53
52
12
53
Preferred
800
1613 1612 16
1312 Oct 7 19/
No par
*1534 1614
16
1612 16
914
1
45lay 4
•1534 1612
94 177s
600 Pet Milk
1114 1128 1114 1128 Ills 1114 114 1114
1114 1178 6,600 Petroleum Corp of Am
814 1414
7/
1
4
7/
1
4 Mar 14 1175 Nov 29
6
1534 1614 1512 161s 1514 1513 1534 1612
Stock
16
1613 33,500 Pfeiffer Brewing Co.. __No par 11 Oct 2 1613 Nov 27 11 2
25/
1
4 26
1234 Mar 15 2628 Nov 25
26
25
25
26/
1
4 22514 2578 25
26
us, WI; -1-8
17,200 Phelps-Dodge Corp
2574
7
2
4418 43
4414 44
*44
4438 *44
1,309 Philadelphia Co 6% pref
43
43
43 Exchange
50 23 Feb 27 4518July 13
2614 $7
21%
*80
85
84
84
85
*80
8412 *80
NO 1)0I 3812 Mar 5 8514 Nov 12
*8014 84
3814
$6 preferred
100
69
6484
*3
3
3
*3
4
4
4
414 Closed12
8July
26
Rap
Trail
Co___50
71
418
Nov
29
:Philadelphia
4
2
6
1%
438
510
*514 6
572 612
312July 30 10 Nov 27
712 10
634 734
513
812 10
Vs 16
3
7% preferred
1,890
134 Mar 21
438 Jan 9
3
3% Thanks3
314
314 338
3
34
134
No par
28 3
638
13,600 Philo & Read 0 & I
$4
53% 6334 6112 6313 5834 6134 60
111
8
61
104
5834 6134 11,100 Phillip Morris es Co Ltd
10 3514 Mar 12 6412 Nov 21
48's
1212 1234 1212 1212 11
giving
*1114 1214
11
54 Mar 22 1214 Nov 18
1034 1034
No par
7
21
6%
800 Phillips Jones Corp
*7712 100
*7712 100
5313 Apr 1 80 Oct 31
104
*80 100
*80 100
*7712 100
68
743*
48
7% preferred
3512 3612 3328 36
34
35
Day
1334 Mar 12 37/
34
3378 35
No par
3518 35,100 Philips Petroleum
1388 12084
11
1
4 Nov 6
*812 828
814 812
3
912 Oct 22
3 Mar 21
6
884 8/
812 812
812 828
900 Phoenix Hosiery
1
4
4/
1
4 1312
*6518 - _ *6518 _ _ *6518 _ _ *6518 _ .
116518 _ _
60
64
64
100 50 July 8 7812Nov 22
Preferred
%
1
114 Nov 25
118 1
118
1
IN
1
114
1
-14
82
1%
% Apr 27
26
413;65 Pierce 011 Corp
612 612 4,100
612 1024
8 Nov 23
64
7
734 *512 738 *6
71
/
4 8
2$4
234July 24
100
Preferred
114
118
118
112
112
/
1
4
3
113 Nov 23
%July 16
138 21,100 Pierce Petroleum
114
114
/
1
4
..NO par
118
118
18% 34%
*3712 38
18
*36
*3624 3728 3712 3712 *36
No par 31 Apr 8 38 Nov 16
3714
300 Pillsbury Flour Mills
3712
*50
*50
79
*50
79
654 Aug 26 7612 Jan 22
79
*50
79
*50
79
6538
7014 $7
Pirelli Coot Italy Amer shares__
*1014 1114 1014 11% 1034 1134 1018 11
1018 1188 4,500 Pittsburgh Coal of Pa
711 1813
7 liar 14 1278 Aug 13
100
7
*38
3818 3812 4014 *3534 4014 *3534 4014
*3534 40
26
26
6912
100 2614June 6 4434 Aug 13
Preferred
300
*175 180 *175 180 *175 180
*173 179
100 172 Feb 14 180 Aug 21 14114 14112 169
175 175
10 Pitts Ft W & Chin peel
712 724 7.900 Pittsburgh Screw & Bolt-- No par
44 1138
4%
9 Jan 11
5% Mar 13
74 772
712 734
712 778
714 734
48
48
44
44
47
464 4834 *45
1514 23
1514
*47
47
260 Pitts Steel 7% cum prof
100 22% Mar 13 55 Oct 1
*134 214
•134 214
218 238
214 214 *178 212
112
34
1
24 Nov 25
1 Mar 21
100
300 Pitts Term Coal Corp
1412 1412 1412 1514 *13
1412 1412 1412
1412 1412
6/
1
4
100 1014 Apr 4 16 Sept 13
8% 19%
450
6% preferred
*3
17
314
389 33*
5
Vs
312Sept 11
389 338
700 Pittsburgh United
318 318
3% 31g
14 Mar 20
25
5834 59
59
59
6114 59
5718 574
59
59
253. 597k
2412
100 241k Apr 4 62 Nov 18
Preferred
230
23
2412 2312 2412
22
2314 2314 25
23
24
10
37
678
618June 4 25 Nov 25
1,640 Pittsburgh & West Virginia -100
*178 218
2
24 218
2
213 24
214 24
1
138
5
238 Aug 30
1 Mar 21
No par
600 Pittston Co (The)
1118 1128 114 1138
1118 1138 4,100 Plymouth OH Oo
1138 11% 1134 12
714 RN
612
612 Mar 15 1214 Nov 6
5
1138 1212 1128 1128 1114 1112
1178 12
1114 1178 4,700 Poor & Co class B
6
1618
6
618 Mar 15 1234 Nov 20
No par
47g 47
*434 518
5
434 5
*434 5
5
2
,
11
614
1118
5/
1
4 Nov 9
600 Porto Rig-Am Tob el A_Ne par
138 Mar 19
*112 134 *113 184
134 134
1/
1
4 1/
1
4
138 138
314
218 Nov 12
14 Feb 28
No par
1
Class B
300
84
938 10
938 938
912 1014
94 928
9
938 4.8001 :Poetal Tel & Cable 7% pre -100
1012 3108
432
438June 13 1638 Jan 7
358 378
312 3k1
38g
34 334
358 11,600 :Pressed Steel Car
312 328
4 Nov 21
28May 14
No par
114
5
/
1
4
1914 1818 1912 18% 19
19
1818 1812
18
AI
23
514
1812 3.000
612May 14 1978 Nov 21
Preferred
100
4734 4914 4734 4814 4614 4738
4714 48
4684 4734 9,500 Procter & Gamble
334 4438
3318
1
4July 23
No par 42% Jan 12 53/
*121-- *121
_ .121
_-- *121
___
120 121
10212 1174
90 , 5% prat(ter of Feb 1'29)-100 116 Jan 2 121 Nov 7 le 101
4434 4
1514 43/
1
4 -4518
8 4338 -4428
34 -4-47z4328 4518 7,600 Pub Ser Corp of N .1
25
46
No par 2038 Mar 5 4634 Nov 18
2038
102 102
10114 10214 10178 102
102 10212
•102 103
84
67
5918
1,600
$5 preferred
NO par 62% Feb 20 10212 Nov 27
*115 11614 11512 11512 11412 11412 11438 11438
211434 11478
73
78
9738
100 73 Mar 14 11614 Nov 21
700
6% preferred
*128 13014 *128 13018 *128 12934 *127 1294
*126 12834
106
88
84
7% preferred
100 8518 Mar 18 13018 Nov 8
*142 147 *143 147 *140 147 *140 147
x145 145
105
99
1191%
8% preferred
100
100 100 Mar 14 147 Nov 19
*11012 11218 11212 11213 11212 11212 *11012 11212
2111 111
8312
8712 10413
2,600 Pub See El & Gas Pt $6.--No par 99 Jan 5 113 July 30
3712 3812 3712 3834 3718 3812 38
3738 3814 19,900 Pullman Inc
3812
2912
3514 6938
No par 2912 Oct 11 5272 Jan 9
1234 1318 1238 1314
1212 13
1238 1278
1218 13
64 1472
578
31,300 Pure 011 (The)
578 Mar 21 1314 Nov 20
No par
11213 115
11334 11334 112 112
115 116
115 11514
80
49
49
510
8% cony preferred
100 49% Mar 18 116 Nov 29
*96
*94
97
96
*94
96
*94
96
*92
96
334 63
3312
6% preferred
100 65 June 25 9912 Oct 30
15
1412 1434 1412 16
1512 15
1413 1434 10,500 Purity Bakeries
1538
13%
83
s
1984
Oct
15
173
4
Feb
1
84
No par
1114 1214 113 11% 1118 111
1112 12
1034 1138275,890 Radio Corp of Amer
4
102
918
4 Mar 13 1238 Nov 20
No par
56
56
56
56
56
56
5534 56
554 5534 2,300
22
23/
1
4 56is
Preferred
50 50 Mar 18 624 Jan 25
8312 8212 8518 81
8378 8112 83
85
8112 8312 11,700
15
68
1338
Preferred B
.No par 35lgMarl2 8734 Nov 20
5
514
54 512
54 538
5
514 27.700 :Radio-Keith-OM
5
54
113
4%
14
6 Oct 21
1/
1
4Mar 13
No par
2812 2914 2918 29N 288g 2938 22878 2918
2834 294 6,900 Raybestoe Manhattan-No par 1612 Mar 13 2912 Nov 25
1412 23
1118
3814 3812 3812 8934 3714 3714 37
3814 384 2,000 Reading
3812
35/
1
4 5638
297g
297,Mar28 434 Jan 7
50
*4012 4284 *4012 4238 124012 4234 *4012 4234
*4078 4284
28
3312 4112
let preferred
50 36 Apr 6 4318 Nov 6
1
4 3638 3634 *3613 37
*3612 3674 *3612 36/
24 preferred
100
'
3612 364
27
39% 3912
60 33 Apr 17 3734May 14
912 938
1014
*934 1018 10
912
012
94 94
6
14
318
318 Apr 4 11 Aug 16
10
900 Real Silk Hoofer,
70
72
70
*70
*65
70
72
•65
*65
72
38
204
Preferred
30
100 2018 Apr 2 72 Nov 13
60%
14 218
218 218
218 218
*2% 258 *238 212
400 Reis (Robs) & 00
132
6
1
3 Oct 25
1 Mar 26
No par
15
15
15
•12
15
4,1212
15
*1214 1513
•10
100
Pe 3884
Me
1st preferred
8 Mar 12 18 Nov 7
100
17
1618 1678
1714 16% 1733 16
154 17
17
15,600 Remington-Rand
6
1338
514
7 June 1 1712 Nov 22
1
2438
188 Preferred
$282 71
100 7138 Jan 15 99 Aug 26
.
61- 4 18-- -itirg -Ili'
s -liF2 ;8
;fa- id- jai
87
87
26 preferred
1,100
69
25 69 Aug 22 88 Nov 27
2418
243g 24
248g 2438
2412 2412 2434 2434 *24
Prior preferred
800
2118
25 2118 Oct 15 2514 Nov 19
*101
*____
104
117
104
*101 117
Henna & Saratoga RR Co-..100 9812June 10 110 Mar 1
*--- 104 *___.
9812 1-14
126
514
47g 5111 150,600 Reo Motor Car
5
514
5
5
538
4% 5
2
538 Nov 25
2
512
214 Mar 13
6
1828 1928 44,200 Republic Steel Corp
1914 2038 1834 197g 1878 1912
19/
1
4 20
9
1012 3584
9 Mar 15 2034 Nov 20
No par
88
90
90
9214 89
88
91
8838 2,000
90
90
oonv preferred
6%
33%
67%
19
97
Nov
14
28
/
1
4
Mar
18
100
9314 9212 93
9512 93
9214 94
*94
9512 94
7812
6% cony prolr pref ser A --100 7812 Oct 2 9512 Nov 22
2,700
12
11
1234 1134 1214 12
12
12
11
12
1'
4.200 Revere Copper & Brass
Ars
512 Apr 3 1234 Nov 25 'MI 3
6
27
2613 2714 27
27
2712 28
2514 27
28
Clue A
10 13 Apr 17 28 Nov 25 44 10
1,600
11/
1
4 2812
113 116 *110 114
1133 11334
110 110
11012 112
Preferred
270
66
90
100 75 Apr 9 115 Nov 26
85
2538 2514 2512
25
2514 2578 4,800 Reynolds Metals 00._..No par 1713 Apr 29 263* Oct 21 a 938
26
25
26
26
1612 2738
*111 11314 110 110 *110 1131 *110 11314
514% cony pest
100 101 June 10 11214 Nov 7 101
mo
*110 11312
-28
27
2612 28?g 2734 2912 2718 2812 28
2714 7,200 Reynolds Spring
-.1113 Ye
1 1214 Mar 20 2912 Nov 25 41 6
5618 573g 15,600 Reynolds($ J)Tob olaae B---10 4318Mar 28 5838 Nov 23
5833 5714 58
5734 5828 5778 5828 58
3984 5334
39%
*5834 644
644 65
*584 6424
65
65
*5834 65
100
Class A
67
6212
5514
10 6514 Apr 22 67 Nov 12
*1512 171 *1612 1712
17
17
178 *154 18
*16
100 Ritter Dental Mfg
54 1312
5%
614 Mar 26 19 Oct 29
No par
3134 3184 314 3124
32
123218 8284 32
31'2 311
600 Roan Antelope Cooper Mines-. 2112 Feb 25 325g Nov 22
/
4
20
20
331s
For footnotes see Page 3492.
3500
New York Stock Record-Continued-Page 8
Nov. 30 1935
July 1
1933 to Rasps for
Oct. 31 Year 1934
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1935
Nov. 23
Nov. 25
NOV. 26
NOV. 27
Nov. 29
Nov. 28
Lou, Lose
Lowest
Highest
High
-3 per share S per share $ per share S per share $ per share $ per share Shares
Par $ per share
$ per share $ Der 83 I Per share
4712 471
/
4 *4714 48
4838 4838 .4712 484
.4678 48
700 Royal Dutch Co (N Y osharee)__
2912 Mar 12 481
2838 3918
/
4 Nov 26
2858
88
.84
86
•84
86
8612 8514 -8514
8412 8412
600 RuberoId Co (The)capetk.-Vo par 82 Nov 20 8,1 Nov 23 2 25
6
618 658
612
6
6
534 6
65, 618 6,200 Rutland RR 7% pref
638 Nov 25
3 Apr 18
.112 -11100
3
2234 2318 2314 2414 2212 2314 221
/
4 231 4
12,400 St Joseph Lead
2278 24
/
4 Nov 18
10 1014 Mar 13 241
1514 2778
1014
138
114
12g
114
112 134
178
158
178 5,600 :St Lou1
/
4-San Francleco____100
178
*June 6
2 Jan 4
38
14
4/
1
4
214
212 258
238
238 258
212 234
234 3
7,600
11t prtferred
1 Apr 3
100
1
11
3 Nov 29
/
4
618
12
•11
11
12
1134 1178 *718 114
370 St Louie Southwestern
1178 1234
100
6 Apr 15
14 Jan it
8
6
20
'2114__ .1914 2134 .1914 23
2112 2112
23
30
2312
Preferred
100 12 Mar 4 2312 Nov 29
12
13
27
3312 -3418 3334 3414 3314 3414 3314 3312
33,
8 4,900 Safeway Stores
33
No par 3134 Nov 9 40 Jan 2
3814 57
3218
.108 109
108 108
108 108
•10712 108
10712 10712
180
0% preferred
100 10434 Mar I 1 11314June 29
841
/
4 108
80
*10978 110'4a110 110
110 110
110 110
180
10978 110
7% preferred
100 109 Oct 1 11412June 19
9812 113,2
9018
12
1238 1218 1212 12
1212 1158 1178
2,400 Savage Arms Corp
1158 12
No par
6 Jan 15 1314 Nov 21
64 1214
412
.5134 5212 5012 5234 5012 5134 5034 5112
5112 15.500 Schooley Distillers Corp
50
6 22 Mar 12 5614 Nov 2
1718 387s
1718
358 4
378 418
378 4
358 4
334 4
19,000 Schulte Retail Stores
4
4
418
Apr
Nov
1
8
25
13
3
114
1812 1934 1834 20
1814 19
1834 19
1814 19
6.080
Preferred
8 Apr 4 204 Jan 18
100
304
15
8
.80
____ 8078 87
87
91
460 Scott Paper Co
*85
8734 88
87,2
No par 56 Jan 2 01 Nov 26
61
8714
601
/
4
/
1
4
513
/
1
4
31
/
1
4
41,200 :Seaboard Air Line
4
34
78
1
34
14
!aline 29
No par
'2
1 Nov 29
1
112
173
112
158
118
112
112 21
/
4
2
238 9,900
Preferred
58 Aug 1
100
238 Nov 29
318
Ns
1
3114 3112 3034 3178 30
31
x30
5,800 Seaboard 011 Co of Del___No par 2034 Mar 12 351
3014 31
30,2
/
4 May 9
19
2034 3839
1
4
*314 3/
334 414 .334 4
334 314
400 Seagrave Corp
.314 4
No par
24 Oct 14
474 Jan 26
212
212
51
/
4
6514 66
6378 6538i 23,500 Sears. Roebuck & Co
6434 6634 6378 6538 634 6514
No pa. 31 Mar 12 697/ Nov 20
511
/
4
31
30
.358 4
4
4
418
4
378
378
378
378 1,600 Second Nat Inveatora
Dahlay 6
1
418 Nov 25
11
/
4
14
4.
68
6834 6812 8834 67
6912 6734 8734
67
190
68
Preferred
1 40 Apr 3 70 Nov 19
32
30
52
1438 15
14
15
1378 1414
14
144
1378 1458 51,500 Serve! In
1
758 Mar 13 15 Nov 23
31
/
4
Vs 9
1134 1238 1112 1214
1138 1134 1112 1124
1118 1178 14,100 Shattuck (F 0)
No par
714 Mar 14 1218 Nov 23
6
64 134
2318 2312 2312 2438 2312 2434 2414 25
13,100 Sharon Steel HOOD
24
5131
9 Mar 14 2534 Nov 6
No par
4
54 1314
51
/
4 512
539
512 534
514
5
514 9,300 Sharpe & Dobme
5
518
No par
314 Mar 12
Nov 25
53
4
3
/
1
4
4
71
/
4
.4218 4212 a42
*4112 4258 *4112 43
42
4112 4112
200
Cony preferred ear A_No par 4012 Nov 12 50 July 23
30
384
49
•30
3118 .30
3114 .30
3118 .30
Sheaffer(WA) Pen Co
.30
3114
3114
._No par 30 Oct 5 3114 Sept 21 1 7/
1
4
__
.3834
3858 3858 3812 3812 *3812
90 Shell Transport & Trading _ _.£2 2038 Jan 2 381
.38
_ /
4 Nov 25
26-12
1-Si
133 -1438 1412 15
1418 147
1438 -1494
14
142-8 23,400 Shell Union 011
512 Mar 19 15 Nov 25
No par
512
ills
0
.10612 109 .106 10712 10814 10812 108 108
700
106 106
Cony preferred
/
4 Mar 21 111 Nov 14 99 451
100 631
57
/
4
89
1318
1212 12/
1238
12
1258 12
1
4
1238
1214 1278 11,300 Silver King Coalition Islines___15
8/
1
4 Feb 15 193s Apr 261 11 514
8
1 212
1712 1734 1712 1858 1718 1734 1718 17/
167a 1712 13,700 Simmone Co
1
4
6 M ar 15 1912 Nov 6
No par
818 2418
6
5
5
5
6
518
514 13,000 Simms Petroleum
5
5
518
518
434 Oct 24 1814 Jan 9
10
434
714
174
1614 1614 1612 1634 1614 1812 18
1534 1638 2,700 Skelly 011 Co
1612
612 Jan 15 17 Nov 1
6
6
25
11 18
.107 113 .107 112 *107 110 .107 108
*105 108
Preferred
611
/
4 684
42
100 60 Jan 22 111 Nov 21
56
56
56
55
5634 5634 56
180 Slose-Sheff Steel & Iron
58
58
5612
11
/
4
15
371
100 13 Mar 20 58 Nov 29
70
7012 7012 68
87
6734 .67
340
66
6614
7% preferred
6712
85
100 24 Mar 12 7012 Nov 16
1812 42
49
4812 4712 47
49
4613 50
4612 4628 2,400 Smith (A 0) Corp
47
No par 4612Nov 25 50 Nov 25 9 1518
.27
2738 27
2712 2614 2634 2678 27
2612 2628 1,800 Bidder Packing Corp_
1514 Apr 3 30 Nov 7
No par
31
/
4
-814
n1.4
1212 13
1278 1318 1234 1314
1212 1278
1228 127s 65,100 8000115 Vacuum 011 CoInc____15 10/
1212 194
1
4 Aug 30 1534May 241.1 912
.102 11112 *102 11112 *110 11112 *110 11112
*110 11112
Solvay Am Invt Tr pref____100 1071
86
76
10812
/
4 Jan 15 112 Oct 1
2658 2623 2612 27
2814 2812 261
2612 1,900 So Porto Rico Sugar
26
/
4 2634
20
20 Jan 30 28385lay 24
20
No par
211
/
4
146 148
•146 148
14712 148
220
148 148
•145 148
Preferred
116
100 131 Feb 4 150 July 5 112
132
2512 2512 2518 2534 2518 2558 251,1 2539
2512 7,000 Southern Calif Edison
25
3
101
/
4 2218
15 1038 Mar 13 27 Nov 8 •
224 2438 2312 2518 23
2434 2328 2434
2312 25 146,600 Southern Pacific Co
1234
1474 3314
100 1234 Mar 18 2518 Nov 25
1218 1438 1378 147* 1312 1412 1378 1478
13/
1
4 1518 90,200 Southern Railway
512July 8 1612 Jan 4
1114 3812
100
512
1878 1934 18,4 1978 1734 19,4 1812 1934
1812 2018 61,000
Preferred
7 July 8 20/
1
4 Jan 4
100
7
4114
14
.2912 33
.29
1
4 31
31
30/
31
700
31
33
33
Mobile & Ohio elk Sr Of* _100 15 July 23 334 Jan 12
811
/
4 4734
15
814
8
814 814
814 812
8
8
8
1,000 Spalding (AG)& Broe___No par
8
6
834 Nov 22
5
13
5 Mar 14
897g 81)
69 .67
70
69
70
120
let preferred
6834 6834
6834
3014
304 74
100 42 Apr 2 7012 Nov 22
.100 101
101 101
101 101
10134 102
1021
/
4 10314
700 Spang Chalfant & Co Inc prof_ 100 5912 Apr 3 10314 Nov 29
20
30
66
7
738
7
10,000 Spark, WIthington
712
6'4 714
628 7
678 7,8
738 Nov 22
2/
1
4
8
/
4 Mar 13
24
31
No par
7
712 7/
738
1
4
778 838
8
8
8
8
2,590 Spear & Co
3
1
4 Oct 18
11
/
4
314June 25
No par
8/
734
•____ 80 *____ 7917 *---- 7912 *____ 80
._- 80
Stock
Preferred
100 65 Mar 13 81 Oct 21
6112
39
3012
341
3334 34
3334 34
/
4 3434 35
3512 3512 2.800 Spencer Kellogg & Sons __No par 31 Nov 13 3614May It
3534
1514 3318
1214
1238
1214 1212 1214 1234 12
1218 1238 Exchange
1258 26,700 Sperry Corp (The)• I 0
12
74 Mar 14 1312 Sept 18,
1
5/
1
4 1158
358
14
*1312 14 .1338 14
•1378 1414
14
100 Spicer Mfg Co
.1358 14
81
No par
/
4 Mar 14 1512 Oct 221
6
13
6
47
47
47
45
47
47
46
300
46
Closed46
46
Cony preferred A
3181 4114
18
No par 1314 Feb 14 48 Noe 22
7414 7414 7312 7412 72
74
72
73
7134 7212 3,100 Splegel-May-Stern Co
No par 4374 Mar 27 84 Oct 21
19
74
762
1
10514
*101 10514 *101
.100 10514 10412 10412 Thanks- .103 10412
100
6(4% preferred
100 10134July 26 10518 Nov 1
45
1558 14/
14/
1
4 1538 15
1
4 1538
14/
1
4 1518
1458 1514 95,300 Standard Brands
No par
1212
1212Sept 18 194 Jan 3
1714 35,4
129 129 .126 129 .12258 129 .12258 129
8
30
.1225 129
diving
Preferred
No par 12258June 4 130 Apr 9 120
12114 127
1118 1112 1058 1112 1038 1114
914 1078
1014 1034 30,200 Stand Comm Tobacco-No par
3
8
111 Nlar 15 1112 Nov 23
212
512 5341 4,800 :Standard Gas & El Co No par
512 594
512 574
598 512
514 534
Day
112 Mar 15
914 Aug 17
11
/
4
3/
1
4 17
73, 71
75, 734
7
73
4
7,100
678 714
/
4
Preferred
728
778
1138 Aug 17,
1
4 17
11
/
4
11
/
4 Mar 15
No par
4/
1712 1712 1612 1712 1614 17
1739 1734
2,400
17
86 oum prior pref
17
8 Aug 12
41
/
4
33
424 Mar 15 25,
tu
No par
1
4 18
1914 19/
/
4 19/
1878 1828 20,4
1
4 181
17 cum prior pref
1812 1034 11,400
Mar 15 2712 Aug 171
e
No par
6
1114 3812
212 212 .238 212 .238 212
400 Bland Investing Corp
238 238
2311 238
78July 17
78
17.
No par
212 Nov 18'
7a
*113 11312
11358 11328 11312 11312.113 11312 11312 11312
800 Standard 011 Export pref_-_100 Ill Jan 3 116 Apr 61 9412
9612 114
3634 3834 3672 3724 3628 3714 3658 3714
365a 3714 21,500 Standard Oil of Calif
2614 4378
3878May 24, 2612
No par 274 Mar 16
27/
1
4 2818 2758 2813 2738 28
19,700 Standard 011 of Indiana
2878 2714
2858 27
23
231
/
4 274
1
4 Noe 15
25 23 Mar 15 28/
•2212 2912 .2314 2834 .2314 2858 .2314 28
28
Standard 011 of Kansaa
.28
19
26
10 20 Oct 2 32 Feb 181
41
4878 4914 4438 49/
1
4 484 49
4814 4878
4712 4834 24,100 Standard 011 of New Jersey15
35/
1
4 Mar 18 50125lay 231 3318
3914 504
3012 .3014 3012
.31
30/
1
4 3114 30
32
600 Starrett Co (The) L S____No par
3038 3038
6
1112 Mar 14 3212 Nov 16
0
1538
6638 6638 6614 67
6514 66
6514 6534
2,400
6rn,
474
Sterling
4534
6534 6614
Products Inc
10 5834 Jan 15 68 Nov 12
234 234
258 2/
3
1
4
3
212 234
234 3
3,200 Sterling Securitlea el A___No par
1 14
3 Nov 27,
1
3
11
/
4 Mar 19
8
813
g
8
8
818
1
4
83s 8/
800
814
.8
Preferred
31
/
4 Mar 28
838 Nov 23
2/
1
4
7
No par
3
•4312 45
*4312 45
*4312 45
•42
45
45
.42
Convertible preferred
30
60 36 Mar 5 48 Oct 311 2818
38,8
17
1738 1658 171g
1634 17
1678 17
1634 1718 9,000 Stewart-Warner
61
/
4 Mar 8 18/
44 10 a
1
4 Oct 22
41
/
5
4
1134 1238 1134 1218
1234 1318 1218 13
1114 1178 20.000 Stone & Webster
1438 Nov 11
3/
1
4 1331
211
3/
No par
1
4 Mar 14
1034
878 1014 10
934 1013
928 1014 211.100 :Studebaker Corp (The) new_l
912 10
214 Apr 17 1014 Nov 25
2,4
- 72
71
71
72
71
7214 2,400 Sun Oil
72
71
71
71
61-1
/
4 /44
No par 6012 Mar 20 77 Nov 211 42
119 119
11812 119 •11712 1201/
118 119
330
.118 12012
118
100
Preferred
100 1151s Jan 10 121 Mar 231 96
1
4 2914 2934 2834 2834 2812 2812
2734 29/
1,200 Superheater Co (Tise)____No par 111 Apr 4 2934 Nov 23 211
29
29
Ills 2514
212 234
258 234
228 24
212 234 14,000 Superior 011
2/
1
4 234
1
11
/
4 Jan 2
3 Apr 1 7
1,4
14
34
1114 11
1138 •1034 11 14
11
3.000 Superior Steel
1034 11
1012 11
Pa
5 Mar 18
1234 Aug 21i
*94 1534
100
21
2114 21
2012 2012 2034 21
2.400 Sutherland Paper Co
2138 22
21 24
10 17/
1
4 Oct 8 23 Oct 22, 9 594
---- ---.634
712
200 Sweets Coot Amer (The)
•714 8
634 7
.834 712 *812 712
50
34 Mar 6
9 Sept 3011
114
84
514
2012 207g 2014 21
201
/
4 2034 20
x1978 2078 23,000 Swift & Co
20'2
25 15 Sept 16 21 Nov 25 • 11
114
138 3.700 :Symington Co
114
11
/
114
4
114
114
114
128
112
No par
54 Apr 15
112 Nov 271
-28
14
/13
412 512
512 57fl
16.000
52
8
Claes
5
A
534 6
512 578
No par
6 Nov 26
114 Apr 29
114
11
/
4
5/
1
4
2.600 Telautograpb Corp
8
818 812
8
838 812
81
/
4 814
8,8 818
614Sept 20
5
114 Jan 91
64
/12 1514
7
7/
1
4 5.000 Tennessee Corp
714 7/
7/
67s 739
1
4 74
74 714
1
4
5
4 Mar 15
81
/
4 Nov 20
....
318
31
/
4
614
25
2334 24/
2358 2414 2334 2434
1
4 24
2458 20.700 Texas Corp (The)
24
/
4 Mar 13 2518 Nov 151
25 161
191
/
4 291
1612
/
4
3312 32/
3318 12,900 Texas Gulf Sulpt or
32/
1
4 3338 33
1
4 3318 3234 3358
x32
1
4 Feb 19
No par 284 Apr 4 36/
1234
30
634
30.400 Texas Pacific Coal & 011
7/
1
4 7/
1
4
734 8
812 9
7/
1
4 7/
1
4
8
81
/
4
61
/
4
2/
1
4
21
10
/
4
314 Jan 2
914 Oct 7
, 1012 1084
9/
1
4 1018 1014 1078 1012 107
1014 1034 38,400 Texas Pacific Lan, Trust
1
8/
1
4 Jan 15 1212May 14
6
834
12
2,800 Texas & Pacific RI Co
2212 2312 2228 24
22
2212 2234 23
2234 23
100 14 Apr 12 2534 Jan 10
134
131
/
4 434
3612 38
2,700 Thatcher Mfg ___ _ ___No par 134May 8 40 Nov 2
3634 3612 36,2
3638 37
3612 3714 36
8
18
8
200
*5912 60
5978 5978 5912 5912
.5958 60
•5912 60
33.60 cony pref
No par 50 May 4 61 Nov 8
381
/
4
39
52,a
•1118 12
200 The Fair
.1118 12
11
1218 12
12
11
•11
_No par
54 Apr 10
121
/
4 Oct 19
124
4
4
9712 .95
9712 .89
.8712 9712 •87
.95
9712
Preferred
9712
_100 611,Jan 7 100 Oct 16
83
50
45
9
94 938
912
958 12.900 Thermolcl Co
9/
91
1
4 1014
/
4 10
0
/
4 Mar 7 1014 Nov 21
239
1
94
31
112
300 Third Avenue
.358 4
.334 4
1
4
334 334
3/
334 334
1
4 3/
814
2 June 28
100
6 Jan 5
2
4
/
4 28
500 Third Nat Inveetora
28
2758 2758 .2714 28
*271
2712 28
28
1313 2213
1
16 Mar 15 29 Nov 15
13
812 8,
4
814 814
8,
84 878 1,600 Thompson (J 11)
4 884 *818 84
25
4/8
514 Jan 7
Vs 11
878 Noe 29
1
4 6.800 Thompson Producte Inc_ No par
2534 2434 2512 2412 251,
2553 2534 25
2414 24/
304
1332 Mar 13 264 Nov 22
10
10
312 334 11,500 ThOrnpeon-Starrell 00.--No par
;
312 32
312 324
312 334
3,2 328
11
/
4 Mar 15
314 Nov 20
511
114
11
/
4
*2212 25
25
200
2412 2412 25
*2212 25
.2212 25
33.50 cum prat
3412
17 Apr 23 27 Nov 20
No par
17
17
1218
12
1134 1214 1138 1134 1134 12
1114 1134 15,600 Tidewater Aseoo OH
8
14/
1
4
No par
1239 Nov 21 33 71/4
75, NI ar 18
900
10378 10373 10212 10212 10312 10312 103 103
102 10212
Preferred
100 84 Jan 8 10412 Nov 18 99 4393
544 87
1
.41
4312 .41
4312 .41
4312
.41
Tide
4312 .41
Water Oil
43 2
40
24
No par 2684 Mar 15 43128ept 4
In
1078 35.300 Timken Detroit Axle
10
1133 1034 1134 1038 11
11
1012 1034
10
41
/
4 Mar 15 1134 Nov 25
37s
812
3
11,600 Timken Roller Bearing_No par 281
70/
1
4 6718 69
694 70
69
8714 68
6713 8.3
11
34
/
4 Mar 15 7212 Nov 18
21
54,400 Trangamerica Corp
1134 1258 1138 1134
1112 12
125s 1278 1258 13
No par
41
/
4 Mar 12 1314 Nov 20
47s
54
81
/
4
14
1438 1518 5,700 Transcon ex Western Air Ina__ 5
1412 1334 1428
141
/
4 1434 1412 15
714 Mar 29 1514 Nov 6
714
- - - -.1,800 Traneue & Williams WI No par
1318
13
1312 1312 1312 14
13
13
1318 1314
-ill
412
1-3/
1
4
54 Mar 14 1512 Nov 6
75a 818
758 814
714 758 18,800 Tri-ContInental Oorti_..-No par
734
714
714
734
178 Mar 13
814 Nov 25
17s
3
61
/
4
94
*9312 9618 9418 9412
6% preferred
900
94
9428 9439
'0212 93
6014 78
No par 69 Apr 4 9718 Nov 2
51
434 518
458 434 2,600 Truax Traer Coal
41
434 4/
/
4 51
/
4
1
4 .434 4/
1
4
No per
/
4
11
/
4
512
10
33,
11
Oct
May
14
6
/
1
4
738 734 1,500 Truman Steel
774 74
778
734
714
712 7,2
7,2
398
10
312 Mar 13
398
911
84 Nov 18
2338 24
22/
1
4 2378 2234 23,2
2314 2434 25,900 20th Cent Fox Film Corp_No par
2358 , 24
13
---13 Aug 28 244 Nov 29
26,200
3012 32
Preferred
30'*, 3134 3014 3138 3014 3118 30
3114
No par 2158 Oct 3 32 Nov 29
24/
1
4
- - - 1114 1258 16,300 Twin City Rapid Trans No par
43
678 718
714 814
814 84
-1-32
-8-1
/
4
814 11,8
21/100e 6 1218 Nov 29
2,650 Preferred
so
4634 54
53
e
46
414
5534 5512 6412
70
63
45
100 18 Mar 18 70 Nov 29
3l2 312 1,300 Ulen & Co
322 312
1
1
4
339 , 34
3'2 33g
312 334
No par
IleJune 10
518 Nov 1
7912 80
8014 80
81
80
80
8034 1.200 Under Elliott Finer Co No par 534 Mar 29 82/
.80 1 81
2211
36
1
4 Nov 19
584
125 133 .125 133 .125 133
•125 133
Preferred
101
95
.125 1133
100 12612July 17 133 Apr 5
1284
4134 4214 3,400 Union Bag & Pap Corp_No par
4214 43
414 4214 4134 42
29
4212, 43
3914 607e
/
4 Jan 22
29 May 28 501
1
7018 7134 21,000 Union Carbide & Carb___No par 44 Jan 15 7534 Nov 20 la 34
1
4
73 g 7338 7114 7378 70 4 7214 7012 71/
361
/
4 5072
20
2012 2018 2038 20
2014 4,900 Union 011 California
204
20181 2014 20
11 12 2011
1112
16 1434 Feb 6 21 Nov 15
....
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
For 10911101m $ee Page 3492
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Mari Jan. 1
Oa Batts of 100-share Loss
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Nov. 23
Monday
Nov. 25
Tuesday
Nov. 26
Wednesday
Nov. 27
Thursday
Nov. 28
Friday
Nov. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
100
Union Pacific
100
Preferred
No par
Union Tank Car
United Aircraft Cori)
5
United Air Linea Tramp v t 12_5
United American Bosch__No par
No par
United Biscuit
100
Preferred
No par
United Carbon
United-CarrFastener Corp No par
No par
United Corp
No par
Preferred
5
United Drug Inc
10
United Dyewood Corp
100
Preferred
No par
United Electric Coal
No par
United Fruit
No par
United Gas Improve
No par
Preferred
100
Mulled Paperboard
United Piece D98 Wke_--No par
100
64% preferred
-_-- ---- ---- ---638
618 614
6
5/
1
4 614
578 64
--5ifi -131-3 72-1:i00 United Stores class A____No par
*7012 7612 *71
75
75
No par
78
Preferred class A
*72
78
300
76
76
7114 7114 7178 723* 72
7212 7238 7238
713 73,2 1,800 Universal Leaf Tobacco No par
100
•156 158 •156 158 *156 15812 *156 15812
Preferred
158 158
100
72
7212 69
100
65
73
6612
6834 65
310 Universal Pictures led pfd
6412 65
I
114
114
138
114
114
l3
138
13*
114
138 3,200 :Universal Pipe & Had
1212 13
•1214 1234
100
Preferred
118 1212 13
12
13
320
12[2
2078 2114 2014 21% 1978 2034 20
&
20
Pipe
U
0
Foundry
1934
10,700
2014
2038
2114 2114 *2114 2112 *2114 2112 2114 2112
No par
lst preferred
2114 2112
800
238 238 *214 24
No par
214 214 *218 234
200 U S Distrib Corp
*2
234
100
17
1718 1712 1734 1634 17
Preferred
1658 1634
164 17
680
No par
2914 3012 *2814 3012 3014 30%
2934 30
900 U S Freight
2812 291
14,8 1414 1418 145
No par
1334 1414 1384 14
4,100 US & Foreign &our
1378 15
No par
9214 9212 *92
Preferred
93
96
*92
93
700
96
9212 96
20
8312 8378 83
8438 81
8134 81
2,500 U S Gypsum
82
83
82
100
•159 160 *15912 160 *15912 161 *15912 161
7% preferred
*15912 161
5
9
912
9,2 934
9
*94 978
914 93* 1,600 U S Hoff Mach Corp
914
48
4838 4712 4934 47
4714 49
4814 4753 48
9,700 U S Industrial Aloohol___No par
No par
812 834
878 9
838 858
938 938 3,300 U 8 Leather v I a
838 938
No par
Class A v I 0
1412 1538 9,800
14
15
1512 14
1412 1458 15
1518
100
*6712 70
Prior preferred v t ty
6734 70
500
70
70
*67
70
*6718 68
No par
918 938
858 914
9
934
878 914 24,600 U S Realty & Impt
834 918
No pa
1434 1514
1434 1538 1414 1434 1438 1512
143* 153 19,500 U S Rubber
100
4012 413* 393 4112 3918 4014 3914 4114
181 preferred
3928 41 18 15,500
50
100 10114 98 10212 99 10112 99 101
10112 10438 31,700 U S Smelting Ref & Min
50
Preferred
*69
7078 71
200
*69
7112 7112 7112
71
71
.70
100
4838 4914 4774 4958 473* 4912 4784 48,2
4658 4818 86,100 It 8 Steel Corp
100
Preferred_
116 11712 115 117
3,200
11312 1151
11434 115
11512 116,2
No par
136 136 *135 137 *135 137 *13512 13634
200 U S Tobacco
13512 13512
100
Preferred
60
•16014 162 *16012 162
161 162 *16118 16912
•16118 16912
1
34 314
3
34
3
3% 6,000 Utilities Pow & LI A
3
318
34 318
No par
114
138 3,900 Vadsco Sales
114
114
1.38
114
138
138 138
112
100
Preferred
3934 4012 40
220
46
4014 4014 4014 *40
•38
46
20% 2078 195 2138 1912 2012 1912 2014
13,000 Vanadium Corp of Am__-No par
19
20
Stock
5
30
3034 2934 3018 2838 294 2912 2978
3,700 Van Raalte Co Inc
2912 30
100
•111 11312 112 112
7% 1st pre/
170
112 112 *111 11312 Exchange 111 111
5
*41
4134 4134 4134 4134 42
42
4212 1,200 Vick Chemical Ine
41
42,4
*5718 73
Vicks Shreve & Pac Ry Co 91_100
*5718 73
*5713 73
Closed- *5718 73
*5718 73
4
4
418
414 *4
2,400 Virginia-Carolina CUM __No par
4
418
4
334 4
100
3012 3034 30
31
2812 2914 1,800
2912 2958 2912 2912 Thanks6% preferred
100
•114 11512 11512 11512 *114 118 *116 118,2
*116 118
7% preferred
100
10978 10978 109 10978 *10912 1094
109 109
690 Virginia El & Pow $8 pf __No par
109'2 109,2
giving
100
*5
7
80 Virginia Iron Coal & Coke
*438 8
7
7
612 612 *612 714
100
*113
•16
35
5% pref
*1614 35
35
Day
*1614 35
*1614 35
100
*77
78
417318 80
77
77
*76
80
30 Vulcan Detinning
*7318 80
100
Preferred
*116
*117 _ _ 117 117 *1164 _ _
10
*1161
/
4 - 100
214 -i14
212 254
3
-3-18 6.700 i Wabaah
234 3
28 /14
100
43
414 434
5
Preferred A
5
512
514 54 7.700
5%
538
100
Preferred B
3158 314
170
*312 0,
4
314 314 *312 334
312 4
1
1
93
4
No
par
System
Waldorf
2,100
4
9
4
9
914
914
9,2 934
0%
914
O'z
No par
3012 3012 5,100 Walgreen Co
293* 3118 3084 3114 3014 301
3012 3078
100
117 117
64% preferred
*115 117 *115 11634 *11512 11634 116 11634
70
No par
584 55 24,600 t Walworth CO
5
6
538 6
558 638
512 53
No par
9
914 1,700 Ward Baking class A
938 98
912 10
*834 912
9,2 912
No par
212 212 16,800
Class B.
238 212
24 215
172 258
178 2
100
4212 44
42
*41
42
Preferred
2,200
43
43
41
4314 42
5
59,200 Warner Bros Pictures
838 9
834 84
858 0
878 938
84 914
No par
*47
469 46%
*4612 48
48
47
480
49
4912 47
$3.85 cony pref
114 2,200 :Warner Quinlan
No par
114
118
118
lls
118
119
118
14
114
No par
412 5
412 484
`Da 5
514
9,500 Warren Brea
5
478 5
14
1414 141 2
15
No par
14
900
1458 1434 *14
Convertible prof
*1434 16
23
No par
238
23% 2334
2412 2534 2314 24
2,300 Warren FdY & Pipe
2414 25
658 64 7,300 Webster Eleenlohr
612 7
No par
63* 61
74 734
738 734
__- _
__ *80
*80
__ _
__ •80
100
8358 •80
Preferred
*83
212 _-3
234 3
134 _-24
I
234 _-3
112
112
Wells Fargo & Co
5,720
473 5014 18,600 Wesson Oil & Snowdrift -_No par
51
5312 5512 50
5312 5312 5314 54
82
8214 *8114 83
8214 8214 4,600
8358 8258 83
No par
*83
Cone preferred
90
87
87
90
91
89
89
89
80
No par
90
90 West Penn Elea class A
9434 95
98
054 95
95
95
9514 9614 95
1,250
100
Preferred
90
*90
91
1087
89
89
89
92
90
90
6% preferred
100
270
119 119 *119 11912
119 119
100
•119 112,2 119 119
50 West Penn Power prof
11314 114
11212 11312 *113 11312 *113 11312 *113 113,2
110
6% preferred
100
West Dairy Prod cl A____No par
---- ------- ---- ---- ---- ---- ---- ---- ---No par
Class B v I a
---- ---- ----- ---- ---- ---- ---- ---- ---- ---834 958 23:200 Western Maryland
814 834
834 94
8/
1
4 834
858 912
100
18
17
17
*1634 1678 1714 1714
1912 2,100
1714 19,2
100
20 preferred
23, 25
212 214
258 2% 3,400 Western Pacific
212 259
23* 212
100
53
53
5%
518
538
54 534 8,000
512
58 512
Preferred
100
6814 72
711 723*
727g 74
713* 7434 70% 737
62,500 Western Union Telegrapti
100
,
3312 3038 32
3018 3218 20,200 Westbagh'se Air Brake --No 12.r
3314 32
3034 318
33
9112 0358
908 938 32,800 Westinghouse El & Mfg
9334 9534 9238 9512 9012 94
50
. 123 123
12214 12214
12214 123
123 123
120
1s2 preferred
50
28
28
2718 2714 1,600 Weston Elea Instrum'I__-No par
2714 27/
29 *123--1
4 27
2712
28
*3612 37
*3612 37
*3612 3712
37
3784
*3612 37
170
Class A
No par
2314 2312 1,700 Westvaco Chlorine Prod No par
2319 2318 2318
2312 2334 2318 2334 23
•20
33
•20
35
35
33
*20
35
33
*20
10 Wheeling & Lake Erie RI Co _100
*44
*44
53
53
3144
53
*44
53
53
*44
6% non-cum preferred____100
30,4 2914 2934
3014 3058 30
28% 29
30
1,400 Wheeling Steel Corp
30
No par
*97 101
•95 101
*95 10078 *95 100
100
101 101
Preferred
100
1758 1858 77,100 White Motor
4 1814 1834
1678 1738 1638 1759 174 18,
50
1438
1434
137
3
147
8
14
1412 10,000 White Ilk Mln Spr eta ____No par
1312 1312 13% 134
238 258 5.300 White Sewing Maclaine___No par
238 234
258 234
2% 3
278
314
1312 131
1314 1314 1.000
/
4 1314
1312 1334 13
Cony preferred
1334 14
No par
212 2,2
238 234
214 212 5,000 Wilcox 011 & Gas
24 278
214 214
5
--illIs
con
x-a
Rloo
ch C
thocrp class A _No par
812 9
- 8i4 --1, --gEs -1---ii4 --6 --8T2 -;
77.500 W
No par
Class A
---- ---- -No par
- ---- ---- ---- ---- ---- ---7612 77
754 7512 76
78
7618
2,100
$6 Prof
100
.
77T2 -7-712 77
5814 5678 5714
5614 57
17,100 Woolworth (F W) Co
10
5818 5812 5712 5812 57
2214 23
2212 23
2212 2312 4,200 Worthington P & W
24
2318 23
100
23
57
58
564
55
553
4
5912
5534
58
Preferred A
1,210
100
59
58
4012
47
47
4914 4814 4834 *48
Preferred B
1,000
100
5014 5014 49
54
494 5078 5014 55
5678 2,870 Wright Aeronautical
50
No par
4512 4714 48
76
*76
78
*7612 78
76
600 Wrigley (Wm) Jr (Del) No par
78
77
*7772 78
3312
3338 *33
33
3312
334 32
900 Yale & Towns Mfg Co
25
3312 *33
33
74 818
714 74 25,100 Yellow Truck & Coacti al B
10
7/
1
4 84
834
8
77s 84
90
88
90
90
88
1088
91
Preferred
100
90
90
05
1391
42
4212
4078 40
4314 5,300 Young spring & Wire___No par
414 40
4012 4178 41
8
3414 3514 17,000 Youngstown Sheet & T--_No par
34 4
3418 34,2 3358 35% 3314 3412 34
*9518 100
*9318 100
54 preferred
100
9912 *954 9912 139318 100
*98
1314 14,8 16,000 Zenith Radio Corn
1384 1414
Vo pa
13/
1
4 1378 1334 1434 13,2 14,4
5521 578 5,400 Zonite Products Corp
1
534 578
53* 558
558 578
54 6
S per share $ per share 8 per share $ per share $ per share
104 10712 10314 1054 10434 10612
10134 106
86/
1
4 87
87
*8614 864
*8614 8714 86
2212 22,2
*2278 2338 223* 23% 2212 23
205k 2118 205 2178 2038 2138 2038 2138
1112 1214 1134 1318
1234
12
1118 12
*17
1838 *17
19
19
1914
*17
1834
2418 24
2414 2414 24% 24
24
2414
*112 11434 *112 11434 *112 11434 *112 11434
72
72
71
72
7312 74
7434 75
2334 234 2418
2212 2212 23
22
22
73
678
7
738
714
7's
7/
1
4 74
4412 4378 4478 4312 4438
44
4438 44
1112 1038 11
1012 104
1184 1138 11
1334 *1234 13
1234 1234
124 1212 13
89
*8814 90
89
*85
89
90
90
434 478
438 5
434 478
478 478
6914 7012 6912 70
6912 71
6928 7014
1712 1778 1714 17% 217
1758 18
1728
10914 10912 110 110 *10738 109
*10912 110
7
*7
714
734 *614
7
74
784
For footnotes BOO
3501
New York Stock Record-Concluded-Page 9
Volume 141
page 3492
8 per share Shares
10,100
x105 107
8634 8734 1,500
800
*2214 227g
2058 224 59,200
12
1278 53,100
100
*17
1812
2334 24,8 2,700
*112 11434
1,300
72
72
2,500
24
24
641 714 158,500
4312 4478 10,400
1012 1078 13,800
1234 1234 1,600
130
*81
89
2,800
434 5
4,600
6834 70
17
1714 26,900
500
*108 109
714 738 1,800
Baste Slue Jas. 1
Oa Boats of 100-slare Lots
Juiso 1
1933 to &moo for
Oct. 31 Year 1934
1935 ----Low "
L
High
____
Highest
Lowest
----$ per share 1 per se
2 per share
8212
8212 Mar 28 11112 Jan 10
6278
7912 Mar 14 90'2 July 3
1334
2014 Oct 16 2812 July 17
84
972 Mar 13 2214 Nov 29
34
412 Mar 13 1318 Nov 27
7
7 Mar 29 20 Nov 20
2014May 16 264 Jan 9
19
111 Oct 1 118 Aug 7 10414
2014
46 Jan 28 78 Nov 16
1712 Oct 3 24[8 Nov 27 a 518
734 Nov 21
1 12
112 Feb 27
2034
2034 Mar 13 4534 Nov 21
618
834June 14 1314 Jan 7
234
44 Mai 13 1438 Nov 16
50
65 Mar 21 9012May 23
314 July18
3
74 Jan 9
4912
6012 Oct 1 9234May 14
94
914 Mar 18 1812 Nov 8
8212
8712 Mar 15 110 Nov 26
1
734 Nov 25
21s Jan 28
114
llaune 3
572 Jan 7
10
10 June 3 3312 Jan 24
218
34 Apr 4
712 Jan 3
48
48 Apr 3 78 Oct 28
37
51 Mar 15 7312 Nov 29
133.4 Feb 9 159 Nov 21 10814
15
29 Aug 3 73 Nov 25
75
78 Oct 16
218 Jan 18
414
938 Oct 19 1938 Mar 6
12
1434 Mar 14 22 Jan 7
1314
1914 Jan 7 2112June 25
58
312 Oct 4
%June 24
4
5 July 26 2038 Oct 4
11
11 Mar 14 3214 Nov 19
44
44 Mar 12 15 Nov 21
60
6514 Mar 26 96 Nov 27
344
4012 Mar 12 87 Nov 7
143 Jan 11 160 Oct 8 110
314
5 Feb 8 1018 Nov 7
32
354 Mar 13 50,8 Nov 20
31a
912Sept 18
34 Mar 15
7
74 Mar 18 1614 Sept 18
ail
53 Jan 22 73 Sept 11
3
934 Nov 25
3 Mar 13
918
9% Mar 13 1714 Jan 3
174
1
4 Jan 7
2412 Mar 14 42/
5314
92 Sept 11 1244 Apr 25
5112
6272 Jan 3 7334 July 14
2712
2712 Mar 18 504 Nov 18
8714
7358 Mar 18 11914 Nov 20
8114
11918 Jan 4 14034May 16
14934 Feb 11 165 Aug 3 12438
414 Aug 13. 72
1 Mar 15
„
12 Mar 15
2 Nov 9
1914 Apr 11
5134 Nov 9
1914
1114
211
/
4 Jan 7
1114 Apr 11
334
1114 Feb 7 33 Nov 14
5414
91 Feb 20 114 Nov 18
2312
34 May 28 4314 Nov 19
80
70 Aug 6 70 Aug 6
178
438 Jan 3
212 Mar 18
1712June 1
3212 Nov 20
10
5714
85 Jan 4 12012 Oct 31
60
7212 Jan 4 111112 Nov 2
2
2 June 22
734 Nov 14
15 Feb 19 33 Nov 20
15
634 Mar 29 83 May 10
36
95
10914 Feb 5 117 Nov 26
1
1 Apr 1
314 Nov 27
11
/
4 Mar 1
512 Nov 25
13*
1
1 May 22
4 Nov 27
Cs !Mar 15
978 Nov 19 I 372
154
2614June 1 3234 Aug 5
114 Jan 7 120 4pr 24 • 80
114
114 Feb 28
64 Nov 25
5 Mar 14 1014 July 17
5
14
238 Nov 25
14 Feb 28
24
2812 Jan 12 44 Nov 29
24
912 Nov 15
2,4 Mar 15
12
1412 Mar 13 5038 Nov 14
58
38 Mar 15
11
/
4 Jan 2
212
24 Mar 15
612 Jan 7
772
778 Mar 20 17 Aug 6
134
2058 Aug 7 32 Sept 19
4 Mar 14
3
734 Nov 22
60
85 Apr 29 90 Feb is
1 Jan 5
3 Nov 26
84
15
3012 Jan 15 5512 Nov 23
49
72 Jan 29 8414 Oct 31
34
34 Mar 6 91 Nov 26
3972
3978 Mar 6 9914 Nov 8
36
36 Mar 14 92 Nov 29
8812
10412 Jan 17 120 July 29
7834
95 Jan 2 114 Aug 14
118June 8
118
214 Jan 8
38May 1
72 Jan 8
38
512
512 Mar 15
972 Jan 7
712
712 Mar 30 1912 Nov 27
11
338 Jan 7
118July 19
238
238 Feb 26
778 Jan 7
2052
2038 Mar 14 7714 Nov 18
1
4
.
15/
18 Mar 27 3518 Nov 19
377s
3258 Mar 18 9834 Nov 19
77
90 Feb 5 123 Nov 19
5
10 Mar 18 32 Nov 7
15
29 Jan 4 374 Oct 17
121
/
4
1634 Mar 13 2512 Nov 19
18
18 Jan 3 351:Sept 9
21
25 Mar 14 50 Nov 2
1112
14/
1
4 Mar 28 321
/
4 Nov 14
84
4612 Jan 12 10212 Nov 13
672
672 Mar 15 1834 Nov 26
1238
12/
1
4 Oct 4 244 Jan 9
14
314 Nov 23
11
/
4 Mar 15
4
1514July 27
6 Jan 11
1
1 Mar 14
278 Nov 25
2272
34 Feb 5 3512May 17
34 Apr 3
34
914 Nov 22
2512 Feb 7 311
/114
/
4 Jan 1
58 Apr 2 79 Nov .2
68
35
91 Jan 15 6514June 18
1134
1134 Mar 12 2514 Nov 19
2512 Mar 13 61 Nov 21
2512
20
20 Apr 4 514 Nov 21
3512 Mar 13 5678 Nov 9
12
7334 Mar 13 824 Apr 28
4734
1734 Apr 9 3514 Nov 8
1132
258June 6
238
834 Nov 25
3112May 8 96 Nov 20
25
18 Mar 18 4314 Nov 29
1018
13 Mar IS 3612 Nov 16
1253
3812 Apr 11 10018 Nov 9 "30
114May 6 1434 Nov 25
112
258June 7
2/
1
4
614 Nov 8
$ Por share
90
13372
71314 89
15/
1
4 2534
/
4
84 151
612
314
8
17
2114 394
107
120
35
5038
/4 178
2114 3772
1814
914
332 1078
5934 7534
315
784
89
77
114 2018
86
9932
Ds
352
1334
4
30
68
314
8,4
54
76
4014 63
11212 140
1678 464
72
3
a% 24
154 33
164 1932
14
4
4
14
11
37,2
6
1514
634 78
3414 511
/
4
118
146
452 1014
32
6414
512 117s
7
1934
45
80
1234
4
24
11
34,2 6114
9632 141
5412 65t,
291
/
4 5972
6714 994
99
140
126
150
112
5/
1
4
34
178
1914 224
14
3154
44 124
:8414 98
243* 3684
80
80
14
53
.
10
26
4941 84
65
80
9
358
1812 27
52
8
95
112
132
44
23
14
6
8%
1
4
872
2214 2972
8412 1181j
214
638
5
12
114
34
24
16
234
84
15
314
372
1
314 1352
28%
8
1312 31
3
7
65
90
14
2.
1534 3534
824 743*
444 70
8134 80
45
z6812
894 1104
7814 105
134
614
4
212
718
1714
914 23
24
812
658 1712
2912 6672
1572 36
2975 494
82
95
1512
8
1632 2912
1472 2714
2412 29
24
36
114 29
34
57
18
28,2
214
14
5
2
2718
634
IV,
314
372
114
534
3418
9
32111
-414 -55-14
1312 3172
3112 53
2358 62
1672 75
544 78
14
2212
2/
1
4
714
4712
28
13
2214
1232 3334
34
5934
112
434
338
941
3502
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Nov.30 1935
for Income and defaulted bonds.
On Jan. 1 1909 Vie Exchange method of quoting bonds was changed and 1111C48 are not' "and Interest"-except
only transactions of the week, and when selling outside of the
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the
the range for the year.
In
computing
sales
such
of
regular weekly range are shown in a footnote In the week in which they occur. No account Is taken
Jot; 1
Wash's
17..
4... 1033 to
3 Rang,or
BONDSi''
11 -7., Oct. 31
,
Friday's
1 ir. t3
N. T. STOCK EXCF1ANGE
1935
..t.C., BUI et Aged clers
Week Ended Nov. 29
Low
U. S. 0nnnnn mint.
I
Oct 15 1947-1952 A 0 114-31
Treasury 4349
Oct 15 1943-1945,A 0 105.4
Treasury 3 Xs__
D 11046
Dec 15 1944 1954
Treasury 4s
lar 15 1948-1956 M S 108.30
Treasury 3346
June 15 1943-1947.1 D 106.2
Treasury 3449
sent 15 1951-1955 M S 102.15
Treasury 3s
June 15 1946-1948 .1 D 102.13
Treasury 38
June 15 1940-1943 J D 107.4
Treasury 349
Mar 15 1941-1943 61 S 107.4
Treasury 3%.
June 15 1946-1949 J D 103 13
Treasury 334e
Dec 15 1949-1952 J D 103.8
Treasury 349
Aug 1 1941 F A 107.19
Treasury 33-(a
Apr 15 1944-1946 A 0 104.22
Treasury 3349
1955-1960 M S 99.26
15
Mar
Treasury 2%9
Sept 15 1945-1947 M S 100.20
Treasury 23.0
Federal Farm Mortgage CorpMar 15 1944-1984 M S 102.14
31)4s
May 15 1944-1949 61 N 100.24
its
15 1942-1947 .1 J 101.10
Jan
38
Mar 1 1942-1947 M 03 100
2.49
Home Owners' Mtge CorPMay 1 1944-1952 61 N 100 19
38 series A
99.13
Aug 1 1939-1949 F A
23is
, No.
Et
25
115.3
32
105.7
110.23 242
65
109.5
106.8
4
102.18 161
10218 428
17
107.7
29
107.8
63
103.19
1030 187
13
107.22
104.29 126
351
100
100.28 171
102.15
100.29
101.14
100.3
3
93
73
14
100.24
99.19
88
340
11101
Low
1138 117.7
102.28 108.28
105.24 1120
11021
____ 107
103.38 107.29
100.20 104.10
100.20 104.10
104.15 108.23
104.14 108.28
10126 106.11
____ 101.15 105.9
104.18 108.28
10234 108.19
08.28 101.28
_
99.26 101.5
Low
____
__
State & City-Se. note below.
Foreign Govt & Municipals
Agricultural Mtge Bank (Colombla)---•Sink fund 6e Feb. coupon on__1947 F A •15l2 20
19 ____
"Sink fund 68 April collo on --_1948 A 0 .17
9718 9758 35
1963 M N
Akershus (Dept) ext 59
8
713
1945.1 1
8
•Antiooula (Dept) coil 79 A
6
8
712
1945.1 1
*External 9 t 7s ser B
8
1
1945 J J
8
•External 9 f Te ser C
3
8
712
1
J
1946
D__'External 8 1 7e ser
2
734
734
1957 A 0
*External 9 1 78 let ser
4
4
1
7/
1967 A 0
738
*External sec, 575 2d ear
4
1957 A 0
8
712
*External sec,f 79 3d eer
1958 J D 0858 9912 15
Antwerp (City) external be
15
9818
4
1
/
97
0
4
1960
(is
Wks
Pub
Argentine Govt
1959 J D 9734 9812 23
Argentine 69 of June 1925
9814 25
1959 A 0 98
Extls I 68 of Oct 1925
9812 46
1957 M S 98
External 9 f 62 serlee A
9812 23
1908.1 G 98
External 6s series B
1960 51 N 9778 0838 44
Extl 9 f 69 of May 1926
1960 M 5 0778 98/
4 65
1
External e t 69 (State Ry)
9778 981
4 21
/
1981 F A
Ext1 88 Sanitary Work,
Extl 89 pub wks May 1927 __1981 MN 9734 9814 29
96
48
1982 F A 95
Public Works extl 6349
1955.1 1, 10514 10612 161
Australia I30-year 58
1957 M S 10538 10612 26
Externaebe of 1927
1956 lel N 9858 9914 104
External g 414e of 1928
90
3
1957 1 J 90
Austrian (00.0 8 f 75
I
2
3112 z3112
404 V A
*Bavaria (Free State) 634e
11012 21
1949 M S 109
Relatunn 25-yr alai Otis
18
108
1955 1 J 107
External s 1 69
1955 1 D 11524 11712 23
External 30-year a f 79
54
1956 MN 10784 109
Stabilization loan 79
10134
8
1960 M 5 101
•Bergen (Norway)ext s' 59
1950 A 0 2838 2812 20
*Berlin (Germany) s f 634.
2712
3
1958 1 D 27
'External sinking fund 69
4
1945 A 0 1238 1284
'Bogota (City) extls t 89
16
7
614
*Bolivia (Republic of) cxli Ss....l947 MN
512
6
22
1958 1 2
*External secured 79
512
578 28
1989 M 8
*External sinking fund 711
54
1941 0 D 2812 30
•Brazti (U S of) extenal Sis
4 162
1
1967 A 0 2034 24/
*External ti I 6349 01 1926
4 76'
/
1957 A 0 2034 241
*External 8f 6349 of 1927
1952 .1 D 2212 2512 31
47s (Central RY)
1804
1523
64
7
684
7
7
4
/
61
614
4
/
61
74/
4
1
44
44
2458
44
4414
4
/
441
4414
4412
45
4114
7758
78
7372
4212
2614
8812
8612
9234
91
6214
22
2013
4
1
94/
513
4
4
4
/
211
18
1758
1812
29
1935 M S 304 3134 14
•(Bremen (State of)(MI 7e
9534 22, 68
1957 1.41 8 95
Brisbane (City) a 1 511
6812
9584
8
1958 F A 95
Sinking fund gold 69
195( 1 D 10212 10258
9
75
et 69
20-year,
Budapest (City of)4 3612
1
29e4
7
1982 1 D 35/
.68 July 1 1935 COUPC112 on
4014
4
4 95
Buencet Aires(City)63-1. 13-2 _ _ 105i J J 94,
2
4 9138
/
36
I961) 5 0 911
External 91 418 ser C-2
4
4 9112
1
1960 A 0 90/
3814
External 916,ser C-3
2
4
/
291
74
*Buenos Aires (Prov) ext1 69_ _1981 M 13 74
2558
59
46
1961 M 8 58
eile stamped
1961 F A .6952 --------271,
*External 9 f 6349
21
2553
1961 E A 5838
6%.stamped
Bulgaria(Kingdom of)zI3
.1
1
12
1312
9
off1_967
coup
July
4SInklnit fund 78
4 1314
/
131
12
6
*Sink fund 7349 May coup ott_1968 MN
9
978 22
•Caldas Dept or (Colombia)7349_1948 1 1
1960 A 0 10538 10638 47
Canada (Dom'n of) 30-yr 49
MN
1952
8
1115
11278
75
69
8
1936 F A 10012 100,
9
43.4e
2
1954 J J 4412 4412
*Carlsbad (City) 9 t 89
078
10
11
'Cauca Val (Dept) Colom 7339_1946 A 0
3
4 39 4 18
/
*Cent Agri., Bank (Ger) Ts__ _1950 M 8 381
4 33
1
16
July 16 1960 J 1 32/
*Farm Loan et tte
47
Oct 15 1960 A 0 3258 33
*Farm Loan s I 69
4
3812
*Farm Loan (19 tier A _ _Apr 15 1938 A 0 38
1312 141
4 28
/
1942 MN
*Chile (Rep)-Ext1 9 f 79
4 13/
1
4 107
1
1960 A 0 12/
*External sinking fund (is
13
1312 41
Feb 1961 F A
•Ext 'sinking fund (is
J
1234 1312 78
Jan 1961
*Ry ref ext s t 65
1312 64
Sept 1961 1 1 13
*En sinking fund lis
13
1314 19
1962 M IS
'External sinking fund 6..
1312 104
1983 MN 1214
*External !sinking fund 69
1178 11
1112
D
2
1957
,
6%
Bk
Mtge
"Chile
121. 15
1961 J D 12
*Sink fund 6429 of 1928
1981 A 0 111. ID; 19
*Guar 9 t 89
MN
6
1114
1112
1982
*Guar 8 1 65
1034
6
1980 M $ 1034
'Chilean Cons Muni° 7s
853
8613
9912
9812
4212
814
2913
26
2614
2718
7
5
612
4
/
81
4
/
81
618
6
4
1
7/
078
4
1
7/
4
1
7/
6
8 40,
,
8
1951 J D 40
.0111089e(Hukuang Ry) be
'Cologne (City) Germany 6348_1950 M 8 2738 271.
of)(Republic
Colombia
4
1
19/
.69 Apr 1 1935 coupon on__Oct 1961 A 0 1812 20
19
"tleJUly 1 1935 coupon on_Jan 1961 J .1
4 19
1
1947 A 0 .15/
•Colombla Mtge Bank 6%s
1638
1613
1948 64 N
*Sinking fund 7s of 1926
17
1947 F A •1518
*Sinking fund Ts of 1927
1952 2 D 9173 9212
Copenhagen (City) 59
8853
1963 MN 88
25-year g 434s
_
.53
1957 F
*Cordoba (City) Intl 9 1 7.
56
53
- A--1957 :
474 stamped
MN
7s
1937
fund
*65
sink
*External
1937 _
.5012
cis stamped
7734
1942 1 JI 77
Cordoba (Pro.) Argentina 78
Costa Rica (Republic of)1951 MN .32
.715 Nov 1 1932 coupon on
2312 2434
•7. May 1 1936 coupon on__ 1951 _
22
92
6
5
40
30
--6
--43
15
___
7
Rang.
Sine.
Jan. 1
18
4
/
101
14
12
1438
4
/
601
5512
12
9972
3
4
1
25/
15
1712
____
IQ
Jetly 1
Week's
...,
Ramos
Itiss to
"66
Range or
BONDS
t :2
Since
0, Oct. 31
Friday's
-....
N., Y. ST()CK EXCHANGE
I
Jan.
1314
1935
41,Z;
tn
et
di
dated
NVeek Ended Nov. 29
(Cos.)---Filch
Low Low
Law
High No
Foreign Govt. & Munk.
4
/
881
9412 101
I
101
1944 M 8 zI01
Cuba (Republic) be of 1904
90 101
8312
8
100
1949 F A 100
External be of 1914 ear A
9852
84
6178
A
F
--77
1949
.91
96
External loan 434s
77 10014
61
9912 19
Sinking fund 534s ___Jan 15 1953 1 1 99
2312 42
1914
4 64
/
•Public wks 514s _June 30 1945 J D 3478 371
8
812 14,
812
9
978
918
1959 MN
•Cundinamarca 6349
9512 10714
7744
8
1951 A 0 102 e102
Czechoelovakia(Rep of) 8e
9512 108
4
/
77
5
1952 A 0 al0234 01021
Sinking fund 88 ser B
9834 105
7972
10458 35
1942 J J 104
Denmark 20-year eat! 6s
93 101
100/
75
4 37
1
1965 F A 100
External gold 534e
8213 9612
47
61
93
4
1
/
92
0
1969 A
External g 434s__*Apr 15
1932
Deutsche Bk Am part ctf (is
70
39
44
39
S
44
1
M
_
1935_
1
Sept
4*Stamped extd to
4 72
/
611
40
15
70
DomInIcan Rep Cost Ad 5346-1042 M IS 68
67
36
bb
1940 A 0 6418 6578 15
let ser 5%e 01 1926
5478 67
36
16
1940 A 0 6412 65
2d series sink fund 5349
25,2
2512 4350
4
30
29
*Dresden (City) externa` 73„ 1940 MN
104.5
102.20
6512 6512
1948 1 1 *304 --------36
102.24 *El Salvador (Republic) 89 A
62
35
34
7
3414 35
J .1
101.30
*Certificates of deposit
22
4812
95
94
8412 97
Etitonla (Republic of) 7e
1987 / 0
70
10312 108
23
108
1945 M 1 107
99.16 102.18 Finland (Republ:e) ext 69
4 10118 104/
/
701
4 14
1
4
1
1958 M S 10318 103/
External elnk fund 830
96 20 101.6
2118 3514
20
26
12
26
1953 M N
eFrankfort (City of) a 16 Sis
16512 190
4 3!4 126
/
1941 J D 16913 1721
French Republic ext1 734e
1949 J D 176 017712 12 12713 16912 190
External 75 of 1924
German Govt International4
/
211
21,
8 3712
1965 J D 3012 3112 186
•3%e of 1930 eternised
4 32
/
271
1
28
1965
28
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1414 3312
3014 47 18
90 -3014
_-15 3712 39
16
32
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3712 --------3512 3712
1949 ---- *---• 79 unstamPed
9013 97/
4
1
658 11e4 German Pro' & Communal Bite
38
4
/
231
4822
1958 1 D 431/ 4414 26
.(Cons Agric Loan) 6349
058 1118
4 954 Gras (Municipality of)/
61
49
86 10812
4 93 ---/
ofts unmatured coupons on__1954 MN *911
4
1
612 10/
8 38 10612 10612 11612
108,
1937 F A 108
4 Or Brit & Ire(U K of) 61-48
1
4 10/
1
6/
4 196 119
/
951
36
1990 M N al 1420 115
14% fund loan £ opt 1960
614 10
22
3313 3912
3514 ____
4 *Greek Government s tear 79---1964 MN *25
1
4 9/
/
61
2112 37
2712
--30
.2018
1964,
.178 part paid
88 126
4 33
1
23/
4
/
161
3
2614
26
1968 F-...4
4 9912
/
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901
25
2312
23
---4
/
241
4
/
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---46s
1968
9853
part
paid
90
9858
90
95
82
67
25
1952 A 0 9412 95
4 9878 Haiti (Republic) 9 f 69 ser A
/
901
4
/
2212 361
2019
3
2613
1948 A 0 26
9018 9812 *Hamburg (State) 89
16
31
15
1
9812 *Heidelberg (German) extl 7548_1950 1 1 2313 2317
90
I
8614 10114 10418
104
104
0
A
1980
8
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985
90
(City) ext 6%,
9858 Hungarian Cons Municipal Loan90
2412 38
2412
15
30
30
.7349 unmatured coupons on 1945 1 J
9854
90
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2
4
/
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1948 J 1 28
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unMatured coupon On
8412 96
25
35
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25
__-.251
98 10678 •finngarlan Land M hat 734e1961 M N
25
35
25
30 ---_
8-19f31 M N .2518
4
1
'Sinking fund 71-4. ser B
98 106/
4 9958 Hungary (Kingdom 01)1
92/
3418 4918
3112
3
3418 35
9812
*7548 February coupon on...... 1944 F A
81
10812 116
92
2
1960 MN 11312 11312
Irish Free State exit 9 f 59
9412
5014
231
5014
58
5318
D
1951 J
37
Italy (Kingdom of) eat! 7s
29
68
99
4 --:/
438
871
9314 11012 Italian Creel Consortium 79 A ,__'37 M 8
34 48
44
89
44
8
Nt
19
44
1947
External sec, t 79 ser 13
9314 108
4012 85
4012
1952 1 J 4312 4818 45
Italian Public Utility extl 79
10118 119
90 100
77
68
9784 09
1954 F A
97 1101
4 Japanese Oovt 30-yr s f 834e
/
4
/
7714 891
61
4
/
671
1965 M N 8612 87
Ertl sinking fund 5349
93 102
Jugoslavia State Mortgage Bank2513 38
43
23
25
1
25
1957 A 0 25
*79 with all unmet coup..
2118 3812
912 18
4(12
31
8
29,
1
3034 3034
518 912 *Leipzig (Germany) a f 79
1947 F A
Lower Austrla (Province of)8
4
97 106
50
814
4734e June 11935 coupon on_1950 .1 D .9612 10012 ---4
614 1014
614
8
734
673
1954 J G
4 *Medellin (Colombia) 6349
1
39/
23
818
3
4
714
17
512
1943 MN
3112 *Mexican Irrlg Asstng 4348
18
4
4
4
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/
1738 311
4
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1945 Q .1
1812 3114
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4 11
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l's
---- .4
*Assenting Its large
---------------------31
4112
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4
1
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412
434 -87',9714
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1954 2 G *---la
3
512
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8553 9732
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7
314
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4
1
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414
---•Aseenting 49 of 1910 small
512 8
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321e 3914
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420 884
612
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98
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39
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Milan (CIO. Italy) extl 634s -_ -1952 A 0 4114 461L 85
82
9212 Minas Games (State of. Brazil)82
4
1
19/
13
13
1718 14
1958 M 8 16
•6341 Sept coupon elf
8613 7712
4 1912
1
13/
1318
17
1714
1959 M 5 16
3 85
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51,
62
78
3114 4278
2714
4 11
1
4 42/
/
1951 .1 I) 421
8514 *Montevideo (City of) 79
82
3912
29
25
1
*External a t 6s series A
1959 M N
39
39
4 105
1
96/
4
1
73/
10378 16
1853 New So Wale,(State) eat' Is ..__j997 F A 102
12
9654
105's
7313
25
8
1037
8
1023
0
19
A
External 9 f &I
12
Apr 1958
10312 10712
88
13
1943 F A 10612 107
Norway 20-year ext1 (is
4 10313 10712
/
871
6
4 107
/
20-year external 6e
4 14
1
8/
1944 F A 1061
105
10014
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8318
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4
1033
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A
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101 10812
1952
9958 104
4
1
78/
4 10312 16
/
4
/
40-year s t 530
1961 .1 1..) 1031
106 1141
9812 10314
76
19
4 103
1
1963 M 8 102/
External sink fund 59
1001.10312
98 10212
8012
4
1970 1 D 10212 10212
4212 6212
Municipal Bank extl a 665
2214 3534
22
3
26
26
1952 F A
4 1312 •Nurernburg (City) extl 6.
1
7/
64
7712 90
20
8212
5
84
ra
1953
4 Oriental Devel guar 6s
/
581
34
4 8558
/
741
4
/
691
4 81
57
1958 11 N 79,
Exit deb 634.
2614 47
99 10314
73
13
2614 46/
1956 M N 10134 102
4 Oslo (City) 30-year 9 1 6e
1
4
/
551
35
10213 10713
89
2
106
19532 D 106
Panama (Rey) esti 9%e
17
12
68
40
11
2478
1963 M N 8712 68
•Exti s I ser A_.,..
1012 1514
4 60
/
361
27
4 5914 34
1
55/
1012 11512
•Statnped
1013 1512 Pernambuco (State ot)7
4
/
81
1112 1572
4 14
1
1947 M S 12/
472i Sept coupon off
1013 1512
2114
12
16
1959 61 5
1 638 26
7
4 *Peru (Rep of) external 79
/
1034 151
4 1712
1
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47
1312
8
122
D
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4
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4 38
1
13/
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8312
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56
1940 A 0 7814 7834 10
4 Poland (Rep of) gold 68
/
141
11
12612
9978
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15
8 1414
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1947 A 0 10158 10318
Stabilization loan 9 f 7s
791s 9678
4
1
63/
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93
1956 ./ J 91
1017 1414
External sink bind g 88
904 1212 Porto Alegre (City of)1212 22
1212
2
16
16
089 June coupon off
1981 J G
22
12
12
7
1514
1412
1966 1 J
4 47
1
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33/
4
1
4
/
105/
771
98
0
8 103
1952 M N 102,
Prague (Greater City) 730
38
26
2212 37
2212
2814 19
*Prussia (Free State) SW 6349_1951 M 5 28
3634
2212
2212
11
2814
4
273
0
A
1
s
18
3612
6e
"External
1952
10572 111'8
94
in 37
4 11118 11
/
Queensland (State) extl at 7e „....1941 A 0 1101
8384 10318 110
6
110
26-year external 89
1312 2412
1947 F A 110
4
/
3214 431
3214
2
13/
4 2413 *Rhine-Main-Danube 7s A
1
1950 M 5 3518 3518
4 251. Rio de Janeiro (City of)/
131
8
10,
'3
13
1313
16
4
/
171
16
0
944
A
1189
1940
off
April
85
coupon
1134 1812
1134
1518 20
1418
4
/
8114 911
*8 tie Aug coupon off
1953 F A
4434 54
Rio Grande do Sul (State of)14
2312
14
10
18
1948 A 0 17
.89 April coupon off
4 5612
/
381
4 22
1
12/
1258
1534 18
14
1988 J D
•69 June coupon olf
6413
60
144 21
1234
9
8
4 15,
1
13/
1988 51 N
1171 May zoupon off
4613 5514
127% 2112
1258
1578 14
1454
19672 D
.7e June coupon off
8014
70
4
/
4012 871
4012
5012 79
1952 A 0 4414
Rome (City) extl 6%.
13918
110
4
/
921
___
120
4
/
•1111
MN
3018 38
1964
Rotterdam (City) extl (is
1712 3278
101.14
98.18
100.
08,24
•-,-
For footnotes see page 3507.
rarely on the New York Stock Exchange, dealings in such securttles being almost entirely over the counter.
NOTE-Sales of State and City 8eCur ties occur very
dealers in these securities. will be found on a subsequent page under the general head of "Over-the-Counter Securttlee."
Bid and asked unionidom1 however, by active
Volume
New York Bond Record-Continued-Page 2
141
3503
Weir s
Jule 1
II
...
Rases or : 1933 so
21 C.
Prtday's
,7
11
Oct. 31
.:14' Bid & Astee olon 1935
Wear/
.,
July 1
BONDS
r. o
Range or
4.1
1933 io
Rows
BONDS
Range
N. Y. STOCK EXCHANGE
frtday4
Since
1_11,... Oct. 31
ir.,
Since
N. Y. STOCK EXCHANGE
Week Ended Nov. 29
....a. Ble & Asked Si. ii
Week Ended Nov. 29
1935
Jan. 1
Jan. 1
Foreign Govt. &Munk.(Cosa.)
Low
Low
FM> No
&lob NC. Low Low
Moe
Low
Low
1110b
Roumania (Kingdom of Monopolies)27
4214
58
All & Dan let g 411
27
1948 J J 3678 40
.73. August coupon off
25
2518
6 2058
29 46
1959 F A
3478
23
23
1948 7 7 3034 3478 34
2318 3612
*Saarbruecken (Car 65
1953 J .1 *
55
8
Atl Gulf & W 1 819 coil tr 50
3514
3972 _
354 55
78
50
1959 i 7 52
50
Sao Paulo (City of. Brazil)1937 i 7 10618 10618 20 101
Atlantic Refining deb 50
10618 10814
.88 May coupon off
1952 M N *1438
6
75
1312 1938 Austin & N W let gu g 58
90 101
1941 7 7 10034 101
1312
1934 *External 64s May coupon en 1957 M N
5
1112
1112
197
4
15
15
San Paulo (State of)95%
:Baldwin Loco Works let 5e__ _1940 M N *10414 10434 -___
9514 105
'So July coupon off
824
1948 A 0 10034 102
19 1518
117
Bait & Ohio let g 45___July
24
1936.8 7 2214
9513 10412
2214 30
*External So July coupon off
Refund & gen 56 series A
1950 .1 .1
1612
54
1914 22 1213
54
7313 362
1995 7 0 7114
7713
1453 234
*External 7.1 Sept coupon off
101 10012
9418
89
17
IOUS M S 1514
_1948 A 0 10528 107
22 1234
let gold Se
1234 21
July
*External 60 July coupon 01_1968 .1 .1
1434
59
8314 884
Ref & gen 6e series C
1612 15 1034
1995 7 17 8112 8378 146
13
21
*Secured of 70
P. L E & W Va Sys ref 40
7610
8178 58 61
1940 A 0 79
934 100
981
993* 87
1941 MN
7278 91%
Southwest Div let 34-50_ __ _1950 i 7 9534 9712 63
744
88
9912
•Santa Fe (Pro, Ara Rep)'hi__ _1942 M S *5818
Tol & Cln Div let ref 4e A
81
7534 88
- ---- 17
1959 7 7 8614 8712 17
85
52
*Stamped
61
5212
Ref & gen Se series D
--63
5212 76
35 38
4718 63
2000 M 8 7034 7234 133
*Saxon Pub Wks (Germany) 75_1945 F A
3212 33
Cony 444.3
5718 5934 549
°34 2912
3812
2912 4214
1960 F A
3812 614
*Gen ref guar 6(48
5212
Ref & gen M 50 Per F
32
1951 M N 32
2 28
5212 7612
1996 M 8 704 7212 218
28
40
*Saxon State Mtge Inet 70
____
944
35
110 11438
55
Bangor & Aroostook let 50
1945 .7 D *34
1943 7 .1 •11312
35
*Sinking fund g 64e
100% 10614
7418
9
Con ref 40
1946.1 0 *34
-_-4
37
1951 7 1 10312 1043
35
35
5212
Serbs Croats & Slovenem (Kingdom)46 P".11 12 103 1124
Os stamped
109
1951 -_--, 107
•80 Nov 1 1935 coupon on
943* 103 118
1992 MN 253* 26
23 19%
8
24
36
Batayian Petr guar deb 444e
111
1942 .1 J 110
*70 Nov 1 1935 coupon on
2
80
1982 MIN 2528 26
84
68
Battle Celt & Star let go 3e
9 17
2218 36
65
1989 7 0 65
eillemla (Pro, of) exti 7e
71
.1958 J D 69
4 42
8513 75
*Silesian Landowners Am 63 _1947 F A 50
100 103
88
3 2514
.50
1936 7 7 *10114 10112 ____
6114 Beech Creek let go g 40
43
Solesone (City of) esti Be
8912 100 102
2d guar g 50
1938 MN *163
1936 7 i -----------158 1754
117
16612
Styria (Province of)---------66
95
98
Beech Creek ext lot g 3140
1951 A 0
.75 Feb coupon off
11314 12012
1948 F A 10012 10114
10 4714
1948 7 J 11814 134 33 103
86 10114 Bell Telep of Pa 59 series B
Sydney (City) of 548
05 103.2
let & ref 50 series C
1955 F A 10034 101
1960 A 0 12414 12534 47 10314 116% 12628
7 75
Belvidere Delaware cons 3%o..._1943 7 .
1 *101
Taiwan Eiec Pow a f 54e
-82
10714 1-1-338
1971 7 J 80
1 58
81
7412 8728 Beneficial Indus Loan deb Se __1948 811 8 11078 11-358 180
Tokyo City Se loan 0( 1912
2712 44
*Berlin City Elec Co deb 645
27%
1962 M S 7128
10
7134
1951 J D 3234 33
5 53%
6812 76
External 0 f 5%s guar
*Deb sinking fund 6145
1961 A 0 80
4
2914 2978
1959 F A
2413
8058 16 59
2413 3912
7428 86
*Tolima (Dept of) ext1 7e
2412
1947 M N
2412 3938
1
•Debenturee 60
912
93
1955 A 0 2814 2813
813 1214
2
84
TrondhJem (City) let 54e
41%
30
2728
1957 M N 99
2 83%
100
91
100 *Berlin Elec El & Underg 6 40.. 1956 A 0 3213 3228 13
Upper Austria (Province of)994 1044
9918
Beth Steel cons M 44s ser D_1960 7 1 103
10378 140
*75 unmatured coupon on
1945 7 D *___ _ 109 ____ 51%
95 11013
*Ext18 40 unmatured couPs
102% 11018
3
90
1957 1 0 100
3 4113
100
1944 J D 109
82 10328 Big Sandy 10145
109
*Uruguay (Republic) extl 8e__ _1946 F A
3412 45
3813 39
25
10
33
1950 M 8 •374 48 ___
3818 47% Bing A Bing deb 614s
*External of 65
5913 8028
5914
3414 414 Boston & Maine let fe A C
1980 M N 37% 3813 53 2812
1987 M 8 723
96
74
*External a I Se
8012
8012 821/
33 2612
45
383
1984 M N 38
77
let M Se series II
1955 M N 764
341s 42
1951 A 0 6334 71
Venetian Pro, Mtge Bank 70...._1952 A 0 5412 54'2
59
5912 75
1 51
17
let g 48s ser 77
51
83
Vienna (City of)28
1814 4028
:Boston & NY Air Line let 40
21
2334 10
1955 9 A
*60 Nov coupon on
534
8734
1952 MN 87
5% 20
98
3 5258
18
I t•Tiotany Cone Mille 6410
80
1934 A 0 1412 16
Warsaw 'City) external 70
1958 F A 673
6
7 41
5
*Certificates of deposit
6
83
7418
1732
---1328
14
392
Yokohama (City) ext1 60
12*i:soy/man-BM Hotels lot 7e___1934
85
1961 7 0 83
13 63
8014 90
M S *512
413
434 434
Stmp as to pay of $435 pt red
9
8813
82
93
1 8613 -8812
Brooklyn City RR 1st 58
1941 7 .
RAILROAD AND INDUSTRIAL
1093* 11012
1949 7 .1 10714 10814 16 103
Bklyn Edison Inc gen Ss A
COMPANIES.
1952 7
8 10212 106 110
Gen mtge be aeries E
1073s 10712
•12Abitibl Pow & Paper let 5s 1953 J D 334 3538 48 1538
1963 .7 J 1064 1068 112
8638 10418 10734
28
4112 Bklyn-Manh R T see fle A
%lama.F.xprnme coil tr if 40
1948 M 8 99
9912 14 61
104 1055
98
104% 46
1949 J D 104
15-year get 88. series A
85 100
Coll trust 4s of 1907
523*
9914 35
1947 J D 98
674
71
_
55
9612 9914 Bklyn Qu Co & Sub con gtd 155__.1941 MN e__
5714
Adriatic Elec Co ext 70
1952 A 0 /5212 5312 16 10.18
65
1941 7 i *7218 85 ___
77%
let Se stamped
5018 10014
Ala Gt Sou lot cone A Ss
1943.1 El 10812 10312
I 8012
7213 1003* 11012
17
1950 F A 10812 10914
104 10813 Bklyn Union El let g So
let eon, 40 ser II
1943.1 D 10318 10318
5 74
1945 M N 11834 11914
16 1034 11434 121
9813 10334 Bklyn Un Gas let cons g 5e
*Albany Perfor Wrap Pap 60
1948 A 0 51
5318
6 38
1947 M N *12412 --------10514 118% 128
let lien & ref 80 series A
38
843*
.98 as5ented
1948 - - 5314 5314
1938
J
7
_
___
2 4412
158
4412 5314
Cony
deb E 540
All, & Sousa let guar 3140
1948 A0
- 10034 10034
2 83
Debenture gold 54
994 1044
1950 1 D 16,-1T2 1-64-34
i
93
1031s 1(1
16-4
I Alleghany Corp coll tr Se
1944 F A 8518 89
1057 M N 10914 10912 13 10012 1073* III
185 4734
lot lien * rot 5s amine B
WI 89
Coll & cony 56
1949 1 D 7712 79
226 41
___- 10414 105
21
1950 F A 10414 105
5212 7934 Brown Shoo St deb 3(15
*Coll & cony 50
1950 A 0 4612 53
182 13
13
53
.58 stamped
1950 3434 38
1015 10314
569
8
8
38
Bruns & West let go g 40
1938
---- ---- "
-8
1998 A 0 *92
Alleg & Weet let go 45
93
9613 1081,, 1113*
62
1981 F A *44014
8413 94
Butt Gen El 444e series B
Alleg Val gen guar g 4e
1942 M 8 108
10838 18 93
103 107
91
1937 M S 10411 1-04-13 Za
10512 10914 Buff Roth & PItte gen g 55
Allied Stores Corp deb 44e
1950 A 0 983* 100
511i 70%
43 9258
50
Como] 4110
9258 100
1957 MN 634 6434 102
AMR-Chalmers Mfg deb be
1937 131 N 10034 101
1528
33 8312
153* 24
13
1/*Burl C R & Nor let & m1155-1934 A 0 1912 21
100 102
Cony deb 48
1945 MN 10934 1138 712
14
14
2018
14
19
•Certificatee of deposit---• 10934 1133*
. 18
*Alpine-Montan Steel 75
__I95 M 81 *8814 90 __-- SO
9213
76
2
39
79
87
81
9734 f•Bush Terminal let 4.3 ______ _ _1952 A
'
61
35
104
1955 7 7 3934 46
95
*Consol 55
Am Beet Sugar (le ext to Feb 1 1040 F A 10212 10212
80A
0 6012 6512 23
7
5213 70
1960
31
98 10312 Bush Term Bldge 50 go tax ex
Am & Foreign Pow deb 55
2030 M 8 663* 70
239 32
54
49
773* 9412
7612 By-Prod Coke let 54e A
934 9312 10
1945 MN
American Ices t deb 56
195 7 D 7012 7414 24 62
6914 884
Amer I 0 Chem cony 5340
1949 M N 114
76 784
116
2 10228 107 109
1937 MN 107
10413 116
107
Cal GA E Corp unt & ref 50
Am Internat Corp cony 534o_,,_1949 1 J 102
85
9
1023* 26 65
1034 1053*
1940J 1 10518 10514
8511 10.314 Cal Pack conY deb 5e
Am Rolling Mill cony deb 445 1945 M S 118
125 673 10212
1942 A 0
19
14
818
10213 12912 *Camaguey Sugar 75 ctfe
2% 15
814
Am Telep & Teleg cony 40
101
1938 M 13 101
10614 11318
79
Canada Sou cons fru 58 A
10034 104
1962 A 0 10913 110
2 1007
23
30-year coil tr Ss
1946.1 0 109
1)012 90 10111
9114
10228 113%
1957 .7 J 10838 10828 20
10712 11012 Canadian Nat guar 440
35-year of deb 55
1960 1 J 113
11334 70 10034
107 118
98%
111is 114
Guaranteed gold 55
July 1989 1 J 11134 11234 20
20-year sinking fund 545
1943 MN 11234 11334 80 103
964. 10814 12041
11134 114
Oct 1909k 0 11312 11418 30
Guaranteed gold Ss
Convertible debenture 454e
114
92 105
1939 .1 1 111
10778 1197s
9684
10618 114
1970 F A 11312 1143* 20
Guaranteed gold Is
Debenture 5e
1985 F A 113
1133* 73 100
105 11714
9434
22
Guaranteed gold 445_June 15 1955 1 D 111
111 114
112
I*Am Type Founders 65 ctte
1940 A 0 72%
61 20
74
10314 1154
Guaranteed gold 445
9128
31
1956 F A 10878 10912 23
74
Amer Water Works & Electric.10318 11458
913*
Guaranteed gold 4 4s____Sept 1951 M S 10334 10938 38
Deb g 68 series A
1975 54 N
99
29 58
100
102% 107%
6373 10012 Canadian North deb guar 79
1940 .1 0 1028 1023* 17 1024
10-year 58 cony colltru.st
1944 M S 10913 11112 227 80
80 11313
116% 125
3 1054
Debenture gold 840
12212
1948 3 .1 122
!*Am Writing Paper let g 8e_1947 .1 .7 31
33
10 18
19% 36
*Certificates of deposit
.3113 33 ____
2012
52%
2012 3514 Canadian Pa." Sty 4% deb stk perpet__ .1 1 84
81% 8912
847 137
*Anglo-Chilean Nitrate 70
1945 MN 22
2434 57
73, 2934
314
9914 10414
19
66
1946 M s 10318 10414
Coll trust 44s
1•Ann Arbor let ir
.-1995 Q .1 70
72
2' 27
5012 73
943s
109 1123
1944 1 1 11178 11212 19
equip trust ctfs
5s
Ark & Mein Bridge &41.9-..1964 M S *95
Ter5e
-97
7314 10114 10712
784
Dec 1 1954 7 D 104
8734 97
57
Coll trust gold 53
1043
Armour & Co (III) 1st 44.40
1939 J D 10118 10412 27 75
9513 10338
64%
102 10413
1960.2 J 10014 101
67
Collateral trust 445
lot 51 s t 45 see 13 (Del)
1955 F A 9414
95
152 9014
19
40
46
903 9604 Mar Cent let guar g 4s
1949 7
*4718 50 ____
Armstrong Cork deb 4s
1950.2 J 10418 10434 23 103
9513 106 109
10312 105
1938 .1 D 108
10838 15
Caro Clinch &0 1st 50
894 10812 11078
cone g 88 ser A _ __Dec 15 1952 .1 D *11078 1111. ____
let
&
Atch Top & 8 Fe-Gen g 40
1995 A 0 10818 109
156 8414
68
1007s 11113 Cart & Ad let go g40
7012 78
5
1981 1 0 7011 7012
AdJurdment gold 48_
1995 Nov 103
1031
5 78
4
24
24
39
101 10613 *Cent BranceU P let g 40
1948 J D 26
27
Stamped te
1995 M N 10318 10334 40 7518
let 30-yr 5e
1 10358 10714 1093*
D 1085 10834
1
Tel
1943
I
Diet
10818
Cent
013*
Cony gold 40 0( 1909
1955 .1 D *1003
_
75
39
6744
10013 10412 Mentral of Ga lots 55----Nos 1945 F A *4912 55 ___
39
Cony 40ot 1905
1955.8 D 10212
41023
-- 4 ---22 744
13
100 106
1945 MN
2734
•Consol gold 55
26
2734 577
13
Cony g is Issue of 1910
1960 7 D 10112 10113
88,
1 78
1912
7
100 10312
1959 A 0 13
69
*Ref & gen 5940 series B
14
Cony deb 4115
1948 J D 10734 10812 59 884
64 144
7
*Ref &gen Ss series C.
1412 102
1959 A 0 13
10411 110
Rocky Mtn Div 1st 40
1965.1 .7 10412 105
15 79
174 2378
*ChattDlypur moneys 4e
174
10014
1951
____
1
D
*23
27
1057
8
Trans-Con Short L 1st 45
1958.1 J 11014 111
40 89
19
20
10712 11210
*Mac & Nor Dl, let g Se
25 --1948 J ./ .20
19
Cal-Ariz let & ref 44e A
1962 M 8 1123 11234
1 874
15
22% __
15
15
1087 11234
*Mid Ga & Atl Div pur m 5e 1947 J .1 ...
Atl Knox & Nor let g 6.5
194(1 .1 D *11212 118
19
19
9934
Div let 555
26
*Mobile
110
-------1946
11312
1
J
*22C2
All & Charl A L let 434s A
1944.1 1 895
99% ____ 86%
99 106
Cent Hudson G &E 1st & ref 345 1965 M S*10412 --------10418 10418 105
let 30-year 50 series B
1944 .7 J *103
105
86
714 9712
100 1103* Cent Ill Elec & Gas let 5e
43
9712 69
1951 F A
97
All Coast Line lot cons 4s July-1952 M S 98
9011 1034 Meat New Engl let au 4s
973* 110 714
397 87%
4178
22
43
1961 .1 J
41
General unified 44e A
1964 .1 D 823* 84% 84 (3113
90
100 10834
1987.2 J 100
7134 9211 Central ot NJ gen 550
10038 21
L & N coil gold As ____Oet
1952 MN 79
81
106 57
78
87
13
General
le
1987
8212
98%
J
J
87
6
812
8714
10 yr eon tr 5a
May 1 1945 MN 9518 96
77 8/13
8913 100
J J „
For footnotes see page 3507
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members - New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Telephone Hanover 2-7900 - A. T. & T. Teletype NY 1-911
Private Wires to Chicago. Indianapolis and St. Louis
3504
N
New York Bond Record-Continued-Page 3
Nov. 30 1935
July 1
Jute1Week's
WO4r1
1933 to
:i;
Range or
F..7,
It0n04
BONDS
1933 to
Rime or
4,
BONDS
'
t.a
Oct.
31
V.,:
Friday's
Zt.r.
EXCHANGE
Since
Y.
STOCK
(id.
N.
Friday's
'STOCK
EXCHANGE
--,....
31
T.
.3.1,7: Bid & Asked m r.., 1935
Jan. 1
Week Ended Nov. 29
./.1,:r., Bid & Asked slob
1935
Week Ended Nov. 29
Range
Since
Jan. 1
High
Low Low
Lou
High No
High
Lou, Low
High No
Lew
9738 10314 *Consolidated Hydro-Elec Works
6553
1949 F A 10138 10218 138
Cent Par let ref gu g 4e
29
29
1
41 14
1956
.1
31
31
1
of
Upper
1021s
Wuertemberg
7e
9713
1954 A 0 10012 101
6313
Through Short L let gu 431
3
10419 10673
99
1945 F A 10512 10534 55
85
153
6914 9012 Comm Gael (N Y) deb 544e
1980 F A 8479 87
Guaranteed g be
99 10833
88
1951 J D 10734 10814 56
Debenture 444e
6512
49
11
52
65
1937 M N 65
Cent RR & Bkg of Ga coil be
10234 10912
93
10612 15
1957 J J 2106
Debenture be
114 124
Central Steel 181 g 18e
1941 M N 12112 12134
6 100
16
16
9
3151,
6312 9314 t*eonsol Ry non-cony deb 45_1954 1 .1 1812 197s
Certain-teed Prod 534e A
1948 M 8 92
42
0312 78
173
3
1
1739 3234
4
1934
193
.1
/
'Debenture
1965
421..
10213
1049
1938 J J
Charleston & Saris let 7e
10212
233
4 25
233
4
_
--__
0
1955
A
1947 M N 11412 11819 351
*Debenture 4e
102 11812
94
Cheaap Corp cony Se
16
2939
16
.18
1934 --,1956 1 J •18-11079 117 10112 10112 11234
*Debenture 4,
1944.3 D 109
10-year cony coil 513
4412
29
1939 M N 11034 111
11039 11313 /'Cone Coal of Mel let & ref 5s-1950 J 0 3634 3712 72, 10
(Mee & Ohio let con g be
3 104
29
44
10
3612 3712 541
,-__
*Certificates of depoerlt
11834 11
1992 M S 118
9114 11439 12019
General gold 440
103
1053
9
98
1033
4
31
1033
4
D
Consumer,
J
Gas
of
____1936
11112
Chic
gu
55
Ref dr Impt 444e
1993 A 0 111
108
11113 10
8312
9912 10412
68
10414
4
1946 J D 104
Container Corp let Se
10779 112
Ref & inapt 444e ser B
1996 J J 11039 11119 31
84
83 1019
45! 4913
101
1943 1 D 100
15-year deb be with warr
105 108
Craig Valley let be __May __ _1940 J J *10714 ---------96
92 100
Copenhagen Telep 5e Feb 15
1954 F A 9513 9534 361 8939
1946 J J -------------86
1027s 105
Potts Creek Branch let 4,
9611 103 107
1947 J D *10278 10339 --__
5
R & A Div let con g 4e
1989 1 J 11112 11113
9013 10519 11234 Crown Cork Seal a f Se
10184 105
75
1
1951 J J 10419 10419
Crown Willamette Paper Se
10544 108
87
20 consol gold 4s
1989 J J *102
9714 103
85
2
107 110
Crown Zellerbach deb Sow w
1940 M 14 10214 10212
Warm Spring V let g be
1941 M 8 *10914 --------99
37
55
15
1942 J D 4912 507s 32
Cuba Nor Ry let 544e
29
51
133
4
24
46
4734
J
5953.1
Cuba
RR
let
be
g
3314
5014
3314
Chic & Alton RR ref g se
1949 A 0 3934 4112 96
1319
9
28
52
1936 .1 D 4614 48
let ref 744e eerlee A
Chic Burl & Q-III Div 334e
10111 10614
1949.3 .1 10234 10319 51
84
2334 47
15
1936 J 13 *4414 4912 _-__
1st lien & ref 6s ser B
Illinois Division le
9234 10538 10979
1949 J J 10833 10879
5
10414 111719
I 102
1937 J J 10434 10434
104 11012 Cumb T & T hit & gen be
8414
General 4e
1958 M 8 10612 10719 67
'
10359 10959
1977 F A 10513 106
77
let & ref 4405er B
47
7214 947s
67
159
773
4
Del
&
753
4
Hudson
1143
3
N
let
&
1943
m
ref
10714
1087
9
10914
F
A
let & ref 54 ser A
42
45
8412
1971
8913
46
8912
9414
10234
1937
93
MN
Gold 544e
86
73
80
1939 A 0 80
ItCbicago & Eaet III let Se
53
I
lç 9334 105 10714
522 1312 Del Power & Light 1st 414e
54,
1234 1312 95
1971 J 1 10534 10534
t•C & E III Ry (sew eo) gen Se _ _1951 rei N
10034 105
88
10312
8
1969 J ..1 103
let & ref 434e
519 121 1
5i,
1214
1214
6
*Certificates of depottit
2
10413 11212
93
106
1969 1 J 106
1st mortgage 444e
4
Chicago & Erie let gold be
1982 M N 11413 11412
8213 11113 117
1936 F A .1001
r- ---,
96
._:97
10333 10679 D RR & Bridge let g 4e
Cb 0 L & Coke let gu g Ss
1937.3 J 10514 10513 23
40214 10712
86
I
2-107
107
M
N
1833 3533 Den Gas & El L let &ref a f be _ _ _ 1951
1834
1959 M S 2414 2612 351
t•Cbicallo Great West let 4s
834 103 10714
4
107
Stamped am to Penne tax
15
2414
1951 M N 107
15
t•Cbic Ind & Louley ref (19
1947 I J 2334 2414 11
2112
2034 3914
252
27
1938 1 .1 25
1538 221s *Den & R GI let cone g 4e
1539
6
22
*Refunding g Se ear 13
1947 J J 22
2114 3942
21
*Congo! gold 444e
1938 1 J 2434 277s 85, 221s
14
26
' 14
*Refunding 4e series C
1947 J J *22
613 12
613
871
12
9
914, t•Den & KG West gen be __Aug 1955 F A
612
914 113
434
434
1986 M N
*let & gen be seriee A
514
514 11
363
11
8
_
612
9
74
*Assented (eu131 to
419 9
458
*let & gen Ss aeries B _May
1966 J J
1112 2134
1112
1501
*Ref & impt 5e ger B plan)-8672 9334
Apr 1978 A 0 1913 2134
1956 J J 8919 8919
Chic Ind & SW 50-year 4e
1
70
Chic L 8 & East let 440
1969 1 D *Ill
'Chi,M & SIP gen 45 ser A
1989 J J 3834
*Gen g 344e ser B May 1
1989 J J 36
'Gen 4%e eeriee C__May 1
1989 J J 42
I989 1 J 42
*Oen 4445 series E_May 1
1989 J J 44
*Gen 444s eerie,F__May 1
1339
t•Ctde 14111w SIP & Pac be A --1976 F A
533
*Cony all 5e
Jan 1 __2000 A 0
3339
t•Chic & No West gen g 334e.1987 M N
37
1987 M N
*General 4e
3612
•Stpd 4e non-p Fed Inc tax _1987 M N
37
*Gen 4 he et9d Fed Inc tax__ _1987 M N
3912
*Oen be stpd Fed Inc tax
1987 M N
1987 M re *
4,4 lie stamped
1939 M N 42
*Secured g 644e
May 1 __2037 -I D 1819
• st ref g be
1712
•let & ref 449 e19I_May 1 ___2037 J D
18
•1et & ref 4 4414 *sr C_ MAY 1 -._2037 l D
1114
1949 M N
•Con• 434e series A
1 /*Chicago Railways lst be stpd
F A •7212
Aug 1 1933 25% part pd
34
1988.3 J
/'Chic R I & PRY gen 4e
34
*Certificates of depoelt
0 15
-1934 .4
Pollefunding gold 441
__
1439
*Certificates of deposit
1952 M S 1412
1•Secured 4145 series A
1334
*Certificates ot deposit
6
111 N
1960 .
*Cony 1 4 lie
_ _--I
-4-2-14 102
36
3
45
88
4439 34
4514 23
1534 1063
712 2522
35
34
39
104
23
39
40
48
4012 15
41 -4534 89
20
113
61
19
19
54
1339 949
34311
3212
36
364
381,
932
212
2918
3013
31
33
38
41
3813
14
13
1319
8
74 ___,
37
73
3412 52
395
17
1534 97
1639 181
1413 21
712 388
4234
324
3212
1014
10
1012
1015
412
ch St LA N 0 be
June 15 1951 1 D 10039
Gold 344e
June 15 1951 1 D *80
1951 J D 78
Memphis Div let g 4e
1960.8 D 72iy
ChM T H & So East let 5e
Inc gu be
Dec 1
__1960 M 8 5814
10734
1963 J
Chic UnStan1
' let gu &lie A
1983.3 J *10734
let Se series B
1944.8 D 10814
Guaranteed a 5e
1944 J .1 10614
Guaranteed 4s
1963 J .1 109
let mtge 48 series D
1962.5 2 9812
Cnic & West Ind con 48
1962 M S 10534
.it ref 54.4e series A
1992 M S 106
let & ref 54412 serial C
1943 A 0 66
(3211de Co deb Se
Chile Copper Co deb Se
1947 3 .1 10034
1952 M N *29
/*Choc Okla & Gulf cons be
1988 A 0 1051a
Cln G & E let M 441 A
1937 J J *103
Cln El & 113 211 gold 434e
1936 Q F *102
C 151 L & C 181 g de_ _Aug 2
1942 M N *10212
Cin Lob & Nor let cot gu 4e
2020.5 J 11034
010 Union Term let 440 A
2020.3 J 11012
lit mtge be series B
1957 M N 11312
let guar be series C
1940 1 .1 *7588
Clearfield Bit Coal let 4e
1940 J J *7279
Series B (small)
Clearfield & Mab let gu 6e
101
99
75
7
8312
--- 8112 26
59
2572
74
33
1312
6079 33
933,
10814
9
108 ---; 100
10814
95
I
10614
15 10512
10939
7 10719
991, 121
6372
10614 50
82
1 103
106
6812 105
301
/
4
10114 70
48
39 --36
877s
10514 12
____
__
8874
___ ---9712
_---, 82
1-103-4
9733
.3
11034
6
9834
9 100
113
4218
---- ---____ ___
65
9414 28
1993 J D 94
Cleve ClD Cbl & St L gas de
1993 J D *9639 --------921,
General Se aeries B
73
5
99
99
J
.1
1941
Ref & Impt Se ser C
1963.3 J 8239 8312 44
60
titer & impt roi ger D
50
1977 1 l 7514 7573 91
Ref & impt 444e ser E
8818
Calro Dt• let gold 4e ___.
1939 1 J *10634
- ----9-15
58
1991 .1 J 90
CM 54 abash
as & M Div ____ 4e
901
:---1990 M N •____
St 1. Div let coil Ira 49
66
1940 M S *100
Spr & Col Div let g4.
--------88
1990 .1 1 *96
W W Val DM let g 441
cm,& Fah gen gu 444e ger B___. 1943 A 0 11013 11012
1 199
1942 A 0 "10234---- 105
Series /3 3149 guar
1942 .1 J 11113 1-111*
1 19014
Series A 442e guar
90
____
1948 MN 90214 ___
Series C 340 guar
____ ____
1950 A F *105
Series 13 8340 RUM
jii1977 F A *10614 ____ ---Gen 4 he ser A
1981 J .1 •I0513
---Gen & ref mtge 434e set B
I
106
1961 A 0 106
(lave Silo Line let gu 444s
34
1972 A 0 10379 105
Cleve Union Term an 544e
1973 A 0 9914 0934 115
lit if be Belles B allat
9213 57
1977 A 0 91
loos 1 dlte eerie!0
1940 J D *10634
( Oal River Ry let gu 4,
---:
1938.8 .1 6534 6534
3
(Colon 011 cony deb fie
9612 9712 32
i•C010 Fuel & Ir Co gen el Se _..l943 F A
12•Col Indue let & coil 5e gu
1934 F A
39
4215 119
5639 192
1980 M N 53
Colo & South 434i ger A
7322
74
71
66
9213
38
2612
1511e
4812
100
98
100
13
116
98
1
10919
10514 35
113 ---11214 11
10312
3
1
10919
110 - --
5gil
694
68
94
73
91
9512
92
8811
9639
Columbia GA E deb 0e__ _ May 1952 m
Debenture be
-Apr lb 1962 A
Debenture Si
Jan lb 1961 1
1948 A
Col & H V let ext g 4s
Columbus Ry P & L let 434e _. 1957J
1956 F
Col & 1 01 let ex: 49
1949 F
Comm'l Invest Tr deb 544e
1943 A
CODO & PURIM RP" 1,1 48
1951 J
Conn Ry & L let & ref 4348
1951 J
Stamped guar 444e
For footnotes see page 3507
N 99
0 9912
9714
J
0 10919
J 10514
A *11018
A 112
0 10312
J 10919
J *108
214 312
213
378 __I
topes M & Ft Dodge 4e ctfe_ _1935 3 .
3/ 63:3,
63
72
63
3
t*Dee Plaines Val let gu4449____1947 M
63
1047
95
9 10934
6
1047
9
10514
0
A
Detroit Edleon Se ser A
1949
10478 110
11 92
1955 1 D 10479 10473
Gen & ref 5e aeries B
10814 11012
93
__
1962 F A *10813 109
Gen & ref be series C
8513 10612 11358
11339 41
1961 F A 113
GOO & ref 4442) series D
9039 10513 i i 114
8
109
1952 A 0 109
Gen & ref 5e eerie. E
107 10734
_
10734
Gen & ref M 48 ser F
1963 A 0 107
26
30
20
86--____ ____I
1995 J D *30
'Bet & Mae lot lien g 4a
•Ist 4eassented26 30
1578
1213
1113
1
--*Second gold 4s
1995 3 D *IA 35
10571 11212
84
56
Detroit River Tunnel 44441
1961 MN 11134 112
102 10412
87
5
Donner Steel 1st ref 7e
1942 J 1 10314 104
10639 10858
3 102
1937 A 0 1071s 10713
But & Iron Range let be
3113 58
1937 y y 54
5472 13
20
Dui Sou Shore & Alla 5e
714 21
614
28
15
*Man Cuba Sue 15-yr if 714e
1937 M 5 13
8913 10114 105
___ __
East Ity Minn Nor Div let 4e
1948 A 0 *10338
11112
96
79
1-0213
G
East T Va A Ga Div let 159
1958 MN 102
10613 10814
99
Ed El Ill Bklyn let cone 4e
1939.1 J *10614 10734 ____
128
1237
1
10734
1
128
128
Ed
Elec(N Y) let cons g 55
3995.3 J
6614 80
3134 4114
3119
1
33
31
457
, *El Pow Corp (Germany) 6 m,„1950 M 8 33
40
32
30
'let sinking fund 643
1953 A 0 *3273 38 __
43
30
1041,1094
89
_ -- - _
Elgin Joliet & East let 16.
1014 17
1941 M N *10914
1 8113 92 10134
El Paso & S W let Se
1965 A 0 loolz foiiiz
16
10
10178 10612
90
___
_
Erie & Pitteg gu 344e eer B
1940 J J *105
1014 18
10134 10612
90
16
Series C 344e
10
1940 J i *10534 10-6-_12 ____
9534 102
69
51
1996 -I .8 9639 98
Erie RR let cone g 4e prior
412 10
80
70
52
157
7412
73
let consol gen lien g 4e
1996 1 J
104 106
99
5
1951 F A 10539 10539
96 10579
Penn coil trust gold 4e
78
65
5012
74
17
1953 A 0 73
Cony 4e series A
8812 89
78
65
5013
75
88
Series B
1953 A 0 7213 7334 14
68
76
02
74 ____
Gen cony 45 eerie, D
1953 A 0..___
2579 76
4812
5213 7414
340
1312 63
Ref & impt be of 1927
1967 M N 6734 70
74,4
52
4834
1975 A 0 6734 6934 473
10633 10939
Ref & 'rant be of 1930
9
9014 11413 11734
117
Erie & Jersey let 9 ffie1955 J J 117
10639 11014
9212 11213 11714
8
1957 J J 11539 11539
10633 1087s
Geneeeee River 1st a (Ss
105 111
86
____ ____
N Y & Erie RR ext let 4e
10512 10679
1947 m N*110
---95
___ ---1938 M
3d mtge 444e
10719 10934
4134 83
4134
44 ____
*104*35
92 10034 Erneeto Breda 711
1954 F
102 107
81
9612
60
6
9538 9614
103 10739 Federal Light & Tr let Sc
1942 m
96
83
75
•9533 9712 ---1942 M
be International eerie,
6134 6812
4
98
793
59
953
4
1
953
4
10114
let
lien a f be stamped
79
1942 M
8012 10213
6913
4114
10012 10213 15
let lien fle stamped
37
1942 m
461, 8338 94
10
9139 92
10133 10714
30-year deb 13e eerie, B
1964 .1
5012 97
5012
____I
62
*52
10212 10339 Flat deb e f a 7e
1948 3
4314 47
25
t•Fla Cent & Penns 5e
10112 103
*484 ---- ---1943 1
50
67
48
6
1007s 10314 t•Florida East Coast lot 434e
1959 1 D 5614 57
1274
673
813
912 160
8
*let & ref be aeries A
109 11134
1974 M 5
73
9
83
4
151
51e
12
512
'Certificates of deposit
110 113
---11114 11412 Fonda Johns & Glov 410
1952
412 6
*612 0 ---- 412
MN
8912 78
It*Froof of claim filed by owner_
_
(Amended) let cone 2-4e
198i
.333 5
1/'Proof of claim filed by owner_ MN
*353
4
3
3
4
4 ---____
9
*Certificates of deposit
--- *312
1013
9 10334
--------83
•1043
3
:1
.1
Fort St U D Co let 1 434e1941
89 101
9474 10314 I08,
2
10414
196 .1 D 104
Ft W & Den C let g 534e
108 112
9414 190 11013
3
g3 10114 Framerican Ind Dee 20-yr 714e
1942 J J 10712 109
4634
23
15
13
3239 33
86
BO
t•Francteco Bug 1st a f 744a
1942 M N
50
774
84
78
72
--__
787
9
•7014
Gal, Hone & fiend let 544e A
10333 107
1938 A 0
____ 10333 11513 11712
8714 9412 Gas & El of Berg Co cone g be__ 1949 1 D
75
54
3513
•11713*40
567
__9 ---88
96
**Gelsenkirchen Mining as
99 105
7312
1
B 10212 10212
F A
Gen Amer Investors deb be A __ _1
10311 104
2M
934
195
88 101
46
10014 49
95
954 Oen Cable let et f 6448 A
I947 J J 100
4013 50
3314
109 11034 *Gen Elee(Germany) 7e Jan 15 I945 3 J *3213 3773 ---40
50
1940J D *3213 3633 ---;
*5 f deb 634e
105 105
33
3319 4912
3239 3239
3014
.
'20-year, f deb Se
1948 MN
10733 112
Ws
1033
9
76
1033
3
13
10314
J
___
3939.5
Gen Pub Sery deb 5.449
94
54
54
53
____ Gen Steel Cast 54e with warr .... 1949 J 1 83'4 85
613
1914
212
1322
1914
1714
1051:
is•Gen
iog,
Theatres Eguip deb 8e
1940 A 0
613 19
214
286
_ ____
____ *1713 19
*Certificates of depoelt__
11
18
11
1512 25 ---1045 ,7 .1
/*Oa & Ala Ry let cons be
18
24
38
----10012 10714 Irocia Caro & Nor 1s5 ext as
1934 J .11 *1913
9279 105
33
4434
3314
9
3319
85 10014 *Good Hope Steel& Ir sec 7e__1945 A 0 33
8958 10734 10939
55
108
1947 J 1 108
Goodrich (I1 F)Co let 1334e
94
80
9212 10312
63
1945 1 D 10134 10234 107
: Cony deb 65
104 1071
83114 10313 106
38
Goodyear Tire & Rub lets.
68
1957 M N 10414 105
38
8213 100
1936 J D *9914 997,3 ----1 8212
Gotham Silk Hosiery deb 6e
6812 98
5113
17
8
4713
A
51
13
F
89
i
6441940
4213
It•Gould
Coupler late f
22
101
101
101
----I
1003
4
•____
1942 1 D
& Oewegatchle let 6e
4812 7334 (Rum(
9134 10412 10812
2
Or R & text let gu g 434s
1941 J J 10739 10734
69 100
Grand Trunk Rs of Can guar 641_1938 M 5 10334 10334 20 10014 10312 1071e
90 90
_ --- -I 90
1947 J D *85
Grays Point Term let gu Si
6833 100
8634 97
6814
3
9212
1944 F A 92
68
9813 (St Cone El Pow (Japan) 76
783
3 9313
59
9
1950 J 1 8413 89
let & gen e f 644e
10214 11034
82 10234
7114
9812 10739 Great Northern gen 76 ser A
1936.5 J 10214 10212 561
107
96
8813
34
107
105
J
1961 J
hit & ref 444e series A
10534 11212
75 1051:
64
10512 195
General 544/3 eerie, B
1912.3 .1 105
11012 11212
69 10133
57
89
10139
10012
J
.1
1973
10311
General
be series C
100
63
941 1
537s
9414 72
1976 J J 93
1064 1091s
General 4441 aeries D
6234 9312
6313
106 109
General 444e series E
1977 1 J 9239 9339 274
10613
3312
3213
38
3619
3819
939
212
9
28,
3019
3019
33
35
41
38
13
13
1249
712
11134
6819
55
8239
6234
OA
26
739
4812
53
53
5779
6112
47
70
31
28
28
2212
Volume 141
New York Bond Record-Continued-Page 4
Jolly 1
Wett 2
17,_
/tong. or
r, '6'
; 1933 lo
BONDS
I. Oct. 31
Friday's
,
13 r
N. Y. STOCK EXCHANGE.
1935
..:.113.
- Rid & Asked 32
Week Ended Nov. 29
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29
3505
Jule 1
Weak'1
-4 „.
Rang. or ; 1933 to
3z
Friday's
•
111.
..I
3 Oct. 31
7'....
•I.:
....a. Bid ct Asked a-2*a
1935
Range
Since
Jan. 1
171011 N, Low Low
Hie
Low
1
10273 10778
8918
106
Leh Valley Term Ry let go g de _1941 4 0 106
1134 117
894
_ ____
1965 A 0
Lax & Eaet let 60-yr be gu.
13512 12 117
134
130 136
1944 A 0 .11458--Liggett & Myers Tobacco 79
12112 16 103
11578 12358
1951 F A 120
58
8112 104 104
__ ---1962 MN
Little Warn! gen 49 eerie, A
76
1044 10458 13
1034 106
1941 A 0 *106-Loew's Inc deb 9 f es
38
8012
41
43
29
1952 J D 38
Lombard Elec 7e ser A
11.4 10614
9814
1938 J D •10512 10534 ---Long Island gen gold 45
874 100 105
1
1949 M S 10234 10234
Unifted gold 4s
9218
7
11.034 10438
1937 M N 10034 101
20-year pm deb be
9712 10518
8534
1949 M S 9958 10012 32
Guar ref gold 49
12514 13238
5 110
1944 A 0 12978 12978
Lorillard (P) Co deb 79
11814
9858 11218 1191 2
9
1951 F A 118
be
58
3812
8012 101
8012
79
1969 1 J
Louisiana & Ark let 59 eer A
4
86
10714 114
1952 M N 11134 11134
Louisville Gas & El (KY) be
7518 102 107
10612
7
Louis & Jeff Bdge Co gu g 4e __1945 M 8 105
105,8 ---- 100
105 10784
1937 M N *103
Louisville & Nashville be
8812 1044 10819
1940 J 1 10718 10738 35
Unified gold 4e
10384 10712
81
2003 A 0 10514 10512 25
let refund 54s series A
8074 10334 103 33
2003 A 0 10613 10712 41
let & ref 5. aeries B
74
984 104
102
81
1027
8
0
2003 A
let & ref 448 series C
9812 10614 109
1
107
1941 A 0 107
Gold M
102
82
*___
10434
____
105
A
F
1946
Paducah & Mem Div 4e
5412
12
7412 5314
1980 M S 7512 76
St L0104 Div 211 gold 39
104 11114
10858 111
92
111 ____
1945 M 6 *110
Mob & Monte let g 434e
10212 10234
77
86
564
8034 10
1952 J 1 80
South Ry joint Monon 49
103 1064
10438 108
80
1955 MN 10513 1051.
9
At! Knoxv dr Cfn thy 4s
99 103
8458
99
4412
___
91
•863
4
A
F
_1944
9913 102
*Lower Austria Hydro El 6349
High
Low Low
&Oh
LOW
We
3818 3812
Feb *4418 --------26
*Green Bay & West deb ctf9 A
312 8.4
734
Feb
8
10
3
*Debentures ate 13
1940 MN *1064
Greenbrier Ry lst gu 49
8814
8412
5358 8712
1950 A 0 *83
50
Gulf Mob & Nor 1,1 514, B
82
4912
78
1950 A 0 78
10
50
let mtge 5e series C
664 664
Gulf & 8 I let ref & ter 5s ____ Feb1952 J J *5819 --------55
StampedJ J *5812
494 5614
4912
90 1034
1942 1 D 10278 10338
50
9
Gulf States Steel deb 5 49
9512 10512 108
1952 .1 .1 10658 10658
1
Hackensack Water let 4a
2618 4638
31
1
1939 A 0 2618 264
*Hansa SS Linea es with warr
3314
7
3314 494
374
1949 3 7 3714
•Harpen Mining 69
19993 1 116
91
11614
5
11258 11712
Hocking Val let eon, g 43.4e
3113
1944 A 0 *3318 ------------30
*Hoe (R) & Co lot mtge
15 13
124
___
'Holland-Amer Line nii (flat) __ _1947 M N *144
5414 95
544
f•Housatenic Ry cons g bs
1937 M N 6212 -6-2-_12
2
1937 J J *105-9053 10434 10634
H & T C let g (mint guar
-101 10438
89
Houston Belt & Term 1st 59
1937 J J *10358
85 10038
81
1940 MN 9934 10014 41
Houston Oil sink fund 5%. A
4478
35
35
1962.2 D 4138 43
66
Hudson Coal let e f 53 eer A
5 10158 11334 1194
Hudson Co Gas 1st g 5e
1949 MN 11914 11914
634
Hurl dr Manhat let 5e ser A
1957 F A 8038 83
90
9038
79
*Adjustment income 59.._Feb 1957 A 0 294 3112 118
2534 3978
2534
11110010 Belt Telephone 59
1956 .1 u 105
3 1034
105
lot & ref M 34s ser B
1970 A 0 10212 1024 84
illinola Central let gold 4e_
1951 1 1 .10312 --------83
let gold 314*
1951 2 J *10112 --------76'2
Extended 1st gold 334s
1951 A 0 *10112 --------78
66
1st gold 39 sterling
1951 M 8 *7513
____
Collateral trust gold 40
1952 A 0 7412 -/64 77
51
Refunding 4s
1955 MN 72
564
217
75
Purchased lines 3349
56
19523 1 6712 68
4
5234
Collateral trust gold 43,
1953 MN 0134 6558 166
Refunding be
7014
1955 MN 7918 80
12
15-year secured 64119
82
3
1936 3 3 9412 9419
Aug 1 1966 F A 55
4212
440-year 446
593; 560
7018
Calro Bridge gold 4e
1950 .1 D *9934 102 ____
Litchfield Dly 1s1 gold 3s
1951 J 1 *814 --------7358
654
Louley Div & Term g 3349
1953 1 J 86,8 8612
60
6912 __ _
Omaha Div let gold 3e
1951 F A •____
_
1951 J J a
61
7512 ____
St Loule Di• & Term g 39
624
Gold 334e
1951 J 1 ...
82
67
Springfield Div let g 349
1951 J .1 *08i2
75
1
-gE
Western Lines lst g 49
1951 F A 85
Meant and Chic St L & N 05238
Joint let ref 59 series A
1963 J 0 6312 6938 493
let & ref 434s miles C
4034
1963J 0 5814 6412 201
8
1 1014
Illinois Steel deb 434e
1940 A 0
130758
3
3/
4
*Reeder Steel Corp mtge 68
2
i-4
1948 F A ....m-.'
8912
Ind Bloom & West let 8,148
1940 A 0*102- 72
_
-9-9Ind Ill & Iowa let g 49
1950 J J *95
t•1nd & Louisville let gu 49
1958 J 1
, 16
3
16
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1965 2 ..! *106
98
107 ---98.4
Gen & ref be series B
__1965 2 J *10658
1978 A 0 10312 1-041inland :3813e1 15 41.4 mar A
79
4 60
181 Me? 434s ear B ______
80
1981 F A 103
10518 290
Unterboro Rap Tran lot 55
1966 1 2
*Certificates of deposit
7 -14.10-year Gs
1932 A 0
*Certificates of deposit
---1•10-year cony 7% notes
1932 M S
*Certificates of deposit
.--.
Interlake Iron lot 5s 13
Int Agric Corp lot & coil tr 5s- 1951 -PA:"
M N
Stamped extended to 1942
Int Cement cony deb 5s
1948 M N
I•Int-Grt Nor lot 6s ser A
1952 J J
1952 A 0
_
*Adjustment 03 ser A___July
2
'1st bs series B
1956.2 ..,
'1st g 5s series C'
1956 .1 i
0
A
Internet Ilydro El deb Os
1944
Tot Mere Marine St Os
1941 A 0
Internal Paper .5s ser A dr B
1947 J j
Eels f 6s series A
1955 M S
1972 M N
Int Rys Cent Amer lot 5s B
1st coll trust 6% g notes
1941 M N
1st lien & ref 634s
1947 F A
Int Telep & Teleg deb g 449
1952 J 1
Cony deb 44s
1939.2 J
1955 F A
Debenture 5s
Investors Equity deb 5s A
1947 J D
1948 A 0
Deb 5s ser B with warr
Without warrants
1948 A 0
t•Iowa Central Ry lot & ref 4s 1951 M 8
James Frank & Clear 1st 4s
1959 J D
88
87
65
62
904
9014
8412
8914 332
8812 35
67
69
6312 10
9212 23
91
20
27
86
12
100
•
99
10358 50
10312
40,2 539
35
1038 362
834
33,2 38,2 236
3312 3858 328
90
4618 48
6
6
08
n3. 6
09
2
47
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,
84
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8112 8378 332
7534 293
•
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__
7,
3s.,
",
,-' 4 100,4 ---2
10034 10034
4
10034 10034
112 100
14
8034 824 27
5612
864
1914
204
574
5712
50
52
74
25
4,073
GO
23
2814
37
47
3114
451s
494
4313
E
40
8018
82
82
.,4
8
668
Kan & M 181 gu g 49
70
1990 A 0
1936 A 0 *9658 10112 ---t•IC C Ft S Ac M By ref g ts
294
A 0 3613 38(4 120
*Certificates of deposit
28
67
36
341s
K C Pow & Lt 1st mtge 4%s____1961 F A
96
Kan City Sou 1st gold 3s
1950 A 0 11212 11234
5114
6
693
4
6818
88
Ref & Impt 5s
Apr 1950 1 1
52
Kansas City Term 1st 4s
1960 1 1 5858 6234 127
8412
10738 46
Kansas Gas dr Electric 449
1980 2 D 107
704
10412
18
104
•Karstadt (Rudolph) 1st Os
1943 M N
1334
13
*Ctrs w w stmp (par $645)
1943 ---- *4178 50 ---30
•273
8
---11Ctfs w w stmp (par 5925)
1943 ---2514
23
38 ---_
•Ctfs with warr (par $925)
1943 -- *34
Keith (B F) Corp 1st Os
1946 M 8 2734 2813 10
44
Kendall Co 53.4s
1948 M S 8312 9413 36
68
Kentucky Central gold 45
19873 J 10234 10234
80
1
73
__ ---...
196 3 J
Kentucky & Ind Term 449
Stumped
89
89
196 J J *106-80
1
10014 ---Plain
196 J J *98
03
1937 A 0 *100
Kings County El L & P 5s
--------103
Purchase money 6s
1 118
1997 A 0 10658 10658
151
Icings County Flev let 3 4s
1949 F A 151
66
1
Kings Co Lighting 1st 5s
1954.2 J 10114 10258 19 10034
2 10512
First and ref 64s
19543 .1 11412 11412
*11712
119 ---Kinney HI R)& Co 74% notes_1936 J 0
774
3 - _
Kresge Foundation coil tr 43
1945 J J 10314 10314
j•Kreuger & Toll cl ASS ctfe
1959 M 8 11158 11312 39
10-14
3334 3414 44
90
1939 A 0
Laclede Gas Light ref Jr ext 5s
10218
1015
8
A
1953 F
Coll & ref 54s series C
47
464
76
73
1900 F A
18
4f1
Coll & ref 54s series D
7514 10
7414
1942 F A
714
Coll tr no series A
7534 754
1942 F A
2
Coll tr 6s series 13
--1937 J J
75
754
Lake Erie & West 1st g 55
3
77
1941 J .1 102
10234 26
61
2d gold 58
99
1997 .1 D 99
Lake cill& Mien Bo g 3411
79
1
1954.2 J 9713 99
13
*Leaman) Nitrate Co Ltd 54
434
1878 197
1712
Lehigh C & Nay 4 f 4(14e A_ _ _1954 .1 J
7713
102
Cons sink fund 4 tie ear C ._ -.1954 1 J 100
80
7
1965 A 0 10012 1004 11 104
1,011V) & New Eng RR 431 A
1945 M S 10412 10514 ___
521.,
Lehigh & N Y 1st gag 44
65
65
1944 F A
Lehigh Val Coal 1st & ref II t 54
64
2
1954 F A *0614 100 ___
33
lot & ref. I 59
70
1964 F A
701
1st & ref. 1159
5
3112
1974 F A
6678 6734
let & ref 9 f 59
11
32
1938 3 .1 6758 6758
73
2
Secured 6% gold notes
9714 9714
1954 F A
1
79
Lab Val Harbor Term gu be
1940 J .1 871, 8834
6
Leh Val N Y let gu g 440
7574
2003 M N 80
8014 11
Lehigh Val (Pa) cons g 49
304
2003 M N 3412 3734 347
33
General cons 4349
3658 4012 205
2003 M N
General cons 59
3912
41
4518 100
For footnotes nee osge 3507
67 -8-3-12
86
8633
6712 71
7512
57
7473 944
89 101
4212 634
9858 10212
8018 8812
861 9234
654 77
74
78
874
78
9718 9834
8912
85
5212
4924
106
3258
101
95
7
104
106
1031*
103
7838
7394
109
434
104
10012
19
10(334
107
1074
1064
8114
8678
50
484
84
82
12
9412
9212
8412
81
97
9412
8614
:•113.1cCrory Stores deb 5%e._ 1941
M N 11012 11278 25
Proof of claim flied by owner
126
McKesson & Robbine deb 5%e___1959 M N 10212 103
2
ft•Manati Sugar lot 81 7349.- --1942 A 0 2212 2213
29 ____
*Certificates of deposit•1914
WO *1914 ---- ---II•Stnand Oct 1931 coupon_ _1942 '
-------------*Certificates of deposit
1
12•Flat etamped modified__ _1942 A 0 2212 2212
1834
1914 14
*Certificates of deposit
120
68
703
4
t•Manhat Ry (NY)cons g 4e _1990 11--e)
27
6512 67
•CertIffeates of depoelt_
52
10
2013 i-b 52
*2d 48
3
1953 im s a91
a91
Manila Elec RR & Lt it f 59
3
734 7318
Manila RR (South Lines) 4e
1939 M N
*7_1_
_
65
j
N
J
1 M
lot ext 48
194
859
447
j•Man GB dr N W 151 3%.
Mfrs Tr Co etre of panic In
95
17
1943 J D 94
A I Namm & Son 1st es
8478 36
1947 A 0 80
Marton Steam Shovel 4 f (is
1940 Q 1 9113 9234 28
Market St Ry 7e ser A _April
1945 M N 9958 10012 39
Mead Corp 1,16, with warr
46
20
1957 A 0 44
Meridionale Elec lst 79 A
1953 1 J 10518 10538 16
Metr Ed 1s1 & ref 5s ser C
1968 M S 10734 10814 28
1s1 g 434e series D
10
1950 A 0 10014 101
Metro° Wat Sew & D 549
15 ____
II•Met West Side El(Chic)4s _ _1938 F A *1214
5
2
1,1
4,
2
M
S
Internat
asetd
1977
•131ex
304 ____
1956 J D *29
•Miag Mill Mach let 9 f 79
Michigan Central Detroit & Bay
1
103
1940 1 1 103
City Air Line 49
90 ____
1951 M 5 *80
Jack Lane & Sag 334e
1952 m N *10358 10418 --__
let gold 3%.
1979 J J *9612 9712 ---Ref & impt 43.4, series C
8
1940 A 0 6918 6912
MR1 of NJ lst ext be
49
1961 1 D 10211 103
Milw El Ry & Lt let 58 B
1971 j j 10218 103
29
1st mtge be
--_- _-__
fj•Milw&Nor let ext 4%9 (1880)1934 J D ---754
9
1939 ---- 75
let ext 449
61 __
1939 _,.._ .56
Con ext 4%,
1947 M 8 *3318 374 --__
I•Mll Spar A NW 1 s1 Ho 49
70 ____
1941 3 J *55
2.13111w & State Line 1st 34e
44
54 25
1934 M N
:41111nr, & St Louis be ctfs
23
2
179
1949 M S
ols, & refunding gold 4s
___
5
*Ref & ext 50-yr be ser A __ _1962 Q F *218
588
353
4
3012
J
.1
88
54
con
g
-1938
M St P &
Mint gu 2718
3012 32
1938J J
Sot cons be
3618 4012 83
1938J .1
let cons 5s gu as to lot
8 2414
11
1946 J 1 20,
let & ref es series A
25-year 534e
1949 M 8 1812 2114 50
7812
7912
4
J
J
1978
series
B
1s1 ref 54e
____ ___
1941 M N .75
let Chicago Term s f 49
4612
63
9
713
612
4
4
712
35
35
27
82
4914
51
50
8134
934
11
814
84
12
94
712
50
47
3712
90
68
61
11278
103
35
34
32
2112
3012
35
7833
7512
65
98
8018
10
60
41
60
47
4112
77
67
74
9
178
2918
714
55
63
7954
4112
10218
9578
96
04
2
29
05
8478
94
10012
98
10818
10814
10134
in:
2
33
9314
8318
8412
70
6133
57
56
62,4
58
5612
31
6012
4
12
1
264
1974
31
16
15
5158
86
10012 10414
8318 9012
10013 10558
9312 9912
6638 80
7713 103
764 10234
9114 10014
9712 10412
2512 41
472 1114
23
3812
384
23
2814 5614
4658 72
58
9414
3558 7414
83
70
744 854
68
8112
50
7212
584 834
5512 7634
12
30
3012 13
1959 J .1
99 104
1•13,4o-Ill RR Sotbe series A
5012
7234 7558 277
fig 10358 Mo Kan & Tex let gold 4,1990 J D
3112
54
5612 254
1962 .1 .1
99 10314 Mo-K-T RR pr lien be ser A
2734
4634 4912 90
1962 1 J
40-yr
40-year 4s seriee B
2812
4938 5112 207
74
8334
1978 J J
Prior lien 44e serlee D
29
3313
428
1 158
0
*Corn adjust be ser A
Jan 1987 A
29
244 27
1965 F A
149
97 103
t•Mo Pac lot & ref be eer A
_ .. 25
25
19
10
2934 41
*Certificates ot deposit
572
8
934 652
394
28
1975 M 8
*General 4e
1912
1977 191 S 2478 2714 626
11014 114
*142 et ref bs series F
1812
234 254 32
6112 7834
•CertifIcatee of deposit
1934
2458 2713 61
52
7412
1978 M N
*1s1 & ref 53 series 0
184
2414 2514
9
*Certificates of deposit
1054 109
34
6
712 258
1949 M N
10014 10512
*Cony gold 53413
1912
32
1980 A 0 2434 274 241
net & ref g 58 aeries H
45
1958
25
13
25
26
*Certificates of deposit_
42
1912
2413 2712 542
2514 38
1981 F-A
•let & ref 5s series I
1878
10
2414
25
23
•Certificate9 of deposit
31
694
4
76
76
6713 9134 •Mo Pac 3d 7. ext at 4% July ___193111 MN
30
88 ____
10112 10358 t•Moblie & Ohio gen gold 49____1938 M S •_-__
9
15 ____
10419 10712
*Montgomery Div 1st g So_..j947 F A •1414
413
77
612 1012 39
9512
*Ref & impt 434s
1977 M S
5
*sec 5% notes
95 10112
758
94 54
1938 m s
99 10212
70
81
1064 1084 Mohawk & Malone lot gu g 45__A991 M S 80
41
14512 155
Monongahela Ry 1st M 43 ser A 1960 M N 10312 10414 33 10212
87
94 103
Mont Cent let go es
1937 J J 10134 10412 lr
7814
110 11412
let guar gold be
19373 J 10214 10212 14
77
11712 122
Montana Power 1.1 50 A
1943 J .1 10718 1074 14
10014 105
5012
9812 90
Deb 59 series A
1962 J 131 98
11058 11312 Montecatini Mbn & Agile65
1937 J .1 6514 6678 13
Deb g 79
2814 3714
88
4
Montreal Tram let & ref 54
1941 .1 .1 10112 10134
7038
1955 A 0 .8314 86 ____
81 12
102
Gen & ref 4 f be series A
599714
7234
1955 A 0 *8314__ __
Gen & ref 9 I be seriee B
59
634
1955 A 0 *77
80
-8-0 __-_-_
Gen & ref s f 4%o series C
714 7578
7034
1955 A 0 *8314 ___ ___
Gen & ref 9 f &foetid! D
82
10414
8
7518 Morris & Co 1st 3 I 4%e
75
1939 J J 104
70
10114 10334 Morris & Essex tat gu 3%,
2000 3 D 8714 8912 65
85 10033
77
10
92
93
1955 MN
Constr M be ser A
9712 10212
65%
Constr M 430 series B
1955 MN 8458 8514 19
7
2114 Murray Body let rots 6149
19423 D ------------98
100 1064 Mutual Fuel Gas 1st fal 550
1947 MN *10838 --------95
10012 108
--------898
,
Slut Un Tel gtd es ext at 5% 1941 M N •107
104 1054 Namm (At) & Son-See Mfm-Tr55
7358 Nash Chats & St L 45 mr A
78
8178 82
8
1978 F A
8713 974 Nash Flo AS let gu g be
91
1937 F A *____ 105 ____
55
80
5014
5778 59
Na
Nassau Elec 9U 9 48 MIA
48
1951 J J
.51
72
5515
__
Nat Acme let 9 f 60
1942 1 D .10217
7312 Nat Dairy Prod deb 549
52
744
1948 F A 10334 10-438 140
0114 9714 Nat Distillers Prod deb 43.03
99
1945 51 N 1014 10214 47
8712 104
74,4 99
3014 5038
544
13
38,8 60
58
5612
3018
644
44
4
1
2634
1978
31
1812
1518
6713
77
6534
53
6438
84
212
i4
37
31
424
2112
26
8512
18
3412
5012 8958
3113 73
2734 82
2812 64
114 3612
30
20
19
2714
54 1114
1913 30
1812 2714
1934 294
1878 27
334 74
1913 30
19428
1919 3014
1874 27
83
76
_-_9 1-612
412 10,2
5
978
79
10212
1004
974
934
67
851/
105
10412
10212
1118
100
65
94
964 103
77
86
82
8512
7334 7813
82
74
101 1(.512
8578 9513
92 102
8312 964
98 204
10334 110
102 108
8178
102,8
5014
59118
10218
99
91
10514
6214
10212
105
10214
3506
New York Bond Record—Continued—Page 5
:-.
wui s
7.''. 4C.
Itanoe or
:
•,...
Friday's
Jun, 1
BONDS
; 1933 to
N. T. STOCK EXCHANGE
.g. :11, Oct. 31
Week Ended Nov.29.
1935
7..- rt.' Bed & Asked ce-.5
Low
Nat RI of Met pr lien 41148
1967
•Jan 1914 coupon on
J .1 •24
*Assent often war rct No 4
---378
*Guar 45 Apr '14 coupon
On_1ki
•Assent cash war rct No 5 on
____
312
Nat RR Max or lien 1145
ikis
•Assent tash war rct No 1 00_
---6
'let coneol ds
155i
•Assent cash war rct No 4 on___34
1965.3
Not Steel let Coils f 4s
---D 10512
1.•Natigatuck RR 1st g 48
1954 M N *4612
Newark Consul Gas cons 55
1948.3 D •1174
'New England RR guar fie
1945.3 .1 •
•Consol guar 45
1945.3 J *43
New England Tgi & Tel 58 A_....1952 J D 12112
let g 434s series B
1961 M N 120
NJ Junction RR guar lot 48
1986 F A *9934
NJ Pow & Light lot 434e
1960 A 0 1055,
New On Great Nor 58 A
1983.3 1 7078
NO & NE let ref&Impt 4148 A
1952 1 -I 47
:New On Pub Serv let 58 A
1952 A 0 8712
First & ref 513 series 13
1955 J D 8612
New Orleans Term lst gu de
1953 J 1 81
:14N 0 Tex & Max n-o Inc be__ _1935 A 0 2318
diets,series B
1964 A 0 31
•Ist 69 series C
1956 F A 3112
51st 414s eeries D
1956 F A
2934
1954 A 0 3134
•lat 5}
i9 series A
N & C Bdge gen guar 6145
1945.3 .1 *10658
9lok No
Low
Beads
Flese
jug. 1
Imo
Heck
218
24
214
6
478
66
94
11,
4
26
14
2
478
6
5
2
278
8%
23
4
60
10112
8838
4912 _
47
50
12112
1 10438
1
9914
120
_ ----821,
6813
1-66
ff
28
483
73
8
35
49
38
8814 47
83
38
38
588
8214 19
2
1214
2318
14
157
35
3.5
77
1414
1418
3338 99
3514 147
1412
92
4
106
50
154
61
____
2
434
,10634
1025
85
45
1134 12018
78
81
70
45
1164 121
1123* 12318
8812 100
94 108
485, 77
53
35
5512 8834
555 88
6934 87
1558 27
1814 35
1978 35
1878 3338
20
3514
10212 10712
Nov. 30 1935
July 1
Weere
Range or
1933 in
F.'1
5
1
BONDS
Friday's
N. T. STOC s EXCHANGE
/.2.E.
gt. Oct. 31
44' Bid & Asked fa s.1
Week Enact Nov. 29
1935
—
Filol No
Loss
Low
Ontario Power N F let Se
1943 F A 111012 1114
7
99
Ontario Transmission let Ile
9112
1946 MN *11114 11234 ---,
Oregon RR & Na,corn g 4s
8314
11018 48
1946 1 D 109
Ore Short Line lot cons g 55
6 100
1948 1 1 117
11718
Guar stp 1 cons 59
1946 J 1 •11938 --------9958
Ore-Wash RR & Nay 4s
38
7714
1961 1 „I 10314 104
1963 M8 10134 10134
Oslo Gan & El Wks (sit! Ss
5
6512
Otis Steel let mtge 6e ser A
20
1941 51 S 10118 101% 62
Pacific Coast Co let g 58
1946 J
Pacific Gas & El gen & ref 55 A
142.3
Pao RR of Mo let ext g 4s
1938 F
.2d extended gold 513
1938.3
Pacific Tel & Tel 181 1,
1937 J
Ref mtge 5a aeries A
1952 M
Paducah & file lat 8 f 3 4145 ___.-1955 J
112•Pan-Am Pet Co (Cal)conv 64_1940 J
*Certificates of deposit
Paramount Broadway Corp—.
•ist M etc 3s loan ell's_ ____1955 F
Paramount Pictures deb 68____ _1955 1
Paris-Orleans RR ext 5148
1968 M
1953 „T
f•Park-Lexington 64e olfe
Parmelee Trans deb 65
1944 A
Pat & Passaic G & E cone 55
1949 M
•Paullata Ry let ref s 1 75
1942 M
Range
Since
Jan. 1
Illyk
Low
109 11312
10834 1174
105 1104
1144 11812
11518 11912
101 106
94 10134
6034 10178
8
5014 52
64
10558 106
97
9712
4
94
3
94
9
10412 10414
10958 11014 18
*1051
- ---2-4012 ____
*4018
39% 4018 22
25
0812
80
84
10314
10414
93
2515
25
52
36
10112 109
9578 10158
91 100
10412 107,2
1094 113,2
105 1054
334 46
3314 46
A
544 59
85
J 8434 91
219
44 132
26
139
J
34
3512
6
4712 44
0 45
_ ---8 *1171
8 69 2-3
6912
58
914
10414
8
14
102
4534
5418 83
84% 9758
13014 163
174 3612
48
23
116 11814
94
69
D
J
A
.3
J
N
1
D
Penn Co gu 3345 coil It A
102 10238
1937 M 5 •10238 --------94
Guar 310 Coll trust ser B
81% 100 10314
1941 F A •10312 ___---Guar 314s trust ate C
9834 10234
83%
1942 J 0 •10318 __ _ ---NY Cent RR cony 65
1944 MN 10912 11034 262
: Guar 334s trust etre D
9834
98% 1121
814
_ ---98 103
1944.3 D •1031
Canso! 45 serlee A
1998 F A 83
734 8772
64
Guar 4s ser E trust Ws
8418
855, 454
9934 103%
2
21033
- 8
1052 MN 10358
Ref & !rapt 410 series A
2013 A 0 7034 73
4314
4314 73
363
28-year 4s
105 100
100 101
1983 F A 1005, 101
Ref & Impt Is series C
2013 A 0 7612 7812 440
55
4613 794 Penn-Dixie Cement let 6s A
4612
7113 9312
35
1941 M S 9014 91
NY Cent & Huel Ill• M The _ _1997 J J 94
95
97
988 Pa Ohio & Dot let & ref 4145 AI977 A 0 1035, 10438 30
734
92
103 1064
78
Debenture 421
1942 J .1 964 9738 49
89
9712
67
19 10134 10412 1087
1981 J J 10512 10578
43.4e series B
Ref & Inapt 4345 ser A
2013 A 0 7012 73
43
734 Pennsylvania P & List 114s
405
43
1981 A 0 10518 10578 56
7518
9838 10614
Lake Shore coil gold 834s
1998 F A 87
8818 37
64
7858 8914 Pennsylvania RR cone g 4s
9814 107 111
11078 ---1943 M N •110
Mich Cent coil gold 3145
1998 F A 8512 8512
6
85
79
8878
9412 108 1144
Consol gold 4,
1948 M N 11114 11178 10
NY Chic & St List g 49
1937 A 0 10078 101
10038 1024
45 ate!l stpd dollar May 1
13
77
96% 108 11358
1948 M N *11118 11134 ---Refunding 514e series A
1974 A 0 76
7712 204
7712
57
4312
984 1144 1194
Consol sinking fund 410
1960 F A 411712 11814 27
Ref 434s series C
3634
47
736
417
1978 M 5 65
67
8038 1045, 10958
General 414s series A
1965 1 D 1074 10838 82
:
1936 A 0 82
•13-vr 8% gold notes
114
4352 86
233
87% 109 1157
86
General 5s series B
1988J D 11314 11112 103
'Deposit receipts for 133
1935-_- - 71
10078 106
16 101
75
75
62
225
Secured 53.4e
52
1938 F A 10078 10118
NY Connect let gu 434s A
1963 F -A 4,1074
924 10814 10814
81
105 1118
35
Secured gold 5s
1964 MN 10638 107
let guar Se series B
1953 F A •I0758
66
10678 10834
99
Debenture g 4,48
903 9810
1970 A 0 9713 9838 201
N Y Dock let gold Is
1951 F A 6714 88
34
4112
5952 7478
7534 10085 107
1981 A 0 1034 10414 103
General 410 series 0
Serial 5% notes
1938 A 0 57
9112
424 58
32
58
9972 10678
30
Gen n3tge 431a ger E
1984 J J 10338 10412 75
NY Edison let & ref 614e A
1941 A 0 110
12 PM
11014 96 10818 10978 1144 Peon Gas L & C 185 cons 8a
1105* 119
1943 A 0 11412 115
let lien & ref 5s series B
1944 A 0 106
80
9838 1074
1065
15 10212 10612 109%
1947 M 5 10518 1058 40
Refunding gold Ss
let lien at ref Is aeries C
1951 A 0 10718 10714 11 10238
6012 735
8
50
1940 A 0 69
70
106 11014 Peoria & Eastern let cone 4s
N Y & Erie—See Erie RR.
772 45
4
912
4
*Income 4,
638
&Pr
__1990
April
NY One El Lt Li & Pow g 5S
1948 J D 122
2
8312 102 10814
108
5 1044 1164 12434 Peoria & Pekin Iln lot 514s
124
1974 F A 108
Purchase money gold 4s
1949 F A 1127 11318
75
973
4
Pere Marquette let eer A 5, __1956 J 1 96
5
95
107% 115
97
96
51
NY Greenwood Len g 5a
1958
:: 8638 8758
1946 M N 90
43
4812
69
2
61
let 4s series 13
8214 97
92
87%
N Y & Harlem gold 334e
2000 M N •101
68
8912
48
8912 106
10138
1st g 41is series C
99 103
8314
1980 M 8 88
N Y Lack & West Is ser A
1973 M N 94
9314 10272
18
95
9238
43.4s Berle!, II
1973 M N •
9874 108 112
8912 10212 10858 Phila Ball & Wash 155 g 4s
1025s
1943 MN •11012 111 ---N Y L E & W Coal & RR 5348_1942 M N *9714 98 ____
1
754
0512 113 11914
118
94
99
General 5e series 11
1974 F A 118
NY L E & W Dock & IS58_1943 ./ 1 •10414 105 ---87
111912 11338
10412 107
General g 414s !wiled C
97
1977 1 J 11134 11 134 10
NY & Long Branch gen 45
1941 M 5 •l0334
14 l0034
107 1124
General 4 3.4e series D
934 10112 10412
1981 1 D 10978 110
NY & N Eng (Bost Term)45
____ ___ _
_ _ ._
____ __ __ Phil. Co sec 5s series A
1939 A 0 *80
6114
1967 J D 10118 10218 181
7912 10334
1967 MN 10678 10712 17 100
Phila Cleo Co let & ref 43.4e
105 110
t•N Y N H & H n-c deb 45
993*
1947 M 8 25
25
1))44 10814
39
let & ref 4s
2514 17
25
1971 F A 10(338 10714 25
•Non-con• debenture 3Ms_ __ _1947 M S 248 25
11612 Phila & Reading C & I ref 191
22
1914 /5
4858
9
22
1973 1 1 5514 5612 50
•Non-conv debenture 334e_ _1054 A 0 24
.304
30,2 534
Cony deb 6e
3612 72
2114 37
9
2114
26
1949 M 8 313
•lon-conv debenture is
:
1955
2214 281
204
1 25
2512 2812 43
2613 75
2234 40
2234
Philippine RI lot s f 48
1937 .1 J
•Non-conv debenture 45
1956 MN 25
7
8414
1939 J D 10078 lOPol
10078 104
3912 Phillips Petrol deb tilts_
24314 203
20
20
• on, debenture 3148
204
26
2078 3638 Pillsbury Flour Mills 20-yr 68_1943 A 0 108
29
1956 ./ J 25
3 10214
11)514 Iowa
1081,1
•Jon, debenture 68
1948 1 .1 2712 30
80 ____
75
75 10412
62
25
170
1952 M N *62
Pirelli Co (Italy) cony 75
25
• ollateral trust 68
1040 A 0 3614 38
10838 1124
Pitts CC & Alt 4348 A
3478 63
55
35,2
1940 5 0 .11138 1127 --__ 101)
•Debenture 48
1957 MN
99
10812 112
16
79
1214
18
Series 13 414e guar
1214 3014
1912 A 0 *11012 ____I--•lot & ref 454s ser of 1927
1987
1____ 100%
0 2612 2812 202
100 11172
2312 45
23,2
1942 MN •11012
Series r: 414e guar
•Harlem R & Pt Chet( let 48_ _1954 M N 83% 8838 39
4' __ __ __ ...
8
9
.
340
01,8 1:1:2:
14
078
,
73
4
poi7
A1
44
3 110
80
9514
Series D 4s guar
80
MN
9F
1946
NYO&Wrefgde
June 1992 M II 4318 45
40
61
Series E Ills guar gold
89
40
General is
1655 .1 E 3314 3612 49
49
1953 1 0 •10814 --------9658
31
- --324
Series F 48 guar gold
:•.g Y Providence & Boston 4s_ _1942 A 0 .72
105%109l
_ ____
814
Series 0 48 guar
101 12 10112
1957 MN 010814 --------08
NY & Putnam lst con gu 4s
,493 A 0 *7514 -8-2MP*
107 110
874
Serifs H cons guar Is
75
6814
1980 F A •10814_ --_2•N Y Rye Corp Inc 89___Jan
1965 A Pi 2712 2818 71
99
11355 11818
678 - _ __
8
2812
4
1963 F A •1154 1-1SeriesI cons 434e
'inc 66 weented
1965
9612
1135s 112
_ ____
33
274 28
1014
1014 28
Series J cons guar 4348
1964 hi 111
Prior lien 6s aeries A
99
1965 J J 598
11138 11614
8614
8
1970 1 D .115%-113
11378
General M Se series A
705* 9912
68
Pr. lien 69 assented
1965
8514
9713 99
Gen mtge Se ser B
90
11138 11614
9914
13
90
1976 A 0 11218 11314 20
104 108
75
26
Gen 43.4* ser168 c
1977 I J 10612 107
NY & Richm Gas lets, A
1951 51 Is 1083 10834
10714 107,4
94
10514 11012 Pitts va A Char 1514s guar
__ —__
4
08
1943 MN
N Y Steam 68 aerfes A
75
1947 MN 110
53
53
108 11134 *Pitts & W Valet 45ieser A.,_1958 J D •105-2
11
98
110
7314 7.5
lot mortgage 55
1961 M N 1063 10634
51% 7412
51%
lst M 4 34s series B
104% 10734
90
2
7378
1958 A 0 •70
1st mortgage 55
47
75
1958 MN 10612 10634 23
1960 A 0 7318 75
65
47
let M 4 54s series C
914 10412 10738
NY Soso & West let ref 58
1937 1 J 5218 54
9214
107 109%
18
83
4014
PItte Y & Ash let 4s ser A
46
_ ___
1948 1 D
2.1 gold 434a
1937 F A
let gen Is wt... 10
114 118
4514 454
52
97
41
2
118
1
118
41
10112 F A •10738--General gold 5e
1940 F A 43
45
17
375k 51,2
3134
1st gen 5s series C
Terminal 1st gold 56
1943 M N1s
9712 100
t
72%
4 54* series D
NY Telco 1st & gen St 4118
1939 M N 11118 11158 46 10218
109 11 134
N Y Trap Rock let 65
1946 J D 84
88
Port Arthur Can & Dk 6s A
1
4532
81
56
74
614
8534
1953 IP A *75
773 _-__
85 stamped
1948
85
15
80
92
76
81
78
74
66
1st !Inge 13s steles B
1953 P A •7412 80 ____
N Y Westch & 11 lst set I4)48
1946 J J
Port Gen Cleo let 414s ser C
1312 15
32
1218
10
156
5014 80
374
741 129
limo M 5 73
1st 5, 1935 extended to 1950
5 10638
10712
.1 .1 107
101158 1071z
Niag Lock & 0 Pow 1st 6e A
1035 A 0 *10714 10812._..
Porto Rican Am Tob cony 81_1942 J J 63
1044 108
14
90
2814
64
42
(37
Niagara Share(Mo) deb 6148 __ _1950 M N 96.2 9812 70
48
824 10)) 2•Poetal Teieg & Cable roll 58_.J953 .1 1 354 3638 441
2515
254 5214
•Noradeutsche Lloyd 20-yr a f 68_1947 MN 85
87
12•Pressed Steel Car cony g5s___1933 1 J
8
3814
87
59
38
6312 47
83
3814 61
New 4-8%
1947 MN 4412 4614 39
3678
42
521
: i•Providenee Sec guar deb Is ____1957 Psi N
*5
22 ____
20
1978 35
Nord lty ext sink fund 634e
1960 A 0 146
•Providence Term lst 4s_._---__ 1966 eil 8 •5253
152
21 10512 135 171
_ - -__
9835 91 1 2
81 12
1I•Norfolk South 1st &ref 5e
1981 F A
143
1912 Pub Serv El & n let & ref 48
10
1612 65
5
884 104 108%
-- - 31
1971 A 0 1074 107s8
*Certificates of deonelt
912
1312 14
183
4
Pure Oil CO of 4148 w w
14
a
954
10714 216
1951) .1 J 106
9518 10312
If•Norfolk & South isle 5e
5
144
1941 M N 4912 50
3575 5034 Purity Bakeries 51 deb 6e
56
7814
8234 10138
1948 1 J 10058 101
N & WRY let cone g 4e
1096 0 A 1135, 114
30
914 11012 117
Pocah CA (7 iolnt 45
1941 J D 1075, 30778 13
98
108 10812 2•Radio-Keith-Orpheum pt prl ctfe
North Amer Co deb 55
1961 F A 103
for deb (le & corn stk (85% pd)__ _ J D
10334 48
8114 1045,
614
__ ____
4514 161
35
No Am Edison deb So ear A
11457 M 8 103
10312
74745810312
1•Debenture gold Oa
5
56
15
1941 .1 1)•110-2612 8834
4
7712 i30
Deb 5345 ser B
Aug 15 1983 F A 10338 10378
Reading Co Jersey Cent roll 45_1951 A 0 9412 9514 27
794 101
9
56
93 10012
73
Deb 55 ear C
Nov 15 1969 MN 1003., 101
Gen & ref 414a series A
7113 10214
9
54
21
79
1997 .1 .1 10512 106
1045* 1084
1214
•116
North Cent gen & ref Is A
El
1974 M
Gen & ref 414s series B
118 120
08
1997 / .1 10434 106
8
794 10434 10812
Gen & ref 4348 seder] A
1974 M 8 113
Rem Rand deb 530 with Warr
3
88
110 113
113
99 10514
63
l047 Al N 10434 10514 19
f•North Ohio let guar g Se
1945 504e without warrants
5812
40
5014 5812
9912 1045*
9
35
9912
1947 M N *10412 ___ ____
•Ex Apr'33-Oct'33-Apr'34 cpne-___
Rensselaer & Saratoga (le en
45
•52
60 ---15
36%
1941 M N -----------------------•Stmpd as to sale Oct 1933. &
Repub I AS 10-30-yr 5s s f
10314 107
S
1940 A 0 10614 10612
9
5012 5012
'Apr 1934 coupons
Ref & gen 514e series A
384 5012
6
948 1055,
1953 1 .1 10114 10138
345*
614
3
Nor Ohio Traci & LI Os A
1947 51 fl 1085* 109
7474 1014 11018 Republic Steel Corp 454. ser A 19.50 NI 5 111
1025, 1155,
22
115
403 10258
North Pacific prior Ilan 48
1997 Q J 10214 10314 90
107
Purch
money
lot
91
101
76
cony 5540_1954 M N 107
10612 108,2
108
93
Gen lien ry & Id g 38 Jan
2047 Q F 7138 7212 84
504
68
7678 Revere Cop & Brass 68 ser A
10714 10934
70
.7
1948 M 8 108,8 10812
Ref & 'rapt 454s series A
2047 J J 8812 8914 102, 60
744 14375 •Itheinelbe Union a f 75
3
264
32
43
1948 .1 J 3314 3314
Ref & impt 6s Series))
2047.3 .1 10214 103
•Rhine-Ruhr Water series Os__ 1953 J .1 28% 294
264 334
1931 8812
8812 103
25
0
Ref & front& series C
2047 J J 96
3212 44
973 •Rhine-Westphalla El Pr 75
82
64
3212
9738 60
1950 M N .3278 35 ____
Ref &Impt Is series D
2047 .1 .1 953* 9714 771 61
*Direct mtge 68
974
82
3134
3134 4312
5
1952 M N
3238 323
Nor Ry of Calif guar g Is
3178 43
1939 A 0 *108
*Cons mtga fle of 1928
105 10838
100
3
1953 F A
3212 32%
3158
Nor States Pow 25-yr 55 A
1941 A 0 10812 10612
*Cons M Soot 1930 with warr_1955 A 0 :3234 323
103 108
9
89
9
314
314 4312
let & ref 5-yr da err 11
35
A
0
26
1941
107
11 93
107
10514 10812 112•111chfleld 011 of caw Hs
20
13
1944 M N 31
3114
Northwestern Teleg 4540 ext
1944 J J *10273 _ .---- 100
2412 35
101 1014
1102
*Certificates of deposit
M N 304 3112 30
Norweg Hydro-El Nit 5345
5
1074
99
1043
1057 MN 101
111clun
term
10112
Ity
10112 22
88
685s
1st ,;u Se
1952 1 J *10634-- ---60
48
•Rima Steel 1st s I 7s
1958 F A *5218 -5-9 ---15
/4512 9512
Og & L Chem let cue 111
1948 J J 27
70
31% 35
1914 5014 Rio Grande June let gu 5e
2238
1939 .1 0 *90
05 --_
Ohlo Connecting Ry 1st Is
6012 9234
1943 M 5 •108
61
--------10538 10534 1075, :•Itio Grande West 1st gold 4,
7618 55
1939 J 1 75
Ohio Indiana & West _ _Apr 11538 Q J *9512
244
__ _
2413 47,2
__
__
. ____
•let con & coil trust 42 A
35
1949 A 0 3212 31
Ohio Public Service 7148A
Us-1940 A 0 *11218 1123
-89
-- 4 ---109
-4 I-1-3
let & ref 75 (aeries B
1947 F A 11112 11134
3
78
1073* 11214
Ohio River RR 1st ir 5e
1938 J D •I0158 10134 ---10034 104
90
General gold 55
1937 A 0 10358 1035,
10138 1044
87
1
1944 F A
/'Old Ben Coal 1st 6e
20
1
10
20
1334 21
For footnotes see page 3507.
New York Bond Record-Concluded--Page 6
Volume 141
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 29
Weeks'
Rouge or
Friday's
554 & Asked
July 1
1933 to
Range
St Oct. 31
a:on 1935
Jas. 1
Low
Pia No
103
Rocb G&E gen M 534s ser C___1948 M S .107
1977 MS .11178
Gen mtge 434s series D
•10812
1962 M
Gen mtge 58 seriee E
1312 15
83
1934 MS
II•It I Ark & Louis let 412a
1945 AG •10612
Royal Dutch 48 with wart
1
3212
3212
1948 * 0
•Itubr Chemical a f (ie
28
8
25,
1949 J J
Rut-Canada let gu g 48
16
34
8
,
36
J
J
1941
Rutland RR let con 4348
*108
1947 J
St Joe dr Grand IsId let 41
1937 MN 10312 10312
St Joe Sty Lt Ht & Pr let Bs
8712
1996 .1 .1
At Lawr & Adr let g 5s
81
1996 £ 0
24) gold 6s
Ht Louis Iron Mt & Southern6014 61
59
1933 MN
•IRI• &0 Div let g 4e
'57,4 61
•Certtficatee of depo-it
55
t•St L Peor & N W let gu 58.___1948 J J 3534 38
12
71
73
J
1955
St L Rocky Mt & P 58 sitP 1
15
1612 83
1950• J
PER L-San Fran pr lien 4r1 A
113
15
1314
*Certificate's of deposit
1412 1612 62
1950 J J
*Prior lien be aeries B
63
1314
1.5
*Certificates of depoeit
502
*Con M 4346 series A__ __ _ __1978 M -6 1212 14
400
4
,
11
1314
•Ctfe of deposit stamped
4
1
79/
At L S W let 46;, bond etre _ . 1989 MN
5912
No. 1989 .1
2s g 4a Ina bond etre
let terminal & unifying 58_ __ _1952 J 2 5814
4
1
46/
1990
Gen & ref g 5e Her A
1937 J J 100
St Paul City Cable cone be
1937 • J '10012
Guaranteed be
D *10314
St Paul & Duluth let con g 4a_ 1968
I•St Paul E Gr Trk let 4)4..._l947 ii
1414
CA
4348_
K
gu
_1941
C 8b L
f•Eli Paul &
4
1943 33 107,
MS Paul Minn & Man 5
4
1
*102/
1937
Mont est let gold 4s
J .99
1940
tPaciflo ext gu 48 (large)
1972 1 .1 118
81 Paul Un Dep &Hiner
23
80
27
61
54
60
4978 108
5
1001
4
/
101
2i78
16
108,4
103
10312
118
79
31
2
104
90
1943 1 3 88
8 A & Ar Pass let gu g 46
36
107
1952 J J 106
Han Antonio Publ Sery let 66
11312
1942 M S
Santa Fr Pros & Phen let be
16
5312 55
J
1946
lichulco Co guar 6348
4 5412 13
53,
Stamped
2
1946 AO 5514 56
Guar a f 6348 series B
Stempel
11212
MN
*112
Helot., V & N E let gu 4s
1989
1
1950 * 0 1512 1512
1t•Seaboard Air Line let g 4a
26
•15
•Cert,ficates of deposit
9
1512 18
I•Gold 4a stamped
1950 AO
15
16
* 0 14%
*Centre of deposit stamped
4 32
,
3
3
Oct 1949 P A
'Adjustment 58
812 35
8
7,
1959 AO
l•RefundIng 4e
16
4
1
5/
7,4
•CertIfIcatea of deposit
812 1014 504
*let & cons 86 series A _____ ___1946 MI
912 314
4
1
7/
•CertifIcatea of depoalt
1712 21
1933 MS 1614
:PAO & Dirm let g 4a
312
I•Seaboard All Fla 66 A etre__ 1935 AO
31,
1935 P A
•Serlea 13 certificates
4
1948 F A 102,
Sharon Steel Hoop a f 534e
4
1952 NI N 103,
Shell Pipe Line a r deb Ils
N 103
1947
Shell Union Oil, f deb 58
1952 J 0 84
Shinyetau El Pow let 83413
5814
1935 3 J
•181emena & Halfske a f 7a
1951 NI S 4218
•Debenture 6 1634.
1949 F A •11112
Sierra & San Fran Power be
30
1946 F A
•Htlesla Elea Corp a 1 6348
1941 F A 81
Slleelan-Am Corp coil tr 7a
4
1939 M 0 102,
81telly 011 deb 514a
1950 A 0 1021.
Socony-Vacuum 01133Is
south & Nor Ala cone gu g 55_ _1936 • A *10212
Gen cons guar 60-year 5e
1963 A 0 *114
412 86
2
312
31
103
10414 26
103,
4 22
8418
3
1
58,4
2
4218
112
1
30
8212 34
1
102,
4
10278 218
10318
J
South Bell Tel & Tel let if f 58_1941
Southern Colo Power 68 A
1947 J 3
Ho Pao con 45(Cent Pao coil) --1949 J D
let 434* (Oregon Linea) A
1977 MS
Gold 4348
1968 MB
Gold 4346
1969 MN
Gold 410
1981 MN
San Fran Term lat 48
1950 A 0
So Pao of Cal lat con gu g 58
1937 MN
Ho Pao (toast let gu g 4s
1937 J J
11155• J
Ho Pao RR 1st ref guar 46
lot 48, Stamped
1955
10778
1021s
8078
4
1
85/
7712
7712
77
10612
1081
4
/
18
20
63
341
185
357
634
38
17
98
248
107%
101
79
8
84,
7514
7514
4
74,
105
10612
-6i12
•
ft".6
Jail 1
‘o 1933
Orr. 31
1935
Mot No
Law
HISS
Los Low
5
10612
1957 AG 106
10612 1091
4 Union Elec Lt & Pr(Mo) be
/
96
1
J
10612
10612
J
1954
A
514a
g
8 Un E L & P (Ill) lat
108 111,
88
23
1945 A0
/•1Union Kiev Sty (Chia) 58
8912 10612 110
4
FA 11812 118,
4
1942
A
series
Os
Calif
01101
Union
8 15
7,
728
14
1947 51 N 11212 113
12-year 48 cony deb
8 10512 13612
90,
11112 68
1947 J J 111
Union Pac RR let & Id gr 49
3218 38
3218
70
105
4
1053
MS
2008
June
lot Lien & ref 1s
1812 4014
2412
J 10514 105% 19
1967
Gold 43,48
51
22
30
4
11514 11514
June 2008 M
1st lien & ref be
3D
102,
4 10314 38
1968
Gold 45
8314 103 107
29
4 107
1950 A0 106,
96 10458 United Biscuit of Am deb 5s
70
0414 9578 92
1953 M
8612 90
United Drug Co (Del) 58
6414
•11018 11134
1944 M
U N J RR & Can gen 48
70
8014 85
7
23
28
J
12•United Rye St Lisle 4s
122
4 33 10012 101
947
193
5412 71
gala
US Rubber 1s6 &ref Steer A
1937 MN *101
United S El Co 15-year Bs
54
69
52
5618
30
30
10
33
.114 33
7714 'Un Steel Works Corp 634s A__1951 3D 33
37
60
6
33
1951
34 aeries C
*Sec.*16,
934 1714
934
12
33
J
33
J
1947
sec
A
*Sink fund deb 634'
512
812 15,
4
130
195I * 0
Un Steel Works (Burbach)76
4
9,
934 18
2612 15
J o 25
03.1 1812 2•17nlyersal Pipe & Stud deb 65 1936 A0 32
9,4
3
4
1
32/
1953
4
7,
734 1412 •Unterelbe Power & Light 68
AO 95,
4 9812 23
712 1372 Utah Lt & Trac let & ref be
712
107
98
CA
4
,
96
58
let
Utah Power & Light
174
4 59
1
447
994
119
1
44 3D 53/
Util Power & Light 53.43
64
85
Si
405
1958 FA 4512 .57
Debenture 56
4112
4938 6,3)2
10
4
1
/
87
AO
4
,
86
5
41
93
19
3518
3518 6414 Vanadium Corp of Am cony 55
4
1
CA '106/
27
5412 Vandalia cone g 48 eerie, A
27
4
,
*106
MN
1957
13
series
Cons 1 46
45
7814 10102
29
4
312
1934 J J
79 100,
4 'I Vera Cruz & Pitt gu 434e
4578
3,
•Lluly coupon off
84
10112 10412
D
•
1942
•Vertientee Sugar 7s eV!!
45
3
1954 3D 10478 10478
Elea & Power be series B
11
11
Ws; VA1st
9
104
1955 A0 104
& ref NI 5s ser A
9218 10412 10938
15
70
70
MS
-1949
101 10434 VA Iron Coal & Coke let g511
86
1936 MN 9912 10018 25
85
4 10358 Virginia Midland gen 58
,
99
2003 J J *100
96
113 11878 Va & Southwest let gu 56
8
79
1958 A0 77
let cons 5s
1962 MN 11112 11134 32
7412 9078 Virginia RY 1st Se series A
55
104
10312
MN
1st mtge 43413 series B
70
10024 10934
95
108 11232
9S18 44
98
193
9 MN
62
:Wabash RR let gold 58
34
34
57
34
4 82
1
79/
1939 CA
.2d gold 55
2612
29
5412
4
•65,
1954
48
term
g
lien
let
29
3214 56
4
9912
J
1
49
193
Bet & Chic Ext 1s1 ba
28
28
6312
70
3 .1 "66
Des Monsen Div let g
90
10918 115
4
58
58
40
1941
Omaha Div let g 3348
6:4
11
18
85
4! MS •84
194
g 46
Toledo & Chic
1014
1312 17
95
29
27
M
197t
A
5348
gen
dr
ref
ay
/'Wabash
10
10
20
2712
•CertIficates of deposit
1078 20
1014
2812 82
1971 PA 27
•Ret & gen 5e aeries B
2
314
2
deposit
*Certificates of
414
g
414
28 -Ha
197) CO -25'4
'Ref & gen 4348 series C
4
3,
4 8
3,
23
24
23
*Certificates of deposit
412
4
/
412 111
62
26
2812
6
C
1981
312
•Rel & gen 5a aeries D
312 10
27
*Certificates of deposit
812
812 1712
1
90
Il•Walworth deb 63.4* with warr_193t t o 90
31
8712 94
•63-4o deposit receipts
214 4/
4
1
94
*8412
o
t
warrants
214
•Without
214
412
9512 50
194) t o 89
*1st Molting fund fle ear A
35
80 103
103
8778 95
*Deposit receipts
86
4 10514
102,
7848
58
39
36
8684
2578
33
80
10058
99
89
10312
6012
46
55
42
8012
100
95
6018
97
Houthern Ry let cons g 5s
Devi & gen 4s series A
Devi & gen 6s
Day'& gen 634s
Mem Div let g tis
Ht Louie Dl, let g 4e
Feat Tenn reorg lien g 191
Mobile & Ohio coil tr 48
Sweet 13011 Tel let & ref be
t•spokane Internet let g 58
Staten Island ay let 430
I /*Stevens lintels 66 series A
•studebaker Corp cony deb 68
Sunbury & Lewiston let 46
Swift & Co lot 513345
1094 • J 8614 8878 444
5278 1287
1956 A0 48
1956 AG 6112 6734 373
70,4 647
1956 * 0 6314
2
79
1996 3 3 783s
5
76
76
1951 J J
5
98
1938 MS 98
8 501, 222
1938 MS 43,
9
4
1
1954 F A 10553 105/
1312
1614 21
1955 I J
1943
14
-His
1945 1
7312 89/
4 741
1
1945 J J
1036 J 1 •10012
22
1950 M S 10414
74
28
35,2
3518
60
5314
73
29
104
6
D812
12
39
4
98,
10112
Tenn Cent let tis A or B
Tenn Coal Iron & ItR gen be
Tenn Copp & Chem deb 6.11
l'enn Mee Pow let fla ser A
Term MIMI of St I. let g 412a
let cone gold .5s
Gen refund .1 g 46
Texarkana & Ft 8 gu 53413 A
Texas Corp cony deb ba
Tat & N ()con gold 50
lazes dr Pea let gold 58
Gen & ref 56 series 13
(len & ref 58 series C
Gen & ref be eerie, D
'las Pac-MO Pee Ter 5346 A
1947 * 0 7012
1951 J J •117
M S 103
D 97,
4
1947
1939 A 0 *11058
1944 F A 115
J 10414
1953
794
1950 P A
1944 A 0 10278
1943 3 3 .9914
2000 • D 11458
1977 * 0 9214
gli2
1979 AC
1980 J D 9112
1964 M 1 10418
4314
10118
80
1544
99
98
71
6414
9312
64
82
55
5312
54
67
1
19
73
11912
1
103
62
99
111
1
115
10434 46
8334 149
10312 108
9912
115
6
931, 39
9218 115
9214 72
10418 10
1960 1 3 5712 5818 36
Third Ave Ry let ref 48
4 97
23,
•Afhlne 56 tax-ex N Y_Jan __A980 * 0 23
J 1,10134 102
1937
Third Ave RR let g 58
1955 MS 9312 931
2
4
/
Toho Elea Power let 78 A
l'okyo Elea 1.12ibt Co Ltd1953 in 78i2 7912 36
let thf dollar trades
58
Tol & 01110 Cent ref & impt 330_1960 J D 9714 98
1950 A 0 911
4 911
/
4
/
3
Vol St L & W 18845
1942 MS •10813-- -Vol W V & Ohio 4e ear C
-5
l'oronto ham & Buff let g 48 __19413 • D 9912 9912
1949 M
*118
4
118,
Trenton (4 & El let g 56
Tri-Cont Corp 5s cony deb A __ _1053 J2 •117
1943 MN
48734
87,
Truax-Treat Coal eonv 684*
1941) MN *10414 10412
Trumbull Steel let 2 t 68
N
8112 8158
1955
2
*Tyrol Ilydro-Eleo Pow 7442
80
1962 CA
4
80
*Guar sec a f 78
M
9412
12
9418
1945
78
1
a
Power
Uligawa Elea
BONDS
N. Y STOCK EXCHANGE
Week Ended Nov. 29
3507
,
week,
Rang. or
Friday's
Bid & Asked
38
1852
8514
7014
5712
9714
60
103
82
10188
11212
35
6712
4511
4318
6918
Range
Since
Jan. 1
High
Low Low
8
1)418 10412 109,
ggi4
101 14 10612
2512
13
1014
11612 121
105
10912 10912 116
10778 11312
94
801s 10334 10858
103 108
81
113 120
99
991s 10478
7688
10558 1081s
10558
87
957s
53
9712 10738 11212
4 35
25,
1584
9012 101
56
98 10114
8518
26
27
23
4
98,
13
32
5012
4
55,
20•8
18
59
99
85
112
3
3
10114
86
50
91
7572
55
89
8412
3214 43
4212
33
32% el
120 14134
16
31,
4
8
41,
32
65
9612
6912 98
2414 681
4
/
2014 63
68
9414
10634 10714
102,4 107
412
2
4
4
314 1612
104/
4 10814
1
104 l077
5812 70
99 10278
94 10112
2 84
63,
11018 113
10314 106
5718
43
50
70
891s 9872
5778 82
5312 65
9812 102
7178
53
4512 6214
8312
77
1214 29
13
25
2812
12
1012 25
4 28
11,
, 24
137
11,
4 2812
1011 2212
90
33
4812 94
8158
36
3618 9512
5914 95
38
56
1214
11
12
1012
1124
11
1124
1012
1212
4853
1212
18,8
4
/
591
10218 10414
7812 88
78
58
39
5014
103% 113
2572 3912
4518 8212
4 losi2
98,
1001
4 1021
/
4
/
11258 1041
4
/
112 11612
4812 8912
24
8834 83
1939 NI S 86
Warner Bros Pict deb 6e
21
40
21
13
I•Warner-Quintan Co deb 66_ 1039 MS 2434 26
53
30
31
41
31
39
MS
1941
'Warren Bros Co deb 68
3518 3314
1
3518
4
1
3834 38/
*Deposit receipts
80
80
79
70
Warren RR let ref gu g 3346____2001 FA
94
91
79
95
GM *91
Washington Cent let gold 45
10358 10812
86
1912 P A *10558
Wash Term let gu 3348
8
1067
1067
2
94
•107
CA
1948
1st 40-year guar 4s
9818 105 112
1939 J J 110,2 1-1-0-12
Wash Water Power a 1 be
10314 11514 12253
4
/
1950 JO •12118 1231
Westchester Ltg be stpd gtd
7 10014 106 11112
107
1071
4
/
1948 M
West Penn Power ser A be
10172 11414 122
*11914 120
1963 62
let 5s series E
106 110
10514 11112
101
10
108
108
D
1958
let sec 5e series 0
82 103
90,4 10512 11014
110
1961 .1 .1 •107
1,5 mtge 48 ser II
6012 83%
7312 8712
8712 98
8112
4 123
1
1952 A0 9514 95/
5612 7712 Western Maryland 1st 4s
4
94 105,
88
4 22
1977 J J 10414 104,
let & ref 534e aeries A
5512 7712
107
104
100
4
/
1041
•10412
J
J
1937
Went N & Pa let g 56
77
56
4
,
108
102
78
10612
5
1943 A0 10612
9912 10612
Gen gold 45
37
25
23
47
4 35
33,
1946 M
10612 10778 *Western Pac let 56 ser A.
25
,
36
4
52
3412
33,4
1948
•55 Assented
10012 10012
851, 10112 10653
4 20
1
J 10614 106/
19311
89
4 Western Union coil trust 58
1
98/
82
10214
8712
66
10214
10012
MN
1950
g
Funding & real est 434*
97
97
4
1
100 103/
92
1936 P A 103,4 10312 28
lb-year 6348
8212 10414
7131
1951 30 10212 10312 77
25-year gold be
77 103/
4
1
10314
80
72
128
103
10214
M
1960
30-year be
28
821
4
/
4312
31
27
8 20
8 32,
1953 33 32,
*Westphalia Un El Power 68
35,2 81
7412 8814
66
7914 80,
8 11
2361 JJ
West Shore let 48 guar
351s 88
7014
8
,
82
11
77
76
2361
Registered
9212
69
8912 88
4
,
104
103
103
*103
104
4
,
S
11
4
,
1986
Wheeling & L E Sty 45 sec D
95 103
10214 109
83
2
1949 MS 10614 10614
RR 1st consol 4ff
29
67
10014 105
70
21
8
,
104
8
1037
J
J
Corp
1948
let
534e
Steel
Wheeling
1055s Ill
90 10214
60
43
1953 A0 101, 10214
let & ref 434a series B
1614
6
9612
65
4318
J *9818 100
1936
White Sew Mach Be with warr
99
68
45
2
99
99
33
Without warrants
22
13
89
84
1
4212
87
87
1940 MN
Panic a f deb fle
39
8914
let
Spencer
St'l
78
1935
/*Wickwire
19
4
/
81
24
414
18
17,4
J J
•Ctf dep Chase Nat Bank
HiCs 105
1578
7
4
,
3
159
18
1714
*Ctrs for col & ref cony 78 A ___1935 MN
50
36
33
12
4714
3D
4718
1942
5414 73
Wilk & East let gu g 58
113 121,
4
86
1038 ▪ D *10612 107
9112 10312 WIII & S F let gold Ss
98
4 9918 71
1
98/
Wilson & Co let M 45 series A_1955 J J
90 104
133
108
•10414
J
4s
let
13
S
1960
Winston-Salem
112
10814
758
-Hi
4
/
131
1112
J
J
1949
10912 11614 /'Win Cent 50-yr let gen 48
718
3
11
10
*Certificates of deposit
10112 106
412
23
2
97
1014
MN
Dul
term
&
1st
div
&
46_1930
*Sup
7618 9614
4
1
4
7,
734
*Certificates of deposit
8 10434
102,
66
.1
I.Wor & Conn East let 4 go__ 1943
83 100
6314
149
10013
3
YOUOVITOWD Sheet & Tube 58__1978 3
113 120
8912 10112
6314
10112 87
let mtge e f 55 ser B__
1970 *0 101
79
91
7912 93,
4
7912 9312
r Cash sales not Included In year's range. a Deferred delivery sale not included In
8912 10414
year's range. n Under-the-rule sale not included In year's range. 9 NegotlabilltY
5012 5912
at exchange rate of $4.8665.
4 2812 Impaired by maturity. t Accrued interest payable
1
18/
10014 103
or reorganized under
receivership,
Companies reported as being in bankruptcy,
8812 9514
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
8538
72
* Friday's bid and asked price. • Bonds selling flat.
4
1
4 98/
/
971
e Cash sales In which no account),taken In computing the range, are shown below
81
9412
103 103
French 7s, 1949, Nov. 27 at 178.
9614 10212
11214 11812
s Deferred delivery sales In which no account is taken In computing the range, are
11212 11818 given below:
70
94
Adriatic Elec. 7s, Nov. 25 at 51.
100 104,
4
Bavaria 634s, Nov. 25 at 3144.
75
96
8 9012
71,
Bulgaria 78, 1967, Nov. 23 at 12.
87
9612
Consol Gas 5, 1957. Nov. 26 at 10541.
Czechoslovak Ss, 1951, Nov. 25 at 10234.
Cuba 5s, 1904-44, Nov. 29 at 9931•
3508
New York Curb Exchange-Weekly and Yearly Record
Nov. 30 1935
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown In a footnote in the week in which they Occur. No account is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Nov. 23 1935)and ending the present Friday (Nov. 29 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to includ every security, whether stock or bond, in
e
any dealines ocuredwhi
STOCKS
during
_ the week covered:
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Oct. 31
1935
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Range Since
Jan. 1 1935
Par Low
High Shares Low
High
Low
Low
High Shares Low
Par Low
//05
Acme Wire vie com____2( 4334 4311
4651 Nov British Amer Tobacco100
834 Jan
64
Adams Millis 7% 1st p1100 113 113
Nov
Am Sep rots ord bearer£1
Feb 113
20 864 103
244 2611 Oct 314 Jan
Aero Supply Mfg cl A__..' 10
114 Mar
Am dog rcts ord reg__£1
July
100
10
6
5
2434 21551 Apr 2934 July
Class B
•
134 24 7,400
4
Mar British Celanese Ltd34
54 June
Agfa Armco Corp oom
_I
Am dap rots ord reg-_10e
314 Jan
3
8
Nov
Mar
June
2
2
4
Ainsworth Mfg Corp____10 47
Nov British Col Power cl A_ •
1811 Feb 51
50
5
700
2131 July 2834 Nov
214
Air Investors com
•
151 211
900
•i•
% Mar
24 Oct Brown Co 8% pref
75
251 Sept
254
9
Aug
100
54
5
Cony pref
• 2134 22
Oct Brown F orman Distillery_l
200
9
53.4 Oct
951 Jan
3,700
1234 Mar 22
53
74 93,i
Warrants
600
%
sie Feb
4
%
54 Sept Bruck Silk Mills Ltd
Oct
•
1734 Oct 18
-1734
AlabamaGt Southern___50 4134 43
375 30
Nov Brickeye Pipe Line
Apr 43
30
424 Nov
304 Jan
250 26
150 4014 41
Ala Power $7 met
• 754 7711
160 26
7851 July Buff Meg & East Pr prof 21 2354 244
414 Jan
1451 Jan
1,800 1434
244 Nov
$8 preferred
•
Jan 894 July
37
25
55 151 preferred
tiost Jan 10434 Nov
• 103 1044
150 1 66
Algoma Consol Corp com_•
14
200" 114
31
11 Feb
4 Feb Bulova Watch $34 pref•16% 244 Mar 52
Nov
7% preferred.
Mar Bunker Hill & Sullivan_ _ lt
•
500
lie Aug
4
16
4
30
475 26
Mar 504 Oct
4751 4911
Allied Internet' Invest_ •
Itie
May
1516
3316 Nov Burco Inc corn
200
'16
X
1%
100
214 Nov
51 Feb
51
14
•
Alliance Investment com..•
33 cony pref
"16 Feb
Feb 36
20
23-4 Nov
Nov
916
•
- ------ 20
A Wee Mills Inc
• 214 2334 25,200
Warrants
54
1254 Jan 23% Nov
4 Aug
A Jan
116
Allied Products CIA corn 25 21
21
224
234 Nov Burma Corn Am dep ram_
900
Nov
134 Mar
134
900
3% Nov
351
3
Aluminum Go oommou__
88
Nov Butler Brothers
4,750 52
93
95
Mar
32
2% 54 Aug 891 Nov
731 sy, 3,200
10
6% preferepoe
loo 109% 111%
Nov Cable Elec Prod v I a
1,100 54
694 Mar 114
Jan
3,600
51 Aug
51
n 1
•
I
Aluminum Goods Mfg__' 1534 164
8
600
931 Feb 1631 Nov Cables & Wireless LtdAluminum Ind corn
103,4 Sept
734 Mar
•
8
Am dap rcts A ord she,.£1't. 51 Mar
8
5U' 6
151 June
Aluminum Ltd corn
•
17
Am dep ref" B ord she El
Mar 594 Nov
17
700
% Nov
916
54
54
916 May
6% preferred
101
37
Nov
5034 Apr 91
Amer dee rcts prof shs El
351 Mar
34
511 Nov
C warrants
Apr Calamba Sugar Estate_ _20 25
24 Jan
251
7
Feb 2714 Nov
1,500" 154 20
2734
D warrants
6 34 Mar Canadian Indus Alcohol A• 1051 II%
Apr
5
5
74 Oct 1351 Nov
511
600
American Beverage corn _I
_1
454 431
111 Feb
1
800
B non-voting
513 Oct
ay,- Jan
1151 Nov
300
954 911
434
;
American Book Co
_100
41
Nov Canadian Marconi
74
Jan
57
24 Nov
14 Mar
154
251 4,500
1
24
AmerCaoltalCarib Syndicate
151
14 Mar
451 May
331 19,000
25r
3
Class A corn
10c
Nov
3
Carman & Co134 Apr
1
Common clam B____ 10e
716
200
A
14 Aug
34,
611 Jan
8
11 Jan
12
Convertible ease A__'
Sept
$3 preferred
9%
•
25
Nov
Class It
1631 may
Nov
Nov
2
2
•
100
2
134
2
85.50 prior pref
• 87
200 46
8734
8754 Nov Carnation Co corn
July
76
Jau
1054 July
184 1834
17
134
•
400
Am Cities Pow & L$Carolina P & L $7 pref.._•
Nov
544 Jan
33
93
Class A
25 4411 454
Oct
175 2334 29
$6 preferred
Mar 47
Feb 86
67
Nov
. 86
10 27
86
Class B
i
54 554 6.900
634 Nov Carrier Corporatton
4 Mar
4
13,800
Fet
4%
los
Oct
114
8%
•
934
Amer Cynandd class A_10
Oct Castle (A M)& Co
124 204 Apr 28
Nov
4111 Aug 45
25 6 10
45
10 45
Class B n-v
10 284 2934 14,500
Mar 294 Nov Catalln Corp of Amer_ .I
851
15
Nov
1154 1151 8,400
34
1234
Apr
451
75
76
Amer Dial Tel NJ corn...' 107 109
Jan 109
Nov Celanese Corp of America
7331
7% ('onv preferred_10( 116 116
Apr 116
111
Nov
25 98
7% let panto pre ___100 11011 111
May 113
Nov
90
150 81
Amer Equities Co cons_ _1
311
311
100
154 Feb
1
311 Nov
7% prior preferred __ _100 106 106
9711 Mar 1113.1 Oci
250 75
Amer Fork & floe Co corn • 16% 1734
100 1511
1511 Sept 2254 Oct Celluloid Corp corn
Jai
514
Oct 15
7
100
15 1211 1234
Amer Founders Corp___.)
51
4
'lie Aug
57 die preferred
200
•1
'Is Mar
145 1654 244 Oct 4851 NON
• 41
42
7% Pref series B
50
4411 Oct
81; 1331 Jan
Is preferred
6954 May 9251 Nor
AO
•
25
8
8% 1St pref ser D__5( 36
134 Jan
44
36
Oct cent Bud 0 A E•I e_ • 154 1611
851 Mar 17A Aur
500
5
Amer & Foreign Pow ware
200
3% 3%
14
134 Mar
511 Aug Cent Maine Pr 7% pref 100
Nor
63
63
Oct 73
Amer Gas & Elec corn_ • 3631 3911
7,200 184 184 Feb 4211 Nov Cent PAL 7% pref. _ _100 39
Jan 4351 Ain
2031
11
25
39
Preferred
• 110 110%
550 573-4 804 Feb 11151 Nov Cent & South West -itil.1
•le Mar
24 Nor
II.
American General Corp 10c
7% 8% 2,300 -_
8% Nov Cent States Eleo coin__ 1
734 Nov
V, Mar
2
31
Alli
151 14 5,000
Amer Bard Rubber com_60 2454 26
26
Nov
44 Apr
4
550
a% pref without wan 100 14
1
Mar 2051 Nor
1
100
15
Amer Laundry Mach
20 2011 2014
400 104 124 Mar 244 Oct
7% preferred
Mar 3414 Nor
2
2
125
2611
2654
100
Amer L & Tr cum
20
1414 1534
3,800
Cony preferred
164 Aug
751
734 Mar
114 Mar 244 Nor
100 1814 244
114
225
6% preferred
.20 24% 2434
Aug
Cony pref op ser'29_100 1454 1411
100 18
174 Feb 26
Nor
19
51 Mar
Si
50
Amer Mfg Co eom
100 15
Nov Centrifugal Pipe
16
75
351
334 Apr 16
June
44
351
611 Oc
2,100
•
554
5%
Amer Maracaibo Co
i
3,000
"is may Cherie Corporation
54
$16
4
1954 Nor
4 Mar
1254 Mai
9
300
1
173-4 1834
Amer Meter Co
• 1534 1611
Oct
Cbeeebrough tug
115
514
400
Mar 19
Mar 157
8
Fel
50 105
28 1253-4 12551
Amer Pneumatic Service_•
6
.f.i
I
134 Aug Chicago Flexible Shaft Co 5
Jan
9 7
3534 Nov 3534 Nor
Amer Potash ,It Chemical •
Oct Chicago Rivet & Mach_ • 26
4A
11
30
124 Jan
274 Nor
1254 Apr
200
26
Am Superpower Corp corn •
251
251 90,200
34 Aug Childa Co prat
Apr 344 No,
4 Mar
4
leo 2654 3434 3.800 " 18
let preferred
• 683/, 70
200 44
44
14. An
Feb 764 Aug Chief Consol Mining Co..]
4 Jan
4
300
4
51
Preferred
• 32
374 3,700
754
51 Mar
754 Mar 3751 Nov Cities Service coin
34 No,
•
42,400
54
234
2%
Amer Thread Co pref. _ _6
4
Jan
451 Nov
3
654
Preferred
Mar
314
No,
64
•
26
1,900
30
Tr
ad
ingPreferr
Amsterdam
ed B
34 Ala
54 Mar
300
4
231 3
•
114 Jan
American shares
1531 afey
•
5
1134
Mar 30
Preferred BB
No
10
6
•
26
26
Anchor Poet Fence
74 Mar 4211 All
•
131 3,500
34
131 Nov Cities Sera P & L 57 pref_• 36
M
51 Mat
150
754
39
5
Anglo-Iranian 011 Co6preferred
Ltd
No
634 Mar 42
651
100
• 30
34
Am dep rcts ord reg_ -El
1551 Aug City Auto Stampi
3% Jan
9
1431 May
124 No
3,400
a
ng__• 114 12
'tomesAngostura Wupperman_l
4% 5
64 July City & Suburban
354 Nov
4
May
800 s 254
3
4
Air
Apex Elec Mfg Co corn_ •
13
Nov Claude Neon Lights Inc._ i
'
9 334
411 Apr
'is Ma
51 Ma
Li
N 1,300
916
Appalachian El Pow pref.• 1064 10654
50 5754
21
Jan 106% Nov Cleve Elee Ilium oom
2351 Jan 49
2131
No
200
49
49
•
A rcsurui Radio Tube _ _ __ I
54
'A 4,000
4
534 Jan
14 Aug Cleveland Tractor own_ • 14
1851 Al,
Ns Mar
14
1514 2,100
Arkansas Nat Gas oom___.
Nov Clinch field Coal corn
254
234
13.1
1,500
3
134 May
2 Jun
51
51 Mar
Common clam A
24 Aug Club Alum Utensil _ _ _ ioo
•
251 2% 11,800
4
4 Feb
A Aug
354 Sep
12,300
4
254 311
Co_ _•
Preferred
651
Aug
10
651 4,200
7
14
6% Oct
6%
851 Au
211 Mar
Cocksbutt Plow Co corn__•
Arkansas P & 1,17 pref_
•254 III 4 Jan
85
Nov Cohn & Rosenberger
Mar
Ms
551
556
7
•
Art Metal WorksIn
com _ _ _ _8
113-112% 3,600
1254 Oct Colon Oil Corp
1
24 Sep
114
19,6
4,200
•
331 Mar
55 June
51
du
stri
es
Associated Eleo
Colt'sPatent corn
25
Jail 484 No
434
Fire
375
Arms_25
4554
15
Amer depositrots
10
Nov Columbia Gas & Mao-.11 93-4 10 C
600
54 Feb
4
ony5%
Assoc Gas & Elea
32
Mar 100
No
875 32
pret
no 95
98
Common
1
1
Aug Columbia Oil& Gas vie,..
14
200
2
4
31 Apr
1,100
34 Mar
31
154 Set
ism
51
•
Class A
1% 5,000 6
1
234 Aug ColumblaPictures
131
A
Jail 73
No
X Mar
180 1954 38
73
•
72
$5 preferred
•
1051 Aug Commonwealth Edition
6
6
100
131
1.51 Feb
4731 Jail 984 No
1,200 $ 304
_100 96
98
Option warrant'
135 28,200
'64
'a
32 Aug Commonwealth & Southern
'64 Oct
Assoc Laundries of Amer..•
54 Aug
Warrants
%
200
34
%
% Aug
31 Jan
%
51 Au
ii, % 14,500
Associates Investment Co • 30
324
750' 851
29
Nov 3634 Oct Community P & L $8 prer.•
3
6A Jan
20% Au
Associated Rayon corn _ __•
14
100
151
1
13,4 Sept
23.4 Jan Community water ser,..•
131, 13,,
Jun
100
3i May
1
X
Assoc Telep $1.50 pref_ •
22
Oct Como Mines
13
Alt 28
1
Sept
254 Al
151 8,500 • 130
114
Atlantic Coast Fisheries_ _ • 114 1311 8.500
1334 Nov Comp* Shoe Machinery 11
414 June
2
900
94 Oct
8
1814 Mu
12
13
Atlantic Coast Line Co__50 Jan
Conn
18
30
48
Gas & Coke Bee $3
Mar
18
46
July
47
Set
-Atlas Corp common
• 12% 1354 36,700
Nov Consolidated Aircraft_ pf•
14
7 June 1654 No
754 Mar
754
154 1656 13.500
1
6
$3 preference A
July Consolidated Automati
• 52
900 35
Apr 64
47
5334
c)
Warrants
Aug
451
34 3% 6,400
14
151 Mar
Merchandising pref
51 Jan
11
31 Ja
100
51
31
Atlas Plywood Corp
•
814 Nov Consol Copper M Ines _ _ •
75.1
1,500
811
24
314 Mar
1
620
Jan
554 No
434
0
53-4 22,300
Automatic-Voting
Maoh_•
1454 Nov Consol(I E LAP Ball corn • 88
4,200
1251 144
154
Jan
5
To
1,900 4554 6251 Jan 00
No V
ba
8911
ccoConsolMin &
Axton-Fisher
13494 Feb 2044 No V
Smelt
50 115
195 20451
Class A common
Octen
10 5511 5634
Feb Coneol Retail StoresLtd_25
210 4374
41
14
2
Jura
551 Nil
200
451 44
8
Babcock & Wilcox Co_ _ _ _• 6734 7011
Nov
74
750 184 28
Mar
8% preferred w w..._100 8911 8954
Ni]
92
10 1251 3451 Jan
Baldwin Locomotive warr_
3,000
54 Feb
334 Jan Coneol Royalty 011
151
154
1
INc
Feb
3
1
ii
10 11
15
Baumann(L)&C07% rifd100 50
m ay
50
50
Oct Cent(1 & E 7% orior nf 100
36
afar 8931 No
125 29
5634
8631
Bellanca Aircraft y I o_ _I
51,4 June Continental 011,if Mex_
231 24
151
700
151 Apr
4 Mar
4
4 Ms
__I
Bell Tel of Canada
may 138
Nov Continental Securitie
1.043
10434 123
Ayr
2
414 Ai
2
_•
Benson & Hedged con, ..• -----134
July Cooper Berea en er mum _s._
4
0,
194 Feb
336 Apr8
2%
700
754
_
73
_
_
•
Cony pret
•
Mar
July
14
10
53 prat A
5
Nc
• 31
1614 Jail 35
314
200 12
Bickford Inc com___.___.•
May Co1)13er Range Co
14
100
414
139.4 1354
854 Feb
1:5
6
334
8
Feb
•
$2.50 cony pref
• 3811 3651
3351 Apr 3611 Nov Cord Corp
25 23
254 Mar
554 Nu
44 54 23,400' 2
6
Illauners Inc
•
16
Nov
Nov Corroon & Reynolds-16
12
Biles(E tt') & co com
154
331 Mar
Nov
Common
136
• 133-4 1536 13,800
Nr
5
151 Mar
451
1,200
434
1
1
Blue Ridge Corp corn__ _1
351 9,000
351
434 Nov
1
1
Mar
56 preferred A
Nr
52
Ma
22
• 51
100 10
51
$3 opt cony pre
• 444 45
May Coaden 011 corn
1,700 284 354 Mar 48
31 Jr
54 June
1
$16
'It
5
,
700
4
Blumenthal (8) & Co
1731 9,800
251 Jan
1774 Nov
5
• 15
Preferred
Fi
2
"iii July
I%
uos
500
1%
100
Bohack(BC)Co oom
11
June
Jan Courtaulds Lid5
•
7
7% let pref
I% 45
Oct 65
40
Feb
45
60 40
Am deo rots ord ree_LI 1311 1351
1151 Mar
1451 Ju
300
8
Botany Cormol Mills com_•
4 Oct Cramp(Wm)it Sons Ship
11
54 May
Boudoir' Inc
511 54
•
dr Eng Bldg Corp_ _100
3
500
3
June
54 Ai
A Mar
63-4 Nov
14
Borne Scrymser Co_
25
6
Ni
6
Mar 23
Mar
114 Sept Crane Co corn
7
26 2154 2254 12,000
5
Bower Roller Bearing._ _ _a
31
2,500 II 651
3251
Preferred
Mar 3554 Oct
11731
16
0
Feb
87
32
25
100 11751 11755
Bowman'Atmore Hotels
Creole Petroleum
Mar 2351 Ni
10
551
23% 13,500
2134
5
7% lot prof
100
Jan Crocker Wheeler Elea__ •
t
Jii
3
Mar
13-4
10
11-4 Jan
4
3%
4,000
911
851
BrasilllanTr LI & Pow___ ,3
934 1036
3,000
714 Aug 104 Nov Croft Brewing Co
734
0
1
I
54 Oct
9-.4 12,800
55
Bridgeport Machine
• 1051 1194
1,500
124 Nov Crowley Milner & Co ' "ii
4
34 Jan
N
9
254 I.eb
29
Brill Con clam B
•
111 14
300
151 Nov Crown Cent Petroleum_ _1
Feb
114
4
0
51
X Mar
4
151 9,500
14
Class A
•
254 3
600
351 Nov Crown Cork Internet] A __• 1154 12
N,
4
Jan
12
1
74 Mar
54
800
7% preferred
100 24% 26
70
26
Nov
Nov Cuban Tobacco corn vac_•
23
151 July
5
A
200
131
351 44
Billie Mfa Co oom
•
651 651
100
7
May Cuneo Press oom
64 I 851 Apr
1511
39
200
Feb
30
0
• 25
383-4
25
• 25
Class A
100 2251
N,
Feb 107
50 6934 87
2451 Nov 28
Aug
a si% Preferred
100 107 107
Brit Amer Oil Coup
124
1851 June Cost Mexican Mining_ 50c
•
144 Mar
254 X
916
134 Aug
14
151 8,600
Registered
June Darby Petroleum oorn___.
16
Jane
16
1434
631 N
Oct
4
63-4 634
300
4
For footnotes see page
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Par Low
High Shares Low
Davenport Hosiery Mills.• 12
300
13
8
De Hay!!land Aircraft Co4
Am Den Rcts ord reg £1
Detroit Gray Iron Fdy__ _5
400
151
8% 851
Derby 011 & Ref Corp corn'
1%
1%
300
51
Preferred
20
•
•
Diamond Shoe Corp
951
Pictograph Producta____2
1%
1,000
8% 8%
Distilled Liquors Corp__ 5 11% 1254
1,300 11
Distillers Co Wainer deposit Ms ...El 23% 23%
900 1734
Distillers Coro Seagratn8-• 3434 37
34,500
8%
Doehler Die Casting___ _• 2454 26
1,400
3
Dominion Steel &Coal 1125
2%
Dominion Tar & Chemical.
354
Douglas (W L) Shoe Co7% preferred
25 12
100 18
18
• 99 10034
Dow Chemical
1,900 sz 38%
Draper Corp
• 63% 67
530 52
10 29% 3154
Driver Harris CO
200
934
7% preferred
100
48
Dirbiller Condenser Corp.]
34
1,500
54
1
Duke Power Co
__ _10 65% 6634
975 33
Durham Hosiery__class______
100
54
31
3/
Durham Duplex Razor$4 prior pref w w
751
•
Duval Texas dulphur____•
1,200
934 10
Eagle Fisher Lead Co _ - _20
851 2,400
83-4
8
East Gee & Fuel Ammo•
Common
2%
354
35% 2,800
454% prior preferred_100 60
475 53
61%
6% preferred
100 4251 44
625 3634
Eastern Malleable Iron_ _.5
554
300
2434
4
East Mates Pow com B__•
GOO
151 1%
54
4
$6 preferred series B___• 17
700
17%
5
$7 preferred series A___6 1751 17%
100
234
1,800
Easy Washing Mach "B"..•
651
7
Economy Grocery Stores.• 17
100 6 1554
17
Edison Bros Stores corn-. 3751 37%
6
100
Eisler Electric Corp
•
134
700
1%
34
Else Bond & Share com
8 13% 16% 102,900
334
25
$5 preferred
• 6434 67%
1,70
$11 preferred
2634
• 72
5,10
74
Elee Power Aseoo corn
2%
1
734 834 7,80
Class A
254
1
651 7% 10,30
Elsa P & L 21 prof A
125
251
• 14% 15
Option warrants
300
34
151 2
Electric ShareholdingCommon
1
500
6% 6%
34
V cony pref w w
275 34
• 92
93
Elea Shovel Coal $4 pref •
v.iectrographic t (fro corn. I
1331 13%
200
Elgin Nat Watch Co___15
84
Empire District El 6% _100 39% 39%
50 1254
Empire Gas & Fuel Go751
6% Preferred
100 3031 3234
100
834% preferred
100 31
8
50
32
7% preferred
100 32
8
100
32%
8% preferred
100 3334 35%
300 13 5%
Empire Power Part Mk •
4
Emsco Derrick & Equip...5
'• 254
Equity Corp corn
10c
1
251 2% 10,800
Eureka Pipe Line
50 37
37
50 30
European Electric CorpOption warrants
100
516
616
Evans Wallower Lead__ •
8,300
3.4
7.7 preferred
ioo 756 951
2
300
Ex-cell-0 Alr & Tool
1751 1851
6 2%
3200, '
Fairchild Aviation
1
7
251
754 3,000
ajardo Huger Co
100 144 149
150 510
Falstaff Brewing
2%
1
1,400
4
4%
Fanny Farmer Candy-A
1234 1234
1,200 •' 251
Paneled Metallurgical„.• 1334 1534
154
1,600
Fedders Mfg Co corn._
2654 28
800 19%
Fed Compress & Warehse.•
Ferro Enamel Corp corn..• 2434 2694
754
900
Fiat Amer dep recta
15%
Fidello Brewery
1
1,500
34
51
56
Film Inspection Mech.__ •
100
34
51
54
It 31
Fire Association (Phila.) 10
First National Stereo7% 1st preferred____100 11354 11351
10 110
Fisk Rubber Corp
1
654 756 9,100
434
$6 preferred
425 3554
100 56
5834
• 31
Plintokote Co el A
33-4
3374 2,900
pref..,.__•
Florida!'& L $7
300
834
5254 5334
Ford Motor Co LtdAm dep rots ord reg_11
454
8
834 5,300
Ford Motor of Can Cl A • 2534 28
6,000
8%
• 3151 32
Class 1.1
75 14%
Ford Motor of FranceAmerican dep Ms _100
234
Foremest Dairy Prod coin•
100
34
34
54
Preferred
•
34
Froedtert Grain & MaltCony preferred
15 1551 16%
700 14%
General Alloys Co
1,300
154 2
34
Uen Electric Co imam dep Fete ord regEl
1734 17%
300
9%
Gen Fireproofing corn
•
200
934 951
Gen Gas & E3ea$8 cony prat B
•
531
(len Investment corn
1
3,800
13.4
74
$6 cony prof clam 13 • 30
500
33
3
Warrants
112
'le
'23 1,500
Gen Outdoor Adv 6%pf100
62
(Ian Pub Seri $6 prod ._ •
2(1
(len Rayon Co A stook_ •
34
UeneralTire & Rubber25 4934 56
1,525 3474
45 581-6
100 94% 95
6% preferred A
Georgia Power $6 pref___• 86
125 35
87
$5 preferred
•
60
1
•
Gilbert (A 0) corn
l'referred
22
•
• 1831 1934 4,700 10
Glen Alden Cord
3,200
5%
Globe Underwriters Ine 2 21334 1451
10
G atchaux Sugars cla.se A •
•
1334
400 • 3%
7
Claes 13
Goldfield Consol Mines_10
'16
316 1,300
3-4
700
54
716
1
54
(loll Seal Electrical
4
200
4
154
Gorham Inc class A com_•
• 2034 2154
150 1151
$3 preferred
Gorham Mfg Co2051 1,000 10%
Vs c agreement extended 19
4%
Grand Rani& Varnish...'
3,100
8
255e
Gray Telep Pay Stalion__• 23
Great AU & Pao Tea290 118
Non vet corn stock____• 128% 131 36
20 120
7% let preferred____100 128 128
2154
250 19%
25 21
GI Northern Paper
1,600
934
334
9
Greenfield Tao &
1,800
.36
54
34
Grocery Stores Prod v 025
1
3.4
Guardian Investors
70
14,200 43
Gulf(Si) Corp of Penna--35 66
40
Gulf States Utli $6 'wet •
651
Gypsum Lime & Alabfurt.•
4,200 111 3
Hail Lamp 00
631 675
•
Handley Prise Ltd134
Am dep rots preL..S all.
For footnotes see page 3513
,
Range Since
Jan. 1 1935
Low
8
June
13
4
51
20
10%
2%
11
STOCKS
(Continued)
High
16
Jan
Jan
May
Apr
Feb
Jan
July
Aug
15%
11
2
20
18
8,4
16%
Apr
Aug
May
Feb
Nov
Nov
Apr
ma
21
13% may
1034 Mar
434 Oct
434 Jan
24
37%
27%
554
7
Nov
Nov
Nov
Feb
Mar
12
8034
52
13
91%
31
37
54
Nov
Mar 18
Mar 10554 July
Nov
Oct 67
Apr 3454 Oct
Mar 105
Oct
1S1 Apr
Feb
Jan 66% Nov
June
51 Feb
12
Aug
6% June
354 Mar
15
Oct
12% Feb
851 Nov
254 Mar
54
Oct
3634 Oct
351 Nov
34 Jan
Mar
Apr
3
Jan
1634 Aug
2434 Jan
34 Jan
334 Ma
34
Jan
37% Jan
231 Mar
2% Mar
254 Feb
SS Mar
5
86%
5334
554
1%
1854
18%
7%
20
39%
1%
2034
69
78
8%
734
20
254
Jan
July
Aug
Nov
Aug
Aug
Aug
Nov
Jan
Nov
Oct
Awe
Aug
Aug
Nov
Nov
Aug
Aug
51 Mar
40
Jan
1
Jan
8
Jan
23
July
14
Jan
734
9554
651
16
3151
40
Nov
Nov
Oct
Aug
Oct
Nov
751
8
8
854
9
12
134
3351
Mar
Mar
Ma
Ma
Apr
June
Jan
May
35
36
37
40
22%
1351
234
38
May
May
May
May
Nov
July
Sept
Feb
34
54
354
6
7%
71
24
734
151
1934
27
10%
18%
54
34
57
l'i• June
Nov
51 Nov
Apr
9
Nov
Aug
2031 Oct
Fe
954 Sept
Nov
Jan 15934 Nov
Jan
551 July
Ma
13% Nov
15% Nov
Mar
Nov
Oct 28
Nov 28% Nov
Feb 29
Oct
Aug
Sept 26
74 Jan
Sept
Oct
51 Feb
77
Jan
Nov
112
Jan 117
Aug
454 Oct 1154 Jan
4554 Oct 38
Jan
1134 Mar 3535 Nov
1034 Mar 61
Nov
734 Mar
2356 June
25% June
2% Jan
34 Mar
is June
951
3254
3934
Jan
Jan
Oct
454 May
34 Mar
174 Mar
API
AD
17% Aug
2% Oct
11% mar
454 Jun
1754 Nov
1054 Oct
8
,ta
15
'is
60
24
56
3454
89
52
50
151
2454
1354
7
1656
651
Si
54
134
1151
15%
194
33
612
88
73
IA%
51
Oct
Ma
Jan
Jan
Nov
Mar
Oct
Oct
Apr
Jan
Apr
May
Mar
May
Jae
Anr
Oct
Jan
Aug
May
July
1251 Mar
554 Mar
834 Mar
121
12254
20
4%
34
Si
5051
55
631
3%
7134
99
88
70%
4%
40
24
1434
28
11%
51
1
4
2134
21% Nov
1154 Sept
28
Nov
Mar 140
Jan 2435
26
May
Mar
10%
Feb
%
Mar
51
Mar 7454
Jan 87
Nov
7
Mar
734
3% Mar
Apr
Aug
Nov
Aug
Oct
Nov
Feb
Jan
Mar
Nov
Nov
Oct
Oct
Jan
Nov
klay
May
Apr
Feb
Nov
Nov
7%
Aug
July
Jan
Nov
Aug
Nov
May
Sept
Jan
Oct
Oct
Week's Range
of Prices
3509
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Range Since
Jan. 1 1935
Low
High Shares Low
Par Low
High
July
4855 50% Jan 71
Hartford Electric LIgbt_25
134 1% 1,900
1% Nov
% Apr
34
Hartman Tobacco CO....'
600
2% Oct 331 May
2%
254
231
1
Harvard Brewing Co
Nov
2%
7
June 13
• 21131 12% 2,000
Hazeltine Corp
4
6
Feb 1234 Apr
25 1051 11% 3,400
Heels Mining Co
154
134 Nov
154 3,100
54 Jan
•
Helena Rubenstein
37
58
Nov
200 14
Jan 58
10 57
Hayden Chemical
22
18
Nov 25% July
•
Hires(CE)Co cl A
1154 Oct 2034 Jan
834
Hollinger Consol 0 M___6 1454 1434 2,300
9954 Nov
Jan
Holly Sugar Corp eom_ • 9534 9934 1,600 .7 8% 30
100
Sept
Feb 108
ma 34
ioo
Preferred
200
2
6
Aug
Jan
151
6
6
Holopnane Co corn
•
100
5% Feb
3
7% 734
734 Aug
Holt (Henry) & Co cl A •
18
16% July
• 16
Aug
Hormel (Geo A) & Co__ •
20
31
Feb 31% Sept
650 15%
• 30
Horn & Harlan
8351 10254 Jan 10851 Nov
100
7% Preferred
1154 Jan
22,800
1934
2034 Nov
20%
7%
Hud Bay Min & Sule11---•
51
64
Jan
May
• 57% 6056 5,400 22% 44
Humble Oil& Rat
Huyiers of Delaware Ino154 Oct
1
1
100
54 Ma
1
Common
616
2034 Apr 42
Nov
800 20%
7% prof stamped..._100 3734 41
26
26
Aug
Aug
26
7% pref unstamped__100
5% Nov
254 Ma
55E 5%
300
254
Hydro Electric Securities.*
354 Oct
Oct
a 2% 2% 2,000 154 26154 Jan
HYgratle Food Prod
40
Nov
325 17
HYgrade Sylvania corp . 38% 39
850 10
13% Jan 4134 Nov
37
• 35
Illinois P & L
pret
40
14
Nov
Jan
35%
asy,
10
.50
preferred
100
6%
34% 34% Jan 5354 Nov
Illuminating Shares cl A__•
Imperial Chem Industries
954 Jan
8
931 954
Oct
700
Amer deposit rata _-__11
2234 May
154 Mar
21
12,500 1034
Imperial 011 (Can) oouP--• 220
1554 Mar 2234 May
21
• 220
900 1134
Registered
12
Apr 14% July
100
954
Imperial Tob of Canada_5 13% 1354
Imperical Tobacco of Great
3154 Mar 3654 Nov
200 2334
Britain and Ireland...41 3654 36%
354 Mar
6% Nov
354
200
6
6
10
Indiana Pipe Line
55
48
Jan 8834 Nov
Ind'polle P & L %% 01100
Indian Ter Ilium Oil4% Apr
1% Jan
234
234
600
Non-voting class A _ _ _ _*
4% Apr
1%
400
154 Feb
235 2%
•
Class B
Industrfel Finance-1% Feb
July
54
1
V t common
8
1
May
Aug
1
100
7% preferred
71%
Mar 7234 Aug
1,550 3455 52
Insurance Co of N Amer_10 69
3451 Nov
29
May
18%
International Cigar Mach •
1% Nov
Aug
Internet scolding & Inv..'
Internal Hydro-Eleo354 Mar 1351 Aug
ao 9% Hy, 1,950 354 1054
Pref $3.50 series
Aug (534 Jan
7%
Internal Mining Corp___1 1256 1394 2,500
654 Jan
251 Nov
356 4% 3,800
2%
Warrants
28
Mar sqsi May
International Petroleum.' x3454 3734 12,600 1534
29% Feb 37% Nov
23
Registered
4% Aug
3% 454 2,000
2% Jan
International Produets___•
131 1%
200
51 July
154 Aug
Internal! Safety Rearm B.
Internat'l Utility134 Jan
451 Aug
14
354 351
100
•
Class A
1,100
74 Aug
51 Jan
55
'16
Claes B
35
Apr
Apr 35
35
•
$7 prior prof
Aug
Il Niar
Warrants
Interstate Equities Corp20
1531
Jan 25% Aug
50
$3 cony pref A
22
June 333.4 Nov
3351 5,700 13
• 29
Interstate Hoe Mills
27
8
Apr
Jan
19
50
21.31
7
Interstate Power $7 eref..•
254 May
1
June
1
Investors Royalty corn...25
34 June
% Nov
54
Iron Cap Copper corn_ _10
14% Apr 28
Nov
3%
700
Iron Fireman 131fg v t c__10 2634 2634
17
Nov
251
400
854 Jan
1531
1 15
Irving Air Chute
Mar
900
Aug
14
35
34
Superpower
•
A
51
Italian
Si
Aug
3.4 Oct
54
Warrants
Jersey Central P & L43
Feb 7431 Nov
150 42
100 7351 7431
554% preferred
60
May 80
Nov
80
100
8% preferred
Apr 9254 Nov
6034
60%
preferred
100
7%
54 Apr
13-4 Oct
Jonas & Naumburg _2.50
18
Mar 3631 Nov
Jones* Laughlin 81661_100 34% 36% 1,350 1551
Nov
83% 8351 Star Ito
Kansas G & E 7% pref_100
254 Jan
154 1%
51 July
200
51
ElcutsburY Brewerlw• --I
Lighting
County
Kings
Star 95
Nov
75
75
100
7% preIR
3
134 Ma.
May
234 3
200
1
Kirby Petroleum
Jan
"If
Aug
34
54
Kirkland Lake GM Ltd 1
22
15
Jan
9%
200
May
1956
• 19
Klein(Emil)
8
Nov
Aug
1034
10
Kleinert Rubber
134 Jami
654 Nov
1
.5
631 1,100
1
Knott Corp corn
31 Nov
sift Oct
'111
Kolster Brandes Ltd.._.di
Koppers Gas & CokeCo72
Mar 2100
Sept
.
54
200
6% preferred
100 9734 9856
1254 Mar
sl 1 % Apr
10
KreS4 (S11) 47. Co pref. _100
434 Mar
4%
1351 1534 1,900
153.4 Nov
1
Kreuger Brewing
May
5934 7574 Feb 78
Lackawanna RR of NJ 100
Mar
Lake Shore Mines Lta .! 4954 5351 3,500 • 3234 4554 Oct58
351 Nov
51 Mar
34 5,100
3
3'
Lakey Foundry & Mach I
Jan 80
67
Jan
25
Lane Bryant 7% pref 100
134 Oct234 May
1
100
2% 234
Letcourt Realty oom
18
Jan
2254 Aug
7
2134 2151
700
Preferred
894 Aug
Nov
5
534
Lehigh Coal dr Nay
631 634 6,600
•
y Apr
51 May
Leonard 011 Develop___25
54 14,900
'Is
Jan 753.4 Nov
7534 2,500 10% 40
Lerner Stores common...' 73
91% Feb10834 Nov
50 60
6% pref with warr__100 10854 10834
334 Star
734 Nov
700• 3
Lion Oil Development
6% 7
•
A
31 F
s4ea
10
93.6
54 JNu y
v
15
Loblaw Groceterlas cl A _ •
551 Nov2754 Oct
7 90c
Lockheed Air Corp
6% 6% 1,500'
1
651
2,900
10
Lone Star Gal Corp
9
•
Long Island Ltg2
Mar
6
Aug
2
474 5;4 3,300
Common
•
Jan 9251 Nov
48
70 38
100 90% 9254
7% Preferred
37
Jan 8335 Nov
Prof class B
250 32
83
100 80
Oct
7
854 Oct
600 ▪ 234
Loudon Packing new _ _.•
751 8
954 May
454 Jan
151
Louisiana Land & Explor_l
9% 9% 12,100
2.34 Nov
33.4 Apr
2
100
Lucky Tiger Comb 0 M 10
2% 2%
Nov
Jan 118
89
70
I.udlow Mfg Associates_ .•
Aug
2634 Mar 42
800• 15
Lynch Corp com
36
5 35
Nov
June
RI%
534
1
Mengel Stores Corp
1,900
856
934
•
July 8554 Oct
12 47
634% pre w w
100
2154 Oct 3334 Jan
100 2134
Mapes Congo) Mfg
• 26% 26%
Marconi Internal Marine894 Nov
June
8
654
A merican dap recelpts_El
Oct
Feb
19
4
4
Margay Oil Corp
•
83-4 Nov
1%
Marlon Steam Shovel ____•
134 Mar
6% 8% 2,800
274 Nov
154 Jan
Maryland Casualty
400
2% 2%
Oct7234 Nov
851 56
Masonite Corp corn
1,395
67
69
2
Aug
Feb
1
Maw Util ASSOC etc
1%
1%
1,700
1
751 Nov
Massey-Harris corn
354 Mar
6% 6% 7,100
•
59
41
Nov
Jan
Mayflower Associates
.58 s59
250 38
May Hosiery MillsMar
4034 Feb 44
22
$4 pref w w
•
123.4 Sept1551 Jan
12
McColl Frontenac Olt corn'
954 Nov
351 Apr
1%
McCord Had & Mfg B •
7% 8% 2,700
McWilliams Dredging..-5 49
2114 Jan 5354 Nov
600 ▪ 1254
52%
354 Feb1134 Nov
Mead Corp corn
100
aye
• 10% 10%
Nov
Apr 90
500 4454 55
• 87% 88%
Mead Johnson & Co
Nov
6
134 Mai
1%
5,800
4% 6
Memphis Nat Gas com..-8
954 July 2794 Nov
8%
Mercantile Stores corn
100
• 25% 25%
Oct
70
Jan 95
100
60
7-0 preferred
554 Nov
4% 4%
54 Jan
Merritt Chapman & Scott•
800
34
Mar 4954 Nov
5%
8
654% A preferred_ _ _100
•
Mesabi Iron Co
54 Nov
'is May
% 2,700
'16
Metropolitan Edison•
RO
May
Jan 96
SR preferred
4634
New York Curb Exchange-Continued-Page 3
3510
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
Oct. 31
for
1935
Week
Range Since
Jan. 1 1935
Par Low
Low
High Shares Low
Mexico-Ohio Oil
•
4 Jan
4
Michlgan Gam & 011
2,700
24 3
154
•
154 Oct
Michigan Sugar Co
•
13T, 1
1
35 Mar
35
600.
Preferred
Feb
3
10
235
535 531
200
Middle States PetrolClassA v Se
55 Mar
35
4,700
•
254 335
Class B vie
31 Mar
4
Ns 2,900
55
•
Middle West UM eam
•
35
131 26,500
114 Jan
in
68 cony pref set A w w•
235 3
2,000
31 Apr
31
Certificates of del:I__ _•
314 Apr
2
1,200
4
331
Midland Royalty Corp74 Nov
4
$2 cony pref
200
•
831 9
Midland Steel Prod
Mar
5
631
• 1731 173.4
300
Midvale Co
Jan
35
• 4735 4735
75 1835
Mining Corp of Canada_ •
131, Mar
'
314
Minnesota Mining & Mb
Jan
12
, • 2034 2154
100" 754
Minnesota P & L 7% p1100 8854 8855
883.4 Nov
__
30
Miss River Fuel rights_
sit July
II,
Milial River Pow 6% pfd 100 107 108
Feb
82
100 65
635
Mock Judson voehringer-• 1731 1731
104 Mar
200
Mob & Bud Pow lst pref-• 78
804
275 3034 304 Mar
Mar
9
2d preferred
9
1
Molybdenum Corp
735 Jan
5,400' 24
1054 12
Jou
Montgomery Ward A_
127
• 1404 14154
200 9 56
Montreal Lt fit & PoW
• 35
263-4 May
3531
400 2655
Jan
Moody's Invest Service ' 37
23
37
100 164
184 Feb
12
Moore Corp Ltd corn
•
Jan
l'referred A
100
125
90
Mtge Ilk of Columbia335 Aug
American Shares
154
1
ti
ti
100
Mountain & Gulf 011
31 Feb
h
44 Jan
Mountain Producere____10
335
5
300
5
Mountain Sts Pow com_ •
34 Jan
55
1054 Mar
Mountain Ste Tel& Te1100 139 14054
100 100
Jan
72
Murphy(0 Ci Co
• 132 134
400 3134
Apr
112
105
100
8% preferred
Nachman-S prinfilled Corp'
National Baking Co corn .1
Na;; Belies Bees corn_ _ __ r
134 2
Nat Bona & Share Corp_ ..• 4334 4435
National Container Corp• 2434 26
Common
•
$2 cony pref
National Fuel Gas
• 1754 1835
National Investors oom_..1
2
231
I
$5.50 preferred
Warrants
1514
74
•
Nat Leather corn
135
154
National P & 1.56 pref _ • 77% 7934
Nat Rubber Mach
45,1
•
531
Nat Service common
35
1
35
Cony Dart preferred__ •
National Steel Car Ltd_ __• 1454 143.4
Nat Sugar Refining
• 26
2731
Nat Tea Co 53-4% pf _ _ _10
National Transit_ _ 12.50
94 931
Nat Union Radio Corp_ _1
31
1316
Nebraska Pow 7% pref _100
NehiCorp corn
431 434
•
•
let pre(
Neisner Bros 7% Mei__101
Nelson(Hermes)Corti_ 5
Neptune Meter claw A___• 1031 1031
Nestle-Le Nfur Co cl A_ •
Nay Calif Eiec com___ _100
731 7%
100
7% preferred
New Bradford 011
235 24
h
New Eng Tel & Tel__ _100
New Jersey Zino
25 724 7431
New Mex & Anis Land___1
135
135
New Haven Clock Co_.__•
935 935
Newmont Mining Corp_10 6431 6654
New Process corn
:
N Y Auct1on Co com
• 3431 3431
NY Merchandise
NY & Honduras Rosarlo16 38
4035
N Y Pr & LI 7% pre_ _ _100 10131 1034
• 93
$13 preferred
93
N V Shipbuilding CorpFounders shares
835 855
I
• 1635 1735
N Y Steam Corp corn
N Y Teel, 634% pref _100 118% 1194
N Y Transit
5
43,5 44
NY Wat Serv 6% pfd__100 65
65
Niagara Hurl PowCommon
84 935
lb
4
5,,
Class A opt ware
135
135
Class B opt warrants _ _
Niagara Share('lass B common
731 831
5
Class A preferred_ _100
• 2835 3055
Niles-Bement-Pond
NIDIsning Mines
234
234
5
Noma Electric
44 435
1
Nor Amer LI & PrCommon
34 355
1
• 3535 3835
$6 preferred
54
North American Match_ .• 52
No Amer Utility Securities*
335
33-4
Nor Cent Texas 011 Co 5
331
331
Nor European Oil com__ _I
916
31
Nor Ind Pub Her 6% pfdloo 7834 7731
83
7% preferred
100 83
Northern N Y Utilities
100 102 102
7% 1st preferred
735 754
Northern Pipe Line
10
Nor Ste Pow corn class A100 2055 2334
Northwest Engineering_ _• 1635 1735
NOvarlel-Agene Corn
• 364 3931
30
Ohlo BMW Co el B corn.... 29
Ohio Edison 68 pref
•
Ohio 0116% pref
100 10335 10331
Ohio Power 6% pref _ _ _100
Ohio P S 7% let pref _ _100
011stooks Ltd corn
5
Outboard Motors B eom.•
134
134
• 1131 1135
Class A cony pref
Overseas Securities
•
415
4
Pacific Eastern Corp...... I
PacIfIc CI & E6% ili pi _25 2854 2855
54% 1st pref
25 2635 2635
• 105 1057-5
Pacific Ltg $6 pref
Pacific P & L 7% prat_ _100
435
Paelne Pub Mery non-vot •
4
• 204 2035
1st preferred
Pacific Tin epee elk
• 41
4235
Pan Amer A irways____10 3934 4235
Pantepeo 01101 Venes
1
331
3
Paramount Motor
I
• 44
Parke. Davie & Co
4434
Parker Pen Co
10
Parker Rust-Proof corn • 7135 7735
Patchogue Plymouth Cp..•
• 40
40
Ponder 1) Grocery A
•
Class 11
Peninsular Telep corn.....' 1414 1435
Preferred
100 1073.41073-4
For footnotes see page 3513.
8,000
400
• 44
55
135
2834
Mar
55 Sept
135 May
2931 Feb
6
STOCKS
(Continued)
High
24 Nov
354 May
154 June
June
8
335
13,,
sit
355
331
Nov
Nov
Aug
Oct
Nov
10
3054
48
14
2154
8835
35
108
1831
83
4434
1455
14454
3531
x40
2234
137
Jan
Sept
Nov
Apr
Nov
Nov
Feb
Nov
Nov
Nov
Nov
July
May
Nov
Oct
July
June
434
716
535
1
1404
13735
116
Apr
Nov
May
July
Nov
Oct
Apr
1431 Nov
155 Oct
234 Jan
4453 Nov
26
35
20
235
86
1
133
8454
935
4
31
1654
35
934
1035
14
11331
6
514
11331
8
13
531
731
60
331
111
76
24
11
664
20
351
354
694
10335
93
Nov
Mar
Nov
Nov
Nov
Nov
Jan
Aug
Mar
Jan
Jan
Aug
Feb
May
July
Oct
Nov
May
Aug
Nov
Jan
Oct
Jan
Nov
Oct
Aug
Oct
Nov
Jan
Oct
Nov
Am:
Aug
Nov
Apr
Nov
Nov
435 Mar 134
435
1,200
22
12
1,000 12
May
11334 May 121
175 113
455
3
600
Apr
3
7735
4634 Feb
20 20
Jan
Aug
Mar
Sept
Aug
1855 June
10
July
30
29
114 Mar
6,700 1131
35 Mar
1,600
Si
Mar
55
35
M Feb
4
1,200
51 Mar
1,100
St
4655 Feb
900 32
44 Oct
2,300
2
716 Nov
1,500
35
h
31 Apr
May
15
100 1135
Oct
21
1,100 21
9
Apr
9
631 Feb
84
300
May
31
35
800
Nov
9654 113
231 Mar
31
100
July
50
31
Feb
2631 90
414 Apr
2
64 may
100
334
s 1
255 July
535 June
654
10
Mar
35
35
Feb
2
135
500
4 75
102
June
Apr
49
1,500 474
May
1
4
100
331 may
135
200
3431 Mar
6,000 34
Jan
1034
12
54
131 Feb
300 15
2531 Jan
Feb
200 1735 33
6134 Jan
80 59
10 5355
5335 Jan
250
235
1.1
34
235 Mar
19 Jan
35 Mar
1055 Nov
704 Nov
Nov
2
235
7 34
1,200
734
1,200• 135
1,100
Si
235 Mar
Oct
82
835 Mar
July
2
55 Jan
935 Nov
82
Oct
3434 Nov
Apr
3
63-4 Oct
35
15,400*
3
850
375 18
1,000
)i
100
134
37,300
II.
40 21
20 2035
gi
4.4
244
14
2
7a,
32
3834
mar
mar
Jan
Jan
Jan
Jan
Feb
Mar
455
4135
56
435
4
71e
7734
83
Aug
Nov
Oct
Aug
Nov
Nov
Nov
Nov
25 4535
300
435
3,200
64
3
600
3,600 "14%
50 9 10
454
800 8135
80
71
64
1,400
h
400" 35
131
2.300" 134
1,800 1855
100 •• 1631
575 Rs 19331
-70
91
300"
200" 134
200 10
3,100 3154
31
15,900
33-4
1,200 1931
4
1.200 "39
44
50 244
534
100
5
20 664
4535 Jan
531 Jan
034 Mar
54 Jan
184 May
Jan
19
Feb
70
Jan
89
8535 Jan
903.1 API.
991 Feb
55 Mar
335 Oct
14 Apr
Mar
2
2035 Jan
1834 Jan
71
Feb
Oct
70
May
1
734 Feb
Jan
25
June
36
134 Mar
335 Mar
324 Jan
17 June
Sept
39
1235 Oct
Feb
34
63i Sept
531 Mar
793-4 Apr
103
8
2755
20
40
33
104
108
1114
10431
123.4
335
1235
6
54
294
2735
10635
76
451
204
4534
4431
334
555
474
2731
80
1231
404
7
13
10734
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
9,200
1.200 7
1,200
2,700
Week's Range
of Prices
High
Par Low
Pa Cent It & Pow $2.80 lif•
$5 preferred
•
Penn Men Fuel Co
851 831
1
Pennroad Corp v so
335 4
1
Pa Gas & Elea class A _ __ _• 1831 1831
Pa Pr & 1.137 pref
• 1064 107.34
56 preferred
•
Penn Salt Mfg Co
50 1154 11631
Pa Water & Power Co____• 87
88
Pepperell Mfg Co
100 66
674
Perfect Circle Co
•
Philadelphia Co corn
1135
• 10
Philo Floc Co 65 prof
•
Phoenix SecuritiesCommon
435 431
1
$3 cons' pref set A___10 3931 4035
Pie Bakeries Inc com
10
9
•
Pierce Governor oom
735 831
•
Pines Winterfront Co_
5
Pioneer Gold Mines Ltd_ _ i
935 955
Pitney-Bowes Postage
Meter
731 74
•
Pitts Bessemer dr Le RR_50
Pittsburgh Forging,
1
654 635
Pittsburgh & Lake Erle_50 68
7031
Pittsburgh Plate (lime_ _25 9635 99
Pleasant Valley Wine Co_l
235
2
Pond Creek Pocahontas •
Potrero Sugar corn
354 354
5
Powdrell & Alexander_
• 214 214
l'ower Corp of Can corn...' 1034 1035
Pratt & Lambert Co.....' 3434 35
Premier Gold M ining _ _ 1
155
134
Prentice-Hall Inc
•
Pressed Metals of Amer.....' 1831 1935
Producers Royalty
31
9,,
1
Properties RealisationVoting trust Mts.33 1-3c 1635 17
Propper McCallum Hos'y •
7,,,
54
ProvIden.m Gas Co
•
Prudential Inyeetore
94 935
•
$15 Preferred
•
Pub Serv of (Ado7% 1st pref
100
Pub Serv of Indian $7 pre!• 30
32
$8 preferred
• 13
13
Publle Serv Nor HI corn- • 5331 5334
Common
80
6% preferred
100
7% preferred
100
Public Service Okla7% pr L prof
Inn
6% prior lien pref_ _ _100
Pub Utll Recur $7 pt pf_•
335 335
Puget Sound P & L$5 preferred
• 44
45
$11 preferred
174
• 17
Pyle-National Co
994 935
5
Pyrene Manufacturing--10
6
64
Quaker Oats corn
• 1414 1414
6% preferred
100 138 138
Quebec Power Co
•
Ity & Light Seca? corn . _. 17
1731
Rainbow Luminous ProdClass A
15,6
ti
•
Clams 11
35
sit
'
Raymond Concrete PileCommon
5
5
•
83 convertible preferred • 2235 2235
Raytheon Mfg y I o_ _50c
lted Bank (61 Co
334 4
•
Reed Roller Bit Co
41
• 41
Reeves(D)00m
•
74 77%
%
3,,,
•
Reiter-Foster 011
1135
Reliable Stores com
• 11
Reybarn Co Inc
331 355
10
Reynold,Investing
144
1
134
Rice Stir Dry Goods
• 11
1134
Richfield 011 pref
ti
h
25
Richmond Rad corn
335
3
1
Itocbest (1 &3:6% D pf 100
Rogers-Majestic class A- •
Roosevelt Field, Inc
24 24
5
Root Petroleum Co
335 4
1
$1.20 cony pref
20 1135 1154
Ronsia International
7,,
3,6
•
•
Royallte011Co
Royal Typewriter
4034
• 39
Russets Fifth Ave
5
RILStless Iron & Steel
331 4
•
Ryan Gonsol Postai _ _ _ _ •
14
1
Safety Car Sleet & LightlOb 8031 82
St Anthony Gold Mines_ _1
5,5
5,5
St Regis Paper cam
335
331
10
7% Preferred
100 52
54
Salt Creek Coneol 011____1
1115
11,5
Halt Creek Produoers _10
654 631
Savoy 011
14
1
•
Schiff Co corn
• 2935 394
Schulte Real Estate oom •
35
35
Scoville ManufacturIng_25 32
33
Scranton-Spring Brook
NVater Co $6 prof
• 37
37
Securities Corp General..
235
235
•
Seeman Bros Inc
Segal Lock & Hardware..'
131
134
24
Seiberling Rubber corn.....'
2
Selby Shoe Co
30
• 30
Selected Industries I noCommon
235 235
I
$5.50 prior stock
36 8234 84
Allotment certificates_
84
82
Selfridge Proy StoreeAmer dap ree_
1
235 24
Sentry Safety Control__ _. 1
35
35
Beton Leather corn
634 7
•
Shattuck Dann Mining _ _ _5
435 44
Shawinigan Writ & Power_• 204 22
Shenandoah Corp coin _I
14 24
$3 cony pref
25 3934 4235
Sherwin-Williams com_.25 12435 12635
6% preferred A A____1(X. 10635 108
Singer Mfg CO
100 297 301
Singer Mfg Co LtelAmer 'Sep record rev.£1
Sioux City O& E 7% p1100
Smith (A CD Corp corn
•
Smith (L C) & Corona
Typewriter v I a com _ _.• 177-4 20
Sonotone Coro
1
234 24
So Amer Gold & Plat
435 531
1
Sou Calif Edison5% original preferre(1.25 3555 36
Preferred 15
25 2731 2716
634% Pre:series C
211 2535 26
Southn Cob Pow 01 A _ _ _25
235
235
Southern Nat Gas com_.•
,
l
35
Southern N E Telep _ _ 100 13035 131
Nov. 30 1935
Sales
for
Week
July 1
1933 to
Oct. 31
1935
Range Since
Jan. 1 1935
Low
Low
Feb
24
24
Nov
65
67
54 July
255
100
131 Mar
26,100
131
934 Apr
100
8
40 744 8031 Jan
Jan
724 77
75 4214 76 34 Apr
400 414 5335 Jan
130 5234 524 Apr
• 21
31
Feb
Mar
4
4
1,700
11231 Nov
21 90
Shares
High
4154 July
July
70
11
Jan
435 Nov
204 Nov
10754 Oct
103
Oct
11634 Nov
8934 Nov
8955 Jan
4335 Oct
1355 Aug
11334 Nov
7,500
Si
500 1631
1,200
335
700' 1
3/
834
2,700
155
2754
831
2
35
835
Feb
Feb
Apr
Jan
Jan
Mar
44
48
12
834
44
1235
Nov
Aug
Aug
Nov
Oct
May
3,200
3 10
55
74
631
154
35
535
934
250
3,200
3.4
5
334
24
51
4031
235
184
Si
731
631
23
135
31
931
54
Mar
Mar
Jan
Feb
Apr
Nov
Aug
Jan
Jan
May
July
Jan
July
June
Jan
74
37
754
734
9954
3
2531
34
234
1151
3531
235
34
20
5,5
Nov
Sept
Nov
Sept
Nov
Nov
Feb
Nov
Nov
Nov
Nov
Apr
Nov
Nov
Jan
124
35
1031
435
59
1231
4
1031
44
83
1934
Apr
Mar
155
May
124
Mar 10
Jan 100
Aug
Feb
Sept
Nov
Sept
60
20
50•
•
9
•
00
8
5
931
9
28
38
90
8
5
1735
16
7835
77
Apr 102
Jan 36
Jan
15
Feb 5351
Feb 5231
A pr 102
Jan 83
Nov
Nov
Nov
Nov
Nov
July
Feb
30
81
54
31
81
May
Nov
87
31 Feb
231
29
2
51
3031
300
890
1,100
600
6,100
100
50
600
700
200
4,900
1,700
731
510
5
425
4
100
IN
1,000
20'100
10 111
13
455
450
H
slit
1,000
3,400
13
631
9
251
127
13234
13
651
97
92
4
Nov
Nov
Nov
Mar 494 Nov
Mar 2135 Nov
Nov
935 Nov
734 Sept
Jan
Jan 14131 Nov
July
Feb 147
Oct
Oct 13
Nov
Mar 18
9,6 June
7111 June
isle Nov
35 Nov
Jan
Jan
Oct
Nov
Oct
Oct
May
Oct
Nov
Jan
Jan
Aug
Oct
Nov
Jan
Nov
Sept
Nov
May
May
Nov
Oct
Nov
May
Nov
Jan
Nov
Nov
Jan
May
Nov
Jan
Sept
Oct
331
10
99
4
300
100 43
494
300
2,500
'I4
131
500
135
600
31
7,000
800 14 64
h
200
231
2,100
05
6
31
2,000
54
3,500
8
400
35
1.400
234
834
900
24
1,300 -94
300
225 36
Si
300
1
15,100
610 1735
716
200
1,400
5
34
300
100 13
35
300
275 17
34
104
91
55
41
435
%a
431
2
35
9
35
215
85
6
131
135
8
35
2331
1555
34
334
91
0034
35
1
174
'Is
535
51
2531
35
1994
5
Aug
Oct 25
Feb
3
h'et.
4
Nov 4331
Feb
8
31
Am*
Nlar
12
Apr
4
Apr
14
1234
July
July
135
Aug
434
A or 10335
Mar
931
24
Apr
Aug
434
Aug 12
7is
Feb
Aug 264
4435
May
Apr
9
4
Nov
Mat134
Mar 85
4
Aug
335
Mar
Mar 56
SeptI
Mar
74
Jan
174
3335
Mar
June
35
Mar 36
27
31
84
2,600
51
400 9 1
100 1534
27
31
4335
Si
1
28
Nov
37
Mar
Mar
334 Aug
Mar 50
May
134 Oct
Mar
Oct24 Jan
Apr
34
Jan
200
25
9
25
100
2,300
2,000
1,400
Si
38
3754
4 Mar
Mar
48
4614 Mar
235
154
400
31
35
300
331
315
900
134
134
6,800
1191
400 1434
4
34
1,900
1231
1,000 12
1,750 3254 84
410' 9035 106
235
60 119
1,100
5,700
43,300
24 Oct
Nov
86
8535 Nov
Sept2.4
55
Jan
7
Mar
431
Jan
2234
May
24
Apr
Mar 4255
Jan 12835
Aug 1131-4
Mar 301
Jan
Nov
May
Nov
Nov
Nov
Nov
Nov
mat
July
2
40
1534
255 Feb
7435 Oct
Jan
38
34 Aug
Nov
77
72
May
335
1
131
Feb
6
1
Apr
335 Apr
244 Oct
34 Oct
531 Nov
2834 Jan 394
150 '726
1734 Jan 284
1,100 1555
1575 Jan
2635
1,600 "1454
Jan
435
1
34
100'
31
16,500
tie Nov
Mi
Jan 131
104
30 100
July
Oct
Oat
Aug
Aug
Nov
New York Curb Exchange-Continued-Page 4
Volume 141
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Range Since
Jan. 1 1935
Low
High
High Shares Low
Par Low
5
4% 434
Southern Pipe Line
10
Sept
34 Jan
100
h
1
Apr
Southern Union Gas corn..•
31 Oct
434 Jan
200
64 631
434
Southland Royalty Co.__1
5% July
21% Mar 304 Nov
South Penn 011
25 28% 3031 3,200 154
444 Nov 524 Feb
50 48
100 3434
49
So'west Pa Pipe Line
Spanish A Gen Corp4 June
Am dep rots ord bear_ £1
fi Oct
31
II. Sept
tis Apr
51
716 1,600
Am den rcte ord reg £1
4031 414
May 44
1,100 19 70c 17
Square D class B com____1
Oct
29
• 294 304
250 12 3
Oct
Class A prat
May 40
•
331 Oct
IN Apr
Stahl-Meyer Inc com_
151
.
34 Jan
1,100
31 Aug
Standard Brewing Co
31
34
34
294, Mar 3534 July
75 23
Standard Cap & Beal com _E 334 3334
Standard Dredging Co9
•
44 Nov
Common
234 Aug
3-1
17
531 July
50 9 1%
Cony preferred
• 1334 1334
Oct
104, Apr
32
150 10%
Nov
Stand Investing $5.50 pf_• 3034 3134
18
24
Jan
1,900 13%
Standard 011
10 21% 22
Nov
12
731
Standard 011(Neb)
400
114
25 II
May
731 Mar
1,600 114
Standard Oil (Ohio) corn 25 204 21s
114 Mar 234 Nov
89
200 7635
95
100 94
9% preferred
Sept 9934 May
•
1
231 231
Standard P & L corn
Aug
Mar
1
1,000
5
131
•
431 Aug
54
Common class B
4 Apr
231 3,500
8
Oct 22
•
8
Preferred
Nov
34 Apr
Standard Silver Lead
3
5,300
June
9I6
3.4
34
2,800
Starrett Corporation
1
Apr
31 Oct
2
3
10
2,400
6% preferred
Si Mar
54
34 Apr
•
424 Mar 504 July
32
Steel Co of Can Ltd
5
144 July
Stein (A)& Co coin
•
936 Mar
103
80
Jan 107
100
Feb
6'.4°8 preferred
2% 24
100
234 Nov
•
Sterchl Bros Stores
334 Nov
100 H 2%
3
1
sterling Brewers Inc
4
Apr
Oct
334 34
104 June 21
350
Stetson (J B) Co corn.._* 20
731
2034
Nov
134 May
2
1
Stinnes (lingo) Corp
6
Jan
22
•
631 Jan
Stroock (5)&Co
Nov
3% Feb
14 7,800
134
,•
Stilts Motor Car
31 Sept
3-6
10
154 Sept
1,500
.• 134 14%
Sullivan Machinery
Mar
5%
64 Nov
234 Mar
100
234
6
6
•
Hun Investing corn
40
Mar 4834 Nov
34
•
$3 cony preferred
2,4 Oct
231
234 10,300
11 Apr
31
Sunray 011.
1
25
2134 36,200 35 2.10 104 Jan
June
Sunshine Mining Co10c 20
19
18)4 Sept
Sept
9 5%
Sutherland Paper Co_ _10
24 Mar
6
13i
Nov
SwanFinch 011 Corp_..__ 15
27% Sept 3631 Apr
Swift Internacional
15 3131 334 6,900 • 19%
300 3234 44
Oct 6836 Feb
5534
Swim Am Elm pref____100 55
2
331 May
1
Feb
1,300
24 3
Swiss Oil Corp
1
89
Apr 100
89
Aug
Syracuse Ltg 6% pref__100
Si June
431 Nov
4
431 3,300
•
31
Taggart Corp corn
300 214 2234 Mar
3531
Tampa Electric Co corn_ • 35
384 Nov
34 Nov
51 July
3% 334 7,300
Tastyeast Inc cl A
1
27
11% Jan
734
June
l'echnIcolor Inc corn
• 1734 1931 8,400
34
431 5,900
394 Jan
431
434 Mar
Teok-Hughes Mines__ _ 1
48
45
Feb 78)4 July
Tenn El Pow 7% lat of 100
31 Jan
'le July
Cl'
Tenn Products Corp corn•
236 July
44 May
231
24 331 39,100
Texas Gulf Producing _ _ •
70 75
Oct
75
Feb 104
Texas P & L 7% pref__100 103 104
6
4%
1,100
6
6
Mar
Tenon 011k Land Co__ •
6% Jan
2231 May
250 20
694
6931 Nov
Thermold 7% pref
ioo 65
100 373.' 60
66
66
Tobacco Allied Stocks_
Mar 704 Nov
6,300
44 Nov
331 4
134 Feb
64
Tobacco Prod Exporta-•
Tobacco Securities Trust
1931 Apr
24
184
Jan
Am dep rots ord reg_-£1
7
5
July
5
Am dug rats dot reg.
Jan
234 Jan
100 18
34
34
Todd Shipyards Corp-- • 34
Nov
51
68
Jan 104
Nov
Toledo Edison 6% met 100
584 83
Jan 109
Oct
7% Preferred A
100
ti Apr
4 Apr
Tonopah Belmont Devel_ 1
'16
500
14 Apr
31 Feb
64
Tonopah Mining of Nev__1
91631
Trans Lux Plot Screen2
8,400
434 Nov
4
43.1
134
1
Apr
Common
231 Sept
4 Mar
2
231 2,700
34
Tri-Contlnental warrants
Triplex Safety Glass Co194 Nov
11% 164 July
Am Sep rcts for ord reg _
104 Oct
9 74 104 June
Tr -State Tel&Tel6% Pf 10
9
631 Oct
Trona Pork Stores
Jan
651
•
3
Apr
2,100
634 7
Tublze Chatillon Corp_ __I
84 Oct
29
1034 July
94
1,100
Nov
2434 2731
Class A
1
12
331 Apr
231
2,700
11
12
Nov
Tung-Sol Lamp Works.. 1
29
4836 Nov
Jan
300 12
• 4634 4731
$3 cony pref
24 Mar
4
Sept
200
2
2A
235
Unexcelled Mfg Co
10
Oct
194 Mar 26
16
Union American Inv'g_ •
4
300
94 931
May
•
9.% Nov
Union Gas of Can
4 June
Un 011 of Calif rights
Si June
3-4
34 Jan
'16
916 1,000
Union Tobacco corn
•
31 Jan
6
4
33.6
50
June
Union Traction Co
Apr
United Aircraft Transport
9
500
834
10
a
331 Mar
Warrants
Oct
100
734 74
73.1 July
24 Mar
231
United Chemicals com___•
13
•
Aug
214 Apr 40
$3 cum & part pre
3,400
131
131
'Orp warrants__
081 Aug
31 Mar
54
200
United Dry Docks Corn -•
7111 Jan
'ii Apr
4 Mar
United Founders
5.4 8,100
131 Aug
61
15,500
I
"
3"
United Gas Corp corn
4% Sept
64
34 Mar
• 7834 80%
1315
1,700 15
Pref non-voting
84
Ma
Sept
Option warrants
54
34 Mar
•is "16 3,700
titi Aug
United (1 & E 7% pref _100
64
46
Jan 85
Nov
234 3% 10,300
United Lt A Pow corn A__•
34 Aug
S4 Mar
44
1
400
4
Common elms B
••
1
Feb
7
Sept
214 25
11,000
$6 cony 1st pre
3%
2531 Nov
34 Ma
United Milk Products_ •
3
3
44 July
Jan
•
20
$3 Preferred
20
Jan
394 Nov
United Mo.ames
6ep rct5 ord ref...£1
5
5
700
431 Jan
231
54 Jan
United N J11.11 & Canal 100
251
194
Oct 251
Oct
11%
134
United Profit-Sharing_•
1,900
34 Mar
36
I% Apr
Preferred
i0
6
Sept
9
731 Felt
8534
United shoe Mach corn .20 85
675 47
70
Jan 80% Nov
40 30%
211 39,4 40
36
Preferred
Jan 404 Aug
1.1 S Dairy Prod class A. •
31 Oct
34 Sept
400
Class II
3i July
s,s Feb
U iii lee Pow with warr_ _1
Si
*1
16
3! 9,000
Si Jan
Si Aug
Warrants
'az Jan
312 Jan
1
•
1
400
2
U s Finishing corn
54
Jan
51 Mar
531 531
100
50
5
Preferred
5
Oct
551 Nov
184 1934 5,600
1034 Mar
531
2034 Nov
H Foil Co class 11
15.4 2
•
2,200
54
2
Aug
54 Mar
U S Intl Securities
• 7531 8031
1,100 3934 414 An, 80% Nov
let pref with warr
134 14
200
131 Nov
31 Apr
U 14 Lines Net
10
5 1451
30
Mar 3854 May
US Playing Card
5
54 3,000
5‘i Nov
13-4
14 June
US Radiator Corp corn.-•
do 264 39
1,750 16
10
July 39
7% preferred
Nov
34 Feb
64
S Itubber Reclaiming
1% Aug
34 Mar
h
"16 3,200
31
United Stores v t
14 Jan
231 3
3,000
2h Oct
24
43.4 June
Un Verde Extension___50c
331 34 27,000
2*
1% Aug
1
3% Nov
United Wall Paper
a/ 1.20
liniversal Consol 011._ _10
331 Jan
6)4 Feb
8
7
54
19
Jan
Universal Insurance
Aug
64 8
600
2
Aug
Universal Pictures corn__ 1
8
Nov
24
2536
800 ,9 44 13
July
Universal Products
2731 Oct
1,700
July
Co
-5
,1
54
Mining
54
Utah Apex
Si
14 Jan
325 1311
46
16
Jan
Utah Pow & LS $7 pref...• 43
5231 Nov
9
%
Aug
3
1
•
Utah Radio Products_
Oct
84
Apr 100
77
Utica Gas dr Eine 7% 0.100
Aug
4
44 1,500
31 Mar
31
5% Nov
Utility Equitlee
• 7534 76
175
30 4361 Jan
78
Priority Mock
Nov
h
•
134
1
500 g
31 May
Utility & Ind Corp
1% Aug
34
3
1
1,000
•
Mar
Cony preferred
436 Aug
14
7,300
1
1
154 Aug
Utll Pow A Li corn
34 Feb
33,
1
150
15
100 15
34 Mar 1731 Nov
7% preferred
For footnotes see page 3513
3
; 4
STOCKS
(Concluded)
Week's Range
of Prices
3511
July 1
Sales 1933 to
for
Oct. 31
Week
1935
High Shares Low
Par Low
1)4
Venezuela Alex 011 Co._111
800
134 134
34
Venezuelan Petroleum_ __5
U 314
Va Pub Serv 7% prat __100
100
Virginian fly
• 1434 1431
231
300
Vogt Manufacturing
•
6% 7% 9,500
Waco A!reran Co
•
Wahl (The) Co corn
•
Walt* A Bond el A
800
2
36
2
Clams B
31
Walgreen Co warrants__
34 3,400
9l6
•nr
1
Walker Mining Co
Walker(Fltram)-Gooderhin
• 3034 324 7,100 204
& Worts Ltd corn
600 1231
174
• 17
Cumuli preferred
32,900 124
19
22
1
Wayne Pump corn
1
Wendell Copper
34
31 8,300
2
200
5
5
1
Western Air Express
150 17
Western Auto Supply A • 4434 45
6236
Western Cartridge pref_100
Western Maryland RY
50 85
70
7% let preferred____100 66
10 65
Western Power 7% pref 100 104 101
64
300
17
17
Tab
&
Stat
v
t
(1_•
Western
21 431
•
Westmoreland Coal Co
22
West Texas Util $6 pref •
Westvaco Chlorine Prod100 60
100 10234 10331
7% preferred
34
431 436 2,500
West Va Coal A Coke.__•
7
&Co
Williasni(R
231
100
winos's 011-0-Matic Heat _* 1231 1231
1,300
34
Wil-lcxy Cafeterias Inc- _ -1
5.4
51
231
2,000
•
534 7
Con? preferred
• 2634 264
100
Wilson-Jones Co
161
•
Winnipeg Electric
26h
pre1100
Wise Pow & Lt
2
SOO
534 .534
1
Woodley Petroleum
Woolworth(F W)Ltd. fa 23
284 1,000 174
Amer deposit
59-6
rctmLt(1 •
714 714 13,300
Wright-Hargreaves
2,500
13.4
15-4
Yukon Gold Co
Range Since
Jan. 1 1935
Low
134 Mar
ris Jan
88
Nov
67
Nov
8
Jan
34 Mar
2
Aug
431 Feb
35 Mar
34 Oct
4,1 Jan
High
8
May
231 Oct
88
Nov
Nov
76
17
Aug
731 Nov
4
Sept
11
Nov
2
Nov
151 Feb
134 Sept
2231
164
1231
lig
2
4431
98
Oct 3434
184
Jan
Aug 22
Si
June
Jan
53,1
Nov 6031
Jan 102
Nov
Mar
Nov
Mar
Oct
Mar
July
4631
7431
12
7
28
Mar 70
Mar 107
174
Feb
12
June
Jan 55
Nov
Nov
Sept
Aug
Nov
99
3
7
3
Si
24
18
131
6231
33,1
Jan 105
631
June
174
July
1331
Apr
Sept1
7
June
Jan
2734
14
July
Nov 6231
Jan
631
June
Oct
Jan
Nov
Nov
Nov
May
July
Nov
Sept
24
Mar
631 Aug
Mar
2834 Nov
10
Mar
24 July
BON DS11
Oct
Jan 107
10431 1044 2,000 864 102
Abbott's Dairy
Alabama Power GO884
Jan
1054
Nov
63
31,000
1946
1044
let & ref 55
10551
58,000 544 8331 Jan 1014 July
1951 10051 101
let & ref 5s
834 Jan 10131 July
1956 99
9931 3,000 65
lst & ref 55
Jan 955.4 July
1968 92
924 3,000 4734 73
let & ret de
July
1967 8334 844 21,000 444 664 Jan 90
let & ref 315
Sept
23,000 9251 1954 Jan 108
Aluminum Co 5 f deb 55 52 10631 107
9731 Jan 104
Aug
30,000 59
Aluminium Ltd deb 5s 1945 10234 103
534 Aug
131 July
131
17,000
24 3
Amer Corn'ity Pow 534s 53
736 Mar
1751 July
736
1431 6,000
Am El Pow Corp aeb 8s'57 14
Oct
894 Jan 107
Amer 0 & El deb 155 2028 10551 1063.1 110,000 81
46
Nov
Jan
1
2,000 134 18
Am Gas & Pow deb 65_1939 4431 45%
4114 Nov
174 Jan
3,000 1231
40
1953 40
Secured deb 55
Am Pow & 1..8 deb 68_2016 9131 9334 92,000 384 5031 Jan 9631 Oct
Feb
4,000 9731 1034 Jan 106
Amer Radiator 434s.1947 105 10531
9431 Apr 1044, Nov
Am Roll 51111 deb 55_1948 10331 10431 60,000 62
74
Jan 10034 Nov
Amer Seating cony 6e_1936 100 10036 7,000 41
Jan 10631 May
101
Appalachian El Pr 519_1956 105 10556 59,000 64
Slur
10534 Feb 109
1,000 99
Appalachian Power 0e_1941 108 108
1134 Nov
844
Jan
58
2024
Dobai!
July
7331 Jan 98
Arkansas Pr & LS 55_1956 9631 9751 124,000 50
614 91,000 204 2936 Feb 6431 Nov
Associated Elm 44s__1953 60
Associated Gas & El Co1451 Mar 4534 Nov
1938 4131 423,1 17,000 12
Cony deb 5341
13
Nov
Feb 37
931
5,000
Cony deb 434e 0_190 31% 33
11
Mar 37
Nov
911
1910 314 333.1 143,000
Cony deb 4344
1231 Mar 3934 Nov
1951) 324 354 144,000 11
Cony deb 55
Nov
12
Mar 39
1968 3231 3531 103,000 1131
Debts
Nov
13
Mar 33
2,000
34
34
Registered
44
Nov
1434
Mar
11
4,000
37
39
1977
Cone den 5561
Apr 77
Oct
1950 75
754 7,000 3836 60
Assoc Rayon 15.5
5731 Jan 7831 Nov
7831 27,000 34
Assoc T & T deb 5315 A '55 77
Nov
144 Jan 32
9
83,000
Assoc Telep M11545_1944 304 32
144 Jan 3211 Nov
8
324 25,000
Certificates of deposit. 31
75
Nov
Jan
20
7,000 134
75
1933 68
6"
72
Nov
Jan
11,000 134 20
6831 72
Cthi of deposit
Nov
78
Mar 95
27,000 47
95
Atlas Plywood 5 45.-1943 94
Baldwin Loco WorksNov
83 112,000 324 324 Apr 89
with warrants.„1933 79
7831 431,000 3034 304 Apr 814 Nov
65 without warr____1938 73
Bell Telco of cantos10934 Mar 11534 Apr
las M 55 series A___1955 112% 1134 23,000 98
11134 Feb 1184 Aug
16,000 97
let M 0* series B___1957 11434 115
July
1960 116 11634 4,000 974 11231 Jan 120
55 serial C
July
126% Jan 138
102
6s_1998
Steel
Bethlehem
13,000 7661 10211 Jan 10734 Oct
Binghamton L H & P 56'46 10534 106
Birmingham Else 4515 1008 9034 9031 27,000 454 6931 Jan 9136 Aug
Jan 804 Aug
Birmingham Gm 68_1959 754 7631 21,000 3834 66
Jan
May 109
Boston Cons& Gm 55_1947 1064 10534 5,000 1024 106
9134 Aug
70
Jan
29
4,000
88
89
58_1954
Pow
River
Broad
16,000 1024 10631 Aug 10934 Jan
Buff Gen Elm 5s ____1939 107 107
105
Apr 110
102
May
1956
Gen & ref 5s
July
97
Apr 103
Canada Northern Pr 55 '65 1013(10131 37,000 71
Slur 1124 Jan
105
11131 51,000 98
Canadian Pao Ry 65..1942 111
Nov
10.54
Jan
8834
65
41,000
10431
104
Adminis
58_1953
Capital
9836 75,000 464 834 Jan 10054 May
Carolina Pr A Lt 5s___1956 98
Aug 1134 Aug
5,000 94% 109
Cedar Rapids M & P 55'53 11231 113
Jan I 0531 Oct
724 89
Cent Ariz Lt A Pow 551960
Star 4454 June
334 39
Cent German Power 631934
Apr 1094 Mar
100
2,000 911
Cent III Light 5s____1943 10731 108
Central III Pub ServiceNov
7634 Jan 101
1956 100 10031 24,000 50
55 series E
Jan 9434 Nov
let & ret 4345 ser P.1967 9334 9436 83,000 454 67
75
Jan 9934 Nov
1968 98
994 35,000 49
deserts@ G
6731 Jan 9431 Nov
1981 034 9431 31,000 46
434% series Ef
Oct
101
Jan 106
5,000 80
Cent Maine Pow 58 D_1955 1054 10531
9531 Jan 10331 Nov
1957 10331 1034 2,000 72
434s series F
July
984
72
Jan
554
65,000
Cent Ohio Lt & Pow 551950 96
97
Jan 8751 July
Cent Power 55 ser D 1957 864 8731 32,000 374 59
Aug
Cent Pow & Li lat 53_1966 8131 8331 99,000 3734 594 Jan
Nov
26
Mar 65
74,000 25
Cent States Elea 51_1948 634 65
1954 63% 6534 205,000 2531 254 Mar 6731 Nov
53.4s el-We.17
7154 Aug
4836 Jan
52,000 29
Cent States PAL 5344.'53 6651 67
9231 Jan 1054 Juiy
4,000 62
Chic Dist Elm Gets 448'70 10434 105
Union
Stk
ChM Jct 117 &
1054 Jan 1104 May
1940 108% 10831 2,000 9 90
Yards 5s
Aug
10,000 51% 8731 Jan 103
Chic Pneu Tools 545_1942 10234 103
June
6531 Jan 80
43
16,000
724
72
1927
Chic Rye as ott4
Feb 894 Aug
8731 3,000 404 58
Cincinnati St Ry 536s A '52 87
Aug
6634 Feb 93
1955 8934 8934 5,000 47
68 series B
80,000 2834 30% Mar 6931 Nov
1966 6536 67
Cities Service 55
1950 65
Cony deb 55
679-4 411,000 28% 29% Feb 7054 Nov
58,000 434 634 Jan 954 Nov
Cities Service Gas 53.16 '42 9431 95
Cities Sezvice Gas Pipe
844 Jan 10331 Nov
1943 10131 10331 38,000 55
Line 6s
264 Feb 6631 Nov
Cities Seri. P & L 534.1952 6036 63 196,000 2636
274 Feb 6636 Nov
50,000 2734
1949 6031 63
53.4.
Feb
334 Aug 47
33
Commerx & Privat 53-Is '37
Commonwealth Edison1st M 5s series A___1953 111 11131 7,000 8631 10931 Jan 1133-I July
Jan 1134 Nov
lst M 5a series B___1954 11234113% 23,000 8634 109
7,000 803i 1054 Jan 11331 Nov
1st ahe series O___1956 1123-4 11254
Nov
let 445 eerie( D__1957 112 1124 25,000 7931 10431 Jan 113
series F___1981 105 1054 132,000 694 9431 Jan 10534 Nov
let M
1965 1024 10231 73,000 98% 984 Aug 10364 Oct
34s series II
_
New York Curb Exchange-Continued-Page 5
3512
BONDS
(Continued)
Week's Range
of Prices
July 1
Sales 1933 to
for
Oct. 31
Week
1935
Low
High
I
Com'wealtb Subsid 5555'48 102% 103% 43,000
Community Pr & LS 561967 6334 6635 64,000
Connecticut Light & Power
1951 12515 12555
1,000
75 scrim A
4545 series C
1966
55 eerie! D
1942 10731 107% 2,000
Conn River Pow Sc A 1952 10555 105% 7,000
Consol Gas (Balt° City)Is
1939
1,000
Gen mice 434i
1954 1204 1204
Como!Gas El LS & P(Bait)
let refs f 415
1981 108% 108% 1,000
Congo] Gas US11 Colel & coil 68 ser A__1943 884 89
16,000
Con,deb 654g w w AS-IS 22
2755 30,000
Consol Pub 74setmp_1939 9534 9544
1,000
35,000
Consumers Pow 1356_1958 1074 104
let & ref 58
1936 100% 100% 12,000
844 276,000
C014'1085,5 El be_ _1956 83
Crane Co 6s__ Auil 1940 103% 103% 9,000
1940 102% 103
Crucible Steel 55
28,000
Cuban Telephone 734.1941 8631 8631 2,000
Cuban Tobacco Ea _ _ _1944
Cudahy Pack deb ef-55 1948 102% 1023-4 2,000
Cumberld Co P& L 445'55 106 1063.4 10,000
Dallas Pow & LS 61 A-1949 1084 108%
1,000
1962
Miseries C
Dayton Pow & LS 58_1941
Delaware El Pow 548__59 103 103% 14,000
Denver Gas & Elea 55_1949 10734 108% 3,000
Derby Gas & Elea 58_1946 9835 99
8,000
Del City Gas 6e sm. A_1947 105% 1054 5,000
1950 100% 102
be 1st series B
58,000
Detroit Internal Bridge455 534 4,000
Aug. 1 1952
634e
4
435 9,000
Certificates of depoelt_
%
31
1,000
Aug 1 1952
Deb 75
55
35
Certificates of deposit_
1,000
Dixie Gulf Gas 648_1937 101% 101%
1,000
1967 106 106
Duke Power 445
2,000
Eastern Utll Invest 54_1954 1714 18
5,000
ElecPower& 11ght55_2030 694 72 157,000
Elmira Wat_Lt &RR 55'58 101% 102% 3,000
El Paso Elea be A---1950 10455 10435 4,000
El Paso Nat Gas 641_1943
10455 10515 2,000
With warrants
1938
Deb 0145
Empire Diet El 5l_-__1993 9754 9734 45,000
Empire Oil& Ref 5358 1942 77
7934 37,000
Ercole Mersin Elea Mfg1963
645 A ex-wan
Erie Lighting Sc
1967
European Elea Corp Ltd1965
634s x-warr
European Mtge Inv 74 C'67
Fairbanks Morse IS.A942 102% 102% 8,000
Farmers Nat Mtge 75_1983
Federal Sugar Ref 65 _ _1933
2
2% 6,000
Federal Water Serv 535.54 7434 7634 40,000
Finland Residential Mtge
Banks 618-55Stampe(11961 9934 99% 2,000
Firestone Cot Mills Se '415 103% 104
20,000
Firestone Tire & Rub 6842 104 104
1,000
First Bohemian Glass 7s '57 92
92
2,000
Fla Power Corp 445_1979 9734 9935 44,000
Florlda Power 45 Ls 58 1959 904 90% 142,000
Gary Elea & Gas Is 585-'44 87
8931 16,000
Gatineau Power let be 1956 86
8835 85,000
Deb gold 6e June 15 1941 744 7751 21,000
1941 74
Deb Miseries B
774 23,000
General Bronse 68_ _ _ _1940 9755 98
5,000
General Pub Seri,54 __1953 97
974 13,000
Gen Pub Utll 655s A_1958 7654 78% 45,000
General Rayon fie A__1948 48
48
1,000
(len Vending 65 ex war '37 20
21
3,000
Certificates of deposit_ _ _
20
2055 10,000
Gen Wat %Vice & El 58_1943 804 8251 14,000
Georgia Power ref 56_1967 9731 98% 101,000
Georgia Pow & Li be_1978 80
82
29,000
Gestural 65 x-warrante 1953
Gillette Safety Razor 65 '46
Glen Alden Coal 48-1965 914 9231 103.000
Gobel (Adolf) 6354_193o
with warrants
8234 83% 36,000
Grand Trunk Ry 6555 1936 100% 1005.5 16.000
Grand Trunk West 43_1940 02
92
2,000
Gt Nor Pow 58 stinp_1919, 1064 107
5,000
Great Western POW 551946 10834 10834 30,000
Guantanamo & West 6516
Guardian Investors 5s_1946 58
583-4 14,000
Gulf 011of Pa ,5.s
1947 106% 107
3,000
Gulf States Utll 68-19513 105 107
98,000
4345 merles B
1961 102% 103
16,000
Hackensack Water 55_1936 11034 11044 1.000
&series A
1977 10455 104%
5.000
Hall Print 68 atm p_ __ _1947 74
7534 26,000
Hamburg Elea 7s_ _ _ _1935 4015 4035 1,000
Hamburg El Undergrouno
1933
& St Ry 5555
Hood Rubber 541____1935 10015 1004 2,000
1956 104% 105
27,000
74
Houston Gulf Gas 65_1943 1044 105
30,000
6,000
635. with warrants_ 1913 963.4 98
Houston Light & Power1st 68 sec A
1953 105 10555 11.000
1st 415s tier D
1078
1st 455s ear E
1981
Hungarian-hal Bk 755s '63
Hydraulic Pow 58__1950
Ref.', Impr 5s
1951 106% 107
3,000
Hygrade Food 65 A _ _ _1949 .5855 5855 2,000
1944
fie series El
laaho Power 5e
1947 10751 107% 4,000
Illinois Central RR 65 1937 66
73 289,000
III Northern U0155_1957 106% 107
12.000
Ill Pow & L 1st 65 ser A '53 99 1004 56,000
1st & ref 64e ser B_1954 9534 96% 27,000
1st & ref 55 ser C.,1958 9231 9254 87,000
13 f deb 5155 ...May 1957 853-4 8655 12,000
Indiana Electric Corp65 serie5 A
1947 9434 96
8,000
6558 series B
1953 98
99% 3,000
Miseries C
1951 86
86% 15,000
Indiana Gen Serv 5s_ _1948
Indiana Hydro-Elea 55 '56 9131 9334 10.000
Indiana de Mich Else 51 '65 105 10534 13,000
be
1957
Indiana Service 55.-1950 67
68% 30,000
15t lien & ref 5s_ _1963 6655 6735 12,000
Indianapolis Gas 5s-4-1952 9734 98
21,000
Ind polls P & I. 51 Ner A '57 105 1033-4 37,000
Intercontinents Pr 6s_1948
International Power Sea1965
63-41 series 0
55
1957 55
2,000
75 twice E
1952
75 ended F
International Salt 5a_1951 107 1074 10,000
International Sec 53._1947 923-4 9655 354,000
For footnotes see page 3513.
Low
54
334
112
9834
102
8753
Range Since
Jan. 11035
BONDS
(Continued)
High
Low
Oct
Jan 105
85
5134 Mar 7315 Aug
119%
10854
1054
103%
103
11034
994 11435
Jan
Jar
Oct
Jan
1254 Nov
July
110
10955 Jan
106% June
Oct 113
Jan 122
May
July
112
July
33
434
70
88
100%
33
774
6034
60
35
102
65
100%
94
994
65
9255
5634
76
6734
51
134
87
106%
100%
42
102
9554
614
38
10231
9534
106
10451
105
864
1054
83
99
914
Jan
Jan
Mar
Sept
Nov
Jan
Jan
Apr
Mar
Aug
Nov
Jan
Sept
Feb
Nov
Jan
Jan
Jan
Jan
Jan
89
274
100
109%
104
86%
10455
10315
8634
56
1074
1064
11034
10751
109
103%
110
994
106
102%
Nov
Nov
Nov
Mar
Jan
Nov
Nov
Oct
Nov
Oct
Feb
Nov
Mar
Aug
Mar
Nov
July
Nov
Nov
Nov
234
115
3
2
3,5
Jan
Jan
Jan
Mar
Aug
Jan
June
Feb
Jan
Jan
734
7
253
131
103%
1084
18
76
1024
105
Apr
Apr
Apr
Apr
May
Mar
Nov
Nov
Oct
Oct
8855 1064
51
34
76
85
10
22
65
64
5635
25
46
41
46
78
65
24
58
3834
133
15
4
1014
105
10
334
8515
8935
91
904
67
54
46
100
65
34%
964
454
14
3135
Jan
Jan 10534 Oct
Oct
Jan 102
9755 Nov
Jan
79% Nov
Jan
Oct 69
'Jan 10615
Apr
Aug 98
Apr 5534 Jan
July
Jan 104
Aug 5555 Jan
255 May
Feb
Nov
Jan 78
984 Mar 100
88
85
10234 June 10614
Apr 1054
103
89
Nov 92%
92
61
9934
Jan
76
48
4451 684 Jan 9155
91
634 634 Jan
7931 Apr 9955
7115
Apr 9934
60
60
594 5915 Apr 9834
8134 Mar 99
55
Mar 98
54
74
81
2355 5154 Jan
Nov 6751
38
48
23
Jan
4
2
23
Jan
4
2
5611 Jan 8415
38%
5431 8154 Jan 100
40
5634 Jan 83
3154 May 5615
30
93
10114 Sept 10554
8431 Jan 93
53
69
984
63
102%
934
10
24
97
62
55
9831
98
60
37
70
10051
8634
10215
107
1734
25
105
9434
874
10855
1044
60
37
28
55
65
40
2934
30
84
87
93
76
9134
79
80
42
1003.4
100
404
42
88
60
8234
48
46
4234
3211
10355
10134
104
42
11154
105
47
50
105
80
1024
7604
6934
6635
57
Jan
Oct
Apr
Nov
Oct
Feb
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Nov
July
June
9355
10534
95
10851
10951
624
63
107%
107
103
1114
10655
7755
51
Apr
Mar
Mar
Oct
Nov
July
Nov
Jan
Jan
Ian
Nov
Nov
Aug
July
Oct
Nov
Aug
July
Nov
Jar
Feb
Sept
Feb
Jan
Aug
Aug
Oct
May
Aug
Jan
Nov
Nov
July
Feb
Apr
Feb
Aug 4131 Feb
Jan 101% July
Nov
Jan 105
Nov
Jan 105
mar 994 June
Aug
Sept
Jan
Aug
Jan
Nov
Apr
Sept
Nov
Mar
Jan
Jan
Jan
Jan
Jan
107
105%
1064
55
114
108
6455
63
109
8031
10714
100%
974
94
89
Mar
Nov
Mar
Jan
July
Sept
Jan
Apr
may
Jan
Aug
Nov
Nov
July
Aug
Jan
644 64
Jan
58
68
Jan
45
60
93
10631 Oct
44
624 Jan
Jan
70
99
8855 1074 Jan
363-4 Jan
2351
22
3551 Jan
Jan
80
68
9735 Jan
73
14
14 Mar
964
9934
83
10751
95
10634
112
69
6854
1054
10551
44
Nov
Nov
Nov
Mar
Nov
Sept
July
Nov
Nov
Aug
July
Mar
4151
4151 Oct 7714 Jan
46
46
Oct 8554 Feb
49
49
Oct 8034 Feb
Apr
8334 10415 Apr 108
43
68.4 Jan 97% Oct
Interstate Irn & 811448'46
Interstate Nat Gas 69_1936
Interstate Power 6e__1957
Deboitiire Os
1952
Interstate Public Service58 series D
1956
44e merles F
1958
Invest Coot AmerSelectee A w w
1947
without warrants
lowa-N eb L & P 5s_1957
58 series B
1961
Iowa Pow & Lt 4 48_1953.
Iowa Pub Fiery 55
1957
Isarco Hydro Elea 74.1952
'gotta Franstilni 7s,,1942
Italian Superpower of De)
Deb fle without war_1963
Jacksonville Gas 58_1942
Stamped
Jamaica Wat Sup 5348'55
Jersey Central Pow & Light
55 series B
1947
445 aeries C
1961
Jones & Laughlin EISI Sc '39
Kansas Gas & Elea 65_2022
Kansas Power 4 -A947
Kansas Pow &58Lt 68A _'55
Si series B
1957
Kent ucky Utilities Co1st mile Se set H_196]
654s series 13
1948
548 scrim F
1956
58 series I
1969
Kirnbetly-Clark 58_ _ _1943
Kappets0 & C deb 511947
Sink lima deb 544_1950
Laclede Gas Light 8451935
Larutan Gas Corp 648 '35
Lehigh Pow Secur 611_2026
Lexington Utilities5e_1952
Libby Mall & Libby Se '42
Lone Star Gas 5s
1942
Long Island Ltg 65
1945
Los Angeles G& E 54 1939
55
1961
65
1942
5105We* F
1947
5 345 series F
1943
Louisiana Pow & Lt 551957
Lout/vibe(1&E 4555C 1981
Manitoba Power 548_195/
Mace Gas deb 51
1951
54e
1948
McCord Radiator & Mfg6e with warrants _ _1943
Memphie P & L ile 4_1948
Metropolitan Ed 45 E_1971
55 Series F
1962
Middle States Pet 6555 '45
Middle West UtIlitiee55 ctfa of depoelt_1932
be Mrs of den
1933
Is atte of lap
1934
5e efts of aepoelt
1933
Midland VallOY Es _ _ 1943
Milw Gael Light 4155_1967
MInneap Gas Lt 441_1950
Minn P & L 1341
1978
54
1955
Mississippi Pow be_ 195h
Mime Pow & Lt 55_ _ _1957
Misalealppl River iuel65 ex warrants
1944
Miss River Pow let 5e 1951
Missouri Pow & Ll 5555'bh
Missouri Pub Serv 55_1947
Monongahela West PennPub Sera 515 ser B _ 1953
Mont-Dakota Pow 5555 '4
Montreal LB & P Conlet & ref Is ser A _ _ _1951
Munson S 8 6550 ww_ _1937
Narragansett Elea tle A '57
55 series B
1957
Nassau & Huffolk 1.14 54 '45
Nat Pow & LS (18 4_2028
203n
Deb Sc merles 1L
Nat Pub Sem,55 ale_ _1978
Nebraska Power 448_198i
6e Pierian A
2022
Nelener Bros Realty 65 '48
Nevada-Calif Else 55_1956
New Amsterdam Ga 5s _'48
NE Gas.', El Asen 55_1947
Cony deb 54
1948
Cony deb Is
1950
New Eng Pow Amen 58_1948
Debenture 5Sis_ _ _ _1954
New On Pub 5erv55 stamped
1942
68 aeries A
1949
N Y Central Elea 534e '50
NY Penn & Ohio 451s 1950
NY P&L Corp let 44s'67
N Y State G & E 1550_1980
15154s
1962
N Y& Westch'r Ltg 44 2001
Debenture be
1954
Niagara Falls Pow 64_1950
Silence A
1959
Nliumn El Pow 648_1953
No Amer Li.', Pow 54_1936
534e series A
1956
Nor Coot Util 5%8_1948
No Indiana 0 & E 65_1952
Northern Indiana P8fie series C
1966
55series JD
1970969
4455eries E
No Ohio P & L 54e_ _1951
Nor Ohio Tree & LS 55 '511
No States Pr ref 4545_1961
554% notes
1940
N'weetern Elect 65_ _ _1945
N'westernPower55Algo(i
Certificates of depoeit _._
N'weetern Pub Seri,65 1957
Ogden Gae 65
1940
Ohio Edison 1st 65
1960
Ohio Power let Se B 1952
1st & ref 434s ser D 1956
Ohio Public Service Co-65 series C
1953
Se series D
1954
535e aeries E.....1961
Okla Gas & Elea 58___103(
6P. eerie/ 4
-----1940
Week's Range
of Prices
Nov. 30 1935
_
July 1
Sales 1933 to
Oct. 31
for
1935
Week
Range Since
Jan. 1 1935
Low
Low
High
Low
High
8
Apr 1034 Nov
19,000 534 89
102% 103
1044 May 10555 Jan
103
Jan 83% Aug
57
81% 97,000 87
79
Jan
72
38
AUg
6655 6755 21,000 2634
35
87
15,000
8055 82% 36.000
5,000
1,000
16,000
101
101
103
101
101
105
1044
1014
39
85
105
29,000
34,000
102
4115 18,000
2,000
85
35
38
46,000
4934 51% 15,000
3,000
107 107
10454
10334
107
11354
9951
107
1063-4
10414
104
10755
113%
100
107%
106%
41
1.2
52
174
Jan
Jan
Jan
92
67
Jan
91
67
Jan
88
56
Jan
5613 86
Jan
100
72
6735 82% Jan
Nov
39
40
Aug
55
55
35
35
Oct
May
48
48
964 1054 Apr
Nov
87
8234 Nov
101
101
105%
105
106
102
834
95
Oct
Nov
Nov
Nov
July
Oct
Apr
June
6655 Feb
57
108
June
Mar
10131
3,000 77
84,000 704 9304
19,000 1024 1064
6,000 61% 90
7755
46,000 56
8,000 8035 105
100
21,000 70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
106
105
107%
115%
100
10834
107
Oct
July
July
Aug
Nov
Nov
July
6234
73
69
624
102
101%
103
5634
100
914
75
9834
101
954
10534
10331
10754
107
1044
8854
104
50
82
8714
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Nov
Jan
Jan
Jan
Jan
July
Oct
Mar
95
105
100
95
1044
105
105%
85
101
108
1024
106
10535
107
1084
1074
110
10914
107%
104%
1084
69%
96
1024
Nov
July
Nov
Nov
Sept
Nov
Jone
Nov
Mar
Juno
Nov
Aug
Aug
Oct
Mar
Aug
Feb
Feb
May
Nov
Apr
Nov
June
Jan
66
92
96
6755 28,000
93% 85,000
9834 69,000
46
55
50
4534
8234
72
76
60
91
54
5451
57
8234
65
100
874
993.4
94
94
614
79
2254
70
80
9555
102
102%
10655
91
28,000
97
10233 6,000
46,000
104
106% 81,000
9115 4,000
33
70
63
73
48
2155
2115
22
214
78
1034
103%
96
1004
903-4
914
244 242,000
244 544,000
2434 333,000
2434 537,000
22,000
80
1044 53,000
12,000
104
9655 58,000
14.000
101
44,000
92
9234 67,000
5
335
134
355
4%
315
454
355
624
53
10215
90
0434
67
7934
54
5854 884
3531 6231
72
40
10034
107%
106%
57
10235 18,000
15,000
108
5,000
107
5915 45,000
94
Mar 103
80
9554 108% Jan 10851
7055 1014 Jan 10731
414 Mar 62
33
105
90
1054 28,000
0034 23,000
58
4735
86
5754
10.5%
6
104
104
100%
9751
8854
15
11035
117
10435
8553
10951
7315
754
73%
7951
83%
10634 29,000
855 15,000
3.000
105
7,000
104
10015 5,000
9834 84,000
8904 147,000
1934 1585000
11055 1,000
1184 7,000
7,000
105
77,000
87
10935 2,000
7635 89,000
7815 30.000
7634 92,000
56,000
84
65,000
86
9451
2
914
9334
98
51
62
334
83
7051
35
54
85
34
3304
333-4
4654
50
1044
2
10251
102%
10055
714
614
354
1074
10131
90
67
1004
4734
48
47
5414
5715
Mar
June
nut
Oct
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Mar
Mar
Mar
1074
11
10634
10531
10451
9836
89%
1934
111
1184
105
87
10934
79%
7935
79%
85
883-1
Jan
Nov
Feb
Feb
May
Sept
Nov
Nov
May
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
34,000
74
73
70% 7234 25,000
1024 10255 13,000
60
25
511
1034
73
584
77
81
96
104
9931
63
814
254
1855
71
60
3031
77
1034
8955
85
0944
9954
10431
10651
1054
824
1004
4451
204
9954
Aug
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Sept
Apr
Feb
Jan
mar
Mar
Jan
74
744
10234
10754
105%
10334
1084
100
11211
110
10931
90
10251
90%
6314
107
Nov
Nov
Nov
MaY
Nov
Oct
June
May
Oct
Mar
Feb
June
June
Nov
Nov
Nov
1014 1024 19,000
48
1:000
10
,
8
1 104 3
5154
i
4
5
,
255
77
776151
Nov
103
N0
10
,
2
031
3i Novv
10155
100
9051
88
97
28
108
108
10551
104
10334
4534
45
119
10535
1084
1084
10635
Oct
Sept
Nov
July
Oct
Nov
Nov
Nov
July
Oct
Jan
May
1104
10631
10735
10531
104
July
Nov
Sept
Sept
June
9011 92
101% 1044
99
9944
90% 9415
103% 1034
10315 1044
10454 1043.4
39,000
77,000
33,000
56,000
4,000
20,000
6,000
106 107
1024 102%
104 1044
104% 104%
10555 105%
106 106
106 106
107% 10734
10755 108
37,000
30,000
38,000
4,000
27,000
5,000
13,000
1,000
4,000
10334 103% 102,000
10514
10155
10754
104
105% 52,000
1024 50,000
1.000
107%
1,000
104
10751 10735
1073-4 107%
9,000
4,000
3,000
102
101
98,000
874 89
5135 9,000
51
Nov
May 07
67
9034 Jan 104% June
Jan 105
Oct
89
1004 Jan 10751 Oct
Jan 9331 Oct
66
2455 Nov
Jan
Jan
2434 Nov
Jan 24 ,4 Nov
2454 Nov
Jan
Jan 82
Jill),
Oct 10815 Jan
Aug
Jan 105
Jan 0655 Nov
Jan 10151 Nov
Nov
Jan 93
Jan 9331 July
Aug
May
Sept
Nov
Jan 10554 Nov
Jan 0031 Nov
10555
1053.4
105
10351
10015
43
43
9735
10255
10534
10635
105
106
10551
105%
10355
101%
44
434
99
103
10634
10615
1064
38.000
17,000
53,000
15,000
16,000
15,000
3.000
94,000
26,000
64,000
25,000
9,000
69
65
71
69
97
831
831
4755
7351
633-1
88
8331
28
72
96
973-4
10434
10331
Jan
Jaii
Jan
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Jan
Jan
Apr
Oct
10954
105
10531
10434
102
111
1054
10555
104%
10215
20,000
31,000
14,000
29,000
12,000
7054 10551
9955
6054
10034
63
684 09
9014
63
Jan
Jan
Jan
Jan
Jan
New York Curb Exchange-Concluded-Page 6
Volume 141
Sales
for
Week
Week's Range
of Prices
BONDS
(Continued)
Okla Power & Water 6iir '48
Oswego Fall. 61
1941
Pacific Coast Power fs 1940
Pacific Gas & El Co1941
let Se eerie/ B
St series D
1955
1957
let & ref 430 E
1960
let & ref 134e F
Pac Invest 58 ser A _ _ _1948
Pacific Ltg & Pow 58_1942
Pacific Pow & Ltg 5s 1955
Palmer Corp 68
1938
Park dr Tilford 6s._.1936
Penn Cent L & P4)4. 1977
1979
Penn Electric0F
1971
Penn Ohio Edison1950
136 aeries A xtv
Deb 548 series _ _1959
Penn-Ohio P & L B53581954
Penn Power be
1956
Penn Pub Serv 68 C 194)
5s merles D
1954
Penn Telephone 5e C_1960
Penn Water Pow Se__ _1940
1968
410 series B
Peoples Gan L & CokeIle series B
1981
Meade!'C
1957
Peoples Lt & Pr fie
1979
July 1
1933 to
Oct. 31
1935
Low
85
9335
106
High
Low
$
884 28,000 40
9455 26,000 454
106
2,000 60
119
1194 36,000 101
91
15,000 8315
27,000 8234
6,000 69
1,000 102
66,000 35
1,000 85
3.000 62
82,000 57
2,000
22,000 5134
1074 108
1074 108
97
9794
115 115
8335 8535
103 103
100 100
9851 9934
103 1044
964 9715
10034 101
964 98
10434 1044
106 1064
106 108
105 105
1054 10534
11234 113
11,000 3911
19,000 35
38,000 74
11,000 9234
7,000 664
1,000 60
1,000 86
3,000 103
89
8351 8434 130,000
10134 10234 121,000
555 6 104,000
5615
68
134
Phila Electric Co 511_1966
Phil. Flee pow 510_1972
l'hilaRapI0 Tran81468 1962
Phil Sub Co 0 & E 430'57
Pleam't Hydro-El 650 '60
Piedmont & Nor 14_1954
Pittsburgh Coal 6e._,...1941.
Pittsburgh Steel 68
1945
Pomeranian Elea 6&_1953
Poor & Co 193
1939
Portiand Gas & Coke 68'40
Potomac Edleon 5s
1950
410 series F
1961
Potomac Elea Pow 58_1936
Potrero Sugar 76
1947
Stamped
PowerCorp(Can) 410 B•55
Power Securities 68-1949
Pruealan Electric 6s_ _1954
Pub Hay of NIT 414a B '57
Pub fiery of NJ 6% pet cif'
Pub Herv of Nor Illinoislet & ref 511
1956
ISs series C
1966
44e series D
1978
134e series E
1980
let & ref 448 ser F_1981
Pub Serv of Oklahoma5e serlee C
1961
5s series D
1957
Pub Serv Submit] 548_1949
Puget Sound P & L 6158'49
let & ref 51 aeries 0_1950
lit & ref 43,4. ser D_1950
112 112
32.000 10134
10911 11011 37,000 100
884 90
6,000 4454
10735 1074 3,000 98
36
40
17,000 37
10335 104
8,000 69
89
975.1 984 87,000 79
25
1034 104
6,000 80
81
82
45,000 67
100 1064 28,000 72
65
10211 10214
4,000 101
13
1,000 41
67
67
88
8835 8,000 53
96
9735 10,000 4134
1,000 29
3135 314
1034 10334 8,000 8254
131
131
9,000 109
'
10831 10934 12.000 62
4,000 5834
10415 105
101 10155 4,000 5334
10055 10111 10,000 5231
10055 10155 71,0130 5355
Quebec Power 5e
1965
Queens Boro 0& E 4351'58
63.0 series A
1952
Reliance Managemt 5s 1954
Witil
___ _ _
Rochester
warrants._Cent Pow 5/1953
Rochester Ry & Lt 51_1954
Ruhr Gan Corp 11348_1953
Ruhr Housing 630_ _1965
Sate Harbor Water 448 '79
St Louis Gaa & Coke 68'47
San Antonio I'S 58 13....'58
San Joaquin L 'St P 6813'52
Halltia Falls 58
1955
Saxon Pub Wks68. _1937
Schulte Real Estate68 with winTants_ 1935
1935
Ss ex-warrants
Horipp(E W)Co 510_1943
Seattle Lighting be _ _ _ 1949
Second Intl Sec 58_ __ _1948
Serval Ina fa
1948
Shawinigan W & P434.'67
1988
410 serlea B
1s1 Ilis eerier]C
197(1
1st
_1970
Sheridan
Wyo Coal 68 )947
414eserlesD__Soil Carolina Pow 58_1957
Southeast PA L tle_ _ _2025
Without warrant.
Sou Calif Edison 58
1954
Ref M 330 May 1 1960
Ref M 35013 July 1 1960
Sou Cant(1as Co 430_1961
105
Hou Calif Ga. corp Lie 1937
Son Counties Om 43.4._'68
Sou ludiana 0 & E 555s'57
Sou Indiana Ity 48 _ _ __1951
Sou Natural Gas as__ _ l944
Unetamped
Stamped
S'western Assoc Tel Si '61
Southwest(IA ES,A.1957
bri eerie!' 13
1957
S'itestern Lt & Pr 58_1957
S'western Nat Om 68_1945
Ho'WEI% POW A LI 5E1_2022
B•werit Pub Sery 68_ _ _1945
1942
Staley Mfg 64
Stand Gap & Elea 61.11135
Certificates of deposit.
1935
Cony de
Certificates Of deposit_
1951
Debenture eis
Debenture tle_Dec 11968
Standard Inveetil 530 1939
1937
Silo warrants
Stand Pow h LS as__ 1957
Standard Telep 54e_ _1943
Stinnett (Hugo) Corp-1936
Deb 7e ex-warr
7-4% stamped_ _1936
Deb 78 ex-warr _._ _1946
7-4% stem pad_ -1946
Super Power 01 111 450 '68
1970
lot 435s
1961
68
Syracuse Ltg 510._ 1954
1957
56 series It
Tennessee Sloe Pow 5e 195o
'Tenn Public Service 15s 1970
Tern! Hydro Eleo 615s 1953
Texas Elea Bar rice S, 196n
10335 101
1034 10335
10034 10034
8454 87
8234 8434
7811 8034
3,000
1,000
41,000
152,000
58,000
137,000
10515 21,000
1014 10315
95
7631
11255
3234
95%
77
112%
3234
10651 10731
124 1234
101
1014
10951 10951
8,000
6054
55
4031
3755
3635
3334
Range Since
Jan. 1 1935
Low
High
48
Jan 8834 Nov
653.1 Jan
Nov
96
9935 Jan 106
July
11134 Jan 12035
10534 Oct 1084
101
Jan 108
1004 Jan 108
Mar 9934
87
110
Jan 117
6734 Jan 87
102
Jan 10435
9234 Jan 101
8434 Jan 10031
9335 Jan 1054
7434 Jan 08
July
Jan
Oct
Nov
July
Apr
Nov
June
Oct
July
June
July
6615 Jan
614 Jan
1034 Jan
105
Apr
100
Jan
95
Jan
10334 Jan
11034 Jan
1054 May
Oct
Nov
Mar
Feb
July
Aug
July
Sept
Sept
1034
984
1084
1084
108
106
1074
1144
109
72
Jan 89
July
89
Jan 104
Oct
135 Mar
84 Aug
11134
10715
754
10635
36
9355
10534
89
25
9834
874
9954
9334
10234
34
41
7834
76
294
10331
118
May
Apr
Jan
July
Nov
Jan
Jan
Apr
June
Alm
Feb
Jan
Jan
Nov
Jan
June
Mar
Feb
Aug
Nov
Jan
114 34
11134
90.4
109
7534
105
10834
9831
35
105
884
10634
1074
10534
71
704
894
99
42
10634
1334
Mar
July
Sept
Mar
Jan
Nov
Feb
Nov
Zeb
Oct
July
Nov
July
Jan
Oct
Nov
Nov
Nov
Feb
May
Sept
9035
89
81
8034
80
Jan
Jan
Jan
Jan
Jan
10934
1054
104
103
10251
July
July
July
July
July
9434
934
7915
5534
5335
5055
Jan 10534 Nov
Jan 104
July
Jan 102
Nov
Jan 8955 Nov
8534 Nov
Jan
Jan 8631 Nov
101
85
102
88
6135 86
3,000 55%
2,000 2235
7,000 100
2,000 2834
23
6,000 91
16,000
355
62,000 64
88
15,000 101
3014
82
3134
11141
3234
2534
1054
6
9231
10735
108
3051
Apr 10551 July
Jan 107
Oct
Jan 10335 Nov
Jan
Mar
Oct
Nov
Aug
May
June
Jan
Jan
Sept
Aug
100
83
11335
434
3435
10935
1455
105
126
111
4211
Oct
Oct
Sept
I. eb
Feb
June
Aug
July
June
Jan
Feb
Sept
Sept
July
Nov
Nov
Nov
Aug
Aug
July
Aug
Aug
Nov
Nov
Feb
Nov
Nov
July
1834
10251
0434
9634
107
9931
1835 5,000
103
19.000
6534 15.000
9651
5,000
107
4,000
10015 52,000
104
9935
5354
0715
10474 3,000
10051 22,000
6311
1,000
9815 28,000
7
11
Jae
2115
104 Feb 214
415
Jan 103
66% 96
2855 Jan 654
17
9651 Nov 9654
__
Jan 107
101
81
834 90
Apr 10134
90
Apr 10054
63
98
Apr 10631
73
8314 9115 Apr101
47
Jan 63
38
73
Jan 99
41
9911
105
9834
9855
10534
10055 95,000
105
1,000
9834 85,000
9834 44,000
1054 6,000
374 6431
9054 105
9634
964
9634
9674
7851 9751
1034 10351
3,000
107 1074 7,000
51
5654 27,000
10014 102
10155 1014
89
90
103 1034
103 10394
9735 9815
934 9311
9255 9334
10155 102
10354 10431
584 6214
5654 5955
5834 6251
5635 60
514 5534
5155 5535
9514 9634
98
9834
5115 5531
1047-4
10411
10435
10755
10734
9215
29
3615
9934
1054
104,
4
104%
10755
10731
934
81
3955
100
74,000
4,000
41,000
15,000
6,000
41,000
21,000
18,000
10,000
25,000
71,000
93,000
125,000
51,000
174,000
260,000
15,000
7,000
106,000
26,000
39.000
11,000
2,000
1,000
21,000
21,000
23.000
72,000
BONDS
(Concluded)
Jan 1024
Nov108
Oct99
Oct9835
Jan 10651
8334 101
Sept 10355 Mar
7535 964 Jan 105
Aug
964 1054 July 11051 Jan
25
25
Mar 6154 June
81
53
56
8034
40
6331
60
93
9334
60
45
7155
25
60
37
59
55
77
83
103
3734
3731
48
48
374 3734
474 479.4
30
32
2855
31
8234
64
644 85
2534 2531
16
2331
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Feb
Oct
Feb
Oct
Feb
Mar
Jan
Jan
Mar
Jan
10215
103
90
10434
10414
9815
0531
0615
10211
106
68
5935
68
60
61
8031
9634
9831
5954
484
Nov
Oct
Nov
Aug
Sept
Nov
Aug
Oct
Oct
Mar
Jan
Nov
Jan
Nov
Aug
Aug
Nov
Nov
Aug
Oct
3031
4314 Apr 83
Nov
26
3415 May
51
Feb
29
36
May 55
Aug
25
299.4 May 5354 Sept
59
88
Jan 10535 Nov
56
8535 Jan 10455 Nov
70
10051 Jan 1064 Aug
1034 106
June 10834 Feb
97
1064 Apr 10935 July
48
8154 Jan 10035 July
40
7531 Feb 8634 July
38
3634 Nov 754 Feb
60
8534 Jan 10011 Aug
Week's Range
of Prices
Low
Texas Gas Util fie_ _ _1945 28
Texas Power & L1511_1956 104
58
1937
fle
2022 102
Thermoid Co 6e s6p6_1937 9634
Tide Water Power 51_1979 9634
Tietz (Leonard) 730_1946 33
1962 10634
Toledo Edison be
Twin City Rap Tr 5342'52 7434
1944
Ulen Co deb 68
1944
6s 2d stamped
Union Amer Inv be A_1948
Union Elea Li & Power1954
be aeries A
1967
5, eerlee 11
435e
1957
United Elea NJ 4t
1949
United El Serv 78 x-w_1956
United Industrial 630 1941
lot 13 f 68
1945
United Lt & Pow 6e
1975
654s
1974
530
Apr 1 1959
On Lt & Rye (Del)5 48'52
United Lt & RYs(Me)1952
6s aeries A
Rs merle/ A
1973
U S R.:13r11 Internat Ss 1948
1936
U S Rubber tai
614% serial notes 1937
64% aerial notee
1938
634% Pieria] notea
1939
635% aerial note0_1940
Utah Pow & Lt as A2022
1944
430
Utica Gas & Mee 5s D_1956
be Series E
1952
Valvollve 011 59
1937
Vamma Water Pow 530'57
Va Public Serv 530 A_1946
hit ref Slier B
1950
68
1946
Waldorf-Astoria Corp78 with warrants_ _1954
Ward Baking de
1937
Wash Gas Light 51___1955
Waah RY & Elect 40_ _1951
Wean Water power 58_1960
West Penn Mee 58.__ _3030
West Penn Traction -53_'60
West Texas UM 51 A_ 1957
West Newspaper On 59 '44
35 est United G & E 530'55
Wheeling Flee Ca 58_1941
Wise Elec Pow be A ---1954
Wiso-bfinn Li & Pow 58'44
Wise Pow & Lt be E__1956
1958
58 eerie,' F
Wise Pub Serv 68 A
1952
Yadkin My Pow 58_1941
1937
York Rys 00 6.
3513
July
Sales 1933 to
for
Oct. 31
Week
1935
High
$
Low
3015 11,000 12
10434 139,000 66
87
10234 8,000 51
35,000 55
98
9755 46,000 49
33
1,000 25
35,000 79
107
8134 598,000 19
7731 15,000
77
13.000
76
75
10134 10134
1,000
1054 10534
6,000
17,000
38
41
3214
65
6734
984
7735
324 3,000
6715 80,000
704 5,000
9954 47,000
7935 75,000
1033410034
65
6634
9355 96
10055 1004
1024 1024
1034 1034
10334 10334
10515 106
894
88
93
93
10615 10634
10234
9534
9115
86
11,000
25.000
32,000
2,000
11,000
1,000
5,000
4,000
30,000
1,000
5,000
10234 1.000
97
22,000
9234 18,000
4,000
86
33
54
78
99
934
9034
964
354
33
33
26
264
50
31
Low
1351 Jan
9435 Jan
10334 Jan
8335 Jan
67
Jan
784 Jan
32
Feb
10534 Jan
4531 Jan
High
32
Nov
105
Oct
10655 Aug
103
July
100
Nov
9834 July
4034 Feb
108
Sept
8134 Nov
4251 Apr
78
Nov
54
Aug 7715 Nov
94% Jan 102
Oct
10534
104
1054
10834
354
1254
3235
26
29
78
3935
Nov
Apr
Sept
Jan
Oct
Nov
Nov
Jan
Mar
Jan
Mar
10834
10834
10734
116
75
4234
43
6751
7034
9934
84
Feb
Feb
Mar
July
Jan
July
Feb
Nov
Nov
Nov
Nov
5135 824 Jan 1044
Feb 684
30
25
9334 Nov 96
894 1004 Nov 103
9934 Jan 1034
80
60
9855 Jan 1034
Jan 106
98
69
984 Jan 106
60
45
92
65
Jan
Jan 93
5234 62
May 10851
104
92
10434 Jan 10954
91
Nov
Nov
Nov
Feb
Sept
Nov
Nov
Nov
NOV
Nov
July
July
75
75
52
45
45
451
9211
76
SI 83
7,000 75
9,000 464
15,000 60
69,000 41
30,000 21
17,000 54
1,000 100
3,000 97
24,000 61
49,000 53
7,000 51
4,000 7835
8,000 6334
27,000 70
10551 10511 39,000
106 10634
9411 9535
10235 104
8534
83
35
34
105 10535
107 107
104 10534
106 1064
10034 10111
100 10055
10635 10634
10635 10635
10351 10334
Range Since
Jan. 1 1935
9051 Mar 100
Oct
9534 Jan 1034 June
Jan 9934 July
73
July
6835 Jan 95
5634 Jae 8834 July
b
10434
10054
99
964
6334
84
63
21
9134
10611
104
94
7654
75
9835
9531
9454
Nov
Mar 30
Feb 1064 Aug
Jan 10615 Aug
Jan 10535 May
Oct
Jan IN%
Jan 9851 Oct
Jan 10515 Nov
Jan 8651 Nov
July 594 Feb
Jan 1054 July
Star 108
May
Nov 10834 Mar
Jae 10615 Nov
Nov
Ain 102
Jan 10231 Nov
Jan 10615 Oct
Oct
Jan 107
Jan 10434 Sept
FOREIGN GOVERNMENT
AND MUNICIPALITIESAgricultural Mtge Bk (Col
20-year 78.-1934-1946
With coin:8'm
1947
20-year 78
Baden 78
1951
Buenos Aires (ProvInce)1952
78 stamped
1947
730 /tamped
1948
Cauca Valley 713
Cent Bk of German State s.
Prov Banks Si B__1951
68 series A
1952
1955
Danish 548
1953
be
Dansig Port & Waterways
1962
External 630
German Cons Monte 7s '47
Secured 61
1947
1939
Hanover (City) 7a
Hanover(Prov)6348_1949
Llma (City) Peru 610__'58
Certificate, of deposit_
Maranho 7e
1968
it coupon off
1958
Medellin 78 ser E
1951
Mendosa 730
1951
1951
48 stamped
Mtge Bk of Bogota 715-1947
Issue of MAY 1927
Issue of Oat 1927
Mtge Bk of Chile(31_193l
Mtge Bk et Denmark 58'72
Parana nitase) 7a____1958
Coupon off
Rio de Janeiro 650-1959
Coupon off
Russian Govt 630_1919
630 certificatee___1919
530
1931
534e certlficates
1931
Santa Fe 78
1945
7s Stamped
1945
Santiago 71
1941
78
11.161
. _
1934
21
•
15
20
1531
2154
Nov38
Oct3435
Nov354
Aug 34
2,000
8,000
6,000
2531
374
731
54
59
7
Apr
Jan
Nov
66
70
11
3231 1,000
2,000
33
953.4 11,000
88
2,000
30
22
6834
61
3231
30
924
86
Nov
Aug
May
Apr
554 Jan
Feb
49
9834 Jan
933i Jan
66
66
1,000
2815 4,000
28
2735 28
13,000
3631
23
2134
23
21
44
315
5434
23
2235
304
21
631
634
Aug
Aug
Aug
Jan
Aug
Mar
Mar
Feb
72
3834 Feb
Feb
37
Feb
39
Feb
34
July
12
1011 July
1031
1034
915
2831
234
1051 Oct1794 Jan
1031 Aug 1554 Jan
Feb
815 Nov 13
6234 Jan 7355 Nov
4431 Jan 6834 Nov
13
13
755
6231
6
935
1034
103,4
1
51
1
34
13
4315
54
534
13
13
104
824
94
935
1011
1031
1
51
1
34
4.6
4335
94
10
16
1,000
1834
1511 17
26
26
5,000
5,000
5914 60
6134 62
751
751
16
3211
3214
95
88
264 264
12
11
855 9
5,000
5,000
7,000
1434 1434
8,000
834
915 11,000
66
6635 13,000
16
1654
104
89
12
16
16,000
1611 2,000
1094 21,000
89
1,000
1294 7,000
1411 1415 10,000
114 2
4,000
134
114 43,000
5,000
14 111
155
135 32.000
2,000
60
60
2,000
5155 52
5,000
1034 11
Oct24
Oct2431
Nov1334
Oct94
Nov1454
1455
Aug
Sept1634
14
Aug
Sept454
Sept451
Sept5
44
Aug
60
Jan
Oct 5314
Mar
1134
Mn" 1234
Jan
Jan
Jan
Jan
June
June
Jan
Jan
Jan
Jan
Jan
Fe,
Feb
Jab
Apr
Jan
Jan
Jan
Jan
Nov
June
Aug
Jute
• No par value. a Deferred delivery gales not Included in year's range. n Under
the rule stiles not included In year's range. r Cash stales not Included in year',
range. z Ex-dividend.
5, Price adjusted for eplit-up.
.
2 Price adjusted for stock dividend.
z Deferred delivery sales not Included In weekl
yearly range are shown below:
No sales.
Aborevuutons Used Abore-"cod," certificates of deposit; "cons," consolidated;
"cum," cumulative; "cony," convertible; "m," mortgage; "n-v," non-voting etock.
"v t c," voting trust certificates; "w I," when Issued; "w w," with warrants."1 w."
wlthout warrants.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by euperior figures in tables), are as follows:
New York Stock
55 Pittsburgh Stock
'
5 Cincinnati Stock
New York Curb
55 Richmond Stock
,5 Cleveland Stock
New York Produce
.
Colorado Springs Stock 55 St. LOIlla Stock
23 Salt Lake City Stock
71 Denver Stock
New York Real
13altimore Stock F4tate 15 Detroit Stock
55 San Francisco Stock
Boston Stock
'
2 Los Angeles Stock
22 San Francisco Curb
Buffalo Stock
'
5 Lot Angeles Curb
u San Francisco Mining
California Stock
"Seattle Stock
15 Minneapolis-St. Paul
Chicago Stock
"New Orleans Stock
"Spokane Stock
I Cblcago Hoard of Trade 5, Philadelphia Stock
51 Waabinstton(D.C.)Slant
1 Chicago Curb
Financial Chronicle
3514
Nov. 30 1935
Other Stock Exchanges
July 1
Week's Range Sales 1933 to
Oct. 31
for
of Prices
1935
Week
New York Real Estate Securities Exchange
Closing bid and asked quotations, Friday, Nov. 29
Unlisted Bonds
1941
Alden 6a
Brierfteid Apt Bldg ctfs____
Carnegie Plaza Apts
1937
Bldg 65
1941
Dorset tia eats_
80 Broad St Bldg 6348_1950
Orb A VP 20th -I Corp 6.'48
Nat Tower Bldg 648_1944
Bid
Ask
UnItried Roads (Conelsded)
Bid
1 Park Ave Bldg 6s_ _ _1939
Pennsylvania Bldg 6s_ _1939
79 Madison Ave Bldg 6a '48
29
_- 2124-34 Bway Bidgs ctfs__
2450 Bway Apt Hotel Bldg2912
Certificates of deposit____
1412 17
55
53
Unlisted Stoats62
58
City & Suburban Homes_ _
1712 21
Ask
74
22
17
17
19
12
15
324
Orders Executed on Baltimore Stock Exchange
STEIN BROS.tio BOYCE
Established 1853
39 Broadway
NEW YORK
BALTIMORE, MD.
York. Pa.
Louisville, Ky.
Hagerstown, Md.
MembersNew York,Baltimore and Louisville Stock Exchanges
Chicago Board of Trade and Commodity Exchange,Inc.
6.5. CalvertSt.
Baltimore Stock Exchange
Feb
Nov
Nov
Aug
Jan
•-•
r-•
i-, tic.,. /OW
200000N,PGROCACD.
,00>c0...100A...W..WW,
1,
947-4 108
13
1334
14
1334
99
99
214
134
X X44
XX X:::
XX
-.XXXo>X0TW(DT9X9XTXXJ
-X,
XXX4,
”UUfle.A'VP.F,F.0.9541.ceg
BondsBaltimore City1958 11334 11335
$200
4s water loan
134 27,000
Balt Transit 4s flat_1975 13
1975 1435 1435 3,000
A 5* Rat
Read Drug & Chem 64E045 10035 100% 3,000
Wash ix & Annan 59 flat'41
631 634
2.000
C.....
M.-400CA
Low
High Shares Low
Par Low
Stocks• 213( 22
708 1134 1574 Mar
Arundel Corp
Mar
20
(conn)__50
31
32
1,365
18
ALI Coast Lice
34 Aug
54
34
Bait Transit Co corn vtc-•
35
34
135 Nov
*
14 135
418
3
lot preferred vtc
2034 1,448
* 19
734 Jan
Black & Decker corn
434
2334 Feb
25 3334 3331
316
734
Preferred
Apr
111
16 111
Ches & Pot Tel ot Blt pt 100 11834 119
Jan
168 2 4534 53
Consol Gas EL & Pow _• 8734 8834
49 91
10434 Jan
100 114 115
6% preferred
9c
35 Sept
150
34
Davison Chemical Co_ __ _•
175
175
63-4 July
Eastern Sugar Ai3800 COIn_l 124 1334
July
1 18
34 11
18
100
Preferred
84
417-4 Feb
20 83
80 153-4
Fidelity & Deposit
2235 Jan
376
8
Fidel dc Guar Fire Corp_10 394 4035
675 Jan
9
9
1
3
Finance Coot Amer cl A_*
Feb
4
5
100 144 1634 6,039
Houston Oil pref
4 Oct
35
%
29
35
Mfrs Finance corn v t.25
25 1034 107-4
85
54
534 May
1st preferred
74 June
35
25
14 135
63
2d preferred
Mar
21
30
176 21
Merch dr Miners Transp_• 29
24
316 1234 154 Jan
Monon W Pa P S7% pf _25 24
14 July
24 24
134
7
Mt V-Woodb Mills com 100
6
Mar
1,991
54
New Amsterdam Casualty5 114 12
8834 Mar
50 9634 9634
4 71
Northern Central Ry
Jan
84 4134 53
Penna Water & Pow com_• 8834 8835
5
Apr
113
234
835 834
Seaboard Comml.com A10
54 Jan
234
1234 2,578
2 11
US Fidelity & Guar
4 AXX
XXo9X
.”2g.e.
Nov. 23 to Nov. 29, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
for
Oct. 31
of Prices
Week 1935
Boston Stock Exchange
Nov. 23 to Nov. 29, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
of Prices
for
Oct. 31
Week
1935
Par Low
Stocks1
1134
American Cent Corp
Amer Pneumatic Serv Co14
25
Common
434
50
6% non-cum pref
50 2335
lst preferred
100 15274
Amer Tell Tel__.
Bigelow Sanford Carpet25
Common
100 974
Preferred
100 118
Boeton & Albany
100 6674
Boston Elevated
Boston & Maine100
634
Common
3
100
Preferred stpd
100 23
Prior preferred
534
100
CIA 1st pre: stpd
6
100
CIA 1st pref
634
Ci 13 1st pref stpd--100
6
100
Cl C 1st pref stpd
94
Cl Diet pref stpd__ _100
8
100
CID 1st pret
Boston Per Prop Tr---100 15
3
Brown-Durrell Co com-__.
High Shares Low
125' 4
12
174
5
2374
16034
35
131
2
363
7 10
3,410 1 9874
Low
Apr
7
High
Nov
13
2
Oct
34 Mar
534 Oct
2 June
Nov
1215 Jan 25
984 Mar 16031 Nov
25
98
11834
67
20
15
101
550
1434
60
88
55
1434
82
88
5834
Mar 27
May 98
Mar 122
7134
Apr
Sept
Nov
Sept
Aug
634
3
234
7
631
734
74
104
8
1534
3
10
45
480
449
120
88
145
169
60
177
28
434
134
1234
334
3
574
434
6
63-4
834
135
44
2
1234
334
3
534
44
6
535
934
135
July
Feb
Mar
Apr
Apr
Apr
June
Mar
Nov
Jan
July
635
3
264
934
8
12
11
14
9
1534
4
Nov
Nov
Aug
Aug
Aug
July
Aug
July
Feb
Oct
Jan
54 57-4
25
Calumet & Hecla
474 434
25
Copper Range
East Gas & Fuel Amen334
344
•
Common
100 423.4 44
6% eum pref
431% prior preferred 100 5974 61
Eastern Mass St fly234
100
234
Common
38
100 36
let preferred
1011 1234 124
Preferred B
Adjustment
5
5
100
634 934
Eastern 8S Lines com----•
50
* 50
2d preferred
17
Economy Grocery Stores_* 17
100 16734 171
Edison Elec Ilium
* 204 2034
Employere Group
General Capital Corp '
3574 36
Georgian Inc(The)2
2
20
CIA pref
574 64
*
Gilchrist Co
• 174 184
Uillette Safety Resat_
HatbawaY Bakeries-I
8
8
"
Class A
2
2
•
Class B
34
31
fele Royale Cepper----25
5id
84.4
r ......... qu-...ri....
25
page
3517.
tor footnotes see
186
702
244
3
234 Mar
Feb
3
674
534
Oct
Oct
385
445
639
2
3734
53
2
36
54
414 Jan
Mar
Oct5334 Aug
Oct6834 July
720
135
75
20
2,125
325
200
1,721
166
34
434
1
76c
434
33
1474
9734
634
18
34
5
14
780
44
34
147-4
9744
1144
244
24
May
Jan 38
Apr 1335
54
July
934
Apr
Mar 50
Apr 2034
Feb 171
Jan 22
Mar 3634
80
5
54
331
34
235
734
35 Aug
Apr
3
1234 Mar
Nov
2
64 Nov
193-4 Aug
10
100
800
200
34
35
300
4
2
Jan
34 July
34 Mar
5;4 Jan
10
Oct
234 Nov
131 Oct
834 Nov
Oct
Nov
Oct
Oct
Nov
Nov
Jan
Nov
Aug
Nov
Stocks (Concluded) Par Price Low
High Shares
Maine CentralCommon
4%
100
7
170
6
Preferred
8
100 16
16
10
Mass Utilities v t
1
•
14
760
1%
Mergenthaler Linotype _ _• 3135 3575
1,400 2034
New wry T.I k T.I__100 113 120
629 76
New River Co corn ___100
135
43
Preferred
100 85
48 244
85%
NY N aaven&Liartfordl(N.
2%
4
435
635
Old Colony RR .
100 48
180 58
4931
Pennsylvania RR
50 29% 3035
606 174
Quincy Mining
25
309
34
65c 65c
Reece Butt Hoe Mach 10 1534 16
36
Reece Folding Mach Co_10
2
2
100 • 174
Shawmut AMID Sr ctfe____• 10
635
870
10%
Stone & Webster
234
• 1134 13%
973
Torrington Co
87
89
157 86
Union Twist Drill Co _.5 26
10
935
27
United Founders Corp._.1
200
34
34
34
34
United Gas Corp
1
34 34
20
U Shoe Mach Corp
25 85
854
992 67
Preferred
100 39% 40
205 303,
Utah Apex Mining
34
5
310
41
54
Utah Metal & Tunnel___.1
60,
48c
55c 4,540
Waldorf System Imo
3%
•
934 9%
165
•
__
warren Bros (10
985' 2%
435 5g
Warren (S D)Co com
435
10
• 15% 15g
BondsEast Mass St RySeries A 44s
1948 75
7531 $12,000 32%
Series B 5s
19444 78
6,150 34
80
Range Since
Jam 1 1935
High
Low
4)1
104
1
2434
88%
44
55
24
464
174
35
1334
1%
8
234
69
12%
31
1%
70
354
if
480
4%
2%
4%
Jan
Jan
Feb
May
M.
,
June
Jan
Oct
Oct
Mar
Jan
Mar
Aug
Feb
Mr
Jan
Jan
Mar
June
Jan
Jan
July
Oct
Mar
Sept
Jan
931 Oct
Sept
23
234 Aug
3935 Oct
Nov
120
May
Nov
87
854 Aug
June
72
304 Nov
14 Oct
1634 July
234 June
1134 Nov
1434 Nov
July
93
Nov
27
14 Aug
4% Sept
86% Nov
4034 Sept
14 Jan
2% Jan
9% Nov
635 Jan
1534 Nov
49% Jan
Mar
50
7634 Nov
8235 Nov
CHICAGO SECURITIES
Listed and Unlisted
Paul ifDavis &ea
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange
Nov. 23 to Nov. 29, 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
lligh
Low
StocksPar Low
High Shares Low
No y
2si
7
Jan 12
Abbott Laboratoriee com_• 103 10635
400 34% 60
May
12
Mar
Adams (J D) Mfg com _ __• 16% 17%
5
20
54 Oct
1% Mar
Advance Alum Castings-5
135
1,000
4% 475
12
Jan 364 Oct
Allied Products Corp el A_ 5 21
544
1,050
2235
Nov
18
Jan 32
Altorfer Bros cony pref.._ " 31
93.4
30
32
Jan
Nov
734
Amer Pub eery Co pref_100 36
37
60
36
34 Apr
Armour & Co common__O
331
5
5% 2,800
6
531 N
ja
ov
n
154 Mar
Asbestoe Mfg Co com__1
134
2,700
4% 435
Associates Invest CoNew common
450 o831 294 Nov 3654 Oct
• 2934 32
103( Oct
Jan
5
Automatia Products enm_6
254
1,000
93-6
93.4
334 Nov
3( June
Auto Washer cony pref---•
fi
90
334 335
May 2291 Nov
434 11
310
Bac Mtn' Welt Co com__ -• 1735 2034
Jul)
Oct
235
7%
234
Bastian-Blessing Co corn..'
300
575
12
Mar 2434 Oct
9%
Bend's Aviation com......• 2075 21% 4,150
234 Jan
74 Nov
Rerahoff Brewing Co_ _- 1
2
635 734 3,650
4% Nov
134 Jan
14
Milks Mfg Co A cony pref *
1,020
431
3
Borg Warner Corp sow 10 6135 64% 3,950 1134 284 Jan 6534 Oct
Mar
113
Oct
10734
87
10
7% Preferred
100 110 110
1734 Oct
64 1334 Jan
Brach dc Sons(E
200
com_..* 1634 16%
Brown Fence dz Ire1434 Jan 3034 Oct
Class A
650 05
274 2935
Nov
31
Jai
4
Class B
800 014
• 28
30%
5
Apr 17% Nov
• 1134 1235
Bruce Co(E L) com
5
700
84 Nov
5% Aug
Butler Brothers_ . _
231
734 831 6,050
10
Oct
3
)4 Apr
Canal Construct cony-pref'
20
74
235
235
Nov
1734 Jan 46
Castle & Co(A NI) corn 10 43% 46
1,050 10
434
Cent Cold Stor Co corn ....50 1635 1634
1134 Apr 17 Oct
30
13)4 Jan 595' Nov
Cent Ill Pub Son, pref.....• 57% 58%
500 104
134 Nov
34 Jan
Cent Ill Secur common
34
150
1
1
I
Central S Nov
2
Common
34 Jan
134 4,550
134
1
Nov
124 Jan 51
• 48
Prior lien pref
180
4834
2
2534 Nov
33.4 Mar
Preferred
250
23
21
Aug
12
1% Jan
1%
Central Sts Pow dc Lt prof* • 834 834
50
Oct
2134 Jan 39
Chain Belt Co corn
140 14
39
• 38
474 Nov
1
Apr
1
Chicago Corp oommon
434 41.4 11,600
•
29
4614 Nov
Jan
1,200 20%
Preferred
444 45;i
12
Oct 263.4 Nov
Chicago Elee Mfg class A-• 25% 2634
3
50
Chic Flexible Shalt oons....5 31% 32
13)4 Jan 3634 Oct
7
200
Nov
35
154 Ma
84
Chicago Mall Order corn...5 31
200
3134
Chia at No West fly com100
1%
554 Jan
14 June
334 1.800
3
Chic Rivet dc Mach CaP--• 25
273.4 Nov
13
Ma
434
320
253(
Oct
Chle Towel Co cony pref.' 99% 99%
Jan 100
30 584 80
Nov
14
Chic Yellow Cab Inv cap.. . 1334 1335
94 May
931
150
3% Nov
Cities Service Co oom____•
if Apr
9-1
24 274 6,400
34 Sept
Club Alum Uten
34 May
3.4
234 334 4,150
Oct
Jan 98
Commonwealth Edison 100 96
1,200 304 47
9734
Consumers Co134 Sept
14 Feb
3.4
Common
1,400
5
)1
34
Oct
5
7% cumul pref
54 Mar
60
100
274 3
Continental SteelNov
Feb 43
6
Common
• 394 43
9,900
Nov
Jan 125
70
Preferred
60 40
100 122 125
534 Sept
Ma
2
Cord Corp cap stook
474 534 27,600
224 Nov
Ma
7
Crane Co common
5
2235 6,950
25 21
Nov
Jan 118
83
Preferred
90 32
100 116 117
19% Nov
25i May
Dayton Rubber Mfg com-•
24
1,450
834 9
855 May 21% Nov
Cumul cl A pre(
854
150
35 1835 1834
4% Nov
Jan
1
Decker(Alf)& Cohn com10
ao
44 435
Oct
10
44 Jan
Dexter Co (The) cons_
33-4
100
10
10
2531 Nov
Eddy Pap Corp(The) corn' 244 2531
4% 13% Jan
130
1834 Nov
AP
12
Elea Houeehold OBI osP-6 1735 1835 3,200
B
Oct
144 Feb 32
Elgin Natl Watch Co_ _ _15 31% 32
6%
2.050
ag Jan 183( Oct
Fits Sim & Con DAD corn' 1535 1731
8%
250
5% Jan 134 Oct
3
Gen Candy Corp ci A
1,800
123( 1334
734 Jan
134 oo
1;4
Gen Household UM com_i
234 33( 0,850
Godchaux Sugars Inaeg Oct 11% May
•
3%
Class B
50
654 63(
Oct
8% 17g Jan 24
Goldblatt Bros Inc corn _• 22% 2334
450
2934 Nov
Ma
Great Lakes D & D oom__• 27% 29
2.550 124 17
744 Oct
Ma
4
331
Hall Printing Co corn...-10
50
634 6%
1134 Nov
May
0
43(
50
Harnischfeger Corp com_10 11
11
8% Nov
54 Oct
634
Heileman Brew Co G cap-1
834 2.900
8
Nov
12
Sep
10
10
150
Borders Inc corn
• 113( 12
July 1
Week's Range Sales 1933 10
of Prices
for
Oa. 31
Week
1935
High Shares Low
Stocks (Concluded) Par Low
Hormel & Co(Geo Al corn • 20
100 16
20
Hotniatlie Romney Cl B • 2731 29% 7,750
214
Illinois Brick Co
25
731 9% 6,300
34
111 North URI Co peel.. 100 99 100
30 4211
30
65%
Independent Tool v t o---• 64
9
Iron e unman M tg vie
• 2514 27
334
500
Jefferson Electric Co corn.* 34
100
34
9
45
Kalamazoo Stove com___• 44
310 sa 7
400 19
3434
Hats Drug Co corn
1
34
134
Ken-Rad T & Lamp com A• 104 1151 2,550
Kg URI Jr rum pret____ 69 3811 3934
5
260
20 724
8211
6% preferred
100 82
Key3tonel3tl& Wire Isom.• 644 69
1,300
73,
KIngsburg Breweries cap_l
750
31
131 14
La Salle Ext Univ com--5
100
234 231
34
Leath & Co3
Common
140
4
34
Cumul preferred
• 23
100
25
Libby McNeil& Libby__ lb
94 1,450
9
234
Lincoln Prtg Co. 634
Common
700
34
7% preferred
50 40
230
4131
Lindsay Light com
10
2
300
5% 6
Preferred
10
200 10
94 931
Lion Oil Refining Co com _•
64
3
1,700
Loudon Packing•
734 8
New corn
1.050 o214
Lynch Corp corn
5 35
500 26
37
McCord Rad & Mfg A_
60
2
3834 384
McGraw Electric coin __ _5 2911 304 2,500
314
McQuay-Norris Mfg com• 57
110 0.3o
58
Manhattan-Dearborn com•
570
311 4
34
10 25
Mapes Cons Mfg cap___.• 27
27
ar.1411 Field common_ • 13
5,750
14
651
Masonite Corp corn
450
6814
• 67
Met & Mfrs set el A com. 1
534 5% 2,650
3i
160 zo
Prior preferred
• 25
2534
Mickelberry's Food ProdCommon
1
234 234
450
34
Middle West UtilitiesCommon
•
4
31
5,500
tie
$6 cony pref A
•
24 3
1,350
11
Midland United CoCommon
4
4
300
11
•
Cony preferred A
100
31
1
•
1
Midland Util34
7% prior lien
74
74
320
100
7% preferred A
31
200
31
100
54
Miller & Hart cony pref_•
131
434
170
431
Monrot Chemical2
200
Common
• 10
11
100
5
Muskegon Mot spec el A_' 18
18
431
Nachman Sorinetieid com• 1114 124
500
750 19
National Battery Co pref_• 31
3134
Nail Elec Pow%
4
170
%
Class A corn
•
7% cumul pre!
100
55
31
20
11
5
Nati Gypsum cl A corn.ii 384 3931 2,800
National Leather com _ _ 10
14 131
600
34
Nat'l Republic Invest Tr40
1
Cum cony preferred_ _ _•
5
5
31
31
Nat'l Union Radio corn_.1
300
11
Noblitt-Sparks Ind own_• 3134 3231
900 10
North Amer Car corn
4
431
200
131
•
2,100
Northwest Bancorp corn__•
831 931
234
Northwest Eng Co corn. _• 16
174 3,100
3
1
Northwest Mil 7% pref 100
931 104
160
7% prior lien pref _ _ _ _100 31
20
2
31
Oshkosh Overall Co com..•
50
954 911
3
Parker Pen (The) torn __ill 2734 28
200
4
420
Peabody Coal el B com-_•
31
14
51
Penn Gag & Hee corn__• 18
1,050
1834
6
1,650 21
Perfect Circle (The) Co__
39
4111
11
Pines Wintertront
1,400
334 33-4
4
Potter Co(The)corn
250
14
•
434
111
Prima Co corn
400
231 234
Public Service of Nor Iii• 524 53
Common
500
914
Common
100
9
60 5131 53
10 28
6% preferred
100 10411 10434
20 38
7% preferred
100 1124 1124
Quaker Oats Co290 106
Common
• 13934 141
100 1394 140
70 111
Preferred
50 20
Rath Packing Co corn_ _ _10 244 244
Raytheon Mb 40
14
231 231
Common v t
500
131
131
100
31
5
6% preferred v t o
144
150
9
Reliance Mfg Co com_10 14
110
831
Rollins Hosiery M cony pf• 1734 18
31
Sangamo Electric Co corn• 30
980
4
Signode Steel Strap CoCommon
911 10
500
111
•
Preferred
50
30 284 2834
634
(Tweet Gas & El 7% p1100 99
99
10 3934
Standard DredgeCommon
34 334
450
31
•
Convertible preferred • 1311 1434
1,500
134
Swift International
15 32
3334 3,450 1934
Swift &Co
25 2014 21
8,550' 11
Thompson (J R) com
25
84 84
550
474
Utah Radio Product corn.*
334 451
1,500'
,4
Utll & Ind Corp com
•
1,150
4
31
111
Convertible pref
274 34
1,750
34
Viking Pump CoCommon
17
17
30
1%
Preferred
3914 40
30 2131
Vortex Cup CoCommon
17% 184
1,300
5,‘
Class A
34
3411
200 24
Wahl Co cora
1,650
Si
31
Waigreen Co common__ _ • 30
314 2,500 1514
Stock purchase warrants
390
34
31
34
10 56
Ward (Monte) & Cool A_• 1404 14031
Waukesha Motor Co eons • 107 109
690 21
19%
Wieboldt Stores Inc cons.* 19
750
911
12
1234
1,150
Williams-011-0-Matic come
234
43-4 44 6,450
WisconsinBankshares come
114
24 24
300
Yates-Amer Mach pt pf_•
31
corn_.
1334 14% 12,900
Zenith Radio Corp
154
BondsChicago Ry 58 otIs._ __1927
72
72
$3,000
43
Week's Range
of Prices
Range Since
Jan. 1 1935
High
Low
20
Nov
18
July
6% Mar 304 Nov
5
931 Nov
Sept
Jan 100% Nov
60
Nov
30
Feb 69
134 Feb 2731 Nov
Nov
1834 Jan 34
Oct
1534 Jan 50
31% Sept 4014 May
3
Jan 1211 Nov
6
JEW 40% Nov
7234 Aug 8251 Nov
Nov
22
Mar 71
234 Jan
3.1 July
3
Oct
34 Jan
6
5
Feb
Mar
431 Nov
25
Nov
10% Nov
1
531
334
931
311
Jan
Jan
Mar
Nov
Sept
731 Oct
45
Oct
614 Nov
10% Oct
7% Nov
7
26
9
134
51
34
22
631
67
I%
20
Oct
Mar
Mar
Jan
Mar
Apr
Oct
Mar
Nov
Jan
July
834
414
41
31
6014
4
33
1411
6831
634
27
Oct
July
Nov
Nov
Aug
Nov
Jan
Nov
Nov
Oct
Nov
31 Apr
274
Oct
34 Jan
31 Mar
31 Aug
331 Oct
34
July
34 Apr
4 Mar
14 June
211 Aug
114 Aug
44 Nov
Jan
July
Mar
Jan
11
Oct
20
Jan
1451 Nov
33
Nov
Aug
34 Feb
Ma
6
31 Ma
Aug
lh Aug
4131 Nov
114 Jan
4
131
4
1334
211
311
535
134
3
451
11
31
8
31
54
14
14
Feb
Ap
Feb
Ma
Jan
Jan
Jan
Ma
May
Jan
Jan
Mar
Feb
Jan
June
Sept
531
111
3434
511
10%
2011
114
31
931
28
1%
204
44
411
434
411
Nov
Nov
Nov
Oct
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Oct
Apr
1531
16%
6131
7334
Jan 5631 Oct
Jan 5634 Oct
Jan 105% Nov
Jan 115
July
28
33
22
Jan 141
Feb 148
Oct 30
Nov
July
Jan
3
2
16
18
31
Oct
Oct
Oct
Nov
Nov
%
4
31
4
93
8
Apr
Jan
Feb
Apr
Jan
14 Jan 12
Aug
1134 Jan 374 Aug
54% Jan 102
Nov
41
334
274
1434
oy,
11
4
h
Mar
Mar
Sept
May
Mar
Mar
mar
Mar
634 Jan
3431 Jan
15
31
1
2634
34
127
30
11
231
2
34
111
67
431
174
36
21
831
554
131
434
Oct
Oct
Feb
Nov
Nov
Nov
Aug
Aug
17
41
Nov
Nov
Jan 20
Aug
Jan 3531 June
Apr
434 Oct
June 3234 Aug
Oct
13-4 Jan
Jan 14331 May
Jan 110
Nov
Feb 204 Oct
Mar 14
Nov
June
Nov
5
331 Nov
May
Apr 14% Nov
Jan
77
June
Nov. 23 to Nov. 29, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Range Since
of Prices
for
Oct. 31
Jan. 1 1935
Week
1935
High Shares Low
Par Low
Stocks834 634
230 0 1%
Arkansas Nat Gas pref-100
1805 13
• 4031 42
Armstrong Cork com
• 1534 1634
205
6
Blow-Knox Co
,
JAZ
Itt
9 070
nAn
''
'
"•'
For footnotes see page 3517.
Low
2
Mar
17
Mar
931 Mar
IL,
Y..,
High Shares Low
551
185
3
1431
391' 334
50
8
154
127 5 1
631
434
731
100
2
5
375
250
5
144
134 1,700
111
104' 12
2674
615 54
99
10
2,043
431
249' 834
4011
5
1,024
431
210
1
194
267
114
234
17
391 15
631
355
2
672 3011
98
785' 44
74
51
9
15
1
500
1
16
310
7
2c
2c
600
75e
24 11,911
8
1711
530
910 1854
2S31
10 1531
3511
100'
11
65c
3331
738 1554
392' 2731
9534
UnlistedLone Star Gas614%prefloo 109 109
•
34 4
Penroad Corp v t c
BondsPitt. Brew 0.7
July 1
Sales 1533:0
for Oct.31
Week
1935
30 7431
243 2 134
1949 10614 10614 $1.000
86
Range Since
Jan. 1 1935
Low
3
331
10%
331
534
2
8
111
1631
73
434
2434
431
90e
2
15
211
4731
54
9
1
7
2c
75e
9
1834
18
650
184
3231
High
Mar
534 Aue
Mar 155
4 Oct
Jan 1531 Nov
8
Apr
Jan
Jan
84 Apr
Jan
5
Nov
Apr 1634 Nov
Oct
254 Jan
Mar 28
Nov
Mar 100
Sept
Mar 11
Nov
„Rbi 4134 Nov
Nov
531 Nov
Nov
2
Jan
Jan
4
May
Mar 2511 Apr
Mar
751 Nov
Apr 10011 Nov
Mar
84 Jan
Oct 15
Nov
Oct
14 Apr
Nov
Feb 16
Jan
Sc Apr
Jan
3
July
Feb 18
Sept
July 284 Nov
Jan 36
Nov
14 Jan
Nov
Mar 3511 Nov
Mar 98
Nov
90
134
103
Jan 109
July
Apr
44 Nov
Apr 10634 Nov
BALLINGER & CO.
Members Cincinnati Stock Exchanoe
Aug
114 Aug
84
14
6
22
Stocks (Concluded) Par Low
511
Clark (D L) Candy Co_ _ _*
Columbia Gas & Elea Co.. 134
Devonian 011
10 153%
Duquesne Brewing
64
5
C11193 A
734
5
•
331
Electric Products
Follansbee Bros pref_100 134
1
131
Ft Pittsburgh Brew
Harb-Walk Retrac com_...* 2531
Koppers Gas & Coke p1100 974
914
*
Lone Star Gas Co
5 394
Mesta Machine Co
431
Mountain Fuel Supply_ _ _*
14
Nat Fireproofing pref _ _100
•
211
Pittsburgh Brewing
Preferred
• 16
654
Pittsburgh Forging Co _._1
Pittsburgh Plate Glass_ _25 96%
74
Pittsburgh Screw & Bolt_ _*
Pitts Steel Fdry pret__100 15
1
1
Renner Co
5 144
Ruud Mfg Co
20
1
San Toy Mining Co
•
234
Shamrock Oil & Gas
Standard Steel Spring_ _ * 16
United Engine & Fdry_• 274
Vanadium Alloy Steel__* 3511
1
650
Victor Brewing Co
• 3034
W'house Air Brake
W'house Eleo & Mfg--_50 91
31
11 Jan
14 Apr
Pittsburgh Stock Exchange
3515
Financial Chronicle
Volume 141
High
634 Aug
43% Nov
174 Nov
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System-First Boston Corporation
Cincinnati Stock Exchange
Nov. 23 to Nov. 29, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 193310
Jan. 1 1935
of Prices
for
Oct. 31
Week
1935
High Shares Low
Par Low
Stocks511
50
Industries____•
811 831
240 0 1011
kmer Laundry Maeh___20 2034 204
1
20
5
5
8
Baldwin
10 50
50
100 50
Preferred
220 20
2531
100 25
Champ. Coated
42 10011
Champion Fibre pre__ _100 107 10711
1
140
* 124 1331
Churngold
244 62
Cin Gas &Electric pref _100 1014 1024
5 176
100 230 230
CNO&TP
1 80
100 110 110
Preferred
431
234
21
431
Cincinnati Street Ry___50
604
176
8834
_50
Telephone_
_
8734
Cincinnati
5 86
100 110 110
Cin Union Term pref
54
75
714 74
•
Crystal Tissue
351
600
8
834
20
Eagle-Picher Lead
8
150
• 2134 224
Formica Insulation
4
76
10
10
•
Fyr-Fyter A
731
90
31
• 31
Gibson Art
7
16
814 811
12
Hatfield prior pref
85 2234
• 44
45
Hobart class A
4
100
22
* 22
Julian & Kokenge
55' 19
* 26
2631
Kroger
25 75
50 102 102
Little Miami guar
34
7
2
2
2.50
Magnavox Ltd
5
2
7
7
•
Manischewitz
2
25
6
6
•
Meteor Motor
254' 3311
• 4631 48
Procter & Gamble
934
173
• 1734 174
Randall A
231
715
531
511
•
B
10 12
• 49
49
Rapid ElectrotYPe
40 1434
10 3514 3535
U 8 Playing Card
2
225
534 6
•
US Printing
431
25
20
50 20
Preferred
k Iu mIn u m
High
Low
11
Sept
534 July
Oct
1234 Mar 24
6
Nov
111 Jan
Nov
50
Nov 50
20
Sept 2734 Nov
10034 Sept 1074 Nov
1431 Nov
251 Jan
Nov
7211 Jan 103
Nov
176
May 230
Apr 110
Sept
100
5
Nov
254 Apr
Aug
62% Jan 91
10814 Nov 1114 May
734 Nov
514 May
851 Nov
311 Mar
94 Mar 2211 Nov
10
Oct
711 July
Nov
1631 Jan 31
814 Jun(
Aug
7
Nov
Feb 46
27
Nov
Feb 22
10
Au
2331 May 32
Au
Feb 105
100
251 Nov
34 Jan
1131 July
631 Nov
Nos
7
July
2
4331 Jan 5334 July
Ma
1631 Oct 20
4
Oct734 Mai
2731 Jan 4951 No
May
2931 Jan 39
Jan
3
734 Mal
Jun
Jan 25
16
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
GILLIS
WOODCo.
Union Trust Building, Cleveland
A. T. & T. CLEV. 595
Telephone Chlerry 5050
Cleveland Stock Exchange
Nov. 23 to Nov. 29, both inclusive, compiled from official sales lists
July 1
Range Since
Week's Range Sales 1933 to
Jan. 1 1935
for
Oct. 31
of Prices
Week
1935
High
Low
High Shares Low
StocksPar Low
Nov
814 Jan 55
1,300
2
• 50
55
Allen Industries Inc
Jan 134 Nov
4
472
331
• 124 13
Apex Electric Mfg
May
Sept 100
10 1 63% 73
75
City Ice & Fuel pref. _100 75
411 Nov
411
124
1
231 Oct
4
Cleve Builders Realty ___ -*
Mar 5634 Nov
.• 52
@FedFRASER