The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation of inflation, particularly in seTHE subjectmarkets, was againWednesdaythe the curities brought to forefront of public discussion on when bilities, not to say probabilities, throughout the whole structure of American business. Conflicting Policies the President of the New York Stock Exchange,in HE truth of the matter is that the Government the course of an admirable address before the Amerat Washington with one hand has been chasican Management Association, uttered a plain-spoken warning concerning the danger of "a wild and tising business vigorously for past misdeeds, real runaway stock market" nourished by abnormally and imaginary, enacting numerous punitive laws, low money rates and excess bank reserves of wholly creating regulatory commissions and other bodies, unprecedented proportions. Interest in the matter and at the same time with the other hand has been was increased on the following day by an informal as actively engaged in creating conditions, particularly statement to the press by the Chairman of the in credit and banking, that almost inevitably lead to the very evils which it Securities and Exchange is professedly so desirous of Commission that this body Keeping Our Sense of Proportion was "well aware" of the eliminating and preventing At the conclusion of an excellent address hazards to which the New in the future. This genbefore the American Management Association . York Stock Exchange head eralization applies not only on Wednesday, Charles R. Gay, President of the New York Stock Exchange, recapitulated referred. to the securities markets his message as follows: Mr. Gay was of course but to all business. No "What I wish to emphasize to-day is that number of rules, regulacareful to explain that he when the stock exchanges have done all that they can, when the member banks of the tions, threats or preachundertook to pass no judgFederal Reserve System have done all that ment upon the existing ments, no matter how vethey can, when the Securities and Exchange Commission has done all that it can, there level of security prices in hement, vigorous or cunstill remains this immense outside factor, ningly devised, are likely general, but his listeners an abnormal money market with a gigantic could hardly doubt that he to prevail permanently volume of excess reserves, the control of which is not in their hands. Only sound Federal felt he had reason for misagainst the temptations Reserve Bank policy and sound Treasury givings particularly about created and the incentives policy can control that. Unless this factor is properly controlled, there may be again the general attitude and provided by monetary and in the future a wild and runaway stock spirit being shown by subcredit policies such as those market culminating in a crash as violent and as dangerous as that of 1929. stantial groups in the popthat have been actively "I repeat that I am not an alarmist. I hope ulation at a time when the pursued in recent years. you have not concluded from what I have underlying money market If we are saved from dis-. said that I am. I have no illusions whatever on this subject, Which I have tried to discuss situation is such as to offer aster, we shall have to realistically. My earnest wish is that through every inducement to exwork out our own salvaintelligent use of equipment which we have and by keeping our sense of proportion, we cesses. Speculative eletion with great wisdom and may be spared another season of madness." ments in the stock market self-restraint, if not with If those in public life who control our itself seemed to find in his fear and trembling. Treasury and central banking policies had the foresight and the courage which characwords not so much a warnLet us see once more just terize the address from which these sentences ing of the evil results inwhat the situation is that have been taken, the business community would have no cause whatever for concern evitably consequent upon we face. First, the excess about the danger of "another season of excesses as a suggestion of reserves of member banks madness." opportunities for profit are so large that sale by While uneasiness arising from threatening European conditions has for the present at meanwhile, a fact which the Reserve banks of all least apparently somewhat dampened the seems to us to furnish adtheir $2,400,000,000 holdardor that appeared for a time to threaten to get out of hand in the securities markets, ditional evidence of the ings of Government obligathe danger of which Mr. Gay is evidently timeliness of the utterance. tions (practically the only acutely conscious still exists, and since we It is certainly no part of cannot depend upon those in positions of earning assets they possess official responsibility, our salvation seems our function to offer advice to individual investors to depend upon our own sense of proportion ' about either investments which it is to be hoped courageous,forward- would do no more than looking leaders like Mr. Gay will do all they or speculations, but we are about eliminate the excess. can to help us keep. none the less glad that the A doubling of existing rePresident of the New York serve requirements for Stock Exchange is on record at this time as calling member banks, as is permitted by the Banking Act sharp attention to dangers which all thoughtful people of 1935, would still leave the banks as a whole in must see in the existing situation—dangers neces- a comfortable reserve position. If one or the other sarily greatly enhanced, as Mr. Gay says, by the of these steps were taken, which no one expects, possibility of the development of a "sufficient degree there would remain in the hands of the Treasury of confidence, or perhaps of desperation, or even unencumbered gold in amounts which, if used by of reckless boredom over the prolonged idleness of the Government for any ordinary purpose (other money." But Mr. Gay has done more than merely than for the retirement of its obligations held by call attention to one aspect. of a highly hazardous the Reserve banks),would not fall far short of creating condition. While naturally and wisely concerning new excess reserves of present proportions—and gold himself with matters that have to do with the stock shipments to this country are still being arranged market, he has none the less presented a telling at a rate of between 15 and 20 million dollars a day. analysis in the language of a practical business But all this constitutes not more than half the man of a condition that holds unpleasant possi- story. By reason of huge Government expenditures T 2320 Financial Chronicle of funds raised by what amounts to fiat creation of bank deposits, the day is apparently fast approaching when individuals, corporations and other non-Government entities will own as large a volume of bank deposits as they did in the palmiest days of the boom of the late 'twenties. According to the latest estimates the Federal deficit, despite increases in revenue, will amount to no less than $3,280,000,000 during the current fiscal year, most of which will without much doubt be covered by further creation of deposits for the purpose—which as disbursed by the Treasury will go to swell the volume of funds at the disposal of the public generally. Excess Deposits Too many unthinkingly suppose that when they spend the money they have in the bank, the funds thus disbursed cease to exist. Such obviously is not the case. Title to them changes hands, but they continue, or may continue, again and again to be used by literally hundreds and even thousands of different owners. It is our considered judgment that the volume of existing bank deposits standing to the credit of.the community in general, heretofore abnormally idle, constitutes a danger as great as, if not much greater than, the excess bank reserves about which we quite warrantably hear so much, at least for the immediate present. Therefore, even more than elimination of excess reserves will be necessary to restore the financial health of this country. Let it not be forgotten, first, that the worst excesses of the 'twenties were financed without increasing the volume of outstanding bank credit, and, second, that the use to which existing bank deposits are put is largely beyond the direct control of the banking authorities. Danger of what is popularly known as inflation in this country will not be removed, nor the banks as a whole placed upon a really sound footing, until there is a major reduction of the ownership of Treasury deficits by the banks, and a more rational relationship established through that reduction between the volume of outstanding bank deposits and the legitimate need for them. We have again dwelt at considerable length upon this subject because the warning of the President of the New York Stock Exchange has, we hope, made the public mind somewhat more receptive to ideas we have often expressed in the past, and also because we do not believe that this Carthago delenda est can be too often repeated. We of course are quite aware that any effective action to correct this banking and credit situation would temporarily check the increase in the rate of current business activity to which the Administration is now pointing with pride upon all occasions, and to which many others for that matter are looking for further encouragement. No one with any sense of responsibility would lightly urge action likely to have such an effect at this time. Yet we shall be obliged at one time or another to do whatever is necessary to place the money market, our banks, and our credit situation upon a sound footing. This being the case,it would be much better to do it now than at some later date when the results may, and very likely will, be very much more painful. Continuing weakness in the Government bond market should by now have furnished the Administration with another warning, if one were needed, of the hazard of the course it is following. Some of the recent statements of the President seen to suggest some dawning consciousness of the true inwardness of this situation. There has been a revival in Oct. 12 1935 official quarters of a disposition to talk of a balanced budget—at some rather distant future date, it is true, and without very much evidence of strong convictions on the subject—and highly generalized assertions about the impossibility of the Federal Government indefinitely carrying the burden of unemployment have been heard. But the Treasury seems to have no better plan for strengthening the demand for its bonds than that of reverting to very short term borrowings in order to give the market "a rest." Of course such a policy accomplishes nothing of fundamental importance except to increase the vulnerability of the Treasury's position and probably to make it doubly certain that the banks will continue to furnish much the larger part of the funds required by the Treasury. Mr. Landis on Current Underwriting Problems IN A CAREFULLY-PHRASED address on Wednesday before the American Management Association Mr. Landis, for the first time since he assumed the Chairmanship of the Securities and Exchange Commission, discussed in considerable detail some of the current underwriting problems as viewed by the body over which he now presides. He recited with apparent approval the several steps that were taken under the administration of Mr. Kennedy to reduce the costs and to simplify the process of registering proposed new issues. He also seemed to give assurance that this line of endeavor would continue in the future, and to hold out hope of some further real progress in these directions. Of all this the investment banking community is doubtless duly appreciative. Mr. Landis, however, showed no awareness of the basic defects in the law he is engaged in administering. Probably nothing of the sort was to be expected. Yet he was obliged to admit that in certain particulars, particularly in those having to do with the so-called twenty-day waiting period, the law was not working as well as could be wished. Of course its defects will be much more obvious when offerings are being made in a buyers' market instead of one in which the seller has every advantage. The trouble arises of course from the fact that the law permits and even encourages the widest dissemination of information concerning a proposed offering during the twenty-day period, but absolutely forbids any sale, conditional or otherwise, and any offer of sale, until after the registration statement is effective. No such ideal, whether worthy or not, is in our opinion ever likely to be realized in practical life. The problems to which these provisions of the law have given rise will not in our judgment be solved until the law itself is changed. Investment bankers directly and immediately concerned with the policies of the Securities and Exchange Commission looked to this statement of the new Chairman for light upon the question as to whether important changes would take place in the Commission's policies with the change of head. On the whole, it seems to us that they have reason to be satisfied with the address, as far as such an address is ever a safe indication of policy. Certainty must naturally await actual experience. Federal Reserve Bank Statement HE explosive possibilities of credit inflation are well illustrated in the current condition statement of the 12 Federal Reserve banks, combined. T Volume 141 Financial Chronicle Charles R. Gay, President of the New York Stock Exchange, had some pertinent things to say about the credit inflation danger, in so far as it relates to the stock market, but the weekly banking statistics suggest that the comments about the abnormal money market and the gigantic volume of excess reserves might well be applied to conditions as a whole. Owing mainly to large gold certificate deposits by the Treasury with the Reserve banks and use by the Treasury of its general account with those institutions, excess reserves of member banks over requirements mounted no less than $120,000,000 in the week to Wednesday night. They were estimated officially at $2,720,000,000, and although this figure is still under the record of $2,820,000,000 achieved one month ago, there is every likelihood of early expansion to the neighborhood of $3,000,000,000. Gold is flowing to this side from Europe in a heavy and steady stream and it Is quite possible that the capital flight will' continue for some time to come. The Treasury, moreover, is obligated to compensate for retirements of National bank notes through deposit of gold certificates in coming months. Conjecture on the possible limits of excess reserves is idle, for the. insistent fact remains that they are already swollen to extreme and dangerous proportions, and there is no evidence of any official tendency to cut down the aggregate through sale of Federal Reserve holdings of United States Government securities or use of the new provision for permissive increase of reserve requirements. Gold certificates deposited by the Treasury with the Federal Reserve banks amounted to $91,003,000 in the week to Wednesday night, although actual additions to the monetary gold stocks of the country in the same period were only $49,000,000. In previous weeks the Treasury failed to reimburse itself entirely for gold acquisitions and the excess deposit of certificates represents only an adjustment. Actual holdings of the certificates were $6,725,656,000 on Oct. 9, against $6,634,653,000 on Oct. 2. Other changes in reserves were nominal and total reserves increased to $6,952,157,000 from $6,861,259,000. Federal Reserve notes in actual circulation advanced to $3,49$,789,000 from $3,481,907,000. Treasury use of funds derived from sales of gold certificates and from a liberal use of sums held in the general account with the Federal Reserve banks increased member bank deposits on reserve account by $106,191,000 to $5,329,807,000 on Oct. 9. There was a reduction of the Treasury general account by $30,514,000 to $60,327,000. Other deposits increased modestly, and total deposits were $5,703,019,000 on Oct. 9 against $5,620,819,000 on Oct. 2, an increase of $82,200,000. The gain in reserves outweighed the advance of circulation and deposit liabilities, and the reserve ratio moved up to 75.6% from 75.4%. Other changes in the banking statistics were unimportant. Discounts by the System fell $902,000 to $9,587,000, while industrial advances increased by $2,651,000 to $32,721,000. Open market bankers' bill holdings of the Reserve banks dropped $3,000 to $4,686,000, and another drop of $3,000 was recorded in United States Government security holdings, which totaled $2,430,209,000. 2321 a share on the common stock, payable Nov. 15, which compares with 60c. paid in previous quarters. Mid-Continent Petroleum Corp. declared a dividend of 25c. a share on the common stock, payable Dec. 2; on June 1 last, paid only 15c., while in May and November 1934, 25c. was paid. Briggs Manufacturing Co. declared an extra dividend of 50c. a share, in addition to the regular quarterly disbursement of like amount, both payable Oct. 31. American Machine & Foundry Co. declared an extra dividend of 20c. a share, in addition to the regular quarterly of 20c., both payable Nov. 1. Stewart-Warner Corp. resumed common dividends by declaring a semiannual distribution of 25c. a share and an extra of same amount, both to be paid Dec. 2; the last previous disbursement was a quarterly dividend of 50c. a share on Nov. 15 1930. Government Cotton Crop Report HETHER the gentlemen at Washington who have assumed responsibility for agricultural developments in this country were pleased with the slight decline in cotton prospects during September does not appear. The October report of the Department of Agriculture, issued at Washington on Tuesday of this week, indicated a yield of 11,464,000 bales of cotton from this year's crop. This was 25,000 bales less than the Sept. 1 forecast. The latter was 309,000 bales below the crop indicated a month earlier. At that time, the gentlemen aforesaid welcomed the announced reduction with great glee, because of the realization of their fondest hopes for a limited production. The outlook now is for still further restriction. The latest report was based on a condition of 64% of normal on Oct. 1 1935. This compares with a percentage of 64.5 on Sept. 1. The yield per acre was indicated at 191.5 pounds, against 192 pounds on Sept. 1 this year, 170.9 pounds for the crop harvested from the 1934 growth, and 177.1 pounds per acre the 10-year average, 1924-33,inclusive. Comparison with past records have little value in these times, but the harvest last year was 9,636,559 bales and the 10-year average 1924-33 was 14,703,800 bales. Thq Department states that prospects in Texas have declined during the past month 192,000 bales and in Oklahoma 18,000 bales. These losses are nearly offset by gains in Georgia, Alabama, Mississippi and Arkansas. For the other cotton States changes were trifling. The heavy rains early in September caused some damage, but were offset by favorable picking and ginning conditions in the latter part of the month. In the more northern States, the crop continues late. Total ginnings to Oct. 1 were considerably below the usual percentage, the total, with a prospective larger yield this year, being 4,230,367 bales against 4,962,384 bales up to the same date in 1934. The losses are mainly in Texas, Oklahoma and Arkansas. In most of the eastern States there were large increases. VV Government Grain Report N ADDITION of 4,320,000 bushels to the spring wheat crop was indicated in the October report of the Department of Agriculture issued at Washington on Thursday of this week. The increase in yield Corporate Dividend Declarations was largely in spring wheat other than durum in the IVIDEND actions of corporate entities this week States of Idaho and Washington, where early conwere again of a favorable nature. Continental ditions were more promising than the estimates Can Co., Inc., declared a quarterly dividend of 75c. allowed for. The spring wheat crop this year is now D A 2322 Financial Chronicle Oct. 12 1935 placed at 167,226,000 bushels, against the harvest leading utility and railroad shares. Some uncerlast year of 91,377,000 bushels, when the crop was tainty developed Tuesday,owing to profit-taking and very short. The yield of all wheat from the harvest nervousness regarding the impressive move toward of 1935 of 598,935,000 bushels will compare with sanctions at Geneva. Most of the gains of the previ496,929,000 bushels harvested last year. In the ous day were canceled, but the technical position threshing returns throughout the north central of the market was improved. In a quiet session on States the grain has turned out unusually light in Wednesday, prices tended to move slightly higher, weight because of rust and heat damage. Wheat on with increased demand for stocks noted in the last farms Oct. 1, including new wheat, was 257,242,000 few minutes of trading. Specialties showed best bushels, 43% of the 1935 production, an increase of results for that session, but industrials in general were good. The warning by Mr. Gay confirmed 127„242,000 bushels over the Sept. 1 estimate. The corn output this year will also be above that opinions long held in informed quarters, and it reindicated a month earlier. The condition on Oct. 1 leased a good deal of buying in all sections of the was 70.8% of normal, against 67.9% on Sept. 1. stock market on Thursday. Gains were impressive The Oct. 1 1934 condition was 41.5% of normal, in all groups, with steel, motor, oil, chemical and but that was for a crop that was about as close to a railroad stocks especially in demand. The gains failure as it well could be. The yield of corn this were larger than in any single session in nearly four year is now placed at 2,213,319,000 bushels, com- months. The advancing tendency again was in evipared with the harvest last year of only 1,377,126,000 dence yesterday, although gains were more modest bushels and the five-year average yield of 2,562 - in most sections. Motor stocks remained prime 147,000 bushels. Frost this year has caused some favorites and a few sensational advances were regisdamage, so that the percentage of soft corn may be tered in that group. In the listed bond market movements were uncerincreased in some important sections. Oats this tain for the week. United States Government securiyear were estimated at 11,83,870,000 bushels, about the same as last month and rye 52,200,000 bushels. ties advanced hesitantly and closed yesterday at Production of barley was placed at 290,000,000 slightly better levels than prevailed a week earlier. bushels. The harvest last year for all three of these Closing of the books on the conversion of called Lib4% obligations aided for a time, crops was very much reduced. Frost in some northern erty bonds into 23 States caused a reduction in the estimated yield of but requirements of the Treasury indicate that much potatoes, production being placed at 366,000,000 new borrowing soon must be done and buying was bushels against 385,000,000 bushels harvested last cautious. Highly-rated corporate bonds did not vary greatly, while speculative issues followed the rise year. in stocks on a modified scale. Italian bonds were The New_York Stock Market under mild pressure in the foreign group, but most QTOCK prices on the New York market resumed other bonds improved. In the commodity markets this week the long advance that was inter- movements were irregular. Grains eased during the rupted by the Italo-Ethiopian war and the fear that first half of the week, but recovered later, while other European countries might become embroiled. cotton advanced and declined alternately. Copper With such apprehensions steadily diminishing, not- and lead prices advanced, and the gains influenced withstanding the League of Nations moves toward stocks to some degree. Foreign exchanges were sanctions against Italy, equities came into moderate under steady pressure, as the huge capital flight demand early in the week. The advance became from Europe continued, and large engagements of brisk on Thursday, after Charles R. Gay, President gold for shipment to the United States were reported of the New York Stock Exchange, uttered a serious every day. The extent of the flood of funds moving warning about the possibility of a runaway market toward this country is best indicated by gold engagedeveloping on the basis of current credit inflation ments of more than $350,000,000 since the movement prospects, and the gains were extended still further started on Sept. 9, and it is plain that large amounts yesterday. Taken as a whole, movements of the are finding employment in the stock market. week were decidedly in favor of holders, with indus- • On the New York Stock Exchange 136 stocks trial shares rather more in demand than utility or touched new high levels for the year while 14 stocks railroad stocks. Motor issues were especially promi- touched now low levels. On the New York Curb nent, and some of these securities attained best levels Exchange 83 stocks touched new high levels and of the year. The expedient of motor manufacturrs 16 stocks touched new low levels. Call loans on in bringing out new models in the autumn and thus the New York Stock Exchange remained unchanged stimulating production at this normally dull period at 1 4%,the same as on Friday of last week. appears to be proving satisfactory, and the buying On the New York Stock Exchange the sales at the of motor stocks is due in part to favorable reports half-day session on Saturday last were 697,190 of advance orders. Stock trading on the New York shares; on Monday they were 945,360 shares; on 'Stock Exchange averaged approximately 1,000,000 Tuesday, 1,182,110 shares; on Wednesday, 882,910 shares daily in the first three sessions of the week, shares; on Thursday, 1,863,970 shares, and on Fribut the volume increased nearly to the 2,000,000 level day, 2,054,662 shares. On the New York Curb Exin the sessions on Thursday and yesterday. change the sales last Saturday were 121,765 shares; European developments still were important influ- on Monday, 197,965 shares; on Tuesday, 239,220 ences on the stock market as the week opened. Trad- shares; on Wednesday,214,225 shares; on Thursday, ing on Monday was dominated by the possibility of 380,336 shares, and on Friday, 433,675 shares. Alwar commodity shipments to Europe, despite the though the market was subject to dulness in the early proclamation by President Roosevelt that trading part of the week, prices on most days moved toward with the combatants must be at the risk of shippers. higher levels. This was particularly true on WednesCopper, lead and chemical stocks were in excellent day, when in a broad advance equities achieved the demand, but gains also were recorded in some of the best levels since June, the volume of trading exceed- Volume 141 Financial Chronicle ing 1,800,000 shares for the session. Yesterday this upward trend was continued, but in a more moderate fashion, and prices at the close were in most instances above those of one week ago. General Electric closed yesterday at 34 against 33 on Friday / 1 2 of last week; Consolidated Gas of N. Y. at 2978 / against 2718; Columbia Gas & Elec. at 13 against / 12%; Public Service of N. J. at 40% against 39%; J. I. Case Threshing Machine at 83 against 82; / 1 2 International Harvester at 5614 against 55; Sears, / Roebuck & Co. at 58 against 54; Montgomery Ward & Co. at 33 against 31; Woolworth at 61 against 60, and American Tel. & Tel. at 13978 against 1371 8 / /. Allied Chemical & Dye closed yesterday at 170 / 1 4 against 165 on Friday of last week; Columbian Carbon at 8712 against 86 ; E. I. du Pont de Nemours / / 1 2 at 134 against 128; National Cash Register A at 18 / 1 2 against 17; International Nickel at 3114 against / 30%; National Dairy Products at 17 against 17; Texas Gulf Sulphur at 30% against 3112; National / Biscuit at 302 against 30½; Continental Can at / 1 88 against 8514; Eastman Kodak at 155% against / 1 2 / 15312; Standard Brands at 13 against 123 ; West/ / 4 inghouse Elec. & Mfg.at 80 against 75%; Lorillard / 1 2 at 25 against 2378; United States Industrial Alco/ hol at 4478 against 43; Canada Dry at 9% against / /, 9½; Schenley Distillers at 44% against 4014 and National Distillers at 31 against 283 4. The steel stocks were higher at the close yesterday than on Friday a week ago. United States Steel closed yesterday at 4478 against 43 on Friday of / / 1 2 last week; Bethlehem Steel at 38 against 36%; Republic Steel at 1638 against 16, and Youngstown / Sheet & Tube at 25 against 24. In the motor group, / 1 2 Auburn Auto closed yesterday at 383 against 3614 4 / on Friday of last week; General Motors at 47 / 1 2 against 45%; Chrysler at 7778 against 7218 and / /, Hupp Motors at2 against2/ In the rubber group, / 1 2 . 14 Goodyear Tire & Rubber closed yesterday at 17 / 1 2 against 17 4 on Friday of last week; U. S. Rubber at 1 / 13 against 13, and B. F. Goodrich at 814 against / 1 2 / 8 . The railroad shares show gains for the week as / 1 4 compared with the losses sustained in the previous week. Pennsylvania RR. closed yesterday at 255s / against 251 on Friday of last week; Atchison To4 peka & Santa Fe at 4578 against 45; New York Cen/ tral at 2114 against 20%; •Union Pacific at 90 / against 9214; Southern Pacific at 163 against 163 ; / / 4 / 4 Southern Railway at 8% against 7 , and Northern / 1 2 4. Pacific at 15 against 143 Among the oil stocks, / 1 4 Standard Oil of N. j. closed yesterday at 44% against 431 8 on Friday of last week; Shell Union / Oil at 9% against 9¼; Atlantic Refining at 213 4 against 21. In the copper group, Anaconda Copper closed yesterday at 22 against 21% on Friday of last week; Kennecott Copper at 25 against 25%; American Smelting & Refining at 51% against 49 , / 1 2 and Phelps Dodge at 25% against 24%. Indices of trade and industrial production remain fairly favorable, and they also contributed to the buying movement in equities. Steel-making for the week ending to-day was estimated by the American Iron and Steel Institute at 49.7% of capacity, a drop of 1.1 points, or 2.2%, from the 50.8% rate of last week. One month ago the rate also was 49.7%, but at this time last year the figure was 23.6% of capacity. Production of electric energy for the week to Oct. 5 totaled 1,863,483,000 kilowatt hours, according to the Edison Electric Institute. In the preceding week production was 1,857,470,000 kilowatt 2323 hours, while the figure for the corresponding week of 1934 was 1,659,192,000 kilowatt hours. Car loadings of revenue freight for the week to Oct. 5 were 706,877 cars, an increase of 76,106 cars over the previous week and of 74,471 cars over the same week of 1934, the American Railway Association reports. As indicating the course of the commodity markets, the December option for wheat in Chicago closed yesterday at 10438c. as against 10638c. the / / close on Friday of last week. December corn at Chicago closed yesterday at 603 as against 62 c. 4c. / 1 2 the close on Friday of last week. December oats at Chicago closed yesterday at 28 c. as against 29 c. / 1 4 / 1 4 the close on Friday of last week. The spot price for cotton here in New York closed yesterday at 11.20c., the same as the close on Friday of last week. The spot price for rubber yesterday was 12.59c. as against 12.00c. the close on Friday of last week. Domestic copper closed yesterday at 9 / as against 9c. the close on Friday of last week. 1 4c. In London the price of bar silver yesterday closed at 2938 pence per ounce as against 29 9/16 pence per / ounce on Friday of last week, and spot silver in New York closed unchanged at 6538c., the close on Friday / of last week. In the matter of the foreign exchanges, cable transfers on London closed yesterday at 44.90 as against / 1 2 $4.89 the close on Friday of last week, and cable transfers on Paris closed yesterday at 6.59c. as 4c. the close on Friday of last week. against 6.581 European Stock Markets TLE trading was reported this week on stock markets in the leading European financial centers, owing to the uncertainties of the European political scene and the obvious desire of investors to remain aloof until some of the important current problems are answered. It was plain all week that the League of Nations would vote sanctions against Italy, and since the latter nation had indicated its decision to bear economic sanctions with fortitude, no additional political complications were anticipated. But the British fleet concentration in the Mediterranean continued, and uneasiness regarding the possibility of "guns going off by themselves" was widespread. In these circumstances, prices moved only slightly on any of the markets in Europe. The London Stock Exchange was firm in most sessions, while the French and German markets moved upward and downward alternately, with the ranges narrow. Somewhat significant was a tendency in all markets to single out the war stocks as investments. The preference for armaments shares was due not only to the current situation in Europe, but also to the world wide increase of national, armaments now in progress. Capital continued to move from Europe to the United States, and gold was sent to this country by all available vessels. But the capital flight apparently involved idle European funds, for there were no heavy selling waves on the securities markets. Trade and industrial reports from Europe are less favorable than for some time. Unemployment in Great Britain increased in September to 1,958,610 from 1,947,647 at the end of August. Deflation in France is rendering the position in that country uncomfortable, while German progress is slow, at best. The London Stock Exchange was firm in the initial session of the week. British funds and home rail stocks showed modest improvement, while larger E 2324 Financial Chronicle gains appeared in the industrial issues that are concerned with armaments manufacture. Iron, steel, aircraft and shipbuilding issues showed best results. Gold mining stocks were better and international issues likewise showed gains. Profit-taking developed on Tuesday in most sections of the London market. British funds eased slightly, but liquidation was more pronounced in the industrial section. Gold mining stocks were in good demand, while commodity issues also improved, but international securities softened. Very little business was done Wednesday, as the meeting of the League Assembly caused general apprehension. British funds were firm, but industrial stocks moved lower and international issues also drifted downward. Foreign obligations were mixed in tone. After early uncertainty on Thursday, the trend of. securities turned definitely upward in that session and gains were general. British funds reflected better investment buying, and industrial stocks, gold, commodity and foreign issues also advanced. Improvement again was the rule at London yesterday, with British funds, industrial stocks and international issues all in demand. Modest advances were recorded on the Paris Bourse,.Monday, owing to the Italian victory at Adowa and the hope that the war in Ethiopia would terminate rapidly. Short-covering by professional speculators was in evidence and gains resulted in nearly all sections of the list. Rentes and French equities advanced more than foreign issues. The tone on Tuesday was uncertain, as the obvious determination at Geneva to apply sanctions against Italy proved disconcerting to French sentiment, which favors Italy in the current conflict. Losses were general and substantial in the early dealings, but a late rally minimized the recessions. The meeting of the League Assembly on Wednesday overshadowed trading on the Bourse in that session, and prices drifted slowly lower in a most inactive market. Rentes led the downward movement, but French equities and international issues also participated. Transactions were small on Thursday, as the international uncertainties again kept investors from entering upon fresh commitments. Rentes and the majority of French bank and industrial stocks were marked downward, but a few armaments issues improved. Sentiment was better on the Bourse yesterday and gains were recorded in nearly all securities. Suez Canal shares were an exception. Although little business was done on the Berlin Boerse on Monday, prices moved higher in all departments of the market. Heavy industrial issues, machinery stocks and chemical company shares led the advance. The gains amounted to 2 points and more in many instances. The developments at Geneva were considered ominous on Tuesday, and the German market suffered a slight reaction in that session. Stocks of companies manufacturing war equipment and materials eased more than others, while fixed-interest issues were firm. After a weak opening on Wednesday, levels advanced on the Boerse, but the initial recessions were not regained entirely. Small fractional losses were recorded at the close by the great majority of stocks. No interest was taken in fixed-income securities, which were unchanged. In a dull session on Thursday small advances developed in the bulk of stocks, while a few issues showed larger gains. Utility and machinery stocks showed best results. Dealings re- Oct. 12 1935 mained quiet yesterday, but small advances were scored in most issues. American Neutrality Measures MOST immediately after hostilities were started between Italy and Ethiopia, last week, comprehensive steps were taken by the United States Government to insure American neutrality in that conflict, no matter how long it may last or how farreaching the results. Under the signature of President Roosevelt, a proclamation was issued last Saturday forbidding the exportation of six categories of arms, munitions and implements of war, while a warning followed on Sunday against use by Americans of Italian or Ethiopian vessels in passenger transport. In order to assure the American residents of Ethiopia of the greatest possible protection, the Italian Government was urged, Tuesday, to avoid striking American buildings in any bombing of Addis Ababa, the Ethiopian capital. These measures reflect directly the gradual American entanglement in the World War and the determination of the American people to avoid any repetition of that series of events. In a large sense, the actions will serve as notification to all the world that the United States is determined to preserve neutrality in the unhappy event of general European repercussions of the current Italo-Ethiopian conflict. President Roosevelt acted under the authority of the neutrality resolution passed by Congress in the final days of the last session. The first of the neutrality proclamations, issued last Saturday, summarizes the joint resolution passed by Congress on Aug. 31 1935 and points out that it is the duty of the President to enumerate the articles to be included in any export prohibition in the event of war between two or more foreign States. President Roosevelt remarked that a "state of war unhappily exists between Ethiopia and the Kingdom of Italy," and proceeded to list six classes of articles of which the exportation thereby was banned. Category 1 includes, in general, such arms as rifles, machine guns, artillery and ammunition for the arms; grenades, bombs, torpedoes and mines; tanks, armored vehicles and armored trains. The second category includes vessels of war of every description. The third classification is devoted to aircraft, both heavier and lighter than air, which are designed, adapted or intended for use in aerial combat, and the bombs, torpedoes and appliances relating to such craft. Category IV covers revolvers and automatic pistols of sufficient weight and calibre for war use. The fifth group includes all manner of aircraft not mentioned in the previous classification devoted to such vehicles, and also aircraft engines. The final category is devoted to various kinds of gas and to gas and flame throwers and ejectors. This proclamation was followed on Sunday by another, which admonished all American citizens to abstain from traveling as passengers on vessels of either of the belligerent nations. Obviously enough, the latter prohibition applies in a practical sense only to Italy, since Ethiopia possesses no ships of any kind. To some American shippers the regulations issued by the President appeared too drastic, and views to that effect were voiced at a conference on port development of the City of New York, held here last Monday. A message was sent by that group to the President in which he was urged to rescind the A Volume 141 Financial Chronicle proclamations banning arms and munitions trade with Italy and Ethiopia. The view was expressed that the measures constitute a "serious blow to the commerce of this country and port," and are "premature and ill-advised and not furthering our neutral position at the present time." But the regulations issued by the President naturally will be observed, although trade circles pointed out that shipments to American ports still will be possible, vith the buyers arranging for the transportation. It was made known in Washington, Tuesday, that the American request that Italy refrain from bombing. American buildings in Ethiopia was sent in response to a unanimous suggestion by the diplomatic corps in Addis Ababa for such measures by all the great nations. The United States Government, it was further intimated, intends to do nothing that might interfere with economic or financial sanctions against Italy by the League of Nations. So far as practical steps by the United States are concerned, the proclamations issued over the week-end were represented as the limit to which this country could go in present circumstances. League Sanctions ACHINERY of the League of Nations, long idle in other instances of aggression, was set in motion against Italy this week, because of the aggressive measures taken by Premier Benito Mussolini and his cohorts against Ethiopia. Economic and financial sanctions against Italy were assured by the deliberations of League bodies throughout the week and by an almost unanimous vote of the Assembly on Thursday. The effectiveness of the proposed sanctions is, of course, open to some doubt, since Italy has been accumulating war materials for many months in the anticipation of just such events. To some degree, moreover, financial sanctions have been applied automatically against Italy of late, since the credit of that country has not been improved by the prospect of an expensive war. It remains true, however, that the dreaded Article XVI of the Covenant, which provides for sanctions, has been invoked and implemented, and a step thus has been taken which is decidedly to the credit of the League, even though it was chiefly the iron will of the British Government that occasioned the action. Austria and Hungary refused to join the other member States of the League in voting for sanctions, and by that action they are realesed from adherence to the League project. Since German resignation from the League will be effective within a few days, it is evident that Germany would be able to supply most of the requirements of Italy, if she were so inclined, and until the attitude of Berlin is made clear additional uncertainty must surround the sanctions problem. Events moved with furious speed in Europe this week, owing to the need for new definitions and the tendency to effect new alignments in the face of the Italian war of aggression against Ethiopia. Little more than surface indications are apparent at present, and even these may be misleading. Prominent in the welter of developments is the British determination to obtain the application of sanctions. Equally significant were French maneuvers to keep such sanctions in the relatively innocuous field of economics and finance and to prevent any form of military sanctions against Italy. The French endeavors reflect the secret agreement made at Rome M 2325 last January by Premier Pierre Laval, of which the details remain undisclosed. It is evident that the French remained unsatisfied with British statements on aggression in Europe generally, and the correspondence between France and England on the stand the latter might take was continued. One highly important indication of the British stand was made available late last week by Prime Minister Stanley Baldwin, who criticized dictators generally in a speech to his constituents and declared pointedly that England must increase her armaments, not only because of Italy, but owing to the activities of "a nation across the North Sea." It is recognized by everyone familiar with European diplomatic maneuvers that the current period is an exceedingly grave one for the Old World as a whole. The vital question, still unanswered, is whether Great Britain and France will join forces to preserve the status quo, or whether Great Britain will elect to follow a more independent course. An out-and-out AngloFrench alliance is almost sure to throw Italy and Germany together, whereas aloofness on the part of London might easily change the course of Continental history. The League of Nations proceeded carefully but implacably toward sanctions against Italy, and only the actual application of such measures remains to be accomplished. The Council met last Saturday to consider the situation created by the Italian advance against Ethiopia, and all accounts agreed that Captain Anthony Eden, of Great Britain, did much proselytizing to insure a Council report favoring a definition of Italy as the aggressor in the war. A committee of six was named by the Council to fix the blame for the strife, and on Monday the committee reported that the Italian Government "resorted to war in disregard of the League Covenant." The need foi. invoking Article XVI of the Covenant, which calls for sanctions in the event of unprovoked aggression, is implied in any such finding, and the League Assembly was called to meet on Wednesday to take the final juridical measures toward sanctions. Historic meetings of the Assembly followed, and late on Thursday that body agreed, with only Austria and Hungary dissenting, to proceed with the application of sanctions. The two Central European countries, which long have been dominated by Italy, made it plain on Wednesday that they could not vote against Rome, and their statements were not surprising. When the Assembly finally voted on the matter all countries with the exception of those two agreed to support the League in this first endeavor of its kind. The question of the precise nature of the sanctions was left vague, probably purposely, and it is assumed in all circles that only mild forms of coercion will be applied. Only in this way, it appears, was French acceptance of sanctions -strugmade possible. Baron Pompeo Aloisi, of Italy, gled to prevent the League measures, and he made an effective speech on Thursday in which he pointed out that sanctions were not invoked against Japan because of the aggression in Manchuria, nor against Paraguay or Uruguay for disregarding their League commitments. But he was heard in silence, and the League voted for sanctions. A committee was appointed to formulate the steps to be taken. Premier Mussolini, obviously forewarned that economic sanctions were inevitable, announced more than a week ago that Italy would bear such measures with fortitude, but he made it very plain that 2326 Financial Chronicle military sanctions would be considered acts of war. And acts of war, Ii Duce added, would be met by Italy with acts of war. Such remained the attitude of the Italian Government and people this week, as the measures were taken at Geneva. Premier Mussolini made a martial speech to a group of Fascists, Tuesday, in which he declared that "someone, when the right moment comes, will experience the deadliness of Italy's sword." The realization slowly was borne in upon the Italian people that virtually all the rest of the world regards their adventure in Ethiopia as an unprovoked aggression, and Rome reports of Thursday indicated that the Italian cheerfulness was dimmed to a degree when the League vote was taken. The Netherlands Government acted to make the League measures effective in Holland, legislation being introduced which would enable the Government to carry out its pledge at Geneva. The British Government called Parliament to meet a week before the usual time, apparently for much the same reasons. In other ways, also, Italy began to find herself a pariah among nations. But, on the other hand, there is every indication that no attempt will be made to close the Suez Canal to Italian warships and transports, for that might be construed by Italy as an unquestionable act of war. While these problems were under discussion at Geneva, correspondence was carried on by Great Britain and France to determine the attitude each nation is to take in the event of a general clash in Europe. In response to French inquiries, the British Government indicated last week that it would support France in the event of aggression in Europe as a general rule, but certain reservations were made with regard to the Versailles and other treaties. Violations of such accords would have • to be considered on their own merits, the British Government pointed out, since the world is not static. Great Britain, in turn, requested French assurances of support in the event of an attack against the British fleet by Italy. Continuing this curious correspondence, the French Government made public on Monday a note to London in which France indicated that French assistance to Great Britain at sea must be conditioned upon British assurance of reciprocal assistance to France on the land and in the air, in the event of French need. Precise assurances plainly are required by the French, while Great Britain seems willing to make only generalized statements, and it is doubtful whether any real Anglo-French understanding will result from the exchange. Oct. 12 1935 munication with the base in Italian Eritrea. From the southern tip of Eritrea, another Italian army is said to have started an advance toward the railway connecting the Ethiopian capital, Addis Ababa, with Djibuti in French Somaliland. But that route lies over a vast and waterless desert, and military experts anticipate few developments unless airplanes are used by the Italians to cut the railway line. To the south are the wastes of the Ethiopian Province of Ogaden, and a small Italian penetration is reported from that sector also, with airplanes strafing unprotected Ethiopian villages. The war strategy, as a whole, is not yet clearly apparent, but for the time being the main theater of war plainly is in the northern highlands of Ethiopia, and even in that area the first real battles still are to be fought. Highly significant, meanwhile, are persistent reports from Rome, Addis Ababa, Paris and London, to the effect that the early successes of the Italian armies will be followed by a period of hesitation, during which efforts will be made to settle the dispute in negotiations among the representatives of the British, French and Italian Governments. Such reports are quite in accord with intimations of some weeks ago that Premier Mussolini had received "permission" from London and Paris to make a "little war" upon Ethiopia, which might eventuate in an agreement under the 1906 treaty between those countries for the partition of the African country. Several dispatches from Rome to the New York "Times" and "Herald Tribune" state that the Italian Government desires to make the war a brief one, in view of the mounting opposition throughout the world to the aggressive activities. It is admitted in the Italian capital that a state of high diplomatic tension has developed, and some dispatches suggested that the salving of Italian pride through the capture of Adowa will suffice for the time being. In Addis Ababa, also, the impression prevailed that a military pause impends, for the purpose of Italian negotiations with France and England. Premier Pierre Laval, of France, has been placed in an anomalous position by his January agreement with Italy and his more recent decision to support the British de-• mand for sanctions against Rome,and he is reported to be urging Il Duce to halt his troops after a few more successes in Ethiopia. The British Government, tight-lipped, is making its attitude plain through ever-increasing concentration of British warships in the Mediterranean, and it is evident that British views may prove decisive in the Italo-Ethiopian conflict. The War in Ethiopia Reports from the actual theater of war concerning LOWLY but steadily the Italian armies extended military operations have been unreliable in the exthis week their encroachments upon the terri- treme, and the dispatches from the capitals of the tory of the ancient African Kingdom of Ethiopia, two countries involved have been almost equally apparently without encountering much resistance in uncertain. It is now well established that the town this early stage of the hostilities. The gains of the of Adowa was occupied by Italian forces early last Italians so far are important only in a psychologi- Sunday,just two days after the Italian advance from cal sense, since they include the capture last Sunday Eritrea started. But the circumstances attending of the town of Adowa, where an Italian army suf- that investment still are clouded in doubt. The fered a terrible defeat in 1896. Adowa was the first Italian forces appear to have encountered only objective of the forces of Premier Benito Mussolini, sporadic resistance from native tribesmen as they and the war hysteria of the Italian people was moved toward Adowa with the aid of airplane sorwhipped up markedly when that place fell to the tees, light tanks and other modern equipment. The invaders. Cautiously, the Italian advance was re- actual fall of Adowa was reported both from Rome sumed promptly after the fall of Adowa on the north- and Addis Ababa before it really occurred. Some ern front, with progress very slow owing to the diffi- reports stated that intense resistance was offered by cult terrain and the ever more pressing need for the Ethiopians, while others indicated more reliably obtaining water and safeguarding the 'line of com- that only a few scattering tribesmen opposed the S Volume 141 Financial Chronicle Italian advance by guerilla tactics. The Ethiopian holy city of Aksum, 20 miles to the west of Adowa, was reported in the hands of Italians two days after Adowa fell, but several days thereafter it still was held in reality by Ethiopians. Some reports stated that the Ethiopians offered stern resistance to all Italian advances, and that thousands had been killed in the engagements. The more responsible and less sensational press correspondents were unable to confirm such statements, and they agreed generally that resistance only would start when the Italian lines had been extended far to the southward and the Italians were facing problems of water supply as well as those of communications. Indicative of the general tenor of reports from the war front was one dispatch which recounted the fall of the "poor" town of Adowa, with its 3,000 inhabitants, which the same correspondent unblushingly reported to be the center of the "rich" territory of northern Ethiopia. More ominous than the reports from numerous budding "war correspondents" were the decisions of the Italian and Ethiopian Governments to recall their diplomatic representatives from Rome and Addis Ababa. The Ethiopian Government informed the League of Nations on Tuesday that the Italian envoy and his entire staff had been requested to leave Addis Ababa without delay because of alleged misuse of radio facilities at the disposal of the Italian Minister. The action was taken, according to the Ethiopian authorities, with the greatest reluctance, and only because the "generous hospitality" extended to the Italian Minister was misused to "create internal difficulties for the Ethiopian Government." The Italian Government authorized Count Luigi VinciGigliucci to abandon his post at Addis Ababa on Wednesday. The Ethiopian envoy to Rome called on the same day for his passports out of Italy. These actions gave at least some resemblance of formality to the undeclared state of war between the two countries. There were some reports, officially made from Addis Ababa, that Ethiopian troops were invading the Italian colony of Eritrea, in order to menace the flank of the Italian army invading Ethiopia. But such official declarations lack confirmation, although they do indicate that any intention of Italy and the other Powers of Europe to make this a "short war" may easily be upset by Ethiopian activities. One point on which all correspondents agreed was that the need for adequate water supplies is sure to make any Italian penetration a most deliberate matter. Already, it is indicated, the Italian army advancing from Eritrea is finding this problem a highly difficult one, and reports of rapid Italian advances are to be discounted for this reason. There have been some reports from Addis Ababa that Italian airplanes are dropping gas bombs, but it is not yet clear whether such accounts represent actual happenings or the propagandist activities of the Ethiopian Government. The Addis Ababa correspondent of the New York "Herald Tribune," summarizing the situation, remarks that rumors are plentiful and cheap, while actual news from the front is exceedingly scarce and difficult to verify in the present state of censorship on both sides. Greek Monarchy Restored XTENSIVE preparations for restoration of the monarchy in Greece were completed on Thursday, when a military coup d'etat forced the resigna- E 2327 tion of the Cabinet headed by Premier Panayoti Tsaldaris, and the National Assembly at the same time voted for termination of the 11-year Republic and reinstitution of the monarchy. These measures have been expected for months, and they caused no disorders in Greece. A military group headed by former War Minister George Kondylis acted "suddenly" for restoration of the monarchy by proclamation of martial law, a censorship on all communications with other countries, and the forced resignation of a Cabinet that was known to be overwhelmingly morarchistic in any event. Cordons of troops were thrown around all public buildings in Athens, while four short bills declaring the republican constitution abolished and the monarchical constitution of 1911 restored were rushed through Parliament. Arrangements were made for a national plebiscite on Nov. 3, but it appears that the people will not be permitted to express a choice but only to confirm the action already taken. President Zaimis some months ago was reported uncertain as to whether he should resign in view of the growing tendency toward monarchism. His office now is wiped out. King George II, who has been living in exile, awaited the call from Athens to return to his country. Colombian Trade Treaty ETAILS were made available in Washington, Wednesday, of the new reciprocal tariff treaty recently negotiated with Colombia. It would seem that the arrangement made with the Latin American country is by far the best and most advantageous to the United States so far achieved under the special authority granted to the President by Congress. The United States agrees on its part to keep on the free list the important Colombian exports, such as coffee, bananas, uncut emeralds, crude ipecac, gutta balata, platinum and tagua nuts. On a few other items imported from Colombia we are to make 50% reductions in existing rates of import duties. Colombia, however, agrees to reduce duties sharply on more than 50% of the products imported from the United States. The proposed reductions range from 16% to 90% of existing Colombian rates and cover "a broad range of commodities for which the Colombian market is of particular interest to the American producers." Food products are prominent in the extensive list of items on which Colombian tariff rates will be reduced under the accord, while automotive manufactures, machinery and electrical equipment also will enter Colombia at sharply reduced figures. More than 150 classifications, covering hundreds of products, are included in the concessions granted by Colombia. The fact that Colombia seemed to concede much more than the United States was said to be due to the fact that she had much more to give, a Washington dispatch to the New York "Times" remarked. "For instance, more than 80% of this country's exports to Colombia are dutiable under her tariffs, while 94% of United States imports from Colombia are on the free list." This accord will become effective only after ratifications by the Colombian Congress and promulgation by President Roosevelt. D Discount Rates of Foreign Central Banks HERE have been no changes during the week in the discount rates of any of the foreign central banks. Present rates at the leading centers are shown .in the table which follows: T Financial Chronicle DISCOUNT RATES OF FOREIGN CENTRAL BANKS Country Austria— Batavia-___ Belgium _ __ Bulgaria... Canada...-. Chile Colombia__ Czechoslovalcia____ Danzig.... Denmark - England... Estonia.... Finland.... France__ Germany._ Greece ....... Holland __ Rate in Effect Date Oct. 11 Established Predous Rate 334 4 2 6 234 4 4 July 10 1935 July 1 1935 May 15 1935 Aug. 15 1935 Mar. 11 1935 Jan. 24 1935 July 18 1933 4 434 234 7 -434 5 334 6 334 2 5 4 3 4 7 R Jan. 25 1933 May 3 1935 Aug. 21 1935 June 30 1932 Sept. 25 1934 Dec. 4 1934 Aug. 8 1935 Sept. 30 1932 Oct. 13 1933 Root 17 i92.5 434 4 234 234 534 434 334 5 734 A Country Rate in Effect Date Oct. 11 Established Hungary-__ 4 India334 Ireland.... 3 Italy 5 Japan 3.65 434 Java Jugoslavia. 5 Lithuania 6 Morocco... 634 Norway..... 334 Poland...... 5 Portugal.-- 4 Rumania.... 334 SouthAfrica 334 5 Spain 234 Sweden._ _ _ Switzerland 234 Aug. 28 1935 Feb. 16 1934 June 301032 Sept. 9 1935 July 3 1933 June 2 1935 Feb. 1 1935 Jan. 2 1934 May 28 1935 May 23 1933 Oct. 25 1933 Dec. 13 1934 Dec. 7 1934 May 15 1933 July 10 1935 Dec. 1 1933 May 2 1935 434 4 334 434 3 335 634 7 434 4 6 535 6 4 534 3 2 Bank of England Statement HE statement for the week ended Oct. 9 shows another gain in bullion, this time of £29,355, again bringing the total to a new high, £194,463,782. A year ago the figure was £192,588,165. However, as circulation expanded £82,000, reserves fell off £53,000. Public deposits rose £10,538,000, while other deposits decreased £6,335,170. Of the latter amount, £5,796,299 was from bankers accounts and £538,871 from other accounts. The reserve ratio dropped to 34.97% from 36.09% a week ago, last year the ratio was 44.77%. Loans on government securities increased £2,975,000 and those on other securities £618,799. The latter consists of discounts and advances and securities which rose £367,159 and £251,640 respectively. The discount rate remains unchanged at 2%. Below we show the figures with comparisons for previous years: T BANK OF tNGLAND'S COMPARATIVE STATEMENT Od. 10 1934 Oc. 11 1933 Oct. 12 1932 Changes for Week Pre dous Rate Foreign Money Rates IN LONDON open market discount rates for short bills on Friday were as against 9-16@M% on Friday of last week, and /%@11-16% for threemonths' bills as against /@11-16% on Friday of last week. Money on call in London on Friday was %. 'At Paris the open market rate remains at 23/8% and in Switzerland at 23/2%. Oct. 9 1935 Oct. 12 1935 BANK OF FRANCE'S COMPARATIVE STATEMENT Oct. 14 1931 £ £ £ £ £ 402,116,000 379,550,625 372,423.999 361.414.469 356,709,591 Circulation 35,990,000 18,636,485 10,685,898 15,032,475 14,441.217 Public deposits 113,674,238 144,464,942 155,548,745 118,770,540 121,408.642 Other deposits Bankers'accounts. 75,078.275 107,598,133 111,327,243 83,534,251 70,098,863 Other accounts_ 38.595,963 36,866,809 44,221,502 35,236,289 51,309,779 85.495,999 83,384,164 81,102,758 68,108,094 57,625,906 Govt. securities 29.467,319 24,321,304 23,453,515 29,368.426 40,852,469 Other securities Died.& advances. 17,618,947 14,032,280 10,935,616 11,643,753 14.077,651 11,848,372 10.289,224 12.517,899 17.724,673 26,774.818 Securities Reserve notes & coin 52,348,000 73,037,540 79,344,384 53,981,604 55,033,935 194.463,782 192,588.165 191,768,383 140,396,073 136,743.526 Coln and bullion 44.77% 34.97% 47.73% Prop.of res. to nab-. 40.50% 40.34% 2% Bank rate 2% 2% 6% .2% Oct. 4 1935 oa. 5 1934 oa. 6 1933 Francs Francs Francs Francs +141,151,724 72,093,149,412 82,346,942,689 82,037,442,875 +15,000,000 23,118,128 10,837,289 1,286,057,823 Gold holdings Credit bats. abroada French commercial bills discounted.. —399,000,000 7,660,979,465 3,395,410,585 2,777,329,802 b Bills bought abr'd No change 1,224,343,678 924,025 515 1,345,682,739 Adv. against secure. +100,000,000 3,197,998,668 3,192,499,492 2,862,085,172 Note circulation__._ +939,000,000 83.336.487,145 81,309,591,890 82,547,180,105 Credit current accts —838,000,000 13.061.289,706 20,788.141,49020,311.524.230 Proport'n of goicIon hand to sight list). +0.07% 74.79% 80.66% 79.76% a Includes bills purchased in France. b Includes bills discounted abroad. Bank of Germany Statement HE statement for the first quarter of October shows a decline in gold and bullion of 464,000 marks. The total of gold which is now 94,308,000 marks compares with 78,562,000 marks last year and 378,051,000 marks the previous year. Reserve in foreign currency, bills of exchange and checks, advances and other daily maturing obligations record decreases, namely 1,012,000 marks, 212,132,000 marks, 32,257,000 marks and 83,757,000 marks, respectively. Notes in circulation reveal a loss of 138,671,000 marks, bringing the total of the item down to 4,056,489,000 marks. Circulation a year ago aggregated 3,772,631,000 marks and two years ago 3,472,856,000 marks. The Bank's ratio is now 2.46%, compared with 2.18% last year and 11.8% the previous year. An increase appears in silver and other coin of 12,688,000 marks, in notes on other German banks of 5,172,000 marks, in investments of 433,000 marks, in other assets of 15,702,000 marks and in other liabilities of 10,558,000 marks. A. comparison of the various items for three years is shown below: T REICHSBANK'S COMPARATIVE STATEMENT Changes for Week Assets— Gold and bullion Of which depos. abroad Reserve in foreign curl.. Bills of exch.and checks Sliver and other coin_ _ _ Notes on 0th. Ger. bks. Advances Investments Other assets Liabilities— Notes in circulation.... Other daily matur. oblig Other liabilities Propor. of gold & torn curr. to note circula'n oa. 7 1935 Oct. 6 1934 Oct. 7 1933 Retchsmarks Retchsmarks Retchsmarks Reichstnarks —464,000 94,308,000 78,562,000 378,051,000 No change 20,851.000 29,376,000 68,438,000 4,499,000 —1,012,000 3,907,000 30,884,000 —212,132,000 3,971,339,000 3,679,952,000 3,237,577.000 +12,688,000 134,048,000 204,653,000 180,748,000 8,970,000 9,198,000 +5,172.000 8,005,000 —32,257,000 61,714,000 77,979,000 51,707,000 +433,000 670,271,000 756,365,000 320,252,000 +15,702,000 660,282,000 631,750.000 534,081,000 —138,671,000 4,056,489.000 3,772,631,000 3,472,856,000 —83.757,000 690,172,000 798,026,000 398,995,000 +10.558.000 247,615,000 248,684,000 256,310,000 +0334% 2.46% 2.18% 11.8% New York Money Market LTHOUGH the New York money market long has been gorged with idle funds, new supplies are arriving daily from Europe, and rates for accommodation show not the slightest tendency to advance from the current extremely low levels. Gold engagements for shipment to this country are in excess of $370,000,090 since the movement started early last Bank of France Statement month, and the flow thus is approaching record proHE weekly statement datecl Oct. 4 shows an inportions for such a brief period. Treasury discount crease in gold holdings of 141,151,724 francs. bill rates, which are fairly sensitive to the influThe total of gold is now 72,093,149,412 francs, in ences, reflected a downward tendency this week after comparison with 82,346,942,689 francs a year ago a rather steady advance since July. An issue of and 82,037,442,875 francs two years ago. French $50,000,000 bills due in 159 days was awarded last commercial bills discounted reveal a loss of 399,Monday at an average discount of 0.171%, while a 000,000 francs and creditor current accounts of further issue of $50,000,000, due in 273 days, went at 838,000,000 francs. The Bank's ratio stands at an average of 0.233%, both computed on an annual 74.79%, which compares with 80.66% last year and bank discount basis. Bankers' bill and commercial 79.76% the previous year. Notes in circulation paper rates were unchanged. Call loans on the New record a gain of 939,000,000 francs, bringing the total York Stock Exchange held at 14% for all transac/ of notes outstanding up to 83,336,487,145 francs. tions, and time loans for maturities up to six months Circulation a year ago aggregated 81,309,591,890 also were at that figure. francs and two years ago 82,547,180,105 francs. An New York Money Rates increase is shown in credit balances abroad of 15,francs and in advances against securities of 000,000 EALING in detail with call loan rates on the 100,000,000 francs. Below we furnish a comparison Stock Exchange from day to day, Y of 1% I of the different items for three years: remained the ruling quotation all through the week A T D Financial Chronicle Volume 141 2329 for both new loans and renewals. The market for The following tables give the mean London check time money has shown no change this week, no trans- rate on Paris from day to day, the London open actions having been reported. Rates continue nomi- market gold price, and the price paid for gold by the nal at Y for all maturities. The market for prime United States: t% commercial paper has been quite active this week. MEAN LONDON CHECK RATE ON PARIS 74.312 I Wednesday, Oct. 9 74.41 Paper has been more plentiful and the demand has Saturday, Oct. 5 74.431 Monday, Oct. 7 74.318 Thursday, Oct. 10 improved. Rates are 4% for extra choice names Tuesday, Oct.8__ 3 74.38 Oct. 11 Friday, 74.395 running from four to six months and 1% for names LONDON OPEN MARKET GOLD PRICE less known. Saturday, Oct. 5 Wednesday,Oct. 9 142s. 2d. 141s. 10d. Bankers' Acceptances HE market for prime bankers' acceptances has shown no change this week. Only a few bills have been available and the demand has not been particularly heavy. Rates are unchanged. Quotations of the American Acceptance Council for bills up to and including 90 days are 3-16% bid and H% asked; for four months, Y % bid and 3-16% l . asked; for five and six months, %% bid and 5-16% asked. The bill buying rate of the New York Reserve Bank is IA% for bills running from 1 to 90 days, Yi% for 91- to 120-day bills, and 1% for 121- to 180-day bills. The Federal Reserve banks' holdings of acceptances decreased from.$4,689,000 to $4,686,000. Open market rates for acceptances are nominal in so far as the dealers are concerned, as they continue to fix their own rates. The nominal rates for open market acceptances are as follows: T SPOT DELIVERY —180 Days-- —150 Days— —120 Days— Bid Asked Bid Asked Bid Asked Prime eligible bills fie bi fie 31 316 —90Days— —60Days— —30Days— Bid Asked Bid Aasked Bid Asked Prime eligible bills its 34 'le31 316 FOR DELIVERY WITHIN THIRTY DAYS Eligible member banks bid Eligible non-member banks 3i% bid Discount Rates of the Federal Reserve Banks HERE have been no changes this week in the rediscount rates of the Federal Reserve banks. The following is the schedule of rates now in effect for the various classes of paper at the different Reserve banks: T DISCOUNT RATES OF FEDERAL RESERVE BANKS Federal Rome Bank Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Raze in Effect on Oct. 11 2 151 2 155 2 2 2 2 2 2 2 2 Date Established Feb. Feb. Jan. May May Jan. Jan. Jan. May May May Feb. 8 1934 2 1934 17 1935 11 1935 9 1935 14 1935 19 1935 3 1935 14 1935 10 1935 8 1935 16 1934 Previous Rate 255 2 255 2 23-i 254 255 254 254 255 215 254 Course of Sterling Exchange TERLING exchange presents no new features of importance this week. The downward trend of the leading exchanges seems to have been halted largely through the active operations of the British exchange control. However, the somewhat improved tone of the foreign exchanges is also due to a lessening of fears that the Italo-Ethiopian conflict might lead to a general European war. The fact that the expressions emanating from Rome were less bellicose in character has proved an important fa ctor in ; leading to a slight improvement in the position of the foreign exchanges. The range for bankers' sight this week has been between $4.88 and $4.913/, 2 compared with a range last week of between $4.883 % and $4.913 . The range for cable transfers has been % between $4.884 and $4.91/, compared with a range of between $4.887 and $4.917 a week ago. / 4 S Monday, Oct. 7 Tuesday, Oct. 8 142s. 141s. 10d. Thursday, Oct. 10_ _ _1415. 9d. Friday, Oct. 11_ _ _ _1415.93 -id. PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL RESERVE BANK) Saturday, Oct. 5 $35.00 I Wednesday, Oct. 9 $.35.00 Monday, Oct. 7 35.00 Thursday, Oct. 10 35.00 Tuesday, Oct.8 35.00 Friday, Oct. 11 35.00 The outstanding movement in the foreign exchange market is the continued steady demand for the dollar in all centers, particularly in London. This movement has been under way since Sept. 9, when the current heavy flow of gold from Europe to the United States began. Thus far a total of approximately $350,800,000 has been engaged, of which $225,000,000 has been shipped, and, on Thursday about $6,000,000 canceled. While the outward flow of the metal from Europe has apparently subsided this week, an exceptionally heavy shifting of European funds to this market is expected. The only way the movement could be completely arrested would be by the complete solution of the Italo-Ethiopian conflict. Only the restoration of peace could effect an improvement in the foreign exchange situation. Even then the outlook for the future would be less satisfactory than it was so late as in the early part of this year, for the reason that the Italo-Ethiopian dispute has permanently increased the armament costs and programs of all the leading nations. It is stated on good authority in Paris that for a long time to come one out of every three francs of Government expenditures must be for the upkeep of the French fighting forces, while in Great Britain the necessity for increased naval and air force expenditures has caused the abandonment of hope for the establishment of a surplus in the budget and consequently of any further reduction in taxation for a considerable period. It is expected that for the first half of the year Great Britain will show a deficit in excess of £59,000,000. In his recent speech at the Lord Mayor of London's annual dinner, Mr. Chamberlain said: "Although I have no reason to anticipate any unfavorable outturn at the end of the financial year, it is already clear that I shall not find myself in possession of that surplus upon which some of my more sanguine friends counted at budget time in order to justify their claims that I was deliberating the possibility of tax reduction." He also asserted that in looking forward to the second half-year he was bound to take into consideration recent developments in foreign affairs, though up to the present, there had been astonishingly little sign of any check in Britain's trade. Aside from these unfavorab'e factors affecting foreign exchange, the United States monetary policies are largely responsible for the heavy movement of gold to this side. The dollar is undervalued with reference to gold prices. The outward movement of gold from Europe to this side is now the more evident as, under normal conditions, exchange works against London and the European centers from early in September until about the middle of January. Financial Chronicle 2330 From January until September the trend is reversed, and during the past summer the exceptionally large volume of tourist requirements, together with heavy purchases of gold in the London market and the extraordinary purchases of silver on United States Treasury account, created so great a demand for sterling as to preclude the possibility of a gold movement to New York. It is expected that the American gold stocks will reach more than $10,000,000,000 before the end of the year. If the struggle between Italy and Ethiopia involves other nations, particularly Great Britain, the total may be even higher. Most of the gold coming from England at this time is from the international hoards held by private account in the vaults of the great London banks. Should the international situation become more threatening, it seems reasonable to expect that a very large part of this hoarded gold will be transferred to American investments. It is not known exactly how large these London hoardings actually are, but it is generally estimated by competent authorities here and in London that they total around $2,000,000,000, as the net imports of gold into the United Kingdom in the past six years are approximately $2,000,000,000 greater than the increase in the English gold reserves during the same period. London money rates are showing a slightly firmer undertone, but no great firmness can be expected in view of the sharp decline in international business. Call money against bills is in supply at M%. Twomonths' bills are 9-16% to /%,three-months' bills are /% to 11-16%, four-months' bills are 11-16% to V i%, and six-months' bills are 13-16% to 4%. 7 Last week six-months' bills were quoted at Y 1%. All the gold on offer continues to be taken for unknown destinations, believed to be largely for account of individual hoarders. The London gold for private account is bought and sold by brokers, who rest under no obligation to disclose the identity of their clients. On Saturday last there was available 058,000, on Monday £250,000, on Tuesday 078,000, on Wednesday 086,000, on Thursday 058,000, and on Friday, 075,000. At the Port of New York the gold movement for the week ended Oct. 9, as reported by the Federal Reserve Bank of New York, was as follows: GOLD MOVEMENT AT NEW YORK, OCT. 3—OCT. 9, INCLUSIVE Exports Imports $19,795,000 from France 11,382,000 from Holland 9,924,000 from England 2,122,000 from Canada 1,305,000 from India None 1,758,000 from Colombia 8,000 from Guatemala $46,294,000 total Net Change in Cold Held Earmarked for Foreign Account Increase: $1,788,000 Note—We have been notified that approximately $107,000 of gold was received at San Francisco from China. The above figures are for the week ended on Wednesday. On Thursday there were no imports or exports of the metal, but gold held earmarked for foreign account decreased $350,000. On Friday $7,100,800 of gold was received, of which $4,705,400 came from France, $1,700,200 came from Canada, and $695,200 from England. There were no exports of the metal or change in gold held earmarked for foreign account. On Friday it was reported that $517,000 of gold was received at San Francisco from China. Oct. 12 1935 Canadian funds during the week were quoted in terms of the dollar at a discount of 178 to a dis% count of 1 3-32%. Referring to day-to-day rates sterling exchange on Saturday last was steady with reference to Friday's close. Bankers' sight was $4.883/@$4.89, cable 2 transfers .88/@$4.89%. On Monday sterling was firmer in relatively dull trading. The range was $4.89@$4.90% for bankers' sight and $4.89%© $4.90% for cable transfers. On Tuesday the foreign exchanges were dull, but steady. Bankers' sight was A $4.899.@$4.903/, cable transfers $4.897 @, .90/. 2 On Wednesday the pound continued dull and steady. The range was $4.903',@$4.91M for bankers' sight, and .90/@$4.91% for cable transfers. On Thursday sterling was easier, the range was $ 93/8@ 4.8 $4.903/ for bankers' sight and $4.90@$4.905 for A cable transfers. On Friday, sterling was steady; the range was $4.903/@$4.90 for bankers' sight and s .9034.@$4.90% for cable transfers. Closing quotations on Friday were $4.903 for demand and $4.903/ for cable transfers. Commercial sight bills finished at $4.903.i., sixty-day bills at .893,ninetyday bills at $4.88%; documents for payment (60 days)at $4.893 and seven-day grain bi.ls at $4.89 8. 4, •Cotton and grain for payment closed at .9031. Continental and Other Foreign Exchange XCEPT as respects Italy, the voting of sanctions by the League of Nations is not likely to have an immediate effect on the European currency and financial situation. As noted above, in the review of sterling exchange, the fact that so grave a crisis could have arisen in Europe must be expected to have a depressing effect in the long run on most of the European currencies, as the cost of armaments and defense preparations must mount to such an extent as to render balanced budgets and reduced taxes impracticable for a long time. Thus far the Italian lira has shown no apparent softening in the past week, but the market anticipates a wide break in the unit before long. Sanctions do not take effect immediately and the present relative steadiness of the lira doubtless results from cooperation of the Paris monetary authorities with the Italian exchange control. Italy has been losing gold for several years and the loss has been accelerated greatly since May 31. The decree authorizing the lowering of the gold reserve of the Bank of Italy below 40% became effective on July 22. On May 31 the ratio of gold to money in circulation stood at 41.5%. The Bank Of Italy's statement for Sept. 30 shows total gold reserves of 4,251,400,000 lire (approximately $346,489,100). The ratio of gold to note circulation on Sept. 30 had fallen to 27%. These figures compare with 4,334,000,000 lire gold and reserve ratio of 29.5% on Sept. 20. Since July 31 the gold loss has amounted to 1,006,234,000 lire (approximately $82,009,701). Since May 31 the Italian gold had declined by 26.9%, while note circulation has risen 2,393,500,000 lire ($195,070,250) or 18.6%. According to Rome authorities the reason for using gold instead of exchange for munitions purchases has been the hope of preventing speculation. If lire had been used, it is asserted, the speculators could have obtained them and thus depleted gold stocks more rapidly. The difficulty in obtaining lire freely, Italian financiers assert, has tended to E Volume 141 reduce speculation in the currency to a minimum. On Tuesday the Italian monetary authorities published a decree which prohibited bringing into Italy or any Italian possession from abroad, without permission of the Ministry of Finance, Italian bank notes exceeding 2,000 lire. The measure purports to check speculation on the higher domestic rather than foreign value of the lira. There can be no doubt that the Italian economic situation is under great strain. According to dispatches from Rorrie, there are rumors to the effect that the Government is studying a plan to guarantee circulation based on national wealth if gold reserves decline still further. For some weeks Italy has found it extremely difficult to arrange credits abroad, and now before the League of Nations formulates the methods • of applying sanctions a number of countries are already refusing to supply Italy with necessities of many kinds. According to the diplomatic correspondent of the London "Daily Telegraph," in dispatches from Geneva on Thursday, the immediate sanctions to be applied by the coordinating committee of the League of Nations are described as refusal of credits to Italy, restriction by quota of certain classes of Italian imports, restriction of exports to Italy of certain classes of raw materials necessary to arms manufacture, and the raising of arms embttrgo on Ethiopia. The French exchange situation is not materially different from last week. It will be recalled that in the Bank of France statement as of Sept. 27, the Bank showed an increase in gold holdings of 73,118,444 francs, while the current statement shows an increase of 141,151,724 francs. During the greater part of this week the franc ruled around or above 6.59, at which price it is hardly profitable to import gold to New York,but nothing can arrest the flow of privately owned gold to this side from abroad. However, it would not be surprising, should the international political situation become more disturbing, if European governments should enact regulations which would prohibit the export of gold or of funds in any form to the United States. Such an eventuality is not anticipated. The increase in the gold holdings of the Bank of France during the past few weeks is explained by the assumption that the gain comes from release of gold held under earmark at the Bank of France by the British Exchange Equalization Fund. The gold has been employed in an attempt to regulate the sterling market and consequently the Bank of France has taken in gold faster than it has paid it out. The German mark situation continues highly unsatisfactory. The action of the Council at Geneva will hardly prove advantageous to the German financial position. Germany has at all times been a leading exporter to Italy of coal and coke, but is not in a position to supply Italy with any of her other more important requirements such as petrol, benzine, oil residue, raw cotton, wool, rubber, iron, steel, copper and tin. Italy is not in a position to import from Germany manufactured goods of any kind. The official Trade Research Institute in an analysis of the new plan of Dr. Hjalmar Schacht, President of the Reichsbank and Minister of Economics, shows a sharp increase in imports from countries with which Germany has clearing or payment agreements. Whereas in the first six months 2331 Financial Chronicle of 1931 Germany had with these countries an export surplus of 3,936,000,000 marks, the surplus in the first half of this year was only 27,000,000 marks. The Institute criticizes the new plan as a temporary makeshift and predicts that it will aggravate the scarcity of goods in Germany unless she succeeds in increasing her exchange receipts from exports. Under present conditions of international trade relations with Germany there seems to be no immediate prospect of improvement in this direction. The Belgian currency has been exceptionally steady since the devaluation of the unit in March, but there has been no noticeable improvement in Belgian business since June. On Oct. 5 the Belgian Government announced that 1936 estimates of expenditures and revenue are balanced. The National Bank of Belgium's statement as of Oct. 3 showed gold holdings of 3,434,300,000 belgas. The ratio of gold to notes was 81.83% and gold holdings were the largest since Aug. 29. There has been no real market in Russian roubles in this country for many years, but interest attaches to the unit at this time because Commissar of Finance Grinko announced a few days ago that the rouble would shortly be stabilized. He did not state when this action would be taken, but said that "the material foundations" would be provided soon. Simultaneously the State Bank of the Soviet Union published a statement showing that its gold holdings, other precious metals, foreign currency, bills and exchange amounted to more than 1,000,000,000 gold roubles (worth 87 cents). Of this amount more than 960,000,000 roubles were in gold. United Press dispatches stated that on the basis of the dual system of prices listed in tourist hotels and restaurants in Moscow in both paper and gold roubles, it would appear that the value of the gold rouble in terms of the paper rouble is about 20 to 1. The following table shows the relation of the leading European currencies still on gold to the United States dollar: France (franc) Belgium (belga) Italy (lira) Switzerland (franc) Holland (guilder) Old Dollar 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 6.584 to 6.593 16.84 to 16.90 8.11 to 8.15% 32.533 to 32.57 67.53 to 67.82 The London check rate on Paris closed on Friday at 74.41, against 74.37 on Friday of last week. In New York sight bills on the French center finished on Friday at 6.583/2, against 6.58 on Friday of last 4 week; cable transfers at 6.59, against 6.581 , and commercial sight bills at 6.56, against 6.5534. Antwerp belgas closed at 16.84 for bankers' sight bills and at 16.85 for cable transfers, against 16.873/2 and 16.883/2. Final quotations for Berlin marks were 40.23 for bankers' sight bills and 40.24 for cable transfers, in comparison with 40.19 and 40.20. Italian lire closed at 8.10 for bankers' sight bills and at 8.11 for cable transfers, against 8.103/ and 8.113/2. Austrian schillings closed at 18.87, against 18.85; 2 exchange on Czeclislovakia at 4.14k, against 4.143/; on Bucharest at 0.80, against 0.80; on Poland at 18.85, against 18.83, and on Finland at 2.173/2, against 2.163/ Greek exchange closed at 0.935 A . 2 for bankers' sight bills and at 0.943/s for cable transfers, against 0 .9332 and 0.94. XCHANGE on the countries neutral during the war presents no new features of importance from the past few weeks. The Holland guilder has E 2332 Financial Chronicle been exceptionally steady although ruling well under dollar parity and at levels which might well necessitate the shipment of gold from Amsterdam to the United States. Par of the guilder is 68.06. Its range in New York this week was between 67.53 and 67.82. The outward flow of gold from Holland to New York has subsided somewhat, but there is a steady movement of Dutch funds to the New York security market. The gold stock of the Bank of The Netherlands in the last statement showed an increase of 9,600,000 guilders to 555,700,000 guilders. Gold cover is 66.1%. The Swiss franc, while ruling slightly under dollar parity, is exceptionally firm in terms of most currencies. As frequently pointed out here, any disturbance or uneasiness arising in monetary circles in Europe generally results in a flow of uneasy money to Switzerland. The gold stock of the National Bank of Switzerland on Oct. 7 stood at 1,375,500,000 Swiss francs, an increase during the week of 3,100,000 francs. The ratio of gold to circulation rose to 106.20% from 104.24%. The ratio of gold to sight liabilities plus note circulation stood at 85.88%, against 84.88%. Besides the large gold holdings of the Swiss National Bank, it is estimated that private citizens in Switzerland hold gold amounting to probably three times that held by the National Bank. The Scandinavian currencies, according to custom, move in sympathy with sterling exchange. Bankers' sight on Amsterdam finished on Friday at 67.76 against 67.56 on Friday of last week; cable transfers at 67.77 against 67.57, and commercial sight bills at 67.74, against 67.54. Swiss francs closed at 32.56 for checks and at 32.57 for cable transfers, against 32.53 and 32.54. Copenhagen checks finished at 21.89 and cable transfers at 21.90, against 21.81 and 21.82. Checks on Sweden closed at 25.27, and cable transfers at 25.28, against 25.20 and 25.21; while checks on Norway finished at 24.63 and cable transfers at 24.64, against 24.55 and 24.56; Spanish pesetas closed at 13.65 for bankers' sight bills and at 13.66 for cable transfers, against 13.63 and 13.64. Oct. 12 1935 new basis at 5.19, against 5.19. Peru is nominal at 24.75, against 23.87. XCHANGE on the Far Eastern countries follows the trend of the past months. The Chinese situation continues to be depressed as silver is moving out of China into the world markets. During the past few weeks Hong Kong and Japan.have been sellers of silver in the London market. Much of these offerings have doubtless represented smuggled metal from interior points of China. As a consequence of the buying of silver in London this week by the Indian Bazaars and for account of the United States Treasury, silver has shown a stronger tone. It is evident that India is again speculating for a rise in silver prices. Such a rise, of course, is detrimental to the Chinese economy. The Japanese yen and the Indian rupee move in sympathy with sterling exchange. Closing quotations for yen checks yesterday were 28.66, against 28.57 on Friday of last week. Hong Kong closed at 503/8@50 5-16, against 50 7-16@ 50 13-16; Shanghai at 373.I, against 37%@38; Manila at 49.90, against 49.85; Singapore at 57%, against 57.50; Bombay at 37.05, against 36.90, and Calcutta at 37.05, against 36.90. E Foreign Exchange Rates URSUANT to the requirements of Section 522 P 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: FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE BANKS TO TREASURY UNDER TARIFF ACT OF 1922 OCT. 5 1935 TO OCT. 11 1935, INCLUSIVE Country and Monetary Unit Noon Buying Rate for Cable Transfers in New York. Value in United Slates Money Oct. 5 Oct. 7 Oct. 8 Oct. 9 Oct. 10 Oct. 11 Europe$ $ $ 2 $ $ Austria,schilling .188100* .188316* .188266* .188433* .188300* .188233* Belgium, beige, 1.68792 .168792 .168769 .168811 .168515 .168388 Bulgaria, ley 012875* .013125* .013000* .013150* .013125* .013125* Czechoslovakia, kron .041446 .041514 .041512 .041494 .041421 .041410 Denmark, krone 218219 .218508 .218712 .218995 .218795 .218809 England. Pound stern;4.88885834.896750 4.898583 4.906083 4.900500 4.901666 Finland, markka .021595 .021635 .021620 .021620 .021610 .021620 France, franc .065846 .065883 .065879 .065900 .065889 .065885 Germany, reichsmark .401885 .402178 .402300 .402357 .402328 .402314 Greece, drachma 009380 .009390 .009395 .009387 .009400 .009397 Holland, guilder 675485 .675271 .675492 .676350 .677050 .677071 Hungary, pengo 296000* .296125* .296125* .296400 .296250* .296250* Italy, lira .081196 .081451 .081408 .081401 .081357 .081121 Norway, krone .245507 .245966 .246116 .246464 .246230 .246258 Poland, zloty .188260 .188460 .188380 .188400 .188440 .188380 Portugal. escudo .044540 .044640 .044650 .044665 .044660 .044655 Rumania,leu .007980 .008025 .007980 .007960 .007980 .007985 Spain, peseta .136378 .136528 .136528 .136542 .136539 .136535 Sweden, krona .251991 .252404 .252554 .252895 .252677 .252704 Switzerland, franc... .325375 .325403 .325389 .325467 .325532 ..325585 Yugoslavia, dinar.... .022816 .022820 .022793 .022825 .022800 .022812 AsiaChinaChefoo (yuan) dot' .375000 .374166 .373958 .370208 .370000 .368750 Hankow(yuan)dol' .375416 .374583 .374375 .370625 .370416 .369166 Shanghai(y uan)dol .375208 .374166 .373593 .370000 .369791 .368750 Tientsin(yuan) dol' .375416 .374583 .374375 .370625 .370416 .369166 Hong Kong, dollar. .505625 .502812 .500625 .498125 .498125 .498875 India. rupee 369040 .369300 .369465 .369500 .369810 .369750 Japan yen 285420 .285340 .285705 .286260 .286300 .286270 Singapore (S. $.) doh. .571875 .573125 .573875 .573750 .573750 .573750 AustralasiaAustralia, pound 3 883750•3.886250.3.885781•3.8937504. 3.890625* 3.890000* New Zealand. pound 3.900416* 3.909062*3.908593•3.916875* 3.913437* 3.9128120 Africa South Africa, pound 4.831875* 4.843500•4.845000*4.853750°4.847000*4.848250* North America Canada, dollar 983229 .987395 .986484 .987205 .985598 .985989 Cuba, peso I 999200 .999200 .999200 .999200 .999200 .999200 Mexico, peso (silver). .277675 .277675 .277675 .277550 .277675 .277675 Newfoundland, dol .980500 .984875 .983937 .984812 .983125 .983625 South America Argentina, peso .326037* .326387* .326537• .326887* .326612* .326712* Brazil, milreis 083804* .083740* .083740* .083740* .083740* .083750* Chile, peso .050950* .050950* .050950* .050950* .050950* .050950* Uruguay, peso 801500* .801500* .801500* .801500* .801500* .801500° Colombia, peso .573900* .577200* .576400* .581000* .582200* .581400* •Nominal rates; firm rates not available. XCHANGE on the South American countries is strongly inclined to move in sympathy with sterling. The free market in Argentine pesos and Brazilian milreis is showing a tendency toward firmness and the open market is enjoying a greater degree of freedom from control. Dispatches from Rio de Janeiro show that business in Brazil during September was better than in any previous month of the current year, exceeding pre-depression levels in a number of lines. Brazilian industries working for the domestic market are generally operating at capacity. Argentina is also enjoying a high degree of prosperity and most of the South American countries are increasing their imports of what might be called luxury items. Argentine paper pesos closed on Friday, official quotations, at 32.68 for bankers' sight bills, against 32.63 on Friday of last week; cable transfers at 32k, Gold Bullion in European Banks against 32.78. The unofficial or free market close HE following table indicates the amount of gold was 27.35@27.38, against 27.60@27.70. Brazilian milreis, official rates, are 83. for bankers'sight bills bullion (converted into pounds sterling at par 1 and 8.45 for cable transfers, against 8Y and 8.44. of exchange) in the principal European banks as of The unofficial or free market close was 5.80, against Oct. 10 1935, together with comparions as of the 5.75. Chilean exchange is nominally quoted on the corresponding dates in the previous four years: E T Financial Chronicle Volume 141 2333 guard against invasions of State authority over intra-State commerce, the orders are to apply only £ £ £ £ X to the amount of any specified commodity "which England_ _ _ 194,463.782 192,588,165 191,768,383 140,396,073 136,743,526 France a__ _ 576,745,235 658,775,541 656,299,543 661,154,865 484.313,905 55,985,750 36,650,850 15,223,650 3,246,600 2,665,550 Germany b_ each handler may market in or transport to any or 91,071,000 90,281.000 90,405,000 90,617,000 Spain 90,774,000 58,120,000 62,393,000 76,906,000 68,440,000 Italy 46,874,000 all markets in the current of inter-State or foreign 66.016,000 86,225,000 70,180,000 72,187,000 45,159,000 Netherlands 71,342,000 73,783,000 77,374,000 76,030,000 Nat. Belg 97,681.000 commerce or so as directly to burden, obstruct or af42,684,000 89,164,000 61,594,000 66,768,000 Switzerland 46,817,000 11,033,000 11,443,000 14,071,000 15,605,000 Sweden 20.159,000 fect" such commerce, the reference to inter-State or 9,118,000 7,400,000 7,397.000 7,396,000 Denmark_ _ 6,555,000 6,556,000 7.911,000 6,569,000 6,579,000 Norway 8,602,000 foreign commerce being borrowed from the language Total wk. 1,134.876,617 1,257,651,256 1,266,977,576 1,266,801,788 1,032,983,181 of the Supreme Court in the Schechter case. Further Prey. week_ 1.134.798.008 1.256.771.116 1.267.417.000 1.266.856.849 1.019.944,333 a These are the gold holdings of the Bank of France as reported in the new form to emphasize the inter-State character of the system of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held abroad, the amount of which the present year is £1,468,800. of regulation, provision is made for co-operation between the Federal and State Governments in certain The Agricultural Adjustment Act and cases where they appear to have joint or overlapping Constitution the interests. The amended Act legalizes all contracts previously The October session of the Supreme Court, which opened on Monday in the imposing marble structure made and all previous taxes and benefit payments dewhich is henceforth to be its official home, will have under the original Act, but with some important If any processing tax imposed before it one of the longest and most important lists fensive provisions. "is of constitutional cases which the Court has ever been under the general authority given by the Act held invalid by reason of any provision of the asked to consider. The Agricultural Adjustment finally amended Act, the Guffey Act regulating the bituminous coal Constitution," other rates specified in the Act are to apply—a novel provision to which conindustry, the Utility Holding Company Act, and the No comAct creating the Tennessee Valley Authority are all, stitutional objection is possibly to be urged. "results in at one point or another, to be tested in the tribunal modity, however, the processing of which circumstances of last resort. In view of the adverse decisions which the production of newsprint" is in any other legal proceeding some of the New Deal legislation has encountered in to be taxed. No suit, action, or and the lower Federal courts, it may be taken for granted (including probate, administration, receivership may be brought whose purthat the Government case will be framed with the bankruptcy proceedings) assessment utmost care in the hope of obtaining a favorable pose or effect is to prevent or restrain the of any tax or penalty carried by the ruling, and that the eminent counsel who will argue or collection illegality to against the constitutionality of the various measures Act, and no construction is to "import act, determination, proclamation, certificate or will do so not only with ability, but with full recogni- any the tion of the weighty issues involved. Whatever Presi- regulation of the Secretary of Agriculture or of President done or made prior to the date of the adopdent Roosevelt may think about the inadequacy of the Constitution for present-day conditions, the tion" of the amended statute. Moreover, no recovery allowed country at large will follow with the deepest interest of the whole or any part of any tax is to be his claim, is able the proceedings before the Court, and await with unless the claimant, having filed Commissioner anxiety the decisions which will adjudge whether to establish to the satisfaction of the neither the claimant nor vital parts of the New Deal program are to stand or of Internal Revenue "that any person directly or indirectly under his control fall. indirectly, The magnitude of the financial and other interests or having control over him has, directly or such amount in the price of the article with attaching to the agricultural program makes the included or of any article Agricultural Adjustment Act one of the most crucial respect to which it was imposed processed from the commodity" in question, "or measures in the list before the Court. The amended Act of August 24, the full text of which was printed passed on any part of such amount to the vendee included in the "Chronicle" of Sept. 14, pages 1657-1667, made or to any other person in any manner, or any part of such amount in the charge or fee for many changes in the original statute designed to reclaimant move constitutional objections which appeared to processing, and that the price paid by the any part of such be indicated by the decisions of the Supreme Court or such person was not reduced by in the Schechter case and others, and at the same amount." These latter provisions, applicable, it should be time to clarify and strengthen the Act in the light of experience gained in applying it. The minor noted, to taxes and penalties which accrued "before, changes, affecting procedure rather than principles, on or after" the adoption of the amendment, bristle are too numerous to be recited here, but the more with difficulties. The obvious purpose is to prevent fundamental changes, to which the attention of the the recovery of a processing tax any part of which Court is likely to be specially directed, may be briefly has been passed on to the consumer or deducted from a purchasing price. In the case of a very large summarized. the amended Act defines and number of processors, probably, it will be impossible Speaking generally, limits in elaborate detail the authority of the Secre- to show from the books whether the tax has been tary of Agriculture, so as to make it clear that no passed on or not, since it has not previously been repowers are delegated to him which properly belong quired that books be so kept, in which case the provito the legislative branch of the Government. The sion becomes an ex post facto law of doubtful consti"licenses" which he was formerly authorized to tutionality. It is further doubtful if the Government issue for the enforcement of marketing agreements may constitutionally bar recovery of any tax to peramong handlers of specified products are trans- sons who have not themselves completely absorbed formed into "orders," but while such orders are, in the tax. Until this Act was passed, it had been congeneral, to be issued only with the approval and sidered sufficient that a tax should have been paid by acceptance of a majority of the producers affected, the person upon whom it was levied, irrespective of they may,in certain cases, be issued where producers whether he was able to shift some part or the whole refuse or fail to sign ,a marketing agreement. To of it to others, and the Government, it would seem, Banks of— 1935 1934 1933 1932 1931 2334 Financial Chronicle Oct. 12 1935 must prove some tangible advantage, of obvious so- been done under the original Act, and prohibiting cial usefulness, in requiring a different showing in suits for recovery save in cases where the taxpayer the case of processing taxes if the procedure laid could show that he had absorbed the entire levy himdown is to receive judicial sanction. self. Whether validation of the taxes on the one The inclusion of potatoes in the list of farm prod- hand or drastic limitation of suits on the other ucts to which quotas and taxes are to be applied calls makes the processing taxes constitutional is one of attention to the steady advance which is being made the points which the Supreme Court will be asked in the direction of regulating all important products to decide. The Court will also be called upon to deand operations of national agriculture. The Act im- termine whether the Act, notwithstanding that it in poses a tax of three-fourths of a cent a pound, to be terms limits marketing agreements to the portion of paid by the seller, upon each first sale of potatoes a commodity which enters into or affects inter-State harvested on or after Dec. 1 next, or, alternatively, or foreign commerce, does not in fact unconstitutionan equivalent tax upon potatoes which, prior to the ally operate to regulate agricultural production and first sale, have undergone "an intentionally effected sales within each and every State. The political supchange" of form in preparation for sale, this latter port for the Act which has been bought and paid for tax to be paid by the owner. In pursuance of a price by its financial benefits should not be allowed to level equivalent to that of the "parity" period August hide the fact that a Government-controlled agricul1919-July 1929, the Secretary of Agriculture is au- ture, based upon the fallacious theory of prosperity thorized to fix the aggregate crop and apportion the through scarcity and enforced by Treasury payments total among the States. To facilitate the collection of benefits, subsidies and bounties, is the purpose of the tax, potatoes are required to be "packed in of the Act, and that the whole body of consumers, closed and marked containers" with stamps affixed, whether farmers, townspeople, merchants or wage while as a check against evasion "all producers, earners, will eventually have to pay the bill. warehousemen, processors, carriers, retailers, factors, handlers, and any other person" who the ComSanctions and Neutrality missioner of Internal Revenue "has reason to believe 'Whether or not the conflict that is being waged to have information with respect to potatoes pro- in Ethiopia is strictly what international law reduced, or sold, or subject to a tax ... may be re- gards as "public" war, it is certainly war to all inquired ... to make such returns, render such state- tents and purposes even though its existence has not ments, give such information and keep such records" been formally declared. Yet it is, in important reas may be deemed necessary for the administration spects, a war entirely unique in history. Never beof the Act. The penalty for knowingly selling or fore has a great nation which had a grievance against buying, or offering to sell or buy, potatoes not pack- another nation, and which had resorted to force as aged and stamped in accordance with the Act is a a means of obtaining satisfaction, been called to fine of not more than $1,000 for the first offense, account by an assembly representing nearly all of the with the addition, for a second offense, of imprison- world's States, had its case examined at great ment for not more than a year. length, and been adjudged an aggressor and subject Other changes made by the amending Act include to certain penalties which the assembled States were the addition of mortgage interest rates and tax rates by agreement bound to impose. The unique characin calculating the parity prices of farm products, ter of the situation is further emphasized by the fact payments for removal of crop surpluses and expand- that both Italy and Ethiopia are members of the ining either foreign or domestic markets as well as ternational assembly, in good standing until the for rental or benefit purposes, the incorporation of present conflict arose, and that Italy, as one of the the so-called "Ever Normal Granary" plan of at- charter members of the organization, must be astempting to insure against crop shortages or violent sumed to have known the nature of the obligations price changes by storing crops on the farm, and the which it had taken and the penalties which were proprotection of the crop program by excluding com- vided in the event of a violation. peting imports. A gesture of protection for consumThe theory upon which the League of Nations is ers is made in the stipulation that prices shall in no organized, and upon which it has acted in the prescase be maintained above the parity level. So much ent crisis thus far, is that war, if it be not purely of the emergency relief appropriation of 1935 as the a civil affair, is a matter of general concern and not President may determine is to be made available for a concern merely of the particular States involved, "the development of a national program of land con- that its causes and circumstances may properly be servation and land utilization," with authority, in inquired into with a view to determining which of the discretion of the President, for "the acquisition the parties is the aggressor, and that penalties short of submarginal lands and their use for such public of armed force—since the League itself has no armed purposes as the President shall prescribe." Finally, forces—may jointly be imposed as a punishment for the enforcement of Title II, the one containing for violating the Covenant and as a means of bringthe potato provisions, the Secretary of Agriculture ing the conflict to an end. Moral condemnation and is empowered to employ as many agents as he sees economic sanctions, in other words, are relied upon fit, without regard to civil service regulations, and to demobilize armies and navies and compel warring to fix their compensation. nations to make peace. The theory at best is seriAt the date of the approval of the Act by President ously open to debate, and many thoughtful observers, Roosevelt, more than 1,000 suits to estop the collec- as anxious for peace as are any delegates at Geneva, tion of processing taxes were reported to have been have from the first denied both its soundness and its filed in the lower Federal courts, and more than 500 practicality, butsuch is the foundation of the League, temporary injunctions against such collection had and if the foundation gives way there is no apparent been granted. The Act aimed to check the flood of reason why the League should continue to exist. suits which began to rise rapidly after the Schechter Recent developments have stressed two points decision by validating about everything that had which are particularly worth considering. The first Volume 141 Financial Chronicle 2335 is the extreme slowness with which the machinery adding to their severity or comprehensiveness only of the League must be expected to work. The con- if milder measures failed, there was little hope that troversy with Ethiopia has been brewing actively for its action would be effective, since a partial boycott more than ten months. It was on Nov. 17 1934, that could without great difficulty be overcome or, in the Italy protested against an attack by a mob on the last resort, endured. Unless the resources of Italy, Italian Consulate at Gondar, in which one Italian to take the present case as an illustration, are very was killed and several others were wounded. For much smaller than they are generally believed to be, this attack Ethiopia, on Nov. 20, apologized and even a policy of wholesale economic sanctions would later paid an indemnity. On Dec. 5 there was a not necessarily bring an early end to fighting. The clash of Italian and Ethiopian troops near Ualual experience of Germany, which for four.years with(or Walwal), and two days later an Ethiopian raid stood the greatest and most rigid boycott that any on Italians in Italian Somaliland. On Dec. 14 the nation has ever known, shows that a well-nigh comEthiopian Government called the attention of the plete stoppage of imports may not for a long time League to what it called Italian "aggression," and exhaust a nation's capacity for aggression or reon Jan. 11 made a formal appeal to the League for sistance. The efficacy of economic sanctions, moreover, is protection. On Feb. 1 Italy urged that Ethiopian membership in the League be terminated and the likely to be a good deal impaired unless all of the country placed under a League mandate, and on countries from which a belligerent might expect to draw supplies join in enforcing them. At this point Feb. 11 it began mobilization. these events, the circum- the action of the League early this week is instrucIn the interval since stances of the clash at Ualual have been examined tive. Of the 59 members of the League, the overat length by a League commission, and every aspect whelming majority indicated their acquiescence in of the controversy has been gone into either by com- the proposal of the Council to invoke the penalties mittees of the'Council or by the Council itself. If, prescribed by the Covenant. Austria and Hungary, in the course of these inquiries, any facts bearing however, refused their assent, and Poland and Yugoupon the dispute have not been brought out, they slavia had previously let it be known that they would may reasonably be regarded as of minor importance. find it difficult to take any vigorous action. All four To the activities of the Council have been added re- of these Powers have important trade relations with peated diplomatic efforts to adjust the differences Italy which a boycott would disrupt. Switzerland, between the two countries and arrange a modus a neutral nation whose neutrality has long been vivendi which both would accept. Yet it is only this guaranteed, made it clear that it could not undertake week, after months of inquiry, debate, proposal, ad- to do anything very serious. Here are five nations, monition, hesitation, delay, postponement and not very large in aggregate population or wealth but threats, accompanied by a long course of diplomatic extremely important because of their geographical manoeuvring, that the Council, after having at last position, which are either not to co-operate at all declared Italy to be an aggressor and a violator of or else will co-operate only moderately and with its Covenant obligations, has reached the point where reservations. To these are to be added Germany, which is on its it was willing to commit itself to sanctions. If this is the best that can be expected in a con- way out of the League and has shown no intention as troversy which as yet is distinctly localized, and yet of following the lead of Great Britain and the apparent outcome of which does not immediately France. A glance at the map will show that Gerjeopardize Europe as a whole, the likelihood of avert- many, Austria, Poland, Hungary, Yugoslavia and ing war by moral reprobation and economic sanc- Switzerland, with Italy, form a geographical bloc tions seems extremely slim. The delay has been fatal, which cuts the Continent in two. Even without as far as can now be seen, to a peaceable settlement Italy the bloc extends from the Baltic to the Mediterof the dispute. It has given time for both countries ranean, and offers obvious opportunities for trade to mobilize and, in the case of Italy, to transport with Italy by both land and water routes. Japan, large forces to Ethiopia and begin its campaign, it also, is not a member of the League, and while it is has permitted Great Britain to mass its navy in reported to be sympathetic with the League in this the Mediterranean in anticipation of war, and it has particular matter, any widening of the conflict irritated the members of the Council to a point might easily change its policy. There remain the where what appear, on the surface, to be deliber- States of Central and South America, several of ate decisions are obviously reluctant and formal which have given no specific indication of their intentions, while Chile, Venezuela and Uruguay have gestures. A second point concerns the practical efficacy of made reservations. sanctions. Commercial non-intercourse is a weapon The question of sanctions, moreover, cannot be that cuts both ways. While it may conceivably separated from the grave questions of neutrality and shorten a war by depriving a belligerent of needed war. The Italian Government has several times let supplies, it also deprives non-belligerents of profit- it be known that a blockade of its ports or interferable markets which a state of war almost invariably, ence with the movements of its ships would be refor a time at least, creates. With world trade in the garded as an act of war, and there is no reason to depressed state from which it now suffers, it is ask- suppose that a land blockade would be differently ing a good deal of a country which has raw materials, regarded. The whole theory of sanctions, accordagricultural products or manufactured goods that a ingly, involves a provocation to war notwithstanding belligerent wants, and for which it is able to pay, to that the ostensible purpose is to prevent or stop a adhere to a self-denying ordinance at the expense war by making its prosecution difficult or imposof its own producers, merchants and wage earners sible. The extreme danger of the situation can be merely because the League has voted to condemn the realized by considering what might happen if the war. If, as late reports from Geneva intimated, the Powers which have placed an embargo on the shipLeague proposed to begin with moderate sanctions, ment of munitions to both Italy and Ethiopia were 2336 Financial Chronicle to lift the embargo in the case of Ethiopia, as a committee of the Council is expected to recommend, and the Italian navy should stop or seize munitions shipments to that country. The question of neutrality is of peculiar and momentous importance for the United States, not merely because of the effect of a neutral policy upon American trade, but also because of the efforts which are being made,in this country and in Europe, to break do3vn the American position. In recognizing the existence of a state of war between Italy and Ethiopia and prohibiting the exportation of a specified list of munitions to either country in American vessels, President Roosevelt did only what he was required to do by a mandatory resolution of Congress, but he went beyond the requirements when he warned Americans that all trade with Italy would be at their own risk. To all intents and purposes the announcement played into the hands of the League, although the United States has not even a remote political interest in the Italo-Ethiopian conflict. The statement of Secretary of Commerce Roper that he is watching for exports to Italy "in excessive quantities beyond the normal demands of Italian indus- Oct. 12 1935 try" does not suggest neutrality, and the long letter which Henry L. Stimson, Secretary of State in the Hoover Administration, contributed to the New York "Times" yesterday is a frontal attack upon American neutral policy. The action of the British postal authorities in refusing to transmit to this country on Friday a radio address by Baron Aloisi, Italian delegate at Geneva, explaining the Italian position, is a sharp reminder of the first years of the World War, when the British Government both censored and manufactured war news for the United States. Two conclusions seem inescapable. The first is that a threat of sanctions is not necessarily a preventative of war, and that the imposition of sanctions may not stop a war or prevent its spread. The second is that neutrality in general, and American neutrality in particular, are alike in danger. The overwhelming sentiment of the people of the United States is unquestionably against any entanglement whatever in the Ethiopian imbroglio, but the utmost firmness on the part of the Administration, and unwearied watchfulness on the part of the public, are needed if this country is not to be drawn in. Gross and Net Earnings of United States Railroads for the Month of August After a year of steadily adverse financial returns, the railroads of the country, taken as a whole,finally showed in August a very modest improvement in the earnings position. The gains now recorded in our comprehensive tabulation of operating results can only be described as totally inadequate, but the movement is at least in the right direction. Freight movements of late have displayed a rising tendency, interrupted only temporarily by the.brief bituminous coal strike, and it would seem that the carriers soon will share to a greater degree in the advancing tendency of general business. The extent to which the upswing will be carried is a matter of pure conjecture, but the improvement immediately foreseeable will hardly suffice to place the railroad transportation business on a proper earnings basis. In the meantime, the financial troubles of the railroads are receiving increasing emphasis. Within the last few weeks the Denver & Rio Grande Western system found it advisable to defer bond interest payments due, while the New York Chicago & St. Louis (Nickel Plate) postponed a bond maturity. Reconstruction Finance Corporation loans to some carriers are proving troublesome, owing to the consequent introduction of official views into the railroad finance problem. A recent and rather undignified controversy regarding New York Central financing is indicative. These developments in the railroad finance sphere are additional evidence of the need for a more sympathetic official approach to the problem of railroad regulation. The incidence of current regulatory measures is quite plainly reflected in the August compilations of gross and net results. Gross earnings increased to $293,606,520 as compared with the same month of 1934. This is a gain of $11,281,900, or 4.00%. But operating expenses moved up almost equally to $220,811,713, an increase of $10,173,750, or 4.83%. This means, of course, that hardly any of the benefits could be carried to net earnings, which totaled $72,794,807, an increase of only $1,108,150, or 1.55%. From the traffic viewpoint it is obvious that the egregious crop curtailment and livestock slaughtering projects of the Administration are now visiting their sins upon the railroads through subnormal transportation of highly important bulk commodities. The upswing in general business barely makes up for the losses thus occasioned to the carriers, even though a rate surcharge was permitted for a limited period. Operating expenses of the railroads keep increasing despite the best efforts of the capable managers to reduce them, as complete restoration of the temporary wage cut leaves no alternative. One ray of light is furnished by the Motor Carrier Act, which is intended to place competing modes of transportation upon a fair competitive basis with the railroads, and it is to be hoped that measure soon will be implemented. Month of August— Mileage of 144 roads Gross earnings Operating expenses Ratio of expe.to earnings Net earnings 1934 Inc. (-I-) or Dec. (1935 238,629 238,955 —326 0.14% $293,608,520 8282,324,620 +811,281,900 4.00% 220,811,713 210,637,963 +10,173,750 4.83% 74.61% +0.60% 75.21% $72,794,807 371,686,657 +81,108.150 1.55% Study of the operating results in the various regions of the country emphasizes the adverse effects of the crop and livestock errors of the Administration. Carriers relying in good part upon such commodities shared very modestly in the improvement in gross earnings, and in some important regions the gains were not sufficient to offset increased expenses. It was in the industrial areas of the country that best tendencies prevailed during August, and a survey of business conditions during that month confirms the trend. Taking the leading trade indices as the measure of the improvement in business activity, we find that the output of motor vehicles in the whole of the United States in August the present year reached 240,051 cars as compared with only 234,811 cars in August a year ago; 232,855 cars in August 1933; 90,325 cars in August 1932; 187,497 cars in August 1931, and 224,368 cars in August 1930. If, however, we go one year further back, to August 1929, it is Volume 141 Financial Chronicle 2337 were 1,033,737,000 feet, found that the production in that month was not of 27%, while orders received over the corresponding period of far from half a million cars, or, in exact figures, or a gain of 32% 498,628 cars. In the case of the iron and steel trades, the previous year. As it happened, too, the Western grain traffic was conspicuous examples of improvement in those indusit having been the tries are furnished. According to the statistics com- on a greatly increased scale, largest recorded for the month in many years. The piled by the "Iron Age," the make of pig iron in Audespite a very heavy gust1935 was 1,761,286 gross tons as against1,054,382 improvement, which resulted comparing with shrinkage in the volume of corn moved, was brought gross tons in August last year, but receipts of wheat 1,833,394 tons in August 1933. Back in August 1932 about chiefly by the much heavier markets. We deal primary the pig iron output fell to 530,576 tons from 1,280,526 and oats at the Western in a 1931, but in 1930 it reached 2,523,921 in detail with the Western grain movement tons in August further along in this article, and tons, and in August 1929 aggregated no less than separate paragraph that for the five cereals, 3,755,680 tons. The American Iron and Steel Insti- therefore need only say here corn, oats, barley and rye, combined, the tute places steel ingot production of all companies wheat, during the in August the present year at 2,919,326 tons as com- receipts at the Western primary markets weeks ending Aug. 31 1935 reached 111,616,000 pared with only 1,381,350 tons in August 1934; five bushels in 2,863,569 tons in August 1933; 846,730 tons in Au- bushels as compared with only 97,703,000 Going the same period of 1934;71,648,000 bushels in August gust 1932, and 1,716,829 tons in August 1931. 1932, and 96,still further back, however, we find that production 1933; 95,868,000 bushels in August weeks of 1931. Back of steel ingots in August 1930 was 3,060,763 tons, and 924,000 bushels in the same five the receipts aggregated in August 1930, however, in August 1929 actually reached 4,939,086 tons. five weeks of other hind, coal production in August the 171,520,000 bushels, and in the same On the 199,656,000 bushels. present year fell considerably below that of August 1929 no less than The most conclusive evidence, however, of the ima year ago, both as regards the bituminous and which has taken anthracite output. The quantity of bituminous coal provement (though a modest one) in the volume of traffic moved by the railroads mined in the United States during August 1935 is place of revenue estimated by the United States Bureau of Mines at is found in the figures giving the loading freight. In that case the statistics relate to the railonly 25,980,000 net tons as against 27,452,000 tons in all the difAugust 1934 and 33,910,000 tons in August 1933. roads of the entire country and include ferent items of freight, constituting, in the latter However, in 1932 the output of soft coal fell to railroad 22,489,000 tons, but in the years immediately pre- respect, a sort • of composite picture of these figures, compiled ceding it was 30,534,000 tons in August 1931; tonnage of all classes. From Rail35,661,000 tons in August 1930, and in August 1929 by the Car Service Division of the American we find that for the five weeks no less than 44,695,000 tons. Production of Penn- road Association, with revsylvania anthracite during August 1935 aggregated of August 1935 the number of cars loaded was 3,102,066 cars as compared with only 2,591,000 net tons as compared with 3,584,000 enue freight weeks of 1934, but net tons in August 1934; 4,396,000 tons in the same only 3,072,864 cars in the same five comparing with 3,204,919 cars in the corresponding months of 1933; 3,465,000 tons in August 1932; comparisons further 4,314,000 tons in August 1931; 6,081,000 tons in period of 1933. Carrying the back, it is found that in the four weeks of August August 1930, and no less than 8,672,000 tons back in 1932, 2,064,798 cars were loaded with revenue August 1923. 1930, 3,752,048 Turning to another compilation, the F. W. Dodge freight; in 1931, 2,990,507 cars; in the money cars, and in 1929, no less than 4,494,786 cars. Corp. reports a very gratifying increase in In the case of the separate roads and systems, the value of construction contracts awarded in the 37 for the States east of the Rocky Mountains, the contract exhibits are in consonance with the showing which means that the great total, we are told, exceeding, in addition, the totals railroads as a whole, in recorded for each month since October 1931 with majority of the roads are able to report increases a substantial number of gains in the exception of December 1933 and January and gross earnings, and inMarch of 1934. In August the present year the net earnings as well, though in both cases the small. Lack of space prevents our nambuilding contracts involved an expenditure of $168,- creases are 557,200 as against $119,591,800 in August 1934; ing separately, with their increases, even the more in $105,988,900 in the corresponding month of 1933, and conspicuous of the roads distinguished for gains 1932. Going back to 1931, both gross and net alike, so we will therefore only $133,988,100 in August however, we find that in August of that year con- mention a few. The Pennsylvania RR.(which heads struction contracts called for an expenditure of the list of increases in the gross) reports $1,928,421 $233,106,100; in August 1930 of $346,643,000, and in increase in gross earnings and $338,812 increase in August 1929 the goodly sum of $488,882,400. As net; the Great Northern, with $1,081,984 gain in might be expected, in view of the large gain in the gross, heads the list of increases in net, the gain building trade, lumber production shows a sub- being $1.,062,091; the Norfolk & Western, with stantial increase also. According to the statistics $627,593 increase in gross, reveals a gain in net of compiled by the National Lumber Manufacturers $709,448; the Southern Railway, with an increase Association, the production of lumber during the in gross of $557,057, shows an increase in net of five weeks ending Aug. 31 by an average of 618 iden- $546,008; the Chesapeake & Ohio, with $689,165 intical mills aggregated 1,114,451,000 feet as compared crease in gross, reports $479,854 increase in net, and with only 804,735,000 feet in the same period of 1934. the New York Central, with a gain in gross of This is an increase of 38% over August last year and $926,526, shows an increase in net of $120,345. These 22% above the record of comparable mills during figures cover the operations of the New York Central the same period of 1933. Shipments of lumber dur- and its leased lines. Including the Pittsburgh & ing the same five weeks of 1935 reached 1,079,558,000 Lake Erie, the result is an increase of $1,272,394 in feet against 846,952,000 feet in 1934, or an increase gross and a gain of $405,781 in net. In the following 2338 Financial Chronicle table we bring together all changes for the separate roads for amounts in excess of $100,000, whether increases or decreases, and in both gross and net: PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH OF AUGUST 1935 Increase Increase Pennsylvania $1,928,421 Erie(2 roads) 145.886 Great Northern 1,081,984 Atlantic Coast Line 130,289 New York Central a926,526 Gulf Mobile & Northern_ 127,029 Southern Pacific(2 roads) 860,374 Atchison Top & Santa Fe 117,792 Chesapeake & Ohio 689,165 Lake Superior & Ishp113,522 Norfolk & Western627,593 Denver & Salt Lake 113,014 Baltimore & Ohio 622,886 Western Maryland 112,745 Southern 557,057 St Louis Southwestern__ 108.741 Louisville & Nashville-- _ 448,643 Elgin Joliet & Eastern__ _ 405,520 Total(36 roads) $12,276,817 Chicago Burl & Quincy__ 405,061 Pittsburgh & Lake Erie_ 345,868 Decrease N Y N 11 & Hartford_ 325,858 Northern Pacific $608,583 Pere Marquette 285,317 Chic R I & Pacific(2rds.) 375,024 Wheeling & Lake Erie_ _ _ 248,173 Reading 353,178 Boston & Maine _ _ _ ___ . 245,983 Illinois Central 263,468 Duluth Missabe & North 231,015 Dela Lack & Western 192,960 U 196,036 New York Ont & West189.073 Missouri -Kansas -Texas__ 194,218 Chicago Great Western 180,084 Bessemer dt Lake Erie__ _ 187,521 Chic Milw St Paul & Pac 137,732 Grand Trunk Western_ 170,616 Nash Chattanooga & St L 105,079 Yazoo & Mississippi Val162,044 Wabash 161,920 Total (10 roads) $2,405,181 a These figures cover the operations of the New York Central and the leased lines -Cleveland Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is an increase of $1,272,394. PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF AUGUST 1935 Increase Decrease Greet Northern $1,062,091 Chic. Mllw. St. P.& Pac_31,164,732 Norfolk & Western 709,448 IllInois Central 825,884 Southern 546,908 Chicago & North Western 787,835 Chesapeake & Ohio 479,854 Del. Lack. & Western-- _ 542,743 N. Y. N. H. & Hartford.. 419,342 Northern Pacific 461,761 Pennsylvania 338,812 Chic. R. I. & Pac.(2 rds.) 420,053 Bessemer & Lake Erie325,986 Union Pacific (4 roads)___ 359,103 Pittsburgh & Lake Erie_ - 285,436 Atch. Topeka & Santa Fe_ 350,662 Elgin Joliet & Eastern--- 269,744 Reading 204,068 Dul. Missabe Sc Northern 225,516 Long Island 162,239 Southern Pacific (2 roads) 224,671 Chicago Great Western 151,614 Wheeling & Lake Erie. ___ 200,992 Denver & Rio Gr. West 145,971 Louisville & Nashville.... 196.306 Chic. St. P. Minn. & 0_ 124,985 Mlssourl-Kansas-Texas 152,901 Minn.St. P.& S. S.Marie 113,215 St. Louis Southwestern_ _ _ 150,021 Nash. Chatt. & St. LOUIS111,701 Pere Marquette 139.509 St. Louis -San Fran.(3 rds) 108,956 Yazoo & Miss. Valley_ - 120,435 New York Central a120,345 Total (22 roads) $6,035,522 Gulf Mobile & Northern-105,358 Lake Sup. & Ishpeming__ 102,582 Total (21 roads) $6,176,257 a These figures cover the operations of the New York Central and the ltsgi lines -Cleveland Cincinnati Chicago & % Louis,S aNancvanveanap lTe eauCentral, Mh1vn g Cincinnati cluding Pittsburgh & Lake Erie, the result is an increase of 3405.41. In- When the roads are arranged in groups or geographical divisions, according to their location, the favorable character of the showing as compared with August last year is brought out very clearly. All the different districts-the Eastern, the Southern and the Western-as well as all the regions comprising these districts, show gains in gross earnings, while only one district, the Western, including two of its regions-the Northwestern and the Central Western-records a loss in the case of the net. Our summary by groups is as below. As previously explained, we group the roads to conform to the classification of the Interstate Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table: SUMMARY BY GROUPS Month of August,1935 Eastern Dt9tria$ New England region (10 roads)... _ 11,740,462 Great Lakes region (24 roads) 53,420,947 Central Eastern region (18 roads)._ 59.168.455 1934 Inc. (-I-) or Dec.(-) 11,095,042 51,632,959 55,816,073 +644,420 +1,787,988 +3,352,382 5.81 3.46 6.01 124,329,864 118,545,074 +5,784,790 4.88 33,584,013 18,134,703 32,052,480 16,712,840 +1,531,533 +1,421,883 4.78 8.51 Total (32 roads) 51,718,716 1Vestern District Northwestern region (16 roads).- 40,750,816 Central Western region (20 roads)._ 54.126,772 Southwestern region (24 roads)... 22.680,352 48.765.320 +2,953.396 6.06 40,130.140 52.850,433 22,033,653 +620,676 +1.276,339 +646,699 1.55 2.41 2.94 Total (52 roads) Southern District Southern region (28 roads) Pocahontas region (4 roads) Total (60 roads) 117.557,940 115,014,226 +2.543,714 2.21 Total all districts(144 roads)__ ._293,606,520 282,324,820 +11.281,900 4.00 District and Region Net Earnings Month of August -Mileage1935 1934 Inc.(+) or Dee.( ) -Eastern District- 1935 1934 New England region_ 7,110 7,153 2,626,561 2,251,681 +374.880 16:65 Great Lakes region__ 27,787 26,890 10,643.190 10,365,061 +278,129 2.68 Central Eastern reg'n 25,048 25,028 16,315,289 15,335.480 +979,809 6.39 Total 59,945 59,071 29,585.040 27,952.222 +1,632,818 5.84 Southern District Southern region 39.198 39,374 5,991,416 5,731,535 +259,881 4.53 Pocahontas region_ _ 6,014 6,036 8,114,501 6.909,167 +1.205,334 17.45 Total Western District Northwestern region. Cent. Western reg'n_ Southwestern region_ Total 45,212 45,410 14.105,917 12,640,702 +1,465,215 11.59 48,293 48,496 10.732,647 12.013.494 -1.280.847 10.66 54,824 55,284 13,671.373 14,530,680 -859.307 5.91 30,355 30,694 4.699.830 4,549,559 +150.271 3.30 133,472 134,474 29,103.850 31.093.733 -1,989,883 6.40 Total all districts _ _238,629 238,955 72,794.807 71,686,657 +1.108,150 1.55 Oct. 12 1935 NOTE -Our grouping of the roads conforms to the classification Interstate Commerce Commission, and the following indicates the confines of the different of the groups and regions: EASTERN DISTRICT New England Region-Comprises the New England States. Great Lakes Region-Comprises the section on the Canadian boundary between New England and the westerly shore of Lake Michigan to Chicago. and north of a line from Chicago via Pittsburgh to New York. Central Eastern Region-Comprises the section south of the Great Lakes Region east of a line from Chicago through Peoria to St. Louis and the Mississippi River to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland and by the Potomac River to its mouth. SOUTHERN DISTRICT Southern Region-Comprises the section east of the Mississippi River and south of the Ohio River to a point near Kenova, W. Va.. and a line thence following the eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic. Pocahontas Region-Comprises the section north of the southern boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg. W. Va., and south of a line from Parkersburg to the southwestern corner of Maryland and thence by the Potomac River to its mouth. WESTERN DISTRICT Northwestern Region-Comprises the section adjoining Canada lying west of the Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland and by the Columbia River to the Pacific. Central Western Region-Comprises the section south of the Northwestern Region west of a line from Chicago to Peoria and thence to St. Louis. and north from St. Louis to Kansas City and thence to El Paso and by the Mexican of a line boundary to the Pacific. Southwestern Region-Comprises the section lying between the Mississippi River South of St. Louis and a line from St. Louis to Kansas City and thence to El Paso, and by the Rio Grande to the Gulf of Mexico. As indicated above, Western roads, taking them collectively, had the advantage of a much larger grain traffic in August the present year-in fact, it was the largest for the month in all years immediately preceding back to 1930. All the different cereals, in greater or less degree, contributed to the increase, with the exception of corn and barley, the movement of which was on a greatly reduced scale as compared with August 1934, and especially so in the case of corn. The receipts of wheat at the Western primary markets for the five weeks ended Aug. 31 reached 62,614,000 bushels as compared with only 28,069,000 bushels in the same five weeks of 1934; of corn, but 6,994,000 bushels against 49,876,000 bushels; of oats, 31,151,000 bushels as compared with only 8,504,000 bushels; of barley, 7,998,000 bushels against 10,028,000 bushels, and of rye, 2,859,000 bushels as compared with 1,226,000 bushels. Altogether, the receipts at the Western primary markets of the five staples, wheat, corn, oats, barley and rye, aggregated 111,616,000 bushels in the five weeks of August 1935 as against 97,703,000 bushels in the corresponding period of 1934; 71,648,000 bushels in August 1933; 95,868,000 bushels in 1932, and 96,924,000 bushels in August 1931, but comparing with 171,520,000 bushels in 1930, and no less than 199,656,000 bushels in the corresponding period of 1929. In the following table we 'give the details of the Western grain movement in our usual form: RECEIPTS OF FLOUR AND GRAIN 5 Wks.End. Flour Wheat Corn Oats Barley Rye Aug. 31 (Barrels) (Bushels) (Bushels) (Bushels) (Bushels) (Bushels) Chicago 1935 ...... 951,000 6,877,000 1.924,000 7,111.000 256,000 1934 -- 828,000 4,226,000 19.267,000 2,090,000 1,001,000 1,211,000 166,000 Minneapolis 1935 _ 8,564.000 344,000 12,203,000 5,108.000 1,028,000 1934 7,797.000 4,113,000 3,111,000 5,158,000 680,000 Duluth 1935 _ 1.896,000 1,000 1.871.000 559.000 135.000 1934 783,000 3.754.000 35.000 637,000 38,000 Milwaukee 1935 ---74,000 1,414,000 452,000 883,000 1,290,000 17,000 1934 __-- 103,000 1,675,000 630,000 237.000 2,645,000 18,000 Toledo 1935 _ 33,000 418,000 5,797.000 31,000 15.000 1934. 2,230,000 137,000 575.000 17,000 35.000 Detroit 1935 236.000 3,000 164,000 144,000 94,000 1934 _ 238,000 31.000 94,000 184,000 78,000 Indianapolis it Omaha 1935 _ 1,757.000 4,860,000 9,976,000 1,000 123.000 1934 _ 2,084,000 10,014,000 1,398,000 138,000 St. Louis 1935- 470.000 5,578.000 729.000 659,000 44.000 37.000 1934 __-- 542,000 1.286.000 2.585,000 392,000 140,000 37,000 Peoria 1935 ---- 178,000 426,000 940,000 955,000 245,000 172.000 1934 ---- 174.000 264.000 2,099,000 124,000 324,000 33,000 Kansas City 1935 ....-85,000 17,498.000 672,000 1,378,000 1934 -- _ 52.000 3,561.000 6,875,000 168,000 St. Joseph 1935 _ 1,322.000 95,000 534,000 1934 ____ 487.000 1,325,000 190,000 Wichita 1935 _ 2,868.000 7.000 20,000 1934 _ 1.378.000 106.000 12.000 Sioux Clay 1935 _ 382.000 37,000 295,000 320,000 26.000 1934 _ 134,000 866.000 78.000 22.000 5.000 Total all 1935 ____ 1.738,000 62,614,000 8,994,000 31,151,000 7,998,000 2,869.000 1934 ---- 1.699,000 28.069.000 49,876,000 8.504,000 10.028,000 1,226.000 Financial Chronicle Volume 141 Wheat 8 Mos.End. Flour Aug. 31 (Barrels) (Bushels) Chicago-. -5,850,000 12,492,000 1935 1934 ---- 5,688,000 17.113,000 Minneapolis 23.845,000 1935 28,105,000 1934 Duluth 6,707,000 1935 14,345,000 1934 Milwaukee 1935 ____ 582,000 2,367,000 1934 ____ 527,000 2,393.000 Toledo 8,595,000 1935 8,874.000 1934 Detroit 746,000 1935 790,000 1934 /ndtanapolss & Omaha 16,284,000 34,000 1935 18,201,000 St. Louis 1935 ____ 4,004,000 10,237,000 1934 4,086,000 15,371,000 Peoria 837,000 1935 ___. 1,265,000 1934 ____ 1.416,000 1.077,000 Ransas City 1935 --- 472,000 31,876,000 1934 ---- 388,000 33,050,000 Si. Joseph 2,565,000 1935 ---2,752,000 1934 Wichita 9.950,000 1935 13,612,000 . 1934 Sioux City 912,000 1935 691,000 1934 Oats (Bushels) Corn (Bushels) Barley (Bushels) Rye (Bushels) 15,326,000 1E252,000 4,172,000 3,184,000 47,050,000 9.969,000 6,771,000 4,803,000 1,756,000 13.949,000 10,298,000 1,540,000 12,452.000 5,675,000 15,721,000 2,162,000 50,000 2,173,000 1,226.000 578.000 2,165,000 3,621,000 490,000 298.000 3,787,000 1.641,000 7,352,000 938,000 9,482.000 6,659,000 51,000 180,000 772,000 2,721,000 1.063,000 3,659,000 115,000 47.000 28.000 165,000 526,000 448,000 676,000 652.000 328.000 25.5,000 11,344,000 7,431.000 26,621,000 5,816,000 20,000 23,000 486,000 566.000 7,270,000 3.901.000 10,813,000 3,604.000 777.000 459,000 110,000 178,000 138,000 349,000 8,788,000 1,384.000 1,987,000 1.413,000 590,000 10,902,000 1,831,000 1,871,000 12,975,000 2,154,000 15,044,000 1,050,000 1,173,000 1,338.000 4,286,000 1,135,000 2,000 101,000 1,031.000 85,000 71,000 3,000 455,000 1,591.000 454.000 126,000 323,000 93.000 27,000 9.000 Total all 1935 _12,207,000 127,413,000 63,935,000 49 009,000 26,946,000 7,659,000 1934 -12,105,000 156,374,000 141,482,000 34,900,000 37.287,000 9,206,000 On the other hand, the Western livestock movement appeared to have been on a greatly reduced scale as compared with August last year. The receipts at Chicago comprised only 6,618 carloads in August 1935 as against 13,850 carloads in August 1934; at Kansas City they were but 4,880 cars as against 13,780 cars, while at Omaha they were only 2,792 cars as compared with 6,814 carloads. As to the cotton movement in the South, this, though on a greatly increased scale so far as the port movement of the staple is concerned, was considerably smaller in the case of gross shipments overland of cotton. These latter reached only 29,204 bales in August 1935 as against 36,624 bales in 1934, but comparing with 27,307 bales in 1933; 13,078 bales in 1932; 18,099 bales in 1931; 24,146 bales in 1930, and 22,527 bales in 1929. At the Southern outports the receipts of cotton during August the present year aggregated 424,424 bales as against only 320,826 bales in August 1934, but comparing with 520,095 bales in August 1933 and 436,088 bales in August 1932. Previous to that year the comparison is with 195,263 bales in August 1931; 680,663 bales in 1930, and 449,405 bales in August 1929. In the subjoined table we give the details of the cotton receipts at the different Southern outports for the last three years: RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM JAN. 1 TO AUG. 31 1935. 1934 AND 1933 Month of August 8 Months Ended Aug. 31 Ports 1933 1935 1934 1935 Galveston 11ouston. dro New Orleans .Mobila Pensacola Savannah Brunswick Charleston Wilmington Norfolk Corpus Christi Lake Charles Beaumont Jacksonville Total 1934 80,888 48,884 71,833 7,634 6,305 38,902 47,277 67,044 49,797 15,240 8,708 17,444 6,907 54 1.651 134.616 18,627 6,731 1,392 7,878 948 2,093 101,632 1,259 546 960 48,118 261,430 704,954 659.287 166,370 239,372 496,141 1,176,817 53.490 392,410 673,874 903,284 9,125 42,048 101,243 178,107 22,588 22,231 56,624 65,835 5.5,687 29,687 65,161 104,898 1,468 14,483 10.905 38.904 10,090 46,788 108,357 5,215 718 8,539 19,331 17,571 1.449 20,784 23.087 168.732 187.292 137,176 305.281 3,120 21,494 49,311 14,579 6,826 4,209 7,523 1,225 931 2.012 3,593 6,677 424.424 320,826 520,095 1.292,485 2.345,164 3,618.700 1933 Results for Earlier Years It has already been pointed out that this year's very modest improvement in railroad earnings-$11,281,900, or 4%, in gross and $1,108,150, or $1.55%, in net -came after a loss last year of $14,286,954 in gross and of $23,488,177 in and that these losses followed $48,737,988 gain in gross net, and $33,555,892 increase in net in August 1933; these gains, however, came after very notable cumulative losses in the three years preceding. Yet in considering these heavy losses -$112,017,534 in gross and $32,530,008 in net in 1932, follow- 2339 ing $101,751,861 in gross and $44,043,146 in net in 1931 and -it $120,696,915 loss in gross and $52,063,396 in net in 1930 must not be supposed that comparison is with totals in Anent 1929 of unusual size. August 1929 was before the advent of the stock market panic in that year, when the industries of the country, therefore, were still in a state of great activity. Yet, notwithstanding this, our compilations then showed only relatively slight increases over the totals -no more than $27,835,272 in the gross, or for August 1928 4.99%, and $16,758,860 increase in the net, or 9.62%. Moreover, this came after relatively poor or indifferent results in August of the previous year, when our tabulations registered the very trifling gain of $165,107 in gross, though owing to curtailment of expenses the showing as to the net was much better, a gain of $9,835,559 appearing, which, however, was only a partial recovery of heavy losses sustained in August 1927 as compared with August 1926, when our tabulations registered no less than $22,686,735 decrease in gross and $15,697,472 decrease in net. The fact must not be overlooked, however, that the 1927 shrinkage succeeded considerably improved results in the two years preceding. In August 1926 our tabulation showed $23,857,842 gain in gross and $12,989,753 gain in net, and in August 1925, $47,021,764 gain in gross and $31,821,455 gain in net. Contrariwise, the improvement in 1926 and 1925 followed a heavy decrease in August 1924, at least in the gross, and to that extent the gains in these two years constituted a recovery merely of what had been previously lost However, in both the gross and the net the combined gain of 1925 and 1926 far exceeded the falling off suffered in 1924. In truth, in the case of the net shrinkage in 1924 was very small, economies in operations and savings in expenses having acted as an offset to the heavy reduction In gross revenues, and this small loss in net then was made good many times over by the big increase in 1925, entirely apart from the further increase in the net earnings in 1926. In brief, gross earnings in 1924 fell off $55,952,018, but net earnings only $2,148,281, and this was followed by $47,021,764 gain in gross and $31,821,455 gain in net in 1925, and $23,857,842 gain in gross and $12,989,753 gain in net in August 1926. In both gross and net, therefore, the 1926 results were the best on record for the month of August. The setback in 1924 was due to the great slump in business experienced in the summer of that year pending the outcome of the Presidential election, a slump which, of course, was reflected in diminished traffic and railroad earnings. The shrinkage in traffic and in revenues was naturally of striking proportions in contrast with the year preceding (1923), which had been marked by an extraordinarily heavy traffic and exceptionally good results. The year 1923 was a period of very great trade activity, and many of the trunk lines in the manufacturing districts of the country then recorded the largest traffic and gross revenues in their entire history. As a result, the August 1923 compilations were noted for gains of considerable magnitude in gross and net alike-the addition to the gross earnings then having been no less than $90,181,967, or 19.06%, and the addition to the net $49,897,384, or 57.59%. The magnitude of the improvement then followed in part because comparison was with extremely bad results in the year preceding-1922. In its general results, August 1922 was one of the worst months of that year. Business revival had then already made considerable headway, but adverse influences of large size were retarding recovery and in some respects operated to cause a setback. Both the coal miners' strike and that of the railroad shopmen reached a climax in that month. The coal strike had been in progress since the previous April 1, and in that long interval no anthracite whatever had been mined, while the soft coal output had been confined entirely to the non-union mines • this latter, though by no means inconsiderable, amounting, indeed, to 3,000,000 to 4,000,000 tons a week, fell far short of current needs. The result was a scarcity of fuel supplies to the extent of interfering seriously with mercantile and manufacturing operations in many different parts of the country. The shopmen's strike on tile railroads came in at that time to accentuate the trouble, the consequence being that even the non-union coal could not all be sent to market. It was then that President Harding made his memorable address to Congress. Fortunately, when things were at their worst a turn came for the better. A truce was patched up between the miners and the operators under which work was resumed on the basis of the old wage scale. The settlement in the case of the anthracite miners did not come until after the close of August, but the settlement with the soft coal miners was reached about the middle of the month, though even here full resumption did not occur until about the last week of the month. All this naturally proved costly to the roads. In addition, the roads, in the matter of gross revenues, also suffered by reason of the horizontal reduction of 10% in freght rates made by the Interstate Commerce Commission, effective July 1 1922. Altogether, therefore, conditions in August 1922 for the rail carriers were highly unfavorable throughout the month. On the other hand, the fact should not be overlooked that in August 1921 (with which comparison was then being made) there was a reduction in expenses of prodigious magnitude no much so that though gross earnings then suffered a shrinkage of $50,119,218, due to business depression, net recorded an improvement of no less than $248,237,870, expenditures having been reduced in this single month $298,357,088. This improvement in the net then did not, it should be understood, mean 2340 Financial Chronicle an absolute addition of that amount to the net, but represented to a very great extent the wiping out of very heavy deficits suffered by these rail carriers in 1920. In August 1920 the roads had fallen $125,167,103 shoft of meeting their bare operating expenses, not including taxes, while in August 1921 there were net earnings above the expenses of $123,070,767. In no small measure the prodigious reduction in expenses in 1921 followed from the huge augmentation in expenses the year before. In August 1920 expenditures had run up in amount of $319,579,099 -this on a gain of $83,071,497 in the gross, leaving net diminished, therefore, in amount of $236,507,602. The truth is, the statement for August 1920 was one of the worst on record, due to the peculiar circumstances existing at the time. The roads had been returned to private control on the previous March 1, but for a period of six months thereafter (or until the end of August) Congress had provided that the carriers should receive the same amount of net income as they had been receiving as rental during the period of Government control-except in cases where a carrier preferred to take, instead, its own net earnings, which very few elected to do. Expenses were running very heavy at the time and were further increased by the wage award announced by the Railroad Labor Board the previous month, and which was made retroactive back to May 1. This wage increase was estimated to add at least $50,000,000 a month to the payroll of the railroads, apart from the retroactive feature. While the retroactive feature had been in great part taken care of in the June and July returns, nevertheless some of it also was carried forward into the August returns. In 1921, on the other hand, the railroads got the benefit of the wage reduction which went into effect July 1 of that year, and which on a normal volume of traffic-the traffic in 1921, of course, was away below the normal -was estimated to work a reduction in expenses of about $33,323,000 a month. Even prior to 1920 net results had been steadily growing smaller. For instance, in August 1919 our compilations showed a loss in both gross and net -$32,636,656 in the former and $31,315,528 in the latter. In 1918, while the showing was not unsatisfactory under the increase in rates then made by the Director-General of Railroads as a war measure, the situation nevertheless was that an addition of $135,759,795 in the gross brought with it an addition of no more than $24,312,758 to the net. Going back yet a year further, we find that in 1917 a gain of $39,771,575 in the gross was accompanied by a decrease of $4,668,838 in the net. In the following we show the comparisons back to 1909: Month of August 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1933 Gross Earnings Year Given Year Preceding Inc. (-I-) Or Dec.(-) $225,488,923 $197,928,775 +527,560,148 251,505,986 233,666,645 +17.839,341 243,816,594 245,784,289 -1.967,695 276,927,416 251,067,032 +25.860,384 259.835,029 255,493,023 +4,342.006 269,593,446 280,919.858 -11,326,412 279,891,224 274,618.381 +5,272,843 333,460,457 278,787,021 +54,673,436 373,326,711 333,555,136 +39,771,575 498,269,356 362,509.561 +135,759.795 469,868,678 502,505,334 -32,636.656 541,549,311 460.173,330 +81,375,981 504,599,664 554,718.882 -50,119,218 472.242,561 504,154,065 -31,911,054 563,292,105 473,110.138 +90.181,967 507,406,011 563,358,029 -55,952,018 554,559,318 507,537,554 +47,021,764 577,791,746 553,933,904 +23.8.57.842 556,406,662 579.093,397 -22,686,735 556,908,120 556,743,013 +165.107 585,638,740 557,803,468 +27,835,272 465.700,789 586,397,704 120.696,915 364,010,959 465.762.820-101.751.861 251.761,038 363.778.572-112,017,534 300,520.299 251,782,311 +48,737,988 282,277,699 296.584,653 -14,286,954 202808520 282_324.520 4-11251 ono Net Earn ngs Month of August 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1025 Year Given Year Preceding 885,880,447 88,684,738 86.224,971 99,143,971 83,143,024 87,772,384 99,713.187 125,837,849 121,230,736 142,427.118 112.245,680 *116,173.003 123,070,767 86,566.595 136,519,553 134,669,714 166,558,666 179.416,017 164,013,942 173,922,684 190.957,504 139.134,203 95,118,329 62,540,800 96,108.921 71.019,068 72.794.807 $72,159,624 89,529,654 86,820,040 87.718,505 92,249,194 87,300,840 89.673,609 99,464,634 125,899,564 118,114,360 143,561,208 108,053,371 *125,167.103 123,353,665 86,622.169 136.817,995 134,737,211 166,426,284 179,711,414 164,087,125 174,198,644 191.197,599 139,161,475 95,070,808 62,553,029 94,507,245 71.686.657 All:ewe Per Cent Year Given Year Preceding 13,92 7.63 0.80 10.30 1.50 4.03 1.93 19.61 11.92 37.45 6.49 17.68 9.03 6.33 19.06 9.93 9.26 4.30 3.92 0.03 4.99 20.58 21.84 30,79 19.36 4.82 am 216,332 234,805 230.536 239,230 219,492 240,831 247,809 245,516 247,099 230,743 233,423 227,145 233,815 235,294 235,357 235,172 236,750 236.759 238,672 240,724 241,026 241,546 243,024 242,208 241,166 239,114 92R 590 213,683 230,925 227.076 235,404 216,709 237,159 245,754 244,765 246,190 230,015 233,203 226.440 233,067 235,090 235,696 235,445 236,546 236,092 237,824 239,205 241,253 242.444 242,632 242,217 242,358 240,658 225055 Inc.(+)or Dec.(-) Amount +313,720,823 -844,916 +595,069 +11,425,466 -9,106,170 +471.544 +10,039.578 +26,373,215 -4,668,828 +24,312,758 -31,315,528 -224,226,374 +248,237,870 -36,787,070 +49,897,384 -2,148,181 +31,821,455 +12,989,753 -15,697,472 +9.835,559 +16,758,880 -52,063,396 -44,043,146 -32,530,008 +33,555,892 -23,488,177 -4-1105150 Per Cent 19.01 0.94 0.69 13.03 9.87 0.54 11.21 26.51 3.71 20.58 21.81 207.51 197.62 29.82 57.59 1.57 23.62 7.86 8.73 5.99 9.62 27.21 31.64 34.21 53.64 24.85 1.55 * Deficit. New Capital Issues in Great Britain The following statistics have been compiled by the Midland Bank Limited. These compilations of issues of new capital, which are subject to revision, exclude all borrowings by the British Government for purely financial purposes; shares Oct. 12 1935 issued to vendors; allotments arising from the capitalization of reserve funds and undivided profits; sales of already issued securities which add nothing to the capital resources of the company whose securities have been offered; issues for conversion or redemption of securities previously held in the United Kingdom; short-dated bills sold in anticipation of long-term borrowings; and loans by municipal and county authorities except in cases where there is a specified limit to the total subscription. They do not include issues of capital by private companies except where particulars are publicly announced. In all cases the figures' are based upon the prices of issue. SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM [Compiled by the Midland Bank Limited] Month of September Year to Sept. 30 £9,294,000 20,064,000 9,951,000 5,188,000 4,329,000 7.902,000 2,534,000 15,926.000 5,040,000 18,306.000 2,665,000 5,039,000 1,316,000 17,000 7,164,000 6.748,000 7,719,000 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 9 Months to Sept. 30 £132,678,000 314,574,000 144,583,000 193.059,000 150,021,000 139,119,000 144,989,000 175,770,000 201,858,000 269.254.000 224,011,000 169,891,000 79,082,000 78,174,000 103,702,000 100,646,000 154,355,000 £169,414,000 419,438,000 214,220,000 264,271,000 192.630,000 192,858,000 229,416,000 250,678,000 279,354,000 382,111,000 317,276,000 199,629,000 145,351,000 87,758,000 138,567,000 129.812.000 203,900,000 NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS (Compiled by the Midland Bank, Limited] 1932 9 months October November December Year 1933 1934 £2,895,798 11,994,734 12,104,130 18,013,115 12,296,311 17,467,795 3.312,507 72,500 17,000 £8.310,263 7,167,385 13,447,603 8,247,859 14,614,014 17,541,251 6.001,777 21,208,047 7,164,097 £10,853,233 7,007,995 7,081,462 9,590,367 22,440,935 12,048,454 14,997,397 9.878,332 6,747,571 £16,592,347 12,620,080 12,386,235 4.108,238 19,727,811 20,610.166 53,909.166 6,682,428 7,719,440 78,173,890 103,702,296 100,845,746 154,355.911 19,745.198 10,807,078 4.312.163 10,026,260 12,786,859 6,353.481 23,446,272 13,056,095 13,041,644 £113,038,329 January February March April May June July August September £132,868.896 £150,189,757 1935 GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS [Compiled by the Midland Bank. Limited] United India and Other Brit. Foreign Ceylon Kingdom Countries Countries -January 1933 February March April May June July August September 9 months October November December Year -January [934 February March April May June July August September 9 months October November December Year 1935 -January February March April May June July August September 0 rnnnthy Total E E £ £ 7.875,000 269,000 56,000 110,000 4,917,000 30,000 1,727,000 493,000 12,287,000 1,000 1,160.000 7,283,000 965,000 241,000 292,000 9,328,000 4.753,000 16,029,000 5,000 1,070,000 437.000 244,000 5,232,000 48,000 478.000 15,589,000 4,334,000 1,285,000 176,000 6,738,000 250,000 £ 8,310,000 7,167,000 13.448,000 8.248,000 14,614,000 17,541.000 6.002.000 21,208,000 7,164,000 70,974.000 4,893,000 20,476,000 7,359,000 103,702,000 6.814.000 12,172,000 5,098.000 11,000 3.016,000 437,000 67,000 887,000 47.000 185.000 10,026.000 111,000 12.787,000 341,000 6,353.000 95,059,000 5,018,000 24,796,000 7,996,000 132,869.000 8,682.000 5,309,000 8,011,000 8,685,000 11,397.000 7.021.000 9,958,000 3,165,000 5,631,000 49,000 1,763,000 359,000 221,000 1,433,000 45,000 7,000 873,000 190,000 12.000 850.000 63,000 62.000 10,945,000 37,000 32,000 4,609,000 386,000 1,000 5.014,000 25,000 5,485,000 1,228,000 566,000 137,000 413,000 65,839,000 522,000 31,539,000 2,746,000 100,646,000 20,764,000 11,016,000 9,122,000 61,000 2,465,000 1,899,000 550,000 3,355.000 10,853.000 7,008,000 7,082,000 9,590.000 22,441,000 12,048,000 14.998,000 9,878.000 6,748.000 156.000 23,446,000 141,000 13.056,000 14,000 13,042,000 106741000 1,133,000 39.258,000 3,058,000 150,190,000 14,433.000 9,688,000 11,076,000 3,443,000 18,788,000 19,571,000 49.999,000 4,761,000 7,344.000 1101/11/111/1 957,000 1.202,000 16,592,000 2,346,000 586,000 12,620,000 1,135,000 176,000 12,386,000 660,000 5,000 4,108,000 118.000 568,000 254,000 19,728,000 13,000 872,000 154,000 20,610,000 3,622.000 287,000 53,909.000 1,921,000 6,682,000 375,000 7,719,000 Ion nAll 19 AKInnn 9 AAA nnn Igd 0.c Ann The Course of the Bond Market Bond prices have strengthened somewhat this week, particularly on Thursday, when an active stock market led the upturn. Utility bonds made noticeable gains, as did some of the rail issues. Industrials also advanced. United States Government bond prices have moved only fractionally this week. Yesterday was named by the Treasury as the final date for accepting called Liberties in exchange for new 2%s. The Treasury expected conversion of about 80%, although earlier in the week only about 69% had been converted. After Oct. 15 all of the Liberties will have been redeemed 2341 Financial Chronicle Volume 141 or converted. There is no large maturity of notes or bonds before Dec. 15, and the Treasury may not offer anything but the weekly bills in the interim. Railroad bonds moved in a very narrow range. Among / high-grades Atchison gen. 4s, 1995, declined 1 3 point for the week, closing at 108: Union Pacific 4s, 1947, at 112 were up 1 4. Other groups displayed a mixed trend. Louisville & Nashville 4%s, 2003, declined % to 1001%; Baltimore & 3 4 Ohio 4%s, 1960, advanced / to 5614; New York Central /. 4%s, 2013, lost 1 to close at 6514 New York New Haven & 4 Hartford bonds lost from one to four points when rumors again appeared regarding possible bankruptcy action in the face of large obligations which must be paid in the near future. Medium-grade and speculative utility bonds moved upward. quietly during the week until Thursday, when considerable strength was displayed. New Orleans Public Service 5s, 1955, at 79% on Friday. were up % for the week; Pacific Power & Light 5s, 1955, advanced % to 82; Cities Service 5s, 1966, gained 2% to close at 55; Standard Power & Light 6s, 1957, at 45 were up 2; United Light & Power 6s, 1975, gained 214, closing at 55. Highest-grade issues lost ground; for instance, Consolidated Gas, Electric Light & Power Co. of Baltimore 4s, 1981, declined 12 to 107; Brooklyn Edison 5s, / 1949, lost 2 to close at 106%. Financing consisted of an issue of $10,000,000 Pacific Lighting debenture 4%s, 1945.. Industrial bonds showed almost unanimous firmness. In the motor group, Studebaker 6s, 1945, rose 4 points to 62. Coal obligations have been fractionally higher. Among the steel issues a %-point rise to 103 by American Rolling Mill 5s, 1948, and 2 points to 100 by Youngstown Sheet & Tube 5s, 1978, were noted. Walworth 6s, 1945, continued their rise with a 9 -point advance to 80. U. S. Rubber 5s, 1947, were 1% points higher at 98%. Other outstanding .recoveries were ILternational Mercantile Marine 6s, 1941, up 4% points at 70%, and Childs 5s, 1943, up 4% points at 651 4. Foreign bonds have given evidence of some recovery,this week. Nearly all the foreign groups were strong. Most German issues moved up, the two Government loans in particular, following the announcement of a favorable coupon purchase order. The outstanding exception has been the renewed recession in Italian bond prices. Moody's computed bond prices and bond yield averages are given in the following tables: MOODY'S BOND PRICES/ (Based on Average Yields) MOODY'S BOND YIELD AYERAGESt (Based on individual Closing Prices) 1935 Daily Averages 120 U. S. Govt. DOMdiBonds tic •• Corp.' Oct. 11_ 106.84 10._ 106.76 9__ 106.80 8.. 108.89 7-- 106.85 5-- 106.71 4_ 106.67 3.- 106.55 2__ 106.47 1_ 106.72 WeeklySept.27__ 106.73 20. 106.39 13. 107.15 8_ 107.53 Aug.30_ 107.50 23._ 107.64 16._ 108.50 9._ 108.86 2_ 109.06 July 26.... 109.05 19._ 109.19 12._ 109.00 5.. 108.95 June 28._ 108.99 21._ 108.80 14._ 108.81 7_ 108.61 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 Paar.29-- 108.07 22.. 107.79 15.. 107.94 8.- 107.85 L. 108.22 Tab. 23- 108.44 15-- 107.49 8-- 107.47 1-- 107.10 Jan. 25_ 107.33 18_ 106.79 11-- 106.81 4-. 105.76 High 1935 109.20 Low 1036 106.66 High 1934 106.81 Low 1934 99.06 Yr po .A Oct. 11'34 104.06 2 Yrs.Ago Oct. 1111 101.05 120 DOM44114C Corporate* by Ratings 120 Domestic Corporate* by Groups Aaa Aet A Baa RR. 103.65 103.65 103.48 103.48 103.48 103.48 103.48 103.32 103.48 103.82 117.22 117.43 117.22 117.43 117.43 117.22 117.22 117.02 117.22 117.22 111.54 111.35 111.35 111.16 111.16 111.16 111.16 111.16 111.16 111.16 102.98 102.81 102.64 102.64 102.64 102.81 102.81 102.81 102.98 103.32 87.04 87.04 86.84 86.91 86.77 86.77 86.64 86.38 86.77 87.17 96.39 96.39 96.23 96.39 96.39 96.54 96.54 96.54 96.70 97.31 103.82 103.65 103.99 103.82 103.32 103.48 103.48 103.82 103.48 103.32 103.48 103.15 103.65 103.32 103.32 102.64 101.64 101.64 101.81 101.97 101.64 101.81 101.81 116.82 117.02 117.22 117.43 117.02 117.63 117.63 118.25 118.66 119.07 119.27 119.48 119.69 119.27 119.27 118.86 118.66 118.45 118.45 118.04 118.45 118.66 118.66 100.81 100.17 99.36 100.49 100.49 101.64 102.47 102.81 102.80 101.64 101.31 102.14 100.81 100.81 100.33 104.16 Wall 100.00 84.85 119.07 119.07 118.66 119.27 119.07 119.48 119.48 119.48 119.07 118.66 118.04 118.04 117.43 117.63 117.43 119.69 116.82 117.22 105.37 111.16 103.15 87.56 97.47 110.98 103.15 87.04 97.16 111.35 103.48 87.43 97.62 111.16 102.98 87.30 97.62 110.61 102.81 86.51 96.70 110.42 102.98 86.77 97.16 110.61 102.81 86.91 97.00 110.42 102.98 86.12 96.70 110.42 103.32 85.74 98.23 110.42 103.48 84.85 96.08 110.61 103.15 85.35 96.39 110.42 103.48 84.47 95.78 110.42 103.85 85.61 97.31 110.05 103.48 85.23 97.47 110.05 102.81 85.87 97.94 109.68 101.97 84.72 98.70 109.68 101.14 82.50 94.29 109.49 101.47 82.38 94.14 109.86 101.64 82.50 94.43 110.05 101.47 83.35 94.88 110.05 101.47 82.02 93.85 110.05 101.47 82.50 94.29 110.05 100.98 82.87 95.63 Stock E xchang e Closed 109.68 99.68 80.84 94.29 109.49 99.36 79.56 92.82 109.12 98.88 77.88 90.83 109.86 100.17 79.45 93.55 110.61 100.33 79.11 93.26 110.98 101.14 81.42 95.63 111.35 101.64 82.99 97.78 111.16 102.14 83.97 99.68 110.79 101.14 83.60 99.68 110.42 100.49 82.50 99.04 110.05 100.33 82.38 99.04 110.05 100.81 84.35 100.49 109.31 99.52 82.26 99.68 109.12 99.52 82.50 100.17 108.94 98.88 81.54 100.00 111.54 103.65 87.83 100.49 WSW 98.73 77.53 90.69 108.75 99.04 83.72 100.49 93.11 81.78 66.38 85.61 P. U. Indus. 106.07 106.07 105.72 105.72 105.54 105.37 105.37 105.03 105.37 105.54 109.49 109.12 108.94 108.94 109.12 109.12 108.94 109.12 109.12 109.12 105.54 105.54 105.89 105.54 105.20 105.37 105.72 105.54 105.54 105.72 105.89 106.07 105.89 105.20 104.68 104.83 103.99 103.65 103.65 103.82 103.82 103.99 02.64 108.75 108.57 108.76 108.57 108.21 108.39 108.39 108.39 108.94 108.57 108.39 108.39 108.39 107.61 107.61 107.31 107.31 107.44 107.81 107.81 107.81 107.61 107.61 101.14 101.14 100.98 100.98 100.98 101.47 101.64 101.14 99.68 98.41 97.94 98.73 96.23 95.93 94.58 106.07 94.14 94.58 742.5 107.41 107.31 107.11 107.41 108.0: 108.51 108.31 108.2' 107.81 107.81 107.3 107.41 106.71 106.91 106.91 109.4, 106.71 106.71 96.5 97.18 115.02 106.07 96.78 77.77 95.78 91.53 104.5 87.56 107.31 86.90 67.77 87.81 78 /2 97.31 08.4 An 120 1935 DomesDailtt Averages tic Oct. 11_10-9__ 8__ 7-5_ 4-3-2. WeeklySept.27._ 20-13._ Aug.3023-16-Ang. 9.. L._ July 26-19_ 12-5.. June 28-21-147-May 31_ _ 24-17..10_ _ 3_ _ Ayr. 26_19-12-5-Mar.29 2215._ 1._ Feb. 23._ 15-- 1._ Jan. 2518-114Low 193 Rign 1935 Low 193 High 193 Yr. Ago Oct. 113 2 Yrs.Ago Oct. 1133 120 Domestic Corporate by Retinas 120 Domestic Corporate by Groups Aaa As 4.53 4.53 4.54 4.54 4.54 4.54 4.54 4.55 4.54 4.52 3.80 3.79 3.80 3.79 3.79 3.80 3.80 3.81 3.80 3.80 4.09 4.10 4.10 4.11 4.11 4.11 4.11 4.11 4.11 4.11 4.52 4.53 4.51 4.52 4.55 4.54 4.54 4.55 4.54 4.55 4.54 4.58 4.53 4.55 4.55 4.69 4.65 4.65 4.64 4.63 4.65 4.64 4.64 3.82 3.81 3.80 3.79 3.81 3.78 3.78 3.75 3.73 3.71 3.70 3.69 3.88 3.70 3.70 3.72 3.73 3.74 3.74 3.76 3.74 3.73 3.73 4.11 4.12 4.10 4.11 4.14 4.15 4.14 4.15 4.15 4.15 4.14 4.15 4.15 4.17 4.17 4.19 4.19 4.20 4.18 4.17 4.17 4.17 4.17 4.70 4.74 4.79 4.72 4.72 4.65 4.60 4.58 4.61 4.65 4.67 4.62 4.70 4.70 4.73 4.50 4.80 4.75 5.81 3.71 3.71 3.73 3.70 3.71 3.69 3.69 3.69 3.71 3.73 3.76 3.76 3.79 3.78 3.79 3.68 3.82 8.80 4.43 4.19 4.20 4.22 4.18 4.14 4.12 4.10 4.11 4.13 4.15 4.17 4.17 4.21 4.22 4.23 4.09 4.25 4.24 6.20 4.93 3.91 4.39 5.02 6.41 5.02 5.60 4.32 4.92 5.72 7.42 5.58 A 4.57 4.58 4.59 4.59 4.59 4.58 4.58 4.58 4.57 4.55 Baa RR. 5.64 5.64 5.67 5.65 5.66 5.66 5.67 5.69 5.66 5.63 4.98 4.98 4.99 4.98 4.98 4.97 4.97 4.97 4.96 4.92 4.56 5.60 4.91 4.58 5.64 4.93 4.54 5.61 4.90 4.57 5.62 4.90 4.58 5.68 4.96 4.57 5.66 4.93 4.58 4.94 5.65 4.57 4.98 5.71 4.99 4.55 5.74 4.54 5.81 5.00 4.56 5.77 4.98 4.54 5.84 5.02 4.53 4.92 5.75 4.91 4.54 5.78 4.58 4.88 5.73 4.83 5.82 4.96 4.68 5.12 6.00 4.66 6.01 5.13 4.65 6.00 5.11 4.66 5.08 5.93 4.66 6.04 5.15 4.66 5.12 6.00 4.69 5.97 5.03 Stock E zohang e Clow 4.77 5.12 6.14 4.79 6.25 5.22 4.82 6.40 5.38 4.74 6.26 5.17 4.73 6.29 5.19 6.09 4.68 5.03 4.65 5.96 4.89 4.62 6.88 4.77 5.91 4.68 4.77 4.72 6.00 4.81 4.73 4.81 6.01 4.70 4.72 5.85 4.78 4.77 6.02 4.78 6.00 4.74 4.82 4.75 6.08 4.53 5.58 4.72 6.37 4.83 6.40 5.90 4.72 4.81 5.75 6.06 7.68 tt 80 For. P.O. Indus. diffil. 4.39 4.39 4.41 4.41 4.42 4.43 4.43 4.45 4.43 4.42 4.20 4.22 4.23 4.23 4.22 4.22 4.23 4.22 4.22 4.22 6.85 6.77 6.74 6.75 6.68 6.74 6.90 6.94 6.92 6.76 4.42 4.42 4.40 4.42 4.44 4.43 4.41 4.42 4.42 4.41 4.40 4.39 4.40 4.44 4.47 4.49 4.51 4.53 4.53 4.52 4.52 4.51 4.59 4.24 4.25 4.24 4.25 4.27 4.26 4.26 4.26 4.23 4.25 4.26 4.26 4.26 4.30 4.30 4.32 4.32 4.31 4.29 4.29 4.29 4.30 4.30 6.64 6.79 6.50 6.62 6.58 6.59 6.24 6.17 6.15 6.12 5.97 5.91 5.85 5.81 5.80 5.81 5.82 5.83 5.88 5.88 5.85 6.97 5.93 4.68 4.68 4.69 4.89 4.69 4.68 4.65 4.68 4.77 4.85 4.88 4.03 4.99 6.01 5.10 4.39 6.13 5.10 6.74 4.31 4.32 4.33 4.31 4.28 4.25 4.28 4.27 4.29 4.29 4.32 4.31 4.35 4.34 4.34 4.20 4.35 4.35 4.97 6.11 6.23 6.46 6.33 6.16 6.12 6.03 6.02 6.04 6.01 6.12 6.10 6.15 6.22 6.30 5.78 6.94 6.35 8.65 5.31 4.48 6.89 6.36 4.85 9.13 •These prices are computed from average yields on the basis of one "Ideal'bond (4(% coupon, matu Ing In 31 years) and do not purport to show either the average evel or the average move ment of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement ot yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the Issue of Feb. 6 1932, page 907. "Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used In computing these indexes was published In the Issue of May 18 1935 Page 3291. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages 01 40 foreign bonds BOOK REVIEWS Income and Economic Progress By Harold G. Moulton. 191 pages. Washington: The Brookings Institution. $2.00 This is the last of a series of four volumes, devoted to a study of the distribution of wealth and income in relation to economic progress, of which the preceding issues are "America's Capacity to Produce," "America's Capacity to Consume," and "The Formation of Capital." In it the author discusses the failure of the United States to utilize to the full its productive power in the years-1922-1934, the primary source of economic difficulty in the productive mechanism, the possibilities of foreign markets as a means of absorbing our surplus capacity, and such basic misconceptions as are indicated by questions whether we have lived beyond our economic means, or are suffering from general overproduction, or can solve our difficulties by curtailing production, or must ascribe our troubles to economic old age. The equalization of wealth as a possibility of relief is also examined. Chapters on these various topics are followed by others on taxation and public enterprise, including a consideration of taxation for the support of idle people and the effect upon public enterprise of increasing tax burdens; raising money wages as a road to progress; the distribution of income through price reductions; the relation of price stabilization to progress; the question of profits, and economic progress and the democratic ideal. Mr. Moulton has no illusions regarding economic remedies or panaceas. His studies lead him to the conclusion that "the basic defect in our economic system" is not in "the technical processes of production" but "in the way in which we conduct the distribution of income." None of the elaborate devices by which the national income is ultimately distributed will, he thinks, be likely to disappear entirely in the near future, but there is need of further study of taxation "as it relates to economic welfare and not merely to administrative convenience," and of wages and profit-sharing. The greatest hope for the masses seems to him to lie In "the gradual but persistent revamping of price policy so as to pass on the benefits of technological progress and rising productivity to all the population in their role of Oct. 12 Financial Chronicle 2342 consumers," for "we cannot have the economics of mass production save in an economy of mass consumption." The details of a new price program are, however, reserved for further study. ' Naval Matter," and another on "Manchukuo, the New State." As an official indication of Japanese policy in international affairs generally, and more particularly in matters in which the United States and other Pacific Powers are specially interested, the book will repay reading. Gold and Silver By H. N. Lawrie. 108 pages. Washington: Goverment Printing Office This reprint from "The Mineral Industry during 1934," the forty-third volume of that publication, comprises the section relating to the production and world movement of gold and silver. In addition to full and detailed statistics of production in all countries, the volume includes brief accounts of American legislation during the year and extracts from articles and reports, most of them British, on various aspects of the movement and use of the monetary metals and their part in the currency situation. The descriptions of progress in mining are particularly comprehensive. Japan's Policies and Purposes By .Hirosi Saito, Japanese Ambassador to the United States. 231 pages. Boston: Marshall Jones Co. $2.50 • In this volume the Japanese Ambassador has collected, with the editorial assistance of Frederick Moore, some 22 of his recent addresses and occasional writings, and has added a few documents and some tables of statistics relating to American-Japanese trade. The addresses, delivered before business associations and other organizations in various parts of the country, are excellent examples of occasional or after-dinner speaking. The interests of Japan in Manchuria, its relations with China, and the maintenance of friendly accord with the United States and other Powers are naturally prominent in the list of subjects, the two most significant addresses in this general field being one on "Psychological Disarmament and Japan's Attitude in the 1935 Livestock Under the AAA By D. A. Fitzgerald. 384 pages. Washington: The Brookings Institution. $2.50 While this book is necessarily to some extent an examination of the whole of the New Deal's agricultural program, it is only incidentally concerned with anything except the treatment of the livestock situation.• Beginning with a brief description of the livestock industry and farm relief proposals in the years immediately preceding 1933, the author analyzes the Agricultural Adjustment Act and its administrative organization, and points out the nature of the reduction policy as applied to livestock in comparison with other parts of the agricultural program. In separate chapters he then studies first the corn-hog program, and then that for beef cattle, calling attention in detail to such matters as the forms of contracts, relief purchases, enforcement machinery and its operation, the compliance provisions and farmer participation, the legality of processing taxes, Government loans on stored corn, the early results of the livestock program and its effects upon production, prices, packers' margins, &e. Appendices give the text of the corn-hog reduction* contract, details regarding the 1934 campaign for enforcement and farmer co-operation, and relevant statistics. As a result of the corn-hog program, the author concludes, "the income of fanners was increased, though not very greatly." Most of the gains of the livestock industry since the passage of the Agricultural Adjustment Act, he thinks, "have come or will come from the pockets of taxpayers in general, including producers themselves. A • considerable part of this burden upon taxpayers must be attributed directly to the unprecedented drought, and not to the planned reduction programs of the AAA." Indications of Business Activity -COMMERCIAL EPITOME THE STATE OF TRADE Friday Niftht. Oct. 11 1935. Both wholesale and retail business continued to increase. The retail demand was strong, with sales gains ranging from 5 to 15% over the previous week and 6 to 12% over those of last year. Wholesale volume widened to a good degree during the week, with reorders running the heaviest for the season. Christmas goods were in better demand, with orders thus far placed larger than last year's total. Interest centered largely on women's and men's wearing apparel. Steel operations fell off, but gains in industrial operations generally are being well maintained. Virtually all branches of the textile industry are surging upward. Employment is increasing, and weekly earnings of wage earners in the major industries in July, it is reported, showed a substantial recovery. Manufacturers of building materials are becoming heartened by the stiffening of rents and the decrease in the number of vacancies. Their orders are increasing from week to week. Car loadings showed a rise for the week of 76,106 cars, this increase being attributed to the settlement of the coal strike. Steel was in fair demand, with the automobile industry buying a little more freely. Pig iron sales were rather larva Copper was in good demand and higher. Tin advanced, reflecting the strength in London. Lead was in good demand and firm. The output of electricity reached a new all-time weekly record in the week ended Oct. 5. Coal production increased to a more normal level after the settlement of the strike. Cotton showed considerable stability early in the week on buying in anticipation of a bullish Government crop estimate, but selling increased when the Bureau forecast a crop of only 25,000 bales less than its Sept. 1 estimate, whereas a decrease of about 200,000 bales was expected. Grain moved lower on general liquidation. The Government report was about in line with what was expected. Increases were indicated for corn and oats. Hides and rubber were higher, with trading active. News that the Dutch East Indies had raised the export tax on native rubber stimulated the demand for rubber. Sugar and coffee were rather easier and silk futures declined. Killing frost damaged feed crops in the vicinity of Topeka, Kan., last Saturday night. Kansas crops were also imperiled by grasshopper hordes. Rather cool weather prevailed in the South. Washington had subnormal temperatures early in the week, and according to the Weather Bureau, temperatures there were as much as 16 degrees below normal. Pittsburgh had its first snow on the 6th inst. Late last week gales did heavy damage in the Great Lakes, tying up and delaying shipping and uprooting trees over o wide area. To-day it was fair and warm here, with temperatures ranging from 53 to 72 degrees. The forecast was for mostly cloudy weather to-night and Saturday; not much change in temperature; Sunday probably fair. Overnight at Boston it was 50 to 64 degrees; Baltimore, 54 to 68; Pittsburgh, 56 to 70; Portland, Me.. 46 to 56; Chicago, 46 to 48; Cincinnati, 52 to 66; Cleveland, 48 to 68; Detroit, 44 to 60; Charleston, 66 to 78; Milwaukee, 40 to 44; Dallas, 60 to 70; Savannah, 64 to 82; Kansas City, 52 to 58; Springfield, Mo., to 60; Oklahoma City, 56 to 60; Denver, 50 to 80; Salt Lake City, 56 to 78; Seattle, 54 to 68; Montreal, 52 4.r$ 60, and Winnipeg, 30 to 42.-0_ 5e Revenue Freight Car Loadings Rise 76,106 Cars Loadings of revenue freight for the week ended Oet. 5 1935 totaled 706,877 cars. This is a gain of 76,106 cars or 12.1% from the preceding week, a rise of 74,471 ears or 11.8% from the total for the like week of 1934, and an increase of 44,504 cars or 6% from the total loadings for the corresponding week of 1933. For the week ended Sept. 28 loadings were 2.4% below the corresponding week of 1934 and 5.7% under those for the like week of 1933. Loadings for the week ended Sept. 21 showed a gain of 9.8% when compared with 1934 and an increase of 7.2% when comparison is made with the same week of 1933. The first 18 major railroads to report for the week ended Oct. 5 1935 loaded a total of 323,210 cars of revenue freight on their own lines, compared with 271,326 cars in the preceding week and 297,345 cars in the seven days ended Oct. 6 1934. A comparative table follows: REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (Number of Care) Loaded on Own Lines Weeks Ended Oct. 5 Sept. 28 Oct.6 1934 1935 1935 Atchison Topeka & Santa Fe RyBaltimore & Ohio RR Chesapeake & Ohio RY Chicago Burlington & Quincy RR. Chicago Milw.St.Paul & Pan. Ry. r Chicago at North Western Ry Gulf Coast Lines International Great Northern RR Missouri-Kansas -Texas RR Missouri Pacific RR New York Central Lines Newyork Chicago & Bt.Louls BY• Norfolk & Western Ry Pennsylvania RR Pere Marquette Ry Pittsburgh & Lake Erie RR Southern Pacific Lines Wabash Ry 20,508 27,742 22,900 17,492 21,136 15,928 2,033 2,555 5,411 16,000 41,097 4,729 19,714 60,876 6,484 5,019 27,917 5,669 19,819 23,031 6,948 15,112 20,038 14,721 1,870 2,590 5,172 15,170 39,315 4,520 6,560 53,222 5,936 4,403 27,338 5,561 Receivedfrom Connections Weeks Ended Oct. 5 1935 Sept. 28 1935 Oct.6 1934 21,004 5,630 5,531 5,758 25,743 13,124 14,900 13,832 21,052 7,686 7,967 9,123 17,569 8,869 8,300 7,996 20,215 7,051 7,772 7,508 16,960 9,721 10,249 10,250 1,878 1,216 1,221 1,609 3,314 1,658 1,857 2,004 4,868 2,742 2,845 2,872 15,443 8,277 8,376 8,346 34,847 34,644 33,437 33,816 4,648 7,261 8,068 7,976 18,100 3,965 3,894 3,304 52,193 32,129 3,677 32,067 4,362 4,217 4,792 4,122 4,366 4,494 3,498 4,399 25,737 5,046 7,458 7,848 6,715 323,210 271,326 297,345 160,142 134,232 161,697 Not repotted. y Excluding ore. TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS (Number of Cars) Total Weeks Ended Oct. 5 1935 Sept. 28 1935 Oct. 6 1934 Chicago Rock Island & Pacific Rh Illinois Central System St. LOUIS-San Francisco By Total 22,402 34,293 13,871 22,693 32,028 13,568 22,128 27,994 13,967 70.366 68,289 64.089 The Association of American Railroads, in reviewing the week ended Sept. 28 reported as follows: • Financial Chronicle Volume 141 Loading of revenue freight for the week ended Sept. 27 totaled 630,771 cars. This was a decrease of 15.313 cars or 2.4% below the corresponding week in 1934 and a decrease of 38,415 cars or 5.7% below the same week in 1933. Loading of revenue freight for the week of Sept. 28 was, however, a decrease of 76.873 cars or 10.9% below the preceding week this year,largely due to the strike of bituminous coal miners. Miscellaneous freight loading totaled 270.315 cars, a decrease of 475 cars below the preceding week, but an increase of 25.805 cars above the corresponding week to 1934 and 32,332 cars above the same week in 1933. Loading of merchandise less than carload lot freight totaled 167,228 cars, an increase of 598 cars above the preceding week. and 2,618 cars above the corresponding week in 1934, but a decrease of8,559 cars below thesame week in 1933. Coal loading amounted to 62.997 cars, a decrease of 70,237 cars below the preceding week. 60,757 cars below the corresponding week in 1934, and 69.749 cars below the same week In 1933. Grain and grain products loading totaled 39,196 cars, a decrease of 3,356 cars below the preceding week, but an increase of 6,582 cars above the corresponding week in 1934 and 7,638 cars above the same week in 1933. In the Western Districts alone, grain and grain products loading for the week ended Sept. 28,totaled 27,486 cars an increase of 6,051 cars above the same week in 1934. Live stock loading amounted to 18,299 cars, a decrease of 200 cars below the preceding week, 12.246 cars below the same week in 1934 and 3.953 cars below the same week in 1933. In the Western Districts alone, loading of live stock for the week ended Sept. 28. totaled 14,646 cars, a decrease of 11,244 cars below the same week in 1934. Forest products loading totaled 32,450 cars, a decrease of 608 cars below the preceding week, but an increase of 9,476 cars above the same week in 1934 and 6,690 cars above the same week in 1933. Ore loading amounted to 33,609 cars, a decrease of 2,701 cars below the preceding week, but an increase of 11,741 cars above the corresponding week in 1934. It was, however, a decrease of 1.975 cars below the corresponding week in 1933. 2343 Coke loading amounted to 6,677 cars, an increase of 106 cars above the preceding week,and 1,468 cars above the same week in 1934, but a decrease of 839 cars below the same week in 1933. The Eastern, Allegheny. Southern and Northwestern districts reported increases for the week of Sept. 28, compared with the corresponding week last year, in the number of cars loaded with revenue freight, but the Pocahontas, Central -western and Southwestern reported decreases. Compared with the corresponding week in 1933, the Eastern, Southern and Northwestern districts reported increase, but the other districts showed decreases. Loading of revenue freight in 1935 compared with the two previous years follows: 1935 1934 1933 2,170,471 2.325,601 3,014.609 2,303,103 2,327,120 3,035,153 2,228,737 3,102,066 592,786 700,357 707,644 630,771 2.183.081 2.314.475 3.067,612 2,340.460 2,446,365 3,084,630 2,351,015 3,072,864 563,883 647,485 644,498 646,084 1,924,208 1,970,566 2,354.521 2,025,564 2,143,194 2,926,247 2,498,390 3,204,919 577.933 660.086 659,866 669,186 23.138.418 23.362.452 21.614.680 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 Week of Sept. 7 Week of Sept. 14 Week of Sept. 21 Week of Sept. 28 Total In the following table we undertake to show also the loadings for separate roads and systems for the week ended Sept. 28 1935. During this period a total of 72 roads showed increases when compared with the corresponding week last year. The most impprtant of these roods which showed increases were the New York Central Lines, the Southern System, the Illinois Central System, and the Sout.iern Pacific RR. REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF OARS) -WEEK ENDED SEPT. 28 Total Revenue Freight Loaded Railroads 1935 Eastern DistrictAnn Arbor Bangor & Aroostook Boston & Maine Chicago Indianapolis & Loulsv Central Indiana Central Vermont Delaware dr Hudson Delaware Lackawanna & Wan Detroit & Mackinac Detroit Toledo & Ironton Detroit dz Toledo Shore Line-Erie Grand Trunk Western Lehigh & Hugson River Lehigh & New England Lehigh Valley Maine Central Monongahela Montour b New York Central Lines N. Y. N. H. & Hartford New York Ontario & Western__ N. Y. Chicago & St. Louis-Pittsburgh & Lake Erie Pere Marquette Pittsburgh & Shawmut Pittsburgh Shawmut & North Pittsburgh & West Virginia Rutland Wabash Wheeling dr Lake Erie Total Allegheny District Akron Canton & Youngstown__ Baltimore & Ohio Bessemer & Lake ale 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 District Chesapeake & Ohio Norfolk & Western. Norfolk & Portsmouth Belt Line Virginian Total Southern District Group A Atlantic Coast Line Clinchfield Charleston & Western Carolina Durham & Southern Gainesville Midland Norfolk Southern Piedmont & Northern Richmond Fred. & Potomac. Seaboard Air Line Southern System Winston-Salem Southbound Total 1934 Total Loads Received front Connections 1933 1935 1934 39,315 10,490 2,229 4,520 4,249 5,936 29 249 359 738 5,561 3.175 546 1,330 7,397 1,402 40 1,010 5,406 8.665 344 1,683 214 12,157 2,787 150 1,547 7,382 3,009 2,952 2,087 36,727 9,974 2,386 4,620 4,425 4,554 324 348 1,152 631 5,131 2,774 557 1,378 8,420 1,363 25 1,088 5.729 10,039 212 1,732 268 13,750 3,046 171 1.889 8.666 3,211 3,152 6 41,236 11,419 1,741 4,705 3,319 4,118 152 507 190 772 5,243 3,821 1,073 257 10,288 2,055 62 2.043 6,960 6,270 117 1,114 2,573 13,745 6,700 1,931 1,348 7,013 2,131 180 79 33,438 12,248 1.96.5 8,068 3.652 4,792 16 152 1,322 1,055 7.848 3,257 1,061 274 9,151 1,968 67 2.232 6,434 6,159 101 864 2,005 13,335 5,127 1,627 1,139 b,134 2,184 177 24 34,217 10,280 1,780 8,238 3,559 3,983 15 219 761 941 6,969 2,535 143,900 133,154 141,925 143,752 133,560 390 23,031 2,528 280 2 7,866 672 18 805 1,274 53,222 14,369 8,568 Ii 1.771 374 26,144 2,966 302 979 5,341 44 327 133 901 1,387 54,599 12.771 5,427 32 3,081 392 29.050 3,269 254 a 6,212 2 404 20 1,027 1,410 57,277 13,392 9,38.5 112 3,371 688 14,900 1,489 8 9 11,041 56 30 21 2,496 1,323 33,677 14.391 2,376 602 13,349 1,426 7 17 10,075 58 21 13 2,513 922 33,218 14,127 2,382 5,003 5,550 114,852 114,808 125.577 87,508 84,280 6.948 6.560 922 759 22,751 19,073 919 3,426 25,325 21,658 852 4,257 7,967 3,894 1,122 705 0.395 4,192 1,347 732 15,189 46,169 52,092 13,688 Total Revenue Freight Loaded Railroads Total Loads Received from Connections 1935 Group B (Concluded) Georgia & Florida Gulf Mobile & Northern Illinois Central System Louisville & Nashville Macon Dublin & Savannah Mississippi Central Mobile & Ohio Nashville Chattanooga & St. L. Tennessee Central 1934 1933 1935 1934 468 2,234 22,143 16,323 236 186 2,158 2,857 409 366 1,491 21,135 18,098 139 154 1,953 2,939 318 407 1,598 20,901 21,191 156 172 2,030 2,853 358 432 938 10,580 4,422 462 210 1,645 1,954 534 363 771 10,906 3,718 348 293 1.408 2,065 650 15,666 671 1,515 8,183 1,356 21 1,152 6.236 12,152 390 2,121 277 13,713 4,038 184 2,052 9,753 2,967 261 Total 56,116 53,659 56,108 27,981 26,385 Grand total Southern District 97,182 91,830 94,723 57,250 52,889 Northwestern DiatsictBelt By. of Chicago Chicago & North Western Chicago Great Western Chicago Milw. St. P.& Pacific_ Chicago S.P. Minn. & Omaha Duluth Missabe & Northern_ ._ Duluth South Shore dr Atlantic. Elgin Joliet & Eastern Ft. Dodge Des Moines az South Great Northern Green Bay & Western Lake Superior & Ishpeming____ Minneapolis At St. Louis Minn. St. Paul & S. S. M Northern Pacific Spokane International Spokane Portland & Seattle.... 656 17.130 2.413 20,038 4,058 9,258 989 5,443 371 23,092 620 2,396 1,909 6,179 11,509 276 2,081 786 18.173 3,141 20,401 4,022 6,682 1,084 3.790 312 14,710 760 1,239 2,024 6,392 11,054 218 1,375 628 17,091 2,543 19,009 3.826 11,613 987 4,376 323 15,946 607 2,675 2,112 5,999 10,744 201 1,040 1,921 10,249 3,006 7,772 3,392 146 48.5 4,313 122 3.038 537 89 2.079 2,240 2,911 250 1,238 1,681 10,262 2.720 7.104 3,459 89 338 3,807 129 3,106 393 107 1,788 1,982 2,685 154 1,142 108,418 96.163 99,720 43,788 40.946 19,819 3.051 283 15,112 190 11,441 2,181 827 2,736 432 1,039 2,087 1,068 249 20,563 170 272 13,775 34 1,893 21,189 2,923 193 17,298 1,730 12,516 2,723 1,354 3,519 902 1,304 2,079 889 92 18,777 223 276 14,357 560 1,692 20,218 2,663 121 16,326 1,295 12,120 2,577 1,274 3,686 872 1,312 2,639 602 200 18,161 239 292 13,754 624 1.462 5,531 2,216 39 8,300 900 7,209 2,185 1,386 2,922 25 1,103 1,260 346 46 4,106 234 1,218 8,660 3 2,547 5,593 1,973 43 8.083 762 7,118 2.084 995 2,883 17 1,331 875 279 45 3,425 188 1,169 9,195 12 2,093 97,222 104,596 100,437 50.236 48,163 211 236 153 1,870 2,590 162 1,494 1,333 145 280 569 155 5,172 15,170 36 93 8,294 2,564 6,775 4,417 2,038 221 30 212 177 227 1,939 3,895 142 1,646 1,611 177 328 932 69 5,009 15,939 47 89 9,191 2,608 6,888 5,204 2,799 212 23 217 247 272 1,724 2,608 218 1,644 1,132 217 319 845 138 5,852 15,176 45 127 9,398 2,556 5,755 4,055 2,144 a 23 4,386 252 179 1,221 1,857 756 1,518 817 355 759 228 220 2,845 8,376 28 100 4,111 1,809 2,315 3,434 15,937 93 30 3,922 287 172 1,391 1,958 983 1,704 923 365 864 317 182 2,903 2,902 27 108 3,947 1,457 2,381 3,707 14,578 86 40 Total so 9,241 1,191 425 201 109 1,233 384 380 7,641 20,088 173 8,229 1,187 330 184 44 1,376 371 376 6,742 19,167 165 7,995 1,090 368 155 61 1,577 459 323 6,649 19,779 159 4,888 1,212 837 352 124 1,133 905 2,306 3,599 13,136 779 4.492 1,253 693 521 80 1,335 705 2,117 3,174 11,403 731 Central Western DistrictAtch. Top. & Santa Fe System_ Alton Bingham & Garfield Chicago Burlington & Quincy Chicago dr Illinois Midland._ Chicago Rock Island dr Pacific_ Chicago & Eastern Illinois Colorado & Southern Denver & Rio Grande Western_ Denver & Salt Lake Fort Worth & Denver City IllinoisTerminal North Western Pacific Peoria & Pekin Union Southern Pacific (Pacific) St. Joseph & Grand Island Toledo Peoria & Western Union Pacific System Utah Western Pacific Total Southwestern District Alton & Southern Burlington-Rock Island Fort Smith & Western Gulf Coast Lines International-Great Northern._ Kansas Oklahoma & Gulf Kansas City Southern Louisiana & Arkansas Louisiana Arkansas & Texas- _ Litchfield & Madison Midland Valley Missouri & Arkansas Missouri-Kansas-Texas Lines.. Missouri Pacific Natchez & Southern Quanah Acme & Pacific St. Louis-San Francisco St. Louis Southwestern Texas & New Orleans Texan & Pacific Terminal RR. Ass'n 01St. Louis Wichita Falls At Southern Weatherford M.W.& N. W.__ 38,615 38,171 41,066 29,269 26,504 Group It Alabama Tennessee & Northern 181 251 159 138 147 Atlanta Birmingham & Coast 634 676 758 572 535 Atl. & W.P. 607 -W.RR.of Ala._ 642 868 1,219 993 Central of Georgis 3,569 3,874 5,136 2,840 2,382 Columbus & Greenville 341 269 427 356 257 Florida East Coast 511 523 365 361 361 913 Georgia 1,159 767 1,318 1,188 Total 54.008 59.364 54,712 51,628 50,824 Nots--Flguree for 1954 rtfteras •PreMos figures. a Not available. b Includes figures for the Boston & Amato Hit.. 420 0. C. 0. & St. Louie BR.. and tat Michigan Central RR, Financial Chronicle 2344 Number of Surplus Freight Cars in Good Repair Again Lower Chass I railroads on Sept. 14 had 228,176 surplus freight cars in good repair and immediately available for service, the Association of American Railroads announced on Oct. 10. This was a decrease of 17,046 cars compared with Aug. 31, at which time there were 245,222 surplus freight cars. Surplus coal cars on Sept. 14 totaled 41,612, a decrease of 11,353 cars below the previous period, while surplus box cars totaled 148,855, a decrease of 3,233 cars compared with Aug. 31. Reports also showed 18,930 surplus stock cars, a decrease of 2,186 compared with Aug. 31, while surplus refrigerator cars totaled 8,180 or a decrease of 13 for the same period. Selected Income and Balance Sheet Items Steam Railways for July of Class I 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 July. These figures are subject to revision and were compiled from 143 reports representing 149 steam railways. The 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 the Month of July Income Items 1935 Net railway operating income_ Other income For the Seven Months of 1935 1934 1934 $ $ 26,851,537 35,441,263 221,664,215 262,308.291 12.685,058 14,467,099 92,882,399 103,643,164 39,536,595 49,908.362 314,546,614 365,951,454 Totalincome 1,426,864 1,731,819 10,267,917 12,455,633 Miscell. deductionsfrom income._ Income avail.for fixed charges _ 38,109,731 48,176,543 304,278,697 353,495.821 Fixed charges: 11,082,880 11,216,573 77,297,164 77,846,354 Rent for leased roads 41,801.262 42,454,416 296.416,355 296,804,632 Interest deductions 239,978 1,570,665 1,722,899 225,123 Other deductions Totalfixed charges Income after fixed charges Contingent charges 53,109,265 53,910,967 375,284,184 376,373,$85 d14,999,534 d5,734.424 d71,005,487 d22,878,064 1,000.302 1,000,211 7,019,551 7,019,186 d15,999,836 d6,734,635 d78,025,038 d29,897,250 Net income.c Depreciation and retirements_ _ _ _ 16.348,934 15,788,888 112,804,737 111,103,380 1,436,852 1,503,652 9,134,100 9,497,987 Federalincome taxes Dividend appropriations: 1,190,000 2,893,144 41,135,368 52,817,861 On common stock 509.835 9.110,571 9,325,909 929,160 On preferred stock Balance at End of July 1935 1934 Selected AssetItems--Investments in stocks, bonds, dic., other than those of affiliated companies 1738,718,064 $760,364,954 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 347,460,480 13,028,088 29,579,556 51,766,989 4.094,238 54,204,914 42,854,530 134,109,958 298.639,217 32,058,421 2,227,263 4,275,201 292,779,685 39,547,789 43,126,104 42,624,842 6,264,149 52,083,136 44,115,639 143,948,396 311,273,174 40,884,409 2,704,394 4,069.310 81,014,298,855 $1,023,421,027 8187,263.364 873,021,677 344,448,755 70,346,117 214,711,556 58,103,009 357,064.749 8,795,345 307,406.104 7.849,917 104,266,125 26,464,841 15,448,838 320,641,162 68,547,626 220,986,450 49,413,998 269,090,925 8,817,092 270.374,467 12,482,592 105,051,870 25,798,179 15,282,632 $1,514,905,356 Oct. 12 1935 THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY PRICES Unadjusted for Seasonal Variation. [1913=-100j Oct. 8 1935 Selected Liability Items -a Funded debt maturing within 6 months Loans and bills payable-b 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 Unmatured rents accrued Other currentliabilities Totalcurrentliabilities Tax liability: 35,814,054 32,475,378 U.S. Government taxes 147,042,841 145.475.130 Other than U. S. Government taxes a Includes payments which will become due on account of principal of long-term debt within six months after close of month of report. b Includes obligations which mature less than two years after date of issue. c July 1935 income as reported was increased by credits to operating expenses on account of reversal of charges previously made for liability under Railroad Retirement Act. d These credits for July 1935 amounted to $941,039 and for the seven months ended July 1935 the net credit Is $6,546,952. d Deficit. "Annalist" Weekly Index of Wholesale Commodity Prices Up 1.5 Points During Week of Oct. 8 An advance of 1.5 points in the "Annalist" Weekly Index of Wholesale Commodity Prices for the week of Oct. 8, it is announced, largely reflected speculative buying, engendered in part by the final outbreak of hostilities in Africa and continued uncertainty as to what action, if any, would be taken by the League of Nations, and in part by the current domestic recovery in business. An announcement issued by the ".Annalist' further said: The rise of the price index to a new five-year high of 130.2 (1913=100.0) on Oct. 8from 128.7 (revised) Oct. 1, was due to advances in a wide range of commodities and the almost complete absence of losses in any scetor. The gains were greatest in the case of the grains, textiles and non-ferrous metals, but livestock and the meats, and butter and eggs also participated on a considerable scale. Oct. 9 1934 The current advance reflects partly, it is true, an improvement in the basic position of a number of commodities, notably wheat, and to some extent silk and wool. More of it is due to the domestic expansion of business, especially in the case of the non-ferrous metals and the textiles (the latter aided also by the fact that the current year is normally a high one in the two-year textile cycle). How far the improvement from this cause is soundly based is a question; the foundation of the current recovery appears to be somewhat more substantial than that of the "boomlets" of the past two years, but a considerable interest of a purely speculative sort has more recently been attracted to the commodities by the recovery, that may not be justified by the next few months. Moody's Daily Commodity Index Recedes After Reaching New High After reaching a new high level for the year on Monday and again on Wednesday of this week, Moody's daily index of staple commodity prices receded slightly toward the week end. The index closed on Friday at 174.3, the same as a week ago. Relatively the greatest strength among items comprising the index, has been shown by hides, rubber and copper followed by wool and corn. Items exhibiting declines include silver, steel, lead, copper and sugar. Wheat, top hogs, cotton, silk and cocoa remained unchanged. The movement of the index during the week, with comparisons, is as follows:• Fri., Oct. Sat., Oct. Mon., Oct. Tues., Oct. Wed. Oct. Thurs., Oct. Fri., Oct. 174.3 175.2 175.3 174.6 175.3 175.0 174.3 4 5 7 8 9 10 11 172.2 2 Weeks ago, Sept.27 170.1 Month ago, Sept. 13 Oct. 11 146.4 Year ago, 156.2 1934 High, Aug. 29 126.0 Jan. 2 Low, 1933 High, Oct. 7 & 9.-175.3 148.4 Mar. 18 Low, Slight Decline in Wholesale Commodity Prices During Week of Oct. 5 Reported by United States Department of Labor A slight recession marked the trend of wholesale commodity prices during the week ending Oct. 5, according to an announcement made Oct. 10 by Commissioner Lubin of the Bureau of Labor Statistics, U. S. Department of Labor. The composite index for the week stood at 80.5% of the 1926 average, a decrease of 0.6% in comparison with the week of Sept. 28. In his announcement Mr. Lubin stated: $1,366,486,893 Total current assets Oct. 1 1935 106.1 125.6 x122.5 Farm products 136.1 117.6 137.4 Food products x112.9 110.6 *113.5 Textile products 160.8 x167.5 167.5 Fuels 109.7 111.2 110.7 Metals 113.1 111.5 111.5 Building materials 98.4 98.8 98.4 ChemiCals 80.6 83.5 83.5 Miscellaneous 130.2 x128.7 116.5 All commodities 68.9 x76.3 77.3 Y All commodities on old doll. basis •Preliminary. x Revised. y Based on exchange Quotations for France, Switzerland and Holland; Belgium included prior to March 1935. -.. he all commodity index is 5% above the corresponding week of last T year and approximately 13% above the corresponding week of two years ago. The decrease was entirely due to lower prices of farm products and foods. Hides and leather products, textile products, fuel and lighting materials, metals and metal products. chemicals and drugs and housefurnishing goods were higher. Building materials and miscellaneous commodities were unchanged. The index for the industrial group "all commodities other than --with an increase of 0.1% -78.3 farm products and processed foods" reached a new high for the year. "CiTup index numbers for the week of Oct. 5 1935, compared with the preceding week, the corresponding weeks of the past two years, and the percentages of change are shown in the following table contained in Mr. Lubin's announcement: Commodity Groups All commodities Farm products Foods Hides and leather products Textile products Fuel and lighting materials Metals and metal products Building materials Chemicals and drugs Holiseturnishing goods... Miscellaneouscommodities All commodities other than farm products and foods Oct. 5 1935 Sept. Per Cent Oct. Per Cent Oct. Per Cent 7 of of 6 of 28 1935 Change 1934 Change 1933 Change 80.5 81.0 -0.6 76.6 +5.1 71.3 +12.9 79.5 85.3 92.5 71.7 74.6 86.3 86.1 80.2 81.8 67.2 80.9 86.6 91.8 71.6 74.5 86.2 86.1 79.3 81.7 67.2 -1.7 -1.5 0.8 0.1 0.1 0.1 0.0 +1.1 +0.1 0.0 71.0 75.2 84.3 70.2 75.5 85.7 85.4 77.3 82.8 70.1 +12.0 +13.4 +9.7 +2.1 -1.2 + 0.7 +0.8 +3.8 -1.2 -4.1 57.5 65.0 91.8 76.3 73.4 82.4 83.7 72.7 81.1 65.0 +38.3 +31.2 +0.8 -6.0 +1.6 +4.7 +2.9 +10.3 +0.9 +3.4 78.3 78.2 +0.1 78.2 +0.1 77.1 +1.6 From the announcement the following is also taken: The farm products group declined 1.7% due to a 4.9% decrease in livestock and poultry prices. Hogs dropped 9%;lambs, 7%; and poultry at Chicago, 6%. Other farm products, including eggs, lemons, peanuts, seeds, dried beans and potatoes were fractionally lower. The subgroup of grains, on the other hand, advanced 0.5% although prices of barley, corn and rye were lower. Individual farm products for which higher prices were reported were oats. wheat, cows, sheep, cotton, oranges, hay -is 12% and wool. This week's index for the farm products group-79.5 above a year ago and 38% above two years ago. dropped 1.5% during the week because of lower Wholesale food prices prices for meats, fruits and vegetables, and other foods, including coffee. lard, and cottonseed oil. Decreases were also reported for the following individual food items: Oatmeal, hominy, grits, cornmeal, canned apples, peaches and peas, fresh beef and pork, ham, bacon and veal. The butter cheese, and milk subgroup registered a minor increase duo to strengthening prices of butter.Wheat flour, dried fruits, canned corn, mess pork, copra, Financial Chronicle Volume 141 Pepper,raw sugar and soybean oil also advanced. The food index-85.3 -is 13% above a year ago and 31% above two years ago. An advance of over 1% was recorded for the chemicals and drugs group because of advancing prices of alcohol and vegetable oils. Drugs and pharmaceuticals, fertilizer materials and mixed fertilizers were unchanged. Hides and leather products increased 0.8% to the highest point reached since November 1930. The advance was the result of higher prices for hides,skins,leather and luggage. The subgroup of shoes was unchanged. The index for textile products -reached a new high for the year. -71.7 Higher average prices were reported for cotton goods, knit goods and woolen and worsted goods. Silk and rayon registered a minor decrease. "Other textile products" also declined due to lower prices for cotton thread. Hemp,jute, sisal and their products averaged higher. In the fuel and lighting materials group, advancing prices of coal and coke more than offset weakening prices of petroleum products. The index for the group as a whole rose to 74.6% of the 1926 average. The index for the metals and metal products group-86.3 -increased 0.1% to equal the high for the year. The advance was a result of strengthening prices of certain iron and steel items and non-ferrous metals. Average prices of agricultural implements, motor vehicles and plumbing and heating fixtures were steady. A slight advance was registered for the housefurnishing goods group because of higher prices for furnishings. A minor increase in paint materials in the building materials group was not reflected in the index for the group as a whole, which remained at 86.1. The subgroups of brick and tile, cement.lumber,structural steel and other building materials were stable. Cattle feed prices declined 2.7%. Crude rubber dropped 1.6%. Average prices of automobile tires and tubes and paper and pulp remained stationary. The index of the Bureau of Labor Statistics includes 784 price series weighted according to their relative importance in the country's markets and based on the average for the year 1926 as 100.0. The following table shows index numbers for the main groups of commodities for the past five weeks, and for the weeks of Oct. 6 1934 and Oct. 7 1933: _ Oct. 5 1935 Commodity Groups All commodities Sept. Sept. Sept. Sept. 21 14 7 28 1935 1935 1935 1935 Oct. 6 1934 Oct. 7 1933 80.5 Farm products Foods Hides and leather products Textile products Fuel and lighting materials Metals and metal products Building materials Chemicals and drugs Housefurnishing goods Miscellaneous commodities All commodities other than farm Products and foods 81.0 81.0 80.8 80.4 76.6 71.3 79.5 85.3 92.5 71.7 74.6 86.3 86.1 80.2 81.8 67.2 80.9 86.6 91.8 71.6 74.5 86.2 86.1 79.3 81.7 67.2 81.3 86.2 91.8 71.3 74.8 86.3 86.3 79.2 81.7 67.0 81.2 86.4 91.6 71.2 74.7 86.0 85.3 78.9 81.8 66.9 79.9 85.9 90.5 71.0 74.6 86.0 85.4 79.2 81.8 66.8 71.0 75.2 84.3 70.2 75.5 85.7 85.4 77.3 82.8 70.1 57.5 65.0 91.8 76.3 73.4 82.4 83.7 72.7 81.1 65.0 78.3 78.2 78.2 78.0 77.9 78.2 77.1 September Department Store Sales Increased More Than Seasonally Above August, According to Board of Federal Reserve System The Board of Governors of the Federal Reserve System announced on Oct. 11 that "department store sales increased from August to September by more than the usual seasonal amount, and the Board's index, which makes allowance for differences in the number of business days and for usual seasonal movements, was 82% of the 1923-1925 average in September as compared with 79 in August." The Board continued: Aggregate dollar volume of sales in September was 8% larger than a year ago and for the first nine months of the year was 4% larger than during the corresponding period in 1934. REPORTE BY FEDERAL RESERVE DISTRICTS P. C. Change from Year Ago September* Jan. 1 to Sept. 30* Federal Reserve Districts: Boston +9 -1 New York +1 +11 Philadelphia +1 +12 Cleveland +10 Richmond 7 +14 $3 Atlanta+5 Chicago +6 $6 3 St. Louis -7 o Minneapolis +3 +5 Kansas City o +6 Dallas +6 +6 San Francisco +9 +10 Total +8 +4 Number of Stores Reporting Number of Mee Included 53 52 33 28 60 35 52 36 42 22 24 91 28 27 14 11 27 21 27 20 20 14 9 33 528 251 • September figures preliminary: in most c ties the month had the same number of business days this year and sat year. but this September there were four Saturdays, as compared with five a year ago. National Fertilizer Association Reports Wholesale Commodity Prices During Week of Oct. 5 at Highest Level Since December 1930 The wholesale commodity price index of the National Fertilizer Association advanced to a new high level in the recovery period in the week ended Oct.5,and is at the highest point since December 1930. The index rose to 79.5% of the 1926-1928 average, from 79.0 in the preceding week. A month ago the index was 78.6 and a year ago 75.3. The Association, under date of Oct. 7, stated: The advance in the index was due largely to upturns in farm commodities. The textile group advanced materially due to higher prices for cotton; wool, burlap, hemp and sisal; silk prices were lower. Food prices were generally higher with the prices of sugar, flour, potatoes, apples, prunes, and raisins advancing, and beans, canned peas, and canned peaches declining. The grains, feeds and livestock index advanced only slightly, the net result of higher prices for all grains, good cattle, sheep, and lambs, and lower prices for foodstuffs, choice cattle, and hogs. Higher prices for butter, and most vegetable oils, and lower prices for lard resulted in an advance in the fats and oils group. Finished steel and scrap steel prices were higher during the latest week, and tin prices were lower, accounting for the slight 2345 rise in the metals index. The advance in the fuels group was due to advance; in anthracite coal prices. The termination of the discount on potash prices, together with a rise in the price of cottonseed meal, caused the rise in the fertilizer materials index. Forty-seven price series included in the index advanced last week and 12 declined; in the preceding week there were 24 advanced and 25 declines; in the second preceding week there were 40 advances and 15 declines. WEEKLY WHOLESALE COMMODITY PRICE INDEX OF THE NATIONAL FERTILIZER ASSOCIATION (1926-192100) Per Cent Bach Group Bears to the Total Index 23.2 16.0 12.8 10.1 8.5 6.7 6.6 6.2 4.0 3.8 1.0 .4 .4 .3 Group Latest Week Oct. 5 1935 Preceding Week Month Ago Year Ago Foods Fuel Grains, feeds and livestock Textiles Miscellaneous commodities._ Automobiles Building materials Metals House-furnishing goods Fats and oils Chemicals and drugs Fertilizer materials Mixed fertilizers Agricultural implements 86.7 67.7 88.6 67.9 70.5 88.3 77.4 83.3 84.7 74.7 95.4 65.6 70.8 101.6 85.9 67.2 88.5 66.8 70.5 88.3 77.4 83.1 84.7 74.2 95.4 64.7 70.8 101.6 85.4 67.1 88.5 65.7 69.3 88.3 77.7 82.2 84.6 74.1 95.4 64.7 71.0 101.6 78.2 70.1 72.7 69.9 68.2 88.3 80.3 81.5 86.0 58.9 93.7 65.4 76.4 99.8 79.5 79.0 78.6 75.3 UM (1 All oroune combined Weekly Electric Production Reaches New All-Time High The Edison Electric histitute in its weekly statement disclosed that the production of electricity by the electric light and power industry of the United States for the week ended Oct. 5 1935 totaled 1,863,483,000 kwh. This is the highest point ever reached for any one week since these figures have been compiled by the Institute. Total output for the latest week indicated a gain of 12.3% over the corresponding week of 1934, when output totaled 1,659,192,000 kwh. Electric output during the week ended Sept.28 1935 totaled 1,857,470,000 kwh. This was a gain of 12.6% over the 1,659,192,000 kwh. produced during the week ended Sept. 29 1934. The Institute's statement follows: PERCENTAGE INCOME OVER 1934 Week Ended Oct. 5 1935 Major Geographic Regions Week Ended Week Ended Week Ended Sept. 28 1935 Sep. 21 1935 Sept. 14 1935 10.1 7.5 17.3 6.6 8.6 35.7 7.4 New England Middle Atlantic Central Industrial West Central Southern States Rocky Mountain Pacific Coast Taal United States_ 11.6 5.6 15.7 12.9 10.5 44.8 11.6 16.8 6.3 15.8 10.2 16.9 48.0 8.6 16.8 6.0 13.2 11.2 15.1 44.0 7.7 12.3 12.6 13.5 11.0 DATA FOR RECENT WEEKS Week of- 1934 1935 Weekly Data for Prertoui Years in Millions of Kilowatt-Hours P. C. Ch'ge 1933 June I.__ 1,628,520,000 1,575,828.000 +3.3 June 8... 1,724,491,000 1,654,916,000 +4.2 June 15..... 1,742,506,000 1,665,358,000 +4.6 June 22... 1,774.654,000 1,674,566,000 +6.0 June 29--- 1,772,138.000 1,688,211.000 +5.0 July 6..... 1,655,420,000 1,555,844,000 +6.4 July 13...- 1,766,010,000 1,647,680,000 +7.2 July 20.... 1,807,037,000 1,663,771,000 +8.6 July 27.... 1,823,521,000 1,683,542.000 +8.3 Aug. 3-__ 1.821,398,000 1,657,638,000 +9.9 Aug. 10..... 1,819,371,000 1,659,043,000 +9.7 Aug. 17... 1,832,695,000 1,674,345,000 +9.5 Aug. 24__. 1,839.815,000 1,648,107,000 +11.6 Aug. 31_ - _ 1,809,716,000 1,626,881,000 +11.2 Sept. 7-._ 1,752,066,000 1,564,867,000 +12.0 . Sept. 14_ .1,827,513,000 1,633,683,000 +11.9 . Sept.21_ .1,851,541,000 1,630,947,000 + 13.5 Sept.28.... 1,857,470.000 1,648,976,000 +12.6 Oct. 5.-- 1,863,483,000 1,659,192,000 +12.3 1,656,864.000 Oct. 12._ _ 1932 1931 1930 1929 1,461 1,542 1,578 1,598 1,656 1,539 1,648 1,654 1.662 1.650 1.627 1,650 1,630 1,637 1,583 1,663 1,639 1,653 1,646 1.619 1,381 1,435 1.442 1,441 1.457 1,342 1,416 1,434 1,440 1,427 1.415 1,432 1,436 1,465 1,424 1,476 1.491 1,499 1,506 1.508 1,594 1.621 1.610 1,635 1,607 1,604 1,645 1,651 1,644 1,643 1,629 1.643 1,638 1,636 1,582 1,663 1,660 1,646 1.653 1,656 1.660 1,657 1.707 1,698 1,704 1,594 1,626 1,667 1,686 1.678 1,692 1.677 1,691 1,688 1,630 1.727 1.722 1.714 1,711 1.724 1,615 1,690 1,699 1.703 1,723 1,592 1,712 1.727 1,723 1,725 1,730 1.733 1.750 1,762 1.675 1,806 1.792 1,778 1,819 1,806 DATA FOR RECENT MONTHS (THOUSANDS OF KWH.) Month of 1935 Jan-..... 7,762,513 Feb..- 7,048,495 March . 7,500,566 April- 7,382,224 May- 7,544,845 June-- 7,404,174 July__ 7,796,665 Sept.__ Nov- __ 1934 7,131,158 6,608,356 7,198,232 6,978,419 7,249,732 7,056,116 7.116,251 7,309,575 6,832,260 7,384,922 7,160,756 7.538,337 P. C. Ch'ge +8.9 +6.7 +4.2 +5.8 +4.1 +4.9 +9.6 1933 1932 1931 1930 6,480,897 5,835.263 6,182,281 6,024,855 6,532,686 6,809,440 7,058.600 7,218,678 6,931,652 7,094,412 6,831,573 7,009,164 7,011,736 6,494,091 6,771,684 6.294.302 6,219,554 6,130,077 6,112,175 6.310,667 6,317.733 6,633,865 6,507,804 6,638.424 7,435,782 6,678,915 7.370.687 7,184,514 7,180,210 7,070,729 7,286,576 7,166,086 7,099,421 7,331,380 6,971.644 7.288,025 8,021,749 7,066.788 7,580,335 7,416,191 7,494,807 7,239,697 7,363,730 7,391,196 7,337.106 7,718.787 7.270,112 7,566.601 85,5134,124 80,009,501 77,442,112 86,063,96 89.467,099 -The monthly figures shown above are based on reports covering approxiNote mately 92% of the electric light and power Industry and the weekly figures are based on about 70%. TotaL Increase of 0.6% Reported by National Industrial Conference Board in Cost of Living of WageEarners in United States During September The cost of living of wage-earners in the United States again advanced substantially, according to the National Industrial Conference Board. An increase of 0.6% from August to September raised living costs 3.1% above the level of September 1934, and 16.8% above the low of April 1933. Living costs in September, however, were still 17.2% lower than in September 1929. Under date of Oct. 10 the Conference Board further said: Financial Chronicle 2346 - Food prices rose 1.3% from August to September. In September of this Year they were 6.1% higher than in September of last year and 37.0% higher than in April 1933, although still 23.0% below their level of September 1929. Rents continued their upward trend, advancing 0.8% from August to September. This rise made them 9.2% higher than in September 1934, and 15.0% higher than at the beginning of 1934, when their low point was reached, but still 21.9% lower than in September 1929. Clothing prices increased slightly, 0.1%,front August to September, the first advance since a year ago. Since the low point of 1933, clothing prices have advanced 22.4%. Since September 1934, however, there has been a reduction in clothing prices of 4.3% and since September 1929, a decline of 24.6% • Coal prices advanced 1.2% from August to September, slightly less than seasonally. They were 3.3% lower than in September 1934, and 9.3% lower than in September 1929. The cost of sundries remained the same in September as in August, but it was 0.8% higher than in September 1934, and 4.3% higher than in April 1933. Since September 1929. the reduction in sundries amounts to only 5.3%. The purchasing value of the dollar was 119.8 cents in September 1935, as compared with 120.5 cents in August 1935, 123.5 cents in September 1934, and 100 cents in 1923. Item a Food Housing Clothing Men's Women's Fuel and light Coal Gas & electricity Sundries Relative Importance in Family Budget Index Numbers of the Cost of Living 1923=100 Sept. 1935 Aug. 1935 84.8 72.1 74.3 78.1 70.5 84.7 82.8 88.4 93.1 Per Cent Inc.(+) or Dec.(-)from August 1935 to September 1935 83.7 71.5 74.2 78.1 70.4 84.0 81.8 88.4 93.1 33 20 12 5 30 +1.3 +0.8 +0.1 +0.1 +0.8 +1.2 Weighted ay. of all +0.6 83.0 Items 83.5 100 -0.6 120.5 119.8 Purch. value of dollar ,a Based on food price indexes of the United States Bureau of Labor Statistics of 1 Sept. 10 1935 and Aug. 13 1935. World Unemployment Approximately 1,000,000 Less than Year Ago According to Report of International Labor Office-Total number of Idle in 29 Countries Estimated at 19,000,000 The International Labor Office's quarterly report on world unemployment, issued at Geneva on Oct. 5, indicate that the number of idle is roughly 1,000,000 less than a year ago, but nearly all of this improvement comes from Italy and Germany, where war business is most active. Germany reports a decrease of 672,000 jobless and Italy 240,000 it is learned from Geneva advices to the New York "Times", which also states: No figures are given at this time for the United States, which has temporarily held them up for purposes of revision. Consequently, it is impossible to make comparasions on the world basis as previously unless one supplies himself with all estimates. Then the totals for the world's 29 chief industrial countries, excluding as before Canada and India, would be 19,000,000 unemployed now against 20,000,000. The ILO report does not itself draw these comparisons. It merely remarks that unemployment has "again declined in a majority of the countries," and "generally speaking the decrease is somewhat larger" than in the last quarter but the rise continues in 8 countries. The Geneva aAvices (Oct. 5) to the "Times" likewise said: British unemployment decreased 185,000 and there has been a slight improvement in most of the sterling area. In the four gold bloc countries. however, unemployment rose 123.000 and in Spain 68.000, with Bulgaria, Hungary, Latvia. Norway and Yugoslavia also registering increases. The net result for Europe, for which the figures are the most complete and the comparisons the least faulty, is 7,400,000 unemployed now against 8,400,000 a year ago. Production• of Lumber During Four Weeks Ended Sept. 28, 44% Above a Year Ago We give herewith data on identical mills for the four weekperiod ended Sept. 28 1935 as reported by the National Lumber Manufacturers Association on Oct. 5: An average of 601 mills reported as follows to the National Lumber Manufacturers Association for the four weeks ended Sept. 28 1935: Production Shipments Orders Received (In 1,000 Feet) 1935 Softwoods Hardwoods mtsi bimber 1934 1935 1934 1935 627,956 31,348 830,294 48,773 660,240 22,983 796,972 45,733 601,882 22,473 940 589 650.3(14 879.11117 883.223 842.705 624.355 Production during the four weeks ended Sept 28 1935 was 44% above that of corresponding weeks of 1934, as reported by these mills and 38% above the record of comparable mills during the same period of 1933. Softwood cut in 1935 was 43% above output during the same weeks of 1934 and hardwood cut was 64% above that of the 1934 period. Shipments during the four weeks ended Sept. 28 1935, were 29% above those of corresopnding weeks of 1934, softwoods showing gain of 26% and hardwoods being more than twice as much. Orders received during the four weeks ended Sept. 28 1935, were 35% above those of corresponding weeks of 1934, and 35% above those of similar weeks of 1933. Softwoods in 1935 showed order gain of 32% and hardwoods were double those of the corresponding weeks of 1934. On Sept. 28 1935, gross stocks as reported by 486 softwood mills were 3,315,644.000 feet, the equivalent of 144 days' average production, as compared with 3,766,257,000 feet on Sept. 29 1934, the equivalent of 165 days' production. . w• On Sept. 28 1935, unfilled orders as reported by 486 softwood mills were 645.285.000 feet, the equivalent of 28 days' average productim., as compared with 481,012,000 feet on Sept. 29 1934. the equivalent of 21 days' production. Southern pine, Southern cypress, Northern hemlock and Northern hardwood mills reported orders above production during the week ended Sept. 28. All but redwood, cypress, Northern hemlock and Northern hardwoods reported shipments below output. Total softwood orders were 10% below production. All regions but Northern pine reported orders and all reported production above that of corresponding week of last year. Softwood orders at reporting mills were 29% above 1934 ; reported softwood production was 52% above the same week of 1934. Identical softwood mills reported unfilled orders on Sept. 28 as the equivalent of 28 days' average production, and stocks of 145 days', compared with 21 days' and 165 days' a year ago. Forest products car loadings totaled 32,450 cars during the week ended Sept. 28 1935. This was 608 cars less than during the preceding week, 9,476 cars above similar week of 1934, and 6,690 care above the same week of 1933. Lumber orders reported for the week ended Sept. 28 1935 by 474- softwood mills totaled 202,820,000 feet, or 10% below the production of the same mills. Shipments as reported for the same week were 204,096,000 feet, or 10% below production. Production was 226,901,000 feet. Unfilled Orders and Stocks Reports from 469 softwood mills on Sept. 28 1935 give unfilled orders of 631,533,000 feet and gross stocks of 3,284,828,000 feet. The 459 identical softwood mills report unfilled orders as 629,723,000 feet on Sept. 28 1935, or the equivalent of 28 days' average production, compared with 475,388,000 feet, or the equivalent of 21 days' average production on similar date a year ago. Identical Mill Reports Last week's production of 463 identical softwood mills was 223,822,000 feet, and a year ago it was 147,258,000 feet; shipments were, respectively, 203,165,000 feet and 179,900,000 feet, and orders received, 201,772,000 feet and 156,648,000 feet. Estimate of September Motor Output Reveals Effect of New Plan for Earlier Introduction of 1936 Models The degree to which members of the Automobile Manufacturers Association are co-operating in aplan to introduce their new 1936 models with the National Show opening Nov.2nd is disclosed by the preliminary report on September production released to-day by the Association. Last month, according to the estimate, Association members produced 57,860 vehicles, a decrease of 68% under the preceding month and a drop of 50% under the output for September 1934. This falling off in production was due to the fact that so many automobile companies belonging to the Association suspended production operations during most of the month in order to complete their preparations for the change-over to the new models. On the basis of the above estimate the output of Association members for the year to date was placed at 2,029,428 cars and trucks, an increase of 15% over the same period last year. The report which covers the operations of all but one major motor vehicle manufacturer in the United States is based upon reports of factory shipments and is summarized below. September August September 1935 1935 1934 57,860110 months 179,918 10 months 116,649 1935 1934 2,029,428 1 758,598 1934 895,293 51,396 Oct. 12 1935 Lumber MovementiSlightly Below Previous Record Week Lumber production during the week ended Sept. 28 1935 was only about 3% lower than in the pieceding 1935 peak week; new business at the mills and shipments were approximately 7% below the high records of the week before. Revised figures will lessen .these differences. Shipments were, however, 9% below output and new business was 10% below production. Production and orders were reported considerably in excess of corresponding week of 1934: reported shipments were 16% greater than a year ago. The foregoing comparisons are based upon reports to the National Lumber Manufacturers Association from regional associations covering the operations of leading hardwood and softwood mills. During the week ended Sept. 28, 566 mills produced 238,780,000 feet; shipped 216,558,000 feet; booked orders of 214,539,000 feet. These figures include estimates of hardwood totals, reports being unavailable due to reorganization of the Southern hardwood reporting system. Revised figures for the preceding week were: Mills, 597; production, 245,056,000 feet; shipments, 233„433,000 feet; orders, 231,698,000 feet. Entries of Sugar Into United States Against Quotas Under Jones-Costigan Sugar Act-4,198,601 Short Tons Imported During First Nine Months of Year The quantity of sugar entered for consumption in the United States during the first nine months of this year from Cuba, the Philippines, Puerto Rico, the Virgin Islands, and Hawaii totaled 4,198,601 short tons, raw value, without final polarization and final outturn adjustments. This quantity has been charged against the 1935 quotas for the areas indicated, the Sugar Section of the Agricultural Adjustment Administration announced Oct. 4. The announcement said: The status of the continental quotas is not given in this report on the entry of offshore sugars. To Sept. 1 1935, the quantity charged against the continental cane sugar quota amounted to 85,316 tons in terms of 96 degree sugar; the quantity charged against the continental beet sugar quota amounted to 931,623 tons. This report includes all sugars from Cuba, the Philippines, Puerto Rico, the Virgin Islands, and Hawaii recorded as entered and certified for entry upon arrival from those areas prior to Oct. 1 1935. The statistics pertaining to full-duty countries include, in addition to the sugar actually entered Financial Chronicle before Oct. 1 1935, all quantities certified for entry, including quantities in transit on Oct. 1 1935, prior to that date. The figures are subject to change after final outturn weight and polarization data for all importations are available. The status on Oct. 1 1.935, of the principal quotas established under General Sugar Quota Regulations, Series 2, Revision 1, for 1935 is as follows: (Tons of 2,000 pounds-96 degree equivalent) Area Quantity of Sugar Which May Be Admitted for 1935 Under General Sugar Quota Regulations, Series 2, Revision 1 Cuba Philippines Puerto Rico Hawaii Virgin Islands Amounts Charged Against Quotas Percent Jan. -Sept. Ennui are Balance of Total Remaining Entries Admissible in 1935 1,822.596 818,940 743.538 811,197 2.330 100.00 91.05 94.33 87.61 44.99 0 80.478 44,724 114,772 2,849 4,441,424 Total 1,822.596 899,418 788,262 925,969 5,179 4,198,601 94.53 242,823 Direct-consumpt on sugar is included in the amounts charged against the various quotas since the direct-consumption sugar quota is included in the total quota for each area. The following tabulation indicates the direct consumption sugar quotas, amounts of direct-consumption sugar admitted during the first nine months of 1935, as well as the amounts which may be admitted for the remainder of the year: -96 degree equivalent) (Short tons Cuban direct -consumption auger: 1935 quota 400.971 Quantity charged against quota 400,971 Balance remaining Puerto Rican direct -consumption sugar: 1935 quota Quantity charged against quota 126,033 127.216 Excess Hawaiian direct-consumption sugar: 1935 quota Quantity charged against quota 1,183 29,616 17,484 Balence remaining Philippine direct-consumption sugar: 1935 quota Quantity charged against quota 12,132 80,214 67,368 Balance remaining 12,846 The following table shows,in pounds the amounts of sugar which may be admitted in 1935 from foreign countries other than Cuba,the amounts which were charged against such quotas during the period, January-September, and the amounts which may be admitted during the remainder of the year from the areas specified. (Pounds -06 degree equivalent) Belgium Canada China Hong Kong Czechoslovakia Dominican Republic Dutch East Indies France Germany !laid Mexico Netherlands Peru linked Kingdom Venezuela Unallotted reserve 294,308 584,205 80,594 207,520 263,802 8,668,480 211,884 175 117 921,614 6,031,877 217,865 11,114,100 350,667 200.002 1.000,000 Charged Against Quota Balance Remaining 294,308 393,407 80,594 141,365 263,302 6,668,480 211.384 175 80 618,402 x68,881 217.865 11,114.100 350,667 924 803,332 Quantify Which May Be Admitted in 1935 170,798 0 66,155 0 0 0 0 37 303.212 5.962,996 0 0 0 289,078 196.668 o Total 28.216.210 21.227.266 6.988.944 x Revision due to expiration of certifications for importation. No sugars have been entered against the quotas of the following countries: Argentina, Australia, Brazil, British Malaya, Colombia, Costa Rica, Dutch West Indies, Guatemala, Honduras, Italy, Japan, Nicaragua and Salvador. This report of the AAA, covering the period Jan. 1 to Oct. 1, is the ninth such to be issued; the last previous report was given in our issue of Sept. 14, pages 1679-1680. Production of Flour During September Totals Barrels 5,603,158 General Mills, Inc. in presenting its summary of flour milling activities for approximately 90% of all flour mills in the principal flour-milling centers of the United States, reported that during the month of September 1935 flour output totaled 5,603,158 barrels. This is somewhat below the 5,846,613 barrels produced during the corresponding month of 1934. Cumulative production for the three months ended Sept. 30 1935 amounted to 15,497,945 barrels. This compares with 15,992,672 barrels produced in the like period of last year. The corporation's summary further disclosed: PRODUCTION OF FLOUR (NUMBER OF BARRELS) Month of September 3 Mar. Ended Sept. 30 1935 Northwest Southwest Lake, Central & Southern_ Pacific Coast Grand total 1934 1935 1,328,373 1.976,184 1,910,406 338,195 1,467.895 2,022,442 1,926,862 429,414 3,588,379 5.672,993 5,129,559 1,107,014 3,962.744 5.586.278 5,340.650 1,103,000 5.603.158 5.846.613 15.497,945 15.902,672 1934 September Domestic Rayon Shipments at Record Rate -"Rayon Organon" Also Reports Consumption of Wool at High Level Shipments of rayon yarn from the pints of American producers during September establishe a new high record for all time, exceeding the previon nigh record month of January 1935 by a susbtantial margin, according to the 2347 current issue of the "Rayon Organon," published by the Textile Economics Bureau, Inc., recently organized to undertake research work for the rayon industry. From an announcement fisued Oct. 9 by the Bureau we also take the following: September was the third consecutive month, states the "Organon," during which shipments exceeded mill production, resulting in a reduction in surplus stocks to the equivalent of 5X weeks' supply, based upon the current rate of consumption. The shipments index for September was 583 against 550 for August and a 1934 monthly average of 353. Because of the high rate of activity maintained in the general textile industry since the beginning of the year, the paper states "it should be emphasized that too much of an increase in this industry is not to be expected on through the Fall in view of the high level already obtaining." Wool consumption also continues at a high rate, "Breaking all records since 1923," the paper continues,"the August rate of apparel-class wool consumption was 6.648,000 pounds per week, clean basis, compared with 5.894,000 pounds per week in July, an increase of 13%." For the first eight months of 1935 wool consumption, of this class, was 81% greater than the corresponding 1934 period. With respect to the advance in silk to $1.99 per pound in September. the highest price since mid-year 1933, the "Organon" states it is clear that if the recent upward tendency persists "either silk will become a luxury item of restricted use with rayon taking its place in many lines, or the price of silk will have to decline eventually in order to hold its present markets." The paper gives some interesting data showing the extent to which silk deliveries were inflated in recent months because of the heavy re-exports to Canada in anticipation of the increase in the Canadian tariff on silk. . . . The "Organon's" indices of rayon deliveries (unadjusted index based on actual shipments) for September and previous months follows: (DAILY AVERAGE 1923-1925=100) Yearly Year- Ayr. 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 • Average 1933 to data. 00Q,No.00wWWwM, 00.4 NOw0WCOCOWMW04, Volume 141 May June July Aug. Sept. Avge. 417 286 517 148 352 237 254 175 231 98 125 73 73 381 305 450 137 288 225 254 178 194 71 121 77 68 433 334 470 213 314 179 240 169 190 118 124 71 70 550 307 420 406 349 219 281 197 195 138 128 86 583 308 433 478 335 304 337 242 211 151 127 116 70 *418 340 385 293 317 244 277 214 214 131 132 93 75 so Petroleum and Its Products-Outlook for California Seen Better-Plan New Texas Oil Potential Yardstick-James A. Frear New Head of Federal Tender Board-Crude Stocks Decline-Daily Average Oil Output Lower A somewhat more optimistic viewpoint of the price situation on the West Coast has developed following sufficient time to study the new allowable of 590,700 barrels daily set by the producers' agency for the final quarter, California reports indicated. While it is true that the major companies were more satisfied with the original estimate of 530,000 barrels daily set by the emergency committee for the last three months of 1935, it was indicated that should the independents manifest the ability to hold production within the later estimate, a gradual restoration of the price level might be achieved. The prive level, which suffered a severe slash when major companies posted punitive reductions on Aug. 29 throughout the entire State, is far below normal. In some fields, it is reported, bonuses over the posted price are necessary to obtain the required amounts of crude oil. Despite the fact that production in California last week was nearly 650,000 barrels, but slightly under the peak for the year and for the past five years recently set, there is no distress stock on the market. This is due, it is reported, to the fact that the major companies are taking all of the available crude for storage purposes. All available storage facilities, however, will be filled within the immediate future if production continues at the same high rate. In addition, it was pointed out that seasonal factors may bring a cut in demand that may prove a bearish factor. Offsetting this, however, is the strong tone of the export market for gasoline. Adoption of a uniform potential unit or yardstock as a basis for fixing the same well allowables for every oil field in Texas is under consideration by the Texas Railroad Commission. Should such action be taken, E. 0. Thompson, Chairman, said it would mean an increase of approximately 60,000 barrels daily in the total State allowable. No definite course of action in regard to the proposal has been determined upon as yet,it was disclosed. The plan will be submitted to the members of the Oil States Compact Commission for their consideration, with the object of ultimately having the proposed uniform potential allowable basis adopted by all of the members of the Commission. In discussing the plan and its effect in Texas, Chairman Thompson pointed out that it will equalize well production as between fields. One result, he pointed out, would be that the allowable in the East Texas area would be increased while that of the Gulf Coast districts, Yates field in west Texas and probably other areas would be considerably curtailed. James A. Frear, former Wisconsin Congressman, has been named Chairman of the Federal Oil Tender Board in East Texas, replacing Norman L. Meyers, Under-Secretary of 2348 Financial Chronicle the Interior West announced Thursday in Washington. Mr. Meyers has been transferred to Washington as a member of the Petroleum Administrative Board. Mr. West also disclosed that Thomas G. Killiher, the Acting Director of Federal Tender Agency No. 1 to investigate Federal oil tender applications. C. L. Waterbury, former Texas and Oklahoma oil operator, has been named a member of the Tender Board, replacing M. S. McCorquodale, Houston, Texas, who has resigned. Details of the schedule of speakers at the annual meeting of the American Petroleum Institute, to be held in the Biltmore Hotel at Los Angeles from Nov. 11 to 14, were made public during the week by Institute officials. E. W. Marland, Governor of Oklahoma and Chairman of the Inter-State Oil Compact Commission, will be one of the principal speakers. Mr. Marland will discuss inter-State oil compacts. The Compact Commission, which has been supported by the American Petroleum Institute from the outset, was made possible by legislation passed at the recent session of Congress authorizing the oil States to form an interState agreement to promote orderly production and conservation of the Nation's petroleum reserves. Other speakers include E. 0. Thompson, Chairman of the Texas Railroad Commission, who will talk on the purpose and operation of laws prorating production of oil among fields, pools and wells to balance output and demand, and Charles S. Jones, President of the California Oil & Gas Association, whose address will deal with conditions in California. A review of the progress of the petroleum industry in solving technical and other problems and in overcoming handicaps through its 76 years of existence in the United States will be given by Axtell J. Byless, President of the Institute. The new marketing code, developed and sponsored by the Institute, will be discussed by C. E. Arnott, Vice-President of the Socony-Vacuum Oil Co. Baird H. Markham,of the American Petroleum Industries Committee, will discuss the tax situation. A decline of 1,587,000 barrels in crude oil stocks held in the United States during the final week of September pared the total to 305,050,000 barrels, the Bureau of Mines reported Oct.9. Domestic stocks were off 1,572,000 barrels, while foreign holdings declined 15,000 barrels, the report disclosed. Daily average crude oil production in the United States last week of 2,719,600 barrels was off 43,600 barrels from the previous week, the American Petroleum Institute reported. The total compared with estimated October demand of 2,554,000 set by the Bureau of Mines, and actual output in the like 1934 period of 2,379,950 barrels. Oklahoma, Texas and California all reported lower production for the week, the latter two dipping below the estimated demand set by the Bureau of Mines for the respective States. California, however, showed only a nominal decline and production was far above the estimated level. There were no price changes posted during the week. Prices of Typical Crudes per Barrel at Wells (All gravities.where A.P.I. degrees are not shown) 81.00 Bradford,Pa $2.00 Eldorado. Ark..40 1.00 1.15 Rusk, Tex.. 40 and over Lima (Ohio 011 CO.) .87 Corning, Pa 1.32 Darst Creek 1.02 IllinoIs 1.12 Midland District, Mich 1.23 Western Kentucky 1.13 Sunburst, Mont hild'Cont., Okla., 40 and above-- 1.08 Santa Fe Springs, Calif., 38 & over. .41 Hutchinson. Tex. 40 and over__ .81 Huntington, Calif., 30 and over.... .43 .56 Spindletop. Tex., 40 and over ' 1.03 Kettleman Hills, 39 and over .46 Winkler, Tex .75 Long Beach, 31 and over 1.10 Smackover. Ark.. 24 and over .70 Petrolia, Canada -MIDREFINED PRODUCTS -WEST COAST GAS PRICES DIP -PENNSYLWEST BULK GAS MARKET HOLDS AT PEAK VANIA LUBRICANTS ADVANCE -GULF COAST EXPORT MARKET GAINS -GAS STOCKS OFF SHARPLY The unsettled gasoline price structure in California brought further reductions in the southern part of the State late in the week when the Shell Oil Co. took the lead in lowering service station prices 1-cent a gallon to 103% cents, 113/2 cents and 133% cents a gallon for third-grade, regular and premium grades, respectively, taxes included. Standard Oil of California, Union Oil and General Petroleum met the reduction immediately. The new price schedule is nearly 6 cents a gallon under the levels prevailing rar started late in the before the recent gasoline price vt summer in southern California. Bulk gasoline prices in the Mid-West area continued strong despite the recent reductions in service station prices of motor fuel over large sections of the area. The current 7 level of 43 to 44 cents a gallon, refinery, for third trade 4 holds at the 1935 peak and is within a fraction of the high for the past five years. The price structure is a cent above 3 -cent above 1933. the like 1934 period and 4 Firmness in Pennsylvania lubricants, due to heavy domestic and export demand, was reflected during the week in several price advances in this division of the refined petroleum markets. Bright stock has been advanced -pour test of 183% cents 3/-cent a gallon to a new level on 25 2 a gallon. Neutral oils also have been raised %-cent a gallon. A sharp increase in demand for gasoline from Continental Europe, coupled with an unexpected dearth of offerings, 3 lifted the Gulf Coast price level 3r-cent to 5% to 53/i cents a gallon, the high for 1935. Offerings of gasoline for export shipment at the lower figure are reported scarce, shippers holding out for 53% cents a gallon in most instances, it was reported. Oct. 12 1935 Although the increased demand could not be traced entirely to the war situation in Italy, local oil men point out that the general tightening of the market in Europe due to wide-spread uneasiness over possible reverberations of the League of Nation activity in regard to the Italo-Ethiopian war, has played a major role in the strengthening of the market. Price-cutting in the retail gasoline market on Ontario broke out toward the close of the week as major companies sought to meet cut-price competition of independent companies. Imperial Oil, British American Oil and McColl Frontenac Oil Co. posted a cut of 13% cents a gallon on service station prices, affecting all of Ontario east of Fort William. The record high level of consumption of gasoline is continuing during October, contrary to the usual seasonal decline which sets in at this time of the year, gasoline stocks dipping 604,000 barrels in the first week of October to 42,372,000 barrels, reports made public by the American Petroleum Institute disclosed. The decline,comprised of a drop of 21,000 in refinery stocks and 583,000 barrels in bulk terminal holdings, accompanied a reduction of 2.9 points in operations of reporting refineries which ran at 74% of capacity. Daily average runs of crude oil to stills dipped 99,000 barrels to 2,519,000 barrels. Daily average output of cracked gasoline rose 15,000 barrels to 582,000 barrels. Stocks of gas and fuel oil rose 109,016,000 barrels, up 381,000 barrels. Representative price changes follow: Oct. 8 -Pennsylvania lubricant prices advanced, bright stock moving up 34 cent a gallon to 1835 cents for 25 pour test. Neutral oils also were advanced cent. Oct. 9 -Shell Oil Co. cut service station prices of gasoline 1 cent a gallon in Southern California to 10M cents, 1135 cents and 1334 cents gallon, taxes included, for third, regular and premium grades, respectively. Oct. 10 -Gulf Coast prices of gasoline for export rose 34 cent a gallon 3 to 5/s to 534 cents a gallon. Oct. 11-Major oil companies posted a cut of 135 cents a gallon in retail gasoline prices in Ontario, east of Fort William. Gasoline, Service Station, Tax Included z New York Minneapolis $1.69 8.193 Cincinnati $1.75 Brooklyn 175 New Orleans 21 188 Cleveland Newark Philadelphia 20 .17 Denver 18 Camden. .17 155 Pittsburgh 19 Detroit Boston .165 .205 San Francisco .135 Jacksonville Buffalo .13 St. Louis Houston .17 .172 Chicago .is Los Angeles .115 Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery New York 'North Texas.$.03%-.034 New Orleans..$.034-.04 (Bayonne) $.04%-.04% I Los Angeles__ .0434-.05 . Tula* .034-.04 Fuel Oil, F.O.B. Refinery or Terminal N. Y. (Bayonne) 1.80 New Orleans $.951Callfornia 27 plus D Bunker C 81.15-1.25 Phila., bunker C---- .9 Diesel 28-30 D____ .165 Gas Oil, F.O.B. Refinery or Terminal N. Y. 1.02X-.02% 27 plus- -.3.04 -.0434 I 32-36 GO_ -$.02%-.02,1 Tulsa (Bayonne)-'Chicago' ' U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery Standard 011 N..1.3.06% New YorkChicago $ 05%- 05% Socony-Vacuum____ .06% Colonial Beacon__$.06% New Orleans.. .0554-.0534 Tide Water Oil Co-- .0634 .0634 Los Ang., .0534-.04% Texas Richfield Oil (Calif.) .0634 0634 Gulf ports__ .05%-.0534 Gulf Warner-Quinlan Co_ .0634 Republic 011 .0634 Tulsa Sheel East'n Pet__ .0634 z Not including 2% city sales tax. August Production of Crude Petroleum Month Last Year 7% Above Like The monthly petroleum statement of the U. S. Bureau of Mines showed that the production of crude petroleum in August 1935 amounted to 84,816,000 barrels, or a daily average of 2,736,000 barrels. This average is 21,600 barrels below that of July, 7% above the average of a year ago, and 81,000 barrels above the recommendation of the Bureau of Mines for August. The excess of daily average production over the recommendation in August (81,000 barrels) was slightly below the excess in California, indicating that production east of California was below the recommended level for the first time since November 1933. The Bureau's statement further showed: Production in all the leading States except California and Louisiana declined in August. The daily average output in California increased to 600.100 barrels following the breakdown of proration in some fields. Production in Louisiana continued to set new records; the State was also in the limelight because of the developments of the new field at Rodessa. Production in East Texas showed little change, but declines in other districts brought the daily average for the State down to 1,059,600 barrels front 1,074,100 barrels in July. Withdrawals from crude-oil stocks continued heavy as refinery operations were maintained at high levels. Daily average crude runs in August were 2,729,000 barrels, which is slightly below the average in July, but sufficiently in excess of production to be the chief factor in reducing stocks of refinable crude oil from 329.351,000 barrels on July 31 to 324,966,000 barrels on Aug. 31. Despite an increase in the yield of gasoline by cracking, the average declined from 45.3% in July to 44.8% in August. The demand for motor fuel continued to fulfill the most optimistic estimates and to establish new records. The domestic demand for motor fuel in August 1935, was 42,901.000 barrels, an increase of 10% over the domestic demand in August 1934. Exports of motor fuel in August fell considerably short of the levels of June and July. yet the total of 2,822,000 barrels was 30% higher than a year ago. Stocks of finished and unfinished gasoline, reflecting the heavy movement from refineries and terminals, declined 4,746,000 barrels in August, or from 56.446.000 barrels on July 31 to 51,700,000 barrels on Aug. 31. The latter was not far above the objective as of Sept. 30. The demand for fuel oil, which had been ragistering the usual seasonal decline, showed a marked increase in August. According to the Bureau of Labor Statistics, the price index for petroleum products for August 1935, was 52.4, compared with 52.9 for July 1935. and 51.6 for August 1934. The refinery data of this report were compiled from refineries having an agreegate daily recorded crude oil capacity of 3.690,000 barrels. Those refineries operating during August 1935, at 74% of their capacity, compared with an operating ratio of74% in July. SUPPLY AND DEMAND OF ALL OILS (Thousands of Barrels of 42 Gallons) Jan.Aug. 1935 Jan. Aug. 1934 Aug. 1935 New Supply Domestic production: Crude petroleum Daily average Natural gasoline Benzol_ a Total production Daily average Imports b: Crude petroleum: Bonded warehouses For domestic use Refined products: Bonded warehouses For domestic use Total new supply, all oils Daily average Decrease in stocks, all oils July 1935 Aug. 1934 84,816 2,736 3,058 159 88,033 2,840 85,485 2,758 3,132 144 88,761 2,863 79,105 646,486 608,517 2,660 2,504 2,552 3.057 24,800 23,712 123 1,171 1,220 82,285 672,457 633,449 2,654 2,767 2,607 802 2,552 479 2,041 956 502 92,845 2,995 1,237 467 92,985 3,000 7,959 2,041 Demand Total demand 100,804 Daily average 3,252 Exports: Crude petroleum 4,946 Refined products 6,631 Domestic demand: Motor fuel 42,901 Kerosene 3,631 Gas oil and fuel oil 27,389 Lubricants 1,667 Wax 75 Coke 517 Asphalt 2,223 Road oil 1,453 Still gas (production) 4,608 Miscellaneous 180 Losses and crude used as fuel.... 4,583 Total domestic demand Daily average Stocks Crude petroleum Natural gasoline Refined products 89,227 2,878 95,026 3,065 5,832 7,093 516 2.230 4,719 16,557 598 8,201 6,844 536 6,107 2,777 86.165 708,041 666,702 2.780 2,914 2,744 4,132 6.095 11,940 90,297 714.136 678,642 2,913 2,939 2,793 3,696 5,947 33,210 47,329 26,665 49,210 41,203 39,105 283,644 269,184 2,885 2,803 29,435 27,493 23,4E4 24,595 224,598 216,376 1,655 1,494 13,072 12,588 70 53 605 605 552 552 4,300 5,238 2.034 1,817 10,678 9,008 1,204 1,288 4,725 4,769 4,814 4,240 33,445 29,349 177 214 1,443 1,413 4,053 4,493 27,652 26,744 82,101 80,654 633,597 602,767 2,648 2,602 2,607 2,481 324.966 329.351 351,092 324,966 351,092 5,578 5.818 4,790 5,578 4,790 227,509 230,845 234,376 227,509 234,376 PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL FIELDS (Thousands of Barrels of 42 Gallons) August 1935 917 29.6 1,339 43.2 2,229 71.9 78.8 2,443 1.384 44.6 11,209 361.6 18,604 600.1 134 4.3 379 12.2 71 2.3 4,613 148.8 454 14.7 3.617 116.7 758 24.5 4,375 141.2 1,337 43.2 426 13.7 1,822 58.8 369 11.9 234 7.6 2.4 77 311 10.0 4,365 140.8 3,985 128.6 7,007 226.0 15,357 495.4 1,305 42.1 5,229 168.7 4,600 148.4 15,198 490.3 1,665 53.7 6,155 198.5 32,847 1,059.6 317 10.2 515 16.6 659 21.3 37.9 1,174 Jan. Aug. 1934 936 30.2 7,373 7,539 1,322 42.7 9,890 10,194 1,906 61.5 15,272 14,115 2,402 77.5 16,868 15,454 1,241 40.0 9,503 10,079 10,547 340.2 75.615 67,176 17,418 561.9 127,148 117,018 124 4.0 1,031 733 377 12.2 2,831 3,120 63 2.0 505 575 4,865 156.9 36,615 31,233 467 15.1 3,545 3,076 3,596 116.0 25,338 14,134 716 23.1 5,634 6,167 4,312 139.1 30,972 20,301 1,257 40.5 9.352 7,117 416 13.5 2,938 2,157 1.804 58.2 13,346 11,052 12.0 2,799 2,463 372 264 8.5 2.084 2.170 85 2.8 628 664 349 11.3 2.712 2.834 4.895 157.9 38,053 43.800 4,306 138.9 31,675 26,123 7,234 233.4 54,054 53,144 16,435 530.2 123,782 123,067 1.376 44.4 10,626 9,807 5.287 170.5 41,255 39.966 4,634 149.5 36,427 33,249 15,279 492.9 118,090 123,390 1,774 57.2 14,305 13,293 6,323 204.0 49,211 45,638 33,297 1,074.1 259,288 255,536 339 10.9 2,631 2,724 522 16.8 4,179 4,342 752 24.3 4,785 3,988 1,274 41.1 8,964 8,330 28 35 Total United States 84,816 2,736.0 85,485 2,757.6 646,486 608,517 a Includes Missouri, Tennessee and Utah. Daily Average Crude Oil Output Continues Decline The American Petroleum Institute estimates that the daily average gross crude oil production for the week ended Oct. 5 1935 was 2,719,600 barrels. This was a loss of 43,600 barrels from the output of the previous week. The current week's figure was, however, above the 2,554,200 barrels calculated by the United States Department of the Interior to be the total of the restrictions imposed by the various oil-producing States during October. Daily average production for the four weeks ended Oct. 5 1935 is estimated at 2,751,800 barrels. The daily average output for the week ended Oct. 6 1934 totaled 2,379,950 barrels. Further details as reported by the Institute follow: Imports of petroleum for domestic use and receipts in bond at principal United States ports for the week ended Oct. 5 totaled 953,000 barrels, a Actual Production Dept. of Interior Calcula- Week End. Week End Guns Oct. 5 Sept. 28 1935 1935 (October) Oklahoma Kansas Average 4 Weeks Ended Oct. 5 1935 Week Ended Oct. 6 1934 475,450 143.450 Panhandle Texas North Texas West Central Texas West Texas East Central Texas East Texas Southwest Texas Coastal Texas 492.150 147,550 488,950 147,500 420,800 120,200 59,050 59,600 25.600 155,400 43,900 424,650 61,300 190,200 492,900 146,100 55,550 59,000 25,600 155,050 47,200 444,800 60,600 194,000 55,650 59,250 25,800 154,600 46.250 439,000 60,350 192,250 61,750 58,250 27,800 147,600 51.200 429,700 56,200 178,000 1,025,500 1,019,700 1,041,800 1,033,150 1,010,500 Total Texas 27,650 122,150 27,800 121.350 26,700 121,700 23,50 78,850 125,100 149,800 149,150 148,400 102,600 29,200 98,100 39,500 34,300 11,000 4,200 50,600 30,200 105,600 53,050 41,200 13.050 4,450 56,150 30,250 104,750 52,500 37,750 13,050 4,900 56.250 30,200 105,000 50,400 38,450 13,200 4,550 56,500 30,650 102,800 32,250 37,450 11,300 3,850 46,150 North Louisiana Coastal Louisiana Total Louisiana Arkansas Eastern Michigan Wyoming Montana Colorado New Mexico Total east of California_ 2,056,500 2,092,100 2,130,100 2,116,300 1,918.550 California 497,700 627,500 633.100 635,500 461,400 2.554.200 2.719.600 2.763.200 2.751.800 2.379.950 Total United states 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 OCT. 5 1935 (Figures in thousands ot barrels of 42 gallons each) Stocks a Stocks of b Stocks of of tinFinReporting Daily P. C. tshed finished Other Aver- Oper- Gaso- Gaul- Motor tine Total P. C. age aged Fuel line Daily Refining Capacity of Plants July 1935 Jan.Daily Daily Aug. Total Average Total Average 1935 daily average of 136,143 barrels, compared with a daily average of 157,286 barrels for the week ended Sept. 28 and 132,893 barrels daily for the four weeks ended Oct. 5. Receipts of California oil at Atlantic and Gulf Coast ports for the week ended Oct. 5 totaled 80,000 barrels, a daily average of 11,429 barrels, compared with a daily average of 28,714 barrels for the week ended Sept. 28 and 25,000 barrels daily for the four weeks ended Oct. 5. Reports received from refining companies owning 89.5% of the 3,806,000 barrel estimated daily potential refining capacity of the United States, indicate that 2.519.000 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, 25,204,000 barrels of finished gasoline: 5.415.000 barrels of unfinished gasoline and 109,016,000 barrels of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines amounted to 17.168.000 barrels. Cracked gasoline production by companies owning 95.9% of the potential charging capacity of all cracking units, averaged 582.000 barrels daily during the week. DAILY AVERAGE CRUDE OIL PRODUCTION (Figures in Barrels) 2,506 21,126 Total, all oils 558,053 566,012 590,258 558,053 590,258 Days' supply 185 172 203 190 211 a From Coal Division. b Imports of crude as reported to Bureau of mines; imports of refined products from Bureau of Foreign and Domestic Commerce. Arkansas California-Huntington Beach Kettleman Hills Long Beach Santa Fe Springs Rest of State Total California Colorado Illinois Indiana Kansas Kentucky Louisiana-Gulf Coast Rest of State Total Louisiana Michigan Montana New Mexico New York Ohio-Central and Eastern Northwestern Total Ohio Oklahoma-Oklahoma City Seminole Rest of State Total Oklahoma Pennsylvania Texas-Gulf Coast West Texas East Texas Panhandle Rest of State Total Texas West Virginia Wyoming-Salt Creek Rest of State Total Wyoming Other_a 2349 Financial Chronicle Volume 141 District Potenttal Rats 612 154 442 East Coast__ Appalachian. Ind., Ill., Ky onca.. Kan, Missouri__ Inland Texas Texas Gulf_ La. Gull__ -Ark. No. La. Rocky MtnCalifornia.- 453 330 617 169 • 80 97 852 Totals week Oct. 5 1935 Sept. 28 1935 3,806 3,806 Crude Runs to Stills 612 100.0 146 94.8 424 95.9 517 84.5 12,596 99 67.8 1,761 329 77.6 7,516 384 160 595 163 72 60 789 254 85 527 122 41 41 504 84.8 48.5 96.4 96.4 90.0 61.9 92.6 66.1 53.1 88.6 74.8 56.9 68.3 63.9 4,134 1,088 5,101 950 324 545 8,357 ssocas of Gas and Fuel Oil 904 272 669 255 13,528 95 933 45 4,642 401 202 1,558 324 18 98 969 760 4.842 1,825 1,555 151 11,893 ____ 4,614 463 145 792 100 2,200 65,754 3,405 89.5 3,405 89.5 2,519 74.0 d42,372 5.415 5,580 109,016 2,618 76.9 c42,976 5,515 5,725 108,635 a Amount of unfinished gasoline contained in naphtha distiliates. b Estimated: Includes unblended natural gasodne at refineries and plants; also blended motor fuel at plants. c Includes 25,225,000 barrels at refineries and 17,751,000 barrels at bulk terminals, in transit and pipe lines. d Includes 25,204,000 barrels at refineries and 17,168,000 barrels at bulk terminals, in transit and pipe lines. • Preliminary Estimates of Bituminous Coal Output for September Indicate Large Drop-Anthracite Gains According to preliminary estimates made by the United States Bureau of Mines, production of bituminous coal during the month of September 1935 amounted to 24,886,000 net tons. This compares with 26,112,000 tons produced in the preceding month and 27,772,000 tons of soft coal produced during the month of September 1934. Anthracite output during September of this year is placed at 4,176,000 net tons as against 2,591,000 tons in August and 3,977,000 tons in September 1934. The Bureau's statement follows: Total for Month (Net Tons) No. of Working Days Average per Cal. Year to Working Day End of Sept. (Net Tons) (Net Tons) September 1935(Prelim.) Bituminous coal 24 262,144,000 24,886,000 1,037,000 Anthracite 38,948,000 4,176,000 24 174,000 Beehive coke 25 622,700 54,500 2,180 August 1935 (Revised) Bituminous coal- _ _ _J 26,112,000 27 987,000 Anthracite 2,591,000 27 98,000 Beehive coke 56,100 27 2,078 September 1934 Bituminous coal 24 27,772,000 1,157,000 262,401,000 Anthracite 3,977,000 24 165,700 43,770.000 Beehive coke 54,800 25 2.192 743.500 Note-All current estimates will later be adjusted to agree with the results Of complete canvass of production made at the end of the calandar year. the Natural Gasoline Output Lower During August The production of natural gasoline decreased in August 1935, according to a report prepared by the Bureau of Mine 2350 Financial Chronicle for Petroleum Administrator Harold L. Ickes. The daily average output in August was 4,142,000 gallons which is exactly the same as the average of August 1934 but is 101,000 gallons below the average of July 1935. Although the administration of certain features of the Texas gas law, enacted chiefly to stop the waste of residue gas in the Panhandle, has been held up pending court decisions, operations at the "stripper" plants were curtailed and the output in the Panhandle declined nearly 30% in August. Outside of the Panhandle and Oklahoma City, natural gasoline production was generally higher in August. Stocks of natural gasoline continued to show an unseasonal decline, the total on hand August 31 being 234,276,000 gallons, compared with 244,279,000 gallons on hand July 31. The Bureau's report further disclosed: PRODUCTION AND STOCKS OF NATURAL GASOLINE (In Thousands of Gallons) Oct. 12 ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE COKE (NET TONS) Week Ended ProduMion Stocks Aug. 31 1935 Aug. July Jan. Aug. 1935 Jan. Aug. 1934 July 31 1935 At At Plants At At Plants Refin- & Ter- Refin- & Terales minals eries minals East coast 8,904 11,970 Appalachian. 3,800 3,649 40,723 37,600 42 3,591 126 4.038 Ill.. Mich.& Ky. 715 645 6.277 5,500 1,974 220 1,880 270 Oklahoma 30.489 30,759 239.731 234,300 2,352 30,090 2,394 28,996 Kansas 2,318 2,344 20.411 17,800 126 1,439 126 1,706 Texas 37,321 43,637 331,779 294,200 5,712 76,750 6,594 82,283 Louisiana 4,036 3.776 30.115 26,000 42 8,164 252 4,907 Arkansas 1,165 1,260 8,971 8,800 168 168 221 188 Rocky Mountain 4.279 4.353 34,310 37,900 3,696 1,271 2,898 1,495 California 44,275 41,124 329,283 333,800 86,310 3,237 90,930 3,225 hi; el P. Total 128,398 131,547 1041600 995,900 109.326 124,950 117,138 127,141 Daily average._ _ 4,142 4,243 4,288 4,100 Total (thousands of barrels)._ 3,058 3,132 24,800 23,712 2,603 2,975 2,789 3,027 Daily average_ 99 102 101 98 Slab Zinc Production and Shipments for September Again Higher The American Zinc Institute in its monthly zinc report released on Oct. 7, disclosed that a total of 36,088 short tons of slab zinc were produced during the month of September 1935. This compares with 35,922 tons produced in the preceding month and 26,515 short tons during September 1934. Shipments of zinc during the month under review totaled 42,217 tons, as against 39,200 tons the previous month and 21,913 tons the same month a year ago. Inventories as of Sept. 30 1935 were again below the total for a month ago. They stood at 106,316 short tons on Sept. 30 1935, as against 112,445 tons last month and 106,570 tons at the end of September last year. The Institute's statement follows: SLAB ZINC STATISTICS (ALL GRADES) -1929-1935 (Tons of 2.000 Pounds) Retorts (a) Stock at Shipped Operating End of End of for Period Export Period Average UnfWed Retorts Orders During End of Period Period Produced Durtag Period Shipped During Period 631,601 52,633 602,601 50,217 75,430 6,352 529 57.999 68,491 18,585 504.463 42,039 43(1,275 38,356 143,813 196 18 31.240 47,769 300,738 25.062 314,514 26.210 129,842 41 3 19.875 23,099 18,273 Sept. 28 1935 c Sept. 21 1935 d 213.531 17.794 218,517 18,210 124,858 170 14 21.023 18.560 8.478 324.705 27,069 344,001 28,667 105,560 239 20 27,190 23.653 15,978 1934 January February March April May June July August September_ _ October November._ __ December..,,. 33,077 30,296 33845 30.686 30,944 25.160 24.756 26,169 26,515 34,527 34,977 35,981 26,658 32,485 32,877 32,072 35,589 30,217 26.966 21,663 21,913 30,294 29,928 32,003 111,981 109.792 110.760 109,874 104,720 99,672 97.4132 101,988 106.570 110,803 115,852 119,830 4 28.744 30,783 26.952 28,692 27.193 31,284 30.324 30,442 31,352 31,964 32.793 32.944 26,975 27,779 28,816 25,349 25,086 27,720 29,048 30.637 30,562 32,179 30,265 32,226 26,717 26,676 21,976 27,396 20,831 21,726 16,058 14,281 11,121 19.188 31,929 30.786 Total for year. 386,933 Monthly aver_ 30,578 1935 January. 35.218 February 33.494 March 36,667 352,663 29,389 35,536 34,903 41.137 4 5 148 12 117,685 116.276 111.806 0 33 0 April 35,334 38,460 108,680 3 May 34.597 35.652 107,625 23 June 34.677 29.393 112.909 0 July 35,055 32,241 115,723 0 August 35,922 39.200 112,445 0 September_ 36,088 42,217 106,316 28.887 32,658 32,230 25,993 33,210 33,157 25,816 35.196 32.535 20.000 629.691 629,865 33.719 32,450 22,435 627,000 629,467 32.389 30,387 35.878 625,709 628,003 33,838 31.230 26,967 627.172 628,814 33,884 31,244 36,939 627.374 629,193 32.942 30,492 39,238 628,565 b28,402 870 32.445 47,080 1,213 986 630,450 , b Equivalent retorts com- 01I •Export shipments are included in total eh pments puted on 24 -hour basis. Note-These statistics include all corrections and adjustments reported at the Calendar Year to Date Sept. 29 1934 1935 1934 e 1929 Mum. coal: a Tot.for per'd 1,662,000 7,693,000 7,343,000 261,858,000 260,949,000 387,223,000 Daily er. 277,000 1,282,000 1,224,000 1,146,000 1,141,000 1,686,000 Pa. anthra.: b Tot,for per'd 1,573,000 1,000,000 929,000 38.670,000 43,511,000 52.254,000 Daily aver.. 262,000 166,700 154,800 170,000 191,300 229,700 Beehive coke: Tot,for per'd 13,400 13,500 6,600 621,600 739,700 5,130,900 Daily aver__ 2,250 .2,233 1,100 2,679 3,188 22,116 a Includes lignite, coal made into coke, Inca sales, and colliery fuel. b Includes Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped by truck from established operations. Does not include an unknown'amount of "bootleg" coal. c Subject to revision. Revised. e Adjusted to make comparable the number of working days for the three years. ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (IN THOUSANDS OF NET TONS) [The current weekly estimates are based on railroad carloadings and river shipments and are subject to revision on receipt of monthly tonnage reports from district and State sources or of final annaul returns from the operators.] Week Ended Sept. sot. 21 Sept. 14 Sept. 22 Sept. 23 Sept. 21 Aver. 1935p 1935p 1934r 1933r 1929 1923. Alaska Alabama Arkansas and Oklahoma Colorado Georgia & North Carolina Illinois Indiana Iowa Kansas and Missouri Kentucky-Eastern.• Western Maryland Michigan Montana New Mexico North and South Dakota Ohio Pennsylvania bituminous Tennessee Texas Utah Virginia Washington West Virginia-Southern.b Northern_c Wyoming Other Western Statee.d .ei Total bituminous coal Pennsylvania anthracite 26,651 1929 Total for year. Monthly aver_ 1930 Total for year. Monthly aver. 1931 Total for year. Monthly aver. 1932 Total for year. Monthly aver. 1933 Total for year. Monthly aver. 1935 net tons, a drop of more than 6,000,000 tons from the output in the preceding week. The decrease was due to the widespread labor difficulties. Anthracite production in Pennsylvania during the week ended Sept. 28 increased sharply. The total output is estimated at 1,573,000 net tons, a gain of 57.3% over the preceding week. Production during the corresponding week in 1934 amounted to 929,000 tons. During the calendar year to Sept. 28 1935 a total of 261,858,000 tons of bituminous coal and 38,670,000 net tons of Pennsylvania anthracite were produced. This compares with 260,949,000 tons of soft coal and 43,511,000 tons of hard coal produced in the same period of 1934. The Bureau's statement follows: 2 182 90 151 1 798 293 77 128 716 138 35 17 87 26 29 431 1,792 93 15 72 223 25 1,831 531 130 7,693 1,000 254 24 1,852 547 124 ---- 2 s 162 197 76 45 140 141 1 s 867 735 296 261 68 55 122 95 598 720 160 159 41 33 22 s 63 45 29 24 43 s41 351 524 1.804 886 76 79 18 20 63 82 150 179 27 19 1,403 1,677 380 630 112 99 s5 ---- 8,355 794 6,864 1,072 2 186 89 153 1 861 341 77 135 767 158 35 16 68 29 31 488 1,960 ao 14 iss • 347 134 256 s 1,304 373 99 149 976 303 44 17 79 49 e59 488 2,858 105 19 113 261 47 2,096 729 158 $5 • 406 96 214 s 1,587 550 117 168 713 248 40 27 68 56 827 861 3,585 119 26 103 245 58 1,474 857 165 s4 6.744 11,088 11,814 1,114 1,564 714 Grand total 8.693 9,149 7,936 7.858 12.832 12.528 a Coal taken from under Kentucky mountains through openings in Virginia Is credited to Virginia in the current reports for 1935, and the figures are therefore not directly comparable with former years. b Includes operations on the N. & W.: C.& O.: Virginian; B. C. & G., and on the B. & 0. in Kanawha, Mason, and Clay Counties. c Rest of State, including Panhandle District and Grant, Mineral and Tucker Counties. d Includes Arizona. California, Idaho, Nevada. and Oregon. e Average weekly rate for the entire month. p Preliminary. r Revised. a Alaska, Georgia, North Carolina, and South Dakota included with "other Western States." August Exports of Tin Under International Tin Agreement Same as in July-Committee Recommends 5% Increase in Shipment Quotas The five countries participating in the International Tin Agreement exported 10,844 tons of tin during August, the same amount as exported during July, it is reported in a communique issued Oct. 4 by the International Tin Committee through the New York office of the International Tin Research & Development Council. According to the communique, the committee recommended to the participating countries that the shipment quotas should be raised 5% to 70% of standard tonnages, retroactive to July 1. The communique follows: INTERNATIONAL TIN COMMITTEE COMMUNIQUE 1. The International Tin Committee met at London on Oct.3 1935. 2. The monthly statistics as to exports are as follows: January to April to June March (Quota 40%) (Quota 45%) N. E. I Nigeria Bolivia Malaya Shun 3,276 1,060 4.754 7,171 2001 4,390 1,209 5.355 8,184 1 RIR July August 1,804 309 2,119 5,348 1254 3,474 546 2.225 3,642 0A7 year-end. 3. The committee agreed to recommend to the signatory governments that the quotas be increased to 70% of standard tonnages, effective from July 1193,5. Labor Trouble Lowers Output of Soft Coal-Anthracite Rises Sharply The weekly coal report of the U. S. Bureau of Mines stated that the total production of soft coal for the country during the week ended Sept. 28 is estimated at 1,662,000 As the committee's action recommending the increase in the shipment quotas, a London cablegram, Oct. 3, to the New York "Journal of Commerce" of Oct. 4, said: This is the second time that the committee has seen fit to increase the shipment quotas for the commodity, having brought the rate up during 2351 Financial Chronicle Volume 141 the summer to 65% from 50%. Visible world supplies, notwithstanding the recent increase, have been shrinking in face of expanded consumer needs. and at the end of September stood at 12,597 tons, a decrease of 2,405 tons for the month. These are the smallest world tin supplies since 1907. Large Tonnages of Copper, Lead, and Zinc Purchased on Upward Price Trend "Metal and Mineral Markets" in its issue of Oct. 10 said that buying of major non-ferrous metals in the last week in the domestic and foreign markets was very active. Though the war situation undoubtedly had much to do with the operations abroad, domestic consumers purchased freely, chiefly because of the growing firmness of commodity prices in general and the feeling that producers are not yet satisfied with the levels at which items like copper, lead, and zinc are selling. During the last week copper advanced in Valley, the highest price since the domestic market to 9 May 1 1931. Lead advanced 10 points for the week; zinc 10 points, antimony seven-eighth of a cent per pound, bismuth 10 cents per pound, and platinum $2 per ounce. Cadmium was scarce, even for future delivery, and the quotation of 85c. per pound was considered wholly nominal. Producers of cadmium are wondering whether the automobile industry will take as much of the metal next year as in 1935. "M. & M. M." further stated: Copper Advanced to 95ic. Domestic copper sales for the week totaled close to 55,000 tons, an extraordinary week's business. Many in the industry did not believe that so much buying power was left in the market after the heavy sales booked in the last three months. Early in the week it became quite evident that buyers were very nervous over the situation, and inquiry for copper developed on a substantial scale. The rate of activity increased until Oct. 7, When 34,478 tons of copper were sold, virtually all of which was disposed of on the 9c. basis. Early that day most sellers withdrew from the market and left matters pretty much in the hands of the leading interests. For a time it looked as if the price would move up one-half cent, but late in the day it was known that the new selling basis would be established at an advance of only one-quarter cent. On the following day, Oct. 8, all sellers moved up to 9Mc., with transactions for the day at that level. ,The industry is now wondering about what the September statistics will show. Most traders look for a substantial decrease in stocks, resulting from large shipments to consumers. Actual consumption of copper in the domestic market is believed to be holding at around 47.000 tons a month with production moving up to 40,000 tons. Demand for copper abroad also was active early in the week, inspired by the war developments as well as bullish news from this side. The price fell below 9c., c.i.f. on Oct. 9, as speculators did not care to take further chances pending news on action directed against Italy by members of the League of Nations. The deal to supply 50,000 tons of copper to Italy could not be closed, for credit requirements under sanctions seemed out of the question. Discussion about increasing foreign production resuited in nothing definite, though producers would not be surprised if output would be stepped up moderately in the foreign field. Lead at 4.60c., N. Y. The lead market experienced the most active week of the current year, sales totaling more than 15,750 tons. The heavy demand might have refleeted a certain amount of anticipatory buying by consumers who feared that prices may rise on war developments abroad, but producers felt otherwise, believing that actual consumption of lead's increasing here,and most manufacturers are now disposed to replenish their normal reserve stocks. The buying resulted in an advance in the price on Oct. 7, establishing the market at 4.60c., New York, which figure was also named as the settling basis by the American Smelting & Refining Co., and 4.45c., St. Louis. St. Joseph Lead obtained a premium on its sales in the East throughout the week. Buying of lead was confined chiefly to October and November shipment metal. Producers estimate that the October needs of consumers are now about 90% covered, and November about 40%. Demand came from diverse sources, and even cable manufacturers seemed a little more interested than in recent heavy buying periods. A feature in the week's business in load was the sustained buying at the higher level. The current quotation of 4.60c., New York, compares with the low for the current year of 3.50c. Tin Production Increased The action of the Tin Committee to increase production to 70% of standard tonnages had little influence on prices. This move should Increase the available supply for the second half of the year about 5,500 tons. Demand for tin was fair. Chinese tin, 99%, was quoted nominally as follows: Oct. 3. 48.50c.i Oct. 4, 48.85c.: Oct. 5, 48.90c.; Oct. 7,50c.; Oct. 8, 49.75c.: Oct. 9, 50.25c. September Pig Iron Output Up 4.2% The "Iron Age" in its issue of Oct. 10 stated that production of coke pig iron in September totaled 1,776,476 gross tons, compared with 1,761,286 tons in August. The daily rate in September, at 59,216 tons, increased 4.2% over the August rate of 56,816 tons. The "Age" further showed: There were 104 furnaces in blast on Oct. 1, making iron at the rate of 59,250 tons a day, against 99 furnaces on Sept. 1, making iron at the rate of 56,815 tons a day. Eight furnaces were blown in during the month and three were blown out or banked. The Steel corporation put three furnaces in operation, independent steel companies put one in blast and took three off blast, and merchant producers blew in four furnaces. Among the furnaces blown in were the following: One Edgar Thomson, one Mingo, and one South Chicago (old). Carnegle-Illinois Steel Corp.; one Lackawanna, Bethlehem Steel Corp.; Brooke. E. & G. Brooke Iron Co.; Perry. l'ickands, Mather & Co.; Globe, Globe Iron Co., and Jisco, Jackson Iron & Steel Co. Furnaces blown out or banked included a Donner and a Haseiton furnace of the Republic Steel Corp., and the Norton furnace of the American Rolling Mill Co. DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED -GROSS TONS STATES BY MONTHS SINCE JAN. 1 1930 1930 1931 1932 1933 1934 1935 91,209 101,390 104,715 106,062 104,283 7,804 55,299 60,950 65,556 67,317 64,325 54.621 31.3°0 33,251 31.201 28,430 25.276 20,935 18,348 19,798 17,484 20,787 28,621 42,166 39,201 45,131 52,243 57,561 65.900 64.338 47,656 57,448 57.098 55.449 55,713 51,750 First six MOnths. 100.891 61,356 28,412 24,536 54,134 54,138 18,461 17.115 19,753 20,800 21,042 17,615 57,821 59,142 50,742 43,754 36,174 38,131 39,510 34,012 29,935 30,679 31.898 33,149 49,041 56,816 59,216 January February March April May June July AM= September October November December 85,146 81.417 75,890 69,831 62,237 53,732 47,20L 41,308 38,964 37,848 36,782 31.625 43.592 36.199 23.733 50.069 12 mnn averare_ 88 025 PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE (GROSS TONS) Ferromanganese y Pig Iron x January February March April May June Hair year July August September October November December 1934 1935 1934 1935 1,477,336 1,608.552 1,770,028 1,663,475 1,727,095 1,552,514 1,215.226 1,263,673 1,619.534 1,726,851 2,042,896 1,930,133 10,048 12,258 17,762 18,302 17,541 12.961 11,703 10.818 17,605 15,418 10.001 10,097 9,799,000 9.798.313 88,902 75,642 1,520,263 1,761,286 1,776,476 1,224.826 1,054.382 898,043 951,062 956,940 1,027.622 13.175 12.735 15,983 10,188 8,733 7,100 9,830 8,134 4,563 124.190 15.911.188 :These totals do not include charcoal pig Iron. The 1933 production of this Iron was 32.941 gross tons. y Included in pig Iron figures. Nine Month's Steel Production 17% Ahead of 1934 Production of 2,829,835 gross tons of open-hearth and Bessemer steel ingots in September, announced Oct. 7 by the American Iron and Steel Institute, raised the nine month's total for 1935 to 24,044,076 gross tons. This production is 17% higher than the total of 20,542,334 gross tons produced in the corresponding period of last year. Average daily production of ingots during September was 113,193 gross tons, 4.7% above the daily production in August of 108,123 gross tons, and 123% above September 1934. The daily production in September was the highest since February of this year. The steel industry operated at 51.13% of capacity in September, compared with 48.84% in August and 23.05% in September a year ago. Below we show the figures, as reported by the Institute, for 1934 and nine months of 1935: MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL -JANUARY 1934 TO SEPTEMBER 1935 INGOTS (Reported by companies which in 1934 made 97.91% of the open hearth and of the Bessemer ingot production.1 100% ( Calculated Monthly Produaton Gross Tons 1935 January February March 1st quarter April May June 2nd quarter 1st 6 months July August September 3rd quarter 9 months 1934January February March let quartet April May June 2nd quarter 1st 6 months July August September 3rd quarter 9 months October November December 4th quarter Calculated No. of Daily a P. C. of Production Working Capacity (Gross Tons) Days 2,871,531 2,777,765 2,868,141 48.04 52.28 49.83 106,353 115,740 110,318 27 24 26 8,517,437 49.97 110.616 77 2,640,504 2,635,857 2,230,893 45.87 44.10 40.31 101.558 97,624 89,236 26 27 25 7,507,254 43.48 96,247 78 16,024.691 46.70 103,385 155 2,270,224 2,919,326 2,829,835 39.44 48.84 51.13 87,816 108,123 113,193 26 27 25 8,019,385 48.44 102,813 78 24.044.076 46.81 103,193 233 1,997,129 2,211,944 2,708.440 b 33.59 41.86 47.07 73,968 92,164 103.646 27 24 27 7,007,513 40.80 89,840 78 2.936,064 3,399,494 3,059,483 53.34 57.18 53.44 117,443 125,907 117,672 25 27 26 9,395,041 54.70 120,449 78 16,402,554 47.75 105,145 156 1,489,453 1,381,350 1,268,977 27.06 23.24 23.05 59,578 51.161 50,759 25 27 25 4,139,780 24.42 53,763 77 20,542,334 40.04 88.165 233 1,481,902 1,610,625 1,964,257 24.93 28.13 35.68 54,885 61.947 78,570 27 26 25 5,056.784 29.44 64.831 78 311 82.312 37.38 25,599.118 Total •Calculated on annual capacities as of Dec. 31 1934, as follows: Open heart and Bessemer ingots, 68,849,717 gross tons. b Calculated on annual copse ties as of Dec. 31 1933, as foilows: Open hearth and Bessemer ingots, 68,478,813 gross tons. 2352 Financial Chronicle Steel Shipments Decline in September Shipments of steel products by subsidiaries of United States' Steel Corp. totaled 614,933 tons in September, a decrease of 9,564 tons, as compared with the previous month when 624,497 tons were shipped. In September 1934 shipments were only 370,306 tons. Below we list the figures by months since January 1931: TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR YEARS INDICATED Month Yearly adjuatment_ Tntsal tnr van, Year 1932 Year 1933 Year 1934 Year 1935 800,031 762,522 907,251 878,558 764,178 653,104 593,900 573,372 488.928 478,032 435,697 351.211 January February March April May June July August September October November December Year 1931 426,271 413,001 388.579 395,091 338.202 324,746 272,448 291.688 318,019 310,007 275.594 227,576 285.138 275,929 258,793 335,321 455.302 603,937 701,322 668,155 575,161 572,897 430.358 600,639 331,777 385,500 588,209 643,009 745,063 985,337 369,938 378,023 •370,306 343,962 386.119 418,630 534,055 583,137 668,056 591,728 598,915 578,108 547.794 624,497 614.933 2(6,040) a(5,160) b(44.283) 7 575 754. 7 015 n59 High A MA 925 ..A 095572 a Reduction. b Addition. c Cumulative monthly shipments reported during the calendar year are subject to some adjustments reflecting annual tonnage reconciliations, which will be comprehended in the total tonnage shipped for the year as stated In the annual report. Steel Output Dips Pending Receipt of Automotive Orders Oct. 12 1935 High Low 1935 2.130e. Oct. 1 2.124c. Jan. 8 1934 2.199e, Apr. 24 2.008c. Jan. 2 1933 2.0150. Oct. 3 1.867c, Apr. 18 1932 1.977e. Oct. 4 1.926e. Feb. 2 1931 2.0370. Jan. 13 1.945c, Dec. 29 1930 2.2730. Jan. 7 2.0180. Dec. 9 1929 2.317c, Apr. 2 2.273e. Oct. 29 1928 2.286c. Dec. 11 2.217o. July 17 1927 2.4020. Jan. 4 2.212e. Nov. 1 Pig Iron Oct. 8 1935,$17.84 a Gross Ton Based on average of basic iron at Valley One week ago 517.84 furnace and foundry irons at Chicago. One month ago 17.84 Philadelphia, Buffalo, Valley and One year ago 17.90 Birmingham. High Low 1935 $17.90 Jan. 8 $17.83 May 14 1934 17.90 May 1 16.90 Jan, 27 1933 16.90 Dec. 5 13.56 Jan. 3 1932 14.81 Jan. 5 13.56 Dec. 6 1931 15.90 Jan. 6 14.79 Dec. 15 1930 18.21 Jan. 7 15.90 Dec. 16 1929 18.71 May 14 18.21 Dec. 17 1928 18.59 Nov.27 17.04 July 24 1927 19.71 Jan. 4 17.54 Nov. 1 Steel Scrap Oct. 8 1935. 512.67 a Gross Ton Based on NC. 1 heavy melting steel One week ago quotations at Pittsburgh, Philadelphia $12.83 One month ago 12.75 and Chicago. One year ago 9.50 Heavier The Oct. 10 issue of the "Iron Age" stated that automotive demand for steel, though held back by model delays and by Detroit's recent preoccupation with the "World's Series" has shown moderate improvement. The gain, however, was insufficient to prevent a slight falling off in steel ingot production, the present National rate being 52%, as compared with 52% a week ago. In certain centers further increases in output are reported, but this betterment was more than offset by losses elsewhere. Operations rose five points to 46% at Buffalo and two points to 84% in the lower Ohio River Valley, but dipped one point to 45% at Pittsburgh, 'one point to 59% at Chicago, and two points to 53% in the 'Valleys. The "Age" further said: 1935 1934 1933 1932 1931 1930 1929 1928 1927 $12.83 13.00 12.25 8.50 11.33 15.00 17.58 18.50 15.25 Low Oct. 1 Mar. 13 Aug. 8 Jan. 12 Jan. 8 Feb. 18 Jan. 29 Dec. 31 Jan. 11 $10.33 9.50 6.75 6.43 8.50 11.25 14.08 13.08 13.08 Apr. 23 Sept.25 Jan. 3 July 4 Dec. 29 Dec. 9 Dec. 3 July 2 Nov.22 The American Iron and Steel Institute on Oct. 7 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.2% of the steel capacity of the industry will be 49.7% of the capacity for the current week, compared with 50.8% last week, 49.7% one month ago and 23.6% one year ago. This represents a decrease of 1.1 points, or 2.2%, from the estimate for the week of Sept. 30. Weekly indicated rates of steel operations since Sept. 4 1934 follow: 1934Sept.4 Sept. 10 Sept. 17 Sept.24 Oct. 1 Oct. 8 Oct. 15 Oct. 22 Oct. 29 Nov. 6 Nov. 12 Nov. 19 Nov.26 Dec. 3 Dec. 10 193418.4%Dec. 17 20.9% Dec. 24 22.3% Dec. 31 24.2% 193523.2% Jan. 7 23.6% Jan. 14 22.8% Jan. 21 23.9% Jan, 28 25.0% Feb. 4 26.3% Feb. 11 27.3% Feb. 18 27.6% Feb. 25 28.1% Mar. 4 28.8% Mar. 11 82.7% Mar. 18 193534.6% Mar.25 35.2% Apr. 1 39.2% Apr. 8 Apr. 15 43.4% Apr. 22 47,5% Apr. 29 49.5% May 6 52.5% May 13 52.8% May 20 50.8% May 27 49.1% June 3 47.9% June 10 48.2% June 17 47.1% June 24 48.8% July 1 1935 48.1% July 8 44.4% July 15 43.8% July 22 44.0% July 29 44.6% Aug. 5 43.1% Aug. 12 42.2% Aug. 19 43.4% Aug. 26 42.8% Sept. 2 42.3% Sept. 9 39.5% Sept. 18 39.0% Sept.23 38.3% Sept.30 37.7% Oct. 7 32.8% 35.3% 39.9% 42.2% 44.0% 46.0% 48.1% 48.8% 47.9% 45.8% 49.7% 48.3% 48.9% 50.8% 49.7% A widening outlet for heavy rolled products in construction work and In Navy vessels, supplemented by a fair aggregate of rail roders, has raised the hopes of the trade that steel demand as a whole will suffer little, if any, recession, even though orders from the motor car industry fail to come up to expectations. Notwithstanding that undertainty "Steel" of Cleveland, in its summary of the iron and steel will prevail as to retail reception of new models until after the automobile markets on Oct. 7, stated: show, the automotive trade continues to adhere to its earlier forecasts of 700,000 50..750,000 assemblies during this quarter. Output for October Gaining momentum in production of new models, automobile manufacis expected to approach 200,000 units, with the exact figure depending turers last week released heavier steel tonnages, which with strongly suson the rapidity with which motor car makers get into full operations. tained demands from diverse consuming interests led to a vigorous rebound Farm equipment plants have again raised their already high rate of in steel works operations, up 234 Pointe to 533%. production, following an expansion of foreign sales, which are running Sheet and strip mills were correspondingly accelerated, and following two 75% heavier than a year ago. Refrigerator makers are placing larger weeks' general decline in ingot and finished steel output, this was believed orders for steel as they get into production on new models. Barrel manuby steel makers to mark the turning point,from which activity is expected facturers are taking more steel, mainly for alcohol containers. Producers to show a gradually mounting trend. of heating stoves and furances are speeding up operations in step with This week practically all automobile companies will be assembling 1936 cold weather demands. series, and will endeavor to push up schedules as rapidly as possible. Last Pig iron buying, notwithstanding heavy prior contracting for this quarweek 25,000 units were made, 10.000 more than in the preceding week. ter, remains active. Higher prices now seem certain before Jan. 1, since Though ofseconday importance in the current markets, interest was keen expected advances in fuel costs have now materialized. Connellsville in the probable affects of the Italo-Ethiopian war on iron and steel in this furnace coke for prompt shipment has risen 35 cents a ton to $3.60 ovens. country. So long as hostilities are confined to Ethiopia it was generally and foundry coke is up 25 cents to $4.25 ovens. believed there will be little increase in demand for finished steel. In fact, It is less certain that steel prices will reflect the advance in fuel costs, the first consequences are more likely to be to the disadvantage of American though It is perhaps significant that reports of scattered deviations from steelmakers, as the principal imports of manganese ore and considerable iron the market on a number of products are disappearing. gcrap, the most ore pass through the Mediterranean sea, high insurance rates making it sensitive barometer of the iron and steel industry, has suffered a setback. appear that prices will be advanced. A decline of 50 cents a ton in heavy melting steel at Philadelphia has Awaiting full interpretation of this Government's embargo on war depressed the "Iron Age" composite price for scrap (averaged from the materials, scrap commitments for export fell off considerably, and as conPhiladelphia, Chicago and Pittsburgh prices) from $12.83 to $12.67 a sequence eastern scrap prices were lower. On the other hand. Italy purton. This is the first recession in the index since the second week in June, chased a Clyde-Mallory line (American) freighter for scrap, despite reports but may be overemphasized. In the first place, the price of heavy melting that it has accumulated large stocks of scrap and other raw materials. steel at St. Louis, which is not included in the "Iron Age" index, has In this country, demand for pig iron increased substantially, with rising advanced 50 cents a ton. Secondly, the African war has halted sales of foundry operations and heavier shipments in most districts, and imports of scrap to Italy. While scrap is not expected to be included in the list of 10,000 tons. Machinery builders again appeared among the leading buyers embargoed war materials, Atlantic seaboard shippers are unwilling to of domestic iron. make new Italian commitments except on an f.o.b. American port basis. In heavy finished steel, specifications for structural shapes were larger, with the purchaser supplying the bottoms. but new awards dropped to 18.000 tons,including 6.950 tons for a bridge at Finished steel demand has not yet been materially affected by the outHomestead, Pa. In the New York metropolitan area 20,000 tons are up for break of hostilities abroad. Only a few scattered inquiries from the war bids. Los Angeles is about to place 19,000 tons of reinforcing bars for a zone have been received, among them two from Egypt for oil can sizes of pipe line. As only one shipbuilder submitted a bid to the navy for a cruiser tin plate. requiring 6,500 tons of steel, new tenders may be taken. American tin plate makers are less concerned about the effect of the For 500 hopper cars Norfolk & Western has decided to build in its war on exports than its effect on prices. There is already some evidence Roanoke. Va., shops 6,000 to 7,000 tons of steel will be required. Cincinof reluctance to announce the customary quotations for nine months ahead. nati, New Orleans & Texas Pacific has purchased 200 automobile cars in in the face of an uncertain international exchange which might seriously addition to 300 recently ordered. Chesapeake & Ohio has placed 21,842 Influence the course of pig tin prices. tons of rails. The Chesapeake & Ohio has distributed orders for 21,842 tons of rails The advance of$1 a ton in the base price of carbon steel bars which became and 1,000 tons of track accessories. A Western road has bought 2.400 generally applicable Oct. 1 drove in comparatively little tonnage, as with tons of rails. The Mobile & Ohio has placed 2.000 tons of rails with the new quantity deductions users still are able to obtain bars at a lower the Alabama mill. The Navy Department has awarded a 10.000 price than the former base. Lake Superior charcoal iron, and by-product -ton cruiser, requiring 7,000 tons of steel, to the Newport News Shipbuilding foundry coke, have been raised 50 cents a ton. & Dry Dock Co. Daily average pig iron production in September. 59,009 grows tons, was Structural steel awards total 20,100 tons, compared with 17,025 tons 4% higher than in August,and largest since June 1934. Total for the month, In the previous week. New projects, at 47,365 tons, are the largest since 1,770.259 tons, was6% over August. For nine months,output of 14,880.315 the last week in June. tons is 14% larger than in the same period last year. At the close of The "Iron Age" composite prices for pig iron and finished steel are September 104 stacks were in blast, a net gain of six In the month. unchanged at $17.84 a gross ton and 2.130 cents a pound, respectively. Pittsburgh steelworks operations last week were up 2 points to 48%; Chicago, 1 to 60; eastern Pennsylvania, 134 to 37; New England. 11 to 68; THE "IRON AGE" COMPOSITE PRICES Buffalo, 5 to 52; Youngstown, 2 to 58. Wheeling was unchanged at 81; Finished Steel Birmingham, 55%; Detroit, 94. Cleveland was down 5 to 82. Oet.8 1935, 2.130e. a Lb. Based on steel bars, beams, tank plates. "Steel's" iron and steel price composite is off 1 cent to $32.82. due to lower 2.130c. wire. rails. black pipe, sheets and hot One week ago scrap prices, while the scrap Index itself is down 4 cents to $12.75. Finished 2.124c. rolled strips These products make One month ago 2.1240. 85% of the United States output. One year ago steel composite remains $53.70. Financial Chronicle Volume 141 Steel ingot production for the week ended Oct. 7, is placed at 52 of capacity, according to the "Wall Street Journal" of Oct. 9. This compares with 51 in the previous week, and 51% two weeks ago. The "Journal"further said: U. S. Steel is estimated at 41%% against 40% in the two preceding weeks. Leading independents are credited with 62%,compared with 61,K% in the week before, and 60% two weeks ago. The following table gives a comparison of the precentage of production with the nearest corresponding week of previous years, together with the approximate changes, in points, from the week immediately preceding: 2353 U. S. Steel Industry 1935 1934 1933 1932 1931 1930 1929 1928 52S4 243 40 1734 2955 5654 84 87 +1 +154 — .54 +154 —334 —1 +2 41,i 213-4 37 18 32 6134 89 89 inn', RR 4.1 5214 -L. 1.4 +2 +34 +1 —334 — Si +3 Independents 62 2654 42 17 28 53 80 86 A'S + 34 + 45 +3 —34 +1 —3.54 —1 +1 4.1 Current Events and Discussions The Week with the Federal Reserve Banks The daily average volume of Federal Reserve bank credit outstanding during the week ended Oct. 9, as reported by the Federal Reserve banks, was $2,480,000,000, unchanged from the preceding week and $25,000,000 above the corresponding week in 1934. After noting these facts, the Board of Governors of the Federal Reserve System proceeds asfollows: On Oct. 9 total Reserve bank credit amounted to $2,478,000,000, an increase of $8,000,000 for the week. This increase correspnods with increases of $106.000,000 in member bank reserve balances, $10,000,000 in money in circulation and $6,000,000 in non-member deposits and other Federal Reserve accounts, and a decrease of $3,000,000 in Treasury and National bank currency, offset in part by an increase of $49,000,000 in monetary gold stock and a decrease of $67,000,000 in Treasury cash and deposits with Federal Reserve banks. Member bank reserve balances on Oct.9 were etimated to be approximately $2,720,000,000 in excess of legal requirements. Relatively small changes were reported in holdings of discounted and purchased bills and industrial advances. An increase of $43,000,000 in holdings of United States Treasury bills was offset by a decrease of $43,000,000 in United States Treasury notes. Beginning with the week ended Oct. 31 1934, the Secretary of the Treasury made payments to three Federal Reserve banks in accordance with the provisions of Treasury regulations issued pursuant to Sub-section (3) of Section 13-B of the Federal Reserve Act, for the purpose of enabling such banks to make industrial advances. Similar payments have been made to other Federal Reserve banks upon receipt of their requests by the Secretary of the Treasury. The amount of the payments so made to the Federal Reserve banks is shown in the weekly statement against the caption "Surplus (Section 13-B)," to distinguish such surplus from surplus derived from earnings, which is shown against the caption "Surplus (Section 7)." The statement, in full for the week ended Oct. 9, in comparison with the preceding week and with the corresponding date last year, will be found on pages 2390 and 2391. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended Oct. 9 1935, were as follows: Increase (+) or Decrease (—) Since Oct. 9 1935 Oct. 2 1935 Oct. 10 1934 Bills discounted 10,000,000 Bills bought 5,000,000 U. S. Government securities 2 430.000,000 Industrial advances (not including $27.000,000 commitm'ts—Oct.9) 33,000,000 Other Reserve bank credit 1,000,000 Total Reserve bank credit 2,478,000,000 Monetary gold stock 9 463,000,000 Treasury sk National bank currency-2,396,000,000 —2.000,000 —1,000,000 +3.000,000 +7,000.000 +29,000,000 +5,000.000 +8.000,000 +30,000,000 +49,000,000 +1,478.000,000 —3,000,000 —7,000.000 Money in circulation 5,698,000,000 +10,000.000 +219,000,000 Member bank reserve balances 5330,000,000 +106,000.000 +1,351,000,000 Treasury cash and deposits with Federal Reserve banks 2,747,000,000 —67.000,000 —220,000,000 Non-member deposits and other Federal Reserve accounts 563,000,000 +6.000,000 +151,000,000 Returns of Member Banks in New York City and Chicago—Brokers' Loans Below is the statement of the Board of Governors of the Federal Reserve System for the New York City member banks and also for the Chicago member banks for the current week, issued in advance of full statements of the member banks, which latter will not be available until the coming Monday. The New York City statement formerly included the brokers' loans of reporting member banks and showed not only the total of these loans but also classified them so as to show the amount loaned for their "own account" and the amount loaned for "account of out-of-town banks," as well as the amount loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loans to brokers and dealers in New York and outside New York, loans on securities to others, acceptances and commercial paper, loans on real estate, and obligations fully guaranteed both as to principal and interest by the United States Government. This new style, however, now shows only the loans to brokers and dealers for their own account in New York and outside of New York, it no longer being possible to get the amount loaned to brokers and dealers "for account of out-of-town banks" or "for the account of others," these last two items now being included in the loans on securities to others. The total of these brokers' loans made by the reporting member banks in New York City "for own account," including the amount loaned outside of New York City, stood at 000,000. 25,000,000 on Oct. 9 1935, a decrease of $54,- CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES New York Oct. 2 1935 Oct. 10 1934 Oct. 9 1935 3 7,793.000,000 7,822,000,000 7,092,000.000 Loans and investments—total Loans on securities—total To brokers and dealers: In New York Outside New York To others Accepts, and commercial paper bought Loans on real estate Other loans 1,567.000,000 1,621,000,000 1,402,000.000 768,000,000 57,000,000 742,000,000 821.000.000 58,000,000 742,000,000 544,000.000 49,000,000 809,000,000 136,000,000 136,000,000 243,000,000 123,000,000 123,000,000 135.000,000 1,251,000,000 1,243,000,000 1,265,000,000 U. S. Government direct obligations_ _ _ _3,280,000,000 3,268,000,000 2,812,000,000 Obligations fully guaranteed by United 367,000,000 366,000,000 220,000,000 States Government 1,069,000,000 1,065,000,000 1.015,000,000 Other securities Reserve with Federal Reserve Bank Cash in vault 2.251,000.000 2,267,000,000 1,423,000,000 49,000,000 45,000,000 57,000,000 Net demand deposits Time deposits Government deposits 8 245.000,000 8,291,000,000 6,322,000.000 627.000,000 606.000.000 662,000,000 299,000,000 298,000.000 600,000,000 Due from banks Due to banks 60,000,000 85,000,000 89,000,000 2 145,000,000 2,156,000,000 1,630,000,000 Borrowings from Federal Reserve Bank_ Chicago 1,773.000,000 1,777,000,000 1,536,000,000 Loans on investments—total Loans on securities—total 188,000,000 188,000,000 235.000.000 To brokers and dealers: In New York Outside New York To others 1,000,000 28,000,000 159,000,000 1,000,000 27,000,000 160,000.000 24.000.000 23,000.000 188.000.000 Accepts. and commercial paper bought. _ 20,000,000 16,000,000 Loans OD real estate 236,000,000 Other loans 20,000,000 16,000,000 239,000.000 55.000,000 21,000,000 247.000.000 947,000,000 15. S. Government direct obligations Obligations fully guaranteed by United 94,000,000 States Government 272,000,000 Other securities 947,000,000 685,000,000 95,000,000 272,000,000 77,000,000 216,000.000 Reserve with Federal Reserve Bank_ _ _ _ 522,000,000 36,000,000 Cash in vault 490.000,000 35.000,000 438.000,000 36,000.000 Net demand deposits* Time deposits Government deposits Due from banks Due to banks 1 767,000.000 1,740,000,000 1,465,000,000 404,000.000 403,000,000 360,000.000 32,000,000 65,000,000 65,000,000 194,000,000 528,000.000 220,000,000 526.000,000 156,000.000 424.000,000 Borrowings from Federal Reserve Bank_ • Figures subsequent to Aug. 23 1935, Include Government deposits. Complete Returns of the Member Banks of the Federal Reserve System for the Preceding Week As explained above, the statements of the New York and Chicago member banks are now given out on Thursday simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held until the following Monday, before which time the statistics covering the entire body of reporting member banks in 91 cities cannot be compiled. In the following will be found the comments of the Board of Governors of the Federal Reserve System respecting the returns of the entire body of reporting member banks of the Federal Reserve System for the week ended with the close of business Oct. 2: The condition statement of weekly reporting member banks in 91 leading cities on Oct. 2, issued by the Board of Governors of the Federal Reserve System, shows decreases for the week of $46.000,000 in total loans and investments, $79,000,000 in net demand deposits and 337.000.000 in reserve balances with Federal Reserve banks, and an increase of $20,000,000 in time deposits. Loans on securities to brokers and dealers in New York increased $21.000,000. loans to brokers and dealers outside New York increased $7,000.000, and other loans on securities increased $16.000,000 in the New York district and $12.000.000 at all reporting member banks. Holdings of acceptances and commercial paper bought showed no net change for the week, real estate loans increased $6.000.000 in the San Francisco district and $5,000.000 at all reporting member banks, and "other loans" decliped $14,000.000 in the New York district and $1,000.000 at all reporting member banks. Holdings of United States Government direct obligations declined $40.000,000 in the New York district. $13,000,000 in the Chicago district and 845.000.000 at all reporting member banks, and increased $11,000,000 in the Minneapolis district. Holdings of obligations fully guaranteed by the United States Government showed no net change for the week. Holdings of other securities declined $40.000,000 in the New York district and $45.000,000 at all reporting member banks. Financial Chrcnicle 2354 Oct. 12 1935 Licensed member banks formerly included in the condition statement of member banks in 101 leading cities, but not now included in the weekly statement, had total loans and investments of $1.304.000,000 and net demand and time deposits of $1.398,000.000 on Oct. 2, compared with $1,294,000,000 and $1.421,000,000, respectively, on Sept. 25. A summary of the principal assets and liabilities of the reporting member banks. in 91 leading cities, that are now included in the statement, together with changes for the week and the year ended Oct. 2 1935. follows: Increase (-I-) or Decrease (---) Since Oct. 3 1934 Sept. 25 1935 Oct. 2 1935 $ $ Loans and investments—total_ _ _19,080,000,000 —48.000,000 +1,289.000,000 Oct. 5, when President Roosevelt issued a proclamation declaring an immediate embargo on American shipments of "arms, ammunition and implements of war" to either country. The President's action, which was taken under the new Neutrality Act, is described in detail elsewhere in this issue of the "Chronicle." On the same day (Oct. 5) Emperor Haile Selassie sent to the League a note demanding that the League punish Italy for the Ethiopian invasion, and invoke Article XVI of the Covenant for the first time since the organization of the League. United Press advices of Oct. 5 from Geneva summarized this note as follows: The text of the note has not been made public, but it is understood that the basis of the categorical demand for sanctions is "the brutal facts" of Italian aggression. The note also was reported to review developments leading up to hostilities between Rome and the last independent kingdom of Africa, and to recall Ethiopia's numerous previous appeals to the League. The demand served, in the opinion of same observers, to make it almost impossible for the league to avoid going to Ethiopia's protection without losing the last shreds of its prestige—providing the council concurs in Ethiopia's branding of Italy as a covenant-breaker. Loans on securities—total 2,986,000,000 +40,000.000 —61.000,000 To brokers and dealers: In New York Outside New York To others 846,000,000 159,000,000 1,981,000,000 +21,000.000 +7.000,000 +12,000,000 +177,000,000 +11,000,000 —249,000,000 +5,000,000 —1,000,000 —152,000,000 —24,000,000 —1,000,000 312,000,000 Accepts,and com'l paper bought__ 960,000,000 Loans on real estate 3,298,000,000 Other loans U. S. Govt. direct obligations 7,588,000,000 Obligations fully guaranteed by the United States Government 981,000,000 Other securities 2,955,000,000 —45,000,000 +952,000,000 —45,000,000 +547.000,000 +8,000,000 Reserve with Fed. Reserve banks Cash in vault 4,029,000,000 299,000,000 —37,000,000 +1,138,000,000 +43,000,000 —13,000,000 16,308,000,000 4,430,000,000 669.000,000 —79,000,000 +3,225,000.000 —41,000,000 +20,000,000 —8,000,000 —425,000,000 Net demand deposits. Time deposits Government deposits Due from banks Due to banks 1,969,000,000 4,821,000,000 +38,000,000 +125,000,000 +454,000.000 +991,000,000 Borrowings from F. R.banks —1,000.000 •Figures subsequent to Aug.23 1935, inmude Government deposits. 51 League Members Brand Italy as Aggressor in War with Ethiopia—Assembly Acts to Invoke Sanctions —League Covenant Held Violated—Trade Ban on Italy—Premier Mussolini Utters Another Warlike Threat The Assembly of the League of Nations took a drastic step designed to halt the war between Italy and Ethiopia when, on Oct. 10, it proclaimed that Italy had embarked upon a war of aggression and therefore was subject to the imposition of sanctions, as provided by Article XVI of the League Covenant. Of the 55 nations represented at the Assembly meeting, only Austria, Hungary and Italy herself refused to accept a report by a committee of six members which had been appointed by the Council, and which unanimously declared that Italy had violated the Covenant. In the Geneva advices to the New York "Times" is was stated: Four Make Reservations Of the 51 who thus formally agreed that Premier Mussolini by aggression against Ethiopia had thereby ipso facto under Article XVI committed an act of war against themselves, obliging them to apply that article's sanctions, only four made reservations tending to restrict their execution of this undertaking. These were Switzerland, Chile, Uruguay and Venezuela. And the only serious reservation was that of Switzerland, which, while agreeing to judge Italy the aggressor and to apply some non-military sanctions, made clear she would not apply military sanctions or even any nonmilitary ones that she decided might endanger her traditional neutrality. This, with the attitude Austria took, leaves open the possibility that Italy in case of a blockade might obtain supplies extensively across her northern frontier, especially from Germany. From the same account we take the following: The governments of the remainder of the minority of mankind, which are all non-members of the League save to-day's five absentees—Germany, the Dominican Republic, Guatemala, Paraguay and El Salvador—have not yet taken positions except for the United States, which has proclaimed its neutrality. The Assembly on Oct. 10 agreed to form a committee of approximately 50 members to devise and regulate penalties under Article XVI. The first sanction was expected to entail a request to all League members to raise the arms embargo against Ethiopia and apply a similar embargo to Italy if they have not already done so. Although sanctions are expected to be solely of an economic and financial nature at present, members of the Italian delegation to Geneva said on Oct. 10 that if the penalties should eventually lead to a blockade, Italy would consider this a military measure and an act of war. A reference to the Italo-Ethiopian dispute appeared in these columns Oct. 5, pages 2191-93. During the present week the Italian forces in Ethiopia were reported to have made further military gains of importance, although detailed accounts of military operations were unobtainable, in view of the strict censorship imposed in both Italy and Ethiopia. On Oct. 6 Italian troops invested Aduwa after a prolonged bombardment. Capture of this town, where Italians were slaughtered in their first invasion of Ethiopia 39 years ago, was officially announced in Rome. Ethiopian losses were said to be heavy and Italian casualties slight. More than 2,000 square miles of Ethiopian territory are now reported to be in Italian hands, including the important town of Adigrat and the holy city of Aksum. The capture of the latter was officially armounced on Oct. 10. On the same date Emperor Haile Selassie of Ethiopia requested the Italian Minister, Luigi Vinci-Gigliucci, to leave Addis Ababa Immediately. This action, in conjunction with the recall from Rome of the Ethiopian Charge d'Affaires, Negradas Yesus, completed the official rupture of diplomatic relations between the two countries. The first recognition of a "state of war" between Italy and Ethiopia on the part of a major power was given on The League Council committee of 13 members on Oct. 5 adopted a report on the Italo-Ethiopian warfare for immediate submission to the Council. The Council then appointed a committee of six, composed of representatives of Great Britain, France, Chile, Denmark, Portugal and Rumania, to prepare a report determining whether an act of aggression had been committed and, if so, who the offender is. A dispatch of Oct. 5 from Geneva to the New York "Herald Tribune" quoted from the report of the committee of 13 as follows: The report adopted by the Council in its capacity as the committee of thirteen on the basis of Paragraph 4, Article XVI of the Covenant is a lengthy document of fifteen closely printed pages reviewing the origin and development of the Italo-Ethiopian dispute. Most interesting are the "observations" that end the report. They cite the fact that Ethiopia has been admitted to the League and "thus enjoys the rights and obligations of members of the League," as well as the fact that Ethiopia is a party to the Briand-Kellogg anti-war pact, and that in September 1934 Ethiopia renewed for two years acceptance of the optional clause of the Permanent Court of International Justice (World Court) at The Hague. "The Covenant of the League of Nations, the Pact of Paris and the Italo-Ethiopian Treaty of 1928, conceived in the same spirit as these two pacts, and the optional clause of the statute of the Permanent Court of International Justice are to Ethiopia, as to Italy, solemn undertakings which exclude a resort to arms and for settlement of the dispute between these countries," says the Council's report. Taking up the complaints against Ethiopia made by Italy, the report points out, with regard to the Italian contentions, that Great Britain and France also have frontiers contiguous to Ethiopia and that both of these countries have settled by diplomacy all "incidents" occurring on their borders. "Incidents and raids along the frontiers of Ethiopia," according to the memorandum, "were not in the nature of aggressions sought or incurred by the cntral government" of Emperor Haile Selassie. Sees Fight on Slavery With regard to the slavery argument on which so much stress is laid by Rome, the League's report says: "As regards non-observance of obligations assumed when Ethiopia entered the League of Nations, reports of competent organs of the League on the subject of slavery show that comparatively little progress has been made In the direction of its abolition, although the Emperor has done all that lay in his power." In reply to the Italian charge about the disturbed internal situation of the East African nation, the report says, in a veiled allusion to the fact that Italy was a prominent supporter of Ethiopia's admission to the League: "As to the internal state of Ethiopia, the Governments which in 1923 supported Ethiopia's request for admission to the League were aware of the internal situation of the empire at that time. "There does not appear to be more disorder and insecurity in Pthipola to-day than was the case In 1924. On the contrary, the country is better organized and the central authority is better obeyed." The Council of the League on Oct. 7 by a unanimous vote of its 13 members, approved the report of the committee of six, declaring that Italy "resorted to war contrary to the engagements assumed under Article XII of the Covenant of the League of Nations" which binds League members to submit disputes to arbitration. United Press advices of Oct. 7 from Geneva summarized proceedings on that date as follows: In a session that lasted only 45 minutes the Council took these momentous steps: 1. Accepted the report of the Committee of Thirteen censuring Italy and recommending that the disputants stop fighting pending a peaceful solution. 2. Accepted the report of the Committee of Six declaring Italy made war without cause and violated her pledges to the League. 3. Bound its 13 non-disputant members to participate in financial and economic measures against Italy. Baron Alois!, Premier Benito Mussolini's representative, protested vigorously against the Council's decision to take up the Committee of Six report immediately. He denied Italy had violated the Covenant and asserted she merely had taken necessary steps to defend her colonies against Ethiopia. He took issue with the conclusions of the Committee of Thirteen. "Ethiopia cannot be considered as civilized on the same basis as other League members," Baron Aloisi asserted. "No member of the League represented here would want to admit she should be placed on the same footing as a State which tolerates slavery like Ethiopia." Secretary of State Hull disclosed on Oct. 8 that the United• States has requested the Italian Government immunity from bombing danger for the American Legation and other American buildings in Addis Ababa. Mr. Hull also reiterated that it is necessary for international disputes to be settled by pacific means, and he urged general support of President Roosevelt's neutrality policy. Meanwhile the Export-Import Bank announced that Federal financing could not be expected for shipments of American goods to Italy. Financial Chronicle Volume 141 Premier Mussolini of Italy on Oct. 8 addressed several thousand officers. He told them that they had the responsibility of training 1,200,000 young men and urged: "Make of them a blade of the finest tempered steel. Some one when the right moment comes will experience its deadliness." Great Britain on Oct. 7 published the text of the French reply to Foreign Secretary Sir Samuel Hoare's inquiry regarding the probable French attitude to an attack by Italy on the British fleet in consequence of naval preparations In the Mediterranean. A brief summary of that note follows, as contained in a dispatch from London Oct. 7 to the New York "Times": The note, although couched in the guarded language of diplomacy, makes it clear that any pledge of assistance to Great Britain at sea must be conditional upon British assurance of reciprocal assistance to France on the land and in the air in case of French need. Forecasts of the note had represented such reciprocity as being merely suggested. Instead, it is made a condition for French action. Moreover, the note makes a further condition of preliminary consultation as to the form the assistance shall take and applies the principle to all powers in the League of Mations, bound by the League's covenant, and to all obligations of assistance arising out of the Locarno treaties. It clearly envisages a definite and precise preliminary understanding as to the form and limits of assistance and the circumstances under which it shall become available. It is an interesting instance of the French passion for precise and definite provisions as opposed to the British partiality for agreements in general terms. The French see an opportunity to fill the so-called "gap" in the covenant which seems to leave any,League member who might be Preparing to resist a possible violation of the covenant open to attack before Article XVI, providing for League assistance after an attack, could be put into operation. They are taking full advantage of this opportunity, but it is not Italy they have in mind as the possible assailant of Great Britain, but Germany as the likely future assailant of France. In other words the exchange shows that each country quite naturally has Its own special danger at heart rather than the other's. Even before the formal imposition of sanctions, various nations acted this week to curtail or prohibit trade with Italy in certain products. On Oct. 9 the Netherlands Government prohibited the export of gasoline. On the same day it was announced that a proposed transaction whereby 22,000 tons of Brazilian meat would be sold to Italy for the use of troops in Africa had been abandoned. Other countries acted to impose similar prohibitions. A summary of the proceedings of the League of Nations on Oct. 10 is given below, as contained in part in United Press advices of that date from Geneva to the New York "Sun": The meeting of the assembly was marked by considerable drama when, after representatives of Britain, France and other Powers solemnly declared their intention of backing international peace measures to the limit, Tecla Hawariat, Ethiopian representative, announced that Ethiopia would fight to the death. Ethiopia, he said, will never submit to terms giving an advantage to an aggressor. It was said authoritatively to-night that the sanctions committee would hold its first session in the morning, probably in public, and would proceed at once to apply the first sanction. The first sanction would entail a request to all League members to lift the arms embargo against Ethiopia and apply one to Italy if they have not already done so. Dreaded Article XVI Faces First Test It had been proclaimed to the world by doubters that the League never would act. Mussolini had said defiantly that he would pursue his aims with the League, without the League, or against the League. But the assembly acted with firmness and with a decision and speed that astonished the assemblymen themselves. It was to be the first test for the dreaded Article XVI of the League covenant, the penal article which was so strong that the United States refused to join the League which Woodrow Wilson inspired. A meeting destined to make history, the first mass effort in the world to impose the power of peoples on a war maker, was held in the huge hall of the Geneva cantonal council, a hall arched over with a gray cloth canopy that gave it the incongruous effect of a circus tent. Baron Ponipeo Aloisi, Italy's chief delegate, a veteran and skilful diplomatist, opened the meeting with a final stand in Italy's behalf. For weeks he had fought uncompromisingly, tenaciously, defiantly against League opposition to Italy's policies. He charged, in an eloquent, forceful speech, that the League had been unfair, that it had used "two weights and two scales" in its work, that It had acted against Italy where it did not act against Japan in the Manchurian crisis, that it did not even consider Italy's complaints against Ethiopia. "Why not Japan?" lie asked. "Why not Bolivia and Paraguay in the Gran Chaco war? Why Italy?" He read from manuscript, peering through horn-rimmed spectacles. Those In the great hall listened in complete silence. It might have been empty. There was not a single handclap when he finished. For 36 minutes his voice rang through the hall. It was Italy against 51 nations, ranging from Great Britain to the tiniest of nations, to whom the League is a protector against aggression by big, ambitious neighbors. Baron Aloisi filed a formal reservation against the assembly's procedure, but President Beres frustrated it. He announced that of all the nations represented in the hall, only Austria and Hungary—whose troops of the Austro-Hungarian empire poured across Italy's frontiers as enemies in the World War—opposed the report on which the League condemnation was based. There was no other nation in opposition, he said, and none announced abstention. Severe as were the speakers, and severe as was the council's action, speakers for both France and Great Britain emphasized that they would continue to work for peace, coincidentally with the distasteful duty of penalizing a nation that fought with them in the World War. Nations Register Views Before the decision, nation after nation registered for history its adherence to the League covenant. "I shall make only a brief declaration," said Premier Laval of France, who had tried for months to save Italy. "France will face her obligations. I said this before the council. I repeat it before the assembly. The covenant Is our international law." ' 2355 "Action must now be taken," said young Anthony Eden of Great Britain, World War hero and descendant of the Calverts of Maryland. "I declare the readiness of His Majesty's Government to take full part in such action." Giuseppe Motta of Switzerland, representative of the mountain republic that has proclaimed for centuries its determination to defend its neutrality by force of arms if necessary, announced that Switzerland would loyally co-operate in applying economic penalties. Thus Switzerland, which would not join in the World War that raged round it, joined in the war for peace against Italy. Vladimir Potemkin of Russia announced that his Government was determined to fulfill its obligations. "Unity of action will constitute the surest means of terminating the conflict," he said. Big Six Report Adopted "No other delegation has asked to speak," said President Bones quietly. "I interpret the silence of all as indicating the concurrence of their Governments with the opinion of the members of the council. "The assembly will place this on record." The report of the council committee of six, declaring Italy the aggressor, was adopted, and the League had acted irretrievably—as irretrievably as Italy had defied it. Persons Entering Italy May Carry Only 2,000 Lire in Italian Banknotes—Order of Premier Mussolini Reported Not Applying to Foreign Money Under date of Oct. 8, Associated Press &dykes from Rome, Italy, said: Orders forbidding any person to bring into Italy more than 2.000 lire (about 5160) in Italian banknotes were issued to-day by Premier Mussolini. There is no limit on the amount of foreign money which may be brought Into Italy. Tourists coming into this country often brought lira banknotes bought in adjoining countries at a considerable discount. No reason was given, but bankers said the purpose was to require tourists to bring more foreign exchange into the country, thereby steadying the lira abroad. Premier Mussolini Calls Upon Italians Living in U. S. to Volunteer for Military Service Premier Mussolini has called for volunteers for military service among citizens of Italy residing in the United States, the Italian Embassy was reported as stating in United Preset accounts from Washington on Oct. 4, which also said: No order to report for duty has been issued, but those who are willing to serve their homeland are being examined as to their acceptability, an official said. Italian consulates throughout the United States are serving as examining points. Men with military training are preferred, but there are no rigid specifications, it was said. Accepted recruits will have their transportation to Italy provided, but they will undergo another examination upon arrival. Service in Ethiopia is.not necessarily expected. Many might be used in Italy. The Embassy was unable to state how many already had volunteered or had been accepted. It emphasized that only Italian citizens were considered in the move. More than 5,000.000 persons of Italian blood are resident in the United States, but only 1,790,000 were born in Italy, and experts believed only a small proportion of that number would qualify. Brazil Congress Votes Condemnation of War Under date of Oct. 8 a cablegram from Rio de Janeiro to the New York "Times," said: Reflecting the sentiment of the Brazilian people, the Congress approved to-day a resolution condemning the Italo-Ethiopian war. Although several minority and majority speakers criticized the resolution as inopportune, it was approved by 150 votes to 45. At 6 p. m. to-day the Foreign Office denied that any communication asking Brazil's co-operation in the League's sanctions against Italy had been received. It had been reported here that Geneva thought of asking the co-operation of nations outside the League membership, including the United States, Germany, Japan znd Brazil. Holders of Certain Matured German Serial Bonds Offered Option of Exchange for Unmatured Issue or Payment in "Blocked" Reichsmarks The Conversion Office for German Foreign Debts, Berlin (Konversionskasse Fuer Deutsche Auslandsschulden), in accordance with regulations enacted by the Management of the Reischbank covering the disposition of payments made to the Conversion Office on account of principal of matured series of serial bonds, is offering holders of certain matured serial bonds of German obligors the option of exchange or payment in "blocked" Reichsrr arks, it was announced in New York on Oct. 8. The offer, the announcement said, is on the following basis: (1) Matured onds may be exchanged for a like principal amount of bonds of an unmatured series, with interest coupons maturing on and after July 1 1934, attached. or (2) Payment, against surrender of matured bonds, of the Reichsmarks equivalent of the principal into an "Amortization Blocked Reichsmark Account" in the name of the holder with a German bank authorized to transact foreign exchange operations. This offer, according to the announcement, is made in respect to certain maturities of the following issues: Free State of Anhalt, 7% serial bonds, Bank of the Manhattan Co.. agent; Free State of Bavaria, 13;i% serial gold bonds,external loan of 1925. City of Duisburg-Hamborn, external gold 7% serial bonds, and City of Munich 7% serial gold external loan of 1925. The Chase National Bank, agent; City of Duesseldorf 7% serial gold bonds, The National City Bank, agent; City of Frankfort-on-Main 7% serial bonds. Speyer & Co., agent; Municipal Bank of the State of Hessen 7% serial bonds, Dillon, Read & Co., agent: Free State of Oldenburg external 7% serial gold loan of 1925, Irving Trust Co., agent; and Free State of Wuerttenberg consolidated municipal external serial 7% gold loan of 1925. The Chase National Bank and City Bank Farmers Trust Co., agents. 2356 Financial Chronicle The announcement stated: Bondholders desiring to accept this offer are requested to deliver their bonds to the agents for the various issues. No interest will be paid on these bonds not surrendered under this offer which accrues after the interest payment date immediately prior to July 1 1934 and is not represented by coupons attached to such bonds. Simultaneously, the annoounceinent continued, the Conversion Office is offering holders of drawn bonds of the following issues the privilege of exchange for a like principal amount of uncalled bonds of the same issue: Berlin City Electric Co., Inc. 30 -year 63 % bonds, due 1959; Ruhr Gas Corp. 63i% bonds. due 1953; Ruhr Housing Corp. 636% bonds, due 1958; , and United Steel Works Corp. 25 -year sinking fund mortgage 63i% bonds, series A and C, Dillon, Read & Co., agents; City of Frankfort-on-Main 6Y4% bonds, due 1953, E. H. Rollins & Sons, Inc., agent; Free State of Prussia 6h% bonds, due 1951, and 6% bonds, due 1952, Brown Brothers Harriman & Co,. agents, and United Steel Works Corp., Rheinelbe Union 20 -year 7% sinking fund mortgage, Dillon & Read Co. and J. Henry Schroder Banking Corp., agents. No interest will be paid on the drawn bonds not surrendered under this offer which accrues after the interest payment date next preceding Oct. 9 1935, it was announced. Germany to Pay Interest on Dawes and Young Loans at Higher Rate—J. P. Morgan 8c Co. Regard Plan as "Distinct Progress" Over Previous Basis—New York Stock Exchange Rules on Bonds A recent offer of the German Government to pay the Oct. 15 interest on the German External Loan 1924(Dawes Loan) at the rate of $25 per $35 coupon, and the Dec. 1 interest on the German Government International 5 i‘7 Loan 1930 0 (Young Loan) at the rate of $20 per $27.50 coupon, is regarded by J. P. Morgan & Co. as a "distinct progress as compared with the basis previously in effect, and constitutes an important step toward repairing the unfavorable treatment of American holders of these two Loans." The offer of the German Government was made known on Oct. 4 by ,the German Consul General in New York, and was followed that day by an announcement by the American offices of German steamship companies, Hamburg-American Line and the North German Lloyd,regarding the purchasing of the coupons for payment. The coupons will be purchased on and after due dates by the two steamship companies and also by J. P. Morgan & Co. The views of the Morgan firm on the offer were contained in a letter sent to holders of the bonds of two loans under date of Oct. 10. The letter, which includes the announcements of the Consul General and the steamship companies, follows: GERMAN EXTERNAL LOAN 1924 (DAWES LOAN) GERMAN GOVERNMENT INTERNATIONAL 53% LOAN 1930 (YOUNG LOAN) New York, Oct. 10 1935. Dear Sirs: Supplementing our letters of July 11, Oct. 29, and Nov. 30 1934, April 25. and June 28 1935, concerning the above-mentioned Loans, we are calling to your attention the public announcement made on Oct. 4 1935, by the German Consul General in New York affecting certain coupons of dollar bonds domiciled (i.e., physically located) in the United States, of the German External Loan 1924 (Dawes Loan) and the German Government International 534% Loan 1930 (Young Loan),such announcement reading in part as follows: Firstly, holders of such bonds of American tranche of above mentioned loans as were according to due evidence domiciled in United States on Oct. 1 1935 will be offered opportunity to sell for dollars coupons of Dawes Loan maturing Oct. 15 1935 and those of Young Loan maturing Dec. 1 1935 at J. P. Morgan & Co., New York City, or at one of American offices of German steamship companies Hamburg-American Line and North German Lloyd on and after date of maturity on basis previously mentioned, i.e. $25 Per $35 face amount of Dawes Loan coupon, and $20 per $27.50 face amount of Young Loan coupon. Bonds so presented will be identified by stamping of bonds and coupons. Secondly, this will have no effect upon possibility of acquiring Dawes or Young Marks at customary rate of exchange as heretofore. Following this announcement of the German Consul General, a notice with respect to the two Loans in question was published by the HamburgAmerican Line North German Lloyd, reading as follows: German External Loan 1924 (Dawes Loan) German Government International 5 j Loan 1930 (Young Loan) % Purchase of Coupons of the Dawes and Young Loan in the United States of America The undersigned firms announce, with reference to official German press notices of Sept. 13 and Oct. 4 1935 concerning the purchase of coupons of Dawes and Young Loan in the United States of America, the following: The coupons of the American tranches of the Dawes Loan falling due on Oct. 15. 1935 and of the Young Loan falling due on Dec. 1 1935 will be purchased on and after the date of maturity by J. P. Morgan & Co., New York City, or, at the option of the holder, by the undersigned firms, provided that such bonds were domiciled in the United States Oct. 11935. The purchase price will be $25 Per $35 face amount of the Dawes Loan coupon, and $20 per $27.50 face amount of the Young Loan coupon. Bondholders who are willing to sell such coupons are invited to present their bonds and all appurtenant coupons together with a signed declaration regarding the domicile in the United States on Oct. 1 1935 on forms obtainable at the office of J. P. Morgan & Co., New York City, or at the offices of the undersigned firms in the United States. Bonds and all appurtenant coupons so presented will be identified by attaching the following stamp on the bonds and all appurtenant coupons: "U. S. A. domicile 1st October, 1935" and will then be returned to the presenting person. The purchase price will be paid against delivery of stamped coupons falling due on Oct. 15 1935, or Dec. 1 1935. Banking institutions or other appropriate agencies are required to forward the presented bonds and coupons together with the above mentioned declarations to the undersigned firms. Holders who fail to avail themselves of the present offer may obtain Reichsmarks for their coupons due Oct. 15 and Dec. 1 1935, on the same terms as those on which Reichsmarks were offered in payment of the April 15 and June 1 1935 coupons of the loans, respectively. The present offer will have no effect upon the possibility of acquiring Dawes or Young Marks at the customary rate of exchange as heretofore. Hamburg-American Line North German Lloyd Oct. 4 1935. 57 Broadway, New York City, N. Y. In place, therefore, of the payments of interest solely in marks (alluded to In the foregoing notice), which would at prevailing exchange rates represent interest payments of approximately 3M % and %. respectively. Oct. 12 1935 upon the 7% Dawes and 5%% Young Loans, the German Consul General's notice sets forth a new plan, providing, in addition, for payment of the Oct. 15 1935 and Dec. 1 1935 coupons on dollar bonds of the Dawes and Young Loans, respectively, in dollars upon a somewhat higher basis of return. Believing, therefore, that the present offer hi dollarsrepresents distinct progress as compared with the basis previously in effect, and constitutes an important step toward repairing the unfavorable treatment of American holders of these two Loans, this firm is calling the offer to the attention of holders of Bonds of the American issues of the two Loans; and is further prepared to co-operate in making available to holders who comply w'th the stipulation (and stamping) as to American domicile of such Bonds on Oct. 1 1935, the amounts indicated in the statement of the German Consul General as payable for the Oct. 15 1935 and the Dec. 1 1935 coupons, respectively, i.e., $25 per $35 face amount of Dawes Loan coupons, and $10 per $27.50 face amount of Young Loan coupons. The transaction is, in effect, the sale of the coupons to the steamship companies, or to J. P. Morgan & Co. as their agent for this purpose, for an amount less than the amount represented by the face of the coupons. Bondholders who desire to avail themselves of the German offer concerning coupons falling due on Oct. 15 1935, or Dec. 1 1935, respectively, should present their bonds and all the appurtenant coupons at the office of J. P. Morgan & Co.,New York City, or at the offices of the Hamburg-American Line North German Lloyd in the United States; accompanied by a signed declaration on forms obtainable for that purpose at the above offices; evidencing domicile (i.e. physical location) of such bonds in the United States on Oct. 11935. Bonds and all the appurtenant coupons so presented will be identified by stamping on the bonds and coupons"U.S.A. domicile. 1st October 1935," and will after stamping be returned to the person presenting them. Yours very truly, J. P. MORGAN & CO. Incident to the announcement of the Consul General, the New York Stock Exchange on Oct. 4, through its Secretary, Ashbel Green, issued the following rulings on the Dawes Loan: NEW YORK STOCK EXCHANGE Committee on Securities Oct. 4 1935. The Committee on Securities rules that every bond delivered in settlement of transactions made beginning Oct. 4 1935. in German External Loan 1924 7% Gold Bonds, due 1949, shall be accompanied by a signed declaration in form as follows: I/we hereby declare that the following numbered dollar bonds of the German External Loan 1924 (Dawes Loan), together with all appurtenant coupons, were domiciled (i.e., physically located) on Oct. 1 1935 within the United States of America, and I/we request that such bonds and coupons be stamped to evidence such fact. (Signature) Date (Address) If the party signing the declaration is not a member or member firm.the signature must be guaranteed by a member or member firm. The form of declaration may be obtained at the office of J. P. Morgan & Co., or at the offices of Hamburg-American Line and North German Lloyd in the United States. The Committee further rules that the delivering member in the case of all deliveries made after Oct. 1 1935, in settlement of transactions made prior to Oct. 4 1935, shall make every possible endeavor to provide such form of declaration. ASHBEL GREEN, Secretary. Similar rulings were also issued by the Exchange on the Young Loan. Loan to Santa Fe, Argentina, Extended Three Years by Chemical Bank & Trust Co. of New York According to Associated Press advices from Buenos Aires, Argentina, Oct. 10, officials of the Province of Santa Fe, that day signed a contract with representatives of the Chemical Bank & Trust Co., of New York extending for three years a loan of $4,775,000 due on Oct. 7. $111,500 of City of Greater Prague (Czechoslovakia) 73"2% Mortgage Loan Bonds of 1922 Drawn for Redemption Kuhn, Loeb & Co., as fiscal agents for the City of Greater Prague (Czechoslovakia) 7 mortgage loan bonds of 1922, due May 1 1952, are notifying holders of these bonds that there has been drawn by lot for redemption at their principal amount and accrued interest on Nov. 1 1935, $111,500 principal amount of dollar bonds of this loan. Bondholders should surrender their bonds to the fiscal agents at their office, 52 William Street, New York, for payment on or after Nov. 1, on which date interest will cease to accrue. Cleveland Electric Illuminating Co., Cleveland, Files Registration Statement with SEC for Stock Aggregating $26,009,572 Announcement was made on Oct. 10 by the Securities and Exchange Commission (in release No. 519) of the filing of a registration statement (No. 2-1697) on Oct. 9 under the Securities Act of 1933 by the Cleveland Electric Illuminating Co., Cleveland, Ohio, covering 254,995.8 shares of no par value $4.50 series preferred stock, having a maximum offering price of $102 per share, aggregating $26,009,571.60. The stock is the initial series of a total authorized amount of 500,000 shares of no par serial preferred stock, and is to be authorized by the shareholders and the board of directors of the company, subject to the approval of the Public Utilities Commission of Ohio, the announcement of the SEC said, adding: The company has recently reclassified its common shares, with the result that the 2,554,570 common shares previously outstanding have been changed into 2,324,567.7 shares of a new class of common stock without par value and 102,178.8 shares of preferred stock, $4.50 series, without par value (the initial series of a new class of serial preferred stock); each outstanding Volume 141 Financial Chronicle common share being changed into 91-100ths of a share of new common stock and 4-100ths of a share of preferred stock, $4.50 series, certificates for fractional shares of both the new common stock and the preferred stock, $4.50 series, being deliverable upon such change. As a result of such reclassification. North American Edison Co., a parent of the company, became the holder of 82,408.4 shares of preferred stock, $4.50 series, which constitute part of the shares being offered by this prospectus. Of the 254,995.8 shares of preferred stock. $4.50 series, registered hereunder, only the 152,817 shares referred to above represent financing on the part of the registrant, the balance, consisting of 102,178.8 shares (including the 82.408.4 shares being sold by North American Edison Co..) resulting from the reclassification. Underwriters will purchase the 152,817 shares from the company and the 82,408.4 shares from the North American Edison Co. upon the same terms. According to the registration statement, the proceeds from the sale of the 152,817 shares to be offered, together with other treasury funds, are to be used by the company for the redemption on Dec. 1 1935, of 152.817 shares of outstanding 6% cumulative preferred stock, authorized 1923, at $110 and accrued dividends. The total redemption price of the outstanding shares of preferred stock, authorized 1923, exclusive of accrued dividends, is $16,809.870. The price to the public, the names of the principal underwriters, and the underwriting discounts or commissions are to be supplied by an amendment to the registration statement. The company has agreed to use its best efforts to list the preferred stock. $4.50 series, on the New York Stock Exchange and to secure its registration under the Securities Exchange Act of 1934. The company is a subsidiary of the North American Co. through the North American Edison Co., which controls 100% of its stock. Eben G. Crawford of Cleveland. Ohio, is President. 2357 The filing of registration statements by the above companies were noted in our issue of Oct 5, pages 2194-2195. The Commission announced Oct. 7 that the securities involved are grouped as follows: Number of Issues Type Commercial and industrial 16 Investment trust's 1 • Securities in reorganization 1 Total $106,753,333.45 58,300,000.00 525,000.00 The list of securities for which registration is pending, as made known by the SEC on Oct. 7, follows: Washing ton-Youree Hotel Co., Inc. (2-1670, Form E-1), of Shreveport. La., seeking to issue $500,000 of 5% first mortgage sinking fund bonds, due Dec. 1 1944, to be exchanged, on a dollar-for-dollar basis, for $500,000 of outstanding 7% bonds of the Washington Hotel Co., Inc., due June 1 1938. The corporation is also seking to issue $25,000 of 5% first mortgage registered sinking fund notes, to be issued to present bondholders in full settlement of their interest claims from Dec. 1 1933 to Dec. 1 1934. The ccrporation also proposes to offer to present bondholders $25,000 in cash in full settlement for interest claims from Dec. 1 1932 to Dec. 1 1933. Filed Sept. 25 1935. Imperial Citrus Co-operative Association (2-1672, Form A-1), of Orlando, Fla., seeking to issue 1,500 shares of $100 par value preferred stock and 1,500 shares of no par value common stock. The stock is to be offered at $101 a unit, consisting of one share of each class. Thomas W. Fitzgerald, of Orlando, Fla., is both the principal underwriter and President of the association. Filed Sept. 26 1935. The Murray Ohio Manufacturing Co. (2-1673, Form A-2), of Cleveland, Ohio, seking to issue 40,000 shares of no par value common stock, to be offered at the market price. Otis & Co., of Cleveland, is the underwriter, Registration Statement Filed with SEC by Monon- and C. IV. Hannon, of Shaker Heights, Ohio, is President of the company. gahela West Penn Public Service Co. of Fairmont, Filed Sept. 26 1935. W. Va.,for $22,000,000 of 43/2% Bonds and $7,500,000 The Connecticut Power Co. (2-1674, Form A-2), of New London, Conn., / 1 % series A, first and general mortgage seeking to issue $2,500,000 of 34 of 6% Debentures The total price of 1 1965, at The filing of a registration statement (No. 2-1689) under bonds, due Oct.proceeds are toabe used offering retirement,$2,550,000. 1935, for the on Oct. 1 majority of the the Securities Act of 1933, on Oct. 4, by the Monongahela $1,685,500 first and consolidated mortgage 5% 50-year gold bonds, West Penn Public Service Co. of Fairmont, W. Va., covering of April 1 1963. Viggo E. Bird, of West Hartford, Conn., is President due $22,000,000 of 4%% series first and general mortgage bonds, of the company. Filed Sept. 26 1935. due Oct. 1 1960, and $7,500,000 of 6% debentures, due Oct. 1 Walter E. Heller & Co. (2-1676, Form A-2), of Chicago, Ill., seeking to 1965, was announced by the Securities and Exchange Com- Issue 65,645 shares of $25 par value 7% cumulative preferred stock, to be offered at $26 a share, and 274,094 shares of $2 par value common stock, mission on Oct. 4 (in Release No. 513). The Commission to be offered at $8 a share. The company also proposes to issue 65,645 stated: warrants for common stock, 40,000 of which are to be issued with the According to the registration statement, the net proceeds from the bonds preferred stock and included in the unit price, and 25,645 to be issuable and debentures are to be used as follows: to existing preferred stockholders without consideration. F. Eberstadt & Co., $14,944,500 for the redemption of $14,171,000 principal amount of first lien and of New York City, is the principal underwriter, and Walter E. Heller, of refunding mortgage 554% gold bonds, series B. dated Feb. 1 1923, at 105% plus Chicago, is President of the company. Filed Sept. 27 1935. accrued interest to the date to be fixed for redemption. Davidson Biscuit Co. (2-1677, Form A-2), of Mt. Vernon, Ill., seeking $4,043,638 for the redemption of $3,747,000 principal amount of Monongahela Valley Traction Co. first mortgage 5%, 30 -year gold bonds, series A, dated June 1 to issue 40,000 shares of $1 par value common stock, to be offered at $7.50 1912 (including 5% premium and accrued interest). / 2 % share, and $250,000 of first mortgage 51 sinking fund bonds, series A, a $2,677,083 for the redemption of $2,500,000 principal amount of Fairmont dx due Oct. 1 1945, to be offered at $100 a unit. F. S. Yantis & Co., Inc., Clarksburg Traction Co. first mortgage 5%, 35-year gold bonds, dated Oct. 1 1903 (Including 5% premium and accrued interest). of Chicago, Ill., is the principal underwriter, and J. E. Davidson, of lit. $253,750 for redemption of $250,000 principal amount of the Clarksburg Gas dr Vernon, M., is President of the company. Filed Sept. 27 1935. Electric Co. first mortgage 6%, 25 -year gold bonds, dated Feb. 1 1913 (including Lockheed Aircraft Corp. (2-1678, Form A-1), of Burbank, Calif., seeking accrued Interest). $1,753,019 for the redemption of $1,649,900 principal amount of Kanawha Tracto issue 40,461 shares of $1 par value common stock, to be offered at $3.25 tion dr Electric Co. first and refunding mortgage bonds, series A, 5% dated Aug. 1 a share through rights to stockholders on the basis of one share of the 1916 (including 5% premium and accrued interest). new stock for each 10 shares held. Robert E. Gross, of Beverly Hills, Calif., 9541,050 for redemption of $540,000 principal amount of Parkersburg, Marietta Sr Inter-Urban Railway Co. first mortgage 5% gold bonds, dated June 1 1902 (Includ33 President of the corporation. Filed Sept. 27 1935. ing accrued interest). Automatic Guns, Inc. (2-1679, Form A-1), of Washington, D. C., seeking $136,264 for redemption of $136,000 principal amount of Parkersburg Gas, to register 100,000 shares of lc. par value common capital stock, to be Electric Light and Street Railway Co. 5% first mortgage bonds, dated March 1 offered at $1 a share. William Ray Baldwin, of Washington, D. C., is 1898 (including accrued interest). The balance to the payment on account of open account indebtedness to West President of the corporation. Filed Sept. 28 1935. Penn Power Co., parent of the company, which indebtedness on June 30 1935, National Mushroom Corp. of America (2-1680, Form A-1), of Avondale, amounted to $4,770,000. Pa., seking to issue 3,000 shares of $100 par value 6% cumulative preferred Neither the names of the principal underwriters nor a firm commitment stock and 30,000 shares of $1 par value common stock, to be offered in is given in the registration statement. It states, however, that W. C. Langunits of one share of preferred and 10 shares of common at $120 a unit. ley & Co. and the First Boston Corp., both of New York City, are expected Stanley I. LaCov, of New York, N. Y., is President of the corporation. to be the principal underwriters. Filed Sept. 28 1935. The names of the underwriters, the amounts to be underwritten by each, A. P. W. Paper Co., Inc. (2-1681, Form A-2), of Albany, N. Y., seeking the underwriting discounts or commissions, and the price to the public are to issue $2,721,000 of first mortgage and collateral trust 20-year 6% to be supplied by amendment to the registration statement. sinking fund gold bonds, due April 1 1948, with warrants, to be offered on a The bonds are subject to redemption, at the option of the company, at par-for-par exchange basis for Albany Perforated Wrapping Paper first any time prior to maturity, as a whole or in part, on 30 days' notice, at mortgage and collateral trust 6s, 1948, unassented. The company also the following redemption prices plus accrued interest: proposes to offer 2,721 certificates representing 48,978 shares of $5 par / 2 %; Prior to and including Oct. 1 1945, 1071 value fully-paid non-assessable 4% cumulative class A stock of the A. P. W. thereafter to and including Oct. 1 1950, 105%; Properties Co., Inc., in lieu of 50% of the interst which the holders of the including Oct. 1 1955, 103%; thereafter to and new bonds would receive beginning April 1 1935 and ending Oct. 1 1937. thereafter to and including Oct. 1 1957, 101%; Ledyard Cogswell Jr., of Albany, N. Y., is President of the company. and thereafter at the principal amount. Filed Sept. 28 1935. Humboldt Consolidated Mining Co. (2-1683, Form A-1), of Denver, Colo., The debentures are subject to redemption, at the option of the company seeking to issue 5,000,000 shares of 25c. par value common capital stock, as a whole or in part, at any time prior to and including Oct. 1 1960, at to be offered at par. Bert B. Wright, of Idaho Springs, Colo., is President 110% and accrued interest, and thereafter until maturity at 100% and of the company. Filed Sept. 30 1935. accrued interest. Byron Jackson Co. (2-1685, Form A-2), of Huntington Park, Calif., seekA. Clinton Spurr, of Fairmont, W. Va., is President of the company. ing to register $1,000,000 of debentures consisting of $75,000 of 2% series A. maturing Oct. 15 1936; $75,000 of 21 / 2 % series B, maturing Filing of Registration Statements Under Securities Oct. 15 1937; $75,000 of 3% series C, maturing Oct. 15 1938; $75,000 of 32 series D, maturing Oct. 15 1939; $75,000 of 4% series E, maturing / 1 % Act Oct. 15 1940, and $625,000 of 44 / series F. maturing Oct. 15 1945. The 1 % The Securities and Exchange Commission announced on company also proposes to issue 31,250 shares of no par value common stock, filing of 18 additional regis- to be used in the conversion of series F debentures on the basis of one Oct. 7 (in Release No. 514) the tration statements under the Securities Act of 1933. The share for each $20 of the principal amount ($625,000). The principal total involved, the Commission said, is $165,578,333.45, of underwriters are Dulin & Co., Los Angeles; Elworthy & Co., San Francisco; Blyth & Co., Inc., San Francisco; Schwabacher & Co., San Francisco, which $165,053,333.45 represents new issues. It added: and Wm. Cavalier & Co., San Francisco. E. S. Dulin, of Huntington Park, % Included in this total is $45,000,000 of 31 / first and refunding mort2 Calif., is President of the company. Filed Oct. 1 1935. gage bonds, series B, due Oct. 1 1970, of the Illinois Bell Telephone Co. Sussex Fire Insurance Co. (2-1526, Form A-1, refiling), of Newark, N. J., (Docket 2-1671, Form A-2, included in Release No. 502). seeking to issue 198,487.2 shares of $3.50 par value common stock, to be Also included in the total is $5,500,000 of 15-year 4% sinking fund offered at $6 a share, and 3,000 shares of $100 par value participating bonds, due Nov. 1 1950, of the Crown Cork & Seal Co., Inc. (Docket 2-1675, cumulative preferred stock, to be offered at par. The Eagle Fire Insurance Form A-2, included in Release No. 504). Co. of Newark, N. J., is the principal underwriter, and Franklin W. Fort, Also included in the total is $58,300,000 of beneficial interest of the of Newark, N. J., is President of the company. Refiled Sept. 28 1935. lfassachusetts Investors Trust (Docket 2-1682, Form A-1, included in Release No. 508). In making public the above list the SEC stated: Also included in the total is $5,200,000 of 4% series, first mortgage In no case does the act of filing with the Commission give to any security bonds, due Oct. 1 1963, of the Pennsylvania Telephone Corp. (Docket 2-1684, its approval or indicate that the Commission has passed on the merits of Form A-2, included in Release No. 509). the issue or that the registration statement itself is correct. Also included in the total is $37,500,000 of series A 4% first and refunding mortgage bonds, due Nov. 1 1955, of the Virginia Electric & The last previous list of registration statements appeared Power Co. (Docket 2-1686, Form A-2, included in Release No. 510). In these columns of Oct. 5, page 2195. 2358 Financial Chronicle Rule Adopted by SEC to Prevent Inadvertent Termination of Registration Under Securities Exchange Act Announcement was made Oct. 5 of the adoption of a new rule, Rule JB8, by the Securities and Exchange Commission which is intended to prevent inadvertent termination of registration under the Securities Exchange Act of 1934, in cases where the registration statement contains an agreement by which the registrant agrees that registration shall terminate if certain information has not been filed on a specified date. The announcement, issued by the SEC, continued: If such information is not so filed, the Commission will give telegraphic notice to the registrant and to the exchange. If the registrant fails to file the information or to obtain an extension of the time for filing within five days after such notice, the registration will terminate upon the expiration of a furtner period of five days. SEC Issues Rule on Stock Options—Profits from Sales of Securities Purchased Under Plans Before Passage of Securities Exchange Act Need Not be Returned The Securities and Exchange Commission announced Oct. 9 that it has adopted a rule affecting directors, officers and employees of companies, with respect to profits from future sales of securities purchased under stock option plans entered into before the passage of the Securities Exchange Act. The rule provides, in effect, the Commission said, that such persons are exempt from the provisions of Section 16(b) of the Act if: (1) The plan was entered into prior to June 6 1934; (2) file plan was approved by stockholders; (3) The option is non-transferable; (4) It is exercisable only at a price higher than that prevailing at the time of stockholders' approval; and (5) It was granted during or in connection with the employment of the option holder. This exemption, the Commission pointed out, does not relieve option holders from the obligation of reporting transactions in equity securities under Section 16(a) of the Act. Section 16(b) of the Act, the purpose of which was to prevent unfair use of information which may have been obtained by a director or officer by reason of his relationship to the issuer, provides that "any profit realized by such director or officer from any purchase and sale, or sale and purchase, of any equity security of such issuer (other than exempted security), unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the issuer. . . ." SEC Issues Rules Governing Registration of Utilities Under Public Utility Holding Company Act—Possibility of Test in Court—Federal Power Commission Indicates Requirements Under Interlocking Directorate Provisions of Act—Statement by J. M. Landis and H. C. Freeman In furtherance of Federal control over public utilities, under the provisions of the Public Utility Holding Company Act of 1935, the Securities and Exchange Commission issued, on Oct. 8, rules regarding preliminary notification of registration of holding companies and applications for exclusion of certain companies under the provisions of the Act. With the issuance of the roo•ulations, James M. Landis, Chairman of the SEC, pointed on Oct. 8 to the simplicity of the registration form for holding companies and subsidiaries, and indicating that the first regulations are a "method of finding out who our customers are," said he saw "no reason for the wholesale disposition of utility securities" because of the beginning of Federal control. The Washington correspondent of the New York "Herald Tribune," in noting this, on Oct. 8, further reported: Oct. 12 1935 changes, all minor." The SEC Chairman was frank to say that the demand for registration may meet with resistance from the industry and serve as the vehicle for other court tests on the law. "We have given the industry full leeway along the line of the constitutional issue. They'll fight hard and we'll fight just as hard," Mr. Landis said. Mr. Landis said he had no intimation whether the utilities would await the decision of Federal Judge William C. Coleman of the United States District Court at Baltimore, on the constitutionality of the law. A test case has been brought, with the American States Power Co., in receivership, the means of the action. John NV. Davis, Edison Electric Institute counsel, is the attorney attacking the law. The Chairman admitted the possibility of such delay, although the Commission, in order to obtain prompt compliance, has stipulated that registration may be filed informally and kept for formal filing until Dec. 1. In any event, the decision of Judge Coleman could not affect the SEC, since "the Commission could not be bound by it," Mr. Landis said. He was referring to the fact that the Federal agency is not a direct party to the suit. Mr. Landis reiterated that the SEC is ready for a test case, but only "when we get a real one." The naming of a working committee of officials of public utility companies to co-operate with the SEC in the drafting of the rules was noted in our Oct. 5 issue, page 2197. On Oct. 8 Herbert C. Freeman of the North American Co., Chairman of the working committee, issued the following statement: The rules and regulations which the Securities and Exchange Commission is issuing are preliminary in character in so far as they relate to the registration of holding companies under the Public Utility Act of 1935. The Commission has incorporated in them a rule intended to permit companies, proceeding in any way under the Act, to reserve their constitutional and other legal rights to the fullest possible extent. The remainder of the regulations relate to applications for exemptions, by holding companies and subsidiary companies entitled thereto, in accordance with the provisions of the Act. Our committee met with the SEC by invitation in Washington on Oct. 5 and made a number of suggestions regarding the draft of the regulations which were given full and careful consideration. The rules and regulations indicate that the Commission acted with understanding of the problems of the industry. It is recognized, however, that the holding companies are still confronted with the decision to be taken individually as to the effect of registration under the Act, with its ultimate threat of dissolution for many of them. Coincident with the issuance of the rules of the SEC under the Public Utility Holding Company Act, the Federal Power Commission made public, at the same time, rules governing the interlocking directorate provisions of the Act. In announcing these rulings, Frank R. McNinch, Chairman of the Power Commission, said: Power companies which are conducting their enterprises legitimately and in the public interest have no reason to be apprehensive of the new Utility Act or its administration by the Federal Power Commission. Chairman Landis of the SEC has made unmistakably clear the position of that agency in the administration of the holding company features embodied in Title I of the Act. The two Commissions will co-operate in every practicable way to avoid duplication of effort and the imposition on the industry of any undue burden. According to the Washington correspondent of the New York "Journal of Commerce," Thomas E. McCarter, President of the Edison Electric Institute, it was made known, was the first utility official to file an application for authorization under the interlocking directorate provision. From the same Washington advices (Oct. 8) we quote: Exemption Claims Bought In addition, the SEC announcements contain details of the information to be supplied by the concerns seeking exemption from the Act. Mr. Landis called these requirements "the litmus test of claims in good faith." Under the law, a company that does not come under the definitions of "holding company" and "subsidiary" may seek exemption, as may one which does an intra-State business, which is only "incidentally" a utility holding company or which is a foreign subsidiary. While there are no direct penalties under the law for failure to register by the deadline, Dec. 1, the Act makes registration compulsory through prohibition of the great majority of the acts of ordinary business without compliance. The .exemptions applied for are effective automatically, Mr. Landis pointed out, until the SEC orders otherwise, after an opportunity for hearing. The forms follow closely the method used in registration under the Securities Exchange Act, namely, preliminary requirements to be followed by more comprehensive requests for information. Focal points are the stipulation that registration includes full reservation as to constitutional rights by the company and that the companies may ask the SEC that certain Information be kept confidential. This section makes it unlawful six months after the passage of the law on Aug. 26, without authorization by order of the Commission, for any person to hold "the position of officer or director of any bank, trust company, banking institution, or firm that is authorized by law to underwrite or participate in the marketing of securities of a public utility, or officer or director of any company supplying electrical equipment to such public utility." This is the first rule issued by the Federal Power Commission under the terms of the new law. It also entered an order defining the term "officer" to "apply to any person authorized or undertaking to perform the duties or functions or any of the duties or functions ordinarily performed by a director, President, Vice-President, Secretary, Treasurer, Comptroller, chief purchasing officer, or any other person vested with executive authority." In sending copies of the rule and order to the utility companies, the Commission stated that the "material is not to be interpreted as an assertion of jurisdiction as to any particular company, but is forwarded as information which may be of service to your company, its officers and directors." Application for authorizations under Section 305b must be filed with the Commission on or before Oct. 25 1935-60 days after the approval of the Federal Power Act. Form Explained Explaining its application form, the Federal Power Commission, which will soon start hearings on applications of property sales and mergers, said: "The application must state whether or not, since Jan. 1 1936, he has received directly or indirectly any remuneration, in whatever form, in respect to negotiation, hypothecation or sale of any security issued by a public utility. If the answer is in the affirmative the amount must be stated and justification for the payments presented. "Reasons are required why the granting of the application of the authority sought 'will not affect adversely either public or private interest.' Verification of the information by affidavit is required. "Among the requirements in the rule, designated as Order 32, are that the application must be made by the officer or director on his own behalf; that he must list every public utility, financial institution described in the law, and any company supplying equipment to a public utility in which he holds stocks, bonds or notes, individually or as trustee, and state the amount of the securities held, dm ; that he must state every position held by him with any public utility or financial institution and give full information as to the relationship between all corporations listed. A list of business, industrial and financial corporations of which the applicant is a director Is also required." Changes by Executives Minor The regulations were prepared in co-operation with a committee of leading public utility executives, and Mr. Landis said they requested "not many While the announcement of the SEC provided for the possibility of keeping some information filed confidential, Mr. Landis, said the Washington account, Oct. 8, to the New York The SEC rules . . . represent the establishment of the mechanism of control by the Federal agency of practically every financial operation of a utility and holding company through registration requirements. Outstanding In the registration form, which is nothing more than a means of putting the companies "on record" preliminary to comprehensive requirements within a year, are the demands for an "inter-corporate chart" of the companies and subsidiaries and a "map in simple form showing either the electrical or natural gas distribution in the country. Financial Chronicle Volume 141 "Herald Tribune," gave little encouragement to possible lack of revelations. "The general implications of the law," he explained, "are that the information is prima fade public." He added that, like the securities law, the Public Utility Act has a "thesis of publicity." We likewise quote from the "Herald Tribune" acount the following: Significant in Mr. Landis's talk with the press to explain the mechanism for giving the SEC a picture of the "mechanical operations and corporate interconnections" of the utility companies was his statement on how the Commission proposes to proceed in the exercise of the most controversial power of the law, the simplification provision, attacked in Congress as a "death sentence" for many holding companies. The Chairman revealed that the SEC will build its "facts" for or against compulsory simplification through regional units in close touch with individual utility systems. Employees attached to regional offices will study closely particular bolding company set-ups, with a view to seeing what plans for change may be applicable. In this "focalization on individual systems," as Mr. Landis called it, the SEC proposes to develop a large and direct factual background as a basis for decision on its "simplification" authority, which does not become effective until after Jan. 1 1938. The SEC, in its registration form made public to-day under the term of "notification of registration," merely seeks certain basic data of the companies whose affairs it will regulate. Covering only six pages, it is admittedly one of the more simple requirements promulgated in the year of SEC activity under the securities laws. Exemptions from the operation of the law fall into two categories. Section 2 covers exemption because the applicants do not come within the scope of the definition of terms. The Commission cites as an example a company, primarily engaged in another type of business, which also sells a small amount of electricity or gas. Such a company, it is pointed out, may seek exemption by declaration that it is not an "electric utility" or a "gas utility." Another example of this class falls under the explanation of the meaning "holding company" and "subsidiary." The law defines as "prima fade" a company controlling 10% of the voting securities of a public utility as a "holding company," and conversely a company, 10% of which securities are controlled by a holding company, a "subsidiary." Comments by Chairman Landis of SEC on Remarks of Charles R. Gay on Possibilities of Inflation in Stock Market James M. Landis, Chairman of the Securities and Exchange Commission is reported as having declared on Oct. 10 that any stabilization of security markets will come as a by-product of the efforts of the SEC to have security prices accurately reflect economic conditions, and not as a direct consequence of enforcement of the securities legislation. These remarks were made•by Mr. Landis on Oct. 10 appearing, said the New York 'Herald Tribune" at New York Stock Exchange's regular press conference as a guest of Charles R. Gay, President, at which time he commented on Mr. Gay's address the previous night, warning of inflation in security prices. In part the "Herald Tribune" of Oct. 11 also said: Set-up of Systems Among the many wide powers of the Commission is the right to authorize exemption from the law for such companies. if the ownership does not constitute control. The company, under the set-up of the law, pleads such a fact and obtains automatic exemption until such time as the Commission may on further investigation disapprove. In addition to asking for an intercorporate chart, with the objective of tracing the method of control from parent to subsidiary, and the map of physical operations, the forms ask the utility concerns to furnish the following information: Under general information, the type of organization, and the State under which it is organized. Under financial structure, a record of the method of control; a brief description of the kind of business: the total amount of funded debt, preferred stock and common stock outstanding and the amount of voting stock owned, controlled or held with sower to vote within the system. The names of officers and directors and the positions which they hold in subsidiaries. This "minimum of information" will serve merely as the beginning of Federal regulation, SEC officials emphasized. Even these requirements are hedged with the qualification that the charts and maps need not be specifically prepared. This discretion left to the utilities is reiterated again and again in the more complicated requirements for those seeking exemptions, either from the Act itself or from registration. Exemption Data More Detailed The SEC requires more detailed information on companies seeking exemptions under this first category of Section 2 than it does in the matter of registration. If the concerns seek to establish that they are not "electric or gas utilities," the following is a summary of the information that must be given: A brief description of the type of power facilities, together with the status under State law. Information on the amount of power generated for the last three fiscal years and for the six months of this year, the amount purchased, the amount sold to other Persons and the type of customer, together with gross revenues. In addition, if the company applies under an "intra-State" exemption, the geographical extent of operations, the identity of the parent company, the outstanding securities and a brief statement on control, together with data on the generation and disposal of the power. In connection with the other exemption of the first class, namely, that the company is not a "holding company" or "subsidiary," the SEC seeks even more comprehensive information. In summary, the requirements of the two forms call for presentation to the Federal agency of the following facts: Details on how the securities are held, whether they include Indirect holding by officers or their nominees. A statement on the management and service contracts between the holding company and subsidiary. The amount of inter-system loans, as of the last three balance sheet dates together with data on interest. A brief statement as to what control is exercised The Holding Company Act provides that in addition to exemptions granted under Section 2, as outlined above, the SEC may exclude companies from the operation of the law when the systems are confined to a single State, when the holding companies are only "incidentally," such and when the concerns are foreign subsidiaries. Requirements Given General requirements, for both holding companies and subsidiaries under different rules in these cases, in summary, follow: A brief description, showing possible inter-State operation. Comprehensive corporate information, on amount of power bought and sold, with revenues. Explanation of the method of acquisition. While the SEC rules in the case of exemptions assume a much more complicated and more comprehensive character than those for registration, the SEC has given the companies a large amount of discretion in their answers. "If, however, any such information," the rules say on applications under the two sections, "is not available without unreasonable effort or delay, or is deemed by the applicant to be irrelevant to the question presented, the applicant may omit such information, briefly indicating the reasons for such omission, and submitting instead such other information, it any, as it may deem relevant." 2359 Mr. Landis indicated that his Commission would have difficulty in checking an inflationary stock market boom. "In order to deal with the situation," he said, "it would be necessary to go far outside the SEC. The theory of the exchange act was that powers would be given that would control the ordinary situation that might develop." The Commissioner admitted that an inflationary movement in security prices probably would find the Federal agency "holding the bag." It is Impossible, he continued, to know whether the Commission could successfully "sit on" such a movement, until a "boom comes along." Welcomes Legal Test Mr. Landis declared that SEC officials would welcome any test of the constitutionality of either the Securities and Exchange Act or the Securities Act,adding that the officers themselves have no doubt that the law creating the Commission was in strict accordance with the Constitution. An outline of the procedure followed by the Commission in enforcing its regulations was given by the Commissioner, lie stated that the SEC receives an average of 400 complaints monthly, although many of them lead to nothing. "We sift through them to see whether any deserves Investigation," he said. "Through the stock clearing corporations of national exchanges we obtain records of trading. If these show reason for further action we examine brokerage accounts and individuals at private hearings. If the question involves an exchange member the information is turned over to the Business Conduct Committee of the Exchange." Mr. Landis would not say that any such cases had been presented before the Committee on Business Conduct of the Stock Exchange, nor would Mr. Gay admit that any exchange member has been disciplined on the basis of SEC data. Mr. Gay did state, however, that his institution has a force of men doing nothing but graphing 500 stock issues to trace activities. Mr. Landis said that the Commission was doing much.the same sort of work. Criticism of Securities Act at Conference of American Management Association—Chairman Landis of SEC Cites Efforts to Reduce Registration Expenses—Also Refers to Easing of Requirements in Newspaper Advertisements The Securities Act of 1933 was a subject of considerable discussion at a conference of the American Management Association held at the Waldorf-Astoria Hotel, New York City, on Oct. 9. According to the "Journal of Commerce" criticisms of the legislation by members of the Association were received and admitted in many instances to be valid by James M. Landis, newly-appointed Chairman of the Securities and Exchange Commission, who clearly stated in an address and subsequent comments that the administration of the law will not be directed at harassment of Wall Street, but will be aimed at facilitating the flow of capital into legitimate enterprise. In part the paper from which we quote went on to say: The discussion yesterday Centered in part on the masses of information which are supplied in prospectuses, information which it was charged is little read by investors and which is hedged around with qualifying statements designed to protect employed experts from liability under the law. -Day Period The 20 An entirely different aspect of the new security problem, that of ad-day period of inspection justing the underwriting mechanism so that the 20 of registration statements by the SEC may not result in violations of the law through verbal sales agreements, was exhaustively discussed. Mr. Landis admitted that some of the by-products of that provision of the Act are troubling the Commission and stated that several solutions are under consideration. A third factor, one on which Mr. Landis and accountants present differed, was the matter of the similarity of data in registration statements, financial reports and prospectuses. Mr. Landis took the position that great benefits have accrued to investors through the improvement of corporate reporting under the terms of both the 1933 Act and the Securities and Exchange Act of 1934. Of the use of annual report data for future registration statements. he said: "The annual statement of operations will provide virtually all the financial data needed when the corporation next seeks funds in the capital market." He deplored the failure of issuing corporations to new newspaper prospectuses, but said that since recent markets have been sellers' markets, the advertising may have been considered an "unnecessary luxury" and perhaps such advertisements would be used. Answering expressions of fear that such prospectuses might lead to suits for omission of data, Mr. Landis said that SEC regulations permit the use of prospectuses of that type and that Section 19 of the Act protects any person from liability who acts pursuant to its direction. Directly answering Mr. Landis was George 0. May, senior partner of Price, Waterhouse & Co., who said: The Act of 1933 proceeds upon two inconsistent theories, one requiring disclosure of all material facts, the other specifying requirements in great detail as to what shall be disclosed. In a prospectus particularly, statements are important for what they imply. A statement that a company has earned $1,000,000 a year in the past is important to the intending investor solely because of the implications it carries as to the probable earnings of the future. A voluntary statement of earnings carries such an implication. A statement of earnings made because required by law carries no such implication. This and the complete lack of empnasis on the future are the outstanding defects of present-day prospectuses. • 2360 Financial Chronicle Chairman Landis in his address took occasion to state that "the expense of registration is undoubtedly a major consideration in the minds of those who are planning to undertake new financing." He added in part: Let me say at the outset that these expenses have continuously shown a decrease. An analysis of the reasons for this decline will throw light on the possibilities of further reduction of these costs. First, in my judgment. in effecting the decrease has been the improvement in our registration forms. The development both of precision in our requirements and of methods for eliminating irrelevant but costly data, has already been marked. Second in importance seems to be the increasing familiarity of issuing corporations, lawyers and accountants with the process of registration. This has transformed into a matter of normal routine something that initially held all the burdens and headaches of novelty. Thirdly, the amendments to the Securities Act which were adopted in 1934 have eliminated in part the insurance premium charged by experts assisting in the preparation of a registration statement. One may well ask what expenses are still excessive and what can be done to reduce them. We see several possibilities. One complaint on costa, however, we cannot meet. This arises from enterprises whose entire set-up is so crude and whose operations are so carelessly conducted that they have no right, while remaining in that condition, to seek public investment. And we find many of them, mostly in the promotional stage, so inadequately conceived and so badly supervised that they cannot give even a fairly accurate picture of their present operations or present condition. To reduce cost to meet their complaints and in accordance with their wishes would only mean opening the door to fraud. Other enterprises, of course, stand in a different category. One great avenue to the reduction of costs lies in the improvement of our registration forms. Last January we took the all-important step of differentiating in our requirements between corporations in the promotional stage and those whose past record entitled them to be regarded as "seasoned" in character. Obviously as the record of a corporation's financial experience accumulates, the emphasis from an investment standpoint shifts from organization to operation. The early history of the property account ceases to have as large a significance; facts regarding its promotion become largely immaterial in appraising the present worth of its securities, and similarly the relative value of other information changes. Recognition of factors such as these led to the development of the new form—A-2--the form under which the great refunding program of the current year has taken place. This is but the first step. There is a further differentiation to be made, one that is already in process and one that I hope will soon be an actuality. . . . Accounting costs have already shown a significant decline. American business generally seems now to have accepted the theory of the independent audit. This, of course, is the theory of both the Securities Act and the Securities Exchange Act. Our continuing discussiens with the accounting profession have brought us to grips with the question of what additional tasks must be assumed by accountants as a consequence of the requirements of the Securities Act. Certain initial costs will inevitably be incurred where independent auditing has not in the past been the customary practice of the corporation. But even here, in exceptional situations, where other adequate checks are available, we have, so far as past financial statements are concerned, permitted a report so safeguard to suffice. . .. To sum up, immediate progress will lie in the development with your assistance and suggestion of requirements more precise and more adapted to the variety of situations that confront us both. Continuing study to find where any increase in burden exists without a corresponding need for more information will enable a continuing piece-meal reduction in expense; piece-meal, true, but gradually mounting to significant proPortions. Chairman Landis observed that "perhaps the most common complaint directed against the operation of the Securities Act centers about the length and complexity of the prospectus that under the law must precede or accompany the sale of a registered security." In his comments on this Mr. Landis said: One suggestion, that certainly deserves important consideration, is that the Commission should act under the powers granted it by Section 10 of the Act and provide for a type of brief prospectus for the average customer who, at the same time, if he so chose could demand the fuller expert type of prospectus. Indeed, the very right given to the Commission to classify prospectuses according to the circumstances of their use may well be deemed to argue that the Congress contemplated some such action. With regard to advertisements of offering announcements, Chairman Landis had the following to say: Recently, the Commission provided by regulation for certain types of newspaper prospectus in the hope that offerings of securities would be announced in a less bare fashion that is the present practice. Actual tests proved that the regulations permit advertisements comparable in scope to the better advertisements in use before the Act. Newspaper advertisements of this type have not, however,appeared. One explanation. of course, may be that recent markets have been sellers' markets and thus advertising has been considered an unnecessary luxury. But examination also indicates that hesitation as to the use of these offering announcements also springs from some vague fear of liability consequent upon their use, because of the fact that all the material facts are not stated in the advertisement. The occasion for such a fear is beyond our legal understanding. That material facts are omitted is patent from both the regulation and the advertisement. Who would deny that the recent financial record of the corporation is a most material set of facts? And yet the regulation permits its entire omission. Obviously, the omission of material facts was designedly implied by the very power granted to the Commission to classify prospectuses under Section 10. And if there be the slightest doubt upon that score, the very regulation of the commission by force of Section 19 protects any person from liability who acts pursuant to its direction. From the address of Chairman Landis we also quote: One further brief problem—The Act, as you know, provides for a lapse of 20 days between the time of filing and the effective date of registration; that is, the date upon which the security can first be legally offered. The purposes of this period were primarily (1) to permit examination of the statement by us and correction of its patent defects before offering or, in default of such correction, the institution of proceedings to prevent sale of the security. The other purpose was to provide for more orderly and less feverish distribution of the security, in the thought that this 20 -day cooling period would permit wide dissemination of the basic facts re- Oct. 12 1935 garding the security prior to the time when commitments could be made. Considerable question arises as to whether the second purpose has been effectively realized and whether some of the by-products of that mechanism are not matters for our serious concern. I cannot on this occasion take the time to analyze this situation. But it seems to me that you should be made aware of the factors that have and will tend to make for delay in the 20 -day period. Delay beyond the statutory period can hardly, if ever, be charged to us except in cases where adequate reason for that delay existed. Indeed, on occasion we might well be criticized for not delaying beyond the period. when underwriting and price amendments frequently reach us a mere 24 hours before the date of public offering. Delays, where they occur. spring from a variety of causes of which several are outstanding. Chief among these is pure carelessness in the preparation of data. The act of registry called for by the statute is as solemn as should be the act of seeking the safeguarding of other people's money. Carelessness and inadequate preparation in the undertaking of such a venture should never be countenanced. Again, delay arises from an unwillingness to meet the test of full and fair disclosure. Criticism arising from delay due to such a cause,is, of course, real praise. Recently, however,certain public offerings have encountered delay for a reason that gives us great concern. The very nature of the offering itself—for example with outstanding options, sales to be effected against market quotations, often accompanied by an agreement to withhold for a specified time from the public market an overhanging large block of stock—is perfectly adapted for traditional manipulative tactics. To expedite such an offering without a thorough investigation of whether manipulation has indeed already begun or is in preparation, would justly bring discredit upon the administration of the Act. At the conference, recommendations for modifications in the Act were made by Rodney F. Starkey, a partner in Price, Waterhouse & Co., one of which, as given in the "Journal of Commerce" follows: "The Commission should be relieved of some of its responsibility, particularly that part which makes it mandatory for them to prescribe fixed rules and regulations governing the methods of keeping and stating accounts. The Commission should function as an advisory body; they should continue to assist professional men to raise the standards of disclosure, but they should not be forced by law to make definite rules. It seems to me that this is particularly important because definite rules must constantly be expanded and changed until the whole system falls by its own weight." The same paper said that Arthur H. Dean of Sullivan & Cromwell, addressing the conference, agreed that the prospectuses are far too bulky and doubted that they are read. It is also stated that Mr. Dean offered the suggestion that the Securities Act be amended to permit subunderwriting. This, he said, would care for the difficulty that will be experienced in future big markets of finding investment banker with enough capital to take entire large issues witht any assurance that the risk would be distribute . arning by President Gay of New York Stock Exchange Against Abnormal Money Market With Gigantic Volume of Reserves With "Stock Market Controls" as the subject of his remarks, Charles R. Gay, President of the New York Stock Exchange, in an address on Oct. 9 declared that "to put it bluntly, the Exchange is concerned with inflation." Mr. Gay, whose address was delivered in New York City at a conference of the American Management Association at the Waldorf-Astoria Hotel, pointed out that "the control of the money market in the future is not merely a matter of Federal Reserve policy. The Treasury Department with . its immense stabilization fund," he said,"is also an important money factor." Mr. Gay went on to say: What I wish to emphasize to-day is that when the stock exchanges have done all that they can, when the member banks of the Federal Reserve System have done all that they can, when the Securities and Exchange Commission has done all that it can, there still remains this immense outside factor, an abnormal money market with a gigantic volume of excess reserves, the control of which is not in their hands. Only sound Federal Reserve Bank policy and sound Treasury policy can control that. Unless this factor is properly controlled, there may be again in the future a wild and runaway stock market culminating in a crash as violent and as dangerous as that of 1929. I repeat that I am not an alarmist. I hope you have not concluded from what I have said that I am. I have no illusions whatever on this subject, which I have tried to discuss realistically. My earnest wish is that through intelligent use of equipment which we have and by keeping our sense of proportion, we may be spared another season of madness. "Inflation, as far as the stock market is concerned," said Mr. Gay, "is a distortion of values, bringing in its train heavy losses to the individual investor and a shock to business. I do not concede for a moment," he continued, "that the rise and collapse of a speculative boom is the cause of business depression. The principal causes are to be found in conditions over which the Stock Exchange has little influence or control. Need I say," he added, "that the New York Stock Exchange,insofar as it is concerned with security prices at all, would prefer that those prices correspond as closely as may be with actual and potential values." In part, Mr. Gay also had the following to say: I am not predicting that stock prices will become inflated. I recognize, however, that the stock market provides an inviting field where this might occur, largely because of that ready marketability which under normal conditions, as I said before, is such a benefit to business. Here we can have inflation in an insidiously pleasant form, under the guise of visible, day-by-day "profits." Further, the marketability factor provides a ready exit at that undefinable moment when, in the popular view, it will become expedient, for one reason or another, to transfer capital to some other medium than stocks. Like a thin spot in a tire casing, the stock market might conceivably become inflated the more, because of the inflexibility of other parts of the structure to which inflationary pressure is applied. I would like to say here, parenthetically, that one thin spot in our tire casing is caused by the unscientific income tax imposed on capital gains. Innumerable instances have come to my attention where investors have Volume 141 Financial Chronicle been deterred from selling securities and taking their profits because of their unwillingness to share so large a portion of those profits with, the Government. Thus, at a time when the number of buyers is unduly stimulated, the number of those who would naturally.be sellers is artifically restricted. Surtaxes upon capital gains and trading profits are a potent secondary cause of stock market inflation, leading inevitably to ensuing stock market depression. The principal danger, however, lies entirely outside of the mechanism of the Stock Exchange. It is to be found in the banking situation, which is characterized by unprecedentedly low money rates and by the greatest surplus reserves ever recorded. The ineffectiveness of these rates and these reserves is eloquent testimony to.the state of shattered confidence and of subnormal business activity through which we have been passing. Given a sufficient degree of confidence, or perhaps of desperation, or even of reckless boredom over the prolonged idleness of money,a situation could develop which would threaten the gravest consequences through an upward flight of security prices. With business to-day at a far lower level than in 1929,it is unpleasant to contemplate the consequences of a runaway stock market inflation. In this early stage of economic convalescence the country cannot afford to permit a dangerous inflation in security prices, from whatever cause it may arise. As yet,so far as I can see, we have no evidences of any inflation in stocks due to the over use of credit. And, mind you, I am not attempting to pass judgment on present market prices. From a peak of $8,549,000,000 in 1929, New York Stock Exchange member borrowings on collateral declined to $242,000.000 in 1932, a fall of 97.2%. Since 1932 they have increased only $530,000,000, while the total value of all stocks and bonds listed on the New York Stock Exchange has advanced from $50,469.000 000 to $78,862,000,000. Let me say, in passing, that I consider this liquidation of brokers' loans one of the most amazing feats in financial history. It is evidence that our financial markets do provide the facility whereby cash may be obtained at any time. Though the record was one of continually declining prices there must have been numberless cases where illiquid holdings of property were conserved through this ability to secure cash. Going back to the delicate subject of inflation, we know that money has not been finding its way into the stock market over the roundabout route of commercial loans. From their low level of $4,551.000,000 in March, 1933, these loans as reported weekly uy member banks increased only to $4,765,000,000 in October, 1934, but since then have actually declined to a lower level than in March, 1933. . . . We have had a substantial increase in industrial production, and also in prices, accompanied by a positive decrease in commercial credit, measured by the weekly bank figures. There has been no surplus commercial borrowing for employment in the stock market. Nor has money been made available for carrying securities through the medium of public financing of corporations, as was the case to a considerable degree during the late boom years. Corporate financing has expanded to a marked extent this year, but the funds thus provided, at low interest rates, have been used almost entirely to retire outstanding high-interest debt. The position to-day is entirely sound, from the standpoint of credit directly employed in the security markets. It should be kept so. I am not an alarmist, but we should not close our eyes to the inflammability of the material we are dealing with and to the fact that inflation, if it should once get started, might sweep through the markets as a fire sweeps through a city of wooden houses. It is advisable, therefore, that we take stock of our financial fire-fighting apparatus and of the system of inspection and of policing which is relied upon to keep a conflagration from getting started. The present state of low money rates and of swollen bank reserves has resulted in part from the low level of business, and to that extent is beyond anybody's control, and in part from the policies of the Government. It is not my purpose to discuss these policies here except insofar as they affect the securities market. Mechanism designed to prevent an outburst of inflation has been set up in certain laws passed in recent sessions of Congress. Suppose we look at them for a moment,and try to make some estimate of their effectiveness, and possibly some suggestions for their improvement. The Banking Act of 1933 authorized the Federal Reserve Board to establish limits, represented by a percentage of capital and surplus upon the amount which member banks in the various districts may lend against stock or bond collateral. Here we have a method of control over the financing of security dealings which, in theory at least, is limitless in its power. In similar vein is the provision,in the Act of 1935, that the Board under certain conditions may increase the reserve requirements of mem azir banks, the maximum increase being 100% of the present figure. At present the member banks hold more than $5,000,000,000 in reserve balances at the Federal Reserve, of which more than $2,500,000.000 represent surplus above legal requirements. A doubling of those requirements, therefore, would approximately wipe out the present surplus. Or, the sale of the existing holdings of Government securities of the Federal Reserve banks would accomplish the same end. Under the Banking Act of 1935, the Secretary of the Treasury and the Comptroller of the Currency have been dropped from ex-officio membership on the Federal Reserve Board. To the extent that these officials may have represented the Treasury viewpoint, and may have unduly influenced the Board in favor of easy money policies, this change in the law would tend, as it was designed to do, to enhance the independence of the Board and bring its policy into line with the stated purpose of the law, which is to administer the banking system for the accommodation of commerce, industry, and agriculture—not security dealings, and not the Treasury. The new banking law provides for the appointment of seven members of the Federal Reserve Board. We are thus brought face to face with the question of long term policy and personnel. In view of the extraordinary discretionary powers conferred upon the Federal Reserve Board, it is important that its members be then of wide business experience and unquestioned ability and integrity—strong,fearless,independent men. When they enter the Board they will have to say a long farew(11 to whatever political ambitions they may have cherished, for if they do their duty they are likely to incur the cordial enmity of large sections of the public. In what I have just said I have intended no reference whatever to the present members of the Board. I am making no attempt to judge their qualifications under the new System. The probability exists, however, that changes in membership will occur after Feb. 11936, and I am merely emphasizing the fact that a crucial point will be reached at that time in shaping our future banking policies. Congress has set up what will be. in effect. a "Supreme Court" of the nation's finances. The need of a high type of ability is obvious. As originally drafted,the 1935 law provided a pension for Boazd members upon their retirement. This provision was dropped in the final enactment. It seems to me that it should be restored at the earliest possible moment, and that the pension should be the equivalent of the salary paid, if the Incumbent served his full term. It is desirable that the Government 2361 guarantee independence of the Board by assuring the financial security of its members throughout their lifetime. In the Act of 1933 and in that of 1935, considerable additional powers are conferred upon the Board to regulate open market operations of the System. If these powers are exercised in the direction of making it easy for the Treasury to borrow money, they obviously will make it difficult to avoid inflation. But if the Board should desire to stop an incipient inflation it could wield a powerful influence by requiring or inducing the Reserve banks to liquidate such part of their $2,400,000,000 of Government securities as might be necessary to tighten up the money market. (I make no predictions as to how such an operation would work under existing conditions, but at all events it would represent an orthodox method of Influencing money rates.) The divorce of security affiliates from the banks has lessened the connection between banks and the security market. Other provisions of similar tenor-could be cited in the banking laws, but I will not enumerate them. Only one need be mentioned. It is that remarkable law which gives the Reserve Board authority to vary the requirements for brokers' margins against customers' accounts. No change has been made in these requirements, and many may have forgotten that the power exists. But it is there, and can be called to the public's attention at need with unmistakable emphasis. The statutes which I have discussed constitute, as a group, the firefighting apparatus, designed to quench a blaze when it starts or to combat it after it gets under way. We have, in addition, a policeman whose business it is to watch out for pyromaniacs and see that no careless person throws a lighted match into the excelsior. This policeman is the Securities and Exchange Commission—SEC for short. The mechanisms which I have just described, when brought under a single focus, will be seen to provide, at least on paper, a comprehensive scheme for achieving the ideal of maintaining at all times a reasonable relationship between market prices and intrinsic values. This might well be the ideal of the organized exchanges. However, I must emphasize that our main business is to maintain a free and open, continuing market in which securities, at some price, can be sold. Basically, therefore, the Exchange is in harmony with the aims which these laws postulate, though we have questioned in the past, and may question in the future, whether the methods chosen are those best adapted to attain the end. . . . Progress in Co-ordination of Facilities of New York Stock Exchange Revealed—President Gay Tells Members of Proposal to Establish Executive Office Similar to Bank The results thus far attained in the program to co-ordinate the executive departments of the New York Stock Exchange were made known to members and their associates on Oct. 5 in a letter signed by Charles R. Gay, President. The centralization of these facilities of the Exchange is expected to improve its efficiency as well as reduce operating expenses. "Our survey is still uncomplete," Mr. Gay said in his letter, "but constant study is being given to the whole broad program of co-ordination." He said that subject to such' changes and modifications as may be necessary as this study progresses,"we propose to establish an executive office similar to that of a bank." The letter continued: In this office will be placed executives, such as the Secretary and Assistant Secretaries of the Exchange, Executive Assistants and Secretaries of standing committees, and the necessary clerks who will serve these officers. Grouping these will, in our opinion, be of advantage both to members and to executives. The survey of the Exchange and its affiliates, undertaken with a view tci determine how the departments might be consolidated, was started last May with the election of Dean K. Worcester as Executive Vice-President, Mr. Gay said. As to changes which have occurred since that time the letter stated: One result has been that a new committee, known as the Committee on Management and Personnel, is now functioning. It consolidates the work of three old committees: those on Wages, Survey, and Accounting, as well as some of the duties of many of the standing committees. To this committee has also been delegated the management and personnel duties relating to affiliated companies. I might cite, as an instance of what we are accomplishing in the direction of economy, the fact that the Stock Clearing Corporation, one of our most important subsidiaries, has reorganized its night and day branches, thus effecting a material saving. Various other forms of economy are being carried out elsewhere in the organization, but, needless to say, the precaution is being taken in all cases to avoid any impairment of efficiency. Jason NVesterfield, Assistant Secretary, long assigned to the Committee on Public Relations, has been transferred to the Secretary's office. Eugene Lokey, for many years connected with the New York "Times," has joined the Exchange organization as Executive Assistant to the Committee on Public Relations. Arthur Franklin and George Cuff have been designated to act in an advisory capacity to aid member firms in solving problems incident to Regulation T. All accounting divisions of the Exchange and affiliated companies have been consolidated under the direction of John Dessau, Chief Accountant. We believe that this will make for increased efficiency, and it is our hope that in time considerable saving may be brought about. Within a short time we expect that the staffs of the Committee on Business Conduct and the Committee on Quotations and Commissions may be housed together in the quarters now occupied by the last-named committee. As the same records are often used by both committees, this change also will result in improved efficiency. Mr. Gay, in his letter, thanked the Governors, members, partners in member firms and the personnel of the Exchange and of member firms "for many evidences of interest in its problems, and its welfare." He also said that "we are especially indebted to the large number of members and associates from cities distant from New York who have put aside personal considerations and have, at real sacrifice, come here to give us the benefit of their counsel and experience." From the letter the following is also taken: I wish to say that any problem affecting a member or member firm is of vital interest and concern to us of the executive offices. We ask the privilege of being permitted to help whenever possible. We also ask that you give us the benefit of your constructive criticism because this, we think, is the best form of co-operation. We are putting special stress at this time upon the desirability of our members and firms making use of the service that is available in the Secretary's office. The days of the "simple life" for members of our fraternity seem to have come to an end. In the last several years there has been a great increase in the amount and type of information a broker must possess. Ashbel Green and the other Secretaries and assistants operate a "service station" designed to render cheerful, efficient servic, and it is my hope that members, partners and office managers will avail themselves of the facilities provided. New York Stock Exchange Planning Bond Quotation Service-Members Asked to Subscribe Members of the New York Stock Exchange in New York City were requested on Oct. 5 by Ashbel Green, Secretary, to notify the Exchange as to whether or not they would subscribe to a bond quotation service, similar to the stock quotation service now in existence, if such a service were established. The installation of the service, Mr. Green pointed out, will depend on the number of firms willing to subscribe to it. The letter of the Secretary follows: NEV YORK STOCK EXCHANGE Committee on Bonds Oct. 5 1935. To New York Firms: The Committee on Bonds has been studying the possibility of the establishment of a bond quotation service similar to the present stock quotation service, and has reached the conclusion that a fast and accurate service, by which the bid and asked prices, as well as the size of the market could be given, Is quite feasible. Consequently, the Committee proposes to establish a system which would, at the outset, cover the Industrial Section of the Cabinet Crowd, embracing approximately 320 bond issues. Depending upon the successful operation of this unit, it is planned ultimately to extend the system to cover all bonds. The first unit, however, will not be installed unless the Committee is assured of a sufficient number of subscribers. It is, therefore, important to know as soon as possible how many firms would be interested in subscribing to the initial service. It is expected that the subscription price will be between $50 and $100 per month, depending upon the number of subscribers. If the number of firms who indicate an interest in the service does not appear to make it possible to offer the service for $100 or less, the plan may have to be abandoned. For this reason all firms are requested to advise the Committee on Bonds promptly whether or not they desire to subscribe to the service presently contemplated, and if so, how many lines they would require. ASHBEL GREEN, Secretary. United States Export-Import Bank Rules Against Credits to Italy It was made known in Associated Press accounts from Washington Oct. 9 that a disclosure that the 'United States Export-Import Bank has decided against granting credits to facilitate the sale of American goods to Italy, has been officially confirmed. It is noted that the decision, while in line with the recently enunciated American neutrality policy, was made by the Export-Import Bank last August at a time when Italy was reported to be preparing for its expedition into Ethiopia. The Washington Press account further said: Officials said that several applications for loans to help finance the sale of cotton and other materials to Italy were pending at that time. They added that the same decision probably would be made with regard to Ethiopia in case the question ever should arise. It has not yet arisen. The officials said that the decision with regard to Italy was taken in the light of her preparations for war and other considerations. New York State Superintendent of Banks Issues Call for Condition of Banks as of Sept. 28 On Oct. 4, George W. Egbert, Superintendent of Banks of New York, issued a call for reports from banks, trust companies and private bankers, the close of business on Sept. 28 1935, being'designated as the day with reference to which such reports were to be made. Pennsylvania Banking Board Limits Interest Payments , -Maximum Rate to Be by State Banks to 236% -New Paid by Savings Institutions Fixed at 3% Rates Effective Oct. 15 Regulations limiting interest payments to 23' % on time and savings deposits by Pennsylvania banks, trust companies and private bankers, and. to 3% by savings banks, were issued on Oct. 9 by Dr. Luther A. Harr, Secretary of Banking of Pennsylvania. The regulations, which become effective Oct. 15, apply to all institutions under the jurisdiction of the State Banking Department. They were issued following a meeting of the new State Banking Board which approved the new rates. From Harrisburg advices, Oct. 9, to the Philadelphia "Record" of Oct. 10, the following is taken regarding the new regulations: The Federal Deposit Insurance Corporation, which has the authority under the National Banking Act of 1935, to fix maximum rates for its member banks, which are not members of the Federal Reserve System, also approved the new rates, it was announced. The action of the Banking Secretary was the first exercise of authority granted him under new legislation enacted at the last session of the General Assembly. According to the Harrisburg advices (Oct. 9) Dr. Harr, in announcing the maximum rates of interest, said: These maximum interest rates were set to eliminate payment of excessive interest rates which threaten the stability of many banking institutions. Oct. 12 Financial Chronicle 2362 1935 In various sections of the State, banks have been paying 3Y4, 3U and even 4% interest in an effort to attract deposits. Such interest rates are not justified by present earnings and constitute a drain upon the various banks to which they should not be subjected. The Banking Board is in entire agreement with me in fixing these rates, believing that these limitations will be to the best interests of our banks by eliminating excessive competition among them for new business. These new rates do not affect aoTeements made between banks and their depositors to pay higher rates if such agreements were made prior to this date, Oct. 9. But such agreements cannot be renewed unless they • conform to these limitations. The regulations also prohibit the payment of any interest on demand deposits except on deposits of Governmental authorities . on which by law interest must be paid. Uniform 2% Interest Rate Fixed for State Banks, 2% Savings Banks and Trust Companies of New Jersey by New Banking Advisory Board At a meeting held in Trenton, N. J., on Oct. 4, the newly created Banking Advisory Board, authorized to assist the Banking Commissioner of New Jersey, fixed the rate of interest to be paid on deposits by New Jersey State banks, savings banks and trust companies, at 2%. The rates generally in effect at present are 1% and 2%. The 2% rate, which it is said will become effective on Jan. 1, "was agreed upon for uniformity and also to promote sound banking in the State," it was announced by Carl K. Withers, Banking Commissioner, who is also Chairman of the Advisory Board. Governor Harold G. Hoffman, of New Jersey, was present at the Board's meeting Oct. 4. Mark Skinner Succeeds A. A. Schramm as Superintendent of Banks of Oregon Mark Skinner, of Portland, Ore., assumed the official duties as Superintendent of Banks of Oregon on Oct. 1. Mr. Skinner succeeded A. A. Schramm, who announced on Sept. 30 that he had not decided upon his future plans. New York State Banking Department Issues New Certificate of Authorization to J. P. Morgan & Co. -Action Follows Revocation Due to Membership Change in Formation of Morgan Stanley & Co. Inc. A new certificate of authorization to transact business as private bankers was issued on Oct. 3 to J. P. Morgan & Co. by the New York State Banking Department, it was announced Oct. 4. The former certificate, issued June 15 1934, was revoked in a routine procedure by reason of the change in membership of the firm incident to the formation of the investment securities firm of Morgan Stanley & Co., Incorporated, by several partners of the Morgan firm and Drexel & Co. of Philadelphia. The capital of J. P. Morgan & Co. is announced at 825,000,000. The partners are given as follows: John Pierpont Morgan Edward T. Stotesbury Charles Steele Thomas W. Lamont Horatio G. Lroyd Thomas Cochran Junius Spencer Morgan George Whitney Russell C. Leffingwell Francis D. Bartow Arthur M. Anderson Thomas S. Lamont Henry P. Davison Thomas Newhall Edward Hopkinson, Jr. S. Parker Gilbert Charles D. Dickey Reference to the formation of Morgan Stanley & Co., Incorporated, was made in our issue of Sept. 21, page 1859; Sept. 14, page 1692, and Sept. 7, page 1526. -4--. Receiverships of 18 Insolvent National Banks Terminated During September-Report of Comptroller of Currency The Comptroller of the Currency, J. F. T. O'Connor, announced on Oct. 11 the completion of the liquidation of 18 receiverships during September 1935, making a total of 144 receiverships finally closed or restored to solvency since his last annual report to Congress dated Oct. 311934. Total disbursements, the Comptroller said, including offsets allowed, to depositors and other creditors of these institutions exclusive of 11 receiverships restored to solvency, aggregated $33,720,608, or an average return of 72.56% of total liabilities, while unsecured depositors received dividends amounting to an average of 61.05% of their claims. The 18 banks whose receiverships were terminated during September are are shown in the following tabulation: INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED DURING THE MONTH OF SEPTEMBER 1935 Receivership Date of Failure Total Die- Per Cent Per Cent Total Dividends bursemls Paid Including Returns Unsecured to AU Offsets Allowed Creditors Depositors 109.333 Fort Collins Nat. Bk., Ft. Collins, Colo. 2-23-33 8248,421 102.57 112.5 . 89,048 100.02 First Nat. Bank, Ballston Spa., N. Y._ 2- 2-33 14.55 44.41 2-18-32 150,015 Craig National Bank. Craig, Colo 43.14 16.518 62,027 8- 8-31 First National Bank,Ryder, N.Dak 93.333 93.333 Provident National Bank. Waco, Tex*. 3-28-27 281.843 10.86 42.61 Citizens Nat. Bank,Streeter, N.Dak- 3-10-30 107,035 44.48 3.333 82,346 8- 8-31 N. Dak First National Bank, Mau, 4.57 40.36 87,485 Citizens Nat. Bank, Wessington,S.Dak. 10 -3-32 67.8 73.65 11-11-30 197,168 First National Bank, Mendon, Ohio 37.46 1.37 97.728 7-14-31 First National Bank, &obey. Mont 78.18 78.52 Nat. Exchange Bank, Waukesha, Wis.' 1-2743 175,428 84.35 84.18 67,777 Mathis, Tex- 10-18-31 First National Bank, 13.9 36.8 6- 141 280,072 First National Bank, Prattville, Ala 107.23873 22,472 107. First National Bank, Pitsburg, Ohio ... 2-13-33 82.45 70.35 46.836 12-12-30 First National Bank, Naper, Neb 10. 70,780 29.08 First National Bank. Van Hook,N.Dak 8-8-31 50.45 24.45 90,675 First National Bank.Pemba% N.Dak- 8- 8-31 100. 12-1943 760.392 100.34 First National Bank in Gallup, N. M •Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold, or to complete unfinished liquidation. Volume 141 2363 Financial Chronicle A report of the Comptroller for August was given in the "Chronicle" of Sept. 14, page 1707. In his announcement of Oct. 10 Acting Secretary Coolidge said that bidders are required to specify the particular series for which each tender is made. He added: $23,350,000 Consolidated 1% Debentures Offered by Federal Intermediate Credit Banks—Issue Oversubscribed The Federal Intermediate Credit banks offered on Oct. 8 their first issue of consolidated debentures, which are the joint and several obligations of all 12 banks. The issue, which was offered through Charles R. Dunn, fiscal agent for the system, was in amount of $23,350,000. The debentures carry an interest rate of 13- % and mature in three, six and nine months. They were offered at a slight premium and were readily over-subscribed. The Intermediate Credit banks previous offered debentures that were the obligations of the 12 individual banks. The last offering of such debentures was referred to in our issue of Sept. 7, page 1529. The bills will be issued in bearer form only, and in amounts or denominations of $1.000, $10.000, $100,000, $500,000. and $1,000,000 (maturity value). It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by the Federal Reserve banks or branches upon application therefor. No tender for an amount less than $1.000 will be considered. Each tender must be in multiples of $1,000. fhe 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 Oct. 14 1935. all tenders received at the Federal Reserve banks or branches thereof up to the closing hour will be opened and public announcement of the acceptable prices for each series will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right to reject any or all tenders or parts of tenders, and to allot less than the amount applied for, and his action in any such respect shall be final. Any tender which does not specifically refer to a particular series will be subject to rejection. Mose 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 Oct. 16 1935. The Treasury bills will be exempt, as to principal and interest, and any gain from the sale or other disposition thereof will also be exempt, from all taxation, except estate and inheritance taxes. (Attention is invited to Treasury Decision 4550, ruling that freasury bills are not exempt from the gift tax.) No loss from the sale or other disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of ts possessions. President Roosevelt Requests Co-operation of Banks in Cashing of Government Pay Checks At the request of the Treasury Department, the Board of Governors of the Federal Reserve System, through J. H. Case, Federal Reserve Agent of the Federal Reserve Bank of New York, forwarded the following communication of President Roosevelt to all banks in the Second (New York) Federal Reserve District: EXECUTIVE OFFICE Sept. 28 1935 All Banks: The nation-wide works program which the Federal Government has launched in order to give employment to men and women on the relief rolls is now under way. The program will naturally involve the issuance of a large number of pay checks, which checks will be drawn on the Treasurer of the United States by Federal disbursing officers in the States. In order to prevent delays in the payment of wages and in order that these workers, practically all of whom have been on the relief rolls, may receive the fullest benefit from their employment, it is essential that our banks throughout the country extend every possible co-operation by cashing these checks at par upon proper identification, which will in most cases be the identification cards given the payee by the employing office. I urge bankers to extend to this program the fullest co-operation to the end that these checks will be cashed promptly and in full. FRANKLIN R. ROOSEVELT Tenders of $315,724,000 Received to Offering of $100000,000 of Two Series of Treasury Bills Dated Oct. 9 —$50,006,000 Accepted for 159-Day Bills at Rate of 0.171% and $50,025,000 for 273-Day Bills at Rate of 0.233% On Oct. 7 Acting Secretary of the Treasury Coolidge announced that tenders aggregating $315,724,000 bad been received at the Federal Reserve banks and the branches thereof up to 2 p. m., Eastern Standard Time, that day, to the offering of two series of Treasury bills, dated Oct. 9 1935, offered In amount of $100,000,000, or thereabouts. Of the tenders received, it was stated, $100,031,000 were accepted. The offering of bills was referred to in our issue of Oct. 5, page 2201. Each issue of the bills was offered in,amount of $50,000,000, or thereabouts; one of the series was 159-day bills, maturing March 16 1936, and the other 273-day bills, maturing on July 8 1936. Mr. Coolidge issued, on Oct. 7, the following details of the bids to the two series: 159-Day Treasury Bills, Maturing March 16 1936 For this series, which was for $50,000,000, or thereabouts, the total amount applied for was $170,699,000, of which $50,006,000 was accepted. The accepted bids ranged in price from 99.934, equivalent to a rate of about 0.149% per annum, to 99.921, equivalent to a rate of about 0.179% 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 99.924, and the average rate is about 0.171% per annum on a bank discount basis. 273-Day Treasury Bills, Maturing July 8 1936 For this series, which was for $50,000,000, or thereabouts, the total amount applied for was $145,025,000, of which $50,025,000 was accepted. Except for one bid of $10,000, the accepted bids ranged in price from 99.841, equivalent to a rate of about 0.210% per annum, to 99.813, equivalent to a rate of about 0.247% 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 99.823, and the average rate is about 0.233% per annum on a bank discount basis. New Offering of Two Series of Treasury Bills in Amount of $100,000,000—Both to be Dated Oct. 16 1935-$50,000,000 of 152-Day Bills and $50,000,000 of 273Day Bills Tenders to be received at the Federal Reserve banks and the branches thereof up to 2 p. m., Eastern Standard Time, Oct. 14, were invited on Oct. 10 by Acting Secretory of the Treasury Coolidge to a new offering of two series of Treasury bills in amount of $100,000,000, or thereabouts. The bids to the bills, which will be sold on a discount basis to the highest bidders, will not be received at the Treasury Department, Washington. Both series of the bills will be dated Oct. 16 1935, on which date there is a maturity of similar securities in amount of $50,013,000. Each series of the bills announced this week will be offered in amount of $50,000,000, or thereabouts; one series will be 152 -day bills, maturing on March 16 1936, and the other 273 -day bills, maturing July 15 1936. The face amount of the bills of each series will be payable without interest on their respective maturity dates. Books Closed for Offering of 234% Treasury Bonds in Exchange for Fourth Liberty Loan 43.% Bonds— $860,000,000 of Called Liberties Converted to Oct.7 for Bonds and 134% Notes—No Major Financing Seen for'Near Future The subscription books for the offering of 2%Vo Treasury bonds of 1945-1947, in exchange for Fourth-called Fourth Lib4 erty Loan 41 % bonds, were closed at the close of business yesterday (Oct. 11. Subscriptions placed in the mail before 12 o'clock midnight, last night, will be considered as having been entered before the close of the subscription books. This was indicated on Oct. 8 by Acting Secretary of the Treasury Coolidge in announcing that the books would be closed on Oct. 11. It was further announced that subscriptions of the Liberty bonds for the Treasury bonds up to Oct. 7 approximated $431,000,000. Including $429,000,000 exchanged for the 11 4% Treasury notes of series C-1939, a total of approximately $860,000,000 of the Fourth-called Fourth Liberty Loan bonds have been exchanged to Oct. 7. The exchange books for the note offering were closed on Sept. 14. Approximately $1,250,000,000 of the Liberty bonds have been called for redemption on Oct. 15. Previous reference to the exchange offering was made in our issue of Oct. 5, page 2200. On Oct. 10 Acting Secretary Coolidge announced that the final figures on the conversion of the Liberty Loan bonds will be made public on Oct. 14. At the same time he indicated that the Treasury will do no further financing in the near future except possibly to issue $100,000,000 of shortterm bills each week. In noting this, Washington advices, Oct. 10, to the New York "Times" of Oct. 11, said: Mr. Coolidge declined to bind himself absolutely on the future activities of the Treasury in the money markets, but remarked that he saw "no Indication of new Treasury financing in the near future aside from the usual weekly bill issues." Silent on Larger Issues He also refused to indicate how much longer the Treasury will continue to float $100,000,000 of bills each week, thus borrowing about $50,000,000 In new cash every seven days. fhis device for building up the Treasury's cash balance was resorted to late last month.. . . The Treasury itself has a working balance of $1.407,000,000. of which about $250,000,000 or $300.000,000 will have to be used to pay off called Fourth Liberty Loan bonds which mature on Tuesday. Another definite amount which is somewhat larger is obligated for the retirement of national bank notes. The Treasury has no more maturities to meet, other than bills, untll Dec. 15, when a $418,291,000 note issue bearing 2;4% interest matures. Gold Receipts by Mints and Assay Offices During Week of Oct. 4—$103,410,831 Imports Gold in the amount of $106,485,688.81 was received by the mints and assay offices during the week of Oct. 4, it was announced by the Treasury on Oct. 7. The Treasury indicated that of the amount received $103,410,830.81 was imports, $653,293.71 secondary, and $2,421,564.29 new domestic. The amount of gold received during the week of Oct. 4 by the various mints and assay offices is shown in the following tabulation issued by the Treasury: Philadelphia New York San Frai2cIsoo Denver New Orleans Seattle Total for week ended Oct. 4 Imports $3,789.10 103,032.600.00 358,910 82 16.981.00 549.89 secondarY New Domestic $204,563.34 $288.37 305,100.00 50,597.71 1,379,624.79 22.935.00 510,876.00 54,124.24 169.89 15,973.42 530,605.24 8103,410,830.81 8653.293.71 $2,421.584.29 Sales of "Baby Bonds" Averaging $1,000,000 Daily The Treasury Department reported on Oct. 9, according to Associated Press advices from Washington, that day, that the sale of United States Savings Bonds, better known as "baby bonds" was "gradually increasing", averaging more than $1,000,000 a day. The advices also said: The maturity value of sales through last Saturday was $185,474,000, was while the cash value was $139.106,616. The number of bonds sold about 630,000. officials said. basis The bonds went on sale on March 1. They are sold on a discount maturity to yield the purchaser slightly less than 3% if held until their in 10 years. Previous reference to the sale of the "baby bonds" was made in our issue of Aug. 17, page 1019. $308,399 of Hoarded Gold Received During Week of Oct. 2-$22,639 Coin and $286,760 Certificates Receipts of gold coin and gold certificates during the week of Oct. 2 by the Federal Reserve banks and the Treasurer's office, according to figures issued by the Treasury Department on Oct. 7, amounted to $308,398.78. Total receipts since Dec. 28 1933, the date of the issuance of the order requiring all gold to be returned to the Treasury, and up to Oct. 2, amounted to $131,295,472.03. Of the total received during the week of Oct. 2, the figures show $22,638.78 was gold coin and $285,760 gold certificates. The total receipts are shown as follows: Gold Coin Received by Federal Reserve banks: Week ended Oct. 2 Received previously Total to Oct. 2 Received by Treasurer's Office: Week ended Oct. 2 Received previously Gold Certificates $22,638.78 30,789,087.25 $281,060.00 97,695,130.00 $30,811,726.03 697.976,190.00 265,456.00 $4,700.00 2,237,400.00 $2,242,100.00 $265,456.00 Total to Oct. 2 amount of Note--Gold bars deposited with the New York Assay Office in the $200,572.69 previously reported. Receipts of Newly-Mined Silver by Mints and Assay Offices from Treasury-Purchases Totaled 448,440.20 Fine Ounces During Week of Oct. 4 In accordance with the President's proclamation of Dec. 21 1933, which authorized the Treasury Department to absorb at least 24,421,410 fine ounces of newly mined silver annually, the Department during the week of Oct. 4 turned over 448,440.20 fine ounces of the metal to the various mints. A statement issued by the Treasury on Oct. 7 showed that of this amount 160,894.24 fine ounces were received at the Philadelphia Mint, 313,426.96 at the San Francisco Mint, and 14,119 fine ounces at the Mint at Denver. The Treasury's statement of Oct. 7 indicated that the total receipts from the time of the issuance of the proclamation and up to Oct. 4 were 48,646,000 fine ounces. Reference to the President's proclamation was made in our issue of Dec. 31 1933, page 4441. The weekly receipts are as follows (we omit the fractional part of the ounce): Week Ended- Ounces 19341,157 Jan 5 547 Jan. 12 477 Jan. 19 94,921 Jan. 26 117,554 Feb. 2 375,995 Feb. 9 232,630 Feb. 16 322,627 Feb. 23 271,800 Mar. 2 126.604 Mar. 9 832,808 Mar. 16 369,844 Mar.23 354,711 Mar.30 569.274 Apr. 6 10,032 Apr. 13 753,938 Apr. 20 436,043 Apr, 27 647,224 May 4 600,631 May 11 503,309 May 18 885,056 May 25 295.511 June 1 200,897 June 8 206,790 June 15 380,532 June 22 64,047 June 29 1,218,247 July 6 230,491 July 13 115,217 July 20 292,719 July 27 118.307 Aug. 3 Week Ended1934Aug. 10 Aug. 17 Aug. 24 Aug, 31 Sept. 7 Sept. 14 Sept.21 Sept.28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 Nov. 2 Nov. 9 Nov. 16 Nov.23 Nov.30 Dec. 7 Deo. 14 Dee. 28 Dec. 31 1935Jan. 4 Jan. 11 Jan. 18 Jan. 25 Feb. 1 Feb. 8 Feb. 15 Feb. 21 Mar. 1 Ounces 254,458 649.757 376,504 11,574 264,307 353,004 103.041 1.054,287 620,638 609.475 712,206 268,900 826,342 359,428 1,0215,955 443,531 359,296 487,693 648,729 484.278 797,206 467,385 504,363 732,210 973,305 321,760 1,167,706 1.126,572 403.179 1,184.819 Week EndedMar. 8 Mar. 15 Mar.22 Mar.29 Apr. 5 Apr. 12 Apr. 19 Apr. 26 May 3 May 10 May 17 May 24 May 31 June 7 June 14 June 21 June 28 July 5 July 12 July 19 July 26 Aug. 2 Aug. 9 Aug. 16 Aug. 23 Aug. 30 Sept. 6 Sept. 13 Sept.20 Sept. 27 Oct. 4 Ounces 844,528 1,555.985 554,454 695,556 836,198 1,438,681 502,258 :1 73 7 167 90 8 630 68: 7 6 90 363,073 247,954 203.482 482.541 407 600 1.253:128 796,750 821,682 608,621 379,010 863,739 751,234 667,100 1.313,754 509.502 310,040 755,232 551,402 1,505.625 448,440 Silver Transferred to United States Under Nationalization Order-1,497 Fine Ounces During Week of Oct. 4 Announcement was made by the Treasury Department on Oct. 7 that 1,497 fine ounces of silver were transferred to the United States during the week of Oct. 4, under the Executive Order of Aug. 9 1934, nationalizing the metal. Total receipts since the order of Aug.9 (given in our columns of Aug. 111934, page 858) was issued, amount to 113,000,486 fine ounces, the Treasury announced. During the week of Oct. 4 the silver, according to the Treasury's statement, was received as follows by the various mints and assay offices: Fine Ors. Philadelphia New York San Francisco Denver New Orleans Seattle Total for week ended Oct. 4 1936 Oct. 12 Financial Chronicle 2364 308.00 597.00 446.00 146.00 1.497.00 1935 Following are the Weekly receipts Since the order of Aug. 9 was issued: Week Ended- Fine Ozs. 1934 33,465,091 Aug. 17 26,088,019 Aug. 24 12,301,731 Aug, 31 4,144,157 Sept. 7 Sept. 14 3,984,363 8,435,920 Sept. 21 Sept.28 2,550,303 2,474,809 Oct. 5 Oct. 12 2,883,948 Oct. 19 1,044,127 746.469 Oct. 26 Nov. 2 7,157,273 Nov. 9 3,665,239 336.191 Nov. 16 261,870 Nov. 23 86,662 Nov.30 292,358 Dec. 7 Dec. 14 444,308 692,795 Dec. 21 63,105 Dee. 28 Week Ended- Fine Ozs. 1935 309,117 Jan. 4 535.734 Jan. 11 75,797 Jan. 18 62,077 Jan. 25 134,096 Feb. 1 33,806 Feb. 8 45,803 Feb. 15 152,331 Feb. 22 38.135 Mar. 1 57,085 Mar. 8 19,994 Mar. 15 54,822 Mar.22 7,615 Mar.29 5,163 Apr. 5 6,755 Apr. 12 68,771 Apr. 19 50,259 Apr. 26 7,941 May 3 5,311 May 10 11,480 May 17 z Week Ended- Fine 0 s. 1935 May 24 100,197 5,252 May 31 June 7 9.988 June 14 9.517 June 21 26,002 June 28 16,360 July 5 2,814 July 12 9,697 July 19 5.956 July 26 16,306 Aug. 2 2,010 Aug. 9 9.404 Aug. 16 4,270 Aug. 23 3,008 Aug. 30 5,395 Sept. 6 1,425 Sept. 13 11,959 Sept.20 10,817 Sept. 27 3,742 Oct. 4 1,497 President Roosevelt's Arrival at Cocos Island, Off Costa Rica-Greetings to President Jimenez President Roosevelt, who is enjoying a sea cruise aboard the Cruiser Houston, reached Cocos Island, off Costa Rica, on Oct. 9. Associated Press advices on that date from Cocos Island, said in part: Presidnet Roosevelt enjoyed an exhilarating afternoon to-day off this tiny tropical island in the Pacific, watching a treasure hunt and then going fishing in an open boat. Arriving here soon after 10 a. m. on the cruiser Houston, he found a British treasure hunting ship on the spot. A group of Costa Rican soldiers huddled on the shore line of the little emerald isle to guard any treasure findings. After luncheon, the President and his guests boarded a small launch and set out fishing. . . . Captain Wilson Brown, his naval aide, paid a ceremonial call on the British treasure seekers, who are headed by a retired British naval commander. The Presidnet plans to go ashore to the former pirate rendezvous tomorrow with his party, as he did a year ago en route to Hawaii. As he made ready for his excursion to the fishing grounds the Presdient kept in touch, by wireless to Washington. with domestic and foreign affairs. Cocos Island rises sharply from the ocean level. Its shores are narrow and continually pounded by surf It is a frequent goal of treasure hunters seeking hidden pirate loot. Mr. Roosevelt's next stop probably will be for a few days in the Gulf of Panama. At Cocos Island on Oct. 10 President Roosevelt made the first landing of his trip, enjoying a shore dinner with the officers of the cruisers Houston and Portland. From San Jose, Costa Rica, Oct.9 the New York "Times" reported the following: President Roosevelt's greetings to President Jimenez were radioed here to-day from Cocos Island by Colonel Rafael Coronado, commanding the Costa Rican police attached to the party of British treasure hunters. At the same time Mr. Roosevelt requested formal permission to enter Costa Rican waters aboard the Houston. President Jimenez radioed to Mr. Roosevelt: "I cordially wish you an agreeable visit to Cocos and hope it brings you a welcome rest after so much hard work." The President's sea trip was referred to in these columns Oct. 5, page 2202. President Roosevelt Says Federal Funds for Eastern Waterways Development Have Aided Employment and Industry Expenditure of Government funds for the purpose of Eastern waterways development has "contributed substantially to the relief of unemployment and the revival of industry," President Roosevelt said in a letter to Mayor J. Hampton Moore of Philadelphia, President of the Atlantic Deeper Waterways Association. Mayor Moore made the letter public on Oct. 5, and pointed out that a total of $479,000,000 of Federal money had been provided this fiscal year for river, harbor and flood-control projects. President Roosevelt's letter read as follows: In conveying my greetings to the members of the Atlantic Deeper Waterways Association at its last annual meeting in Richmond, Va., I took pleasure in advising you that the emergency public works program had provided funds totaling more than $37,000,000 for the improvement of the harbors,rivers and intercoastal waterways along the Atlantic Coast and had materially advanced the completion of the protected inner route for light draft vessels from New York City to Miam "I am glad to extend my greetings again to the members of the association and to point out that the extended relief program has provided further funds totaling $39,974,500 for application to river and harbor improvements of the Atlantic Coast to include the completion of the protected inner route. The members of your association are to be congratulated that with your enthusiastic support the development of the water resources of the Atlantic Coast has been materially advanced with the relief program and that the work has at the same time contributed substantially to the relief of unemployment and the revival of industry." A dispatch of Oct. 5 from Philadelphia to the New York "Times" quoted Mayor Moore in this connection as follows: Mayor Moore said that more money had been spent by the Federal Government on waterways during the past year than ever before in the country's history. "In our old Congressional days we thought we were doing well to secure appropriations for the whole country aggregating $40,000,000 or $50,000.000 a year," he went on. "Sometimes we were unable to secure as much as $25,000,000. But reports which will be presented to the convention at Boston will show that provision has been made for the expenditure on river and harbor and flood-control improvements this fiscal year of $473,000,000, of which $70,000.000 is allocated to the Atlantic seaboard. "Of course, the great expenditures are upon West and Midwest projects, such as Boulder Dam,Coulee Dam,the upper Mississippi and flood control Volume 141 Financial Chronicle on the Missouri and lower Mississippi Rivers. Nevertheless, Eastern projects have been fairly well provided for and the intra-coastal waterway from Boston to Miami is constructed except for the very vital link from the upper Delaware River across the State of New Jersey to New York." Presidential Order Designates Several Thousand Civil Service Posts Under CCC A Presidential order, designed to add "several thousand" positions of "junior assistant to technician" to the Federal classified service, has recently been issued, according to an announcement in Washington on Oct. 5. These positions will be competed for by persons enrolled in the Civilian Conservation Corps. Issuance of the order was interpreted as a step toward making the CCC a career Government service. Associated Press Washington advices of Oct. 5 added the following regarding the new posts: The examinations, details of which will be announced in a few weeks, were said by the Civil Service Commission to be designed to "produce men of special capacity and promise from the corps to act as assistants to technical foresters and other technicians in emergency conservation work and other emergency activities in the conservation field." Salaries for the new jobs have not been determined, but it was reported that they might reach as high as 8100 a month. Such workers now are getting 340 or so. President Roosevelt Issues PrOclamation Warning Citizens of United States Against Traveling on Italian and Ethiopian Ships that Following the issuance of his proclamation declaring— a state of war exists between Ethiopia and Italy, President Roosevelt on Oct. 5, in a further proclamation, warned that as a measure of neutrality "no citizen of the United States shall travel on any vessel of any belligerent nation except at his own risk, unless in accordance with such rules and regulations as the President shall prescribe." In proclaiming the existence of a state of war between Ethiopia and Italy the President on Oct. 5 declared an embargo on arms, ammunitions and implements of war to the belligerent countries. That proclamation is given in another item in this issue. In the case of these two proclamations the President acted under the authority conferred on him under the neutrality resolution, the text of which was given in our issue of Sept. 14, page 1672. From Associated Press advices from Washington, Oct. 7, we quote: Besides proclaiming the embargo and the warning to travelers—two steps provided for in the recent neutrality legislation adopted by Congress—the President went beyond the text of that legislation in another move. He declared in a statment that Americana who engage in "transactions of any character" with either of the belligerents will "do so at their own risk." This marked a distinct reversal of policy. In the past the United States has argued for the right of neutral citizens and commerce to "freedom of the seas." Passionate controversy about deaths and injuries suffered by Americans and about restrictions on American trade preceded this country's entry into the world war. The Associated Press accounts from Washington, Oct. 6, likewise said, in part: Since Ethiopia has no merchant marine, to-day's proclamation for practical purposes applies only to Italy. By the terms of the law, the proclamation does not apply to citizens whose voyage began prior to its issuance and who had no opportunity to discontinue it, nor to those who within 90 days are returning to this country from abroad. A drop in American shipments to Italy—Ethiopian commerce is negligible —by reason of the "risk" being placed wholly on the individual would curtail an avenue of supplies from the outstanding non-League nation. The Italian Government, as a defaulting war debtor, already is prohibited by law from obtaining financial assistance in this country. The arms embargo becomes practically effective to-morrow, when customs offices open for business with 8,000 agents under orders to prevent shipments to Italy or Ethiopia. Ready to aid in enforcing the embargo is a • Coast Guard force 9,000 strong. There was speculation in both official and unofficial quarters over what effect President Roosevelt's statement, putting comtnercial relations with Italy and Ethiopia on an individual "risk" basis, will have on American trade. Shipments to Italy of war munitions of the embargoed category amounted to less than $500,000 this year, and were largely airplanes and airplane parts. But exports of cotton, copper, scrap iron and other raw materials have composed a more imposing total. Exports to Italy during the last eight months have included 54,527,818 pounds of copper; 148,803,436 pounds of cotton; 5,747,384 pounds of linters; 237,808 tons of iron and steel scrap; 3,364 tons of tin-plate scrap; 324 trucks and buses. Ethiopia during the same period purchased only 83 trucks. The following is the President's proclamation warning Americans against traveling on ships of belligerents, which, although dated Oct. 5, was not made public until Oct. 6: By the President of the United States of America A PROCLAMATION Whereas, Section 6 of the Joint Resolution of Congress, approved Aug. 31 1935 (Public Resolution No. 07—Seventy-fourth Congress), provides that— "Whenever, during any war in which the United States is neutral, the President shall find that the maintenance of peace between the United States and foreign nations, or the protection of the lives of citizens of the United States, or the protection of the commercial interests of the United States and its citizens, or the security of the United States requires that the American citizens should refrain from traveling as passengers on the vessels of any belligerent nation, he shall so proclaim, and thereafter no citizen of the United States shall travel on any vessel of any belligerent nation except at his own risk, unless in accordance with such rules and regulations as the President shall prescribe: Provided, however, That the provisions of this section shall not apply to a citizen traveling on the vessel of a belligerent whose voyage was begun in advance of the date of the President's proclamation, and who had no opportunity to discontinue his voyage after that 2365 after date: And provided further, That they shall not apply under 90 days the date of the President's proclamation to a citizen returning from a When, foreign country to the United States or to any of its possessions. in the President's judgment, the conditions which have caused him to issue his proclamation have ceased to exist, he shall revoke his proclamation and the provisions of this section shall thereupon cease to apply." And whereas, War now unhappily exists between Ethiopia and the Kingdom of Italy; and Whereas, I find that the protection of the lives of citizens of the United States requires that American citizens should refrain from traveling as passengers on the vessels of either of the belligerent nations; Now, therefore, I, Franklin D. Roosevelt, President of the United States of America, acting under and by virtue of the authority vested in me by the said Joint Resolution of Congress, do hereby adnionish all citizens of the United States to abstain from traveling on any vessel of either of the belligerent nations contrary to the provisions of the said Joint Resolution; and I do hereby give notice that any citizen of the United States who may travel on such a vessel, contrary to the provisions of the said Joint Resolution, will do so at his own risk. In witness whereof, I have hereunto set my hand and caused the seal of the United States to be affixed. Done at the city of Washington this fifth day of October, in the year of. our Lord nineteen hundred and thirty-five, and of the Independence of the United States of America the one hundred and sixtieth. [SEAL] FRANKLIN D. ROOSEVELT. By the President: CORDELL HULL, Secretary of State. President Roosevelt's Proclamation Warning Americans Against Traveling on Belligerent Ships Brings Protest by Capt. d'Annunzio, Representing Italian Union—W. J. L. Banham of Conference on Port Development Also Protests to President Commenting, on Oct. 6, on President Roosevelt's proclamation warning citizens that if they traveled upon vessels of the warring nations they would do so at their own risk, Araldo Palanca, general manager of the Italian Line for the United States and Canada, was reported in the New York "Sun" of Oct. 7 as stating that he saw no danger to Italian shipping, either from mines or other causes, and said that he anticipated no cancellations of bookings. Mr. Palanca was quoted as follows: We are keeping all our schedules. The Rex will leave here on Oct. 19, and the Roma on Oct. 25. Bookings are usually light at this time of the year. The Mediterranean is entirely safe for travelers. In the "Sun" of Oct. 7 it was also reported that Captain Ugo V. d'Annunzio, son of the Italian poet, sent a telegram to the President on Oct. 6 protesting against the proclamation. Captain d'Annunzio said he spoke for the Union Italiana d'America. an organization that he said was composed of 400,000 Italian-born American citizens. He was quoted as saying in his telegram: We have no knowledge of Ethiopian submarines; therefore, it must be assumed that your excellency has already information to the effect that some other nation has disclosed intention to torpedo Italian ships. If so, please confirm it to hundreds of thousands of your electors of Italian origin, all of them devoted American citizens. If not so, then your warning Is somewhat hasty and certainly discriminating. • On Oct 7 it was reported that the Conference on Port Development of the City of New York, of which W. J. L. Banham is Chairman, addressed a protest to President Roosevelt asking him to rescind his warning against American use of ships of belligerents. The President's warning is termed in the protest as "premature and ill-advised." The message, radioed to President Roosevelt at Cocos Island, was given as follows in the daily papers: Your discretionary act in banning all trade with Italy and Ethiopia is considered a serious blow to commerce of this country and port, and is premature and ill-advised and not furthering our neutral position at present time. Urge you to rescind same. A statement reported as coming from the Conference at the same time said, in part: The President did not have to warn Americans from traveling in belligerent ships until convinced that their presence aboard was imperiling the peace of the United States. Under his own executive responsibility, the President has practically cut off American trade with Italy. This trade gave employment in this port to many thousands of citizens. The Conference on Port Development recognizes that the right of the United States to keep out of war is greater than the right of a citizen to engage in trade which might implicate us in war. However, the Conference cennot countenance Mr. Roosevelt's supplementary notice virtually abandoning America's traditional insistence on neutral trading rights and freedom of the seas at this early stage. This very vitally affects the interests of this port. Ethiopia has no ships nor seaport, and for many years has had no important commerce with the United States. The result is a boycott of commerce with Italy and her colonies, and in a sense it makes the United States the first to apply implied economic sanctions to Italy. While there Is no penalty for Americans traveling in Italian ships or continuing commerce with Italy, the practical effect will be to curtail our trade with a friendly nation when that trade is not itself in danger on the high seas and cannot at this time, under any interpretation, involve us in war. The President's action sets a dangerous precedent. It is predicated upon the possibility that a blockade of Italy may be set up under League sanctions, in which case shipments in Italian holds would be dangerous. But there is no immediate peril because only one of the belligerents is a naval Pewer with submarines or mines. The President's unexpected and uncalled-for discretionary action in the absence of a maritime war might have been withheld until further developments and saved the loss of much valuable trade. The Conference estimates this trade averages over $8,000,000 a month, not considering indirect beneficial results such as employment along the waterfront and in the factories and transportation inland. 2366 Financial Chronicle The American flag should still follow American commerce out of this port and the rest of the country until League sanctions make it desirable for America to take further steps than an arms embargo. In issuing his side admonition to American shippers, intended to discourage them 'from trading at this time and warning them they will go unprotected if they ship, the question is raised whether Mr. Roosevelt has not exceeded his powers to direct foreign affairs, because there is no specific authorization for the withdrawal of protection in the Neutrality Act. In the New York "World Telegram" of last night (Oct. 11) it was stated that questioning of directors of the Conference on Port Development indicated that the organization's protest against President Roosevelt's withdrawal of protection from commerce with Italy was promulgated by Mr. Banham, Chairman, on his own responsibility. That the action of the Conference did not voice the unanimous opinion of its directors and members was revealed on Oct. 10 (said• the New York "Herald Tribune" of Oct. 11) when George F. Mand, President of the Bronx Chamber of Commerce, announced that he had resigned as a director and a member of the organization in protest against the fact that he had not been consulted on the matter. From the New York "Sun" of last night (Oct. 11), it is learned that following a closed meeting of its Executive Committee, the Conference announced yesterday that plans were being laid for a general meeting of exporters, shippers, manufacturers, terminal operators and steamship lines to consider the course to be pursued in the face of President Roosevelt's proclamation. From the "Sun" we also quote: The conference said that the meeting, when held, would be devoted to those groups interested in "maintaining the economic welfare of the country through safeguarding neutrality with foreign trade." It will be the purpose of the meeting, the official statement said, to clear the air and work out possible adjustments with Washington officials. An invitation has been extended to Secretary of State Cordell Hull to address the meeting, tentatively scheduled for Oct. 18, and to clarify the President's aims and policies. Exporters Act to Accept Italian and Ethiopian Orders on Cash Basis—Decision at Export Managers Club of New York—Precautions by Banks to Comply with Embargo Regulations—Romolo Angelone on Italy's Financial Reserves Export executives are reported as having declared, when questioned on Oct. 8, at a luncheon meeting of the Export Managers Club of New York, at the Hotel Pennsylvania, in New York City, that orders placed here by Italian or Ethiopian buyers will be accepted by exporters despite the Presidential neutrality proclamation. We quote from the New York "Times" of Oct. 9, in which it was also stated that the exporters contended that the President's embargo order had been issued too soon, and covered too wide a scope. From the "Times" we quote further as follows: Italy Has Reduced Trade "American trade with Italy has already been slashed far below normal through the restrictions Italy herself has imposed upon purchases in other countries," one exporter asserted. "Special quotas were established months ago. Stringent control of exchange was set up with permits granted only for the importation of absolute necessities. Trade fell off immediately. 'Because of the difficulties resulting, exporters some time ago demanded cash payment here for shipments to Italy." Sales will still be made on a cash basis, exporters explained, the only change being that the exporters will have the buyer arrange for shipment. The Presidential order was not a subject for formal discussion at the meeting, but it was the main topic of conversation at the luncheon tables. A special meeting to discuss new conditions facing exporters as a result of the war situation will be held Oct. 22. New York banking institutions, it became known yesterday, are taking every precaution to eompiy with the embargo regulations and to protect themselves and their European correspondents from loss. The first move in this direction is a notice,from certain banks that is attached to the irrevocable credits. This permits the cancellation of the credit and the refusal of honor should the merchandise destined for shipment to a foreign nation come under the classification of war materials. More Trade with Italy Seen Application of economic sanctions against Italy by the League of Nations would give the United States increased trade with Italy and "a more secure foothold in the Italian market," it was declared yesterday by Romolo Angelone, Italian commercial attache here. Mr. Angelone believes that sanctions would greatly increase Italy's cotton purchases in the United States. In the past year Italy has bought about 2,000,000 bales of American cotton, or about 60% of her cotton imports, Mr. Angelone said. Asked what steps Italy was taking to establish credits in the United States in the expectation of increased buying, Mr. Angelone pointed out that Italy already was purchasing on a cash basis. Among Italy's banking connections in the United States, Mr. Angelone said, are the National City Bank, the Chase National Bank, the Bankers Trust Co. and the Guaranty Trust Co. . . . He added that "Italy's financial reserves are most adequate" and named Professor Felice Guarneri, Italy's Superintendent of Foreign Exchange, as authority for saying that "Italy has investments abroad to the amount of 10,000,000,000 lire, almost $1,000,000,000, which are already mobilized as trade assets to counteract any unfavorable economic action." Mr. Angelone said that "Italy has also a gold reserve of some $300,000,000," which he declared "sufficient to take care of any excess of imports over exports for some years." Merchants Association of New York Indicates that Trade with Italy and Ethiopia Is on Letter of Credit Basis In a statement issued on Oct. 9, the Merchants Association of New York stated that inquiries received by it from New York shippers indicate "that some exporters are in doubt as to the extent to which their general business to Italy will Oct. 12 1935 be affected by the proclamation recently issued by the President placing an embargo on shipments of war materials to Italy and Ethiopia." In part, the statement by the Association said: No announcement has been made by Washington as to the control of such border line materials and commodities as cotton, copper, steel, &c. The embargo therefore does not prevent shippers from doing business, except in war materials, as classified by the President, with the belligerent nations at their own risk. It is evident, however, based on opinions expressed at recent meetings of foreign credit men and export managers, that trade with the countries in question is being done almost exclusively on a letter of credit basis, delivery at a United States port. Many shippers had adopted this Policy prior to the issuance of the President's statement. Embargo by United States on Exports of Arms to Italy and Ethiopia—Proclamation by President Roosevelt—Warning Against Transactions with Belligerents Proclaiming that "a state of war unhappily exists between Ethiopia and the Kingdom of Italy," President Roosevelt has placed an embargo on the export of arms, ammunition and Implements of war to the belligerent countries. The proclamation, dated Oct. 5, was issued under the neutrality resolution, signed by President Roosevelt on Aug. 31, and published in our issue of Sept. 14, page 1672. In an earlier proclamation (issued under date of Sept. 25 and given in these columns Sept. 28, page 2048), the President, acting under the neutrality resolution, listed articles to be considered implements of war under the resolution. The list Is also embodied by the President in his proclamation of Oct. 5, in which he admonishes "all citizens of the United States or any of its possessions, and all persons . . within the . . . jurisdiction of the United States . . . to abstain from every violation of the provisions of the joint resolution . . . applicable to the exnorts of arms." . With the issuance of his Oct. 5 proclamation the President gave out a statement in which he said that "any of our people who voluntarily engage in transactions of any character with either of the belligerents do so at their own risk." Pointing out that the President confined the embargo to Implements and munitions actually used in warfare, Associated Press advices from Washington, Oct. 5, said: These included airplanes, airplane engines and parts, rifles, guns, ammunition, poison gas, warships and their equipment. Hereafter any American who violates the embargo may be punished by a $10,000 fine, five years' imprisonment, or both. If the President chooses, he may later expand the proscribed list to Include such things as cotton, copper and other raw materials. Now on the Pacific, aboard the cruiser Ilouston, the President has kept In constant communication with Washington by radio. Upon receiving official advices that the Italian•Ethiopian clashes had resulted in a "state of war," he directed Secretary Hull to issue the embargo proclamation. Issuance of the proclamation, and clamping on of the embargo, were made mandatory by the Neutrality Act as soon as it had been determined that a state of war existed. Carefully maintaining a neutral position, however, the Roosevelt proclamation made no attempt to define either Italy or Ethiopia as the "aggressor." The President's statement, which was given out with the Issuance of the embargo, follows: In view of the situation which has unhappily developed between Ethiopia and Italy, it has become my duty under the provisions of the joint resolution of Congress approved Aug. 81 1935 to issue, and I am to-day issuing, any proclamation making effective an embargo on the exportation from this country to Ethiopia and Italy of arms, ammunition and implements of war. Notwithstanding the hope we entertained that war would be avoided, and the exertion of our influence in that direction, we are now compelled to recognize the simple and indisputable fact that Ethiopian and Italian armed forces are engaged in combat, thus creating a state of war within the intent and meaning of the joint resolution. In these specific circumstances I desire it to be understood that any of our people who voluntarily engage in transactions of any character with either of the belligerents do so at their own risk. The President's proclamation follows: By the President of the United States of America— A PROCLAMATION Whereas, Section 1 of a joint resolution of Congress, entitled "Joint resolution providing for the prohibition of the export of arms, ammunition, and implements of war to belligerent countries; the prohibition of the transportation of arms, ammunition and implements of war by vessels of the United States for the use of belligerent States; for the registration and licensing of persons engaged in the business of manufacturing, exporting, or importing arms, ammunition, or implements of war; and restricting travel by American citizens on belligerent ships during war," approved Aug. 31 1935, provides, in part, as follows: That upon the outbreak or during the progress of war between, or among, two or more foreign States, the President shall proclaim such fact, and it shall thereafter be unlawful to export arms, ammunition, or implements of war from any place in the United States, or posseesions of the United States, to any port of such belligerent States, or to any neutral port for trans-shipment to, or for the use of, a belligerent country. And whereas it is further provided by Section 1 of the said joint resolution that The President, by proclamation,shall definitely enumerate the arms,ammunitions, or implements of war, the export of which is prohibited by this Act. And atereas it is further provided by Section 1 of the said joint resolution that Whoever in violation of any of the provisions of this section, shall export, or attempt to export, or cause to be exported, arms, ammunition or implements of war from the United States, or any of its possessions, shall be fined not more than $10,000 or imprisoned not more than five years, or both, and the property, veeeel. or vehicle containing the same shall be subject to the provisions of Sections 1 to 8. Inclusive, Title 6, Chapter 30, of the Act approved June 15 1917. (40 Stat. 223-225: U.S. C. Title 22. Secs. 238440. Now, therefore, I, Franklin D. Roosevelt, President of the United States of America., acting under and by virtue of the authority conferred on me by the said Joint Resolution of Congress, do hereby proclaim that a state of Financial Chronicle Volume 141 war unhappily exists between Ethiopia and the Kingdom of Italy; and I do hereby admonish all citizens of the United States or any of its possessions and all persons residing or being within the territory or jurisdiction of the United States or its possessions to abstain from every violation of the provisions of the Joint Resolution above set forth, hereby made effective and applicable to the export of arms, ammunition or implements of war from any place in the United States or its possessions to Ethiopia or to the Kingdom of Italy, or to any Italian possession, or to any neutral port for trans-shipment to, or for the use of, Ethiopia or the Kingdom of Italy. And I do hereby declare and proclaim that the articles listed below shall be considered arms, ammunition and implements of war for the purposes of Section 1 of the said Joint Resolution of Congress: Category I 1. Rifles and carbines using ammunition in excess of caliber 26.5 and their barrels; 2. Machine guns, automatic rifles and machine pistols of all calibers and their barrels ; 3. Guns, howitzers and mortars of all calibers, their mountings and barrels; 4. Ammunition for the arms enumerated under 1 and 2 above, i.e., highpower steel-jacketed ammunition in excess of caliber 26.5, filled and unfilled projectiles and propellants with a web thickness of .015 inch or greater for the projectiles of the arms enumerated under 3 above; 5. Grenades, bombs, torpedoes and mines, filled or unfilled, and apparatus for their use or discharge ; 6. Tanks, military armored vehicles and armored trains. Category II Vessels of war of all kinds, including aircraft carriers and submarines. Category III 1. Aircraft, assembled or dismantled, both heavier and lighter than air, which are designed, adapted and intended for aerial combat by the use of machine guns or of artillery or for the carrying and dropping of bombs, or which are equipped with, or which by reason of design or construction are prepared for, any of the appliances referred to in Paragraph 2, below. 2. Aerial gun mounts and frames, bomb racks, torpedo carriers and bomb or torpedo release mechanisms. Category IV Revolvers and automatic pistols of a weight in excess of 1 pound 6 ounces (630 grams), using ammunition in excess of cal. 26.5, and ammunition therefor. Category V 1. Aircraft assembled or dismantled, both heavier and lighter than air, other than those included in Category III. 2. Propellers or air screws, fuselages, hulls, tail units and undercarriage units. 3. Aircraft engines. Category VI 1. Livens projectors and flame throwers; 2. Mustard gas, lewiaite, ethyldichlorarsine and methyldichlorarsine. And I do hereby enjoin upon all officers of the United States, charged with the execution of the laws thereof, the utmost diligence in preventing violations of the said joint resolution, and this my proclamation issued thereunder, and in bringing to trial and punishment any offenders against the same. And I do hereby delegate to the Secretary of State the power of prescribing regulations for the enforcement of Section 1 of the said joint resolution of Aug. 31 1935 as made effective by this my proclamation issued thereunder. In witness whereof, I have hereunto set my hand and caused the seal of the United States to be affixed. Done at the city of Washington this 5th day of October, in the year of Our Lord nineteen hundred and thirty-five, and of the independence of the United States of America the one hundred and sixtieth. FRANKLIN D. ROOSEVELT. By the President: CORDELL HULL, Secretary of State. Supplementary Statement Supplement to international traffic in arms. Laws and regulations administered by the Secretary of State governing the international traffic in arms, ammunition and implements of war. No export licenses will be issued for shipments destined to Ethiopia or Italy, or any Italian possession of any of the arms, ammunition or implements of war enumerated in the President's proclamation of Oct. 5 1935. In virtue of the power delegated to the Secretary of State to prescribe regulations for the enforcement of Section 1 of the joint resolution of Aug. 31 1935, and of the President's proclamation issued thereunder, the Secretary of State may require exporters of any of the arms, ammunition or implements of war enumerated in the President's proclamation to present convincing evidence that they are not destined to Ethiopia, Italy, or Italian possessions, and may refuse to issue an export license for the same until such convincing evidence has been presented to him. A further proclamation by the President warning Americans against traveling on ships of the belligerents during the present conflict is given elsewhere in this issue to-day. Exports of Arms and Munitions to Italy Reported as Negligible by State Department at Washington The State Department at Washington on Oct. 2 made public a report showing that exports of arms, ammunition and airplanes to Italy have been negligible since the East African crisis became acute, and there have been none to Ethiopia. Extracts from a summary of that report, as contained in a Washington dispatch of Oct. 2 to the New York "Times," are given below: From Jan. 1 to Sept. 28 1935, the report showed, rifles worth $986 were exported to Italy. No rifles were shipped in the same period of 1933, the most recent year for which figures were available. Metallic cartridges worth $838 were sent this year as compared with shipments valued at $2,983 in 1933. Airplanes to the value of $32,807 and airplane engines and parts valued at $304,744 were exported. Exports of chemicals and allied products reached the high value of $12,204,000 in August, compared with $10,612,000 for the corresponding month of last year, with every major classification except sulphur sharing in the gain, according to a survey by the Commerce Department's Chemical Division. Except for March 1935, this is the highest figure attained in several years, the report said. 2367 More Naval Stores Exported Naval stores and gums headed the chemical export list, with export shipments valued at $1,739,900, compared with $1,275,550 for August last year. Heavier shipments of resin and turpentine accounted for the increase, statistics show. After a period of several months, during which the foreign demand for naval stores has been weak, the August trend is "encouraging," the report said. The export value of coal tar products totaled $1,240,350, compared with $867,500 in August 1934. The increase was due principally to heavier shipments of benzol. The type of rifles and ammunition exported is not known, and it is realized that many of the rifles and much of the ammunition may have been for sporting purposes. Information is not available on what proportion of the airplane parts was in the categories covered by the President's proclamation of Sept. 25, which enumerated the articles that shall be considered aims, ammunition and implements of war under the licensing resolution of Congress. Secretary of State Hull Before Federation of Women's Clubs Asks Americans to Support President Roosevelt's Neutrality Proclamation Support by the American people of President Roosevelt's neutrality proclamation was urged by Secretary of State Hull on Oct. 8, in addressing at Washington the Executive Committee of the National Federation of Business and Professional Women's Clubs. In part Secretary Hull said: The support you have accorded to the "good-neighbor policy" enunciated by the President at the outset of his administration, your interest in a sound neutrality policy,in disarmament problems, and in the effective use of the Briand-Kellogg pact have been noted with appreciation by those of us engaged in the conduct of foreign relations. I have read with particular interest your endorsement of the economic aspects of American foreign policy as exemplified by the negotiation and conclusion of reciprocal trade agreements through which it is my hope that international trade may once more be restored to normal levels to the mutual benefit of many countries. Like you, I am convinced that a frank recognition ofinternational economic interdependence is an important element in the promotion of peace and I am grateful for the support you have given the Department of State in the execution of this program. Your organization,representing 60,000 business and professional women, is and can continue to be an influential factor in the development of a public opinion among our people dedicated to the preservation of peace and the promotion of international understanding and good-will. The wide range of your contacts in the United States and abroad gives you a unique opportunity of encouraging the development in this country of an enlightened opinion respecting our foreign affairs and of explaining the many problems that face us in the maintenance of peace relations among nations. I am certain that your organization can exercise a farreaching influence in the propagation of that fundamental postulate of our foreign policy that international disputes can and must be settled by pacific means. In these unhappy circumstances when the nations of the world are faced with the actualities of war on the African continent,I am convinced that your organization will recognize the importance of the President's proclamation and official statement of Oct. 5 and will accord whole-hearted support to their execution in order that the American people may continue to enjoy the blessings of peace. Italy Urged by Secretary of State Hull to Avoid Striking American Buildings in Ethiopian Capital— Move for Protection of Americans in Addis Ababa The United States has acted for the protection of Americans in Addis Ababa through what is described as tantamount to a request to Italy to avoid striking American buildings in any bombing of the Ethiopian capital. Reporting this from Washington Oct. 8, a dispatch to the New York "Times" continued in part: The authorities here appear to consider this sufficient,for the present,and it is not expected that action will be taken immediately, if at all, on the suggestion of the foreign diplomatic corps in Addis Ababa that we and other powers represented there join in requesting assurances from Italy that neither Addis Ababa nor Diredawa, where there are mahy foreigners will be attacked from the air. . . . Our action in suggesting to Italy that care be exercised to avoid bombing American property in Addis Ababa was announced by Secretary Hull in connection with a dispatch from Cornelius van H. Engert, our Charge d'Affaires, reporting the unanimous suggestion of the foreign diplomatic corps. Mr. Engert's telegram was taken under consideration and no indication given as to when a decision might be reached regarding it.. Instead, Mr. Hull said that on Oct. 3 Mr. Engert had informed the State Department that he had asked American institutions in Addis Ababa to paint or stretch large American flags on the roofs of their buildings and that he himself had done so for our legation. Mr. Hull pointed out that our legation was at the oposite end of the city from the other legations, and that the American institutions in Addis Ababa, which include missions, schools and hospitals, were 80 situated as to be easily distinguished with the aid of maps of the city, which were readily available in quantity. All this information, he said, was promptly sent to our Embassy in Rome, with a request that it be conveyed to the Italian Foreign Office with the further and earnest request that it be transmitted to the Italian military authorities in East Africa. The information was presented fully and ufgently to the foreign office, Mr. Hull stated. Although no positive assurances have been received from the Italian Government, officials assume that every care will be exercised against bombing American property. While this was not a formal request of Italy. it was calculated to have urgent force. Apparently, in the abserce of any definite indication that Italian military planes intended to damage our property or injure our nationals, Mr. Hull felt that no more should be done under the circumstances. When asked at a press conference to say whether he had made a "request" of Italy, he replied that it was merely a case of giving information. It was made known to the Italian Government. he explained, that our citizens in Addis Ababa had taken the precautions outlined and we wanted the Rome government and the Italian military officials in East Africa to understand it clearly's° that they could see exactly what the situation was with respect to American institutions. The purpose, he added, was to enable them to avoid any possibility of injury to the American institutions and the American Legation. 2368 Financial Chronicle Our Property in the Capital American property in Addis Ababa includes: The legation compound—a house for the Minister (although, as furniture has not yet arrived, it is unoccupied and Mr. Engert is living temporarily at the Imperial Hotel); a building housing the legation chancery and the consulate,a house occupied by a clerk,servants'quarters,stables and barns. Two buildings of the Women's Board of Missions of the Presbyterian Church, one a hospital of 100 beds, and one a small girls' school. Buildings of the Sudan Interior Mission, which include administrative and personnel headquarters, a leper hospital and a bookshop. A building of the Elin Foreign Missionary Society, housing an American grade school attended chiefly by Armenians. Buildings of the Seventh Day Adventists,including administrative headquarters, a fifty-bed hospital and a small girls' school. There is no American business represented in Addis Ababa. The principal American interests in Ethiopia outside the capital are missions and schools. The total value of American property in the entire country is estimated at $750,000. There is no American property in Diredawa, and, as far as is known here, there are no American nationals there. Treasury Department Notifies Customs Officers at Principal United States Ports to Enforce Embargo on Arms Shipments to Italy and Ethiopia—Shipments to French Somaliland Also Affected In accordance with President Roosevelt's embargo proclamation of Oct. 5, the Treasury Department at Washington, on Oct. 7, sent to customs officers at the principal United States ports orders (dated Oct. 5) to bait any shipments of arms and munitions to Italy and Ethiopia. Reporting this, a dispatch from Washington, Oct. 7, to the New York "Times" added: The instructions, sent to New York, Boston, Philadelphia, Baltimore, Chicago, Galveston, New Orleans, Los Angeles, San Francisco, Seattle and Norfolk, also directed that munitions shipments to French Somaliland be held up pending further instructions. The Coast Guard was directed to assist customs officers in enforcing the embargo. Signed by James H. Moyle, Commissioner of Customs, the orders read: "President issued proclamation pursuant Section 1 joint resolution Congress approved Aug. 31 1935, declaring existence state of war between Italy and Ethiopia. "Thereafter and until further notice, exportation arms, ammunition and implements of war described President's proclamation Sept. 25 1935, contained Section 2, 'laws and regulations administered by the Secretary of State governing international traffic in arms, ammunitions and implements of war' mailed you Oct. 5, Bureau of Circulars, letter 1453 to Ethiopia and to Italy and all of its possessions prohibited. Be governed accordingly. "In addition, shipments to French Somaliland or Djibouti shall be held pending Instructions Bureau. Report by telegraph." As indicated above, the foregoing instructions were dated Oct. 5. Further instructions were issued as follows by Commissioner Moyle under date of Oct. 7 to collectors and other officers of customs: There is attached a supplement to the "Laws and Regulations Administered by the Secretary of State Governing the International Traffic in Arms, Ammunition, and Implements of War," publishing Section IX of the said laws and regulations, containing a proclamation of the President, dated Oct. 5 1935, declaring the existence of a state of war between Ethiopia and the Kingdom of Italy and forbidding the exportation of any of the arms, ammunition, or implements of war proclaimed by the President on Sept. 25 1935 and published in Section II of the said laws and regulations, to Ethiopia or the Kingdom of Italy, or to any Italian possession, or to any neutral port for transshipment to or for the use of Ethiopia or the Kingdom of Italy. The "Laws and Regulations Administered by the Secretary of State Governing the International Traffic in Arms, Ammunition and Implements of War," containing in Section II thereof the President's proclamation of Sept. 25 1935, supra, was mailed to collectors and other officers of customs on Oct. 5 1935. By virtue of the President's proclamation of Oct. 5 1935, the exportation of any of the arms, ammunition, or implements of war proclaimed in the proclamation of the President, dated Sept 25 1935, to Ethiopia or the Kingdom of Italy, or any of its possessions, or to any neutral port for transshipment to or for the use of Ethiopia or the Kingdom of Italy is forbidden. Shipments from the United States to Ethiopia will most likely move via French Somaliland (Djibouti). Shipments of arms, ammunition and implements of war destined to Somaliland (Djibouti) shall be detained pending irstruetions from the Bureau. Such shipments shall be reported to the Bureau by telegraph, giving the quantities and the kinds of arms, ammunition, and implements of war, and the names of the manufacturer, consignor, consignee, and vessel. Exportations and attempted exportations in violation of the provisions of the Joint Resolution of Congress and the President's proclamation shall be reported promptly to the Bureau. Officers of the Coast Guard have this day been instructed to co-operate with the collectors of customs in the enforcement of the provisions of Section I of the Joint Resolution of Congress and the President's proclamation thereunder relating to the exportation of arms, ammunition and implements of war to Ethiopia and the Kingdom of Italy. In Washington advices, Oct. 7, is was stated: The commandant of the United States Coast Guard sent the following telegram of instructions to all Coast Guard stations: "On Oct. .5 President proclaimed state of war existing between Italy and Ethiopia making effective the provisions of the Act of Aug. 31, and proclamation Sept. 25. "Coast Guard officers and service units are directed to afford assistance to collectors of customs in the enforcement of the neutrality laws. "See Article 177, Customs Regulations, 1931." Since the mandatory neutrality resolution expires on Feb. 29, the President's neutrality policy is considered important chiefly as a precedent, and also as indicating his possible approach to permanent neutrality legislation to be attempted in the next session of Congress. Following the issuance of the President's proclamation, Secretary of State Cordell Hull issued an order as follows, regarding the prohibition against exports of arms and ammunitions: Oct. 12 1935 No export licenses will be issued for shipments destined to Ethiopia or Italy or any Italian possession of any of the arms, ammunition, or implements of war enumerated in the President's proclamation of Oct. 5 1935. In virtue of the power delegated to the Secretary of State to prescribe regulations for the enforcement of Section 1 of the Joint Resolution of Aug. 31 1935, and of the President's proclamation issued thereunder, the Secretary of State may require exporters of any of the arms, ammunition, or implements of war enumerated in the President's proclamation to present convincing evidence that they are not destined to Ethiopia, Italy, or Italian possessions, and may refuse to issue an export license for the same until such convincing evidence has been presented to him. Bureau of Motor Carriers Organized by Department of Commerce—Will Administer New Transportation Law The Interstate Commerce Commission on Oct. 8 made public details of the organization of the new Bureau of Motor Carriers which will administer the provisions of the Motor Carrier Act of 1935 under the direction of John L. Rogers. It was announced that officials of the new Bureau have had wide experience in motor transportation and its regulation. The Washington office of the Bureau will have sections dealing with certificates and insurance, traffic, accounts, complaints, finance, safety, research, statistics, legal and enforcement matters and administrative matters. Other details of the organization were described in part as follows in a Washington dispatch of Oct. 8 to the New York "Journal of Commerce": The Washington staff will be supplemented by a field organization, in the development of which the United States will be divided into sixteen districts. The field staff will be under the leadership of an assistant director and in each district there will be a district director in charge, who will be assisted by a joint board agent, rate and tariff agents, accountants, supervisors and necessary clerical force. It is estimated that a force of 600 employees will be required, this being one-third the total number required by the Interstate Commerce Commission, although they will handle but about one-tenth of the business of the cornmission. This large staff is required because of the fact that there are between 300,000 and 400,000 trucks and about 700 buses that come under the terms of the Mohir Carrier Act, whereas there are but a few hundred railroads. The divisions in the Motor Transportation Bureau correspond generally to but will be independent of the divisions of the commission which administer the rail transportation law. The commission itself has been divided into five groups, one of which will have direct charge of the newly established bureau. United States Supreme Court Opens Fall Session In Its Own New Structure—Four Cases Affecting "New Deal" Legislation Before the Court—Kansas Utilities Co. Withdraws Action The opening of the Fall term of the United States Supreme Court on Oct. 7, marked also the Court's first session in its new home, the entire exterior of which is of Vermont marble. The main hall, and all the corridors of the new Supreme Court Building are also solidly marble. The new building, completed after four years, was designed and built to outlive any public building heretofore built in Washington or elsewhere in the country. In stating that "we think we have achieved our purpose," David Lynn, architect of the Capitol who as executive officer of the building commission had supervision of construction, added that "the life of the building can be estimated only An centuries," He also said: A total of 455.000 cubic feet of marble is in the structure, and so far as I have been able to determine, that is more marble than in any other public building in the world. The opening of the new building was without ceremony, said the Washington "Post" of Oct. 8, from which we also quote the following: The Court opened to a packed house with accustomed routine formality. For one hour and 22 minutes black-robed Justices sat patiently through usual bar admissions, heard half a dozen motions, then adjourned arguments until next Monday. An Administration's legislative program was up for retrial, but it was not apparent in the commonplace legal procedure that admitted 113 attorneys to practice and saw Chief Justice Hughes and his associates take chairs in front of a red velvet backdrop. Traditions Observed But the crier's "God save the United States and this honorable court" had an admonitory note, the Chief Justice's lines were impressive, and aside from the rasping of extra chairs dragged into the narrow courtroom, the opening was in accord with the best court traditions. Next Monday the Court will begin hearing arguments on some of the 500 cases that have been filed. Among these are four vitally affecting the future of the New Deal. All told, there were five such cases, but yesterday the Kansas Utilities Co. withdrew its suit challenging the right of the Public Works Administration to donate funds for municipal power plants. The same issue is Involved in a suit now before the District Court of Appeals. The four remaining cases, however, will test the Tennessee Valley Authority and its sale of surplus power; Agricultural Adjustment Administration Processing taxes, held invalid by the Boston Circuit Court; the Bankhead Cotton Contra' Act, and PWA condemnation of lands for slum clearance. Noting that the Kansas Utilities Co. had asked decision on the validity of the section of the National Industrial Recovery Act by which the Public Works Administration is authorized to make loans and grants to municipalities for electric light and power plants, the Washington correspondent of the New York "Herald Tribune" on Oct. 7 added: Utility Withdraws Plea When PWA made a grant of $45,300 to the City of Burlington. Kan., -odd cities in southern Kansas, the Kansas Utilities Co., operating in 30 Volume 111 Financial Chronicle challenged the constitutionality of the procedure and lost in the Kansas Supreme Court. No explanation was offered by the company for withdrawal of the request for review, but it was understood it had decided there was a better chance to win in the cases against PWA now being argued in the Court of Appeals for the District of Columbia. The specific case which got under way to-day in the District Circuit is the Hominy, Okla., case, one of 22 similar actions brought by power companies against the PWA loan and grant policy to aid in the construction of municipal plants. In arguments in the Hominy case in the Court of Appeals here to-day, Dean Acheson. former Under-Secretary of the Treasury, and Edward W. Burling, counsel for the Oklahoma Utilities Co., challenged the constitutionality of the entire $3,300,000,000 PWA spending program. Meanwhile, the Supreme Court, when it gets down to arguments in the next two weeks, is prepared to review the case of Moor vs. The Texas & New Orleans RR.,involving the validity of the Bankhead Cotton Control Act, unless the Government, entering the case as friend of the Court.follows its present intention to ask for delay. The new courtroom (it was observed in the Washington "Post"), in striking contrast to drab quarters the Court had occupied in the Capitol, was hung with red velvet between the pillars, while beige silk hangings,curtained the windows. Aside from the morning clothes worn by attendants and some lawyers, it was the Court's only show of pomp, said the "Post." The final session on June 3 of the Supreme Court in its historic chamber in which it had been housed for 75 years, was noted in our issue of June 8, page 3816. Warning by Secretary Hull Against Citizens of United States Trading With Italy and Ethiopia—Statement by Secretary Roper A warning anew against trading by citizens of the United States with Italy or Ethiopia came from Washington on Oct. 10, when Secretary of State Hull issued a statement in which he pointed to the warning in President Roosevelt's proclamation that those engaging "in transactions of any character with either of the belligerents do so at their own risk." In his statement Secretary Hull declared that the President's warning "certainly was not intended to encourage transactions with the belligerents." Mr. Hull's statement Was embodied in an announcement Oct. 10 by the State Department which was issued as follows: At the press conference at the Department of State to-day, in anwers to the following question put to him by a correspondent: "Mr. Secretary, would you care to elaborate on what the President said about American interests trading with belligerents at their own risk " Secretary Hull made the following remarks: "As I said to you gentlemen heretofore, the language of the President's statement has thoroughly well defined meaning and every person should be able to grasp its meaning and its implications. Technically, of course, there is no legal prohibition—apart from the proclamation governing the export of arms—against our people entering into transactions with the belligerents or either of the i. The warning given by the President in his proclamation concerning travel on belligerent ships and his general warning that during the war any of our people who voluntarily engage in transactions of any character with either of the belligerents do so at their own risk, were based upon the policy and purpose of keeping this country out of war— keeping it from being drawn into war. It certainly was not intended to encourage transactions with the belligerents. "Our people might well realize that the universal state of business uncertainty and suspense on account of the war is seriously handicapping business between all countries, and that the sooner the war is terminated, the sooner the restoration and stabilization of business in all parts of the world, which is infinitely more important than trade with the belligerents, will be brought about. "This speedy restoration of more full and stable trade conditions and relationships among the nations is by far the most profitable objective for our people to visualize, in contrast with such risky and temporary trade as they might maintain with belligerent nations. "I repeat that our objective is to keep this country out of war." Besides being interpreted as an answer to objections raised by exporters to the President's proclamation against trading with the belligerents Mr. Hull's statement was also regarded as bearing on utterances of Secretary of Commerce Roper, in reporting in substance what Mr. Roper had to say a Washington dispatch Oct. 9 to the New York "Times" stated: For the present at least the Government has no objections to the sale to Italy or Ethiopia by American exporters of articles and materials not covered by the embargo, provided shippers assume personal risks for their cargoes. This was virtually stated as the administration's policy by Secretary Roper. Asked at his weekly press conference whether it was true that our Government had no objections to such shipments, the Secretary of Commerce replied: "That is the present status," In a statement analyzing recent trade with Italy, both on the part of this country and other leading powers, including the United Kingdom, Germany, France and Switzerland, Mr. Roper declared: • "American trade affected by the recent proclamation of President Roosevelt forbidding trade with Italy and Ethlophia in certain specific articles classified as munitions of war will not be very great in proportion to our total trade with the two countries engaged in conflict as the situation stands to-day. "With regard to the effect upon American shipping of the President's proclamation (calling on Americans not to use ships of the belligerents), the Shipping Board advises that the only American line affected so far is the Dollar Steamship Co.. which has canceled the calls at Italian ports in its round-the-world service but will continue to call at Marseillies, France. "It is not anticipated that any serious loss of revenue will be experienced." The Secretary hinted that other articles might be added to the President's embargo list later when he remarked that he was watching personally for exports in "excessive quantities beyond the normal demands of Italian industry." He said that the newly created Arms and Munitions Control Office of the State Department was also watching developments. 2369 State Department officials have consistently held, however, that the embargo list cannot well be amplified to include cotton and other "border line" materials in the light of the Senate debate on this matter which preceded passage of the Neutrality Act. The objections voiced by exporters to the President's proclamations are referred to elsewhere in these columns. President Roosevelt by Executive Order Creates PIRA —Names Judge J. N. Ulman as Chairman of Board President Roosevelt on Sept. 30 issued two Executive Orders, one naming the members of the newly created Prison Industrial Reorganization Board, and the other creating the Prison Industries Reorganization Administration. The latter body will be under the supervision of the Board. The following are the members of the Board as named by President Roosevelt: Judge Joseph N. Ulman, of the Supreme Court bench of Baltimore Chairman, Louis N. Robinson, former professor at Swarthmore University. Linton M. Collins, Gustav Peck, and James P. Davis, formerly with the National Recovery Administration. Mr. Davis was named by the other members of the Board on Sept. 30 as executive director of the PIRA. Incident to the naming of the members to the Board, the Washington "Post" of Oct. 1 said: The purpose of the Board is to formulate a program for dealing with prison labor, a subject of much concern not only to State penal institutions but also to organized labor and private industries throughout the country. Under the President's order the Board is authorized and directed, with the authority and co-operation of State officials and those of the District of Columbia to investigate, conduct surveys and studies of the industrial operations and allied activities carried on by the various penal and correctional institutions of the country and the actual or potential markets for the products of such industrial operations and activities. The President directed the Board to formulate for him a program of projects with respect to replanning and reorganizing the existing prison industries and systems so as "to relieve private industry and labor of any undue burden of competition between products of private industry with the products of such institutions." Louisville Court Upholds Federal Law Requiring Prison-Made Goods to be Labeled When Shipped in Interstate Commerce Federal Judge Elwood Hamilton at Louisville, Ky., on Oct. 3 upheld the Federal law requiring prison-made goods to be labeled as such when shipped in interstate or foreign commerce. As to the decision, which was handed down in a test case brought by the Kentucky Whip & Collar Co. against the Illinois Central Railroad, Louisville advices, Oct. 3, to the New York "Journal of Commerce" of Oct. 4, said: Judge Hamilton stated that "the economic tide is inevitably forcing on the courts the need for giving ever-expanding latitude to the commerce clause of the Constitution." He held void "so much of the act as prohibits ... shipment or sale" of prison-made goods, but ruled that this defect did not defeat the labeling clause. Railroad Refused Shipments The plaintiff, manufacturer of horse collars and strap goods with convict labor in the penitentiary at Eddyville, Ky.,tendered the railroad unlabeLd consignments to twenty-three States which had laws forbidding or regulating sale of prison-made goods. The railroad refused the shipments because of the Ashurst-Sumners law, passed at the last session of Congress, The collar company got a temporary injunction requiring the railroad to handle the goods and sued for a declaration that the law was unconstitutional. Judge Hamilton declared that the commerce clause of the Constitution was not confined to promotion of trade but could be invoked to "promote the public welfare in every particular." The court explained the "new necessities, new evolutions of society into more complex conditions evoke the exercise of an old power in a new way. The control of new things does not require new power if the old power still exists." • President Roosevelt Appoints T. M. Woodward as Consumers' Counsel of National Bituminous Coal Commission Thomas M. Woodward, of Philadelphia, was yesterday (Oct. 11) appointed Consumers' Counsel of the National Bituminous Coal Commission. The creation of this Commission was noted in our issue of Sept. 28, page 2058. In reporting Mr. Woodward's appointment, Associated Press advices from Washington, Oct. 11, said: The White House said, as Counsel for the Coal Commission, Mr. Woodward would appear "in the interest of the consuming public in any proceeding before the Conunission." He also will "conduct such independent investigation of matters relative to the bituminous coal industry and the administration of the act (GuffeySnyder Control Act) as he may deem necessary to enable him properly to represent the consuming public in any proceeding before the Commission." National Bituminous Coal Commission Issues Orders Making Effective Coal Control Act The issuance of three orders, designed to make effective the Guffey-Snyder Coal Control Act, was made known on Oct. 10 by the National Bituminous Coal Commission. As made public, said a dispatch Oct. 10 from Washington to the New York "Herald Tribune", the details for administration of the controversial Guffey act, provide (1) promulgation of the soft coal code; (2) the form of its acceptance by operators and 2370 Financial Chronicle (3) a start for the administrative set-up in 23 coal producing districts. In the dispatch it was also stated: Acknowledgment of the fact that the coal-control measure already is involved in suits in two Federal district courts questioning its constitutionality is seen in the second order providing the form and nature of the act's acceptance by producers. Order Revives NRA Code It is this phase of the regulations which has engaged the chief attention of the Commissioners since their appointment less than three weeks ago. Once this question was decided members of the Commission, whose officers have been set up in hotel rooms here, reached into the law for the code provisions and named the secretaries for the twenty-three districts designated by the act. General Order No. 1 perpetuates the bituminous coal code of National Recovery Administration, which expired as the result of the Supreme Court's decision last May. It was virtually written into the Guffey coal bill enacted as an Administration "must" measure, but C. F. Hosford Jr., Chairman of the Commission, to-day emphasized that the present code rests upon an "entirely different legal basis" than the NRA agreement because the code is identical with the provisions of the act. In addition to the code the act provides for marketing agreements operated in producing areas and imposes a tax of 15% a ton on the sale price at the mine with the producer who complies with the code entitled to a drawback of 90% of the amount of the tax. The appointment of the two coal boards under the act was noted in our issue of Sept. 28, page 2058. Public Utility Industry to Continue Fight for Regulation Instead of Destruction, Declares Philip H. Gadsden—Federal Projects not Subject to Utility Act Indicating the intention of the electric utility industry to continue its fight for regulation instead of destruction, Philip H. Gadsden, Chairman of the Committee of Public Utility Executives, urged his hearers in a raido address broadcast from New York on Oct. 8, to ask their Senators and Representatives to modify the Public Utility Act of 1935 so as to substitute fair regulation of utilities for the present destructive law. In his address Mr. Gadsden said: Mr. James M. Landis, Chairman of the Securities and Exchange Commission, has asked for the advice of the industry in the preparation of rules and regulations for administering the law. We shall be glad to confer with the Commission for this purpose, with the understanding—which we have already expressed to the Commission—that in doing so, the industry reserves all of its rights to test the constitutionality of the law in the courts and to obtain a modification of its provisions. po It must be remembered that the Securities Exchange Act did not become workable until it was drastically modified and that it contains no sentence of death upon those subject to its jurisdiction. The Public Utility Act, on the other hand, is not regulatory, but destructive. 1111The utility industry appreciates the Commission's desire to be fair, but igmust be recognized that it is necessarily restricted by the unfair and injurious provisions of the Act. With the best will in the world, the SEC has no choice except to administer the provisions of the law. Declaring that the death sentence against the utility haring company was still retained in the final Act, Mr. Gadsden said: Good laws are not made either in an atmosphere of ignorance or an atmosphere of hatred. Various utility executives formally proposed to the appropriate committees of Congress regulations which would have met every one of the abuses charged against the industry. These proposals were ignored. But there is another danger which the utility investors are facing, and that is the danger of unfair Government competion. In the past two years the Federal Government has directly entered the business of selling electric light and power. It has taken the money you pay in taxes, and loaned or given it outright to States and municipalities to construct their own power plants in competition with private plants; under the Tennessee Valley Authority Act and other legislation it has built or is building gigantic power projects costing several hundred million dollars. And, of course, these Federal and munitcipal power projects are not subject to the provisions of the Utility Act; the law specifically exempts them from its restrictions. I want to state to you as earnestly as I can that if this kind of competition continues, the best efforts of the Securities and Exchange Commission to protect the utility investors will be of.no avail. Slowly, but surely the ' unregulated and privileged Goverment competition will undermine the properties in which the American people have placed the enormous sum of 12 billion dollars. Creation of Commission on Fiscal Policy Authorized in Resolution of New York Chamber of Commerce— To Study Fiscal Policies of Government The creation of a Commission on Fiscal Policy to help solve the problems now facing the nation's taxpayers and the launching of a drive to elect experienced business men to Congress were authorized by the Chamber of Commerce of the State of New York at a meeting held on Oct. 3. The action taken by the Chamber developed from the special meeting called to consider Government expenditures and taxation which was held on Aug. 20 last and at which time President Thomas I. Parkinson was authorized "to take steps to co-ordinate the efforts of owners and administrators of business enterprises, stockholders, policy holders, savings bank depositors, employees and other citizens whose economic interests are associated with the future welfare of this country in order to secure the intelligent consideration and wise solution of the serious fiscal problems now facing the taxpayers of the United States." Richard W. Lawrence, Chairman of the Executive Committee, introduced the two resolutions at the Oct. 3 meeting. The first resolution read: Resolved, That the President of the Chamber be, and he is hereby, authorized to appoint a Commission on Fiscal Policies, consisting of five members Oct. 12 1935 of the Chamber, to study the fiscal policies and measures of Government and to report the results of such study currently to the Chamber for publication and distribution if the Chamber approves. The second resolution said: Resolved, That the officers of the Chamber be, and they are hereby, authorized to confer with the officers of other associations of business men and with other persons interested, with a view to securing the nomination and election to Congress of experienced and representative business men and to snake our plans in this regard available as an example to like associations of business men in other parts of the country. Incident to the latter resolution, it was recalled that Congress was about to pass the so-called "tax on thrift" bill when the Chamber held its special meeting, and that President Parkinson at that time announced that he proposed "to see to it that in every possible way the interests of business located in and administered from this metropolitan area shall be listened to or the consequences shall be taken." United Statei Chamber of Commerce to Submit to Members Plan for Tax Revision In a report submitted on Sept. 21 to the United States Chamber of Commerce by Fred H. Clausen, Chairman of the Chamber's Committee on Federal Finance, alleged "discriminatory and inequitable features" of the Revenue Act of 1935 are cited. Following the submission of these views, the directors of the Chamber authorized the Committee on Federal Taxation to prepare a report on Federal taxation and expenditures for submission to a vote for the Chamber's member organizations. According to Washington advices to the New York "Times," this report will be completed within the next few months and the vote will be had before Congress meets, so that body will have the result of the Chamber's questionnaire on taxation and balancing of the budget. The report, it is indicated, will embody a revised plan for equitable taxation. Mr. Clausen's objections to the 1935 Revenue Act and to policies of the Administration were summarized as follows: 1. Violation of the fundamental principle that the primary purpose of taxation is to raise revenue for the legitimate expenditures of the Government. Recent tax proposals have been avowedly for the purpose of swornplishing wide-reaching social and economic reforms. 2. Failure to bring forth an adequate tax program that would combine reduction in public expenditures, a balanced budget and the imposition of new taxes in a manner that would least retard business recovery. 3. Hasty and inadequate consideration without sufficient prior notice to the country of administrative intentions. 4. Disregard of the prerogatives and rights of the States for raising necessary revenue. 5. Proposals based in principle that growth of industry to large size is inherently contrary to the well-being of the nation. 6. Taxation at such excessive rates that going concerns would be disrupted without suggesting to business any substitute for the methods now employed. Mr. Clausen is quoted as saying: Deep concern must be felt over the adverse effects on business enterprices of national policies which resist rather than promote increased employment in private industry. The volume of public expenditures is also of fundamental importance not alone to business but to every citizen. For the current fiscal year Congress has made appropriations totaling over $10,000,000,000. As to a large part of these appropriations, no obligation rests on the Administration to spend the money made available. A prudent policy of spending could result in large savings and the expected deficit would be correspondingly reduced. Investigation of Federal Income Taxes in Fiscal Year 1935 Results in Additional Assessments of $276,008,250—Refunds of $4,040,941 Approved Investigations of income tax cases by internal revenue agents during the fiscal year 1935 resulted in recommendations of assessments aggregating $276,008,250.07 in addition to taxes reported voluntarily by individuals and corporations, Guy T. Helvering, Commissioner of Internal Revenue, announced on Sept. 18. This amount, it is stated, exceeds that recommended for any year since 1931 and is in excess of the amount reported for 1934 by $72,497,784.11. The Treasury Department's announcement of Sept. 18 further said: Claims for refund numbering 13,587 involving alleged overpayments in the aggregate amount of $35,394,957.27 were considered by the field forces. As a result it was recommended that overassessments be approved in the total sum of $4,040,941.17 while the amount of $31,354,016.10 was recommended for rejection. As an incident to the examination of cases considered upon the basis of claims for refund by taxnayers, deficiency assessments In the amount of $5,043,861.86 were recommended. Considering the whole project developed as a result of the filing of claims, a potential gain of $1,002,920.69 is produced. There were 2,436 agents engaged in the work of investigating income tax cases during the year, and the average tax recommended per agent amounted to $109,949. "Many taxpayers, through misapprehension of certain provisions of the law, err innocently in their reports, and with respect of this type of citizen there is but little difficulty in negotiating settlements," Commissioner Helvering said. "In other cases, however, the questions involved are occasionally highly controversial and trial of the issues before the United States Board of Tax Appeals and the courts cannot be avoided. In some Instances it appears that cases are litigated by taxpayers solely for the purpose of delaying the date of payment." The average cost for each revenue agent, including salary and all overhead costs, such as rent, supervision, supplies, &c., amounted to $8,924 during 1935, which figure compared with the amount produced, $109,949, indicates a return of more than $28 for each dollar spent in the employment of revenue agents. Volume 141 Financial Chronicle 2371 The Union League, formed during the Civil War as an association of loyal men to support the Government in maintaining the national Union, was after the war incorporated as a club. Its certificate of incorporation contains the statement of the purposes for which the association was formed and adds the undertaking "to discountenance and rebuke, by- moral and social influences . . .every attempt against the integrity of the Nation." While in the last seventy years there have been many sharp disagreements among citizens sincerely holding opposite beliefs on political and economic questions, we may well be proud and grateful that, despite these differences of opinion, there has not heretofore been any occurrence in our National life which could justly be described as an "attempt against the integrity of the Nation." We are now facing such an attempt. . . . p. Our constitutional system has withstood the test of time. Ours is the oldest Government now in continuous existence in unchanged form. We have lived, grown, prospered and progressed under the Constitution for 146 years. No changes in the form of our Government have been made since the adoption of the first ten amendments, which, adopted by the first . Congress,are in reality a part of the Constitution,and not amendments... Those who now, either by deliberate plan or suggestions recklessly and The survey, which will be made by a staff of research experts under the endeavoring to change our form of Government thoughtlessly made, are direction of Dr. Carl Shoup, Assistant Professor in the School of Business, without subjecting the proposals to the scruitny, consideration and discusColumbia University, will be submitted to a special committee of experts sion which arises in connection with an attempt to amend the Constitution In business and taxation appointed by the Fund, who will, on the basis of in the manner provided in that instrument itself, are seeking either to intimidate, overawe or undermine the Supreme Court, or to limit its powers, and the findings, formulate conclusions and a constructive program for action some have indulged in suggestions even more sinister and More lacking in in dealing with the problems involved. The research report will include character and responsibility,such,for instance, as an increase in the number estimates of probable Government expenditures in the next few years, and an of judges,such additional judges to be appointed from those who it is known analysis of various kinds of taxes to determine their relative desirability to in advance will be subservient to the will of the executive appointing raise the revenues required with a minimum of administrative expense, a . them.. . minimum of conflict and confusion, and a maximum of net return to the In the last Congress, and this, we have seen the uniform practice of Government. The entire tax system, Federal, State and local, will be the preceding 72 Congresses completely reversed. Those Congresses and the covered, but special attention will be paid to the Federal problem. AccordPresidents in office during their continuance, held that the duty of the Coning to Mr. Clark, the investigation will be timed so that the results will gress and of the Presidents to reject, as unconstitutional, measures apparbe available to the public before the 1937 session of Congress, when taxation ently exceeding the powers of Congress, was as clear as was the solemn duty promises to be the dominant issue before the country. The study is designed of the Supreme Court in the same regard. Those Congresses consistently to summarize and analyze the results of the many investigations which have rejected proposed laws which, in their opinion, were beyond the powers already been made in the field of taxation and to result in a definite proconferred on them by the Constitution, and many Presidents have refused gram of action rather than to involve any extended original research. approval to legislative measures which the Congress passed, but which The Executive Committee of the Trustees—Messrs. Denni- the President believed to have been passed in excess of the Powers of the son, Fahey and Filene—in a summary of the project state: Congress. The Constitution was always given the benefit of the doubt. The importance of the taxation problem is revealed by the fact that the The consequence was that, of the thousands of acts passed by the first people of the United States are now paying over $9,000,000,000 annually in 72 Congresses in 144 years. only 60 legislative provisions have been held taxes, or nearly one-fifth of the national income, while gross Government by the Supreme Court to be unconstitutional. ... expenditures are in excess of $15,000,000,000 and the gross public debt has One of the results of this determination by the Congress and the President increased during the last five years by approximately $14,000,000,000. The not to exercise their clear duty of themselves subjecting proposed measures greatly curtailed tax revenues at exigencies of depression have resulted in to scrutiny as to their constitutionality, with all doubts resolved in favor the very time when the demand for Government services and expenditures of the Constitution, is that, already, the Supreme Court of the United has greatly increased, with the result that many of the important Government States, acting with the integrity and courage which has always characterunits have been unable to balance their budgets and have been compelled ized it. has held 7 legislative enactments of the 73rd Congress unconstito finance emergency expnditures through bond issues. tutional. No preceding Congress has ever passed legislation which has Moreover, it is clear that, although temporary relief may be afforded met with such speedy condemnation in so many instances. It would naturby recovery from the depression, the problem of Government finances and ally seem that, to true Americans of intelligence, education and responsitaxation will continue to grow steadily in importance. For more than a bility, such as should be found in the members of both the Senate and the century there has been a steady underlying upward trend in the demand House. this humiliating succession of solemn judgments as to the invalidity for public services and in the expenditures of Government units. of their actions would induce an effort toward greater care in the future. In the face of this definite outlook it is a matter of common observation Among conscientious men, true to their oaths to support the Constitution. that the tax situation at the present time is chaotic. Although a multitude and endowed with a sense of responsibility, no other result would have of sources are now being tapped for tax revenues and thousands of tax been possible. However, we find substantially the same men in the present collecting units are operating independently—and frequently at cross purCongress continuing the practice of passing legislation of more than doubtful poses—tax revenues have been inadequate to meet the needs of government. constitutionality, under the new policy,stated by the President,of resolving Because of special peculiarities in our tax system and an almost complete all doubts in favor of the bill and disregarding constituitonal objections, drying up of important sources of revenue, the tax burden is now distributed however reasonable. most inequitably, both on individuals and corporations. The problem of \What is planned by this is evident. Each of these bills has some element rationalizing our tax structure is one of vital and immediate importance. of popularity; each has supporters; each has appeal. It is evidently believed It is probably no exaggeration to say that the maintenance of our Government that the Supreme Court will either tire of sustaining the Constitution against the continued attacks of the legislative branch, or that, if it does credit and the avoidance of harmful inflation probably depend upon a continue to do its duty and sustain the Constitution, a public sentiment strengthening of our tax system as much as on any other single 'factor. can be aroused which will permti the passage of amendments, already The members of the Special Committee on Taxation ap- introduced, taking away from the Supreme Court the power to hold acts pointed by the Fund are as follows: of Congress Invalid, and providing, in some form, that the Congress itself shall be the sole and final judge of the constitutionality of its own acts... . Francis Biddle, of Philadelphia, lawyer; formerly Chairman National The present attempt against the integrity of the Nation must be repulsed. Labor Relations Board, Our forefathers. In the immortal declaration, declared certain truths Henry S. Dennison, of Framingham, Mass.; President Dennison Mfg. Co. to be self-evident. Those truths are still self-evident. Our National Robert M. Haig, of New York City, Professor of Political Economy, life under the Constitution has made other truths equally self-evident, Columbia University; formerly Research Director and Secretary New York among which are— State Commission for the Revision of Tax Laws, First: The honor of the Nation is not outmoded. Roswell F. Magill, of New York City, Professor of Law, Columbia UniSecond; The Constitution is a succinct statement of fundamental versity; formerly Assistant to the Secretary of the Treasury on Taxation; principles of government for a free people; a statement of the rights of such co-author of "Federal Tax Practice." a people; and of how those rights should be protected. Peter Molyneaux, of Dallas, Tex., editor "The Texas Weekly"; Trustee The acts of the Congress and of the President are an attack upon all the Carnegie Corp. of New York. three of these fundamentals. Thomas I. Parkinson, of New York City, President Equitable Life AssurThird: Human rights have neither been destroyed nor have they become ance Society and Chamber of Commerce of the State of New York; Director obsolete. One of the essential rights necessary to human welfare is the Chase National Bank; formerly Dean, Columbia University Law School. individual right to own property. Eustace Seligman, of New York City, lawyer, member of firm of Sullivan dr 0, Fourth: The rights of the individual must not be subordinated to the Cromwell; Director Marine Midland Trust Co., Hahn Department Stores, Su. demands of any group. Evans Clark, Secretary of the Committee; Director Twentieth Century Fifth: The Constitution has protected these rights. Fund, Inc. It is also fundamental, that, as both the Constitution and the courts Carl Shoup, Director of the Study; Assistant Professor in the School of have served us well, neither should be nullified nor discarded without Business, Columbia University; author of "The Sales Tax in the American adequate cause, and that the burden of proving an adequate cause is upon States." those who suggest a change. This club, true to its declaration of purpose, and its unwavering adherpledge "to discountenance thereto Union League Club Charges Administration's New ence rebuke, for over seventy years, renews its . . every attempt against and by moral and social influences . Measures Threaten Integrity of Nation Deal the integrity of the nation," and, in particular, the attempt now being In a report unanimously adopted on Oct. 10 by the made, in some places insidiously, in some places directly, to undermine members of the Union League Club in New York City it is and overthrow the Constitution of the United States, and thus to destroy our system of Government and to jeopardize our liberties. declared that the integrity of the Nation is Survey of Taxation in United States to Be Undertaken by Twentieth Century Fund Declaring that the "tax situation at the present time is chaotic," and that "the maintenance of our Government credit and the avoidance of harmful inflation probably depend upon a strengthening of our tax system as much as on any other single factor," the trustees of the Twentieth Century Fund, Inc., announced on Oct. 7 a comprehensive survey of taxation in the United States to be immediately undertaken by the Fund. The announcement was made by Evans Clark, Executive Director of the Fund, on behalf of its trustees, who are: Newton D. Baker, A. A. Berle Jr., Bruce Bliven, Henry S. Dennison, John H. Fahey, Edward A. Filene, President of the Fund, Oswald W. Knauth, Morris E. Leeds, James G. McDonald and Roscoe Pound. In the announcement it is stated: p threatened through "the acts of Congress and the President," which, it is held, are an attack on three fundamental principles of the Constitution. The report was drafted by a Committee headed by William S. Bennet, former Representative, of which Senator William Warren Barbour, of New Jersey, and Representative Robert L. Bacon, of New York, are members, said the New York "Herald Tribune," which also stated that others on the Committee which drafted the report are William C. Breed, R. Emerson Swart, George W. Perkins, Milton W. Harrison, Frederick I. Kent, E. Hall Faile, John Gerdes and Frederick Kuhne. In part the report said: Secretary of Agriculture Wallace Concludes Hearings on Charges Against Ten Leading Packers--Illegal Agreement to Fix Southern Meat Prices Denied Charges that the ten leading packers in the United States have conspired to fix meat prices in various Southern States repeated by Government counsel on Oct. 8, as Secretary of Agriculture Wallace concluded hearings on the case. On Oct. 7 representatives of the packers had appeared before Mr. Wallace and made a blanket denial of the charges, con- tending that the complaint had really been filed by two men, 2372 Financial Chronicle Oct. 12 1935 and not by scores of dealers, as had been claimed. The case has been pending since February 1934, and sime then several hearings have been held in the South. The arguments of the packers were summarized as follows in a Washington dispatch of Oct. 7to the New York "Times": A defense of the Government's lending program was offered to the convention on Oct. 3 by William I. Myers, Governor of the Farm Credit Administration. Associated Press Oct. 3 advices from French Lick Springs noted this speech as follows: The packers named in the complaint are Armour & Co.. Cudahy Packing Company, Wilson & Co., Swift & Co., North American Provision Co., St. Louis Independent Packing Co., Jacob Doid, George A. Hormel Co. and John Morrel & Co. Argument for the packers to-day was made by Frank Glankler of Memphis. who asserted that a study of the testimony of more than 1,000 witnesses shows that there is of record not a single instance of a retail meat dealer or a consumer protesting the prices charged by the packers or alleging a lack of competitive conditions in the industry. "On the contrary," said Mr. Glankler, "more than 600 retailers from Mississippi, Alabama and Arkansas, who controlled 90% of the business in those territories, testified that competition was keen among the packers at all times, that the packers extended credit to the retailers during the depression to enable them to stay in business, and that these dealers had nothing but commendation for the packers' methods of doing business." "The evidence," declared Mr. Glankler,"is a complete refutation of any charges of monopoly in the packing business." As a matter of fact and record, said Mr. Glankler. there are only two complaints against the packers, one of them originating in Birmingham and the other in Cleveland, Miss. There have been no price-fixing conferences between the packers or their representatives, Mr. Glankler declared. The only meetings held were, he said, to discuss unfair trade practices and other questions which came up under the terms of the National Recovery Administration Packing Code prior to the decision of the Supreme Court declaring such codes outside the Constitutem. He pointed out that Federal land banks originally were a farmers' cooperative and held a long record of sound lending prior to creation of the FCA. He said the Administration had extended loans to 600.000 farmers. Meyers asserted that private lenders, with their policy of "lending where and as they pleased," would not meet the exigencies of the agricultural industry, which must have a sound sourcefrom which loans can be obtained. A dispatch of Oct. 8 from Washington to the New York "Journal of Commerce" reported the concluding hearing as follows: To-day C. E. Miles. Government counsel, strongly defeated the witnesses in question and reiterated the charges outlined in the original complaint of Secretary Wallace,filed in February 1934, at which time he held the packers violated the Packers and Stockyards Act by controlling meat prices. Over the strenuous objection of Mr. Miles, the Secretary promised Mr. Glankler that the latter's request for permission to file supplementary briefs would be taken under advisement. "This case has dragged for some time," Secretary Wallace observed. "It will be necessary to try to bring the case to an early conclusion. With the volume of testimony, it will be more than two weeks before I can arrive at a decision." More than 25,000 pages of oral testimony comprised the result of regional hearings on the case during the past year. Asks to Argue Issue Mr. Glankler thereupon asked permission to argue the wording of the Secretary's pending ruling basing his request on the grounds that an adverse decision would impair the good name of the meat packing industry. Refusing to commit himself outright, Secretary Wallace answered that he would have to consult with the Solicitor of the Department of Agriculture before making an official ruling on the request. Silas H. Strawn Deplores Government Entry into Farm Mortgage Business—Sees Further Federal Dominance in Lending Field—Mortgage Bankers Association Adopts Resolutions Urging Government Withdrawal from Competition with Private Institutions "Strong steps" will be needed to get the Federal Government out of the mortgage business, Silas H. Strawn of Chicago,former President of the American Bar Association and the United States Chamber of Commerce, told delegates attending the convention of the Mortgage Bankers Association of America at French Lick Springs, Ind. on Oct. 4. The Association on the following day (Oct. 5) adopted resolutions urging abandonment of the proposed Federal Mortgage Bank and less participation by the Government in the loan business. The resolutions commended emergency Government aid during the depression, but urged that in view of improved agricultural and private bond financing conditions, present interest rates be maintained and private lending agencies be encouraged to assume the business. Mr. Strawn on Oct. 4 declared that "it is an inherent characteristic of bureaucracy to perpetuate itself," and added that the Government will be reluctant to face losses • which might result from its financial ventures. A dispatch of Oct. 4from French Lick Springs to the New York "Times" quoted portions of his address as follows: Mr. Strawn said that bankers, financiers and big business men who oppose the huge expenditures of the New Deal only continue to supply the funds that make these extravagances possible because the Reconstruction Finance Corporation has lent many millions of dollars to the banks and has invested many other millions in their preferred stock. This, coupled with the supervision of the Federal Deposit Insurance Corporation, puts the Government in a position to dictate private lending policies. Mr. Strewn asserted that there was danger of continued competition by the Government in the lending field and that this danger lay in the fact that it was easier to get the Government into business than to get it out because of the inherent characteristic of bureaucracy to desire to perpetuate Itself. The Government would be reluctant to face the inevitable loss resultant upon its financial adventures, he said. Besides it meets the constant urge of politicians who desire to strengthen their popularity with their constituents by obtaining more and other government credit especially for farmers, home owners and small business men. Urges End of Competition "I believe." he said,"that our citizens prefer to deal with individuals and institutions rather than with government agencies and hope that private Congress is coming to a realization of the peril of collecting taxes from all the people to finance a part of the people. The Government cannot and should not compete with its private citizens using as its capital the money collected from those citizens in the form of taxes frequently to benefit one class at the expense of others. However,so long as the Government monopolizes the source of funds mortgage bankers cannot resume their normal activities." Report Covering Activities and Operations of Federal Farm Board Submitted to Senate by Special Committee—Losses of $344,900,000 Out of $500,000,000 Revolving Fund Said to Have Been Disclosed— Losses Also Said to Have Been Suffered by National Grain Corporation . Senator MeNary, as Chairman of the special Senate Agricultureal subcommittee named to report on the activities and operations of the Federal Farm Board, submitted his report to the Senate on Aug. 23. Press accounts from Washington with reference to the report stated that, according to the report, the operations of the Board (which was created in 1929) resulted in a loss of $344,900,000 out of the $500,000,000 revolving fund. A brief synopsis and short analysis of the report (which he said "is quite voluminous") was submitted for the Congressional Record as follows by Mr. McNary: From its organization in 1929 until it was succeeded in May 1933 by the Farm Credit Administration the Federal Farm Board made loans for the aid of agriculture amounting approximately to $1,150,000,000. These loans were drawn from a revolving fund, into which the Congress appropriated $500,000,000. Thirteen and one-third million dollars were collected by the Farm Board as interest. The remainder of the total loaned was due to turn-over of the money. Nearly $746,000,000, comprising 85% of the gross loans which the Farm Board made from the revolving fund, were loaned to the grain and stabilization corporations in efforts to maintain price levels for the producers of those commodities. In addition, $200,000,000 of the Board's gross loans to the agricultural co-operative associations were identifiable as loans for maintaining prices or for redeeming the commodity-collateral loans of Federal intermediate credit banks and other banks, besides an undetermined amount similarly used though loaned for other purposes. Including the $200,000,000 just mentioned, a total of $403,000,000 was oaned by the Farm Board to national, regional, State, and local co-operatives. Two-thirds of this amount went to six national co-operatives dealing in grain, cotton, wool, livestock, nuts, fruit, and vegetables. The remaining one-third was loaned to 159 regional, State, and local co-operatives in 39 States and the Territory of Puerto Rico. These cooperatives comprised growers of wheat and cotton, raisers of livestock and poultry, woolgrowers, and producers of tobacco, rice, grass seed, sugar beets, beans, soybeans, apples, oranges, cherries, grapes, mushrooms, nuts, vegetables, honey and coffee. Aside from the financing of price-pegging activities the money was borrowed by the co-operatives for paying organization and current operating expenses, buying and building storage facilities, creameries, canning, packing, and processing plants, and for the legitimate financing of the current marketing of members' crops. It can now be seen that the stabilization activtlies were fore-doomed to failure; but the Farm Board made its loans for price pegging without the benefit of the certainties which experience since has taught. The Board set up its stabilization program in response to urgent public demand; and acted, when it did proceed, on assurance from respected advisers that there was no alternative to price pegging and no strong likelihood of Its failure. Inability to halt the decline of commodity prices led to severe losses. The co-operatives and the stabilization corporation accumulated stocks of wheat and cotton for which no market appeared. By acts of the Congress large portions of these stocks were donated to the Red Cross for use in relief of distress at a loss to the revolving fund of $197.000.000. Other cotton was taken over by the Department of Akriculture under the terms of the Agricultural Adjustment Act, and in this settlement the revolving fund has sustained a further loss of $45,000,000. Failure to halt the decline of commodity prices was responsible also for losses incurred in settlement of some of the loans made by the Board to the co-operatives. Inexperience, extravagance. avarice, and in a few cases dishonesty on the part of officials and employees of some of the co-operatives increased these losses. At the close of the last fiscal year—June 30 1935—a little over $13,000.000 had been written off in compromise of loans, in addition to the losses of nearly $244,000,000 sustained in disposing of wheat and cotton stocks. It was estimated by the FCA as of the same date that of $125,000,000 then outstanding to the revolving fund in unpaid loan balances, not much more than $37.000,000 were likely to prove collectible. On that basis the actual and prospective losses to the revolving fund, as of the end of the fiscal year last closed, amounted to $344,900.000; equivalent to 67% of the amount of the fund (principal and interest collected), or equivalent to 69 cents out of every dollar appropriated by the Congress to the principal of the fund. Magnitude of the loans to associations of grain growers caused the Committee to have a special study made of the Farm Board's grain loans, which amounted to nearly $635,600,000, and about half of the text of the Committee's report is devoted to a summary of the organization of Farmers' National Grain Corporation, a national co-operative association which the Farm Board sponsored, and of its intercorporate relations with Grain Stabilization Corporation and the financial transactions of the two companies. 4 Another section of the report deals similarly, but more briefly. with American Cotton Co-operative Association, Cotton Stabilization Corporation, and the 14 State cotton co-operatives, borrowers to whom the Farm Board made loans aggregating slightly over $409,000,000. It was in connection with these two groups of loans—involving, as they did, the major stabilization activities, and also involving the principal nstances of sharp dealing with the Government by co-operative organizations—that the most of the Board's losses occurred. The losses were costly. The Committee in its report has sought to summarize the Board's experiences in a manner most useful as a guide to future policy in financing farm marketing. The prominence which, accordingly, 2373 Financial Chronicle Volume 141 the report gives to the Board's losses and its unfortunate transactions ought not to obscure the value of the assistance afforded by the revolving fund to scores of smaller-scale co-operatives who utilized it in good faith ahd punctiliously met their obligations. From the Washington advices to the New York "Times" Aug. 25 we take the following: National Grain Corporation Hit The Senate document declared that the Farmers' National Gra.n Corp. made huge profits by acting as commission agents for the GSC; set forth that the condition of the Grain Corp. loans from the FCA, which succeeded the Farm Board, "is unsatisfactory"; charged that the corporation made a large profit by selling wheat to the GSC, without delivery, and buying it back at low prices; how the Grain Corp. paid sizable amountsfor "good-will" in taking over its regional units, when no good-will existed; how, in one case, $25,000 was paid for good-will on condition that the regional "co-op." drop prospective law suits against the Farm Board and the GSC. The report went into some of the activities of the Farmers'Union Terminal Association of St. Paul, then headed by M.W. Thatcher. who subsequently became Washington representative of the Farmers' National Grain Corp., and showed that it held $100,000 of par-value stock in the corporation at an outlay of only $40,000. The inter-relationship between the Farmers' National Grain Corp. and the National Stabilization Corporation, which made it possible for the former to earn large profits, was condemned in the report. The report said there was no service performed by the GSC which the Farmers' National could not have performed equally wellIn the 12 -month period preceding May 31 1932, the Farmers' National Grain Corp., the report stated, made a net profit of 51,133.094. Its gross profit on sales of grain was $477,230, its hedging profit was $1,113,698. and its gross income from storage was $5.949,813, the report said. Out of 248,983,125 bushels of grain handled, 100,462,745 were for the GSC. Much of this grain was stored by Farmers' National in its own elevators, and that gave it the profit on storage. "It will be observed that hedging profit alone amounted to nearly $1,113.700," the report said. "Without it Farmers' National would not have shown a profit. Also $2,556.188 of the gross proceeds were derived from storage charges. Most of this revenue came from the Government. through the GSC,for storage of the stocks of wheat bought and held off the market. To Government patronage through the GSC may be credited also most of the income from commissions on futures and from brokerage. "The low overhead for interest ($525,559, which includes other financial management costs) will be noted. At commercial rates the $16.000.000 of borrowed capital would have cost the Farmers' National in the neighborhood of $960.000. The high overhead for general expense ($3,050.899) was composed principally of salaries and payroll, further referred to in this report." The report gave the history of the organization of the Farmers' National Grain Corp., showed the strong pressure to peg prices, and then discussed the organization of the GSC after the stock market collapse which increased the pressure. . . . The report said: Though technically separate. GSC and Farmers' National were instruments in the same hands. The membership of GSC was composed entirely of co-operatives that were stockholders in Farmers' National. Its directors were directors and paid officers of Farmers' National. Its Executive Committee consisted of three men who were on the Farmers' National payroll. The officers of the one corporation,slightly interchanged, were the officers of the other. The offices of the two were located in the same rooms. The corporations shared rent, light, telephone and telegraph charges, postage and supplies; exchanged employees and services; were managed from one desk. For Farmers' National. however, a profit made or an expense saved accrued to the benefit of the stockholders; but a gain or loss to GSC was a gain or loss to the Treasury of the United States. liftWith remarkable accuracy of foresight, transactions that turned out Profitably were undertaken by Farmers' National, while those that eventuated unprofitably either were relegaged to GSC or were undertaken by Farmers' National under some special arrangement with the Farm Board which limited the co-operatives' liability for losses. 127,054,076 Pounds Surplus Dairy Products Purchased by AAA for Relief Distribution—Purchases to Sept. 12 Valued at $20,350,132 A total of 127,054,076 pounds of butter, cheese, dry skim milk and evaporated milk, valued at $20,350,132, had been bought and delivered for relief distribution up to Sept. 12 in the Government's dairy products purchasing program which was inaugurated in August 1933, the commodities purchase section of the Agricultural Adjustment Administration announced Sept. 17. In addition to the dairy products already delivered, a total of 8,258,414 pounds of butter and dry skim milk with an estimated value of $1,189,282, has been contracted for to be delivered for relief distribution, the announcement said, continuing: Of the 127,054.076 pounds of dairy products purchased and delivered to the Government for relief distribution from August 1933 to Sept. 12 of this year, a total of 63,163,429 pounds represented butter which had a value of $14,837,624. Other products included in the total of dairy products purchases are Cheese, 17.970.382 pounds, valued at $3,041,820; dry skim milk. 8.324,280 pounds. valued at $496,012; and evaporated milk, 37,595,984 pounds, valued at $1,974,675. Of the 8,258,414 pounds of dairy products which remain to be delivered to the Government, 3,094,230 pounds represented butter with an estimated value of $840,144; the remainder represents dry skim milk with an estimated value of $349.138. From the beginning of flush spring production about March 1 1935 to Sept. 12, the Government purchased for relief distribution a total of 51,453,441 pounds of dairy products valued at $3.573,737. The products bought during this period included: Butter, 1,215.404 pounds, valued at 5192,456; cheese, 5,292,171 pounds, valued at $961,419; dry skim milk, 8.324.280 pounds, valued at $496.012, and evaporated milk, 36,621,584 pounds, valued at $1,923,849. Dairy products have been purchased largely with funds made available to the AAA in special appropriations by Congress and by advances from the Treasury under the terms of the Agricultural Adjustment Act. They are distributed by the Federal Surplus Relief Corporation. Undi3r the purchase program persons on relief have been supplied with much-needed dairy products; abnormally large, price-depressing storage stocks have been reduced, and a considerable degree of stability has been restored to the market for these products, with benefit to milk producers. All details of the buying of dairy products have been handled since June 1935, directly by representatives of the Secretary of Agriculture. Purchases are made through the commodities purchase section of the AAA. The present plan provides for purchases by AAA either through contracts awarded to bidders on the basis of competitive bids submitted on schedules, and purchases on the exchange. Other dairy products are bought through contracts awarded to bidders. Under the purchasing program inaugurated in 1933, butter was bought by a commercial organization on the open market, re-purchased for the Government by the Secretary of Agriculture, and donated for distribution to relief clients. In October 1933, an industry-sponsored organization, the Dairy Marketing Corp., was established as a clearing house to handle surplus dairy products in co-operation with the Secretary of Agriculture. The corporation bought butter for re-sale to the Secretary of Agriculture for distribution by the FSRC in such markets and at such prices as the Secretary designated. Buying through the corporation ended in Decemoer 1933. Under a buying plan which followed, contracts were awarded on the basis of bids submitted to the FSRC, and the dairy products bought were donated by the Secretary of Agriculture for relief distribution. A summary of surplus dairy purchases follows: DAIRY PRODUCTS PURCHASES Pounds Value 63,163,429.62 17,970,382.3775 8,324,280.22 37,595,984.75 514,837,624.45 3,041.820.33 496,012.28 1,974,674.54 Total Purchases and Deliveries of Dairy Products from Mar. 1 1935 to Sept. 12 1935 Butter Cheese Dry skim milk Evaporated milk 127,054,076.9675 820,350,131.60 Total Dairy Products Under Contract to Be Delivered as of Sept. 12 1935 Butter Dry skim milk 51,453,441.14 $3,573,736.69 Pounds 3,094,230.84 5,164,183.20 Estimated Value 5840,144.29 349,138.16 8,258,414.04 81.189,282.45 Purchase and Deliveries of Dairy Products from Aug. 193310 Sept. 12 1934 Butter Cheese Dry skim milk Evaporated milk Total 1,215,404.92 5,292,171.25 8,324,280.22 36,621,584.75 192,455.81 961,419.46 496,012.28 1,923,849.14 Norman Monaghan Appointed Deputy Land Bank Commissioner of FCA The appointment of Norman Monaghan as Deputy Land Dank Commissioner of the Farm Credit Administration was announced on Oct. 5 by W. I. Myers, the Administration's Governor. Mr. Monaghan, who is from Memphis,-Tenn., came with the FCA early in 1934, and for the past year has been director of the Emergency Crop and Feed Loan Section in Washington. Colonel Philip G. Murphy, the Assistant Director, will now be in charge of the Section, which is under the direction of the Production Credit Division. The announcement of Oct. 5 said: In his new position Mr. Monaghan will be one of the Deputy Commissioners in the Land Bank Division, which is headed by Commissioner Albert S. Goss, having supervision over the 12 Federal Land banks and also the special first and second mortgage loans, known as Land Bank Commissioner loans, authorized about the time the FCA was created, for the purpose of refinancing farm mortgage and depression debts. Since that time the Land banks and the Commissioner have loaned almost $2,000,000,000, refinancing the debts of about half a million farmers. Mr. Monaghan was active in organizing the system of production credit associations, the first of which were chartered in 1933 after the Farm Credit Act of that year had authorized the FCA to set up permanent sources of short-term credit for farmers. Survey to Determine Exact Status of Unemployment Urged Upon WPA By Executive Committee of New York Chamber of Commerce A survey to determine the exact status of "unemployment and the unemployed" in New York in order to enable the Government and industry to attack the problem more effectively, was urged upon the Works Progress Administration by the Executive Committee of the Chamber of Commerce of the State of New York on Oct. 1. The committee, of which Richard W. Lawrence is Chairman, adopted a resolution requesting the WPA to conduct the survey or co-operate with industry in having it made. Mr. Lawrence said that General Johnson, administrator of the WPA, had already approved the resolution, which read as follows: Resolved, That the Chamber of Commerce of the State of New York request the Works Progress Administration to conduct or co-operate with industry in conducting a survey to determine the exact status of unemployment and the unemployed in this city, and to learn what portion of the unemployed industry is able to absorb. It is pointed out that one important objective of the survey would be to find out just what portion of those unemployed in New York at present, industry will be able to absorb as business further improves. "Many feel that even in complete recovery New York's industry would still be unable to absorb a large portion of its unemployed," it was pointed out in a brief report accompanying the resolution. It was suggested that that part of the survey dealing with the ability of industry to absorb the unemployed should be carried on under the direction or in co-operation with the various trade associations representing different branches of industry. In the belief of the Chamber, no intelligent approach to the unemployment problem can be made until accurate information on the subject is made available, the report said. Financial Chionicle 2374 $185,000,000 432% Federal Farin Loan Bonds Not to Be Called by Federal Land Banks—Bonds Callable Nov. 1 W. I. Myers, Governor'of the Farm Credit Administration, announced Oct. 8 that the Federal Land banks will not call for redemption at this time the $185,000,000 44. 7o Federal Farm Loan bonds which are callable on Nov. 1, next. As to this announcement of the FCA Governor, Washington advices, Oct. 8, to the New York "Herald-Tribune" of Oct. 9, had the following to say: Mr. Myers interpreted his announcement as meaning that the possibility of a call for redemption and refunding into long-term bonds at lower interest rates will await the next interest payment date, May 1. A redemption call could have been issued up to Oct. 15, since the immediate interest date is Nov. 1. A call for the issue had been confidently expected up to to-night, particularly on the basis of hints from Henry Morgenthau, Jr., Secretary of the Treasury, that such would be the procedure. Mr. Morgenthau, however, gave his intimation before he sailed for Europe some weeks ago when the bond market had not begun to be so unsettled by Italo-Ethiopian affairs. The Federal Land banks have used all possible occasions for refunding their high coupon bonds, with the result that in about a year $562,000,000 of 5 and 4%% securities have been exchanged for lower interest bearing bonds. On this basis, financial circles in New York were confident that the Federal Land banks would continue the r schedule, and it is believed that the situation was thoroughly canvassed by Charles It. Dunn, New York fiscal agent for the banks, before a negative decision was made. . . . , 6 The Federal Land banks will have about $62,000;000 of the 43 % issue callable in January, with the possibility of some action then. Remainder of 5% Bonds of Fletcher Joint Stock Land Bank, Indianapolis, Called for Payment Nov. 1 William B. Schiltges, President of the Fletcher Joint Stock Land Bank, Indianapolis, Ind., announced Oct. 9 that the directors of the bank have called $461,500, or the remainder of the 5% bonds of the bank, due May 1 1952 and option May 1 1932. The bonds have been called for payment on Nov. 1. Including these bonds, it is stated, the bank will have retired as of Nov. 1 $2,563,000 of its 5% bonds,through the sale or exchange of $1,900,000 new bonds, using proceeds from collections for the balance needed. Incident to the call announced Oct. 9, H. Foster Clippinger, Vice-President of the Fletcher Trust Co., who is handling the refunding of the bonds, said: The directors of the Joint Stock Bank are offering holders of the 5% bonds of May 1 1952 the privilege of exchanging their holdings at par into a new issue of Fletcher Joint Stock Land Bank 33.1% bonds,due May 1 1943. optional May 1 1940. Such bonds as are not exchanged will be offered for cash in the general market at 101 and interest, establishing a yield of 3%. The action announced Oct. 9, it is stated, marks the retirement of all of the bonds of the land bank's 5% issues maturing in 1951 and May 1952. The Joint Stock Land Bank also retired its entire issue, totaling $1,100,000, of 04% bonds last May.. Way Opened by NLRB to Supreme Court Test of Constitutionality of Wagner Act—Ruling Sought in Case Involving Pennsylvania Greyhound Lines Inc. The National Labor Relations Board opened the way on Oct. 10 to a Supreme Court test of the constitutionality of the Wagner Act, said United Press advices on that date from Washington, published in the New York "Journal of Commerce" in which it was also stated: After studying scores of labor disputes for three months, the three-man Board chose to defend the act in a case involving Pennsylvania Greyhound Lines, Inc., subsidiary of the Pennsylvania Railroad. The corporation was ordered to appear in Pittsburgh. Pa., Oct. 22 to answer charges that it had interfered with union activities of its employes. Nine Workers Discharged The specific charge is that the corporation discharged nine employes because of union affiliation and then attempted to prevent other employes from joining local units of the Amalgamated Association of Street, Electric Railway and Motor Coach Employes of America. Furthermore,the complaint alleged,the corporation contributed financial support to a company union contrary to provisions of the Wagner law. The full Board, headed by Chairman J. W. Madden of Pittsburgh, will hear the case. Other members are John W. Carmody of New York and Edwin S. Smith of Boston. The procedure is an innovation in that no members of the two previous labor boards left Washington to take testimony in disputes. Department of Labor Reports Only 1.2% of Members of Company Unions Have "Independence"—Study Finds Company Unions Had Greatest Growth Under NRA Indirect condemnation of the "company union" was contained in a study made public on Oct. 3 by the Bureau of Labor Statistics of the Department of Labor, which reported that only a small proportion of employees in plants where such unions exist are permitted to operate those organizations as if they were independent entities. The survey sought to ascertain to what extent workers were free to operate the company union as they choose. Only ten out of 593 company unions studied were reported to have the attributes regarded as necessary for "independence," while only 1.2% of all workers in establishments with company unions belonged to these ten bodies. An abstract of the report, as given in a Washington dispatch of Oct. 3 to the New York "Times" follows: Oct. 12 1935 Five "bench marks" were set up by thaDepartment's investigators to determine the answer to their problem. These standards recorded: Whether the company union paid dues, had regular membership meetings, made written agreements with employers, maintained contacts with other workers' organizations and retained the right to demand arbitration of differences whereby the management relinquished its absolute veto Power. 530,388 Employees Covered Of the 530,388 employees covered in plants which had 593 company unions, only ten company unions were reported as possessing simultaneously the five attributes for "independence" set up by the investigators. The total number of workers in these ten establishments was 6,515, or 1.2% of all workers in the establishments with company unions. On the other hand. 76 of the company unions. or 12.8% of the total, were entirely devoid of any of these features. The plants in which they were found employed 17.6% of the total number of workers in establishments with company unions. The greatest period of growth for the company union was during the National Recovery Administration period when 64% of the unions were established. Almost 15% of the company unions were set up during the war period. 1915 to 1919. Both of these periods coincided with rapid growth in independent trade union membership. The company unions were found in 593 or 4%, of the 14.725 establishments which reported to the bureau in a survey conducted last April. Some Also Had Regular Unions It was found that in 97 of the 593, regular trade unions were also functioning. Of the concerns studied. 275 company unions had provision for regular meetings, covering 188,225, or 35.4%, of the total number of workers. while 221 company unions with 265,738, or 50.1% of the employees, had no provision for regular meetings. Concerns numbering 97 did not report on this question. Of the company unions which had regular meetings those in concerns covering 9% met annually, and monthly meetings were held by those in companies covering 19.8% of the workers. In establishments having both company and trade unions 80.4% rePorted that individual grievances were handled. In establishments solely with company unions 76.2% reported that individual grievances were handled. The present report, preliminary to a final report, was published in the October issue of "The Monthly Labor Review" of the Department of Labor. A. F. of L. to Aid Legion in Fight on Radicalism—Federation Also Endorses Recent Labor Legislation— Secretary Perkins Sees Gains for Business and General Public—William Green to Continue Fight for 30 -Hour Week A pledge that the American Federation of Labor would join with the American Legion to fight "communism and all subversive influences" was made on Oct.9 by William Green, President of the Federation, in replying to a speech by Ray Murphy, Commander of the Legion at the fifty-fifth annual convention of the A. F. of L., held at Atlantic City. Mr, Murphy had earlier explained that the Legion's Americanism commission is interested in suppressing groups that have "alien theories that will lead to anarchy and destruction," and he asked for co-operation "to the end that the subversive elements may be well identified and vigorously and unreservedly suppressed." The annual report of the Federation's Executive Council, issued on Oct. 6, indicated that the Council prefers to rely upon the Wagner Labor Relations Act for protection of the right to organize and bargain collectively, and pointed out that under the law there is every reason to believe that "new goals in the field of labor relations will be achieved." Extracts from the report are given below, as contained in a Washington dispatch of Oct. 6 to the New York "Journal of Commerce": The one outstanding question in connection with this leg'slation, raised by the Council,"is to what extent will the National Labor Relations Board be permitted to protect the right to organize and bargain collectively under the commerce clause of the Constitution." "Looking back over the short history of Section 7-A," members of the Council, under the Chairmanship of President William Green, reported, "we are instantly confronted with the realization that this alleged protection was never enforceable so that benefits derived were accomplished for the most part by those who proceeded in reliance on the section and who consolidated their gains, despite the fact that enforcement could not be achieved. A further point in this connection, however, is the increased recognition both by management and workers that collective bargaining must become a part of our economic system." The council is unable to recommend just what steps should be taken now that it is proposed again to bring industry under Government control. They assert that "some control must be exercised over our former system of laissez-faire," explaining that "the experiment which has been concluded has helped to point the way to the goal wh ch we must seek." "Grant ng that much might be done under the commerce clause of the Constitution, how can we handle the problems arising in those establishments which are purely intra-state?" they inquire. "The complexities within our national economy are increasing daily. Whatever planning is done must be applied universally. The problem of how such application is to be made s still before us. Until exhaustive studies have been made with respect to attaining this great objective under present Constitution, we cannot recommend just what steps should be taken in connection with this particular problem. Our final decision on this issue will determine the course that is to be followed in assuring to wage earners of this country the right to work." At the Oct. 10 session of the convention, the bloc of building unions now in official control of the building trades department received a setback in its attempt to seat J. W. Williams the Department President, as a delegate to the Federation's annual convention—this, despite the formal approval of Mr. Williams by President William Green and the official endorsement of the Executive Council—said a dispatch Oct. 10 from Atlantic City, to the New York "Times" which added in part: Volume 141 Financial Chronicle By a vote of 18,092X to 10,602 the convention decided to withhold action on the credential committee's report seating Mr. Williams until the inter-union feud is fully aired next week, when the committee on the Council's report goes Into the merits of the controversy. In the meantime the contest between Mr. Williams and M. J. McDonough, President of the rival building trades department, for official designation as delegate, remains unchanged. Mr. Green, in his keynote speech to the convention Oct. 7, criticized both communistic influences and European dictators, and reiterated that the Federation "will never stop" until it has achieved a universal 30 -hour week in the United States. United Press advices of Oct. 7 from Atlantic City described Mr. Green's speech as follows: When and if American labor decides to take independent political action through a labor party it will be because crystallization of opinion demands it, he said. "But the Federation will not be coerced into that action, will not take it because some order comes from a gathering in a foreign land," Mr. Green shouted, waving a clenched fist at the 520 delegates assembled in the Chelsea Hotel. "No government in a foreign land, no camouflaged organization can tell the American Federation of Labor what it should do or what it should not do." Of the war situation and dictatorships, Mr. Green said: "We are disturbed by the war drums in Europe. We believe that the action must be inspired by selfish reasons. "When dictators are established they soon tire of the consideration of domestic problems and seek new worlds to conquer. Labor is concerned by this terrible threat of world peace. "Labor as represented through the American Federation of Labor is prepared to say to our Government that under no circumstances must we be drawn into European conflict." Of the 30 -hour week he declared: "The hosts of labor will mobilize their economic strength in support of that great economic reform. "I feel justified in announcing to the world at this time that labor will -day week." never stop until it secures the 6 -hour day and the 5 k Secretary of Labor Perkins, addressing the convention on Oct. 8, predicted that as the result of legiblation designed to aid the organization and collective bargaining power of workers there would be a decline in the number of strikes, lockouts and other industrial conflicts. She said that recent labor legislation would prove of profit to employers and the country at large as well as to labor. We quote further extracts from her address, as reported in a dispatch of Oct. 8 from Atlantic City to the New York "Herald Tribune": Miss Perkins said that there has been a substantial improvement in the status of labor and in industrial activity during the last year, and, in support of this statement she cited figures showing widespread improvements in the durable goods industries. These industries, which are usually the first to be hit by a depression and the last to recover, are generally considered a good index of business conditions because their activity is conditioned by the state of consumers' goods and minor industries. Latest reports to the Department of Labor,she said, show that the turn to recovery has been made by industries involved in construction activity, steel production, automobiles, machinery and machine tools. Miss Perkins also discussed at considerable length the recently enacted social security legislation, and she said that "the fact that the act was passed with so few dissenting votes and with so much intelligent public support is further evidence of the progress we have made in recognizing the value of using co-operation through government to overcome social hazards against which the individual alone is inadequate." Sees New Reliance on Lnited States The passage of the Wagner Labor Act, Miss Perkins said, does not mean merely that strikes and lockouts will be fewer, but that the fundamental causes of the conflicts can be intelligently diagnosed and remedied. Both labor and employers, she said, are already showing a growing disposition to take advantage of government agencies in the settlement of their disputes. "Passage of the Wagner Act, creating the National Labor Relations Board, is another important piece of legislation which has been put on the statute books since your last convention," Miss Perkins daid. "It aims to bring about better relationship between labor and management. I am confident it will accomplish this purpose and be as beneficial to employers as to working men." Death of Leon H. Kronthal, Former Partner of Speyer & Co., New York Leon H. Kronthal, retired investment banker, died on Oct. 4 in his 63d year, at his home in New York City. Born in San Francisco Feb. 8 1873, Mr. Kronthal graduated from the University of California in 1894. His early life was spent in the industrial field, including a number of years as superintendent of an oil company in Lima, Ohio. The greater part of his active business career was spent in investment banking in New York. In 1898 Mr. Kronthal established an investment bond and brokerage business in New York, and in 1902 became associated with the banking firm of Speyer & Co., being admitted to partnership in the firm in 1920 and continuing until his retirement from active business on account of ill health on Dec. 31 1933. A son, James S. Kronthal, is at present connected with Speyer & Co. Death of J. H. Tregoe, Former Executive Manager of National Association of Credit Men J. Harry Tregoe, former Executive Manager of the National Association of Credit Men for 15 years and one of its founders in 1896, died in St. Luke's Hospital in Chicago, Ill., on Oct. 4. Mr. Tregoe, who was 70 years old, resigned as Executive Manager of the Association in 1927. He first became interested in the organization of the National Association of Credit Men in 1896 and was elected one of the first directors of the Baltimore Association of Credit Men in 2375 the fall of that year. In 1901, at the Cleveland convention, he was elected Vice-President of the National Association of Credit Men, in 1902 at Louisville, he was elected President of the National Association. He was re-elected at St. Louis in 1903, and upon his retirement from the President's office, was elected a National director for three years. After spending five years in investment banking he was appointed Secretary-Treasurer of the Association on Jan. 1 1912. Later the office of Executive Manager was added and the three offices he filled until October 1927. For three years he was Professor of Finance at the University of Southern California. Since then he had been experimenting with Credit Economics in collaboration with the Los Angeles Credit Men's Association and lecturing throughout the country. George Hintz Re-elected President of New York Cocoa Exchange George Hintz, President of the New York Cocoa Exchange, Inc., was re-elected to a second term at the annual elections held at the Exchange Oct. 8. Carlos A. Scholtz was reelected Vice-President and Francis J. Ryan was re-elected Treasurer. The following were re-elected to the Board of Managers: W. Berry, C. H. Butcher, W. J. Kibbe, T. J. Mahoney, H. T. McKee, B. B. Peabody, R. S. Scarburgh and I. Within. Charles Slaughter was elected to succeed F. K. Nieschlag. C. R. Hook Elected to Executive Committee of Board of American Iron and Steel Institute—D. B. CiLiles Resigns The Board of Directors of American Iron and Steel Institute, at a meeting Oct. 10, elected Charles R. Hook, President of the American Rolling Mill Co. as a member of the Executive Committee of the Board succeeding George M. Verity, who resigned as a director. The Board also accepted the resignation of Donald B. Gillies, Vice-President of Republic Steel Corp. Progress inlIndustrial Research to Be Studied by Business and Banking Executives—National Research Council Arranges Tour of Several Laboratories—Group to Leave New York Oct. 20 A group of business and banking executives will leave New York City on Oct. 20 to make a study of recent progress in industrial research while on a tour of leading research laboratories in the East and Middle West, according to an announcement by Maurice Holland, director of the Division of Engineering and Industrial Research of the National Research Council, New York City. One of the aims of the tour, Mr. Holland points out, is to show just how the industries are using science to meet the increasing consumer demand for higher quality and better service. The group will visit the laboratories of the following companies: General Electric Co., in Schenectady, N. Y., on Oct. 21. Eastman Kodak Co., in Rochester, N. Y., on Oct. 22. B. F. Goodrich Co., in Akron, Ohio, on Oct. 23. Gulf Refining Co., in Pittsburgh, Pa., on Oct. 24. Mellon Institute of Industrial Research, in Pittsburgh, Pa., Oct. 24. Bell Telephone Laboratories, in New York, Oct. 25. Mr. Holland pointed out that in sponsoring a tour of laboratories at this time, the National Research Council's Division of Engineering and Industrial Research resumes a policy which was one of its features a few years ago. The present tour has been so arranged that a selected group of business men and bankers will be able to acquaint themselves with the progress made in industrial research, particularly during the depression years. Pyke Johnson Elected President of American Trade Association Executives Pyke Johnson, Vice-President and Washington representative of the Automobile Manufacturers Association, was elected President of the American Trade Association Executives at the annual convention of the trade executives group in Toronto, Sept. 27. Mr. Johnson by appointments of Presidents Coolidge and Hoover, was Executive Secretary of the official delegations to the Pan American Highway Commissions in 1925 and 1929. He is a past-president of the Washington Trade Association Executives. Ellis D. McFarland Appointed Educational Director of IBA Succeeding Samuel 0. Rice I' lis Dean McFarland of Chicago, a writer and speaker on economic and financial subjects, has been appointed Educational Director of the Investment Bankers Association of America to succeed Samuel 0. Rice, it was announced at Chicago Oct. 7 by the President of the Association, Ralph T. Crane, Brown Harriman & Co., Inc., New York. Mr. McFarland, who has recently been associated with the new business department of Sheridan, Farwell & Morrison, Inc., Chicago, investment counsellors, for the past 10 years has been a student of and commentator on banking and finance, and has made an exhaustive study of commercial banking problems. When questioned as to the possibilities connected with his new position, Mr. McFarland said: feel that it is a distinct opportunity for me to become identified with the Investment Bankers Association of America because no trade association 2376 Financial Chronicle has ever been created and steadfastly maintained on a higher plane of business leadership. With the rapidly increasing demand from the public for information regarding securities, I see a wide field of service before me. I believe that the investment banking business is now on the threshold of an era of progressive conservatism and on its way to strong public confidence and esteem. Mr. McFarland, it was announced, will assume his duties immediately. The resignation of Mr. Rice was noted in these columns Aug. 10, page 854. Oct. 12 1935 From Mr. Colt's letter we also quote: The operating earnings for the company for the first nine months of the year were $162,937 in excess of the divided requiment of $5,625,000 for this period at the rate of $3.00 a year. It is, of course,common knowledge that there have been continuing low interest rates on investments for mahy months and a lack of demand for commercial loans. The trend of operating earnings for the year has been declining, and for the quarter ending Sept. 30 such earnings would not have been sufficient to cover the dividend for that quarter at the rate of 75c. a share. I believe that you also appreciate that the laws enacted by the last Congress, more particularly with respect to deposit insurance, social security and taxes, add appreciably to our expenses. I should also like to tell you why undivided profits have materially increased since the first of the year, even though our operating earnings for the period were only slightly in excess of the dividend requirement at the former rate of$3 a share. The reason for this is largely due to the recovery of reserves no longer required and adjustments of security values. These reserves were originally taken out of undivided profits and now, when no longer required, are returned to that fund. Special Train from Eastern Points to IBA Convention at White Sulphur Springs, W. Va., Oct. 26-30— H. E. Lowery Chairman of Committee Handling Arrangements Along with the plans for the annual convention of the InvestThent Bankers Association of America at White Sulphur Springs, W. Va., Oct. 26-30, preparations are under way for a special train movement from Eastern points to Reference to the Sept. 30 statement of condition of the the convention. Harry E. Lowery, of Lehman Brothers, Bankers Trust Co., was mfide in the "Chronicle" of Oct. 5, New York, is Chairman of the committee handling the page 2219. arrangements. A solid Pullman train exclusively for members of the Association will be operated over the PennsylAt the annual meeting of the members of the Bankers Club vania RR. from New York at 6:50 p. m., Friday, Oct. 25, of America, New York City, all Governors whose time expicking up large delegations from Philadelphia, Baltimore pired were re-elected. In addition, Henry Sturges Morgan, of and Washington en route. It is also planned to operate a Morgan Stanley & Co., was elected a Governor. special through car from Boston, connecting with the New York train. OnOct. 7 the statement of the Chase National Bank, of Oct. According to Mr. Lowery, more than 200 investment York City, for Sept. 30 1935 was made public. The depasits bankers from Eastern financial centers are expected to be of the bank at the end of September were $1,854,625,000, aboard the train when it reaches White Sulphur Springs and certified and cashier's checks, $96,907,000, the sum of early on the morning of Oct.26 at the approximate hour that which, $1,951,532,000 compares with $1,760,129,000 on June 29 similar trains will arrive with delegations from Chicago, 1935 and $1,488,962,000 on Sept. 29 1934. Total resources of St. Louis, Detroit, Cleveland, Cincinnati and other points the bank on Sept. 30, it is reported, amounted to $2,220,542,in the South and West. Mr. Lowery's committee, which 000, as compared with $2,027,704,000 on June 29 1935 and also includes Frank E. Gernon, Hayden, Stone & Co., and $1,774,890,000 on Sept. 29 1934; cash in the bank's vaults A. W. Phelps, Phelps, Fenn & Co., will handle Pullman and on deposit with the Federal Reserve bank and other reservations for the New York train and has just issued a banks, $667,598,000, as compared with $528,863,000 and $318,bulletin to all Eastern members of the Association covering 001,000; investments in United States Government securities, $620,305,000, compared with $573,664,000 and $491,819,000; the details for securing accommodations. References to the program to be presented at the conven- securities maturing within two years, $112,087,000 as comtion have appeared in these columns Sept. 28, page 2060, pared with $86,017,000 and $90,740,000; other bonds and securities, including stock in the Federal Reserve bank, $132,and Oct. 5, page 2218. 617,000, as compared with $122,032,000 and $139,469,000; Mid-Year Trust and Banking Conference of New Jersey loans and discounts, $613,240,000, as compared with $639,Bankers Association to Be Held in Paterson Nov. 21 395,000 and $638,363,000. On Sept. 30, the capital of the bank consisted of $50,000,000 preferred stock and $100,270,000 and 22 common stock and $50,000,000 surplus. These items were unLeslie G. McDouall, President of the New Jersey Bankers changed from June 29 1935 and Sept. 29 1934. Undivided Association, announced Sept. 30 that the Association's mid- profits on Sept. 30 were $18,947,000, as compared with $20,year trust and banking conference will be held at the Alex 851,000 on June 29 1935 and $15,803,000 on Sept. 29 1934. ander Hamilton Hotel, Paterson, N. J., on Nov. 21 and 22. Semi-annual preferred and common dividends amounting The banquet will be held in the evening of Nov. 21. Joseph to $6,083,333.80 were paid to shareholders on Aug. 1 1935. I. Hammond,President of the Citizens Trust Co. of Paterson and a member of the Executive Committee, will serve as The Corn Exchange Bank Trust Co., New York, reports, General Convention Chairman; Charles K. Barton, Vice- as of Sept. 30, deposits of $246,989,711, compared with $239,President of the United States Trust Co. of Paterson, will 132,141 on June 29 last. Total resources are given as $278,be Chairman of the Banking Conference, and H. Douglas 641,077 against $270,670,162 three months ago. Cash in Davis, Vice-President and Trust Officer of the Plainfield vaults and due from banks amounted to $47,725,348 against Trust Co. of Plainfield, N. J., will be Chairman of the Trust $50,251,467, and holdings of United States Government Conference. securities, at par, $121,263,500 against $111,063,500. Surplus and undivided profits were $16,651,366, compared with $16,Committees Appointed by New York State Bankers 538,020 at the end of last June. Association for 1935-36 It is shown in the Sept. 30 statement of the Central HanS. Sloan Colt, President of the New York State Bankers Association announced on Oct. 10 the appointment of the over Bank & Trust Co., New York, that deposits increased committees of the Association for 1935-1936. Mr. Colt, to $776,357,324 from $748,648,368 on June 29 last, and total who is also President of the Bankers Trust Co., New York, resources to $866,579,158 from $838,538,485 three months ago. continues as Chairman of the Commission for Study of Holdings of cash on hand and due from banks more than Banking Structure. The following are the Chairman of doubled during the quarter, amounting to $211,207,312 against $103,281,416 at the end of June. The bank's holding the other committees of the Association: of Government securities at Sept. 30 fell to $352,609,138, comCOMMITTEE ON AGRICULTURE—Otis A. Thompson, Cashier. pared with $435,885,530. Capital and surplus remained unNational Bank & Trust Co., Norwich, N. Y. changed at $21,000,000 and $60,000,000, respectively, while COMMITTEE ON BANK COSTS—Jackson Chambers, President, undivided profits rose to $2,058,736 Sept. 30 from $1,523,879 Gramatan National Bank & Trust Co., Bronxville, / . Y. COMMITTEE ON EDUCATION—J. Raymond Roos, Cashier, at the end of the half-year. National Commercial Bank & Trust Co., Albany, N. Y. COMMITTEE ON FEDERAL LEGISLATION—George V. McLaughlin, President, Brooklyn Trust Co., Brooklyn, N. Y. COMMITTEE ON STATE LEGISLATION—William A. Read, VicePresident, Central Hanover Bank & Trust Co., New York City. COMMITTEE ON TRUST FUNCTIONS—William H. Stackel, Vice President and trust officer, Security Trust Co., Rochester, N. Y. COMMITTEE ON PROPOSED PENSION PLAN—H. H. Griswold, President, First National Bank dc Trust Co., Elmira, N. Y. ITEMS ABOUT BANKS, TRUST COMPANIES, &c. A letter indicating the reason for the action of the Board of Directors in lowering last month the quarterly dividend payable Oct. 1 from 75c. to 50c. was sent to stockholders of the Bankers Trust Co., New York, under date of Sept. 30 by S. Sloan Colt, President. The directors action was taken on Sept. 3, as noted in these columns of Sept. 7, page 1539. In his letter Mr. Colt presents the following figures setting forth the changes in undivided profits for the nine months ended Sept. 30: Undivided profits Dee. 31 1934 Operating earnings Jan. 1 to Sept. 30 1935 Less: Dividends paid Jan. 1 to Sept. 30 1935 $12,018,797.65 55,787,937.33 5,000,000.00 787,937.33 Additions to undivided profits from sources other than operating 1,001,136.85 earnings Undivided profits Sept. 30 1935 813,807,871.83 The Chemical Bank & Trust Co., New York, in its statement of condition as of Sept. 30, shows deposits of $486,384,381, compared with $475,751,324 on June 29. Holdings of United States Government securities totaled $189,853,709, compared with $173,390,229 three months earlier. Surplus and undivided profits amounted to $49,606,666, an increase over $48,725,062 on June 29, and total resources amounted to $574,111,764, compared with $563,203,978 on the earlier statement. According to the Sept. 30 statement of the Bank of New York & Trust Co., New York, deposits rose during the third quarter to $170,051,787 from $146,481,751 on June 29. Total resources were also higher Sept. 30, at $194,224,036, against $170,012,427 at the half-year. Cash on hand, in Federal Reserve Bank, and due from banks and bankers, including exchanges for clearing house and other cash items, amounted to $53,626,850 at the latest date, compared with $19,184,277, while holdings of Government securities were $65,733,919 against $63,243,772. Capital and surplus were unchanged at $6,000,000 and $8.000,000, respectively. Undivided profits increased to $2,750,763 Sept. 30 from $2,564,305 June 29. The Continental Bank & Trust Co., New York City, this week appointed James F. Draper as an Assistant Vice- Volume 141 Financial Chronicle President. Mr. Draper, Who has been with the bank for several years, will be in charge of correspondent bank relations. The statement of condition for the Commercial National Bank & Trust Co., New York,as of Sept. 30, shows deposits of $85,695,906, surplus and undivided profits of $7,688,291, and total resources of $105,080,079. This compares with June 30 deposits of $76,293,805, surplus and undivided profits of $7,682,422, and total resources of $96,783,425. Earnings for the quarter ended Sept. 30 were $145,869. Cash and amounts due from banks increased from $17,542,101 to $26,391,478 Sept. 30, and holdings of Government securities from $30,994,194 to $31,279,523. Deposits of the National City Bank, New York, totaled $1,599,594,065 on Sept. 30, according to the bank's statement of condition as of that date, which compares with $1,397,066,126 on June 29 last. Undivided profits at the latest date were $12,098,319, compared with $11,898,089 at the end of June, and capital and surplus were unchanged. Cash on hand and due from banks rose to $575,852,238 Sept. 30 from $342,277,965 at the earlier date, while holdings of Government securities dropped to $426,427,216 from $471,433,920. Total resources on Sept. 30 were shown as $1,824,654,680 against $1,627,067,927 June 29. The New York State Banking Department on Oct. 3 authorized the County Safe Deposit Co., New York City, to open a branch office at 185 Montague Street, in Brooklyn, conditioned upon the discontinuance of the branch office heretofore authorized to be maintained at 44 Court Street, also in Brooklyn. The Sept. 30 statement of the City Bank Farmers Trust Co., New York, affiliate of the National City Bank, shows resources of the bank at $99,890,491 and deposits of $76,344,061, which compare with $128,329,184 and $105,140,479, respectively, June 29 last. The bank, according to the statement of Sept. 30, holds cash on hand and due from banks of $37,859,019, and United States Government securities in amount of $25,001,594. At the half-year these two items were shown as $22,814,835 and $23,990,984, respectively. Undivided profits of the institution increased from $2,777,096 on June 29 to $2,800,340 on Sept. 30. Capital and surplus were unchanged at $10,000,000 each. In its Sept. 30 statement, the Empire Trust Co., New York, reports deposits of $57,688,983, compared with $55,904,321 on June 29, and total resources of $65,262,524, against $64,206,076 three months ago. Holdings of United States Government securities, according to the statement, were $12,916,510, compared with $12,650,310 on June 29. Capital stock was unchanged at $3,000,000, but capital notes were reduced to $2,000,000 from $2,700,000 at the end of June. Surplus and undivided profits were $2,448,758 against $2,497,016 on the earlier date. The Metropolitan Savings Bank, New York City, was granted permission on Oct. 2 by the New York State Banking Department to move its headquarters from 1 Third Avenue to 754 Broadway. Total resources of the Irving Trust Co., New York, on Sept. 30, according to the institution's statement of condition as of that date, were $675,205,034 against $668,560,514 on June 30. Deposits of the company at the end of the third quarter totaled $543,297,499, compared with $541,893,512 at the mid-year. Cash on hand and due from the Federal Reserve Bank and other banks amounted to $242,848,789 against $253,928,850, and holdings of United States Government securities, $175,035,771, compared with $157,648,016. In addition, holdings of securities guaranteed by the United States Government were reported at $15,027,620 on Sept. 30 as compared with $15,035,560 June 30. Capital stock and surplus were unchanged at $50,000,000 and $55,000,000, respectively, while undivided profits were $3,022,058 against $2,918,097 three months ago. The—Empire City Savings Bank, New York, announced this week that its midtown office will open on Sept. 14 at 2 Park Avenue, to which location it is being moved. Beginning Oct. 7, depositors in the savings department of the closed City Bank & Trust Co. of Hartford, Conn., whose claims are in excess of $100, are receiving a cash dividend of 4%, the 8th to be received by them. From High Bridge, N. J.. advices, on Oct. 4, to the Newark "News," it is learned that a 10% dividend, amounting to $31,010.79, was to be paid Oct. 10 to depositors of the First National Bank of High Bridge, which was closed from March until December 1932. The dispatch continued: This is the third 10% dividend that has been paid, in addition to the obligation of 50% of deposits undertaken and discharged by the rehabilitated bank since Dec. 12 1932. On Oct. 4 the New Jersey State Banking Department announced that Vice-Chancellor Francis B. Davis has directed 2377 payment of a second dividend of 5% to creditors of the Glassboro Title & Trust Co. of Glassboro. In noting this, Associated Pres* advices from Trenton on the date named added: The Banking Department took possession of tlie trust company on Sept. 26 1931. Deposits then amounted to $230,000. The dividends totaled $10,125 each. Charles H. Matthews Jr., a Vice-President of the Union Trust Co. of Pittsburgh, Pa., lost his life on Oct. 7 when an airliner in which he was a passenger crashed near Cheyenne, Wyo. Mr. Matthews, Who was 40 years of age, was born in Evanston, Ill., but spent most of his life in Kenosha, Wis. He was educated at Lake Forest Academy, Lake Forest, Ill., and graduated from Sheffield Scientific School at Yale in 1916. For a number of years he was connected with the Pittsburgh office of Lee, Higginsou & Co., and became Manager of the bond department of the Union Trust Co. in 1928. In 1933 he was elected a Vice-President of the institution, the office he held at his death. Checks totaling $34,594, or 10% of the deposit liability, will be mailed to depositors of the defunct People's Trust Co. of Annville, Lebanon County, Pa., on Oct. 15, according to an announcement the previous day by Dr. Luther A. Harr, State Secretary of Banking. The Philadelphia "Record" of Oct. 5, from which this is learned, also supplied further details, as follows: This will be the eighth dividend the 1,319 depositors have received since the bank closed Dec. 15 1931, and will bring the total distributed to $311,246, or 90% of the net deposit liability of $345,949. Liquidation of the bank has been carried on without recourse to the Reconstruction Finance Corporation, and the deputy receiver in charge of the bank anticipates that there will be further distribution before a final accounting is filed and liquidation ended. The Dauphin Deposit Trust Co. of Harrisburgh, Pa., rounded out 100 years of service on Sept. 28, it having opened for business as the Harrisburg Savings Institution on that date in 1835. A statement taken from the books of the new bank after the first eleven days of business showed deposits of $9,498. To-day the institution has deposits of $10,500,000, with trust funds of nearly $25,000,000, and combined capital and surplus of $1,200,000. The present officers are: Donald McCormick, President; Harper W. Spong, VicePresident; Clinton L. Keister, Vice-President and Trust Officer; Frederick M. Gilbert, Secretary and Treasurer; Joseph A. Grieshaber and Warren D. Collier, Assistant Treasurers; G. Vance Seidel, Assistant Secretary-Treasurer, and Norman A. Sheesley and Edward M. Green Jr., Assistant Trust Officers. Concerning the affairs of the defunct Union Trust Co. of Cleveland, Ohio, the Cleveland "Plain Dealer" of Oct. 8 carried the following: Union Trust Co.liquidation showed a profit of$188,584 in September,the monthly report of Liquidator Oscar L. Cox disclosed yesterday (Oct. 7). Total expense for the month was $122,469, as compared with income of1311,054. Collection of stockholders' liability total 8111,135. The net profit for the history of the liquidation, which began June 15 1933, is now $5,526,117, the report showed. The total income in that Period has been 811,282.803 and the total expense $5,756,686. The book value of the assets of the bank was placed at $125,208,662 as of Oct. 1. The total reduction in assets through liquidation has been 886,555,512. Announcement was made on Oct. 3 of the appointment of Alfred M. Corcoran, a Vice-President of the Central United National Bank of Cleveland, Ohio, as head of the company's trust department, to succeed Elman S. Hanson, whose death occurred recently. In noting the matter, the Cleveland "Plain Dealer" of Oct. 4 went on to say, in part: Mr. Corcoran has held an important executive position in the bank for many years, and this mOnth he rounds out 37 years of uninterrupted service with the institution. . . . The new position assigned him includes supervision of all fiduciary facilities in the estates trust and corporate trust divisions of the bank. Mr. Corcoran, who is a Vice-President of the Cleveland Chamber of Commerce, joined the Central National Bank, component part of the present organization, in 1898, and has occupied practically every position in banking following his apprenticeship. In 1913 he was assigned important research work leading toward the Federal Reserve Board's decision to establish the Fourth Federal Reserve Bank in Cleveland. . . . It is learned from Gibsonburg, Ohio, advices, on Sept. 30, appearing in the Toledo "Blade," that shareholders of the recently-organized Gibsonburg Banking Co. of Gibsonburg, Ohio, have chosen the following officers: F. C. Hornung, President; R. T. Newcomer, Vice-President, and William Timmerman, Cashier. The new institution, it is understood, replaces the old bank of the same name. Effective Oct. 1, the Paulding National Bank, Paulding, Ohio, was placed in voluntary liquidation. The institution, which was capitalized at $80,000, was succeeded by the National Bank of Paulding. In indicating that four defunct South Dakota banks had recently paid dividends to their respective depositors, the "Commercial West" of Oct. 5 said: Four closed banks of South Dakota were sending out dividend checks last week, three of them being finals, reports Banking Superintendent F. R. 2378 Financial Chronicle Strain. Ramona State paid a second dividend of 10%, totaling $5,560. which makes 25% paid to date; Hosmer State paid a final dividend of Si,782, making a total of 50.9% disbursed to depositors and other creditors; Wakonda State paid a third and final of 4.6%, amounting to $2,904, bringing total dividends to 21.6%, and Fedora State paid a third and final of 5% or $3,432, making a total of 26% paid. The Kentucky State Banking Department on Oct. 2 approved the merger of the Sanders Deposit Bank of Sanders and the Sparta State Bank of Sparta, the resulting institution to be known as the Sparta-Sanders State Bank, with headquarters at Sparta, according to a dispatch by the Associated Press from Frankfort, Ky., on that date. In its issue of Sept. 22 the Portland "Oregonian" reported the appointment of T. B. Lumsden as Manager of the recently-established La Grande, Ore., branch of the United States National Bank of Portland, Ore. The paper continued, in part: Mr. Lumsden is a new addition to the executive staff of the United States National, having been connected with the Oregon State Banking Department since 1932, where he served as Deputy Superintendent of Banks, Bank Examiner, and Assistant Superintendent of Banks. He has had many years' banking experience, having been formerly an executive in one of the banks in Medford, Ore., his home city. The Washington "Post" of Oct. 3 is authority for the statement that the Woodridge-Langdon Savings & Commercial Bank of Washington, D. C., which failed to reopen after the 1933 banking holiday, will pay its depositors a 50% dividend this month, thus becoming the first closed savings institution in Washington to return 100% of deposits since the wave of failures in 1933.. We quote the paper further, in part: Two years ago, when the Woodridge-Langdon, along with several other banks, was merged into the Hamilton National Bank, a 50% dividend was paid. The forthcoming dividend is made possible by cash on hand and a Hamilton bank loan. . . . At the time of suspension, the Woodridge-Langdon bank carried deposits of $355,957.11. Almost half this amount has been returned to patrons, a small proportion of whom have failed thus far to claim the first 50% dividend. THE CURB EXCHANGE Speculative interest in curb market stocks centered very largely in the miscellaneous specialties during the present week, and while there was some buying among the oil stocks, public utilities and alcohol issues, Price movements have been irregular, and with the exception of a few special stocks, the general list was slow to respond to upward movements until Thursday, when the trend turned definitely upward. Specialties attracted a goodly share of the buying as the curb market moved steadily upward during the two-hour session on Saturday. The gains were not particularly noteworthy, most of the advances ranging between major fractions and two points. Trading was fairly active for the short day, the total-turnover reaching approximately 121,765 shares as compared with 47,355 shares a year ago. The best advances were recorded by Aluminum Co. of America / pref. (213b), which moved ahead 2% points to 103; Bunker Bill Sullivan, which forged ahead 1% points to 45%; Cities Service pref., which gained 1% points and closed at 19%; Newmont Mining, which improved 1% points to 60%, and Dow Chemical (2), which advanced 1 point to 101. Leading oil issues, public utilities and alcohol stocks moved within a comparatively narrow channel on Monday, but specialties continued to move briskly forward. Trading was quiet, and while there was a slight upward tendency apparent as the session closed, the net changes, for the market as a whole, were largely fractional. The volume of sales totaled 198,000 shares, with 285 issues dealt in. Among the gains were such trading favorites as Childs Co. pref., 2% points to 25%; Holly Sugar, 2 points to 92; Montgomery Ward A, 2% points to 135%; Sherwin Williams Co., 1% points to 112; United Gas $7 pref., 1% points to 80, and Utah Power & Light pref., 1% points to 38%. Curb prices turned downward on Tuesday, and with the exception of the specialties, the list was lower at the close. The turnover was somewhat heavier than on the previous day, the volume of trading increasing to approximately 239,000 shares against 101,762 shares a year ago. The advances included, among others, American Gas & Electric pref., 1% points to 106%; Cities Service pref., 11, points to 19%; Draper Corp., 2% points to 56; National Investors pref., 3 points to 78; Neisner Bros. pref., 5 points to 109; New York Power & Light pref., 3 points to 90; Parker Rust Proof, 2% points to 47%; Sherwin Williams Co., 3 points to 115; Singer Manufacturing Co., 8 points to 283, and A. 0. Smith, 3 points to 45. Irregular price tendencies were in evidence during the forenoon on Wednesday, but the buying improved as the day progressed, and prices showed a modest gain as the market closed. Oil stocks and specialties were the center of the buying interest, though there was also some attention given to the mining and metals and the alcohol shares as the session drew to a close. The advances included, among others, American Founders (1st pref. D), 3 points to 37; Cuneo Press, 2% points to 36; Heyden Chemical, 1% points to 47; Parker Rust Proof, 2% points to 50; A. 0. Smith, 2 points to 47, and Universal Products, 2% points to 20%. Oct. 12 1935 The oil stocks assumed the leadership of the curb market on Thursday and moved briskly forward to higher levels. As the day progressed alcohol stocks, public utilities and specialties joined the advance and many gains ranging from 1 to 3 or more points were registered before the close. Trading improved in volume, the total transfers reaching approximately 380,000 shares with 364 issues traded in. Gulf Oil of Pennsylvania was in good demand and advanced 23 % points to 643 and Humble Oil & Refining followed with a % smaller gain. Other outstanding advances were American Superpower pref. 5 points to 28, General Tire & Rubber ni Points to 383/3, Parker Rust Proof 23i points to 523i, Royal Typewriter 23 points to 35% and A. 0. Smith 23 % points to 493. Curb market prices again moved upward on Friday, the turnover reaching the highest level for the week. Specialties held a goodly part of the trading interest, but there was also a moderate demand for the oil issues and public utilities. Outstanding among the stocks recording advances were Aluminum Co. of America, 234 points to 77; American Potash & Chemical, 234 points to 27%; General Tire & Rubber, 2% points to 41; Quaker Oats pref. (6), 3 points to 143 and A. 0. Smith 23 points to 5134. As compared with the closing quotations on Friday of last week, prices were higher Aluminum Co. of America closing last night at 77 against 753 on Friday a week ago; American Cyanamid B at 247 against 22%; American Gas & Electric at % 3 34%, against 33 8; American Light & Traction at 123 , % against 123.t; Commonwealth Edison at 883-, against 873; Consolidated Gas of Baltimore at 83, against 80; Creole Petroleum at 22, against 213/3; Distillers Seagrams Ltd. at 263.i, against 243; Electric Bond & Share at 133/, against 8 12M; Fairchild Aviation at 8%,against 834; Ford of Canada A at 243 , against 2434; Gulf Oil of Pennsylvania at 64, % / against 62; Hiram Walker at 2458, against 23%; Humble Oil (New) at 543i, against 52%; International Petroleum at 333, against 333.4 Niagara Hudson Power at 8%, against 8; and Standard Oil of Kentucky at 20%, against 20. DAILY TRANSACTIONS AT THE NEW YORK-CURB-EXCHANGE Week Ended Oct. 11 1935 Stocks (Number of Shares) Saturday Monday Tuesday Wednesday Thursday Friday Total Bonds (Par Value) Foreign Foreign Government Corporate Domestic 121,765 $1,265,000 197,965 1,951,000 239,220 2,819,000 214,225 2,883,000 380,336 4,025,000 433,675 3,389,000 $17,000 50,000 22,000 52,000 32,000 29,000 1,587,186 $16,332,000 $202,000 Sales at New York Curb Exchange Week Ended Oct. 11 1935 Total $165,000 $16,699,000 Jan. 1 to Oct. 11 1934 1935 Stocks-No,of shares_ 1,587,186 589,002 Bonds Domestic $16,332,000 $11,382,000 Foreign government_ _ 296,000 202,000 Foreign corporate 290,000 165,000 $16,699,000 $11,968,000 Total $30,000 $1,312,000 23,000 2,024,000 43,000 2,884,000 19,000 2,954,000 26,000 4,083,000 24,000 3,442,000 1934 48,765,822 $900,510,000 12,695,000 10,007,000 49,492,891 ...4 $765,480,000 29,711,000 21,544,000 $923,212,000 $816,735,000 COURSE OF BANK CLEARINGS Bank clearings this week will.again show an increase as compared with a year ago. Preliminary figures compiled by us, based upon telegraphic advices from the chief cities of the country, indicate that for the week ended to-day (Saturday, Oct. 12) bank exchanges for all cities of the United States from which it is possible to obtain weekly returns will be 20.8% above those for the corresponding week last year. Our preliminary total stands at $4,577,906,287, against $3,790,026,860 for the same week in 1934. At this. center there is a gain for the week ended Friday of 64.3%. Our comparative summary for the week follows: Clearings -Returns by Telegraph Week Ending Oct. 12 Per Cent 1935 1934 New York Chicago Philadelphia Boston 'Kamm City St. Louis San Francisco Pittsburgh Detroit Cleveland Baltimore New Orleans $2,622,576,238 188,794,735 244,000,000 150,701,000 69,893,319 58,700,000 108,183,000 73,721,653 53,395,900 52,2)8,045 45,089,953 43,279,000 $1,596,090,356 142,303,381 168,000,000 131,000,000 47,688,461 40,900,000 70,000,000 50,565,352 33,363.949 33,561,010 31,717,662 25,056,000 +64.3 +32.7 +45.2 +15.0 +46.6 +43.4 +54.5 +45.8 +60.0 +55.6 +42.2 +72.7 Twelve cities, five days Other cities, five days $3,710,552,843 696,035,730 $2,370.226,171 512,057,670 +56.5 +35.9 Total all cities, Bye days All cities, one day 34,406,588,573 171,317,714 $2,882,283,841 907,743,019 +52.9 -81.1 54 677 00n 52 Ion Total all eltiee for week 257 non Ran J.on e 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 Oct. 5. For that week there is an increase of 31.0%, the aggregate of clearings for the whole country being $6,545,921,982, Financial Chronicle Volume 141 6.0 against $4,997,115,509 in the same week in 1934. Outside of this city there is an increase of 17.2%,'the bank clearings at this center having recorded a gain of 40.9%. We group the.cities according to the Federal Reserve districts in which they are located, and from this it appears that in the New York Reserve District, including this city, the totals record an expansion of 39.9%, in the Philadelphia Reserve district of 30.1% and in the Boston Reserve District of 9.9%. The Cleveland Reserve District has managed to enlarge its totals by 23.4%, the Richmond Reserve District by 6.3% and the Atlanta Reserve District by 13.0%. In the Chicago Reserve District there is an improvement of 16.2%, in the St. Louis Reserve District of 15.4% and in the Minneapolis Reserve District of 20.7%. The Dallas Reserve District suffers a loss of 12.9%, but the Kansas City Reserve Distriet enjoys a gain of 12.7% and the San Francisco Reserve • District of 23.5%. In the following we furnish a summary by Federal Reserve districts: SUMMARY OF BANK CLEARINGS Week Ended Oct. 5 1935 Inc.or Dec. 1933 e. . 6,545,921,982 4,997,115,509 +31.0 5,065,754,766 4,786,904,578 2,449,918,464 2,090,524,867 +17.2 1,843,480,307 1,884,229,602 go .44.4.... on.. OW) one Alla CRC .1.41 . -A R ,d1 WI .11.3n n.1. non non We now add our detailed statement showing last week's figures for each city separately for the four years: Week Ended Oct. 5 Clearings at 1935 First Federal Me -Bangor Portland -Boston _ Mass. Fall River__ Lowell New Bedford._ Springfield_ _ - _ Worcester -Hartford_ Conn. New Haven_ _ _ 11.1.-ProvIdence N.H.-Manches'r Total(12 cities) 1934 Inc. or Dec. $ $ % -BostonReserve Dist net 1,020,854 791,931 +28.9 3,231,194 2,785,014 +18.0 245,710,000 228,000,000 +7.8 682,918 579,791 +17.8 292,380 272,377 +7.3 809,874 608,808 +33.5 3,249,610 2,904,840 +11.9 1,569,724 1,343,877 +16.8 14,497,103 9,548,590 +51.8 4,106,478 4,012,241 +2.3 10,392,600 8,738,800 +18.9 574,579 745,082 -22.9 286,137.314 260,329,351 Second Feder at Reserve D Istrict-New N. Y. -Albany 7,522,655 6,050,743 Binghamton... 1,010,782 1,078,421 Buffalo 30,700,000 27,654,386 Elmira 646.675 652,308 Jamestown_ _- _ 694,782 508,163 New York... _ 4,096,003,518 2,906,590,642 Rochester 8,571,274 8,220,496 Syracuse 4,611,995 5,111,575 Conn. -Stamford 4,125,190 3,622,227 N. 1. -Montclair .285.000 360,865 Newark 19,316,292 17,120,822 Northern N. J. 44,607,585 37,039,547 +9.9 1933 6' 1932 $ 770,460 2,408,779 234,800,077 588,738 273,912 549,153 2,861,777 1263,917 8,976,392 4.371,466 8,680,600 500,209 641,295 4.050,507 255,742,662 545,840 268,460 591,426 3,638,766 2,012,736 8,704,130 4.065,511 8,753,100 539,110 266,045,480 289,553,543 York +24.3 6,598,701 5,388,598 -6.3 1,021,498 1.170,495 +11.0 26,053,617 24,781,020 -.0.9 563,656 633,775 +36.7 507,869 661.064 +40.9 3,222,274,459 2,902,674,976 +4.3 7,858,074 8,534,720 -9.8 4,157,511 4,358,573 +13.9 3,641,439 3,494,299 -21.0 500,000 756,750 +12.8 16,958,080 19,731,217 +19.5 33,097,836 29,489,287 Total(12 cities) 4,218,095,748 3,014,010,195 +39.9 3,323,232,740 3,001,674,774 Third Federal Reserve Die trict-Flinn delphi a Pa. -Altoona_ _ _ _ 374,769 337.426 +11.1 368.814 Bethlehem.- - _ a429,100 a2,059,167 -79.2 b Chester 367,295 459,560 -20.1 376,963 Lancaster 1,512,324 1,300,042 +16.3 1,144,519 Philadelphia.-- 396,000,000 305,000,000 +29.8 277,000,000 Reading 1,495,320 1,113,579 +34.3 1,536,717 Scranton 2,543,991 2,170,451 +17.2 1,742,433 Wilkes-Barre_ 1,161,339 1,219,271 -4.8 1,679,965 York 1,709,071 1,345,219 +27.0 1,369,950 N.1. -Trenton6,645,000 3,518,000 +88.9 3,338,000 Total(9 cities). 411,809,109 316,463,548 +30.1 Fourth Feder al Reserve D istrict-Cle, elandOhlo-Akron c c c Canton c c c Cincinnati__ _ _ 49,815,803 46,696,442 +6.7 Cleveland 78,524.241 60.882,231 +29.4 Columbus 9,983,400 +25.5 12.488,300 Mansfield 1,437,631 1,171,246 +22.7 Youngstown b b b Pa -Pittsburgh. 116,948,791 91,517,223 +27.8 288,557.381 310,148,441 c c 43,729.759 77,990,736 8,301,400 1,106,222 b 91,722,913 210,020,542 +23.4 195,207,790 222,851,030 Fifth Federal Reserve Dist rict-Richm ondW.Va.-Iluntlon 153,524 151,756 +1.2 Va.-Norfolk - . 2,600,000 2,341.000 +11.1 38,895.683 Richmond _ _ _ _ 39,854,226 -2.9 -Charleston 1,498,996 1,085,988 +38.0 S. 0. Md.-Baltimore. 71,965,897 +8.8 66,267,023 D.C.-Washing'n 21,587,029 18,759,698 +15.1 126,702 2,734.000 32,922,048 1.070,595 52,530,681 15,426,256 326,503 2,617,865 29,000,845 898,689 61,615,457 21,180,103 +6.3 104,810,282 115.639.462 Sixth Federal Reserve Dist rict-Atlant a 3,036,411 2,465,365 +23.2 Tenn. -Knoxville 12,313,266 +11.3 Nashville 13,709,839 39,300,000 +23.4 Ga.-Atlanta__ - _ 48,500,000 1,072,758 +12.5 1,207.327 Augusta Macon 1,138,071 972,278 +17.1 +7.4 Fla. -Jacksonville 11,898,000 11,080,000 17,381,304 16.951,055 +2.5 Ala.-Birm'ham _ Mobile 1,612,514 1,234,516 +30.6 b b Miss. -Jacksonb 132,917 +33.9 Vicksburg 178,000 La. -New Orleans 33,831.939 31,712,098 +6.7 3,878,406 9,802,663 36,400,000 1,141,230 842,911 11,905,000 12,248,433 1,173,433 b 174,881 20,076,958 2,295.464 10,467,801 27,800,000 873,528 510,470 6,794,057 10,303,355 918,694 b 150,905 27,530,239 Total(8 cities) _ Total(10 cities) 259,214,766 136,501,109 132,493.405 128,459,691 117,234,253 +13.0 97,643,915 1934 Inc. or Dec. 1933 s a % $ 1932 $ Seventh Fedet al Reserve D istrict-Chi cago-Adrian _ _ 103,759 Mich. 72,741 +42.6 Ann Arbor_ __ _ 661,716 540,208 +22.5 83,061,687 65,476,064 +26.9 Detroit Laanid ltaplds _ Grns ng 3,522,539 1,860,200 +89.4 1,070,994 721,987 +48.3 -Ft. Wayne 924,636 677,445 +36.5 Ind. Indianapolis 15,150.000 14,774,000 760,880 +14.4 Bend_ --870,866 +2.5South 4,203,485 3,575,950 +17.5 Terre Haute _ _ _ 16,960.815 13,948,219 +21.6 Wis.-Milwaukee Iowa.-Ced.Rap. 986,489 +0.8 7.829 930 993 55 : 4 7,351,023 +8.5 Des Moines_ _ _ 3,084,180 3.136,365 -1.7 sioux city b b b Waterloo 357.540 537,977 -33.5 111.-Bloomingt'n Chicago 272.886,177 239,609,419 +13.9 603,936 587,924 +2.7 Decatur 3,127,636 2,474,647 +28.4 Peoria 872,699 703,040 +24.1 Rockford 1,017,124 Springfield 1.207,370 -15.8 386,070 201,106,961 471,575 2.235,243 616,422 815,106 122.807 678,855 59,046,912 2.894.018 442.700 965.929 14.791,000 1.037,161 2.835.702 11,882,033 744,167 5.681,376 2,626.714 b 955,552 190,960,133 491,123 1,920,574 464,719 1,730,783 359,001,948 +16.2 296,574,133 300,252,258 Eighth Federa I Reserve Dis trict-St. Lo UIS-Evansville Ind. 70,500,000 +16.2 81,900,000 Mo.-St. Louis_ _ 23,407,894 +19.9 28,064,962 Ky.-Louisville _ 24,939,887 22,928,478 +8.8 Tenn.-Memphis 111.-Jacksonville 452,000 +9.5 495,000 Quincy 60.500,000 19,666,853 17,874.073 56,700,000 18,816,764 13,488,640 334,000 572,389 117,288,372 +15.4 98,374,926 89,577,893 Ninth Federal Reserve Die trIct-Minn peapoli s-2,779,028 +30.4 3,625,775 3,257,792 -Duluth_ _ Minn. 62,106,875 +28.2 58,002,744 Minneapolis_ _ 79,598,590 22,741,767 -3.3 21,992,036 17.975.659 St. Paul 2,070,208 1,849,456 +11.9 1,706,067 N. Dak.-Fargo _ 507,514 +29.4 656,645 490.884 -Aberdeen. S. D. 778,904 440,842 +76.7 384,333 Mont -Billings. 2.488.404 +37.7 3,425,834 1,965,657 Helena 2,784,406 54.265,757 14.729,700 1,862,829 616,238 393,201 1.627,533 Total(4 cities). 417,303,073 36,065 641.889 50,774,724 1,403,172 703,961 433.805 13,442,000 489,531 2,994,423 11,749,017 240,974 5,363,069 2.670,126 87.644,511 135,399.849 112,147,992 92,914,786 +20.7 83.783.138 76,279,664 Tenth Federal Reserve Dis trict-Kam as City 106,728 -8.0 98,219 Neb.-Fremont 121,228 95,348 +27.1 Hastings 2,142,941 +31.4 2,816,579 Lincoln 30,884,311 27,742,772 +11.3 Omaha 2.000,887 +40.5 2,811,000 Topeka 2,642,441 +19.0 3,144,528 Wichita 76,802,640 +12.7 86,551.854 Mo.-Kans. City 3,144,378 -4.2 3,012.615 St. Joseph_ _ _ _ 648,699 -17.7 534,010 -Col. Spgs. Colo. 570,274 508,167 +12.2 Pueblo 74,012 1,878,804 23,146.700 1.635,660 1,652,830 61,011,103 2,730.752 481.845 402,232 157,189 141,050 1,878,288 21,218.353 1.675,957 3.777,167 59,630,592 2.490,464 747,517 564,212 115,835.001 +12.7 93.013.938 92.280,769 -Da Iles Eleventh Fede rat Reserve District 1,044,025 953,357 +9.5 Texas -Austin - _ 39,803,551, 39,654,322 +0.4 Dallas 5,762,163 14,083,807 -59.8 Ft. Worth_ _ _ 2.222,000 2,325,000 -4.4 Galveston 2,852.915 2,355.151 +21.1 La. -Shreveport. 825,744 36.399,646 6,398.044 3,217,000 2,001,486 767.860 28,517,662 5,224,454 1,988,000 2,378,093 48,841,920 38,876,069 Twelfth Feder al Reserve D strict-San Franc!sco 20,466.234 30,920,323 26,022,698 +18.8 Wash -Seattle.. 4,558,000 10,082,000 8,954,000 +12.6 Spokane 506,513 844,453 823,740 +2.5 Yakima 27,480,503 23,690,233 +16.0 18,248,026 -Portland_ _ Ore. 14,921,116 10,514,828 12,306,225 +21.2 Utah-S. L. City 3,285,912 2,670,116 +23.1 Calif. -L.Branch 2.696.949 3,013,646 2,501.641 +20.5 2.421,078 Pasadena 10.761,530 5,454,212 +97.3 3,111,620 Sacramento_ _ _ San Francisco_ 147,295,182 118,921,176 +23.9 103,169,917 2,009,132 2,979,713 2,476,962 +20.3 San Jose 1,263,979 1,029,185 +22.8 817,869 Santa Barbara_ 1,741,184 1,335,997 +30.3 1,148,979 Stockton 19,945,207 5,576,000 588,999 16,877,415 9,317,289 2,682,171 2.569,840 6,170,446 94,243,395 1,984,203 1,065,814 1,105,585 169,669,145 182,128.364 Total(7 cities). Total(10 cities) Total(5 cities)_ Total (12 cities) 364.159 1,874,356 467,834 1,875.263 297,000,000 2,208.690 2,721,673 1.872.248 1,311,574 2,327,000 c c 39,688,404 57.422,638 8,021,500 1,046,216 b 89,029,032 Total(5 cities). 1935 1932 $ Federal Reserve Diets. $ % $ s 266,045,486 286,137,314 260,329,351 +9.9 289,553,543 1st Boston... _ _12 cities 4,218,095,748 3,014,010,195 +39.9 3,323,232,740 3,001,674,774 2nd New York_12 " 316,463,548 +30.1 411,809,109 288,557,361 3rd Philadelphia 9 " 310,148,441 210,020,542 +23.4 259,214,766 195,207,790 5 " 222,851,030 4th Cleveland 128,459,691 +6.3 104,810,252 138,501,109 5th Richmond - 6 " 115,639,463 117,234,253 +13.0 97,643,915 132,493,405 87,644,511 6th Atlanta____10 " 359,001,948 +16.2 296,574,133 417,303,073 7th Chicago 19 " 300,252,258 117,288,372 +15.4 98,374,926 8th St. Louis__ 4 " 135,399,849 89,577,693 92,914,786 +20.7 76,279,664 112,147,992 83,783,136 9th Minneapolis 7 " 115,835,001 +12.7 93,013,938 130,534,618 92,280,769 10th KansasCity 10 " 59,371,637 -12.9 48,841,920 51,685,458 38,876,069 11th Dallas 5 " 206,186,186 +23.5 254,589,541 169,669,145 12th San Fran__12 " 162,126,364 111 cities Total Outside N. Y. City Wak Ended Oct. 5 Clearings at Total(19 cities) • 1934 1935 2379 130.544,618 51,685,458 254,589,541 59.371.637 -12.9 206,186,185 +23.5 Grand total (111 6,545,921,982 4,997,115,509 +31.0 5,065,754,766 4,786,904,578 cities) Outside New York 2,449,918,464 2,090,524,867 +17.2 1,843,480,307 1,884,229,602 Week Ended Oct. 3 Clearings at 1935 1934 Inc. or Dec. 1933 s 1932 $ CanadaToronto Montreal Winnipeg Vancouver Ottawa Quebec Halifax Hamilton Calgary St. John Victoria London Edmonton Regina Brandon Lethbridge Saskatoon Moose Jaw Brantford Fort William....._ New Westminster Medicine Hat_. _ Peterborough__ _ _ Sherbrooke Kitchener Windsor Prince Albert.... Moncton Kingston Chatham Sarnia Sudbury $ 107,012,353 100,665,377 75,617,415 18,376,186 20,044,114 4,914,591 2,386,770 4,867,269 7,757,932 1,899,527 1,892,026 3,322,684 4,198,338 7,059,439 354,860 646,038 2,264,343 724,431 862,756 646,136 827,036 458.453 876,967 818,568 1,166,259 2,126,380 434,063 690,233 668,265 424,130 455,997 829,895 $ % 129.630,422 -17.4 121,250,531 -17.0 86,662,353 -12.7 17,875,239 +2.8 4,864,752 +312.0 4,663,468 +5.4 2,570,41)4 -7.1 +3.0 4,726,681 6,917,99' +12.1 1,806,858 +5.1 1,815,705 +4.2 +3.8 3,200,366 4,130,070 +1.7 5,413,138 +30.4 458.281 -22.6 487,917 +32.4 1,858,655 +21.8 658,745 +10.0 806,742 +6.9 748,978 -13.7 521,919 +58.5 294,293 +55.8 +0.9 671,231 729,674 -15.2 1,184,635 -1.6 2,391,201 -11.1 381,259 +13.8 678,018 +2.3 471,024 +41.9 462,975 -8.4 470,350 -3.1 754,544 +10.0 117,973,518 103,619.036 53,601,715 16,115,823 4.618,193 4,528,365 2,531,214 4,480,413 6,142.764 1,615.527 1,788,706 2,953,686 3,907,866 4,813,761 395,210 450,103 1,567,709 571,600 910,476 608,482 612,230 325,299 645,317 636,514 1,038,753 2,182,239 321,488 653,204 701,515 443,592 447,722 581.890 95,835,919 108,314,158 61,801,105 14,727,838 4,854,974 5,297,177 2,955,846 4,918,146 6,627,827 1,723,746 1,782,005 3,018,385 5,987,197 6,045,338 487,868 410,271 1,990,952 762,770 1,014,199 712,499 513,023 294,642 741,157 653,196 1,028,022 2,131.853 338,982 898,833 767,181 421,217 408,003 528,678 Total(32 cities) 374,888,829 409.555.423 -8.5 341,763.930 337.788,987 a Not included in totals. b No clearings available. c Clearing House not function*Estimated. ing at present. Financial Chronicle 0 2 2"8"245 2"gmg R 2 0000M" . . a. a solf0 a; .a . - CO 43,346 12,944 23,364 5,731 356,755 4,527,1061 6.946,203 356.755 1.126,3431 1,094,009 1,483,099 747,369_ 130,180 869,850 199,0181 219,141 426,420 451,3321 11,883 122 221,584 319,672 2,496 n 161 5,983 39,956 5,825 26,849 687 497 52.778 1,087 76 3,407 38,209 44 3 3,659 a 171.722 11,501,632 4.311.970 2,305,799 6.617.769 4.883,862 ... IAV ......./ CO. 158,870 a MW1.Cr. 000 180,478 .MS. 0 145,4861 7,800,3181 4,061,0801 2,256,139 6,317,219 gli:7:2!:ftiO4Pi a a a 42,018 35.230 41 EIMMER CO. b.MN0..0. CO N. 9,852 UREERWOR R 5 149,017 I . 50,298 1 t.- . si 122,481 3 , . . 20,122 i 02.. N ..; -sr.:::45.iigliArg I a .1 N . g 3 e565 20 2 ••••g -0.k . 0 0 E a 8 0 en 0 24,912 101,110 320,074 876,121 8,254,442 1 ... ; 36,856 e12,258 12,414 10,529 8,534 128,845 137 o o o .1 e 98,088 g 2 123 11,977 I.4 -F.. 7 -5,920,407 MONTHLY REPORT OF THE UNITED STATES TREASURY AS OF AUG. 31 1935 The monthly report of the Treasury Department, showing assets and liabilities as of Aug. 31 1935 of governmental corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's daily Statement for Sept. 30. The report is the 15th such to be issued by the Treasury; the last previous one, for July 31 1935, appeared in our issue of Sept. 14, pages 1713 to 1715. The report for Aug. 31 shows in the case of agencies financed wholly from Government funds a proprietary interest of the United States as of that date of $3,400,763,477 which compares with $3,389,793,529 July 31. In the case of these wholly-owned Government agencies, the proprietary interest represents the excess of assets over liabilities, exclusive of inter-agency items. The Government's proprietary interest in agencies financed partly from Government funds and partly from private funds as of Aug. 31 was shown to be $1,126,343,365. This compares with $1,115,798,026 as of July 31. In the case of these partly-owned Government agencies, the Government's proprietary interest Is the excess assets over liabilities exclusive of inter-agency items, less the privatelyowned interests. The statement follows: E. ll l .9g 2,145,034 176,403 754,509 31,454 86,025 2.726.971 870,813 998,872 913,620 . litql1 11 404 N 876,121 772,230 July 31 768,199 Aug. 30 840,537 Sept. 30 G 2,334,034 764,854 Apr. 30 741,513 May 31 760,678 June 28 i RA2822t 22 a aaa ,... -a . .a. a.. aa ce.,-.4) . 3.423 Jan. 31 Feb. 28 Mar.29 gi.."" 2R28R8 8 8. .0. . moi OVM ..- . .-. ... . a . aa. 4'. a a a 98.954 5.126 1206,554 Decrease Reported in Short Interest on New York Stock Exchange During September The total short interest existing as of the opening of business on Sept. 30, as compiled from information secured by the New York Stock Exchange from its members, was 913,620 shares, the Exchange announced Oct. 8. This compares with 998,872 shares as of Aug. 30. The following tabulation shows the short interest existing at the close of each month since the beginning of the year: ,,,,, 0 0 M 0 o a_ 1 91.-. . t.)› ; 21 eX mX Zo oco ill 0v.000,,,. 0VN 98 74 26,812 43,300 55 78,085 90.73 91.30 91.29 89.49 90.69 90.62 91.62 91.71 90.54 89.93 0 0 3,132 334 495 6,547 3,113 2,461 40,659,643,442 41,064,263,510 41.111,937,232 40,360,681,526 40,147,199,897 39,617,835.876 39.864,332,759 39,457,462,834 39,061,593,570 38,374,693,665 g° .4 I.. I mo . 01 01 I.. 3 m.i ! 0, 2... tie Z8 w.N000 .; . . . er aaaaaaaa. c....c MO M .0b. 0 1 x -2422 S2522L 000Nt..00v0. n g Cf; 00 ,-. 0 723,479 23,812 .1 31 0 ., $ 88.99 88.27 89.39 89.85 -aa-aa-wa4. MO 406 N 98,096 2,427 20,146 1.810 83.34 86.84 88.27 89.15 90.46 90.17 90.80 89.751 $ 39,453,963,492 38,751,279,426 39,405,708,220 39,665,455,602 8384222222 2 s mom om.mmv.m. r.. 3 4 00 .0 'I. . • 20,122 34,861,038,409 36,263,747,352 36,843,301,965 37,198,258,126 37.780,651,738 38,239,206,987 39,547,117,863 39 47:1 32R 1R4 1934Sept. 1 Oct. 1 Nov. 1 Dec. 1 1935 Jan. 1 Feb. 1 Mar. 1 Apr. 1 May 1 June 1 July 1 Aug. 1 Sept. 1 Oct. 1 Z • 2,189 10,621 $ 80.79 82.97 84.43 84.63 83.00 82.33 81.36 I/ .2 0 Z r.0 aaa-aaa.a ........„. a 1119111001 lllll 1111. lllllll 11. 111111 *III 1,810 426 2,973 17,302 635 61,368 $ 32,997,675,932 33,917,221,869 34,457,822,282 35,218,429,936 34,513,782,705 33,651,082,433 34,179,882,418 Average Price t I N. ON a $ e30,630 3,581 2 1933June 1 July 1 Aug. 1 Sept. 1 Oct. 1 Nov. 1 Dec.- 1 1934Jan. 1 Feb. 1 Mar. 1 Apr. 1 May 1 June 1 July 1 , 1 Am Market Value Average Price 8-go ... 3 Market Value SgSR288'422 2 r.. . .olocicem.m Wi:lfgdg4R:If2 8 1k31 $ The following table, compiled by us, gives a two-year comparison of the total market value and the total average price of bonds listed on the Exchange: i 3 38.374,693,665 89.93 39,061,593.570 90.54 ° 8288'41§§28.9. N. -.0.0M .. 0 . ,ea aeg, 00 0 2'22'22'4 r u) 0 V ..t. <w .. < C ...: v " 74" a... 0.1; ta X <2 ce S 0 NW si g 9 9 : 3,7:5 0, X All listed companies 2 a 11 e2,442 29 11,097 $ $ $ $ 19,111,688,989 103.46 19,638,519,685 104.03 United States Government 4,298,231,335 80.34 4,381,428,260 81.72 Foreign Government 5,968,832 68.61 6,609,777 78.11 Autos and accessories 73,698,758 105.34 75,964,901 104.90 Financial 90,531,982 99.21 90,988,968 99.71 Chemical 40,243,094 87.63 49,825,000 90.72 Building 26,516,110 97.73 26,931,898 99.26 Electrical equipment manufacturing 311,329,033 101.93 267,277,622 101.88 Food 145,641,285 146,819,024 101.70 Rubber and tires 85,355,787 1Tili 61,726,867 89.87 Amusement . 16,120,285 15,319,470 39.97 Land and realty 30,773,429 31,516,451 50.19 Machinery and metals 138,847,060 144,465,970 66.15 Mining (excluding iron) 291,815,233 93.84 306,598,567 93.64 Petroleum 64,240,261 79.21 66,352,598 81.81 Paper and publishing 21,764,077 85.93 21,505,551 84.91 Retail merchandising 7,920,325,599 73.53 7,914,137,805 73.52 Railway and equipment 416,916,907 93.14 502,197,469 95.28 Steel, iron and coke 8,814,920 59.918,456,504 57.48 Textile 1,871,181,361 103.06 1,941,557,573 103.56 Gas and electric (operating) 198,655,220 89.53 193,200,744 87.07 Gas and electric (holding) Communications (cable, tel..k radio). 1,105,631,709 107.30 1.106,536,499 107.37 441.286,107 76.10 441,553,995 76,86 utilities Miscellaneous 21,458,320 104.00 21,089.120 104.00 Business and office equipment 19,956,643 59.23 19,398,569 57.58 Shipping services 12,467,060 53.0911,740,055 49.99 Shipbuilding and operating 931,260 103.75 930,138 103.63 Leather and boots 45,752,696 123.69 46,342,749 125.29 Tobacco 234.305,442 62.10 222,220,457 61.14 U.S. companies operating abroad Foreign companies(incl. Can. dc Cuba) 1,287,516,787 66.71 1,337.109,368 68.28 .5 0 MC . Vt. . NIN00 . 440a-re4eaaaa 11 872,698 Aver. Price tw 3 1.454,895 253,492 100 250,330 64,581 Market Value Aver. Price 0 0 S. VS IS Si 0 4 el „o S Total Market Value ce 0 . -'11 . " 8? 2=2 al " .. . .. ''''' 5 ..". . . .00.4 a .ga .MNM 3 .i.; 4 -a WM . .0 N . 0 0 M M U .W 2 It 6 V >4 o a 6 I t.ON000 WOM Guaranteed Not Quark" argued by United United States States Sept. 1 1935 Oct. 1 1935 M I. oi X , I- v. .0 4 . N NC 01”.0, 0 . All Other This compares with 1,493 bond issues aggregating $43,144,670 par value listed on the Exchange Sept. 1 1935 with a total market value of $38,374,693,665. 0. In the following table, listed bonds are classified by governmental and industrial groups with the aggregate market value and average price for each: P4 g P o .4 o m m .,n 4 CIL25R 8 0 ?'°"44 e 8.;" 2 22 g Cwt ZR Securities United lOuaranteel by United States States Securities As of Oct. 1 1935, there were 1,485 bond issues aggregating 842,671,487,291 par value listed on the New York Stock Exchange, with a total market value of 838,374,693,665. Oct. 12 1935 ill i LtabilUtes and Reserves d Market Value of Bonds Listed on New York Stock Exchange-Figures for Oct. 1 1935 The New York Stock Exchange on Oct. 7issued the following announcement showing the total market value of listed bonds on the Exchange on Oct. 1: Investments 2380 2381 Financial Chronicle Volume 141 STATES COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED AS OF AUG. 31 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Continued DETAILS (In Thousands of Dollars-Last Three Figures Omitted) Financed Wholly Irons Government Funds Reconstruction Finance Corp. Assets Loans: Banks Railroads Insurance companies Credit unions Building and loan associations Livestock credit corporations Mortgage loan companies Agricultural credit corporations Co-operative associations States, Territories, Jo Joint Stock Land banks Ship construction and reconditioning loans Mortgage loans (not otherwise classified)Crop livestock and commodity loans Other loans Commodity Credit Corp. Public Works Admintstratton ExportImport Banks 470,172 441,743 47,711 330 9,493 1,107 136,336 872 Liabilities Bonds, notes, and debentures: Obligations guaranteed by United States_ Other Accrued Interest payable: Guaranteed by United States Other Other liabilities Deferred Income Reserves: For uncollectible items Other operating reserves Total liabilities other than inter-agency __ 31,192 771 21,497 567 350 135,835 102,051 2,407 98,736 22,929 219,739 253,492 64,581 253,492 135,995 16,178 250,330 98,954 64,581 29 1,260 550 11,097 122 194 5,126 1206,554 2,334,034 872,598 100 3,419 4 2,973 567 68 49,415 5,138 79 6,735 81,937 9,119 185 6,845 123 17,232 69 11,977 24,912 110 21,019 10,621 20,122 22,774 1,755 2,309 152 77,076 2,471 19,356 801 12,034 38,263 57,874 15,806 4,404 4,989 7,352 94,823 47,260 6,932 18,286 7,949 77,076 1,810 661 e867 29,763 3,581 e565 20 2 189 2,942 10 323 2 98 74 11 399 95 19,356 790 5,830 716 24,050 1,302 1,459 12,135 30,151 1,013 9,598 3.095 el01 531 21 43 91 11,209 69,699 121,288 43,421 186,584 54 550 333 259,928 5 257,124 2,426 686 14,838 372,789 3,701,313 3,851,703 4,161,761 593 1,904.251 41,980,911 q691,644 931 1,432,833 90,298 60,000 257,124 11,209 410,227 69,699 121,288 44,015 186,584 14,838 6,129,675 11,968,464 100 249,819 100 18,462 270 r249,819 35,475 3,274 1,070 1,070 e12,716 2,953 476,999 241,312 5,076 20,122 4,723,801 470,172 587,480 47,711 330 9,493 1,107 136,336 1,643 21,497 238,454 2,757 98,736 3,419 4 100 2,189 2,364.429 Total 217 100 872,598 100 2,212 124 el05 Other h $ 50 70 718 50 3 121 1,032 2,351 5,810 4,587 75 27 308 5,838 4,971 12,749 75 19,169 300,549 121 1,032 12,311 121 1,143 12,749 725 1,463,473 5,859,363 44,500 11,890 120,000 7,000 50,000 s3,599,294 a45,452 a4,660,763 5,852,193 11,729 3,622,914 269 1,162 768 266,559 70 Inter-agency liabilities: Due to governmental corporations or agencies 3,850,032 251,273 11,542 4,117,492 251,344 3 500,000 3,000 11,250 Total, all liabilities U. S. Shipping War BoardEmergency Merchant Corp. and Flea Corp. Agencies g 114,495 Inter-agency assets: Duo from governmental corps, or agencies._ 309,463 Capital stocks and paid-in surplus of governmental corporations 76,659 Allocations for capital stock purchases and paid-in surplus 601,345 1,371,902 Other allocations Total, all assets Panama Railroad Co. $ 1,454,895 Total assets other than Inter-agency Production Credit Corps. 5 Total loans Preferred capital stock, &c.: Banks and trust companies Insurance companies Railroads Other Cash: With Treasurer, United States On hand and In banks In transit In trust funds Investments: United States securities Obligations guaranteed by United States: Federal Farm Mortgage Corporation Home Owners Loan Corporation Federal Land bank bonds Federal Intermediate Credit bank secure _ Production credit associations-class A stock Railroad bonds and securities- _ Ship sales notes Other Investments Accounts and other receivables Accrued Interest receivable Real estate and business property: Real estate and equipment Vessels and rolling stock Stores and supplies Real estate and other property held for sale Other assets Regional Agricultural Credit Corp. 3 Capital and surplus: Capital stock Paid-In surplus Reserves from earned surplus. Reserve tor dividends and contingencies _ Legal reserves Earned surplus and undivided profits__ _ e106,183 2,780 c43 Total liabilities, capital, and surplus 4,723,801 257,124 11,209 a410,227 125 727 410,227 650 1,444,303 5,558,813 110 3 69,669 121,288 1,466 35,872 c3,475,459 44,015 186,584 c3I,339 3,023 c7,756 c3,369,031 14.838 6,129,675 11,968,464 For footnotes see following page. Reduced Loans and Better Collections Reflect "Brighter Outlook" According to W. I. Myers, Governor of FCA Stating that "the economic sky is brightening," Governor W. I. Myers of the FCA, in a statement made Oct. 7 to the Presidents of the 12 Federal Land banks who were in conference in Washington this week for the discussion of problems of the banks, said that the "brighter outlook" is reflected in better collections and a greatly reduced demand for loans, especially those of an emergency character. The Governor stated: The Land banks and other units of the FCA aro revamping their activities so as to operate efficiently with the reduced volume of new loans and to service best the groat number of loans placed on their books in the last 2Si years. Co-operative credit, like any other co-operative activity, should not be organized from the top down but rather should have its Incentive and its main operations in the community which it serves. For this reason the National Farm Loan Associations are being strengthened and in some instances combined with other associations so as to form economic units and provide a sufficient volume of business to pay for efficient management. They must be substantial business organizations which have an opportunity to build along business lines and to accrue reserves to take care of the kind of losses which will occur eventually even in the best managed business. Assets of Joint Stock Land Banks June 30 Reported 21% in Excess of Obligations During the six months ended June 30 the Joint Stock Land banks retired 10% of all bonds and notes, while the amount of assets in excess of bonds increased 6%, according to an analysis of 44 of these banks by Webster, Kennedy & Co., Inc. The banks, during the entire year of 1934 it is pointed, out, retired 27% of the securities. The firm notes an improvement during the first six months of 1935 in the condition of the mortgage loans of these banks as reflected by the decrease of 28% in the amount of loans in suspense, 20% in loans in default and only 10% in good loans. Total assets of 8439,218,507 at the end of 1933 exceeded obligations of $381,650,360 by 15%, according to the firm's analysis, whereas at the end of June 1935, the margin was over 21%, the figures being $291,666,057 and $240,040,788 respectively. At June 30 1935, 52% of mortgage loans were in good standing, 21% in default and 27% in suspense. The firm stated: Rapid improvement over the past six months has been shown by the sounder Joint Stock Land banks which have maintained operations on a satisfactory basis throughout the liquidation period. The weaker banks, the future of which has for some time depended upon agricultural conditions have likewise, in many cases, taken strides toward recovery, but have not as yet attained an entirely stable position. Financial Chronicle 2382 Oct. 12 1935 COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED s rATES AS OF AUG. 31 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Concluded DETAILS (In Thousands of Dollars-Last Three Figures Omitted) Financed Part y from Government and Partly from Private Funds Federal Lund Banks Federal Farm Mortgage Corp. Banks for -operaCo ices Home Loan Banks Home Owners' Loan Corpk Federal Savings and Loan Insurance Corp. Federal Savings and Loan Assoctalions Federal Deposit Insurance Corp. War Finance COMP Total $ AssetsLoans: Banks Railroads Insurance companies Credit unions Building and loan associations Livestock credit corporations Mortgage loan companies Agricultural credit corporations Co-operative associations States, Territories, Re Joint Stock Land banks Ship construction and reconditioning loans Mortgage loans (not otherwise classified)._ Crop livestock and commodity loans Other loans Federal Intermediate Credit Banks $ $ $ $ $ $ $ $ 5 $ 4 4 ' 86,021 31,454 5,538 170,864 Total loans 2,145,034 176,403 754,509 36,993 754,449 60 2,145,034 86,021 4 2,726,971 3 31,454 5,626,459 170,928 7 5,920,407 86,025 2,726,971 Preferred capital stock, dtc.: Banks and trust companies Insurance companies Railroads Other Cash: With Treasurer, United States 176,691 12,414 21,042 8,758 121 10 5,109 11,883 117,213 137 On hand and in banks 33,332 1,771 15,814 3,424 12,200 n n 120 In transit 48 e48 In trust funds 11,512 11,512 Investments: United States securities 426,420 42,018 23,364 35,230 320,074 ' 5,731 Obligations guaranteed by United States: Federal Farm Mortgage Corporation 84,950 3,403 43,346 38,200 ' Home Owners' Loan Corporation 114,067 12,944 3 8 101,110 Federal Land bank bonds 723,479 723,479 Federal Intermediate Credit bank secur's___ 23,812 23,812 Production credit associations-class A stock Railroads bonds and securities Ship sales notes Other Investments 76 76 ACCOUntA and other receivables 16,993 5,219 4,215 5 110 4 n 7,356 82 Accrued interest receivable 113,186 34,736 1,610 681 26,739 493 2,496 45.422 1,005 Real estate and business pr operty:6,1 Real estate and equipment 55 44 n 5,983 3 123 n Vessels and rolling stock Stores and stipples 3.697 37 3,659 Real estate and other property held for sale 93,424 92,123 92 1,207 Other assets 52,061 68 31 5,809 570 16 3,016 100 m42,449 Total assets other than Inter-agency 2,371,266 Inter-agency assets: Due from governmental corps, or agenciesCapital stocks and paid-in surplus of governmental corporations Allocations for capital stock purchases and paid-In surplus Other allocations Total, all assets LiaMtlesBonds. notes, and debentures: Obligations guaranteed by United States_ Other -&ccrued Interest payable: Guaranteed by United States Other Other liabilities Deferred Income Reserves: For uncollectible Items Other operating reserves Total liabilities other than Inter-agency Inter-agency liabilities: Due to governmental corporations or agencies Total, all liabilities capital and surplus: Capital stock Paid-in surplus Reserves from earned surplus: Reserve for dividends and contingencies Legal reserves Earned surplus and undivided profits Total liabilities, capital, and surplus 117,486 267,996 1,517,916 12.984 133,271 113,754 2,913,464 42,449 102,435 130 7,800,318 337,633 30,470 n 0100,000 100,000 . 2,388,753 280,981 1,517,916 1,915,689 169,740 20,040 19,518 5,809 1,031 1,773 599 12,618 2,279 133,271 113,754 3,013,464 1,281,993 58,125 2,031,801 130 7,930,789 337,633 4,040,085 10 2,111,690 10,229 5,690 1,461 19 3 el1,228 92 175,424 1,311,231 50 3 5,016 20,995 21,075 43,690 8,145 n 27 11,512 158 n 271 38,401 6,684 1,492 94 6,794 26,153 45,383 5,019 2,844,486 367 6,953 10 6,317,219 5,019 2,844,486 367 6,953 10 6,383,471 289,299 o41,380 10 1,369,345 157,174 66,251 1,441 175,424 1,317,916 n 233,907 185,793 70,000 30,000 9.271 25,656 2,321 5,556 2,388,753 42,449 12,758,091 26,250 10,765 -1.973.676 102,435 200,000 127,680 200,000 1,133 1,602 c31,022 280,981 1,517,916 133,271 113,754 3,013,464 -102,435 42,449 71 143 3,955 100,000 105,998 1,997 100 42,449 337.933 11,412 26,899 c17,514 130 7.930,789 a Non-stock (or Includes non-stock proprietary Interests). b Excess inter-agency assets (deduct). C Deficit (deduct). d Exclusive of inter-agency assets and liabilities (except bond investments). e Adjusted for inter-agency Items and items in transit. S Excludes contingent assets and liabilities amounting to $217,512 for guaranteed loans, Re. g Includes U. S. Housing Corporation. U. S. Railroad Administration, U. S. Spruce Production Corporation, and notes received on account of sale of surplus war supplies. is Includes Electric Home and Farm Authority. Inc.; Farm Credit Administration (crop-production and other loans); Federal 'rousing Administration; Federal Prisons Industries, Inc.; Resettlement Administration, Division of Subsistence Homesteads; Inland Waterways Corporation; RFC Mortgage Corporation; Tennessee Valley Associated Co-operatives, Inc.; Tennessee Valley Authority. Inc.: loans to railroads, and inter-agency Interests held by the United States Treasury. Net after deducting estimated amount of uncollectible obligations held by the Farm Credit Administration. I Includes $5,653,214 due to Federal Land banks from the U. S. Treasury for subscriptions to paid-In surplus. k Preliminary statement. 1 Includes unissued bonds covering loans In process. m Assets not classified. Includes only amount of capital stock subscribed by the United States. n Less than $1,000. o Includes assessments paid in by member banks and trust companies to the amount of $41,380.673. p In liquidation. q Represents capital stock, paid-in surplus, and other proprietary inter-agency interests which are not deducted from the capital stock and paid-in surplus of the corresponding organizations. r Includes loans to Federal Land banks amounting to $58,125,013. Appropriation provided by Congress. Record Loans Advanced During Week of Sept. 28 under Modernization Program of FHA An all-time high of 814,584,625 worth of business done by private lending institutions under the Federal Housing Administration's Modernization Credit and Mutual Mortgage Insurance Plans was recorded during the week ended Sept. 28. In announcing this on Oct. 3 the FHA said: There were 21,362 modernization loans totaling $7,066,337. bringing the total made since the beginning of the program in August 1934 to 444,139, valued at 8166.352,011. The 1,932 mortgages selected for appraisal totaled $7.518,288. snaking the cumulative total 46,087, representing $179,718,082. The total volume of modernization and repair work stimulated by the program is much greater than the loans indicate. It is estimated that property owners have spent in cash since Aug. 1 1934 a total of 5872,282.794, stimulated by FIIA activities. The estimated amount for the week ended Sept. 28 is $18,578,956. 2383 Financial Chronicle Volume 141 FUNDS APPROPRIATED AND ALLOCATED TO EMERGENCY ORGANIZATIONS, EXPENDITURES THEREFROM, AND UNEXPENDED BALANCES AS OF SEPTEMBER 30 1935 The statement of funds appropriated and allocated as of September 30 1935, taken from the daily Treasury statement, is as follows (cents omitted) (see explanatory note below): Expenditures a Sources of Funds a Appropriations Organizations Specific S Agricultural aid: Agricultural Adjustment Administration d1716880,281 f913,444,181 Less processing tax — 803,436,100 r Net Commodity Credit Corporation -A 80,000,000 Farm Credit Administration _g Federal Farm Mortgage Corporation Federal Land banks: 12f,000,000 Capital stock 145,000,000 Paid-in surplus 58,950.000 Reduction in int, rates on mortgages Relief: 11605,000,000 Federal Emergency Relief Admits Federal Surplus Relief Corporation__ 1345,000,000 Civil Works Administration 93,101,630 Emergency conservation work Department of Agriculture. relief Public Works (including Work Relief); c18,339,960 Boulder Canyon project Loans & grants to States. motile., &c. Loans to railroads 255,488,217 Public highways River and harbor work Rural Electrification Administration__ Works Progress Administration 72,000,000 All other Aids to home owners: Home -loan system: Home-loan bank stock Home Owners' Loan Corporation Federal savings and loans associations I 50,000,000 Emergency housing Federal Housing Administration Resettlement Administration Subsistence homesteads Miscellaneous: Export -Import Banks of Washington _ g _ Federal Deposit Insurance Corporation. 150,000,000 Administration for Industrial Recovery _ Reconstruction Finance Corp.—direct m loans and expenditures g Tennessee Valley Authority c Statutory and Executive Allocations Reconstruction Finance Emergency National Corporation Relief Emergency Industrial Appropriation Appropriatirn Re-every Act 1935, Act 1935, Act Approved A pprTed Approved June 16 1933 June 19 1934 April 8 1935 37,554,000 3,000,000 60,000,000 152,301,158 s S S e h502.275,542 313.247.431 200,000,000 146,785,000 480,590,512 Fiscal Year Fiscal Year 1935 and 1936 Prior Years b Unexpended S 1,714,431,281 f913,444,181 S s 171,066,722 1,033,276,980 39,015,513 874,428,668 S 550,090,579 840,990,100 505,275,542 600,032,481 200,000,000 132,051,209 145,751,213 11,371,170 158,848,311 104,197,869 423,395,524 200,000,000 550,090,579 255,326,459 178,008,127 125,000.000 145,000,000 58,950,000 3 37,554,000 Total 11,860,920 10,496,787 3,255,777 124.958,815 74,493,662 19,506,931 1,902,105 60,009,549 36,187,290 911,040,000 2,951,934,671 803,000,000 f 244,626,784 2,443,115,494 1141,380,256 1 400,005,000 323,362,315 88,960,000 343,390,000 92,845,000 522,774,450 44,125,000 455,547,615 199,580,506 437,141,725 262,837,586 3,000,000 153,690,592 15,000,000 132,754,231 748,538,609 76,585,620 94,699,000 is is 500,000,000 144,716,169 5,268,267 974,717,628 322,814,947 125,000,000 200,000,000 33,729,500 1,000,000 38,918,877 6,811,963 213,799,250 e34,000,000 3,389,487 163,650,000 6,187,813 229,286 160,784,558 1,393,336 116,624,322 1 816,450,155 17,285,557 767,149,494 354,314,341 80.561,249 10,890,414 80,464,960 741,912,438 199,580,506 1,192,629,942 502,252,755 1,268,267 974,717,628 1 219,939,176 5,378,154 341.048,494 322.028,917 82,617,000 34,135,754 104,148 17,124,955 89,862,186 43,265,888 216.303.647 136,969,752 585,238,957 220,375,133 16,820 125,000,000 200,000,000 50,000.000 247,528,750 35,000.000 205,958,365 6,811,963 14,905,069 7,004,160 2,928,224 6,916,848 410,548 3,600,000 81,645,700 200,000,000 30,241,584 6,849,186 15,963,873 1,761,663 6,034,250 37,827 150,000,000 19,129,222 39,754,300 4,852,325 233.675,402 16,107,902 197.279,854 367,164 36,493,698 Grand total 5,000,000 33,750,000 150,000,000 22,408,000 25,000,000 c4346156,231 4,346,156,231 75.000,000 40,978,097 2,276,434,748 2,028,743,385 14,719,842 13,094,825 47,181,331 2,801,315,908 3,273,114,858 1,424,975,212 3,798,494,942 6,758,179,256 18056080,177 962,511,944 9,827,695,783 7,265,872,449 202,220,153 27.369,834 202,220,153 27,369,834 962,511,944 9,827,695,783 7,495,462,436 1,250,000 17,408,000 50,000,000 26,885,141 715,095 o484,693 a The following appropriations included in the 1936 Budget estimate of 1300,000,000 for general public works annual program and expenditures therefrom are not included in the above statement: Boulder Canyon Project, 314,000,000; Public highways, 340,000,000: River and harbor work, S10,000,000: other public works, 3118,409,000; Tennessee Valley Authority, $36,000,000; 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 Reconstruction Finance Corporation, 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 Conetruction 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 See note a above. d Includes (a) $350.000,000 specific appropriations from the General Treasury under the Acts of May 12 1933, May 25 1934 and June 191934; (b) 81,357,885,000 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) 81.753,795 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 1034; leas $758,513.02 transferred to Division of Disbursement, Treasury Department. e There are no statutory limitations on the amounts of funds which may be made available by the Reconstruction Finance Corporation for carrying out the Purposes of Sec. 5 of the Agricultural Adjustment Act, and for the purchase by the Reconstruction Finance Corporation of preferred stock or capital notes of banks and trust companies under the Act of March 9 1933. The Reconstruction Finance Corporation 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 Reconstruction Finance Corporation. The authority of the Reconstruction Finance Corporation to issue its bonds, notes, and debentures has been increased by such amounts as may be required to provide funds for such purposes. f 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 d. g Expenditures are stated on a net basis, i.e., gross expenditures less repayments and collections, details of which are set forth in the supplementary statement below. is Net, after deducting repayments . the Reconstruction Finance Corporation. to 201,505,058 2,218.474 460,640,362 31,820,917 566,737,286 84,639,670 524,773,984 247,741,868 5,147,297 957,592.672 669,436,627 2.801.315.008 3.300.000.000 1.426.175.000 4.000.000,000 6.758,179,256 18285670,165 Total Unallocated funds: By the President By Public Works Administration 37,500.000 n 833,965.000 1,282,628,395 92,845,000 2,765,610 513,166 The appropriation of $950.000,000 provided in the Act of Feb. 15 1934 Wa allocated by the President as follows: Civil Works Administration. 3345,000o01r Federal Emergency Relief Administration, $605,000,000. j Excess of credits, deduct. is Under the provisions of the Emergency Appropriation Act, fiscal year 1935 the Reconstruction Finance Corporation is authorized to purchase marketable securities acquired by the Federal Emergency Administration of Public Works, but the amount which the Reconstruction Finance Corporation 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 National Industrial Recovery Act. The amount of obligations which the Reconstruction Finance Corporation 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 Reconstruction Finance Corporation is reflected as expenditures of the Reconstruction Finance Corporation and as credits against expenditures of the Federal Emergency Administration of Public Works. 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." I Includes $700,000 allocated for savings and loan promotion as authorized by Sec. 11 of the Act of April 27 1934. m The appropriation of 1500.000,000 for subscription to capital stock is included In the figures shown in the column for Reconstruction Finance Corporation. n Under Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corporation is authorized to purchase at par obligations of the Federal Deposit Insurance Corporation in a face amount of not to exceed $250.000,000, and the amount of obligations which the Reconstruction Finance Corporation 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 Federal Deposit Insurance Corporation to the Reconstruction Finance Corporation. 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. NOTE—The total amount of expenditures for the fiscal year 1936 in this statement can be reconciled with the total amount of recovery and relief expenditures shown on page 2 by adding to the latter the amounts included in general expenditures under the captions "Agricultural Adjustment Administration" and "Refunds of receipts—processing tax on farm products," and deducting the receipts under the caption "Processing tax on farm products." DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE This Month Fiscal Year 1936 Organizations Repayments and Collections Payments Commodity Credit Corporation Farm Credit Administ-ation__ Loans and grants to Stales, municipalities, Loans to railroads Export-Import flanks of Washington Reconstruction Finflnee Corporation—Direet loans & expenditures $9,976,129 9,777,000 22,369,434 415,000 13.896 37.188.764 S126,811 13,650,161 18,241,344 84,736 401,553 54,172,024 Net Expenditures Payments Repayments and Collections S9,849,317 a3,873,160 4,128,090 330,263 5387.657 al6,983,259 $166,052,454 28,891,553 69,983,187 7,192,867 2,713,284 244,455,442 $20,301,240 30,262,723 111,031,682 29,221,785 494,810 203.477,345 Net Expenditures $145,751,213 a1,371,170 a41,048,494 a22.028,917 2,218,474 40,978,097 a Excess of repayments and collections (deduct). COMPARATIVE PUBLIC DEBT STATEMENT (On the basis of daily Treasury statements) March 31 1917 Pre-1 War Debt Gross debt Net bal. in general fund_ Gross debt less net bal anew In non hInd Aug. 311915 Highest PostWar Debt Dee. 31 1930 Lowest PostWar Debt Sept. 30 1934 a Year Ago $1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07 74,216,460.05 1,118,109,534.76 306,803,319.55 51 907 597 RAR 92 C9A,17,2 A09112 9A CIA 710 951 757 59 Aug. 31 1935 Last Month Sept. 30 1935 Gross debt $27,189,648,737.58 $29,032,655,148.03 329,421,331,670.22 Net bal. in general fund_ 2,193,117,438.62 1,474,882,243.21 1,798,553,089.64 Gross debt less net bal ance in general fund 124.996.531.298.96 $27 557 772 904.82 327.122 778.530_5A 2384 Financial Chronicle PRELIMINARY DEBT STATEMENT OF THE UNITED STATES SEPT. 30 1935 The preliminary statement of the public debt of the United States Sept. 30 1935, as made upon the basis of the daily Treasury statement, is as follows: Bands 3%, Panama Canal loan of 1961 3% Conversion bonds of 1946-47 2%% Postal Savings bonds (10th to 49th ser.) $49,800,000.00 28,894,500.00 121,821,840.00 $200,516,340.00 505,066,150.00 44% Fourth Liberty Loan of 1933-38 (called)a Treasury bonds: 434 % bonds of 1947-52 4% bonds of 1944-54 3%% bonds of 1940-56 34% bonds of 1943-47 34% bonds of 1940-43 314% bonds of 1941-43 34% bonds of 1946-49 3% bonds of 1951-55 4% bonds of 1941 3 3q % bonds of 1943-45 34% bonds of 1944-46 3% bends of 1946-48 34% bonds of 1949-52 2'4°. bonds of 11155-60 24% bonds of 1945-47 758,955.800.00 1,036,762.000.00 489,087,100.00 454,135,200.00 352,993,950.00 544,914,050.00 818,646,000.00 755,477,000.00 834,474,100.00 1,400,570,500.00 1,518,858,800.00 1,035,884,900.00 491,377,100.00 2,611,156,200.00 375,997,200.00 Total bonds Treasury Notes 23.6% series 03-1935, maturing Dec. 15 1935_ % series A-1936, maturing Aug. 1 1936._ 214% series 13-1936. maturing Dec. 15 1936_ 234% series 0-1936, maturing Apr. 15 1936_ 134% series D-1936. maturing Sept. 15 1936... 134% series E-1936, maturing June 15 1936__ 334% series A-1937, maturing Sept. 15 1937. 3% series 13-1937, maturing Apr. 15 1937._ 3% series C-1937, maturing Feb. 15 1937____ 214% series A-1938, maturing Feb. 1 1938___ % series 13-1938, maturing June 15 1938_ 3% series 0-1938, maturing Mar. 15 1938 234% series D-1938. maturing Sept. 15 1938_ 24% series A-1939. maturing June 15 1939_ 14% series 13-1939, maturing Dec. 15 1939._ 184% series A-1940, maturing Mar. 151040.. 134% series 8-1940 maturing June 15 1940_ 134% series 0-1939, maturing Mar. 15 1939._ 544,299,930,602.50 $418,291,900.00 364,138,000.00 357,921,200.00 558,819,200.00 514,066,000.00 686,616,400.00 817,483,500.00 502,361,900.00 428,730,700.00 276,679,600.00 618,056,800.00 455,175,500.00 596,416,100.00 1,293,714,200.00 526,233,000.00 1,378,364,200.00 738,428,400.00 940,226,900.00 11.928,992,500.00 Certificates of Indebtedness 4% Adjusted Service Certificate Fund series, maturing Jan. 1 1936 Treasury Bills (Maturity Value) Series maturing Oct 2 1935 Series maturing Oct 0 1935 Series maturing Oct. 16 1935 Series maturing Oct. 23 1935 Series maturing Oct. 30 1935 Series maturing Nov. 6 1935 Series maturing Nov. 13 1935 Series maturing Nov. 20 1935 Series maturing Nov. 27 1935 Series maturing Dec. 4 1935 Series maturing Dec. 11 1935 Series maturing Dec 18 1935 Series maturing Dec. 24 1935 Series maturing Dec. 31 1935 Series maturing Jan. 8 1936 Series maturing Jan. 15 1936 Series maturing Jan. 22 1936 Series maturing Jan. 29 1936 Series maturing Feb. 5 1936 Series maturing Feb. 11 1936 Series maturing Feb. 19 1936 Series maturing Feb. 26 1936 Series maturing Mar. 4 1936 Series maturing Mar. 11 1936 Series maturing Mar. 18 1936 Series maturing Mar. 25 1936 Series maturing Apr. 1 1936 Series maturing Apr. 8 1936 Series maturing Apr. 15 1936 Series maturing Apr. 22 1936 Series maturing Apr. 29 1936 Series maturing May 6 1936 Series maturing May 13 1936 Series maturing May 20 1936 Series maturing May 27 1936 Series maturing June 3 1936 Series maturing June 10 1936 Series maturing June 17 1936 Series maturing June 24 1936 251,400,000.00 $50,063,000.00 50,021,000.00 50,013,000.00 50.009,000.00 50,013,000.00 50.000,000.00 50,007,000.00 50,045,000.00 50,185,000.00 50,072,000.00 50,149,000.00 50.006.000.00 50.071,000.00 50,018,000.00 50,062,1300.00 50,020,000.00 50,155,000.00 50,085,000.00 50,091.000.00 50.255,000.00 50,020,000.00 50,037,000.00 50,010,000.00 50,080,000.00 50,059,000.00 50,010,000.00 50,000.000.00 50,100,000.00 50,062,000.00 50,015,000.00 50,050,000.00 50,102,000.00 50.072,000.00 50,045,000.00 50,000,000.00 50,046,000.00 50,031,000.00 50,015,000.00 50,040,000.00 Matured Debt on Which Interest Has Ceased Old debt matured-Issued prior to April 1 1917 34%, 4% and 44% First Liberty Loan bonds 0( 1932-47 4% and 4 Second Liberty Loan bonds of 1927-42 44% Third Liberty Loan bonds of 1928 334% and 4%% Victory notes of 1922-23 Treasury notes. at various Interest rates Ctfa. of indebtedness, at various interest rates Treasury bills Treasury savings certificates q% $28,432,457,102.50 86,256,630.26 84,591,800.00 1,696,050.00 2,733,550.00 772,450.00 19,339,400.00 11,623,600.00 18,390,000.00 327,625.00 5346.681.016.00 156.039,430.93 647.180,511.50 2,035,479.85 3,285,886.04 $29,421,331,670.22 a Called for redemption Oct. 15 1935. Also Includes amounts of outstanding bonds called for redemption on Apr. 15 1934, Oct. 15 1934, and Apr. 15 1935, on which interest has ceased. 998,464,465 953,899,530 32,332,433 780,809 6,662,066 377,451 15.008000 26,926,722 2,634,222 3,914,540 1,440,792 9,999,995 111,496,548 2,748,051 18,183,885 2,858,177 15,014,655 40,662,400 5,707,500 97,883,347 9,700,530 12,993,399 2,496,177 10,024,176 21,009,100 4,364,295 22,029,644 31,298,438 19,889,727 25,809.739 67,408,624 91,964.702 47,548,953 79,511,739 139,069,242 100,000,000 115,046,224 1,205,569 86,122,350 135,760,112 3 191,056 7 65 103 ,5 5,798,788 137,258,740 50,000,000 71,720.056 133,126,397 6,250 109,570,022 5,152,283 5,985,736 5,089,348 45,562,089 45,324,500 58550,625 1,992.338 17,673,750 101,233,390 1,047,758 1,887,426 1,950,766 35,422,314 135,666,596 1,500 60,386,194 1,868,124 1,804,888 2,919.248 336,378,983 232,675,909 949,803,786 667.187,754 3; 9 849:3r8 173 9 111,50° 548 052:29 145:751:214 50 221 71 t81:281:606 9 072 133,873,161 4,902,915 3,642.217 2,152,476 131,371,170 11,891,645 29,454,761 9,131,712 81,180:273 30 950 100, 9 175 905 29 03 :7 224 88 81 :29 250, 9 5 7 8 8 :480 :1 3 365 8%2 2 57,082,175 278,155 30,101,668 23,464,256 160,784,559 1,393,336 97,817,501 23,905.761 2,133.739 2,251.713 5,378,151 6.875,581 4,1287 33 : 3 02 12 319 109 13 : : 1341,048,495 b22,028,918 82,617,000 34,135,754 104,149 17.124,955 89,862,187 44,794,471 46,038,000 132,048.617 47,025,507 18505,690 7,004,161 2,928,225 6,916,848 410,548 49:309:768 1 170 182 2,218,474 15 781:554 1 2 2 677 :1 6 23,612,917 13,107,104 36,/32 14,731,493 29,027,322 6,608,330 2,778,958 37.471,727 17,403,951 28,382.723 1,319,182 651,409 98,829 3 3 9e , 84 , 471 529 1390,331 84,196.317 9,717,531 316,681 819,639 13525,195 135,224,700 886,841 2,765,611 2,759,803 b16,98.3,260 4,598.550 12,414,681 2,716378 40,978,097 13,091,826 1)119,189.646 79:8480 9 6 ; 189 792 13387 127 1,657 -31,645,727 110,659,516 45,883,840 214,640,835 282,921,988 880882,446 581,019.818 515,597,897 1,830,486,232 828,383,748 1,495.571,50a 160,208,993 66,153,387 832,021,766 541,671,972 160.208,993 17,673,750 66,153,387 1,500 832,021,766 86,122.350 541,671,972 6,250 142,535,243 66,151,887 745,899,416 541,665,722 -12,804,293 +213,448,353 -16.353,597 959,347,769 196,116,273 525,312,125 53,347,594 Total excess of expenditures 53,347,594 65,005,676 763,231,496 525,312,125 Increase (+) or decrease (-)in general fund balance +323,670,546 -42,792,450 -388,801,801 +56.410.579 Increase in the public debt 109,788.173 720,439,046 388,676,522 136,507,323 Public debt at begin, of month or year 29032655,148 27.079.860,564 28700.892,621 27,053,141,415 Public debt this date 29,421,331,670 27.189,648,737 2,421,331,670 27,189,648.738 Trust Accounts, Increment on Gold, &c If accounts 19,189,646 12,454,283 60,677,650 37,427,008 Increment resulting from reduction in the weight of the gold dollar 62,946 134,843 190,221 675,209 Seignlorage 17.712,579 30,627,904 Total 843,143,462.46 Total gross debt 449,444,510 I.ess nat. bank note retirets 3190.641,585.07 Deposits for retirement of National bank and Federal Reserve bank notes Old demand notes and fractional currency.,... Thriftand Treasury savings stamps, unclassified sales. &c 420,810,826 Total recovery and relief _ Total expenditures Excess of receipts Excess of expenditures Summary Excess of expenditures Less public -debt retirements. Excess of expenditures (excl. Public debt retirements) Trust meta, increment on gold &c., excess of receipts (-) or expenditures (+) 145,731,105.26 Debt Bearing No Interest United States notes Leas gold reserve Relied. Emerg. Relief Admin. Fen ' (Incl. Fed. Surplus Relief Corporation) Civil Works Administration Dept.E merg fCAognrsi r va re . o ui . n ' ._ .. Agricul., liwork.relief.... Public Work (incl. work rail; Boulder Canyon project Loans and grants to States, Lo municipalities, &oc Loans to railroads Public highways RIM and harbor work Rural Electrifica'n Adinin_ A rks 7 Works e oth Progress Admin Aid to home-owners: Rome-loan system Emergency housing Federal Housing Admin Resettlementh l mteads n es l n lstr_a: Subsistence homesteads.... Miscellaneous: Export -Import Bks. of Wash_ Fed. Deposit Insur. Corp po Admin. for Indus. Recovery._ Reconstruction Finance Corp. -direct loans dc expend's__ Tennessee Valley Authority_ 1,952,134,000,00 Total interest-bearing debt outstanding Expendflutes General-Departmental a Public buildings a River and harbor work a___ _ Panama Canal a Postal deficiency Retirement funds(U. S.share) Dist. of Col.(U. S.share) National defense:a Army Navy Veterans' pensions & benefits: Veterans' Administration a Adjusted service etf. fund Agricul. Adjust. Admin.a c Farm Credit Administration a Debt charges Retirements_ Interest Refunda-Customs Internal revenue Processing tax on farm prod. Total, general Recovery and relief: Agricultural aid: Agricul. Adjust, Admin Commodity Credit Corp__ Farm Credit Admin. (incl. Fed. Farm. Mtge. Corp.) Federal Land banks $11,471,723,500.00 4% Civil Service retirement fund, series 1936 to 1910 281,500,000.00 4% Foreign Service retirement fund, series 1936 to 1910 2,974,000.00 4% Canal Zone retirement fund, series 1938 to 1910 2,795,000.00 2% Postal Savings System series, maturing June 30 1939 70,000,000.00 2% Federal Deposit insurance Corporation series, maturing Dec. 1 1939 100,000,000.00 1935 General & Special Funds--Month of September- -July Ito Sept. 30Receipts 1934-35 1934 1935 1935-36 Internal Revenue: Income tax 230,610,620 216,258,902 277,849,826 173,309,746 Miscell. internal revenue__ _ 176,461,529 142,976,272 454,061,493 526,377,891 Processing tax on farm prod'ts 42,399,254 124,262,939 10,398,631 39,015,514 Cus o m iste 78,457,529 96,542,469 36,174,121 29,703,585 ila m receipts: Proceeds of Govt. -owned securities: Principal-forts obligations Interest-forts obligations_ 196,128 All other 9,085,654 288,520 11,094,996 23,744,185 Panama Canal tolls, &c 6,289,465 2,604,573 1,681,384 5,642.927 Seigniorage 6,911,303 1,840,589 49,845,991 15,803,993 Other miscellaneous 13,432,087 2,495,330 3,311,225 14,487,660 Total receipts 13,479,289,900.00 115,058,212.50 United States Savings bonds Oct. 12 GOVERNMENT RECEIPTS:AND:EXPENDITURES Through the courtesy of the Secretary of the Treasury we are enabled to place before our readers to-day the details of Government receipts and disbursements for September 1935 and 1934 and the three months of the fiscal years 1935-36 and 1934-35. Expenditures Trust accounts Transactions in checking acc'ts of governmental agencies (net) Chargeable against Increment on gold: Melting losses, &c Payment to Fed. RN. banks (Sec. 13b, Fed. Res. Act. as amended) For retiretn't of nat, bk. notes Total Excess of receipts or credits Excess of expenditures 36,965.171 12,589,131 91,495,775 38,102,217 15,142,792 6215,162 49,861,085 21,748,620 1 56,340,417 , 56,225,221 156,002 633,229 45,883,840 5,319,444 31.645,727 2,585,546 196.116,273 b215,162 12,804,293 305.914,127 21,748,620 16,353,597 213,448,352 a Additional expenditures on these accounts for the months and the fiscal years are included under Recovery and Relief Expenditures, the classification of which will be shown in the statement of classified receipts and expenditures appearing on page 5 of the daily Treasury statement for the 15th of each month. h Excess of credits (deduct). c Payable from processing taxes on farm products or advances from the Treasury to be deducted from processing taxes. Volume 141 Financial Chronicle . TREASURY MONEY HOLDINGS The following compilation; made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of July, August, September, and October 1935: Holdings in U.S. Treasury July 1 1935 Net gold coin and bullion_ Net silver coin and bullion Net United States notes__ Net National bank notesNet Federal Reserve notes Net Fed. Res. bank notes_ Net subsidiary sliver Minor coin, dm Aug. 1 1935 $ 995,044.850 148,304,999 1,894,113 29,652,823 16,024,045 1,584,012 4,972,721 18,150,402 $ 981,700.897 159,604,961 2.317.826 37,651,069 12,030,740 1,308,668 5,686,537 7,890,990 Sept. 1 1935 $ 786,802,301 186.176,310 1.331,490 9,894,757 18,409.250 1.232,248 4,774,850 7,606.355 Oct. 1 1935 $ 821,932,664 195,741,152 2,325,744 10,233,262 13,747,980 423.555 3.060.360 7,837,894 Total cash in Treasury_ 1,213,827.965 1,208,189,286 Less gold reserve fund.- 158,039,431 158,039,431 994.227,559 *1055302,811 156,039,431 156,039,431 Cash balance in Treas.- 1,057.588.534 1,052,149,855 Dep. in spec'l depositories account Treas'y bonds, Treasury notes and certificates of indebtedness 799,021,000 876,308,000 Dep. In Fed. Rea. bank 118,346.280 201,244,242 Dep. in National banks To credit Treas. U. S 9,028,448 8,590,036 To credit dish. officers_ 31,404,369 26,980.972 Cash in Philippine Islands 2,170,164 2,441,338 Deposits In foreign depts. 2,322,479 2,882,474 Dep.In Fed. Land banks_ 838,188,128 899,263,180 834,293,000 128,418,768 878,517,000 164,509,367 9,117,865 38,010.746 2,128,605 2,492,084 8.979,019 43.261.277 2,338,754 2,347,648 Not cash in Treasury and in banks__ _____ 2,018,069.028 1,974,189,145 1,650,648,995 1,997,216,245 Deduct current liabilities- 174,723,487 185,121.511 175,768,751 198,663,155 Available cash balance.. 1.841,345.539 1.789.067.634 1,474,882,243 1,798,553,090 •Includes on Oct. 1 $168,182,410 s Iver bullion and $4,037,934 minor, Sm., colas not Included in statement "Stock of Money." TREASURY CASH AND CURRENT LIABILITIES The cash holdings of the Government as the items stood Sept. 30 1935 are set out in the following. The figures are taken entirely from the daily statement of the United States Treasury of Sept. 30 1935. AssetsGold CURRENT ASSETS AND LIABILITIES GOLD 3 9,367,819,793.86 Gold certificates: Outstanding (outside of Treasury) 187.296,049.00 Gold ctf, fund-Fed. . Reserve Board-- _8,538,930,917.25 Redemption fund Fed. Reserve notes_ 19,660,183.35 Gold reserve 156,039.430,93 Exch.stabilization fund-1,800,000,000.00 Gold in general fund-- 665.893,233.33 Total Total 9,387,819,793.86 9,367,819,793,86 Note-Reserve against $346,881,010 o United States notes and 31,180.124 of Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars in the Treasury. SILVER Assets Silver Sliver dollars Total. AssetsGold (see above) Silver (see above)_ United States notes____ Federal Reserve notes__ Fed. Reserve bank notes National bank notes ___ Subsidiary silver coin__ Minor coin Silver bullion(cost value) Sliver bullion (recoinage value) Unclassified Collections, &c Deposits in: Fed. Reserve banks.. Special depos. acct. of sales of Govt.secs_ Nat. and other bank depositaries: To credit of Treasurer of U.S To credit of other Govt. officers Foreign depositaries: To credit of Treasurer of U. S To credit of other Govt. officers_ _ Philippine Treasury: To credit of Treasurer of U.S Idabliates$ 392,871.852.90 Silver otfs. outstancUng. 873,000,421.00 510,137.834.00 Treasury notes of 1890 outstanding 1,180,124.00 Silver in gen.fund 28,829,141.90 903,009,686.90 TotaL 903,009,888.90 GENERAL FUND LlaDtitties$ 665,893,233.33 Treasurer's checks outstanding 28,829,141.90 2,325,744.00 Deposits of Government officers: 13,747,980.00 Post Office Dept 423,555.00 Board of Trustees, 10,233,262.00 Postal Savings 3,060,359.55 System: 4,037,933.85 5% reserve, lawful 184,382,450.39 money Other deposits 2,549,580.25 Postmasters. clerks of courts, disbursing 3,799,980.12 officers, das 164,509,366.89 Deposits for: Redemption of Nat'l bank notes(d% fund 876,517,000.00 lawful money) Uncollected items. exchanges, &c 8,979,018.55 3,711,508.49 1,417,904.09 59,578,545.63 8,259,662.43 81,879,615.41 567,106.24 43,248,812.21 198,663,154.50 43,281,276.59 Balance of Increment resulting from reduction in weight of the gold dollar 1.261,417.13 143,567,504.84 Sets:storage (see note 1)- 170,739,345.82 1,088,230.55 Working balance 1,484,246,239.38 Balance to-day 1,798,553,089.64 2,338,754.24 Total Total 1,997,216,244.14 1,997,216,244.14 Note 1-This item represents seigniorage resulting from the issuance of silver certificates equal to the cost of the silver acquired under the Silver Purchase Act of 1934 and the amount returned for the silver received under the President's proclamation dated Aug. 9 1934. Note 2 -The amount to the credit of disbursing officers and certain agencies today.was 31.872.433,894.50. $655,135 In Federal Reserve notes, $422,010 in Federal Reserve bank notes. and $10,156,212 in National bank notes are in the Treasury in process of redemption and are charges against the redemption funds and retirement funds for such notes. THE ENGLISH GOLD AND SILVER MARKETS We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of Sept. 25 1935: GOLD The Bank of England gold reserve against notes amounted to £193,477,708 on the 18th inst. as compared with £193,402,325 on the previous Wednesday. During the week the Bank announced the purchase of £91,833 in bar 1;41 2385 At the daily fixing about £1,600,000 of bar gold changed hands during the week, but the open market has been active and considerable business was transacted afterwards. The appreciation of the dollar in terms of European currencies, due to the political situation and seasonal causes, caused a movement of gold to the United States of America, large amounts having been shipped from France and Holland as well as from this country; the amounts shipped or engaged to be shipped during the past week are estimated to be £9,000,000 from Great Britain, £8,000.000 from France and £3,000.000 from Holland Quotations during the week: Equivalent Value Per Fine of £ Sterling Ounce 141s. Sept. 19 128. 0.60d. 1415. 4d. Sept. 20 12s. 0.26d. Sept. 21 141s. 5d. 12s. 0.18d. 1415. 88. Sept. 23 125. 0.09d. Sept. 24 1415. 6d. 125. 0.09d. 141s. ld. 12s. 0.52d. Sept. 25 12s. 0.29d. 141s. 3.67d. Average The following were the United Kingdom imports and exports of gold registered from mid-day on the 16th inst. to mid-day on the 23rd inst. ,. Exports Imports £788,540 United States of America_ £4,604,197 British South Africa 210,061 151,301 Netherlands West Africa British 641,794 7,888 France Tanganyika Territory- -48.553 1,057,664 Switzerland British India 16,250 345,976 Norway Australia 1,000 156.425 Palestine Netherlands 674 142,799 Other countries France 24,594 Switzerland 26,098 Venezuela 12,892 Other countries £5,522,529 £2,714.177 The SS. "Naldera" which sailed from Bombay on the 21st inst. carries gold to the value of about £566,000, of which £540,000 is consigned to London and £26,000 to New York SILVER The market continued to show a steady tone during the past week and variations. prices showed only small There have been no fresh features, China has sold moderately, whilst speculators and the Indian Bazaars have both bought and sold, although the atter have perhaps been more inclined to buy. Purchases for account of the American Treasury have been more in evidence; possibly influenced by the firmness of the dollar, the limit at which they were willing to buy was raised and appreciable amounts of cash silver were acquired yesterday at the price of 29 5-164.; to-day, however. with the exchange moving in favour of sterling, the limit reverted to 29 3-16d. There is no change in the immediate outlook, the market at the present level having a steady appearance with a good undertone. The following were the United Kingdom imports and exports of silver registered from mid-day on the 16th inst. to mid-day on the 23rd inst. Exports Imports £1,284,700 United States of Hong Kong £1,386,380 America 439.484 British India 6,780 7,965 France British Malaya 1,779 637,444 Norway Japan 2,311 12,707 Other countries Iraq 3,000 .Arabia *100,000 British South Africa 1,996 British West Africa 37.261 Soviet Union 32.565 Belgium 4.248 Guatemala 8,285 Other countries £1,397,250 £2,569,655 * Coin at face value. Quotations during the week: IN NEW YORK IN LONDON (Per Ounce .999 Fine) Bar Silver per Or. Std. 2 Mos. Cash 65% cents Sept.18 293-16d. 29%d. Sept. 19 65% cents Sept. 19 295-16d. 29%d. Sept.20 65% cents Sept.20 29%d. 29%d. Sept.21 65% cents Sept.21 295-168.295-164. Sept.23 65% cents Sept.23 295-164.29 5-16d. Sept.24 65% cents Sept. 24 3-164. 29 3-168. 29 Sept.25 29.2608. 29.281d. Average period The highest rate of exchange on New York recorded during the from the 19th inst. to the 25th inst. was 84.93% and the lowest 84.90%. consisted of about 279.000.000 dollars Stocks in Shanghai on the 21st. and 41,600,000 ounces in bar silver as compared with about 278,000,000 dollars and 42,300,000 ounces in bar silver on the 14th inst. ENGLISH FINANCIAL MARKET-PER CABLE The daily closing quotations for securities, &c.,at London, as reported by cable, have been as follows the past week: Mon.. Sat., Oct. 7 Oct. 5 2934d. 2934d. Silver, per oz Gold, p.fine oz.142s. 2d. 1425. Consols, % %. Holiday 825 British 334% 103% War Loan... Holiday British 4%. Holiday 11234 1960-90 Fel., Thurs., Wed., Tues., Oa. 11 Oct. Oct. 9 Oct. 8 29%cl. 2934d. 29%d. 2934(1. 1415. 10d. 141s. 10d. 1415. 9d. 1413. 934d* 8234 8234 82% 8234 103% 112 10334 11234 103% 12134 103% 112% The price of silver per ounce (in cents) in the United States on the same days has been: Bar N.Y.(for'n) 6534 U.S.'Treasury- 50.01 U. S. Treasury (newly Mined) 77.57 8554 50.01 77.57 6534 50.01 77.57 85% 50.01 65% 50.01 85% 50.01 77.57 77.57 77.57 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. T he dividends announced this week are: 2386 Financial Chronicle Name of Company Per Share When Holders Payable of Record Alaska Packers Association (quarterly) $2 Nov. 9 Oct. 31 Extra $5 Nov. 9 Oct. 31 Altorfer Bros.,convertible preferred h$1 Nov. 1 Oct. 15 American Art Works,Inc.,6% pref.(quar.) $13 Oct. 15 Sept.30 American Bakers Co.,7% pref. (semi-ann.) $3% Jan. 2 Dec. 16 American Bank Stocks Corp 1 3.c Oct. 15 Oct. 10 American Chicle (quarterly) Jan. 2 Dec. 12 Extra 25c Jan. 2 Dec. 12 American Equitable Assurance (N. Y.) (quar.) 25c Oct. 25 Oct. 15 American Fidelity Co. (quarterly) 50c Oct. 15 Oct. 14 American Gas Equities, inc. (quarterly) 1)4c Oct. 15 Oct. 10 American Machine & Foundry Co., common— Nov. 1 Oct. 19 Extra 20c Nov. 1 Oct. 19 American Paper Goods (quarterly) 50c Nov. 1 Oct. 21 American Shipbuilding (quarterly) 50c Nov. 1 Oct. 19 Preferred (annually) $7 Nov. 1 Oct. 19 Anglo-Canadian Teleph. Co., 7% pref. (quar.).. 8735c Nov. 1 Oct. 15 Anheuser-Busch $1 Nov. 1 Oct. 21 Archer-Damels-Midland, pref. (quar.) $1 X Nov. I Oct. 21 Atlantic City Electric Co.,$6 pref. (guar.) $IX Nov. 1 Oct. 7 Avondale Mills, common (quarterly) 20c Oct. 1 Sept. 15 Common B (quarterly) 20c Oct. 1 Sept. 15 Badger Paper Mills,common 50c Oct. 15 Oct. 5 Cordmon 50c Dec. 15 Dec 5 6% preferred (quarterly) 75c Nov. 1 Oct. 22 Bay State Fishing Co.,7% pref. (s. 70c Oct. 1 Sept.25 -a.) Best & Co. (quarterly) 50c Nov. 15 Oct. 25 Beverly Gas & Electric (quarterly) $1.12 Oct. 10 Oct. 8 Bibb Mtg. Co. (quarterly) $1 Oct. 7 Sept.27 Briggs Mfg. Co.(quarterly) 50c Oct. 31 Oct. 16 . Extra 50c Oct. 31 Oct. IS British Celanese, 1st preferred h7% Oct. 31 Brockton Gas Light 10c Oct. 15 Oct. 8 Buckerflelds, pref. (quar.) $134: Oct. 1 Sept.30 Calamba Sugar Estates (quar.) 40c Jan. 2 Dec. 14 Preferred (quarterly) 35c Jan. 2 Dec. 14 Calgary Power, preferred (quar.) $1X Nov. 1 Oct. 15 California Packing (quarterly) 37Mc Dec. 16 Nov.30 Canadian Dredge & Dock $I Nov. 1 Preferred (quarterly) SIX Nov. 1 Capital Management (quarterly) 15c Nov. 1 Oct. 21 Carpel Corp. (quarterly) 40c Oct. 15 Oct. 8 Central Arizona Light & Power,$7 pref. (quar.) Si Nov. 1 Oct. 15 $6 preferred (quarterly) $1 X Nov. I Oct. 15 Central Power & Light.7% preferred 43;lc Nov. 1 Oct. 15 6% preferred 373c Nov. 1 Oct. 15 Central Tube Co Oct. 25 Oct. 15 City Auto Stamping 15c Oct. 15 Oct. 7 Cluett, Peabody & Co.,Inc., common (quar.)- _ 25c Nov. I Oct. 21 Coca-Cola Bottling Co. of St. Louis (quar.)-_- _ 50c Oct. 20 Oct. 10 Colonial Life Insurance Co. of America $3 Oct. 11 Oct. 9 Concord Electric Co.(quar.) 70c Oct. 15 Oct. 8 6% preferred (quarterly) SIX Oct. 15 Oct. Concord Gas Co. 77. preferred 87 c Nov. 15 Oct. 31 Continental Can Co., Inc., common (quar.) ' Nov. 15 Oct. 25 7 Coon(W. B.) Co.,7% prefeared Nov. 1 Oct. 11 h$1 7% preferred (quarterly) $1 X Nov. 1 Oct. 11 Crandall-McKenzie & Henderson, Inc 12C Nov. 1 Oct. 15 Cuneo Press, Inc 30c Nov. 1 Oct. 19 % preferred (quar.) 51X Dec. 14 Nov.30 Edison Electric Illuminating Co. of Boston___ _ $2 Nov. 1 Oct. 10 Elmira & Williamsport RR.(s. -a.) $1.15 Nov. 1 Oct. 19 Emporia (Kan.) Telephone, 7% pref. (guar.)-- $1A Sept.30 Sept.26 Exeter & Hampton Electric (quar.) $2 Oct. 15 Oct. 8 Faber Coe & Gregg, Inc. (quar.) 50e Dec. 1 Nov. 15 7% preferred (quar.) S1 X Nov. 1 Oct. 20 Felin (J. J.) & Co., Inc., 7% pref. (quar.) $13i Oct. 15 Oct. 10 Fidelity & Deposit (Md.) (quarterly) 50c Oct. 25 Oct. 15 First Management Foundation (quarterly)_ _ 5c Oct. iS Oct. 14 Extra 235c Oct. 15 Oct. 14 Fitchburg Gas & Electric Light (quar.) 69c Oct. 15 Oct. 8 Ford Hotels, Inc (resumed) 50c Oct. 15 Oct. 5 Ford Motors of Holland 3% Foreign Bond Associates, Inc., common 75c Oct. 16 Oct. 9 Franklin Fire Insurance (quarterly) 25c Nov. 1 Oct. 19 Extra Sc Nov. 1 Oct. 19 Froedtert Grain & Malting Co.. Inc.— Participating convertible preferred (quar.) 30c Nov. 1 Oct. 15 Fyr-Fyter Co., A (quarterly) 25c Oct. 15 Sept. 30 General American Life Insurance Co.(St. Louis) 30c Sept.30 Sept.21 General Baking (quarterly) 15c Nov. 1 Oct. 19 General Cigar (quar.) Nov. 1 Oct. 16 General Hosiery Co.. 7% preferred (quarterly) $111 Nov. 1 Oct. 20 GeorgiaRR. & Banking (quar.) Oct. 15 Oct. 1 $2 Quarterly $2 Jan. 15 Jan. 2 Gordon & Belyea,6% 1st preferred $2 4 Oct. 1 Sept.27 Gray Telephone Pay Station $IX Nov. 15 Oct. 8 Great Western Electro-Chemical (quarterly). 80c Nov. 15 Nov. 5 6% preferred (quarterly) 30c Jan. 2 Dec. 20 Hartford Times, Inc., $3 preferred (quar.) 75c Nov. 15 Nov. 1 Haverhill Electric (quar.) 75c Oct. 10 Oct. 8 Hecht Mining Co 10c Nov. 15 Oct. 15 Heller(W. E.) & Co.(quar.) 2Xc Sept.30 Sept.30 Extra 74c Sept.30 Sept.30 7% preferred (guar.) 43Xc Sept.30 Sept.30 Borders, Inc. (quarterly) 150 Nov. I set. 19 Houston Light & Power,7% pref.(quar.) SIX Nov. 1 Oct. 15 preferred (quarterly) 6% Nov. 1 Oct. 15 $1 Howes Bros. 7% 1st & 2d pref. (quar.) Sept.30 Sept.20 Si 6% preferred (quar.) . $134 Sept 30 Sept.20 Humberstone Shoe Co. (quar.) 50c Nov. 1 Oct. 15 jflumsnating & Power Security (quar.) $1 Nov. 9 Oct. 31 7% preferred (quarterly) $1 X Nov. 15 Oct. 31 International Bronze Powder 25c Oct. 15 International Cigar Machine Co.,common 45c Nov. 1 Oct. 19 Extra 20c Nov. 1 Oct. 19 International Power,cum. 1st prof $1 Nov. 1 Oct. 15 Interstate Dept. Stores, Inc.,7% pref.(quar.) $15i Nov. 1 Oct. 21 Jantzen Knitting Mills (guar.) 10a Nov. 1 Oct. 15 Preferred (quarterly) $1 Dec. 1 Nov. 25 Kelvinator of Canada. Ltd.,77 pref.(tin.) Nov. 15 Nov. 5 $1 Keystone Custodian Funds P (s. -a.) .0 0808 Oct. 15 Sept 30 T semi-annual .0 06373c Oct. 15 Sept.30 King Royalty Co. (quarterly) 25c Nov. 1 Oct. 15 Lansing Co. (quarterly) 25c Nov. 15 Nov. 10 Loew's Boston Theatres (quar.) 15c Nov. 1 Oct. 19 Loose-Wiles Biscuit Co— b% preferred (initial, quarterly) SIX Jan. 1 Dec. 18 Lucky Tiger Combination Gold Mimng Co__ _ _ 3c Oct. 19 Oct. 10 Extra 3c Oct. 19 Oct. 10 Lumbermen's Insurance Co. (Phila.) (s. -a.) $1 X Nov. 15 Oct. 25 Mass.Power & Lighting Assoc.,pref.(qu.) V 0C4. 15 Oct. 10 McNeel Marble Co., 6% 1st pref. (quar.) $13 Oct. 15 Oct. 8 , 6 Meyer-Menke Co. (increased) 30c Oct. 15 Oct. 5 • Michigan Seamless Tube (reduced) 25c Oct. 10 Oct. 5 Mid-Consinent l'etroleum 25c Dec. 2 Nov. 1 Midwest Oil (quarterly) 3c Oct. 15 Sept.30 $10 Par (quarterly) 30c Oct. 15 Sept.30 Preferred ($1 par) (quarterly) Sc Oct. 15 Sepb.30 Modine Mfg 25c Nov. 1 Oct. 21 Melville Shoe (quarterly) 75c Nov. 1 Oct. 18 1st preferred (quarterly) $I X Nov. 1 Oct. 18 2nd preferred (quarterly) 7 c Nov. 1 Oct. 18 Mohawk Carpet Mills, Inc. (guar.) Oct. 15 Oct. 10 2 Morris & Essex Extension RR.(s. -a.) $2 Nov. 1 Oct. 15 Nash Motors Co., common (quar.) 25c Nov. 1 Oct. 15 Newberry (J. J.) & Co.. 7% preferred (quar )_ _ $1 X Dec. 1 Nov. 16 New England Grain Products Co.(Me.)(quar.) 40c Nov. 1 Oct. 15 New River Co , cumulative preferred SIX Nov. 1 Oct. 15 New York & Honduras Rosario Mining Co 25c Oct. 26 Oct. 15 Extra 75c Oct. 26 Oct. 15 Oct. 12 Per Share Name of Company New York Merchandise (quar.) North Boston Lighting Properties (quar.) Voting trust certificates (guar.) 67. preferred (quar.) Northern New York Utilities, Inc.— 77. preferred (quarterly) Northern RR.of New Hampshire (quar.) Oahu Sugar Co. (monthly) Onomea Sugar Co. (monthly) Orange & Rockland Electric Co.(quar.) Outlet Co., common (quar.) First preferred (quar.) Second preferred (quar.) Pacific Greyhound Corp., $3% pref. (quar.) Pacific Power & Light, $6 preferred 7% preferred Parker Rust Proof (quar.) Extra Preferred (s. ) -a Peoples Telephone Co.(Butler,Pa.)(quar.).._..Potomac Edison, 7% preferred (quar) 6% preferred (quar) Procter & Gamble (quarterly) Public Utilities Corp.(quar.) Quarterly Income Shares, Inc Randall Co., preferred A (quar.) Republic Investors Fund, Inc.,6% pref. (qu.)... Reserve Resources, preferred Riverside Cement, class A (no action). $6 preferred (quarterly) Rockland Light & Power (quar.) Stock trust certificates (guar.) Rolland Paper,6% preferred (guar.) Rolls-Royce, Am.dep. rec. ord.(interim) Rose's 5-10-25°. Stores, Inc — 7% preferred (semi-annually) • Savannah Sugar Refining (quar.) Preferred (quarterly) Scotten Dillon Co Second Management Foundation Shares, (qu.)_ Extra Securities Corp. General, $6 pref. (quar.) $7 preferred (quar.) Selfridge Provincial Stores, ordinary Amer. dep. rec. for ordinary Shaler Co.. class A (quar.) Sheaffer(W. A.) Penn Co., pref. (quar.) Simpson (Robert), pref. (s. -a.) 6V preferred Smith Agricultural Chemical Co.(quar.) 6% preferred (quarterly) Solvay American Investments, pref. (quer.) 620 Jones Corp.(quar.) Extra Southern Canada Power Co., Ltd. (quar.) Spiegel, May, Stern (quar.) 6% preferred (quar.) % preferred (quar.) Springfield Gas Light (guar.) Stewart -Warner Corp., common (s. a.) Extra Syracuse, Binghamton & New York RR Telephone Investments (monthly) Tide Water Power Co., $6 pref. (quar.) Towne Securities Corp., 7% cumul. pref Tung-Sol Lamp Works, pref. (quar.) Union Oil of California (quar.) United New Jersey RR & Canal Co.(quar.). United Telephone Co.(Kansas) (quarterly).... 7% preferred (quarterly) Upson Co., class A & B 7% preferred (quarterly) Utah-Idaho Surer Co., class A pref Utica, Chenango & Susquehanna Valley Virginian Railway, pref. (quar.) Washington Gas Light Co.(quar.) Washington Oil _ Wellington Fund (Phila.) Extra Westland Oil Royalty Co., class A (monthly)--Wilcox-Rich Corp., class B (quar.) Woolworth (F. W.) Co. (quarterly) Yew River Co..6% pref 50c 75c 75c 75c 1935 When Holders Payable of Record Nov. 1 Oct. Oct. 15 Oct. Oct. 15 Oct. Oct. 15 Oct. 21 10 10 10 13 11U 20c 20c 10c 50c $1 X 51X 87 c h$1 141X 75c $1 35c $1X $1 S13. 3734c $1X 3c 50c 15c h$6 Nov. 1 Oct. 10 Oct. 31 Oct. 14 Nov. 15 Nov. 5 Oct. 20 Oct. 10 Nov. 1 Oct. 25 Nov. 1 Oct. 21 Nov. 1 Oct. 21 Nov. 1 Oct. 21 Oct. 1 Sept.25 Nov. 1 Oct. 18 Nov. 1 Oct. 18 Nov. 20 Nov. 11 Nov. 20 Nov. 11 Nov 20 Nov 11 Oct. 15 Oct. 5 Nov. 1 Oct. 20 Nov. 1 Oct. 20 Nov. 15 Oct. 25 Nov. 9 Oct. 31 Nov. 1 Oct. 15 Nov. 1 Oct. 25 Nov. 1 Oct. 15 Oct. 15 Oct. 10 51 1tC 15c $1 5% Nov. 1 Oct. 15 Nov. 1 Oct. 15 Nov. 1 Oct. 15 Dec. 1 Nov. 15 Nov. 13 Oct. 14 $131 St • S1 X 30c Sc 4c $1 $1 2X 2X Sc $2 11 3 121c $1 $1 20c 200 75c $1 $1 25c 25c 25c $15i $31i 7ac 25c S2 11 25c $1% 95c $3 $1 9 50c 15c 10c 10c 30c 60c h$1.34 Nov. 1 Oct. 20 Nov. I Oct. 15 Nov. 1 Oct. 15 Nov. 15 Nov. 6 Oct. 15 Oct. 14 Oct. 15 Oct. 14 Nov. 1 Oct. 18 Nov. 1 Oct. 18 Dec. 2 Nov. 14 Dec. 9 Nov. 14 Oct. 1 Sept. 20 Oct. 20 Sept.30 Nov. 1 Oct. 10 Nov. 1 Oct. 19 Nov. 1 Oct. 21 Nov. 1 Oct. 21 Nov. 15 Oct. 15 Oct. 2 Sept. 30 Oct. 2 Sept.30 Nov. 15 Oct. 31 Nov. 1 Oct. 15 Nov. 1 Oct. 15 Feb. 2 Jan. 15 Oct. 15 Oct. 8 Dec. 2 Nov. 1 Dec. 2 Nov. 1 Nov. 1 Oct. 15 Nov. 1 Oct. 20 Dec. 1 Nov. 9 Oct. 21 Oct. 10 Nov. 1 Oct 19 Nov. 9 Oct. 19 Jan. 10 Dec. 20 Oct. 15 Sept.30 Oct. 15 Sept.30 Sept.30 Oct. 15 Sept.30 Nov. 1 Oct. 15 Nov. 1 Oct. 19 Nov. 1 Oct. 15 Oct. 15 Oct. 10 Dec. 1 Nov. 15 Dec. 1 Nov. 15 Dec. 15 Nov.30 Nov. 15 Nov. 1 Dec. 2 Nov. 8 Nov. 1 Oct. 15 Below we give the dividends announced in previous weeks and not yet paid. This list does not include dividends announced this week,these being given in the preceding table. Name of Company Abbott Laboratories Abraham & Straus. pref. iquar.) EuraParish La Oil (monthly) Acadla Per Share When Holders Payable of Record e3 31-3% $1 i 50c 15c 150 100 2c Sc 75c S1S5 Nov. 1 Nov. 1 Oct. 15 Nov. I Oct. 15 Nov. 1 Oct. 15 Nov. 1 Oct. 15 Oct. 19 Sept.30 Oct. 15 Sept.30 Nov. 1 Oct. 14 Oct. 15 Sept.30 Oct. 15 Sept.30 Nov. 1 Oct. 15 Nov. 1 Oct. 10 Nov. 1 Oct. 10 Doc. 14 Dec. 4 Nov. 1 Oct. 11 Oct. 15 Oct. 10 Oct. 25 Oct. 1 Oct. 15 Sept.30 Dec. 31 Dec. 15 Dec. 31 Dec. 15 Oct. 31 Oct. 15 Oct. 15 Oct. 4 Oct. 15 Sept.30 Nov. 15 Oct. 25a Nov. I Oct. 11 Nov. 1 Oct. 11 Oct. 15 Sept. 14 Oct. 15 Sept. 14 Oct. 15 Sept. 5 Nov. 1 oct. 8 Jan. 1 Dec. 14 Nov. 1 Oct. 140 Oct. 25 Oct. 7 Nov. 1 Oct. 15a Nov. 1 Oct. 15a Dec. 15 Nov. 1 Oct. 15 Oct. 15 Oct. 1 Oct. 15 Oct. 1 Dec. 2 Nov. 8 Dec. 2 Nov. 8 Dec. 16 Dec. 2 Oct. 15 Sept.16 Nov. 1 Feb. 1 Nov. 1 Oct. 15 Nov. 12 Oct. 24 Oct. 15 Oct. 2 Nov. 1 Adams J. D.) Mfg.(quar.) Administered Fund Second Affiliated Fund (quarterly) Affiliated Products (monthly) , Air Reductions Co., Inc.(quar.) Extra Alabama Power Co.$5 preferred (quar.) Alaska Juneau Gold Mining (quarterly) Extra 15c Alexander & Baldwin. Ltd $4 Allied Chemical & Dye Corp.. common (guar.). S1 All Penna. 011 & Gas (quar.) Alpha Portland Cement 25c Aluminum Industries. Inc clOc Aluminum Mfgs.(quar.) 50c 7% preferred (quar.) $1 X Amerada Corp., common (quarterly 50c American Alliance Insurance (N. Id(quar.).... 25c American Asphalt Roofing, pref. (quar.) American Can Co., common (quarterly) American Cities Power & Light, cony. Cl. A (qu.) n75c American Coal of Alleghany_County (quar.).— _ 1 American District Teleg.(N. Y.)(quar.) I Preferred (quarterly) $I American Fork & Hoe.6% preferred (guar.).- - 51 American Gas & Electric Co., pref.(guar.) Si American Hardware Corp. (guar.) 25c American Home Products Corp. (monthly)_..... 20c American Ice Co., preferred (quarterly) 50c American Light & Traction Co..common (quar.) 300 Preferred (quarterly) 111 American Paper Goods. 7% pref. (quar.) American Reserve Insurance (extra) 2c American Rolling Mill (resumed) 30c Preferred (quarterly) $134 American Smelting & Refining, 2d preferred h$6 1st preferred (quar.) $1 American Sumatra Tobacco Corp.(extra) 5 American Telephone & Telegraph (quar.) S2g Asbestos Mfg. Co., $1.40 cony. pref. (quar.)._ 35c $1.40 convertible pref. (quar.) 35c Associated Telephone. preferred (quar.) 37c Atlantic Coast Line RR., preferred (semi-ann.). $214 Atlantic Safe Deposit Co.(N. Y.)(quar.) Si Atlantic Steel. 7% preferred (semi-annually)...- $3X Name of Company Per Share When Holders Payable of Record $1M Nov. 1 Oct. 18 Atlas Powder, preferred (quar.) Austin Nichols, prior A 50c Nov. 1 Oct. 15 123c Jan. 1 Dec. 20 Automatic Voting Machine(quar.) Quarterly 12)5c Apr. 1 Mar. 20 12Mc July 1 June 20 Quarterly 45c Oct. 15 Sept.30 Automobile Finance (resumed) Sc Oct. 20 Oct. 2 Bandive Petroleum (monthly) ,. 20c Nov. 11 Oct. 10 Bangor Hydro-Electric (quarterly) The Nov. 1 Oct. 10. Barnsdall Corp., resumed (quar.) 5c Nov. 1 Oct. 10 Extra 51g Oct. 15 Sept. 30 Bayuk Cigars, 1st preferred (quar.) $1.a Nov. 1 Oct. 15 Beatty Bros.. 1st preferred (quar.) Nov. 1 Oct. 15 Belding-Corticelli-Ltd.(quar.) 50c Oct. 25 Sept.25 Belding-Herainway Ill M Oct. 15 Sept. 23 Bell Telephone of Canada (quar.) Bell Telep. of Penna.,64% pref. (quar.) 31M Oct. 15 Sept.20 Beneficial Industrial Loan Corp. (quarterly) 373c Oct. 30 Oct. 15 Preferred series A (quarterly) 87Mc Oct. 30 Oct. 15 Bishop Oil Corp. (quarterly) 2c Oct. 15 Oct. 1 Hillman Electric iOC Nov. 1 Oct. 15 31M Nov. 1 Oct. 15 Preferred (quarterly) Block Bros. Tobacco Co.. 6% preferred (quar.)_ 51M Dec. 31 Dec. 25 31M Nov. 1 Oct. 21 Bloomingdale Bros., preferred (quarterly) Borne Scrymser Co.(special) 50o Oct. 15 Sept.27 Boston & Albany RR $2)1 Dec. 31 Nov.30 Boston & Providence RR.(quar.) $2.125 Jan. 2 Dec. 20 Bower Roller Bearing Co.(guar.) 25c Oct. 25 Oct. 1 Brantford Cordage Ltd., 1st pref.(quar.) r50c Oct. 15 Sept.20 Brewing Corp. of Canada, preferred 537)4c Oct. 15 Sept.30 Bridgeport Hydraulic (quarterly) 40c Oct. 15 Sept.30 Bridgeport Machine Co., cum. preferred h$1 Oct. 31 Oct. 21 British Columbia Power, class A (quar.) r38c Oct. 15 Sept.30 British Columbia Telep., 6% pref. (quar.) Nov. 1 Oct. 17 Brooklyn-Manhattan Transit Corp.(guar.).- 1.$'7AC Oct. 15 Oct. 1 Preferred (quar.) $1}i Oct. 15 Oct. 1 Preferred (quar.) Jan. 15 Jan. 2 Si Preferred (quar.) 51M Apr. 15 Apr. 1 Brown Fence & Wire (initial) $1 Feb. 29 Feb. 15 Brown Shoe Co.. 7% Preferred (guar.) 51M Oct. 3 Bruck Silk Mills (guar.) 30c Oct. 15 Sept. 14 Budd Wheel. $7 preferred 147 Oct. 31 Oct. 17 Buffalo Niagara & Eastern Power 51 M Nov. 1 Oct. 15 1st $5 preferred (quar.) California Oregon Power Co.,7% pref. (quar.)_ 87 c Oct. 15 Sept 30 g% preferred (quarterly) Oct. 15 Sept.30 75c Oct. 15 Sept.30 6% pi eferred (series of 1927) (quarterly)-SIM Nov. 1 Oct. 15 Camee Corp.,6% pref. (q_uar.) Canada & °minion sugar, Ltd. (quar.) r373c Dec. 1 Nov. 15 Canada Iron Foundries,6% pref. (s. Nov. 15 Oct. 31 -a.) $1 Canada Northern Power Corp., Ltd.(quar.) 3 Oct. 25 Sept.30 7% cum. preferred (quar.) 1%% Oct. 15 Sept.30 Canadian Bronze Co., common (quarterly).. r15c Nov. 1 Oct. 21 ill g Nov. 1 Oct. 21 Preferred (quarterly) Canadian Fairbanks Morse. pref. (quar.) r$1M Oct. 15 Sept.30 Canadian General Investors (quarterly) rlOc Oct. 15 Sept.30 r$1 Oct. 31 aept. 30 Canadian Industries, Ltd.,class A & B (quar.)7% preferred (quar.) 41 M Oct. 15 Sept. 30 Canadian Oil Cos.(quar.) 12Mc Nov. 15 Nov. 1 Carnation Co. 7% pref. (guar.) SIM, Jan. 1 7% preferred (quar.) Sly Apr. 1 Carolina Clinchfield & Ohio Ry.(quar.) $1 Oct. 21 Oct. 10 Stamped certificates (quar.) $1 M Oct. 21 Oct. 10 Central Hudson Gas & Electric Corp. (quar.) 20c Nov. 1 Sept. 30 Voting trust certificates (quar.) 20c Nov. 1 Sept. 30 Central Illinois Securities, preferred 15c Nov. 1 Oct. 19 Central Kansas Power Co., 7% pref. (quar.) SI Oct. 15 Sept. 30 6% preferred (quar.) Oct. 15 Sept.30 $1 Central Mississippi Valley Elec. Prop., preferred 513 Dec. 2 Nov. 15 Central Power Co.,7% cumulative preferred_ -- 5873.1c Oct. 15 Sept.30 6% cumulative preferred 575c Oct. 15 Sept.30 Centrifugal Pipe Corp.(quar.) 10c Nov. 15 Nov. 6 Century Ribbon Mills, preferred (quar.) $11.1 Dec. 2 Nov.20 Cerro de Pasco Copper Corp Nov. I Oct. 15 Chapman Ice Corp. (quar.) Sc Oct. 15 Sept.25 Cherry-Burrell (quar.) 37c Nov. 1 Oct. 18 Extra 12 c Nov. 1 Oct. 18 Preferred tquar.) Nov. 1 Oct. 18 $1 Chesapeake & Ohio pref. (semi-annual) Jan. 1 Dec. 6 $3 Chesapeake & Potomac Telep. Co.of Bait. City, Cumulative preferred (quarterly) Oct. 15 Sept.30 Si Cincinnati Milling Machine,6% preferred (qu.) 51 Oct. 15 Oct. 1 Gin.Newport& Covington Lt.& Trac.(guar.).- $1 Oct. 15 Sept.30 543.5 preferred (quar.) $1.12 Oct. 15 Sept.30 Cincinnati Postal Terminal & Realty Co. 6M % preferred (quar.) Oct. 15 Oct. 5 Cincinnati Sandusky & 81eveland RR. 6% preferred (semi-annual) Nov. 1 Oct. 22 Si Cincinnati Union Terminal, pref. (quar.) $1 M Jan. 1 Dec. 20 City Water Co. of Chattanooga, 6% pref. (qu.) 51 M Nov. 1 Oct. 19 Clearfield & Mahoning Ry. (s. -a.) $1M Jan. 2 Dec. 20 Cleveland Cin. & St. Louis RR..5% pref.(qu.) Si M Oct. 31 Oct. 10 Cleveland Electric Illuminating Co., pref. (qu.)- $114 cDec. 1 Nov. 15 Cleveland & Pittsburgh Ry.,7% guar.(quer.)-- S7 4c Dec. 1 Nov. 9 Special guaranteed (quar.) Dec. 1 Nov. 9 Climax Molybdenum Co.(quar.) Sc Dec. 30 Dec. 15 Clinton Water Works,7% pref.(quar.) SI Si Oct. 15 Oct. 1 Coast Brewer's (quar.) 23c Nov. I Oct. 18 Coleman Lamp & Stove 50c Oct. 15 Sept.30 Colgate-Palmolive-Peet Co.. preferred (quar.) $134 Jan. 1 Dec. 5 Collins Co.(guar.) 5114 Oct. 15 Oct. 1 Columbia Gas & Electric Corp., common c20c Nov. 15 Oct. 19 6 preferred series A (quar.) Nov. 15 Oct. 19 5 preferred series No. 26(quar.) 1 Nov. 15 Oct. 19 5% cony, preference, series No. 15 (quar.) 1 Nov. 15 Oct. 19 Columbia Pictures e50% Dec. 10 Nov. 29 Columbus Ry.,Power & Lt., pref. B (q'uar.)_ _ Nov. 1 Oct. 15 Columbus & Xenia Dec. 10 Nov.25 Commonwealth Edison (quarterly) $1 Nov. 1 Oct. 15 Commonwealth Investors Co., Del. (quar.) -40 Nov. 1 Oct. 14 Commonwealth Utilities Corp. 614% preferred 0 (quarterly) Si 34 Dec. 2 Nov. 15 .r Concord Gas Co., preferred (guar.) 87c Nov. 15 Oct. 31 Confederation Life Assoc.,"Toronto" (quar.) $I Dec. 31 Dec. 25 Connecticut Investors Management 10c Oct. 15 Oct. 5 Consolidated Chem. Industries, pref. A (quar.) 37)5c Oct. 31 Oct. 15 Consolidated Cigar Corp., prior pret. (guar.)-- ' $154 Nov. 1 Oct. 15a Preierred (quarterly) Sl 5y Dec 2 Nov. 15a Consolidated Gas of N. Y., preferred (quar.).... Nov. 1 Sept.27 $1 Consolidated Investors Trust (s. c Oct. 15 Oct. 1 -a.) Consolidated Royalty 011 (quar.) Sc Oct. 25 Oct. 15 Consumers Power Co.,$5 preferred (guar.) Jan. 2 Dec. 14 Jan. 2 Dec. 14 6% preferred (quarterly) 6.6% preferred (quarterly) $1.6 Jan. 2 Dec. 14 51M Jan. 2 Dec. 14 7% ;referred 1quarterly) 50c Nov. 1 Oct. 15 6% preferred monthly 50c Dec 2 Nov. 15 6% preferred monthly 50c Jan. 2 Dec. 14 6% preferred monthly) 55c Nov. I Oct. 15 uddy 6.60 preferred 55c Dec. 2 Nov. 15 6.60 preferred (monthlypref 55c Jan. 2 Dec. 14 6.60 o preferred (monthly mo 25c Oct. 31 Oct. 7 Continental Oil CO Nov.30 Nov. 15 121 Copperweld Steel (quar.) Nov. 1 Oct. 23 7 Corn Exchange Bank Trust (quar.) 75c Oct. 21 Oct. 7 Corn Products Refining Co $1 Oct. 15 Oct. 7 Preferred (quarterly) Oct. 25 Oct. 10 Crane Co., preferred Sc Nov. 15 Oct. 30 Cresson Consol. Gold Mining (quarterly) 2c Nov. 15 Oct. 30 Extra Crown Zellerbach, class A & B preference(quar.) 551 Nov. 1 Oct. 14 The Oct. 15 Oct. 5 Crum & Forster (quar.) Extra Sc Oct. 15 Oct. 5 $2 Dec. 28 Dec. 20 Preferred (quar.) 2387 Financial Chronicle Volume 141 $111 Name of Company Per Share When I Holders Payable of Record 550c Oct. 15 Oct. la Crucible Steel Co. of America, preferred 6214c Oct. 15 Oct. 5 Cudahy Packing Co , common (quarterly) Nov. 1 Oct 21 6% preferred (semi-ann.) 334 0 Nov. 1 Oct. 21 7% preferred (semi-ann ) $114 Oct. 15 Sept.30 Curtiss-Wright Export,6% pref. (quar.) 51M Nov. 1 Oct. 19 Davenport Water Co.,6% pref. (quar.) 50c Nov. 1 Oct. 19 Dayton Power & Light Co..6% pref. (monthly) Si Si Dec. 1 Nov.20 Denver Union Stockyards, preferred (quar.) $1 Oct. 15 Sept.30 Detroit Edison Co. (quarterly) $2 Jan. 6 Dec. 20 Detroit Hillsdale & Southwestern RR. ts.-a.) 15c Oct. 19 Sept.30 Devonian Oil Co.(quar.) 10c Oct. 19 Sept.30 Extra 25c Dec. 2 Nov. 15 Diamond Match (irregular) $114 Oct. 15 Sept.20 Diamond State Telep., 634% pref. (quar.) Sept.30 Distillers & Brewers Corp. of Amer 10.027c Oct. 15 Diversified Trustee Shares series D 50 Oct. 21 Oct. 3 Dome Mines Ltd. (quarterly) 75c Oct. 15 Sept.30 Dominion Coal, new preferred (semi-ann.) ill Si Oct. 15 Sept.30 Dominion Textile, preferred (quarterly) 150 Nov. 15 Nov. 4 Dow Drug (resumed) 25c Oct. 21 Oct. 11 Driver-Harris 15c Oct. 15 Oct. 8 Co.(guar.) Duff-Ncrton Mfg. 10c Oct. 15 Oct. 8 Extra Du Pont de Nemours(E. I.) $134 Oct. 25 Oct. 10 Debenture stock (quar.) SiIi Oct. 15 Sept. 16 Duquesne Light Co.5% 1st pref.(quar.) 150 Nov. 1 Oct. I Share Corp.. series B (quar.)__ Eastern Bond & 51.125 Jan. 1 Dec. 14 Eastern Gas & Fuel Assoc. prior pref.(quar.)_ $1)4 Jan. 1 Dec. 14 6% preferred (quar.) 36c Oct. 15 Sept.30 Eastern Township Telephone Co 25c Nov. 15 Nov. 1 Eaton Manufacturing Co.. common (quar.)_ _ _ 1234c Nov. 15 Nov. 1 Extra 25c Nov. 20 Oct. 5 Economical-Cunningham Drug Stores $134 Nov. 1 Oct. 4 Electric Bond & Share Co.,$6 pref.(quar.)_ $134 Nov. 1 Oct. 4 $5 preferred (quar.) 25c Oct. 25 Oct. 10 Electric Household Utilities Si 54 Oct. 15 Sept.30 Electric (Del.),7% pref. A (quar.) El Paso $1M Oct. 15 Sept.30 $6 preferred B (quarterly) El Paso Electric Co.(Texas). 56 pref. (quar.). $114 Oct. 15 Sept.30 Si Dec. 4 Nov. 21 Empire & Bay State Telep..4% std.(quar.) 12Mc Oct. 31 Oct. 17 Employers Group Assoc. (quar.) 123.4c Oct. 31 Oct. 17 Extra 8734c Dec. 10 Nov.30 Erie & Pittsburgh RR. Co.. 7% gtd.(quar.) Dec. 1 Nov.30 Guaranteed betterment (quar.) Nov.. 1 Oct. 15a $I je Eureka Pipe Line Co $214 Farmers & Traders Life Insurance (guar.) $234 Aar. 1 Quarterly $134 Nov. 1 Oct. 16 Fibreboard Products, Inc.,6% pref. (quar.)_ B_ I2Mc Oct. 15 Oct. 5 Finance Co. of Amer.at Baltimore,corn. A &5 Oct. 15 Oct. 5 I (quarterly) 7% preferred % Oct. 15 Oct. 7% preferred class A (quarterly) Oct. 15 Oct. 5 Fireman's Fund Insurance (quar.) . 0. 15 Oct . 4 e c 10c 0 t. 21 sept 25 Firestone Tire & Rubber (quarterly) 525c First National Corp. of Portland, A Oct. 15 Sept.30 H.). prat. A & B (quar.) Fishman(M. 25c Oct. 15 Sept. 30 Food Machinery Corp 50c Oct. 15 Oct 10 6145' preferred Oct. 15 stk. (s. -a.) $134 Nov. 11 Oct. 15 Franklin Telep. Co. 234% gtd. Nov. 1 Freeport Texas. preferred (quarterly) S 5% Nov. 1 Oct. 19 Wire. 7% 1st preferred Frost Steel & 25c Oct. 20 Oct. 10 Gardner-Denver Co..common tquar.) 51V Nov. 1 Oct. 19 Preferred (quarterly) Dec. 2 Nov.22 Si General Cigar preferred (quar.) Mar. 2 Feb. 20 51 Preferred(ven) $1 Si Juner16 May 22 Preferred (quar.) 20c Oct. 25 Sept.27 General Electric Co 45c Nov. 15 Oct. 25 General Foods(quar.) 750 Nov. 1 Oct. 10a General Mills, Inc.. common (quar.) Si 11 Nov. 1 Oct. 7 General Motors pref. (quar.) 250 Nov. 1 Oct. 15 General Stockyards Corp., common $134 Nov. 1 Oct. 15 $6 preferred (guar.) Gillette Safety Razor Co. M Nov. 1 Oct. 1 $5 cony.preference (quar.) 250 Oct. 19 Oct. 5 Glen Alden Coal (quartetly) 25c Oct. 19 Oct. 5 Special 50c Jan. 1 Dec. 20 Globe Wernicke preferred (guar.) 30c Nov. 1 Oct. 10 Gold Dust (guar.) 40c Dec. 10 Nov.30 Golden Cycle (quar.) $1.60 Dec. 10 Nov.30 Extra $3 Dec. 30 Dec. 27 Grace(W. R.) & Co.. 6% Pref. ts.-a.) $2 Dec. 30 Dec. 27 Preferred A (guar.) $4 Dec. 30 Dec 27 Preferred B ts.-a.) 250 Oct. 15 Oct. 4 (quar.) Great American Insurance 10c Nov. 1 Oct. 25 Great Lakes Engineering Works (quar.) Sc Nov. 1 Oct. 25 Extra Si Si Oct. 15 Sept.30 Great Lakes Power pref Oct. 15 Sept.30 141 Preferred Nov. 1 Oct. 15 7 Greenfield Gas Light Co. 6% pref. (quar.)_ _ _ _ 51% Nov. 1 Oct. 21 Green )H. L.) 7% preferred (quar.) 250 Nov. 1 Oct. 21 Common (initial) $134 Oct. 15 Sept. 30 Guarantee Co. of North America (Quebec) $234 Oct. 15 Sept.30 Extra $15 Oct. 31 Oct. 24 Halle Bros.. preferred (quar.) Oct. 22 Oct. 1 rto5 Handley Page Amer. dep.rec., preferred Oct. 21 Oct. 7 $1 Harbison-Walker Refractories, pref.(quar.)_ Si 4 Dec. 1 Nov. 5 Hardesty (R.) Mfg. Co., 7% pref.(quar) Si Si Oct. 15 Sept.30 Harrisburg Gas preferred (quar.) 68 Mc Nov. 1 Oct. 15 Hartford Electric Light (quar.) 551 Nov. 1 Oct. 15 % preferred Hat Corp.of America, $15' Nov. 1 Oct. 15 63.4% preferred (quarterly) 75c Oct. 15 Oct. 5 Hawaiian Commercial & Sugar Co.(monthly)-50c Nov. 15 Nov. 15 Extra 60c Oct. 15 Oct. 5 (quar.) Hawaiian Sugar 60c Oct. 15 Oct. 5 Extra 20c Dec. 15 Dec. 5 Hawaii Consol. Ry.,7% pref. A (quar.) Nov. 15 Nov. 4 Hercules Powder Co., preferred (quar.) Nov. 15 Oct. 25 Hershey Chocolate (guar.) Nov. 15 Oct. 25 (quar.) Convertible preferred 10c Oct. 25 Oct. 18 Hibbard, Spencer, Bartlett & Co.(montnly) 25c Oct. 25 Oct. 18 Extra 10c Nov. 29 Nov.22 Monthly 10c Dec. 27 Dec. 20 Monthly lc Oct. 15 Sept.30 Holly Development (quar.) 557 Nov. 1 Oct. 15 Holly Sugar, preferred 550c Oct. 15 Oct. 5 Home Diary. class A Si Oct. 25 Oct. 19 Homestake Mining (monthly) $2 Oct. 25 Oct. 19 Extra 75c Oct. 12 Sept.27 Home Telep. & Telett. Co.(Ft. Wayne,Ind.)40c Nov. I Oct. 11 • Horn & Hardart of New York (quar.) 75c Oct. 15 Sept.30a Household Finance Corp..corn. A & B (quar.) 87Sic Oct. 15 Sept.30a Participating preference (quar.) 50c Nov. 1 Oct. 15 Humberstone Shoe Co.(quar.) Hussmann Ligonier Co. preferred(guar) 734c Nov. 1 Oct. 15 el% Nov. I Oct. 15 Convertible preferred (quar.) Hutchins Investing, $7 preferred h$1 Oct. 15 Oct. 10 Indiana Pipe Line Co 15c Nov. 15 Oct. 18 Extra Sc Nov. 15 Oct. 18 Illinois Northern Utilities Co -6% preferred (quarterly) $134 Nov. 1 Oct. 15 7% jr preferred (quarterly) *154 Nov. 1 Oct. 15 Imperial Chemical Industries % Nov. 9 Sept.13 Imperial Life Insurance (guar.) $354 Jan. 2 Dec. 31 Incorporated Investors (5.-a.) e234% Oct. 21 Sept. 24 International Harvester Co 15c Oct. 15 Sept. 20 International Nickel of Canada, pref. (quar.) 51M Nov. I Oct. 2 Preferred ($5 par) (quarterly) 8)1c Nov. 1 Oct. 2 International Printing Ink (quar.) 35c Nov. 1 Oct. 14 Preferred (quar.) Nov. 1 Oct. 14 51 International Products, preferred Oct. 24 Oct. 10 Investment Foundation,6% pref 513 Oct. 15 Sept.30 6% preferred (quar.) 37c Oct. 15 Sept.30 Investors Fund"C"Inc.(quar.) 50c Oct. 15 Sept.30 15fa Si Financial Chronicle 2388 Per Share Name of Company When Holders Payable of Record Iowa Electric Light & Power Co.,6% pref. C--- h75c Oct. 21 Sept. 30 634% preferred B 58131c Oct. 21 Sept. 30 7% preferred A 587 c Oct. 21 Sept. 30 Iron nreman Mfg. (guar.) Dec. 2 Nov. 9 Italian Superpower Corp.preferred Oct. 15 Oct. 1 h$2 Jamaica Water Supply Co., 734% pref. (0.-a.) - $1 Nov. 1 Oct. 11 Jewel Ter (quarterly) 7 Oct. 15 Oct. 1 Jewel Ted CO Inc 75c Oct. 15 Oct. 1 Johns-Manville 25c Oct. 15 Sept.24 Joplin Water Works Co.,6% pref.(guar.) $135 Oct. 15 Oct. 1 Kalamazoo Vegetable Parchment (guar.) 15c Dec. 30 Dec. 30 Kaufmann Dept. Stores. Inc.. common 200 Oct. 28 Oct. 10 Kentucky Utilities, preferred (guar.) $1.34 Oct. 15 Sept. 25 Keokuk Electric, 6_% preferred (quarterly) $134 Nov. 15 Nov. 9 Keystone Steel & Wire 50c Oct. 15 Oct. 1 Preferred (guar.) Oct. 15 Oct. 1 Kirkland Lake Gold Mining (initial) 3c Nov. 1 Oct. 15 Kleinert Rubber Co. (semi-annual) 10c Oct. 30 Oct. 15 Kokomo Water Works,6% preferred (guar.) $134 Nov. 1 Oct. 19 Kress (S. H.) & Co 150c Nov. 1 Oct. 10 Quarterly 25c Nov. 1 Oct. 10 Special preferred (quar.) 15c Nov. 1 Oct. 10 Kroebler Mfg. Co., 7% pref. (guar.) E131 Dec. 31 Class A preferred (guar.) $135 Dec. 31 Kroger Grocery & Baking,7% pref.(quar.) $13‘ Nov. 1 Oct. 18 Landers Frary & Clark (guar.) 3735c Dec. 31 Dec. 20 Landis Machine,7% pref. (guar.) $131 Dec. 15 Dec. 5 Lane Bryant. Inc., 7% pia. (guar.) 151% Nov. 1 Oct. 15 Lazarus(F.& R.), pref (guar.) $135 Nov. 1 Oct. 19 Lefcourt Realty, preferred 550c Oct. 15 Oct. 8 Lehigh & Wilkes-Barre Corp. (guar.) $2 Oct. 22 Oct. 12 Lerner Stores (quarterly) 50c Oct. 15 Oct. 7 634% preferred (quarterly) $14 Nov. 1 Oct. 21 Lexington Telep. Co..635% pref.(quar.) $134 Oct. 15 Sept.30 Lincoln Telep. & Teleg., 6% pref. (guar) $134 Nov. 10 Oct. 31 Link Belt 20c Dec. 1 Nov. 15 Preferred (guar.) Jan 2 Dec. 14 $1. Liquid Carbonic Corp.(guar.) Nov. 1 Oct. 17 2 Lock Joint Pipe, pref. (quar.) $2 Jan. 1 Jan. 1 Loew's Inc., preferred (quarterly) $135 Nov. 15 Oct. 31 Lone Star Gas, 634% preferred (quarterly).— $1.62 Nov. 1 Oct. 19 Loose-Wiles Biscuit Co., common 50c Nov. 1 Oct. lea Lord & Taylor Co.. 2d preferred (quarterly) $2 Nov. 11 Oct. 17 LosAngeles Gas & Electric preferred (quar.)_ $1.34 Nov. 15 Oct. 31 Louisville Gas & Electric Co.(Ky.)7% cum preferred (guar. Oct. 15 Sept.30 131 6% cum. preferred (guar. Oct. 15 Sept.30 134 5% cum preferred (quar. Oct. 15 Sept.30 1 Lunkenheimer Co.6.35%Pref. (guar.) Jan. 1 Dec. 21 MacAndrews & Forbes (guar.) nyc Oct. 15 Sept.30 Preferred (guar.) sig Oct. 15 Sept.3 Macassa Mines. Ltd Nov. 1 Oct. 15 Magma Copper Co 50c Oct. 15 Sept.30 Magnin (I.) & Co.(guar.) 1234c Oct. 15 Sept.30 Mahoning Coal RR.(guar.) $634 Nov. 1 Oct. 15 Maine Gas Cos., pref. (quar.) tar.) 2134 Oct. 15 Sept. 24 Maple Leaf Gardens. 7% preferred 35c Oct. 15 Oct. 1 Marancha Corp. (liquidating) $8 Oct. 30 Sept. 20 Marconi Internat. Marine communication ord- z w23401 Oct. 25 Oct. 1 Massachusetts Lighting,8% prof. (guar.) Sept.30 $ . 1 6% preferred (guar.) $134 Oct. 15 Sept.30 Massachusetts Utilities Assoc. pref.(guar.) 62 c Oct. 15 Sept. 20 Maytag Co., 1st preferred (quarterly) Nov. 1 Oct. 15 Cumulative preferred Nov. 1 Oct. 15 McBryde Sugar 1 Dec. 1 Nov.20 McCall Corp.. com.(guar.) 50c Nov. I Oct. 15 McClatchy Newspapers. 7% prof. (guar.) Dec. 1 Nov.30 McColl Frontenac Oil, pref. (guar.) Oct. 15 Sept.30 r$1 Merchants Sr Manufacturers Securities prof__ _ _ Oct. 15 Oct. 1 Metal & Thermit Corp. (quarterly) $1 Nov. 1 Oct. 20 Extra $I Nov. 1 Oct. 20 Metropolitan Industries Co,6% prof. (quar).... 25c Nov. 1 Oct. 21 Michigan Public Service:7% preferred $1.313 Nov. 1 Oct. 15 , 1 6% preferred .1235 Nov. 1 Oct. 15 Milwaukee Electric R.& Light Co., 6% preferred (quarterly) $135 Oct. 31 Oct. 21 Minneapolis-Honeywell Regulator Co. pt. eau.)- $135 Jan. 1 Dec. 20 Missouri River-Sioux City Bridge Co., Cumul. partic. preferred (guar.) $11i Oct. 15 Sept.30 Mohawk Hudson Power, 1st pref Nov. 1 Oct. 15 Monmouth Consol. Water Co.,7% pref.(guar.) $15i Nov. 15 Nov. 1 Monogram Pictures Corp. (quar.) 15e Nov. 1 Quarterly 15c Feb. 1 Montana Power, preferred (quarterly) S134 Nov. 1 Oct. 10 Montgomery & Erie RR.(semi-annual) 1734c Nov. 10 Oct. 31 Send-annually 17340 May 10 Apr. 30 Montreal Light, Heat & Power Coiasol.(guar.) 37c Oct. 31 Sept.30 Montreal Teleg. Co. (quarterly) 80c Oct. 15 Sept.30 Montreal Tramways (quarterly) Oct. 15 Oct. 5 $2 Moore Dry Goods (guar.) sig Jan. 1 Jan. 1 Morris (Philip) S. Co., Ltd., Inc 25c Oct. 15 Oct. 1 Morris Plan Insurance Society (guar.) $1 Dec. 1 Nov. 26 Motor Products 50c Nov. 9 Oct. 31 Mountain States Telep. & Teleg. Co.(guar.)-- $2 Oct. 15 Sept.30 Mutual Chemical Co. of 6% pref (qu.)_ $1g Dec. 28 Dec. 19 Mutual Telephone Co.(Hawaii)(monthly)_ _ Amer.. Oct. 20 Oct. 10 National Auto Fibres (guar.) 25c Nov. 1 Oct. 15 Extra 12340 Nov. 1 Oct. 15 National Bearing Metals,7% preferred (guar.). $134 Nov. 1 Oct 15 National Biscuit Co. (guar.) 40c Oct. 15 Sept. 13a National Cash Register (guar.) 1234c Oct. 15 Sept.30 National Casket (8.-a.) Nov. 15 Oct. 31 $1 Preferred (guar.) Nov.30 Nov. 18 $1 National Distillers Products Corp. (guar.) 50c Nov. 1 Oct. 15a National Fuel Gas (quar.) 25c Oct. 15 Sept. 30 National Lead. class B preferred (guar.) $134 Nov. 1 Oct. 18 National Power & Light,$6 pref.(quar.) 4135 Nov. 1 Oct. 4 National Tea, preferred (quarterly) 13SIc Nov. 1 Oct. 14 Neiman-Marcus Co.7% pref.(guar.) Dec. 1 Nov. 20 Neisner Bros., cony. preferred (guar.) Nov. 1 Oct. 15 $1 Nevada-Calif. Electric. 7% pref. (guar.) Nov. 1 Sept.30 New Bedford Gas & Edison Light (guar.) 750 Oct. 15 Sept. 26 Newberry (J. J.) Realty,635% pref. A (quar.)_ _ $135 Nov. 1 Oct. 16 6% preferred B (quarterly) $134 Nov. 1 Oct. 16 New Brunswick Telep. Co.(guar.) 1234c Oct. 15 Sept. 30 New Jersey Zinc (quarterly) 50c Nov. 9 Oct. 21 New York Telephone,635% preferred (quar.) S135 Oct. 15 Sept. 20 New York Transit Co 15c Oct. 15 Sept.20 Norfolk St Western Ry.adj. pref.(guar.) Nov. 19 Oct. 31 North American Edison Co., pref. (guar.) $1E Dec. 2 Nov. 15 North American Invest.6% preferred Oct. 20 Sept. 30 514% preferred 's912-3c Oct. 20 Sept.30 Northern Indiana Public Service Co 7% preferred 874g Oct. 14 Sept. 30 , 6% preferred Oct. 14 Sept. 30 535% preferred 68,ic Oct. 14 Sept. 30 Northern RR.Co.of N.J.4% gtd.(guar.) $1 Dec. 1 Nov. 21 Northern States Power Co.(Dol— e% cumulatiae preferred (guar. 1147 Oct. 21 Sept.30 7% cumulative preferred (guar. Oct. 21 Sept. 30 North Ont.Power & Light,8% pref.(guar.)_ _ Oct. 25 Sept.30 North River Insurance (guar.) Dec. 10 Nov.29 Extra Dec. 10 Nov. 29 Northwestern Bell Telep.,634% Pref. (quar.)_ _ $135 Oct. 15 Oct. 20 Northwestern Title Insurance (Wash.) (quar.)_ 82 Oct. 31 Oct. 31 Oahu Ry.& Land Co.(monthly) 15c Oct. 15 Oct. 10 Oahu Sugar Co.(monthly) 20c Oct. 15 Oct. 5 Ohio Brass. A & B (guar.) 250 Oct. 25 Sept.30 Preferred (quarterly) $134 Oct. 15 Sept.30 Ohio Public Service Co. 7% pref. (monthly) _ _ 58 1-3c Nov. 1 Oct. 15 50c Nov. 1 Oct. 15 67 preferred (monthly 5% preferred (monthly) 412-3c Nov. 1 Oct. 15 A 433/i 1 15. Sc Name of Company Oct. 12 1935 Per Share When I Holders Payable of Record Onomeo Sugar Co.(monthly) 20c Oct. 20 Oct. 10 Otis Elevator Co., common (guar.) 15c Oct. 15 Sept.30 Preferred (quarterly) Oct. 15 Sept.30 Owens-Illinois Glass Co., common Nov. 15 Oct. 30 Paauhau Co.(monthly) 10c Nov. 5 Oct. 30 Pacific Finance, preferred 0 (guar.) 16gc Nov. I Oct. 15 Preferred D (guar.) 1734c Nov. 1 Oct. 15 Pacific Gas & Electric (guar.) 3735c Oct. 15 Sept. 30 Pacific Lighting (quar.) 600 Nov. 15 Oct. 19 Preferred (guar.) $135 Oct. 15 Sept. 30 Pacific Public Service. cumul. 1st pref 520c Nov. 1 Oct. 15 Pacific Telephone & Telegraph, pref. (quar.) $135 Oct. 15 Sept.30 Pacific Tin Corp.(special stock) $1 Nov. 1 Package Machinery Co.7% 1st pref.(quar.)-$134 Nov. 1 Oct. 21 Pan American Airways 25c Nov. 1 Oct. 19 Parker Pen (guar.) 250 Dec. 1 Nov. 15 Quarterly 250 Mar. 1 Quarterly 250 June 1 Quarterly 250 Sept. 1 Paterson Cereals Co Oct. 1 Penmans, Ltd.(quarterly) Nov. 15 Nov. 5 Preferred (quarterly) Nov. 1 Oct. 21 Pennsylvania Power Co.. $6 preferred (quar.).... Dec. 2 Nov.20 $6.60 preferred (monthly) Nov. 1 Oct. 21 $6.60 preferred (monthly) 55c Dec. 2 Nov. 20 Pennsylvania Salt Mfg.(guar.) 75c Oct. 15 Sept.30 Pepper (Dr.) (guar.) 20c Dec. 1 Nov. 15 Petersburg RR.(s. $13( Apr. 1 Mu.. 25 -a.) Petroleum Corp. of America (resumed) 33c Oct. 31 Oct. 11 33c Oct. 31 Oct. 11 Irregular Philadelphia Co., corn. (guar.) 15c Oct. 25 Oct. 1 6% cum. pref. (5.-a.) $134 Nov. 1 Oct. 1 Philadelphia Electric (quarterly) 45c Nov. 1 Oct. 10 $5 preferred (quarterly) $134 Nov. 1 Oct. 10 Philadelphia National Insurance (8.-a.) 30c Oct. 15 Sept.26 Phillips-Jones Corp.,7% pref.(guar.) sig Nov. 1 Oct. 21 Phillips Petroleum (guar.) 26c Nov. 30 Nov. 1 Extra 250 Nov. 30 Nov. 1 Phoenix Finance Corp., 8% pref. (guar.) 50c Jan. 10 Dec. 31 Pioneer Mills Co. (monthly) 200 Nov. 1 Sept. 21 Pittsburgh Brewing $334 preferred h50c Oct 19 Oct 5 Pittsburgh Ft. Wayne & Chicago Ry.(quar.) $13i Jan. 2 Dec. 10 77 preferred (guar.) $1,1 Jan. 7 Dec. 10 Pittsburgh Youngstown & Ashtabula RR. 7% preferred (guar.) Dec. 1 Nov. 20 $1 Plymouth Cordage (guar.) Oct. 19 Sept. 26 $1 Plymouth Rubber Co., Inc., 7% pref. (guar.) - 31 Oct. 15 Sept. 26 Pollock Paper & Box Co., pref. (quar.) $14 Dec. 15 Dec. 1 Powdrell & Alexander Oct. 15 Sept.30 Power Corp.of Can., Ltd.,6% cum.pref.(qu.)_ r134 Oct. 15 Sept. 30 6% non-cum. preferred 'guar.) n35 Oct. 15 Sept.30 Premier Gold Mining (guar.) Oct. 15 Sept.13 rlc Oct. 15 Sept.13 Extra Procter & Gamble. 87. pref. (guar.) $2 Oct. 15 Sept.25a Prudential Investors. Inc., $6 pref.(guar.) $134 Oct. 15 Sept.30 Public Service Co.of Colorado,7% pref.(mo.). 58 1-30 Nov. 1 Oct. 15 50c Nov. 1 Oct. 15 6 preferred (monthly) 57, preferred (monthly) 41 2-3c Nov. 1 Oct. 15 Pub lc Service Corp.of N..1.. 8% pref.(mthly.) 50c Oct. 31 Oct. 1 Public Serv. Co.of Northern III.,6% pre.(qm.). Si 34 Nov. 1 Oct. 15 7% preferred (guar.) $1 X Nov. 1 Oct. 15 3715c Nov. 15 Oct. 24 Pullmant Inc Quaker bate (guar.) -11 Oct. 15 Oct. 1 Extra $1 Oct. 15 Oct. 1 Preferred (quar.)_ $1)4 Nov.30 Nov. 1 Quaker State Oil & Refining Corp. (guar.) 200 Oct. 15 Sept.30 R. R. Employees, A & B Sc Oct. 19 Sept. 30 8% pref. (guar.) 200 Oct. 19 Sept. 30 Rainier Pulp & Paper, class A 58135 Oct. 15 Oct. 10 Reading Co. (guar.) soe Nov. 14 Oct. 17 15c Nov. 1 Oct. 21 Reliance Mfg.(Illinois)(quer.) h$13( Oct. 15 Oct. 10 Reserve Investing,87 preferred Rex Hide Rubber (quar.) 25c Oct. 15 Sept. 30 100 Nov. 1 Oct. 11 Richmond Insurance of N. Y.(guar) Extra Sc Nov. 1 Oct. 11 Richmond, Fredericksburg & Potomac RR., Co. 7% guaranteed (semi-annually) $311 Nov. 1 Oct. 30 Nov. 1 Oct. 30 6% guaranteed (semi-annually) Rhode Island Public Service, A (guar.) Nov. 1 Oct. 15 50c Nov. 1 Oct. 15 Preferred (guar.) Is Nov. 12 Oct. 25 Roan Antelope Copper Mine (initial) 250 Oct. 15 Oct. 4 Rochester American Insurance Co.(N. Y.)...... Boos Bros., Inc. (Dellig pref. (guar.) Nov. 1 Oct. 15 Russell Motor Car preferred Nov. 1 Oct. 16 Nov. 1 Oct. 16 Preferred (guar-) Ruud Mfg. Co.(guar.) 10c Dec. 16 Dec. 6 St. Croix Papa. Co (quar.) 50c Oct. 15 Oct. 5 St. Landry Parish Louisiana Oil (monthly) 50c Nov. 1 Oct. 15 Extra 15c Nov. 1 Oct. 15 St. Louis Bridge Co.6% 1st prof. (semi-ann.) $3 Jan. 2 Dec. 15 3% 2d preferred (semi-annual) $134 Jan. 2 Dec. 15 St. Louis Rocky Mtn. & Pacific Co 25c Oct. 21 Oct. 5 Preferred (quarterly) $134 Oct. 21 Oct. 5a Salt Creek Pr ducers Association (guar.) 20c Nov. 1 Oct. 15 , San Carlos Milling Co. omonthly) 200 Oct. 14 Oct. 2 Ban Diego Control. Gas & Electric Co. pref. (qu.) Oct. 15 Sept. 30 Scott Paper Co.7% series A preferred (quar.)_ Nov. 1 Oct. 17 6% series II preferred (quar.) $134 Nov. 1 Oct. 17 Second Twin Bell Syndicate(monthly) 2CIC Oct. 16 Sept.30 Seeman Bros., Inc., common (guar.) 6234c Nov. 1 Oct. 15 Selfridge Provincial Stores 2 % Nov.30 Servel, Inc., common (initial) 1 c Dec. 2 Nov. 20a 7% cum. preferred (guar.) Jan. 2 Dec. 20a Sharp & Dohme preferred A (guar.) 87150 Nov. 1 Oct. 18 Signal Royalties Co.(Los Ang.) class A (quar.)15c Oct. 15 Oct. le) Signed° Steel Strapping preferred 589 Oct. 15 Aug. 19 Simms Petroleum Co. (liquidation) $151 Oct. 18 Oct. 11 Sioux City Stockyds. Co., 8135 part. pf. (guar.) 3735c Nov. 15 Nov. 14 Southern California Edison Co. common (qu.) 374c Nov. 15 Oct. 20 Original preferred (guar.) 43 c Oct. 15 Sept.20 535% preferred series C (guar.) 34 c Oct. 15 Sept.20 Southern California Gas 6% pref."(quar.) 3734c Oct. 15 Sept. 30 6% preferred A (guar.) 3735c Oct. 15 Sept.30 Southern Canada Power Co. 137 cum. partic. preferred (guar.) Oct. 15 Sept. 20 Southern Counties Gas (Calif.), prof.(911ar.) Oct. 15 Sept. 30 Southland Royalty (guar.) sc Oct. 15 Sept.30 South New England Telep (quar.) Oct. 15 Sept.30 $1 South Pittsburgh Water. 7% prof. (guar.) Oct. 15 Oct. 1 $1 6% preferred (quarterly) Oct. 15 Oct. 1 $1 Sheaffer(W. A.) Pen Co 500 Oct. 15 Sept. 30 Spicer Mfg. $3 preferred (guar.) 75c Oct. 15 Oct. 4 Square D Co., preferred A Oct. 30 Stamford Gas & Elec. Co. (Conn.) (guar.) $234 Oct. 15 Sept. 30 Standard Cap & Seal (guar.) 60c Nov. I Oct. 4 Standard Coosa-Thatcher 77 preferred (guar.) $134 Oct. 15 Oct. 15 Standard Fire Insurance of N. J.(guar.) 50c Oct. 23 Oct. 16 Standard Oil Co.(Ohio). 5% preferred $13( Oct. 15 Sept. 30 Standard Oil Trust Shares series B (bearer) Oct. 15 9.8c Series A registered 6c Oct. 15 Sept. 30 Standard Utilities, Inc.. common Oct. 15 Oct. 1 Oct. 15 Sept.19 Standard Wholesale Phosphate & Acid (qu.)_ _ _ Stanley Works. 6% preferred (guar.) 3735c Nov. 15 Nov. 2 State Street Investment (guar.) 40c Oct. 15 Sept.30 r4334c Nov. 1 Oct. 7 Steel Co. of Canada (guar.) r43540 Nov. 1 Oct. 7 Preferred (guar.) Suburban Electric Securities 6% 1st pref 5134 Nov. 1 Oct. 15 Superheater Co. (guar.) 1234c Oct. 15 Oct. 5 Supervised Shares, Inc. (guar.) 1.30 Oct. 15 Sept.30 10c Oct. 3110ct. 21 Sutherland Paper (hi-monthly) 100 Oct. 31 Oct. 21 Extra 134a $13., si. 55c $1.41 1111 2389 Financial Chronicle Volume 141 Per Share Name of Company Tacony-Palmyra Bridge,7 % pref. (quar.)_-- $1% Telautograph Corp 15c Telephone Investment Corp. (monthly) 25c 15c Tex-O-Kan Flour (quar.) Quarterly 15c Thatcher Mfg. preferred (guar.) 90c 10c Third Twin Bell Syndicate (bi-monthly) Thompson Products preferred (quar.) $19t Toledo Edison Co.,7% preferred (monthly) - 58 1-3c 50c . 6% preferred (monthly) 5% preferred (monthly) 41 2-3c Tom Moore Distillery 124c Extra $I Toronto Elevators preferred (quar.) Towle Mfg.Co.(quar.) $1 Tuckett Tobacco preferred (quar.) $1 Twin Bell Oil Syndicate (monthly) $2 United Biscuit of America. Preferred (quay.).... $1% United Bond & Share, Ltd.(guar.) 20c United Fruit Co 75c United Gold Equities of Canada,std. abs.(Ou.)- 2;ic United Investment Shares, series A z$1.26 Series 0 41.51 United Investors Realty A c United Profit Sharing preferred(. 13 -11.)---United Securities (quay.) 50c United States Petroleum (s. lc -a.) United States Pipe & Fdy Co., corn. (quar.)... 1234c Common (quay.) 12c 1st preferred (quar.) 1st preferred (quar.) 30c United States Smeltaig Refg. & Min. Co $2 Preferred (quar.) 87 United Verde Extension Mining Co 1 Universal Leaf Tobacco Co., Inc.(quar.) Upper Michigan Power & Lt. Co.,6% pf. $134 6% preferred (quar.) $1 Utah Power & Light, $7 preferred 58 1-3c $6 preferred 50c Utica Obenango & Susquehanna Vail.RR.(5.-a.) $3 Utica Clinton & Binghamton Ry.— $2% Debenture stock (s. -a.) Van Zandt Co. Texas Oil(monthly) 500 150 Extra % Vulcan Detinning, pref. (guar.) .25c Wagner Electric Corp.common c40c Walgreen Co /41 Walker Mfg.$3 preferred 2 Warren Foundry & Pipe Warren RR.,guaranteed (semi-ann.) Washington Ry. & Electric Co.5% pref. (ciu.)- $1 $2 5% preferred (11.-11.) 50c Western Grocers, Ltd.(quer.) Preferred (quarterly) 19(% Western Light & Telephone Co., pref.(qu.) When Holders Payable of Record Nov. 1 Oct. 10 Nov. 1 Oct. 15 Nov. 11 Oct. 20 Jan. 2 Dec. 14 Apr. 2 MrI4 '36 Nov. 15 Oct. 31 Oct. 30 Oct. 28 Dec. 1 Nov. 25 Nov. 1 Oct. 15 Nov. 1 Oct. 15 Nov. 1 Oct. 15 Oct. 15 Oct. 1 Oct. 15 Oct. 1 Oct. 15 Oct. 1 Oct. 15 Sept. 8 Oct. 15 Sept.30 Nov. 5 Oct. 30 Nov. 1 Oct. 15 Oct. 15 Sept. 28 Oct. 15 Sept. 19 Oct. 15 Oct. 5 Oct. 15 Sept. 30 Oct. 15 Sept.30 Oct. 15 Sept.30 Oct. 31 Sept.30 Oct. 15 Sept.26 Dec. 15 Dec. 5 Oct. 20 Sept. 30 Jan. 20 Dec. 31 Oct. 20 Sept. 30 Jan. 20 Dec. 31 Oct. 15 Oct. 3 Oct. 15 Oct. 3 Nov. Oct. 4a Nov. 1 Oct. 16 Nov. 1 Oct. 31 Feb. 1 Jan. 31 Oct. 2 Sept.30 Oct. 2 Sept.30 Nov. 1 Oct. 15 Dec. 26 Dec. 16 Nov. 1 Oct. 15 Nov. 1 Oct. 15 Oct. 19 Oct. 10 Oct. 18 Sept.30 Nov. 1 Oct. 15 Nov. 1 Oct. 21 Nov. 1 Oct. 15 Oct. 15 Oct. 4 Dec. 1 Nov. 15 Dec. 1 Nov. 15 Oct. 15 Sept.20 Oct. 15 Sept. 20 Oct. 25 Oct. 15 Per Share Name of Company Western Power Corp.7% preferred (quay.) Westinghouse Air Brake Co.(quar.) West Jersey & Seashore RR.(8.-a.) Westland Oil Royalty Co.. class A (mo.) Class A (monthly) When Holders Payable of Record 21%; 12%c $159 10c 100 200 $19( $1 Oct. 15 Sept. 30 Oct. 31 Sept. 30 Jan. 1 Dec. 14 Oct. 16 Sept.30 Nov. 16 Oct. 30 Nov. 1 Nov. 1 Nov 15 Oct. 18 Nov. 15 Oct. 15 Nov. 1 Oct. 4 Nov. 1 Oct. 4 Oct. 15 Oct. 1 Nov. 15 Nov. 1 Dec. 2 Nov. 15 Nov. 1 Oct. 15 Oct. 15 Sept. 30 Oct. 31 Oct. 19 Nov. 1 Oct. 19 Dec. 2 Nov. 20 Jan. 2 Dec. 20 Feb. 1 Jan. 20 Mar 2 Feb 20 Apr. 1 Mar. 20 Oct. 31 Oct. 21 Oct. 15 Westminster Paper Co.(semi-ann.) West Penn Electric. 7% cum. pref. (quar.) _ _ 6% cumulative preferred (quar.) West Penn Power Co.,7% cum.pref.(quar.)... 114 6% cum. preferred (quar.) Wichita Water Co.,7% pref.(quar.) $1 10c Will & Baumer Candle Co.. Inc 1234c Wilson & Co., Inc.. common $1 $6 preferred (quar.) Wisconsin Gas & Electric Co.6% pref.(quar.)_ _ $131 Wisconsin Telephone Co. preferred (quar.) $1 X 250 Wrigley (Wm.) Jr. Co. (monthly) Monthly 25c Monthly 25c 25c Monthly Monthly c25c 25c Monthly 62c York Railways preferred (quar.) Zions Cooperative Mercantile Ins. (quar.) a Transfer books not closed for this dividend c The following corrections have been made: Cleveland El. Ill. pref. div. payable Dec. 1; previously reported as Oct. 1. Columbia G.& E. Corp. coin. div. of 20c. previously reported as 25c. Walgreen Co. div. payable Nov. 1. previously reported as Nov. 11. Wrigley (Wm.)Jr. Co., Mar. div. payable Mar. 2, previously reported as Mar. 1. e Payable In stock. f Payable in common stock. g Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock. n Amer. Cities P. & S. Corp. div. of 1-32 of one sh. el. B stk., or at the opt.fot the holders, 750. cash. Notice must be received by the Corp. within 10 daye after the record date of holders desire to receive cash. Distillers & Brewers Corp. of America make a distribution of one share Delmont Holding Co. stock for each share Distillers & Brewers stock held. r Payable in Canadian funds, and in the case of non-residents of Canada a deduction of a tax of 5% of the amount of such dividend will be made. s Stockholders of Square D Co. approved a plan to pay off accrued dividends of $6.8754 a share on class A preferred stock by the issuance ofa new share of Class A preferred stock for each $29.50 of accrued dividends. t Payable in special preferred stock. u Payable in U. S.funds. o A unit. to Less depositary expenses. z Less tax. y A deduction has been made for expenses. z Per 100 shares Weekly Return of the New York City Clearing House Condition of the Federal Reserve Bank of New York The weekly statement issued by the New York City Clearing House is given in full below: The following shows the condition of the Federal Reserve Bank of New York at the close of business Oct. 9 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, OCT. 5 1935 Clearing House Members Surplus and Undivided • Capital Net Demand Deposes* Average Profits Time Deposits, Average Totals $ 6,000,000 20,000,000 127,500,000 20,000,000 90,000,000 32,935,000 21,000,000 15,000,000 10,000,000 50,000.000 4,000,000 150,270.000 500.000 25,000,000 10,000,000 5,000,000 12,500,000 7,000,000 8,250,000 $ $ 10,564,300 138,544,000 25,431,700 366,185,000 41,898,100 a1,315,394.000 48,725,100 427,143,000 177,067,100 51,312,842,000 10,297,500 387,229,000 61,523,900 701,695,000 16,538,000 209,335,000 463,381,000 90,301,700 487,081,000 57,918,100 42,362,000 3,689,000 70,850,900 c1,683,981,000 45,354,000 3,438,900 63,316,100 d786,128,000 7.957,900 15,748,000 7,789,700 73,568,000 21,361,500 299,237,000 7,682,400 67,978,000 5,272,500 72,665,000 $ 5,755,000 32,317,000 149,703,000 22,956,000 44,138,000 81,669,000 18.047,000 20,334,000 4,296,000 973,000 2,899,000 51,683,000 Pi t 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 Exch. 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'i Nat. Bk. & Tr_ Pub. Nat. Bk.& Tr. Co_ 731.624.400 8.895.850.000 549.314.000 9.15 ()00 51,599,000 265,000 3,383,000 18,755,000 1,649,000 39,093,000 •As per official reports: National, June 29 1935; State. June 29 1935; trust companies, June 29 1935. Includes deposits in foreign branches: a $211,609,000; b $68,903,000; c $63,864,000; d $24,087,000. The New York "Times" publishes regularly each week returns of a number of banks and trust companies which are not members of the New York Clearing House. The following are the figures for the week ended Oct. 4: INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING OF BUSINESS FOR THE WEEK ENDED FRIDAY, OCT. 4 1935 NATIONAL AND STATE RANKS—AVERAGE FIGURES Other Cash, Ass. Dep., Dep. Other Loans, Dec. and Including N. Y. and Banks and Investments Bate Notes ;pewter." Trust Co.,. Manhattan— $ Grace National Trade Bank of N.Y $ $ 22,917,900 4,801,156 75,300 195,426 3,081,200 840,409 4.496.000 82.000 1.034.000 $ Gross Deposes $ 1,378,200 23.931,100 110.699 4,232,029 Brooklyn— People's National_ __ 394.000 5.528.000 TRUST COMPANIES—AVERAGE FIGURES Loans, Dec. and Investments Manhattan-Empire Federation Fiduciary Fulton Lawyers County.... United States Brooklyn— Brooklyn Ulnae nullity $ Cash $ Res. Dep., Dep. Other N. Y. and Banks and Elsewhere Trust Cos. $ $ Gross Deposes $ 47,204,000 *10,558.900 8,432,300 571,791 6,914,485 109,078 704,308 10,432,205 •558,815 19,432,600 .3.079,100 1,104.600 28.567,300 *8,022,900 1,256,100 57,109,723 32,808,511 19,645,592 2,618,300 57.643,600 2,445,787 8,299,782 57,142 9,769,125 571,300 19,667,400 35.591,800 80,789,916 2,761.000 33,577,000 2.339.263 6.011.618 127,000 106,972,000 33.694.161 78.347,000 29.123.888 * Includes amount with Federal Reserve as follows: Empire, $9,400,800; Fiduciary. $305,550; Fulton, $2,873,100; Lawyers County. $7,327,400. Oct. 9 1935 I Oct. 2 1935 Oct. 18 1934 Assets— Gold oertificates on hand and due from 2,782,273,000 2,802,571,000 1,721,263,000 U. S. Treasury_x 1,377,000 1,227,000 1,315,000 Redemption fund—F. R. notes 49,828.000 45,994,000 44.357.000 Other cash* Total reserves Redemption fund—F. R. bank notes_ Bills discounted: 2,829,494,000 2,848,243,000 1,772,468,000 1,647,000 Secured by U. S. Govt. obligations direct & (or)fully guaranteed 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. 2,693,000 4,518,000 3,23(1,000 4.350.000 1.817,000 5,044,000 7,211,000 7,586,000 6,861,000 1,801,000 7,301,000 1,804,000 7,303,000 2,166,000 286,000 79,866,000 484,846,000 179,605,000 79,866,000 516,181,00 148,270.000 140,957,000 448,075,000 188,723.000 744,317,000 744,317.000 777,755,000 760,630,000 761,010,000 787,068,000 256,000 6,914,000 111,521,000 12,029,000 30,618,000 254,000 7.630.000 129,561.000 12,029,000 30,277,000 402,000 3,290.000 102,515,000 11,480,000 39,863,000 Other securities Foreign loans on gold Total bills and securities Gold held abroad Due from foreign banks F. R. notes of other banks Uncollected items Bank premises All other assets Total assets 3,751,462,000 3,789.004,000 2,720,733,000 Ltabilittss— 754,297,000 757,254,000 659,979,000 F. R. notes in actual circulation 28.653,000 F. R.bank notes in actual circulation net Deposits--Member bank reserve &eel— 2,574,189,000 2,588,073,000 1,665,865,000 22,892,000 32,161,000 30,681,000 U. S. Treasurer—General account__ 2,601,000 6,150,000 6,011,000 Foreign bank 153,063,000 150,576,000 110,940,000 Other deposits Total deposits Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13b) Reserve for contingencies All other liabilities 2,764,083,000 2.776.821.000 1,802,388,000 99,768,000 109,172,000 131,1933,000 59,609,000 50,986,000 50,998,000 45,217,000 49,964,000 49,964,000 7,250,000 7,250,000 4.737.000 7.500,000 7,500,000 20,382,000 8,019,000 8,210,000 Total liabilities 3,751,462,000 3,789,004,000 2,728,733,000 Ratio of total reserves to deposit and 72 0 „ , F. R. note liabilities combined 80.4% 80.6% Contingent liability on bills purchased 133,000 for foreign correspondents Commitments to make Industrial advances 24,000 9,660,000 9,668,000 •"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. x These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100 cents to 59.06 cents, these certificates being worth less to the extent of the difference; the difference itself having been appropriated as profit by the Treasure under the provisions of the Gold Reserve Act of 1934. Financial Chronicle Oct. 12 1935 Weekly Return of the Board of Governors of the Federal Reserve System The following is issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Oct. 10, showing the condition of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents and the Federal Reserve banks. The comments of the Board of Governors of the Federal Reserve System upon the returns for the latest week appear in our department of "Current Events and Discussions." COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OC Y. 9 1935 On. 9 1935 Oct. 2 1935 Sept. 25 1935 Sept. 18 1935 Sept. 11 1935 Sept. 4 1935 Aug. 28 19351 Aup. 21 1935 Oct. 10 1934 3 ASSETS 5 5 3 $ $ 5 $ $ Gold ctfs. on hand & due from U.S.Treas.1 6,725,656,000 6,634,653,000 6,551.132,000 6,551,132,000 6,536,039.000 6,481.634,000 6,482.231,000 6,441,513,000 4,960,596,000 20,031,000 20,503,000 20,407.000 19,660,000 20,705,000 19,250,000 Redemption fund (F. R. notes) 20.047,000 21,210,000 21,158,000 227.124,000 227,630,000 204,633,000 207,251,000 206,946,000 223,585,000 218,048,000 217,951,000 206,401,000 Other cash • 6,952,157,000 6.861,259.000 6.794.748,000 6,789,683,000 6,775,200,000 6,708,082.000 6,729,762,000 6,689,848,000 5,186,387,000 Total reserves Redemption fund-F,R. bank notes Bills discounted: Secured by U. S. Govt. obligations direct and(or) fully guaranteed Other bills discounted 1,897,000 .4,890,000 *4,657,000 4,703,000 4,935,000 6,071,000 5,106,000 6.088,000 4,620,000 5,423,000 3.986,000 10,489.000 0,547,000 9,638,000 11,177,000 10,708,000 4,689,000 30,070,000 4,688,000 30,132,000 4,682,000 30,230,000 4,685,000 29.550,000 4,685.000 29,430,000 5,311,000 5,178,000 9,587,000 4,686,000 72,721,000 Total bills discounted Bills bought In open market Industrial advances 4,150,000 5,437,000 3,646,000 3,460,000 4,130,000 7,909,000 9.409,000 7,106,000 12,039,000 4,685,000 29,447,000 4,695,000 29,284,000 5,809,000 3,708,000 238,954,000 233,962,000 238,946,000 238.978.000 266,561,000 290.230,000 290.316,000 290,255,000 395,607,000 1,636,574,000 1,679,569,000 1,687,969,000 1,692,227,000 1,642,418,000 1,622,752,000 1,618,354,000 1,602,284,000 1,411,708,000 554,681,000 511.681.000 503,281.000 499,068,000 521,231,000 517,231,000 521,661,000 537,701,000 622,887,000 U.S. Government securities-Bonds Treasury notes Certificates and bills 2,430,209,000 2,430,212,000 2,430,190,000 2,430,273,000 2,430,210.000 2,430,213,000 2,430,331,000 2,430,240,000 2,430,202,000 Total U. B. Government seCurItlee 181,000 Other securities Foreign loans on gold 302,000 2,477,384,000 2,475,460,000 2,474,563,000 2,474,823,000 2,475,622.000 2,475,038,000 2,473,872,000 2,471,325,000 2,452,060,000 Total bills and eecurltles Gold held abroad Due from foreign banks Federal Reserve notes of other banks_ Uncollected items Bank premises All other assets 639,000 21,864,000 475,590,000 50,121,000 44,254,000 638.000 22,564,000 542,725,000 50.074,000 42,492,000 643,000 638,000 22,119,000 20.369,000 507,143,000 619.461,000 50,074,000 50,071,000 43,061.000 42,473,000 639,000 18,077.000 504.445,000 50,017,000 49,127,000 640,000 17,077,000 493,980,000 49,999.000 47,276,000 640,000 21.196,000 443,265,000 49,966,000 46,350,000 628,000 18,490,000 479,811,000 49,966,000 45,040,000 1,071,000 19,572,000 427,662,000 52,931,000 55,390,000 10022,009,000 9,995,212,000 9,891,758,000 9 .998,111,000 9 873.127,000 9,792,090,000 9.765,051,000 9.755,108,000 8,196,970,000 . Total assets LlABI:ITIES F. R. notes In actual circulation F. It. bank note, In actual circulation__ 3,498,789,000 3,481,907,000 3,430,168,000 3.426,791,000 3,422.834,000 3,413,933,000 3,352,057,000 3,310,983,000 3,184,558,000 29,664,000 Depoelts-Member banks' reserve account 5,320.807,000 5,223,616,000 5,235.730.000 5,136,134,000 5.388,277,000 5,228.147,000 5,346,437,000 5,291,497,000 3,978,521,000 90,841,000 112,231,000 224,496,000 60,327,000 51,387,000 U.S. Treasurer-General account__ 53,724,000 49,877,000 27,337,000 103,062,000 14,826,000 14,687,000 7,799,000 21,451,000 19,108,000 Foreign bank! 22.802,000 19,122,000 19,859,000 18,581,000 298,059,000 291.675.000 240,109,000 225,299,000 167.635,000 173,287,000 193,429,000 207,161,000 175,232,000 Other deposits 5,703,019,000 5,620,819,000 5,609,521,000 5,605,037,000 5,601,830,000 5,524,355,000 5,608,865,000 5,575,184,000 4,212,939,000 Total depoidts 475,791,000 130,518,000 144,893,000 23,457,000 30,694,000 14,848,000 Deferred availability items Capital paid in Surplus (Sectior 7) Surplus (Section 13-B) Reserve for contingencies All other liabilities 549.267.000 13 0.522,000 141,893,000 23.457.000 30,694,000 13,653,000 508,593,000 130.931,000 144,893,000 23,164,000 30,694,000 13,794,000 623.209.000 131,586,000 144,893,000 23,164,000 30,694.000 12,737,000 501,271,000 134,046,000 144,893,000 23,164,000 30,778,000 14,311,000 75.6% Commitments to make industrial advances 26.859,000 26.748,000 26,892,000 a26.840.000 26.538,000 $ 7,617,000 210,000 748,000 849,000 163,000 3 8,416,000 380,000 761,000 845,000 87.000 5 7,508,000 340,000 303,000 1.325,000 71,000 S 7,887,000 332,000 1,233,000 129,000 57,000 $ 9,698,000 203,000 519,000 702,000 55.000 9.587,000 10,489,000 9,547.000 9,638.000 616,000 2.789,000 845,000 436,000 444,000 1,435,000 653,000 2,157,000 280,000 572.000 1,603.000 2,233,000 1,648,000 499,000 1.452,000 1,083,000 4,686,000 4,689.000 4.688,000 1.794,000 320,000 531,000 688,000 29,388,000 2,697,000 632,000 402,000 645.000 25,964,000 2,364,000 572.000 464,000 738.000 25.994,000 32,721,000 30.070,000 30,132,000 Maturity Distribution of Bills and Short-term Securities1-15 days bills discounted 16-30 days bills dlecounted 31-60 days hills discounted 61-90 days bills discounted Over 90 days bills discounted Total bills discounted 1-15 days bl Is bought In open market 16-30 days bids bought In open market 31-60 days bills bought in open market 01-90 days bills bought In open market Over 90 days bills bought In open market Total bills bough In open market Total industrial advances 447.201,000 146,741,000 144,893,000 22,621,000 30,775,000 11,898,000 483,442.000 146,730,000 144,893,000 22,621,000 30,776,000 10,479,000 432,822,000 146,699,000 138,383,000 22,289,000 29.616,000 10022,009,000 9.995,212,000 9,891,758,000 9,998,111,000 9.873,127,000 9.792,090.000 9,765,051,000 9.755,108.000 8,196,970,000 Total liabilities Ratio of total reserves to deposits and F. R. note liabilities combined Contingent liability on bills purchased for foreign correspondents 1-15 days Industrial advances 10-30 days industrial advances 31-60 days industrial advances 1-90 days industrial advances Over 90 days Industrial advances 498,126,000 144,663,000 144,893,000 22,824.000 30.777,000 12,519,000 75.4% 75.2% 75.2% 75.1% 75.0% 75.1% 75.0% 70.1% 611,000 26,619.000 a 26,303,000 24,781.000 1,809,000 $ 9.145,000 284,000 496,000 712,000 71,000 3 7,025,000 916,000 564,000 776,000 128.000 $ 5,404,000 777,000 • 392,000 385,000 14 3.000 , 11.177,000 10,708,000 9,409,000 7,106,000 • 9,514,000 351,000 969,000 1,149,000 56,000 12,039,000 2,092,000 221.000 513.000 1,859,000 698,000 1,571,000 470,000 1.946,000 898,000 2,036,000 502,000 1.249,000 1,474,000 695,000 1,660,000 866,000 3,917,000 413,000 1,254,000 225,000 4,682,000 4.685,000 4,685,000 4,685,000 4,095,000 5,809,000 1,556,000 1,317,000 505.000 1,645,000 26.207.000 1.264.000 1,282,000 797.000 648,000 25,559.000 1,367.000 464,000 1,607,000 631,000 25.361,000 1,331,000 188,000 1.732.000 527,000 25,669,000 1,270,000 275,000 1,678.000 508.000 25.553,000 18,000 8.000 102,000 83,000 3,497,000 30,230,000 29,550,000 29.430,000 29,447,000 29.284,000 3,708,000 30,800,000 30,600.000 31.537.000 34.445,000 24,930,000 33,078,000 20,163,000 31.870,000 27,963,000 1-15 days U. S. Government securities_ 27,512,000 33,439,000 35,560.000 27,463,000 38,690,000 20,163,000 28.925,000 27,600,000 30,800,000 16-30 days U. S. Government securities_ 50,860,000 47,360,000 48,085.000 36,425,000 55,310,000 85,370,000 105,333,000 112,318,000 109,576,000 31-60 days U. S. Government securities 51,300,000229,925,000 146,360,000 163.310,000 162,180,000 132,923,000 35,985.000 43,860,000 53.010,000 61-90 days U. S. Government securities Over 90 days U.S. Government securities- 2.165,169,000 2,148,945,000 2,154.992,000 2,191,678,000 2,236.267,000 2.230.057,000 2,229,635.000 2.217,271,000 284,769,000 Total U.S. Government securities 1-15 days other securities 16-30 days other securities 31-60 days other securities 61-90 days other securities Over 90 days other securities Total other securities Federal Reserve Notes Issued to F. R. Bank by F. It. Agent Held by :Federal Reserve Bank 2,430,209,000 2,430,212,000 2.430.196,000 2,430,273,000 2.430,210,000 2.4304213.000 2,430,331,000 2,430,240,000 622,687,000 b302,000 181,000 181,000 1,302,000 • 3.792,283,000 3,758.512.000 3,728.120,000 3,718.559,000 3,719,110,000 3,668,840,000 3,631,472,000 3,616,100.000 3,471,589,000 293,494,000 276,605,000 297,952,000 291,768,000 296,276,000 254.907,000 279,415,000 275,117.000 287,031,000 3,498,789.000 3,481,007,0003,430.108,000 3,426,791,000 3.422.834,000 3,413,933,000 3,352.057,000 31349.983.000 3,184,558,000 In actual circulation Collates al Held Si' Agent as Security for Notes Issued to Bank Gold ars. on nand & due from U.S.Treas. 3,658.018,000 3,620.588,000 3,599.588,000 3,569.768,000 3,553,548.000 3,489,438,000 3,436,984,000 3,443,914,000 3.194,416,000 5,638,000 8,190,000 8,131,000 8,091,000 7.940.000 9,026,000 8.182,000 9,247,000 9,716.000 By eligible paper 160,900,000 173,900,000 162.900,000 169,400.000 187,900,000 209,400,000 218,500,000 207,000.000 292,400,000 U. B. Government securities Total collateral 3.827.049.000 3.803.511.000 3.770.579.000 3.747.350.000.3.751.164.000 3.708.085.000 3,663,424,000 3,650,552.000 3,495,006,009 •"Other cash" does not include Federal Reserve notes. •Revised figures. b MunicIpa warrants. These are certificates given by the C. S. Treasury tor toe gold taken over from the Reserve banks when the dollar WM devalued from 100 cents to 59.06 cents an Jan. 31 1934, Mese certificates being worth less to sae extent of Me difference, the difference itself having been appropriated as profit by tile Treasury under ins provLslolie 01 the Gold Reserve 551 of 1934. 2391 Financial Chronicle Volume 141 Weekly Return of the Board of Governors of the Federal Reserve System (Concluded) WEEKLY STKI EsIENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT.9 1935 . Two Ciphers (00) Omitted Federal Reserve Bank of- Boston Total Atlanta Cleveland Richmond Phila. New York Si. Louis ittnneap. Kan. City Chicago San Pran, Dallas $ $ $ $ $ $ $ $ $ RESOURCES $ $ $ $ Gold certificates on hand and due from U. 8. Treasury 6,725,656,0 428,102,0 2,782,273,0 390,788,0 451,925,0 216,470,0 165,560,0 1,234,457,0 207,695,0 141,749,0 192,347,0 110,943,0 403,347,0 770,0 3,368,0 1,123,0 952,0 421,0 999,0 19,250,0 3,347,0 1,227,0 1,678,0 1,067,0 1,413,0 2,885,0 Redemption fund-F.R. notes., 25,568,0 10,670,0 10,187,0 12,464,0 5,290,0 12,302,0 45,994,0 28,612,0 10,386,0 9,260,0 8,009,0 Onset cash_• 207,251,0 28,509,0 Total reserves 6,952,157,0 459,958,0 2,829,494,0 421,078,0 463,378,0 227,143,0 176,454,0 1,261,148,0 219,317,0 152,357,0 205,810,0 117,003,0 419,017,0 Bills discounted. 110,0 113,0 122,0 54,0 5,0 180,0 201,0 2,693,0 186,0 See. by U. S. Govt. obligations 486,0 4,150,0 direct& (or)fully guaranteed 395,0 46,0 282,0 54,0 35,0 21,0 60,0 Other bills discounted 9,0 4,518,0 17.0 5,437,0 54,0 495,0 7,211,0 203,0 201,0 261,0 1,801,0 7,301,0 475,0 6,929,0 445,0 1,788,0 173,0 4,510,0 169,0 1,079,0 Total bills discounted 9,587,0 Total bills and securities 404,0 508,0 156,0 64,0 2,148,0 127,0 1,103,0 122,0 1,840,0 328,0 818,0 79,866,0 16,348,0 19,070,0 10,209,0 8,254,0 484,846,0 122,403,0 150,805,0 80,731,0 65,164,0 179,605,0 38.369,0 48,150,0 25,776,0 20,805,0 25,623,0 9,420,0 12,975,0 9,514,0 15,815,0 17,435,0 243,830,0 74,995,0 47,588,0 73,775,0 45,979,0 137,875,0 86,236,0 23,785,0 15,029,0 23,555,0 14,681,0 44,021,0 744,317,0 177,120,0 218,025,0 116,716,0 94,223,0 355,689,0 108,200,0 75,592,0 106,844,0 76,475,0 199,331,0 181,0 2,477,384.0 161,370,0 760,630,0 184,727,0 220,459,0 121,660,0 95,503,0 358,145,0 108,787,0 77,863,0 108,659,0 76,945,0 200,633,0 48,0 639,0 21,864,0 351,0 475,590,0 46,632,0 50,121,0 3,168,0 44,254,0 551,0 24,0 23,0 60,0 256,0 66,0 6,914,0 926,0 1,892,0 1,524,0 1,504,0 111,521,0 36,065,0 43,514,0 41,943,0 18,757,0 12,029,0 4,754,0 6,632,0 3,028.0 2,331,0 30,618,0 4,885,0 1,604,0 1,130,0 1,568,0 16,0 45.0 4,0 3,0 17,0 77,0 261,0 2,988,0 2,087,0 1,022,0 1,097,0 1,298,0 61,273,0 24.789,0 16,673,0 28,936,0 20,696,0 24,786,0 4,967,0 2,628,0 1,580,0 3,449,0 1,686,0 3,869,0 457,0 476,0 293,0 893,0 685,0 1,094,0 Total U.6. Govt. securities, 2,430,209,0 157,677,0 Other securities 181,0 Due from foreign banks__ Fed. Rea. notes of other banks Uncollected items Bank premises Ali other resources 557,0 1,899,0 59,0 80,0 453,0 35,0 Bills bought In open market_ . __ 345,0 4,686,0 Industrial advauces 32,721,0 2,853,0 U. S. Government securities: Bonds 238,954,0 14,425,0 Treasury notes 1,636,574,0 108,583,0 Certificates and bills 554.681,0 34,669,0 10022009,0 672,078,0 3,751,462,0 652,501,0 737,539,0 396,452,0 296,143,0 1,688,387,0 357,641,0 250,049,0 348,462,0 219,500,0 651,795,0 Total resources LIABILITIES F. R. notes in actual circulation_ 3 498 789 0 300 275 0 . . . . . 754 297,0 253,044,0 334,162,0 172,757,0 148,479,0 . 814,458,0 148,942,0 106,938,0 134,356,0 66,674,0 264,407,0 Deposits: Member bank reserve account_ 5,329,807,0 295,157,0 2,574,189,0 261.197,0 321,729,0 161,719,0 107,857,0 U. S. Treasurer-Gen. twit_ 30.681,0 1,448,0 3,410,0 4,606,0 2,474,0 60,327,0 2,050,0 494,0 Foreign bank 508,0 6,150,0 1,359,0 1,305,0 14,826,0 989,0 Other depdalts 298,059,0 2,646,0 153,063,0 69,543,0 2,195,0 1,810,0 5,809,0 755,948,0 160,480,0 108,513,0 170,764,0 103,392,0 308.862,0 2,791,0 1,861,0 2,295,0 2,864,0 3,020,0 2,827,0 1,593,0 368,0 357,0 961,0 412,0 330,0 6,389,0 10.531,0 6,138,0 2,326,0 12,799,0 24,810.0 5,703,019.0 300,842,0 2,764,083,0 333,547,0 328,639,0 168,643,0 116,634,0 766,721,0 173,284,0 117,276,0 176,322,0 119,568,0 337,460,0 109,172,0 33,758,0 43,578,0 40,287,0 17,685,0 50,986,0 12,303,0 12,331,0 4,601,0 4,169,0 49,964,0 13,470,0 14,371,0 5,186,0 5,540,0 754.0 7,250,0 2,098,0 1,007,0 3,335,0 7,500,0 2,995,0 3,000,0 1,411,0 2,517,0 365,0 232,0 451,0 8,210,0 1,286,0 64,629,0 25,152,0 16,981,0 28,086,0 22,814,0 26,841,0 12,072,0 3,730,0 3,003,0 3,889,0 3,796,0 10,203,0 21,350,0 4,655,0 3,420,0 3,613,0 3.777,0 9,645,0 804,0 1,391,0 547,0 1,003,0 1,142,0 1,252,0 5,325,0 891,0 1,169,0 832,0 1,363.0 2,043,0 256,0 392,0 2,441,0 440,0 259,0 222,0 Total deposits Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13-b) Reserve for contingencies 111 other liabilities 475,791,0 46,808,0 130,518,0 9,435,0 144,893,0 9,902,0 23,457,0 2,874,0 30,694,0 1,648,0 14,848,0 294,0 Total liabilities 10022009,0 672,078,0 3,751,462,0 652,501,0 737,539,0 396,452,0 296,113,0 1,688,387,0 357,641,0 250,049,0 348,462,0 219,500,0 651,795,0 • Ratio of total res. to dep.& F. R. note liabilities coseblned 68.1 69.1 79.8 66.2 62.8 66.6 68.0 76.5 69.9 66.5 75.6 80.4 71.8 Contingent liability on bills purchased tor for'n correspondents Committmenta to make Industrial advances 143,0 1,303,0 598,0 4,268,1 501,0 519,0 1.987,0 26,859,0 3,398,0 9,660,0 857,0 1,754,0 1,871,0 •"Other Cash' does not Include Federal Reserve notes. FEDERAL RESERVE NOTE STATEMENT Two Ciphers (00) Omitted Federal Reserve Agent at- Total Boston New York Cleveland Richmond Atlanta Phila, Chicago St. Lends Minn/tap. Kan. City Dallas San Fran Federal Reserve notes: $ 3 Issued to F.R.Bk.by F.R.Agt_ 3,792,283,0 328,407,0 Held by Fed'i Reserve Bank___ 293,494,0 28,132,0 $ $ 6 $ $ 866,046,0 264,803,0 350,471,0 182,627,0 166,521,0 111,749,0 11,759,0 16,309,0 9,870,0 20.042,0 a 6 .$ $ $ $ 850,144,0 156.118,0 111.597,0 142,810,0 72.286,0 298,453,0 35,686,0 7,176,0 4,659,0 8,454,0 5,612,0 34,046,0 In actual cireulation 3.498.789,0 300,275,0 Collateral held by Agent as serially for notes Issued to tks: Gold certificates on hand and due from U. S. Treasury 3,658,018,0 331,617,0 Eligible paper 8,131.0 495,0 U. 8. Government secur1ties_ 160,900,0 754,297,0 253,044,0 334,162,0 172,757,0 148,479,0 814,458,0 148,942,0 106,938,0 134.356,0 66.674,0 264,407,0 863,706,0 265,000,0 331,440,0 163,000,0 115,685.0 35,0 5,759.0 261,0 203,0 201,0 20,000,0 20,000,0 55,000.0 861,000,0 147,632,0 103,500,0 126,000,0 68,175.0 281,263,0 508,0 156,0 54,0 57,0 402,0 10,000,0 9,400,0 18,000,0 4.500,0 24,000,0 869,465,0 265,203,0 351,641,0 183,261,0 170,720,0 861,000,0 157,686,0 112,957,0 144,402,0 73,183,0 305,419.0 Total collateral 3,827,049,0 332,112,0 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 principa items of the resources and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures are always a week behind those for the Reserve banks themselves. The comment of the Board of Governors of the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later. PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES. BY DISTRICTS. ON OCT. 2 1935 (In Millions of Dollars) Federal Reserve DistrictLoans and inventments-total Total Boston New York Phila. Cleveland Richmond Atlanta Chicago St. Louts Minneap Ran. tit( Dallas San Pram 19,080 1,168 8,690 1,098 1,260 357 347 2,195 551 373 617 433 1.991 Loans on securities-total 2,986 184 1,793 179 162 50 41 222 61 34 46 40 174 To brokers and dealers: In New York Outside New York To others 846 159 1,981 4 27 153 827 60 906 13 14 152 6 156 1 49 3 38 1 28 193 4 57 2 32 1 3 42 1 39 10 164 acceptances and comml naper bought Loans on real estate Other loam 312 960 3,298 40 86 282 139 240 1,383 23 69 169 4 71 143 6 17 78 3 12 105 29 30 314 10 37 110 8 5 126 25 14 124 2 21 117 23 358 347 IL S. Government direct obligations. Oblige, fully guar. by U. S. Govt Other securities 7,588 981 2,955 393 19 104 3,493 397 1,245 284 91 283 651 34 195 116 31 59 110 21 55 1,167 108 325 202 41 90 137 18 45 242 47 119 158 50 45 635 124 330 Reserve with Federal Reserve banks.. Cash in vault 4,029 299 213 95 2,331 61 176 13 166 19 76 11 38 6 540 44 99 10 49 4 95 11 61 8 185 17 16,308 4,430 669 1.003 308 24 8,746 1,015 325 868 277 36 784 474 37 250 138 7 224 133 18 2,031 554 '78 432 169 16 261 124 7 516 156 12 332 121 25 861 961 84 1,969 4,821 128 223 181 2,220 176 287 146 208 100 121 99 111 310 635 117 203 104 105 250 330 148 146 210 232 - Net demand deposits* Time deposits Government depoults.. 1.360 (rein banks Due to banks Borrowings from F. R banks •Includes Government deposits. 2392 Financial Chronicle sob Oitnituttrri United States Treasury Bills-Friday, Oct. 11 Rates quoted are for discount at purchase. Sinaurtal (gir rxr irl Bid PUBLISHED WEEKLY Terms of Subscription-Payable in Advance Including Postage12 Mos. United States, U. S. Possessions and Territories $15.00 In Dominion of Canada 16.50 South and Central America. Spain. Mexico and Cuba 18.50 Great Britain. Continental Europe (except Spain), Asia. Australia and Africa 20.00 Oct. 12 1935 6 Mos. $9.00 9.75 10.75 11.50 Terms of Advertising Transient display matter per agate line 45 cents Contract and Card rates On request CHICAGO Orricz-In charge of Fred. H. Gray, Western Representative. 208 South La Salle Street. Telephone State 0613. LONDON Orncs-Edwards 8c Smith, 1 Drapers' Gardens, London, E.C. Oct. 16 1935 Oct. 23 1935 Oct. 30 1935 Nov. 6 1935 Nov. 13 1935 Nov. 20 1935 Nov.27 1935 Dee. 4 1935 Dec. 11 1935 Dec. 181985 Dec. 24 1935 Dec. 31 1935 Jan, 8 1936 Jan, 15 1936 Jan. 22 1936 Jan. 29 1936 Feb. 5 1936 Feb. 11 1936 Feb. 19 1938 Asked Bid 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.20% 0.20% 0.20% 0.20% 0.20% 020% . 0.207: 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% WILLIAM B. DANA COMPANY, Publishers, Feb. 26 1936 Mar. 4 1936 Mar. 11 1936 Mar. 18 1936 Mar. 25 1936 Apr. 1 1936 Apr. 8 1936 Apr. 15 1936 Apr. 22 1936 Apr. 29 1936 May 6 1936 May 13 1936 May 20 1936 May 27 1936 June 3 1936 June 10 1936 June 17 1936 June 24 1936 July 1 1936 Jug 8 1936 , Asked 0.20% 0.259' 0.257 0.257: 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.257 . 0.25% 0.25% 0.25% 0.25% 0.25% 0.30% 0.30% 0.30% William Street, Corner Spruce. New York. United States Government Securities on the New York Stock Exchange-Below we furnish a daily record of the transactions in Liberty Loan, Home Owners' Loan, Federal Farm Mortgage Corporation's bonds and Treasury certificates on the New York Stock Exchange. Quotations after decimal point represent one or more 32ds of a point. Daily Record of U. S. Bond Prices Oct. 5 Oct. 7 Oct. 8 Oct. 9 Oct. 10 Oct. 11 righ 100.9 100.14 100.14 100.14 100.10 100.12 Fourth Liberty Loan 63•170 bonds of 1933-38_ Low_ 100.9 100.9 100.12 100.9 100.9 100.12 (Close 100.9 100.14 100.12 100.10 100.10 100.12 (Fourth 4)s) es 4 Total sales in 51,000 wigs_ __ 22 772 82 60 {High 114.2 114.6 114.8 114.7 114.2 114.6 Treasury Low 114 114.2 114.5 114.7 114.2 114.6 431a 1947-52 Close 114.2 114.6 114.8 114.7 114.2 114.6 60 105 Total sales in $1,000 units_ __ 2091 6 2 High 109.28 109 31 109.30 109.27 109.26 110 Low 109.25 109.30 109.26 109.25 109.21 109.24 is. 1944-54 (Close 109.28 109.30 109.30 109.25 109.26 109.24 8 Total sales in 31.000 mils_ _ 29 19 2 60 12 {11413 104.9 104.14 104.13 104.10 104.9 104.13 434-3[(s.1(s. 1943-45 Low_ 104.6 104.7 104.11 104.6 104.5 104.11 . Close 104.7 104.12 104.13 104.8 104.9 104.12 12 Total sales in 51.000 units_._ 55 163 74 65 34 Illigh ---- 108.5 108.7 108.6 108.2 108.5 Low_ ---- 108.5 108.6 108.6 108.2 108.3 ggs. 1946-56 Close ---- 108.5 108.6 108.6 108.2 108.3 Total ales in $1.000 units_. ---. 25 2 6 9 2 High - 105.10 105.18 105.14 105.10 105.15 Low.. ligs. 1943-47 --- 105.10 105.13 105.14 105.9 105.10 Close ---- 105.10 105.16 105.14 105.9 105.10 Total sales in 51,000 units4 ---43 5 2 85 High 102.9 102.14 102.17 102.15 102.13 102.18 Low_ 102.8 102.11 102.13 102.14 102.10 102.15 as. 1951-55 Close 102.9 102.13 102.16 102.14 102.13 102.17 26 Total sales in 51.000 units__ 88 314 132 27 296 High 101.26 102.1 102.2 102 2 102.2 102 Low_ 101.26 101.30 102 Si; 1946-48 101.25 101.23 102.1 Close 101.26 102.1 102 102.1 101.25 102 2 Total sales in 31.000 units__ 338 274 112 18 192 ---- 106.10 (High ---- 106.14 106.14 106.16 Low_ 106.8 53s. 1940-43 106.13 106.13 106.15 Close ---- 106.10 __-- 106.13 106.14 106.15 Total sales in $1,000 units_ -6 _ ---103 51 52 ---- 106.16 106.20 {High _---- 106.16 106.20 Low.. 854s. 1941-43 ---- 106.6 106.15 -- 106.16 106.20 Close --- 106.16 106.19 ____ 106.16 106.20 Total sales in $1.000 units._ 18 ---5 10 402 ---- 103.2 {High ____ 103.3- 103.1 103.4 ---- 103.1 Low_ !94s. 1946-49 ____ 103 102.29 103.2 ---- 103.2 Close ____ 103 102.29 103.4 Total sales In 51,000 _ 11 ---97 25 10 Iligh untie_- 102.21 102.28 103 _-- 102.26 102.22 102.24 ' Low. 102.18 102.27 102.28 102.22 102.17 102.20 ago. 1949-52 Close 102.21 102.27 102%29 102.22 102.22 102.21 Total sales In 51,000 units__ 359 115 25 10 213 21 {High -_-- 107.2 107.3 107.4 107.2 107.5 394L 1941 Low_ ---- 106.24 107 106.31 107.5 107 Close --- _ 107.2 107.3 107 107.2 107.5 Total sales in 51,000 units_ _ 28 4 54 3 15 ili ig6 - _ - 104.9 104.8 104.5 104 104.7 Low_ 5945. 1944-46 ---- 104.2 104.6 104 103.30 104.3 Close -.-- 104.6 1134.6 104 103.31 104.5 Total sales in $1.000 units_ _. - ___ 18 29 78 29 II {High 99.13 99.22 99.28 99.25 99.23 99.29 Low_ 99.10 99.13 99.21 99.17 99.12 99.22 25, 1955-60 14 Close 99.13 99.21 99.23 99.17 99.21 99.22 295 414 Total sales in $1,000 units_ _. 139 229 577 94 High 100.4 100.8 100.11 100.8 100.3 100.8 Low_ 100.4 100.5 100.5 100.4 100.2 100.7 2945. 1945-1947 Close 100.4 100.8 100.5 100.5 100.3 100.7 Tota .sales in $1,000 units_ 5 41 4 43 IS 40 -i Federal Farm Mortgage rig 101.28 102.4 102.5 102.4 101.30 101.29 lihs. 1944-84 Low_ 101.28 101.30 102.4 102 101.29 101.29 Close 101.28 102.3 102.4 102 101.29 101.29 Total sales in $1,000 units_ __ 14 85 20 6 20 33 Federal Farm Mortgage High 100.10 100.19 100.23 100.20 100.12 100.17 3s. 1944-49 1I.ow_ 100.5 100.12 100.19 100.15 100.15 100.10 Close 100.10 100.17 100.20 100.15 100.10 100.10 Total sales in 31,000 units__ 14 231 129 133 136 36 Federal Farm Mortgage High 100.22 100.27 101 100.30 100.27 100.30 Is, 1942-47 Low_ 100.16 100.22 100.27 100.26 100.25 100.25 Close 100.22 100.27 101 100.26 100.25 100.25 Total sales in 51.000 units__ 3 32 55 11 43 33 Federal Farm Mortgage High 99.5 99.16 ---- 99.13 99.9 99.14 2945. 1942-47 Low. 99.5 99.10 ___ 99.7 99.12 99.9 Close 99.5 99.15 ____ 09.7 99.12 99.9 Total salestn $1,000 units._ 1 9 ____ 285 25 5 Home Owners' Loan {Hie; 100.4 100.12 100.16 100.11 100.8 100.15 3s, series A. 1944-52.... Low_ 100 100.7 100.10 100.5 100 100.9 Close 100.4 100.12 100.14 100.5 100.8 100.9 Total sates en $0.000 units_ 39 182 255 144 226 167 Home Owners' Loan Hill; 93.23 98.29 99.4 99.2 99.5 99.5 Mr series B. 1939-49_ Low_ 98.18 98.26 98.31 98.29 98.27 99 Close 98.22 98.28 99.4 98.29 99.1 99.2 Total sake in $1,000 units__ 123 183 360 181 92 213 •Cash sa.e. Note-The above table includes only sales of coupon bonds. Transactions in registered bonds were: 1 4th 4945, 1933-1938 100.10 to 100.10 21 2 6 1 1 g 3 Treasury 494s. 195g Treasury 3945, 1943-1945 'Treasury 394s, 1946-1956 Treasury 3315, 1946-1949 'Treasury 394s, 19444946 Treasury 2945, 1955-1980 Federal Farm Is, 1942-1947 114 00 114.3 104 to 104.9 to 108 108 103.1 to 103.1 .103.24 to 103.24 99.27 to 99.27 100.22 to 100.22 Quotations for United States Treasury Certificates of Indebtedness, &c. -Friday, Oct. 11 Figures after decimal point represent one or more 32ds of a point. Ins. 1st. Maturity Rate Bid. Asked Maturity Rate Bid Asked June 15 1936-Dec. 15 1939Mar. 15 1939_ Jun. 15 1940... Sept. 15 1936._ Mar. 15 1940___ June 15 1939._ Sept. 15 1938_ Dec. 15 1935_ 1.94% 194% 134% 134% lg% 116% 216% 214% 214% 100.23 100 100.14 105.5 101.9 100.21 102.16 103.28 100.20 100.25 100.2 100.16 1007 101.16 100.13 102.18 103.30 100.22 Feb. 1 1938.-Dec. 15 1936-Apr. 15 1936-June 15 1938-Feb. 15 1937.-Apr. 151937... Mar. 15 1938Aug. 1 1938Sept. 15 1937-- 294% 294% 234% 234% 3% 3% 3% 314% 331% 104.11 103.2 101.17 104.27 103.24 104.5 105.1 102.19 105.5 104.13 103.4 101.19 104.29 103.26 104.7 105.3 102.21 105.7 TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE, DAILY, WEEKLY AND YEARLY Week Ended Oct. 11 1935 Saturday Monday Tuesday Wednesday .....Thursday Friday Total Stoats, Railroad State, Number Of and MOM . Municipal 4 , Bonds Shares Poen Bonds 697,190 945,360 1,182,110 882,910 1,863,970 2,054,662 702A Sales at New York Stock Exchange $3,248,000 5,442,000 6,819,000 6,397,000 7,361,000 6,948,000 ono rut 91A nnn $669,000 961,000 1,143,000 1,333,000 1,180,000 1,174,000 1934 Stocks-No. of shares_ 7,626,202 3,836,038 Bonds Government 511,012,000 520.641,000 State and foreign 6,460,000 8,070,000 Railroad Or industrial 36,215,000 26,694,000 Total Total Bond Sales 5800,000 2,048,000 2,970,000 2,228,000 904.000 1,962,000 es am non at I Week Ended Oct. 11 1935 United Siam Bonds 019 non $4,817.000 8,451,000 10,932,000 9,958,000 9,445,000 10,084,000 SA1 11137 1 non Jan. 110 Oct. 11 1935 1934 246,071,041 270,433,753 $604,720,000 297,103,000 1,648,141,000 3714,085,700 492,444,000 1,823,728,000 $53.687,000 $55,405,000 52,549,964,000 33.030,257,700 CURRENT NOTICES -John E. Sloane & Co., 41 Broad St.. New York, have issued their monthly summary of earnings of eighty-eight railroads for the first eight months of 1935. Walter Wade, formerly partner of Wade Brothers, has become associated with Newburger, Loeb & Co. in their commodity department at 40 Wall Street. -Webster, Kennedy 3z Co., Inc., 40 Wall St., New York City, and 75 Federal Street, Boston, have issued comparative analyses on Joint Stock Lands Banks. -Hare's Ltd., 19 Rector St., New York, have prepared for distribution an analysis of The Public National Bank & Trust Co. of New York. -Albert Jackson has become associated with Lord. Abbett & Co., Inc., sponsors of American Business Shares. Cullen & Co. of this city announce the removal of their offices to 27 William Street. FOOTNOTES FOR NEW YORK STOCK PAGES •Did and asked prices, no sales on this day. O Companies reported in receivership. a Deferred delivery. n New stock. r Cash sale. z Ex-dividend. y Ex-rights. 12 Adjusted for 25% stock dividend paid Oct. 1 1934. 11 Listed July 12 1934: par value 10s. replaced fl par, share for share. 34 par value 550 lire listed June 27 1934; replaced 500 lire par value. 33 Listed Aug. 24 1933: replaced no par stock share for share. If Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for 1 old no par share. 37 Adjusted for 66 2-3% stock dividend payable Nov. 30. "Adjusted for 100% stock dividend paid April 30 1931, 33 Adjusted for 100% stock dividend paid Dec. 31 1934. 43 Par value 400 lire: listed Sept. 20 1934; replaced 500 lire par value. 41 Listed April 4 1934: replaced no par stock share for a Adjusted for 25% stock dividend paid June 1 1934. share. 43 Listed under this name Aug. 9 1934; replacing no par stock. Former name. American Beet Sugar Co. "From low through first classification, loan 75% of current. 43 From last classification and above, loan of 55% of current. 44 Listed April 4 1934; replaced no par stock share for share. 47 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 oa which low prices since July 1 1933 were made (designated by superior figures in tableau are as follows 'New York Stock 12 Cincinnati Stock '1 Pittsburgh Stock New York Curb 13 Cleveland Stock 23 Richmond Stock New York Produce 13 Colorado Springs Stock 23 St. Louis Stock 4 New York Real Estate Is Denver Stock 2 Salt Lake City Stock 1 ▪ Baltimore Stock 66 Detroit Stock 26 San Francisco Stock •Boston Stock 17 Los Angeles Stock 27 San Francisco Curb Buffalo Stock Los Angeles Curb 22 San Francisco Mining • California Stock "Minneapolis-St. Paul 19 Seattle Stock 9 Chicago Stock 22 New Orleans Stock "Spokane Stock 11 Chicago Board of Trade 21 Philadelphia Stock 31 Washington (D. .) "Chicago Curb 2393 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 tor the year. HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT Saturday Oct. 5 Monday Oct. 7 • Tuesday Oct. 8 Wednesday Oct. 9 Thursday Oct. 10 Friday Oct. 11 Sales for the Week STOCKS NEW YORK STOCK EXCHANGE No amount Is taken on such Raw' S.nce Jan. 1 Os Basta of 100 -share Lots Lowest Molest Jody 1 1933 to Raw for Sept.30 Year 1934 1935 H45 Low Low par 3 per Mare 5 per aggro $ p6753 $ per share $ per share $ per share $ per share 8 Per share $ Per share Shares *44 4912 30 Abraham & Straus No par 32 Apt 3 .50 Sept 27 4912 *44 4912 •44 4912 *44 4912 *44 492 *44 11312 1133 113 113 4 89 Preferred_ 100 110 Jan 10 115 Aug 23 115 115 *115_ •115 115 115 70 __ *6012 63 21 *6012 63 25 • 51 June 25 6514Sept 12 1,200 Acme Steel Co 7 $47*6012 6212 8112 6112 62 8 - 8 64 15 93 Aug 17 414 41 Mar 16 4 No par 714 714 7 14 7 / 1 4 8 / 812 15,200 Adams Express 1 4 7 / 814 1 4 / 4 7 / 71 1 4 71 71 / 4 / 4 913 92 4 *92 *92 95 65 1 100 84 4 Jan 2 94 Sept 28 *92 95 *92 95 95 Preferred 110 *92 95 33 3314 32 4 33% 328 33 33 323 33 4 3 3314 33 No par 28 June 6 3512Sept 26 1412 1,900 Adams Nina 33 *13 / 1313 1312 1312 1318 13 8 1313 1312 13% 1334 13 1 4 6 8 Jan 12 1414 Aug 2 10 5 / 14 1 4 1,900 Address Multiffr Corp 13 133 4 1312 13% 1334 1312 1334 1334 133 14 4 Mar 18 1418Sept 11 / 1 4 No par 4 3% 13 8 1418 4,400 Advance RumelY 7 6 / 63 1 4 4 *63 8 Feb 11 / 1 4 8 6 VII 612Sept 20 63 8 63 / 1 4 63 4 7 4 63 4 63 4 263 4 63 4 2,500 Affiliated Products Inc-No par *147 150 *1461 148 8018 8 146 14618 146 146 No par 1041 Mar 18 15214Sept 18 14712 14712 148 152 / 1 4 1,500 Air Reduction Inc •1 118 •1 Ds 1 17 Jan 7 8 3 Apr 3 4 *1 113 •1 1 118 118 *1 100 Air Way Elea Appliance_.. No var 1 4 *68 *68 79 *68 79 79 *68 79 Alabama & Vicksburg RR Co 100 75 Sept 26 74 Sept 26 *68 *68 79 79 1514 1534 1514 15 -18 14 15 8 15 8 315 8 15 8 1512 155 10 15's July '25 22018 Jan 9 75 3 3 3 5 8 151 1512 7,400 Alaska Juneau Gold Min 17 3 17 3 *134 214 312 Jan 8 112June '24 *13 4 2 14 *2 1 12 No par 2 2 2 / 1 4 214 *2 200 A P W Paper Co 112 15 8 212 Aug 17 3 Mar 30 4 112 No par 138 113 14 / 1 113 PI 112 34 112 15 112 8 4,400 :Allegheny Corti 5 5 812 Aug 15 .458 53 2 / 1 4 23 Mar 21 8 414 47 3 41/4 45 100 *414 43 412 45 Pre A with 230 wart 4 800 *4% 2 512 *4 714 Aug 15 2 Mar 27 4 4% 412 4 4 *37 3 512 *4 100 4% 418 Prof A with $40 war? 300 13 4 7 Aug 15 4 13 Mar 28 100 *31 4 4 4 *4 1 Prof A without wart 4 4 *4 3 43 4 *4 100 4 4 14 4 % *33 414 414 14 14 634 658 Apr 2 1934 Aug 19 7 *1318 13 8 14 *1314 1413 137 137 *1212 13 7 3 8 236% prior cony pret__No par 14 300 •2513 2612 2612 261 1314 2612 263 4 2613 27 27 No par 21 Jan 12 3012June 19 4 27 2714 2713 2,100 Allegheny Steel Co 16512 16612:16758 16812 16912 17014 2,300 Allied Chorales!& Dis 154 165 167 168 166 166 / 4 No par 125 Mar 18 173 Sept 18 1071 126 126 12 126 126 100 123 Apr 20 127 Feb 27 117 1258 126 •125% 12614 *126 12614 *126 12614 800 Preferred 6 6/ 1 4 3 / 1 4 8 6 7 Aug 9 / 1 4 3 Mar 13 / 1 4 No 0.T 614 63 4 618 6 618 63, 67 20,100 Allied Stores Corp 614 612 6912 697 *6812 697 *683 69% 6812 683 49 3 100 x49 June 17 73 4 Aug 17 3 4 69 4 704 69 4 70 4 4 a 5% prat / 1 3 / 1,300 1 4 2818 293 10 / 1 4 4 4 2838 2934 277 2812 2712 28 No var 12 Mar 13 293 Oct 5 281 29 8 2834 29 8 25.800 Allia-Chalmers Mfg 1 *15 15 4 1514 1514 1514 15/8 •15 8 16 3 / 1 4 *1514 16 3 11 / 1 4 500 Alpha Portland Cement-- No var 14 Mar 13 20 Jan 5 1512 16 21 3% 314 312 312 418 Aug 30 212 Mar 14 1 314 3 14 312 312 358 334 318 31 1,300 Amalgam Leather Oo *273 33 4 214 / 1 / *2734 32 1 4 *2734 32 *273 32 4 *2714 32 50 26 June 25 33 Apr 22 *2734 32 7% preferred 63 63 27 6514 65 64 6514 65 6314 64 No par 4812 Jan 11 71 Aug 23 6512 6512 66 5,700 Amerada Corn 51 5112 5112 5112 5212 *5212 5334 54 51 53 54 20 3 1,500 Amer Agri,' Chem (Del)...No par 4112June 1 57 4 Feb 15 54 29 2918 29 2914 2811 2812 2814 2814 2852 29 Ws 10 1312 J61112 3212Sept 11 29 2958 2,700 American Bank Note 63 63 *62 63 62 4 62 6214 613 62 34/ 11 4 50 43 Jan 11 6514July 23 63 Preferred *62 140 65 *30 3134 *3114 3134 3114 3114 *3114 313 4 3112 314 31 1912 / 1 31 / 1 4 700 Am Brake Shoe & Fdy-No par 21 Mar 29 88% Aug 12 *127 12713 127 127 12712 12713 127 12713 *127 12712 12712 1281 88 100 119 Jan 8 12812 Aug 27 Preferred 240 140 14112 14014 1403 1384 140 / 1 / 13814 139 1 4 4 2 25 110 Jan 15 1463 Sept 11 1397 1414 142 14314 10,100 American Can 8 / 1 80 *149 155 *149 155 157 157 *155 157 155 155 4 100 1511 Jan 4 168 May 3 120 Preferred 900 15614 157 1914 1914 1814 1812 1914 2154 2014 2114 3.300 American Car & Fay 1914 1912 2012 21 3 10 No par 10 Mar 13 25 8July 31 .46 47 4514 4514 45 2512 45 100 2512 Mar 13 5712 Aug 2 46 481e •45 483 8 4712 4812 1,000 Preferred •2014 2012 *19 1914 2014 2014 *2014 2012 205 2114 21 4 8 Jan 30 22 Sept 11 No par 8 211 2,400 American Chain *106 110 *106 110 *106 110 *106 110 .106 110 *106 110 14 100 38 Jan 11 107 Sept 26 7% preferred *8712 8812 *87 8912 8912 9114 9113 92 4312 9214 9214 9213 93 No par 66 Feb 8 96 June 8 1,900 American Chicle *30 *30 35 *30 35 *30 35 20 *30 35 35 Am Coal of NJ (Allegheny Co)25 3U Mar 26 3414 Aug 2 *30 35 *414 412 418 412 *4% 412 *41 414 414 *4% 4% 2 514 Sept 14 2 8 Mar 14 3 10 100 Amer Colortype Co 4'2 2618 2624 255 26 3 25 26 4 25 4 26 3 4 8 / 1 4 20 22 Mar 18 3314 Jan 3 2612 2858 285 2914 17,400 Am Comnfl Alcohol Oorp 208 8 143 1412 1412 1413 1418 1414 *1414 1412 1418 1413 1412 15 8 612 Feb 5 17 3une 11 43 558 / 1 4 10 2,300 American Crystal Sugar ---- -- ------ ---- 32 7% 2nd pref 100 5734 Jan 2 135 Sept 13 183% 8412 8458 84% *8212 8414 *8212 8412 *8212 841 *82 84 . 72 100 72 Aug 1 8612Sept 17 6% 1st Vet 10 11 118 *1 *1 1% *1 1 3 Jan 3 3 4May 24 1 1 3 4 118 114 Ds 1.100 Amer Encauntio Tiling-No par *534 63 8 *618 7 *614 7 / 1 14 *64 7 23 4 87 Aug 17 2 Apr 2 / 1 4 --No par *638 7 *63 2 7 Amer European Seers.. 51z 554 512 57 5 8 512 3 2 914 Aug 17 Mar 13 4 55a 5 4 No par 2 3 57 8 6323 614 812 12,900 Amer & Fora Power 3013 3012 303 31 4 31 31% 3113 3138 3134 3258 3212 321 4 113 14 Mar 15 42 Aug 12 No par Preferred 1,900 37 37 Mar 14 17 Aug 19 *1038 1038 1012 104 11 No par 113 *1014 11 8 / 1 1118 12 2nd preferred 1178 1212 3,400 26 26 2614 2614 26 1014 263 *283 265 8 8 8 265 27 $6 preferred No par 12 Mar 30 3814 Aug 12 900 8 2714 28 7 137 14 1412 1518 1478 15 14 14% *1218 13 814 8 Apr 18 1518 Oct 5 10 14 15 4,400 Amer Hawaiian S S Co *414 434 214 612May 22 483 414 4 4 47 2 2 Mar 13 / 1 4 43 4 48 412 48 2,600 Amer Hide & Leather-No par 43 ,1 4 47 4184 4114 4212 41 38 38 17 3812 3813 *383 391 39 2 100 17 Mar 13 4314 Oct 11 Preferred 4314 6.600 3114 3114 32 24 / 1 4 323 4 3212 3313 323 333* 33 1 z 291g Apr 12 3714 Aug 12 4 333 x333 3414 8,800 Amer Home Products 4 4 47 Jan 17 238 238 238 2 / 258 1 4 / 4,2 1 4 214 214 214 214 214 No par 214 Sept 27 214 214 800 American Ice •171 20 *16% 1878 1812 1812 1812 181 *163 18 18 4 100 18 Sept 9 373 Feb 16 4 6% non-cum pref •17 18 200 41 8 97 Aug 22 814 8 / 8'8 1 4 412 Mar 18 7 14 81 No par 8 8% 734 714 81 , 834 3,800 Amer Internal Corp 213 *2 2 2 2 11 4 114 Mar 13 218 8 Jan 18 340 3 Am L France & FoemItepref100 147 1478 141 147k 1414 1413 14 9 --14 4 9 Mar 13 203 Jan 9 1413 15 3,000 American LocomotIve.- No par *52 52 52 53 51 53 32 523 52 4 53 '2 53 Preferred 100 32 Mar 19 58 July 30 / *52 1 4 53 1,300 2534 2614 26 2614 26 12 3,000 Amer Mach & Fdry 00---No par 18% Mar 13 2878Sept 18 263* 2618 2612 2618 2634 2613 27 97 97 97 1034 1058 101 10 10 / 1012 1 4 3 1018 1018 10 8 3,900 Amer Mach & Metals_--No par 414 Apr 4 1012 Oct 4 3 10 1018 1018 1018 10 10 3 9 / 97 1 4 412 Apr 4 1018 Oct 5 10 10 10 Voting trust ctfs No par 10 2.500 2612 28 2713 2714 28 27 14 2834 2712 2814 27 127 8 275 2818 20,700 Amer Metal Co Ltd 8 4 No Par 1312 Mar 15 283 Oct 7 *115 118 *114 118 *113 118 119 119 118 118 63 11912 1191 6% cony preferred 100 72 Jan 2 121 Oct 2 800 *253 291 *27 8 291 *2538 29 2818 2812 •25 , 30 28 / 28 1 4 20 4 3 / 1 4 400 Amer News. N Y Corp__ No par 324 Jan 3 3018May 7 6 614 658 638 634 61 / 4 612 634 63 8 714 63 4 7 / 29.700 Amer Power & LIght--No par 1 4 112 912 Aug 17 112 Mar 13 35 / 3534 35 1 4 3511 35 3612 3514 35 8 353 3712 37 4 3 1018 4912 Aug 12 / 3811 19,200 1 4 No pat 1018 Mar 1 56 preferred 304 301 / 1 30 3038 30 4 3114 3012 31 84 / 1 3018 3212 3212 338 19,300 83 Mar 13 4112 Aug 12 8 No par $5 preferred 1618 1634 1613 185 8 1534 1638 157 16% 1614 1718 32,500 Am Bad & Stand Ban'y- No par 8 157 163 91 4 1012 Mar 13 188 Aug 15 *154 159 *154 158 •154 158 *154 158 •154 158 *154 158 Preferred 100 13412 Mar 1 159 Sept 28 10712 25 8 251 3 24 / 2583 25 1 4 253 8 243 2512 25% 26 4 2558 2638 28,200 American Rolling Mill 121 / 4 8Sept 18 25 15/4 Mar 19 275 *9012 92 191 *31 92 . 92 9114 92 93 93 *931 944 / 1 4 14July 251 33 300 American Safety Razor __No par 56 Mar 14 95 13 / 1314 131/4 1314 138g 1358 1384 138 1 4 1338 1418 14 2 1418 2,600 American Seating•I c.--No par 8 412 Mar 12 145 Sept 23 *201 21 / 4 21 21 2118 2118 2112 21% 217e 2212 223 2334 4 420 Amer Shipbuilding Co___No par 20 Mar 14 2614 Jan 7 15 50 / 5113 49% 50 1 4 5034 5138 49 51 51 3 28% 4 5112 513 5213 46.200 Amer Smelting & Refit-No par 31% Apr 3 5212 Oct 11 *141 1421 142 142 •141 142 *141 142 141 142 14012 14034 71 800 Preferred 100 121 Feb 4 144 May 8 112 112 / 1 4 4 / 1121 11234 11212 11212 112 1123 112 112 1 4 4 1128 1123 57 1,400 2nd preferred 6% cam 100 103 Feb 14 11714 Aug 6 71 71 70% 7012 7012 7012 71 *7012 71 4 71 711 718 / 4 43 600 American Snuff 25 63 Jan 16 78 June 26 •13514 140 *13514 140 *13618 140 *13618 140 •13514 140 *13514 140 106 Preferred 100 125 Feb 20 143 July 1, 4 157 15 4 / 1538 15 1 4 .1534 157 / 154 143 157 1 4 / 1 / 14 1 4 4 1514 157 1041 / 1 5,000 Amer Steel Foundffee----N0 par 12 Mar 14 204 Aug 23 98 *97 98 98 98 *97 99 99 99 99 •99 100 / 1 4 62 140 Preferred 100 88 Feb 4 106 July 27 36 36 364 3613 368 36% 38 / 1 36 36 363 8 36 36 2,400 American Stores • No par 8312 Apr 4 43 Jan 9 21 3316 5112 5212 5214 5214 5114 52 5114 5112 5112 513 5214 2,700 Amer Sugar Refining 4 52 4512 100 51 Oct 2 7012 Feb 16 *134 135% 135% 13518 •134 137 •13418 136 *13418 137 137 137 200 Preferred 100 12612 Jan 3 14012May 6 102 *23 2312 223 223 / 1 4 4 4 2312 23 .2358 24 24 2414 2412 25 1,600 Am Sumatra Tobacco_.--No par 18 Jan 19 27 Aug 22 11 / 1 4 4 137 13712 1373 1383 13813 13934 1384 1394 1393 14014 1397 1407 12,400 Amer Tele') & Teleg 4 8 987 8 8Sept 12 2 100 987 Mar 18 1453 9812 9813 9812 99 98% 9834 9812 9813 9814 99 9914 99 3 2,700 American Tobacco 6312 4Sept 30 25 7212 Apr 3 1023 8 8 10012 100 / 1003 1003 1001 1004 100 10012 10014 10114 10114 102 1 4 / 4 / 1 7,400 Common class B / 1 4 25 74 Mar 21 10512Popt 28., 6472 1343 13434 1347 1347 135 1364 *134 137 8 8 13513 135% *134 1361 / 1 700 Preferred / 1 4July 311 105 100 129 Jan 18 140 / 1 4 5 5 5 5 *5 514 *41 514 *412 512 5 5 800 /Am Type Founders 218 6s4 Jan 18 I 212 Mar 18 No par 8 2312 2418 245 2513 24 24 '22l 24 24 2434 245 2512 8 660 Preferred 7 9 Mar 15 2614 Oct 1 _100 1514 15 8 1518 1512 15% 15 8 151 157 5 7 8 158 161 16% 17 32.200 Am Water Wk,& Elec_-_No par Da / 1 718 Mar 13 194 Aug 17 82 7 83 *8218 83 *82% 83 83 8213 827 8 83 85 85 let preferred 1,000 No par 48 Mar 19 85 Oct 11 48 9 918 914 10 918 9 914 912 9 4 10 3 914 93 8 6,500 American Woolen No par 8Sept 27 4 2 Mar 13 103 7 48 7 / 5842 5714 58 1 4 57 / 581 1 4 8 57 58 613 5714 58 6014 6234 20,800 Preferred 100 3512 Mar 18 623 Oct 11 85 / 1 4 8 1 1 5 4 7 8 7 2 *3 4 7 3 *3 4 7 2 7 8 1 *3 4 7 8 500 :Am Writing Paper 38 Mar 29 1 134 Jan 18 43 3 *438 412 412 412 14% 43 *4 4 4 *414 434 1 4 •41/4 100 Preferred No par 214Mar 15 2 / 1 4 6 Jan 18 / 1 4 45 558 45 8 434 5,700 Amer Zinc Lead & Smelt. 100 5 514 44 5 3 / 1 4 434 42 *412 47 3 Mar 13 5 / 1 4May 23 3 *46 52 *46 52 •47 54 *4413 48 •4413 50 •4412 497 Preferred 25 31 Mar 20 49 Aug 21 31 / 4 2112 2214 2218 2212 22 213 2258 2238 2318 211 223 4 2212 170,300 Anaconda Copper Mining_ 8 Mar 13 2318 Oct 7 50 8 261 2858 2612 27 26 271 8 261 27 2512 26 26 26 75 1,200 Anaconda Wire & Cable__No par 1618 Apr 1 28 Aug 21 1113 1112 117 117 12 12 111 12 / 4 8 1178 133 8 13 1313 5,800 Anchor Cap Na par 1072 Sept 25 17 Jan 4 107 8 / 1 4 97 98 8 *97% 99, •975 99 97 99 974 99 99 99 140 $6.50 cony preferred No par 9612 Oct 2 109 Apr 26 80 1014 1014 *10 10 10 *812 10 1012 *97 11 *912 11 10 400 Andes Copper Mining 3 Mar 21 / 1 4 312 101 Oct 8 / 4 458 4412 44% 44 / 45 1 4 4512 4512 4512 45 45 453 47 4 4,600 Archer Daniels bildrd---No par 36 Jan 16 52 Aug 1 217 8 8 •1183 119 8 119 119 *1185 119 *1185 119 8 119 119 *119._-. 7% preferred 100 117 Aug 22 12214July 19 106 60 .10312 1044 10314 10334 104 014 / 1 1044 10414 104 10414 1043 1043 8 600 Armour & Co (Del) pref.- 100 97 Apr 3 108 Aug 15 2 64 37 37 3 / 4 1 4 4 38 4 7 4 3 / 4 1 4 3 / 414 26,100 Armour of Illinois new 1 4 3 Apr 3 / 1 4 5 314 612 Jan 3 597 597 *59% 60 *5913 60 60 60 60 6014 59% 611 5,30., / 4 56 cony prat No par 5512May 1 701 Jan 10 4614 8 *95 101 100 100 *100 101 .95 100 .95 1 0 4 *95 1003 3 / 1 4 Preferred 100 85 Jan 2 104112 Feb 4 100 4 311 / 4 2 3 36 36% 3312 34 8 3434 35 344 35 35 35 14,300 Armstrong Cork Co 353 4 34 No par 258k July 19 38 Oct 1 2 13 For footnotes see page 2392 0, $ per chars 35 43 89 111 ill; 6 4 701 :85 16 34 / 1 4 63 4 113 1 3 / 1 4 7 / 1 4 958 ei 9124 113 8 3% 11 1o3 234 114 48 4 37 8 - 8 53777 5% 1618 143 8 143 2 ii -23-1, 115 / 1 4 122 / 1 4 3 / 1 4 25 14 1038 WE 2% 35 39 25 / 1 4 11 / 1 4 40 1958 95 901 4 1264 / 1 12 32 4 / 1 4 19 6614 22 218 1 20 4 51s tua 1803 4 130 814 6312 233 8 20 734 45 55 / 1 4 48 25 14 5012 58 122 1143 4 15212 337 8 56 2 , 1214 .40 703 2 3513 612 62% 1312 727 8 1 6 87 ! 111 4 6% 11 10% 3 / 1 4 1734 25 4 3 3 25 / 1 4 04 314 1412 3511 12 2 1 6 10 1324 50 1712 25 22 2 3 101 / 4 4214 364 / 1 10 451 4 11 10 38% 74 / 1 4 235 8 412 12% 63 21 3 1118 912 10 11112 13 / 1 4 35 21 s 17 / 1 4 3014 100 714 / 1 4814 106 10% 5972 37 45 103% 1334 10013 6514 87 10714 3 74 3 1283 64 7 35 1 2 / 1 4 34 3 3612 10 94 DUI 84 4 / 1 4 2614 10 7614 3 / 1 4 6414 64 10 273 1 91 343 4 1214 29 / 1 4 2614 17 2 3 1377 8 2814 ‘5 4 3 73 2 30 5114 125 10911 71 12712 2611 92 443 4 72 12918 24 12514 8512 89 i804 13 2834 275 8 80 17 / 1 4 8334 414 174 9 5/ 0 1 4 17 / 1 4 1858 24 / 1 4 106 10% 3918 117 31 10 , 63 4 7114 85 34 up. New York Stock Record-Continued-Page 2 2394 HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT Saturday Oct. 5 Monday Oct. 7 Tuesday Oct. 8 Wednesday Oct. 9 Thursday Oct. 10 Friday Oct. 11 Sales for the Week STOCKS NEW YORK STOCK EXCHANGE $ per share $ per share $ per share $ per share S per share $ per share Shares Par 612 612 6% 714 63 4 7 5 7% 73 714 714 4 712 73 4 5,500 Arnold Conatable Corp 938 93 9 9 No par 2 700 Artloom Corn 914 938 9% 9 4 9% 9% *812 9% *831 *8312 Preferred 2- *8312 100 _ __ _ - *8312 *8812 _ *8812 14 -1114 1418 1334 1418 1414 - -. 14 -1414 14 I 1614 155 1- 19,000 Associated Dry Goods 8 612 106 106 *106 107 106 106 *10412 100 6% 1st preferred 100 500 107 10712 107 107 *83 *82 90 *82 90 90 7% 2d preferred 100 300 88 *83 88 90 90 88 *38 40 *38 44 *38 44 *38 Associated Oil 35 3812 *38 3812 *38 3812 447 8 4414 4512 445 4534 445 4534 44 45 4514 4612 14,800 %soh Topeka & Santa Fe--__ I 19 46 849 865 8 8514 853 4 8514 8512 84 *86 87 Preferred 100 8514 8312 8312 2,100 2118 211 21 2114 2114 217 21 2158 2178 22 100 21% 225 8 5,200 Atlantic coast Line RR *5 7 *5 7 6 6 *5 150 Al G & W I SS LInes....__No par 6 7 618 618 6 Preferred *612 8 *612 9 8 8 100 *612 8 300 8 8 *7 914 21 2112 21 215 8 211 213 218 21 25 8 213* 21% 12,300 Atlantic Henning 8 2118 215 *4278 4318 *4212 4412 4213 43 *4114 4212 4213 43 No par 423 4312 1,300 Atlas Powder 4 11112 1111 *112 113 *112 113 112 112 *111 113 Preferred 100 60 112 112 Atlas Tack Corp 812 812 *8 812 *8 8 812 *71 *718 8% *712 8'2 *75 No par 36 363 4 363 3714 3614 37 36 4 No par 37 3718 3838 3812 4018 28,700 Auburn Automobile 73 3 8 75 8 738 7% 718 *7 7 7 8 818 2,200 Austin Nichols No par 73* No pa *383 4012 *383* 4012 *385 42 8 Prior A 8 4112 42 41 *3918 4112 41 60 ---- ---- ---- ---- ---- ---- ---- ---- --_- - _ _ - --_- ---- ______ Aviation Corp of Del (The)____5 New_ 3 3 14 312 314 312 4 8,900 314 3 % 33 313 33 8 338 33* 33 4 238 213 23 8 213 214 23 No par 8 23* 212 23* 212 23 8 213 6,400 Baldwin Loco Works *19 20 *19 20 *19 1912 19 Preferred 19 400 100 1918 1918 1914 1914 1313 1418 1313 1418 1314 133 1313 135 8 8 4 133 1418 135 143 18,900 Baltimore & Ohio 100 4 18 18 173 18 4 1714 18 *17 1712 1713 1713 18 Preferred 100 1812 2,000 *109 1093 10812 10812 *1083 110 *1083 11014 1083 1083 10712 10818 4 4 40 Bamberger (L)& Co pref 4 100 4 4 4514 4412 4412 *4414 4453 *4414 445 *45 4614 45 8 4412 4412 400 Bangor & Aroostook 50 *11218 11212 11212 11212 11212 11212 *11218 11212 112 11212 *112 11213 • 70 Preferred 100 *538 53 6 6 *53 4 612 *614 63 600 Barker Brothers No par 4 *5 % 6 014 614 *65 70 67 71 *65 70 70 240 70 72 72 74 604% cony preferred 74 100 93 8 978 914 93 14,500 Barnsdall Corp 4 93 * 958 9% 99 912 98 z918 98 5 *44 45 *4312 4412 4312 4312 433 433 4 4614 4612 1,300 Bayuk Cigars Inc No par 4 45 45 *11112 114 *11113 114 *11112 114 *11113 114 *11112 11418 *11112 114% lot preferred 100 *1418 15 *1418 15 *1412 15 *141 147 8 14 700 Beatrice Creamery 1412 1412 1418 25 *____ 105 *102 105 *102 105 *102 105 *102 105 *102 105 Preferred 100 *3312 3614 *3312 3614 *3312 3614 *3312 3614 *3312 3614 *3312 36 4 Beech Creek RR Co 50 , *93 94 *93 94 92 93 *88 92 *90 92 91 9213 900 Beech-Nut Packing Co 20 1318 13% 1318 1278 13 *13% 13% 13 1314 133 4,700 Belding Hemingway Co__No par 4 1312 14 *79 81 *79 81 *79 81 *7914 81 Belgian Nat Rye oars prat *797 80 8 *797 81 8 4 2153 21% 213 223* 2118 2214 207 2112 2153 2212 223* 227 36,400 Bondi* Aviation 8 5 8 18% 193 8 19 19 *187 19 19 19% 1918 1014 1918 1914 5,600 Beneficial Indus Loan____No par 5212 .52 52 5212 52 523 513 52 4 52 5212 5214 53 2,500 Best dr CO No Dar 367 378 37 37% 364 3714 353 37 4 364 3813 37% 38% 36,100 Bethlehem Steel Corp No par 102 1023 1025* 10318 10214 10313 102 10212 102 103 4 103 10312 4,200 7% Preferred 100 *25 263 4 2514 253 *2514 27 4 *253 27 4 26 26 *25 26 300 Bigelow-Sanf Carpet Inc__ No par 1314 1314 1314 1312 133* 1313 133 133 8 4 137 1412 1418 1412 19,200 Blaw-Knox Co No par *1878 223 *19 4 2212 *2014 2214 *2014 2214 2212 2212 *21 20 Bloomingdale Brothers No par 2212 *11014 1123 *11012 1123 *11012 1123 4 4 4'*11012 111 *11012 112 *11012 112 Preferred 100 3 70 ' 83 *77 83 .75 82 *75 82 Blumenthal & Co prof *75 82 *75 82 100 1513 168 155 1614 143 153 8 Boeing Airplane Co 4 4 147 153 8 4 155 1614 1512 1614 41,400 8 5 46 4613 453 463 4 8 453 46 4 46 464 47 4714 4714 475 8 2,900 Bohn Aluminum & Br 5 •9612 9734 *963 9712 97 97 4 9718 9718 9612 9712 9612 9714 270 Bon Anil clam A No Par 423 423 *40 4 4 4213 *40 4212 4112 4113 414 42 Class B 160 4112 414 No par 2318 2314 2314 2338 23 2314 23 2318 227 2318 2314 2312 9,500 Borden Co (The) 8 16 5614 57 57 58 5612 573 4 56 573 4 58 59 5812 5912 10,200 Borg-Warner Corp 10 *412 614 614 614 *5 612 *413 613 *5 6 100 Boston & Maine *5 53 4 100 112 *118 *118 112 *118 112 *118 I% 200 :Botany Cons Mine class A___50 112 1 1 2 112 112 15 153 8 15 4 4 1413 147 153* 143 15 143* 143 8 143 1518 7,700 Bridgeport Brass Co 4 No par 485 491 8 4834 4918 4814 4918 4734 4812 4812 49 4914 5014 33,000 Briggs Nlanufacturing_No p r 443 4514 2,600 Briggs & Stratton 4258 4238 423* 4238 4214 4214 4113 413 4 4314 44 No par *3514 36 3514 357 .34% 3514 *3413 35 35 3514 35 700 Bristol-Myers Co 3513 5 214 2% *2 02 3 214 214 212 *218 214 500 Brooklyn & Queens Tr__ -No par 214 214 *205 23 8 23 233 4 2313 2312 2313 24 24 1,500 2413 2413 25 Preferrul No par 4218 43 431 4313 4314 4312 431 433 8 43 4314 4212 4312 7,100 Bklyn Manta Transit No par 98 98 *9814 99 98 9812 .98% 98% 9812 985 8 99 99 700 86 preferred aerial A No par 6112 62 *6114 62 *6114 62 617* 62 62 6212 62 6312 1,300 Brooklyn Union Gas Na par 3150 62 62 62 *62 63 62 62 62 62 62 400 Brown Shoe Co 62 No par *12113 1217 *12112 121% *121% 12112 121% 12112 12112 12112 *12112 121% 8 40 Preferred 100 65 8 64 *612 65 8 612 612 618 618 63 63 8 63 8 63 8 2,500 Bruns-13alke-Collender___No par *512 53 4 *512 5% 53 8 513 512 55* 53 4 6 6 614 1,400 Bucyrus-Erie Co 10 1038 1028 1018 1014 978 1018 93 103 4 4 10% 113 4 1112 1112 4,600 Preferred 5 *84 8713 *84 86 8414 8414 8414 8414 8414 8413 *8413 8712 410 7% preferred 100 513 53* 512 6 6 6 12 614 6% 67 8 7% 7 7 3 92,900 Budd (E 0) Mfg 8 No par 5018 51 5018 5112 52 5512 55 5818 593 6312 6212 6314 3,900 4 7% preferred 100 12 5 8 % % 12 7 8 5 8 7 8 3 4 7 8 3 4 7 70,500 8 Rights_ 83 8 838 83 4 9 87 9% 83 4 9% 914 912 61,200 Budd Wheel No par 918 93 93 4 *9 . 9% 9 400 Bulova Watch *910 93 4 *9 9% *9 95 8 83 4 9 No par 2218 2314 2214 23 22 2212 2114 217 8 22 227 8 213 22% 7,900 Bullard Co 4 No par *I 112 *1 112 114 114 *1 112 01 200 Burns Bros class A 112 114 114 No par Class B 230 *5 8 54 *5 8 54 *5 8 5 8 54 4 12 No par *5 8 54 *5 8 3 8 814 8 77 8 8 8 8 8 8 . 8 818 560 7% preferred 100 19 1914 19 1918 187 19% 185* 19 8 185 193 8 4 1953 19% 7,700 Burroughs Add Mach____No par *112 2 0158 2 I% 15* °1'2 2 *112 2 *112 I% 200 :Bush Term No par *414 613 *412 613 *42 6% *412 612 *43 613 *Vs 612 Debenture 100 1514 1514 *14 1613 1513 1512 15 1512 1514 15% 15 330 Bush Term 131 gu met ctfa 15 100 212 25 8 212 23 4 212 23 4 25 8 25 8 25 8 23 8 4 8,200 Butte Copper &zino5 23 4 23 *% 5 8 013 3 2 IButterick Co "2 54 *12 58 *12 58 *12 58 No par 16 1638 1612 1612 1614 1612 1618 163 8 1638 1714 163 1713 4,000 Byers Co (A M) 8 No par *54 60 *55 60 56 56 *5412 57 ' 354 50 30 54 54 Preferred 100 343* 34 3413 34 34 343 4 343 343 4 4 343 353 4 4 3514 35% 10,300 California Packing No par I 5 8 % 53 3 4 53 34 54 5/3 3 8 34 , 2 58 0,400 Callahan Zino-Lead 53 4 614 6% 63 4 614 613 63* 6% 63 8 6% 614 612 38,900 Calumet & Heals Cons Cop___25 2413 243 4 2412 268 2514 263 2612 2612 2634 10,700 Campbell W & C Fdy__No par 8 24 4 2512 26 3 9% 1014 1018 1012 913 107* 93 8 97 912 03 4 9 8 97 , 8 8,000 Canada Dry (linger Ale 5 5612 5612 *55 5612 56 56 56 56 56 50 130 Canada Southern *5313 5613 100 93 8 9 9 918 93* 14,600 Canadian Pacific 918 958 9% 93 8 914 918 63 8 25 *37 3712 37 3712 3712 3712 3714 3714 3713 3712 373 38 800 Cannon Mills 4 No par 113 *11 113 *11 11 118 *1013 113* 11 11 500 Capital AdmInIs el A 113 11'2 8 1 *45 4678 *45 4612 4612 468 *45 46 4412 45 44 4412 310 Preferred A 10 *85 __ ____ __ Carolina Clineh & Obi° Ry__100 *85 ---_ -- 486 __ *85 92 ii *86-*91 9434 4 -. 6 4 3933 -- -34 *91 - - 4 93 93 4 *91 -94 30 St pd 100 818 8312 83 84 81 8213 80 82 82 18 8414 831,3 853 32,200 Case (2 I) Co 8 100 118 118 311818 1293 *118 1293 11812 11812 11818 118% 118 118 220 4 4 Preferred certificates 100 5118 5112 51 52 51 515 8 518 517 8 5114 515 4 8 513 5214 7,200 Caterpillar Tractor No par 26% 26% 203 2738 261s 27 4 a 8 26 265 8 267 2712 267 2758 21,900 Celanese Corp of Am No par 47 47 514 518 518 518 5 518 5 5 18 10,700 :Celotex Corp No par 48 5 _e_ C rtificatee No par -541. IT i 8 --ii 35 3412 3512 3534 36 3512 3634 9aPreferred '0 2 ii- -5,- 2 - 1- *3 4 --- - ---- ---- --- - -- -- ---- --- 100 *2514 26 2512 255* 255 2558 251 2512 2512 26 8 26 2612 1,300 Central Aguirre Asso____No per *49 53 .50 53 4934 62 400 Central RR of New Jersey 49 49 50 50 *47 48 100 *7 738 *714 8 100 Century Ribbon MIlls___No par *7 75* *71 75 8 *73 8 75 714 714 *98 102 *98 102 *98 102 *98 102 *98 102 Preferred *98 102 100 5812 60 5912 6038 5812 593 16,500 Cerro de Pasco Copper___No par 4 58 4 5834 60 59 59 13 .593 5% 6 53 4 5% 5% 6 5% 57 6 6 6 614 4,000 Certain-Teed Producte-No par 6018 6018 *55 6018 *5612 6010 *57 593 60 *56 *53 60 4 100 7% preferred 100 500 Checker Cab 4 712 *5 72 , 3 6 *514 712 *5 712 7 8 5 75 8 75 8 7 4 73 *42 4213 4214 423 4 43 43 427 428 43 8 800 Chesapeake Corp 43 4312 4312 No par 433 44 4 433 4414 4418 4412 433 4418 4418 4434 4433 4434 8,000 Chesapeake & Ohio 4 4 25 *1 15 8 *1 112 *1 1, 2 *1 112 *1 112 *1 :Ohio & East III Ry CO 100 112 1 1 *118 13 4 *118 I% *Ds 17 8 *118 17 8 *Us 6% preferred 100 1% 200 3 '1 114 1% 118 *1 118 *1 1 14 1, 8 1, 8 *1 100 118 200 0131e111/0 Great Western *2 2% *2 Is 212 *218 238 214 214 *238 212 600 Preferred 212 25 too *23 4 48 *23 4 4% 023 4 4% *23 :Chic Ind & Louts* prof ____I00 4 47 *23 4 47 8 *23 4 4% 2914 2914 29 2912 30 303 4 3014 303 2,000 Chicago Mall Order Co 5 8 3014 303 4 305* 31 1% 118 114 114 114 114 114 118 1,300 :Chic Milw dt P & Pao- __No par 114 114 114 118 153 158 153 I% 158 134 112 "2 112 153 112 I% 3,200 Preferred 100 2 218 2 2% 2 2 2 2 218 2 218 2,900 Chicago & North Western__100 2 518 518 5 5 5 5 *5 5% 514 514 *5 600 Preferred 100 53 4 •1013 11 11 11 10 4 1114 103* 1053 105 103 3 8 4 107g 1118 2,200 Chicago Pneumat Tool___No par *42 44 *42 43 4112 4112 42 43 43 900 Cone preferred 42 43 433 'Jo par 118 114 1 1 *1 13 *1 114 *1 114 114 400 :Chicago Rock lel& PacIfte__100 158 2 2 *218 25 8 218 21 *2 218 218 218 218 218 500 7% preferred 100 2 2 2 18 218 *2 214 *2 214 *2 218 *2 218 200 6% preferred 100 *10 14 *10 14 *10 14 *10 14 41012 14 Chicago Yellow Cab *1012 14 No par For footnotes see page 2392 Oct. 12 1935 July 1 1933 to Range for Sept.30 Year 1934 1935 ----Low Low Lowest lifeboat Iltyl ------$ per chars i per sit $ per share $ per share 27 8 Sept 9 4 Mar 6 a 8% 10% 33 Mar 15 4 318 4 98 Oct 7 70 Apr 25 74 Sept 25 633 4 633 4 7018 714 712 Mar 13 1612 Oct II 714 1814 8 807 Apr 3 109 Sept 18 44 46 90 48 Mar 12 90 Oct 11 36 39 647 1 26 4 293 Feb 21 4012 Aug 7 2912 40% 353 4 4 11514 7334 353 Mar 28 57l July2!) 8Mar 28 91 June 26 665 5314 7018 90 1912 191 Apr 3 3714 Jan 4 2412 5414 713 Aug 31 3 Mar 6 3 5 16 6 Mar 5 1013 Aug 17 6 ' 24 7 8 211* 2012 Oct 3 28 May 16 2112 *1514 18 323 Apr 3 4712Se1)t 17 4 3514 5512 75 83 1063 Jan 2 115 Sept 19 2 107 87 8Sept 5 4 4 Mar 13 5% 1038 15 15 Mar 18 4018 Oct 11 16,2 57% . 4 51211 1ay 6 14 Jan 2 512 165 8 3512may 7 63 Jan 2 2752 3114 65 55 Jan 3 8 4 3 3 Mar 13 33 4 102 414 Aug 23 23 4 23 July 10 4 65 Jan 9 8 112 112 Feb 20 412 10 4 712 4 1614 643 712 Apr 3 263 Jan 21 712 123 7% Mar 13 18 Sept 11 4 3412 15 37% 918 9% Mar 13 23 Sept II 86 86% 1027 4 * 1003 Feb 21 110 Sept 13 3618 mar 12 4912 Aug 9 294 3512 4638 9112 106% Mar 18 115 May 8 9518 115 612 Aug 9 214 314 Feb 25 214 61 : 74 Oct 11 14 1618 38,2 82 June 21 57 8May le 5% 10 8 57 Mar 6 105 23 23 458 3712 Mar 14 51 18 Aug 15 80 89 10912 1073 Jan 11 116 May 16 4 83 2 14 Oct 10 19 Mar 1 1014 103 4 55 55 100 1001* Jan 5 10818June 18 27 31 36 3314 Sept 24 3312Sept 24 54 58 765* 72 Feb 2 95 Sept 12 8Sept 11 7 87 3 1514 1118 Mar 18 143 79 9512 127 79 Sept 19 11712 Mar 7 93 9% '23/8 * 117 Mar 13 2314 Sept 13 8July 5 3 12 1218 191* 1518 Mar 13 193 21 26 4)) 34 Jan 30 63 Oct 11 2158 24, 8 4914 2152 Mar 18 4112Sept 19 Rasp* Stare Jan. 1 Os Basis of 100-share Lots 553 Mar 18 4 141 Mar 19 4 958 Mar 14 8June 19 165 1034 Jan 22 2814 Mar 13 618 Mar 18 8July 10 393 90 Jan 31 383 Oct 3 4 21 Mar 29 2814 Jan 16 3% Mar '27 12June 6 Sis Apr 30 2412 Fob 7 2318 Jan 17 8May 25 303 15 Apr 18 141894ay 2 3612 Mar 15 90 Jan 4 43 Mar 18 53 Mar 11 12118July 24 3* July 5 414 Mar 14 812 Mar 15 4 623 Mar 22 314 Mar 15 23 Mar 14 14 Sept 11 212 Mar 21 4May 13 33 812 Mar 13 14July 9 14 hlar 20 3 Mar 16 1314 Mar 14 1 Apr 8 54 Apr 3 10 Mar 28 1 12 Mar 12 %June 3 113 Mar 14 8 32 Mar 14 3012 Aug 1 'o July 8 238 Mar 13 715 Mar 13 818 Sept 27 60 Apr 9 85 Oct 2 30 June 1 43 Mar 21 * 321* Feb 25 8214 Feb 27 85 Mar 20 453 Mar 18 4 8312 Apr II 3612 Jan 10 191: Apr 20 17a Apr 3 1 14 Mar 8 1114 Mar 20 2214 Feb 13 34 Mar 18 1318July 31 9614 Mar 14 3853 Jan 16 353 Mar 13 23 Mar 12 8 43 Mar '27 36 Mar 12 37% Mar 12 1 Apr 2(1 %June 3 8 5 Feb 28 15 Feb28 * 1 Mar 30 1918June 7 14 Mar 29 lis Mar 29 13 8June 28 8July 1 35 458 Mar 14 20 Mar 13 54July 9 I% Mar 30 114July 22 914July 19 443 8 1033 Aug 23 27128ep1 30 143 4 6 1412 Oct 10 16 237 Aug 16 8 Ill June 19 65 28 83 Oct 1 1633 Oct 5 618 333 4 593k Jan 8 68 100 July 18 40 4754 July 17 18 2658July 23 11 12 5912 Oct 11 8 Sept 7 33 4 12 1% Jan 9 158Sept 25 82 , 6% 50% Oct 11 101: 45%July 30 25 3612 Aug 7 1$8 312 Jan 5 317 Jan 3 8 14 464 Aug 10 2584 100 Aug 8 6914 43 7112 Aug 13 41 634 Aug 2 1254 April 117 33 7 Oct 1 818May 23 312 6 15 May 23 47 9112July 16 73 Oct 11 3 16 6312 Oct 10 14 7 Oct 8 8 2 912 Oct II 2% 11 Sept 12 418 23% Oct I 14 2% 1815 25 1 1% Feb 7 97 Jan 23 3 2113 Sept 10 1013 2 4 318 Jan 21 2 1012 Jan 22 418 2212 Jan 21 118 24 Apr 29 15 Jan 3 3 8 113 * 205 Jan 7 * 32 4 603 Aug 21 6212 Feb 18 165 8 % 1% Jan 3 212 64 Oct 8 6 2714Sept 27 163 Jan 7 8 818 44 5612 Oct 5 9% 1218 Aug 9 2214 38 Oct 11 414 1318 Sept 7 4678 Oct 8 26 60 88 Aug 29 95 July 18 70 35 85% Oct 11 11813 Oct 9 56% 5512 Aug 1 16 35% Jan 7 17% 1% 618 Oct 1 % 4May 21 43 3914 Sept 27 213 29 May 8 1834 6212 Aug 17 34 123a Jan 16 6% 75 10912 Jan 2 633 Apr 25 4 23% 7 Sept 6 25 8 6514 Sept 12 108 73 Oct 11 4 43 8 473 Aug 15 4 2912 4713 Sept 11 3718 218 Jan 12 1 258 Jan 8 7 8 58 214 Jan 7 15 8 44 Jan 4 23 8e11t 12 4 I 3412Sept 9 9 8% 3 Jan 3 14 34 43 Jan 4 4 5% Jan 7 13 8 1053 Jan 8 35 8 35 12 Sept 18 4713 Sept 18 1414 25* Jan 9 3 4 15* 418 Jan 9 4 Jan 10 114 12 Aug 1 918 547 3 84 1914 411 11114 6 17 26 88 109 5014 28 53 II% 4412 6834 70 94 1 111- -- 8 28,4 1618 3138 514 1912 73 3 - -12.1 ---2 3 88 14 27% '26 3712 333 848 3114 5814 k 28% 447 8212 97 8(1,2 46 45 61 11814 121,4 1 97s 4 038 312 6 1412 50 75 3 73 4 16 44 'I 18 3 27 6,8 5% 1512 6 15* 312 I 4 1512 'Oh 31932 34 3% 912 2% 518 21 112 314 118 .434 133 4 5234 40 67% 18% 44% % 124 23 4 032 6 16% 1212 2913 4812 5012 101* 1814 2812 3314 10, 4 558 2634 39 74 85 70 112% 35 863 4 557 2 93 23 3854 1712 4438 ozi 1% 1 4 612 2238 183 4 3212 53 92 o 512 123 82 110,2 3014 4412 314 73 4 17% 36 4, 2 1612 34 487 atoa 48% 1 18 7 8 15 8 112 6,2 312 1172 IN 7 19 83 2 812 • 312 1314 312 15 55 28 35* 973 1414 2884 13 51 258 938 2 8 918 816 Volume 141 New York Stock Record-Continued-Page 3 2395 July 1 1933 to Rasps for Sept.30 Year 1934 1935 ----Friday Saturday Monday Tuesday Wednesday Thursday Ifto8 Highest Lowest Oct. 5 Oct. 7 Oct. 8 Oct. 9 Oct. 10 Oct. 11 Low Low ----$ per share $ per it $ per star. Par $ per than $ per share $ per share $ per share $ per share 5 per share 5 per share Shares 1912 303 2 15 10 25 Sept 17 30 Aug 19 26 *2518 2614 *2518 26 2518 2514 2512 255 *2514 2614 8 800 Chickasha Cotton 011 26 318 34 115 312 Mar 15 8 713 Jan 7 No par 412 412 5 . 514 514 558 512 512 512 6 10,100 Childs Co 55 8 6 1014 1734 9 9 Feb 23 2514 Sept 13 25 25 *22 24 243 4 24 24 *2214 24 *22 2414 *2212 243 290 Chile Copper Co 4 2814 2914 603 4 8 5 31 Mar 12 783 Oct 11 723 7318 7318 7418 7214 7312 7178 7318 74 8 7614 765 783 226,300 Chrysler Corp 8 4 14 1712 243 2 12 Oct 8 2434May 20 No par 1314 1312 1212 1314 12 125 8 12 123 8 1212 143 4 1412 1512 11,100 City Ice de Fuel R3* 8 67 9212 inn 6934Sept 10 100 May 3 14 Preferred _ 80 80 *79 80 79 79 79 80 79 80 350 7812 79 3714 3714 52 100 35 Oct 7 3612 Oct 10 *35 --_- 35 35 *33 40 35 35 3612 3612 *35 170 City Investing Co _ 12 414 312 5 Apr 16 312 Apr 30 5 8 37 8 *353 37 8 37 8 418 8 37 8 *35 418 800 City Stores new *35 8 33 4 *35 414 854 2124 612 8 1714 1712 173 175 8 No Par 1212May 15 197 Oct 11 8 1612 17 167 1712 1712 1914 1914 197 10,900 Clark Eoutpment 8 8 71 903 71 4 100 87 Sept 20 89 Aug 23 CCC,:k St Louis pref *83 ---- *83 86 *83 86 86 *40 853 *40 4 *40 86 275 8 8July 3 4278 Oct 11 34 347 8 345 343 8 4 3538 3638 3558 36 3618 38 4 387 427 21,200 Cleve Graphite Bronze Co(The) 1 275 , 8 8 70's 75 60 60 80 Mar 26 85 July 20 *83 -*83 -___ *83 *83 ---- *8314 ------- Cleveland & Pittsburgh *834 38 45 31 Spec'l grt 4% betterment stk 50 48 June 25 48 June 25 _ *43 *43 --_- *43 ---- *43 _ ------ 347 8 45 20 *2014 - 2212 22 22 2012 2012 *21 22 *2112 22 *2112 22 200 Met* Peabody A Co__-No Dar 20 July 27 284 Jan 7 95 115 90 *112 115 *112 115 *112 115 115 115 *113 11878 *113 1187 Preferred 100 110 Aug 19 126 May 20 10 8 954 1614 85 3 *24312 246 24512 246 No par 1517 Jan 2 24912 Oct 11 246 246 24714 248 249 249 24912 24912 800 Coca-Cola Co (The) 501s 57 4512 *55 5518 5518 5518 5512 5512 5512 5512 5512 5512 56 No par 6738 Apr 20 5738 Mar 8 Class A 2,100 56 314 314 *476 -- *476 _ *482 Coca Cola Internet Corp_No par 450 Sept 5 450 Sept 5 200 *482 ---- *488 ---- *488 vs. 18's 9 1914 Sept 13 1518June 1 1712 173 4 1714 174 167 1-73 8 167 1714 17 17 2 -- ;666 Colgate-Palmolive-Peet No par 8 8 167 17 8 .1 5 68 2 10212 , 66 8 8 *10412 105 1•1045 1047 *104114 105 *1043 105 8 100 101 Jan 3 1055 Oct 11 4 105 105 6% preferred 1045 1055 300 8 8 10 2812 9 Mar 13 3518 Oct 11 3012 31 No par 3318 3358 3412 333 3518 36,400 Collins & Alkman 307 31 8 3012 307 8 30 4 74 94 693 2 390 100 64:4 Mar 13 107 Sept 18 10312 1033 105 105 Preferred 1043 1043 1043 105 4 4 4 10512 10678 107 107 4 *718 8 6 5 814 Aug 12 No par 63 Jan 10 2 *7 8 *7 8 75 8 78 5 73 8 738 *7 8 350 Colonial Beacon 011 358 854 12 Mar 13 34 No par *214 2 2 *214 212 214 214 , 1159 Jan 21 214 214 212 23 4 23 4 27 8 1,100 :Colorado Fuel & Iron 1018 32 5 5 Mar 14 2812 Jan 21 Preferred 125 133 *13 8 8 100 13 1312 14 1412 1412 1314 1212 1212 13 160 8 4018 165 103 4 *1612 191g, *1612 1912 *1612 1912 1612 1658 *1612 18 100 10114 Feb 28 22 Sept 11 60 Colorado & Southern *1 II2 18 331 , 13 7 4 7 Feb 20 173 Sept 11 *12 13 *1112 13 *1112 13 100 *113 13 4 *1112 13 100 4% let preferred 13 13 11 30 652 65 Mar 9 1414 Sept 10 8 *10 143 *1018 14 4 *1018 143 *1018 143 *1018 1434 *1018 143 100 4 4 4 11% 2d preferred , 4 58 7712 45 8714 873 4 8512 963 853 8 8512 87 4 85 3,600 Columbian Carbon v 90 __No par 67 Jan 15 94 July 23 8614 85 8712 88 214 414 1718 *64 64 65 657 8 65 64 6412 64 6512 6614 67 68 4 2,100 Columb Pict Corp vi c___No par 344 Jan 16 81 July 8 , 338 65 8 1912 382 Mar 13 14 Aug 17 1214 1212 123 125 125 1318 1278 1338 13 8 8 8 8 125 131g 1312 89,000 Columbia Gas & Elec____No par 52 3512 781 4 *85 8712 *8512 8712 8712 8712 8712 87) Preferred series A 100 3512 Mar 13 8912 Oct 11 88 2 87 87 8912 1,600 41 71 31 71 6912 69 2 6912 70 *70 100 31 Mar 15 7218 Oct 10 71 71 71 7218 *72 210 5% preferred 7478 , 185 8 4012 114 534 Sept 7 50 5014 Si 8 5014 507 3 507 513 5114 5014 507 10 3912 Jan 8 8 515 52 8 9,500 Commercial Credit 2312 304 22 3212May 14 25 29 Jan 7% 1st preferred 38 53 32 2May 13 60 5212 Jan 7 693 Class A 24 3012 23 25 2912 Jan 3 33 Jan 25 Preferred B 112 June 27 11912 Aug 10 112 *iii- fffl; *11412 11513 11413 1 -111; 400 11519 11413 1153; 115 ffi 53.4% preferred_ 355 61 72 Aug 15 " 2212 6412 65 64 4 65 , No par 5612 Feb 65 655 8 643 6514 643 65 4 4 6514 66 3,500 Comm Invest Trust 114 91 8412 *111 112 *111 112 No par 111 Mar 13 11512 Jan 29 112 112 *111 112 *111 112 112 112 Cony preferred 700 3 974 102 102 4 8 4 10214 1023 10212 1023 10212 10212 1025 1023 1023 10312 2,800 $4.25 conv_pf ser of 1935 No par 977 July 2. 10312 Oct 11 4 4 1554 iCir4 151 4 1712 175 No par 1612 Oct 3 234 Jan 7 1773 1812 174 1818 177 183 8 1712 18 4 183 19 27,400 Commercial Solvente 8 8 84 1 27 Aug 14 8 32 Mar 6 15 8 13 334 No par 8 112 17 8 4 15 8 15 8 112 15 13 15 8 15 8 4 17 44,100 Commonw'Ith & Sou 8 21 18 521 4 173 8 Jan 4 6512 Aug 12 294 No par *58 597 6014 60 8 GO 60 603 4 59 60 60 4,100 59 60 $6 preferred series 5 134 5 10 May 17 57 Mar 18 8 No par Conde Nast Pub., lno 8 812 *6 812 *6 812 *53 4 712 *53 4 812 *578 812 *57 354 23 1612 4 27 Mar 15 383 Oct 11 No par 3512 3612 35 353 4 3514 38 3614 37 3612 37 9,700 Congoleum-Nairn Inc 375 383 8 4 74 1412 712 9 Feb 7 1514 Aug 17 No par 1312 14 *1312 14 14 14 *1314 14 *1314 14 14 14 4 1,100 Congress Cigar , 61 32 233 2 2 8 38 *385 3912 385 39 8 39 3912 3912 395 3812 38 8 520 Connecticut Ry ,k Lighting. 100 233 Mar 1 49 July 19 38 58 55 41 Apr 2 5812 Sept 20 100 41 *55 57 *55 _ 55 Preferred 55 *505 8 - - *503 53 8 50 70 503 8 54 133 2 54 7 Mar 14 1013 Jan 9 No par 1,400 Consolidated Cigar 4 8 712 - 4 7373 8 712 8 8 • 712 7 4 3 73 8 73 8 *73 31 3012 75 100 62 Mar 28 74 Jan 24 Preferred *673 70 4 *673 70 4 673 673 4 *673 70 4 *673 70 4 4 67 50 70 4512 45, 4 7472 71 Apr 2 82 Feb 28 10 *7214 77 *7312 7612 76 *76 7812 76 76 Prior preferred 76 7612 781 40 451, 49 70 73 Mar 28 80 Mar 6 *76 110 *7614 110 *7614 110 10 *76 110 Prior pref ex-warrants *76 110 *76 110 712 Jan 16 152 614 418 418 *418 414 312May 31 418 412 414 47 1 8 9,400 Consul Film Indus 47 8 58 , 43 4 5 1578 16 103 8 203 2218 Fob 15 1412May 31 1578 1614 163 1714 1712 18 155 16 8 2 73 4 8 No pa Preferred 1712 173 6.000 157 Feb 20 3412 Aug 14 2 184 274 2714 277 8 273 277 157 8 4 2818 287 9 283 2912 283 301 118,000 Consolidated Gas Co 8 8 2712 283 No pa 4 4 99 z71 95 4 7218 Feb 23 1013 Aug 21 271 119 987 99 8 99 9914 9812 9812 9834 9914 99 991 No pa Preferred 2,400 *312 37 8 *312 Vs *312 34 112 438 Aug 12 112 Mar 12 44 112 No pa 312 312 500 Comm] Laundries Corp 33 4 37 8 33 4 33 612 734 8 74 1414 612 Mar 13 1012May 17 74 814 75 73 4 77 8 818 8 No pa 814 818 81 38,900 Consol 011 Corp 108 8 ,11012 1117 *11012 1117 *11012 1117 *11012 1117 1105 1105 *11012 1117 8 8 11212 8 8 8 8% preferred 100 10812 Feb 6 112 Jan 28 103 100 434 434 *4 45 8 .37 *4 24 5 May 14 8 4 434 212 8114 4 212 Jan 25 100 4 4 4 300 Como! RR of Cuba pref 34 12 218 3 8 14 Jan 5 34 *3 4 7 8 *34 78 3 Aug 10 s No pa 3 4 34 5 3 4,100 Consolidated Textile 7 8 3 4 7 414 8 8 1210 133 1214 1212 1212 1212 123 125 64 4 137 1412 1438 147 36,000 Container Corp class A 133 2 83 4June 5 1473 Oct 11 8 2 514 518 559 512 2 24 532 27 8June 10 512 618 614 Oct I 1 No pa 53 5 518 5 518 Class B 4 614 44,000 42 , 54 1458 412 Mar 13 93 Aug 14 4 712 712 73 8 73 8 712 712 714 714 7 77 8 733 73 8 2,000 Continental Bak elan A No pa 1 8 1 1 1 1 1 1 1 5 Apr 1 8 1 1 7 8 21 3 14 Aug 17 1 No ea 1 Class B 1 2,400 2414 4414 64 54 4 *5312 5478 5312 5312 5512 5512 *5512 57 54 Preferred 100 45618 Jan 28 673 Aug 9 57 5712 600 3554 6412 37 0538 853 86 847 86 8 4 85 4 8614 87 20 629 Jan 15 9118July 22 87 877 2 8812 8812 12,300 Continental Can Inc 6 1114 6 8 1314 1314 *1314 14 13, 137 8 7 Jan 15 167 Oct 11 5 143 163 4 4 1614 167 2 8 137 15 8 9,900 Cont'l Diamond Fibre 20 2 39 3912 3912 391 39 233 8 364 8 39 2.50 287 Mar 13 423 Aug 14 3912 393 393 393 4 4 303 4018 .2,200 Continental Insurance 4 23 8 13 Jan 8 4 3 Jan 2 2 118 1 •1 118 *1 No par 1 1 1 11 1 118 118 3,300 Continental Motors 2 153 4 223 124 1914 193 8 193 203 4 1978 20 5 1518 Mar 14 23 May 23 197 2014 2014 205 31,500 Continental 011 of Del 8 4 195 20 8 4012 51 4012 4 *54 4 543 55 4 55 55 541 543 55 4 4 5512 5738 563 57 430 Corn Exchange Bank Trust Co 20 413 Mar 11 603 Aug 19 5512 844 8July 10 783 6112 613 5512 25 60 Oct 6112 617 6112 613 4 6118 611 613 6212 615 6212 7,800 Corn Products Refining 8 15012 135 15018 1501 14812 1481 14814 1481 *14712 152 Preferred 100 14834 Oct 8 165 May 23 133 152 152 154 154 600 97 34 352 *438 41 414 41 44 Mar 13 412 41 67 Jan 3 2 412 41 No par 43 412 434 4 47 8 6,90 Coty Inc 3612 28 *3718 371 avra Mar 4 23 2 3718 373 No par 357 Jan 1 8 3714 373 8 3714 371 3714 3714 3714 37, 4 1,800 Cream of Wheat Ms 1712 7 *1212 131 1234 123 *1258 1312 1314 1314 1312 14 4 113 Sept 24 163,May 44 No par 133 14 4 2,20 Crosley Radio Corp 183 4 361, 3112 311 184 323 321 *313 3212 *313 33 8 No par 234 Mar 14 3614 Sept 10 4 4 8 33 1,80 Crown Cork & Seal 3312 337 34 3513 4412 *457 461 *457 46 8 32 8 4 46 •457 46 8 No par 4312 Jan 4 473 Apr 20 46 46 457 457 8 46 42.70 preferred 70 8 84 47 *8912 92 *9012 _ 92 92 *9212 9412 9312 9312 *9218 95 7 Crown W"mette Pap 15t pfNo par 7413 Mar 13 9312 Oct 11 "40 434 47 62 8 33 8 312 5 3 Jan 10 3 312 Mar 18 *43 43 4 47 8 4 5 No par 43 4 43 43 4 514 4 5 5 18 5,20 Crown Zellerbaak v I o 2412 25 17 383 2 14 2512 2512 2514 2512 25 2512 26 25 26 2618 1.90 Crucible Steel of America___100 14 Mar 15 28 Sept 18 *79 44 85 71 85 85 30 *79 85 85 85 .77 Preferred 100 4712 Apr 12 8612 Sept 18 8412 8412 30 85 114 *1 138 318 114 118 14 Feb 19 1 Jan 28 No par 119 *14 114 *14 209 Cuba Co (The) 112 *118 114 3 312 1012 *712 9 9 912 •712 9 5 Jan 5 10 May 15 100 20 Cuba RR 6% prof 712 712 8 77 8 77s *77 10 014 614 312 212 93 , 812May 13 6 6 54July 22 612 612 6 6 6 10 6 618 1,80 Cuban-American Saga 6 68 68 2018 65 1412 *665 6814 *66 8 673 4 6518 66 4May 13 Preferred 6412 65 645 65 8 100 4012 Jan 3 803 230 3618 4014 4012 40, 40, 37 2 625 8 2 40 40 397 40 8 393 40 4 50 53914 Oct 3 4712 Jan 2 397 403 8 2 1,700 Cudahy Packing 1312 292 2 1312 1614 163 4 1612 1612 163 163 8 1612 16 4 16 15 Mar 15 2272 Jan 8 165 8 17 4,600 Curtis Pub Co (The) 17 No pa 3812 10112 102 10112 10112 10112 102 4 2312 953 10214 10214 103 1033 10338 1031 Preferred 8 894 Mar 14 10514Junc 13 2,300 No pa 3 318 3 318 318 3 318 5)4 2 27 8 3 24 3 2 Mar 12 24 3 19,500 Curtiss-Wright 314 Sept 25 858 878 12', 314 33 , 8 83 8 814 83 83 4 9 4 818 83 4 612 Mar 15 1013 Jan 2 Class. A 1 814 83 24,000 *7112 8712 *7112 8712 8712 8712 88 734 91 73 88 *86 100 *88 100 21) Cushman's Sous 7% fret __100 73 Mar 23 88 Aug 21 *61 *61 72 72 *61 72 6412 90 *61 *61 72 61 72 71 8% preferred 10 71 No Par 61 June 8 72 July 27 3114 313 3412 34 4 3112 3218 33 3512 353 3712 363 371 11 2112 912 4 4 7.900 Cutler-Hammer Inc No par 16 Mar 13 3712 Oct 10 4 *612 73 4 .612 72 4 73 *612 73 4 *63 6 4 *612 73 4 •612 73 814 812 Feb 14 513 6 June 7 Davega Stores Corp 5 3912 403 Nis 3412 8 8 397 403 403 4 8 40 4 393 403 8 4014 4213 424 433 12,900 Deere & Co 1018 4 No par 2234 Mar 18 433 Oct 11 .2712 28, 8 2712 2712 27 4 273 28 2714 *27 104 1914 1014 273 4 27 273 4 1,600 Preferred 20 19 Jan 15 28 Sept 5 3112 3112 313 323 4 4 311 .323 . 8 303 3112 32 4 av 734 3234 3112 33 2312 6,100 Delaware & Hudson 100 2312 Mar 26 4312 Jan 7 133 13 4 135 137 4 8 8 137 1412 134 14 8 , 133 1412 1334 1418 7,700 Delaware Lack & western._.60 11 Mar 13 1918 Jan 7 4 14 3354 11 25 8 25 8 *212 23 8 23 4 25 8 25 8 5212 3 4 *25 33 4 1314 112 *212 23 44 Jan 8 200 Deny & Rio Or West pref 4 113 Feb 27 100 *98 100 *97 9912 9914 9914 984 983 4 2 9812 9812 9814 9912 1,500 Detroit Edison 65 6312 84 Mar 13 10312 Sept13 100 65 *214 3 *212 3 *2, *212 3 4 3 *214 3 *212 3 5 7 2 Detroit & Mackinac Ry Co. 6 Jan 17 2 Aug 12 .100 *6) 11 4 *514 7 *514 7 *5, 11 4 *514 11 10 519 Oct 2 1212May I 514 514 1812 112 5% non-cum preferred 50 100 *3614 37 *3618 37 37 *353 37 4 37 37 3712 3712 37 2 29 400 Devoe & Reynolds A..._No par 3512 Aug 28 503 Jan 2 554 20 , 3 .118 120 •118 120 *117 120 *117 .120 *117 120 *117 120 99 117 1st preferred 8912 100 11412 Mar 8 12012July 8 3712 3712 3718 3712 3714 373 17 37 4 3714 371.2 373 373 4 2 1,600 Diamond Match 21 2813 21 No par 2612 Jan 2 24034 Aug 14 17 3712 3712 537 38 377 *374 38 8 4 374 373 8 373 3732 600 284 3412 275 8 Participating preferred / 4 25 341 Jan 7 4112Niay 3 1913 39, 4 3918 3912 3914 393 3918 394 40 3814 3 9 3 4 39 4,800 Dome Mines Ltd 32 464 25 4312May 17 No par 3418 Jan 1 714 714 7 7 718 712 714 714 714 714 75 23 8 75 8 1,300 Dominion Stores Lsa 11 64 63 4May 29 1253 Jan 28 No par 4 3014 3118 303 3114 3014 3114 3018 30 4 303 317 4 8 311g 3178 24,600 Douglas Aircraft Co Inc No par 1712 Mar 12 33 Sept 5 , 1412 2 4 2318 23 8 2212 2212 227 2318 2318 23 *223 2312 223 223 4 814 8 20 4 4 1,100 Dresser(SR) Mfg cony A No par 1312 Mar 1 24 Sept 13 *1314 133 *131 1 1312 1314 1314 127 127 8 8 13 13 8 *125 1312 8 113, 30 Convertible clues B 63 Mar 1 8 5 No par 33 133 Sept 18 4 *3 2 12 3 8 *3 8 12 *3 8 i*3 8 12 *3 8 12 3 8 14 100 Duluth AS & Atlantic 58 15 8 100 58 Aug 27 4June 1 14 12 212 14 *14 53 Preferred 100 *14 6 8 14 *3 8 53 *3 8 5 8 *3 8 58 100 14June 2 3 Aug 6 4 412 *4 412 412 412 414 414 *4 45 8 *4 *414 45 8 3 400 Dunhill International 11% 2 2 June 1 512 Sept 16 8 *1518 1612 *15, 1712 155 155 *1514 164 *1514 1614 *1534 1638 8 8 2374 10 Duplan Silk 13 1234 19 Aug 6 No par 123 2May 2 *105 110 ,*105 110 *106 110 •106 110 *106 110 *106 110 Preferred 11012 92 92 100 103 Mar 20 11378 Sept 17 1263 1277 12812 131 129 12914 12914 1297 127 130 4 4 8 13112 1347 21,000 DuPont deNemours(E.I.)&Co.20 865 Mar 1 8 8 103 100 13514 Sept 18 SI 697 8 12812 1287 *12812 12978 .12914 130 •12912 130 212812 12812 *12812 129 8 5% non-voting deb 300 148 100 1264 Feb 131 Apr 22 10412 115 3 3 8 114 114 ---- *114 1147 *114 1147 *114 1147 114 114 20 Duquesne Light 1st pref.__ _100 104 Feb 18 115 Aug 5 1074 90 85 *123 4 *1212 Durham Hosiery Mills pref. *1212 *1212 *1212 304 _100 1712May 16 23 Mar 5 21 13 6 6 6 6 6 6 20556 Eastern Rolling Mills 55 8 53 4 53 4 6 44 12 618 c.31; _ -312 33 Mar 1 2 5 8 Jan 7 153 1533 154 1543 1543 156 153 153 15212 15312 15312 154 4 3.100 Eastman Kodak (N J)___No par 11012 Jan 1 4 4 79 118 6512 161 Sept 18 .15912 165 158 15812 *158 165 *160 16312 159 16014 158 15812 6% cum preferred 130 147 120 164 July 26 120 100 141 Jan 8 274 2712 273 2814 2814 287 4 277 277 8 8 27 42 277 8 2714 273 No par 8 7,900 Eaton Mfg Co 10 293 Oct 1 8 165 Jan 1 8 124 22 57 8 57 8 4 512 53 4 53 4 53 314 53 4 7 7 7 67 8 7 No par 5.100 Eitingon Schild 5 19 34 Mar 2 5 7 8 Jan 4 8 3118 323 305 3118 31 8 3112 305 3114 3012 31 8 325 335 53,700 Elec Auto-Lite (The) 8 8 31 115 8 8June 3352 Oct 11 6 193 15 111 111 11012 11012 11012 11012 111 111 111 111 Preferred 111 111 190 110 75 100 107 Jan 2 11312Sept 45 80 93 1014 95 4 8 94 1013 1014 1018 103 8 95 1012 10 8 1012 48,300 Electric Boat 3 7 3 8Sept 20 3 105 3 3 Mar 1 7 57 8 6 53 4 53 4 57 8 6 6 6 57 8 6 44 9 57 8 57 8 2,600 Elec de Mus Ind Am sharee 5 8Sept 2 5 84 Feb 18 44 212 412 43 43 8 43 45 8 438 43 8 45 8 4 4 43 4 514 24 5 9 jig Mar 1 53 12,400 Electric Power & Light --No Dar 3 118 712 Aug 17 2414 2414 2514 2412 2553 5,100 2312 2312 2312 233 4 2314 2414 *23 658 21 47 preferred No par 3 3 Mar 1 32 Aug 17 4 22 20, 201 1 2014 2012 214 213 *2034 22 4 C 19 23 Se preferred Vo par 2212 23 4,000 24 212 Mar 1 28 Aug 17 For footnotes dee page 2392 -PER SHARE, NOT PER CENT HIGH AND LOW SALE PRICES Sales for the Week STOCKS NEW YORK STOCK EXCHANGE Ramos Sines Jas. 1 -share Lots Os Basis of 100 New York Stock Record-Continued-Page 4 2396 HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT Saturday Oct. 5 Monday Oct. 7 Tuesday Oct. 8 Wednesday Oct. 9 Thursday 1 Oct. 10 Friday Oct. 11 . I Sales for I the JWeek STOCKS NEW YORK STOCK EXCHANGE Oct. 12 1935 Rased Slued .111. 1 -sham Lots Os Bast: of 100 Lowest Highest .this 8 1933 to Range for Sept.30 Year 1934 1935 Low Low llOh $ per share Spa sh $ per share $ per share $ per share 4 per share Shares Par 4 per share 4618 1,900 Elea Storage Battery 4513 46 45 45 46 45 45 Nova? 39 Mar 21 5913 Jan 7 11337k 14 Mar 29 100 tElk Horn Coal Corp 7 Jan 10 1 No par 5 8 . 3 8 3 8 8 8 . 3 8 "8 84 8 4 14 *118 13 60 3 Apr 1 8 600 6% part preferred 6 •Ild 118 113 17 Aug 17 114 8 114 1 58 63 *5914 63 500 Endicott-Johnson Carp 63 63 63 *60 63 45 60 5238 Jan 16 66 Sept 6 129 12914 130 130 132 Apr 23 112 160 Preferred 130 130 131 131 8 100 126 4 Jan 10 514 Ds Mar 16 1,800 Engineer! Public, Berv__--No par 7 8 Aug 19 7 61 6 Da *5 512 5 514 53 4 41 414 41 377 39 8 15 cony preferred 42 414 418 4 2.200 No par 14 Mar 19 42 Oct 10 101s 42 42 42 45 45 45 42 42 1,300 5534 preferred 11 No par 1413 Feb 7 45 Oct 9 600 86 preferred 43 4 45 3 45 45 47 47 *46 47 12 No par 154 Mar 19 47 Oct 10 73 Aug 21 513 57 8 578 6 57 8 6 3,900 Equitable()Mee Bldg *57 8 6 413 Aug 8 413 No par 934 1014 100 74 Mar 20 14 Jan 4 912 97 912 9 8 7,600 Erie 74 912 98 4 7 100 13 13 84 Mar 26 17 8 Aug 14 1212 13 7 First preferred 1212 1238 1,800 84 1238 13 8 8 818 4,400 100 644Mar 12 13 Jan 7 Second preferred 8 818 812 63 4 8 773 Erie & Pittsburgh _ *6114 73 *6114 *611 50 14 50 69 Feb 18 73 Sept 26 4- • 614 13 131313 3 13 1314 2,300 Eureka Vacuum Clean 13 123 13 4 -5 1013 Mar 19 147 Aug 17 6% 183 19 8 1818 1818 184 1873 18 6 16 May 7 2814 Feb 21 19 3,600 Evans Product, Co 3 313 3 4 2,650 Exchange Buffet Corp__.No par 3 5 Jan 18 *314 313 2 Apr 30 314 314 34 313 2 220 Fairbanks Co *1 13 8 *118 13 8 13 8 214 Jan 19 13 8 I% •118 Ils Mar 26 25 % *514 6 lios Jan 18 Preferred 6 *5 513 *5 * 5 6 4 Mar 19 34 100 2218 22 4 2214 2213 2278 23 8 23 24 3,800 Fairbanks Morse & Co___No par 17 Jan 11 2613 Aug 23 47 8 11812 119 80 Preferred 11812 11812 119 119 *1184 119 25 100 72 Jan 17 120 July 18 1638 1638 1614 1614 16 4 4 600 Federal Light dk Trao 1613 153 16 6 8 Mar 15 193 Aug 17 3 4 15 *77 Preferred 82 *77 *77 82 82 *77 82 33 No par 48 Jan 8 z85 Aug 16 *58 *57 65 65 *58 *60 65 65 40 100 Federal Min & Smelt Co----100 40 Apr 3 72 Apr 20 Preferred 85 *75 200 80 80 85 *75 *75 85 60 100 64 Apr 1 95 May 28 712Sept 30 • 2% 7 7 7 14 1,900 Federal Motor Truck--No par 74 63 *63 4 6% 4 67 338 Mar 23 '7 , 8 3 2 *2 7 3 *27 8 3 Federal Screw Worka___-No par *27 8 3 412 Jan 7 2 July 6 I I% 138 78 134 2 138 138 1,000 Federal Water Sera A. 34 Aug 19 17 7 Feb 25 8 3 2 ---No Par *2214 224 2213 2212 2234 2318 23 2313 1,700 Federated Dept Stores_ _No par 1618 Mar 29 25 Aug 8 164 3913 3913 40 *3912 40 40 3913 4014 2,100 Fidel Phan Fire Ins N - _..3.50 2813 Mar 14 4113 Aug 12 201a _ 2412 *20 244 *20 2413 •21 Filene's(Wm)Sons Co___No par 2412 *21 16 16 Apr 9 25 Sept 26 If112 112 *112 1137 •112 1137 *112 1137 8 10 634% preferred 8 a 100 1064 Mar 6 114 July 3 z85 13 8 14 1313 1413 14 1514 148 15 8 8,000 Firestone Tire & Rubber 10 134May 2 184 Jan 7 1318 4 3 4 93 913 913 •913 93 4 94 4 *94 96 700 Preferred series A 6718 100 844 Apr 8 96 Aug 13 4612 4738 3,300 First National Stores____No par 45 Oct 4 587 Aug 12 45 4614 46 453 4612 4612 47 22 23 23 •22 *22 23 300 Florsheim Shoe Maas A---No Par 19 &Feb 21 234 Aug 15 23 1258 23 8 *23 *23 4 27 2 4 23 318 7 800 /Follansbee Bros 6% Jan 7 27 8 3 3 24 Mar 6 No par 584 59 59 6 138 6014 6138 60% 6114 5,000 Food Machinery Corp_No per 2014 Jan 15 6184 Oct 9" 1014 97 Mar 15 184 Oct 10 4 1613 173 1614 168 8 1738 184 174 1712 17,500 Foster-Wheeler 84 No par 84 84 86 87 *87 250 Preferred 4414 89 87 87 3 No par 60 8 Mar 15 90 Aug 23 8June 7 1011 Jan 7 Foundation 00 25 2 53 ii li 3 3 5ii "3"17; 55 --- ;55 li 55 1i 55T2 II 1,5645 Fourth Nat Invest w w No par 1934 Mar 21 35 Oct 11 1638 s 1 814 3 85 Mar 15 17%July 15 N. par *53 55 I 534 55 *52 55 57 57 120 FkIn Simon & Co 100 7% pf--100 3014 Apr 2 65 Oct 11 594 60 624 65 20 2314 2414 2413 2412 2414 2412 243 257 234 24 *24 25 174 4,000 Freeport Texas CO 1 10 17 4 Mar 18 2812May 23 •116 120 *11612 120 *116 120 *11614 120 20 Preferred 120 120 *116 125 100 11212June 27 121 Sept 30 11213 22 24 24 24 24 *22 24 26 124 •24 18 Fuller (0 A) prior prat---No par 15 Mar 13 2713 Aug 14 25 25 2513 7 98 *8 *8 8 9 814 814 43 4 84 8 3 70 9 86 2d pref 94 4 43 Mar 13 12 Jan 24 9% 93 No par 4 2 2 *2 2% 214 2 2 2 700 Gabriel Co (The)ol A •2 218 213 218 78May 21 25 Aug 22 8 No par 913 913 *9 912 *9 *83 4 913 7 913 110 Gamewell CO (The) 97 10 4Sept 4 8 *914 10 7 Mar 30 103 No par 9 918 85 88 84 84 7 9 813 84 914 9 54 914 2,500 (ten Amer Investors 513 Mar 13 1014Sept 11 No par 96 *96 96 97 96 96 •96 98 6413 *96 700 97 Preferred 97 9812 4 No par 843 Jan 10 10018Sept 16 39 3914 393 3814 39 39 4 383 39 4 40 4,500 Gen Amer Trans Oorp 383 3914 39 4 258 5 32% Mar 12 44 July 15 17 17 17 1773 1713 1718 1714 1713 1712 1818 9,100 General Asphalt 17 17 8July 31 118 10 111 Mar 15 205 113 118 8 4 II% 1173 II% 12 113 1178 113 1214 12 4 / 612 4 124 9,300 General Baking 7118 Mar 29 13 Sept 12 6 *1373 140 4 140 141 *139 140 *139 140 120 140 142 88 preferred 139 142 No par 115 Jan 10 146 Aug 13 100 64 64 1 3 6 4 64 1 3 6 4 63 5 3 6 s 74 4,400 General Bronse 54 Mar 4 67 638 67 84 Aug 23 63 4 67 5 6 618 518 514 • 43, 518 *44 54 518 53 2 3 8 54 58 1,200 General Cable 618 Aug 21 Nova , 2 Mar 20 *13 *1318 14 14 133 1414 *1338 133 4 4 133 133 1312 14 600 4 Claaa A 4 4 4 Mar 26 15388ept 6 -110 par 474 4812 4812 483 4 4812 483 4 483 49 4 4812 49 1% oum preferred 4912 5012 1,900 14 100 19 Mar 14 5012 Oct 11 1 54 4 54 3 54 1 54 3 3 3 413 *54 4 58 5513 500 (.1eneral Cigar the 5514 5514 *55 54 5 4 244 No par 50 Mar 25 6414July 27 *14313 14512 14512 14512 *142 14512 144 144 *142 146 *142 146 210 7% preferred 97 100 1274 Jan 2 14512 Oct 7 8 7 33 3 32 8 333 3238 3314 33 3318 33 4 337 343 3 71,200 General Eleotrio 8 No par 2014 Jan 15 35 Sept 11 1 16 4 343 35 7 33 323 323 333 8 3238 33 4 32% 32 3 8 9,500 General Foods 323 33 4 28 No par 80 Sept 17 377 July 8 3238 327 5 8 84 5 8 3 4 3 4 3 4 5 8 3 4 4,800 Gen'l Gas & Elee A 5 8 5 8 3 4 3 14 Feb 25 4 112 Aug 22 No par 4 *5 11 11 *5 11 *5 *5 11 *6 11 Cony pref series A---No VOI 10 Mar 15 1513 Aug 19 *5 514 11 *____ 12 *__- 12 *-- 12 *____ 12 *___. 12 $7 prat clan• ____ 12 638 No par 11 Mar 5 18 Aug 20 _ 18 *___ 18 *___ 18 *--_ 18 •____ 18 $8 pref class A ___18 74 1538 Jan 15 18 Apr 6 No par 32 32 *3434 37% •32 *32 40 3733 *37 100 Gen Ital Edison Mee Corp 4 32 Oct 7 618 Feb 5 " 35 5738 *331; 4318 7 8 6914 69% 70 *687 694 68 3 6914 694 694 *6914 693 51 7018 2,300 General Mills 4 No par 597 Fab 6 7014July 8 , 011814 1191 *11818 1195, *118% 11933 *11812 11933 *118 1193 11833 1195 Preferred , 5 8 100 116 Jan 3 119 Aug 23 10012 4513 464 46 463 4 45 4 46 8 4612 4788 473 4818 175,700 General Motors Corp 46 4 46 3 8 8 3 10 2638 Mar 13 4818 001 11 Is 223 8 115 4 115 4 115 11513 115 11512 11514 11512 1.700 116 116 3 3 1157 116 85 preferred 84 No par s10712 Jan 4 119 Sept 5 1612 *143 18 *14 8 3 16$8 *15 16 16 814 500 Gen Outdoor Adv A 16 163 4 15 8 16% 3 No par 10 Mar 20 163 008 10 313 34 4318 314 *34 33 314 313 313 37 8 312 312 1,500 Common 3 Aug 9 No par 44Sept 13 3 3512 36 35 4 36 3 38 36 3512 38 2,000 General Printing Ink 1013 3512 36 36 No par 36 1738 Feb 5 38 Aug 27 *10714 _ . *107 10812 *107 10812 107 107 - •1074 - _ *108 10 $6 preferred 6114 No par 9312 Jan 22 107 Oct 11 *23 -- 1 *2% - 7 4 28 118 4 Aug 12 No par 118 Mar 13 28 3 24 - 7 3 3 2 8 *212 3 318 34 1,000 Gen Public Serviee 33 3312 32 318 32 32 1538 314 3114 317 32 4 No par 3112 31% 1,900 Gen Railway Signal 1533 Mar 13 343 Aug 14 *83 10912 *83 1084 *83 10812 *83 1084 *83 10812 •83 10812 Preferred 80. 100 80 Jan 2 109 Oct 2 •13 8 11 : 134 112 138 112 112 3,300 Gen Realty & Utilities 24 Aug 14 112 112 112 Pt 18 3 Apr 2 4 1 3 4 *243 25 8 26 25 25 2614 27 800 36 preferred 28 2712 2712 2712 28 No par 14e4 Mar 20 32 Sept 3 10 22 4 222 8 4 2213 223 4 22% 22 4 213 22 7 1 No par 161 Jan 30 26 4Sept 11 3 814 4 22 4 3 2312 23 8 4.400 General Refractories 8 Voting trust eertifs No par 1614 Jan 15 23 July 9 74 *261416" ;iit8-4 16" ;ii" 16" ;iii "3"6" 505" 16" "iii" 16_41- ----55 Gen Steel Castings pref No par 14 Apr 13 4012Ju1y 29 14 16 16 15 8 1638 16 7 1638 16 No par 12 Mar 14 1914 Aug 7 • 713 173 10,300 Gillette Safety Rasor 1618 1618 1718 17 8 89% 91 897 9013 9018 903 8 894 8912 No par 7014 Jan 4 93 Aug 6 Cony preferred 90 9218 9012 9012 3,900 4514 53 414 44 51, 6 413 44 15.500 Gimbel Brothers 6 Oct 11 Ns par 214 Mar 13 218 43 4 43 47a 4 5 5 413 4 4134 4212 42 *40 418 *41 Preferred 42 4 100 18 Mar 27 497 Oct 11 8 3,000 45 473 4 4714 497 1313 Glidden Co (The) par 23% Feb 7 3818 Oct 1 3514 3738 3 88 374 34 No 35 3512 3534 358 364 26,800 4 36 4 3 3 7 12 10714 108 108 108 Prlor preferred 108 108 100 104% Jan 2 11012 Pot 10 190 1084 1083 11014 11012 110 110 8038 4 7 13 JUly 19 8 Rights7 July 15 * 212 - 2 5 23 Ift 23 18 8 5 114 Apr 26 212 /3 212 13 5 1% 3 44 Jan 25 4 212 14 4,200 :00bel (A11011) 16 16 1578 1618 21512 1512 16 16 143 8May 2 18 Jan 7 No par 3 1438 1533 158 15 4 1618 8,600 Gold Dust Corp v I o 4 "115 117 4 *115 1173 *115 1173 *1153 1173 *115 8 1173 *115 8 117% 4 8 8 No par 1114May 3 120 June 29 4 3 86 cony preferred 4 3 964 8% 812 818 811 818 812 818 812 No par 718 Mar 13 1174 Jan 7 8 6,600 Goodrich Co(B F) 818 812 814 83 714 5114 5014 51 5018 514 51 50 50 Preferred 100 40 Mar 16 5812Sept 7 5112 2,700 50 51 50 2613 17% 173 4 17% 173 4 163 1714 1614 167 4 8 17 8 173 4 1714 177 18,900 Goodyear Tire & Rubb-No par IA Mar 13 2573 Jan 7 15 4 3 77 77 75 8 7658 757 75 8 753 75 4 75 7 76 1a9 preferred 76 8 No par 70 Apr 11 92 Jan 10 fl 5314 75 4 1,300 3 7 4 3 714 7 7 73, 7 8 6,700 Gotham Silk Hose 7 7 64 74 1 3 734Sept 28 No par 211 Apr 4 7 218 74 738 4 220 50 Preferred 50 52 55 52 54 838 4833 *49% 52 5512 65 100 20 Apr 3 5512 Oct 10 '20 17 178 17 8 17 2 2 218 17 8,500 Graham-Palge Motor, 2 218 2 2 8 1 114June 25 338 Jan 3 14 124 12 3 12% 13 5 4,500 Granby Cone M Sm & Pr__ __I00 1213 123 4 123 127 8 8 8 123 13 4 *127 13 514 Mar 19 13 Oct 7 4 *27 8 3% 2s 28 7 7 2 8 28 3 7 212 23 4 2,200 Grand Union CO Sr offs 8 *23 5 Jan 7 4 318 23 4 23 1 214 Mar 15 214 1612 1612 16 16 *1518 16 Cony pref aeries 15% 1518 1514 1514 *153 1614 400 8May 20 293 Jan 3 8 No par 143 1438 244 24.3 8 2414 2412 2438 243 8 2433 2438 2412 25 25 253 8 2,600 Granite City Steel 1814 Mar 29 2913July 31 No par 1818 -_ Rights - --__ _ ____ ---- ---- - -- ---%Sept 17 212Sept 5 38 Iii2 2314 1312 2312 *2212 II8 2312 i312 *23% 3 Part pald ref's 2488 --2 38 1,500 4 24 4 No par 223 Oct 2 24% Oct 1 233 4 3212 323 4 3212 3212 3212 33 *32 3212 3158 3214 32 1.600 Grant(W T1 32 No par 26 Mar 26 3814Sept 7 25 1214 127 a 127 127 1212 1213 1213 12% 1212 1238 1212 1258 2,100 GS Nor Inan Ore Prop...-Na par 19 1312Sept 11 94 Mar 7% 7 3 95 8 7 2314 2312 2311 2438 23 8 24 4 227 23 8 243 247 8 2418 2514 55,800 threat Northern thet 8 94 Mar 12 27I2Sept 19 100 2812 2814 2814 28% 283 287 4 28% 287 8 2812 2838 2814 287 4 4,300 Great Walden% Super--No par 26 4 Jan 16 32%May 6 25 1 , 12914 131 *12914 130 *12914 1297 *12914 1297 1297 1297 12914 12914 8 8 70 Preferred s 8 100 119 Jan 2 140 May 4 99 *263 45 4 *263 45 4 *263 45 4 *26 4 45 3 *2634 45 *263 45 4 Oresnata at Western RR 0o 100 21 Apr 12 30 Sept 12 21 *664 90 *50 *66 90 90 •50 Greene Canaries 00111/8t 90 •50 .50 90 90 100 34 Feb 6 66 Sept 19 18 o 6838 72% 7014 7212 72 65 664 6512 687 5 4613 July 17 727 Oct 10 • 5 8 727 8 697 7214 42,800 Greyhound Corp (The) 8 113 113 1% 14 *113 I% *14 I% *112 13 600 Guantanamo Sugar No par 1 Feb 1 4 2 4May 13 3 4 *113 13 53 •26 28 26 26 *26 28 *26 Preferred *26 28 28 *26 10 28 100 19 Feb 16 4314May 14 74 *6 713 *64 713 *614 *5'2 7 7 713 *6 Gulf Mobile & Northern_-100 7% *6 4 Mar 7 4 9 Aug 16 *21 2312 *21 2312 *21 2278 *21 23 .20 23 Preferred *20 23 6 Apr 3 26 Aug 16 100 6 28 *21 2412 *22 •22 26 *22 2438 26 •22 Gulf States Steel 26 *24 12 Mar 29 28 Aug 23 12 No par 76 76 *68 76 76 *68 *68 81 Preferred 81 10 *6814 81 •68 2014 100 48 Mar 29 80 Sept 0 *29 304 •29 3014 •29 304 .29 Hackensack WART 3014 *29 304 •29 26 214 Jan 15 30 Sept 30 3014 197 s *33 4 3314 33 33 *313 33 33 33 33 70 7% preferred elan A 26 33 *318 33 23 30 Jan 18 34 June 29 *412 5 *44 5 .412 5 *412 5 *4 5 6 5 100 Hall Printing 4 Mar 19 712 Jan 2 w 34 10 11 *11 107 107 3 8 11 1114 114 1114 1112 1112 11% 113 1214Sept 9 338 4 1,200 Hamilton Walla co 64 Apr 30 No par •967 9814 9814 9814 99 99 8 *9912 115 .9912 115 *993 115 60 Preferred 20 100 63 Jan 4 99 Oct 8 Hanna (M A) Co $7 pt___No par 101 Jan 2 108 June 3 77 .191114 105 *111114 105 "11 10T3 1015 7 . 10012 10014 *10014 fin siooi2 id wo 6.6 preferred 4Sept 20 No par 100%Sept 26 1003 25 25 247 25 25 25 3 25 24 243 25 2,600 Harblson-Walk Refrac-No par 16 Mar 15 26 Sept 13 2412 25 12 "11612 120 •1164 120 •11612 120 *1164 120 *11612 120 *11613 120 Preferred 100 993d Jan 7 118 Aug 17 82 1212 123 •11% 1212 12 12 4 *12 123 8 1238 1212 124 1212 1,000 Hat Corp of America el A____1 313 Feb 6 1314 Oct 1 14 "10112 103 103 103 *10312 1044 10414 10414 10414 105 100 64% preferred 106 106 100 81 Feb 6 109 July 24 1413 i per share $ per share 454 4513 45 45 *as 1 4 *3 4 8 4 *1 114 *114 113 * 414 6 6 454 6414 644 *12768 129 *12758 129 514 * 5 514 512 363 363 4 4 363 363 4 4 3913 3913 4018 4112 4213 424 424 4214 rt.% 6 6 6 938 9 8 7 9 4 1014 3 12 1238 13 1314 8 8 12 *7 4 812 3 *6114 *6114 -_ •12 8 1 5 314 133 1338 8 1812 184 1812 19 338 33 8 3 8 38 3 3 14 14 1 118 *Ms 6 *Ms 6 22 224 223 23 4 1184 11812 *11812 119 *1584 163 •16 16% 8 82 *77 *75 82 *60 65 60 60 80 80 *75 80 612 63 *63 4 74 *278 3 *2 8 3 7 *112 I% •112 138 21 21 *2114 2314 394 3912 393 40 4 •1738 2413 *1758 24I2 *111 113 *111 113 14 14% 1433 14 3 911 9214 *911 92 4 4614 4614 454 45 8 5 2213 22 4 3 *213 23 4 24 2 3 3 7 2 28 7 567 5713 5838 58% s 16 16 154 16 *7814 8114 8112 84 For footnotes see page 2392. 8 per share 53 34 % 138 1 314 45 63 120 128 2 8% 104 234 11 244 13 2 513 5 1038 938 2478 143 4 2814 9 23 50 68 7 1438 9 274 3 1013 1 2% 3 * 1211 3 7 184 30 7713 1114 4 844 62 52 107 02 98 27 s 8% 2 51 s 1 a 20 31 2338 351s 80 28 87 106 13 2514 7138 9214 6914 63 26 16 2 17% 1014 2138 84 22 55 80 614 1714 174 2712 814 1713 20 53 2113 50% 1134 16014 3312 14 5 1938 14 438 8 20 54 114 73 87 43 53 80 2338 12 64 14 / 1 4 1084 100 5 104 214 64 414 12 144 33 BA 23 12718 97 16% 264 304 28 se 1 54 19 II 21 13 22 60 624 81 5414 103 118 3414 42 8984 109 84 21 6% 374 1013 254 734 96 p i 2 2313 4514 90 10114 1 34 10 264 / 1 1014 33% 10 20 175 4 5 84 812 14 8 7 72 47 2158 63 8 164 30 UN 28% 88 10713 338 918 16 23 9614 120 8 18 54 62 4 1 1813 418 4 64 8614 3 4 112 7 4 884 714 14 413 4 13114 85g 4 23 40 21 3114 .... _ 28 _ ifis; gta 151, 1214 824 25 11 514 102 11814 18 59 1 11 -14 7 14 31 8 1614 12 35 4 1 1514 62 47 83 204 2614 27 31 Ms Pi 34 1173 11 25 63 84 1013 4 13 - 4 211 87 100 111 738 1938 93 Volume 141 New York Stock Record-Continued-Page 5 2397 d Jaly 1 01933 to Ramos for Rance Since Jas. 1 STOCKS Sales -PER SHARE, NOT PER CENT 111011 AND LOW SALE PRICES -share Lots Sept.30 Year 1934 Os Basis of 100 NEW YORK STOCK for 1935 EXCHANGE the Thursday I Friday Saturday1 Monday 1 Tuesday , 1Vednesday Low Lots Hloi Highest Lowest Week Oct. 11 Oct. 10 Oct. 9 Oct. 8 Oct. 7 Oct. 5 ---3 per share $ per sh 2 per share Par $ per share $ per share I $ per share I $ per share $ per share $ per share S per share Shares 114 4 / 61 8 15 Mar 18 2 612 Oct 5 43 1 512 814 63.100 Hayes Body Corp 512 6 8 614 57 4 614 53 612 614 8 64 57 85 74 1 / 954 25 85 Jan 2 11712July 24 600 Hazel-Atlas Glass Co 104 104 10212 103 *10414 105 8 8 *1037 105 1.'1037 105 I 104 104 94 145 101 25 127 Jan 6 141 June 4 100 Helme (0 W) 4 / 135 135 *134 1371 *130 139 •130 139 *130 139 *130 135 12312 153 100 14212 Jan 10 162 June 19 120 Preferred 1 / 1 / •160 1684 *160 16812 •160 16812 *160 1684 *160 16812 *160 16812 1213 514 4 1 / 54 11 Jan 8 25 Oct 1 No par 4 233 2414 1,000 Hercules Motors 4 4 8 2414 2414 *2318 24141 2312 2414 233 238 8 237 237 59 40 4 / 811 No par 71 Mar 12 8838 Sept 11 600 Efercule3 Powder 8612 8612 8612 *85 85 4 1 / 86 87 85 *86 86 I 87 87 1 / 1254 111 100 122 Feb 9 128 May 3 1044 37 cum preferred 110 8 4 12614 1263 12612 1263 8 8 8 *1263 127 *1263 127 *1263 127 101263. 127 _ 8 12112 Aug 23 1215 Aug 29 12112 Preferred called 10 . 8 8 8 *12112 1217 12112 12112 *1211. 1214 *12112 1217 •1211 1217 *12112 1214 184 Ws; 44 4 No par 7314 Apr 4 813 Jan 19 Hershey Chocolate *7618 77 8 *757 77 1 / 77 *75 *754 77 I *754 77 1 / *754 77 83 80 1054 No par 104 Jan 25 118 July 17 Cony preferred 200 116 116 8 1 / *115 1154 •115 11550'115 116 *115 1155 115 115 4 4 / 434 101 4 4 53 Mar 15 193 Oct 1 No par 4 / 4 1814 181 183 4 183 1914 8,700 Holland Furnace 4 1814 183 8 4 17 183 183 8 18 4 1 / 183 4 1 / 13 5 54 8 65 Mar 29 11 Jan 2 6 Hollander & Sons (A) 918 918 2,701) 812 914 8 814 814 *818 812 8 95 93 812 812 310 z4304 100 338 Feb 5 412 May 14 200 200 Homestake Mining 4 / 8 *39912 4055 *39912 407 *39912 407 I 3991 402 *392 40018 *393 40018 34 11 4 / 700 Houdaille-Hershey cl A -No par 301 Mar 14 42 July 31 • 7 4014 4014 40 40 41) 40 40 40 40 40 4 / *391 40 4 1 / 2 4 / 81 4 1 / 3 612 Mar 13 2312 Oct 1 Vo par Class B 8 22 4 223 233 25,100 4 23 4 / 4 1 / 8 22 2212 2238 221 217 22 , 213 22 54 43 43 400 Household Finance part Df___50 49 Jan 2 69 Oct 11 69 4 1 / *66 67 8 6712 6712 69 8 675 67 ' 67 8 675 •66 5 675 4 1 / 8 4 1 / 124 39 918 4 1 / 94 Mar 15 17 Jan 2 Houston 011 of Tex tern ces_100 2 1, 4 1 / 5 212 4,8 Oct 10 112 Mar 13 25 Voting trust Me new 63,400 3 4 4 / 21 2 8 4 23 23 54 - -18 - 4 4 23 8 33 54 4-18 34 312 - , 20 354 5714 5 43 Jan 15 56. Apr 28 4 523 5318 52 5318 5112 52 4 1 / 5112 5112 5112 5112 5114 5214 6,000 Howe Sound Co 1218 4 4 1 / 2 54 Jan 21 , 2 4 Fab 27 100 314 8 1,000 Hudson & Manhattan 318 318 318 33 8 314 314 8 314 2614 9 812 612 Mar 14 1312 Jan 21 100 Preferred 500 814 814 4 *712 814 4 1 / 73 7 *712 8 7 7 0714 814 4 / 1 / 64 241 614 mar 26 144Sept 30 01 6 No par 144 1412 38,900 Hudson Motor Car 8 131. 14 8 135 14 1358 14 4 4 123 133 1318 133 4 3 4 / 11 714 4 1 / 3 Jan 7 4 3 Apr 5 10 Motor Car Corp 1 / 1 / 24 24 214 4 1 / 212 5.100 Hupp 2 0214 238 1 / 24 238 214 214 214 1 / 134 381 912 4 / 012 Mar 14 1774 Sept 19 100 1434 12,400 Illinois Central 4 14 143 4 1 / 14 13 14 4 1 / 14 1 / 14 1434 134 1418 14 51) 21 15 100 15 Apr 11 2412Sept 13 6% Dref series A 500 1812 1812 1812 19 I 22 *18 *1812 21 *1812 22 19 19 40 4 / 481 66 100 40 Mar 21 574 Jan 10 Leased lines 210 53 4 1 / 5212 53 4 1 / 5218 5212 5218 5212 523 5212 52 8 *5212 53 414 74 344 4 / 41 Mar 30 10 Jan 4 4 / 4 / RR See etfs series A____1000 712 •71 71 260 7 712 .71 7 8 7 65 7 *71 7 4 / 41 4 1 / 2 24 4Nfav 10 23 21, Mar 16 10 41 1 / 1,100 Indian Refining 8 2 4 / 25 *21 238 4 1 / 212 2 4 1 / 212 2 238 23 8 212 212 1314 . 3 3214 193 No par 23'2M ay 8 3318 Sept 27 12,300 Induatrial Rayon 4 / 311 3178 3114 311 3018 311 29 8 3214 33 4 / 4 1 / 3114 321 4 1 / 30 4 / 45 4912 733 4 8 No par 6012 Mar 13 1047 Oct 1 90 Ingersoll Rand 1 / 4 1 / *102 103 10214 103 10214 10314 *103 1054 103 10214 10214 103 11614 105 100 109 Jan 7 130 July 13 105 Preferred __ __ ___ •128 •I27 __ •128 __ _ *128 _ 128 _ . 128 26 3414 56 No par 4814 NIar 22 9512Sept 18 944 943 05 I 6,500 Inland Steel 94 9218 9238 93 4 94 92 - 9218 923 4 93 212 4 / 61 4 1 / 2 4 1 / 8 Oct 8 24 Feb 27 20 4 712 73 21,400 Inspiration Cone Copper 8 74 75 4 83 73 4 / 4 / 71 74 4 1 / 81 7 8 8 L714 73 2 8 43 318 64 Aug 2 4 Mar 1 1 800 Insuranshares Ctfs Inc 4 6181 53 6 6 4 / 4 618 354 6, 153 2 51 57 8 618 8 *57 512 4 1 / 174 6 4 83 Mar 15 2318Sept 11 1 / 4 1 / 204 22 2034 22 4 / 291 207 8 205 207 41 213 17,000 2Interboro RapidTran v t o __100 8 2011 21 8 4 1 / 20 2 7 2 4 1 / 4 Jan 25 2 Oct 7 Rye of Cent Amer_100 70 Internet 41 1 / 4 1 / 2 2 8 *218 25 2 2 2 2 212 *2 *114 212 4 1 / 6 213 214 5 Jan 3 218 Oct 5 No par Certificates SO 218 218 *14 3 4 3 *13 1 / 4 3 *13 4 3 *13 4 3 *13 8 65 75i. 223 4 100 Preferred 9'* May 21 1812 Jan 10 280 10 11 I 1012 10 11 11 11 1012 11 1014 10 10 112 3 Jan 7 4 / 51 34 112May 1 No par 200 Intercont'l Rubber 2 2 *2 2 2 214 .14 214 *2 214 214 *2 4 4 1114 4Sept 6 S3 414 Mar 7 No par 712 734 2,700 Interlake Iron 714 7 7 7 7 7 718 7 718 7 112 64 2 5 Jan 2 250 July11 No par 3 I 1,200 Internal Agricul 3 *27 31 3 *3 3 8 3 318 27 318 318 15 374 4 1 / 10 100 26 June 1 42 Jan 25 Prior preferred 200 29 273 284 •28 4 1 / 29 28 *27 4 27 2913 *26 27 27 131 4 164 *174 &176 1 175 17512 177 177 17712 17612 17612 1,200 Int Business Machines-8o Par 1494 Jan 15 187 Sept 12 1253 175 175 *17512 44 1213 8 35 712Sept 11 3 3 8 Mar 12 1 618 4,100 Internal Carriers Ltd 6 53 534 54 4 / 51 6 81 584 6 4 / 4 / 51 57 , 4 51 4 / 4 / 181 371 4 / 181 8 2718 2818 2,300 International Cement--No par 227 Mar 15 33 Jan 7 28 8 28 2714 2612 267 7, 2714 2 4' 2714 2814 27 2314 467 2314 a No par 344 Mar 18 6012Sept 13 17.900 Internal Harvester 55 5412 554 561 58 4 / 55 1 / 5614' 35 56 5412 55I 5418 137 110 100 135 Jan 2 152 May 9 110 Preferred *143 149 1*143 141) *143 14818 *143 14712 *143 14712 *143 149 4 / 11 9'm 213 4 43 Aug 19 114 Mar 15 25 4 23 23 314 314 2.400 Int Hydro-El Sys Cl A 4 / 31 3 4, 3 3 3 3 4 3 I 23 6 2 4 / 11 612 Oct 3 14June 20 8 514j 514 3,200 Int Mercantile Marine___No par 5 14 514 5 4 1 / 512 5 514 514 5 , 5 2 54 294 21 8 4 / 311 Oct 5 31 145 2214 4 / 4 / 4 31.13 313 4 / 1 / 4 / 4 314 311 304 311 3078 314 311 311 3114 3134 66,800 Int Nickel of Canada--No par 1237 Jan 15 13012 Mar 14 101 4 1153 130 8July 11 100 Preferred 300 *12314 126 126 126 •12314 127 126 126 128 126 *12314 126 25 10 , 84 100 Internal Paper 7% Prof 1 18 64 2 314 Oct 4 I', Mar 15 4 1 / 3 2 318 318 314 3,400 Inter Pap & Pow ol A ____No par 3 3 4 •23 234 23 318 3 312 8 7 8 17 Oct 4 58July 11 4 1 / No par Class B 200 112 4 / 112 4 / 11 11 •112 4 13 4 *150 13 4 *138 13 134 •138 4 21, 3 5 114 Oct 4 8May 7 4 1 / 3 No par Class C 114 118 4,000 llg 118 118 18 1 1 4 / 11 114 114 118 118 412 84 247 3 412 Mar 13 18 Oct 11 100 Preferred 16 27,900 3 163 8 1714 18 8 4 167 177 4 155 4 / 161 153 163 1512 8 163* 9 9 2512 Printing Ink Corp_--No par 2112 Jan 15 34 Oct 11 4,100 lot 3154 32 32 1 / 324 311 32 4 / 323* 324 3212 334 23318 34 106 66 65 100 9812 Jan 2 108 Sept 24 Preferred 190 10714 10714 *107 110 *10712 110 4 10712 10712 *107 10712 x10318 1053 20 32 21 No par 23 Oct 2 3614May 14 300 International Salt 28 *2818 2914 •2818 2812 2818 2818 28 2812 28 *28 28 38 38 5033 424 Mar 19 4814July 26 No par 400 International Shoe 45 4 1 / 4 / 451 45 4514 4514 45 4 / 8 4 1 / *4514 453 4 455 451 *4534 46 19 16 4 453 100 16 July 19 28 Jan 4 International Silver 8 217 4 *193 22 8 *1912 207 *21 21 *1934 2012 *19 2118 *19 59 40 84'2 100 6012 Mar 21 75 Jan 3 7% preferred 220 7012 71 7014 1 / 4 1 / 684 69 4 6912 68 6912 6912 •683 6912 *69 4 / 74 171 8 55 4Sept 13 / 8 55 Mar 13 151 No par 1 / 4 1 / 94 24,100 Inter Telev & Teleg 9 4 1 / 4 / 91 9 8 918 93 938 9 94 914 918 914 4 23 34 161 8Sept 9 4 / 878May 8 165 No par 8 137 137 8 3,100 Interstate Dept Stores 8 133 1414 133 133 4 2 1312 137 4 4 1313 13,2 1312 14, 4 / 211 814 1614 100 7012June 27 90 Aug 19 Preferred 84 •72 .70 84 *72 84 *____ 84 .70 84 *70 84 8 10 53 484 618 Mar 13 1312July 23 No so *10 4 / 111 1112 1112 2,200 Intensive Corp 103 1 / 4 105 103 .1012 104 •1012 104 11 8 1 / 4 1 / 244 36 1 / 204 1 25 June 3 36 Jan 8 *274 28 400 legend Creek Coal 8 4 / 4 2718 274 *263 273 *263 271 2712 2712 274 277 4 4 110 90 85 1 110 Jan 22 12012 Apr 9 Preferred ___ ___ _ •115 _ __ •115 *115__ _ *115 . _ •115 *115 574 33 28 No par 49 Mar 13 37 Aug 8 1106 Jewel Tea Inc 5714 5718 8 577 577- 58 58 57 I/ 57 8 57 5712 -- 12 *56 3612 4 / 631 39 No par 3812 Mar 13 7934 Oct 11 Johns-Manville 4 1 / 12,900 79 78 74 78 7414 75 7414 73 4 741 73 4 / 3 8 73 743 21 101 87 4 Aug 14 100 11712 Mar 15 1253 Preferred 40 124 124 •122 124 *121 124 124 124 124 124 *121 124 40 135 Joliet Or Chic RR Co 7% gtd_100 130 Feb 19 130 Feb 19 115 l_ 153 •_ 153 •130 153 *____ 153 •____ 153 • 153 77 65 45 1 / 79l 440 Jones & Laugh Steel prat-100 50 Apr 4 844Sept 11 79 79 4 793 4 78!. 7812 79 4 1 / 7914 793 4 1 / 4 / *771 794 783 78 2 1412 977 3 977 Kansas City P & L Dreier F3N0 par 11514 Mar 20 120 Aug 1 *11818 120 *11818 120 *11818 120 *11818 120 *11818 120 *11818 120 4 1 / 3 4 / 4 / 61 191 4 1 / 8 Jan 7 4 33 Mar 13 100 Kansas City Southern 534 *54 58l 534 900 4 1 / 512 5 4 5 5 8 53 1 / 4 61/4 *53 6 6 4 1 / 6 1014 274 1 / 1 / 64 Mar 12 134 Aug 14 100 Preferred 100 10 *8 *77 10 1 / 1 / 8 10 .8 8 I *812 94 *84 912 8 8 103 8 54 4Sept 18 712 Feb 6 183 8 173 1734 zI712 1712 173 183 *1712 1784 *1712 18 8 2,400 Kaufmann Dept Slues 213_50 4 1 / 8 184 183 137 8 1812 12 4 4 5 153 Jan 17 243 Oct 11 8 227 227 4 2,900 Kayser (J) & Co 23 8 2212 2212 223 23 23 4 2312 243 23 233 8 15 20 3712 Keith-Albee-Orplusum pref_100 34 Mar 7 76 Sept 24 75 *70 *7014 75 75 75 .70 *70 •70 75 *70 75 412 1 2 3 4 1 / 2 Jan 17 8 3 Apr 4 5 20 6 5 6 Apr 4 22 Aug 12 No par preferred -6% 10 3 212 8Sept 12 8 Jan 25 245 2212 2212 *2218 2212 22 2212 2312 2212 2314 4.200 Kelsey Hayes Wheel conv.cIA1 22 , 22 2 22 Di 712 4 1 / 2 4 / 4 223 Sept 12 31 Mar 1 1 Class 13 2034 2118 2114 2114 21 1 / 2114 2112 2218 2112 224 12,100 8 21 213 4 / 111 2114 8 4 / 101 Aug 27 1814 Jan 9 13 67 No par 1314 1312 1314 1358 13 1 / 4 1 / 134 8.200 Kelvinator Corp 13 1314 1314 1318 1312 13 1518 94 65 No par 84 Mar 21 96 July 9 39012 94 40 Kendall Co pt pf ser A , *907 92 4 8 *903 91 91 *907 92 91 9014 903 4 le 1334 2318 1 / 134 Mar 13 2612 Oct 7 No par '2534 2638 253 2612 2512 263 8 2614 78,300 Kennecott Copper 1 / 25 8 2518 254 2512 26 8 93 3 184 97 10 Mar 5 19 July 16 No par Kimberly-Clark *1514 1738 •1514 17 4 *153 17 4 1 / *153 1712 *153 173 *1534 17 4 8 4 3 714 214 4 1 / 5 Jan 3 1 / 24 Oct 4 No par Co 4 3 *23 200 Kinney *234 3 4 1 / 3 *3 3 3 4 1 / 27 s .2 24 27 8 134 41 12 No par 23 Mar 29 38 Jan 23 8 Preferred *283 30 230 3218 *2812 30 8 2914 32 297 32 30 1 *29 *29 4 223 1 / 134 1014 4 10 193 Mar 13 2714 Sept 10 254 2512 25 4 / 2538 253 255 8 251 253 8 4 4 2512 2618 253 2618 9,000 Kresge (8 8) Co 9914 101 z114 100 10312 Apr 28 113 Adr 9 7% preferred 130 10912 1093 109 10934 111 111 *11012 10912 10912 4 4 1 / _- 110 110 714 24 2 5 Aug 10 2 May 21 No par •4 100 Kresge Dept Stores 412 418 418 *4 *4 _5 5 *4 4 *418 5 43 55 12 19 75 Sept 29 100 42 Jan 11 Preferred .63 80 80 *63 80 I •67 *62 80 *63 80 *62 80 6512 36 2784 No par 564 Apr 5 6912 Jan 7 8 *635 643 *634 6412 *633 643 .63 , 643 •63 100 Kress! (S II) & Co 8 4 8 8 643 643 641 1 / 4 8 8 4 / 231 33 19 4 1 / No par 2214Nlay 10 3218 Aug 12 2714 273 8 2714 28 8 27 275 27 2712 2718 2712 2714 2712 6,100 Kroger (Moe & Bak 634 20 12 10 Laclede Gas Lt Co St Louis _100 12 Mar 22 27 Aug 16 20 .16 *17 IS 20 •16 20 18 *16 20 *1618 20 60 27 1914 .25 100 1914 Mar 27 46 Aug 20 4012 .25 8 397 4012 .25 8 0 397 *25 57 preferred 8 397 *25 4 1 / *35 40 4 / 2214 311 8 193 4 / No par 211 Oct 3 2813 Jan 8 8 217 217 215 217 8 3,300 Lambert Co (The) , 2214 2214 214 22 225 8 217 22 22 8 8 1414 5 44 9 Jan 3 5 May 13 No par 600 Lane Bryant 74 *514 714 *63 4 718 714 *513 714 *6 718 712 •5 144 7 518 8 127 Jan 7 813 Mar 14 4 .93 1014 *94 1014 *93 1014 "914 93 5 8 800 Lee Rubber & Tire 4 4 1 / 1018 9 1 / 912 94 11 20 9 8 173 Jan 7 12 1114 1114 111 12 4 / 1114 8 1218 125 123 •11 8 8 12 50 105 Mar 14 1214 3,500 Lehigh Portland Cement 1 / 734 90 73 100 100 *100 1004 *9912 10012 ____ 10014 *9912 10014 *991 10012 4 100 893 Jan 3 102 June 21 4 / 7% preferred 30 94 21 14 5 8 5 Mar 13 1112 Jan 7 814 8 4 1 / 814 7 8 8 4 1 / 8 7 50 814 2,600 Lehigh Valley RR 74 8 5 213 112 314 Aug 14 2 8 17 2 8 17 113 Mar 13 8 8 17 17 170 17 4 / 11 2 No par 8 8 17 11.900 Lehigh Valley Coal Vs 4 / 161 5 1314 Aug 14 4 8 •103 104 *1018 101 10 512Nfay 1 1 / 4 4 *93 103 *1014 1014 103 1114 10 50 4 4 / 600 Preferred 6414 78 5854 4Sept 12 / 4 893 911 9114 92 88 4 / 91 I 8912 90 884 883 891 90 4 / 4 4.500 Lehman Corp (The) No par 6718 Nf ar 28 951 1 / 104 1112 2312 174 Jan 25 8 104 107 8 11 105 105 1 / 8 107 107 4 1 / 107 10 8 103 1118 11 8 5 1012 Oct 1 8 3,800 Lehn & Fink Prod Co 4 4 1 / 2212 43 21 40 8 8 393 4014 18,500 Libbey Owens Ford Olaes_ No par 2112 Mar 30 407 Oct 1 8 39 3818 39141 3812 3912 39 4 1 / 393 38 39 8Sept 30 2 24 812 8t 93 4 914 17,300 Libby. McNeill Sr Libby.No par 83 618 Sept 10 1 / 84 9 814 8341 4 1 / 9 8 814 84 24 Ills - 4 / 151 4 1 / 234 2334 24 8 23 8 2314 2314 231 234' 2378 237 4 / *234 237 800 Life Savers Corp 5 21 Mar 14 2412 Apr 22 110 73 714 114 11412 1143 11434 4 714 114 1.113 115 1 114 114 *112 115 4 / 500 Liggett & Myers Tobsec25 941 Apr 5 120 Aug 6 744 1113* 7314 11412 115 1 1143 ht5'I 3,000 4 Series B 4 11414 1143 11434 11434 114 1143 114 114 4 1 / 4 25 93 Apr 4 122 Aug 6 15212 129 15814 15814 100 100 15112 Jan 30 167 May 4 123 s Preferred 4 / *1541 159 *15018 159 •156 160 *155 1637 •155 161 2612 18 144 8 1634 1634 165 161 8 8 8 163 163 4 / 16 S In 18 1912 Apr 25 1 / 800 Lfly Tulip CUD COrD----N094, 8 1612 164 *1614 163 •1612 165 1514 36,4 1312 14 Jan 5 Lima Locomot Works____No par 134 Mar 14 2412 223 *2014 2214 *2014 2212 *2012 22 4 1 / *20 22 *2114 2212 .20 114 191 1112 4 / 8Sept 19 4 / 2,300 Link Belt Co 8 3712 30 363 3714 361 38 No par 174 Mar 13 397 36 3714 3714 37 37 37 1618 Ms 352 8 8Ju1y 9 4 / 311 3.200 Liuuld Carbonic 2412 Mar 13 347 No par 8 3014 3012 3014 304 307 3112 3014 3114 3014 3114 31 8 37 307 1912 8 4 445 45 No par 3114 Feb 7 4514 Sept 11 18.200 Loess', Incorporated 4 4 423 4318 423 4312 4414 443 8 425 43 8 425 43 105 72 66 4 1 / 8 8 No par 102 Feb 1 10813 Apr 5 Preferred 500 10814 10814 *1074 1087 107 1075 4 1 / 1 / 4 *10718 1073 107 10734 108 108 3 1 13 1 4 13 Jan 2 No par 1 Mar 15 4 3.600 Loft Incorporated 4 / 11 13 4 / 4 13 4 / 11 11 4 4 / 13 11 4 13 4 / 11 112 4 / 4 / 11 11 3 1 1 8 2 *17 2 300 Long Bell Lumber A 212 Feb 14 No par 114 Mar 12 2 178 178 8 2 *17 *178 2 17g 11/3 4 3314 8643 33 1,100 Loose-Mee Blecuit 4July 25 / 4 3714 38 25 33 Apr 25 411 3812 383 8 1 / 8 385 *384 3914 385 39 3858 *3712 39 1 / 1194 12812 7% let preferred 100 1197 --- _ _ _ ___ 8Sept 23 130 Apr 113 116 __ -_- --- ---- ---- -- - ---_-_---144 7,300 Lorillard (P) Co 4 8 25 153* 224 10 1312 Mar 26 2618 Sept 18 247 418 2414 - 8 247 2 4 2 38 2412 2412 24 - 4 1 / 24 23 24 - - 130 77 preferred 9812 102 2130 4 100 124 Apr 5 1413 Aug 7 8 138 138 138 138 •13518 13712 13518 13738 •1351s 1357 13518 136 12 12 4 1 / 3 300 ILoufslana 011 No par 8July 16 3 58 '4 8 17 Jan 7 .12 8 3 8 5 *12 5/1 *12 12 12 8 5 2 0, Preferred 70 4 / 71 2312 100 412 412June 19 1412 Jan 8 10 814 814 7 14 *7 *74 10 7 714 714 812 •7 21 12 8 101 1,400 Louisville Gas & El A-No par 1038 Mar 18 2318 Aug 19 1912 1912 1912 1912 20 19 8 1 / *183 19 184 184 *1812 19 3754 6212 34 4 2.200 Louisville & Nashville 100 34 Mar 29 474 Jan 7 4212 41 4114 4214 4214 423 41 4212 41 41 42 42 814 13,2 6,800 Ludlum Steel 712 8 1 4 123 Nf ar 26 2612 Sept 18 4 / 2450 2418 2412 241 2478 245 25 4 1 / 2412 244 241 24 23 4 / 1 / 97 60 No par 9014 Jan 4 135 Sept 18 60 Cony preferred 300 8 1273 1273 130 130 *126 130 *126 1297 *128 12978 130 130 4 4 30 4214 21 400 MacAndrews & Forbes 10 3)54 Oct 9 46 Feb 19 40 40 393 393 *3912 40 40 4 4 4 4 40 *393 41 4 *393 403 95 8 875 11114 6% preferred 100 100 113 Feb 8 130 May 13 124 128 *124 129 *125 129 *124 129 124 129 *124 129 , For 100 mites `4 4' page 2392 wo New York Stock Record-Continued--Page 6 2398 HIGH AND LOW SALE' PRICES -PER SHARE', NOT PER CENT Saturday Oct. 5 Monday Oct. 7 Tuesday Oct. ft Wednesday Oct. 9 Thursday Oct. 10 Friday Oct. 11 Sales for the 1Veelc STOCKS NEW YORK STOCK EXCHANGE Rasta &Act Jas. 1 -share Lots Os Basis of 100 Oct. 12 1935 July 1 1933 in Rouge for Sept.30 Ytar 1934 1935 ----Low Los; High Lowest Highest S per share $ Per share $ per share $ per share $ per share $ per share Shares Par $ per Mare $ per Otani $ per el 3 per share .207 21 8 2114 21 21 2118 21 8 21 20 4 2214 215 2314 7000 Mack Trucke Inc 3 8June 1 28% Jan 8 185 , No par 1858 411 / 4 4712 477 8 473 478 48 4 7 49 4812 4812 483 5012 5012 52 4 9,800 Macy (R 11) Co Inc 52 Oct 11 No par 3012 Apr I 3012 3514 6.1% *85 8 912 *85 8 912 .85 8 94 .8% 9 / 1 9 *812 912 300 Madison 8q Gard v 1 o 9 No par 51* Jan 2 105 8Sept 12 212 21 8 7 3612 37 36 36% 36 364 343. 3618 *354 36 35% 3614 4,000 Magma Copper 10 1852 Jan 16 37 Oct 5 1214 15% 22314 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -- Mahoning Coal RR Co 50 515 Aug 20 515 Aug 20 515 .114 112 *114 112 114 114 .114 13 4 *114 11 *114 / 4 100 :Manati Sugar 13 4 214May 14 100 58 Feb 6 7 -7 2 - -3 34 613 712 7 7 7 738 714 8 1,340 Preferred 78 814 "718 8 4 Jan 7 10 May 24 100 1 11 / 4 914 •43 412 412 *43 4 5 5 ., 5 614 *6 638 1,500 Mandel Bros 5 3 Apr 29 65 Aug 15 8 No par 3 812 3 59 60 •55 5911 581 59 • / 4 1,080 :Manhattan Sty 7% guar ___100 29 Arr 23 6514 Oct 11 6514 59 58 56 58 58 14 20 41 2618 2712 2614 27 25 26 25 253 8 243 25 4 Mod 5% guar 243 2718 15,600 4 100 1314 Mar 15 30 Sept 11 104 / 1 1044 295* *13 138 *1212 1412 *1212 1312 *1318 135 8 1314 1314 134 1314 / 1 200 Manhattan Shirt 21 10 Mar 28 15 July 10 10 1013 205* •11 15 / 4 8 112 112 *112 13 4 13 4 13 4 15 8 13 4 11 112 800 Maracaibo Oil Explor / 4 1 1 Feb 23 3 May 23 33 1 1 18 73 714 714 714 718 714 7 71a 718 73, 4,800 Marine Midland Corp (DeD 758 712 5 54 Apr 1 81 Aug 19 / 4 51 9 5 *12 1 *12 1 *12 1 *12 1 1 *12 *12 1 Market Street fly %June 14 3 8 112July 22 100 12 232 •178 334 .17 8 33 4 "I% 3 4 .7 1 8 3 1 Preferred 33 4 •17 3 4 *17 3 100 / 1 4 2 8 Jan 2 8 5 Jan 8 2 2 814 •*712 9 *712 9 9 9 Prior preferred 10 1712 87 *734 8% • 4 1133 712 88 33 Mar 1 100 4June 27 3 3 124 •138 2 *158 2 1 8 2 .13 % 2 '13 *I% 2 2 2nd preferred 1 Mar 15 100 214 Jan 8 7 2 1 414 334 3312 *3212 3312 323 333 *32 4 / 334 331.1 343 1 4 4 / 1 4 3412 353 8 2,100 Marlin-Rockwell 12 No pnr 20 Mar 13 3512Sept 25 17 85 912 93 4 4 914 93 93' 93 4 4 94 93 / 1 4 8 3 1114 Jan 3 98 10 4 105 1118 13,600 Marshall Field & Co / 4 No par 61 Mar 14 6: 8% 1958 *45 8 512 *45 8 512 *45 512 *45 8 512 .45 Martin-Parry Corp 8 54 •51s 5 4 / 1 3 4 June 27 No par 91a Jan 7 2 14 4 125* 31 3158 3114 3158 30 / 3112 3014 31 1 4 3078 3118 3114 311/4 4,200 Mat Mann Alkali Works No par 23 Mar 14 / 1 4 c./33 4Sept 18 2313 234 4014 / 1 •1475 150 •148 150 .148 150 *148 150 8 150 150 Preferred 150 155 30 100 136 Jan 2 160 Apr 1 10512 110 136 5134 5134 5112 5112 5112 5112 5112 5134 5112 5212 5212 538 2,300 May Department Storee 8Sept 9 10 357 Mar 29 543 23 SU 4514 14 14 *134 14 *1314 14 *1314 133 137 14 8 1,300 Maytag Co 4 135 14 4 Vo par 512 Jan 30 143 Aug 12 314 41 / 4 834 *52 5212 .52 5212 5212 5212 *521 527 8 54 528 5314 54 Preferred 500 No par 33 Jan 15 54 Oct 11 81 / 4 10 36 *50 55 *50 55 *50 55 .50 55 *50 55 55 Preferred ex-warrants_No par 3212 Jan 7 55 Oct 11 10 55 8 9 32 / 1 4 100 .100 *100 10112 *100 10112 *101 10113 10112 10112 102 102 80 Prior preferred 27 No par 8418 Jan 4 103 June 17 40 921 / 4 *31 *3112 32 32 *3114 32 317 317 3214 3212 1,000 McCall Corp 32 32 22 No par 28 Mar 14 3512June 17 24 32 113 12. 4 8 117 12 1138 12 1112 117 / 123 1318 23,400 :McCrory Stores claatiA_No par 1 4 11% 12 4 714 Apr 3 1318 Oct 11 1212 1% 54 1134 1214 *1158 12 115 111 *1112 117a 8 8 113 124 1214 1212 2,200 4 / 1 Class B 612 Apr 3 1234 Oct 4 118 No par 114 1258 *80 85 *80 85 *80 85 85 85 9014 93 923 93 4 800 Cony preferred 100 5714 Feb 5 93 Oct 10 312 514 633 8 *1214 13 1214 1214 *1214 1314 *1214 1314 *1214 1312 *12 / 14 1 4 100 McGraw-Hill Pub Co___No par 714 Mar 28 14 Aug 16 4 4 1012 37 37 37 37 363 363 4 37 4 37 37 3612 37 37 2,600 McIntyre Porcupine Mines __5 347 Aug 23 4518Sept 28 285 8 3192 &Pt 120 120 120 120 1197 1197 11812 11812 1193 12012 11912 11912 1,900 McKeesport Tin Plate___No par 9018 Jan 15 127125ePt 14 8 8 4 14 67 79 9518 718 714 7% 714 718 712 7 7, 8 71 t 712 5 714 712 6,800 McKesson & Robbins vs may 22 872 Jan 2 312 41, 4 014 4 4112 4218 4012 41 4 4134 413 *4 012 413 4112 42 / 42 1 4 43 2,500 Cony pref eerie, A 912 50 32 May 24 4518Sept 28 1173 424 / 1 1258 1314 1318 1318 131 137 1314 14 14 143 8 1312 1414 35,400 McLellan Stores 812 Apr 1 15% Jan 3 No par 3 4 1 1718 107 107 10612 10612 10712 107 / 1073 1073 108 109 1 4 4 4 10814 110 320 8% cony pref aer A 6 100 85% Mar 13 110 Aug 9 912 9212 *54 541 54 / 4 56 54 56 56 12 5714 5712 58 588 5812 2,500 Melville Shoe No par 41 Jan 2 6012 Aug 14 1712 26 42 514 5 2 , 513 512 513 513 53 8 512 514 512 558 5 2 3,200 Mengel Co (The) , 3 3 Mar 12 1 58 Aug 30 312 I t 40 4014 3912 3913 39 39 398 39 39 4 4014 *3912 4012 3 610 7% preferred 203 4 1 100 20 4 Mar 20 42 Sept 6 24 52 27 27 *2512 29 •26 28 26 26 •25 26 *25 120 March & Min Tranoi) Co_No par 22 Apr 12 2714June 1 • 22 26 2515 33 / 1 4 335 333 8 4 335 34 8 33% 3458 34 8 1 3412 3412 348 34 347 8 4,200 Meets Machine Co 4Sept 12" 8 / 3201,1 354 1 4 5 241 Jan 15 353 / 4 / 1 6 618 8 618 65 614 63 4 6% 63 1 618 614 18,600 Miami Copper 8 8 614 63 27 212 2 Mar 13 / 1 4 614 Oct 8' 5 612 10 1018 1014 1014 1018 104 10 / 1 1014 1014 1012 101 11 7,900 Mid-Continent Petrol 8 91 Mar 15 137 / 4 10 8May 231 9% 918 1412 2034 2114 2118 2214 2114 22 2158 213 4 22 23 223 2318 6,600 Midland Steel Pr?(I 4 818 No par 814 Mar 12 2434Sept 18 618 2174 114 114 11412 11512 11514 116 115 11618 •114 116 11534 116 370 8% cum let prof 100 604 Mar 6 11618 Oct 9, 44 44 8512 103 103 .100 103 .102 105 .102 105 *10318 105 105 10912 700 Minn-Honeywell Regu___No par 58 Jan 15 10912 Oct 11 205 8 65 86 *106 10912 "106 109 *108 109 *108 109 10S 108 *107 108 6% oref eerien A 20 87 68 100 105 Jan 9 211114June 19 107 •105 10514 1054 10514 10514 *105 1055 *105 10558 *105 10511 8 Preferred called 40 / 4 10514 Oct 7 10514 Oct 7 458 412 48 -3 1 48 412 412 44 41 8 414 412 414 412 6.000 Minn Moline Pow lrupt __Nu par 5 4 Jan 2 3 112 358 Mar 15 l'a 5, 2 *5313 544 53 4 533 / 1 3 4 5312 5312 534 5314 *5314 54 700 Preferred 55 54 15 31 Mar 14 5712July 8 No par 1512 al *18 14 *18 14 *18 14 *18 14 is *18 Minneapolis' & 81 Loule.--100 14 *18 14 h Jan 7 la Mar 4 14 1% *1 112 .1 112 *1 112 *1 113 *18 112 *1 Minn St Paul & SS Marte___100 14 112 212July 11 14 Apr 24 358 54 •1 2 *1 2 *1 2 *I 2 *1 2 .1 2 7% preferred 4 July 10 1 1 Mar 6 100 14 518 *15 8 218 .138 25 8 11 8 15* *15 8 25 8 *134 25 40 8 *13 4% leased line elfs 4 25 8 112 114 14 Mar 29 100 3 Jan 14 758 11 1118 11 11 11 11 1118 1118 Ws 12 .11% 12 3.500 Mission Corp_ 103 Apr 9 167 No par 8 8May 16 103 8 3 34 3 3 • 318 312 3% 3% 314 31.1 33 8 33 8 2.500 Mo-Kan-Texas RR 614 Jan 7 No par 212July 22 418 14 212 -78 77 718 73 8 7% 712 714 *714 7 4 3 714 73 8 4 3,500 Preferred series A 74 73 57 8May 7 1412 Jan 7 100 57 34% 12 *114 13 8 *114 11 *114 18 *114 / 4 13 .14 11 8 *114 IMIseouri Pacifte 13 8 100 1 July 8 3 Jan 4 11 / 4 1 6 *218 214 8 *21 8 212 214 23 23 8 23 8 *238 212 238 23 400 8 Cony preferred 11 :Mar 30 100 4 Jan 7 112 218 94 / 1 •1812 194 *18 19 183 19 4 z10 19 19 1912 194 193 4 3,800 Mohawk Carpet Mille 20 16 Mar 13 21 Sept 30 104 / 1 14 12% 223 * 8212 83 83 14 8514 84 86 84 8412 85 88 88 14 9014 8.700 Monsanto Chem Co 1 10 55 Feb 29 9014 Oct 11 "24 30 61, 31 3114 303 3113 31 4 32 3112 32 3214 33 33 3312 55,600 Mont Ward & Co Inc____No par 214 Mar 12 373 / 1 45ept iii 154 20 3513 5012 .51 *5 5212 *5114 5212 *5114 5212 .51 014 5112 50 200 Morrel (J) & Co 54 j 63.4 par 50 Sept 19 66 Feb 251 347 No 37 *63 70 *6312 65 6312 6312 *60 70 *60 70 *60 50 Morris & Essex 70 50 6112 Apr 18 6512May 241 55 / 1 4 71 58 3 4 % 3 4 7 8 3 4 7 8 34 7 8 3 4 3 4 3 4 14 14,000 Mother Lode CoalitIon___No par 118May 1' 4 Apr 4 % 1 4 40 403 , 4012 41 3912 4012 39 / 39 1 4 / 41 1 4 4214 42 43 5,100 Motor Products C,orp____No par 4 44% 171 Mar 18 43125ept 12 1514 151 1312 137 8 133 14 4 14 1414 133 14 4 135* 144 1414 145 26,000 Motor Wheel__ / 1 8 5 718 Mar 12 141 Oct 10 / 4 65* 161 64 / 4 •13 1312 1318 1314 *13 133 *13 4 133 4 133 1358 1312 13 8 600 Mullion Mfg Co Class A____7.50 / 1 4 914 Aug 21 1478 Sept 30 94 , ---- -123 1238 1212 1212 1212 1212 *1238 125 8 8 121 123 8 Class 13 1,000 13 4 13 912 912 Aug 23 14 Oct 1 1 6912 70 *693 7012 *6812 7012 *6812 70 4 180 70 7012 69 4 71 Preferred new 3 No par 62 Sept 4 7314 Oct 1 62 •1614 181 *1614 1818 *17 1818 •17 1818 1814 1818 19 1818 1,000 Munsingwear Inc No par 11 Apr 3 1914 Sept 11 10 13 .5 1 1714 1712 1714 175 8 16% 174 1612 168 17 / 1 175 * 17 / 173 49,900 Murray Corp of Amer 1 4 4 4 Mar 13 1814 Oct 1 / 1 4 10 37 38 5 1114 *3812 40 3912 3912 *3812 39 / *3812 40 1 4 100 Myers F & E., Bros *3912 40 *3912 40 No par 80 Jan 12 4018 Sept 10 1312 14 3358 15 8 154 1512 158 158 15 4 1518 153 3 / 1 3 8 154 15 / 15 1 4 / 1614 26,900 Nash Motor, Co 1 4 12 A pr 27 1912 Jan 7 No par 11 125* 32 *1312 20 18 18 *1312 20 *1312 19 10 Nashville Chatt & St Louis -100 14 Mar 14 27% Jan 8 *1312 197 *1712 18 8 14 19114 45358 9 914 918 93 8 918 93 s 9 9 14 9 912 912 97 8 7,300 National Acme 412 Mar 13 1014 Sept 12 1 3 318 87 9 938 *914 912 , 913 14 914 91. 1,000 National Aviation Corp.No par . 914 94 914 94 9 514 61 Feb 26 1038Sept 17 / 4 514 1314 3012 30 4 3058 3138 31% 3214 3012 3118 29 3 / 313 1 4 8 3014 307 27,300 National Biscuit 10 2214 Apr 1 3312JulY 161 224 2572 491j *140 145 *140 144 143 144 *140 147 *14418 147 *135 147 200 7% °um prat 100 14118 Mar 7 152 Aug 17 12912 131 14812 17 17 17 1718 17 17% 167 167 8 8 / 175 185 11,800 Nat Cash Register 1 4 161 17 8 8 s No par 1312 Mar 14 187 Sept 10 8 12 12 231 8 16% 1718 163 17 4 165 167 8 8 165 167 8 1612 1714 17 17% 36,000 Nat Dairy Prod No par 127 Mar 21 4 1712July 23 1112 13 1814 • -- *10714 -- *10814 -- .1073 4 60 7% prat class A - "10814 --- 108 4 10814 100 108 Sept 28 11012 Aug 28 1 80 , *10612 16 . .107 1(19 *107 108 *107 108 8 107- *10814 _ _ 108 108 100 100 3106 Sept 3 108 Aug 19 2106 7% Prot elms 13 2 214 218 214 218 23 214 214 7 23 8 212 212 18 13,700 :Nat Department:Stores-No par 112Mar 7 44 Jan 17 / 1 15 i 1 ; 7 2414 2414 *23 233 4 23 / 257 1 4 8 2412 25 8 2512 27 5 Preferred 27 288 5,140 100 17 Apr 2 348 Feb 16 4 3 5 2818 29 2912 2918 2912 293 30% 294 29 8 / 293 3118 30 8 3114 71,300 Natl Dletli Prod 1 4 8 , No par 2318May 2 317 8Sept 9 16 18 315* *2518 28 *25 28 *26 2 12 27 7 12 2714 273 27 200 Nat Enam & Stamping-No par 21 Stay 31 3212July 8 / 1 4 27 4 *26 10 1611 327 * •173 183 *181 183 183 183 184 18412 .184 185 600 National Lead 100 145 Jan 18 186 Oct Ii 185 186 8754 135 170 *15314 157 *15412 157 157 157 *154% 16018 .15412 16018 .156 16018 Preferred A 100 100 150 Jan 18 16212May 23 122 122 140% *13212 136 13412 13412 *13212 136 133 133 Preferred B 150 133 133 100 1218 Jan 26 14012July 30 133 133 8 991 10012 1214 / 4 8 / 88 1 4 83 4 87 * 93 87 8 918 9 918 9 g 20,900 National Pow & Ll , 918 912 No par 47 Mar 15 8 1418 Aug 17 47 65 8 1513 " 1s '8 *5 8 I3 July 12 7 8 *5 8 Nat Rye of Me: is; 4% pr___Ioo 7 8 "8 "8 "8 5 7 8 7 1 Jan 10 8 *58 % 84 23, 3 8 % 3 8 *14 *14 3 2 *14 •14 •14 200 32 3 8 20 preferred 38 100 14 Mar 19 Is Jan 2 14 3 2 I 684 6914 6914 693 / 1 4 6912 69 / 69 1 4 6914 69 / 7014 7012 7112 6,703 National Steel Corp 1 4 25 403 Mar 13 7153 Oct 1 33 8412 5814 1512 1512 1512 1512 16 16 *16 1614 1614 17 8 1,300 National Supply af Del 1678 167 9 Mar 13 2078 Aug 17 25 10 9 215* *6612 6712 6712 678 6712 6712 6718 6718 66 410 Preferred 66 68 67 100 38 Mar 20 778 Aug 17 33 8312 60 •10 10% 1014 1012 1018 107s 1014 101 8 1014 10 8 7 1(118 1053 4,500 National Tea 03 No par 8814 Mar 13 118 Jan 4 8 3814 9 181 / 4 10 10 10 1018 97 1,900 Natoman Co 97 8 *97 1014 10 8 10 9 / 10 1 4 No par 712 Jan 15 12 June 11 I 35 , 714 10% 32 3214 *3112 3214 3214 33 / 3318 331 1 4 8 333 343 3112 3,800 Neisner Bros 34 4 No par 2114June 6 3-112 Oct 11 4 618 3958 *5612 58 *5612 57 5714 57 57 57 573 57% *573 58 4 4 500 Newberry Co (J J) No par 43% Jan 2 61 Aug 9 15 81 497k 1 •11314 114, 1134 11314 *11312 114 *11312 114 7% preferred 30 114 11418 .11314 114 100 109 Jan 25 117 May 7 80 100 112 *35 8 512 *358 512 .35 8 512 5358 512 .35 :New Orleans Texas & Mex_100 8 512 *35 353July 13 8 July 29 51. 35 8 8 25 65 8 68 7 7 18 638 65 65 8 8 6 15,400 Newport Industries / 1 4 48 Mar 12 7 7% 658 7% I 8 Jan 3 41 / 4 512 13 2614 264 *2514 2614 •2518 26 25 2518 *2514 26 8 1,400 N Y Air Brake 2512 257 No par 1812 Mar 12 2814 Jan 4 1112 Ills 2814 2012 21 21 217 205 213 8 4 2014 2114 2114 217 8 8 2114 223 59,600 New York Central 1214 Mar 13 2714 Sept 19 No par 124 185* 454 8 8 8 8 1, 8 9 85 85s 85 8 9 9 600 N Y Chic & St Louis Co 9 9 6 Mar 12 13 Jan 4 100 6 V 267 2 143 1514 1518 16 4 1513 1512 1513 1513 1-5e 1614 Preferred series A 1512 1612 2,700 97 Mar 12 25 Jan 7 8 130 9% 16 4314 412 412 *412 43 4 412 412 *312 412 *3 . 412 160 New York Dock 41 412 2 Mar 14 100 54 Aug 29 2 3 / 34 1 4 *938 1014 103 11 10 10 10 1012 *912 10 10 10 Preferred 8 500 4 Mar 29 Illy Aug 30 100 4 5 9 a120 120 *119 125 *119 125 120 120 *123 12612 •124 130 90 N Y & Harlem 50 112 Mar 11 139 June 12 101 108 10812 •____ 140 .____ 140 •____ 140 *125 135 *125 135 *125 140 Preferred 50 11414 Mar 14 1144 Mar 14 112 112 120 1 8 5 8 N ' 5 8 53 3 1 5 8 5 8 24 4May 31 3 4 1,700 IN Y Investors Inc No par *5 8 3 4 3 4 7 Aug 14 8 % 14 •__ 9612 "____ 9612 •__ 9612 __ N Y Lackawanna & 1Vestern_100 9712Sept 7 99 May 22 0612 a__ 9612 •_-_- 9613 83 78% 96 47 47 47 5 5 4 5 / 5 1 4 8 / 13,650 N Y N H & Hartford 1 4 3% 4 37a Feb 28 100 458 47 812 Jan 4 2% 6 241., 83 4 83 4 8 / 9, 1 4 8 9 913 Cony preferred 812 83 74 818 9,400 4 812 9 6 Feb 26 1618 Aug 13 100 6 1012 375 358 3 8 *3 5 / 418 1 4 38 3 5 / 1 4 4 4 4 800 N Y Gatario & Western 4 33 4 4 100 25, Mar 15 8 Jan 19 412 115 25, 8 17 178 2 2 2 2 2 2 218 214 218 214 2,800 N Y Ratiwaye pref No par,te Mar 29 24 Sept 30 18 % 14 / 1 *114 212 *114 212 .114 218 • 13 4 *118 Preferred stamped 14 114 218 'Ill 2 14May 22 112Sept 26 14 914 95 93 1018 2 8 9, 2 913 94 9 918 93 95 8 97 618 Mar 14 ups Jan 7 4 8 1,700 N Y Shipbldg Corp part stk___ _1 1118 14 227 1 58 *56 56 51 5612 55 55 53 240 53 % preferrea 53 5412 60 100 51 Oct 9 87 Jan 7 62 72 89 / 1 4 8314 *8212 835 *8212 83 8 835 835 •834 833 4 82 8 5 iSteam $e pre! 80 N l 8 8312 83 2 , 61) No par 69 June 5 9212July 15 73 99% 9618 9618 *9418 96% .95 9618 96 8 9612 97 , 50 97 *95 17 let preferred 97 No par 79 May 28 100 Aug 2 79 90 1007 4 _ ____ _ _ ____ _ _ _ ___ _ _ __ _ __ _ _ _ _ Noranda Mines Ltd No par 30 4 Jan 15 43 May 22 3 25 3014 457 2 •7 -8 114 4,8 7 114 *72 114 *i8 1714 *78 111 :Norfolk Southern 100 / Aug 6 1 4 15 Aug 13 8 / 1 4 11s 418 •186 187 *186 187 187 187 *186 188 •187 188 *186 1873 200 Norfolk & Western 4 100 158 Mar 13 103 Sept 6 139 161 187 .105_ 10518 10514 *10514 100 .105 1054 10514 10514 .105 __ Adios .4% prat 160 tut) 119 Jan 10 108 June 18 77 82 10015 194 18 187 20 8 912 187 193 20 203 8 203 20% 2034 -- 3 52,500 North American Co 213 8 9 Mar 13 244 Aug 17 9 No par 104 2514 50 50 .50 *4812 51 51 5053 51 900 5114 5212 *5012 52 Preferred / 4 50 351 Mar 15 535 Aug 16 34 8 45 31 414 414 418 414 418 414 4 8 414 , 415 48 8 43 16,500 North Amer Aviation 8 41e 478Sept 13 1 2 2 Mar 13 218 814 *94 "9518 96 96 96 96 96 96 400 No Amer Edison pre!____No par 96 9612 9612 96 57 Jan 3 973 Aug 16 8 39 4712 7458 •____ 100 *99 100 99 99 .96 10 Northern Central *98 99 99 50 8612 Mar 29 99 Aug 20 71 81 9258 Ti4 n For rnOt riOt es f100 Dace 2392 . -, 0 New York Stock Record-Continued-Page 7 Volume 141 111011 AND LOW SALt PRICES -PER SHARE, NOT PER CENT Saturday Oct. 5 Monday Oct. 7 Tuesday Oct. 8 Wednesday Oct. 9 Thursday Oct. 10 Friday Oct. 11 Sales for the Week STOCKS NEW YORK STOCK EXCHANGE 2399 Range Mace Jan. 1 Os Balls of 100-shars Lots Lowest Iltobest /sly 1 1933 to Aatiod for Sept.30 Year 1934 1936 Low Low Iltoa ' 8 per shard 1111er 414 $ Per shard Par $ per Mare $ per share $ per share $ per share $ per share S per share 5 per share Shares 134 1412 361 100 1318 Mar 28 2178 Jan 7 4 144 1538 143 153 21,000 Northern Pacific 1438 1478 1434 1512 1434 1538 1412 15 4 4 33 43 33 50 3578 Jan 18 47 Oct 7 200 Northwestern Telegraph 46 47 45 454 47 *4618 47 47 47 46 47 47 413 14 118 118July 12 214 Jan 4 118 118 *118 114 114 114 114 *138 112 *118 112 *1 300 Norwalk Tire & Rubber _..No par 29 4014 60 320 Mar 20 3214 Jan 3 20 Preferred 2434 *20 243 2434 *20 243 *20 *20 243 *20 4 244 *20 4 4 813 914 Mar 18 1418May 17 812 157 8 No par 1018 10 10 1014 1018 1012 15,700 Ohio OH CO 978 10 934 1018 1014 10 8 1638 177 *1612 1712 17 8 1712 1734 173 17 17 *1633 1738 *16 4 1,000 Oliver Farm Equip new-No par 1614 Oct 2 213 Aug 26 138 138 34 313July 23 1234 Oct 11 4 8 1034 1114 1114 1214 114 123 45,400 Omnibus Corp(19111)vto No par 1038 1078 1012 1078 103 113 4 70 95 70 100 75 Jan 16 100 Aug 22 Preferred A *9714 99 *9714 99 *9714 99 *9714 99 *9714 99 *9714 99 54 143 43 4 83 Oct 11 4 434 Apr 3 3 738 738 *714 7 4' *718 7 4 *74 734 858 83 3 4 2,000 Oppenbeim Coll & Co--No par 73 4 83 8 3 1118 1213 1932 No par 1114 Apr 4 22 Aug 5 1818 1838 1838 1878 1812 1878 1812 183 1938 1834 1968 7,900 Otis Elevator 4 19 92 108 100 106 Jan 7 125 July 5 92 Preferred 40 *12214 125 *12214 125 *12214 12312 *12214 123 123 12312 123 123 3 113 8 8 414 Mar 14 1738Sept 7 No par 1518 153 22,400 Otis Steel 1538 1412 1514 1414 1434 1468 1578 1514 16 8 15 9 25 712 4 100 223 Jan 16 8414 Aug 27 Prior preferred 8412 1,400 83 *82 8234 8412 8234 84 83 83 81 82 82 28 30 47 No par 38 Mar 12 5238 Oct 8 *5218 55 *5218 55 100 Outlet Co 5268 5258 .5218 55 *5238 55 .5258 55 97 97 11412 100 1144 Mar 23 11512 Mar 29 Preferred _ *1154 _ _ *11612 __ *11512 *115 _ *115__ *11514 60 94 60 25 80 Mar 12 104 June 11 10012 16612 983 11;0 9934 8,500 Owens-Illinois Glass Co 9112 99 - 99 4 4 986 183 8 98 194 1414 1414 1414 1414 1412 1518 1514 1533 153 16 8 16 1638 11.700 Padflo Amer. Fisheries Ino----5 14 Aug 5 1718 Aug 23 22 5 1 -.18 1 1 213 Jan 7 3 ; 10 1 Mar 26 138 138 *138 178 *118 2 2 2 *158 2 30 Pacific Coast *13 8 178 8 Mar 30 311 1114 No par 312 3 4 Jan 2 3 *334 43 let preferred 20 8 43 8 *338 438 8 *33 3 3 4 3 4 "37 3 4 4 3 *33 4 46 3 3 612 1 2 4 Jan 7 1 Mar 27 No par *24 3 2d preferred *212 3 *212 3 *212 3 *212 3 *212 3 1234 2332 1238 25 134 Mar 6 2834 Aug 12 2512 2578 2558 2638 2614 2612 2612 2738 2634 2712 2712 2778 11,300 Pacific Gas & Electric 2024 37 19 No par 19 Mar 18 4412 Aug 17 4114 4112 4112 4134 4114 4214 42 4214 4212 4268 4278 4312 4,100 Pacific Ltg Corp 19 34 12 No par 12 June 19 21 Jan 2 1614 1534 1614 *16 *1512 1614 *1512 1614 *16 1738 17 1,000 Pacific Mills 17 69 88ept 18 37 6812 8512 100 70 Jan 2 1157 Pacific Toler) & Teleg *111 115 *111 114 *111 11413 *111 115 *11114 114 *111 114 994 103 116 100 11113 Jan 14 138 Sept 26 *13534 137 40 6% preferred 13614 13614 13612 13614 138 138 *13614 138 *13614 138 44 goo /1 634July 11 113 Aug 23 2 5 1,800 Pac Western 011 Corp____No par 8 98 7 914 913 *93 914 10 10 1014 10 *93 1014 *10 4 23 4 6 / 1 4 67 Jan 7 21 238 8 313 Mar 13 No par 478 54 618 5 54 , 5 5 54 478 518 518 514 65,100 Packard Motor Car 103 4 12 84 5 10,14 Jan 9 12 June 14 *1114 1138 114 1114 *1114 1138 *1114 113 500 Pan-Amer Petr & 'Frans 8 , 4 1114 11 4 113 1138 13 4 24 *38 34 134 Jan 7 12June 20 3g 700 Panhandle Prod & Ret--No par 3 4 *3 8 34 *3 4 7 8 7 8 3 4 34 3 613 7 2112 613 Mar 12 194 Aug 14 100 1312 1312 *12 30 8% cony preferred 1412 .12 1512 1214 1214 1214 1214 *1214 15 8 8 Aug 28 12 Sept 19 1 1038 103 4 1033 103 4 1012 107 26,900 Paramount Pictures new 8 4 1012 1038 1038 1058 1038 103 84 4Sept 19 100 84 Aug 28 1013 preferred 9634 9634 97 97 First 9638 1,600 9614 963 4 9512 9512 9614 9612 96 4 914 Aug 28 1414 Sept 18 91 --_ Second preferred 10 1278 13 1278 13 1338 16,900 127 1314 13 8 1278 1318 124 13 538 Aug 7 14 148 214 Mar 27 1; ; 7 10 /Paramount Public Otte _ 17 11 2.514 Park-Tilford Inc 1 11 May 20 1734 Jan 11 *iii4 11 ;151 'Ili i1414 16 ;1134 W ;Hit li ;Hit 16 4 2 6 Apr 26 3 12 214 Mar 21 67 4 1 4 418 414 414 41 414 20,000 Park Utah 0 M 418 4 414 412 4 412 13 2I2 Oct 1 12 2 3 Apr 18 4 138 is *158 134 168 168 168 158 112 17 134 134 5,200 Parmelee Transportten-No par 8 6 718Sept 3 47 Oct 3 No par 4 538 558 6 618 514 512 534 6'8 8,000 Pathe Film Corp 578 618 513 578 814 94 3112 84 Feb 28 15 May 23 14 1438 14 1438 1312 134 133 144 1312 1334 137 1418 5,900 Patio Mince & Enterpr No par 8 4 47 ,8 1 1 Vs 3 4 14 Jan 4 34July 12 3 7 8 7 8 300 Peerless Motor Car *78 1 *78 1 7 8 7 8 *3 4 1 4434 67 443 8 No par 6412 Feb 5 81 July 8 69 800 Penick & Ford 6912 70 *6918 70 6912 68 68 68 68 68 68 3514 4Sept 18 014 7414 No par 574 Apr 3 843 8014 81 8214 81 6,700 Penney (J 0)813 81 4 8014 81 8212 81 8114 81 174 612 Aug 21 17 4 214 Mar 13 51 4 1,400 Penn Coal & Coke Corp _ --__ 10 *5 512 5 5 5 5 512 *5 514 514 *5 512 278 7 234 512 Aug 6 3 Mar 9 No par *34 312 314 314 *34 338 314 314 900 Penn-Dixie Cement 314 314 34 314 124 3278 10 100 18 Mar 11 2734 Aug 17 Preferred series A 19 19 *1814 22 *18 100 *2014 22 22 *19 22 *19 22 2018 37 174 50 1714 Mar 12 3018 Sept 11 25 4 2538 2512 2618 2534 26 2518 2512 253 2638 2538 2538 22,000 Pennsy:vania 194 66 8 No par 30 Feb 5 395 Apr 1 "i012 500 Peoples Drug Stores 3312 33 3338 33 33 32 32 *3134 3334 *33 *3218 334 1124 86 80 4Mar 28 100 1084 Oct 7 1163 Preferred 20 *10838 1137 1083 10838 *110 11378 *11018 113 *11018 113 *11018 113 8 17 4 3 191 4 43 4 7 100 1734 Mar 7 4313 Aug 17 38 3712 38 37 35 3914 2,800 People's CI L & 0 (01213) 3514 3612 373 3514 36 4 2 8 2 3 Jan 7 218 Feb 20 100 *218 312 *212 312 *24 31 Peoria & Eastern *212 31 *24 312 *218 3'5 12 38 94 914 Mar 13 2112Sept 19 100 18 18 *17 400 Pere Marquette *1612 19'8 18 184 *1614 191 *1612 20 18 18 1413 100 1612 Mar 13 41 Oct 1 5113 Prior preferred *3514 42 *3678 42 *374 44 *36 300 39 39 40 40 40 1318 43 12 100 13 Mar 15 30 Oct 1 Preferred *2534 3034 *2612 294 *2612 2912 2812 2812 30 300 30 30 *29 914 8 1312 Oct 7 193 Feb 4 94 177 4 No par 1338 1338 1312 13114 1312 1312 1313 131 *1314 14 *1312 14 600 Pet Milk 78 3 814 1414 74 Mar 14 1138May 23 5 *912 63 4 x912 978 912 98 2.400 Petroleum Corp of Am 912 958 938 10 958 9 8 7 4Sept 18 1 2 1314 1318 1315 7,800 Pfeiffer Brewing Co -----No par 11 Oct 2 153 1212 128 13 127 13 8 113 1214 1212 13 4 111 4 1314 Ills 65 1234 Mar 15 264 Oct 7 2478 2534 253 2618 247 26 4 2514 2538 30,900 Phelps-Dodge Corp 25 258 2518 253 8 8 2414 37 2113 50 23 Feb 27 45 July 9 *3812 40 *3812 40 *30 4014 40 300 Philadelphia Co 6% prat 40 40 40 *39 40 3814 69 644 No par 3812 Mar 5 764 Aug 20 $6 preferred 300 *6914 721 71 71 74 7353 *694 733 *6914 7518 *70 8 '69 138July 26 2 6 4 Jan 8 1 112 :Philadelphia Rap 'Fran Co___50 *134 212 *184 212 *184 212 *13 4 212 *13 4 212 4 212 *13 all 16 3 8 Jan 12 34July 30 50 7% prefbrred 5 *418 47 8 *4 4 *34 434 *33 *434 *33 4 5 4 *34 43 13 4 478 Jan 9 134 Mar 21 3 14 63 4 No par 212 212 212 212 212 212 3,900 Phil' & Read 0 & I 212 212 212 26 8 238 212 1018 1112 68 / 1 4 10 354 Mar 12 5312June 15 4612 4712 4714 4734 467 47 2,300 Phillip Morris & Co Ltd 4612 464 474 4712 4712 48 8 512 7 21 513 Mar 22 11 Jan 4 No par Phillips! Jones Corp *612 812 *8 .612 9 *818 9 *712 9 9 *814 9 68 48 747 4 100 534 Apr 1 76 Aug 12 7% preferred .6714 79 *6714 79 10 *75 79 76 76 4 '6714 79 *75 76 11 13 410 4 / 1 4 3 8 1314 Mar 12 303 Oct 10 No par 29 2938 2878 2938 287 293 8 8 4 4 283 2914 293 3038 294 3038 67,200 Philips Petroleum ati 1312 3 834Sept 5 Mar 21 3 6 *7 8 *7 8 200 Phoenix Hodder/ *7 73 4 7 4 *7 3 77 8 74 74 712 80 64 44 100 50 July 8 7612Sept 13 Preferred *67 80 *67 80 *76 79 *75 80 *75 80 *67 80 38 Jan 8 14 Apr 27 Ds 14 3 4 25 *3 8 12 *3 8 12 *3 8 12 3 8 12 1.900 Pierce 011 Corp 3 4 3 8 3 4 12 612 1014 234 618 Apr 15 2 4July 2 3 *312 37 2 *318 37 100 8 2 *318 37 , 8 4318 37 Preferred 8 *318 37g *318 37 34 2 118 Jan 8 18 July 16 No par t's 800 Pleroe Petroleum 3 4 3 4 3 4 3 4 54 3 4 *3 4 3 4 *3 4 3 4 * 4 7 4 184 343 18 4 No par 31 Apr 8 3612 Oct 9 *36 3612 236 3618 364 364 3618 3612 3614 3638 3613 3612 600 Pillsbury Flour Mills 704 87 65 8 3 Pirelli Co of Italy Amer Matte- 6538 Aug 26 7614 Jan 25 *45 79 *48 79 *48 79 *45 79 79 *_ ___ 79 *45 712 1812 7 7 Mar 14 1278 Aug 13 100 Pittsburgh Coal of Pa 912 9 913 *9 *9 *9 10 200 *9 10 *9 10 10 26 26 4213 100 2812 July 11 4434 Aug 13 Preferred 37 200 3734 3734 37 *3618 38 *36 377 *3618 38 8 *3618 38 100 172 Feb 14 180 Aug 21 14114 14113 169 "__- 181 30 Pitts Ft W & Chic peel 175 175 *___ 181 *__ 181 *____ 181 *___ 181 44 312 llas 9 Jan 11 512 Mar 13 *578 6 1,700 Pittsburgh Screw & Bolt-- No par 54 6 614 578 6 57 8 578 *578 6 6 1514 1514 43 5112 46 *59 5113 *30 100 2218 Mar 13 55 Oct 1 494 4914 4934 49 493 390 Pitts Steel 7% onna pro! 4 4914 4912 14 312 1 218 Jan 12 1 Mar 21 100 *1 *1 2 2 *1 2 Pitts Term Coal Corp *1 138 *1 *1 2 2 618 814 19 4 , 100 104 Apr 4 16 Sept 13 6% preferred *1012 15 *1012 15 *1012 15 *1012 15 *1014 15 *1012 15 14 5 118 312Sept 11 114 Mar 20 25 *234 3 *278 3 8 3 23 4 23 4 *27 300 Pittsburgh United *23 4 3 *234 3 244 25 3 597 3 4 100 3414 Apr 4 69 Sept 9 5213 5112 5112 52 52 52 521 Preferred • 5278 54 5312 5312 52 350 10 27 67 8 8.1wie 4 174 Aug 14 67 *1118 14 *1012 16 *1012 1512 *1212 1312 124 1212 *1118 14 10 Pittsburgh & West Virginia --100 1 lad 6 2 8 Aug 30 3 1 Mar 21 No par *134 238 •112 238 *134 238 *112 2 *184 214 *134 214 Pittston Co (The) 714 163 4 64 613 Mar 15 1132May 17 5 1038 4,700 Plymouth 011 Co 978 1018 10 978 10 1018 8 97 1018 10 9 4 073 3 6 14 4 7 6 64 Mar 15 114 Jan 9 838 812 3,400 Poor & Co class B No par 814 838 814 8 8 84 73 4 818 *714 73 21 8 614 1 / 1 4 434May 10 13 Mar 19 8 *3 --No par 200 Porto Rio-Am 'Fob el A. *318 3 8 3 3 378 *3 33 7 378 *3 37 8 *3 14 4.7 3 1 *7 8 1 7 8 2 8 1 3 14 14 Jan 8 14 Feb 28 *34 1 114 Class B No par *1 *7 8 1 714 4 1012 293 44 4 8June 13 164 Jan 7 3 712 73 74 73 4 738 • *7 2,400 /Postal Tel & Cable 7% prat.100 74 714 718 74 *7 114 8 38 31t Jan 21 178 17 2 2 2 2 3 8May 14 218 2,400 2Pressed Steel Oar 2 218 134 134 178 8 No Par 638 22 514 *11 61IMay 14 17 Jan 21 12 13 *1114 13 100 1214 12 12 Preferred 1,300 1218 1212 1112 111 3314 444 334 5113 52 5138 518g 5112 52 5178 5178 5114 513 No par 4238 Jan 12 5334Ju1y 23 5134 52 3,400 Procter & Gamble 1024 1174 •1184 11912 11812 11812 11813 15813 118 118 *117 1181 *117 11812 6% pre!(ser of Feb 1'29)_100 116 Jan 2 212034May 23 al 101 50 26 45 204 396 4014 393 403 11,100 Pub Ser Corp of NJ 39 8 8 3938 39 8 No par 208 Mar 5 45 Aug 17 4 8 3912 383 390 397 40 84 67 5978 9838 981 *9818 981 9813 9812 9813 9812 98 98 No par 6238 Feb 20 100 Aug 8 9812 9838 86 preferred 900 78 9724 73 *11078 1111 *111 11114 111 111 *11114 112 *11114 112 100 73 Mar 14 1114 Oct 11 11134 1113 200 6% preferred 88 108 84 "121 122 *12014 123 *12014 123 *1213 123 123 123 *122 128 4 7% preferred 100 8518 Mar 18 12414 Aug 16 100 *13912 1403 *13934 14034 140 141 *14312 142 *14012 142 *14012 142 105 11913 99 100 100 Mar 14 141 Oct 8 200 8% preferred 874 10412 8 837 *113 __ •113 11518 *113 1141 *113 11414 *113 1141 *113 1144 Pub Ser El & Gila Pt 35 --No Far 99 .199 5 113 July 20 3514 594 3012 3114 3038 311 4 307 1112 3114 313 8 4 2912 31 4 303 3134 31 21,800 Pullman Inc No par 2912 Oct 11 527 Jan 9 512 1472 578 7 8 734 5 8 78 81 7 73 8 77 572 Mar 21 1018June 19 838 24 200 Pure 011 (The) 74 8 3 77 8 814 4 No 1107 80 8933 90 *8812 8912 8812 8812 89 8918 8868 89 49 49 8934 90 100 4938 Mar 18 93 Aug 26 460 8% cony preferred 70 70 334 63 334 70 683 6834 *6814 6912 6914 6914 *69 4 70 71 6% preferred 100 65 June 25 7612 Aug 22 1.000 154 154 15 1512 154 1512 1538 1534 1512 16 8 / 1 4 1538 15 83 2 19 4 3 834 Feb 1 1718Sept 30 5,100 Purity Bakeries No par 714 712 718 738 44 912 738 73 4 4 714 74 712 74 82,900 Radio Corp of Amer 83 Sept 11 8 74 712 4 Mar 13 No par 4 5578 5578 5534 5534 *5558 5534 553 5534 5534 553 *5534 56 334 6614 22 4 800 Preferred 50 50 Mar 18 6212 Jan 25 46 7378 75 723 727 4 15 Ws 72 7312 7078 7214 7112 74 4 7213 73 14,600 Preferred B No par 3514 Mar 12 75 Oct 11 413 43 412 458 413 438 413 434 24,000 211adlo-Kelth-Orph 4 414 412 438 438 112 114 514Sept 24 414 114 Mar 13 No par 2434 244 2412 25 253 4 2538 26 23 2414 24 2278 23 144 23 Ills 9,400 Raybestoe Manhattan-No par 1612 Mar 13 26 Oct 11 374 35 35 3512 *34 35 37 *34 35 35 *34 3512 354 568 4 297 8 500 Reading 60 2974 Mar 28 634 Jan 7 4212 *41 4213 *41 4212 *4012 4214 *41 4013 4012 *40 3312 alls 28 424 141 preferred 100 50 36 Apr 6 4214July 10 *3513 37 363 3658 .313 37 .3512 37 8 *3512 37 .366 37 8 3 100 27 2d preferred 294 294 60 33 Apr 17 37 4May 14 8 92 938 938 *86 *8 912 *712 912 *714 912 .734 912 100 Real Silk Hosiery 5 14 814 318 Apr 4 11 Aug 161 10 58 58 59 61 58 *55 5712 57 61 *57 58 *57 35 2018 Preferred 150 100 2018 Apr 2 6313 Aug 19 6014 114 114 *118 114 *1 14 *1 1 1 •1 114 *1 14 6 1 200 Reis (Rohl) & Co 24 Jan 7 1 Mar 26 No par 1314 *9 1314 *9 12 1314 .9 *9 fiss 3834 1st preferred *10 1314 *10 68 3 1314 8 Mar 12 15 Jan 7 10 3 1378 1418 25,900 Remington-Rand 1234 1318 1314 137 64 123s 1278 1214 1234 1238 13 6 134 7 June 1 1418 Oct 11 1 lut preferred 32 4 71 8 2434 100 7144 jut 16 99 Aug 26 -- ,000 86 preferred 4 2 76 7638 7634 763 'iti , 69 , *73 7414 74 4 74 8 75 25 69 Aug 22 78 Oct 11 2238 *2112 2214 *2138 2214 2134 2134 300 2212 *22 Prior preferred *22 2212 *22 25 2134 Aug 26 23 Sept 13 -- ---213 4 Renns & Saratoga RR Co-100 9812June 10 110 Mar 1 •102 117 *102 117 *102 117 *102 117 *10212 117 *102 117 -126 9813 114 312 358 7,400 Reo Motor Car 338 31 338 312 312 313 312 368 2 414May 9 338 312 2 512 6 24 Mar 13 157* 1614 1618 1612 1534 1638 1512 1578 1558 1612 1614 1634 27,600 Republic Steel Corp 9 1012 2514 No par 9 Mar 15 197g Sept 9 74 75 5,300 6% cony preferred 8 7218 7212 703 7114 7114 73 7212 73 3312 6713 19 1011 284 Mar 18 7634 Sept 18 723 73 3 8212 4,500 6% conV proir pref ser A-100 7812 Oct 2 84 Sept 27 - -8 --__ --_794 797 4 80 804 81 8 793 80 *794 794 794 793 83 4 9 8311 838 *812 84 8 3 1,600 Revere Copper & Bream 813 81 84 83 813 6 1413 4 9 Sept 16 22 5 612 Apr 3 *19 214 1,300 20 21 184 20 *19 20 Claw A 20 20 20 1111 10 13 Apr 17 21 Oct 10 42 10 20 28'2 01 Preferred 97 97 95 95 *9112 95 91 140 91 91 91 91 46 90 36 100 75 Apr 9 97 Oct 11 2178 22 2112 2134 2112 2218 2212 2278 3,900 Reynolds Metals Co --No par 1712 Apr 29 244 Jan 10 42 10111 22 22 22 22 WO 27 4 3 •10714 109 *10712 109 *10778 109 *10812 109 *10813 109 109 109 100 5% oonv peat 100 101 June 10 109 Oct 11 101 24 24 223 223 4 2314 2314 2313 24 4 2312 2312 .23 24 1,400 Reynolds Spring 12 -1- 16 1 124 Mar 20 2514Sept 11 0 6 554 5478 5538 14,200 Reynolds(R J)'Fob elan B---10 431sMar 26 57 Sept 12 5312 5414 54 544 5378 541 5378 53 8 54 7 393 53 4 394 4 3 62 62 *59 6112 *583 611 *5834 6112 *59 87 6274 554 Class A 4 *5812 6112 *50 10 WU Apr 22 63 Sept 24 14 *1314 1438 *13 1418 14 *1212 1418 *1212 1378 *13 14 500 Ritter Dental Mfg 514 1312 518 51 Mar 26 15 Sept 25 4 No Par a ws 20 20 284 2838 2,200 Roan Antelope Cooper Maw _ 2172 Feb 25 3038May 17 28 2738 2778 *2738 28 2738 2738 28 For footnotes see page 2392. 2400 New York Stock Record-Continued-Page 8 o Oct. 12 1935 July 1 1933 to Range for Sept.30 Year 1934 Monday Saturday Tuesday Wednesday Thursday Friday 1935 --Oct. 7 Oct. 5 Oct. 8 Oct. 9 Oct. 10 Oct. 11 Lowest Highest Low Low High ---8 per share 5 per share 3 per share • $ per share $ per share $ per share Shares par $ per share $ per share 3 Per ea $ Pilr Ikons 4114 4114 4112 4112 42 42 29% Mar 12 4434 Aug 14 4212 42% 42, 4212 4212 4212 2,500 Royal Dutch Co (N Y share5)._ 4 , 283 285 2 3912 .23 4 412 *23 4 412 .23 41 4 412 *23 *23 Rutland RR 7% pref 412. *23 512 Jan 3 3 Apr 18 100 3 4 '2 412 16 227 2314 223 2314 2212 235* 228 23 8 4 22 23 2112 224 12,200 St Joseph Lead 8 10 1014 Mar 13 233 Oct 4 , 1014 1514 271 *1 112 % I sq, 1 •8 7 4June 6 1 7 8 % *7 8 600 HO Louis-San Francisco____100 1 2 Jan 8 3 458 3 4 118 112 112 *13 8 Pe 13 8 13 8 13 8 138 *138 112 138 let preferred I% 700 2% Jan 8 1 Apr 3 100 11, 1 612 *818 11 9 *818 11 9 *818 9 *812 9 200 St Louis Southwestern *812 9 6 Apr 15 14 Jan 12 100 6 8 20 *14 20 *14 18 *14 18 *14 20 *14 Preferred 14 20 20 12 2May 13 100 12 Mar 4 217 12 13 27 33 343 4 34 335* 34 35 33 333 4 334 333 4 3314 3312 6,500 Safeway Stores No par 3218 Oct 3 96 Jan 2 323 4 3814 57 *10812 110' *10812 110 *10812 110 108 10812 10812 10812 109 109 8% preferred 300 4 100 1043 Marl! 11314June 29 80 8484 108 110 8 111 *11114 11112 11112 112 3 112 112 112 11214 11212 113 preferred 670 7% 100 10612 Feb 7 11412June 19 9018 9812 11312 12 123 8 125* 12% 12 12 1112 1112 1112 1178 113 1214 5,300 Savage Arms Corp 4 6 Jan 15 127 Oct 7 No par 412 518 1214 4012 4214 415* 4212 4112 425* 4118 413 8 4134 443 47,400 Schenley Distillers Corp 8 4414 45 5 22 Mar 12 45 Oct 11 1718 1712 387 2 *23 8 2 4 *23 3 8 23 4 212 23 8 2% 25* *23 8 24 700 Schulte Retail Stores 23 8 23 4 3 4 4 1 13 Apr 4 Jan 2 l3 4 3 8 1612 1612 16 1612 15 8 8 153 16 4 630 16 155* 147 153 Preferred 1612 8 Apr 4 2018 Jan 18 100 8 15 303 4 6412 6412 *6412 65 65 65 65 65 64 65 150 Scott Paper Co 64 64 55 Jan 2 70 Aug 16 No par 3714 411 60% *3 8 32 *3 8 12 3 8 12 3 8 12 *38 12 *3 8 14 12 1,600 :Seaboard Air Line 14June 29 7 Jan 4 2 No par '2 2 *34 1 *34 1 1 3 4 *3 2 3 500 4 Preferred 152 Aug 14 3 Aug 1 54 8 3 4 *54 1 100 1 8 1 34 28 278 28 28% 2812 2914 281 2812 2814 29 4 285* 293 13,800 Seaboard 011 Cool Del___No par 203 Mar 12 357 208 4 2Nfay 9 19 388 *27 8 38 *24 35* *27 8 314 *27 200 Beagrave Corp 314 *3 318 318 3 Sept 18 314 2i, 212 47 Jan 28 No par 55* 5418 55 53% 54 5714 57% 585* 17,300 Sears. Roebuck & Co 548 56 .548 55% 56 8Sept 9 No var 31 Mar 12 613 30 31 51, 4 *212 23 8 212 25* 23 8 23 8 238 25* 238 2 4 3 23 4 23 25*Sept 14 118May 6 4 2,200 Second Nat Investors 1 118 112 41. *62 62 62 6312 627 628 62 62 8 62% 628 63 Preferred 64 250 1 40 Apr 3 65 Aug 12 30 52 52 1014 103 8 1014 1012 103 103 8 8 1012 103 8 1038 114 11 1114 14,800 Servel Inc 1 312 75* Mar 13 1214Sept 11 48 8 41 83 4 9 87 8 914 9 95* 912 98 4 93 1014 719 Mar 14 1014 Oct 10 4 No par 93 1018 33,100 Shattuck (F 0) 6 2 68 4 137 1918 1912 1938 193 4 193 2012 1912 197 4 20121 4,800 Sharon Steel Hoop 4 1934 2032, 20 9 Mar 14 21% Sept 19 No par 5, 8 1314 8 43 4 *414 43 4 *414 438 *414 45* 438 45* *43 500 Sharpe & Dohme 414 48 Mar 12 53 8Sept 6 314 4 No par 77. 34 *423 4412 *423 4412 423 423 *423 4412 423 43 4 4 4 4 4 8 *43 Cony preferred ser A 44 I 300 No par 4212Sept 30 50 July 23 30 5814 49 *30 30 303 8 303 303 *2934 315 *293 313 *293 315* 30 8 8 4 4 200 Sheaffer (W A) Pen Co No par 30 Oct 5 3114 Sept 21 2 712 *32 3312 3312 3312 333 34 35 35 4 *3538 36 *3518 36 I 800 Snell Transport ac Trading___£2 203 Jan 2 37 July 29 8 19 - i 11 16, -1 9 918 4 9 918 93 8 918 93 83 9% 934 97 93 14,900 Shell Union 011 4, 512 Mar 19 13 May 29 512 No par 6 1113 *90 01 904 9014 90 9014 90 90 897 91 Cony preferred 8 9012 9012 1,600 100 83% Mar 21 9812 Aug 15 2, 4512 57 89 12 1112 1178 11 12 12 128 1112 1112 1138 1112 1112 4,100 Silver King Coalition MInes___5 8 83 Feb 15 193 Apr 26 33 514 8 8 121, 134 14 135* 14 133 14 4 133 138 14 15 2 1414 15 6,800 Simmons Co 6 8 Mar 15 1614 Aug 14 No par 818 24% 6% 618 618 6, 4 618 614 8 x5 65* 83 514 54 514 3,500 Simms Petroleum 4 5 5 July 19 183 Jan 9 10 712 17% *1014 104 103 103* 1012 1012 *1014 1012 1012 1012 107 11 8 700 Skelly Oil Co 4 6 25 612 Jan 15 113 Aug 27 6 11% *88 92 *8814 92 *8814 92 *8814 92 *884 92 *8814 92 Preferred 8 51% 65, 42 100 80 Jan 22 08 Aug 23 *42 43 4112 4112 *4012 42 4112 4212 43 *4012 42 44 160 Sloss-Sheff Steel & Iron 100 13 Mar 20 44 Oct 11 12 15 27i, 6112 6112 *6118 62 615* 613 *80 62 4 6018 613 4 613 62 4 7% preferred 870 15 100 24 Mar 12 68 Sept 30 1812 42 4 223 223 4 2214 228 *2218 2214 2318 2314 237 243 4 223 23 8 9,600 Snider Packing Corp_ __No par 8 8 154 Apr 3 213 Oct 11 312 63 4 1934 103 107 8 10 8 11 3 8 103 11 8 103 11 4 103 11 113 67,200 Socony Vacuum 011 Ccane____15 10% Aug 30 153 4 2 11 4May 24 55 911 1212 197, ___ •11112 . , __ *11112 _ *11134 _ ___ Solvay Am Invt Tr pret *11134 76 100 10712 Jan 15 112 Oct I 88 10811 *11112- 4 _23 8 7 24 2314 - -4 2318 13 8 2334 - - 2334 -- 4 2314 233 3 233i33 4 233 _-- 2,400 So Porto Rico Sugar 8Nfay 24 20 20 No par 20 Jan 30 283 39% *130 139 ,*130 139 0'130 1363 *130 1363 1363 1363 *130 136 4 10 4 4 4 Preferred 115 100 132 Feb 4 150 July 5 112 137 2214 2218 22% 22 22 2214I 22 2218 22 223 2 221 223 10,600 Southern Calif Edison : 4 1018 1012 2218 25 10% Mar 13 2318Sept 12 Southern Dairies class A No par 2July 12 3 53 3 May 6 512 103 8 1612 16% 183 1714 164 1718 168 168 167 1714' 1638 1712 20,800 Southern Pacific Co 8 8 1234 4 147, 333 100 123 Mar 18 2112Sept 11 813 84 814 8% 812 83 814 812 812 88 5,400 Southern Railway 512July 8 161j Jan 4 85* 9 100 512 1112 36% 11 114 1114 113 4 1114 113 4 107 1114 113 12 8 4 113 125* 5,600 4 Preferred 4114 7 July 8 205* Jan 4 100 7 14 28 *20 *20 28 *21 28 *21 28 *21 28 *21 28 Mobile & Ohio stk Cr efts __I00 15 July 23 334 Jan 12 15 81 12 4734 *812 6% *612 7 512 6% *53 4 612 *53 638 618 4 638 800 Spalding (A G)& Bros_ _No par 5 8 Aug 17 5 13 5 NIar 14 64 *64 64 65 60 82 *60 65 *60 65 60 60 100 1st preferred 3014 100 42 Apr 2 6812 Aug 19 30 4 74 , *843 90 8 *85 00 *85 00 085 90 *853 90 4 *85 Spang Chalfant & Co Inc pref_ 100 5912 Apr 3 94 Aug 27 00 20 50 66 14 614 14 54 514 518 5 5 5 5 14 9,000 Sparks Withington 5 47 8 5 3 4 24 53 Jan 2 318 Mar 13 No par 27 2 8 538 6 412 438 514 64 514 6 4 63 4 738 6,230 Spear & Co 58 63 No par 112 738 Oct 11 314June 25 2 78 a72 72 *72 76 .72 76 *52 76 *72 76 072 10 Preferred 76 39 100 85 Mar 23 74 Jan 7 64% 30% 32 32 32 12 3212 33 33 33 33% 333 35 4 35 18 353 8 3,0001 Spencer Kellogg & Sons __No par 32 Apr 3 3814Nfay 11 1214 PA 3318 1212 124 123 127 8 8 123 1238 1218 1212 123 13 8 123 13 4 22,500 Sperry Corp (The) v I a 1 74 Mar 14 1312Sept 18 33 2 53 2 115* *103 113 4 4 4 103 103 *11 115* *1114 113 113 *11 4 4 4 1114 1114 300 Spicer Mfg Co 8 812 Mar 14 1412July 22 6 No par 13 .42 45 *42 45 *4212 45 *4212 44 4212 43 413 42 2 70 4 Cony preferred A , 18 No par 334 Feb 14 4712July 22 215* 4114 6912 71 69 72 6914 704 7038 7414 733 752 18,000 Spiegel-May-Stern Co 87 2 68 , 4 437 Mar 27 7912 Jan 17 No par 714 19 76% *10012 104 *10012 10312 10318 10318 1033, 1033 10312 10312 10312 104 8 600 63.(% preferred 100 1013 4July 28 101 Oct 11 3 45 123 13 4 4 123 13 4 123 13 134 31,500 Standard Brande 13 125* 127o 1238 1314 No par 1212 1212Sept 18 1912 Jan 3 17 -14 1514 125 125 *12512 128 *126 127 12612 12612 1263 1283 12612 12612 8 8 160 Preferred No par 1225,June 4 130 Apr 9 120 12114 127 412 43 4 412 43 438 43 4 4 *412 43 4 514 43 4 514 538 9,200 Stand Comm Tobacco.--No par 4Sept 13 212 212 Mar 15 53 3 8 33 3 34 3 3 33 8 3% 318 34 3 314 7,700, :Standard Gas & El CO. 3 35, 17 914 Aug 17 112 Mar 15 -No par Ds 4 4 4 418 4 4 18 3% 4 4 37 2 414 43, 3,8001 Preferred 13 4 8 1114 Mar 15 113 Aug 17 43 2 17 No par 91, 1014 10 9% 918 10 *878 912 11 9% 95 10 1,000 56 cum prior pref 33 4 10 No par 43 8 43 Star 15 253 Aug 12 4 1014 1012 10 103 8 10 103 4 10 1012 10 103 8 10 103 12,500 8 57 cum prior pref 8 No par 6 Mar 15 2712 Aug 17 1114 3812 *138 2 •158 2 *13 8 13 4 *15 8 13 4 13 4 13 4 *13 7 5 100 Stand Investing Corp 4 17 8 218 Sept 9 %July 17 7 No par 2 17 . *11214 11212 *11214 11212 11212 11212 1125* 11238 1124 1123 *1123 113 4 4 300 Standard 011 Export pret____100 111 Jan 3 116 Apr 8 9612 114 9412 323 3212 32% 323 8 4 3214 3234 3212 327 4 3213 323 8 325* 327 26,200 Standard Oil of Calit 2514 424 2512 2May 24 No par 27% Mar 15 387 243 248 2412 25 8 8 253* 2514 2512 14,500 Standard 01101 Indiana 248 2514 247 2518 25 23 2312 2714 25 23 Mar 15 28 Aug 15 .19 2112 2014 2012 •20 2112 *19 4 2112 *20 203 *20 2112 200 Standard 011 of Kansas 19 26 41 10 20 Oct 2 32 Feb 18 433 433 8 43 4 4412 44% 45 3 4418 4438 443 448 4438 4514 33,200 Standard Oltot New Jereley 4 25 3534 Nlar 18 5012May 23 3312 394 50, 2 *2312 237 4 24 2414 2314 24 23 2318 2318 213 23 2314 2,600 Starrett Co (The) L B____No par 6 1538 8 1212 Mar 14 25 Sept 16 *63 837 8 64 64 634 633 644 641 1 65 6414 644 2,800 Sterling Products Inc 4 64 4554 4714 66,2 10 583 Jan 15 87% Aug 13 4 13 4 *13 8 134 13 4 *13 I% I% 3 •112 134 *13 134 4 I% 300 Sterling Securities el A___No par I 218Sept 10 14 3 118 Mar 19 *43 4 5 *45* 5 43 4 434 *412 512 *412 512 *412 512 200 7 25, 8Sept 11 $ 53 Preferred 31. Mar 28 No par *4014 42 *4014 42 1 *4014 42 *4014 42 4118 42 *4014 42 200 28,8 Convertible preferred $0 3818 50 36 Mar 5 4318Sept 7 1412 145s 1438 15 8 15 3 153 8 1514 1512 155, 164 164 168 53,700 Stewart-Warner 412 8 832 Mar 6 163 Oct II 412 10, 5 73 8 7 7 83 7 778 13,300 Stone & Webster 37 6% 75* 7 741 74 7311 103 Aug 3 8 212 212 Mar 14 No par 133 2 58 6 512 5% 214 4 44,900 :Studebaker Corp (The) new_l 55* 5% 512 53 5% 554 512 538 618Sept 18 214 Apr 17 *68 6812 68 68 *68 6812 68 6812 67 6812 68% 688 900 Sun 011 42 51% /4 No par 6012 Mar 20 7512June 13 14 *11812 119 8 11812 11914 119 119 11914 11912 *1193 12012 1195* 1195* 290 96 Preferred 100 118 100 11512 Jan 10 121 Mar 23 •24 243 *233 23% *233 24 4 8 23 24 8 24 24 238 *23 300 Superheater Co (The)._-.No par 211 Apr 4 2612Sept 16 211 1112 2514 2 2 17 8 2 214 2 24 2 18 212 24 3,800 Superior 011 2 2 114 3 Apr 17 13 Jan 2 2 1 14 314 1 7 10 10 10 10 *97 1014 1018 1012 1,000 Superior Steel 10 3 Aug 27 4 9 4 93 3 9 43 5 Mar 18 12 100 2 4% 153 4 1818 183 203 18 18 4 18 177 1778 18 8 20 8 18 201: 5,800 Sutherland Paper Co 10, 1772 Oct 8 20%Sept 18 3 534 714 714 *714 8 73 8 73, *73 8 8 812 9 1 1,400 Sweets Co of Amer (The) 712 8 9 Sept 30 314 Mar 8 501 3,2 3,2 14 3 16 16 4 8 18 153 163 11,400 Swift & Co 4 1538 16 1614 157 1618 153 16 8 25 15 Sept 16 17!4 July 18 5 11 14 *6 8 3 4 N 200 taymington Co *3 8 68 *12 54 58 53 58 • 2 5 8 , 71 Jan 4 14 Apr 15 No par 3 8 2 -12 3 312 3 212 234 *212 3 *3 34 318 *23 2 3 800 Class A 114 Apr 29 No par 04 112 548 35* Sept 30 612 634 4 63 8 65, 63 4 63 63 4 63 4 63 4 63 4 *63 8 67 800 Telautograph Corp 972 Jan 9 5 614 614Sept 20 412 15,4 53 8 512 4 *538 512 53 512 5% *514 8 55 512 3,400 Tennessee Corp 8 514 53 6 Sept 13 4 Mar 15 5 312 -. 3% 6% 193 193 4 20 2012 2038 2114 2014 2038 203* 207 8 20 4 2138 57,500 Texas Corp (The) 3 1612 4May 17 193 8 395* 25 1612 Nf ar 13 233 3112 317 31 3112 308 3112 3018 3114 3018 304 305* 31 17,600 Texas Gulf Sulptur 8 223 4 4 3(1 No par 283 Apr 4 3634 Feb 19 4314 84 858 814 914 83 8 9 8 94 83 814 84 83,600 Texas Pacific Coal & Oil 85, 914 21, 215 6% 914 Oct 7 34 Jan 2 10 95 s 95u 94 912 8% 938 88 87 10,400 Texas Pacific Lan' Trust 92 93 912 10 1 6 812 Jan 15 1212May 14 1 63 4 12 •17 *17 18 *18 20 *1718 1814 19 *1718 19 .1712 19 Texas & Pacific RI Co 1314 4314 1312 4 100 14 Apr 12 253 Jan 10 3012 3012 31 323 4 323 333 4 3312 35 4 323 333 4 348 3614 16,800 Thatcher Mfg ___ _.. ___No par 1312May 8 3614 Oct 11 8 8 18 *57 5712 *57 012 5712 58 58 57% 575 575 5738 *57 400 33.60 cony pref 5215 39 38% No par 50 May 4 69 Sept 19 912 *9% 1012 1,000 The Fair_No par 914 834 9 812 812 *812 913 *814 914 4 8 4 514 Apr 10 117 Aug 13 1212 92 •9014 92 92 92 924 *9214 96 01 50 91 *9014 92 Preferred _100 8118 Jan 7 9214 Oct 10 45 50 83 43 4 5 438 438 *438 5 5 47 *45 54 512 2,000 Thermold Co 53* 212 8 57 Aug 1 2% 1 212 Mar 7 We 31g 313 *212 312 *234 318 3 3 3 3 600 Third Avenue 24 24 3 3 6 Jan 5 2 2 June 28 100 6 84 *25 4 254 *2518 254 2518 2518 *2538 2534 253 28 2814 2814 600 Third Nat Investor, 13 1 16 Mar 15 2612 Oct 11 1312 2212 75, *63 *7 .133 8 8 8 8 4 *7 4 73 *612 7% *7 Thompson (J R) 44 814Sept 13 35 512 Jan 7 47 8 11 20 2218 227 2034 203 2114 21 8 2214 23 8 34,800 Thompson Products Inc_ No par 2112 2012 22 133 Mar 13 23 Oct 11 10 10 20, 4 2% 214 24 218 214 214 214 214 214 214 218 218 1,800 Thompson-Starrett Co___No par 3% Jan 7 1% 15* Mar 15 13 4 6,2 *15 •15 19 19 19 19 *15 *15 19 *15 *15 19 2314 Aug 6 13.50 cum pref 17 Apr 23 No par 17 17 2412 83 83 2 88 4 9 3 83 4 918 18,400 Tidewater Assoc 011 84 8% 812 81 84 9 73 Mar 18 12 May 23 37 712 No par 8 145* *98 99 9914 99 91) 9712 98 4 9914 993 993 *0812 993 1,000 4 Preierred 8 100 84 Jan 8 1033 Aug 17 37 4382 6412 87 *40 43 .40 43 43 *40 *40 43 *40 40 40 43 10 Tide Water 011 par 203 Mar 15 4315Sept 4 4 No 18 24 40 814 812 8 812 85 814 814 812 83 11,900 Timken Detroit Axle 814 812 814 83 4 973 Aug 9 438 Mar 15 10 3 3 7 2 812 57 58% 5912 5938 61I..t 16,200 Timken Roller Bearing__No par 283 Mar 15 6112 Oct 11 573 4 5734 5878 58% 5914 5812 59 8 21 24 41 77 7 73 4 8 4 18,100 Transamerica Corp 738 73 73 4 7% 73 4 Si2Sept 19 734 7 78 75, No pa 47 2 47s Mar 12 51a 8, 2 103 11% 107 113 1114 1214 4 1114 1178 1214 11,100 Transcon & Western Air Ino___ 5 8 107 1114 11 8 714 Mar 29 1214 Oct 1(1 714 - -- - -1014 1012 1012 103 4 1012 1012 1018 103 * 938 105* 10 10 1,800 Trammel & Williams St'l No pa 512 Mar 14 113 Oct 1 8 412 44 13 - ,2 7 57 57 57 638 614 6 6 618 714 Sept10 53 4 534 5 638 10,900 TM-Continental Corp....No par 17 Mar 13 2 17 8 3 04 , *89 9134 *89 92 .89 04 92 09012 94 *00 *9112 94 6% preferred 8 No par 69 Apr 4 933 Aug 7 51 0014 78 4 418 4 4 4 *4 418 4 4 4 37 8 4 1,700 Truax Traer Coal No par 3% Oct 11 87 2May 10 112 13 2 54 614 6% 63 8 612 612 612 8,400 Truscon Steel__ 6, 8 614 614 63* 618 61* 75* Aug 27 10 338 313 Mar 13 33 2 938 *153 1614 1614 1614 *16 4 1618 157 1614 1614 1612 1818 1612 3,500 20th Cent Fox Film Corp_No par 13 Aug 28 183 4Sept 3 13 2512 25% 2512 255 9 2512 2512 2538 258 2618 265* 263 267 5,000 8 Preferred No par 215 Oct 3 2738Sept 6 2434 •3 314 *3 314 314 *3 200 Twin City Rapid Trans No par 35* 314 3 35* *3 3 Feb 19 212June 5 5 % 13 2 -812 •2114 2312 .2114 2312 .2114 23 *2114 227 2218 22 8 22 22 100 Preferred 39 8 41, 100 18 Mar 18 27% Feb 18 17 •13 8 17 .13 8 8 17 *13 8 *138 8 17 15, 138 *112 1% 200 Ulen & Co 23, Aug 6 118June 10 No par 1 4 4 74 7438 74 723 723 *71 74 4 4 75 78 76 79 78 1,800 Under Elliott Fisher Co No par 53 4 Mar 29 79 Oct 11 36 584 2212 3 *130 133 *130 133 *130 133 *130 133 *130 133 *130 133 Preferred 100 126'2 July 17 133 Apr 5 95 102 , 1287 3514 353 4 3512 36 3514 357 3512 353 363 8 35 8 8 3612 37 12,900 UnlOn Bag dr Pap Corp __No par 29 29 May 28 5012 Jan 22 3914 111)7, 654 6611 651 668 65% 6612 87 654 66 6814 6812 698 21,700 Union Carbide & Carb.-No par 44 Jan 15 6924 Sept 12 "31 3541 507 2 7 1812 1812 18% 10,700 Union 011 California 4 173 18 4 173 173 4 177 1814 177 18 8 17 25 143 Feb 6 2012May 23 4 1112 1112 20, 2 HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT For footnotes see page 2392 Sales for the Week STOCKS NEW YORK STOCK EXCHANGE Range Stare Jan. 1 Ox Basis of 100-shars Lots -PER SHARE, NOT PER CENT HIGH AND LOW SALE PRICES Saturday Oct. 5 Monday Oct. 7 2401 New York Stock Record-Concluded-Page 9 Volume 141 Tuesday Oct. 8 Wednesday Oct. 9 Thursday Oct. 10 Friday Oct. 11 I Sales for the Week STOCKS NEW YORK STOCK EXCHANGE ganef Since Jan. 1 -share Lots 13asis of 100 Ots. July 1 1933 to Sept.30 1935 Range for Year 1934 --Lose High --$ per share 13372 go 71% 89 4 2 253 155 818 15 4 , 812 314 17 8 2114 294 107 120 503* 35 ---- --__ 21 8% 214 377k 94 1814 3% 10% 5984 7524 31 74 77 59 1112 20% 86 9911s 335 152 4 132 4 65 30 84 24 76 54 4014 63 11212 140 1672 416,2 3 2 7 414 24 1512 33 8 1612 195 4 lig 14 4 11 2712 1614 6 6314 78 344 514 115 146 45 1012 32 5414 512 117 2 7 4 193 45 80 125, 4 24 11 2412 6114 9652 141 5414 65% 2938 5972 8714 994 140 99 1511 128 112 8 53 Highest Lowest Low------$ per share $ per ma $ per share 8212 8212 Mar 28 11112 Jan 10 8 627 7912 Mar 14 9012July 3 4 133 8 207 Mar 13 2612July 17 97 Mar 13 2014 Sept 16 818 34 412 Mar 13 105 Oct 11 8 7 4 153 Aug 2 7 Mar 29 19 2014.May 16 Ms Jan 9 111 Oct 1 118 Aug 7 10414 2014 46 Jan 28 68 Sept 25 1712 Oct 3 1912Sept 24 1 518 14 65* Aug 17 112 Feb 27 4 203 4 203 Mar 13 4412 Aug 17 618 4Juns 14 1314 Jan 7 83 8 4 23 412 Mar 13 137 Sept 7 50 65 Mar 21 9012May 23 314 July 18 3 712 Jan 9 4912 4May 14 6012 Oct 1 923 914 11314 Aug 17 94 Mar 18 8212 8July 16 874 Mar 15 1073 1 64Sept 27 28 218 Jan 57 Jan 7 114 114June 3 10 10 June 3 3312 Jan 24 2% 712 Jan 3 3% Apr 4 46 46 Apr 3 68 Oct 11 37 4Ju1y 15 51 Mar 15 663 132, Feb 9 154 Oct 7 10814 15 4 29 Aug 3 403 Mar 15 72 21 Jan 18 1 July 13 414 1938 Mar 6 912 Aug 15 12 4 143 Mar 14 22 Jan 7 134 1914 Jan 7 2112Ju11e 25 8 312 Oct 4 5 %June 24 4 5 July 26 208 Oct 4 11 11 Mar 14 2512 Aug 17 412 412 Mar 12 13145ePt 9 80 8514 Mar 26 90 Aug 16 344 1012 Mar 12 7412 Oct 11 143 Jan 11 160 Oct 8 110 8 93 Sept 27 34 5 1 eb 6 32 351 Mar 13 4818Sept 16 318 912Sept 18 318 Mar 15 7 712 Mar 18 1614Sept 18 45 53 Jan 22 73 Sept 11 3 7 Jan 7 3 Mar 13 918 918 Mar 13 1714 Jan 3 1718 4234 Jan 7 2412 Mar 14 5314 92 Sept 11 12412 Ayr 25 5112 2 627 Jan 3 7334July 14 2712 4Sept 18 2712 Mar 18 483 6714 735 Mar 18 11312 Aug 21 4 813 4May 18 11918 Jan 4 1403 8 1493 Feb 11 165 Aug 3 1245 8 414 Aug 13 , 7 1 Mar 15 17, 4 4 12 1% Jan 2 12 Mar 15 194 2212 1914 2418June 19 1914 A pr 11 3134 14 11 14 21% Jan 7 1114 Apr 11 33 4Sept 30 4 412 1212 114 Feb 7 283 5414 35414 98 91 Feb 20 10817 Oct 11 245* 363 2318 34 May 28 3912Sept 26 80 80 80 70 Aug 6 70 Aug 6 17 5% 1% 212 Mar 18 435 Jan 3 10 10 4Sept 25 28 293 1712June 1 5714 4 84 593 85 Jan 4 13018May 6 60 85 80 7212 Jan 4 10912 Oct 11 2 458Sept 10 35* 9 2 June 22 1618 27 15 15 Feb 19 15% Feb 28 82 52 36 100 8312 Mar 29 83 May 10 71 71 *70 72 30 Vulcan Detinning *69 70 *70 71 70 *70 70 71 112 95 95 100 10914 Feb 5 11613 Aug 9 Preferred *115 _ •I15 11512 11512 *11417 _ _•11412 -- .*11412 . . 100 1 23* Jan 8 4% 2 13 1 100 Apr 1 Wabash 300: 158 •112 __- - .112 13 114 112 .13 4 13 138 1 8 1 12 3 8 4 15* __8 85 8 23 4 312 Jan 4 13 15 Mar 1 100 Preferred A 218 700 8 212 23* 214 23* *214 2% *214 212 '218 212 *23 1 114 64 23 Jan 19 1 May 22 100 Preferred 13 *111 8 *112 25* *112 25* *112 25* 25* *112 2% •112 25 872 a 8 83 Aug 29 • 37 418 Mar 15 No par *712 75 12 73 700 Waldorf System 4 *712 73 712 712 *712 735 4 7 4 *712 73 8 2214 297 4 4June 8 323 Aug 5 • 1512 263 No par 2917 2912 2917 295* 29 2,000 Walgreen Co 293 8 287 287 2918 2918 29% 30 )4412 1181 1 10(1 114 Jan 7 120 Apr 24 • 80 1173 1173 1173 118 *118 1197 *118 1197 118 11812 11812 11812 4 63-4% preferred 370 4 6% 314 114 372 Jan 7 114 Feb 28 No par 14 4,800 Walworth Co 3 3 3 14 318 3 3 8 3 27 8 3 27 318 3 5 12 5 1014July 17 5 Mar 14 No zar 100 Ward Baking ohms A 9 818 818 '7 818 812 *7 812 *7 z 9,2 *7 *7, 35* 218Sept 9 14 4 1, 114 Feb 28 No pa 8 *13 8 *13 17 400 15* 17g •13 8 15 4 g .134 2 4 17 13 8 17 24 24 VS 100 2812 Jan 12 434 Aug 6 Preferred 800 37 8 3678 3714 3712 3/5 ' 3714 .36 712 *36 3 5% 3711 *38 214 814 2% 812Sept 18 214 Mar 15 b 8 77 4 712 73 45,000 Warner Brea Pictures 718 714 7% 714 714 712 8 75 714 735 15 317 8 12 1412 Mar 13 46385ept 18 No par 33.85 cony pref 1,210 41 41% 4212 423 43 4314 4312 4414 04 4012 41 42 4 37 5, Star 15 1 8 5 15* Jan 2 No Da 8 1,700 Waraer Quinlan 5 8 3 3 4 3 4 *3 3 4 8 7 8 7 . 7 3 4 3 8 5 4 8 314 135 213 812 Jan 7 211 Mar 15 No par 33 278 27 8 278 8 - 278 6,500 Warren Bros 3% 33 27 4 8 27 31z 358 8 77 77 Mar20 17 Aug 11 8 28% No par 8 Convertible pref •85 10 •85 10 11 8 11 300 *83 10 11 10 . 10 11 8 1312 1312 31 No par 205* Aug 7 32 Sept 19 *2214 2358 2214 2212 2218 2214 22 *2312 2414 1,300 Warren Fdy & Pipe 4 2314 233 24 3 7 3 6 Jan 2 4 Mar 14 No par *5 4 .512 53 53 100 Webster Eisenlohr *5 5111 8 • 83 4 535 •518 53 512 017 60 90 65 85 Apr 29 90 Feb 18 10 Preferred *80 __ _ *80 _ _ *80 - _ *80 - -- •80 _ - • _ ___ _._ 80 '2.4 14 158July 3 4 1 1 Jan 5 1 114 *1 300 Wells Fargo & Co 1 - -14 *1 -•1 114 1 1 114 -1. I 14 . *1 4 353 153 15 4 4114 4112 41 4534 45 4 4214 4314 4312 4514 45 4614 15,900 Wesson OH& Snowdrift __No pa 3012 Jan 15 4614 Oct 11 413 5212 7282 49 72 Jan 29 83 July 9 80 No par 80 Cony preferred *76 800 80 797 80 8014 8014 80 8018 8018 80 4412 711 34 Mar 6 78 Sept 121 34 No par 75 75 *7412 7512 7418 741,1 74 210 West Penn Elec Wane A 76 74 7414 7412 75 8 4 80 511 8712 873 100 397 Mar 6 90 Sept 12, 397 4 8612 8612 8612 865 Preferred 250 8 8513 863 8 4 8612 8612 867 87 dB z68, 2 .77 100 36 Mar 14 78 Sept 111 36 7712 7612 761 6% preferred 4 77 783 77 76 76 767 76% 330 76 8 8912 1105* •11611 117 .11614 117 100 10412 Jan 17 120 July 291 8812 118 118 11814 11814 460 West Penn Power pref 117 117 *11614 118 4 783 105 4 783 *11234 114 100 95 Jan 2 114 Aug 14 4 6% preferred 90 113% 1133 113 11314 *113 1133 1133 1133 *113 114 4 4 118 64 4 13 24 Jan 8 118J une 8 West Dairy Prod Cl A ____No par ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --._ ____ 212 12 2 Jan 8 8 3 ',Slay I , No par Class 13 2 t a ---- ---- ---- ---- ---- ---- ---- ---1714 714 512 7 9 g Jan 7 714 100 vs 714 7 7 714 7 7 'h 5 Mar15 714 714 8 712 1,500 Western Maryland 73 712 94 23 •1314 14 712 Mar 30 151 2Sept 18 100 *13 1318 1318 13 13 2d preferred 300 135* *1212 1312 *1213 131 23* 1 18 811 33* Jan 7 1', July 19 15 112 *13 4 *13 100 13 40(1 Western Pacific 113 112 8 I% *112 17 2 I% 8 114 8 17% 43 73 Jan 7 25* 314 2 23 Feb 26 314 314 100 8 Preferred 314 314 8 35 600 8 •33 8 *314 33 *314 35 3b4 2035 2912 887 5212Sept 11 4658 4711 46% 49 2 8 493 515* 508 513 61,200 Western Union Telegraph_ _100 20% Mar 1 4812 .50 4818 4914 . 1534 1572 36 8 2214 2212 22 2212 227 2214 213 22 22 22 18 Mar 27 2818 Aug 13 2214 225* 4.900 WestIngb'se Air Brake___No rx..r 2772 277y 4714 50 3258 Mar 18 815* Oct 11 4 8 7935 815 51,700 Westinghouse El & Mfg 8 % 7652 7614 775* 7535 7738 7412 7658 783 797 75 95 82 77 *115 120 11418 115 *115 120 *115 120 11412 11412 115 115 1s8 preferred 60 90 Feb 5 119 Aug 17 280 6 5 1912 Aug 22 151 1812 1812 : 10 Mar 18 18 183 1814 *18 8 1712 18 1814 2,200 Weston Elea lristruml___No par 18 18 18 1612 2912 :34 34 15 34 35 35 35 *3414 3512 35 35 *3412 3714 270 A No par 29 Jan 4 3635 July 24 Class 1472 274 1214 8 •195 20 *1912 1978 11) 1912 197 1918 1914 1914 4 195* 2014 1,800 Westvaco Chlorine Prod No par 163 Mar 13 234 Jan 3 2413 29 18 *20 40 *20 40 *20 *20 40 *20 40 40 .20 40 Wheeling & Lake Erie Ry Co _100 18 Jan 3 3512Sept 9 24 21 36 *35 *35 41 41 *35 41 39 41 *35 25 Mar 14 47 Oct lii 39 41 47 6% non-corn preferred___100 90 1112 114 29 23 23 *2212 2312 *2212 2312 23 23% 227 2314 2312 2312 1,000 Wheeling Steel Corp 2 1414 Mar 28 2614 Aug 24 No par 34 67 34 4 *883 90 89 89 4 9118 9012 9012 9014 91% 883 90 *90 600 Preferred 100 4612 Jan 12 9118 Oct 11 87 2812 16 123 1312 1314 135* 13 4 * 1314 1312 11,700 White Motor 13 1318 124 13 133 7 62 Mar 15 183* Jan 3 50 13 2114 314 1 1234 1274 123 123 1338 1312 1311 133 24,Jan 9 13 13 4 123 13 125* Oct 4 4 4 4 1.700 White Ilk Min Spr etf ____No par 37 17 *135 112 14 4July 29 •158 178 *15 23 218 134 *13* 13 114 Mar 15 4 2% 13 4 218 1,700 White Sewing Machine___No par 5 4 11 14 1514July 27 10 13 10 11 12 1212 125 *10 11 10 8 1,500 11 6 Jan 11 10 No par Cony preferred '2 1 5s4 218 218 *2 218 235 Jan N *2 218 2 1 Mar 14 2 218 *2 218 214 5 300 Wilcox 011 & Gas 2712 3412 2 227 V. Max-Rich Corp clans A _No par 34 Feb 5 3512Nlay 27 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- __ _ ___ 0 , 53 4% 318 7 Jan 2 No par 55 4 8 14 4 37 Apr 3 558 53 4 4 6 65,500 Wilson & Co Inc 5 .53 5 9 53 4 4 5 5 8 53 55* 53 1214 324e 11 14 Class A No par 25% Feb 7 31% Jan 3 58 4 643 -ii 4 3 4 68 4 4 653 69 693 70 5,100 683 683 $6 pref 100 58 Apr 2 75 Feb 2 6712 6712 *68 35 64 1514 60 613 60 60 4 61 8 595 60 62 593 60 4 593 60 4 10 51 Jan 15 6514June 18 16,800 Woolworth (F W) CO 2 1312 317 4 .1638 1678 1612 17 113 17 4 1712 17 100 113 Mar 12 2112 Jan 7 1814 1814 1812 1814 1814 2,200 Worthington P & W 2512 3112 53 4012 4012 4212 43 4412 4412 4512 4414 45 42 4 42 423 100 2512 NIar 13 4614July 17 1,520 Preferred A 32 2352 42 20 32 37 34 33 36 3712 3612 37 4 34 34 Preferred B 333 100 20 Apr 4 3618July 18 2,900 .50 1872 75 12 503 *48 Vo par 3512 Mar 13 537 Apr 24 4 4712 47% 4735 4812 48 4814 49 100 Wright Aeronautical 5013 *48 77 473 54% 78 4 77 4 7814 7917 1,000 Wrigley (Wm) Jr (Del)--No par 4 783 783 73% Mar 13 823 Apr 26 *774 7814 *774 783 78 4 78 *2812 30 14 2 113* 22, 31 25 17% Apr 9 3112Sept 11 2912 3012 3014 3014 3012 31 12 31 *2812 30 1,200 Yale & Towne Mfg Co 53 579 74 2% 252 8June 8 25 8 63 65* Aug 29 65* 10,100 Yellow Truck & Coach Cl /3___10 514 58 8 51 53 4 : 518 55* '4 53 5 *67 28 25 70 2 67, 6912 70 *67 100 3112Nlay 8 78 Aug 28 *68 300 70 70 70 Preferred 70 70 70 , '22 4 8 3512 3534 3512 353 13 3538 3513 3512 367 18 Mar 18 381zSept 7 , 351 1 353 4 10 2 8 363 375 5,900 Young Spring & Wire__No par 2412 2412 2414 247 1252 3324 1235 8 2512 26-5, 6,000 Youngstown sheet & T__ _No par .13 Mar 15 2812Sept 9 8 2312 2418 23% 244 243 263 5934 34 *75 80 4Sept 5 "30 5% preferred 100 3812 April 843 81 *7513 8018 *73 81 *73 80 *7714 8018 *76 4 63 714 8 53 Oct 11 112 .4 43 ___ par 112 114May 6 4 718 63 658 7 8 7 65 8 83 34,900 Zenith Radio Corp 718 81g 8 4 43 55 47 47 47 , 74 3% 8 25 8June 7 25 5 43 8 53 1 514 5% 5 512 25.000 Ionise Product, Corp 55* Oct 10 par 100 Union Pacific 100 Preferred No par Union Tank Car 5 United Aircraft Corp United Air Lines Transp v t a...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 Dyewoocl Corp 100 Preferred No par United Electric Coal No par United Fruit No par United Gas Improve No par Preferred 100 :United Paperboard United Piece Dye Wks..--No par ____ ____ ____ ____ ____ ____ ____ ____ ____ __ __ _ __ ____ _ ___ __ _ __ _ _ ___ 100 5%% preferred _ 4 63 --- ' United Stores class A__--No par 53. 3 ; 33,20 5E8 1 12 11r4 1 7 ;6 4 1 5 5 ; WI 1 5 514 18 No oar Preferred class A 500 68 68 6414 6414 65 64 *60 *8212 637 8 637 637 *63 8 g 600 Universal Leaf Tobacco ....No Par 65 64 65 6414 6414 *64 *64 8 643 64 4 064 647 4 65 3 100 Preferred 100 4 •15212 153 4 15212 154 *151 1533 *15112 1533 1533 1533 *15112 153 4 4 100 110 Universal Pictures 1s8 pfd *3312 35 3312 3312 36 *33 3312 33% 3312 3312 *3312 36 1 1 1 1 2,900 :Universal Pipe & Had 1 1 1 1/8 1 1 1 1 1'8 100 Preferred 270 11 11 10 11 1012 11 10 11 11 1012 1012 11 20 U S Pipe & Foundry 1838 1814 184 3,700 1714 1711 1711 17% 1714 1714 1714 175* 18 No par 188 preferred 300 21 21 4 *203 21 *203 2118 *203 2112 *203 21 4 4 *203 21 4 4 No par 100 US Distrlb Corp 4 3 *13 3 3 *2 *27 8 314 28 28 *2 314 *27 100 Preferred 191 1,390 4 1712 18 4 163 1717 165* 173 19 18 1914 18 18 Vo par 2212 2212 1.200 II S Freight *2012 21 2114 2112 211 1 22 2212 2212 .2214 23 No par 2,800 U S & Foreign Scour 1012 1024 11 4 1014 10 104 1012 1014 1012 10 *103 107 No par Preferred 87 *83 87 87 *83 *77 *77 87 *78 87 87 *78 20 3 7418 73 4 7412 6,300 U S Gypsum 4 683 69 70 71 7218 713* 714 72 71 100 7% preferred 60 160 160 *15812 lb° *15812 1593 *15812 1593 1593 160 *15812 160 4 4 6 1,800 U S Hoff Mach Corp 818 818 *8 8 75 818 84 4 714 8 4 73 73 85* 4314 4314 4311 4314 4312 4418 *4312 4412 44 4514 447 455 8 5,000 U 8 Industrial A1001101---NO Par No par 93)1 2,900 U 13 Leather v II a *818 9 9 87 8 87 94 914 811 812 819 9 No par Class A v $ a 1434 1512 143 153 14 4 1412 14 8 4,8041 13% 15 14 14 14 100 Prior preferred v I e 71 71 *89 .69 700 71 70 71 *7014 72 7014 7014 71 No par 3,800 U S Realty & Impl 5 5 478 47 4 518 53 5 618 5 5 8 • 34 6 1 No par 1318 135* 1318 135 8 7,100 U 8 Rubber 1314 135* 123 1314 13 133* 125* 13 100 1st preferred 34 8 3414 35 8 4 4 335 337 343 3512 3412 3412 3414 343 3434 4,200 50 9714 9834 3,300 U S Smelting Ref & M10 98 98 97 96 9712 99 98 98 9814 97 50 Preferred 71 71 71 600 71 71 71 7018 7018 71 *67 6912 *69 100 433 44 4 443 453 69,100 II S steel Corp 8 4435 43 4418 4212 43513 4312 45 44 100 Preferred 1095* 11012 4,900 10814 10814 108 109 1083 1093 10818 10812 10812 110 4 4 No par 200 LT S Tobacco 135 135 *133 13818 .133 13818 .133 13818 .133 13818 135 135 100 Preferred •16014 16912 *16014 16912 *16014 16912 *16014 16912 *16014 18912 *16014 16912 1 * 214 23 23 212 212 23 5 2 4 4 5,500 Utilities Pow & Li A 25, 25* 23 23* 212 No par 52 1,800 Vadsco Sales % 8 5 8 5 14 8 5 3 8 52 *5 2 5 8 *5 % 4 100 Preferred 8 8 *223 24% *223 2418 *225, 2418 .223 2418 .2238 2418 .2238 2418 8 *1712 173 4 163 175* 173 183* 3,000 Vanadium Corp of Am___No par 1711 1738 1612 1738 1658 17 4 5 2714 2712 273 283 4 .2614 263 8 4 263 267 8 267 2718 2614 27 4 8 4,000 Van Raalte Co 100 100 7% lat pre! ___ •107 4 __ 10812 10812 4 4 •106 1063 1063 1063 .107 110 *107 100 5 8 39 38% -- 8 39 385, 3838 38% 3818 383 38% *383 1.000 Vick Chemical Inc 383 39 *57% 76 Vicks Shreve St Pao Ry Co 91_100 *5718 _ __ *57% _ *57% 76 .5718 75 •5718 _ 7 33 9 35 - -3Virginia-Carolina Chem __No par 33 3% 3 3% *334 3 34 314 3 335 - -3- _ 1 100 26 25% 2517 2513 25 2614 2512 25% 25 6% preferred 26 26 2618 2.700 100 7% preferred *106 115 *108 115 *107 115 •105 115 *106 115 *107 115 108 108 108% 109 10812 109 10714 10714 108 108 4 1083 1094 210 Virginia El & Pow $6 pf _-No par 5 .238 414 .23 *214 5 *214 110 Virginia Iron Coal & Coke__ _1(10 214 8 414 214 *212 '4 100 *1518 22 *1518 22 .1518 22 .1512 22 6% pre *1518 22 .1518 22 $ per share $ per share $ per share $ per share $ per share 8 per share Shares 9214 12,300 90 933 90 9312 94 8 937e 95 923* 93 93 937 800 88 *8612 888 87 88 8 88 *8714 8918 8612 8714 *8612 885 900 22 22 *2134 2218 2134 22 22 4 22 8 2212 2234 .217 223 8 19 4 193 34,700 1934 185 195 8 185* 19 188 195 8 4 19 1914 193 97 1014 10 4 105 39,900 8 97 104 914 97 914 912 , 9% 10 100 1334 *10 4 1334 *10 *10 133 *11 133 4 4 1314 134 *13 133 4 203 21 21 8 207 21 2112 2114 2138 2114 2114 2114 2114 1,600 4 4 4 3 4 4 1143 *11212 114 4 *11212 1143 *11212 1143 *11212 1143 *11212 1143 *112 6514 65 4 653 66 I 2,900 4 3 4 643 65 4 6514 66 *6514 6614 651z 653 600 4 1814 1814 1812 19 *1714 183 *1814 19 4 18% iss*J *1812 183 518 512 136,400 8 418 418 412 418 4 4 4 45* 53 45* 34,000 3912 4134 41% 42 3912 393 8 383 3812 3812 39 4 383 40 3 9 4 1014 1018 1038 10,500 8 97 95 912 912 912 1018 8 912 93 700 1018 1014 10 9% 10 *912 97 4 *93 1012 10 98 97 10 8514 *81 *79 86 , *8012 8514 *81 85 4 86 *79 86 86 412 438 43* 2,200 *414 45* 412 412 412 4% 45* 45* 45* 8 643 657 10.400 8 6512 66 6514 655 8 6512 663 8 6514 6618 6314 65 157g 1638 157 163 21.400 8 8 8 8 1512 15% 155* 157 153* 1512 153 155 800 8 10612 10612 107 107 *10614 108 107 10718 1065 107 *107 10812 617 8.8 1,200 64 6 *51 4 6 *514 6 .517 6 *512 6 I. 01, tootliollIti see page 2392. 4 2402 New York Stock Exchange-Bond Record, Friday, Weekly and Yearly Oct. 12 1935 On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds. NOTICE -Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote in-the week in which they occur. No account is taken of such sales In computing the range for the year. r, . July 1 Woars BONDS ' Range or ; 1933 to t'3 3 N. T. STOCK EXCHANGE Friday's 1t , Sept.30 817 Week Ended Oct. 11 1935 .., a. Eiti ct Asked cBz Rang. Since Jan. 1 U. S. Government. Logo Fourth Liberty Loan 4th 44% Oct 15 1933-1938 A 0 100.9 Treasury 4348 Oct 15 1947-1952 A 0 114 Treasury 334s__ Oct 15 1943-1945 A 64 104.5 Treasury 43 Dec 15 1944-1954 J D 109.21 Treasury 3413 Mar 15 1946-1956 M S 108.2 Treasury 34s June 15 1943-1947 J D 105.9 Treasury 3s Sept 15 1951-1955 M S 102.8 Treasury 3s June 15 1946-1948.3 D 101.23 Treasury 3548 June 15 1940-1943 J D 106.8 Treasury 348 Mar 15 1941-1943 M 8 106.6 Treasury 34s June 15 1946-1949 1 D 102.29 Treasury 3%s Dec 15 1949-1952 1 D 102.17 Treasury 334a Aug 1 1941 F A 106.24 Treasury 334* Apr 15 1944-1946 A 0 103.30 Treasury 24s Mar 15 1955-1960 51 S 99.10 Treasury 254s Sept la 1945-1947 M S 100.2 Federal Farm Mortgage Corn3148 Mar 15 1044-1964 M 8 101.28 38 May 15 1944-1949 SIN 100.5 31 Jan 15 1942-1947 1 J 100.16 214e Mar 1 1942-1947 51 f3 99.5 Home Owners' Mtge Corp33 series A May 1 1944.1952 M N 100 98.18 2.411 Aug 1 1939-1949 F A HIS. No. 1 100.14 945 383 114.8 101.14 130 403 110 44 108.7 105.18 139 102.18 883 936 102.2 106.16 212 106.20 435 103.4 143 743 103 104 107.5 104.9 165 99.29 1.748 100.11 148 102.5 100.23 101 99.15 178 679 177 325 Low _ _ _ __ 100.16 1,013 99.5 1,152 State & CIty-Set stole below. Ferelon Gold & Municipals Agricultural Mtge Bank (Colombia)203 ---4 •Sink fund 6s Feb. coupon on__1947 F A •..... 197 _-_•Sink fund 6s April coup on ____19.18 A 0 *__ _ 1963 M N 9312 933 Akershuz (Dept) ext 5a 4 6 •Antioquia (Dept) coil 78 A 8 8 74 / 1 1945 J 1 *External s f 78 ser 13 1945 1 1 *73 4 10 ---'External a f 7e ser C 9 4 1945 1 1 *73 1 1945 J J *External a 1 70 ser D__ 7: 34 73 4 4 7% 712 *External e 1 78 let ser 1957 A 0 1957 A 0 *74 *External eec 8 f 78 3d ser 814 ---1957 A 0 *718 *External sec s f 78 3d aer 814 Antwerp (City) external 5e 1958.3 D 9714 9818 ___77 1960 A 0 9514 97 Argentine Govt Pub Wks 6e 30 Argentine 6e of June 1925 1959 1 D 947 9612 97 3 Ext1 a 1 68 of Oct 1025 1959 A 0 95 8 9614 29 1957 M S 954 963 External e f fis aeries A 4 32 External 69 series B 19583 D 95 9612 17 Esti 8169 of May 1926 1960 M N 954 9672 12 1960 M S 95 External a f 6e (State Ry) 963 4 43 Exti 6e Sanitary Works 9612 58 1961 F A 947 Extl 68 pub wks May 1927 1961 M N 9518 9639 31 Public Works ext1 5340 93 14 1962 F A 92 Australia 30 -year 513 1955.3 J 102 103 51 External 5e of 1927 1027 8 58 -1957 M S 102 7 95 External g 434e 01 1928 1956 M N 97 144 Austrian (Govt) El 1 78 86 1957 .1 J 8712 24 *Bavaria (Free State) 634e Belgium 25-yr esti 654s External a f 13s External 39-year, 78 et Stabilization loan 7, Bergen (Norway) be External sinking fund be *Berlin (Germany) 11 f 83-4' *External sinking fund 68 *Bogota (('ity) eat!,188 'Bolivia (Republic of) eat! 88.._ *External secured 7e *External sinking fund Ts *Brazil (U 8 of)externai 248 •Extemal 3 f 654e 01 1926 *External ,f 64e 01 1927 07e (Central Ry) 31 4945 F A 1949 M S 104% 1955 1 J 210112 4 1955 1 D 1113 1956 MN 105 8 1949 A 0 *997 1960 M S 10014 1950 A 0 28 1958 1 D 247 1945 A 0 12 7 1947 MN 1958.3 1 6 9969 M 5 5% 1941 1 D 2712 1957 A 0 20 1957 A 0 201" 1962 1 D 2003 1935 M S 1••13remen (State of) eat! 7e 1957 M S iiriebane (City) 6 f be 1958 F A Sinking fund gold 58 20-year e 1 Se 1950 1 D Budapest (City of)0 July 1 1935 coupon on 68 1962 1 D Buenos Aires (City)648B-2 1955 .1 .1 External, 1 Os 'or C-2 1960 A 0 External s f 65 ser C-3 1960 A 0 *Buenos Aires (Prov) exti 6s_ _1961 M S ofte stamped 1981 M 8 *External a f 634e 1961 F A 0 6348 named _1961 F A Bulgaria (Kingdom of)--'Sinking fund 7e July coup 0111_967 J J *Etak fund 754e May coup of1-_1968 MN 31 1 10614 16 10311 39 112 61 10714 43 10018 ____ 10012 9 2812 11 27 19 1214 4 78 69 64 35 64 60 277 31 21 41 217 8 58 2112 32 183 1503 64 7% 6% 713 74 683 64 613 74% 44 44 445 44 444 4412 4414 4412 45 41% 77% 78 737 3 424 2614 8811 861g 923 4 91 6718 6214 22 204 115 8 512 4 4 217 2 18 1703 1812 3218 323 4 90% 9214 90 91 10014 1005 8 14 12 2 26 29 68 684 75 33 917 91 2915 72 57 .683 8 5712 34 934 91 913 2 72 5812 75 58% 8 8 1 8 1 98 19 2934 404 36 3814 2914 2503 374 2503 01112 01112 13 ____ 127 ---- 1338 1312 •Caldaa Dept of (Colombia)73-4,1946. J 3 9: 14 10 11 Canada (Dom'n of) 30-yr 4e 1960 A 0 1014 10212 133 58 1952 M N 109 11003 42 1936 F A 101 43-4 e 1013 8 49 'Carlsbad (City) s 1 8e_. 1954 .1 J 4239 4203 1 93 •Cauca Val (Dept) Colom 748_1946 A 0 93 8 2 *Cent Agile Bank (Ger) 78 1950 M S 37 381, 6 *Farm Loan a f 6a .1 31 July 15 1960 32 9 "'Farm Loan e 1 fle Oct 15 1960 A 0 3112 3214 6 "Farm Loan 6s aer A _ _Apr 152938 A 0 3712 3812 6 While (Rep)-Ext1 if 78 1942 MN 1418 21 1339 *External sinking fund 68 4 1339 113 1960 A 0 123 *Ext ranking fund 138 Feb 1961 F A 1212 1312 26 *Ry ref ext e f Be 13 Jan 1961 J J 1312 55 •Ext elnking fund 68 Sept 1961 M S 123 4 1312 27 *External sinking fund 6s 1962 M 8 1314 1314 2 *External sinking fund 6s 1963 M N 123 4 1339 81 *Chile Mtge Bk 8345 1957 J D 113 4 1212 6 *Sink fund 6413 01 1926 1961 .1 D 13 133 8 7 *Guar 8 1 6a 1961 A 0 11% 12 8 'Guar a f 68 1962M N 111, 12 19 *Chilean Cons Munic 7e 1960 M 5 1039 104 11 839 8612 9913 9813 4212 858 2913 26 2614 2712 7 5 612 812 618 64 6 73 4 972 713 713 6 'Chinese (Ffukuang Ry) 58 19151 J D 0344 *Cologne (City) Germany 648_1950 M S 2712 Colombia (Republic of)ofie Apr 1 1935 coupon onOct 1961 A 0 1914 0 July 1 1935 coupon on_Jan 1961 J J 68 193 8 *Colombia Mtge Bank 614e 1947 A 0 *____ 0810(04g fund 713 of 1926 1946 MN * *Sinking fund 7s01 1927 1947 F A * Copenhagen (City) 5s 1952 .1 D 873 8 25 -year 5 44a 1953 MN 8218 *Cordoba (City) esti .170 1957 F A 50 'lo stamped _ ___ _. 1957 - 44 fund *External sink ___-19371MN 063 -07e stamped 1937 _ *43 Cordoba(Prov) Argentina le 19421 J 7039 36 ____ 2712 1 22 22 211 1 48 2112 100 197 ____ 8 197 _ 2112. 883 4 13 83 5 50 1 3 46 18 2013 14 12 1438 6012 554 12 _ 52 704 2 25is 2518 High BONDS N. Y. STOCK EXCHANGE Week Ended Oct. 11 Week's Julio 1 1: Ranges? " Rai a 4 a. "a 1933 to g Friday s - ... , Sept.30 11, -...., Since 40 Bid ,-4 Asked 01.1 1935 Jan. 1 Low High No. Low LOW High . " Foreign Govt. & Munk.(Co,.) Costa Rica (Republic of) 4 )7e Nov 1 1932 coupon on 1951 MN _ ---1712 3018 38 •78 may 1 1936 coupon on -.1951 ___ *30--2214 2212 2 7 1712 32, Cuba (Republic) 58 of 1904 4 993 4 2 1944 M 5 993 684 944 10084 External 58 01 1914 ser A 1049 F A *9912 10012 ---8312 90 101 External loan 4348 98% 617 1949 F A .9312 973 -8 4 84 Sinking fund 534s ___Jan 15 1953 1 J 983 4 9912 24 9912 61 77 •Public wk* 5 lis ___7.1une 30 19453 D 3218 33 27 1914 2313 42 97 •Cundinamarca 6348 24 912 83 1950 54 N 4 8% 143 8 Czechoslovakia(Rep of) 88 1951 A 0 a9812 09812 5 771 4 9513 107, 4 77 Sinking fund 85 ser 13 8 983 4 1952 A 0 98 9512 108 Denmark 20-year esti 6e1942 1 J 101 102 69 797 1 983 105 4 1955 F A 9612 97 External gold 534s 120 75 93 101 External g 44a__Apr 15 1962 A 0 864 878 40 61 8213 96% Deutsche lik Am part ctf fie 1932 4 45 41 103tampecl extd to Sept 1 1935. __ rr45 39 70 4 40 Dominican Rep Oust Ad 5431_1942 IV! 5 673 e69 4 6114 711 / 4 let aer 554e 01 1926 12 36 1940 A 0 63% 65 55 67 2d series sink fund 1534e 101.14 104.5 65 3 36 1940 A 0 65 547 67 2 99.18 102.20 *Dresden (City) external 7e_1945 M N 28 28% 5 2512 2512 435 8 100. 102.24 9821 101.20 *El Salvador (Republic) 88 A 6513 6512 1948 1 1 *--r64 ---36 35 1 *Certificates of deposit .1 J 3012 3612 35 62 2 4813 99 16 102.16 Estonia (Republic of) 7e 844 gg 1967 1 1 93 93 4 88 20 101.6 Finland (Republic) ext 6s 9 1945 5.1 S 1043 106 70 10312 108 20 8 External sink fund 634e 1956 M S 1025 103 7011 10118 10414 26 25 *Frankfort(City of) s 163-4* 1953 AI N 3 20 2118 3514 43 126 175 French Republic esti 734a 1941 .1 D 171 16512 190 173 1 1274 16012 190 External 78 01 1924 1949 .1 D 173 *German Government interns3313 21 Worm! 35-yr 54s 01 1930 283 319 4 21% 21% 3712 1965 J D 26 1012 32 *German Republic esti 7s 373 4 89 3014 1940 A 0 34 3014 473 904 963 *German Prov & Communal Bka 4 414 14 (Cone Agile Loan) 6349 712 11% 2313 1958 J D 41 33 4803 703 11ig Graz (Municipality of) 703 934 49 01311 unmatured coupon, on__1954 M N *---- 100 ---86 10812 714 1058 Or Brit & Ire (U K of) 634e 1937 F A 10612 10712 124 10703 10612 1161 2 6% 104 14% fund loan E opt 1960 8 8 953 8 106 119 1990 MN a1093 al103 132 67 10 *Greek Government If ser 7e_-1964 MN *273 8 358 ---22 334 3912 8 634 9% 078 part paid 3512 ---_- -rrr 37 37 1964 ,_ - *-rr054 f seemed 6.9 88 126 1039 2514 -25 0 33 1068 F 4 23 tails ____ *___ 9012 9912 215 --------25 •64 part paid 25 9803 90 67 90 82 9803 FlaitI (Republic) a file 'or A 9214 1952 A 0 92% 9214 IS 6 s 201, 9014 987 *Hamburg (State) 138 2212 3612 1918 A 0264 28 9018 981 *Heidelberg (German) esti 7544-119981 1 / 4 24 6 15 16 24 A 31 10314 10314 3 9811 Heleingfore (City) ext 614e 6614 10114 1014 90 98% Hungarian Cons Municipal Loan90 / 90 4 2 9858 25 07348 unmatured coupons on_1945 1 1 2412 241 2112 38 so 07eunmatured coupon on 2714 374 9803 2603 1946 J J *2418 31 ___1 29 25 8412 9512 *Hungarian Lao 1 151 Inat 73-O,..1961 M N 25 25 35 2 25 98 10603 271 / 4 *Sinking fund 74* aer B 25 35 1961 M N 25 98 10612 Hungary (F{inadom 02) 3113 07348 February coupon on__1944 F A *344 37 ---9218 9912 344 4918 9812 Irish Free State esti a f 5e 115 ---81 92 1961) MN *111 10812 116 Italy (Kingdom of) esti 7s 5912 250 5014 1951 .7 D 52 5014 9412 Italian Cred Consortium 78 A_'37 M S T95 29 37 1 68 68 99 r95 22 48 9314 109 External sec 817,eer B 44 89 1917 M S 45% 48 28 934 10713 Italian Public Utility esti 7/3 4214 1952 J J 4403 48 4012 85 Japaneee Govt 30-yr a f 834e 10118 119 8 94, 77 90 100 977 1954 F A 97 Extl sinking fund 53.4, 20 97 1104 6712 774 894 1965 MN 8312 84 9572 101 Jugo51a vw Stat i ufortg go B . lait h a le N n matac eu pa_n_k_71957 . 7 28 6 23 A 0 2S 25 93 10012 43 254 38 8 37 ---29118 2118 3812 *Leipzig (Germany) a 1 7s 31 447 8 1947 F A *305 Lower Austria (Province of) 1158 18 54 912 1041 _-_/ 4 50 •734s June 1 1935 coupon on_1950 J D *100 97 106 4 8 71 / 4 *Medellin (Colombia) 6348 814 11 63 4 63 1014 4 1954J D 4 4 814 'Mexican trig Ametng 44* /03 714 ---3 1943 M N . *4 3978 *Mexico (US) en' 5s of 1899 E 1945 Q J a 23 4 *512 4 8 ---1945 ___ 68 3113 , 603 18 4 47 8 *Assenting 5e 01 1899 Ws 104 614 614 1 518 175 313 8 4 'Assenting 58 large 614 11 ---1812 314 'Assenting be small ---- ------- ---- ------- --534 04e of 1904 1954 ---- ---5 ---411 554 412 47 8 2 3 3114 4113 •Aerienthig 4s of 1904 414 8 1954 -----------------314 874 9714 •AmentIng 4e 01 1910 large 314 7 __ 37 8 37 8 1 314 314 7 8503 971 *Assenting 48 of 1910 small *ITrem 68 of 13 assent (large)_ 1933 1 J *- - - 97 1024 514 7 -- - 712 8 •181nu411 J J ------------514 6 834 324 394 Milan (City. Italy) esti 6 48 --_-1952 A 0 42 .477 8 95 39 39 8512 Minas Ceram (State of, Brazil) 98 84 95 1412 12 82 13 *6 48 Sept coupon off 1958 M S 133 4 13 105 9212 82 '63-4* Sept coupon off 1312 1315 1912 1959 Si S 1312 1412 15 8612 7718 7 *Montevideo (City of) 7. 5103 65 274 1952 J D 404 4014 314 42 67 9 78 25 374 377 1959 M N *External 8168 Retied A 29 38 52 654 New So Wales (State) esti be 10112 95 73% 963 10212 1057 F A 100 External a f be 2 49 2 7313 963 10212 4 Apr 1958 A 0 993 1013 1858 Norway 20-year esti 6e 12 25 88 1043 F A 1057 1063 10312 107'4 1312 19 20-year external Os 4 874 10313 107 1944 11 A 1053 10612 11 30-year external 6e 69 8318 10014 104, 1952 A 0 10318 104 4 40-year s f 5348 41 839 14 4 7874 1965 J I) 1023 101 99% 104 External sink fund 5a 101 10.412 76 1963 M 8 1015 10212 51 9812 1023 106 11439 Municipal Bank extl of be 2 8013 1970 1 D 10218 10218 98 10212 101 10313 •Nuremburg (City) esti 6s 22 4 2214 353 2 293 -1952 F A .253 4 4212 61212 Oriental Devel guar 6a 7714 90 64 1953 M S 8312 5112 7:2. 839 1313 Ext1 deb 54e 1958 54 N *763 8 79 --5914 745 8550 8 34 5812 Oslo (City) 30-year a f 6e 73 1955 M N 10012 1003 .1 99 10314 2614 47 2614 46% Panama (Rev) ext! 534e 1953 J D 10518 1053 4 6 89 10212 1074 •Ext1 a 1 ser A 35 5514 7 59 247 4 40 1963 M N 5412 5112 17 12 *Stamped 4918 51 1 1 11 27 3612 544 104 1514 Pernambuco (State on078 Sept COUP011 off 1012 1511 121 1 3 812 1112 15% 1947 M S 1214 1958 m s 1703 101 154 *Peru (Rep of) external 78 / 4 18 13 7 12 214 1012 1512 *Nat Loan eat!, f 6alst Pier _ _1960 J D 144 179 14 5 703 1712 "Nat Loan HU 51 68 2d aer_ _1961 A 0 14 103 1588 1458 104 484 712 178g 103 1511 Poland (Ron of) gold 68 8318 1040 A 0 7614 71 56 793 4 53 105 144 Stabilization loan e f 7e 10434 22 997a 126, 1047 A 0 103 63 2 14% External sink fund g 8s 11 8914 40 1950 1 .1 86 s 633 4 797 901a 144 Porto Alegre (City of) 11 08.1 June coupon at 1961 .1 0 15 10 14 1414 15 1212 22 4 1212 511 1212 4 '73-4, July coupe, off 1314 22 12 1966 1 J 1331 4 12 Prague (Greater City) 714s 1952 M N 994 10014 94 10534 774 2 333 47 'Prussia (Free State) Intl 6348_1951 51 S 2612 273 8 2212 37 2212 4 23 36 26 *External m f 6, 8 2714 2212 1952 A 0 265 2213 363 17 4 Queensland (State) extle 17, --..11041 A 0 1063 107 18 4 94 1054 1104 1914 3612 25 -year external 13s 8:13 4 10318 109 15 1047 F A 10618 1091g *Rhine-Main-Danube 78 A 1038 37 12 3214 3 1950 51 S 3212 354 324 4 3 18 244 11.10 de Janeiro (City 01)1812 2412 ( April coupon off 18a 1353 1939 5 1312 1946 A 0 1350 14 18 1134 184 2512 •61.48 Aug coupon off. 113 4 22 124 1953 F A 14 85 94% Rio Grande do Sul (State of) •fla April coupon off 814 914 14 2 14 2313 1946 A 0 1614 17 443 5312 0 June coupon olf 6s 1250 22 125 8 13 14 1312 19 1 D 6/1 075 May coupon off 383 4814 4 123 1968 NI N 4 124 21 1438 1412 11 8 214 07s June coupon off ao ao .1 123 4 1412 12 8 1967 1 D 135 4613 53 Rome (City) exti 6%. Si 4012 1952 A 0 4312 50 4012 8714 I 9218 110 1394 8014 Rotterdam (City) 63816. 70 11)64 MN a109 al09 Low 100.5 113.6 102.28 108.24 107 103.38 100.20 10020 104.15 104.14 101.26 101.15 104.18 10224 98.26 99.26 104.16 117.7 106.28 1120 110.25 107.29 104.10 104.10 108.23 108.28 105.11 105.9 108.28 108.19 101.28 100.11 4 a • For footnotes see page 2407. NOTE-Sales of State and City secur ties occur very rarely on the New York Stock Exchange, dealings in such securities being almoe entirely over the counter. Bid and asked quotations, however, by active dealers In these securities, will be found on a subeequent page under the general head of "Over-the Counter Securities." (k New York Bond Record-Continued-Page 2 Volume 141 z_ BONDS N. Y. STOCK EXCHANGE Week Ended Oct. 11 Jaw 1 W Ma a 4 _ 1933 to Bang. or r. '4 Ri.r., Sep1.30 3.1r Friday's 44, Bid db Asked 55 va 1935 Low Foreign Govt.&Munle.(Cosa.) Roumania(Kingdom of Monopolies)25 •78 August coupon off 1959 F A •Saarbrueciten (City) 6s 1963 J J * Sao Paulo (City of, Brazil)*85 May coupon off 1952 M N *1378 *External 6548 May coupon oft 1957 MN *1214 San Paulo (State of)1936 J .1 2712 •88 July coupon off 15 *External 8e July coupon off_1950 J J 4 *External 713 Sept COUPOD off _ _ _1956 M S 143 1312 *External 6s July coupon oft 1968 J J *Secured of 75 1940 A 0 7414 Elio) No. Low 5 205 8 50 1412 - -1412 ---- 1312 1112 11 17 8 11 23 1518 1212 1234 103 4 61 2 2 5 6 7 17 38 2912 28 39 3612 2619 397 s 2712 155 8 143 4 14 76 .Santa Fe (Prov Arg Rep) 7s 1942 M S 5512 56 5112 52 *Stamped 3314 3312 *Saxon Pub Wks(Germany) 7.3_1945 F A *Gen ref guar 655s 1951 M N 3134 3312 *Saxon State Mtge Inst 78 8 4312 1945.7 D *325 3512 *Sinking fund g 655s 1946 J D 3518 Serbs Croats & Slovenes (Kingdom).88 Nov 1 1935 coupon on 8 2612 1962 ---. 253 .7s Nov 1 1935 coupon on 8 1962 --- 2518 257 Silesia (Prov of) eat' 713 .1958 1 i 3 6714 6914 4412 •Sileelan Landowners Assn & ___j947 F A 43 Soissons (City of) eat' 68 1938 MN 16314 16314 Styria (Province of)•78 Feb coupon off_ 1946 F A 8912 90 . 1955 F A 9712 9812 Sydney (City) e f 554s 9 1914 37 17 9 42 14 2514 2 117 3 10 4714 75 Taiwan Elec Pow a 1 555s 823 8 14 1971 J J 81 Tokyo City 55 loan of 1912 7114 ---1952 M 6 *70 External s f b4s guar 1961 A 0 7734 7812 24 6 878 *Tolima (Dept of) esti 7s 8% 1947 M N 10 99 Trondhjem (City) let 54e 1957 M N 99 Upper Austria (Province of)•78 unmatured coupon on 109 1945 J 0 * •Ext1635s uninatured coups__ _1957 J D *____ 10358 ---*Uruguay (Republic) extl 8s 1946 F A 3912 3912 .2 *External s 16o 37 38 39 1960 M N 32 *External s f 6s 1964 M N 3858 39 Venetian Prov Mtge Bank Ts ---1952 A 0 *53 Vienna (City of)3 *611 Nov coupon on_ 82 1952 MN 82 Warsaw (City) external 78__ __ _1950 F A 663 4 6812 24 1901 I D 8234 84 50 Yokohama (City) text! 6s 58 533 4 59 812 633 4 RAILROAD AND INDUSTRIAL COMPANIES. •ItAbitibl Pow A. Paper lot 88_1953 J D 30 A lams Exprees coil tr g 4s 048 M 8 95 Adriatic Rice Co ext 7s 1952 A 0 54 Ala at Sou let cons A be 1943 1 0 *10512 let cons 48 ser 13 8 1943 .1 D 1017 *Albany Perfor Wrap Pap 08 8 1948 A 0 457 •68 assented *46 1943 Alb & WM lot guar 345 1945 A 0 *100 :Alleghany Corp coil tr 55 1914 F A 753 4 Coll & con* be 1949 1 D 6612 *Coll & con* & 1960 A 0 22 bs stamped 15 1950 Alleg & West 1st gu 45 1998 A 0 9112 Alieg Val gen guar g 4s 1942 M 5 109 Allied Stores Corp deb 4550 1950 A 0 9534 Allis-Chalmers Mfg deb be 1937 MN 10114 *Alpine-Montan Steel 7s _1955 ---- 9012 Am Beet Sugar 68 ext to Feb 1 1940 F A Am & Foreign Pow deb 58 2030 M 5 American Ices f deb 58 1953.7 D Amer 1 G Chem cony 5555 1949 M N Am Internat Corp cony 5348 1949 1 J Am Rolling Mill cony deb 445_1945 M S Am Telep & Teleg cony 48 1936 111 el 30 -year coil tr As 19463 D 35 -year of deb bs 1960 J J 20 -year sinking fund 55513 1943 MN Convertible debenture 44s 1939 .1 J Debenture 5s 1965 F A to/1m Type Founders 68 ctfe_1940 ---Amer Water NVorks & ElectricDeb g &series A 1975 51 N 10 -year 55 cony coil trust 1944 61 8 :•Am Writing Paper let g 68 1947 J J *Certificates of deposit *Anglo-Chilean Nitrate 78 1945 M N t•Ann Arbor lot g 4s.„ _ _ _1995 Q J Ark As Mom Bridge de Ter As 1964 M 8 Armour & Co (III) 1st 448 1939 J D 1st M of 4s ser 13 (Del) 1055 F A Armstrong Cork deb 4s 1050 J J Atoll Top dr S Fe -Gen g 43 Adjustment gold 4s Stamped 45 Cony gold 4s of 1909 Cony 48 of 1905 Cony g 4s Issue of 1910 Cony deb 454e Rocky Mtn Div 1st 48 Trans-Con Short L let 48 Cal -Ariz 1st & ref 4548 A Atl Knox & Nor let g 58 Atl et Char! AL 1st 455s A 1st 30 -year 53 series 11 Atl Coast Line let cons 48 joly General unified 4%e A L & N coil mold 4s___Oct 10 yr cull tr Os May 1 10212 69 70 11238 993 4 11114 10218 10812 1127 8 4 1123 1083 4 1127 8 6512 ' 9112 105 2918 *287 8 20 62 95 10312 9414 104 4 1995 A 0 1073 1095 Nov 103 1995 MN 10212 1955 J D *103 10553 D 10418 1960 I D *ioo 19483 D 1067 8 1965J J 10314 1958 J J 11012 1962 M 13 110 1946.7 D *11212 4 1944.7 J *993 1944 J J 101 1952 M s 91 4 1964 J D 763 7414 1952 MN 1945 MN 9012 513 4 4112 33 2612 265 8 51 525 8 41 63 323 173 4 5 '98 11 56 106 --,... 10178 52 4614 6 ---, 10414 -2 77 34 67 25 2214 21 153 4 33 9112 8 /0 109 9714 30 10112 39 9012 2 153 8 61 51 8012 74 38 4112 83 475* 41 13 8 62 93 923 8 834 50 7 102 8 80 94 281 2 00 83 64 17 100 153 80 32 62 764 65 10212 1007 8 10112 1003 4 103 105 100 20 1025 8 71 7012 113 10012 11314 10218 109 8 1133 8 1133 8 1095 11312 707 8 9314 30 58 10614 142 80 27 18 32 ---- 2012 2612 444 34 7 27 64 3 7818 95 46 75 104 95t8 238 903 4 10412 17 103 10834 160 3 103 1034 60 10412 ---, 10418 5 8414 75 754 75 7414 78 10712 14 0812 1035 8 4 79 1104 10 89 11012 17 8714 1213 ---- 993 8 4 10114 _, -, 88 3 104 10 86 93 178 714 773 4 43 6115 7612 115 57 0 90 91 For footnotes see page 2107 BOND BROKERS Railroad, Public Utility and Industrial Bonds 2403 July 1 Week's ..., nonce 1933 to 4 Ranee or r. o BONDS Banos Since •7. Sopt.30 . 4 Friday's i.,... DI, Y. STOCK EXCHANGE Since Jan. 1 1935 ' s -.5. Bid & Asked ris s% Week Ended Oct. 11 Jan. 1 ---High Low Utak No. Low Low High Low 27 4214 27 35 1948 3 i 3314 35 Atl & Dan lot g 48 23 3412 23 4 1948 J J *2512 273 244* 25 3612 48 3514 3514 43 1(7) . 1989 1 .1 45 Atl Gulf & W I SS coil tr 55 78 50 1064 1084 8 8 20 101 1937 1 J 1065 1067 Atlantic Refining deb be 90 101 75 6 993 100 4 1941 J J 1312 1938 Austin & N W lot gu g 5s 1112 197 8 9514 105 9514 5 :Baldwin Loco Works lot bs_ _1940 MN 10212 10231 9512 10412 8214 4 1948 A 0 991 10012 216 Bait dc Ohio lot g 4s_July 2314 30 54 71 7712 54 111 72 1995 J D Refund & gen be series A 4 1428 233 9418 101 10912 _1948 A 0 105% 10612 105 1st gold Se July 123 21 4 6314 8614 59 1995 J 0 7914 8014 46 Ref & gen 6s series C 13 21 9314 100 763 8 985 8 9912 102 1941 M N P L E & W Va Sys ref 4s 727 9114 8 9912 86 744 78 964 98 1950 J J Southwest Div lot 34458_ 4 61 753 88 17 1959 1 1 8318 84 Tol & Cth Div let ref 48 A 65 52 5212 76 5212 2000 M 8 684 69% 59 Ref & gen bs series D 4912 6214 3812 613 4 3812 188 555 8 57 1960 F A Cony 434* 2912 4214 5212 5212 7612 33 70 1996 M 8 69 Ref & gen M bs ser F 28 40 9412 110 1144 1943 J J 112 112 4 Bangor & Aroostook 1s1 bs 65 39 744 1004 10614 18 8 1951 3 J 1033 104 Con ref 4e 3518 5212 41 13112 103 11218 1951 -,--- 10914 110 Vistamped 9458 103 118 5 116 1 Batavian Petr guar deb 44s__ _1942 . 3 116 36 24 64 68 1989 3 D *63114 --------60 Battle Crk & Star let gu 3e 2218 36 6512 75 100 103 88 11 4 4 1938 j J 1013 1013 43 6114 Beech Creek let gu g 4s 4 1936 1 J *1013 --------8912 100 102 2d guar g be 158 17512 98 95 1951 A 0 *96 Beech Creek ext lot g 349 - --, 66 11314 12012 44 103 8 9 1948 1 3 1177 11Bell Telep of Paso series B 99 86 8 4 31 10314 1163 1265 124 1960 A 0 123 lot & ref be series C 95 1024 1943 J J *101 Belvidere Delaware cons 349_ -1212 10714 1 82 -1 -71916 M 5 11112 1 -1 8 33 8 744 873 Beneficial Indus Loan deb 6s 2712 44 8 271 3 31 1 *Berlin City Elec Co deb 655e ..1951 . 0 31 6612 76 2412 394 2412 2812 287 8 23 1959 F A *Deb sinking fund 655s 743 86 1 2412 393 8 2412 3 1955 A 0 27 27 *Debentures 65 858 1214 4188 30 275 8 2 4 31% 100 *Berlin Elec El & Underg 64s_ 19513 A 0 313 91 944 10512 1154 11 13 4 56 1942 M N 110 Beth Steel 1st & ref be guar A 4 1023 10412 84 4 UM I 1 1023 10318 21 -year pm & Impt of 51 30 95 11012 9918 994 10214 10214 289 1960 J J 101 25-yr cons M 4510 sec D 82 1035 8 3618 478 10258 11018 90 1944 1 D *10812 10912 ____ 3414 4112 Big Sandy lot 48 344 45 25 1950 M 13 *3712 48 ___ Bing A Bing deb 65413 3418 42 45 5914 ssos 80c4 4 78 1967 M 5 763 B0860/1 & Maine lot be A C 83 51 6012 8212 7812 7918 6012 17 1965 M N 1st M fiti series II 594 75 56 7312 13 1981 A 0 73 03 let g 43 tier JJ 82 98 26 26 7 40 / 1 4 31 30 1955 r A 7418 Boston & NY Air Line 1st 4s 63 53 17 4 53 4 4 27 17 1934 A 0 153 t•Botany Cons Mills 64* I 8014 00 IS•Bowman-1311t Hotels lot 7s _ 1934 4 43 4 43 415 M S *514 Strap as to pay of $435 pt red 82 9212 6812 8 -61 ___ 1911 1 .1 *853 Brooklyn City RR let 5s 10638 11012 1949 J J 1063 10812 2'7 103 8 Bklyn Edison Inc gen 55 A 1 1952 . J 10612 10712 34 10212 106 110 Gen mtge bs series E 4112 26 864 1044 1073 4 83 8 1968 J 3 1057 107 Bklyn-Manh R T sec fls A 85 100 104 10558 98 4 26 1949 J D 10414 1043 81 10014 15-year sec 6s. series A bb 71 625 8 70 ____ 1941 MN *__ 104 19814 Skin Qu Co & Sub con eta bs 7738 65 573 4 76_ 1941 J .1 *74 let be stamped 9812 1033 4 7212 10058 11012 1950 F A 10812 10914 16 38 64-8 Bklyn Union El lot 055 . 4 1945 MN 1163 11818 32 10312 1143 121 4 4412 4612 Bklyn Un Gas lot cons 06* 8 1947 MN *12412 ____ ____ 1054 1185 128 lot lien & ref 65 series A 9912 10418 1936 J J ------------158 Cony'deb g 545 4 6412 793 10318 1064 93 2 4 1950 i D 1043 10514 Debenture gold 59 5212 70 1957 MN 10914 1104 14 10012 1074111 155 lien et ref So series B 13 30 8 2012 1938 .1 .1 ------------88, 10158 10314 8412 9219 Bruns A West let gu g 4s 8 4 984 1083 1115 6 4 1981 F A 10912 1093 10512 10914 Buff Gen El 455s series B 10312 107 91 5 4 1937 M S 1033 10438 9258 9714 Buff Koch & Pitts gen g 5s 5112 703 4 50 1957 MN 60 614 34 Consol 44e 100 102 17 24 1714 3 17 87 973 1:•Buri C R At Nor let & m1158_1934 A 0 17 4 14 14 2018 s *1612 1712 ____ *Certificates of deposit 76 9212 39 1952 IC-0 *80 8312 --__ 98 10312 t*Bush Terminal lot 4s 3718 61 1018 1955 J J 3914 4012 18 •Consol be 49 7612 70 53 31 14 1960 A 0 5312 57 6914 8815 Bush Term Bldge be gu tax ex 773 8812 8 54 823 8 8312 11 1945 MN l0415 113 By-Prod Coke 181 634* A 854 1007 8 / 1074 109 1 4 5 102 8 8 1937 MN 1075 1075 10212 11612 Cal G & E Corp not & ref be 10312 1054 85 1 1940 3 J 10414 10414 Cal Pack cony deb bri 10138 104 23 15 4 14 1 1942 - .r 85 8 . 10712 11014 *Camaguey Sugar 78 als 10614 11318 79 *10712 MS% ___ 1982 A 11118 1135 Canada Sou cone an bs A 8 8 914 1023 1134 1057 110 8 11134 114 Canadian Nat guar 448__ __ . 10573 J 104 4 107 118 963 110 July 1960.7 .1 210918 110 Guaranteed gold 5s 1064 11012 9618 10814 1204 8 67 Oct 1969 A 0 10812 1103 Guaranteed gold 58 111 11378 1077 1197 8 8 4 963 4 1970 F A 1083 11012 16 Guaranteed gold As 707 8 31 4 943 4 105 1173 Guaranteed gold 44s_June 15 1955 1 D 10714 10812 43 * 915 * 10314 1157 1956 F A 10414 10612 32 Guaranteed gold 445 6378 945 8 915 8 10318 1144 8 Guaranteed gold 44s__Scpt 1951 M 6 1047 10612 71 80 1093 4 10318 1074 8 31 1024 1940 J D 10314 1035 1934 32 Canadian North deb guar 7s 8 4 17 10518 1165 125 1946 J 1 11812 1193 Debenture gold 64s 2012 3012 738 2012 8112 8912 523 4 8 843 164 4 -- - 825 Canadian Pac RI 4% deb stock 5 012 64 994 10414 66 8 31 1946 M 5 1014 1027 Coll trust 445 873 97 4 943 8 109 11234 1944 3 J 10912 11018 29 55 equip trust ctts 102 10412 10114 10712 7314 Dee 1 1954.7 D 102-2 10312 112 Coll trust gold 58 903 9518 4 9512 10338 4 643 8 0814 107 1960.7 .1 063 Collateral trust 4555 10312 10410 40 45 19 2 4212 424 1949 I J - 2*(..ar Cent Lit guar g 40 9512 106 109 2 1085 8 1938 J D 108 11112 Caro Clinch &0 1st bs 10675 894 10612 1101, 6 let & cons g 68 ser A ___Dec 161052 J D 10718 108 101 10611 78 71 68 5 734 1081.7 D 72 1013 10618 Cart & Ad 1st gu g 4s 4 39 24 2414 1 24 1948 J D 24 10012 10412 *Cent BrancOU P 1st g 40 8 2 1034 10714 1095 1943.7 D 10818 10814 Cent Dist Tel let 30-yr be 100 106 47 39 39 100 10312 t•Central of Ga lot g 553____Nov 1945 F A *4212 55 ___ 13 26 13 32 1812 19 1946 MN 4Consol gold 5s 10412 110 14 7 83 4 3 961 97 1969 A 0 *Ref et gen 55.0 series B 10014 1057 8 63 144 4 7 5 913 9 l959 A 0 *Rot &gen be series C__ _ 10712 11212 1712 19 1712 1834 ____ •ChattOlvpur money g 4s 1951 .7 D e____ 1087 11212 5 19 19 19 22 ____ 1946 J J *__ *Mac & Nor Div lst g be 110 1134 15 15 15 227 ____ 8 eMld Ga & AU Div pur m 58._1947 1 el •____ 99 106 25 20 20 22 ____ *Mobile Div Iota &I 1946 1 3 *16 100 1103 8 10418 10418 4 904 10312 Cent Hudson G &E 1st & ref 338s 1963 M S *1033 105 __ _ _ ---7112 9738 43 9312 9518 40 1951 F A 713 9212 cent Iii Eleo A Line lot be 4 4512 674 50 8 22 1961 J .1 4512 473 6812 8212 Cent New Biagi let gu 45 4 10012 1083 90 1987 3 J 10012 101 14 29 90 100 Central of NJ gen 05* 873 98% 4 78 4 1987 .1 .1 8912 8912 General 48 VILAS & HICKEY ow 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. LOWS New York Bond Record-Continued-Page 3 2404 N BONDS Y. STOCK EXCHANGE Week Ended Oct. 11 - Week a !myt .., Range or 1.7.• ,933 to Friday's 1 -1... , Sept.30 112 1 411: BM 4t Asked , 44;5 1935 gl01 No. 1017 145 8 101 , 854 58 69 - --, 12114 1 89 58 Leer Cent Par lot ref gu it 48 1949 F A 10114 Through Short L let gu 4e 1954 A 0 010012 Guaranteed g 52 4 1960 F A 843 Cent RR & Bkg of Oa coil 52 __ _ A937 M N *643 8 1941 MN 12114 Central Steel 1st g 8 18e Certain-teed Prod 5348 A 1948 M S 863 4 Charleston & Seal, let le 1936 .1 1 Chemin Corp cony 52 1947 M N 10412 10 -year cony coil 56 1944 J D 105 chee & Ohio 1st con it 58 4 1939 M N 1103 General gold 410 1992 M 11 116 Ref & inapt 4340 1993 A 0 10914 Ref & Mut 434s aer B 19951 J 1083 4 Craig Valley let 5s.. May 1940 J .1 107 Potts Creek Branch let 413 1946 J J *102 R & A DIY lot con g 48 1989 1 1 11018 1989 J 3 *102 21I consol gold 40 Warm Spring V 1st a 59 1941 M 9 *106 1053 4 65 10612 142 11112 19 1167 81 37 10938 23 109141 78 107 1 , ---11018 1 108 _--110 ---- Chic & Alton RR ref g sa 1949 A 0 41 chic Burl & (.1-Ill Div 3548 1949 J .1 10212 Illinois DPrIsion ga 19492 1 106 General 42 4 1958 M 8 1043 let & rat 4 tie ser B 1977 F A 10412 lot & ref 52 ser A 1971 F A 108 3 tehleago & East III lot 62 1934 A O*_._.. 9)4 t•C & E III Ry(am ea) gen 52 _ _1951 M N 8 'Wertlficates of deposit.91 Chicago & Erie let gold 52 1982 1.11:1 11434 Ch 0 I. & Coke let gu g 50 8 1937 .1 J 1053 t•Chicago Great Weet lot 4a 4 1959 M S 183 •18 stamped 4 1959 ---- *19, t•Chic Ind & Louie* ref 88 1947 J J *1912 *Refunding g 5a ser B 1947 J J *1912 *Refunding 40 seder,C 1947 J J *191* 1966 M N *512 •Ist & gen 58 series A •Ist & gen 1312 series 15 May _ _1988 J J 5 Chic Ind & Sou 60-year 48 1958 1 J 92 417 8 39 103 47 1067 8 14 10512 98 105 40 31 109 827 ---, 8 10 20 1012 ____ 1143 4 1 10513 12 20 90 1912 ---21 ---2114 ---28 ---812 --5 1 9218 9 .119,2 1.8 & East let 430 8 8 1989 J D 1103 1103 1 *Chic M & Si P gen 49 tier A 41 19811 J J 3512 38 *Gen g 334e ser B May 1 8 387 ---1989 .1 .1 *333 8 *Clan 4358 merles C__ May 1 34 41 l989 J J 39 *Gen 450 Reries E_ _may 1 1989 J J 39 40 24 *Oen 434s seder, F_May 1 41 19 1989 J J 39 : 1117111c 5111w St P & Pao 58 A 10 1014 188 1975 F A •Con• adj 5s 418 183 34 3 _2000 A 0 Jan 1 I.,Ille & No Weal gen g 310-1987 M N 314 3212 7 1987 M h *(leneral 48 32 32 2 . 13tpd 40 non-p Fed Inc tax_1987 M to *--39 ____1 'lien 4142 stpd Fed Inc tax __ 1987 M PI *3212 343 --„,1 4 *Gen &lewd Fed Inc tax 37 1987 M to 38 18, I •1348 stamped 42 -- -, 1987 M , *__ _ Seeured g 654s 3812 43 4 33 1936 M N 3 1st ref it Se 16 36 154 May 1 __2037 I D lat & ref 4(40 0(96 _May 1 ___2037 J D 1332 15 14! let & ref 4 Hs ser C_May 1 ____2037 1 D 1312 157 8 33 •Conv 438 aeries A 914 181 83 4 1949 M N 4 i•Chicago Railways 1st 58 stpd F A *7214 7412 -Aug 1 1933 25% part pd /*Chic R 1 & PRY gen 40 32 33 10 1988 1 .1 6 *Certificates of depoelt30 33 111Refunding gold 40 A 0 103 8 113 113 1934 -4 _ _, 1014 *Certificates of depoelt 104 9 I*Sectired 414e serlee A 1114 1959 M S 1214 6 1012 103 *Certificates or deposit. 4 6 1960 lii N 5 •Conya13411 512 68 Clere ShO Line let ffil 434o Cleve Union Term gu 53(4 1e1 a 1 58 Series II guar We 14340 series C Coal River Ely let gu 48 *Colon Oil cony deb 6e )*Colo Fuel & hr Co gene f 5e It•Col Indus let & coil 58 ffU Colo & South 4%o ger A 99 342 8 35 36 3618 3618 928 212 3014 34 3518 38 362 4 41 4412 184 143 8 1414 9 10612 3438 35 36 3618 3618 948 212 304 32 3518 3414 4 302 41 3812 154 133 2 1312 BIZ 1113 4 588 55 823 8 823 4 643 4 26 73 2 4812 53 53 574 6112 47 70 31 98 28 2212 423 4 324 324 1014 10 1012 1018 412 8814 32 30 1014 10 1012 1018 412 80 157 8 43 17 16 18 16 10 96 8 65 ____ 924 73 99 1 8212 30 80 53 60 74 _ _ ____ 8818 - 92 68 91 ---88 3 ---86 --------72 --------87 ---- ---- 11012 ---- 105 ---- 10014 _ ____ --__ -_--------91 ---- 1961 AU 10612 10612 10 1972 A 0 102 1033 4 57 1973 A 0 983 8 9912 62 1977 A 0 9014 913 8 60 1945 1 D •1063 4 ---19382 J *653 8 6712 -1943 F A 90 90 9 1934 F A 29 2912 19 1980 M N 4914 501* 27 734 74 71 68 9212 38 284 1538 50 Columbia 0& E deb Ss- _ May 1052 PA N 9518 9714 124 594 Debenture 5s Apr 15 1952 A 0 96 97 48 601: Debenture 52 Jan 15 1981 J J 95 8 58 963 162 Col & H V lot ext g 48 1948 A 0 *10812 1097 94 s Columbus Ry P & L lot 41441 1957 J 1 10612 10634 10 73 91 Uol & Tol lot ext 48 1951 F A 0109 113 Cornm'l Invest Tr deb 530 1949 F A 1111* 112 24 9512 Coon & Paaeurn Riv lot de A 0 *102 1943 92 Conti Ry & L let & ref &Sill 1951 .1 J *109 8812 Stamped guar 434a 1951 J J *10712--------865* For footno et. t e pare 2407 BONDS N. Y STOCK EXCHANGE Week Ended Oct. 11 ".• r.., -tr. :., cr. 1 Hich Loa) Low Low Mak No. Low 852 2 973 10314 •Coneolidated Hydro-Elec Worke 8 634 9712 10218 ,,f Upper Wuertemberg 74 2912 30 12 29 1956 1 .1 6914 9012 Consol Gas (N Y) deb 5342 55 1945 F A 10412 10512 188 99 52 Debenture 434e 49 4 43 6512 88 1951 1 D 10612 1073 114 124 100 Debenture 5e 8 43 93 1957 1 J 10412 1053 6312 9012 Consol Ry non-con• deb 18 1 19 49 19 19 1954 J J ---- ---10212 10212 1043 8 Debenture 48 20 1955 1 .1 *20 94 102 1083 4 --__ Debenture 4a 2334 1955 A 0 *12 1956 1 J *12 10112 1014 10818 Debenture 40 15 --, 22 101 4 ri 1104 11318 t•Cons Coal of Md let & ref 511_1950 J D 3412 353 10 35 3512 39 9114 11438 12018 10 *Certificates of deposit 834 108 11112 Consumers Gas of Chic gu 513 ----1936 2 4 4 13 1033 1033 1 98 Consumers Power let 5s C 1077 112 8 5 84 08 1952 M N 10418 10414 98 1948 J D 1033 104 105 108 8 Container Corp let Os 6 88 15 1027 105 2 71 85 -year deb 50 with warr 4912 1943 1 D 9412 97 9018 10512 1123 Copenhagen Telep 58 Feb 15 1 92 4 92 693 8 1954 F A 10514 108 87 Crown Cork Seal e f 80 9012 8 1947 J 13 1035 10414 33 Crown Willamette Paper 613 105 107 110 11 99 71 1951 1 J 104 Crown Zellerbach deb 58 w w 10218 7 85 1940 M 9 102 3314 3314 5014 Cuba Nor Ry let 53.4o 52 98 15 1942 J D 50 1014 10614 Cuba RR 1st So g 84 4 19 133 4 1062 .1 J 4814 483 9284 10518 1097 8 let ref 75413 series A 3 1318 1936 J D 4914 4912 10417 11012 8414 lot lien & ref 6s ser B 2 4 46 15 1938 J D 453 77 8 104 1093 Cumb T & T let & gen Se 3 102 1937 1 I 10518 1054 8412 10714 1143 8 Del & nucleon let & ref 48 8(3 53 80 41 67 73 1943 M N 78 53 8 53 13 8 Gold 5312 4 39 894 1937 M N 9214 943 518 Del Power & Light lot 4348 518 11 _ ____ 933 4 1971 J 1 - „. 894 11112 117 let & ref 43 --8 mg J J *9914 1927 _ _ -88 -is 97 lot mortgage 430 1033 1087 8 •10412 10512 ---8 1969 J 93 183 1936 F A *1001 4 ___ --1834 3538 0 RR & Bridge let g 42 96 2012 2012 34 Den Gas & El L let & ref 8(So 6 85 21951 MN 10612 107 15 2214 15 1951 M N 10612 10012 Stamped as to Penne tax 2 834 152 23 8 153 2218 *Den & R 0 lot cons g 48 8 38 8 1930 1 2 2212 233 21 14 5 14 25 •Consol gold 434e 1938 1 3 25 25 43 4 7 8 414 814 •Den & R CI Went con So __Aug 1955 F A 14 6, 2 418 44 83 612 28 6 4 •Aseented (sub1 to plan) 514 868 933 7 4 *Ref & impt 52 ser B 5 70 1112 1712 5 1714 A 1 1978 -Apr (III St L & N 0 52 75 2 June 15 1951 1 D 10314 10314 Gold 334s ___ ---, June 15 1951 1 D 6312 Memphis Div lot g 4e 8212 8212 59 1951 J D *801 ChM T If & Bo East lot 50 22 257 1960 1 D 6712 70 8 Inc gu be Dec 1 8 56 _1980 M S 523 26 1312 Chic Un Stan lot go 43.40 A 933 : 19632 J 10814 10814 14 lot 58 aeries B 1963 3 J -100 Guaranteed g 58 108 1944 .1 D *10712-10814 27 95 Guaranteed 4s 1944 J J 10512 10512 5 10512 1st mtge 48 series D 1983 J 1 108 109 47 10718 chic & West Ind con 48 534 1952 .1 1 9612 9712 72 lot ref 5340 aerlea A 1982 51 5 10514 1053 4 20 82 let & ref 5548 series C 1 1962 NI S 105 8 1053 4 15 103 1943 A 0 607 8 6512 141 (1bIlds Co deb 5s 304 Chile Copper Co deb Ss 1947 1 J 100 100 4 228 3 48 t•Choe Okla & Gulf 0000 50 1952 PA N *254 34 36 Cln 0 & E let M 48 A 1985 A 0 10412 10412 --,15 877 4 CID 11 & 1)94 gold 4348 8 1937 J J *1023 - - -,, 887 s Cl St L & C let g 4s_Aug 2 _ _193(3 Q F 10218 10918 14 9712 010212--- - --, (1In Leb & Nor let con gu 48 1942 M N 82 (in Union Term lel 434os A 20202 1 10914 110 8 973 2 let mtge 5e aeries B 8 20202 .1 1103 1103 4 17 983 4 1 log let guar So series C 1957 M N 112 112 _ ___ 524 Clearfield Bit Coal lot 40 1940 1 1 "71 clearfield & Mah let gu tis 19433 1 *103 --------7812 (lave Cln Chi & St L gen 41 19931 D 954 General 5e Berle@ 13 1993 1 D *964 Ref & impt fie aer C 1941 1 J 99 Ref & Impt 58 eer D 19632 J 79 4 3 Ref & !mot 434e ser F 1977 1 J 723 4 Cairo Div tot gold 40 8 1939 1 J *1053 ('In W & M Div 101 40 1991 .1 J *85 St I. Div lot coll tr g 40 1990 MN 91 Spr & Col Di, let g 40 1940 M S W W Val Dl, let g 4a 19402 J *95 4 leveland & Mallon Val a Ss __1938 J 3 *105 Cle• & P gen gu 4340 ser B 1942 A 0 *10912 Series 13 355a guar 8 1942 A 0 *1023 Series A 434o guar 1942 1 J *10912 Series C 334s guar 1948 MN *101 Belled D 3548 guar 1950 A F *105 Gen 434s ser A 3 1977 F A *105 4 Gen & ref mtge 434s sec B 1981 J 1 *10511 Range Since Jan. 1 Oct. 12 1935 Week's July 1 Range or 4' _ 1933 to Friday's 1 M Sept.30 1, MA & Asked "5 if, 1935 96 1054 8812 89 75 88 254 76 1312 63 1083 1093 8 8 1063 1104 8 1063 10812 8 10512 1064 10718 1093 4 92 1003 4 102 107 103 10758 5134 68 79 1003 4 41 14 37 1013 10714 8 10212 1033 8 10112 103 1004 10314 109 1113 4 110 113 1112 11412 4 8912 78 ---- ---- Range Since Jan. 1 Low High 29 414 10412 1084 99 1085 8 1023 10612 4 19 3514 20 3234 233 25 4 22 2948 29 4412 29 44 103 1054 10418 1094 9912 104 83 9714 92 100 1034 107 10134 105 9714 103 37 55 29 51 28 52 233 47 4 10513 1074 743 8 8910 10614 102 10412 9472 * 1028 107 3 , 105 11212 15214 103 22 25 812 54 1112 16112 1074 3914 394 12 11 2138 topes M & Ft Dodge 48 ctfe__--1935 1 J *3 214 318 218 37 8 tOes Plalnee Val let gu434et 1947 M 9 *45- --„ 834 / 1 63 72 95 Detroit Edison 15n ser A - - -78 64 105% 10934 1940 A 0 10512 105 8 21 92 Gen & ref 50 aeries B 1955 J 13 10512 1053 10512 110 7 93 Gen & ref 152 series C 10814 11012 1982 F A 10918 10918 8518 1084 1134 Gen & ref 4342 aeries D 40 111 1961 F A 110 Gen & ref 50 series E 3 903 8 10812 11114 1952 A 0 10914 10914 4826 30 *Del & Mac lot lien g 20 1995 1 D *3012 35 ____ 1995 __ •Ist 48 assented *3012 3412 ---------26 30 1118 *Second gold 48 1212 157 1995 1 1 *153 4 30 -8 Detroit River Tunnel 430 8 4 84 .057 1124 a 1981 M " 1103 11112 Donner Steel let ref 78 102 104 1942 ------------87 Dul & Iron Range let 52 00 107 1083 10 1937 A V 107 8 Dill Sou Shore & Atli" 52 3112 58 7 20 1937 J . 45 46 *Mast Cuba Bug 15-yr of 7 He 1212 14 10 814 1937 M 1 Eaat Ry Minn Nor Div 101 40 _194,1 A 1 8912 .---, East T Va A Ga Di, lot so 9912 997 9 79 1956 M h *103---8 Ed El III Bklyn let cone 40 90 1939 J . *1073 1083 ---8 8 Ed Elec(N Y) lot cons a 50 4 _ ____ 1073 1995 J 1 •El Pow Corp (Germany) 6449 1950 M 4 *120--1 3214 3214 31 18 'lot sinking fund 634,1 1953 A ( 10 32 30 33 Elgin Joliet & East let g 52 89 1941 M , 108 I 10 108 El Paso & SW lot So 1965 A ( 10012 1003 814 4 13 Erie & Pitts g gu 310 ser B 90 - ---1940 2 1 Series C 334a 90 1057 1057 8 19402 1 *10512-- 8 20 Erie RR let cons a 4s prior 09 21 97 1990 1 J 08 let 000001 gen lien g 4e 52 95 7312 75 Dm 1 .) 1951 F A *10514 --------99 Penn coil trust gold 40 Cony .ts marled A1953A V 27 5012 7512 77 504 1953 A 0 76 Seders F3 77 35 Gen con• 48 aeries 13 62 1953 A 0 *____ 76 ____ 1987 M 7. 64 119 4612 67 Ref & Impt Se of 1927 Ref & impt 58 01 1930 463 1975 A 0 64 4 6612 412 6 9014 11712 Erie & Jersey lst s f 82 J 1 117 1965 9218 1 1957 J J 11512 11512 Oeneesee River 181 a f 8,3 86 N Y & Erie RR ext lot 4131947 M N *10918 -.. ____ 1939 M 6 *104 3(1 mtge 4348 --- ----95 1954 F A *____ 45 _-_88 Ernesto Breda 72 1 Federal Light & Tr lot Sc 95 1942 M 8 95 58 International serfes 1942 M 6 6412 96--1942 M 9 94 let lien s f 50 stamped g 95 let lien 8s stamped 4 993 4 1 1942 M 81 993 30-year deb 6* series B 2 1954 J 0 8712 8712 4 Flat deb of g 7s 258 59 1946 J 1 5 I•Fla Cent & Penni re _-__ 1943 J J *43 t•Florlda East Coen lot 4 Ha 5 53 1959 1 0 53 4 *1st & ref So Hello, A 8 25 53 1974 M S ___ 57 8 678 108 *Certificates of depoelt Fonda Johns & Gloy 4348 1952 1 t•Proof of claim filed by owner_M N *412 97 _-__ 8 (Amended) lit cons 2-4e 1982 1 5 f t•Proof of claim filed by owner_ MN 5 1 312 312 *Certificates of depoalt ---------89 101 Fort St LI D Co lat g 434s J I *1033 4 108 112 Ft W & Den C Iota 548 4 047 1941 J D 1043 1- 8 6 6 93 10114 Framerican Ind Dev 90-yr 754a _ _1942 J J ---- - -- ---60 N 84 o 31 86 t•Franclsco Bug let of 7348 835112 14 50 7712 Gal, Hous & !lend let 534, A 1033 107 8 1 948 M 1 932 a 1943 F A 1033 104 8714 9412 Gannett Co deb 68 Kw A 10 4 88 90 Gas & El of Berg Co cons a 5s 1 D *117_ _ ____ 1949 " , 10312 10312 •IGelsenkirchen Mining 62 2 -., 5 1934 M 8 55 95 9518 Gen Amer Inveetors deb 5e A __ 1952 F A 1024 103 14 8 1033 101534 Lien Cable blot 634o A .1 J 983 100 67 19472 *Gen Elec(Germany) 70 Jan l5_1942( 1 .1 109 110 8 2 473 8 473 105 105 Co f deb 634o 10402 D •4613 50 ---•20-year of deb 68 1074 112 1 1948 I'll N 1712 1712 _ ____ Oen Pub Seri deb 540 9 1939 1 J 10212 103 _____ Gen Steel Can 534o with warr 4 8112 15 1949. 1 803 1 10512 10512 I t*Gen Theatre, Equip deb Os_ 1940 A 0 1412 163 294 8 ____ 14 16 186 ---*Certificates of deposit_ t•Ga & Ala lty let eons 58 15 -__ (985 1 J *10 10012 107, III•Ga Caro & Nor let ext 88 4 8. ____ _ 19342 .1 *181 9272 104 Georgia Midland let 32 3514 _ - - _ 1946 A 0 .3314 85 10014 94 *Good Hope (34eel& Ir (sec 72 80 1945 A 0 *3318 35 ___ ii 8 1947 J J 1077 108 104 10712 Goodrich 03 F)Co 101 6340 68 Cony deb (is 38 1945 .1 D 9912 10014 57 864 9118 Goodyear Tire & Rub 10( 58 10412 52 1957 M N 104 22 34 Gotham Silk Hosiery deb tls 3 19313 1 D 9514 9514 4914 733 112000uld Coupler lot o 168 4 3212 2 1940 F A 32 Gou• & Oswegatchie lst be__ 1942 J D _ _ 101 __ 69 9714 Or R .9/ I ext let ffu g 4%o . ____ 1941 3 1 684 97 Grand Trunk Ity of Can guar 611-1936 NI S.107--- 8 1033 1037 .1 7 88 963 Graya Point Term lot ffU 54 4 . __ 1947 .1 0 10214 1103 Lit Cone El Pow (Japan) 70 4 1944 F A *80-.- 4 9112 913 0 9813 1073 8 1950 1 1 91 lot & gen 2 f 1530 914 21 1053 11212 Great Northern gen 7e ser A 4 1936 J J 9918 9978 443 14t & ref 43(0 eerier, A 11012 11232 1981 3 1 10414 105 65 1952 1 J 1011 1 10234 64 100 10314 General 54o series 13 General 56 aeries C 1064 1074 1973 1 1 9612 9714 47 108 10812 General 4%, series D 89 31 91 1976 1 J 89 1977 1 1 89 General 434s series E 9018 191 60 75 59 5912 4814 58 25 68 64 512 74 21 10114 105 06 111 12 4 10612 1083 12372 128 313 41, 4 2 32 40 10414 10858 92 1013 4 1017 10812 8 1013 1084 4 07 102 80 70 104 1053 8 65 73 78 65 68 78 52, 74, 2 4 7412 52 11412 1174 11212 11714 105 1094 -- --- 7012 83 81 83 793 4 8012 8 031 527 8 4314 604 531 512 412 412 3 2 83 9472 94% 15 34 3 1013 8 104 106 23 9612 96 983 4 101 04 97 47 67 1272 12 6 5 4 103 1087 2 11012 404 72 7324 10338 3512 7312 46 3212 33 3014 76 54 212 21.4 9 18 33 78 84 101 1054 11512 11712 51 75 99 105 80 100 4012 60 40 50 4912 40 U018 103 54 94 1118 1638 64 10 II 18 18 24 33 48 3314 894 63 8304 8212 8 101 913 4 10014 90 684 56 7112 6812 64 67 534 5312 33, 443 4 4 1073 1093 4 2 9212 10112 10312 100 8212 9712 17 364 101 101 10412 10812 10312 10712 90 90 8 64 97 2 783 9131 82 9978 98 10512 75 103 69 984 63 92 694 9213 New York Bond Record-Continued-Page 4 Volume 141 July 1 Week e 1; ,>, Range 4 i 233 Ir , z Range or BONDS Since I FrIday's , Sept.30 11.1 N. Y STOCK EXCHANGEr.-: c Jan. 1 I 1935 4 .$.. 80 it Asked oi.: .. Walt Ended Oct. 11 Mph ffig1 No. Low Low Lois Feb *426 26 8 3818 3818 •Cireen Bay & West deb cue A 3 *Debentures ctfs B 2 612 312 8641 612 Feb 1940 MN *106 8814 Greenbrier By 1st gu 48 535 86 8 84 50 1950 A 0 *83 Gulf Mob & Nor let 535e B 8 816 38 50 4912 1950 A 0 7812 81 let mtge be aeries C 664 6614 55 Gulf &SIlst ref & ter bs ____ Feb1952 1 J *51___ ---1 .1 4912 52 4912 52 52 10 Stamped 50 18 102 90 102 Gulf States Steel deb 539e 1942 1 D 100 1 9512 10512 108 1952 J 1 10712 10712 Hackensack Water let 4s 8 31 3818 461 3714 _--*Harm SS Lines 6e with warr 1930 A 0 *__ 7 3314 4912 3312 3314 23314 •Harpen Mining 6e 1949 1 .1 1999 1 .3 11412 11412 3 8 91 1126 11712 Flocking Val let cone g 414e 30 42 20 21•11oe (R)& Co let 614s ser A 1934 A 0 *3014 34 ---___ ____ 13 15 1212 *Holland-Amer Line 6e (flat)__ _1947 M N *12 70 95 70 74 2 Housatonic By cons g be 1937 M N 74 4 9068 10418 1063 H & T C let g Ss lot guar 1937 J 1 *10412 106 8 101 10312 89 Houston Belt & Term let be 1937 1 1 *10312 1036 93 11 85 61 9514 9714 Houston Oil sink fund 535e A 1940 M N 8 35 35 947 Hudson Coal lst 5 f be ser A 1962 3 D 4112 4214 39 8 10168 11364 1197 1941. MN *11714 119 Hudson Co Gas let g be 8368 41 906 8 83 1957 F A 80 63114 Bud & Manhat let 5s ear A 253 4 3214 78 2564 397 8 *Adjustment Income Se ___Feb 1957 A 0 3014 8 24 10312 Illinois Bell Telephone Se 1956 1 D 10512 1056 Illinois Central let gold 4, 1951 3 3 *10118--------83 7612 let gold 339s 1961 1 3 *10114 103 1961 A 0 102 78 Extended let gold 339s 2 102 66 5_ _-_ let gold 38 sterling 1961 IVI 8 - 43 67 7414 7 Collateral trues gold 4.8 1962 A 0 *7514-5618 7012 7378 17 Refunding 4s 1956 MN 56 70 __-Purchased lines 314s 1962 J Y *_ ___ 1953 MN ..'81 5214 62 14 Collateral trust gold 4s 6 7014 8 83 Refunding be 1956 MN 827 8912 15 82 1.5-year secured 63.98 g 19303 1 89 4212 4812 5014 148 40-year 412s Aug 1 1966 F A 2 7018 102 Cairo Bridge gold 4s 19503 D 102 731 8 Litchfield Dly let gold 3s 1951 1 1 *80 Louis* Div & Term g 334e 1953 1 J *8914 92 ---6512 60 Omaha Div let gold 3e 1951 F A *6512 68 61 79 St Louis Div & Term g 3, 1951 1 J *65 6212 82 -Gold 319s 1951 1 1 *70 1961 1 J *983 67 Springfield Div let g 3148 -4 75 87 Western LInes let e 4e 1951 F A *83 ill Cent and Chic St LA N 0-55 526 8 8 62 Joint let ref be series A 1963 1 0 595 58 58 493 4 9 let & ref 419s series C 1963 1 D 8 32 10111 8 Illinois Steel deb 439e 1940 A 0 1086 1086 31 3314 3312 4 'fielder Steel Corp mtge 8e. 1948 F A 8912 Ind Bloom & West let ert 4e ---1940 A 0 *102 Ind III & Iowa let g 4e 1950 1 J *9412 98 -72 7 8 2 8 :•Ind & Louisville let gu 4e 1966 1 J Ind Union Ity gen be set A 96 1966 1 J *10514 107 ---9814 8 _ Gen & ref 58 eerie; B 1965 1 .1 ol043 1978 A 0 10514 10614 ---59 79 Inland Steel 1,1 434 set A 8 47 80 let M e f 494o eer B 108 F A 10414 1052 ' 8918 Driterboro Rap Tran let bs 1966 1 J 8 Certificates of deposit- 886 0 723 f•I0 -year (le 1932 A 4 70 *Certificates of deposit 1•10-year cone 7% notes 1932 M 5 91 *Certificates of deposit 8912 _.,.7512 Interlake Iron let bs B 1951 m N Int Agile Corp let & colt tr 55M N 98 Stamped extended to 1942 Int Cement cony deb Ss 1948 MN 10312 :•Int-Ort Net let 65 set A 1912 3 3 271 8 718 *Adjustment Os ser A __ __July 1952 A 0 1956 J 1 2718 •let be series B 2612 'let g Se series C 1956 1 J Internet Hydro El deb 6e 1944 A 0 4112 Int Mere Marine e f (is 1941 A 0 65 Internet Paper 5s ser A & B 793 4 1947 1 1 Ref s f Os aeries A 1951 IV. 8 61 7818 lot Rye Cent Amer let be B 1972 M N 77 let coll trust 6% g notes 1941 M N let lien & ref 6345 7512 1947 F A lot Teiep & Teleg deb g 434e IOU 1 1 6518 Cony deb 414s 1931 1 J.7514 Debenture Ss 6812 1957 F A Investors Equity deb lis A 1947 1 D *101 Deb be set 11 with warr 1948 A 0 102 Without warrants . 1941 A 0 10012 .•lowa Central By 1st & refg 4.s_1951 al 1.53 4 James Frank & Clear let 45 1959 1 D 8014 9212 515 91 67 7612 234 7214 56 9212 55 9012 34 33 77 98 104 29 814 2718 2612 45 72 8212 666 8 7812 7814 7512 67 78 71 10314 102 102 112 80/8 Kai A & OR let gu g ISs 1938 .1 .1 *1005 101 8 Kan & al let gu g 4e 1990 A 0 10112 10112 :51t e Ft S At al Ity ref 645 1936 A 0 3112 33 A 0 3212 •Certificaten of deposit 3212 K C Pow & lit 1st mtge 419s____1961 F A 11078 11114 Kan City Sou let gold S, 6912 1958. A 0 68 Ref & impt Se Apr _.._1961 J J 66 58 Kansas City Term let 45 1961 1 J 10512 10612 Kansas Gas & Electric 414e 1981' J D 10418 105 •Karstadt (Rudolph) let Bs_ _ _1943 MN 38 38 WV* w w num (par $645) 3214 3214 1943'('the w w stint) (par 5925) 1943 - _ 3212 33 *Otte with warr (par $925) 40 1943 „.-- .34 Keith (B F) Corp 1st Cs 1946 en s 8612 8812 Kendall Co 519a 1948 M S 10212 1036 8 Kentucky Central gold 4s 8 1987 1 1 *1046 106 Kentucky & Ind Term 414s 1961 1 J *8713 92 1961 1 J 59514 Stamped Plain 1 1961 _ K Inge County El!. & P5, 10812 10812 1937 A 0 *10212-- Purchase money (is 1997 A 0 155 155 Kings County Elea let g 48 8 1948 F A 10138 1027 Kings Co IAghting let be 114 1954 1 1 114 $ fret and ref 614e 11914 1959 1 1 *117 Kinney(GR)& Co 739% notes _1936 1 D , 8 103% 1057 I•Kreuger & Toll CIA be ctfe-- -1959 M S 3212 3312 Lackawanna Steel babe A Laclede Gas Lt ref & ext Si Coll & ref 614s series C Coil & ref 5148 seriee D lake Erie & West 1st g 55 241 gold 5s lake Sh & Mich So g 3345 •Lautaro Nitrate Co Ltd 65 Leiden C & Nay F. I 434e A , Cons sink fund 434s set C Lehigh & NY let gu g 45 Lehigh Val Coal let & ref 51 ba let & ref a f be let & ref a f bs let & ref a f be Secured 6% gold notes Leh Val Ilarbor Term gu be Leh Val N Y let gug 434e Lehigh Val (Pa) cone it Is General cons 414e General cons be Leh V Term Ry let gu giie Lex & East let 60-yr be gu 1950 m e 107 1939 A 0 10114 7212 1953 F A 7212 1960 F A 1937 1 1 1023 8 1941 1 .1 *96 1997 1 1) 9814 1778 1954 J 1 1954 J J 10412 1964 1 J 105 1945 01 S .50 95 1944 F A 6912 1954 F A 68 1964 F A 1974 F A 6612 1939 1 3 *95 96 1954 F A 1940 1 1 86 3712 2003 M N 2003 M N 41 2003 M N 453 4 1941 A 0 105 1965 A 0 *112 For footnotes me page 2407 5 69 21 27 1 1 153 96 68 140 3 5 1 69 101 98 _--2 9 - 22 2 21 5 24 27 24 28 9 1 1 10 ____ 10 15 ____ __-____ 5 1 20 2 ____ ___ 26 I 107 8 10112 7514 32 6 73 1021 4 22 98 ___ 9912 26 2114 968 8 105 5 105 62 17 9514 4 6912 9 69 6912 10 96 ___ . 3 973 4 6 87 3914 61 22 43 4712 10 1 105 5612 867 8 1914 2014 5712 5712 SO 52 74 25 47 8 23 23 281.4 37 67 3114 4518 9918 4312 37 42 40 8018 82 82 24 666 8 99 70. 2914 28 96 5114 53 8412 701 4 133 4 13 2514 2612 44 68 80 73 80 93 103 118 86 100114 19512 7712 1014 9412 90 4684 46 77 61 79 43 4 7712 80 5212 64 33 3112 32 73 79 757 8 3014 33 3912 8918 8914 July I -.., Week's BONDSZ.' 7 Range or .,1 1933 In &I; Sept.30 Friday's N. T. STOCK EXCHANGEzi_.: .S4Z Efid & Asked 6565 1935 Week Ended Oct. 11 Liggett & Myers Tobacco 7s 58 Little Miami gen 4s series A Loely'e Inc deb 5 f 6e Lombard Elec 7s tier A Mong Dock consol g (is Long Island gen gold 4s Unified gold 4s 20-year pm deb 5s Guar ref gold 4e Lorillard (P) Co deb 7s be Louisiana & Ark 1st 5e ser A Louisville Gas de El (Kyr) Se Louie & Jeff Bdge Co gu g 4e LoulsvIlle & Nashville be Unified gold 4s let refund 539e series A let & ref be series B let & ref 439s series C Gold Ss Paducah & Mem Div 4e St Lout. Div 2d gold 38 Mob & Montg let g 419e 10512 11114 South By joint Monon 48 103 10612 AM Knoxy & CM Div 4s 99 103 9918 102 *Lower Austria Hydro El 63441 lito4 No. Low Low 1944 A 0 132/8 13418 45 117 1951 F A 12118 1217 8 14 103 8112 ___ __-_ 1962 M B 76 1047 10518 22 8 1941 A 0 *10541 35 48 1952.9 D 44 _ 1935 A 0 ------------9712 9814 5 0 8 1938 1 D 10418 141 8714 3 1949 M 9 100 100 9218 103 ____ 1937 M N *_ 8514 1949 M S 10018 10114 44 3 110 13012 1944 A 0 130 986 8 14 1951 F A 11712 118 3812 34 1969.9 1 7418 75 86 9 1121 1952 M N 112 7518 4 1945 M 9 10512 106 3 100 1937 M N 10612 10612 8812 8 68 1 10614 1071 19403 81 3 2003 A 0 10512 10512 807 8 10612 13 2003 A 0 106 74 2003 A 0 10012 10114 139 9812 8 1941 A 0 * ___ 1071 __-82 3 1946 F A 10314 10314 5412 78 --__ 1980 M 9 *72 92 11112 ___ 1945 M 5*110 567 8 2 80 1952 J 1 SO 80 10614 ____ 1955 M N *105 4412 85 ____ 1944 F A * 2405 _ Rang' Since Jan. 1 -Ho Low 130 13412 11578 1236 8 104 104 10318 106 io12 41 100 1037 s 1046 10614 8 100 105 10218 10468 100 105 ,. 12514 13238 1121A 11814 7712 58 10714 119 102 107 10618 i0714 1043( 1081e 10314 10712 10314 107 9812 104 10614 109 102 105 7412 8312 1086 III 8 77 86 105 108 8478 99 §:McCrory Stores deb 539s 1941 8 811 1076 4 4612 1057 8 40 Proof of claim filed by owner-- _ 103 931 102 4 53 1 , McKesson & Robbins deb 514s-1950 Ii - 1 10012 10114 86 11 35 9 26 ____ 1:•Manati Sugar let s f 739s-1942 A 0 *22 814 34 712 8 8 296 __-_ *Certificates of deposit_ *216 818 32 A 0 12•Stmpd Oct 1931 coupon_ _1942 --- *2112 --------658 12 2112 4 ---- ------- ---*Certificates of deposit 914 3012 4 5 23 ff•Flat stamped modified_ __1942 ---- 23 7 2 35 , 712 7 8 22 212 _ _ *Certificates of deposit 7838 60 35 216 4 74 /*Manhat Ry (NY)cone g 4s _1990 A 0 713 47 7512 35 8 651 4 716 312 __ *Certificates of deposlt 3712 65 27 5 6212 2013 J D 60 t12c1 45 98 90 82 1953 M S *9212 9412 ____ Manila Elee RR & Lt s f be 4984 68 8013 Manila RR (South Lines) 4s 1939 M N *7212 78614 ____ 70 51 61 1 6212 let ext 4s 1950 m N 6212 50 4472 ____ 1941 1 3 *____ -- -t.1.1an GB & NW let 339e 5212 7838 Mfrs Tr Co etre of pante in 7114 95 50 4 9314 1943 J D 93 993 738 4 4 A I Namm & Son let 68 41 55 7514 727 8 12 1947 A 0 7214 Marlon Steam Shovel a f 68 106 109 9314 60 83 9212 9314 16 J ..1940 0 323 4314 Market St Ry 7s ser A_ April 4 7968 99 47 4 22 1945 M N 9412 951 Mead Corp let 65 with warr 104 104 98 45 45 39 55 1957 A 0 50 9514 10012 Merldlonale Elec 1st 75 A 10212 1081 77 , 1 1953 J 3 10614 10614 7 Melt Ed let & ref be ser C 16 8 957 10818 67 14 1968 M S 1063 10714 4 1st g 414s series 13 104 1063 4 96 10144 74 9 1950 A 0 9918 9914 Metrop Wat Sew & D 648 106 107 914 1712 9 1 16 16 1938 F A 1032 1071 ft•Met West Side El(Chic)9s 4 8 1031 10614 •Mex Internet let 411 asstd 4 *min Mill Mach let s f 72 S 2918 -3-3 i 7:- i 29171: 352 8114 9412 Michigan Central Detroit & Bay 11995767 jM"**-5931 . 10012 10414 1940 1 ..1 10264 10214 21 City Air Line 4s 867 9212 8 831e 9018312 90 ____ 1951 M 6 *80 Jack Lane & Sag 314e 8412 50 10012 1056 8 8412 9 8 1952 m N 1027 103 let gold 314s 4812 81 9312 991 2 70 13 9614 Ref & impt 43-4e series C 1979 1 3 96 84 95 1940 A 0 *____ 7272 ---1314 6638 80 82 9412 Mid of N J 1st ext be 10112 10312 90 8 11 1935 M 0 10112 1016 8212 Midvale St &0 coll tr a f de 72 7712 101 57 1961 .1 D 9914 10014 49 Milw El Ry & Lt 1st 58 B 56 7612 10012 8 let mtge be 1971 1 1 997 10018 16 9914 9158 6214 __ ... _ ____ D ____ 9712 10412 1:•Milw&Nor let ext 4395 (1880)1934 J 58 77 58 85 let ext 4195 1939 ---- *7612 - _- ---2512 41 5612 6584 5612 627 ____ 8 *56 ,-,. Con ext 432s 478 1114 _1939 31 53 3412 5 327 8 23 3814 :mil Spar & N W let gu 4s 1 1947 1 1 8 31 643 6412 8 6012 70 ____ 1941 1 J *55 23 3714 :•Milw & State Line let 334s 4 412 818 412 46 8 13 M N 1934 2814 5614 :ttatinn & St Louis Ss cfis 12 1 12 212 1 1 1949 M S Cs,& refunding gold 4s 466 72 8 1 1 12 5 ___1 1982 Q F *112 •Ref & ext 50-yr Se ser A 58 8212 2664 37 4 263 1938 .1 1 2912 3014 10 35 8 666 M St P & SS al con g Clint gu 6 8 197 30 8 197 3 83 I 2512 70 1838 .1 1 2512 let cons be 31 42, 31 1938J 1 3512 3614 26 7418 857 let cons Os gu as to lot 8 1812 2712 2 16 23 23 let & ref 6s Bele* A 1946 3 1 68 8112 1714 26 15 2312 15 1999 IVI S 21 25 -year 514e 50 7212 6712 8512 511 8 42 787 e 81 1978 J J let ref 5145 series B 5812 8312 --------85 1941 M N *80 let Chicago Term s f 48 5512 763 4 99 104 18 30 12 35 29 26 1959 1 J 8 99 1031 i•Mo-Ill RR let Se series A 56 6012 896 8 56 56 61 1990 J D 99 10314 Mo Kan & Tex let gold 4s 3112 73 3612 3112 3512 64 1962 .1 J Sy 172 Mo-K-T RR pr lien be set A 32 2814 62 34 2814 31 1962 1 J 40-year 4s series B 74 8314 64 32 3414 7 32 3214 1978 J J Prior lien 4345 serlea D 1114 36, 12 , 8 1212 40 *Cum adjust be ser A Jan 1967 A 0 116 9912 101 30 20 20 2112 2214 17 1961 F A Pato Pac let & ref 55 tier A 97 103 19 27'. 19 *2014 23 ____ _ *Certificates ot deposit 2914 41 57 8 57 11 ,4 51 S 652 7 1975 M .*General 45 28 3918 1912 30 1912 2214 115 1977 M 8 21 *1st & ref be aeries F 11018 114 1812 2714 4 1812 21 2014 *Certificates of deposit_ deposit 68 781 9 193 2914 , 4 1914 21 2214 18 1978 *let & ref 5.9 series 0 53 7412 187 27 187 8 8 , 18's *Certificates of deposit ----------------10514 109 364 79. 31 4 4, 8 49 46 8 *Cony gold 514e 1949 MN 10014 10512 1912 30 6 1912 2212 A 0 22 •Ist & ref g be series H 1980 32 45 1968 26 195 8 __ noi4 *Certificates of 42 26 1912 30. 1912 2118 2 -6 I 1981 F -A 2514 38 *let & ref be seriesdepoalt-2; 56 187 27 8 187 8 6 2014 2014 _ *Certificates of deposit 2412 31 83 76 695 8 2 80 6712 9212 •Mo Pac 3d 7e ext at 4% July ._193S aiN 80 85 81 81 __ ____ 1945 J .1 10112 1035 Mob & 131rm prior lien g be 8 802* 70 70 *70 80 _ _ _ _ .1 .1 *84-50412 10712 Small 353 48 8 353 8 1 46 1945 J J 46 77 9512 let M gold 45 8 3958 997 395 8 57 ____ J J *37 95 10112 Small 30 88 ____ 99 10212 vtalobile & Ohio gen gold 4s_.,__1938 M 5 *__ 9 1612 9 10814 10834 *Montgomery Div let g 58__1947 F A *1012 15 __-412 g 412 1454 155 712 ____ •Ref & impt 939e 1977 M 6 *514 5 912 5 94 103 5 71s 7'2 *Sec 5% notes 1938 M 6 110 11414 79 8511 70 12 80 Mohawk & Malone 1st tug 4s__ _1991 al 8 79 11712 122 10014 105 Monongahela By lot. M 48 set A...1960 al N 10312 10414 33 10212 10212 10414 2614 374 Mont Cent let gu Cs 10018 10312 87 11 10314 1937 J .1 103 971 10214 8 7914 6 4 1st guar gold be 19373 J 1013 10214 9312 10712 77 26 107 1051 10912 Montana Power let 521 A 8 1943 J 1 106 98 67 6012 32 98 9714 1021s Deb 58 aeries A 1962 J D 97 5912 81 Montecatini Mb R & Aerie 94 65 66 27 59 80 Deb g 7s 1937 J J 6612 70 8 8614 1017 88 8 10014 10114 10314 Montreal Tram let & ref 6s 1941 J .1 100 86 77 701 8 85 10018 4 8212 ____ 1955 A 0 *803 Gen & ref a f be series A 7214 8512 8512 9712 10212 Gen & ref s f bs merles B 1965 A 0 *8064 8214 ____ 734 7858 4 631 4 7 ____ ___ 2114 Gen & ref el 4348 series C 1955 A 0 *76 , 797e 74 1017g 10618 Gen & ref a f be series D 1955 A 0 ------------708 102 106 3 82 101 10558 Morris & Co lets f 448 1939 J J 10314 103 893 012 2 70 102 5612 7314 Morris & Essex let gu 334s 2000 J D 9014 91 94 102 8718 971 77 4 8 9512 37 Constr at be set A 1955 al N 947 8312 0668 65 80 651 8 Constr M 434s series B 1955 M N 8412 8512 28 98 18118 98 51 72 97 176 Murray Body let mtg 6398 1942 J D 166 1033 1 i (1 4 52 23 95 7312 Mutual Fuel Gas 1st gu g be 1947 at N 10814 109 9114 9612 MutIIn Tel gtd Os ext at 5% 89 / 102 108 1 4 2 4 4 1941 M N 1063 1061 93 104 Namm (A I) & Son-See altreTr-841 97 4 Nash Chatt & St L 48 set A 82 99 78 75 856 ____ 8 1978 F A 4, 3014 506 Nash Flo & S 151 gu g fa 10218 10514 91 8 _ _ 1937 F A 33 5414 Nassau Elec gu g 48 stpd 5014 622 4 5014 4 6110 603 1951 .1 J *10412--- __8612 10212 9 6512 Nat Acme let s f (is 3912 60 2 1942 J D 1017 10212 1027 1077 Nat Dairy Prod deb 5191 8 8 747 8 10218 105 101 1948 F A 10314 104 Nat Distillers Prod deb 439s 99 101 11318 117 99 109 1945 at N 10014 101 67 8312 6712 8618 71 70 5912 7512 747 9412 8 89 101 4212 6318 9818 10212 81 8812 895, 9264 65111 77 74 76 793 8714 4 9718 9712 8514 8912 New York Bond Record-Continued-Page 5 2406 i Wait, Jute 1 BONDS...1. Rance or : 1933 to 1 :Ir. N. T. STOCK EXCHANGE Friday's A ;Sept.30 Week Ended Oct. 11 . 5.'5 ZI a: 504 & Asked 0 1935 Low *Nat Hy of klex pr lien 434s *214 19573 J *Assent cash war rct No 4 on--------2o 7 *Guar 4e 2 or '14 coupon 117 AC) *Assent(ash war ret No 6 on_ --- .*178 *Nat RR Met pr lien 44e Iiiii *Assent :ash war rct No 4 on_ 8 *27 *1st consol 44 1siLi A-6 *Assent each war rct No 4 on__ __ ,- - *__ _ Nat Steel let colt s f 4s 1965 i iD 104 / 1 4 Naugatuck RR let s 4e 1954 M N *50 Newark Coneol Gas cone be 19483 D *11714 New Englana RR guar be 1945 3 .1 *50 Coneol guar 4s 19453 J *46 New England Tel & Tel 58 A 1952 1 D 1203 8 let it 434e aeries B 1961 MN 117 NJ Junction RR guar 1,1 4, 1986 F A *9914 NJ Pow & Light let 44e 1960 A 0 10412 New On Great Nor 58 A 72 1983 J J NO & NE let ret&Impt 434s A 1952 .1 J *37 :New Orl Pub Fiery let ee A 1952 A 0 78 First & ref es series B 1955 J D 7712 New Orleans Term let gu 4, 1953 J .1 79 31•N 0Tex & Mex n-c Inc bs 1936 A 0 *24 *let 5s series B 1954 A 0 2914 'let be series C 1956 F A *2812 •Ist 434s series D 1958 F A *27 •Ist 54,series A 1954 A 0 30 N & C Bdge gen guar 434* 19413 J gSol No Low lf..zatw Plnes Jan. 1 Low mob 2 112 218 312 ____ 11 / 4 2 41 / 4 33 ____ 8 2 3 6 / 1 4 3 Oct. 12 1935 0 5 24 / 1 4 60 10112 685 8 60 1043 8 9914 8213 681 / 4 41139 35 38 38 6834 1214 14 1414 1418 144 92 4 / 1 4 2 1025 1051 8 / 4 65 60 11312 12018 81 78 80 70 1154 124 / 1 112 13318 / 1 4 8811 100 04 106 483 77 8 35 53 5512 8312 / 4 55 / 831 1 4 6934 87 15 8 27 3 1814 34 197 33 8 187 3112 8 20 34 10213 10712 NY Cent RR cony (is 1944 MN 1061.1 1073 136 4 9884 Congo! 4e series A 1998 F A 843 8 8512 113 64 Ref et impt 44e aeries A 4 663 205 2013 A 0 643 434 / 1 4 Ref &Impt be eerie, C 2013 A 0 70 72 374 4612 N Y Cent & Mid Hi, M 33411 1997 J .1 9312 9412 102 7378 Debenture en 9613 9714 31 1942 J J 67 Ref & impt 434e ser A 6413 6612 225 2013 43 Lake Shore coil sold 334e 8612 87 1998 F A 30 64 Mich Cent colt sold 334s 8414 8414 1998 F A 2 85 , 77 N Y Chic & St L let 3 48 1937 A 0 10113 102 Refunding 634s series A 1974 A 0 64 64 4 4312 Bet 434s eerie, C 1978 M S 5512 571* 152 363 4 •13-yr 6% gold notes 1936 A 0 5312 6112 39 4112 Deposit receipts for 63 1935 -52 59 34 NY Connect let gu 4 94e A 1953 F A 1063 107 4 7 9212 1953 F A .1067 10712 _ let sitar be series B 8 99 N Y Dock let sold 48 1951 F A 68 69 6 4112 Serial b% note, 1933 A 0 511 63 / 4 26 30 NY Edison let & ref 64e A 1041 A 0 11012 111 22 10818 let Hen & ref es series B 1944 A 0 1061 107 / 4 14 102 / 1 4 let lien & ref be eerie, C 1961 A 0 10613 107 31 102 / 1 4 N Y & Erie-See Erie HE. NY Gas El Lt H & Pow s be 1948 1 D 12013 121 15 10418 Purchase money gold 4e 1941 F A 1105 1111* 14 8 95 NY Greenwood L su ¢ 5i) 1946 MN *92 95 ____ / 1 4 81 N Y & Harlem sold 33.4* 2001 MN *1021 8314 N Y Lack & Weet 48 ser A / 4 31973 SIN 971 9812 37 921t 4348 serlee B • 1972 MN __ ____ 8913 N Y L E & W Coal & 1111 530_1942 M N *106-9812 9812 5 7513 N Y I. E de W Dock &[mot 511_1943 J .1 •10412 --------87 N Y & Long Branch gen 4s 951 1941 M S *10218 ____ _ / 4 Week's Rai of " ; Joey 1 1933 to BONDS N. T. STOCR EXCHANGE; :.',Z. 814 eb Week Ended Oct. 11 Low Ontario Power N F lat es 1943 F A 1114 Ontario Transmission let ee 1945 MN 11013 Oregon RR & Nay corn g 4e 1948 1 D 107 Ore Short Line let cons g be 1946 J .1 11613 num.,to I cone es 1946 3 1 117 Ore-Wash RR et Na, 48 4 19131 1 .1 1023 1983 M 8 1004 Oslo One & El Wks ext1 58 / 1 Otis Steel let mtge 6s tier A 1941 51 8 9914 Ronde Since Asked sii<ZI 1935 s Jan. 1 ----utak No Low Low Mob 1113 4 21 99 109 11312 11013 1 9412 1083 1171 4 : 107 5 8314 105 109 11612 1 100 11418 11817 117 11912 8 993 3 1154 10313 152 7714 101 106 10013 7 6512 94 101 10014 48 20 69 10012 / 1 4 Pacific Coast Co let g be 39 1946 1 D Pactfle One & El gen & ref 63 A 4 1942 J J 1043 Pac RR of Mo let ext it 4s 977 8 1938 F A •24 extended gold be 1938 J 1 *54 Pacific Tel & Tel let 5e 1937 1 J 105 Ref mtse &leaflet] A 1952 MN 11013 -1955 J 1 105 Paducah & Ills lets? it 4%a. ilt•Pan-Am Pet Co (Cal)cony 68_1940 J 0 40 *Certificates of deposit ---- 40 Paramount Broadway Corp let M erg 38 loan ctfs__ 1955 F A 6014 Paramount Pictures deb 6s 1955 J J 9613 Parle-Orleans RR en 54e 1968 Al 9 136 _ 333 4 I Park-Lexinston 634e oste • 1953 A0 33 Parmelee Trans deb 68 1944 ,*117 Pat & Passaic0& E cons be *Pauline Ry let ref a f 7s__ "E' 1942 1M S .52 1949 3913 6 10512 22 97 / 1 4 2 9718 ---105 7 1113 4 15 105 5 4114 10 4110 17 &km Sept.30 9834 11212 7313 87 / 1 4 4314 73 4613 7914 / 4 92 981 88 971 / 4 43 7318 783 8914 8 79 887 8 100 1021 / 1 4 / 4 57 77 47 66 435 711 / 4 5!) 52 10614 111814 4 1067 1083 8 6939 7478 4213 53 11012 11418 10512 1008 106 11014 34 ---105 106 61 11814 ____ 67 / 1 4 58 12118 15 11712 34 I057- e 10 7414 19 39 --_79 37 7912 26 38 80 2812 ___ 301s 16 301* 2812 ____ 305 8 15 25 9812 80 84 10314 10414 93 2518 25 36 45 10112 109 9712 1015 8 93 100 105 1071 / 4 10918 11312 105 10512 3313 46 3314 46 61 16 6012 228 93 97 1373 8 50 10414 8 3 34 3412 11 14 --------102 763 ---8 453 4 6014 63 93 9738 13014 163 1712 3558 23 3412 116 11814 87 94 Penn Co gu 34e coil to A / 1 4 1937 M S *10212 --------94 102 102 Guar 3348 coil trust ser B 1941 F A •10234 --------8139 100 103 Guar 334s trust ctfe C ---- ---834 / 1 1942 3 0 '99 984 1021 / 1 / 4 --------8113 Guar 334* trust etre D 98 103 1944 J D *102 __ ---Guar 4e ser E trust etre 8418 993 103 4 1952 M N *1021 2-5 1963 !A N 10518 1054 Secured gold 41 82 / 4e 1043 1074 4 / 1 Penn-Dixie Cement let 6/ A 65 6 1941 NI s 871.1 8811 7112 9312 3 Pa Ohlo et Dot let & ref 434e A _1977 A 0 1043 105 4 25 78 103 10612 8 63 1013 - 1981 1 J 10514 1067 44e merles B 4 10412 1067 s 8 / 4 7512 Pennsylvania P & L let 434e 98 10614 / 1 4 1981 A 0 1045 1051 151 9814 107 111 Penneylvania RR cons g 4a 1943 M N *10912 11014 ---, 110 1115 8 14 Consol sold 4e 9412 108 1141/ 1948 M N 33 4s *ter! stpC dollar May 1 _1948 M N 11014 111 1)83 8 108 11312 117 21 9818 1141 1194 Consol sinking fund 434* / 4 1980 F A 116 10738 91 8 80 1965 J D 1065 / 1045 16918 1 4 General 44e series A 8 / 4 36 874 109 1151 / 1 General be series B 1968 J D 11218 113 1030 ir A 1015 1017 8 8 61 101 Secured 64e 1013 106 8 8 20 81 Secured gold 5, 105 108 1964 MN 196IZ 1067 68 903 975 8 1970 A 0 96 Debenture it 448 968 163 8 763 4 4 1003 107 1981 A 0 1023 10313 144 8 General 44e series D 911 : 994 1067 Gen rase 4318 eel. F / 1 8 1984 J .1 10213 10312 139 Poop Gas L & C let cons 6s 1104 113 / 1 199407 r 0 *113 119443 4 5 6912 115 -___ 100 10612 107 14 80 983 10712 4 Refunding gold 5e 21 60 Peoria & Eastern let cone 48 71 6013 7334 11618 12434 *Income 48 4 912 Apt *43 4 4 84 ---Peoria & Pekin Un let ____ ____ 834 102 10814 1073 115 8 F A *108 Pere Marquette let ser A es ____1954 1 1 931 9412 71 9412 8214 97 75 / 4 51 534e9 0 1 7 1st 4, series B 7 825 8 94 4812 98 10212 69 8413 1956 j J 8 let g 434e series C 971 3 1027 46 63 8412 8618 73 1980 IN F 873 8 106 1081 / 4 Phila Balt & Wash let g 4e 99 94 6 9878 108 112 1943 13 N 110111 111 118 ____ General 58 eerie8 13 1043 107 4 9513 113 11914 1974 F A *115 10112 10418 General s 434e series C 10813 1135 87 8 1977 1 1 *1104 1117 ---8 General 44e serIee D 1103 4 10 1001 107 11212 1981 1 D 110 / 4 NYNH&Hn-cdeb 4s 1947 M 8 * 641._ . Philo Co sec be merles A 39 28 28 119 9814 100 61 14 7912 10112 1967 J D Non-cony debenture 334e 1947 IN 13 23 26 11 3613 Phila Elm Co let & ref 434e 27 23 1987 M N 107 10812 105 110 9 100 Non-cony debenture 334s 1954 A 0 2111 25 11 let & ref 4e 2418 2111 37 108 42 891 1041 10814 / 4 i A 107 F j / 4 Non-cony debenture 4s 2313 28 1951 1 .1 15 Philo & Reacting c & I ref 58 28 2312 40 .55 481 / 4 56 524 75 / 1 26 1973 1 971 Non-cony debenture 4e 24 1956 M N 28 40 3913 2658 Cony deb fle 24 4 4 393 118 3012 3012 15373 1949 M 9 373 Cony debenture 348 8 24 1956 . J 207 1 32 / 1 2414 26 207 364 Philippine ItY let et te 8 2212 24 2014 2214 27 / 1 4 1937 3 1 Cony debenture 6s 1948 i 1 30 323 173 4 Phillips Petrol deb 44s 52 30 30 8 27 8414 10113 104 1939 I D 10113 1013 4043 63 40/3 Collateral trust (ie / 4 1940 A 0 4412 461 60 Pillsbury Flour Mills 20-yr 68_1943 A 0 10712 10814 20 10214 1051 10914 / 4 Debenture 4s 1513 1812 81 1957 M N 16 ' 1512 301.4 Pirelli Co (Italy) cony 7s 85 ____ 82 1041 82 : 1952 IN N .50 let & ref 4%e ser of 1927 10673 D 2514 2912 Ill Pitts C C dr St L 4%e A 2511 45 2713 1081 1124 / 4 7 100 / 1 1940 A 0 1094 11018 Harlem R & Pt Ches let 4e / 8910 21 1 4 1954 M N 87 &idea B 414e guar / 4 82 10812 112 9514 7 99 87 1942 A C; 10978 1091 NYO&Wrefg4e MS 46 464 14 / 1 June 1992 40 4 109 1111 Seriee ri 44s guar1942 MN *109 ____ ____ 1003 61 / 4 40 General 4s , o56 J D 37 3813 36 --------8784 1073 110 3212 411 3212 Series D 4e guar 4 1945 M N •108 NY Providence & Boeton 4e /42 A 0 __ ____ 10112 10113 8118 Series E 334s guar sold NY & Putnam let con Su 4e 8212 821* 1993 A 0 *99-2 6814 9618 Series F 4e guar gold --- -___ 75 8714 1953 1 0 *108 t•N Y Rye Corp Inc (is___Jan 1965 A Pr 17 173 --------98 4 71 4 Series CI 4s guar 1055 10912 8 8 19 1957 M N 008 •Inc (ie easented 1965 ,--. 17 175 8 21 _ ___ 1014 9618 1014 18 107 110 Series 11 cone guar 4s 1981 F A Prior lien 68 series A 19653 J 95 9558 19 116 116 2 59 99 Series I cons 434e 113 1184 / 1 4 1963 F A *108--705 96 8 Pr. lien 63 assented 1965 ---- 943 11612 ____ 4 96 9131s 90 33 90 Series J cons guar 4%e 113 117 / 1 4 97 1964 MN *113 8634 1111 11614 1970 1 D 11214 11212 / 4 4 General M be series A NY & Richm One 1st 6s A loll a c) 1111 11213 13 2 1951 MN 10713 10712 96 / 4 Gen mtge Easier 13 8514 1111 11614 / 4 10514 11013 NY Steam 6s series A MN 110 1947 110 1977 j j 10514 1053 2 98 4 Gen 44e series C 4 5 75 108 1113 104 108 let mortgage bs 1951 M N 10512 1053 97 4 1043 10734 PitteSta & L E let it S, 110 114 4 6 90 1940 A 0 *11212 11514 __ let mortgage 58 1956 MN 10512 106 6 let coneol gold 6a 1103 1134 / 1 9112 10412 1074 4 1943. J *11212 ____ --__ 11034 1 NY Susq & West let ref 5s 1937 J J 53 54 10 63 4014 Pitts Ya & Char 1,1 4,guar 46 10714 10714 1943 14 18 *10414 --------94 1937 F A 43 291 gold 434s 43 2 41 5353 68 52 *Pitts & W Va 1st 41 ear A 41 / 4s 1968 J 13 •-•66 --General gold be 5l3 5184 67 1940 F A 42 421/ 16 3734 6112 311 / 4 let M 44e series 13 1958 A 0 *40 . 66 ___ Terminal let sold es 1943 IN N *99 47 100 ..! 723 4 let M 44e eerie, C 64 ___ 9712 100 47 1980 A 0 *52 68 NY Teen let & gene!4%e 1939 MN 11013 11114 20 10218 109 11134 Pitts Y & Ash 191 4,ser A I 924 107 1093 / 1 107 4 1948 J D 107 Trap Bock 1,1 6, N Y 1048.3 D *55 4558 80 . 114 114 56 6 . 97 86 1st gen bs series B 114 11612 138 stamped 80 1946 ---_ 803 4 9 7(1 85 76 N Y Weetch & B let ser 14441) 1946 J J 17 22 Port Arthur Can & Dk 6e A 7612 ____ 136 32 611 :962 F A *7314 9 3 / 4 5 17 1712 753 8534 8 66 let mtge Se series 13 1953 F A .73 80 ____ 75 82 Nies Lock &0Pow let es A 1955 A 0 10712 1075 733 139 8 12 4 3718 Port Gen Elec let 4411 ear C 90 10412 108 5014 80 4 1960 5 S 72 Niagara Share(Mo) deb 534e 1950 M N 885 8 9112 59 let 5.9 1935 extended to 1950 48 J J *107 --------10639 1065 1074 6214 9413 8 •Norddeuteche Lloyd 20-Yr e f 613_1947 MN 8312 8312 1 8514 Porto Rican Am To), cony 04_1942 J 1 53 38 5512 41 2339 63 42 5634 New 4-6% 42 5 5212 t•Postal Teleg & Cable coil be_ __1963 I 1 3018 3213 220 361 / 4 4712 1947 MN 45 25 18 254 6214 Nord Ry ext sink fund 634e 1950 A 0 153 153 / 32 10512 135 171 1 4 2 50 3814 ft•Pressed Steel Car cony g 511___1933. J 49 3814 5614 1 11•Norfolk South let & ref 581961 F A 10 1913 Providence See guar deb 4, 10 1011 9 5 20 20 35 1957 M N *2212 24 ____ *Certificates of deoo _. *814 104 / 1 4 107 18 8 / Providence Term let 4s 1 4 8113 884 9113 / 1 1959 M 0 ------- ---If•Norfolk & South let g be elt-- - *47 1941 148 N 5178 1414 4 8314 357 503 Pub Fiery El &0 let A ref 4e 104 1081 8 / 4 1071 A () 10714 10814 31 N & W fly let cones 4s 4 1996 0 A 1133 115 Pure 011 Cost 44s w w 58 98 9114 11012 117 9518 9518 98 198 _1950 .1 .1 97 Pocah C& C Joint 48 1941 J D 10614 10614 10 96 106 10813 Purity Bakeries, t deb be 100 28 7814 824 100 / 1 1948 1 J 98 North Amer Co deb Se 1981 F A 10012 1017 8118 8 52 8114 1034 No Am Edison deb Se ear A 1957 M 13 98 100 20 56 741e 10212 t•Radto-Keith-Orpheum pt pd etfe Deb b He ear B 784 103 / 1 Aug 15 1963 F A 10214 10212 for deb 6e & corn stk (65% pd)_____ •12612 138 ____ 24 69 35 4514 134 Deb 5e aer C nil 10034 Nor 15 1969 M N 9818 9914 46 64 17 15 1•Debenture gold 6. 2611 80 1941 J D 6012 80 North Cent gen & ref es A 1974 IN S *116 118 120 98 12114 ___ Reading Co Jersey Cent coll 48_1951 A 0 94 953 8 34 73 93 10012 Gen & ref 434s series A 19741W 8 *11014 1113 1997 j j 10.518 1053 Gen & ref 434e series A 110 112 4 45 88 4 79 1043 10818 8 40 t•North Ohlo let guar g es 1945 A 0 *4618 65 461 / 4 / 1 Oen & ref 434e series B 8 35 35 791 10478 10812 1997 1 .1 1044 1055 / 4 *Ex A pr'33-Oct'33-Apr'34 cpne-___ *4314 49 Rem Rand deb 5%, with warr _1947 IN N 104 ___ 45 3514 10414 53 45 63 99 1041 / 4 •Strupd an to sale Oct 1933. & 534e without warrants 9012 9913 10458 1947 731 N *10312 10418 ____ *Apr 1934 coupons -- * 45 343 8 115 38/8 45 Rensselaer et Saratoga 0,gu 1941 1W N 1947 M 13 10914 10911 Nor Ohio Trao & Ls es A 3 747,1 1043 11018 Repub I & S 10-30-yr be a f 4 8 1940 A 0 1065 1(17 2 80 1034 107 / 1 , North Pacific prior lien 48 8 1997 Q 1 1013 10218 67 R,4 et ssPn 64.series A 101 107 79 8 16 6111 943 10538 . 4 1953 1 J 1047 105 Gen lien ry & Id g 3s Jan _ _2047 Q F 71 7234 58 5012 7011 764 Republic Steel Corp 4.34s ser A.1950 NI S 10312 10431 464 10313 10238 1013i . / 1 Ref & !rapt 4348 series A 2047 J J 8112 82 43 60 741 8978 Revere Cop & Brass deser A / 4 6 76 10714 1084 1948 M 9 10731 10812 / 1 Ref & Inuit 66 series B 2047 1 1 96 9714 169 6813 8813 10234 •Rheinelbe Union is f 713 8 4 3412 2612 32 333 Ali 1946 J .1 Ref & Impt be serlee C 20473 1 .88 8914 ____ 32 NIA •Rhine-Ruhr Water (series 88 _ 64 25 2813 11 2614 3913 , 2731 1 J 1953 . Ref &!mot Sc aeries D 20473 J 8818 891 17 / 4 / 4 3213 / 1 4 1 321 32 61 82 96 3213 44 •RhIne-Weetphalla El Pr 7s 1950 MN I Nor Ry of Calif guar g be 1938 A 0 10814 10814 2 100 3214 8 311 / 4 32 105 1083 / 10 1 4 311 4313 , / 4 'Direct mtge (ie 1962 61 N Nor States Pow 25-yr be A 8 1941 A 0 1055 1063 4 23 89 103 108 1 3312 3312 311 1953 F A / 4 311 43 *Cone mtge 6s of 1928 / 4 ' / 4 1041 A 0 1061 1075 let & ref S-yr fle ser B 8 12 5 3118 93 *Cons M Gent 1930 with wan _1955 A 0 324 3313 10514 10812 3118 4313 Northwestern Teles 448 e11 100 4 1944. J 1023 1 101 1011 It•Richtleld Ohio? Calif / 2913 313 20 4 39 / 4 25 35 1944 MN ( 1 4 Norweg Hydro-El Nit 5431 1967 MN 9813 - - / 11 2413 35 2912 313 1918 IN N 4 79 91 8 4 68 / 1 4 88 991 1 *Certificates of depoeit 32 447 ____ 8 32 Rich et Meek let g 48 46 1948 31 N *40 Os & L Cham let gu 4 48 1948 1 1 29 4 29 3012 29 5014 Mehra Term Ry let GU es 99 . ____ 1041 10714 / 4 1952 .1 j *1061 Ohio Connecting By 1,1 4, 1943 M S •1075 8 4 105 8 / 1053 1075 *Rime Steel let a f 7e 1 4 45 .48 41955 F A *5218 60 ____ 60 Ohlo Public Service 734s A 1946 A 0 11212 113 6 89 10914 113 70 Rto Grande June let gu es 8912 --8513 9512 1939 J 0 *88 let & ref 79 genes 13 1947 F A 11134 1113 4 1 78 10753 1121 t•Rlo Grande Sou let gold 4e / 4 1 i 1 1940 .1 1 12 1 1 ' Ohio River RR let ii be 1936 J D *10034 -------90 10114 104 'Guar 4e (Jan 1922 coupon) 1 • 1 1940 .1 -----------1 General gold be 1937 A 0 *10214 87 1011 10414 *Rio Grande West let gold 4e / 4 61 8234 1939 . J 65 1 66 23 62 6s 1944 F A *20 2•01d Ben Coal let 23 10 1334 21 8 244 28 •Ist con & coil trust 4s A 2412 4713 1949 A 0 28 _ For footnotes see page 2407. si New York Bond Record-Concluded-Page 6 Volume 141 BONDS N. Y STOCK EXCHANGE Week Ended Oct. 11 : :',..'1, Weeks July 1 !tangs or 4 1933 lc -.7: Frtday's ,,,1 Se p1.30 1935 4Z Bed et Asked oTvn Range Sine* Jas. 1 BONDS N, Y. STOCK EXCHANGE Week Ended Oct. 11 • Week's Alp 1 Ramos or 4 1933 16 Frtday's VA Sept.30 -• L.. 4tr, Bid .4 Asked CO 63 1935 2407 fangs Since Jan. 1 Low Ilio1 No 10812 14 11 5 107 _51 5 *1113 8-- 4 M S 10712 1083 ---4 1 1012 1012 M 13 A 0 1173 118 • s 2 A 0 *32 30 J J 27 5 31 34 J J 31 FM) No Low Low Low Low Low Mod Illon 1957 A 0 105 9438 10412 1093 8 106 1063 1007 Union Elec Lt & Pr(Mo) be 4 8 96 8 2 1959 J 2 105 9914 101 14 10612 105 108 11034 Ern EL & P (111) let 25345 A 88 22 1945 A 0 22 8912 10612 110 101 4 2 I•lUnion Elev Ry (Chic) 5s 13 2512 75, 75 14 8 11612 121 7 105 11914 Union 011 30-yr 65 A ....._ _May 1942 F A 119 1947 J J 11112 11214 97 94 1077 11312 4 903 8 10512 13812 Union Pee RR let & Id gr 45 4 let Lien & ref 45 June 2008 M S 1033 10512 31 3218 38 3218 8011 10334 1085 8 , 30 103 108 81 Gold 434s 1967 J .1 105 4 10612 19 27 4014 4 2 4 113 120 99. lst lien & ref be 313 June 200F M S 1133 1133 31 51 4 8 765 2 Gold 4e 1968 1 D 10178 10214 46 9912 1047 St Joe & Grand 'aid let 4e __ --8 1055 10818 8314 103 107 1947 1 J 8 United Biscuit of Am deb 5s _1950 A 0 107 __ 1075 8 13 1055 53 1037 104 8 St Joe Ry Lt FR & Pr 1st 5s 1937 M N *105-15 87 95 4 9012 98 1953 M 9 893 96 1045 United Drug Co (Del) be 8 70 3 9718 10738 11212 St Lawr & Adr 1st g be ...1998 J 1 U N J RR & Can gen 95 1949 M 8 10912 10912 8612 90 6414 2d gold 88 85 _ -,„ 1996 A 0 * 153 4 1939 J .1 *14 253 35 4 12•United Rya St List g 45 8014 85 70 St Louis Iron Mt & Southern9012 987 8 56 6 ; 1b ' U S Rubber let & ref be eer A 1947 1 1 9712 - 87 15 •1Itt• &0 Div lst g 4e 59 6118 61 •1937 MIN *993 1933 MN 4 4518 98 101 85111 ---United S S Co 15 5412 71 -year 68 59 60 *Certificates of depodt 69 54 62 7 3218 34 3214 43 I•St L Poor & NW 1st gu 5s.._19431 J J 26 333 8 3418 17 1951 J D 3213 5618 'Un Steel Works Corp 6395 A 37 9 St L Rocky Mt de P 5s strf i 33 7412 7714 1955 J J 4212 27 I 3312 3312 8 37 *Sec. 51 845 series C 1951 J D 7714 60 93 4 9 1118 68 2•St L-San Fran pr lien 4s 4 __ _ _1950 J J 3218 41 1714 9 23 3314 3418 19 *Sink fund deb 639s ser A 1947 1 J 983 4 120 1413 2 *Certificates of deposit 812 153 Un Steel Works (Burbach)78 812 1951 A 0 13414 13414 4 919 1118 49 4 125 8 *Prior lien 5s series B 4 16 12 13 7 203 4 1950 J J 313 4 t*Universal Pipe & had deb 68 -A936 J D 20 93 18 4 93 4 1278 ____ 934 *Certificates of deposit 32 3218 * 41 4 , 1953 A 0 83218 34 ---93 1811 •Untereibe Power & Light Os_ 4 *Con M 4398 series A_ _ __ _A978 M 5 812 912 199 6012 734 65 92 1949 A 0 90 '9114 38 73 1412 Utah Lt & Trac lst & ref be 4 712 537 Utah Power & Light let 58 8 712 812 69 *CHB of deposit stamped ----------8 2 83 897 9314 553 4 903 4 92 1949 F A 118 11712 118 ---- 109 Utica Elec L & P islet g be 1950 J 1 •116 St L S W 1st 4s bond ctfa 4 8114 32 803 1989 MN 2414 663 203 8 74 45 49 64 51 4 URI Power & Light 539e 1947 .1 D 85 28 g 95 Inc bond etfe 1 195 F A 411 47 4112 63 / 4 No. 1989 J 1 63 _2014 63 207 4938 64,2 18 Debenture be let terminal & unifying be. __ _ 1912 .1 .1 61 6212 16 3518 6414 351s Gen & ref g be ser A 5112 533 4 76 66 59 2 1990 J .1 9414 5412 Vanadium Corp of Am cony be 194I A 0 821s 8218 27 27 --- ----99 Si Paul City Cable cons be 4 9814 1937 1 J *973 45 Vandalla cons g 4s series A 1955 F A 810614 7814 98 98 Guaranteed be 1957 MN *104 98 1937 J J 10214 107 1 --------85 457 2 Cons s f 4s series B 79 99 St P & Duluth 1st con g 411. 234 ____ 2 472 134 *2 1968 1 D 81021.4 --------84 1934 .1 J 10112 1024 •1Vera Crux & P let gu 43915 I•St Paul E Or irk 1st 44s 1947 .1 .1 *_ _ 4 297a ---4 ____ 95 ... •1July coupon off 2•St Paul & K C Sh L gu 04/1 11 3 1941 F A -7 11-34 21118 1114 934 -11 8 33 1612 4 1942 --'nee •Vertientes Sugar 75 ctfs Hs Paul Minn & Man 5 8 20 1954 1 D *10538 1053 ---- 10114 10514 10814 1943 .1 J 10714 1077 4 9218 10412 10938 Va Elec & Power 55 aeries B Mont ext lot gold 48 10912 _ 8 1937 1 D *104 10414 1077 88 4 19 1st & ref M 5s tier A 1951 A 0 10412 1043 101 10434 88 85 Wealth,ext gu 95 (large) 1 1 1940 1 J 10312 10312 514 63 5612 6512 19411 m 8 63 9934 10312 Va Iron Coal & Coke lot g 55 SI Paul Un Dep Gagner 118 . 99 10274 1972 J J *117 91 4 99 --98 1936 MN *973 113 1187 Virginia Midland gen be 8 757 2 1 04 101 Va & Southwest lot gu be 99 2003 J .1 99 8 A & Ar Pass 1st cue 4s 55 1943 1 .1 8312 86 70 63 8 84 5 1958 A 0 70 70 55 I 7412 9078 lot cons be San Awl:into Pub! Her, 1st 68 _...1952 J .1 10812 10814 14 11018 113 89 70 1962 M N 11112 11212 69 1003 1093 Virginia Ry let be series A 4 4 Santa Fe Pros & Phen lot IN 1942 51 5 8412 10314 108 9 95 let mtge 494s series B 1962 MN 10412 10512 108 1123 8 Schuleo Co guar 63.4s 1948 J J *5012 52 ---34 34 50 497 8 50 19 Stamped 2612 35 9412 95 57 5 8 :Wabash RR 1st gold be 29 1939 MN 51 8931 9612 5212 Guar a I 645 series B 577 81 8 1946 A 0 *49 48 29 76 7618 13 *2d gold bs 1939 F A 3214 50 Stem ed *515 8 5312 65 50 28 11 64 65 28 let lien g term 44 1959 1 .1 52 Scioto V & N E 1st gu 4s 1983 MN *11118 11212 _ 1 9812 102 70 90 _ _ _ ---Det & Chic Ext let be 1941 1 10918 115 1 I•Seaboetd Air Line 1st g 45 1950 A 0 *1312 17 --__ 717 8 654 53 45 J 6570 ---1939 J 1-11 Des Moines DIY 1st g 45 18 •131. 17 *Certolcates of deposit 4512 6214 38 5 1014 56 Omaha Div iota 339e 1941 A 0 56 1512 17 13 1*(3old 48 stamped 1950 A 0 *12 77 833 8 10 58 8812 -Toledo 41c Chic Div g 43 1941 M 8 *--_10 20 A 0 12 12 *Venus of deposit stamped 1 8 1214 247 1214 1014 1912 37 1975 M E 19 107 20 8 /*Wabash Ry ref & gen 539e A *2 *Adjustment 55 331 Oct 1949 F A 13 21 11 1 1818 1818 212 *Certificates of deposit 21 t 31s P•Refunding 4s 43 8 1959 A 0 23 1976 F A 458 2 12 414 187 8 19 4 3 8 •Ret & gen be series B 41 4 12 9 *438 412 _ •CertifIcatee of deposit * 1012 2012 1012 18 ---*Certificates of deposit 33 4 8 33 4 '1st dt cons 68 series A__ _____ 1945 M 5 512 6 113 22 4 41 1177 4 1812 15 412 412 117 'Ref & gen 44e series C 1978 A 0 18 8 414 *Certificates of deposit 5 137 2058 8 28 * 312 11 2112 ---312 10 'Certificates of deposit II*All & liirm 1st a 4e 1933 5.1 5 121,121233 113 2312 4 114 29 1980 A 0 188 20 'Ref & gen be series D , 813 171s 812 17 1012 20 1012 •__ __ 183 8 *Certificates of deposit 2*Seaboard All Fla 6s A ctfa 1936 A 0 3 35 8 6 214 214 33 64 1211 14 64 _-412 *1Walworth deb 63911 with warr _1835 A 0 58 *Series 13 certificates *2 1936 F A 2 414 ___ 4812 214 4812 61 61 214 41, •639s deposit receipts--------------61 Sharon Steel Hoop 9 1 649 1948 F A 9918 997 8 62 35 1212 2 36 6018 6018 A 0 60 80 *Without warrants Ws Shell Pipe Line a r deb 55 1952 51 N 103 10314 54 3618 80 1814 86 40 80 1946 A 0 71 *1st sinking fund 115 ser A 3023 10514 4 Shell Union 011 e I deb be 1947 M N 10212 10318 14 5914_ 7512 5914 7114 7512 24 785 8 10218 10414 *Deposit receipts _ Shinyeteu El Pow let 634e 1952 J 0 87 58 88 19 7612 88 •tillemens & Betake 5 1 75 1935 1 J * 4812 837 8 24 39 4 8312 171 Warner Bros Pict deb 8e 1939 M 5 803 58 76 •Debenture s f 64e 1051 51 5 40 40 38 1 58 2114 40 24 1939 M 8 2114 29 39 508 Warner-Quinlan Co deb 6s 4 Sierra & San Fran Power be 1949 F A 11112 hu t 3 53 31 30 8 353 8 97 1991 M 8 323 863 4 10334 113 Warren Bros Co deb 65 •Slleela Elea Corp a f 6 4e 1946 F A 30 30 28 80 80 257 79 ---8 78 257 3912 Warren RR let ref gu g 339e_ _2000 F A * 8 Silesian-Am Corp coil IT 7s 1941 F A 6814 70 43 94 33 91 4518 71 Washington Cent 1st gold 4s 79 93 ---1948 Q hi *---Skelly 011 deb 5396 1939 M F 10214 1023 8 1035 10612 16 88 80 5 1945 F A 10514 10514 983 10312 Wash Term 1st gu 3395 4 South & Nor Ala cons gu g be_ _1938 F A 1067 1067 5 1945 F A *107 - ---8 --------94 99 1037 1043 8 1st 40-year guar 411 4 Gen cons guar 50-year be *111 113 1963 A 0 *10312--- __ -_ 110 9818 105 112 2 89 1939 J J 110 112 11612 Wash Water Power er f be 8 1 10314 11514 1225 4 1950 J D 11934 1193 Westchester Ltg 58 stpd gtd South Bell Tel & Tel 181 51 58_1941 1 1 10618 107 11 10312 106 110 1996 M 8 1075 1075 5 10014 106 111 12 8 8 West Penn Power ser A bs Southern Colo Power (is A 8 1947 J 1 1005 101 5 1963 M S 1165 1173 6014 8 11414 122 8 8 8 1017 82 10218 let 55 series E Ho Pac coil 4s(Cent Pac coil) 1949 J D 46 765 8 777 8 42 10614 11113 8 25 101 13011 8334 1956 J D 10712 1077 let sec 55 series CI 1st 919e (Oregon Lines) A 7312 8713 55 1977 M e 83 8418 114 9014 10512 10912 10912 ---151 mtge 45 get H 1961 1 1 *109 Gold 414e 4 7118 52 1968 51 E 693 44 5612 761s ()old 4395 1989 M N 695 8 703 133 8712 98 4 6112 43 1952 A 0 9514 9612 146 Western Maryland let 4s 5512 76 Gold 4411 1981 MN 6914 70 98 10512 10512 31 171 55 1977 I .1 101 42 58 let & ref 5545 series A 757 8 San Fran Term let 48 1950 A 0 10312 104 1 100 14 105 107 105 8018 9912 10612 West N Y & Pa 1st g be 1937 1 .1 105 Ho Pac of Cal 1st con gu g be 1937 MN *10612 108 4 102 1083 78 10612 1077 3 4 1943 A 0 10714 1073 8 100 Gen gold 45 So Pac Coast 1st gu g 4s 1937 1 1 25 37 23 13 95 1948 M 8 2618 27 10012 10012 j•Weetern Pac 1st be ser A So Pao RR Int ref guar 45 1955 1 1 953 25 _ 4 963 139 2618 2612 16 4 363 4 89 6018 1946 -__ 983 4 •55 Assented 1s1 4.o, Stamped 1955 8ili 10112 10514 8 10514 1938 1 1 105 97 97 Western Union coil trust 5s 97 9934 82 6712 9712 59 97 Funding & real est g 449 1950 M N Southern Ry lot cons g be 1999 J .1 8114 8212 66 100 10318 92 38 8 77 1031a 74 1938 F A 1025 103 15 -year 639e Devi & gen 4e series A 1958 A Q 38 8212 10014 40 341 715 8 28 28 25 1951 .1 D 9912 10014 46 6212 -year gold be Devi & gen 68 1958 A 0 4912 5212 61 80 100 3512 72 133 3512 81 1960 M 9 9918 100 30-year be 11041 & gen 6195 1958 A 0 5314 5.412 103 31 4312 3518 27 *Westphalia Un El Power 8s_ _ _1953 J .1 3518 88 3212 3318 17 Mem Div let if bs 19963 J 75 75 60 2 7412 8614 60 15 2381 1 J 8012 81 (39 9212 West Shore let 4s guar St Louis Div let g 45 1951 1 J 7812 79 4 ____ 5314 7014 823 8 7812 11 Registered 2361 J J 77 6912 88 East Tenn rem/ lien g 5e 73 4 9712 13 1938 M 5 953 95 103 Mobile dr Ohio coil tr 48 1938 M 6 38 333 4 29 4 29 87 1966 ISI 5 *103 Wheeling & L E Ry 48 ser D - - ---- ---1073 --4 ti'west Bell Tel let & ref 5s 1954 r A 10612 108 31 104 10214 109 83 -4 10632 In 1949 M 5 10514 10714 RR lot consol 413 j•Spokane Internet let g be 1955 .1 .1 12 143 4 96 6 10014 105 70 6 1734 Wheeling Steel Corp 1st 54e 10412 14 1948 J .1 103 Stand 01101 N Y deb 4194 1951 J 0 10114 1013 8 37 90 10112 96 80 8 41 0 10012 1013 434e series B 10114 10412 let & ref 1953 A Staten Island Ry 1st 43-48 _ 1943 1 D 9812 85 431s 9612 ---8 1936 1 J *973 100 _-__ -- White Sew Mach Ss with warr 12*Htevene Hotels 69 series A __1945 J 1 1818 -1818 5 98 12 86 45 5 2154 13 -9612 93 1 .1 Without warrants *Studebaker Corp cony deb ea 1945 1 J 5312 6212 332 39 84 89 39 4212 3 6212 843 4 85 Parties t deb fts 1940 MN Sunbury & Lewleton let 4s _ 1936 1 J •I0012 _ 2•Wlckwire Spencer Sri let 78 _A935 982 4 Swift & Co lot 51311s 1950 M S 104 104 - - -14 72 10112 10112 164 818 1912 414 1812 120 - - 14 1614 *CH den Chem Nat Bank _ _. __ _ Syracuse Ltg Co let g be.. 1951 / 13 11712 118 2 103 3114 118 1213 7 1512 1812 363 4 1312 •Ctfe for col & ref cony 75 A 1935 MN 38 50 33 14 50 Wilk A East 1st gu g be 1942 1 D 47 Tenn Cent let 85 A or B 1947 A 0 60 643 8 8 4314 5414 69 Tenn Coal Iron & RR gen be 1951 .1 J 1163 117 8 10 10115 113 1213 Will dr SF let gold be 10212 1057s 88 4 5 4 1938 J D 10512 1053 Tenn Com)& Chem deb 60B _ _1944 M F 1107 102 8 11 60 1043 10812 8 83 9112 10214 Winston-Salem 8 B let 4s 106 __ 1960.3 1 *104 Tenn Elea Pow let fle ser A 9712 9812 30 1047 1 D 6412 90 104 7 53 2•Wie Cent 50-yr let gen 40.. 758 1312 912 1014 33 1949 J 1 Term Assn 01St List g 4142 1939 A 0 10912 11014 13 99 10812 112 718 1012 718 1 8 8 *Certificates of depoeli 1st cone gold be 1949 Er A 11512 11512 6 98 10912 11614 412 73 412 , 4 2 *Sup & Dui(Br & term lot 48_1936 M N 63 4 634 Gen refund of g 4s 1953 1 .1 10414 1043 4 15 71 712 10112 106 *Certificates of deposit4 Texarkana &Ft San 534e A 1950 F A 823 4 85 8 6414 8234 9614 Wor & Conn East 1st 4391. 66 -- -7 - - 57 8 14)43 1 ./ * _ _ '1'exas Corp cony deb be 1944 A 0 10314 1033 4 83 9312 1023 1041 Yonnustogin Sheet & Tube 52_1978 J l 9812 100 8 / 4 891 foci. / 4 634 / 1 95 Ten & N 0 con gold be 1943 J J 9812 9912 7 64 83 100 8912 9912 6314 let 'Inge a f 50 sex B _ 1970 A 0 9812 9912 107 Texas & Pao let gold be 20003 13 114 114 1 82 113 120 (len A ref be series It 1977 A 0 915 8 93 41 55 79 91 Gen & ref 513 series C 1979 A C 903 4 92 33 5312 7912 9334 (len & ref be series D 1980 J D 1)012 9112 40 64 7912 9312 r Cash sales not Included in year's range. a Deferred delivery sale not included In Tex Pao-Mo Pa,,'Per 539e A 1969 M 5 10178 10218 8 67 8912 10218 years range. n Under-the-rule sale not included in year's range. 9 Negotiability impaired by maturity. f• Accrued interest payable at exchange rate of 54.8665. Third Ave Ry let ref 45 1980 1 J 5612 58 38 47 5012 59 *Ad'Inc be tax-ex N Y_Jan _ A960 A 0 2012 2212 76 183 3 2 Companies reported as being in bankruptcy, receivership, or reorganized under: 185 2618 8 Third Ave RR lot g be 1937 1 ./ 10118 10118 2 8514 10014 103 Section 77 of the Bankruptcy Act, or securitlea assumed by such companies. Toho Elea Power let 75 A 1956 M 9 95 8518 9514 95 7014 5 Tokyo Flee Light Co Ltd• Friday's bid and asked price. • Bonds selling flat. let Os dollar series __1953 1 D 803 8 81 59 5712 72 8558 Tol & Ohio Cent ret & impt 394S- -1960 1 D 9712 9812 e Cash sales in which no account is taken in computing the range, are shown below. 9714 osi.., 9714 7 'I'ul Si L & W 1s$4.4 1950 A () 88 88 Dominican Rep. 539s, 1942, Oct. 8 at 69. 60 1 9412 81 Tol W V & Ohio fa ser C 1942 M 5 *1051 - _--- 103 103 103 Toronto ham & Butt 1st g 4s z Deferred delivery sales in which no account is taken in computing the range, are 1948 1 D *9712 10212 ____ 2--9614 1021, 82 Trenton 0 & Eliot g 55 1949 191 F *117 11812 ___ 10154 11214 1181; given below: TH-Cont Corp:5s cons' deb A _ _1953 J .1 114 114 i 11212 11212 114 Belgium 60, 1955, Oct. Sat 10194. Truax-Traer Coal cony 848 1943 MN 86 86 35 2 94 70 Buenos Aires 6s, Oct. 11, at 904. Trumbull Steel let a t de 1940 AI Po 103 8712 100 104 10312 23 Can, Natl. 55, July, 1969, Oct. Sat 10831. *Tyrol Hydro-Elea Pow 7 A 8- - 1955 M N •____ 813 ____ 8 4512 7618 96 *Guar sec a f 7e Harper' Mining 6s, ww, Oct. 8 at 3431. 80 ___ 1952 F A * 77 9012 434 Ujigawa Elea Power of 74 1946 M 9 9412 95 16 6918 87 9612 Silesia Elec. Corp. 6398, Oct. 8 at 2911. Tenn. C. AC.65, Sr. B, Oct. 9 at 10111. Recta O&E gen M 5395 set' C___1948 Gen tinge 439e series D 1977 Gen mtge be series E 1961 12•I1 I Ark & Louis let 419e 1939 Royal Dutch 45 with warr 1945 •Ituhr Chemical a f (le 1948 Rut-Canada let gu g 48 1949 Rutland RR 1st con 4398 1941 a'rit 2408 New York Curb Exchange-Weekly and Yearly Record Oct. 12 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 (Oct.5 1935) and ending the present Friday (Oct. 11 1935). It is compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in which any dealings occurred during the week covered: STOCKS iVeek's Range of Prices Par Low High 30 A CMO Wire V C c corn _ _20 29 Adams Millis 7% 1st pf 100 hero supply Mfg Cl A • • 24 2 Class B Agfa Ammo Corp com_ _1 Ainsworth Mfg Corp____10 41% 44 154 1% • Air Inyeetors corn Cony pref. • 17% 20 Warrants Alabama(It Southern_ _50 • 7014 7214 Ala Power $7 pref • 634 63% SS orefer-ed Algoma Consul Corp corn.. Si Si • 7% preferred Allied Internet] Invest _ • 54 Si x 13% Alliance Investment com_• • 16% 17% Allied Mills Inc Aluminum Co common_ • 73 7854 3 160 101% 103% 6% preference Aluminum Goods Mfg- • Aluminum Ind corn • 34 36 Aluminum Ltd corn C warrants 0 warrants 100 724 72% 6% preferred American Beverage com _ _1 3% 351 American Book Co _ _100 Amer Capital10c Claes A corn Common class B___.10c 516 516 22 • 22 $3 preferred 35.50 prior pref 4111 Cities Pow & LS 43 25 43 Class A 1 3% 44 Class B Amer Cynamid class A__10 .10 224 25 Class B n-v Amer Dist Tel NJ corn_ • 7% ('on v preferred_ _100 11294 113 3 3 Amer Enuities Co corn.. 18 A tiler Fork & floe Co corn • 16 Amer Founders Corp....) X is • 41% 50 34 7% pre Barbie B 6% let pref sec D__....50 33% 40 354 354 Amer & Foreign Pow wan_ Amer Gas & Eleo oom___• 3354 35 Preferred • 1044 10654 Amer Ilard Rubber com_50 1934 213% 211 194 193% Amer Laundry Maon 25 1254 1314 Amer L & Tr corn 25 6% preferred 74 9 Amer Mfg Co corn 1 Amer Maracaibo Co "16 54 • 16 16 Amer Meter Co Amer Pneumatic Service_• 274 Amer Potash & Chemical.' 27 154 2 A m Superpower Corp COM • 65 65 let preferred 23 29 Preferred Amer Thread Co pref._ _5 Amsterdam Trading • 1434 15 American shares Anchor Poet Fence Anglo-Iranian Oil Co Ltd Am dep rcts ord reg_ _£1 4% Angostura W upper Corp_l July 1 Sales 1933 to for Sep.30 Week 1935 flange Since Jan. 1 1935 1 34 9% 46 14 Apr Si Jan 16% May 70 July 23% 29 ji 34 12% 2054 15 23,400 834 76 734 III 50 98 154 1 400 154 600 15% 5,300 11, 4 •ai 133% 150 8 325 134 14 134 200 14,300 164 1634 1,125 574 8034 4 44 650 12% 300 1034 3,300 7% 7% 16 174 3% 200 34 200 Si 34 8 514 25 1 9-4 • 100 11 124 13,700 SS 34 44 100 44 2,600 74 734 4 125 1,600 200 114 34 114 Jan 3.4 Ma ------ 9 254 144 May 4 May II 334 30 574 it 700 1,100 34 2,900 54 5,600 1% 25% 860 14 Apr Jan Ma Ma Fe Ma Jan Mar 200 • A pea Elec Mfg Co corn 434 71 Appalachian El Pow pref..• 105 10534 1 'is r,turus Radio Tube. Si 916 Arkansas Nal Gas oom . 1% 254 34 Common class A 1% 254 • 34 24 10 554 631 Preferred Arkansas & t. $7 pref.. • 41 41 3% 8% 9 Art Metal Works corn ._ _ _5 Associated Elee Industries 554 700 f1 84 84 Amer deposit rots Assoc Gas & Eleo-1 X 1,400 Common Si 3.1 X 3.4 xi 4 1 5,200• Class A 13.4 134 400 • 4% 4 $5 preferred in Option warrants 4x 516 3.300 Associates Investment Co • 334 344 1,300 9 854 30 4 Assoc Laundries of Amer_• 14 1 a134 300 al Associated Rayon corn... 22 13 Assoc Telep $1.50 prof _ • 44 2 3,900 6% 8 Atlantic Coast Fisheries..' 18 18 Atlantic Coast Line Co._50 7% 74 • 104 11% 24,300 Atlas Corp common 47 • 51% 524 2,100 35 $3 preference A 154 3 14 4,400 Warrants • 354 234 600 44 454 Atlas Plywood Corp 114 12% 1,200 5 Automatic-Voting Mach. Anton-Fisher Tobacco ill 52 41 53 60 434 Clans A common 28 100 18% 43% Babcock & Wilcox Co __ _.• 43 Baldwin Locomotive Works X Warrants 400 Si Si Si 15 isaumann(L)drCo7%Dfd100 11 2,300 liellanca Aircraft•t o___1 154 154 43-4 5 25 1043,4 123 100 131 131 BeliTelot Canada 154 154 • Benson & Hedges corn• 5 Cony pref 14 814 4% • titckfortle Inc corn • 334 23 52.50 cony pref 34 44,100 14 Bliss(E de CO COm --- _• 1154 14 1 1 1% 2 ._.1 1,500 slue Ridge Corp corn. 1,500 284 3554 • 40 42% $3 opt cony prat 5 24 Blumenthal (8) & Co • 1334 1554 3,100 7 5 75 itohack(H C)Co coca _ _ _• 794 7 40 100 41 7% 1st pref 14 Botany Consol Mills com • Si 3 • it ourlots Inn • 6 Borne Scrymser Co 25 16 ..5 313.4 32% 8,900 Is 654 Bower Roller Bearing.. Bowman-Biltmore Hotels 14 134 7% lot preferred. _100 74 7% 8 BrasillianTr Lt & Pow....• 1,000 73-4 954 11 33£ Bridgeport Machine 4,100 • 34 • thrill Co p class B Si Si 14 14 1 100 • Clam A 34 100 • 64 5% 654 654 thrill° Mfg Co corn 25 • 25 200 224 25 Class A • 12% 1434 Brit Amer 011 coup • 144 16 Registered British Amer Tobacco 100 244 2611 Am den rats ord bearerfl 26% 26% 244 264 Am dep rets ord ree El For footnotes see page 2413 Mar Mar Apr Mar Jan Apr Feb Sept Mar Jan Jan Mar Feb Feb Apr Mar Mar Feb Apr Mar Mar Jar Apr Mar Feb Mar Jan Feb Apr Mar Feb June Aug Aug Sept Apr June Mar Mar Apr Mar Mar Jan Oct Mar Feb May Apr May Feb Mar Feb Apr Mar Mar Mar Jan June Aug May June Mar Mar Jan Au Jan Ma Jan Apr Jan Star Jun Oct Apr Week's Range of Prices July 1 Sales 1933 to for Set, 30 . 1933 Week Range Sine, Jan. 1 1935 Low High Shares Low Par Low British Celaneet Ltd 2 Mar Am asp rcte ord reg.-109 21S£ July 2134 British Col Power Cl A • 24 Sept Brown Co 8% pref 234 100 654 1,475 5 54 Oct 900 Brown Forman Distillery 50 3 4 3 _1 6 „ 6 9Si 304 Jan 100 26 Buckeye Pipe Line 144 Jan Buff Nitg & East Pr pref 25 224 2334 1,400 14% 6934 Jan $5 let preferred 500 7 66 ..'• 250 16% 244 Mar Buiova Watch $34 pref 13 51 1404 0 0 9 01 30 Mar Bunker Hill& Sullivan__10 45 47% 2,625 26 51 Feb Burro Inc COM 94 • __________ 20 Feb 53 cony pref Jan '16 Warrants 1*4 Star 1% 900 Burma Corn Am den ram: 33 2% 33 551 Aug 254 1,000 Butler Brothers 10 7 69-6 11 Aug 3.4 100 Cable Elect Prod v I C• 54 94 Cables & Wireless LtdMar 9111 200 Am dep rats A ord shs_ Li 1 1 1,000 516 May Am dep tete B ord she £1 Si Si Mar 200 Amer dep rcts prat she £1 44 454 5, 15% 20 Calamba Sugar Estate_ .20 73.4 Oct 5% 200 Canadian Indus Alcohol A• 7Si 7% 64 Jan 454 13 non-voting • 154 Mar 154 1,600 Canadian Marconi 154 1 134 1034 July Canal Construct Co • 1% Mar Carib Syndicate 25e 254 251 1,900 Carman & Co 63.4 Jan 100 Convertible (Nana A ____• 12 12 17 Jan 100 134 24 Aug Carnation Co corn • 1834 1874 54% Jan 33 selpna P L 34 Aug Caro 1retorI $7 Prat • 57 Feb 27 22 Aug • 4% Oct 8254 Sept Carrier Corporation 2,500 9% 10 • 41% Aug 9 10 Castle (A NI) & Co 10 44 Apr 334 46 24,100 Aug Catalin Corp of Amer____1 9 104 554 Aug Celanese Corp of America 90 May 22 375 81 7% bat pantie pret___100 1064 104 Aug 974 Mar 2554 Sept 250 75 7% prior preferred___100 11034 111 7 Oct 64 80 Mar Celluloid Corp aim 400 7 15 734 115 270 16% 24% Oct Oct $7 div preferred ••• 24X 25 094 May d() Is preferred 33.4 Sept Mar 18 Oct Cent FI url o hEvte 14% 1514 1,600 63 Oct 'fie Aug Cent Maine Pr 7% pref 100 63 60 70 6451 204 Jan 414 Sept Cent PA L7% pret 300 11 too 3334 x36 Mar Cl' 40 Sept Cent & South West Util134 134 5,200 Mar 53-4 Aug Cent States Else corn... I 1 14 5,400 1 1 Mar 1 394 Aug 6% pre( without ware 100 1 8 8 2 2 Mar 1084 Sept 7% preferred 700 100 13 15 134 Mar 134 24% Sept Cony preferred 100 0 % 18H 18 Si Mar 204 Sept 51 Cony pref op ser'29100 125 100 44 June 16% Aug Centrifugal Pipe 334 534 4,100 1254 Mat 26 9 Aug Charts Corporation new • 1 54 11 5 2454 Apr 9 Oct Cht..ry-Burrell Corp • 115 Mar es Chebrough Mfg Mai 100 105 1214 Jan 434 , 174 Sept Chicago Rivet & Mach_2' 125 124 5,000 2 5 0 . 2 5 Apr 134 Aug Childs Co pref 54 16 2654 1,690 100 22 29 34 Jan Aug Chief Consul NUM ng Co 1 500 9i "16 Mar 34 Aug Cities Service corn 5i 30,700 • 1% 2 64 Mar Si 7654 Aug 5,300 Preferred • 18 X 21 Mar 37 34 Preferred B Aug 200 • 1 204 1% 6 Mar 50 4.4 Aug Preferred BB • 17 74 Mar 74 100 Cities Sere P & L $7 pref_• 3034 3034 611 Mar 83.4 1534 May $6 Preferred 34 Jan 700 May City Auto Stamping__ : gl 811 Apr 4 3 City & Suburban IIomes 10 1551 Aug III Star 1,500 654 July Claude Neon Lights Inc...1 54 14 2354 Jan 700 2134 Cleve Elee Ilium corn • 43% 44 1% 634 Jar 9 Oct Cleveland Tractor com • 12% 144 1,500 134 May 14 10654 Oct ClInchfield Coal corn.. _100 34 Aug 34 1,600 14 Aug Club Mum Utensil Co 154 1% • 75( Oct 100 234 Aug Cockshutt Plow Co corn...* 654 55i , • Al or 24 Aug Cohn & Rosenberger. _ • June 1,300 Si 7 Aug Colon(MCorp corn b91 14 25 Jail 300 15 834 Sept ColEs Patent Flee Arms_2 . 39% 40 10% Sept Columbia Gas & Elea 32 32 Mar 550 Con v 5% pref 8934 86 Mar Si 700 951 Aug Columbia Oil & Gas vte_' 1 134 10( Jan 19% 38 Columbia Pictures • 1,000 9 3034 474 Jan Aug Commonwealth Edison _10( 2 883.4 86 24 Aug Commonwealth & Southern Si Jan Si 3,300 10% Aug Warrants Jan 3 50 Aug Community P & L 36 Pre?• 34 May 200 364 Aug Community Water Sery__• Sept 8,300 5 8o 14 Aug Como Mines _ 114 Oct 8 1,100 2% Jan Compo Shoe Machinery 1 - -M 46 46 July 254 Sept Conn Gas & Coke see $3 pf• 7 Juno 1014 Jan Coneoltdateri Aircraft. 1434 15% 7,000 I tile Jan 17.500 30 Jan Consol Copper Mines ...6 33-4 4 3,000 45% 52% 134 Aug Consol0 E LAP Balt corn• 80% 83 134S£ Feb 115 54 July Corm! Min & Smelt Ltd.25 2 June 300 44 Aug Consul Retail Storm 294 251 30 1234 3451 Jan 6% Jan 8% preferred w w___100 75 75 it Star 13 Sept Continental Oil of Mex.._! 1 1 Feb Consol Royalty Oil. 1, 36 Mar 250 29 60 Feb Cont & E 7% mot. of 100 724 774 Si Si Mar 4954 June Continental° .of ley 1 2 2 Apr Continental Securities • 34 Apr 214 800 34 Jan Cooper 11888eMer corn....5 5 514 16% Jan 300 12 40% July $3 ore( A • 24% 244 3 33.4 Feb 54 June Copper Range Co 5 554 1,100 • 234 Mar Jan Cord Corp 132 34 454 3,900 9 2 4 July Corroon & Reynolds 114 Nfar 10 July 354 33-4 2,500 Common 1 22 Star 300 10 14 $6 preferred A May • 4211 43% 500 51 Julie May Cosden 011 corn 35 3.4 1 "is July 11 Oct Preferred 100 214 Aug Courtaulds Ltd11% Slur 8 300 NI:ty m dep rete ord reg__il 12% 13 46 16 Oct Cramp(Wm)& Sons Shin 34 Mar 34 11 & Eng Bldg Corp_ _ _ _100 Jan 7 Mar 5 Feb Crane Co corn 65 25 154 164 2,000 87 Feb 100• 32 Preferred 100 10914 112 Si Oct 10 Mar 21% 2251 20,400 44 Feb Creole Petroleum 4 Mar 34 114 Sent Crocker Wheeler Elea__ • 6% 7% 3,700 9 , 14 Oct 334 Oct Croft Brewing Co Si 28.300 Si 1 254 Fob 100 19 3% 394 Crowley Milner & Co_ • 3 Si Feb 13.4 5' Jan Crown Cent Petroleurn 1 134 10,600 754 Mar 2,000 514 1054 Jan Crown Cork Internatl A..' 10% 11 14 July 154 600 454 5 11 Sept Cuban Tobacco corn vle..• Feb 200 15% 30 39 36 Aug Cuneo Press coin I 50 69Si 87 Feb 154 Sept 64% preferred 100 106 106 111 Aug 14 1% 17,100 7 May (Jug Mexican Mining 50c 43,4 4 Oct 400 454 4 28 Aug Darby Petroleum com___5 8 June 164 June Davenport Hosiery 16 June De Havilland Aircraft Co 4 13 100 Jai 1494 144 Am Dep acts ord reg El 5754 574 May 314 Jan Dennison Mfg 7% pref_100 14 4 May 10,200 84 11 29% July Detroit Gray Iron Fdy .._ _5 Shares Low Low High Oct 854 Jan 30 300 6Si Feb 11054 Sept 664 103 1134 Mar July 5 5 400 34 June 4 Mar July 7 34 Jan 3 Oct 18% Feb 44 5 400 Sept 2 300 34 Mar Oct 9 400 1234 Mar 20 • Feb 34 Sept 34 30 Apr 41% Sept 30 7834 July 60 26 4134 Jan Jan 694 July 37 50 2.5 Si Feb .54 Feb 100 " Si Mar "16 2 116 Aug 54 Sept May 11 100 716 ln Oct "is Feb 100 516 119% Aug 534 124 Jan 2,900 , 3,150 82 Mar 824 Sept 32 694 Mar 1064 Sept 700 54 9% Feb 144 Sept 8 12 6 1054 Sept 74 Mar Mat 41 17 Sept 200 17 Apr 7 24 211 Jan 614 Mar 5 Apr 50% Apr 75 100 37 Sept 4 2,300 Oct 14 Feb 72 Sept 57 41 Jan 100 200 STOCKS (Continued) 3745 High 4 2594 9 954 42 234 101 40% 494 2 33 34 June Slur Aug Jail 1 Aug July Oct Oct Apr Aug Sept Aug Oct Jan Jan 154 , 76 5 23% 11 10 2 10% 4% June June Juno Aug May May June July May 12 1954 88 66 1934 41% 104 Sept July Sept May Feb Aug Oct 110 III 15 30 80% (7% 6451 43% 2 2 144 21 18 14 64 19 2434 157 24 30 111 214 274 351 23 4254 39 9 4 Fen Oct Jan Jail July Aug Oct Aug Aug Aug Aug Aug Aug Aug Sept Sept A lir Feb Oct Jan Apr Aug Aug Aug Aug Aug Aug Sept Apr 54 483,4 184 2 311 854 7 214 40 May Aug Apr Julie Sept Aug ii Sept Oct 894 Oct 14 Sept 70% Aug 94 Sept 34 20,4 1 254 184 47 16 44 8934 182 3% 75 3.4 2 84 3.4 4% 554 2734 5% 5 Aug Aug 11ine Apr Mar Sept Sept June Aug May Feb Oct Mar May Aug May Aug Aag Sept Oct Sept July 4 4354 Oct 11 Jail 1434 July 14 174 1164 234 10 44 13-4 114 5 313 106 254 h 10 Aug July July Oct July Sept Slay Oct July Aug Oct Oct Jan May Jail 1544 Apr 574 May 11 AUK New York Curb Exchange-Continued--Page 2 Volume 141 STOCKS (Continued) Week's Range of Prices High Shares Low Par Low Derby 011 dr Ref Corp corn. 34 Preferred 20 • Diamond Shoe Corn 9.4 • pictograph Producta____2 7% 3,000 1% 7 Distilled Liquors Corp__ b 114 11 800 11 Distillers Co LtdAmer deposit rots _...11 21% 2234 300 173, DistillersCorn Seagram.* 244 26% 22,200 84 Doehler Die Casting._.• 224 24% 2,900 3 I mmin1on Steel dr Coal 1325 2", Dominion Tar & Chemical" 34 3 Douglas (W L) Shoe Co 7% preferred 12 100 Dow Chemical 1,700 "5638 • 994 101% liraper Corp 56 60 54 53 Driver Harris Co 1,900 94 10 3034 33 7% preferred 48 100 Dubiller Condenser Corp_l 34 Duke Power Co 175 33 10 614 62 Durham Duplex Razor 84 prior pref w w 15 12 200 7% Duval less, Sutpnur_ 9% 104 4,500 Eagle Pleher Lead Co __20 1,400 634 7% 331 East Gas A Fuel Ammo Common • 235 24 334 4,400 • 63 434% odor preferred_100 6% preferred 100 38 100 41% 43 East States Pow corn B__• 200 34 1 450 86 preferred series B___• 133.4 16 47 preferred series A..__• 1334 154 250 5 24 EatlY washing Mach -13".• 6% 73( 1,700 Economy Grocery Stores,' • 15% Edison Bros Stores com....• 364 37% 300 6 Eisler Electric Corp 1,600 154 1 • 34 Elm Bond & Share(tom _ _ _ 6 11% 1334 102,900 34 25 preferred 1,600 25 • 54 56% $n preferred 6,200 264 65 • 61 Else Power Assoc com__ .1 24 434 534 2,000 Class A 235 454 534 6,500 1 Elea P & L 211 prof A., 1435 12,500 234 ' 14 Option warrant, 400 134 1% 4 Electric Shareholding 334 4 Common 700 Si $A cony pref w w 400 34 72% 7835 Elec Shovel Coal $4 pref__* 1 e.lectrographic oru corn ! 13 13 100 Elgin Nat Watch Co_ _15 64 1231 Empire District El 8%_100 Empire Gas & Fuel Go734 100 a% Preferred 64% pref 8 100 7% preferred 8 100 100 214 214 8% preferred 23 11)(1 23 50 " 834 Empire Power Part Stk__• 4 Emsco Derrick dr Equip_ _5 e 235 Equity Corp corn 24 10,800 1 2 be Eureka Pipe Line 34 50 30 5C 34 European Electric Corp 6, Option warrants 100 is 716 Evans Wallower Lead__ • 34 7% preferred 100 2 Ex-sell-0 Air & Tool 3 18 203( 13,700" 234 Range Since Jan. I 1935 STOCKS (Continued) Low 38 Apr 20 Fel 10% Jan 24 July 11 Aug High 2 May Fah 20 1754 Oct 7% Oct 164 AOr 21 13% 104 4% 44 23% July 28% Sent 2434 Oct 64 }to, Mar Mar May Mar July Jan 12 16 Ma co4 Mar I' 3-4 12 Oct 62 13 Au. 32 91% Ma lux '3 i 34 Fel 37 Jan 65% Mar July Aug Oct Sept A nr Oct 12 Aug 634 Jum 34 Ma 15 124 751 Oct Fen Oct Ma Jan Apr Jan Mar Apr Jan Aug Jan Jan Mar Jan Jan Mar Mar Feb Mar 5 6634 534 14 1834 18% 751 20 39 134 204 69 78 64 634 20 234 Jan July Aug Aug Aug Aug Sept Jan Sept Aug Aug Aug Aug Si Mar Jan 40 1 Jan 6 J6, 23 July 14 Jan 6 90% 64 16 25 39 Aug Aug Oct Aug Aug Aug 74 8 8 84 9 12 14 334, Mar Mar Mar Mar Apr June Jan May 35 38 37 40 194 134 234 , 38 May May May Slay July July Sept Feb 're 4 34 6 July Apr Aug Fen 10, June 6 54 May 7 May 2034 Oct 24 58 38 34 4 5 3 1634 244 4 334 34 3714 24 24 2% % Aug Aug Aug Aug Week's Range of Prices Par Low 11% Hollinger Consol 0 M___/5 Holly sugar Corp oorn. • 88 Preferred 100 Holopnane Co corn • Holt (Henry) & Co el A_ • Hormel (Geo A) & Co__ • 27 Horn & Harden 7% preferred 100 1834 Bud Bay Min & Smelt...* Humble 011 & Ref • 52% Huylers of Delaware Inc Common 1 7% pref stamped_ __Inc pref unstamped _100 Hydro Electric Securities_• 3 134 Hrirrade Food Prod HYgrade Sylvania Corp-. 3434 Illinois P & L $6 pret • 29 100 6% Preferred Illuminating Shares el A__• Imperial Chem Industries Amer deposit rota_ __El Imperial 011 (Can) 00111)--• 1834 Regintered • 194 Imperial Tob of Canada_5 1234 ImperIcal Tobacco of Great Britain and Ireland___El 324 Indiana Pipe Line. 534 1C Ind'polls P dr L63.4% fif100 83 Indian Ter Ilium Oil Non-voting class A_ • Class B 2 • Industrial Finance V t o common 7% preferred 100 Insurance Co of N Amer.10 6734 International Clear Mach • Internet Holding & Inv__• Internet Hydro- EleoPref $3.50 series 8 50 Internet Mining Corp. ..1 12 Warrants 374 International Petroleum.' 3334 3334 Registered International Products_ __• 334 Internal! Safety Razor B 134 Internat'l Utility Class A • Class B 1 $7 prior pref • Warrants Interstate Equities Corp 50 $3 cony prof A Interstate Hoe Mills • Interstate Power $7 pref.' 17 Investors Royalty com_25 Iron Fireman Mfg v t c__IC 21 1334 Irving Air Chute 1 Italian Superpower A • 34 Warrants 34 Jersey Central P & L534% preferred 100 6% preferred 100 7% preferred 100 80 Jonas & Nsumburg -2.50 14 house & Laughlin Steel_100 Sales for 1Week 16 15% 83 35 7% 19% 18,400 543i 7,300 2234 " 9 2834 325 2034 26 3 14 36 32% Range Sines Jan. 1 1935 11)331* Sep.30 1935 Illoh Shares Low 134 2,700 84 92 1,850 7 84 1 34 /4 400 900 426 2,500 I 17 10 10 344 Low High 11% Oct 20v-* Jan 30 Ian 92 Oct 100 Sept Feb 108 6 2 Aug Jan 734 Aug 54 Feb 18 16% July Aug Feb 314 Sept 20 10234 Jan 108 May 114 Jan 1934 Oct 44 64 May Jan 1 274 26 5 34 38 374 36 50 9% Jan 224 May 2234 May 144 Jury 874 July toss 11% 934 8 Oct 1554 Mar 154 Mar 12 Apr 3334 534 83 2,000 100 100 234 34 48 3154 Ma 34 Mar 55 Jan 234 700 134 6834 1,100 1 344 184 135 775 10% 1,500 1234 2,500 354 3434 16,400 100 3334 334 200 134 100 34 734 23* 1534 23 34 Ian Sept Aug Aug Jan Mar Aug Aug July Si Mar 2034 Apr 26 Aug 24 Mar 14 Oct 28 Jan 134 Jan 14 Jan 344 Jan 1934 11,700 19% 200 1,200 1234 35% Aug 6 June Jar Feb 4% Apr Apr 34 1 52 29 34 July May Mat May Aug 14 8 7234 334 1 Feb Aug Aug Feb June 354 104 34 28 29% 234 Si Mar Aug Oct Mar Feb Jan July 133i Aug 154 Jan 1 64-4 Jan 311% Man 3334 Oct 44 Aug 1.4 Aug 134 3.4 Jan Jan Apr 454 Aug 34 Aug A or 35 Aug 35 35 1534 13 7 1 334 294 34 3.4 20 Jan 22 June 8 Jan 1 June 1435 Apr 34 Jan 3 Mar 4 34 Oct 2534 2734 27 234 2334 164 134 42 60 004 4 1534 43 Feb 60 Mat 6034 Ain Si Apr 18 Mar Aug 09 75 Sept Aug 00 131 Oct 304 Jan 83% 34 34 34 934 5 833.4 54 134 34 15 6 134 34 'if 18% 20 2134 1334 SG 35 200 600 1,500 100 Fairchild Aviation 834 854 3,700 254 80 7% July 934 Sept 1. abed° Sugar Co 175 59 100 9434 95 1% 71 May Jar, 105 Falstaff Brewing 34 4 1 400 24 Jar 534 July Fanny Farmer Candy ....I 9% 935 800" 24 94 July 74 Ma Fansteel etallurgiCal.14 134 ma 7 Sept Kansas CI & E 7% prer.100 Fedders Sifg Co corn._ 19% 21% 900 1934 Oct 214 Oct Kingsbury Breweries____! erro Enamel Corp corn ...• 2634 29 5,600 234 24 29 1 .0% Fet Oct Kirby Petroleum Fiat Airier dep recta 154 1834 Sept 26 Aug Kirkland Lake CI M Ltd 1 Mello Brewery • 1734 1734 3,4 300 716 716 Sept 34 Jan Klein(Emil) % Fire Association (Phila.) 10 69 714 125 31 744 Aug Kleinert Rubber " 10 57 Jan First National StoreeKnott Corp COM 7% let preferred____100 115 115 112 20 110 Aug Kolster Brandee Ltd ____£1 Jan 117 Fisk Rubber Corp I 5 114 Jan Koppers Gas & CokeCo534 3,700 5 54 Oct $6 preferred 100 98 63 100 50 625 3544 9835 Jan 8% preferred 67 June 88 Flintokote Co cl A27% 29 2,900 114 Mar 30 34 Sept 'Kress (Sh) & Co pref. _100 114 11% Florida P & I. $7 pref..___: 41% 47 114 1134 1 Oct Kreuger Brewing 1,000 1034 Mar 47 8% Ford Motor Co LtdLackawanna RR of N J 100 Ain dep rots ord reg.£1 4534 47 94 Jan Lake Shore Mines Ltd. 834 3.300 74 Ma 8 4% Ford Motor of Can el A_.• 24 234 22434 3,000 Lakey Foundry & Mech..] 80, 234 June 32% Jan Class 13 32 75 • 30 100 144 2535 Jun 3731 Jan Lane Bryant 7% pref 100 75 Ford Motor of France Lefoourt Realty eom 1 American dep ram _100 Preferred • z20 z20 44 May 234 Jan Foremost 1)alry l'rod corn" Lehigh Coal & Nay 4 Ma 634 64 • 34 34 Mar Preferred 14 Mar Leonard 011 Develop_ __26 Ns Jun • 34 34 74 Froedtert Grain & Malt 66 Lerner Stores common...' 65 Cony preferred 104 1634 174 Aug 350 1434 If 6% pref with warr__100 164 Ap General Alloys Co 134 2% 6,700 • 334 4 % AP 254 Oct Lion Oil Development.,. Si Oen Electric Co Lid Loblaw Groceterlas cl A _ _• Am dep rots ord reg....El 15 300 154 Sept Lone Star Gas Corp 154 1131 Max 94 8 84 Gen Fireproofing oom 44 June a 700 94 July Long Island Ltg7% 734 • Gen Gas dr Elea Common 434 434 $6 cony pref13• 8 54 76% Oct 1534 Apr 7% preferred 100 75 Gen Investment com am Mar 900 I 14 Aug Pref clam B 68 M. 100 67 $6 cony pref Maas B. • 8 15 21% Sept Loudon Packing Co Jan Warrants New common lie Jan 7 8% 'la Aug • Gen Outdoor Adv 6%pf100 65 65 62 30 Oct Louisiana Land & Exploit.) Oct 65 7% 74 Oen Pub dery M pre!._--• 52 54 140 so 24 Mar 6754 Aug Lucky Tiger Comb G Nf 10 Gen Rayon Co A stock__• 1 300 1 14 Feb Lynch Corp corn 34 Oct 38 33 5 33 General Tire & Rubber__26 38 43 575 38 3434 Oct 714 Jan Stangel Stores Corp • 91. 25 584 6% preferred A 89 100 91 99 Mar Apr 64% pref w w 100 Georgia Power $8 Pre-' 804 83 200 35 • 25 52 Jan 854 Sept Maned Consol Mfg 25 $5 preferred 50 • Apr 68 50 July elarconi Internet Marine Gilbert (A C) corn 1 200 • • 334 394 354 Sept l3-( May American dep receipts _ El Glen Alden Coal • 204 2134 4,100 10 • 10 134 May 24 Jan efargay 011 Corp 10 Globe Underwriters Ino 2 11 11 200 114 Sept elation Steam Shovel....' Jae 7 Godchaux Sugars class A.• 163 10 4 An 28 Maryland Casualty Ma) 2% 234 1 Clam II 100 9 3% • 631 634 114 May 634 Oct Mass Mil Ammo vto Goldfield Control Mines_10 600 34 34 Jan Massey-Harris corn 4 3( Apr 4% • Gold Seal Electrical 1,200 1 34 1 34 35 Au Feb Mayflower A1140^1111011 54 54 • Gorham Inc class A corn.' 134 34 May May Hosiery Mills 14 May • 1834 1834 $3 preferred 650 1131 1154 Jul 1994 May $4 pret w w • Gorham Mfg Co McColl Frontenac 011 corn. V to agreement extended 1,400 1034 1234 mar 15 1634 18 Jan McCord Rad & Mfg B • 6 634 Grand Itapids Varnish...' 210 54 Mar 1134 Sept McWilliams Dredging 94 94 434 48% . 43 Gray Talon Pay Station..' 104 18 150 84 Max 18 Sept Mead Johnson & Co • 8034 814 Great A tl & Pao TeaMemphis Nat Gas oom C 34 34 Non-vol corn stock • 126 128 Mar 140 121 70 115 Aug Mercantile Stores corn_ • 1334 154 7% let preferred____100 129 12934 1224 Jan 3135 110 120 July 7% preferred 15o (It Northern Paper 20 May 23 50 1934 21 23 28 Jan Merritt Chapman A SCOtt • 234 2% Greenfield Tap & Die____• 64 7 434 Mar 3% 300 7 Ono 64% A preferred_ _100 Grocery Stores Prod v I 025 34 34 Feb • 3.4 Aug Mesabi Iron Co Si 716 Guardian Investors 34 Mar 1 34 Aug Metropolitan Edison Gulf Oil Corp of Penna_25 614 65 504 Mar 74% May 4,800 VI preferred • Gulf States Util $6 pref._• 8434 8434 55 25 40 Jan 87 1 Sent Mexico-Ohio 011 1 Hall lamp Co • 334 Mar 53.4 64 4,900 II 3 Oct Michigan Gm & Oil 2 2 Handley Page Ltd IS Michigan Sugar Co 94 Am dep rots pref___8 sh. 34 Mar 154 100 73-4 Oct 734 Preferred 734 5% 54 10 Hartford Electric Light _26 70 70 25 484 504 Jan 71 July Middle States Petrol art man Tobacco Co _ 4 34 Apr 300 • 14 May 1 14 1% Class A v t e • 1% Ilarvard Brewing Co 2% 235 Sep 1 234 234 1,200 Class B•t • 33.4 May 54 716 Hazeltine Corp • 7 234 9 Jun 9 200 1054 Aug Middle West Pill corn * 716 Ilecia Mining Co 4 1034 1234 16,100 6 25 Feb 124 Apr 24 35 $6 cony pref ser A w w • 4 4, • Helena Rubenstein 5-4 Jan 134 Sept Certificatee of dep......• 154 Hayden Chemical 37 10 47 Jan 300 14 4934 524 June Midland Royalty Corp Hires(C El Co el A • IS 234 NiaN 2514 July S2 cony pre _ • For footnotes see page 2413. ' 2409 July 1 JurO I Sales 1933 to for Sep. 30 Week 1935 10 100 100 100 6, Mar Mar July Ma , Aug Jan Aug Aug Jan Aug Slay 34 107% .L1,1 254 3 i0, 6 22 74 34 Jan 7 ,6 Aug Aug Aug Apr Sept Jau May Jan May Apr July Slay 72 Mar z100 75 a 54 1214 x1134 Apr 10 200 1334 Mar 4% 1,300 78 1 Fen 5934 755 2,900 • 3234 45% Oct 58 254 Mar 34 500 Jan 80 67 500 25 24 14 Oct 1 18 Jan 2214 7 100 8% 534 Mar 53.4 3,700 yi m16 34 Ara 3,500 70 Jar 40 700 104 9134 Feb 107 40 63( 334 Ma 200• 3 1994 1754 Feb 15 935 434 Ma 1,800 Sept Mar Sept 134 2 100 9 15 1 12 100 25 2 Ma Jan 48 Jan 37 2054 on , 1 Oct 44 Jan 34 June 2614 e'er 54 June July 47 25 July 6 84 7034 291 4 8% 94 34 42 Aug Aug Aug July Oct May Apr Aug 64 4 14 1 1 3 38 June Feb 134 Mar 14 Jan Feb 1 34 Mar 41 Jan 4 10 334 2% 2 354 58 Jan Sept May Sept Aug Jan Sept 22 12 134 300 2,200• 1234 44% 600 •4 100 8% 400 60 34 300 534 '16 7,600 4034 Feb 1234 Sept ail Apr 214 Jan 55 Api 1•4 Mai 934 July 70 Jan 34 Jan 8 Ma Stay 44 151( 734 484 82% 4% 16 734 334 23% 34 Nfar Jan Sept Oct Sept Sept Aug Jan Aug Aug Oct 4,300 60 125 • 2 38 32 234 2,100 8,800 100 800 400 300 74 700 400 34 24 600 600 26,200 1,000 1,700 '16 74 34 4 Jan 0 4 Jan Max 2 4 Mar 3 Feb 80 48 200 1.00 8 3.4 Mar 3'4 Mar Jan 4 Apr 'is Apr 'is a June to May Mar Aug Jan May Aug Aug Slay Aug Sept Aur July Sept Jan 64 Aug 334 Jan 96 Slay I Jan 334 May 154 June 8 June 24 May 9 May .4 sr Aug . 34 Oct 234 Oct 10 Jan New York Curb Exchange-Continued-Page 3 2410 STOCKS (Continued) Week's Range of Prices July 1 Sales 1933 to for Sep.30 Week 1935 Range Since Jan. 1 1935 Par Low High Shzres Low Low Midland Steel Prod Mar • 174 17% 500 5 431 Midvale Co 39 Jan • 39 35 25 184 Mining Corp of Canada _ _• 131 lti• tis Mar 100 131 , Minnesota Mining & M fg _• 18 300 li 7% Jan 12 18 I, July I, Miss River Fuel rights Miss River Pow 6% Pfd 100 10531 10531 10 65 Feb 82 Mock Judson YoehrInger_• 64 1031 Mar Mob & Hod Pow 1s1 pref_• 7534 82 700 304 304 Mar 2d preferred Mar • 3434 3931 9 9 800 Molybdenum corp 1 11% 13% 6,500• 24 74 Jan Montgomery Ward A Ja., • 135% 1384 127 380 • 56 Montreal Ls HS & Pow ' 29% 30 300 2631 2631 May Moody's Invest Service_ • Jan 23 1654 Moore Corp Ltd com_ • 1831 Feb 12 l'referred A 100 Jan 125 90 Nitge Bk of ColumbiaAmerican Shares 331 Aug 131 Mountain & Gulf 011 300 y, 31 1 31 Feb 14 Mountain Producers_ _ __ li 4% 4% 44 Jan 3% 300 Mountain Sts Pow com_ • Si Jan Si 10 100 10531 Mar Mount:11'013U Tel & Tel 11)0 128 128 Jan Murphy(0 Cl Co • 130% 13231 72 200 3131 100 Apr 112 8% preferred 105 Nachman-Sprinfilled Corp' 9 1134 400• 431 National Baking Co corn _I 34 Nat: Belies! Hese corn_ __i 1% 14 4,500 14 Nat Bond & Share Corp....' 38 500 284 40 National Container CorpCommon 23 50 10 • 23 • $2 cony pref 29 National Fuel Gas • 1631 17% 1,800 1131 National Investors com _ _1 1% 131 2,600 4 $5.50 preferred 1 78 78 200 35 Warrants 4 Nat Leather corn 1 1 • 300 4 National P & L $8 prat __ _• 7234 7534 500 32 Nat Rubber Mach 2 474 54 1,700 • Nat Service common 4 4 1,400 4 1 Cone part preferred__ ..• 100 X 916 916 National Steel Cat Ltd. • 1136 Nat Sugar Refining • 21 1,300 24 223-4 Nat Tea Co 5%% of--10 9 50 934 931 National Transit_ _ _ _12.50 64 500 931 94 Nat Union Radio cum_ __.1 4 7 16 1.000 X corn% Nehl Corp : 1st pref 31 Neisner Bros 7% pref__100 109 109 25 264 Nelson(Herman)Corp__ _6 2 Neptune Meter clam A_ • 334 Nestle-Le !slur Co cl A_ • 79 1 Nes Calif Eiec corn ___106 , 631 7% preferred 100 35 New Bradford 011 119 900 231 231 6 New Jersey Zino 25 85 1,600 474 68 New Mex & Aria Land„..) 100 31 14 1% New Haven Clock Co__ • 134 Newmont Mining Corp_10 594 60% 5,200 34 New Process corn • 104 : N Y Auction Comm % N Y Merchandise • 15 NY & Honduras Rogario16 454 454 50 1734 NY Pr & Lt 7% Mel__ _100 99 100 50 59 $6 preferred • 8934 92 100 533-4 N If Shipbuilding CorpFounders shares 8 100 8 1 434 N Y Steam Corp arm .._ _ _• 16 16 100 12 N Y Telep 834% pref _100 11834 11934 100 113 5 N Y Transit 3 N Y Wat Serv 6% pfd...100 20 Niagara Bud PowCommon 23.4 714 831 25,500 11 Class A opt ware A 36 2,000 l 34 134 Class B opt warrants 700 134 34 Niagara ShareClass B common 2% 6% 731 1,500 5 Class A preferred_ _100 7 34 Niles-Bement-PonCi • 2534 264 2,300 74 600* 131 Niplasing Mines 234 2 5 Noma Electric 231 234 1,000 1 Si Nor Amer Lt & PrCommon 2 1 3,500 2 Si • 2234 26 16 preferred 1,000 3 43 North American Match....' 43 25 18 No Amer Utility Securities' 23e 2% 400 31 Nor Cent Texas 011 Co11 134 Nor European 011 corn .... .. 1 i. i 5,000 916 A Nor Ind Pub Set6% pfd100 21 7% preferred 2031 100 Northern NY Utilities 7% let preferred____100 102 10234 75 45 34 Northern Pipe Line 431 10 Nor Ste Pow corn class A100 15 1,900 831 19 Northwest Engineering_' 11 3 500 1134 2,7000 144 Novadel-Agene Corp._ • 2934 32 Ohlo Brass Co al 13 corn...' 29 297-4 125" 10 225 454 • 9534 98 Ohio Edison $6 Pre Ohio 011 6% pref 400 814 100 10231 1035-4 Ohio Power 6% pref 50 80 100 110 110 Ohio PS 7% lot pref _ _100 71 64 Olistocks Ltd corn 5 104 103-1 400 I 1 Outboard Motors El corn_' 200 4 Class 5 cony pref 100" 31 • 934 931 800 34 374 • Overseas Securities 134 334 34 1,400" 134 Pacific Eastern Corp 1 Pacific0& E6% lit Pref25 284 2934 3,300 1831 El 184 534% let prat 25 PacIrIc Ltg $6 ore? • 1034 104 300 Is 563( Pacific P dr L7% pref _ _100 -72 • PaelLe Pub Serv non-vol.• 7 6i • 1834 1834 let preferred 200" 13.4 • 3534 364 Pacific Tin spec etk 700 10 4034 1,600 3174 Pan Amer A IrwaYS----10 38 4 23-4 34 47,600 Pan tePec 01101 Vanes_ _. 1 Paramount 3/4 Motorl 43 it Parke, Davin & Co 44% 1,600 1934 9 Parker Pen Co 4 10 Parker Rust-Proof COM _• 46 5,350 11 39 53 Patchogue Plymouth Cp_ . 1231 1234 431 100 Ponder)) Grocery A24% : Class Ii 5% Peninsular Tele], com.... • 5 Preferred ik 6634 Pa Cent I.t & Pow $2.80 pf• 24 $5 preferred • 67 Penn Men Fuel Co 1 24 Pennroarl Corp v to 131 234 274 34,500 1 • 1434 1434 100 6 Pa Gas & Eiec clam A _ • 103 1064 100 7494 Pa Pr & Lt $7 prof 10 724 98 • 08 46 Preferred 4234 Penn Salt Mfg Co__ _•_50 500 4131 Pa Water & Power Co__ _ _• 7134 72 Pepperell Mfg Co 390 524 100 6331 6 6% 200' 21 Perfect Circle Co • 364 37 9034 Pet Milk Co 7% pref __ _100 4 500 8 Philadelphia Co coca • 83-4 'l 2911 , Phila Flee Pow 8 , prat 25 For Notniat(13 see page 2413 6 31 14 294 Mar Sept May Feb 1854 30 11% 4 55 34 4 6651 44 li June July Mar Mar Mar Feb Mar Feb Oct Apr High 2031 Sept 4331 Sept 131 Apr 194 July % Feb 10531 Oct 1731 Sept Oct 82 394 Oct 1431 July 14431 May 344 Aug 3231 Oct 224 July June 137 431 31 54 1 13031 13731 116 Apr Feb May July Aug Oct Apr 1131 Oct 1% Oct 23-4 Jan Aug 41 23 35 184 131 78 1016 14 8414 94 Si Si 164 85 931 104 A 6 5134 109 8 1731 54 7 45 34 6834 234 5.34 61 20 34 32 6934 1004 92 Oct Mar July Jan Aug Aug Jan Aug Mar Jan Jan Aug Feb May July Feb May Aug Oct Jac Sept Jan Sept Aug Aug Sept Jan Oct Sept Aug Aug June Apr Aug Oct 1331 Mar 22 May May 121 4% Apr Feb 774 Jan Aug Mac Sept Aug A Apr 15 21 9 631 11 231 50 140 434 64 23-4 534 35 2 49 1 34 344 12 14 2534 33 8134 5334 May Oct Apr Feb May Mar July Feb Apr May July June Mar Feb Apr May May Mar Jan Feb Jan Feb Jan Jan 414 12 11331 3 4834 STOCKS (Conttnued) 234 Mar A Jan 34 Mar 854 Aug 4 Aug 14 Aug 23-4 82 834 2 4 Mar Oct Mar July Jan 83-4 Aug Oct 82 2834 July Apr 3 34 Sept Si 44 244 34 2 li• 32 3831 Mar Mar Jan Jan Jan Jan Feb Mar 444 32 43 44 331 tie 64% 70 Aug Aug Oct Aug May May Sept Sept Oct 4534 Jan 103 , May 7 5% Jan Aug 8% Mar 23 144 July 54 Jan Oct 32 184 May 19 70 89 8531 15)54 944 44 334 1 3's 2 204 184 71 70 1 731 25 36 14 34 324 17 39 124 39 554 531 7934 24 67 54 131 94 804 77 7834 534 5244 31 113 4 331 4 Jan 33 Feb104 Jan 108 Jan 11014 Apr9634 Feb1 I 4 Mar 13-4 Oct 104 434 Apr 331 Mar 2931 Jan Jan 264 Feb 10434 Oct 72 Islay 3% 11)31 Feb 3734 Jan June 443-4 Mar 334 454 Mar 474 Jan 19 June Sept89 Oct 1231 384 jet 7 Sept 12 Mar Apr 101 Feb 4134 70 July 11 July 236 Mar Apr 173.4 Jan 10634 Jan 100 Apr 105 7731 Jan Apr 8934 Feb 40 May 120 133-4 Mar July 334 Sept Aug Aug Sept Aug May Aug Aug Aug Aug Oct Sept Oct Sept Sept Sept Aug Feb Sept Feb July Sept July Oct Sept 1 .-13 July Aug July July Jan Sept Aug Oct Sept Aug Sept Jan Apr Feb Aug July Week's Range of Prices Oct. 12 1935 Sales for Week Julp I 1933 to Sep.30 1935 Range Since Jan. 1 1935 High Shares Low Par Low Low High Phoenix Securities Common I 4 2% 2% 4,300 131 Feb 331 Aug 500 164 274 Feb 48 $3 cony prat ser A__ _10 3631 38 Aug He Bakeries Inc corn 300 • 84 Apr 34 12 Aug 93-4 934 1 600 Pierce Governor corn 2 6 Jan • 8 Sept 6% Pines Winterfront Co_ __ _5 300• 4 Jan Si 2% 3 3 Oct Pioneer Gold Mines Ltd 1 84 84 Mar 124 May 834 9% 4,900 Pitney-Bowes Postage Meter 5 254 Mar • 64 5,500 6 7 June 29 334 Mar 37 Pitts Bessemer & Le RR _50 Sept 2 100 434 Pittsburgh k °Mugs 434 24 Jan 531 Aug I Pittsburgh & Lake Erle_50 644 67 310 51 51 Feb 7334 Sept Pittsburgh Plate Glass 25 7831 83% 3,600 304 464 Apr 8331 Oct 6 10 Pond Creek I'ocahontas_ • 1831 Aug 2834 1 eh 9,100 Si Potrero %tau corn 31 Jan 231 3 3 5 Oct Powdrell & Alexander 200 74 Jan 164 Oct 74 _• 1631 164 64 631 May Power Corp of Can corn_ • 9% Feb 500 154 23 Pratt & Lambert Co ' 2134 254 July 30 Jan Premier Gold Mining_ _1 131 Jan 600 Si 1 4 1% 24 Apr Prentice-Hall Inc • 534 31 July 31 July 911 June 1531 Sept Pressed Metals of Amer • 934 Producers Royalty 31 Jan 800 % 1 6 ,1 Jan % 916 Properties Realisation 124 Apr 1934 Aug 50 1231 Voting trust citfs_33 1-3c 174 174 Propper McCallum Hos'y • 100 A h A Mar 54 14 Feb Providence Gas Co 1231 Sept 1034 • 1034 May 44 300 Prudential Inveetors 43-4 Ma 841 84 • 94 Sept 83 Jan 100 400 59 56 preferred Sept • 984 99 Pub Serv of Celo90 Apr 99 D3 Sept 7% 1st pre( 100 8 Jan 234 Aug Pub Serv of Indian $7 pref• • 5 Jan b 1334 Aug 56 preferred 50• 94 174 Feb 40 Public Sem Nor Ill corn_ _• 40 40 , Aug 18 Feb 39 50' 9 Common 39 Oct 80 39 • 28 784 Apr102 July 6% preferred 100 9 38 77 Jan 83 Feb 7% preferred 100 Public Service Okla 81 81 May 81 May 7% yr L met 100 Aug 1 4 Feb .11 Pub TRH Secur $7 pt pt..' Puget Sound P & L . 3 575 74 13 Mar 403.4 Aug 55 preferred 634 3731 64 Mar 1834 Aug 5 $6 preferred • 153.1 163-4 1,700 334 344 Mar 70 June Pure Oil Co 6% pref _100 74 Sept 23-4 Jan 134 700 Pyrene Manufacturing_ _10 54 5% Jan 1304 Sept 127 30'106 quaker Oats corn • 132 132 1324 Feb147 July 10 111 6% preferred 100 143 143 50 __ 13 Oct 13 Oct Quebec Power Co 13 • 13 64 Mar 17 44 225 Ry & Light &cur corn__ _iii 1431 14 Si 4 Jan 31 RY dr 10til Invest A 1 Rainbow Luminous ProdSi 916 June 34 Claim A. 900 Si Si • Si • Class Il 'la June 'is Raymond Concrete Pile 331 Aug 5 331 • Common Sept 25 12 12 $3 convertible preferred • 14 Si Feb Raytheon Wry 10 Si • -6(31 I Red Bank Oilro3-1Si Feb Oct 43 43 Reed Roller Bit Co 100 __ 43 : 43 4134 Feb 431 731 Reeves(D) oom 800 • 631 6% Apr Reiter-Foster 011 , 9 31 014 'is 2,000 31 • 494 Mar 831 Reliable Stores corn 134 1,50(1 8 7 • 331 Apr 2 134 20(1 Reybarn Co Ine 10 334 33-1 13.4 Reynolds Investing 134 14 5,70(1 1 Si Apr 4 1214 July • Rice Stix Dry Goods 9 .• 84 144 Richfield Of I prof 34 July 34 25 434 Richmond 1/cad corn (new) I 234 Aug 234 434 5,300 3 Apr 85 Rochest G &E 6% D pt 100 85 65 94 Mar 6 6 100 Rogers-Malestio class A _. 6 • 6 2% 134 Apr 100 31 Roosevelt Field, Inc 134 I% 5 4% 3,100 14 Aug % Root Petroleum Co._ _1 334 4 Aug II 8 1031 8 200 $1.20 cony pref -20 10 in, Si Feb 300 4 Rogan International Si Si • 234 2334 Aug 2834 Royallte 011 Co • 37 1531 May 834 3,800 • 3131 37 Royal Typewriter Jan 731'4 41 450 25 Ruberoid Co • 6934 733-1 214 500 831 334 Air Russets Fifth Ave 831 7 14 Si Mar Si IlYan Cons& Petrol__ . • 6035 Mar 83 100 35 75 Safety Car Heat & Llebt100 74 54 •rs Arr St Anthony Gold Mines_ _1 Si % 4 May 4 St Lawrence Corp corn_ _• 1 Mar 334 1 2 in 234 8,600 St Regis Paper COM 370 174 1731 Mar 43 39 100 36 7% preferred 1 'is Sept 200 rig Salt Creek Consol 011 __I "16 "16 534 Mar 5 74 6% 631( 1,000 Salt Creek Producers_ __10 I Si Jan 31 Savoy Oil__ 254 Mar 334 300 13 Schiff Co corn °• 2734 284 4 June 34 Schulte Real Estate com • 31 194 Mar 31 775 17 Scoville Manufacturfng_25 2934 31 331 Securities Corp General_• Si Mar 700 Si 231 2 434 Mar 50 100 34 49 Seeman Bros Inc a 49 A Mar 400 A Segal Lock & Hardware....' "is "16 .34 1 100 $1 1 Oct 24 Selberling Rubber corn _ _,.. 1 1 Jan 34 . 30 38 30 50 1531 Selby Shoe Co Selected Industries Ino4 Mar Si 2% 1 Common 234 24 5,600 48 Mar 7634 40(1 38 $5.50 Prior stook 25 684 71 Allotment certificates__ 800 373.4 4831 Mar 77 7134 69 Selfridge Prov Stores 231 Sept234 14 i Amer der. tee Si Jan 34 200 Sentry Safety Control__ _.• Si Si Its 531 531 Beton Leather corn . 34 Mar 34 700 7 134 Jan Shattuck Denn Mb:lbw _ _ _5 134 4 1,500 374 4 300 144 1444 May 110% Shawinigan Walk Power.• 1634 174 100 14 134 13i Shenandoah Corp corn _ r Si Apr 34 1231 Mar 26 600 12 22 25 21 $3 cony pref 84 Jan 118 Sherwin-Williams dam_ _25 11031 118 2,200 l• 3331 Aug 1134 6% preferred A A____100 10834 1094 210 • 90)4 BM 60 119 235 Mar 301 Singer Mfg Co Ion 275 287 Singer Mfg Co Ltd2 24 Feb 331 Amer dep roe ord reg..51 Jan 29 72 Smith (A 0)Corp corn__ - 43 5231 2,500 1511 Smith (L C) de Corona 334 Feb 8 200 Typewriter•t c com _ __• 144 15 1514 1 1 Apr 24 Sonotone Coro 231 2% 18,000 1 531 334 Apr 131 So Amer Gold & Plat 531 59,400 33i 1 Sou Calif Edison 17 26 2834 Jan 3934 5% original preferred_26 174 Jan 284 Preferred B 25 274 28% 2,400 154 1574 Jan 203-4 54% nref serial C 25 257-4 26% 3,800 0, 14% Jar 124 104 121 10 100 South's N E Telep____100 121 Jan 1 A Southn Colo Pow ci A _ _ _25 43.4 I% 24 2,200 9 Southern Nat Gas corn _ _ • 31 Jar 'ie 31 1,100 A A 34 34 Jail 5 Southern Pipe Line 10 Southern Union Gas corn _• 34 Oct1 4 • 454 Jar 6% 434 600 Southland Royalty Co_ _ _5 531 5% South Penn011 213-4 Mar 2834 25 244 2531 2,100 154 344 4531 Feb 524 So'west Pa Pipe Line 50 Spanish & Gen Corn Si Jun Si 31 Am dep rcts ord bear_.£1 "16 7111 A0 34 Am rep ITU) ord reg....(1 'i• 4 1,600 May 43 Square I) class B corn_ _ _1 2,800" 700 17 3351 43 29 SIlly 364 1,000 It 3 Class A pref • 3434 3531 31 AugSi 14 1,000 Standard Brewing Co_ __ _• 54 31 2931 Mar 3534 23 Standard Cap & Seal onm_5 Standard Dredging Co 9 31 234 Aug, 2% • Common 134 9 • 5% July1 1231 Cony preferred Sept Jail Oct Sept Jan Jan May Fel, Oct Jan May Aug Sept Jail Jan Aug Oct AC Jan May Sept July May May Oct Oct Oct may Aug Jan May Aug Aug Jan May Jan Jan Sept Oct Aug may Sept Jun Apr Oct Aug Aug , Jan June May Sept Jan Aug Aug Oct Mar July Aug May Sept Oct Oct July Oct Oct Apr Aug Aug Sept Apt July May Feb Oct Sept Oct Aug Jan July Aug Sept New York Curb Exchange-Continued-Page 4 Volume 141 STOCKS (Continued) Week's Range of Prices Sales for Week July 1 1933 to Sep.30 1935 Range Since Jan. 1 1935 STOCKS (Concluded) High Low High Shares Low Par Low Sept 104 Apr 29 50 1031 24 Stand Investing $5.50 pf_• 24 2134 Feb 18 Jan 204 2,000 1334 Standard 011(Ky) 10 20 May 731 Mar 12 734 200 11 Standard Oil (Neb) 25 11 194 May 1,400 1134 114 Mar 144 Standard Oil (Ohio) cons 25 14 Sept 994 May 631 25 764 91 5% preferred 100 91 Aug .5 Mar 1 1 9,000 1 1 Standard P & L corn • 44 Aug , 200 1 1 Si An Common class B • 31 Aug 8 Oct 21 9 * Preferred 1 16 June • 4 AK 31. , 2,900 A A Standard Silver Lead_ 1 Ape l 31 Oct .. 516 1,600 Starrett Corporation 34 1 39-4 Ant' % Mar 4 1,500 135 2 6% preferred 10 4216 Mar 504 July 32 • Steel Co of Can Ltd 144 July 94 Mar 5 • Hteln (A)& Co corn 103 80 Feb Jan 107 100 634% preferred Apr 4 334 Aug ll 236 Sterling Brewers Inc 1 1534 Mar 7% 104 June 350 Stetson (J B) Co com____• 1231 13 2 Jan 14 May 1 Stinnes (Hugo) Corp 5 1514 Oct 6)( Jan 435 200 1536 • 15 Stroock(8)& Co 3% Feb 31 Sept 31 1,400 Stilts Motor Car • 1 1 10 Mar 1534 Sept b% 300 Sullivan Machinery _ _ _ _ .• 144 15 54 Aug 24 Mar 24 100 • 4% 4% Hun Investing COM Nfar 464 Sept 40 34 * $3 cony preferred 2 4 Apr 4 5,800 Sunray Oil... Sept 1 14 2 June Sunehine Mining Co__10e 184 1934 8,600'. 2.10 1034 Jan 25 1834 Sept 19 Sept • 516 Sutherland Paper Co__ _10 24 Mar 146 53,1 Sept SwanFinch 011 Corp_ 15 2734 Sept 3631 Apr Swift Internacional 15 284 2934 3,000' 1934 324 454 Jan 584 Feb Swiss Am Elee prof_ _100 2 Feb 1 344 May 1,100 Swiss 011 Corp 24 29-4 1 Aug 89 Apr 100 89 Syracuse Ltg 6% pref _ _100 24 Aug ft June 9.4 1,100 Taggart Corp corn • 14 2 364 Aug 224 Mar 200 2134 TAW Pa Electric Co corn...• 34% 35 44 400 Ticsryeast Inc el A 31 July 1 234 Sept 234 24 June lechnicolor Inc, corn • 18 204 8,400 27 114 Jan 736 44 Mar 334 Jan 34 reck-11ughee Mines 1 334 314 7,100 48 45 Tenn El Pow 7% 1st p1100 Feb 7634 July 'IS July Tenn Products Corp com• 4 Jan 314 434 May 24 reels Gulf Producing__• 2,4 July 234 24 2,500 75 Feb 95 75 Sept Texas P dr L 7% pref__100 Taxon 011 & Land Co_ _ _ _• 0% Jan Mar 5 434 54 64 1,500 2231 May 414 Aug 20 Thermoid 7% pref 100 Aug 125 3734 60 Mar 68 l'obacco Allied Stock*__' 68 68 231 Jan Tobacco Prod Exports___• 133 Feb 34 600 2 334 Tobacco Securities Trust 194 Apr 24 Am dep rcts ord reg_ _CI Jan 189.4 Jan b Am dep rats dot reg__£1 7 July 5 A nr 334 Jan 33 2 18 Todd Shipyards Corp- • 68 10 51 99 Oct Jan Toledo Erikson 6% pref 100 99 99 10 584 83 Jan 1064 Oct Preferred A 100 1064 1064 7% I, 36 Apr 4 Apr Tonopah Belmont Devel_ 1 14 Apr Tonopah Mining of Nev__1 35 Feb 4 ['ram Lux Plot Screen134 Common 2 1 24 34 2,200 3.4 Sept Apr 1'11-Continental warrants__ 14 14 1,300 34 2% Sept A Mar Triplex Safety Glass CoAm dep rcte for ord reg_ 114 1634 July 18% Sept 104 June 104 Apr ,9 74 Tri-State Tel&Tel6% Df 10 7 l'runz Pork Stores • Jan July 7 9 3 Apr 7 Aug 3 700 'Pubis° Chatillon Corp_ __I 5 54 1,100 Class A 1 19 22 Oct 94 104 July 22 Tung-Sol Lamp Works_ _ _• 836 94 7,500 94 Oct 3% Apr 231 29 $3 cony pref • 4335 4515 Jan 4534 (1‘.. 600 12 Unexcelled Mfg Co 11 Union American Inv'g_ • Un El Lt & Pow 6% pfd 100 Union Gas of Can 6 • 6 lilt Oil of Calif rights Union Tobacco corn A 316 • 513 Union Traction Co United Aircraft Transport Warrants 8 8 United Chemicals corn_ • $3 cum & part pref • II rote.° t nrp warrante 4 14 United Dry Docks corn • United Foundere 1 ,4 1 United Gas Corp com I 336 4 Pre non-voting • 784 81 Option warrants 914 "16 United 0 & El 7% prat100 804 82% United Lt & Pow corn A _ _• 134 1% Common class B 4 4 • $6 cony let pref 14 • 12 United Milk Products_ • • $3 preferred United Molasses CoAm dep rote ord ref ___£1 436 44 United Profit-Sharing--- • 14 14 Preferred TO United Shoe Mach com_25 8335 8434 Preferred 39 20 39 US Dairy Prod class A_ _ _. 4 4 Class 11 34 A * US Flee Pow with warr_ _1 316 31 Warrants El S FIntaliing corn • 115 Foil Co clans LI 1536 174 1 11 S Intl Securities 134 134 • let pret with ware • 6631 664 U S Lines prof • 118 Playing Card 33 10 33 11 S Radiator Corp coin_ _ _• 3% 34 7% preferred 100 19 20 (7 (4 Rubber 'Reclaiming_ _• 31 United Stores v to • 34 tin Verde Extension_ __511c 2% 3 United Wall Paper 24 27-4 2. Universal Consol 011_ _ _10 Universal Insurance 8 Universal Pictures com___1 Universal Products • 1634 21 94 Utah Apex Mining Co- 5 1316 Utah Pow & Lt $7 pref_* 3634 4234 Utah Radio l'roducts • 3 3 Utica Oas & Eiec 7% p1.100 Utility Equities Corp____' 234 3 Priority 0tock • 69 69 % 4 Utility & Ind Corp • 2 • 24 Cony preferred 31 1 1411 Pow & Lt corn 1 100 10% 12% 7% preferred Venezuela Mex 011 Co_ _10 14 1% Venezuelan Petroleum-_b Vogt Manufacturing • 154 154 54 535 • Waco Aircraft Co 4 4 Wahl (The) Co corn • • Waitt & Bona el A Class B • Walgreen Co warrants__._.. 134 Walker Mining Co I 134 Walker(Itiram)-Gooderlfro A Worts Ltd coin__ • 224 254 • 17 17 Cumul preferred Wayne Pump corn (new)_1 1534 18% 1 34 316 Wendell Copper 1 5% 5% Western Air Express Western Auto S110011 A - -• 4834 49% For footnotes see page 2413. 211 Mar 2 4 Sept Aug 194 Mar 25 10 1034 10334 June 1034 June 64 Aug il May 200 3 June A Jun 4 Jan '16 900 34 Jan Apr 5 June 4 LI 3.4 200 600 25,400 20,300 1,800 2,300 30 5,300 100 7,700 3 234 13 4 316 4 15 34 46 34 1 34 3 20 334 234 21% 34 its 3 , 4 4 35 4 64 34 1 334 3 29 9 Mar 74 Ma Apr40 14 Mar Apr'is 134 Star 44 Ma Mar 84 "os Ma Jan 824 34 Ma Feb7 Mar 224 Jan 44 Jan 38 Sept July Aug Aug Jan Aug Sept Sept Aug Oct Aug Sept Aug July Aug 53-1 Jan 434 Jan 2% 1% Apr A Mar A 731 Feb9 Sept 6 700• 47 70 Jan 854 Sept Jan 4034 Aug 60 3031 36 A Sept A Oct A 100 21 A July 4 100 516 Feb 900 4 Aug A 4 Jan '32 Jan 32 Jan 155 2 Jan 31 Mar 4 54 104 Mar 31,800 1715 Oct 4 Mar 34 300 2 Aug 100 394 413-4 Apr 73% Sept 16 Feb 11 Apr Ns 50 .1434 304 Mar 384 May 100 134 131 June 334 Aug 10 July 22 50 • 6 Aug 4 A Feb 131 Aug 1,300 11 li Mar 134 Jan 44 June 215 Oct 231 4,800 1 15,100 34 Aug 134 Aug 27 1.21) 64 ken 34 Jan 531 19 7 Jan Aug 2 Aug I 535 June 4,200 1, 44 13 July 21 Oct A 5,700 14 1 Jan 4 July 16 Jan 42% Oct 1,525 134 3 Oct Aug 1 4 100 • 84 A pr 100 77 Aug 3% Aug 4 Mar 94 300 30 43 Jan 25 7334 Sept May 14 Aug A 100' 44 Aug 1 Mar A 300• 194 Aug 31 Feb /1 4,400 9 394 Mar 174 Aug 34 900 8 135 Mar 14 May 2 Aug 34' 'pi Jan 10,300 17 Aug 8 Jan 2% 100 34 Mar635 July 334 300 2 Aug ' 4 Sept 44 100' 331 44 Feb 10 Aug 14 May 34 Mar 35 N. Aug 14 Feb I 134 Sept 4 Jan 9 ,4 800 1,600 • 900 12,000 500 35,300 3,200 3,300 350 204 124 1231 116 2 17 I 2231 104 1211 1111 2 471 4 Oct Jan Aug June Jan July 3234 184 1835 4. 54 4 606 Feb Mar Oct Ma, Oct Mar July 1 Week's Range Sales 1933 to Sep 30 for of Prices Week 1935 Par Low Western Cartridge pref _100 Western Maryland RY 7% let preferred_ _100 Western Power 7% pref 100 Western Tab & Stat v t o_' 1634 Westmoreland Coal Co_ • West Texas Util $6 pref _ _• Westvaco Chlorine Prod 100 7% preferred 3% Weet Va Coal & Coke___' Williams(R C)& Co • 74 Willms 011-0-Matic Heat.. 36 Wil-lcw Cafeterias Inc___1 3 • 0007 preferred Wilson-Jonee Co • 224 * Winnipeg Electric Wolverine Port Cement_10 54 1 Woodley Petroleum Woolworth(F W)LtaAmer deposit rcts _ _ _be 264 731 Wright-Hargreaves Lid • 14 X Yukon Gold Co 1634 4 734 34 3 234 54 264 7% 14 105 105 Range Since Jan. 1 1935 Low High July Jan 102 98 Low 6214 High Shares BONDSAbbott's Dairy 8e____1942 Alabama Power Co 1946 1st & ref be 1st & ref be 1951 1956 let & ref be 1988 let & ref be 1967 let & ref 44s Aluminum Co s 1 deb be '62 Aluminium Ltd deb 5n 1948 Amer Comity Pow 548 53 Am El Pow Corp deb 6s '57 Amer 0 & El deb 5/__2024 Am Gas& Pow deb 68_1939 1953 Secured deb 5! Am Pow & Lt deb 6s_ _2016 Registered Amer Radiator 434,__1947 Am Roll MI11 deb 5s_1948 Amer Beating cony 65_1936 Appalachian El Pr 5s_1956 Appalachian Power 58_1941 2024 Deb 66 Arkaneas Pr de Lt be_ _1956 Associated Elea 44s 1953 Asaociated Gas & El Co 1938 Cony deb 54e 1948 Con, deb 44s 0 1949 Cony deb 434e 1950 Cony deb be oeb 54 1969 Registered 1977 cony den 5341 1950 ASSOC Rayon 58 Assoo T AT deb 534* A '55 Assoc Telep Util 548_1944 Certificates of deposit_ 1933 68 Ctrs of assposit Atlas Plywood 5348_1943 Baldwin Loco Works69 with warrants_ _ _1934 68 without warr____1938 Bell Temp of Canada lst M be series A___1955 let M be series 13_1957 1960 .51 series 0 Bethlehem Steel 11,_ _1998 Binghamton L H & P 5s'48 Birmingham Elsa 44e 1964 Birmingham Gan 50_1959 Boston Consol Gas 5a _1947 Broad River Pow 58_1954 Buff Gen Elm be __1939 1956 Gen 43 ref 5e 2411 Sept Aug Sept Aug Sept 85 65 635 Cl 434 22 4634 7494 12 7 28 Mar 66 Mar 102 Feb 1731 12 June Jan z484 60 34 7 100• 2(4 4 400 24 100 300 14 1, 14 2 800 99 3 7 3 31 231 18 131 314 335 June J80 105 5 Apr June 173 Jan 4 July 735 Oct Apr Ism Feb Sent Jan 8 June 2734 May Jan 131 July July 3% June June 64 Sept Jan 100 1,500 300 8,700 1,500 $ 2,000 Mar 24 634 Aug 34 Mar 174 54 Ns 284 Aug 10 Mar 234 July Jai 10534 Aug 8634 102 134 134 5,000 10531 1064 101,000 4134 4134 2,000 35 354 2,000 90 92 238,000 1,000 90 90 8,000 106 106 1024 103% 150,000 984 9934 69,000 105% 1054 39,000 1,000 1074 107% 1,000 1114 1114 94 9535 114,000 4534 51 177,000 63 544 55 474 444 924 59 134 74 54 1334 1234 384 __ 974 62 41 64 99 68 50 204 884 8311 8334 73 6611 1954 9% 14 74 894 18 1734 5031 90 1034 9434 74 101 1054 844 7331 2934 Jan Jan Jan Jan Jan Jan Jan July Mar Jan Jan Jan Jan Oct Jan Apr Jan Jan Feb Jan Jan Feb 104% 10134 10134 9531 90 108 104 54 174 106 3 4 434 404 92 90 106 103% 9934 10631 109 112 98 5431 July July July July July Sept Aug Aug July Oct Aug Aug Oct Oct Feb Oct Oct May Star Oct July Aug 3434 83,000 254 2,000 2831 272,000 3134 170,000 3014 294,000 2,000 28 46,000 31 714 2,000 714 22,000 31 142,000 30% 19,000 7,000 6931 14,000 70 854 6,000 12 931 94 11 11% -_ 11 584 34 9 8 13% 1334 47 1431 13 11 1234 12 13 1434 60 5734 144 1434 20 20 78 Mar Feb Mar Mar Mar Mar Mar Apr Jan Jan Jan Jan Jan Mar 90 35 3111 374 37 30 38% 754 754 31 304 6934 70 8931 Aug Aug Aug Aug Aug Aug Aug Feb Feb Oct Oct Oct Oct Sept 18,000 50,000 324 304 324 Apr 304 Apr 10115 1024 9635 984 984 9934 88 894 814 83 106% 1074 101 101% 28 254 23% 254 254 28 28 7134 70 2834 244 64 6734 8534 54 .55 5134 54 112 1124 11534 116 116 1164 134 134 1074 107% 88 884 7614 76 106% 106% 84 85% 108 108 22,000 82,000 12,000 36,000 65,000 22,000 9,000 81 68 Jan Jan Mar Feb Jan Jan Jan Jan Jan May Jan Aug Apt 1154 118% 120 138 1074 9134 8034 109 914 10931 110 Apr Aug July July Oct Aug Aug Jan Aug Jan May Apr 97 71 Mar 105 98 8834 Jan 65 4674 8331 Jan Aug 944 109 Jan 724 89 334 39 Mar 106 Apr 99 103 11214 102 100% 1134 10531 4434 1094 July Jan Oct MAY Aug July Juno Mar 14,000 98 10,000 97 6,000 9734 3,000 102 3,000 783-1 34,000 453.1 11,000 3834 2,000 1024 2,000 29 10234 9,000 102 Canada Northern Pr 5e '53 994 10034 33,000 30,000 Canadian Pao Ry 68_1942 10534 107 14,000 102 Capital A dminle be _ _ _1953 101 96 172,000 Carolina Pr & Lt 5,_ 1956 95 '53 1124 11235 3,000 Cedar Rapids MAPS, Cent Aria Lt Sc Pow 5,1960 105 1053.4 7,000 1,000 cent German Power 881934 43 43 1943 Cent Ill Light be Central III Pub Service 1956 9831 9434 17,000 be serlee E 91% 79,000 let & ref 434s ear F_1967 91 1968 964 967'4 25,000 bs series G 434% series H 1981 904 914 16,000 Cent Maine Pow be 13.1955 10431 10531 9,000 1957 102% 1024 33,000 44s series E 10,000 Cent Ohio Lt dr Pow 561950 9234 94 7935 11,000 Cent Power 60 ear D 1967 79 Cent Pow & Lt lat 58_1950 764 79% 179,000 Cent States Elec 58_1948 504 5414 145,000 1954 5134 564 192,000 534s ex-warr 27,000 Cent States PAT.5413.'53 65% 66 Chic Dist Elea Oen 4348'70 1044 1054 58,000 Chic Jet Ry & Union Stk 4,000 1 1940 109 109 Yards 5s 7,000 Cble Pneu Tools 53411_1942 102 102 Chic RYS 5s etre 1927 7234 7334 15,000 30,000 89 Cincinnati St Ry 534s A '51 88 4 7,000 63 series B 1955 894 89, 7,000 55 Cities Service ba 1960 53 56% 461,000 Cony deb bs 1950 53 Cities Service Gas 5341 '42 874 8934 44,000 Cities Se:ylee Gal Pipe 13,000 Line 68 1943 10034 101 Cities Serv PAL 54s 1952 49% 52 209,000 546 69,000 1940 49% 52 Commerz & Privet 5341 '37 42 6,000 45 Commonwealth Edison 1,1 St bis aeriee A 1953 1114 1114 8,000 5,000 let M beaeries B 1954 1104 Ill let 44a series 0 1956 1094 1104 12,000 let 43-41 merles D 1957 109% 110 16,000 let M 4,3 aerie/ F 1981 10331 10434 197.000 331s series H 1965 100% 10131 109,000 Cour wealth Subsid 548'48 1024 1034 52,000 Community Pr & Lt 5s1957 63 6534 97,000 Connecticut Light & Power 1,000 7s /series A 1951 12531 1254 44s genes C 1958 1084 1044 1,000 Be series D 1963 1074 1074 9,000 Conn River Pow be A 1957 1044 104% 14,000 Consol Gas (Bait° City)be 1939 11014 1103.4 1,000 Gen mtge 434e 4,000 1954 119 120 Consol Gas El Lt & P (Bait) 1st rats 11* 1981 1064 1094 20,000 Consol Gas Utill Co let & coil eis sec A 1943 784 78% 15,000 Cony deb 8541w w 1943 19 36.000 22 1094 111 4 11231 12 891 1024 6934 56 106 70 10834 105 784 50 4134 67 75 49 6731 46 101 80 954 72 553-4 72 374 59 374 5931 26 25 2535 25% 484 29 924 62 Jan 994 July 9331 Aug Jan 974 May Jan Jan 934 Aug Jan 1054 Aug Jan 1024 Sept Jan 983.4 July 8731 July Jan Jan 844 Aug Mar 614 Aug Mar 624 Aug 714 Aug Jan 4 Jan 1051 July 1054 Jan 1104 May 90 Aug 514 874 Jan 103 June 854 Jan 80 43 Feb 89% Aug 40% .58 Aug 6615 Feb 93 47 GOA Aug 284 304 Mar 284 2994 Feb 6131 Aug 9331 Aug 434 634 Jan 55 2634 274 33 8834 8634 804 794 6034 98% 54 3335 8434 Jan 1014 Sept 26% Feb 61.4 Aug 2731 Feb 6234 Aug Feb 334 Aug 47 1094 109 10534 1044 944 1 9831 85 514 Jan Jan Jan Jan Jan Aug Jan Ma 113% 113 111% 1114 105 10131 1034 734 July June Aug Aug July Oct Oct Aug 11934 Jan 12534 Oct 112 July 9834 108% Jar 110 May 10994 Jan 108 102 8735 10374 Jan 10634 June 1104 103 994 114A Oct113 Jan 122 May July 112 July 8874 10691 Jan 51 44 J80 Jan 33 44 July 83 22(4 May New York Curb Exchange-Continued-Page 5 2412 BONDS Week's Range of Prices (Continued) Consumers Pow 630_1058 let & ref be 1936 Cont'l Gas & El 155_ _1958 Crane Co be____Auga 1940 Crucible Steel 55 1940 Cuban Telephone 75481041 Cuban Tobacco be_ _1944 Cudahy Pact deb ef bs 1946 Cumberlfi Co P& L 4555'56 Dallas Pow & Lt 6e A 1949 St eerie! C 1952 Dayton Pow & Ll 55_1941 Delaware El Pow 5355_'59 Denver Gan & Elec 55_1949 Derby Gas & Elm 5e__1946 Del City Gas OR aer A_1947 135 let series B 1950 Detroit Internal BridgeAug. 11912 6555 Certificate, of depoelt_ Aug 1 1952 Deb 78 Certificates of deposit_ Dixie Gulf Gas 6558-1937 Duke Power 4555 1967 Eastern Utll Invest 55_1954 Elec Power & Light 55_20311 Elmira Wat,Li & RR 55'56 El Paso Elec be A_..1950 El Paso Nat Clan 630_1943 With warrants Deb 834a 1938 Empire Dial El 5s____1952 Registered Empire on a Ref 53451942 Ercole Marelli Flee Mfg654e A ex-warr 1953 Erie Lighting be 1967 European Elea Corp Ltd649 x-warr 1965 European Mtge Inv 7e C'67 July 1 Sales 1933 to for Sep.30 Week 1935 Low High $ Low 103 10355 14,000 88 10,000 100% 10034 101 7455 78% 337,000 33 103 10351 12,000 774 10234 1034 71,000 6059 8155 8155 1,000 50 35 103 10334 5.000 102 105 1054 3,000 65 106 107 14,000 10031 94 10045 10555 6,000 994 102 10241 12,000 65 10741 107% 10,000 9255 9654 97 34,000 6634 103% 10335 40.000 78 96 97 59,000 874 34 4 345 441 2,000 4,000 6534 6734 200.000 102 102 1.000 102 103 15,000 105 10,000 6654 25 46 __ 41 9234 93 16,000 92 92 1,000 65,41 6751 47,000 High 1094 Mar 104 Jan 8141 Aug 104 July 10311 Oct 8541 June Sept 54 10734 Feb 10555 Aug 11045 Star 10734 Aug 109 Mar 103 July 110 July 9844 July 104% Feb 99 Feb 01 9041 87 92 5* Apr Apr Apr Apr May Mar Jan Aug Oct Oct Jan 10434 Sept Jan 10034 June Jan 9434 July Oct 92 Oct Jan 733.4 Aug 106 10641 4,000 5834 584 June 69 100 Jan 10655 78 Jan Oct 40 404 5,000 85 24 Apr Jan 65 Aug 34% Apr Fairbanks Morse 55_ _1942 1034 10331 4,000 58 Farmers Nat :Mtge 75_1963 3331 Federal Sugar Ref 65_ _1933 155 Federal Water fiery 550'51 6844 7231 57,000 16 Finland Residential Mtge Banks 65-5eStamped1961 99 994 8,000 86 Firestone Cot Mills 58:48 10331 104 24,000 85 Firmtone Tire & Rub 55'42 1044 10431 1.000 89 Fla Power Corp 546_1979 9341 9434 28,000 48 Florida Power & Lt be 1954, 90 104,000 4434 91 Gary Ele0 & Gm & ext.'44 8434 8834 59,000 633.4 Gatineau Power let 58 1966 80 8334 61,000 714 Deb gold (3e June 151941 67 69 29,000 60 Deb &series ft 1941 67 6951 31,000 5955 General Bronze 6s____1990 8934 924 26.000 55 General Pub Sera & __1953 02 93 2.000 54 lien Pub 11111 63-4s A_1966 73 7555 39,000 234 General Rayon 88 A..1948 4954 4955 3,000 38 Gen Vending 65 ex war '37 1644 1631 1,000 2 Certificates of deposit... 2 Gen Wat Wks & El 56_1943 76 42,000 384 80 Georgia Power ref 58_1967 9445 964 303,000 5444 Georgia Pow & Lt 5e..1978 7134 75 19,000 40 Gestural 158 x-warrants 1955 3234 3255 5,000 30 Gillette Safety Rotor S,'46 93 Glen Alden Coal 43_1965 9235 924 124,000 53 Gobel (Adolf) 648_1933 with warranta 85 854 2,000 69 Grand Trunk RY 834e 1936 10133 10155 11,000 98% Grand'!runt West 411-1950 8651 89 9,000 63 lit Nor Pow 5s strap_ _1951, 1021.', Great Western Pow 58 1946 108% 10934 17,000 9359 Guantanamo dk Weet lla '58 10 Guardian Investors 5s _1948 47 49 4,000 24 Gulf 011 of Pa 58 1947 105% 10531 49,000 97 (lull States Utl I 5e 1956 10344 10434 58,000 82 494, Berke B 1961 100 10054 5,000 55 Hackensack Water 511_1931, 109% 10955 1,000 984 &series A 1977 105 10535 15,000 98 Hall Print Os atmp 1947 704 72 9,000 60 Hamburg Elm 7s1035 37 Hamburg El Undergrouno & St Ry 548 1038 28 Hood Rubber 550._1938 1004 100% 5,000 bb 71 1936 4 1033.4 23,000135 Houston Gulf Gas 65_1943 10255 10355 17,000 40 6551 with warrants_ 1943 98 98 7,000 294 Houston Light & Power1st Steer A 1953 106% mu 1,000 Ell% let 455e ear D 1978 1034 10344 16,000 79 let 455e ear E 1981 106 108 5,000 80 Hungarian-nal Ilk 755e '63 42 Hydraulic Pow bs____1950 10051 Ref & Baty Es 1951 108 108 1,000 1041 Hygrade Food 65 A _ _ .1949 55 57 35,000 4034 88 aeries B 1945 5555 5555 4,000 42 Idaho Power & 1947 107 10735 4,000 Illinois Central RR fle 1937 00 10,000 64 111Northern nil58_1957 107 107 1,000 III Pow & L let rie ser A '53 9734 98% 50,000 let & ref 545 ser B_1959 92 9335 33,000 1st & ref & aer C.__1956 88 89% 76,000 fi f deb 534s ..May 1957 8454 863-4 10,000 Indtana Electric Corp6a eerlee A 1947 8855 9055 16,000 655e series B 1953 9254 92% 2,000 &merles C 1951 73 soy, 22,000 Indiana Gen See, 5s 1948 Indiana Hydro-Elec Se '58 87 88% 10,000 Indiana & Mich Elea 5a '55 10635 10635 11,000 55- -. 1967 Indiana Service 55____1950 564 59 14,000 1st lien & ref 55. _1963 56 58 18.000 Indianapolis Gas 55A.1952 89 904 11.000 Ind polls P & I. &gar A '5 104 104% 40,000 , Intercontinents Pr 6s_1948 2 2 6,000 leternattonai Power oeo634e series C 1956 45 48 11,000 75 serial E 1957 504 55 15,000 75 serlea F 1952 50 50 8,000 International Salt 55_1961 10754 108 6,000 International See 55_1947 8635 883-4 104.000 Interstate Inn & 611434,48 101 10145 33,000 Interstate Nat Gas 65_1936 Interatate Power 511-1957 7734 7954 104,000 Debenture fle 1952 64 6655 73,000 Interstate Public ServiceMimics D 1956 7245 75 10,000 454e serle5 F 1958 6934 72 37,000 Invest Co of Amer6s merles A w w 1947 100 101) 3,000 without warrants 99 100 14,000 Iowa-Nab L & P 68___1957 10231 10335 31.000 55 merles B 1961 102 10234 12,000 Iowa Pow & Lt 549_1958 10134 10144 4,000 Iowa Pub Serv ba 1957 99 10055 50.000 For footnotes see page 2413 Low 1064 Sept 110% Oct 42 Jan 102 Jan 954 Apr 6155 Mar Aug 38 103 Oct 9544 Jan 106 Sept 10434 Feb 10541 Oct 8655 Jan 1054 Jan 83 Jan Jan 99 9134 Jan 98 5555 9641 Jan 104 July 453'1 Aug 5534 Jan 155 Feb 255 May 3134 Jan 77 Aug 70 10145 8655 10255 107 1755 25 105 9455 8734 10855 105 60 37 30 84 87 93 78 1034 101/4 104 42 1114 10555 47 50 Mar June Apr Jan Jan Jan Apr Apr Apr Mar Mar Jan Aug Jan Jan Jan Jan Jan May Sept Jan 100 10655 10554 97 91 14 8834 994 9931 984 9651 95 Si 6744 17 17 8455 100 80 5655 10534 93 Apr Mar Mar July July Oct Jan Jan Jan Aug Aug Aug July Oct Sept Aug July July Jae Feb Sept Apr Oct Oct Fen Jan Jan Mar Apr Jan Jan Jan Apr July June 984 1024 103 78 6834 834 7931 80 5955 8155 74 51% 4955 4 4 5631 8155 564 31% 10151 844 9355 10541 95 10834 1093-4 5234 63 107% 10551 10241 11155 10651 7734 51 Feb Jan Aug Aug Oct May Aug Jan July July July Feb Am. Feb Aug 4151 Feb Jan 10131 July Jan 10334 Oct Jan 10355 July Mar 9955 Juno Aug Sept Jan Aug Jan Mar Apr Sept 107 10551 10635 55 114 108 6455 63 Mar Mar Mar Jan July Sept Jan Apr 86 60 8255 48 46 4241 3234 10545 Jan 109 May Mar 8051 Jan 60 10234 Jan 10755 Aug 754 Jan 100 July 6935 Jan 95% July July 94 8635 Jan Aug 57 Jan 89 543-i 58 45 93 44 70 8854 2351 22 88 7 3 131 Jan 64 68 Jan 60 Jan 10754 Jar 62% Jan 99 Jan 10755 Jan 3831 Jan 3534 Jan 80 Jan 9734 1an 1% Mar 94 96 8354 10734 91 1064 112 654 65 1054 1053-1 455 July Aug Aug Mar July Sept July July July Aug July Mar 6355 43 Oct 7734 Jan 5754 46 Oct 854 Feb 554 50 Oct 8034 Feb Apr 8331 10434 Apr 108 884 Jan 084 Aug 43 Apr 10241 Sept 5334 89 103 10441 Slay 1054 4 Jan 87 Jan 8334 Aug 57 2655 38 Jan 72 Aug 41 42 67 67 58 5834 72 574 52 4734 Jan Jan 92 91 88 86 100 8234 Jan Jan Jan Jan Jan Jan 79% July 7634 July 100% 1004 103% 103% 106 100% Week's Range of Prices BONDS (COW Witd) Jan 755 255 3 14 Jan 2 7 24 /5 Jan II 4 14 51 Mar 10155 Aug 10341 76 105 Jan 10834 85 10 June 10 1631 22 334 Feb 73% 55 854 Jan 102 894 Jan 105 64 __-__ _ _ __ ____ 10254 10255 3,000 104 Range Since Jan. 1 1935 Aug July Oct May July Aug Imam Hydro Elea 75_1959 leotta Franshini 711_1942 Italian Superpower of Del Deb 6e without war_1963 Jacksonville Gas 6e___1942 Stamped Jamaica Wat Sup 5345'55 Jersey Central Pow & Light be series B 1947 44e series C 1961 Jones & Laughlin St! & '39 Kamm Gas & Elea 68-2022 Kansas Power be 1947 Kansas Pow & Lt f3s A_'55 5e merles B 1257 Kentucky Utilities CO let mtge be sec H__1961 645 /lariat' D 1948 545scrim F 1956 be aeries I 1969 Kimberly-Clark 5e__1943 Koppers0& C deb 55 1947 Sink fund deb 541_1950 Kresge(SS) Co be_ _ __1945 Certificates of deposit__ Laelnde Gm Light 5451935 Larutan Gas Corp 055s '35 Lenign Pow Seoul 65_3054 Lexington Utillties55_1952 Libby MoN & Libby 55'42 Lone Star Gas & 1942 Long Island Ltg fa_ __1945 Los Angeles :3& E & 1939 0 58 1981 65 1942 5 Agenda/. E 1947 53415 series F 1943 Louisiana Pow & Lt 681957 Louisville O&E 455s C1961 Manitoba Power 0 .....s _ 1951 Mansfield Min & Smelt 7s without warr1041 Man Gas deb Si 196r 5548 1948 McCord Radiator & Mfg Os with warrant, 1943 Memphis P & L 59 A 1944 Metropolitan Ed 4s E_197i 15e aeries F 1982 middle States Pet 634a '45 Middle West Utilities be We of eleposit_1932 5e etre of deP 1933 beetle of dap 1934 be efts of deposit_ 1935 Midland Valley be __- _1943 Milw Oat Light 4555_1967 Minneap Gat Lt 4544_4950 Minn P & L 44e 1978 & 1955 MissamIppl Pow 56_1955 Mist Pow & Lt 1957 Mlasimippl River Fuel 5s_- fie ex warrants 1944 Miss River Pow let be 1951 Missouri Pow & Lt 545. 65 MI/sour! Pub Sere 51_1947 Monongahela West PennPub Serv 555 ear 13_1953 Mont-Dakota Pow 5555'4 Montreal L H & P Con let & ref 55 aar A __NISI Munson S S 6555 ww_ _1937 Low 45 _ 33 Oct. 12 1935 July 1 Sales 1933 to Sep 30 for Week 1935 High Low $ 4534 15.000 41 55 Range Since Jan. 1 1935 Low 41 Aug 55 Aug High 8353 Apr 95 June 35 664 Feb 403.6 9,000 493.4 51 107 1073.5 19,000 2,000 10354 101 1014 10155 10755 10755 113 11354 9255 94 107% 10751 106 10634 15,000 77 10131 16,000 70% 934 1,000 10254 10655 12.000 6134 90 24,000 55 7755 2,000 8041 105 20,000 70 100 8734 ssy, 100 10055 9355 92 8835 87 10334 10344 10234 10351 10155 1044 31,000 21,000 12,000 44,000 9,000 19,000 7,000 10034 1004 10,000 5,000 40 July July July Aug July Mar July 48 8255 Jan 9134 55 73 Jan 105 60 60 Jan 98 4534 6244 Jan 92 8254 102 Jan 1044 72 10134 Feb 10444 78 103 Feb 1054 July July July July Sept Sept June 85 1014 10234 01,000 107 107 14.000 71,000 57 59 82 89 84 119,000 9051 55,000 3234 70 80 85 102 1014 10655 9033 85 8,000 10241 22,000 10243 63,000 10655 9,000 18,000 92 48,000 1054 107 9434 9941 25,000 10354 10434 28,000 105 106% 10655 10334 10331 10545 7,000 107% 16,000 1,000 10634 1,000 10855 108% 2,000 June Mar 10534 105 10735 115% 9854 10755 107 60 91 54 6434 67 824 65 100 8755 99% 94 99 614 79 2235 7935 7954 Oct 48 48 May 57 9651 10535 Apr 108 33 70 63 73 48 100 5634 100 9134 75 9834 101 954 10534 10331 108 107 10 44 8834 104 50 Jan Jan Jan Jan Jan Jan Jan Aug 10334 Apr Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Jan July 84 101 lug 10055 106 10554 10631 10855 107% 110 10934 107% 1034 10855 6655 Feb Aug Mar , Jaa July Aug Aug Aug Mar Aug Feb Feb May June Apr Fen 324 June 36 Sept 82 Oct 96 June 8755 Mar 10234 Jan 87 904 89 10035 66 May 01 Aug Jan 10451 June Jan 103 July Jan 107% July Jan 92 Oct 1434 1934 172,000 1455 1933 163,000 144 19 139,000 1455 19% 168,000 7655 7855 14,000 104% 10555 43,000 10435 104% 17,000 9341 9455 47,000 9934 1004 24,000 8555 87 • 48,000 8841 8931 61,000 Jan 1954 Aug 354 5 1931 Aug 355 44 Jan 34 433 Jan 1955 Aug 34 1954 Aug 445 Jan 53 824 Jan 82 July 104% Oct 1084 Jan 90 67 9441 Jan 106 Aug 54 794 Jan 9834 July 5835 884 Jan 10134 July 3541 624 Jan 9131 July 40 72 Jan 934 July 1014 102% 25,000 9,000 107 108 10651 107 6,000 51 5355 37,000 89 9554 7055 33 105 mg 189,000 4,000 8455 85 63 474 10554 10631 18,000 44 451 1,000 9441 2 94 Mar 103 Aug 1064 Jan 10834 May 1014 Jan 10754 Sept 4134 Mar 58 Feb 80 6735 Jan 105% Oct Jan 8755 July 1044 Mar 1074 Jan 2 June 535 Aug Ilarraganeett Elm 58 A'57 104 10451 24,000 9154 10254 Apr 1064 Feb Ss series B Apr 10541 Feb 1957 104 10451 15,000 9354 103 Nassau & Suffolk 1.12 5145 98 10054 Jan 104% May Nat Pow a Lt 65 A___2026 9251 9454 39,000 51 71 31 Jan 984 Sept nab 55 serlea B____21130 83 81 34 Jan 8934 Aug 84 115.000 42 Nat Pub Serv 5.9 etts_ _1978 11% 124 146,000 335 Mar 1535 Aug 334 Nebraska Power 4548_1981 10941 1104 8,000 83 1074 Jan 11 I May &aeries A Aug 2022 1183i 11654 9,000 7051 10134 Jan 117 Nelaner Bros Realty 6e '48 101 22,000 35 90 10155 Jan 102% July 69,000 54 67 84 Nevada-Callf Elm 55.196a 82 Apr 854 Aug 1.000 86 New Amsterdam Oa 54.48 10731 107% 10055 Jan 1094 May NE Oat & El Asen 54_1947 654 68 76,000 34 4735 Mar 7155 Aug Cony deb 58 Mar 7151 Aug 1948 0535 6754 15,000 3353 48 195 1 65 , Cony deb 51 6734 66,000 3334 47 Mar 7131 Aug New Eng Pow Assn 611_1948 754 7851 105,000 464 514 Mar 81 July 49,000 60 Debenture 64e____1954 7954 82 5735 Mar 85 July New On Pub Sere 4%a 35 324 4754 Jan 88 May 50 stamped 60 Aug 6735 Sept 1942 6534 66% 9,000 60 1949 60 6055 29,000 25 3044 Jan 634 July 68 melee A 3,000 614 77 95 N Y Central Elea 534e '50 04 Jan 974 June NY Penn & Ohlo 4345 1950 107 107 1,000 10351 10335 Mar 1074 May NY P&L Corp let 448'67 1045-4 10551 66,000 73 894 Jan 105% June N Yl4mateO&E434e1981l 10134 102 51,000 5831 85 Jan 102% July 1,1 5945 77 9955 Jan 10855 June 1962 NY & Weeteh'r Lig 4,2004 81 9954 Jan 106 May 1954 11041 111 10431 Jan 112 Debenture be 5,000 98 Apr 10634 Sept 110 3,000 104 Niagara Falls Pow 68_19511 108 108 Mar 68 series A 9951 10534 Apr 10951 Feb 1959 Nippon El Pow 646_1953 8953 894 3,000 63 82% Fell 90 June No Amer Lt& Pow 55_1936 8155 10044 Jan 10251 June 548 merles A 4451 Mar 89 1958 844 85 117,000 2554 Aug Nor Cent MI16345_1948 44 45 19,000 184 2055 Mar 48 Aug No Indiana CI & E 61_1952 106 106 1,000 71 9944 Jan 1064 July Northern Indiana PS ba series C 994 44,000 5134 77 Jan 101 1966 98 Sept &aeries D 7634 Jan 101 37,000 6255 1989 9851 99 July 4 ill merles E Hept 197(1 9345 9451 40,000 494 7134 Jan 06 No Ohio P & L 549..1951 108% 1074 4,000 89 10154 Jan 108 Oct Nor Ohio Trao & Lt be '58 106 1084 10,000 65 100 Jan 108 Sept No State,Pr ref 44e__1961 1034 104% 69,000 71 9031 Jan 105 July 88 „Ian 104 534% notee July 194)) 103 103% 35,000 811 N'western Elect 6R 97 Sept 10051 Oct 1945 99% 10034 40,000 97 N'western Power & 4_198(1 36 3755 17,000 8% 28 Jan 39 Sept 854 Certificatee of depoelt___ 5,000 28 Jan 36 3951 Sept 36 N'western Pub Sera 58 1967 914 9334 27.000 475a 72 Jan 9655 Aug Ogden Gas Se 11,000 734 96 Jan 10555 July 1950 1024 103 Ohio Edison let 5&...1960 10634 10631 38,000 6344 0751 Jan 101131 Oct Ohio Power let be 13_1952.105% 10651 11,000 83 1044 A or 10855 Jan let & ref 430 ear I) 1956 104 10431 15,000 8351 104 Oct 10654 May Ohio Public Service Co 81 serlea C., 7034 10554 Jan 10034 July 1953 be eerie, D 9954 Jan 105 15,000 60% June 1954 10454 105 1004 Ja 5548 series E 6,000 63 1074 Sept 1961 106 106 99 Okla Gas & Elm 55_1960 10451 10435 20,000 6855 Jan 1054 Sept 65 series A 9011 Jan 101 June 1940 103 10355 9,000 64 Okla Power & Water Se '48 794 81 48 Jan 82 27,000 40 Sept Oswego Falls (is 6541 Jan 90 3.000 455a 90 1941 87 Oct Pacific Coaat Power be 1940 1013-4 105 9954 Jan 106 6,000 65 Jul) Pacific Gas & El Co 1114 Jar, 1204 July 15%135/Jades B 1941 118 1183.4 20,000 101 1955 1054 10534 1054 Sept10851 Jan 55 series D 7,000 91 1st & ref 4%s E Jan 107% June 1957 10651 107 18,000 824 101 let 4 oar 4 k4a p _ iortn 1054 107 11 22.000 921 1004 Jan 10753 June 4 1 New York Curb Exchange-Concluded-Page 6 Volume 141 BONDS (Continued) Pac Invest 58 ser A _ _ _1948 Pacific Ltg & Pow 58_1942 Pacific Pow & Ltg 51 _ _1955 Palmer Coro aa 1938 Park & Tilford Os.. _1936 Penn Cent L & P 434e 1977 68 1979 Penn Electric 48F___,.1971 Penn Ohio Edison65 series A xvr 1960 Deb 5 40 series B_ _1959 Penn-Ohio P & L 540 1954 Penn Power 55 1956 Penn Pub Serv 6e C 1947 5s series D 1954 Penn Telephone be C_1960 Penn Water Pow 65_1940 44s eeriee 13 1968 Peoples Gas L & Coke48 seriel B 1981 &settee C 1957 Peoplen Lt & Pr M 1979 Phlla Electric Co Se_ 1961r Plilla Flee Pow 514s _ _1972 FhilaRapld Tranall as 1962 Phil Sub Co 0 & E 640'57 Ptilla Suburban Wat 5,55 Pledm's Hydro-El 1150 '60 Piedmont & Nor 50- _1954 Pittsburgh Coal els_ _1949 Pittsburgh Steel 130_1948 Po r ir eranian Elio Os_ _1953 Poor & Co 6s 1939 Portland (Jae ,t Coke 55'40 Potomac Edison 5s _1950 455s series F 1961 Potomac Elea Pow 50_1936 l'otrero Sugar 7s 1947 Stamped PowerCorP(Can) 448 S'51 lower Corp of N Y 54s'47 Power Securities 65_ _ _1949 l'rusalan Electric 51__1954 Pub Hery of N H 440 B '57 Pub Hen'of NJ 6%pet We Pub Mery of Nor Minnielet A ref 55 19M 5s series C 1966 455e series D 1978 114amerles E 1980 lat & ref 414a ser F_1981 Pub Sem' of Oklahoma1961 &merles C 5seerleeD 1957 Pub Herr SubsId 5341A943. Puget Hound PA L 5 1.56'49 let & ref 58 series C_I950 lit & ref £3.40 ear D_195( 1Week's Range of Prices Sales for Week July 1 1933 to Sep.30 1935 Range Since Jan. 11933 BONDS (Concluded) Low 964 1134 7814 High Low Low 3 High 964 2,000 09 Mar 9994 July 87 115 3,000 102 110 Jan 117 Apr 5794 Jan 8694 July 8294 103,000 35 Jan 1044 June 85 102 62 924 Jar 1001 June 4 71,000 57 97 98 8414 Jan 100% July 102 102% 6,000 934 Jar 10511 June 98 July 934 9439 13,000 514 744 Jar 21,000 14,000 13,000 5,000 27,000 3974 35 74 9214 6611 60 10514 1054 15,000 86 113 114 12,000 103 89 664 Jan 1014 96 614 Jan 10314 Jan 10674 Apr 1084 105 100 Jan 108 95 Jan 106 1034 Jan 1074 11094 Jan 1144 10511 May 109 34,000 564 48,000 68 30.000 14 9,000 10434 33.000 100 10,000 444 98 10219 10294 3,000 9515 July 72 Jan 89 Sept 89 Jan 103 134 Mar 84 Aug 11134 Niay 1144 Mar 1074 Apr 111 1 July 4 754 Jan 904 Sept 1064 July 109 Star 10215 Oct 10615 Mar 97 9219 10599 10594 1064 9814 94 106 10594 10614 8594 864 1024 10234 415 5 11215 11214 109 10994 874 89 39 102 13.000 21,000 41 103 Aug, July Mar Feb July Aug July Sept Sept 39 37 Oct 7394 Jan July 69 9314 Jan 103 89 10514 Jan 1084 Feb 79 89 Apr 984 Jan 25 25 June 35 Nob 80 9894 Apr 105 Oct 6794 674 Feb 884 July 72 994 Jan 1064 July 65 934 Jan 1074 July 101 1024 Sept 10594 Jan 13 34 Jan 71 Oct 41 41 June 60 Oct 784 m ar 8814 Jan 53 50 76 Jar 103% Sept 414 76 Feb 98 Oct 29 294 Aug 42 lab 8279 104 Jan 10615 Ma, Jan 1 118 102 3394 Sept 964 96 2614 2719 1044 105 7934 8114 105 105% 105 1064 10279 103 70 71 544 60 82 82 1034 10334 98 96 304 304 1044 104% 1324 13214 23,000 5,000 7,000 45,000 30,000 41,000 9.000 6,000 16,000 7,000 17,000 13,000 4.000 27,000 11,000 1074 103% 104 10414 1004 10014 100 1004 100 100% 35,000 3,000 15,000 11.000 36.000 62 5854 534 5294 6294 904 89 81 803.4 80 Jan 10934 July Jar 10514 July Jan 104 July Jan 103 July Jan 1024 July 10435 10354 9574 844 80 7619 10,000 6,000 4,000 236,000 35.000 86,000 604 55 4034 374 3634 3314 944 934 794 5594 6314 5074 Jan 10434 Sept Jan 104 July Jan 9975 A ug Jan 8479 July Jan 83 July 7719 July Jan Quebec Power 5a 196), 10411 105 Queens lioro 0& E 4318 '58 1064 107 54s series A 1952 99 9919 Reliance Managernt 5s1954 w Ith warrants Rochester Cent Pow 5s1953 53 80 Rochester Ry & Lt 51_1954 1134 11 334 Ruhr 0to Corp 648_1953 34 34% Ruhr Houalng 13343 1958 264 27 6.000 2,000 33,000 104 10314 9414 8034 7694 734 Safe Harbor Water 4140'79 10614 10714 St Louis Gas & Coke 65'47 1011 1194 San Antonio I'S 58 11_ '58 10219 103 San Joaquin L & I'6s 13'52 Hands Falls 50 1965 Saxon Pub Wke 65____1937 324 3234 Schulte Real EstateOs with warrants.._ _1935 85 ex-warrants 1935 scrim) (E WI Co 543_1943 101% 10294 Seattle Lighting 51_1940 50 514 Serval Inc 5a 1948 106 106 shawinigan W & P 414s '67 9615 984 44sneries II 1968 9611 98 let 5r4 merles C 1970 101 10214 1st 454sserles D.._ _1970 9611 974 Sheridan Wyo Coal lis 1947 57 57 Hou Carolina pow 511_1957 95 96 Southeast P & L 65_2026 Without warrants 964 97% Hoe Calif Edison 55,,_,1954 1054 105% Ref Si 311s May 1 1960 97 984 Ref 51 315s II July 113)00974 984 sou Gam thin Co 146_1961 106 10611 Sou Calif Gas Corp 51 1937 10194 10114 Hon Counties Gas 640268 1044 1044 Sou Indiana G & E 51411 '57 Hou Indiana Icy 4s._ _.1951 Hou Natural Gas Oa__ 1044 Unstamped Stamped H'western Alen° Tel Si 151 Houthwest0& ES! A_ 1957 5a Bevies 13 1957 8'weetern LI & Pr 5a 1957 H'western Nat Gas 60_1945 Ho'Went l'ow & 1.1 55_2022 Sweat Pub Herr, 66_1945 Staley Mfg as 1942 H WU oro & Flee Is 1935 , Certificates of deposit_ _ . . Cons 111. 1936 Certificates of deposit_ Debenture tre 1961 Debenture 611.Dec 1 1966 Standard Inveetg 5548 1939 Sean warrants 1937 stand Pow & Lt 6s_ _ _1957 Standard Telco 514e_ _1943 Hummer (Hugo) CorpDeb 7s ex-warr 1936 7-4% stamped_ -.1936 Deb 78 ex-warr____1946 7-4% stamped. _1946 super Power 01 111 4 44 e '88 let 434. 1970 fla 1961 Syracuse Ltg 5 i13- -1954 Ss series 11 1957 Aug Oct Sept lob Feb 91 1054 May 10914 34 6 June 1414 64 Jan 105 88 10794 Jan 126 108 101 Sept 111 1,000 304 304 Aug 424 June Aug July June Jan Feb 50,000 24,000 10,000 2,000 6,000 11,000 14,000 9234 19,000 26,000 1,000 34,000 31,000 4,000 22,000 9,000 35, 000 7 11 455 1034 664 96 2814 17 61 101 634 90 63 90 73 98 6351 9135 38 47 41 73 109,000 11,000 114,000 50,000 14.000 36,000 19,000 51,000 87 8711 9,000 103 10314 25,000 10214 10354 5,000 924 944 21,000 904 9211 8,000 90% 54,000 90 12,000 10014 101 1,000 105 105 491‘ 5214 132,000 4911 53,000 48 49 53 55,000 4714 49 15,000 4211 4594 207,000 4215 4594 126,000 90 90 1,000 9334 934 5,000 42 454 328.000 3611 3841 6,000 40 40 2,000 104 1044 41,000 1034 1044 33,000 1054 10511 6,000 10711 107% 1,000 renneasee Elec Pow be 1966 894 93 Penn Public Service 5a 1970 7814 7814 'Perot Hydro Elec 640 1953 3914 4274 texas Elea Ser /Ice 60_196( 974 99 Texas Gas Util Mr__ _1945 264 28 Texas Power & Lt 60_1956 10134 10311 ba 1937 105 10594 08 2022 101 101 rtierrnoiri Co fin n11,1_193'1 89 90 26,000 2,000 32,000 87,000 10,000 124,000 17,000 1,000 19.000 Si Apr 1054 July Jan 107 Oct M,,,, Jan 100 554 82 Jan 92 223.4 314 Mar 80 100 1114 Oct 113% 284 3314 Oct 4311 23 2511 Aug 344 10734 '1074 1,000 5011 504 21,000 974 98 86 101 102 88 614 86 Jan Feb Jan Jan Jan Apr Apr Apr Apr Jan Jan 2114 214 103 53 10614 10194 10011 10694 101 63 9011 Sept Sept July Aug June Aug Aug July Aug Aug July 3714 644 Jan 9934 904 1054 Jan 108 9714 9615 Oct 9819 974 9 64 Oct 984 784 9734 Jan 10611 83% 101 Sept 1024 7515 9634 Jan 105 July Feb Sept Sept July Star Aug 9654 25 1054 July 25 Mar 11014 Jan 614 June 63 56 40 60 60 45 25 37 55 83 374 __ 5715 81 804 634 93 924 714 60 19 77 103 3714 48 371 5 4715 32 31 824 85 2511 2341 9894 9894 874 10434 1044 9534 954 91 1014 106 68 494 118 49 61 6011 95 9.534 5934 45 30 2814 64 641S 2511 16 304 4314 26 3454 29 36 25 294 59 86 56 854 70 10011 1034 106 97 1064 48 40 4094 80 12 86 87 51 55 Feb Feb Jan Jan Jan Jan Jan Jan Jan July Feb Oct Feb Oct Feb Mar Jan Jan Mar Jan Aug Sept Oct Aug Sept July Aug Aug Sept Mar Jan Oct Jan Oct Aug Aug may June Aug Aug eo Apr Sept May 51 Feb May 55 Aug Slay 5341 Sept Jan 1044 Oct Jan 1044 Oct Jan 10614 Aug June 1084 Feb Apr 10914 July 814 Jan 10015 754 Feb 854 38% Sept75)4 8534 Jan 1004 1315 Jan 2811 944 Jan 1044 10314 Jan 1069-5 8314 Jan 103 117 Jan 93 --_ July July Feb Aug Oct July Aug July Aug 2413 Week's Range of Prices July I Sales 1933 to for Sep.30 Week 1935 Low High $ Low 954 25,000 49 Tide Water Power 58_1978 94 35 1,000 25 Tletz (Leonard) 745_1946 35 1962 10614 107 Toledo Edison 58 18,000 79 Twin City Rap Tr 6340. 6074 79,000 19 55 60 Ulan Co deb as 1949 60 6s 2d stamped 1044 5811 Union Amer Inv 5a A.1948 Union Elec Lt & Power 5a series A 1954 10614 5s m1'91513 1967 10614 445 1957 United Elio N J 45_ _ _ _ 1949 110 United El Serv 7s x-w_1956 39% United Industrial 619s 1941 3434 lot s f Os 1945 United Lt & Pow 6a 1976 6340 1974 594s Apr 1 1959 Un Lt & Rye (Del) 5145'52 United Lt & Rye(MO 60 merles A 1952 (Orreries A 1973 1936 U 8 Rubber Se 634% serial notel-1937 634% serial notes_ 1938 634% serial notea 1939 64% serial notes_ _1940 Utah Pow & Lt 68 A 2022 1944 449 Utics Gas & Elec 5s D_1950 58 Series E 1952 Valvollve ()II 59 1937 Vamma Water Pow 540'57 Va Public Serv 545 A_1946 10t ref Slier B 1950 1966 65 Waidorf-Aetorla Corp78 with warrante 1954 Ward Baking 60 1937 Wash Gas Light be_ _ _1958 Waeh Ry & Elect 4,0_1951 Warm Water Power 55_1969 West Penn Elec 58_ _ _2050 West Penn Traction 5s'60 West Texas URI bs A.1957 West Newspaper Un 6s '44 Registered West United G & E 594,55 5214 54 9514 6615 614 13,000 61 18,000 1074 10614 5,000 1,000 11015 40 ' 344 6,000 7,000 3,000 5594 574 9679 694 113,000 33,000 28,000 147,000 100 101 29,000 524 56 28,000 101 1014 2,000 104 104 104 82 88 10611 104 1,000 104 3,000 10494 11,000 85 15,000 884 8,000 1,000 1064 994 102 91 88 8294 5,000 9994 102 1,000 9354 34,000 88 18.000 824 7,000 14 174 1054 10514 10514 106 10594 1054 10611 1064 9211 95 1004 10094 7714 784 344 33 33 33 10314 104% Wheeling Elec Co 58...1941 Wise Elec Pow be A-1954 10514 Wise-Minn Lt & Pow be '44 10514 Wise Pow & Li 541 E_ _1956 99 5s series F 1958 9814 Wise Pub Serv 6e A _ -.1952 z10575 Yadkin RI,Pow 55_1941 1064 York Rya(7o5a 1937 103 10611 106 994 994 1054 107 10311 53 54 78 Range Since Jan. 1 1935 Low High 764 Jan 98% July 32 Feb 404 Feb 1054 Jan 108 Sept 454 Jan 6494 Aug 4211 Apr 64 Aug 63 54 9434 Jan 102 99 106 Apr 92, 104 Apr 4 9014 1054 Sept 964 10844 Jan 384 3815 Aug 33 Sept 33 Sept 33 33 July Aug Oct 10811 1084 10794 116 75 4234 43 Feb Feb Mar July Jan July Feb 63 644 984 7914 Aug Aug July Aug 5194 8214 Jan 103 25 30 Feb 644 894 101 Oct 103 . 60 991 4 Jan 10311 60 9894 Jan 1034 69 98 Jan 105 60 984 Jan 1054 45 55 Jan 85 524 62 Jan 8854 92 104 111ay 1084 91 10414 Jan 10914 Aug Aug Feb Sept Aug Sept Sent Oct Oct July July 26 264 50 31 75 76 52 45 lb 28 Jan 29 Mar Jan 78 394 Mar 9914 Oct 9034 Mar 954 Jan 1034 June Jan 994 July 73 6814 Jan 95 July 664 Jar 8894 July 16,000 4% Mar 174 5 1,000 924 1044 Feb 10614 15,000 78 1004 Jan 1064 Jan 1054 2.000" 83 99 18.000 75 9694 Jar, 1064 129,000 4614 63% Jan 95 84 Jan 1024 3,000 60 Jan 8214 79,000 41 63 23,000 21 21 July 5915 1,000 __ 33 Oct 33 15,000 64 9154 Jan 1054 Oct Aug Aug May Sept Oct July Mar Feb Oct July 10694 Mw 100 97 1044 Fel Jar 94 81 764 Jar 52 51 75 Jar 784 9615 Jar 8334 954 Jar 70 944 Jar 108 101194 106 994 9954 106 107 1044 May Muir Oci Sept Oct July Oct Sept Jan Jan Jan Jan 3,000 6,000 16,000 22,000 2,000 15,000 16,000 FOREIGN GOVERNMENT AND MUNICIPALITIES Agricultural Mtge 13k (Col) 20 -year 7e___..1934-1946 With coupon 20 -year 7s 1947 Baden 7s 1951 Buenoe Aires (Province) 1952 73 31a191891 7140 stamped 1947 Cauca Valley 7s 1943 Cent Bk of German State., Prov Banks 60 13_ _1951 asset -lee A 1952 Danish 45141 1956 58 1953 Danzig Port & Waterways External 6150 1952 German Cons Mimic 7047 Secured 6s 1947 Hanover (City) 74_-_1939 Hanover(Prov)5145_1945 Lima (City) Peru 640_268 Certificate, of depoeit_ Maranho Is 11156 7s coupon off 1958 MedellIn is ser E 1951 Mendoza 7141 1951 4r5 stamped 1951 Mtge Bk of Bogota 70_1947 Issue of May 1927 Issue of Oct 1927 Mtge Bk of Chile 60_1931 Mtge Bk cf Denmark 50'72 184 194 21 30 62 2634 274 32 2534 304 4,000 62 3,000 28 28,000 274 3,000 32 5,000 2514 2,000 104 104 714 754 5,000 5,000 614 614 534 53 1,000 5,000 1594 1514 2,000 114 114 8211 824 3,000 4,000 Parana (State) 75_ __ _1958 104 11 7,000 Coupon off 11 11 4,000 Rio de Janeiro 6101.-1959 12 1214 15,000 Coupon off Russian Govt 645_1919 614s centric/ilea__ _1919 . 40,000 1 71 5%e 1921 131 13-5 4,000 534a certificates_ 1 1 1921 .. Santa Fe 7s 1945 78 Stamped 1945 4444 444 1,000 Santiago 70 1946 ._ .. .. _________1961 7014 104 10 1,000 11,000 38 3454 3514 34 2534 2714 74 54 Am Jan 59 714 Mar 86 70 II 30 22 34 30 684 61 604 63 6,000 63 64 36,000 74 719 2,000 21 Aug 20 Oct Aug 21 214 Aug 924 May 86 Apr 9134 933.4 Jan Jan 3634 23 2114 23 21 5414 23 224 304 21 72 3834 37 39 34 Feb Feb Feb Feb Feb 44 34 1011 1011 914 264 2394 614 514 1014 104 94 6234 4454 July July Jan Jan Feb May Apr 134 1314 714 624 1514 184 114 824 Mar 12 Ma 1011 Oct174 Aug 1594 June 13 Jan 63 Jan 654 . Oct24 Sept244 1314 Al,r Oct94 6 914 1094 1055 1 4 I 34 104 94 104 1034 1 44 1 34 Sept1453 Fe' Aug 1494 Feb Sept 1534 Jan Aug 14 Apr Sept 411 Jan Sept 44 Jan Sept Jan 5 434 Jan Aug 13 44 619 e Si 48 Jan June 44 954 Mar Nis, 10 July Aug Aug Aug Aug Jar, Am, June June Jan 654 Jan 49 Feb Jan Jan Jan Jan 564 Apr 5344 June 1114 Aug 1211 July • No par value. a Deterred delivery sales not Included In year's range. n Under •' tne rule sales not included In year's range. r Cash sales not Included in year's range. x Ex-dividend. sr price adjusted for split-up. "Price adjusted for stock dividend. z Deferred 'delivery sales not Included In weekly or yearly range are shown below: Wisc. Pub. Ser, 6s A, Oct. 11 at 10534. Abbreviations Used Abore-"cod," certificates of deposit; "cons." consolidated "Cum." cumulative; "cony," convertible; "na," mortgage; "n-v," non-voting atock. "v t c." voting trust certificates; "w I," when Issued; "w w," with warrants; "1 w," without warrants. The National Securities Exchanges on which low prices since July 1 1933 were made (dcwagnated by superior figure, In tables), are as follows: New York Stock .Cincinnati Stock 1 "Pittsburgh Stock New York Curb "Cleveland Stock .. Richmond Stock New York Produce 14 Colorado Springs Stock . St Louis Stock 4 New York Real Estate .Denver Stock 1 zr Salt Lake City Stock Baltimore Stock 14 Detroit Stock "San Francisco Stock Beaton Stock ,7 Los Angeles Stock 5, San Francisco Curb Buffalo Stock 11 Los Angeles Curb . San Francisco Minim' 4 California Stock "Minneapolis-St. Paul 05 Seattle Stock Chicago Stock "New Orleans Stock 14 Spokane Stock 1 Cnica“, Hoard of Trade 0 Philadelphia Stock 0 WashInaton(D.C.)Hine' 1 qno-ste corn Financial Chronicle 2414 Oct. 12 1935 Other Stock Exchanges July 1 Week's Range Sales 1933 to for Sep. 30 of Prices Week 1935 New York Real Estate Securities Exchange Closing bid and asked quotations, Friday, Oct. 11 Unlisted Bowls Bid Ask Untested Bonds (Concluded) Bid Ask 62 65 ___ Mortgage Bond (N Y) 534s 1939 (Ser 6) ___ 1941 Alden 65 Allerton NY Corp 53.(5 1947 3612 10 Brierfield Apt Bldg Ws__. Carnegie Plaza Apts 1937 Bldg as Chrysler Bldg Os 1948 Dorset Ca eats 1961 1612 20 25 78 2912 5th Ave & 28th Bid 6366 '45 5th Ave & 29th St Corp 65'48 30 52 Park Place Dodge Corp With v t c 9 1211 17 15 ___ 79 Madison Ave Bldg Sc '48 ___ 2124-34 Itway Sifts ctfs_ _ _ 2450 Sway Apt Hotel Bldg Certificates of deposit___ _ ___ _. 171‘ S12 --. Mantled StockscIty at Suburban Horne• Orders Executed on Baltimore Stock Exchange STEIN BROS.•SL BOYCE Established 1853 39 Broadway NEW YORK BALTIMORE, MD. York, Pa. Louisville, Ky. Md. Hagerstown, Members New York,Baltimore and Louisville Stock Exchanges 6.S. Calvert St. Stocks (Concluded) Par Low Old Dominion 60c Pacific Mills 100 16 Pennsylvania RR 50 244 PC Pocahontas Co_ __. • 22 Quincy Mining 34 25 Reece Button Hole Mac1210 14% Stiawmus ASSO tr Ottel • 856 Stone& WehnSes 6% • Suburban Elec Securities Common • 114 Torrington Co • 8434 High Shares Low 165 X 65e 46 12 16% 689 173-4 26% 110 10 2234 11/4 34 2,461 75 8 14% 6% 500 9 525 234 736 14 8694 20 504 36 35 Range Since Jan. 1 1935 Low 51 Pelt 12 Apr 1794 Mar 18 Aug 34 Jan 1334 Mar 8 Feb 234 Mar High 65c Oct 21 Jan 30 Sept Jan 27 134 Oct 16% July 10 Aug 103.4 Aug 36 Aug 89 Jan 2 93 12e 15c 150 Union Copper, Ltd & NI 25 31 35e 12% 60 934 Union Twist Drill Co5 2134 2135 14 % 176 IM 34 United Founders Corp_ __I I% 150 1 36 United Gas Corp 1 334 33.4 982 47 70 0 Shoe Mach Corp .,___.25 8334 84% 229 3034 354 3936 Preferred 1012 30 34 1,280 1 5 34 Ni % Utah Apex Mining 60c % (Rah Metal& Tunnel__ I % 134 27,672 120 39 96 Vermont & Mass By ColOC 125 125 3% 100 736 434 Waldorf System Inc • 79-4 234 325 ' 2% 2% 3% Warren Bros Co • Bonds East Mass St By Series A 434s Crrloa TI ,..% 1948 1058 63,000 6736 68 7.554 3.000 71 3234 34 May 35o Jan 22 134 Mar June 4% Jan 86 11111 4034 I% Sept Oct 23.4 Apr 126 Mar 8% Sept 64 497-4 Jan 50 Mar Sept July Oct Sept Aug Sept Sept Sept Jan Jan Aug Aug Jan 6834 Sep 77 Sep Chicago Board of Trade and Commodity Exchange,Inc. CHICAGO SECURITIES Baltimore Stock Exchange Listed and Unlisted Oct. 5 to Oct. 11, both inclusive compiled from official sales lists 1Vee3fa Range of Prices July I Sales 1933 to for Sep. 30 Week 1935 Range Since Jan. 1 1935 High High Shares Low Low StocksPar Low June 21% 1,453 11% 15% Mar 22 • 21 Arundel Corp I Aug % Aug 23 % • Balt Tranrit com v t c % 36 Aug 3% Sept 3 70 3 3 3 lot pref v t c • Oct 18 3,479 * 16% 18 7% Jan Black & Decker corn 434 45 736 23% Feb 34 Aug 25 33% 33% Preferred Mar Apr 120 111 73 111 Ches & Pot Tel of Baltpf100 118% 119 Jan 90 129 45% 53 82 Aug Consol Gas E I.& P • 80 Sept 111 91 10436 Jan 117 100 115 115% 5% preferred I Mar 34 July 330 36 90 % . Davison Chemical Co_ _ ..* Sept 634 July 15 I% Eastern Sugar Assoc com_l 11% 14% 2,037 Sept July 26 11 65 1 21 3% 22 Preferred Aug 78 8 2234 Jan 40 Fidelity & Guar Fire_ ___10 3834 393.4 Guilford Realty pref ___100 3734 2734 Aug 3734 Oct 30 134 27 Houston Oil pref v t_ _ _100 Humphrey 131fg Co corn... • 25 8% cum pref 25 Mfrs Finance 1st pref Merch & Miners Transp__* Alonon W Penn P S 7% pf25 MtVer-WoodMills corn 100 Preferred 100 New Amsterdam Casualty5 Penne Water & Pow com_• • US Fidelity & Guar 7% 25 25 10 27 22 3 413.4 8% 71 534 2,235 20 40 238 30 109 100 246 1,047 79 722 4 3 16 534 21 1234 1% 1634 534 41% 234 5 5 16 5% 21 1534 134 39 6 53 5% BondsBalt Transit 45 (flat)_1975 1975 A 55 (flat) 1975 B 53 (flat) 'fr.., 1 nt I 67,500 14 14 1,500 16% 17% 1,500 80% 80 g a 1 11110 15% 16 79 1 V, Oct 14 16 Sept Sept 79 2 V. Jnn 9% 25 25 11 27 2294 3 42 934 7234 10% Feb Mar Mar May Mar Jan July Sept Mar Jan Jan 10% 25 25 11 28 22% 4 44% ION 76 1134 May Aug Oct Oct May Sent Jan Apr Aug Aug June Is% Aug 1736 Sept Oct SI G Sent Boston Stock Exchange Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Week's Range of Prices July 1 Sales 1933 to Sep. 30 for 1935 Week High Shares Low StocksPar Low 340 1 4 11% American Cont Corp • 11 Amer Pneumatic Serv Co % 100 Common 25 134 134 2 170 6% non-cum pref_ __ _50 394 4 70 10 1st preferred 50 13% 15 2,043 1 98% Amer Tel & Tel 100 136% 14034 Illgelow-Sanford Carpet 15 14% 25 25 Common 84 88 Boston & Albany 100 11934 121 614 55 Boston Elevated 63 100 62 Boston & Maine 310 1234 22% Prior preferred 100 22 75 734 7 Class C 1st pref stpd_100 7 6% 20 Class D let pref 100 8 8 38 834 Boston Per Prop Tr__ _100 13% 15% 28s Calumet dr (feels 892 25 5% 6% 36 15 Cliff Mining Co 25 34 34 2 0 5 5% 2,125 Copper Range 3 East Gas & Fuel Assn 2 Common 240 • 274 336 196 3794 44% 6% eum pre( 100 41 387 63 6134 43.j% prior preferred 100 60 Eastern Mass St Sty 600 % Common 100 1% 2 4% let preferred 440 2534 100 23 1 Preferred II 10 9 9 100 76c Adjustment 50 100 5 534 4% 620 534 5% Eastern S S Lines com_• 12 14% Economy Grocery Stores.' 1634 16% Edison Elec Ilium 377 97% VA, 152 159% 634 Employers Group 442 5 2034 213-4 Gilchrist Co • 3% 4 tAllette Safety Rasor. • 153/4 17 He t haway Bakeries pref . 36 36 Helvetia Oil COT C 1 34 36 3 3 Intl Hydro-Elec el A_ ._ _25 134 25 1 Isle Royal Copper 6% 634 Loew's Theatres 25 Maine C entrat100 734 8 COM mon 19 Preferred 100 19 I% 1% Mass Utilities Assoc vte_.• 28% blergenthaler Linotype..' 27 New Eng Tel & Tel __ _.100 108% 112 334 43-4 NY N Haven&Hartfordln0 Northern RR (N H) _.100 110 110 iuu init A7 Rt) 355 23-4 7°i 632 30 1034 34 100 301 134 555 30e 925 4 109 100 436 475 505 483 10 163 Range Since Jan. 1 1935 Low Apr 7 Illoh 12% Sept July 2 34 Mar 5% Jan 2 June 1914 Jan 12% Jan 9834 Mar 14534 Sept Sept 14% Mar 27 Sept Mar 122 88 58% Apr 71% Aug Aug Aug Feb Oct Oct Sept Oct 1236 Mar 436:June Oct 8 9% Jan 2% Mar % Sept Feb 3 263.4 11 9 1534 634 34 534 2 Mar 3754 Apr 5434 Mar 414 Jan 53% Aug 6834 July 34 5 1% 76c 434 14% 974 11% May 234 Sept Sept Jan 26 Sept Apr 10 July 536 Oct 7% Aug Apr A pr 2034 Jan Feb 1594 Oct Aug Jan .22 4% 1954 36 34 4% 134 634 Jan Aug Oct Sept Aug Oct Bent Jan 9% Jan 23 Feb 234 3234 May Ma! 112 Feb 854 Feb 112 A nr 72 Oct Sept Aug Jan Aug Aug Aug June 3 Apr 1234 Mar 1734 May 34 Mar 13-4 Mar 34 Mar 534 Jan 43.4 43.4 1134 8 1 1 20% 244 8834 75 2% 234 83 103 M RR 44 Paul FLDavis &Co. Members: ChIctuto Stock Exchande New York Stock Exchanee Ctilcatto Curb Exclumile New York Curb (Associate) 37 So. La Salle St., CHICAGO Chicago Stock Exchange Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Week's Range Sales for of Prices Week StocksPar Low Abbott Laboratories corn_• 120% Adams (.I D) Mfg emu _ _• 153-4 . Adams Royalty Co com _.5 534 Advance Alum Castings_ _5 334 Allied Products Corp el A _• 2734 Amer Pub Bert Co met _100 2434 , Armour & Co common_..t 3% Asbestos Mfg Co com____1 23-4 Associates invest Co New common • 3334 Automatic Products corn.0 934 Backstay Welt Co com * 1334 ilasti.tu-Ille,Ing Co corn.' 434 liendlx Aviation com • 21 Fierghoff Brewing Co 1 434 Mks Mfg CIA cony pref.• 2 Borg-Warner Corp cum _ 10 56 7% preferred Inn 1073-4 7% preferred called_ _100 107% Brach & Sons(E J) com__• 1734 Brown Pence & V,ire Class A • 27 Class B • 1534 Bruce Co(EL) corn * 73.4 Butler Brothers lo 63-4 July 1 1933 to Sep.30 1935 High Shares Low 200 344 122 5 240 1634 300 13.4 534 13-1 1,550 4% 54 3034 5,200 3 360 2634 814 1,300 4% 134 3% 3,750 3434 10 1334 536 22% 434 2 5934 109 107% 1734 2934 19 8% 734 Range Since Jan. 11535 Low High 80 Jan 1224 Oct 12 Mar 22% May 334 May 63-4 May 134 Mar 494 Oct 12 Jan 3034 Oct 734 Jan 274 July 94 Jan 54 Apr 334 Oct 194 Mar 750 800 30 700 9,600 1,550 50 2,350 100 20 150 g836 29% 5 24 11 23.4 234 23.4 12 934 24 2 135 134 1134 28% 87 1073-4 10734 6% 13% 2,350 2,050 700 4,000' g5 gin 5 254 Canal Construct cony pref' 36 110 I 13.4 Castle 4c Co(A M)corn10 4136 42% 600 10 434 Cent Cold Star Co corn _ _20 1434 1434 50 Cent Ill Pub Sera met___• 43 650 IOU 47 Cent Ill Secur5% 250 Convertible preferred. _• 1234 13 Central 8 NVCommon Ns 134 6,950' 134 1 2 Prior Hen prof 550 • 3334 3834 Preferred 2 1,610 • 1234 189.4 Cent States Pow & Lt pref• 40 134 9 934 Chain Belt Co corn 480 14 35 • 31 Cherry Burrell Corp corn.* 37 5 10 37 Onleago Corp common 1 • 234 3% 8,750 Preferred 1,650 2034 • 3934 41 Chic Flexible Shaft com 5 303.4 3034 7 300 Chicago Mall order corn _ _ it 3034 31 250 854 Chic & No West Ry com100 1% 950 2 234 Chic Rivet & Mach rap .• 21 900' 434 233-4 Ohio Towel Co cony prof.• 99 40 58% 9934 Chic Yellow Cab Inc cap.• 11 100 1 934 11 Cities Service CO eorn• % 1% 3,350 1% Club Alum Uten com...• 200 I% % 134 036 Commonwealth Edison 100 864 89 750 5 Congress Hotel Co cam_ KO 30 10 8 8 Consumers Go 5) Common % 100 9.4 34 6% prior pref A 70 I 534 106 5 Continental Steel 5 Common • 1934 2536 10,450 Preferred 20 40 100 110 110% Cord Corp cap moos 334 434 5,450 2 o Crane Co common 1,150 5 26 153-4 15% 40 32 Preferred 100 110 111 Dayton Rubber Mfg corn_ • 2,450 214 7 6 160 roma! el A pref 84 35 1734 18 Eddy Pap Corp CI he) corn_ 434 150 1734 17 6 Bloc Household UM OILD-6 17 18% 4,800 634 Elgin Natl Watch Co_ 15 2736 2834 1,150 Fitz Simons & Connell Dock ft Dredge Co corn • 173.4 18 400 834 Gen Candy Corp Cl A _ _ _5 3 9% 1336 2,250 . Gen Household CBI corn • 234 1% 2% 2,800 . 40 10 Godchaux Sugars Inc A..' 2034 2036 600 834 Uoldblatt Brut In corn.' 213-4 223,4 Great Lakes D & D corn__' 22 234 4,850 1234 Ilan Print Ing Co Com_ HI 3% 50 5 5 434 30 Harnischfeger Corp com.10 815 834 634 1,450 634 itellemantirew Co0cap.' 69-4 250 10 Borders Inc corn • 1034 103-4 17411..11g:4 A, Co Inan A N nom • 17 17 200 16 Aug 36 Jan 104 May 14 July 7 Mar 2334 4% Jan 234 Jan Jan 5934 Oct 113 June 108 Jan 173-4 Aug Sept Jan Aug Sept Apr Apr Oct Mar July Oct Jan Jan Apr Aug 293-4 Oct 19 Oct 9 Aug 73-4 jam 35 Apr 1736 Jun 11% Apr 134 Jan 234 Oct 44 Sept 1 494 .13n 49 Sept 734 Feb 1434 Aug 1434 4 5 634 34 1234 34 1% 2136 1834 1 29 1334 154 134 13 80 934 41 % 67 8 1 Jan Jan Mar Jan Jan Jan Ana Jan Jan Mar June Mar Jan May Apr May Jan Oct 34 Fel ' July 114 39 1834 12 35 40 394 41 3034 343-8 5% 2334 99% 12 23-4 334 94 1336 Aug Aug Aug Aug Oct Bent Aut. Oct Oct Sept Jar Oct Oct July Au, Hain sew Jar ni SPP1 83.4 Sept 24 14, 4 1334 12 1414 Feb 2534 Oci Jan 1103-4 Oct Mar 53-S Sep 1794 July Mar Jul3 Jan 115 May 711 Sett Man (9% Sep 1 994 Fel Jan Apr 18% Oci Sep Feb 29 83-4 5% 1% 153-4 174 17 4 6 53-4 10 16 184 1334 74 Jan 2854 Jan 234 Mar 25 May 71 4 May 934 834 Oct Sept11 14 July 19% 6 70 2 7 sa Jan Jan Oct Sep Oc Jai Mal Jul] Sep Jar Atu Jul: Jul; Ma For footnotes see page 2417. S. Week's Range of Prices July 1 Sales 1933 to for Sep. 30 Week 1935 Stocks (Concluded) Par Low High Shares Low Houdailie-Bersney CI B. • 2134 234 7,550 234 Illinois Brick Co 25 6 6 200 34 III North Util Co pref _100 95 964 130 4234 Independent Tool v t c- --* 573-4 57% 9 100 Interstate Pow 27 pref___* 174 19 30 1 7 Iron Fireman Mtg•t e_ • 213-4 22)4 500 33' Jefferson Electric Co corn_* 29 294 150 9 Kalamazoo Stove corn_ _ _* 3634 43 1,310 ¶4 7 Katz Drug Cowin 150 19 1 3434 34% Kellogg Switchboard com10 150 734 7*4 Preferred 100 58 30 17 60 Ken-Rad T & Lamp corn A• 134 735 934 7,400 Ky Util Jr cum pref 50 33 400 35 5 Ke Mona 81.1 & Wire corn.• 47 60 7,950 7% Preferred 100 105 10535 20 65 La Salle Ext Univ com_ _5 4,080 134 3 Si I.eath Az Co Common 190 • 2% 24 Cumul preferred 50 21 20 3 Libby McNeil & Libby lb 4,550• 231 836: 9A Lincoln l'rtg Co Common • 350 4% 535 7% preferred 50 304 32% 130 1 Lindsay Light 550 434 5 2 Lion Oil Ref Co corn • 300 4% 4 3 Loudon Packing r 7 New corn 2,550 o235 8 Lynch Corp corn 200 211 5 323-4 33 McCord Rad & Mfg A 150 • 2435 25% 2 McGraw Electric com __ _5 2334 2435 650 334 meQuay-Norris Mfg corn• 56 170 24 39 56 McWilliams Dredging Co_• 4334 4535 150 1234 Marshall Field common..• 5,250 94 11 6% Mer & Mfrs Sec CIA com_l 3,40( 6 34 Prior preferred 7 • 24 2414 20 Mickeberry's Food Prod Common 2,25 1 134 2 Middle Wr.,lit Utilities Common II' 54,80 • $8 cony pref A • 2% 3% 2,75 Midland United Co com _ _• 100 34 34 Convertible preferred_.* 10 34 34 Midland Util 7% pr lien100 20 1 34 7% preferred A 530 100 34 34 , 10 100 6% prior lien 31 3-4 4. Miller & hart cony pre 30 334 335 Nlodlue Mfg com 200 * 28 2834 alonrot Chemical Common 250 • 7 8 2 Preferred 220 20% • 49% 50 Muskegon Mot spec cl 150 5 18% 18% Nachman Springfield cow. 950 8% 11% Natl Elec Pow el A com.-* 270 34 34 35 Nati Gypsum Cl A (3010_5 28% 3334 8,600 a National Leather corn. _ _ 10 50 1 1 3-1 Nat'l Republic Invest Tr Cum cony preferred_ • 50 434 1 National Standard com • 31 450 17 32% Noullts-Hparks lud corn_.• 26 1,700 10 27% North Amer Car corn • 5 2% Northwest Banoorp com..• 5% 54 450 234 Northwest Eng Co corn 11% 114 100 3 North West CM 7% preferred 100 5% 636 5 Oshkosh Overall Co com__• Parker Pen (The) com__lO Peabody Coal Cl B corn _• Penn 05o & Elea corn_ • Perfect Circle (The) Co... Pines Wintertrout com....6 • Potter Co(The) corn Prima Co common • Public Service ot Nor 111 • Common Common 60 6% preferred . 11.8, 7% preferred 1011 Quaker Oats Co Common • Preferred 100 Raytheon M fgCommon v t 50c 6% prelerredvto 5 Reliance Mfg Co corn __1( Rollins Hos Mills con pref• Ryerson & Solis Inc corn. • St Louis Nat'l Stk Yds cap* Sangamo Electric Co corn * signode Steel Strap Co • Common Preferred 30 Slvyer Steel Castings con)..• wwest Its., & El SoUthwstn Lt & Pow pref..* Standard Dredge Common • Convertible preferred_ _• Starkline Fur cony pref _ _2' Sutherland Paper com....10 Swift International lb t3wif1.& Co 25 Thompson (J R) corn. .21 Utah Radio Product corn.* Util & Ind Corp com • • Convertible pref Viking Pump Co Common • Vortex Cup Co Common • Class A • Wahl Co coin • Walgreen Co common_ _ _ • Ward Montgomery & Con• waukesha Motor Co coin • Wleboldt Stores Inc corn.. WIlliams-011-0-51atic com• Macon/Annan Mares own* Zenith Radio Corp com • Bonds Chicago Ily 5s Ws_ _ _ _1927 64 6 10 30 23)4 23 5 3-4 )4 14 14% 60 37 550 3734 24 334 14,250 50 334 335 2 350 2 37 38 102 107 42 41% 103 110 132 142 135 144 3 4 6 21 111 1% 1,900 550 90 60 Range Since Jan. 1 1935 Week's Range of Prices High Low 6% Mar 23% Oct 5 Sept 74 Jan Jan 97 60 Sept Feb 58% Oct 30 Aug 84 Jan 25 1335 Feu 23 Jury 18% Jan 294 Oct 1514 Jan 43 Oct 314 Sept 40% May 8% Sept 334 Jan 174 Apr 60 Oct 94 Oct 3 Jan Jan 38 Aug Mar 60 22 Oct Jan 1064 Oct 85 3 Oct 34 Jan 6 5 3.4 July Feb Mar I Jan 5% Jan 3% Mar 34 Sept 74 26 9 1334 51 223( 635 135 20 Sept Mar Mar Jan Mar Jan Ma Jan July 35 Apr 235 Sept 21 Oct 9% Oct 6 34 54 64 Sept Sept Sept Apr 835 41% 28 25 60% 4535 11% 64 25 Aug July Sept Aug Aug Oct Jan Sept Sept 2% Aug A )4 34 34 % A 35 1% 16% Jan Mar Jan Apr Apr Mar Apr June Jan 35 334 4 1% 235 135 1% 444 283.4 6% 42% 14 6 % 8 A Jan Jan July Mar Aug Mu, Mar 935 Feb 54 Sept 20 Jan 1134 Oct Aug 33A Oct 1% Jun 135 26% 13% 235 334 535 Feb Mar Feb Mar Jan Jan 4% 37 28 334 634 14% Oct Aug Sept Jan July July 135 Jan 10 Aug 4% May 11 Jan 34 Jan 8 Mar 31 Feb Jan 2 4 13-4 June 134 Sept Aug Oct Aug Aug Aug Aug Aug Jan Oct 7% Aug 23)4 Oct 1 June 1734 Aug 3034 Apr 33-4 Oct Aug Apr 250 106 80 111 15% 1634 6134 7335 Aug Jan 42 Jan 4134 Oct Jan 105 July July Jan 115 28 33 914 9 28 38 Jan 136 Feb 148 Sept July 14 1 13 114 5335 74% 22 134 1 13% 114 5534 76 24% 520 140 1,000 4 1,550 210 620 34 9 8% Ii 32 4 34 Apr 35 Jan A ken 93.4 Apr 20 Jan Jan 69 8 Jan 2 July Mar 144 July 14 July 554 Oct Aug 78 25)4 Sept 8 27 ' 1634 93 4434 9% 27 1635 94 4434 850 110 30 60 30 134 634 3% 3934 14 134 Jan 114 Jan 5 Mar 54% Jan 2534 Jan 12 374 IS 954 46 Aug Sept Aug 44 1234 6 194 2834 1534 734 2% 34 134 4% 14% 6 2035 29% 16% 735 3% 1,550 6.550 170 1,450 1,400 3,950 • 100 5,800 400 350 34 1% 3 53( 19% 11 4% Mar Ma, Jan Jan Sept 144 634 20% 36 1934 83( 334 1% 435 Oct Oct July Sept Feb Jan Sept Oct Aug Aug 12 1234 18 34% 334 29 1354 83 15% 7 2% 634 34 2 34 15 40 250 18 100 34)4 44 1.800 1,350 29% 145 139 320 85 100 15% 1,300 74 3 500 8% 32,400 704 7035 $2,000 34 334 334 10 274 1434 may 54 Mar A Mar 44 Mar , 34 Mar 6% 535 24 3' 15% 56 21 936 2% 1% 15 31 I 21134 27 al) 11 24 '2 14 43 67 Jan 14 Aug 77 June Pittsburgh Stock Exchange 1Week's Range of Prices Sales for Week July 1 1933 to Sep.30 1935 StocksPar Low //105 Shares Low Ark Nat Gas a.,orp prof.100 200 z 13.4 5A 59-4 Armstrong Cork Co corn.-• 33% 3534 350 13 Illaw-Knox Co * 133.4 14 Is 1,062 Carnegie Metals 1 414 90c 3,0K For footnotes see page 2417. Range Stnce Jan. 1 1934, Low Mar 2 17 Mar 934 Mar 1% Jan Unlisted Lone Star Gas6% pref _100 Pennroad Corp v t c High Shares 1,528 1 13% 100 734 300 14 1,379 2534 70 99 185 834 5,485 3454 198 1,812 5 IA 100 24 425 2() 325 824 969 29C 6% 65 10% 200 1 25 11% 815 22 805 SOc 1,050 22 90 621 78 68 98 234 2% Low 33.4 1 2 13.4 12 Range Since Jan. 1 1935 64 134 11 123 44 8% 4% 1 1% 15 3031 4% 6% 1 7 75c 18% 35 15% 27% High Low 3% Mar 13% Sept 8 Apr 34 Jan Jan 34 Aug 2 2% Jan 1% Oct 16% Mar 25% Sept Sept Mar 100 73 9% Sept 4% Mar 244 Jan 3534 Sept 54 Aug gji July 1 Jan 2 Jan May 4 2 Jan 15 Mar 254 Apr 47% Apr 824 Oct 5% Mar 8% Jan 5 May 11% May 1 Oct IA Apr Feb 1434 Aug 7 75c July 3 Jan July 18% July 24 75e Aug 14 Jan 184 Mar 2775 Aug 32% Mar 8035 Sept Mar 100 69 July 2% Sept 1% ,-.pr 54 BALLINGER & CO. Members Cincinnati Stock ExchanOe UNION TRUST BLDG., CINCINNATI Specialists in Ohio Listed and Unlisted Stocks and Bonds Wire System-First Boston Corporation Cincinnati Stock Exchange Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Week's Range of Prices J wy 1 Sales 1933 to for Sep.30 IVeek 1935 Range Since Jan. 1 1935 StocksPar Low High Shares Low High Low Aluminum Industries_ __. 8% 9% 80 Sept 11 534 July 53.4 372 104 124 Mar 20 Amer. Laundry Nlach _ _ _20 184 1874 Sept 3 3 • Burger Brewing 200 1134 Apr 4 134 Aug Champion Coated 20 20 123 20 20% Sept Sept 21 100 10234 1034 1st preferred 174 10034 10034 Sept 1034 Oct * 10% 11 Churngold 253 1 23.4 Jan 114 Sept 7234 Jan 100 207 62 July CM Gas & Elec pref ____100 9834 98% Cincinnati Street Ry ___50 435 4 119 434 July 234 Apr 23-4 Cincinnati Telephone...50 82 82 92 604 62% June 91 Aug 23 CM Union Stock Yard _ _.• 23 10 163-4 21 May Feb 28 Coca-Cola A 45 • 45 25 Jan 45 Oct 54 5 • 1234 1354 Crosley Radio 148 I 7 1234 Sept 163.4 May Eagle-Picher Lead 20 64 6% 117 34 7 34 Mar Sept Early & Daniel pref. _ -100 101 101 11 70 June 10434 AD 100 • 14 1434 Formica Insulation 94 Mar 15 295 Sept 8 Gibson Art • Hobart class A • 100 Kahn tat pref 40 A • Kroger Lunkenheimer * • Meteor Motor • Moores A National Pumps Procter & Gamble • • Randall B United Milk Crate A _ _ _ _• 10 U. S. Playing Card US Printing • KA 2734 35 90% 15 274 13 34 2% 2 51% 434 24 33 535 2834 354 91 15 273-4 13 34 234 2 524 43-4 24 33 7 274 85 10 25 98 I 28 6 40 5 58* 45 125 50 799 OA 011, AO 754 2234 50 10 19 8 2 4 54 334 234 34 144 2 Ai, 163.4 27 65 104 2334 8 2 2 1 4334 454 24 294 3 Jan 293.4 Feb 354 Apr 924 June 154 May 32 Apr 133-4 July 3 Mar 3 234 Apr Jan 5334 Oct74 24 Oct Jan 39 Jan 734 IA inn 9n Auti Oct AD Sept AD Sept Mat Mai AD Juli Mai Oc Ma: Ma: Jan, OHIO SECURITIES Listed and Unlisted GILLIS, WOOD & CO. Members Cleveland Stock Exchange -Cherry 5050 Union Trust Bldg. CLEVELAND, - - - OHIO Cleveland Stock Exchange Oct. 5 to Oct. 11, both inclusive compiled from official sales lists Aug Jan 20 Aug Jan 354 June Apr 434 Oct June 32% Aug Jan 143% May Jan 92 June Feb 1734 July Mar 84 Sent June at Feb AD 834 Oct Jan Stocks (Concluded) Par Low Columbia Gas & Elec Co_* 12% Duquesne Brewing corn_ _5 7% Electric Products 3 • Fort Pittsburgh 13rewing.1 1% -n 25% Harb-Walker Ref corn. _* Hoppers G Az Coke pref 100 9835 Lone Star Gas • 5 33% Mesta Machine Co Mountain Fuel Supply__ _ Nat'l Fireproofing pref _100 135 Pittsburgh Brewing Co * Preferred • 1934 Pittsburgh Plate Glass _ _25 7834 Pittsburgh Screw & Bolt_ 54 , Plymouth 011Co 5 Renner Co 1 Ruud Mfg Co 5 114 Shamrock Oil & Gas 1% United Engine & Fdy • 22 1 750 Victor Brewing Co Westinghse Air Brake _ _ 21% Westinghse Elec & Mfg_50 7535 July 1 Sales 1933 to for Sep. 30 Ilreek 1935 Aug Oct. 5 to Oct. 11, both inclusive compiled from official sales lists r 2415 Financial Chronicle Volume 141 High 694 Aug 3735 Sept 1534 Aug Sept 5 Week's Range of Prices StocksI ar Low Allen Industries Inc • 32 Preferred • 39% Apex Electric Mfg • 834 City Ice & Fuel • 12 Preferred 100 79 Cleve-Cliffs Iron pref.__• 3134 Cleve Elec 1116% pref. _100 111 Cleveland Ry 100 60 Ctfs of deposit 100 58 Cliffs Corp vtc • 14 Elec Controller & Mfg_. 47 Enamel Products • 9 July 1 Sales 1933 to for Sep. 30 TWeek 1935 Range Since Jan. 1 1935 High High Shares Low Low 37)4 235 84 Jan 37)4 Oct 2 Feb Apr 45 25 174 39 393-4 8% Sept 8.4 4 Jan 34, 167 1,811 I 14 15 Oct 2435 Muy 12 80 Sept 100 .May 249 * 63% 73 Sept 440 15 35 Mar 43 15 114 251 99% 1104 Jan 115% July 60 Oct 37 35% 5334 Apr 64 59 Aug 240 34)4 50 Apr 66 15 1,615 Sept 5 Apr 17 5 48 July 40 14)4 21 Jan 52 9 Sept 100 64 Apr 4 9 Faultless Rubber • 30 30 Foote-Burt • 10 10 Gen'l T & R 6% pref A.100 90 903.4 Great Lakes Towing_ _ _100 14 14 Preferred 100 40 4034 Greif Bros Cooperage A... 30% 3034 Halle Bros 5 18 18 Ilanna (St A) $7 cum pref. 1004 1004 Harbauer • 20 20 • 25 Interlake Steamship 2635 Jaeger Machine • 9% 1034 Kelley Isl Lim & Tras_ _• 15% 1535 45 21 June Jan 34 30 Jan 250 Oct 4 10 5 Mar 30 56% 90 Oct 97 28 1234 1235 May 14 Apr May 20 3435 40 Jan 50 50 16 Jan 3135 Mar 27 June 100 Feb 18 11 8 550 10035 1003.4 Sept 10034 Sept Jan 150 June 23 435 18 189 20 20)4 Mar 2835 Jan 478 I2 44 Jan 1034 July Jan 17% Sept 11 89 634 241 6 Financial Chronicle July 1 Week's Range Sales 1933 to of Prices for Sep. 30 Week 1935 Stocks (Concluded) Par Low Lamson & Sessions • 3 Leland Electric * 7 Murray Ohio Mfg • 18% National Acme 1 9 National Refining 25 334 National Tile * 434 Nestle LeMur cum c A_• 234 1900 Corp class A • 29% Ohio Brass B • 29% 6% cumul preferred_100 104% Packer Corp • 834 Patterson-Sargent • 25 Richman Bros • 56 * 1 Selberling Rubber S M A Corp 1 13 Truscon Steel 7% pref _100 69% Weinberger Drug Inc_ _ • 15% West Res Inv Corp 6% prior preferred_ _100 38 Range Since Jan. 1 1935 High Shares Low 33.1 165 234 641 3 734 1,127 19% 211 9% 120 3 2% 110 334 4% 280 1 3 450 1 29% 225 21 30 50 10 104% 25 48 3% 15 834 100 10% 25 409 38 57% 1 110 / 135 14 811 73 780 25 15% 7 130 38 200 Week's Range of Prices Low High 21% May 4% Aug 4%,May 734 Sept 3 Mar 19% Oct Sept 534 Apr 10 731 Apr 2% Mar 5% Aug Mar 1 Sept 2 534 Jan Sept 23% Jan 30 Jan 33 Sept 19 July Mar 105 96 8% Oct 634 Jan Apr 27% Sept 19 May 59 Sept 46 Jan 3 June 1 June 14 Jan 9 1 Apr 74% Sept 25 12% Jan 16% Aug Jan 20 20 38 Oct WATLING,LERCHEN & HAYES Members New York Stock Exchange New York Curb (Associate) Detroit Stock Exchange DETROIT Buhl Building Telephone - Randolph 5530 Detroit Stock Exchange Oct. 5 to Oct. 11, Oct. 12 1935 both inclusive, compiled from official sales lists Jaiy 1 Sales 1933 to for Sep.30 Week 1935 Stocks (Concluded) Par Low High Shares Low Pacific Gas & Elec Co 25 2631 27% 800 1 1211 2002 18% 6% 1st preferred 25 28% 28% Pacific Indemnity Co _10 17 200 1734 734 Pacific Lighting Corp_ _. 4234 4254 100 1 19 Preferred 190 0666% • 10334 104 Pacific Pub Serv 1st pref..• 18% 18% 100 1% Pacific Western Oil 100 2 5 * 934 93.4 Republic Petroleum Co _ 10 1,100 2% 234 134 San J L & P 7% pr pref _100 111 111 4 11 6724 Security-First Natl Bk_ _20 44 950 25 48 Security Co units 234 13 29% • 29 Signal Oil & Gas A corn_ . 7% 811 700 1% Sou Calif Edison Co__ __25 22 22% 2,700 1 1034 6% preferred 25 28 2834 2.6002 1534 534% preferred 25 25% 2634 5,800 14% Fou Cos Gas 6% pref _ _100 106 108 38 75 Southern Pacific Co_ 100 16% 1734 800 1 12% Standard 011 of Calif_ _ __* 3234 32% 1,600 2634 Transamerica Corp * 9.300 434 754 8 Union Bank & Trust Co_50 112% 11254 50 71 Union On of California25 17% 18% 2,700 1 II% 1,20027 1.20 Universal Cons Oil Co _ _ _10 634 6% Range Since Jan. 1 1935 Low 1334 Feb 2034 Feb 831 Jan 2 034 Mar Jan 72 734 Jan 7% Jan 121 Aug Jan 88 33 Apr 15% Mar 534 Mar 10% Mar 1734 Jan 1634 Jan 80 Jan 1334 Mar 28% Mar 4% Mar Feb 80 15 Jan Jan 2 High 2834 Aug 28% Oct Aug 19 4434 Aug 104 Oct 19% Sept 11 Aug 3% Aug 10934 July 4934 Aug 3134 Aug 15 July Sept 23 28% Oct 26% Oct Oct 108 2131 Sept 3834 May 8% Sept Sept 115 2051 May 854 May Mining - Ilk Mammoth Cons 114_10c 10c 90 Calumet Mines Co__ _ _10c 0c 40 Tom Reed Gold Mines Co 1 36c 35c Un listed American Tel & Tel_ _100 137% 140% . . Iiethlehem Steel 37 • 37 General Electric • 3334 3411 General Motors 10 46% 47% Montgomery Ward • 31% 3131 'ackard Motor Car Co _ * 534 5% tadio Corp of America_ _ _. 734 754 Standard 011 of N J 4431 25 44 ride Water Assoc OIL__' 874 934 Warner Bros Piernres A 71 4 . 71 4 3.000 2,000 3,600 60 Sept 170 Jan 3c July 1334c Jan 33c July 510 Jan 6c 3c 25c 360' 9874 100 1 2154 300 6 16 900 222234 100 1 15% 2% 300 400' 4 200' 3354 1,100 2* 7% 2.000 1 251 9934 2354 2134 27 22 3% 434 44 831 234 Mar 145% Sep Mar 38% Sep Mar 3454 Or Mar 4734 Oc Mar 3734 Sep Mar 534 Jan Apr 834 Set/ Oct 4431 Oc Apr 11% May Mar 834 Sep J WI/ 1 Week's Range of Prices StocksPar Low Auto City Brew corn 1 1 Baldwin Rubber A * 30% Bower Roller Bear corn_ _ _5 32 Briggs Mfg corn • 48% Burroughs Add Mach___ _• 19 Chrysler Corp corn 5 77 Consolidated Paper com_10 21% Continental Motors com • 1% Delsel-Wemm-Gil corn_ _10 334 Detroit & Cleve Nav com10 1% Detroit Edison com_ .._ _100 98% Detroit Forging corn • 2% Det Gray Iron corn 954 5 Det Mich Stove com 1 1% Det Paper Prod corn • 15% Ex-Cell-0 Air com 3 19% Federal Mogul corn • 7% Fed Motor Truck com_ _ _ _• 6% General Motors com_ _ _ _10 46 Goebel Brew com 3% 1 Graham-Paige Mtrs com_l 1% Hall Lamp com 5% * Hoover Steel Ball com__ _10 8 Hoskins Mfg com • 41 Houriaille-Hershey B * 22 Hudson Motor Car * 13 High Shares Low 134 550 1 32 2,524 sy 32% 621 205 4934 1,039 1 631 493' 10% 19% 78% 2.090 29% 6% 23% 3,435 200 1% 11 7,519 15 434 1% 605 154 388 1 55 99% 585 3 1 10% 2 675 2 1.435 % 17 3% 962 20 2% 784 3 9% 4,984 940' 1 731 4754 3,204 22 22% 4% 5,985 3% 231 2,197 1 1 34 3 631 13.704 525 8% 1 41 140 13 23 1,422 234 14% 8,87721 6 Kresge(SS)corn 10 Lakey Fdry & Mach corn 1 Mich Steel Tube cora_ _ _ _• mich Sugar com " Preferred 10 Motor Prod corn • Motor Wheel corn 5 Murray Corp corn 10 Midwest Abr • l'ackard Motors corn • Parke-Davis & Co • Parker-Rust-Proof com • Pfeiffer Brew corn • Reo Motor Car com 5 Rickel(H W) 2 River Raisin Paper * Stearns corn • Timken-Detroit com___ _10 Tivoli Brew corn 1 Truscon Steel corn 10 United Shirt Dist corn_ _ _* . Universal Cooler A • B • Warner Air Corp 1 Wolverine Brew corn 1 25% 2 21 24 5 42 14 17 4 5 44 47 11% 3% 3% 4% 14 834 231 631 4% 634 134 % 116 26% 2 21 % 551 42 14% 17% 4% 531 44 52% 13% 3% 311 5 14 8% 2% 6% 434 834 1% % 116 912' 1031 X 550 2 3 250 % 120 636 234 487 1 15% 1,739' 6% 1,260' 3% 3 7,583 3,85821 2% 442 1 19 486 2 39 7.88511 2 2 3,669 2% 2,617 1 975 4% 100 1,205 3 9,092 1% 440 1 3% 54 No 1% 100 55c 2,020 34 4,225 2,250 216 1A3X 371.1 32012 c.1.1.171paa • Range Since Jan. 1 1935 Sales 1933 to for Sep. 30 Week 1935 High Low Jan 2 Sept 1 Oct 6% Mar 32 Mar 32% Oct 16 Feb 4934 Oct 25 Apr 20% Oct 14 Mar 78% Oct 31 12% Jan 23% Aug 11 Mar 134 Aug Oct 15 8% Feb 254 Apr 134 Mar Mar 103% Sept 65 Oct 3 Feb 1 3% Apr 10% Oct 2% Aug 21 Apr 9% Jan 17% Aug Oct 5% Feb 20 934 Oct 3% Mar 73.4 Oct 3% Mar 26% Mar 47% Oct 4% July 31.1 June 3% Jan 154 June 631 Oct 3% June 8% Sept 334 Feb Oct 22% Jan 41 6% Mar 23% Oct 634 Mar 14% Oct 20 % 3 11 2% 1731 734 5 3 331 33 40 7% 2% 2% 234 7% 421 1% 334 254 3% 1.00 Si Mar Aug Jan Jan Jan Mar Mar Mar Aug Apr Jan Sept May Mar Feb Jan Mar Mar Sept Mar July Feb Apr July 216 Oct 181 4 Mar 27% Sept 234 Aug Oct 21 154 May 7% July Sept 42 14% Oct voi Oct 4% Oct 5% Jan July 47 July 139 15% Sept 431 May 3% Apr 5% Sept Sept 15 911 Aug 254 May 734 Sept 5 Aug 6% Aug 2.00 Oct 131 Jan 1% May 3721 Oct Los Angeles Stock Exchange Oct. 5 to Oct. 11, both inclusive, compiled July Week's Range of Prices from official sales lists 1 Sales 193310 Sep.30 for 1935 Week Range Since Jan. 11935 StocksHigh Shares Low Low Par Low Boise Chica 011 A 2% Oct 1% 3 600 10 3% Broadvry Dept St 1st pt 100 94 Jan 60 30 42 94 Buckeye Union Oil Sc Oct 5c 1,000 3c 5c 1 40 Voting trust certificates 1 40 Oct 4c 1,000 6c Preferred v t c 10c Sc Oct 9c 2,000 8c 1 Chrysler Corp 200 1 26% 31% Mar 5 7234 73% 250 18 Citizens Natl Tr & S Bk _20 25% 26% 19% Apr Claude Neon Elec Prod_ _ _• 10 July 1,300 10 10% 731 Consolidated Steel 1% 2 1,400 1.10 Feb • 90e 434 9% 9% 100 4% Mar • Preferred District Bona Co 6% July 6% 634 100 25 434 Jan 400 7 234 Emsco Der & Equip Co_ _5 12% 12% Jan 340 Farmers & Mer Natl Bk100 395 400 8 275 9% 911 400 Gladding McBean & Co _ _• 454 434 Mar 300' 15% 16% Mar Goodyear T & R (Akron)_• 16% 17 Hancock Oil A corn • 1531 16% 600 6 934 Jan Kinner Airpl & Mot Corp_l 380 Jan 60c 67%c 8,000 2 10c Lincoln Petroleum Corp_ _1 18c 16,750 16c 150 Sept 15c 90c Lockheed Aircraft Corp_ _1 1.10 Jan 634 734 7,400 1% 2 1,000 Los Ang Industries Inc 2 500 600 Feb 213 7334 81 Los Ang G & E6% pref 100 110 112 Jan Jan 500 5 5% 5 Los Ang Investment C0_10 154 350 35c 500 260 Jan 1 19c \lascot Oil Co 28c 100 28c 15e "It Diablo 011 Min & Dev 1 210 June 140 2,500 6c 13c Nordon Corp 5 7c June 1,900 9% Jan 6% Pacific Finance Corp____10 1834 2151 12 600 10 12 9 Preferred A 1034 Jan e erre For footnotes see D..ge 2417. High 434 Afar Oct 94 250 Feb 240 Feb 5734c Feb 73% Sept Aug 33 II% Mar 234 May May 10 July 7 Aug 15 Sept 404 10% Sept Jan 26 22% May 77340 Sept 80c Feb 754 Oct 2% Sept Oct 112 734 Apr 40c May 280 Oct 180 Aug Aug 22 14 Aug Established 1874 Dellaven & Townsend Members New York Stock Exchange Philadelphia Stock Exchange NEW YORK PHILADELPHIA 30 Broad 1415 Walnut Street Street Philadelphia Stock Exchange Oct. 5 to Oct. 11, bath inclusive, compiled from official sales lists 4JULy 1 Week's Range of Prices Range Since Jan. 11531 Sales 1933 to for Sep. 30 Week 1935 StocksPar Low High Shares Low Low High American Stores Apr 4251 Jan 3654 1,062 3334 33 • 36 Bankers Securities pref _ _50 1454 14% Juno 11 15 Feb 178 5% Bell Tel Co of Pa pref_ _100 119 120% 226 109% 11434 Apr 121% Sept Budd (E G) Mfg Co_ _ " 731 Oct 3 . . 731 8,352 534 334 Mar Preferred 45 1 16 23 Mar 5554 Oct 100 5434 5534 Rights Si Sept % 10,671 1 /1 Sept 34 % Itudd Wheel Co 9% Oct 811 934 3,904' 2 234 Mar • Electric Stor Battery_ _100 4411 46% 525 33% 40% May 4954 Jan 912 1531 21 Horn & Hard (NY) corn, Feb 3134 Sept • 2834 2854 Lehigh Coal & Navig__ _• 8% Aug 511 May 5% 634 6% 1,836 Lehigh Valley 5% Mar 1134 Jan 15' 5 50 7% 7% Mitten Bank Sec pret 25 111 Jan 11 Aug 54 258 1% 1 131 Mar Sept Pennroad Corp vtc 2% 11.565 2 1% 3 2 • 1734 Mar 30% Sept Pennsylvania RR 2634 3,412 1 17% 50 25 204 2 42% 79 Penne Salt Mfg Mar 104 Aug 50 9931 102% 103% Jan 114% Oct Phila Elec of Pa $5 pref. _• 113 11454 163 90 Phila Elec Power pref 25 33% 3454 747 2934 31% Mar 345-4 Aug Piffle Insulated Wire_ _ _ _• 2434 2434 60 1934 19% Feb 2534 May PhIla Rapid Transit_ _ _ _ 50 1% Jan 32 131 Mar 4 1% 23.4 7% preferred 388' 3 334 Mar 654 Jan 50 3% 434 Phlla & Read Coal dr Iron • 1% June 434 Jan 60' 13.4 2% 234 Sept 2234 Jan 335 11 Philadelphia Traction...._ 50 1134 12 11 65 17% 1834 Apr 27 Sept TaCony-Palmyra Bridge_ _• 26% 27 1 16 1,200 Tonopah-Belmont Devel_ 1 216 May '16 '16 Feb 34 % Tonopah Mining 134 Apr 1,2202 Si Feb 14 % 1 Union Traction 3% 516 33-4 Mar 3% 4 6% Jan 50 United Gas Impt com_.. _• 15% 16% 5,8806 934 931 Feb 1834 Aug 391 1 8254 87% Feb 10754 July Preferred • 106% 107% Bonds - Peoples Pass tr ctfs 48.1943 Phil* 1 14•0 (Pill 1us U. 1 naa , - 26 26 11941 1121 .4 $1,000 20 5.000 2 1041/ 20 Mar 26 Sept 110% May 11351 Feb ST. LOUIS MARKETS I. M. SIMON &CO. Business Established 1874 Enquiries Invited on all Mid-Western and Southern Securities MEMBERS New York Curb (Associate) New York Stock Exchange Chicago Board of Trade St. Louis Stock Exchange 316 North Fourth St., St. Louis, Mo. Telephone Central 3350 St. Louis Stock Exchange Oct. 5 to Oct. 11, both inclusive compiled from official sale.; lists JIM/ 1 Week's Range of Prices StocksPar Low Brown Shoe corn • 62 Preferred 100 121% Burkart Mfg corn • 30 Century Electric Co__ -100 25 Cora-Cola Bottling corn...1 43 Columbia Brew corn 5 . 3 Dr Pelaper com 1734 Ely & Walker DGds corn 25 19 Emerson Electric pref _ _100 6754 Falstaff Brew corn 4 i International Shoe tom _ _ _• 45 Key Boller Equip corn_ 5 • Safes' 193310 Sep. 30 for Week 1935 Range Since Jan, 1 1935 High Shares Low Low High Mar 62 103 42 53 62 Oct 121% 120% Aug 126 Pune 6 117 1 175 6 Jan 30 30 Oct 10 20 20 Aug 25 25 Oct 25 8 Jan 45 29 4354 May 211, Sept 2% 400 3 321 June 10 16 6 May 1734 1934 Aug 10 13 19 1754 Jan 21 Feb 10 40 46 Feb 6734 Oct 6754 25 231 4 2% Jan 534 July 46 38 4254 Mar 48% Aug 45% 100 411 Aug 5 4% 53.4 July ,IA 1011 1511 Mau 0/1/ Q4„e Financial Chronicle Volu.ne 141 2417 J IMI 1 Range of Prices iWeek's Sales 1933 to Sep.20 for 1935 Week Range Since Jan. 1 1935 Stocks luded) Par Low High Shares Low Low Landis Machin !corn 95 2134 2134 10 Mar 6 5 53 5 33. Apr • 56 SlcQuay-NorrllI COM ofi Mo Ptld Ceme It corn_ _25 150 8 6 8 634 Apr Nett Bearing 5leta Is p1100 35 99 100 75 80 Jan National Cand 'corn • 370 1034 11 1034 Aug 1194 Pedigo-Lake SI me com 1 * 300 134 2 Jan 1 Rice-Stix D Gd 3COM • 25 944 9% 6% 854 July 1st preferred 100 113 113 104 100 3.0 Jan 2d preferred 5 70 Apr 100 10134 10134 92 80 134 144 Jan Scruggs-V41D Gcom_25 334 344 S'western Bell Tel pref_100 12444 124% 103 11544 119 May Wager Electric COM 15 19% 2034 596 694 1294 Jan Bonds z United Rath ays 4s_1934 27 27 . 963: ,,ns. 4s ctfs of dep $4,000 4 000 DEAN WITTER & CO. Municipal and Corporation Bonds PRIVATE LEA8k1) WIRES San Francisco Los Angeles So gnniento Oakland Fresno New York Portland llonolulu Tacoma Seattle Stockton 18 18 27 Oct 2614 Jule High 2134 Oct Aug 60 9 Sept Oct 100 1634 Feb Oct 2 1244 Jan Oct 113 10134 Oct 334 Oct 12534 Sept 20% Oct 3234 Aug 2814 Ain Members New York Stock Exchange San Francisco Stock Exchange San Francisco Curb Exchange Chicago Board of Trade Chicago Stock Exchange New York Curb Si. (Asso.) New York Cotton Exchange New York Coffee & SugarEx. Commodity Exchange, Inc. Honolulu Stock Exchange San Francisco Stock Exchange Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Week's Range of Prices July 1 Sales 1933 to for Sep. 30 Week 1935 Range Since Jan. 1 1935 StocksPar Low High Shares Low Low High Alaskr Juneau Gold____10 1534 1594 me 1534 Jan 1554 July 20 Amgio Cal Nat Bk ot F.20 15% 1594 7% 258 12 Jan 1634 Aug Assoc Insur Fund Inc__10 344 334 2,000 % Jan % 494 July Bank of Calif N A 100 174 174 70 nog 143 Jan 187 Aug • 1444 1434 1,851 Byron Jackson Co 3% 734 Jan 1594 Sept Calamba Sugar corn. 20 2144 2134 1,045 1534 19 Jan 24 Sept Calaveras Cement Co corn • 4% 300 4 % 1 Aug 534 Sept 10 California Copper 44 1,035 34 H Feb 34 Aug Calif Cotton Mills com_100 4 544 1641 1034 Jan 1834 Aug 725 34 California Packing Corp_ 3534 2,631 17 31 Aug 4234 Feb Calif Water Service pret100 97 20 59 98 70 Jan 98 Oct Caterpillar Tractor 5144 • 51 798 1 15 3644 Jan 5544 Aug Claude Neon Elec Prods log loyi 100" 744 10 Aug 1134 Feb Clorox Chemical Co • 3244 3334 555 1834 2912 Jan 37 July Cons Chem Indus A 437 2144 27% Jun 3234 July 31 31% Crown Zellarbach v t c • 4% 534 6,063 1 334 344 Apr 5% Jan Pre A 222 27 7834 8144 50% Mar 8134 Sept Fret B • 7934 8044 50 26 5094 Mar 8044 Oct Di Giorgio Fruit 53 pret100 3144 31% 20 16 2244 Jan 38 Jan Eldorado Oil Works • 2334 2494 660 13 18 Jan 2634 May Emporium Capwell • 15 16 5 1,16 534 Jan 1644 Sept Emsco Derr & Equip 5 12% 1234 94 ,2 234 12% July 1594 Aug Fireman's Fund Insur ___25 94 565 44 95 7134 Jan 95 Sept Food Mach Corp com * 57 6134 2,715 10% 20% Jan 6134 Oct Gen Paint Corp A com * 3144 3134 1,69 5 1434 Mar 32 Sept B common • 4 4% 1,12 44 144 Star 644 Aug Golden State Co Ltd 6 4 644 3,401 4 Mar 7% Aug Hololulu Oil Corp Ltd _• 1644 1734 2,367 1034 4% Jan 2034 May Hololulu Plantation_ ___20 30 130 17% 26 3034 Jan 3234 May Hunt Bros A corn 9 1034 2,645 7% Aug 1034 Oct 374 Island Pine Co Ltd pret_25 25 180 444 2044 Jan 29 26 May Lockheed Aircraft • 63.4 534 Oct 754 21,420 20c 734 Oct Langendorf Utd Bak A._* 834 8% 400 9% July 554 Mar 534 Leslie-Calif Salt Co 641 21 24% 25 Jan 2234 Apr 26 Libby McNeill & L corn,.,.• 135 2 244 8% 8% Oct 634 Aug L A Clas .3c Elec pref.._ -100 110 111 69 75 81 Sept Jan Ill Lyons-NIr gnus Inc A_ _ _..• 250 7% 7% 6 9% July 644 Jan Magnavox Co Ltd 244 144 2 339 11 34 34 Jan 2.% Aug (I) NiagnIn & Co cora _ _ _• 15 330 6 15 8% Jan 1534 Sept Merchant Cal Mch com.10 844 934 1,013 1 Jan 10 2 Sept Nati Automotive Fibres_ _• 2744 2934 4,364 22 3 13 Feb 2934 Oct Natomes Co • 934 1034 3% 1,985 7% Jan 11% May No Amu Inv 6% pret_100 50% 50% 10 14 31% Mar 55% Sept North Amer Oil Cons.10 12 1,230 1234 634 9% Ma 15 June Occidental Insur Co.. ..10 28 90 13 28 21% Ma 2944 Aug Oliver United Filters A_ 3434 3534 1,823 5 12% Jan 3544 Oct • 934 934 5,082 1% 2 Apr 10 Aug Pacific G & E corn 25 2534 2734 3,129 1 12% 1334 Feb 28% Aug 6% 1st prof 25 2834 2944 4,713 z 1834 2034 Jan 12934 Oct Pacific Lighting corn • 4144 4234 674 1 19 2044 Star 4434 Aug 6% preferred • 10344 104 225 66% 71 Jan 104 Oct Pac Pub Ser(non-vot)com • 334 354 2,382 17 44 44 Feb 3% Sept (Non-voting) pref • 1834 19 1% 1,270 7% Feb 1944 Sept Pacific Tel & corn. .100 11134 11244 90 6844 70% Jan 115% Sept 6% preferred 100 136 136 8 9934 III Jan 138 Sept Paraffin° Co's corn • 5834 6034 5,805 21 36 mar 6044 Oct Plg'n Whistle pref 134 144 275 • 44 44 Jan 234 Aug Ry Equip & RIty 1st prof • 1944 2034 5 623 10 Jan 22 Aug Series 1 19 • 19 75 2 544 Mar 27 Aug Series 2 16% 17 73 1% 534 Feb 25% Aug Rainier Pulp & Paper * 3244 35 735 15 30 Jan 3634 Aug ltoos Bros corn 1 20 128 20 5 9 Jan 2244 Sept Preferred 100 102 102 70 61 85 Feb 103 Aug SJL&P6% pr pref _ _ _100 103 103 16 65 77 Jan 104 June Schlesinger & S(B F)pf 100 102 2% 234 1 1% July 344 Oct Shell Union Oil corn • 560 1 534 934 944 544 Ma 1134 May Southern Pacifies Co_ ___100 17 1,072 1 1234 13 Ma 1734 21% Sept So Pee Golden Gate A _ _.* 1,695 3 4 144 Jan 44 4 Sept • 410 3 2 44 Jan Si 3 Oct Spring Valley Water Co * 4 300 6 6 534 Jan 6% Aug Standard 011 Cool Calif • 3234 33 2,946 1 2634 28 Nis 3844 May 10 Thomas-Alice Corp A _ _ _ 1% 1% 144 134 Oc 234 Feb 710 834 9 Tide Water And 011 com.• 7% 734 Ma May 12 100 98 220 4354 8334 Feb 102% Aug 99% 6% preferred • Transamerica Corp 444 26,428 434 Ma. 734 8 834 Sept Universal Oil * 410 6% Oct 6% 644 6% Oct Union Oil of Calif__ ___25 1734 19 1134 1474 Feb 2044 May 2,901 4 1144 1,215 5 Jan 16% May Union Sugar Co cont.__ _25 11 prof 100 272 274 31 179 Weill & Co(R) 230 Jan 280 July 3,862 Western Pipe & Steel Co_10 2334 25 1044 Jan 25 73-4 Oct 120 Yellow Checker Cab A..50 13% 14 234 IA 6 Feb Oct 1Week's Range of Prices StocksHigh Par Low American Tel dr Tel__100 138 140% 1 31e 32c Amer Toll Bridge A Twin Nat'l Corn • 1014 1094 Stocks (Concluded) Par Low Argonaut Mining 5 1494 Bancamerica Blair 1 6 Calif Art Tile A 834 • Calif-Ore Pw 6% '27__100 48 10c Calif Pacific Trading . * 3.50 Preferred Calwa Co 10 1.7. Chrysler Corp 5 75 Cities Service • 1% 40c Claude Neon Lights 1 2 Crown Will 1st pref • 924 2d preferred ' • 6034 • 264.4 Dominguez Oil Electric Bond & Share_ 5 1234 20 4844 Ewa Plantation Foster & Kleiser pref_100 56 10 4574 General Motors Great West Elec-Chem__• 56 Preferred 2134 Honokaa Sugar 20 4.50 Idaho Maryland 1 3.00 14c Italo Petroleum 1 Preferred 1 77c Khmer Airplane 1 63c 4334 Loews Inc Marine Bancorporation..* 2134 Oahu Sugar 20 32 634 O'Connor Moffatt • 6 Olaa Sugar 20 Onomea Sugar 20 42 5 1434 Pat Amer Fisheries Pacific Eastern Corp___ _1 334 20 1634 Pineapple Holding * Radio Corp 734 Republic Pete 1 2.00 • 2.25 Schumacher W Br • 3494 Shasta Water South Calif Edison 25 2234 544% preferred 25 2534 25 28 6% preferred Stecher-Traung pref___100 .95 1 25e Sterling 011 1 20c United States Pete 634 %lea Co 25 Waialua Agricult 20 56% Warner Bros Pictures.._• 7% WcAtern Air Exnrrns I 545 July 1 Sales 1933 to for Sep. 30 Week 1935 Range Since Jan. 1 1935 High Shares Low Low Jan 1,725 1.75 10 1594 6 Oct 634 6 200 1.00 4.00 July 170 9% 49 68 20 2534 Mar 10c 10c Aug 10e 90 3.50 40 3.00 3.50 Oct 1.75 1.75 Oct 37 144 7834 3434• Mar 300 1 2634 310 75c 154 75c Mar 45c 32c Apr 420 2 Ns 9344 180 40 68 Mar 65 170 1644 38 June 10 17 2244 Feb 264 July 1244 9 5 2 334 25 4034 4034 Jan 4844 100 35 56 46 Aug 48 2,234 252234 2694 Mar 48 80 17 Aug 5734 2 21% 225 16.80 21 July 1.40 5.00 1.15 Apr 100 3.05 2,110 2.50 3.00 Jan 14c 13c Jan 100 5c 66c Jan 47c 78c 1,090 67c 1,150 2 10c 50c Jan 5Q1 1934 4344 Oct 4334 2134 10 9 1144 Apr 3234 280 15 2034 Jan 3 2 100 Jan 644 10 6 4.55 4.75 Jan 42 3244 Jan 91 30 16 2,220 5 944 Jan 134 Mar 1% 394 1,119 720 Jan 5 17 11 4 146 Mar 4 734 30 17 194 2.00 May 2.00 2.25 90e Mar 106 35c 22 120 11 Jan 35 1,228 1 1034 1034 Mar 23 759 271434 2634 1634 Jan 1,7352 1834 1834 Jan 2845 40 57 95 90 Aug 100 25c 25c 25c Oct 16c 20c • 500 17e Sept 505 July 6 (I% 6 3634 Jan 100 29 96% 744 5 225 1 2% Aug 1.520 5 2 594 3% Aug High July 15 6% Sept 834 Oct Sept Si 10e Aug 3.60 June 1.75 Oct 7834 Oct 334 Aug Mc May 9544 Sept 65 Sept Aug 30 2034 Aug 50 May 74 Sept 48 Oct 61 Sept 2234 Sept 6 May 3.95 May 28e Yet 1.20 Jar 76e Sept 4334 Oct 2134 Sept 34 SeP1 594 Sept 7 July 4234 Aug 1634 AUf 334 May 1934 May 844 Sept 3.50 Aug 2.25 On 3734 Sep 2334 Sep' 2634 Oc 2834 Oc Sep 97 250 Oc 27c Ma; 744 Jul: 5844 Alt 834 Sep 5% Ja' • No oar value c Cash sale z Ex-dividend. s Ex-tights. s Listed. t In default. g Price adjusted because of stock dividends, split-ups, Sce. r New stock. I Low orice not including calm ur odd-lot Sales. The National Securities Exchange@ on which low prices since July I 1933 were made (designated by superior figures in tabletu are as follows. 22 Pittsburgh Stock 12 Cincinnati Stock New York Stock 21 RIchtnond Stock 11 Cleveland Stock New York Curb 11 Colorado Springs Stock 25 St, Louis Stock New York Produce 21 Salt Lake City Stock New York Real Estate 11 Denver Stock 21 San Francisco Stock 1* Detroit Stock Baltimore Stock 32 Los Angeles Stock Boston Stock 27 San Francisco Curb 11 Los Angeles Curb to San Francisco Mining Buffalo Stock . California Stock . 2 Seattle Stock i• Nlinneapolls-St. Paul ,. Spokane Stock so New Orleans Stock Chicago Stock 11 Wasnington(D.C.)Stock • Chicago Board of Trade 11 Philadelphia Stock 1 Chicago Curb CURRENT NOTICES -Eastman, Dillon & Co. have announced that James Stewart Parsons, Sydney Shuttleworth, Irwin G. Ross, Carmen L. Healy and James II. Adams have become associated with their organization. James Stewart Parsons has entered the investment research department. Sydney Shuttle. worth is associated with the Now York organization in its investment department and Irwin G. Ross will represent the investment department in New Jersey. Carmen L. Healy has joined the stock department at the New York office. James B. Adams is a member of the trading department specializing in preferred stocks. The firm has also announced that it has opened a private telephone connection to its Hartford correspondents, Robert C. Buell & Co. -With business volumes now estimated at over 80% of normal, it is evident that business recovery has made up all of the ground lost during the second phase of the depression, according to the current Review of Estabrook & Co. "Enough of 1935 has passed to permit the forecast that the volume of production in this country for the year will not only run well ahead of the preceding two years but will also show an appreciable gain over 1931," says the Review. Statement of the Ownership, Management, &c., required by the Act of Congress of March 3 1933, of Commercial & Financial Chronicle, published weekly at New York. N. Y., for October 1 1935. State of New York. County of New York, as.: Before me, a notary public, In and for the State and County aforesaid, personally appeared Herbert D.Seibert, who having been duly sworn according to law, deposes and says that he is the editor of the Commercial & Financial Chronicle and that the following Is, to the best of his knowledge and belief, a true statement of the ownership, management. &c., of the aforesaid publication for the date shown In the above caption, required by the Art of March 3 1933, embodied in Section 537, l'ostal Laws and Regulations, printed on the reverse side of this form, to wit: (1) That the names and addresses of the publisher, editor, managing editor and business managers are: Publisher, William B. Dana Company, 25 Spruce St., New York. Editor, Ilerbert D. Seibert, 25 Sreuce St., New York. Managing Editor, Ilerbert D. Seibert, 25 Spruce St., New York. Business Manager, William D. Riggs, 25 Spruce St.. New York. (2) That the owner is (If owned by a corporation, its name and address must be stated, and also immediately thereunder the names and addresses of stockholders owning or holding 1% or more of the total amount of stock. If not owned by a corporation, the names and addresses of the individual owners must be given. If owned by a firm, company, or other unincorporated concern, its name and address as well as those of each individual member, must be given): Owner. William 13. Dana Company, 25 Spruce St., New York. Stockholders, Estate of Jacob Seibert, 25 Spruce St., New York. (3) That the known bondholders, mortgagees and other security holders owning or holding 1% or more of the total amount of bonds, mortgages or other securities are: (If there are none, so state). None (4) That the two paragraphs next above, giving the names of the owners, stockholders and security holders, If any. contain not only the list of stockholders and security holders as they appear upon the books of the company, but also, in cases where the stockholder or security holder appears upon the books of the compan y as trustee or in any other fiduciary relation, the name of the person or corporation for whom such trustee is acting, is given: also that the said two paragraphs contain compiled from official sales lists statements embracing at:flint's full knowledge and belief as to the circumstances and conditions under which stockholders and security holders who do not appear Jim; 1 upon the books of the company as trustees, hold stock and securities In a capacity Sales 1933 to Range Since other than that of a bona fide owner, and this afflant has no reason to believe that for Sep.30 Jan. 1 1935 any other person, association or corporation has any interest, direct or indirect, in Week 1935 the said stock. bonds or other securities than as so stated by him. (Signed) Herbert D. Seibert, Edltor. Sworn to and subscribed before me this Shares Low Low 1 High 28th day of Sept., 1935, Thomas A. Creagan, Notary Public, Kings County, New 417 1 9874 99 Mar 1453-4 Sept York, County Clerk's No, 511. New York County Register No. 7C295. (MY 1,400 21.0 Mar 20c 47c July CoMmission expires March 30 1937). 310 3 1114 Aug 734 Jan San Francisco Curb Exchange Oct. 5 to Oct. 11, both inclusive Week's Range of Prices 2418 Oct. 12 1935 Financial Chronicle I Canadian Markets LISTED AND UNLISTED Provincial and Municipal Issues Province of Aruerta— Is Jan 1 1948 44! Oct 1 1956 Prov of British Columbia— Feb 15 1936 434s 55 July 12 1949 4348 Oct 1 1953 Province of Manitoba— Aug 1 1941 4348 Se June 15 1954 55 Dec 2 1959 Prov of New Brunswick— June 16 1938 45%e Apr 151960 4Si El a its Apr 15 1961 Province of Nova Scotia— a its Sept 16 1952 Mar 1 1960 ba Bid 01 87 As& 93 89 Toronto Stock Exchange Province of Ontario— bits Jan 3 1937 5s Oct 1 1942 Sept 15 1943 13s 99 100 May 1 1959 be 961 9812 46 June 1 1962 931" 95 434s Jan 15 1985 Province of Quebec— 9812 1001" 434e Mar 2 1950 101 103 Feb 1 1958 46 102 104 May 1 1961 434s Province of Saskatchewan— 101 102 May 1 1936 434s 104 106 June 15 1943 be 103 105 Nov 15 1948 535s Oct 1 1951 1,346 103 105 107 109 Friday sales Last week's Range for of Prices Sale Week Stocks (Concluded) Par Price Low High Shares Canada Bread co m • 1st preferred 100 Li preferred 100 10612 10712 Canada Cemeht corn • 10412 106 Preferred * 10712 109 Canada Packers corn • Preferred 100 9812 100 Canadian Bakeries prof 100 9612 9812 Canadian Canners corn_* 1st preferred 972 9912 i6o 92 Con preferred 9312 • Canadian Car corn * Preferred 25 Canadian Dredge corn_ _ .* Preferred * Candn Gen Elec com _50 Preferred 50 Candn Ind Alcohol A_ _ _ _ • Canadian 011 com Preferred 100 * Canadian Pacific Ey_ _ _ _25 Canadian Wineries * Cockshutt Plow com * Consolidated Bakeries_ * Consolidated Smelters_ _25 Consumers Gas 100 Cosmos Imp Mills Preferred 100 . Dominion Steel & Coal B 25 Dominion Stores Dominion Coal pref 25 Easy Washing com * Fanny Farmer com • Ford of Canada A • Frost Steel & Wire corn_ • 1st preferred 100 Goodyear Tire com • Preferred 100 Great West Saddlery com_• Act 511 9912 10012 Gypsum L& A • Ham Unit Theaters pfd 100 2712 Hinde dr Dauch 126 * Stunts Ltd 13 • 170 6412 Imp Tobacco 62 5 • Prior 575 5814 __ _ Internet Milling 1st pfd 100 129 Preferred new 100 10612 8412 International Nickel com _• 83 Kelvinator com 10218 103 * Laura Secord Candy corn_* 10112 103 Loblaw Groceteriae A. _. 101 102 _* B • • 14912 5012 Maple Leaf Gard pref. 8 Maple Leaf Milling corn.. _• 1063 1067 8 Preferred 9912 10012 100 Massey-liarris corn 88 84 • Monarch Knitting 37 36 • Moore Corp com 37 36 " ___A 101 100 10412 10514 National Sewer Pipe A_ • National Grocers ___ 05 Ontario Eqult 10% paid100 92 Page-Ifersey Tubes corn.. 8 8112 84 . Photo Engravers & Elec..* 99 91 Pressed Metals corn 85 * 83 Riverside Silk Mills A ___ _• 85 83 100 10112 Russell Motors corn_ _1(10 • 10412 10512 Simpson's Ltd 13 Preferred 100 9712 9814 Steel of Canada corn • 102 103 10418 __ _ Tip Top Tailors com Union Gas Co corn • 111 United Steel Corp • 9312 95 Walkers Hiram corn 78 • 76 Preferred * 10414 10512 Western Can Flour corn.. * 98 100 Preferred * 58 59 Weston Ltd Geo corn.. _ _ _• Zimmerknit corn • Canadian Bonds NVood, Gundy . 14 Wall St. New York Bid I Ask 10414 1043 4 10512 10612 11112 11312 109 111012 1003 4 10412 10612 & Coo, Inc. .. Private wires to Toronto and Montreal Industrial and Public Utility Bonds Abitibi P & Pap etre ta 1953 Alberta Pacific Grain 65 1946 Asbestos Corp of Can 58 1942 Beauharnois L 11 & P 5348'73 Bell Tel Cool Can 55_195I British-Amer Oil Co 56_1945 Brit Col Power 5349_1960 March 1 1960 be British Columbia Tel 581960 Burns & Co 534s-334s j948 Calgary Power Co 66._ _1960 Canada Bread Os 1941 Canada Cement Co bits '47 Canadian Canners Ltd 68 50 Canadian Con Rubb 66_1946 Canadian Inter Paper 6848 Can North Power 66_1953 Can Lt & Pow Co bs_ _ _1949 Canadian Vickers Co 881947 Cedar Rapids M & P55 1963 Coneol Pap Corp 53.48_1961 Dominion Canners 6e,1940 Dominion Coal bs 1940 Dom Gas & Elec 63.4s..1945 Dominion Tar Os 1949 Donnaconna Paper 53a '48 Duke Price Power 6a _ _ _1966 East Kootenay Power 76 '42 Eastern Dairies Os 1949 Eaton ,T) Realty be_ _ _1949 Fam Play Can Coro 136 1948 Tra.ser Co 6s unstamped '50 6s stamped 1950 Gatineau Power Cui 195t1 General Steelwares 65_ A952 Great Laker! Pap Co let 8850 Hamilton By-Prod 78....1943 Smith IFI Pa Mills 11145 1963 Bid Ask 1'3218 323 4 863 4 ___ 8334 ___ 8814 00 11214 1123 4 10414 105 1003 1013 4 4 98 99 10414 105 15812 6012 9012 92 105 107 1013 10212 4 10314 105 10212 7212 72 100 10012 99 100 75 77 112 113 116 163 4 107 109 103 10414 81 80 9818 99 4014 42 1015 102 8 8414 _ 84 8612 _9912 101 10012 102 f5834 ___ 523 4 _ _ 825 83 8 -14 90 , J2 J3812 3912 102 ___ 10218 103 Int Pow & Pap of Ntld 5868 Lake St John Pr & Pap Co— 6348 Feb 1 1942 534 Feb 1 1947 , MacLaren-Que POW 53.4e '61 Manitoba Power 5its_ _1961 Maple Leaf Milling 53461949 Maritime Tel & Tel 86_1941 Massey-Harrie Co ba__1947 McColl Frontenac 011861949 Montreal Coke & M 5348'47 Montreal Island Pow 5%6'67 Montreal L H & P MO par value) as 1939 Oct 11951 511 Montreal Tramways 55.1941 New Brunswick Pow be 1937 Northwestern Pow 86 ....1980 Certificates of deposit__ Nova Scotia L & P 512_1958 Ottawa Lt Ht & Pr 56_1957 Ottawa Traction 5Sis __1956 Ottawa Valley Power 534670 Power Corp of Can 434s 1968 ba Dec 1 1957 Price Bros & Co Os 1943 Certificates of deposit _ _ _. Provincial Paper Ltd 5346'47 Quebec Power bs 1968 Shawinigan Wat & P 4%6'67 SImpsona Ltd (38 1949 Southern Can Pow 5/3_1956 Steel of Canada Ltd 66_1940 United Grain Grow be.. _1948 United Securies Ltd 5391'52 Won Kootenay Power ba '56 Winra Deg Elec Co 61--- 193 1 6 6a Oct 2 1954 Railway Bonds Bid Ask 1 Ask Bid Canadian Pacific fly— Canadian Pacific fly— 48 perpetual debentures__ 8414 8431 Sept 1 1948 102 10234 4348 6e Sept lb 1942 10614 107 be Deo 1 1954 10318 10334 Dec 15 1944 91 4345 93 4%s July 1 1980 9714 98 bs July 1 1944 1101, 11078 Dominion Government Guaranteed Bonds Bid Alt Canadian National By— Canadian Northern fly 43.4s Sept 1 1951 106 1061 " 78 Dec 1 1940 June 15 1965 1073 10814 4346 4 634s July 1 1948 4%8 Feb 1 1966 106 10612 Grand Trunk Pacific RY434s July 1 1967 105 10512 4s Jan 1 1962 3 8 bs July 1 1969 109'2 110 Jan 1 1962 be Oct 1 1969 110 11012 Grand Trunk Railway— Feb 1 1970 110 11012 Es 86 Sept 1 1936 Bid Ask 10314 10312 11812 11912 102 103 9512 97 1031 1 1033, Toronto Stock Exchange Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Stocks— Friday Sales Last Week's Range for Sale of Prices Week Par Price Low High Shares Range Since Jan. 1 1935 Low High Abitibi corn * 70c 90c 2.00 Jan 55c July 720 100 6% preferred 4 4% 434 955 4 934 Jan Oct Alberta Pac Grain pref _100 18 18 25 15 Sept 29 Jan • Beatty Bros corn 834 85% 120 Jan 834 May 15 Beauharnols Power corn_ _• 334 334 334 371 Feb 7 254 Apr 100 131 Bell Telephone 12934 131% 233 11834 Apr 13594 Feb 21 Blue Ribbon 634% pref _50 21 2214 25 193-4 May 29 Feb Brant Cordage 1st pref _ .25 2934 2934 293-4 51 2734 Jan 30 Oct • 8 Brazilian corn 1,591 794 8 734 Sept 1034 Jan * 1.05 90c 1.05 12,165 Brewers & Dist corn 1.10 July 50c Jar, * 25 24 25 BC Power A 335 21 July 30 Jan 3 • 3 3 13 5 Jan 5 23-4 Apr * 27% 27 Building Products A 28 480 2594 Oct 3134 July 34 25 Burt, F. N. corn 3434 180 2834 Apr 3534 Sept Banks— Canada Commerce Dominion Imperial Montreal Nova Scotia Royal Toronto 50 100 100 100 100 100 100 100 29 534 525% 71 1105% 18 4 634 591 11 3431 10734 5734 75% 11% 934 334 17734 185 173.4 494 155% 934 25 60 5334 414 50 1234 7 9934 3194 6034 1734 60 1.50 4% 88 2334 7834 1494 29 8 49 6% 294 2534 145% 234 5334 140 152 163 171 253 146 200 Loan & Trust— Canada Permanent 100 128 • Poronto General Tru.sts 100 Range Since Jan. 1 1935 Low High 33.( 33 875 2 June 92 91 49 63 Apr 29 28 40 17 Apr 5 594 779 5 Oct 4994 5234 309 495% Oct 70 542 50 72 May 311 110 11034 11034 Sept 18 25 15 18 Aug 4 4 80 334 Sept 79 60 75 78 July 434 Sept 815 534 634 70 534 5 434 Sept 1034 11 90 1034 Oct 35 31 4,830 1934 Mar 50 106 10734 1075% Aug 10 145 150 150 Sept 5794 5734 708 5734 Oct 1.895 8% Aug 734 734 115 11 Oct 115% 1194 85 113 118% 119 May 9 914 800 874 Oct 3 340 335 3 Oct 55 6% Mar 65% 7 732 1134 Jan 1434 15 173 17794 1,842 1253.4 Mar 178 184 184 185 Oct 120 1474 Apr 17A 17 2 10234 Jan 10534 10534 4% 4% 77 35% Apr 65% July 230 734 734 15 1634 1,530 1474 Sept 134 134 100 1 May 1,424 0 934 734 Mar 2534 3,361 2334 June 24 3 2 200 Mar 3 4 68 86 86 Jan 121 60 61 60 Oct 257 513-4 June 54 5434 1 500 75 May 1 395 45% 474 434 Oct 50 11 50 50 Oct 50 10 Sept 1034 1094 7 7 5 8 Oct 605 12 1234 13 Apr 7 225 7 7 Oct 109 109 15 109 Oct 9934 9994 192 99 Oct 31 17,931 2234 Feb 32 50 611 65% 634 Oct 50 59 Oct 59 6034 1734 1734 1,095 17 Oct 1634 1694 654 16 Oct 5 33.4 Oct 33-4 334 50 780 40 60 Oct 1.50 1 100 July 1 434 4 930 334 Mar 246 7134 Jun 87 8834 334 17 23A 23 Jan 140 140 30 11834 Jan 15 20 1434 Oct 15 110 5 434 July 5 90 7 6 7 July 198 7534 Sept 7734 7934 75 21 Oct 215% 2134 478 1434 15 8 Mar 50 27 29 Jan 2934 25 5 20 25 Feb 4 8 8 5 June 70 82 62 68 June 820 42 4794 49 Mar 25 7 7 731 Oct 4 Slay 574 634 4,455 340 2 Aug 234 234 Oct 2334 255% 6,351 23 789 1634 Jan 173-4 1734 10 434 43.4 234 Apr 71 20 2334 2434 Apr 1434 15 330 1334 Sept 234 234 49 294 Oct 5234 5334 122 140 141 162 158 163 154 171 254 253 13394 146 183 200 58 209 101 46 83 124 134 13 118 126 8034 81 190 118 32 8034 5194 122 141 157 153 240 13394 183 Sept Oct Oct Oct Oct Oct Oct Oct Jan Oct Aug sg Jan 6434 Jan 72 Oct 115 July 20 Sept 634 Jun 94 Jan 95% Jan 834 Jan 17 Jan 3334 Sept 10734 Oct 160 May 6434 Jan 10% May 15 Jan 127 Mar 1334 Jan 6 Mar 834 Aug 17 May 18334 May 193 Aug 20 Aug 108 May 8 Jan 1234 Jan 1834 July 3% Feb 10 Sept 3234 Jan 4 Aug 88 Oct 7234 July 5434 Oct 13-4 Sept 73.4 Jan 60 Slay 12 Jan 11 July 1434 Aug 7 Oct 114 May 10034 Sept 32 Oct 834 Feb Jan 63 193-4 July 1834 Mar Apr 5 1.30 Jan Mar 5 534 Jan 90 Aug 2434 Sept 143 Sept 22 Jan 634 Feb 83.4 Feb 88 Juno 2434 May 16 Sept 30 May 30 July 11 Oct 90 Jan 5034 Aug 1234 June 6% Oct 5 Jan 33 Feb 1814 Mar 6 Feb 52 Mar 17 Sept 534 Jan 53 92 30 66% 169% 201% 20894 203 305 .173 230 Oct 150 Oct 125 May Jan Feb Mar Jan Jan Jan May Feb Feb Toronto Stock Exchange—Curb Section Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Friday Sales Last Week's Range for Range Since Jan. 11035 Sale of Prices Week Stocks— High Shares Par Price Low Low High Isiltmore Hats corn • 22 Brewing Corp corn * 1.75 Preferred " II% Canada Bud Brew com * 6 Canada Malting corn_ _• 3314 Canada Vinegars * 25 Can Wirebound Boxes A _• comCrown Dominion Oil • Bruck Silk • Distillers-Seagrams • 2634 • Dominion bridge Dom Tar ,Sz Chem com_ • Preferred 100 Dutterin Pay Prof 100 ilamlit°n bridge con" . Honey Dew corn • Ilumberstone Shoe corn- _• Imperial 011 Ltd • 1934 Internatl Metal Indust_ _ _• 2 Internatl Petroleum • 343.4 100 LangleY317ref • No par value f Flat price. 2034 1.00 8 534 3134 25 18 2 1634 2494 2834 31.4 515% 30 35% 8 34 1834 2 34 60 22 40 1.90 7,790 12 2,000 396 634 1,485 3334 290 2534 18 26 2 50 185% 25 7,255 265% 770 2834 10 334 5134 5 30 7 180 35% 8 5 34 2 1934 6,900 234 150 35 12,108 60 5 13 Apr 1.00 Oct Oct 8 53.4 Oct 29 Apr Sept 24 Apr 15 lg Jan Mar 15 1334 Apr 2474 Mar 33.4 June Jan 42 20 June 3 July Apr 6 28 July 1534 Feb 2 Oct 283-4 Mar 60 Oct 22 434 225% 834 35 20 1834 234 1834 2834 34 734 70 40 55% 8 34 2234 6 3934 80 Oct May May May July May Oct Sept Sept Sept Jan Mar Mar May Juno June Oct May Apr May Mar 2419 Financial Chronicle Volume 141 Canadian Markets-Listed and Unlisted Toronto Stock Exchange-Mining Section Toronto Stock Exchange-Curb Section Sales Friday Last Week's Range for Week of Prices Sale High Shares Stocks (Concluded) Par Price Low Shawinigan Water ,Ss Pow.* Supersilk corn Preferred 100 Supertest Petroleum ord._• Tamblyns Ltd(G) pret _100 Thayers Ltd corn Toronto Elevators pref _100 United Fuel Invest pret 100 Walkerville Brew 'Waterloo NItg A Low 715 1155 142 94 716 27 35 1255 1.50 50 8 80 12 75 162 6% 5% 4,370 40 103 12% McColl-Frontenac Oil corn* 12% 12 95% 97 Preferred 100 96 Montreal!. It & P Cons_ 31% 30% 31% 12% 13 National Steel Car Corp_ _* 13 North Star Oil pref 5 3.05 3.05 3.05 11 12 Ontario Silknit corn 94 Preferred 94 100 Power Corp of Can corn...* 7 7% 755 5% 6% Rogers-Majestic 6 Robert Simpson pref _ _100 106 106 106 575 14% 155 1 10 58% 190 21% 53 110 2% 25 53 108 40 15% 2 235 1 105 18% 16 1855 134 65 65 2855 28% 29 112 112 3 3 112 112 18 18 2 2% 1.10 1.10 Sales Friday Range Since Jan. 1 1935 Last Week's Range for Week Sale of Prices High Low High Shares Stocks (Concluded) Par Price Low Range Since Jan. 1 1935 High Oct 1534 Jan July 1,035 Mar Oct May 35 Oct 18% Jan 4.00 Feb Jan Jan 13% July July Jan 99 June 10% Jan Jan 9 Oct Sept Apr 109 May 20 3 Sept Jan 70 Feb 3135 Jan 114 6 Sept Mar 129% May 29 4% Oct 2% July . Jan Feb Apr Sept Sept Jan Jan June Jan Jan Stocks- * Acme Gas & 011 1 Afton Gold Ajax Oil & Gas 1 1 Alexandria Gold * Algold Mines * Algoma Mining * A ngio-Huronlan * Arntfield Gold 1 Ashley Gold 1 Astoria-Rouyn 1 Bagamac-RouYn 1 Barry-Hollinger * Base Metals Bear Exploration_ _... -1 Beattie Gold 1 Illg Missouri 1 Bobjo Mines • Bralorne Mines 500 B R X Gold 1 Buffalo Ankerite Buffalo Canadian Bunker Hill Calgary & Edmonton_ Canadian-Malartic Cariboo Gold Castle-Trethewey Central Patricia Chlbougamau Pros Clericy Consol Conlagas Mines Coniaurum Mines Dome Mines Dominion Explorers Eldorado Falconbridge Federal-Kirkland Franklin Gold God's Lake Golconda Lead Gold Belt Goodfish Mining (1raham-Bousquet Granada Gold G candor° Greene-Stabell Gunnar Gold Hard Rock Gold Harker Gold Ilighwood Sarcee Oil llollinger Como' I lowey Gold J 51 Consol Kirkland Lake lake Shore Mines Lamaque Contact 1.ebel Ore Mines Lee Gold Little Long Lac Lowery Petroleums N1acassa Mines Manitoba & Eastern Maple Leaf Mines McKenzie Red Lake McMillan Gold McVittie-Graham MoWatters Gold Mining Corp Moffatt-Hall Morris-Kirkland C. A. GENTLES & CO. 3.60 1.06 12c 3340 555c 340 72c 1.25 48c 21c 5.50 2.49 52c 52c 570 60c 1.08 1.10 850 880 1.65 1.79 12c 13550 3c 235c 2.30 2.45 1.50 1.60 39% 40% 4c 3350 1.28 1.58 4.25 4.50 2550 255c 40 4c 500 4,835 10 7,96 47,145 33,600 7,500 400 1,185 1,730 4,250 30,204 14,376 1,500 2,000 1.41 1.54 150 15c 210 21c 8c Sc 2550 2%c 180 220 6550 6550 170 1734c 550 590 430 49c 4%c 4%c 130 13c 12.00 13.60 59340 60c 100 10340 2.24 Jan 1.24 Mar 35,522 420 Apr 15c Sept 1,000 42c Jan 210 Sept 500 40 Jan 110 Jan 2,950 70 Mar 20 July 7,000 40c May 180 July 42.890 120 Jan c Aug 3,500 170 May 350 Jan 4,500 480 Feb 97e May 11,950 49c Oct 370 Oct 13,00 4c June 13.80 100 Jan 1,00 10550 Oct 13c Oct 14,93 11.65 Oct 20.25 Mar 21,21 1.10 Jan 5935c Oct 7,63 200 Mar 9%c Sep 380 400 46% 4655 3 20 140 14% 1,350 1% 5.00 5.4 60 60 2.42 2.54 43.5c 6c 2340 2%0 980 1.07 90 1035c 12350 13550 1.41 1.55 1.25 1.30 1550 20 350 650 17,400 3335c July , 650 Mar 1,708 46% Oct 58 Mar 4,100 80 Jan 20 Au 15,054 120 Sep 14340 Oct 3,000 2%0 Jan 80 Apr 12,420 4.15 Au 7.25 Feb 500 60 Oct 13550 May 27,455 1.31 July 2.75 Jan 4,000 30 Feb 120 Jan 03,900 2550 Sept 1334c Jan 19,690 960 Sept 1.45 Jan 11,000 73.40 Aug 4635c Jan 46,000 100 June 400 Jan 23,525 450 Jan 2.15 Mar 8,360 900 Mar 1.50 July 15,50 lc June 40 Mar 43,20 350 Oct 79c Sept 1.53 1 500 1 1 1 1855c 655c 58c 45c 4%c 5 13.35 60c 1 1 1 39c 4635 1 5.20 • 1 • 1 1 1 1 2.50 5c 234c 1.07 he 1.48 1.30 1 1 260 Mar 170 Sept 38c May 7755c Sept 1.09 Mar 400 Sept %c Aug 2%0 Jan 570 Apr 400 Aug 2350 Jan 8%c Mar 4.50 May 3.60 Oct 1.19 Sept 1.05 Oct 320 Jan 655c Sept 80 Mar 2%c Jan 140 Jan 335c July 2%c May 8350 Sept 940 Apr 23c Sept 1.16 Aug 14c Feb 2.16 Jan 1.25 Oct 75c May 310 Feb 380 Jan 180 July 4.30 July 12.50 Jan 240 Apr 7%0 July 3.50 Mar 2.35 Oct 355c Jan lc Aug 40 Jan 855c Aug 400 2.06 4055 23c 70c 2% 2.90 9.15 2.65 29%0 355c 2.50 65c 85550 2.50 4.90 2340 18c 1855c 1.63 4c 1150 3c 2.06 2.15 39% 41 450 500 2% 234 220 240 590 710 1% 235 2.71 3.0 9.05 9.2 1.55 1.5 2.20 2.6 750 800 760 80c 270 29350 2%o 434c 1934 19% 2.30 2.70 65c 650 840 920 2.40 2.57 4.00 5.10 2%c 2550 180 190 18550 21c 1.57 1.67 4c Sc 50c June 540 Feb 950 July 56c Jan 1.12 Jan Sc Jan 20 Jan 2.15 Sep 1.35 July Jan 35 3%0 Sep 1.02 Jan 3.25 Jan 2c Jan 3c Oct 20,400 1350 Jan 1,50 2.05 Oct 18,12 31 Jan 2,30 3031c May 3,000 254 Sept 13,400 160 Feb 21,210 50c Sept 25,000 135 Feb 42,039 2.10 May 2,895 9.00 Jan 2,750 1.36 Aug 4,350 1.25 Jan 2,600 550 Jan 10,950 730 Oct 250 Aug 30,700 12,800 2340 Oct 584 18 Mar 14,65 2.00 Oct 500 550 Jan 77,590 450 Mar 29,290 2.40 Oct 2,30 3.30 Apr 21,00 2350 Oct 5,00 14550 July 33,93 13550 Jan 6,24 1.25 Jan 5,10 30 Sept 317 Bay Street, Toronto, Canada 82c 730 1.50 1.34 1.95 210 Sc 3.60 2.60 4335 100 2.93 4.52 4%c 40c Adelaide 4012 WRITE-WIRE-PHONE 4,200 30.925 1,520 2,500 1.100 3,200 562 7,448 9,600 1,000 9,500 18,350 55,800 59,275 2,750 17,389 14,600 8,026 1.800 2,370 3,000 3,760 1 1 850 1 1.73 * 1335c • Sc 5 2.30 * * 3954 40 1 1 1.49 4.40 * 1 23.50 1 4c Members(1hn a ixonto Stock Exchange ,ad e To an Commodity Exchange, Inc. High 1755c 17%c 53c 61c 41c 410 %c 10 4Co 40c 2%c 234c 3.60 3.80 1.05 1.09 120 17c 2350 2%c 31 0 455c 4 5350 7c 340 390 670 74c 1.25 1.40 41.0 520 1935c 21c 5.40 5.00 10c 10%c 2.35 2.50 1c lc 615c 6340 * • Newbec Mines Nipissing 5 • Noranda 1 O'Brien Gold • (Aga Oil & Gas Paymaster Consol 1 1 l'erron Gold 1 l'eterson-Cobalt 1 Pickle-Crow 1 Pioneer Gold 1 l'remler Gold * l'rospectors Airways 1 Read-Authier 1 Reno Gold Red Lake Gold Shore_ _ _ _• 1 Roche Long Lac * Royalite Oil 1 San Antonio 50c Sheep Creek 1 Sherritt-Gordon 1 Siscoo Gold 1 So American G & P • South Tibicmont 1 St Anthony Gold " Stadacona-Rouyn * Sudbury Basin 1 Sudbury Contact 61c Low 88c July 380 Jan 2.70 Mar 2.01 May 67c Apr 250 Sept 4.65 Mar 3.70 Jan 95c May 550 Feb 1.45 Jan 1.00 Aug 120 Oct 30550 Jan 1.08 Sept 800 May 860 May 500 July 24c Mar 7c Jan 1350 July 1055c Jan 7c Jan 3c July 9.90 Mar 6.90 Aug 13,974 12,375 33,200 7,140 5,100 1,180 1,100 13,155 3,764 17,300 10,000 8,000 11,450 CANADIAN SECURITIES Toronto Stock Exchange-Mining Sectlem Range Since Jan. 1 1935 990 * 50c 14350 2350 1 7.40 * 600 2.15 370 3.99 85c 1.07 13c 1.02 77c 16c 255c 40 7.75 590 2.10 270 3.90 800 1.05 130 97c 730 1455c 1%c 33ic 7.35 Complete Brokerage Service Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Sales Friday Last Week's Range for Week Sale ofPrices Par Price Low High Shares 600 2.15 370 3.92 81c 1 1 1 * * 1 1 Sullivan Consol Sylvanite Gold Tashota Goldfields Teck-Hughes Gold Texas-Canadian Toburn Gold Towagamac Explor Ventures Waite-Amulet Wayside Consol White Eagle Wiltsey-Coghlan Wright-Hargreaves Feb Feb Jan Apr Sept Mar Apr Feb Jan May Apr Apr Aug Feb Aug Toronto Stock Exchange-Mining Curb Section Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists JUL. 4. nosy Last Week's Range for Sale of Prices Week High Shares Par Price Low StocksAldermac Mines Brett Trethewey Brownlee Slings Canadian Kirkland Central Manitoba Churchill Mining Coast Copper Cobalt Contact Dalhousie Oil • 1 1 1 1 1 3 1 • East Crest Oil Gilbec Gold Mines Hudson Bay Nlining Kirkland Townsite Lake Maron • Malroblc Mines Mandy Mines Ltd Nordon Corp Oil Selections Osisko Lake 1 • 1 5 • 1 Sc Sc 50 1540 134e lc 4c 555c 2.60 1350 200 5550 13.50 1540 154c 4c 655c 2.60 2c 20550 5350 1340 1994 150 20 10 935c 13c 1235c 40 3550 1934 15c Sc 1 1 1 1 1 1 1 1 6c Sc 190 235c 720 3340 2c 15110 60 50 50 Parkhill Gold Pawnee Kirkland Pend Oreille Porcupine Crown Preston East Dome Ritchie Gold Robb Montbray Sudbury Mines 51 . • 2550 750 3540 Range Since Jan. 1 1935 5,000 3,000 1,500 3,200 2,000 6,800 300 1,500 800 High Low 415c 1.540 lc lc 3c 30 1.5() 1550 200 June Oct June June July Jan Mar Aug Aug 110 3c 3c 3340 7510 6550 3.25 80 380 Apr Niar Jan Jan Feb Oct May Apr May 120 Jan 50 June 5350 1,100 10 Aug 3550 Mar 1550 7,000 Oct 3,225 11.50 Jan 20 20 500 12.3.5c July 3355c Jar 150 Sc Oct 2550 2,550 7c API 30 Jar 34c Jan 500 lc 120 Aug 6c Apr 110 4,900 17c Aug 16c 15,100 355c Mar 7c Mal 435c 2,100 355c Jan 90 Pet 30 Oct 5c 4,000 22c 7,500 235c 3,500 780 10,260 4c 10,000 2540 4,500 1340 1,500 70 47,610 534c 8,500 1 Ann 5 180 lc 450 3c Sc 3%c 20 30 '.5,4ss 32c 455c 840 6340 354,c 2550 9550 754c 7 ,ir , Aug Feb Mar Jan Jun July Apr Jan Feb Fel Apr Mao Aur Sept Fel Aui Mai Aus • Montreal Stock Exchange Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Stocks- P rtauy zatcs Last Week's Range for Sale of Prices Week Par Price Low High Shares 100 100 Agnew-Surpass Shoe pref..* 18 16 Alberta Pac Grain pre! 100 Bathurst Pow & Pap A..• 855 7% 83-4 18 18 Bawlf N Grain pret___100 18 100 1303.5 12955 13055 Bell Telephone . 8 731 8 Brazilian T L & P Brit Col Power Corp A....* 25% 23% 253-4 3% 35.4 * B 1755 17 Bruck Sillk Mills • 1754 ....e 28 27 Building Products A. Canada Cement • 100 Preferred Canada Iron Foundries 100 100 Preferred Can North Power Corp_.* Canada Steamship pre 100 * Canadian Bronze * Canad'n Car & Fdry 25 rreferred • Canadian Celanese 7% preferred 100 • Rights 40 Apr 100 2.95 Apr Canadian Cottons 100 Preferred 43 May 750 Mar Canadian Fairbanks pf_100 • 6% May Can Foreign Invest 32c June Canadian Gen Else pret.50 830 June Can liydro-Elec pref __100 9% Apr Canadian Indus Alcohol.* Class B " 3.07 Sept 12.25 May Canadian Locomotive__ • 2.05 Apr Canadian Pacific Ity _ .._ 25 Mining & Smelting_25 3.05 Mar Con 98c June • 1.67 Mar Dominion Bridge 410 Apr Dominion Coal pref ___100 100 10550 NIar Dominion Glass• Preferred • 100 27 May 5.20 Mar Dom Steel & Coal B___25 Dominion Textile * 1.25 Apr Preferred 100 1.00 May • 3.28 Mar Dryden l'aper 5.10 Oct Foundation Co of Can. * * 150 Mar General Steel Wares 390 Jan Goodyear T pret new_100 • 32o Mar Gurd (Charles) 100 Preferred 1.74 Aug • No par value. 110 Mar 53/4 5232 21 6% 29 5% 1055 20 118 1955 90 20 5734 45 73,4 955 934 177% 29 1515 90 455 6635 455 11 5434 555 534 5255 50 30 30 51 51. 1955 21 655 7 29 29 5 551 1051 1035 1955 2051 117 118 1955 1955 39 36 95 95 90 90 20 20 57% 5755 43 45 73.5 8 6% 6% 2% 255 955 9% 173 17755 2734 29% 1435 16 80 92 12954 129% 4 4% 61% 67 138 138 3% 455 994 11 3 334 54 5434 451 43.4 100 1CO Range Since Jan. 1 1935 Low 15 96 35 15 435 1,085 10 18 349 118 751 2,775 933 21 2% 895 470 14% 507 26 803 463 3 18 173 203 276 530 290 320 106 190 10 16 50 170 640 492 1,110 105 4 1.405 1,714 5 50 30 51 1755 535 26 4% 10% 1834 100 18 36 9335 , 85 18 5751 37 7 6 2 835 126 High Jan 10055 Aug Jan Sept 25 834 Sept Mar Jan Sept 40 Jan Apr 135 1031 Jan Aug July 3034 Jan 5 Jan Apr Sept 19 Jan Oct 3131 July Oct Oct Aug Mar Mar July May Sept Oct Apr Jan May Oct Sept Apr Aug Sept Apr Jan Jan July Oct Mar 83-4 Jan 64% Jan Mar 35 Mar 55 2234 Aug 1135 Jan 32 Aug 855 Jan Jan 17 2435 June Jan 120 2034 Jan July 66 105 . Jan 90 Oct Feb 30 6355 Jan 8255 Jan 1094 May 934 May Apr 4 13% Jan 18434 May 528 2434 Mar 3335 Jar 1,130 1431 Aug 1835 July Jar Sept 120 155 90 May 10 129% Oct 145 Jar 6 7(35 355 Apr Sept 8235 Jar 445 60 July 146% Mar 2 135 345 3 July 5% Jut 130 93-4 Oct 1335 Jun. 554 Jar 300 3 July Aui 46 5155 July 55 45 4 Oct 635 Jar Oc Sept 100 5 SO 2420 Financial Chronicle Oct. 12 1935 I.• Canadian Markets-Listed and Unlisted Montreal Stock Exchange r rtaay zates Last Week's Range for Sale of Prices Week Stocks (Concluded) Par Price Low High Shares Montreal Curb Market Friday &ties Last Week's Range for Sale of Prices Week Stocks (Concluded) Par Price Low High Shares Range Since Jan. 1 1935 Low High Hamilton Bridge • 334 33,4 3% Hollinger Gold Mines 5 13.25 12.00 13.50 Howard Smith Paper__ _ _. 934 934 934 Preferred 100 95 93% 95 Imperial Tobacco of Can S5 12% 1235 1234 Preferred El 7 7 Internat Nickel of Can...• 31% 31 32 International Power • 1.60 1.75 Preferred 100 49 43 49 53,4 Jan 100 3 June 1,590 11.65 Oct 20.20 Mar 275 9 July 13 Feb 95 84 May 9534 Feb 2,550 12 Mar 1434 Aug 150 Oct 7 735 Oct 6,760 2234 Feb 32 Oct 35 Apr 1 Jan 6 355 40 July 64 Jan Jamaica Pub Service___ 39 30 Preferred 100 120 120 • Lake of the Woods 9 9 Massey-Harris • 434 4 McColl-Frontenac 011_ _ _* 1234 12 Montreal Cottons pref_100 80 78 Montreal L H & P cons....• 3134 3034 Montreal Loan & Mtge_25 30 Montreal Telegraph- _40 55 Montreal Tramways _ __100 94 National Breweries • 35 34 Preferred 25 3934 Montreal Steel Car Corp_• 1334 1234 100 22 10 115 190 7 325 334 1,378 12 47 73 4,034 2634 23 30 75 3434 27 80 1,300 31 40 38 165 1234 Ogilvie Flour Mills • Ottawa L H & Power__100 Preferred 100 Penmans • Power Corp of Canada_* Quebec Power • Regent Knitting Rolland Paper pref__100 St Lawrence Corp • A preferred 50 St Lawrence Paper pf_100 Shawinigan W & Power _ _* Sherwin 'Williams of Call_* Preferred 100 Southern Can Power____* Steel Co of Canada * \Vahan° Cotton • Western Grocers pref __100 Winnipeg Electric • Preferred 100 Banks Canada Canadienne Commerce Montreal Nova Scotia Royal 50 100 100 100 100 100 30 120 935 43,4 1234 80 3134 30 56 94 35 40 1334 160 75 10234 41 41 8 7 14 13 8% 534 88 86 1.25 1.15 735 1334 13 16 1834 165 75 103 41 8 14 5% 88 1.25 735 1334 1834 10 054 10 102 102 13 1234 13 4834 4735 49 19 19 19 101 101 1.25 1.25 5 5 6 5334 129 141 170 254 146 15 12 25 25 235 458 185 29 485 125 423 4,618 230 30 165 686 25 15 150 40 52 5334 12835 129 125 141 155 170 24634 254 13435 146 57 12 172 528 83 171 Apr 30 Jan 120 June 1334 Mar 5% Oct 1534 July 97 Apr 3434 Oct 32 Jan 58 Jan 99 Jan 3734 Mar 42 Sept 1834 140 Mar 74 Sept 100 Apr 41 Oct 7 Apr 13 Oct 434 Sept 83 May 600 July 3 June 834 July 15 Apr 934 Oct 100 Jan 934 May 4235 Mar 16 July 98 Jan 1.00 May 4 Apr 190 85 105 6335 1034 1734 5% 92 1.90 8% 1634 20 17 110 1434 5034 27 101 234 10 Oct Apr Jan Jan Jan Feb Aug Aug Mar May Aug Aug Jan Jan Feb Aug Feb Feb Jan Sept Jan Jan Jan Jan Jan Jan Feb Jan July Feb Oct Jan Feb 52 Sept 66 May 125 Jan 132 Mar 120 Sept 16934 Feb 152* Oct 204 Jan Jan 24634 Oct 304 13334 Sept 17334 Jan HANSON 13110S Canadian Government INCORPORATED ESTABLISHED 1883 255 St. James St., Montreal 56 Sparks St , Ottawa 330 Bay St., Toronto Municipal Public Utility and Industrial Bonds Montreal Curb Market Oct. 5 to Oct. 11, both inclusive, compiled from official sales lists Stocks- rnaay bates Last Week's Range for Sale offrices Week Par Price Low High Shares Acme Glove Works • Pracrred 50 Asbestos corp vot trusts _ _* Bathurst Power & Pap B..* Belding-Corticelli Ltd_ _100 Brit Amer 011 Co Ltd____• Brit Col Packers • Preferred 100 Canada Vinegars Ltd_ * Cndn Int Invest Trust_..* Champlain 011Prods pref.* Dist Corp Seagrams Ltd__* Dominion Eng Works Ltd• Dominion Stores Ltd_ * Dom Tar & Chem Co Ltd.• Cum preferred 100 5 42 1334 2 E2 1434 50e 13 2434 3334 6% 2534 2034 734 3% 12 Range Since Jan. 1 1935 Low 75 10 346 425 5 1,125 5,808 25 5 1,160 545 1,280 30 120 90 59 3 Jan 32 Jan 6 Mar 1.00 Apr 85 Jan 1434 Mar 100 Feb 13 July 2434 Oct 1934 Mar 634 July 1234 May 17 Apr 634 July 336 June 44 Jan Fraser Co's Ltd • 334 3% Imperial 011 Ltd • 1934 19 1934 Int Petroleum Co Ltd.__ _* 3434 3434 35 Melebera Dist Ltd A * Ph 7% 934 Mitchell & Co Ltd(Robt)• 334 334 Page-Hersey Tubes Ltd-_• 78 59 Paton Mfg Co Ltd pref_100 98 98 98 Rogers Majestic Corp...__5 534 634 Waljerville Brew Ltd__* 2.50 2.00 2.50 Walker Good & Worts_ _..• 2514 2334 254 Preferred • 1734 1734 Whittall Can Co Ltd * 834 834 Cum preferred 100 110 111 71 3,005 1.145 1,030 19 15 10 145 980 430 68 431 114 234 1534 2834 7 334 7534 94 534 2.00 2334 16% 1.50 75 June 534 Mar 2234 Mar 3934 Mar 1134 Mar 536 Aug 87 Jan 98 Oct 9 Oct 4.25 May 33 Jan 1834 Mar 834 Jan 112 Aug May May MAY Jan June Oct Jan Jan Feb Apr Sept Sept 185 54 40 50 18 3 9836 80 80 23 Apr 735 May 107 Apr 94 May 100 Oct 30 Feb Feb Jan Jan May 1434 55c 34% 7 2634 334 Public UtilityBeauharnois Power Corp_• 335 335 C No P Corp Ltd pret _100 105 104 Pow Corp of Can cumpf100 9134 9134 Southern Can P pref_ _ _100 92 9034 United Securities Ltd_ _100 23 23 3% 105 92 92 23 7 45 18 3.00 9834 1634 1.75 18 2834 35 73,4 2834 23 1234 734 72 Feb Feb Aug Oct June Aug Jan Jan May Oct Feb Sept Feb Jan Feb Feb Mining Base Metals Mining • 38c 38c 1,000 28e Sept 93c Apr Big Missouri Mines 1 460 .52c 2,775 30e Feb 750 May Brazil Gold & Diamond__1 35c 44e 19,100 200 Jan 610 June Bulolo Gold Dredging_ 5 31 31 100 31 Oct 3834 May Cartier-Malartic Gold__ _1 2e 2c 2c 500 20 Jan go Mar Dome Mines Ltd • 40 4034 4034 15 36 Feb 4334 May Falconbridge Nickel • 4.30 4.25 4.45 550 3.25 Jan 4.50 Aug Francoeur Gold • 60 634c 2,000 50 May 16.340 Jan J M Consol 100 934o 1 10c 6,000 9340 Oct 20e Mar Lake Shore Mines 1 4635 4634 47 305 4634 Oct 5734 Mar Lebel Oro Mines 1 1334c 14e 1,997 1234e Sept 14e Oct Noranda Mines Ltd • 4034 4034 41 4,897 31 Jan 4234 May Parkhill Gold 1 21e 19350 2134c 6,400 180 July 32e Feb Perron Gold 1 70c 600 70c 12.150 56c Aug 83e June PinIrla-rrnar _ _ _ 1 2.98 2.75 3.00 2.500 210 mn.v 505 Rent 45c 1 1 2.52 1 1 5935c * • 43e 45c 750 780 2.40 2.58 590 600 1.00 1.00 7.50 7.50 Unlisted Mines Arno Mines • 2360 Central Patricia Gold__ _1 1.72 Eldorado Gold 1.55 1 1.28 owey Gold 1 60e Kirkland Lake Gold 1 40c MeVittle Graham 1 13e San Antonio Gold 2.60 1 Shemtt-Gordon 850 87e 1 Stsdacona Rouyn • 1834c 18%c Unlisted Abitibi Pow & Paper • Cum pref 6% 100 Ctfs of dep 6% pref_ _100 Atlantic Sugar Ref pref_100 Brewers & Dist of van___* Brewing Corp of Canada.* Preferred • Canada Bud Breweries...._• Canada Malting Co Ltd _• . Cndn Light & Power_ _ _100 Cndn Pow &Pa Inv pref....• Claude Neon Gen Ad____• Consol Paper Corp • Donnaconna Paper B * Ford Motor of Can A____• General SteelWares preI100 lot Paint* pref 30 Nova Scotia L & P pref_100 McColl-Frontenac pref_100 Price Bros Co Ltd 100 Preferred 100 Royalite 011 Co Ltd • •No par value. 9,100 400 5,725 4,868 500 100 Low 93ic Jan 60c Jan 2.40 Oct 37c Jan 810 June 7.00 Aug High 80e 990 3.28 890 1.05 9.85 June June Mar July Jan Mar 2340 300 1340 Jan 40 Mar 1.78 2,700 1.15 Feb 1.92 Sept 1.55 500 1.15 Feb 2.90 Apr 60c 500 60e Oct 1.09 Jan 400 500 3530 June 580 Feb 13e 500 1234c June 36c Jan 2.60 100 2.60 Oct 5.00 Mar 93e 4,400 45e Mar 94e May 21c 26,700 14o Jan 3131c Mar 90c 750 90e 1 4 4 434 10434 105 1.00 1.95 1.05 1.80 1.05 1.80 734 1134 275 55c July 2.00 Jan 70 334 Sept 934 Jan 355 3 Apr 634 Jan 20 10434 Oct 10534 Sept 3,140 50e July 1.10 Sept 1,410 1.05 Oct 4.25 Jan 1.410 734 Oct 2234 May 5% 3334 4 35e 1.10 2534 19 1634 534 32 21 334 30e 1.00 1.75 2454 534 3334 21 334 530 1.20 1.75 2534 10 536 10 20 265 1,266 40 800 534 29 21 335 20o 65e 1.00 2334 Sept Apr Sept Apr Mar July Apr June 834 3434 30 434 450 234 2.00 3234 Jan July Jan Mar Sept Jan Aug Jan 35 19 9634 96 2 76 1935 37 19 9634 96 2 NM 1935 30 26 10 165 70 25 20 35 19 9634 9336 1.50 15 18 Oct 55 Mar 20 Oct 9 636 Apr 100 June 335 July 34 Aug 27 Feb Aug Oct Mar Feb Jan May Conviction of Bruno Richard Hauptmann for Murder of Lindbergh Baby Upheld by New Jersey Court of Errors and Appeals At Trenton on Oct. 9 the New Jersey Court of Errors and Appeals upheld the conviction of Bruno Richard Hauptmann for the murder of Charles A. Lindbergh Jr., infant son of the noted aviator. Hauptmann's conviction at Flemington N. J. on Feb. 13, by a jury of eight men and four women, was reported in these columns Feb. 16, page 1087. The decision of the Court of Errors and Appeals (the highest Court in New Jersey) was unanimous. From Trenton advices, Oct. 9, we take the following: Hauptmann has three courses open to him. He may appeal to the Court of Pardons, of which Gov. Hoffman and six jUdgot3.of the Court of Errors and Appeals are memuers, but they can only commute his sentence to life imprisonment. Usually appeals to this Court are denied unless there are extenuating circumstances. He may also appeal for a new trial on the basis of newly discovered evidence, and he may appeal to the Supreme Court of the United States, a step which his attorneys have.said they will take. High 534 42 1434 3 92 15 60c 14 2434 35 7 2634 21 734 3% 5234 42 1434 2% Quebec Gold Corp Read-Authier Mine Siscoe Gold Mines Sullivan Consol Ventures Ltd Wright Hargreaves Range Since Jan. 1 1935 -day New Sentence Due To Unless he can get his case reviewed by the United States Supreme Court It is likely that he will be put to death sometime between Oct. 20 and Nov. 30, the six-week period provided by law in the case of resentencing. It was considered likely that Supreme Court Justice Thomas W. Trenchard, who presided at the trial, will resentenCe him late to-day. The members of the Court disposed of case after case in rapid succession, skipping many, but following the numerical order until they came to the Hauptmann case which was No. 99 on the calendar. On reaching the case Chancellor Luther A. Campbell, the highest Court officer in the State, said calmly: "The opinion of this Court is hold by Justice Charles W. Parker." Justice Parker, the 72 -year-old jurist then said: "The opinion leads to affirmance and I vote to affirm." One after another the other Justices concurred until all 13 had done so. To have made a new trial possible It would have been necessary for a majority of the 13 to reverse the conviction and send the case back to the Court of Oyer and Terminer in Hunterdon County, where the trail was held. Justice Parker then read the text of the opinion. Trenchard's Charge Upheld The high Court held that the charge by Justice Trenchard was "free from error when read in its entirety" in that section which (leak with circumstantial evidence. It also held that the admission of the kidnap ladder was proper, and it could find no legal error in Col. Lindbergh's daily presence in the court room. Basis of State Case The State based its case on the theory that Hauptmann entered the Lindbergh home outside of Hopewell and stole the baby's sleeping garment. as a result of which death occurred. It did not attempt to establish the manner in which the death occurred, but under the New Jersey law when death results from the commission of a felony the person guilty of that felony can be tried for murder. The defense argued at the appeal hearing that there was no evidence of burglary, since the value of the sleeping garment was not mentioned, and that it was practically worthless and not worth the considerati on of a burglar. On this point the high Court held that theft was indicative of an attempt to commit larceny. The Justices who concurred in the opinion were: Chancellor Campbell, Chief Justice Brogan, Supreme Court Justices Parker, Frank T. Lloyd, Clarence E. Case, Joseph L. Bodine, Ralph W. E. Dongos, Harry Heher and Joseph H. Perskie, and four lay judges, George Van Buskirk, Walter L. Iletfield Jr., Joseph A. Gear and Harold B. Wells. 2421 Financial Chronicle Volume 141 Over-the-Counter Industrial Bonds Public Utility Bonds Water Company Bonds Real Estate Bonds SECURITIES HOIT,R05E MSTElt Established 1914 Whitehall 4-3700 74 Trinity Pl., N. Y. Bought - Sold Members New York Security Dealers Association and Canada. . • Open-end telephone wires to Baltimore, Boston, Newark and Philadelphia. • Private wires to principal cities in United Stales Quotations on Over-the-Counter Securities—Friday Oct. 11 New York City Bonds Bid j Ask Bid Ask 1 410512 1013 9212; a44e April 15 1972 92 1043 105 2 4 , ias June l 1974 9812 9914; 4 105 11053 9812 9914 a443o Feb 16 1976 4 105 1053 9812 9914 044e Jan 1 1977 4 105 1053 983 9912 04446 Nov 16 1978 4 , 1013 1021z a44‘s March I 1981._ _ 10512 106 4 4 , 4 1013 10212 a448 May I & Nov 1 1957._ 10714 109 4 1073 1083 4 4 4 1013 10212 a4448 Mar 1 1963 1073 10S3 4 4 1013 10212 a4 43s June 1 1965 4 10814:109, 4 4 1013 10212 a4446 July I 1967 4 1083 1093 4 10412 105 4 a4 4a Dec. 15 1971 , 109 1110 10412 19514 0445 Dec 1 1979 1902 10152 10412 10514 nag Jan 25 1936 10518 105 / 1 4 10412 10514 Ma Jan 25 1937 antes July 1 1975 44 )-2e1 may l 1924. a3440 Nov 1 1954 a3%s Mar 1 1960 a3)ie July 1 1975 048 May I 1957 a& Nov I 1958 048 May 1 1959 848 May I 197704s Oct I 1980 0414s Sept 1 1980 a4Vis Mar 1 1962 n4148 Mar 1 1964 44348 April 1 1966 New York State Bonds Bid Ask Canal & Highway 56 Jan & Mar 1948 t 1971 r3.00 Highway Imp 440 Sept '83. 127% 3 Canal Imp 412s Jan 1964_ -- 1273 Can A Imp High 4%, 1965 12414 Bid World War Bonus— 44s April 1940 to 1949_ Highway Improvement 46 Mar & 81191 1958 to '67 Canal Imp is I A J '60 to'67 Barge CT is Jan 1942 to '46 Barge CT 414s Jan I 1945_ Ask r2.40 12012 12013 112 11412 Port of New York Authority Bonds Bid Ask Geo. Washington Bridge Port of New York &series B 1936-5)___J&D Gen & ref & Mar 1 1975_ 10114 1013 4 10114 44s ser B 1939 53__M&N 3seeries F March 1 1941_ Inland Terminal 414s ter D Arthur tilll bridges 4446 eerie.. A 1936-48 ___.111&S 106 1936-60 M&S Holland Tunnel 44(8 series E Bayonne Bridge (ls series C J&J 3 102 10312 1938-60 SIAS 1838-1 Bought, Sold and Quoted MUNDS WINSLOW & POTTER 40 Wall Street, New York Whitehall 4-5500 Members New York, Chicago and other Stock and Commodity Exchanges New York Bank Stocks Par lank of Manhattan Co .10 lank of Yorktown__ 66 2-3 lensonhurst National__100 13.55 :hate 124 My (National) lommersial National Bank 100 & Trust 10C Mth Avenue Mat National of N Y 100 100 latbush National rInambetm :Va. Kant. _ _100 Pa, Merchants Bank 100 National Bronx 'Sank _50 Nat Safety Bank & Tr..124 10 Penn Exchange Peoples National 100 Public National Bank & 25 143 149 Trust 990 1020 Sterling Nat Bank & Tr_25 1212 1650 1690 Trade Bank ___ 30 Yorkville(Nat Bank of)_ 10C 60 BM 2414 3412 35 29 2712 All 60 15 8 63 4 46 ask 253 4 __ ..... 3012 29 Al 71 21 I I 5 3 12 , 2 11 41 3212 20 16 30 New York Trust Companies 658 41 102 109 103 11012 102 104 10914 11012 United States Insular Bonds Philippine Government 4e 1946 414, Oct 1959 444, July 1952 58 April 1055 fa Feb 1952 544, Aug 1941 Hawaii 444sr)ct 1956 Bank and Insurance Stocks AM Bid Ask r3 50 100 110112 IHonolulu 5s 101 102 11 8 Panama 38 June 1 1981_1 112 101 102 Govt of Puerto Rico r3.75 414e July 1958 10112 10312 73.60 fis July Mg 105 107 1946 108 10712 10912 II S Conversion 33 1947 108 r3.10 2.80 1 Conversion 30 1 496 3.00 115 3.30 3.25 1112 1112 Par R44 I Ask Banos Comm Italians_ ..l00 120 1130 Bank of New York & Tr _100 402 410 5312 5512 Bankers 12 20 10 Bank of Sicily 7 612 Bronx County 93 100 88 Brooklyn Central Hanover Chemical Bank & Trust Clinton Trust Colonial Trust Continental Bk & Tr Corn Ezell Bk & Tr 20 104 107 49 10 47 50 4) 53 12 25 10 10 143 1614 20 561 5712 A sk Par Rs i1 10 183 1934 100 195 1235 100 260 1265 1312 1412 10 100 1660 1700 42 25 39 Empire Fulton_ Guaranty Irv1ng Kings County Lawyers County 33 Manutaaturani 20 30 _25 104 107 New York 4 Title Guarantee & Trust _20 73 4 83 IOU 60 _ -100 1850 Underwriters United Slates 70 1900 We specialize in Underlying Inactive Railroad Bonds Also in Public Utility Bonds and Insurance Stocks Federal Land Bank Bonds Bid Ask 38 1955 optional 1945._ J&J 983 984 44e 1957 opt 1937____J&J 8 314s '55 optional '45 _MAN 10033 100 2 4446 1957 opt 1937 _MAN , , 4/1 194 optional 1944 1063 1064 448 1958 opt 1938__NIAN 8 1957 optional 1937_ MA N 103 10312 4 lie 1942 opt 1935_ MAN lie 1954 optional 1938.114&N 1033 10414 44s 1956 opt 1936.___J&J 4 440 1956 mu 1931 , J&J 102 10212 Bed 103 1031s 10514 102 1013 2 A'S 103 / 1 4 1033 2 1053 4' 10214 1015 8 JOHN E. SLOANE & CO. Members New YorkSecurity Dealers Association HAnoyer 2-245S 41 Broad St., New York Railroad Bonds LAND BANK BONDS Bought— Sold —Quoted Comparative analyses and individual reports of the various Joint Stock Land Bank. available upon request. RelfAuson Cd f 0ffity, alte. MUNICIPAL BOND 13ROKERS.COUNSELORS 120 So. LaSalle St., Chicago State 0540 Joint Stock Land Bank Bonds Atlanta 56 Atlantic ba Burlington he California bis Chicago 68 Dallaa 56 Denver bs 1)es Moines fa First Carolinas fa First of Fort Wayne 5e First of Montgomery bs First of New Orleans fa First Texas of Houston 58 First Trust of Chicago 5e__ Fattener 55 Fremont Is Greenbrier 59 Oreeneboro bs Illinois Midwest as Illinois of Montloello fa____ Iowa of Sioux City 58 Lexington 58 Lircoin ba Mil Ask 9914 10014 100 101 100 101 100 101 1183 1934 4 100 101 94 92 100 101 973 983 4 4 100 101 92 94 96 98 97 99 100 101 100 101 9512 98 100 9934 1003 4 9212 9412 96 98 98 100 97 98 LaFayette fa Louisville 55 Maryland-Virginia & Missimelppl-Tennessee be___ New York ba North Carolina 55 Ohio-Pennsylvania Roi Oregon-Washington fis Pacific Coast of Portland ba Pacific COSA of Los Ang 5s Pacific Coast of Salt Lake be Pacific Coast of San Fran.& Pennsylvania 55 Phoenlx 58 Potomac fa St. Louis 55 San Antonio 56 Southwest 58 Southern Minnesota bs Tennessee ba Union of Detroit ba Virginia-Carolina fa Virginian Is. Bid Ask 98 95 100 100 100 16C99 9934 98 99 98 99 96 98 9934 99 100 100 100 9912 10012 10512 107 9912 10012 51 149 100 92 94 133 35 100 98 09 9912 10012 97 I 98 Chicago Bank Stocks Par' Bid Ask Par Bid Ask First National 100 172 176 American National Bank & Harris Trust & Savings._ 100 235 256 100 195 Trust Continental III Bank & Northern Trust Co 1001 515 530 3313 6214 6414 True; For footnotes see page 2423. Bla Akron Canton dr Youngstown 546. 1945 6e, 1945 Augusta Union Station 1st 48 1953 Birmingham Terminal tat 46 1957 Boston A Albany lot 44s, A9711 1 1943 B01499 A Maine 3s, 1950 Prior lien 48, 1942 Prior lien 4445, 1944 Convertible be, 1940-46 Buffalo Creek let ref 55, 1961 Chateaugay Ore & Iron tel ref 46 1942 Choctaw & Memphis 1st fa, 1952 Cincinnati Indianapolis & Western 1st be. 1965 Cleveland Terminal & Valley let 4s. 1995 Georgia Southern & Florida let fa, 1946 Goshen & Deckertown 154 5445, 1979 Hoboken Ferry lot ba. 1946 Kanawha & West Virginia let ba. 1955 Kansaa Oklahoma & Gulf let 5s, 1978 Lehigh & New England gen & 1111ge 48. 1965 Little Rock & Rot Springs Western 1st is. 1939 Macon Terminal 1st 56, 1965 Maine Central 6s. 1935 Maryland & Pennsylvania 1st 4s. 1951 Meridian Terminal Int is. 1955 Minneapolis St. Paul & Sault Ste. Marie 2d 45. 1949 Montgomery & Erie lst be 1956 New York & Hoboken Ferry wen Se 1946 Pennsylvania Co 28-yr secured 4s, Aug 1 1963 Portland RR lst 34s, 1951 Consolidated fa 1945 Rock Island-Frisco Termina 44s 1957 St. Clair Madison At St. Louis 1st 45, 1951 Shreveport Bridge & Terminal 1s1 be. 1955 Somerset Ry 1st ref As 1955 Southern Illinois & Missouri Bridge 161 4s. 1951 Toledo Terminal RR 444s, 1957 Toronto Hamilton & Buffalo 446. 1966 Washington County Ry tel 344s, 1954 f52 f52 86 95 97 60 79 79 81 9912 81 150 92 87 45 99 88 9312 99 103 35 9912 79 5712 70 59 90 74 100 6212 81 77 90 80 56 77 10412 87 56 Ask 54 55 ii 613 9712 65 83 83 91 84 971-8812 48 91 95 100 105 43 10112 81 5913 78 10012 65 8112 80 1051z 58 Realty, Surety and Mortgage Companies rut R000 & Mortgage Guar.._201 Emoir• Title A Guar 100 OW I el•R 14 3411Lawyers Mortgage -mg. A, reice. 5 13 con 201 or, 060 ISat 1 8 13 8 133 228 Financial Chronicle 2422 Oct. 12 1935 Ouotations on Over-the-Counter Securities-Friday Oct. 11-Continued Guaranteed Railroad Stocks Joseph Walker Sons rEiralers In) 611ARA4IIED srocxs • Members New York Curb Exchange 150 Broadway, New York Tel. RE ctor (Guarantor In Parenthesis.) I Distant/ Par IS Dollars. 6.00 10.50 6.00 2.00 8.75 8.50 3.00 4.00 5.00 5.00 3.50 2.00 2.00 5.50 10.00 4.00 50.00 3.875 5.00 4.00 7.00 4.50 1.60 3.00 7.00 7.00 6.90 6.00 3.00 3.00 10.00 8.00 5.00 5.00 5.00 3.50 3.00 75 Federal St., Boston COrtlandt 7-1868 Hancock 8920 Direct private telephone between New York and Boston 2-6600 Guaranteed Railroad Stocks labama & Vicksburg (Iii Cent)_ 100 A'bay & Sunquehanna (Delaware & ueson)..100 Allerneny & Western (Buff loch & Pitts) 100 Bee2a Creek (New York Central) 50 Boston & Albany (New York Central) 100 Boston & Providence(New Haven) 100 Canada Southern (New York Central) 100 Caro Clinchfield &Ohio(L & N A CL> 6% 100 Common 5% stamped 100 Chic Cleve alto & St Louie met ....100 (NY Cent) Cleveland & Pittaburgh (Pennsylvania) 60 Betterman stock 50 Delaware (Pennsylvania) 25 Fort Wayne & Jackeon pref (N Y Central)____100 Georgia RR A Banking(L & N. A CL) 100 Lackawanna RR of NJ (Del Lack & Western)_100 Michigan Central(New York Central) 100 Morris & Essex (Del Lack & Weetern) 50 New York Lackawanna & Western(DL & W)_100 Northern Central (Pennsylvania) 50 Old Colony (N Y N H & Hartford) 100 Oswego & Syracuse (Dec Lack & weetern) 60 Pittsburgh Bess & Lake Erie(U 8 Steel) 60 Preferred 50 Pittsburgh Fort Wayne & Chicago (Penn)_.l00 Preferred 100 Rensselaer & Saratoga (Delaware & Hudson).100 St Louts 13ridge 111 pref (Terminal RR) 100 2nd preferred 100 Tunnel RR dt Louie (Terminal RR) 100 United New Jersey RR & Canal (Penns) 100 Utica Chenango & Sumemehanna(D L & W)-100 Valley (Delaware Lackawanna & Weetern) 100 Vicksburg Shreveport & Pacific (III Cent) 100 Preferred 100 Warren RR of N J (Del Lack & Western) 50 West Jersey & Flea Shore (Penn) 50 Securities Inquiries Solicited S. A. O'BRIEN &CO Members Neu, York Sleek Exchange 120 Broadway NEW YORK Associated Gas & Electric System Public Utility Bonds Bid Asked 74 184 94 3312 11!) 140 55 88 93 82 8512 49 44 77 164 76 900 64 94 97 57 68 37 74 158 177 102 145 72 145 r252 89 95 63 70 49 64 78 188 93 3512 122 145 58 91 9412 86 8712 52 98 82 169 79 1050 66 97 99 60 72 -Jai 180 106 150 75 150 256 92 100 68 52 6612 Par Par B14 Ask Albany Ry Co con be 1930._ .131) Kern one TelePhone 54a'65 General 56 1947 Lehigh Vail Trans ref be '80 f25 Amer States PS 5%. 1948 4 533 553- Long Island Lighting 6s 1955 4 Amer Wat Wks & Elec Is '75 79 8012 Mtn States Pow let 6s 1938 Arizona Edison let Ent new** 8612 8812 Nassau El Rit 1st 5, 1944_ let 68 aerie, A new 1945. 95 Newport N /t Ham S. 1944_ 97 ArkMlaitouri Pow ist flit '53 61 New England G & ft 55 1962 63 Associated Electric 5e 1961_ 53 5412 New York Cent moo fat 1952 Asnoc Gas & Elea Co 44s'58 26, 27 Northern N Y Utll 51 1955_ 4 Associated Gas A.Elec Corp Northern States 11r 5s Plat_ Income deb 3tis____1978 2514 26 Oklahoma Nat Gas fie A1946 Income deb 34s____1978 253 2612 1948 bs series 13 4 Income deb 45 1976 2712 2814 Old Dom Pow 5s_Mar 15'Si Income deb 44a_1978 3012 3112 Pacific G & El 4s. Deo 1 '64 Cony debenture 4e 1973 . 50 Parr Shoals Power Se 1954._ Cone debenture 4)4, 1973 5112 53 PeninsularTelephone5tin'51 Cony debenture 53 1973.._ Pennsylvania Elec S. 1962.._ 5412 56 Cony debenture 5(4,1973 GO 63 Peoples L & P 54s 1941 Participating 8, 1940____ 92 95 Public dery of Colo 6. 1081. Pub dery of Nor Illinois Bellows Falls Hydro El Ea'54 102 lot & ref 4 tis July 11960. 03 Bklyn C & Newt'n con be '39 83 88 Public Utilities Cons 545 '48 Cent Ark Pub dery be 1948 9012 9112 Rochester Sty 1st as 1930 Central & E 54a 1948____ 663 6712 San Dlego Cons0& E 4s'65 s let lien coil tr 6. 1946.... 6914 7012 Schenectady Ity Co let 58'40 Cent Ind. Pow 1st es A 1047 76 79 Sioux City Oita dr Elan es '67 Cleve Elea 111 gen 348_1965 1067 07 4 Sou Blvd RR let be 1945. 8 , Colorado Power be 1953.... 105 2 _ Sou Calif Edison 4s___1960 , Con laid & Bklyn con 4s '48 70 75 Sou Calif Gas let 4s____19115 Consol Eleo & Gas 5-6. A '62 3712 3814 Sou Cities Utilities Ets A 1968 Consumers Pr list 341.1965 1001a 10012 Tel Bond & Share 5s 1958... lot 34s May 1 1965 1043 10454 Union Ity Co N Y 5a 1942.... 8 Detroit Edison con 48_ _1965 1043 10518 Un Trac Albany 44a 2(104.. 4 Duke Price Pow 1966_ _ 10112 1021s United Pow & Lt ea 1944._ Duquense Light 3%e_ _1965 1027 10314 Se series It 1947 8 Edison Eleo III (Boa)3413'65 1023 1031s Utica Gas& Elec Co 53_1957 4 Federal serv lot Its 1947 / Virginia Power 5. 1942.... 37 Federated Utll 5%. 1957_ Wash & Suburban 5We 1941 5612 58 620 Eit Man & St Nick S.'40 85 Westchester Mee RR ba 1943 Green Mountain Pow ha '48 10112 6i1 Wentern 055%. 1960_..... Iowa So U111 54.1950 94 9512 Wisconsin Pub dery 512s '59 Kan car Pub dery 3s 1951_ /3312 3412 Yonkers RR Co Ind 15/ 1948_ BM Ask 10C1 44 106 10712 86 88 102 101 10512 10612 6412 68 88 10212 1031 ; 1063 107 i 4 , 9712 9'.112 8714 8812 65 6612 101's 10214 9112 9612 10512 ___ 1023 10331 4 /5612 57, 2 105 105 10014 6712 /20 10614 j7 103 65 100111 6812 25 IOW's 10 0412 70 1°1% 0 1314 0 0 01 ' 4512 4612 6912 71 88 1 5 10°8134 2 120 105 8312 no 8312 160 05 0' 21 f 8 85 _ 85 : Ofe EQUIPMENT TRUST CERTIFICATES Quotations -Appraisals Upon Requesi STROUD & COMPANY INC. Private Wires to New York PUBLIC UTILITY BONDS Philadelphia, Pa. Established 1921 Railroad Equ'pment Bonds Bid Ask Atlantic Coast Line 6%e.. 4tie Baltimore & Ohio ba Boston & Maine 44e ba Canadian National 44s_ be Canadian Pacific 4 Cent RR New Jer Chesapeake & Ohio 545._ 6(4. 44s be Chicago & Nor Weed 43.4s_ 5. Chia Milw & St I'aul 414s_ 5s Chicago R I & Pao 4%,,,,_. 5. Denver & KG Weet 4t4a__ be 53 . -is Erie RR 6%e 6s 4%. 5e Great Northern 4)4. ha Hocking Valley 5. Illinois Central 44e 5. 554e 8 _ Internal Great Nor 44s_ 72.00 73 00 73.75 73.75 14.25 74.25 73.90 73.90 73 85 73.00 72.00 71.50 r3.00 72.75 86 86 85 85 64 64 77.50 77.50 r7.50 73.70 73.70 13.75 r3.75 73 00 r3 00 72.50 73.75 r3.75 r3.75 73.75 76.76 .50 2 00 200 90 90 PO 90 69 89 6.50 6.50 6.50 3.00 3 00 3.00 3.00 2.25 2.25 1.50 2.75 2.75 2.75 2.75 6.00 Long Island 434e 5, Louise & Nash,454e ea 6 tis Maine Central 5s 5(4. Minn St P&EiSM 4%. 73.25 r3.25 73.00 73.00 r2.00 74.26 74.25 76.50 76.50 2.25 2.25 2.00 2.00 1.00 3.75 3.75 6.00 6 00 1.00 2.25 000 3 00 3.75 3 76 3.00 300 3(0 2.00 Bi4 Ask 78.50 76.50 /6.50 76.50 r3.75 r3.75 14.0 74.00 17 00 17.00 73.00 72 75 r2.75 6.00 3.00 3.00 3 25 3.25 6.00 6.00 2.0(1 2.10 2.10 r2.75 73 85 r3.00 r300 61 61 6 74.50 13.50 73.60 75.30 r5 30 75.30 74.00 r4.00 /4.00 72.50 r2.50 r3.00 13.00 2.00 3.00 2.50 2 50 68 68 68 3.75 3.75 2.75 2.75 4.50 4.5)) 4.10 3.50 3.50 3.40 1.50 1.50 2.00 2.00 Wabash Ry 87 55 87 b4s 89 64 93 Western Maryland 44s__ 14.00 be 14.00 Western Pacific be i17 50 61-is 17 50 92 92 94 98 3.00 3.00 6 .0 6 00 Missouri Pacific 434e 56 634. New Orl Tex & Mex 4tia__ New York Central 44a..__ be N Y Chic & St L 4tie__ 5s NY N H & Hartford 434a_ Ete Northern Pacific 44s_ Pennsylvania RR 44e___ 5s 4s series E due Jan & July '36-49 Pere Marquette 44a Reading Co 434. 54 St Louis-San Fran 45 455s 5. St Louie Southwestern On. b Southern Pacific 43-4n re Southern Ry tie fte 64s Texas Pacific 45 4 tie 5. Union Pacifie 494s es Virginian Sty 44e ba 120 BROADWAY, NEW YORK CITY Members of New York Stock Exchange and other Stock and Commodity Exchanges 35 Nassau St, Tel. Cortlandt 7-6952 New York City -NY 1-951 A. T. T. Teletype 0.00 8.00 6.00 I r4.50 ABBOTT, PROCTOR & PAINE For footnotes see page 2423. R.F. Gladwin & Co. Public Utility Stocks All Par Alabama Power $7 prof -• 7012 7214 Arkansas Pr & Li $7 prof..' 7812 80 Assoc Gas & El wig pref..• $8.60 preferred • 2 17 preferred • 2 Atlantic City Rice $e 10212 164 -12 Bangor Hydro-El 7% p1_100 107 Birmingham Elect $7 prat_ _• 53 5412 Broad Riv Pow 7% pf _100 Butt NIag & East pr prel_25 Carolina Pr & Lt $7 pref..' 15% preferred • Cent Ark Pub serv Dret.100 Cent Maine Pow a% p1_100 87 preferred 100 Cent Pr & Lt 7% pre(_100 Cleve Rice III 8% uret-100 Columbus Ity. Pr & Li 1st 56 preferred A._ _ _100 $8.50 preferred 100 Consul Traction(NJ).-106 Consumere Pow $5 pret...• 8% preferred 100 80% preferred 100 Continental (las & El 7% preferred ' 100 Dallas Pow & Lt 7% peel 100 Dayton Pr & Lt 6% pret100 Derby Gas & Elite $7 pref.' Essex udaon Gas 100 Foreign Lt & Pow units _. Oas & Elite of Bergen _ _100 ..100 Hudson County 0... • Idaho Power $6 pref 100 7% preferred Illinois Pr & Lt let pret__-• Interstate Natural Gas.....' Interstate Power $7 pref __• Jamaica Water Supply Dt.50 Jersey Cent PAL 7% pf100 Kansas Gas & El 7% p1100 Kings Co Ltg 7% pret.._100 Long Island Ltg 6% pr. 10)) 7% preferred 100 Los Angeles(1 & E pt 100 Memphis Pr & Lt $7 eret--• Metro Edison $7 prat B--• 8% preferred ser C____• Mississippi P & L 56 pref..* 2512 2212 Pat Miss Itly Pow 6% pref_.1)8) Mo l'ub dery $7 pref____100 Mountain States Pr com__• 100 7% preferred Nassau & Suffolk Ltg pf 100 Nebraska Power 7% prot100 100 Newark Control Gas New Engl GA E 54% O.' New Eng Pow Assn 6% Of100 New England Pub Serv Co . N.7jer.e p nwpa Li e Pt. . riorylioo ref 5 p $ New Orl Pub dery 57 Id-• V Y & Queene E L P pt 100 Northern States Pr $1 pf 100 NYPowA Lt 56 cum pt__• 7% cum preferred.-..i00 Bid 4*5 105 1061 2 612 712. 2 11- 17 38 40 11112 11312 119 48'2 48 4 28 '.i-63- 2212 24 9512 3112 33 85 4 8712 , 103 7712 76 6!) 72 8012 84 9012 92 5912 5612 99 10012 6212 6512 35 37 Ohio Edison $6 pref 99 • 98 113 115 4 ) :Leeea P IT r: % pref....10( 104 106 110 111 10012 102 Ohio Ohio Putt dery 6% p1...10)) 590 92 29912 101 106 43 01212 O l E 1%p ere"7 prat._ ._ Igo °412 9712 9 5 °6 . 7 9712 981 ; 1045s 1055 Pao Gas & Elec 8% pi...26 Pacific Pow & 1,1 7% 91_100 573 743 4 106 107 Penn l'ow A Light $7 oret..• 2912 2 :: 1 8 5 9 Philadelphia Co $5 prat...• 75 73 Pub dery of Colo 7% r1...100 0912 -Puget Sound Pow & Lt 11112 113 • 3654 38, 55 prior preferred 2 109, 1111 1 4 80 Queens Borough CUE 75 100 6% preferred 190 194 Ruch Gan & Elea 7% B_ _100 102 90 100 101:2 1(1 6% preferred C 67 2 63 9 121 190 194 76 9812 Sioux City G & E $7 pf .100 74 97 Sou Cant Ed pre B 26 28 29 10412 106 4 303 313 South Jersey Gas & Elec_100 188 4 191s 2012 Tenn Elec Pow 6% pref_100 59'> 101 7% preferred 20 18 6 Texas Pow & Lt 7% Pt. .10)) 94 7 086' 66 6 53 82 Toledo Edition 7% pt A_100 106 107 80 United G & E (Coon) 7% 10 80 4 823 3 4 105 107 65 34 United GA E(NJ) prof 100 60 9312 95 9, 43 312 Utah Pow & It $7 peel....' 4 6712 69 7612 7814 Utica Gas & El 7% prof.100 96 13 Util Power & Lt 7% prof100 11 110 112 75 78 76 7812 Virginia Railway 100 400 Wash Ry & Elec. com _ 103 100 105 5% preferred 9917 100'> 4512 4612 Western Power $7 met_ _100 101 2423 Financial Chronicle Volume 141 vs. Quotations on Over-the-Counter Securities—Friday Oct. 11—Continued Specialists in OVER-THE-COUNTER SECURITIES PRUDENCE BONDS BOUGHT—SOLD—QUOTED Statistical Information Furnished Title Company Mortgages cfc Certificates RYAN iSt McMANUS PULIS,COULBOURN &CO. Mernbirs New York Curb Exchange 39 New York Broadway City 25 BROAD ST., NEW YORK Dishy 4-2290 A. T. Sr T. Teletype N.Y. 1-1152 Private Wire Connections to Principal Cities Real Estate Securities Specialists in— Reports—Markets WATER WORKS SECURITIES Public Utilities—Industrials—Railroads Complete Statistical Information—Inquiries Invited AMOTT, BAKER & CO. SWART.BRENT&CO. INCORPORATED 25 BROAD STREET, NEW YORK INCORPORATED BArclay 7 2360 TEL.: 11Abover 2-0510 Ask Bill Manufacturers Water be,'39 10212 _ Alabama Water Serv Le, '57 Middlesex Wat Co 555s,'57 107 Alton Water Co be, 1956_ _ Monmouth Consol W Es,'56 9612 OS Arkansaw Water Co 5s, 1966 Monongahela Valley Water Ashtabula Water Wks So,'58 10214 555s, 1950 Atlantic County Wat 58, '58 Morgantown Water 5e, 1965 100 Birmingham Water Worktr105 106 Muncie Water Works So. 65 103 M.series C. 1957 New Jersey Water bs, 1950_ 101 103 101 12 __ 55, series B, 1964 New Rochelle Wat be, B.'61 9014 9214 10212 5545, series A, 1954 9314 9434 5345. 1951 Butler Water Co 58, 1957_ 10414 106 California Water Serv 5a,'58 105 107 New York Wat Serv So, 1951 99 100 , Cheater Water Serv, 4559,'58 10212 104 Newport Water Co Es, 1953_ 104 2 Ohio Cities Water 5555. 1953 82 Citizens Water Co (Wash) Ohio Valley Water So, 1954 108 101 55. 1951 9013 103 11:N Ohio Water Service ba, 1958 89 555s, series A, 1961 Ore-Wash Wat Serv, to, 1957 8312 85 City of New Castle Water— , Penne State Water 5553,'52 99 102 4 10212 bs, 1941 106 Penne Water Co 55, 1940 City W (Chat) 55 B____1954 101 Peoria Water Works 00let Es series C 1957 10512 9712 99i• 1st & ref So, 1950 Clinton W Wks Co be, 1939 10112 lot oonsol 40, 1948 Commonwealth Water (NJ, 971 92 103 108'4 00 , . lot cousol So, 1948 105 107 5a. series C. 1957 Prior I en fs. 1948_ 4 1023 1043 4 5545. series A. 1947 105 106 Phila Suburb Wat 4s, HOS Community Water Service 56 53.40. aeries B. 1946 , 58 2 Pinellas Water Co 5550 1951) 9512 97 57 59 Pittsburgh Sub Water 58, 58 10112 6a, series A. 1946 __Connellav)lle tVater bs_1939 100 102 Plainfield Union Wat bs, '61 108 Richmond W W Co So, 1967 10512 Consolidated Water of Utica 8il; 86 9712 9912 Roanoke W W be, 1950 4555, 1958 Koch & L Ont Wat 58, 1938 101 102 1st intge be, 1958 4 Davenport Water Co Se. '61 1043 10614 St Joseph Water bs. 1941.... 103 105 Scranton Gas & Water Co E St L & lnterurb Water— 102 103 4945.1958 10114 10314 So. series A. 1942 Scranton Spring Brook 103 68, series 13, 1942 9034 9234 Water Sen. be, 1961._ 10112 16i1 5s. series D. 1960 92 1st & ref be, A, 1967 91 Greenwich Water & 9114 9214 Sedalia Water Co 5555, 1947 101 series A, 1952 77 88 oo South Bay Cons Wat 58,'50 75 So. series II, 1952 _ South Pittsburgh Wat 50, 55 10312 10412 Hackensack Water Co 55,'77 105 be, series A, 1960 103 107 5555, series 11, 1977 1960 105 ba series 11 Huntington Water be 13. '54 102 Terre Haute Water So, 11,59 103 2 0 42 10312 6s, 1954 68. series A. 1949 1982 102 So 4 , Illinois Water Bert M A.'52 10111 10314 Texarkana Wat lot 5a__1958 99 101 Union Water Serv 5550, 1951 9812 100 Indianapolis Water 455s.'40 10512 107 — Water Seri Cos, Inc, be.'42 85 let lien & ref be. 1960..... 10512 West Virginia Water be. '51 99 >01 let lien & ref M, 1970._ 105 Western N Y Water Co— lot lien & ref 555a, 1953_ 10312 105 9812 100 bs, series 13, 1950 let lien & ref 5558, 19S4.,_ 10412 lot mtge 55. 1951 9114 101 14 incilanapolla W W Securities 4 1003 10234 let mtge. 5540. 1950 95 93 be, 1958 Westmoreland Water So,'52 9914 101, 4 Interstate Water 65, A, 1940 102 102 _ Wichita Water Co So, Jamaica Water Sup 655s,'55 107 El '88 1 0412 ' 58, series C, 1960 2 Joplin W W Co be. 1957_ _ 10312 10412 104 Co. series A, 1949 Kokomo W W Co 5a, 1958_ 104 10512 W'msport Water 5s, 1952_ 102 Lexington Wat Co 5555, '40 102 Long Island Wat 515s, 1955 1003 103 4 Ina Ast 97 95 105 10312 10412 102 104 10112 --- 2 - Ad Bid 8912 92 11214 11414 12813 13012 8 1183 12018 84 81 4114 53 5 440 71 69 4 453 463 4 4 013 95 4 933 12212 12912 Par New England Tel & Te1.100 New York Mutuai Tel_100 Northw Bell Tel pf 655% 100 Pac & All Teleg U B 17..21 Peninsular Telephone corn.* Preferred A 100 Roch Teiep $6.60 let [4_100 & Atl Teleg $1.25-26 iou New End l Telep_ _100 -'western Bell Tel. pf.....100 Fri States Tel & Tel Preferred 10 Wisconsin Telco 7% pret 100 Members New York Stock Exchange Baltimore Stock Exchange Washington Stock Exchange : Associate Member N.Y.Curb Each Specialists in Bid Ask 108 110 _ 22 1157 -8 _ 4 173 1018 1114 9814 10212 10812 - -__ 19 121 1223 4 124 12534 1012 1114 115 11712 Miscellaneous Bonds Ask Bid Ask Home Owners' Loan Corp 08 Aug 15 1938 100.28 101.2 -Ss 13 -Aug lb 1937 101.22 101.28 140 Aug 15 1938 101.24 101.30 2s 165 June 15 1936 99.30 100.4 1558 165 Nall Radiator be 1946 13112 3314 921s N Y ShIpbldg 5s 1948 95 _ No. Amer Refrac 6558_1944 177 -8112 96 93 1941 97 10118 10112 Otis Steel 60 ctta Pierce Butler & P 610_1942 111 12 22 119 4 Scoville Mfg 5149 1945 1053 10634 99 /3912 4112 Socony-Vacuum Oil 355s '50 10014 10012 1312 10018 1004 St'd.Tex.Prod.letti Ms as.'42 112 8 983 99 Struthers Wells Titus63.js'43 77 Union Oil of Calif 49_ _ _194i 10912 116 - 12 49 147 50 09.28 100.2 Willys-Overland 181 6555 '33 145 8 4 1212 1412 Wilson & Co 1st 4s._ 1955 983 983 10 WItherbee Sherman 89_1944 18 73 70 1063 1063 Woodward Iron 59 ..... _1952 142 8 4 9912 ___ Bid Adams Express 45 .___1947 American Meter 68 ____1948 Amer Tobacco 40 1951 ..1937 Am Type Fdrs thi Debenture Cs 1939 Am Wire Fabrics 70 ..1942 Bear Mountain-lludson River Bridge 78 1953 Brown Shoe Co 348_1950 ButterIckPublishing 6191936 Chicago Stock Yds 5s_ _1961 ConeolldationCoal4 4s1934 Cudahy Pack cony 48_1950 lot 348 1955 1937 Deep Soot 01178 Fed Fm Mtge 155 Sep. 19'39 1938 Ilaytian Corp 85 Journal of Comm 640 1937 Kresge Foundation 4s _ _1945 1937 Merchants Refrig 6s A.T.& T.Tel. N Y 1-588 Ask Bid Ask BSA 32 Majestic Apts 1st 6s, 1948__ 130 Alden lot 65, Jan 1 1941____ J37 . The, let 65, '41 f4512 41T12 Metropolitan Playhouses Inc Broadmoor, 4 653 663 9 s t deb 5s 1945 gay Barclay lot 88. 1941_ f2812 31 1:1*. s 3014 Munson Bldg let 619s. 1939 13214 333 Certificates of deposit____ 129 N Y Athletic Club— B'way & 41st Street 31 f28 lot & gen 65. 1948 41 137 1st leasehold 6501, 1944_ 3 4812 50 N Y Eve Journal 65(5, 1937 100 4 10212 B'way Motors Bldg 65 1948_ NewYork Title & Mtge Co Chanln Bldg Inc 45 1945..... 5812 f3914 41 ' 5555 series 13K Chesebrough Bldg lot 65,'48 5212 8 307 313 4 5555 series 0-2 78 Chrysler Bldg 1st 83. 1948._ 47 f46 5553 aerie!! F-1 Court & Remsen St Ott Bldg 43 141 5940 series Q /45 Cl, Apr 28 1940 1st 19th dr Walnut St (Plana). 129 Dorset. The, 1st 69, 194I f2512 2812 let 6a, July 7 1939 Eastern Ambassador Hotels 912 Oliver Cromwell, The— JS lot & ref 514s. 1947 116 1712 ist 68, Nov 15 1939 67 Eauitable Off Bldg deb bs'52 55 6012 54) Bway Bldg 1st 3a, Inc '46 3712 40 1 Park Ave 6s. Nov 6 1939_ _ _ 103 East 57th St lot Co. 1941 500 Fifth Avenue 165 Wway Bldg let 5345, 51 4412 4i' 136 40. 1949 stamped ) PrudenceCo 549stmod,1981 168 2 -lot 6s, 1941 f17 602 Park Avenue Prudence Bonds— 52d & Madison Off Bldg— 13-90 /3312 Series A to 18 inclusive es, Nov 1 1947 Prudence Co otter— Film Center Bldg lot 69,'43 424 44 84 6-C Hotel Taft 40 Wall St Corp Co. 1958 10 . Hotel Wellington 6412 42 B'way lat 85. 1939 45 Fifth Avenue Hotel 1400 Broadway Bldg 50 380 Central Park Weet 1411 1st 655s stamped. 1948 55 422 East 86th St Fox Theatre & Off Bldg Realty Assoc Sec Corp 14 112 1st 810,Oct 1 1941 51 49 55, Income, 1943 51 14 53 Fuller Bldg deb Cs. 1044._ , /43 2 4512 Rosy Theatre— 5555 unstamped 1949 3012 6912 6112 let fee & lea.setiold 64s'40 130 Graybar Bldg 66, 1946 Savoy Plaza Corp— , 4812 - -' Harriman Bldg lat 85, 1951_ Realty ext 151 555e, 1945 11512 1712 86 Hearst Brisbane Prop 60 '42 83 J1612 18 2 , 8s, 1945 4612 Hotel Lexington 1st 63, 1943 144 Hotel St George tot 545.'43 f4912 5012 Sherry Netherland Hotel— 25 f23 40, May lb 1948 lot 53 Keith-Albee Bldg (New CO Park PI (Newark) (3s. '37 /4912 79 Rochelle) let Co. 1936._ 25 616!Madison Ave lot 655s'38 f23 Letcourt Empire Bldg 1st 5348. June 15 1941._ 14612 5012 81 B'way Bldg lot 5545. 195)5 3812 4012 18 12 General 75, 1945____ Letcourt Manhattan Bldg 63 Syracuse Hotel (Syracuse) 60 1st 545, stamped. 1941__ f4212 46 1st 6130, Oct 23 194,4,, 62 extended to 1948_ 6014 let 4-Es 40 138 Textile Bldg lot 60, 1958 Lewis Morris Apt Bldg— /3912 Trinity Ridge Corp lst 612s, Apr 15 1937 10012 103 1st 555s, 1939 Lincoln Bldg Inc 5555, 1963 5612 5212 5312 2 Park Ave Bldg let 40. 1941 Loew's Theatre Realty Corn 4 893 9034 Walbridge Bldg (Buffalo)— let 60, 1947 12912 33 lot 612s. Oct 19 1938 38 London Terrace Ante 60,'40 136 Westinghouse BidgLudwig Bauman 1st tee & leasehold 68. '39 581 7312 1st 60 (Bklyn), 1942 7912 1st (L I). 1938 Telephone and Telegraph Stocks Pat Amer Dist Teleg(N J) corn l'referred 100 Bell Telep of Canada_ 100 Bel! Telep of Penn pref 100 Cinoin & Sub Bell Telep_50 Cuban Telep 7% pret 100 Empire & Bay State Tel_100 Franklin Teleg $2.50_ __ _100 Oen Telep Allied Corp S6 Pi Gen Telephone Corp $3 Pr.tot Ocean Teleg 6% 100 • Lincoln Tel & Tel 7% Mount States Tel & Te1.100 150 Broadway, N.Y. Real Estate Bonds and Title Co.Mortgage Certificates Water Bonds 1100%2513 7 6'51; c Registered COUDOCI (ser)al) a Interchangeable • No par value. s Ex-dividend w t When issued. r i8ssis price. g Coupon. I Flat price y Now listed on New York Curb Exchange. Now listed on New York Stock Exchange. Quotations per 100 gold rouble bond equivalent to /7.4234 grams of pure gold. 2 Called for payment Oct. 11931 at 100. Tel.: HAnover 2-6286 SURETY GUARANTEED MORTGAGE BONDS Mackubin,Legg & Co. Redwood & South Sta., Baltimore, Md. ANKERS—Est. 1899 Baltimore—Plaza 9260 New York—Andrews 35630 Philadelphia—Pennypacker 8300 A.T.& T.Teletype-13alt, 288 Surety Guaranteed Mortgage Bonds and Debentures ind Allied Mtge Cos. Inc.— All series, 2-58, 1953 Arundel Bond Corp 2-59,'53 Arundel Deb Corp 2-6s, 1953 Associated Mtge Cos, Inc— Debenture 2-6s, 1953_ Nat'l Bondholders part ctfs (Central Funding series). _ Cont'l Inv 13d Corp 2-65, '53 . Cont!Inv Deb Corp 2-60 '53 HOMO Mtge co 050 & Co. 1934-43 Mortgage Bond Co of Md. Inc., 2-54, 1953 Nat I Bondholders part (Ifs (Mtge Guarantee series)- Nat'l Bondholders part ctfs (Mtge Security Serles)-- Nat Consol Bel Corp 2-5s,'53 Nat Debenture Corp 2-80.53 Ask Nat Union Mtge Cora— Series "A" 2-6.s. 1654 ._. Series "B" 2-5s, 11854 _ Potomac I3ond Corn (all Issues) 2-5s. 1953____ 44 Potomac Corr lidated Deb 42 Corp 2-6s, 1953 f2312 25 2 P0t0111.1.0 Deb Corp 2-68, , Potomac Franklin Deb Cot 66 2-6a, 1953 4112 431 Potomac Maryland Debenture Corp 2-65, 1953 14612 48 2 , Potomac Realty Atlantic Debenture Corp 2-4i0. 1953 74 Realty, Bond & Mortgage deb 2-6s, 1953 130 32 Union Mtge Co as, 1937-47 Union !Mtge Co 555s dr 68 31 f29 1937-47 85 41 43 Universal Mtge Co 6 34 39 70 73 49 Bid Ask 53 97 65 41 41 43 43 411 4312 53 41- 43 4112 4312 38 f36 /4612 4812 /4612 4812 Sugar Stocks Par Bid Cache La Poulre 0020 20781 11 Eastern Sugar Assoc 20 Preferred • HAM= Corp Amer All Pas Bid Ask • 10312 --21341 davannah Sugar Ref 100 112 117 12 7% preferred 238 2 213 West Indies Sugar Corp_ __1 4 . 1 12 2424 Financial Chronicle Oct. 12 1935 Quotations on Over-the-Counter Securities -Friday Oct. 11-Continued German and Foreign Unlisted Dollar Bonds Sus antialt 71 to 1946 126 Antlogula 8%. 1946 f26 Bank of Colombia. 7%.'47 117 Bank of Colombia. 7%.'48 117 tarratiquilla 83'35-4(3-46-48 111 Bavaria 6>40 to 1945 13014 Bavarian Palatinate Cone Cit. 7% to 1946 123 Bogota (Colombia)6 '47 110 Bolivia 6%. 1940 17 Brandenburg Elec. 6e, 1953 126 Brazil funding 5%, 51 Brazil funding scrip I51 British Hungarian Bank 7348. 1962 150 Brown Coal Ind. Corp 6;is. 1953 137 Buenoe Aires scrip 150 Burmeister .‘ Wain (38_1940 180 Call (Colombia) 7%. 184, 2 17, Callao (Peru) 7 St %. 1944 19 Ceara (Brazil) 8%. 1947_ P212 City Savings Bank, B1:Cra Dest, 7s, 1953 140 Columbia scrip Issue of '33 160 issue of 1934 143 Costa Rica funding 5%,'51 50 Costa Rica Pac, its 734ri'0 116 re. 1949 44 Dortmund Mun 1111165. '48 f28 Duesseldorf 7s to 1945.__. 126 Duisburg 7% to 1945____. 126 East Prussian Pr. 60. 1953. 12612 European Mortgage & In vestment 7345, 15412 Frankfurt 70 to 1945 12712 trench (Joel. 5341, 1937.. 159 French Nat. Mall SS.60.52 152 German All Cable 7, 1945 13012 German Building & Landbank 63.4%. 1948 12912 German defaulted coupons July to Dec 1933 158 Jan to June 1934 1411 July '34 to Oct '35 125 German scrip 108 German called bonds . /23-33 German Dawes Coupons 10-15-34 Stamped 1812 April 15 1935._ ______ 11714 German Young Coupon12 -1-34 stamped 1114 June 1 1935 113,2 Guatemala Os 1948 123 Haiti 6% 1953 88 Hamb-Am Line 6440 to '40 99 Hanover Hare Water Wks. 6%, 1957 12312 FiniimIng 4 Row,•,1 y, •• •411 17111, 844 $h. Hungarian Cent Mut 75,'37 140 43 Hungarian Discount & El change Bank 7s, 1963__ 135 37 Hungarian defaulted mute 130-52 Hungarian Hal Bk 7310, 13712 Jugoslavia 5s, 1956 3212 3417 Coupons. f45-51 25 Koholyt 6340, 1943 129 1288 Land 81 Bk, Warsaw 88,'41 85 13 10 Leipzig Oland Pr. 6340,'45 135 38 2712 Leipzig Trade Fair 7s, 1953 129 31 5134 Luneberg Power. Light A 52 Water 7%, 1948 130 3212 afannheim dr Pala% 7s. 194' f31 33 53 Munich 78,0 1945 f2814 2914 Mimic Bk, Hesaen. 7110 '45 12512 2712 ‘lunIcIpal Gaa & Elea Corp 40 Beckiinghausen, 75, 1947 130 51 3212 85 Landbank 6>48. 132 35 9 Natl. Bank Panama 635% 10 1946-1949 6112 6312 412 Nat Central Savings Bk 01 Hungary 75.4s, 1962._ 150 54 43 National Hungarian & Ind Mtge. 7%, 1948 f47 59 Oberpfalz Elec. 7%, 1946_ 45 124 26 Oldenburg-Free State 7% 53 18 to 1945 126 27 48 Panama 5% scrip 133 42 32 Porto Alegre 7%, 1968- -- 111 13 2712 Proteetant Church (Get 2712 /2512 2812 many). 78. 1946 2812 Prov Bk Westphalia 60, '32 135 Prov Bk Westphalia fis, '301 131 33 Rhine Weatph Eleo 7%.'38 133 3512 - - -1- Rio de Janeiro 6%, 1933. /1112 15 29 2 Rom Oath Church 6 30 '41 126 R C Church Welfare 70.'4, 124 28 1212 Searbrueeken M BE 6s, '47 120 25 Salvador 7%, 1957 122 28 32 Salvador 7% elf of Sep '57 121 23 Salvador 4% Scrip 123 26 Santa Catharine (Brazil) 8%, 1947 11612 1912 27 Santa Fe scrip f47 57 67 Santander (Colom) 7e, 194- flO 8 11 12 Sao Paulo (Brazil) 6s, 1943 Ill 1212 Saxon State Mtge. 66. 1947 f32 36 Serbian 55, 1966 3212 3412 1834 Serbian coupons f40-51 Stem & Halske deb 68, 2930 1233 238 75 1940 125 128 4 34 15 ritettln Pub Util 7s, 1948. 128 30 31 Tucuman City 78, 1951_ 163 65 92 Tucuman Prov. 7s, 1950_ 86 89 rummer, Scrip f65 69 Vestals Elea Ry 75, 1947- 130 33 2712 Wurtemberg 7s to 1945... 131 3212 3312 TRADING MARKETS Bank Stocks • Insurance Stocks and all Over the Counter Securities Dlg by 4-4524 HARE'S,LTD. Private 'Phone Wires to Philadelphia, Boston, Hartford Pittsburgh Los Angeles Insurance Companies Bid •A Purl 884 Ask 86 I 89 Home Fire Security 211i 334 10 543 563 Homestead Fire 44 10 233 2514 4 3014, 3214 Importers & Exp. of N Y__5 6 8 77 79 Knickerbocker 5 11 13 2512 111:10010 Fire 24 5 312 412 26 29 Maryland Casualty 1 214 314 13 15 Mass Bonding & Ins 25 30 32 133 1514 Merchar A FIreAssurcom234 48 4 53 58 60 Merch & Mfre Flre New ark.5 712 gtz 28 2912 NatIonal Casualty 10 1412 16 4214 4414 National Fire 10 71 73 3612 3812 National Liberty 2 712 812 6 National Union Fire 7 20 140 145 95 99 New Amsterdam Cam ^ 9 10 630 640 New Brunswick Fire 10 29 3012 2312 2512 New England Fire 10 15 25 2612 New Hampshire Fire...AO 47 48 . 2514 263 New Jersey 4 20 4412 4712 37 38 New York Fire 5 1712 2012 17 1812 Northern 12.50 97 101 234 312 North River 2.50 2514 263 4 39 Northwestern National...25 138 142 37 1634 1814 Pacific Fire 25 115 119 80 Phoenix 75 10 88 90 286 89 Preferred Accident 5 133 151 i 4 Providence-Washington _ _10 3914 4114 912 11 29 3012 Rochester American 10 20 22 153 173 Resale 4 4 5 12 1312 24 26 St Paul Fire & Marine_ _ 25 212 217 35 37 Seaboard Fire & Marine 5 8 10 12 14 Seaboard Bur. it 10 1412 16 28 3112 Security New Ilaven 10 3612 3714 25 2612 Southern Fire 113 23 25 7 8 Springfield Fire & Marire..26 140 143 183 2014 StuYverlant 4 10 4 512 _ 15 Sun Life Assurance 100 375 390 3714 3914 Travelers 100 605 615 2514 263 U S Fidelity de Guar Co___2 4 93 103 4 4 75 77 U S Fire 4 51 53 72 7' U S Guarantee 10 81 86 313t 333i Westchester Fire 2.50 3314 3514 Chain Store Stocks POT MI Sit Boback (11 C) corn 7 • 9 7% preferred 100 46 54 Diamond Shoe Wet 100 91 Edison Bros Stores pref_100 ho _ Fishman(M Stores....' 12 14 -34 Preferred IGO 90 Great A & P Tea nt 100 127 131 Kress(S H)6% Prof 10 11 12 1212 Lerner Stores Prof 100 10514 10814 Lord & Taylor 100 175 let preferred 6% 100 106 2nd Preferred 8%. ...Inn 110 For notn .•......... oat. 2123 , Bristol & Willett 115 Established 1920 Members New York Security Dealers' Association N. Y. Tel. BArelay 7-0700 Broadway, Industrial Stocks Par Bid Ask par Adams-Millia Corp, p1..100 109 112 Herring-Hail-Mary Safe,1(10 Rid ,Ask 13 American Arch $1 • 173 21 Kildun Mining Corp 4 25 8 3 American Book $4...._100 71 74 King Royaity corn • 1912 23 American Hard Rubber, .50 1712 20 $8 preferred 100 92 American Hardware .....25 2i3 281s Kinner Airplane & Motor I ss ' 7, s Amer Maize Products • 163 183 Lawrence Port Cement 100 1212 1412 4 4 American Manufacturing 00 10 Mactadden Publica'ne corn it 8 314 414 Preferred 100 45 Preferred _______ • 35 I 3714 American Meter corn • 1512 16 Mallison II It Inc corn__.• 3 4 141 American Republica cora_ • Preferred 33 8 3711 100 43 4' kndlan National Corp _ • 44 463 Merck & Co Inc corn__ _1 2212 2412 4 Art Metal Construction. _10 Am: orAtarreli 2 8 6 11412 1164 Baticecz & • 4312 4012 Mueller Brass Co corn 1 2238 233 4 Beneficial Indust Loan pf.• 5212 5414 National Castes • 40 Bowman-Biltmore Hotels.' Preferred • 109 1st preferred _ _ _ .100 2 312 Nat Paper A TYCie pref ton 1014 Brunswick Balke Collander New Haven Clock pref...1011 75 Co 7% pref North Amer Match Corp..' 44 100 75 _ Canadian Celanese corn__ .• 1912 21 -12 Northwestern Yeaal___ ADO 96, 98 2 2 , Preferred 100 11512 120 Norwich Pharmacal 5 34 4 35 4 , , narnation Co $7 prof inn 110 Ile Ohio Leather • 16 18 Carrier Corp 7% prof..,.100 56 1/1114111 61 OldetyMe 1) 1 318 4 Muiytalenum • 7414 7614 Pathe Film 7% 2ref 92 9412 ClInchfield Coal Corp pf 100 30 eunileation Coro coin... • 3012 3112 Colts Patent Fire Arms. .25 39 $7 1st preferred 100 98 4C1 _ Columbia Baking new corn_ 57 8 614 Remington Arms corn • 412 512 New $1.00 cum prof 1214 1414 Rockwood & Co • 24 28 Columbia Broadeaating el A • 4214 433 Preferred 100 78 85 4 Claes B • 42 4312 Ruberoid Co I On 7212 75 Columbia Pictures prat_ • 4712 4818 SoovIll Mfg 25 3012 3111 Crowell Pub Co coal • 35, 37 Singer Manufacturing_ 100 286 291 2 $7 preferred 100 103 Standard Cap & Seal____ 3212 3434 Dietapnone Corp • 34 37 Standard Screw 100 115 121 Preferred 106 11812 Taylor Milling Corp 18 20 Dixon (Jos) Crucible 100 40 45 Taylor Wharf & S tom....' 834 934 Doehler Die Cast pref • 403 42 • 93 10012 Tile° Products Corp 4 Preferred 50 46 5012 TublzeChatIllon cum uf _ I ii 88 Douglas Shoe preferred __100 1312 16 Unexcelled Mfg Co __ 10 212 II; Draper Corp • 55 56 Un Plece Dye Wks prof..ii 0 1412 1512 Driver-Harris prof 100 103 105 U A Finishing peel 100 23 4 412 First Boston Corp 10 4818 495 Warren, Northam8 Flour Mills of America • 114 134 $3 cony pref 40 43 Foundation Co-Foreign shs 434 web:in Grata) Juloe pref.. ite) 33 4 91 American shares 118 214 West Va Pulp & Pap coin. • 14 1513 Cr& (Robert) Co com_ _(.) 4 514 Preferred iOti 101 104 l'referred (5) 2712 2912 White(5 5) Dental Mfg. 20 1472 157,3 Gen Fireproofing $7 pf_11.141 80 White Rock Min SpringGolden Cycle Corp 10 4212 45 4 - -3 $7 let preferred 10( 100 (Raton & Knight com____• 312 5 , Wiloox-OWN corn 50 20 25 Preferred inn 25 2712 Worcester Salt 100 55 60 Great Northern Paper- 25 22 23 , Young (J E3) Co com 10 108 112 7% preferred 100 111 Teletype N.Y. 1-901 W Rector Street, New York Par Aetna Casualty & Surety JO Aetna Fire 10 Aetna Life it, Agricultural 25 American Alliance 10 American Equitable 5 American Home 10 American of Newark American Re-Insurance..10 American Reserve 10 American Surety 25 Automobile 10 Baltimore Amer 231 Bankers & Shippers 25 Boston 100 Camden Fire Carolina 10 City of New York _10 Connecticut General Life.10 Continental casualty Eagle Fire 255 Employers Re-Insurance_10 Excess Federal 10 Fidelity & Deposit of Md.20 Firemen's of Newark Franklin Flre General Alliance Georgia Home 10 Glens Falls Flre Globe & Republic 5 Globe & Rutgers Fire.._.15 Great American Great Amer Indemolty 1 Halifax Fire 10 Hamilton Fire_ _ Hanover Fire 10 Harmonia 10 Hartford Fire 10 Hartford Steam Boiler__ -10 Home 5 A COMPREHENSIVE SERVICE ill the Over-the-Counter Market Art 28 30 19 19 13 3114 Par RIO 4,8 Melville Shoe prof 100 1103 11112 4 Miller (I) & Sons pref__ _100 16 ockJudedtVoeheger pf 100 88 Murphy 30 C)8% met _100 110 116 Reeves (Daniel) prof...100 87 Schiff Co preferred 100 101 14 United Cigar Stores 6% pref.. 133 s 6% prof etfa 8 127 133 8 U S Stores preferred.. .I00 3 5 Investing Companies Par ISIS Ask Par 94 ,4, 9 • 13.10 14.11 Investors Fund of Amer._. .91 1.00 1.61 1.70 Investors Fund C 75.89 77.43 Amerex Holding corp_--.* 1218 133 Investment Trust of N 8 51g Amer Business Shares 1.07 1.17 Internal Security Corp(Am) Amer & Continental Corp.. 11 14 121 1 Class A common • 12 11 1 Am Founders Corp 6% pf 50 37 Class B common 1, • 40 7% Preferred 634% preferred so 38 41 100 42 451 46 ; 6 Amer General Equities Inc_ 6% preferred .93 _ 100 4112 Amer & General bee el A. • 9 Major Shares Corp 7 23 8 _ $3 preferred • 50 Maryland Fund Inc corn _ _ _ _ 17.13 18.52 53 Amer Insurance Stock Corp. 1 21.99 23.90 3 33 Mass Investors Trust 4 Assoc Standard 011 Shares.2 57 Mutual Invest Trust 5 8 1.36 1.49 Bancarnerica-Blair Corp... I .3.78 3.88 53 4 612 Nation Wide Securitiee_ Bancshares, Ltd part she 60( Voting trust certificates_ .50 .75 1.41 1.53 Bankers N atl Invest Corp.. 412 N Y Bank Trust Shares.... 4 Basic Industry Shama No Amer Bond Trust etre__ • 3.73 241;2s 7117 1 British Type haven .30 .50 No Amer Trust Shares. 1953 2.19 • Bullock Fund Ltd Series 1955 3 1432 153 8 2.82 Canadian Inv Fund Ltd.. Sedan 1956 .1 3.45 3.80 2782 ; 24.711 . . 5_ Central Nat Corp class .A.• 2512 Series 1958 Class B 212 Northern Securities 1 100 Century Trust Shame • 25.30 27.20 Pacific Southern Invest pf.• 40 42 Commercial Natl Corp...., Clams A 318 4 • 63 s 8 Corporate Trust Shares__ Class B • 2.30 54 1, 4 Sallee AA Plymouth Fund Inc el A _10e 2.29 .93 1.04 Accumulative aeries____ Quarterly Inc Shares__ _250 1.43 1.57 2.29 Series AA mod Representative Trust Shares 10.01 10.51 2.72 Belled ACC orl Republic Investors Fund_5 2.62 2.77 _ Crum & Ironer Ins com....10 2.72- - Royalties Management 27 29 .45 .55 8% preferred 100 1.12 • _ Second Internet See el A 212 312 Crum & Fearer Ins Shares Class B common 12 18 • Common 13 6% preferred 10 35 50 41 45 7% Preferred Selected Amer Shares Inc_ 100 108 1.33 1.45 Cumulative Trust Shares.' 4.77 Selected American Shares_ 2.91 _ Deposited Bulk She ear A_. 2.16 2.40 Selected Cumulative She_ 7.94 ..„ Deposited 'Nur She A___ 3.91 4.35 Selected Income Shares___ 4.18 _ Diversified Trustee 8he B__ Selected Man Trustees She 81 1 - 4 636 • 17.63 18.75 3.60 3.90 Spencer Trask Fund 55 614 Standard Amer Trust Shares 3.2a 3.50 Dividend Shares 25e 1.46 1.58 Standard Utilities Inc • .71 .77 Equity Corp cv pref 36 State Street Inv Corp 32 • 78.01 84.05 Fidelity Fund Inc • 45.67 9.18 Super Corp of Am Tr Sits A 3.64 Flve-year Fixed Tr Sharon_ 4.44 AA 2.51 _ Fixed Trust Shares A • 9.69 3.64 I3 • 8.02 BB 2.53 Fundamental Investors Inc 2.29 2.54 6.86 Fundamental Tr Sharer) A_ 5.03 5.63 D 6.87 _ Shares B Supervised Shares 4.75 10 1.43 1.56 Group Securities Trust Fund Shares 4.00 4.20 Agriculture shares Trustee Standard Invest C.. 2.52 1.44 1.59 A utomoulle shares 1.24 1.37 2.47 Building shares 1.44 1.59 Trustee Standard 011 She A 5.81 Chemical shares 1.38 1.52 4.82 Food shares 1.10 1.22 Trusteed Amer Bank FIN B. .93 1.05 Merchandise shares Trusteed Industry Shares.. 1.26 1.39 1.18 1.30 Mining shares 1.22 1.35 Trusteed N Y Bank Shares 1.33 1.50 Petroleum shares 1.01 1.11 United Gold Equities (Can) RR Equipment shares... Standard Shares .71 .79 2.07 2.27 Ste I shares 1.26 1.39 U 13 & Brit Int class A corn • 18 1 Tobacco shares Preferred 1.37 1.51 • 15 19 Guardian Invest Trust Eleo Lt & Pow Shares A • 1712 2012 145 1612 8 Common 80c 1.10 2.36 2.411 Huron Holding Coro Voting trust etre .88 .96 Incorporated Inveetors 18.5919:98 Un N Y Bank Trust C 8 . 3 :314 Invest. Co. of Amer cam_ IV 33 Un N Y Tr Shs ser P 30 Vs 23 8 757 n••?••••41 , • 33 Wellington Fund 30 15.28 16.83 Administered Fund A ffiliated FUlhhi inc corn Financial Chronicle Volume 141 Quotations on Over-the-Counter Securities Friday Oct. 11-Concluded BondsPer Cent $1,000 s. e. corner 16th and Walnut Ste., Philadelphia, Pa., 6% let mtge., due Dec. 1 1947, certificate of deposit 22% flat By A. J. Wright & Co., Buffalo: Shares Stocks 15 Zenda Gold SHORT-TERM SECURITIES Pell, Peake & Co. 24 BROAD ST., NEW YORK Members N. Y. Stock Exchange Tel. HAnover 2-4500 Short Term Securities Bid Ask 10114 10158 10834 10914 10412 10518 1035 1037s 8 1065 107 s 93 9312 10158 10218 10278 I0318 104 10514 107 10818 108 10858 11054 11114 10518 10512 102 1011 10014 1005 4 10078 10118 1035 10414 4 10514 1055 8 10514 1057 8 1063 10714 4 102 10214 10134 1021z 10212 104 1033 1044 4 10912 11012 10212 103 10112 102 10214 103 10414 10514 107 1078 3 10115 10184 103 10312 10138 1021s stsk Bid Morns & Co 1st 448 1939__ NY Chic & St L 1.1 45 1937_ New York Tel let 4 iis 1939_ 'or American Lt & Power 68 April 1 1936 Nor By of Calif & 1938 Factflo Tel & Tel 58 1937._ Penn-Mary Steel le 1937. Pennsylvania Co 345 1937_ Pennsylvania RR 614. 1938. & Reading C & 148 37 Phillips Petroleum 53(5 1939 Potomac Elea Power 5s 1936 Roth & L Ont water Se 1938 St Joseph By L H & P 5s '37 St Paul Min & Mau Montana Ext 4s..._1937 8crenton Electric 651937. Skelly Oil Co 548 1939 South & North Ala RR 55'36 Sou Par Branch By Os 1937_ TerminalRR(StLou)4446'3 Texas & 14 let 58 1937_ United Staten Rubber Co fie 1936 Virginia Midland By 59 1038 Ward Baking Co let 6s 1937 Washington Wat Pow 58 '39 Western Mass Cos Is 1939._ WNY& Pa RR lat 55 1937 Western Union Tel 6%s 1938 fh Jan. 1 1938 & Sioux Falls Ryas • 1938 1033 10412 4 8 1014 1017 1104 1108 4 10114 102 10814 109 105 10512 10414 1047 8 102% 104% 10112 1013 4 103 104 10112 1018 4 10284 10314 10012 102 1037 10414 s 104 10412 1084 1067 s 1023s 1023 4 1033 10378 8 107 110112 111 4 10518 10512 10034 98 10512 10112 103 1047 8 10234 1047 8 10112 100 10614 110 1033 4 10558 103 10514 10512 106 Federal Intermediate Credit Bank Debentures Bid F C 1 4s Oct. 161935. r.30 F 0 1145 Nov. 15 1935._ 7.375 P 0 1 i4s Deo 161935.. r.375 F I C 1%a Jan. 151936.. 7.40 F I C 140 Feb. l51936 r.50 Ask .15% .20% .20% .25% .30% Bid F 1 0 14s Mar. 16 1936_ 7.50 F I C 14s Apr. 15 1036_ 7.60 F IC Dis May 151936.. r.60 17 1C 1 1•211 July IS 19:46._ 7.65 Fl0 1446 Sept. 15 l936__ r.75 Ask .35% .40% .40% .50% .50% ISoviet Government Bonds Rid I AM Bid Ass Union of Soviet Soo Repub Union of Soviet Soe Repub 7% gold rouble_ _19431 85.89/ 89.321 10% gold rouble 19421 87.321 _ _ _ For footnotes me page 2423. AUCTION SALES The following securities were sold at auction on Wednesday of the current week: By Adrian H. Muller & Son, New York: Shares Stocks 3 Per Share 250 C. A. Nerz Coal Inc.(N. Y.) $100 lot 372 31-100 Tech-Art Plastics Co.(N. J.), preferred Co. $26 lot BondsPer $5,000 Starrett Investing Co. 5% secured bonds, due 1950, with Oct. 1 1935 Cent and subsequent coupons attached 29% flat By R. L. Day & Co., Boston: shares Stocks $ Per Share 2 The Milford National Bank & Trust Co. common. Milford, par 320 204 22 Greenfield Tap & Die $14 preferred 15% 1 Quincy Market Cold Storage & Warehouse Co. prefared, par 8100 23 4 Fitchburg Gas & Electric Light Co., par $25 47% 5 South Terminal Trust, par $100 3 100 Detroit Aircraft Corp. par $1 $75 $1,800 Magee Realty Co. 7s, 1943, ca. dep.: $1,000 Eastern States Refrig. 75, lot 1952, coupon Dec. 1 1930 & sub. on: 1 warrant to purchase 30. B. Theatre Corp. common $18 lot 5 units Thompsons Spa, Inc 8 4 Electric Ferries, Inc., common v.1. o 800. BondsPer Cent $3,000 City of Boston 45, June 11948, reg. tax exempt 1013 & $2,000 The King Edward Hotel Co. Ltd. 75, Mar. 1944, series A coupon list. March 1932 Minnesota & Ontario Paper Co. let mtge. 68, April 1 1945, series 84 flat $2,000 A certificates of deposit 164 flat By Crockett (4: Co., Boston: Shares Stocks $ DC Share 20 Farr Alpaca Co.. par 850 12 10 Goodall Worsted Co., par $50 37% 50 Fall Alpaca Co., par 850 12 5 Arlington Mills 31% 25 Arlington Mills 31 10 Boston Sand & Gravel Co. common 1 20 Garfield Lend 20% 25 Western Massachusetts Companies 34% 300 Warrants Utilities Hydro & Rail Shares 314 sot 25 Boston Woven Hose & Rubber Co. common 16% BondsPee Cent $500 Worcester 'frame. Assoc. coll, trust reg. 6s, due June 1 1952 45% flat $7,500 Plymouth & Brockton St. By. Co. reg. Income (is, due July 1 1932 (2% 1935 interest paid) 84% flat By Barnes & Lofland, Philadelphia: Shares Stocks $ per Share . 35 Philadelphia National Bank, par 820 84% 40 Pennsylvania Co. for Ins. on Lives & Granting Annuities, par $10 34% Chester Va.ley Securities, Inc., class A Pref.. Par $12.50, and 600 common, 120 par $1 $10 lot 5 Fire Association of Philadelphia 67% 92 Central-Penn National Bank 28 http://fraser.stlouisfed.org/ F Federal Reserve Bank of St. Louis $ per Share '0.07 Mines Prices on Paris Bourse Railroads-industrials -Public Utilities Specialists in Called Bonds -New Issues Allis-Chalmers Mfg fe 1937_ Amer Tel & Tel 4%s 1939_ _ ppalachlan Pr 75 1930.... Armour& Co giis 1939____ Atlantic Refs Co 55 1937_ B &0 RR See 44s 1939____ Beech Creek RR tat 45 1938. Bethlehem Steel 58 1938_ __ Buffalo Koch .4 Pitts 5s 1937 Calif Gas & Elea 58 1937___ Caro Clinohf & Ohio 54 1938 Ches & Ohio RR 1st 561939. Chic Gas Lt & Coke let 5537 Cln Ind St L & Chic 48 1936 Columbus Powet 1st 55 1938 Consumers El Lt & Pr(N 0) let 59 Jan 1 1936 Consumers Power 151 5.1938 Comm Gas(Chic) let 51'38 Cumb'I'd Tel & Tel 15t 5E1'37 Dayton Lighting Co 58 1937 Duluth & Iron Range 5s '37 Edison El Ilium Co Boston Is April 16 1938. Fox Film cony 6s 1936 Glidden Co 5145 1939 Or'trunk By Can (au)(is'36 lIackensack Water fo 1938. LakeErie ,k West se___1937 Long inland Log 151 65 Me. Long Island RR Se 1937„-Oen Is June 1 1938 Louisville h Nash mar 45'40 Midvale Steel *Ord 55 19311 Montana Cent By 85_1937 let 5s 1937 2425 Quotations of representative stocks as received by cable each day of the past week Oct. 5 Oct. 7 Oct. 8 Oct. 9 Oct. 10 oa.ii Francs Francs Francs Francs Francs Francs Bank of France 8,900 9,100 8,800 8,900 8.900 Banque de Paris et Des Pays Has 872 865 851 855 Banque de l'Union Parisienne_ 400 400 396 390 Canadian Pacific 146 147 143 144 -iiii Canal de Suez.. 17,300 17,300 17,100 17,300 17,200 Cie Distr. d'Electricitie 1,035 1,020 1,012 1.020 Cie Generale d'Electricitle 1,310 1,310 1,300 1,310 1,340 Cie Generale Transathuitlque_ 14 ____ 14 15 15 Citroen B 83 82 80 80 Comptoir Nationale d'Escompte 819 819 818 819 Coty S A 75 76 75 71 --ii Courrieres 213 212 209 209 Credit Commercial de France 543 540 536 535 . Credit Lyonnaise 1.620 1,610 1.600 1,509 1 830 . Eaux Lyonnaise 2,320 2,270 2,250 2.260 2.270 Energie Electrique du Nord 458 440 445 450 Energie Electr1que du Littoral 710 710 710 709 Kuhlmann 539 534 531 532 L'Air Liquids HOLI790 790 780 780 "ioe Lyon (P I- M) DAY 844 840 840 848 Nord Ry 1,030 1.029 1,018 1.022 Orleans RY 425 430 430 430 -iiii Paths Capital 45 44 43 45 -Pechiney 1.004 1,005 990 990 Rentes. Perpetual 3% 77.20 76.75 76.10 75.90 75.90 Rentes 4%,1917 81.20 80.80 80.20 80.10 80.20 Rentes 4%,1918 80.40 80.10 79.40 79.30 79.20 Recites 44%.1932 A 87.25 87.00 86.50 86.25 86.30 Rentes 44%,1932 IS 88.40 88.00 87.60 87.40 87.30 Rentes 5%. 1920 108.30 108.40 107.90 107.40 107.30 Royal Dutch 1.930 1,940 1,940 1.960 1.370 Saint Gobain C & C 1.635 1,634 1.630 1,632 Schneider & Ole 1.698 1,590 1,590 1,588 Societe Francalse Ford 56 54 53 53 53 Societe Generale Fonciere 29 31 29 29 Societe Lyonnalse 2,318 2,275 2,250 2,253 Societe Marseilialse 556 556 557 Tubize Artificial 811k pre 72 72 70 72 Union d'Electricitle 537526 522 521 Wagon-LIM as 38 38 37 The Berlin Stock Exchange Closing prices of representative stocks as received by cable each day of the past week Oct. Oct. Oct. Oct. On. (kg, 5 7 8 9 10 11 Per Cent of Par`----Allgemeine Elektrizitaete-Gesedschaft 38 39 38 38 38 38 Berliner Handela-Gesellschaft (8%) 111 111 111 112 112 112 Berliner Kraft u. Licht(8%) 142 143 143 143 143 - 142 Columers-und Privet -Bank A G 87 89 88 88 88 87. Dessauer Gas (7%) 127 127 126 125 127 127 Deutsche Bank und Diseonto-Gesellsehaft„ 88 89 89 88 88 88 Deutsche Erdoet(4%) 106 107 105 108 106 106 Deutsche Reielmbstin (German Rye p17%).. 123 123 123 123 123 123 Dresdner Bank 88 89 89 88 88 88 Fabenlodustrie 10(7%) 150 151 151 150 152 152 Gesfuerel (5%) 122 123 122 124 124 124 hamburg Electric Werke (8%) 137 130 130 129 130 130 . Raoul( 16 17 16 16 16 16 Mannesmann Roehren 86 86 85 85 85 85 Nurdeutscher Lloyd 18 19 18 18 18 18 Relchsbank (8%) 171 172 170 172 172 173 ItheinIsche Braunkohle (12%) 217 ___ 218 215 214 Saisdeturth (744%) 183184 iii 183 184 Siemens & Halske(7%) ii5 187 187 170 169 CURRENT NOTICES Arrangements have been completed, it was announced yesterday, by Hammons & Co., Inc., of New York; and Childs, Jeffries SE Thorndike, Inc., of Boston. Mass., for the establishment of a Nation-wide service in chain store securities. The service, it is believed, will be something new in the chain store field, since this is the first time that anything of the sort has been attempted on a national scale. Under the new arrangements, trading departments, supplementing existing facilities, will be conducted by Hammorus & Co., Inc., in its New York, Chicago. Philadelphia, Los Angeles, and Portland, Me.,offices, while in Boston, the same facilities will be conducted by Childs, Jeffries & Thorndlke, Inc., who will co-operate with the Boston office of Hammons & Co., Inc. Childs, Jeffries & Thorndike, Inc., have recently opened an office in New York at 120 Broadway. Both firms have issued jointly a pamphlet entitled "An Investment Survey of the Chain Store Field" by Paul Dudley Childs. President of Childs, Jeffries & Thorndike, Inc. Ira Haupt & Co., 39 Broadway. New York, have prepared the third edition of their statistical Hand Book for New Jersey Municipal bonds. setting forth in convenient tabular form, comprehensive statistics of more than 200 municipalities. The basis figures for the tabulation were taken from the quarterly statements of financial conditions of each municipality as submitted to the State Auditor of New Jersey. For the first time the booklet includes information regarding recent refundings and ratings of the various municipalities. The tabulation also includes figures on gross debt, and total gross debt. A very complete record of tax collections is included covering not only the collections as of June 30 1935, but also tax levies of each year from 1932-1935 inclusive, and the amount of uncollected taxes at the end of each year of levy. -The firm of Hutchins & Parkinson, formed in Boston in 1926 to engage in a general securities business, announces the opening of a New York office at 40 Wall Street under the management of Walter Maynard, formerly with Hayden, Stone & Co. John Parkinson, Jr., will be a resident partner in New York. The firm holds memberships in the New York Stock and Curb Exchanges and the Boston Stock Exchange. -Stroud & Co., 1429 Walnut St., Philadelphia, and 120 Broadway, New York, have prepared a quarterly record of the valuation of railroad and industrial equipment trust certificates in dollars, based on actual quotations existing Sept. 30 1935, or on comparisons with other certificates of similar value. Frank C. Masterson & Co., 25 Broad St., New York. and McGhle Dressel & Co.. 105 S. LaSalle St., Chicago, are distributing to dealers their October quotation booklet covering approximately 3,000 unlisted stocks and bonds in which they maintain active interest. Oct. 12 1935 Financial Chronicle 9496 General Corporation and Investment News -MISCELLANEOUS RAILROAD-PUBLIC UTILITY-INDUSTRIAL Month y Gross Earnings of Railroads- The following are comparisons of the monthly totals of railroad earnings, both gross and net (the net before the deduction of taxes), of all the Class I roads in the country reporting monthly returns to the Interstate Commerce Commission: Gross Earnings $ 257,719,856 January_ February - 248,104,292 . 292.775.783 March 265,022,239 April 281,627,332 May 282,406,507 June 275,583,676 July 282,277.699 Auguit 275,129,512 September_ 292,488,478 October _ November_ _ 258,629,163 257,199,427 December_ January.-- February --March_ April May June July August Per Cent 1934 1933 +31,443,332 +36,221,471 +75,002.520 +40,456,313 +26,769,505 +4,482,585 -17,757,929 -14,286.954 -16,643,258 -1,494,550 -747,213 +12,107,100 +13.90 +17.10 +34.44 +18.02 +10.50 +1.61 -6.05 -4.82 -5.70 -0.62 -0.29 +4.94 Miles 239,444 239,389 239,228 239,109 238,983 239,107 239,160 239,114 238,977 238,937 238.826 238,570 Miles 241,337 241,263 241,194 241,113 240,906 240,932 240,882 240,658 240,563 240,428 240,836 239,833 1934 257,728,677 +6,148,718 248,122,284 +6.444,483 292.798,746 --12,306,728 265,037,296 +9,147,757 281,642,980 -2,489,273 282,406.506 -1,431,003 -646,683 275.610,064 282,324,620 +11,281,900 +2.39 +2.60 +4.20 +3.45 -0.88 -0.51 -0.23 +4.00 1935 238,245 238,162 238,011 237,996 237,951 237.800 237,700 238,629 1934 239,506 239,433 239,246 239.129 238,980 239,020 239,000 238,955 Inc. (+) or Dec.(-) 1933 1934 1935 263,877,396 254,566,767 280.492,018 274,185,053 279,153,707 280,975,503 274,963,381 293,606,520 Length of Road . Month 226,276,523 211,882,826 217,773,266 224,565,926 254,857,827 277,923,922 293,341,605 296,564,653 291.772,770 293,983,028 257,378,376 245,092,327 Net Earn ngs Month (+)or Dec. Per Cent 1934 January February March April_ May June July August September October November December January February March April May June July August 1933 Amount $62,262,469 59,923,775 83,939,285 65,253,473 72,084,732 74,529,256 67,569,491 71,019,068 71.781.674 80,423,303 59,167.473 82.187,963 $44,978,266 40,914,074 42,447,013 51.640.515 73,703,351 92,967,854 98,803.830 94,507,245 92,720.463 89,641,103 65,899,592 58,350,192 +317,284,203 +19.009,701 +41,492,272 +13,612,958 -1,618,619 -18,438,598 -31.234,339 -23.488,177 -20,938,789 -9,217,800 -.6,732,119 +3,837,771 +38.43 +46.46 +97.75 +26.36 -2.20 -19.83 -31.61 -24.85 -22.58 -10.28 -10.22 +6.58 1935 851.351,024 54.896,705 67,659,321 65,305.735 70,416,370 64,920,431 57,478.685 72,794,807 1934 $62,258,639 59,927,200 83,942,886 65,252,005 72,083,220 74,529,254 67,586,762 71,686.657 -$10,907,615 -5.030,495 -16.283,565 +53.730 -1,666,850 -9,608,823 -10,108,077 +1,108,150 -17.5 -8.3 -19.40 +0.08 -2.31 -12.89 -14.96 +1.55 -Bonds Sold-Public offerAlabama Water Service Co. mg was made Oct.8 of $785,000 1st mtge.5% bonds,series A, by a group comprising Burr & Co., Inc., New York; Chandler & Co., Inc., Philadelphia; Swart, Brent & Co., Inc., New York, and Boenning & Co., Philadelphia. The bonds, priced at 96 and int., to yield 5.32%, have been sold. A prospectus dated Oct. 4 affords the following: Organization-Company was incorp. in Alabama. March 4 1927. Company has one subsidiary, Collinsville Ice Co., of which it owns 94% of the outstanding shares of capital stock. A former subsidiary, Southern Engineering Co., filed a certificate of dissolution on July 10 1935. Federal Water Service Corp. owns 99.88% of the common stock of Alabama Water Service Co., such stock having the entire voting power in the absence of certain defaults as to dividends on the preferred stock. Such default now exists and the percentage of total votes to which Federal Water Service Corp. is entitled is approximately 46.85%. -bearing Federal Water Service Corp, also owns 8500,000 non-Interest convertible debentures of the company dated June 16 1927 and having no fixed maturity and $372,000 5% convertible debentures of the company dated Dec. 31 1931 having no fixed maturity. Such debentures are con' vertible on certain conditions into a maximum of 8,720 shares of preferred stock of the company. If such conversion were to be effected, Federal Water Service Corp. would own 68.43% of the voting stock of the company. Utility Operators Co. owns (subject to pledge of 200,015 shares) 100% (or 542,450 shares) of the class B stock of Federal Water service Corp. the Such class B stock has sole and exclusive voting powers except thatcorholders of the class A stock are entitled to elect three directors of thediviand except in the event of certain defaults in the payment of now poration dends on the preferred stock and on the class A stock. Such defaults exist and the total number of votes to which all the stockholders of Federal Water Service Corp. are entitled is 1,269,433 votes, which include the owned 542.450 votes of Class B stock and 4,825 votes of preferred stock Utility by Utility Operators Co. The percentage of total votes to which Operators Co. is thus entitled is approximately 43%. -Company operates as a public utility under the laws of the Business State of Alabama. The general character of its business is furnishing water and electric service to various conununities in Alabama. Its principal water business consists in supplying water obtained from Its wells, springs, filter plants and by purchase front others, for domestic and industrial uses and for fire protection in a number of towns and communities in the State of Alabama. It owns and operates 30 water producing plants. The Chickasaw plant, supplying Pritchard. is leased and water is purchased for the Attalla and Bessemer systems. Water is supplied to approximately 24,000 customers in some 41 communities having a total population in and adjacent thereto estimated at 125,000. As of April 17 1935 company sold to the City of Anniston its properties located there, from which approximately 18% of Its gross water revenues had been derived, upon the exercise by the city of a contract right which it had to purchase the same. The total consideration paid for such properties was $725,000. Said consideration was paid to the trustee under the indenture securing the first mortgage bonds upon the release from the lien of such indenture of the properties so sold. Of said consideration, $700,000 was paid upon the order of the company in connection with the acqusition by it of the properties of Alabama Utilities Co. As of May 31 1935, the company acquired the physical properties and substantially all other assets of Alabama Utilities Co. under the provisions or of an agreement with General Water Gas & Electric Co., which owned controlled all of the outstanding securities of Alabama Utilities Co. Under said agreement, as amended, the consideration for the properties of Alabama Utilities Co. was the payment of S747.755 in cash and the assumption which of 8785.000 first mortgage 54% bonds of Alabama Utilities Co., were contemporaneously refunded, through the issuance of a like princiapl bonds of the company. The properties so amount of first mortgage 5% acquired were transferred to the company and the consideration therefor was delivered on June 12 1935. Authorized and outstanding capitalization of the company as of July_31 1935: -41 Authorized Outstanding 1st mtge. 5% gold bonds, series A, due a Jan. 11957 b$4,885,000 Non-interest bearing convertible debentures, dated June 16 1927, having no fixed maturity $500,000 c500,000 5% convertible debentures, dated Dec. 31 372,000 1931, having no fixed maturity c372,000 6% 1st mtge. coupon notes issued to War25,000 rior water Co., due May 1 1936 25,009 26,000 Municipal bonds assumed 26,000 20,000 shs. d6.790 shs. $6 cumulative pref. stock, no par value__ _ 0.000 shs. 06,000 shs. Common stock, no par value a The amount of bonds authorized by the indenture is unlimited, subject to the provisions of the indenture affecting the terms and conditions upon which additional issues may be made. b Exclusive of $180,000 of these bonds assumed by City of Phenix City, Alabama, on July 8 1932. There Is at present pending litigation in which the validity of the assumption or these bonds by the City has been brought into question. c These debentures are all owned by Federal Water Service Corp., and under certain conditions are convertible into or exchangeable for first mortgage bonds or preferred stock of the company. d Excludes 165 shares held in the treasury. •All except 7 shares, constituting directors' qualifying shares, are owned by Federal Water Service Corp. -A firm commitment has been made by Boenning Underwriting and Sales & Co. to take $100.000. No firm commitment has been made for the purchase of the remainder of the bonds. General Water Securities Corp., the owner of the bonds, has, under the provisions of an agreement dated Aug. 9 1935, as modified by agreement dated Sept. 23 1935, agreed that Burr & Co., Inc., New York; Chandler & Co., Inc., Philadelphia. Pa., and Swart, Brent & Co., Inc., New York, severally and each for itself, shall have the right from time to time to Purchase one-third of the bonds, such right to continue for a period of 60 days from the date of notice to the purchasers that the registration statement has become effective, provided, however, that the right of any such purchaser may be cancalled by General Water Securities Corp. upon written notice to the purchaser at the expiration of 30 days from the date, or within one day thereafter, in the event that such purchaser shall not have taken down and paid for one-half of the principal amount of bonds which it has a right to take down and pay for within said period. Burr & Co., Inc., Chandler & Co., Inc., and Swart, Brent & Co.. Inc., have, with Boenning & Co., formed a joint account under the provisions of an agreement dated Sept.3 1935,as modified by agreement dated Sept. 23 1935, for the purchase and distribution of the bonds nd have acquired the rights of the purchasers under the above-mentioned agreement dated -V. 141. p. 1264. Aug. 9 1935 witb General Water Securities Corp. ...-Adams Express Co.-1.4.94ing-of-Bonds-Th ew York Stock Exchange has authorized the listing 00E 3,100,000 are now collatehl trust 4% distribution bonds of 1907, due June 1 194 or at any time hereafter may become issued and outstanding in coupon form. Earnings for 9 Months Ended Sept. 30 1935 $641,171 Income-Dividends Insecurities 23,897 Interest on securities Total income General expenses Interest on collateral trust4% bonds Provision for taxes Net income Balance surplus, Dec. 31 1934 Sundry credits $665,068 112,522 293,130 10,612 8248.803 3,775,559 639 $4,025,001 197,538 Total surplus Dividends paid on preferred stock $3,827,462 Earned surplus, Sept.30 1935 Note-Effective Jan. 1 1935, realized profits and losses on securities have been credited and debited to capital surplus whereas previously such profits and losses were credited and debited to earned surplus. Net realized loss on securities for period ended Sept. 30 1935 was $1,029,022. Comparative Consolidated Balance Sheet Sept.30'35 Dec. 31 '31 Sept.30'35 Dec.31'34 Liabilities$ $ 6 $ AssetsCash 81,279.754 $455,437 Int. accrued on coll. tr. 4% bds. 102,570 12,068 97,010 3,257 Accrued interest... Invests. at cost...57.891,240 59,939,722 Res.for taxes, contlegeucleS, &c._ 460,563 461,662 Property dr equipColl. trust 4% bds. meet,less depredue June 11047. 1,454 8,624 elation in bands of the Prof. stock held in public 83,100 6,100,000 5,100,000 368,100 treasury Coll. tr.4% bonds, due March 1 '48, In hands of the public 4,671,000 4,671,000 Prof. stock (par value 41001-- 5.55 ,800 5.554,800 4 Com.stook (no par value) 1.714,747 sirs Sr cap.surp.39,834,580x40,831,751 Earned surplus 3,827.462 3,775,559 Total Total 59,550,976 60,491,783 59,550,976 60,491,783 x Capital surplus and common stock as above is 313,660 more than the amount shown in the 1934 annual report, the difference being due to the , elimination of preferred stock in treasury (reacquired at less than par) .-V. 141, p. 422. from the asset side of the balance sheet Aeolian American Corp.-Consol. Bal. Sheet Apr. 301935 AssetsCash on hand and $149,275 In banks Accts. and notes 138,419 receivable Accts. rec.. parent 23,739 ce. and subs.b Inventory of raw materials, &o_ _ _ 901,057 Unexpired insur'ce prem., prepaid 13,324 taxes, dm c Plant & equipm't 681,250 Patents, trade1 marks, &c 1934 $290,694 a173,793 42,331 824,466 10,581 706,250 LiabilUtes-1934 1935 Capital stock (par $50) $1,000.000 $1,000,000 Accounts payable. 28,087 63,822 Accrued liabilities_ 38,379 45,868 ReservesforFuture depreo.ot capital assets.. 56,250 81,250 Idle plant expo. 32,947 38,087 24,183 Contingencies_. 22,545 Profit since Aug. 1 52,219 1932 121,545 Capital surplus.- 675,000 675,000 1 Total 81,907,066 $2,048,117 $1,907,066 32,048,117 Total a After deducting provision for possible losses of $18,309. b Inventory at cost or market, whichever is lower. a After deducting $1,512,419 -V. 141, p. 2266. ($1,471.916 in 1933) for reserves. ,,,,,.Alaska Packers Association-S5 Extra Dividend-ic-c The directors have declared an extra dividend of $5 per share in addlt on to the regular quarterly dividend of $2 per share on the common stock, both payable Nov. 9 to holders Of record Oct. 31. A special dividend of $2 was paid on Aug. 10 last. Financial Chronicle Volume 141 The company states that since it has adopted a policy of placing its Insurance with insurance companies and is no longer carrying the entire risk, some securities formerly held in the insurance fund of the Association have been sold from time to time, the proceeds of which sre now being partially distributed by means of the current extra dividend. -V. 141. P. 422. Leather Co. -beg -The 11..ew York Stock Exchange has authorized the listing of 100,000 shares % cumulative convertible preferred stock (par $50) zoz-esfficia+ -zitifiee-of-issuanes, share for share in exchange for outstanding preferred stock (7% cumulative) par $100 per share; and 115,000 shares conunon stock (par 21) exrefficial-asebiee-ef4st/trance, share for share in exchange for outstanding common stock (no par): and 400,000 shares common stocg to be issued to the holders of the 7% preferred stock on lye basis of four shares of common stock for each share of preferred stoc.g with authority to add to the list 500,000 shares ofsuch common stock on tice of issuance. in conversion of the6% cumulative preferred stock, making the total amount ofcommon stock applied for 1,015 shares. (See outllne of plan of recapitalization In V. 141. P. 1083.)-V. 141. p. 2267. -Earnings Alaska Juneau Gold Mining Co. -Period End.Sept. 30- 1935-Month-1934 1935-9 Mos.-1934 Gross income $396,500 4369,000 $3.038,000 43,352,850 Profits after oper. exps. & devel. charges, but before depletion, deprec. & Federal taxes_ 167.600 1,725.850 1.420,800 179,200 -V. 141. p. 2266. x Includes gold premium., -Listing of Stocl All heny Steel Co. i g 2427 Hide & ..---American La France & Foamite Corp. -Stock Removed from Trading on New York Stock Exchange The Committee on Stock List of the New York Stock Exchange suspended dealings in tne 7% cum. pref. stock on Oct. 9 because the number of shares undeposited under the company's plan of reorganization is small. The Exchange does not intend to restore the company s common stock to the list, it is stated. "In connection with the American-La France & Foamite Corp., the Committee wrote. "we wish to point out that the common stock of this corporation was suspended from dealings on Feb. 14 1935 because of statements contained in the plan of reorganization dated Jan. 29 1935 to the effect that the common stock could not be represented in the new company, and that there was no equity remaining in the stock. However, subsequent to the publication of this plan, tne report of the special master In the bankruptcy proceedings recommended that holders of common stock be given warrants to subscribe to one share of stock in the new company for 10 shares of stock in the old company at a price of 510, if exercised within five years, and at a price of $11.11 if exerCised within three years thereafter. "The order confirming tne plan adopted this modification. Notwithstanding this change in the plan, the Exchange does not intend to restore toe common stock of American-LaFrance & Foamite Corp. to dealings, but desires that the attention of the stockholders be called to the difference in the status of the stock." -V. 141, p. 1428. Th ew York Stock range has authorized the listing of 18,772 shares wi on stock (no par on official notice of issuance in payment of comof co pensation on contracts certain of its employees, or for cash or property, up to 18.772 shares. Cancellation of authority to issue 18,772 shares of said stock for the purpose set forth in previous application, dated March 12 1930 was granted. The company proposes to make the 18,772 shares available for payment and delivery as compensation under contracts which the corporation now has, or which it may hereafter have with certain of its employees and also to dispose of any of the shares not required for that purpose for cash or property as may be deemed advisable in the conduct of its business. These contracts are made from time to time. with the Key men, so-called, and provide for the issuance of shares of common and preferred stock or common stock only, as additional compensation, the same being deliverable annually. Such contracts also include an insurance feature, whereby in the event of the total disability or death of the employee he or his family, as the case may be, will receive the stock remaining unissued under the contract in the yearly instalments as therein provided. None of the shares now being listed are to be used for the purpose of carrying out the insurance provision in such contracts and any shares that may be required for such purpose will be otherwise provided. There are now in force 21 of such contracts calling for the eventual delivery of 190 shares of preferred stock and 17,620 shares of common stock and at present 3.090 shares of common stock are deliverable annually. The life of the contracts now in effect averages about six years. -V.141, p. 1586. American Light & Traction Co.(& Subs.) -Earnings-12 Months Ended Aug.311935 1934 Gross operating earnings of sub. & controlled cos. (after eliminating inter-company transfers) 235,205,895 $34,551,487 ()waling expenses 18.932,376 17.780.868 Maintenance,charged to operation 2,280,872 2,184,660 Provision for retirement-of general plant 2,059,662 1.723,848 Taxes, general & income 4,594,021 4,475,822 --Altorfer Brothers Co. -Accumulated Dividend Thedirectors have declared a dividend of $1 per share on account of accumulations on the $3 cum. cony, preferred stock, no par value, payable Nov. 1 to holders of record Oct. 15. A similar payment was made on Aug. 1 and April 15 last, this latter being the first distribution on this issue since Jan. 30 1932 when a regular quarterly dividend of 75 cents was paid. Accruals after the payment of the Nov. 1 dividend will amount to $8.25 per share. -V. 141, p. 104. Net earnings from oper. ofsub.& controlled cos_ $7.338,962 $8,386,287 Non-operating income of sub. & controlled cos_ _ _ 1.962 479,485 American • Agricultural Chemical Co. (Del.) -Reduces Stock American Bakeries Corp. -Dividend Plan Approved - Total income ofsub. & controlled companies_ _ -- $7,340,924 $8.865.773 Interest, amortization & preferred dividends of subsidiary & controlled companies: Interest on bonds, notes, &c 3,450,541 3,533,908 Amort, of bond & stock discount & expense__ _ _ 161,554 149,143 Dividends on preferred stocks 637,500 637,500 Proportion of earnings, attributable to minority common stock 6.731 18.198 Equity of Amer. Lt. & Trac. Co. in earnings of subsidiary & controlled companies $3,084,597 24.527,021 Earnings of Amer. Lt. & Traction Co 839.771 616.254 American Chicle Co. -Extra Dividend4 c,(_________ Balance Expenses of Amer. Lt. & Traction Co Holding company interest deductions $3,924,368 $5,143,276 282,074 242,050 70.463 136,519 Balance transferred to consolidated surplus Dividends on preferred stock Balance Earnings per share of common stock -V. 141, p. 1 . $3,571,829 24,764,706 804.486 804.486 $2,767,343 23.960,220 21.00 21.43 The company has reduced its capital to $6,969,560 from $13.008,520. -V. 141, p.2108. The stockholders on Sept. 20 approved a plan for payment of dividend arrearages on the no par cumulative class A stock to July 1 1935. amounting to $10.25 per share, in new 15-year dividend notes bearing interest at the rate of 5% per annum, payable only after full dividends have been paid on 7% preferred stock, but before any dividends shall be payable on class A or B stock. -V. 140, p. 1137. The directors on Oct. 4 declared an extra dividend of 25 cents per share in addition to the usual quarterly distribution of 75 cents per share on the common stock, no par value, both payable Jan. 2 1936 to holders of record Dec. 12. A special dividend of 50 cents per share was paid on July 1 and Jan. 2 last. Each quarter from Jan. 1 1930 to and including Jan. 2 1934, the company paid extra dividends of 25 cents per share. -V.141. P. 580. American European Securities Co. -Earnings -9 Mos.End.Sept. 30 Inc. -Cash dive. reed... Interest rec'd or acc'd_ Miscell. interest Divs. rec. in securities of other companies_ 1935 $214,841 85,074 1934 $216,712 80.442 353 1933 $266,890 68.742 Total Expenses, including miscellaneous taxes Interest paid or accrued.. $299,914 $297,507 $349,414 $532.694 14,986 113,363 13,555 113,363 13,138 114,194 15,426 132.351 Net income Net loss on securities sold Profit from cos. own bonds retired $171,566 59.921 $170.590 651.347 $222,081 959,943 $384,916 1,289,323 5,057 321,110 Total loss prof$111,646 Pref, stock dividend requirements 75,000 $480.757 2732,804 .....--American Machine & Foundry Co. -20 -Cent Extra $583.297 1932 $485,859 46,835 The directors on Oct. 9 declared an extra dividend of 20 cents per share In addition to the regular quarterly dividend of like amount on the common stock, no par value, both payable Nov. 1 to holders of record Oct. 19. A final dividend of 20 cents per share was paid on Dec. 10 1934.-V. 141. p. 1084. 13,781 ..-Alnftrican Rolling Mill Co.-Listing-of-Stoekew York Stock Exchange has authorized the listing of 72.500 Th issuttonat snares of common stock (voting). $25 each, On official notice ofaddi- 25,000 Balance, deficit sur$36,646 $480.757 $732,804 $608,297 Note-Stock dividends are not treated as income, but are entered on the books of the company recording only the number of shares received and making no increase in the cost of book value of the securities involved. Comparative Balance Sheet Sept. 30 1935 1934 1935 1934 Assets$ Liabilities$ $ a Cash 65,636 111.678 c Preferred stock- 5,000,000 5.000,000 Invest. securities: b Common stock.10,139,510 10,139,510 Stocks f16,587,250 e16951,362 d Option warrants 615 615 Bonds f1,445.074 c1,292,550 Funded debt 3,023,000 3,023,000 Furniture and fixInt. on fund.debt.. 50,338 50,338 tures 706 706 General reserve 600,000 600,000 Accrued interest on Accrued taxes._ 1.519 1,827 bonds 19,392 21.033 Deficit 696,924 437,960 Total 18,118,058 18,377,330 Total 18.118,058 18,377.330 b Represented by 354,500 shares of no par value. c Represented by 50,000 shares of no par $6 cum. stock. d There are issued and outstanding option warrants entitling the holders to purchaes at any time, without limit, 20.500 shares of common stock at a price of $12.50 per share. is Based on market values of Sept. 30 1934, investment securities coat $11,251,129 snore than their appraised value, and the appraised net assets available for the preferred stock of the company, after allowing for all known liabilities, amounted to $4,051,037 or $81.02 per share on 50,000 shares of preferred stock outstanding. f At cost. -V. 141, p. 1083. American Gas 8c Electric Co.(& Subs.) -Earnings Subsidiary Companies Consolidated (Inter-Company Items Eliminated) Period End, Aug. 31- 1935 -Month-1934 1935-12 Mos.-1934 Operating revenue 25,291,444 $5,039,375 $63.437,192 $60,401,845 Operating expenses 3,485.818 3,253.119 40.182.504 37,855,398 Operating income---- $1,805,625 $1.786,256 $23,254,688 522.546.446 Other income 61,187 56,080 720,665 765,293 Total income $1.866,812 $1,842,336 523.975.353 $23,311,739 Deductions 1,344.619 1,349,455 16,171,379 16,195,266 Balance $522,193 $492.880 $7,803.973 $7.116.473 American Gas & Electric Co. Total income 2964,136 2940.234 813,157,783 $12,613,420. Expense 43,269 45,595 440.090 492,355' Deductions 391 391.378 4.696.539 4,696,539 Balance $529,488 $503,261 $8.021,153 $7,424.525 -V. 141. P. 1760. ance upon the acquisition by the company from Cairo Iron Pipe. Ltd. of all its property, assets and busines making the total amount of common stock applied for 2,783.276 shares. The directors at a meeting held on Sept. 10 1935, authorized the issuance of not in excess of 72,500 shares of the authorized but unissued common stock in consideration for the acquisition from Calco Iron Pipe, Ltd., of all Its property, assets and businests, which at the time of closing w ill include the entire issued and outstanding capital or common stocks of thefollowing companies: California Corrugated Culvert Co. (Calif.), 7,500 shares of common stock (par $100); Western Metal Mfg. Co of Texas, 2,000 shares of common stock (par $100); R. Hardesty Mfg. Co. (Colo.). 2,000 shares of common stock (par $100); Washington Corrugated Culvert Co. (Wash.). 200shares of capital stock (par $100); F. K.Simonds Co.(Calif.).871 shares of caiptal stock (par $50); Pure Iron Culvert & Mfg. Co.(Ore.), 200 shares of capital stock (par $100); 136 shares of pref. stock 7% cum.(par $100) of California Corrugated Culvert Co. (Calif.); 500 shares of permanent pref. 7% cum. stock (par MOO) of R. Hardesty Mfg. Co. (Colo.); all cash on hand, with the exception of such an amount, estimated at $5,000. co cover the encases of dissoludon of Calico Iron Pipe, Ltd.; and certain other miscellaneous assets. Consolidated Balance Sheet June 30'35 Dee. 31 '34 June 30'35 Dec. 31'34 Assets Liabilities3 8 x Property 67,773,881 67,795,081 6% cum. pref. Inv. In attn. and series B 1,932,400 1,964,900 other cos 6,574,767 6,786,336 Common stock_ 42,735.850 42.735.150 Cash 12,669,119 2,724,989 Corn.stk. scrip33,559 34.259 Other marketMinority stocks able sec's (at of subsidiaries 6,480 6,154 cost) 1.057,166 220,309 Funded debt Accts. and notes called for red- 16,788,000 ree'bie (cud.) 8,436,125 8,749.007 Total fund. debt 47,827,615 39,660,569 Due from officers Accts. and notes and empl. on payable 5,552,520 4,826,294 sale of stock, Divs. payable.29,473 &c 532,526 666,283 Accrued salaries, Inventories 18,607,601 18,752.853 wages, taxes, Advances on ore 2,371,542 1,829,926 contracts...- _ 530,577 513.041 Fed., State and American Rollforeign Income ing Mill Co.5% taxes payable.. 692,283 366,795 conv.debs..due Instal.of funded 1938 (called for debt (curr.) 13.000 660.000 red. July 15 Mat. % notes 1935) 22,550 not presented Cash on dep. for for exchange_ 2.000 red. purposes.. 17.305,125 Current operatCos. pref.13stk. 21,900 ing reserves 655.211 635,289 5% sink, fund Fire ins. (fund.) 159,774 124,792 gold debs, of Other reserves 335.991 188,311 the Am. RollDeferred credits 185,156 334,594 ing Mill Co. 48,000 Earned surplus_ 8,981.005 6,873,921 Sluttiled Steel Paid-in surplus_ 7,657.175 7,760,820 Corp. bonds 52.500 15,000 Good-will& pat_ 1 1 Deferred charges 2,247.096 1,558,976 Total 135,857,035 107,803,776 Total 135,857.033 107.803.776 After deducting 235,452,171 reserve for depreciation and depletion in 1935 (234,474,157 in 1934).-V. 141. p. 1924. . 2428 Financial Chronicle American Shipbuilding Co. -V7 Preferred Dividend The directors have declared an annual dividend of $7 per share on the 7% non-cumulative preferred stock, par $100, and the regular quarterly dividend of 50 cents per share on the no par common stock, both dividends being payable Nov. 1 to holders of record Oct. 19. A similar distribution was made on the preferred stock on Nov. 1 1934. this latter being the first dividend paid on the issue since Aug. 1 1932, when a regular quarterly disbursement of $1.75 per share was made. -V. 141, p. 2267. American Smelting & Refining Co. -Semi-Annual Reportfor 6 Months Ended June 3 1935 - Oct. 12 1935 -American States Public Service Co. -Plan Held Up Pending Decision on Constitutionality of Utility Holding Company Act The reorganization managers (Francis E. Frothingham, Chairman, Martin (1. Romer and Samuel Wagner, Jr.) in a Setter dated Oct. 5 to the holders of 1st lien 53•6% bonds and 6% debentures of the company, state: Important developments have taken place in the proceedings for the reorganization of the company, now pending in the U. S. District Court for the District of Maryland. On Sept. 16 1935 the trustees appointed by the court filed a petition alleging in substance that a serious obstacle to the consummation of the debtor's or any other plan of reorganization had arisen as a result of the passage by the last Congress of the Public Utility Holding Company Act of 1935. The petition recited that the trustees had been advised by their attorneys'that the debtor is subject to the provisions of this Act (calling for registration of the debtor with the SEC, the regulation and supervision of the debtor's business by the Commission and probably tne ultimate liquidation of the debtor), and that undue hardship and expense to the debtor and its security holders and creditors will result. The petition further recited that the trustees had been advised that the Act is unconstitutional and requested instructions from the court as to whether they should comply or regard the Act as void. At the same time two other petitions were filed on behalf of certain security holders, one requesting the court to hold the Act unconstitutional and void and to direct the trustees not to comply with its provisions, and the other requesting the court to hold the Act constitutional and to direct the trustees to take the necessary steps to comply with the Act forthwith so as to avoid any penalties which might otherwise be imposed. Thus, there has been raised in these proceedings the direct issue as to the validity of the Public Utility Holding Company Act of 1935 under the Constitution of the United States. A hearing has just been held on these petitions before Judge William C. Coleman in the U. S. District Court of Baltimore, but no decision has yet been rendered. • The reorganization managers believe it to be to the best interests of the security holders that the debtor's plan be ready for approval by the Court and for consummation as soon as may be practicable under the circumstances. The acceptance by the holders of the 6% debentures of the plan under consideration last year does not include the debtor's plan now on file in court and it is necessary that the holders of the 6% debentures else execute their assents to this plan. The hearing before the court upon the debtor's plan and any modifications thereof set for Sept. 20 1935 was postponed by court order on that date to Oct. 211935.-v. 141, p. 2109. Simon Guggenheim, President, says in part: Reflection is given in the balance sheet to the segregation and restatement of the property account and the reduction of the stated value if the common stocs, authorized and directed at a special meeting of stockholders held on May 21 1935. The net result of the resolutions adopted by the stockholders at this meeting was to create a capital surplus of $43,663,440, through the reduction of the stated value of common capital stock from $33 1-3 per share to $10 per share and through the retirement of 16,000 shares of6% cumulative second preferred capital stock. This entire amount, In accordance with instructions, was applied as a reduction of the property account. While the transaction occurred after the six months under review, its Importance justifies here stating that, on Aug. 30, company gave notice of redemption, at par on Oct. 1, of all of its outstanding first mortgage 5% bonds, aggregating $36,383,300. To provide the necessary funds for the redemption of these bonds, a new issue of first mortgage and first lien 4% bonds, in the aggregate principal amou it of 325,000,000, was sold privately to a group of five insurance companies, at par. The new bonds mature Oct. 1 1950, but are subject to earlier redemption upon terms deemed favorable to company. $4,900,000 was borrowed from several banks on serial notes, payable over a period of five years, and the remainder of the funds ($6,483,300) for the retirement of the 5% bonds was provided from the treasury of company. Payments to the sinking fund of the new issue will not begin until Aug. 15 1941. The annual sinking fund payment required under the old mortgage was $835,100. The cash saving in respect to sinking fund payment, in addition to the saving througn the reduction of the interest rate, will more than provide for the retirement of the serial notes held by the banks. As indicated by the consolidated income account, the entire unamortized balance of the bond discount and expense as of June 30 1935, amounting to $313,322, applicable to company's 5% bonds, called for redemption on Oct. 11935. was written off in the first half of the year. As a result of this refinancing, the interest on company's funded debt for the year commencing Oct. 1 1935, after making due allowance for a year's ,....-American Sumatra Tobacco Corp. -To Reduce Stock pro rata of the expenses incidental to the refinancing, will be approximately Stockholders will meet on Oct. 16 to consider a proposal to decrease the $685.000 less than it was for the year preceding the call of the old bond issue. authorized common stock to 201,051 shares from 225,000 shares. -V. 141, p. 2267. Consolidated Income Account Six Months Ended June 30 1932 1935 1933 1934 American Telephone & Telegraph Co. -Earnings $22'..084 Total net earnings $10,936,068 $9,774,522 $6,606,390 Period End. Aug. 31- 1935 -Month-1934 1935-8 Mos.-1934 Int., rents, dividends, Operating revenues $7,851,701 $7,420,727 $61.752,938 $60,542,591 commissions, &c 402.633 272,106 651,588 359,778 Uncollectible open rev 40,930 39,336 3.56.709 393,928 Operating expenses Gross income $629,617 5,855,256 5,804,958 47,746,685 46,231,863 $11,208,173 $10,134,300 $7,257,978 Operating taxes 530.137 454,362 3,931,223 4,207,455 Gen'i & admin. expenses 692,500 894,735 771,689 742,890 Research & examin. exp_ 65,019 136,356 92,049 114,984 Net operating income_ $1,426,972 $1,120,477 $9,718.321 $9,709,348 Corporate taxes (incl. -V. 141, p. 1760. est. U. S. and foreign income taxes) 14.662 .....--1,327,462 733,825 1,146,355 -American Type Founders Co. -Hearing on ReorganizaInt. on 1st mtge. 5s880,307 925,547 909,582 909,683 Int. on Fed. Metals bds_ 71,103 75,939 tionUnamort. bond discount At the hearing on the reorganizatism Oen, Eugene Untermyer, con wel & expense written off_ 313,323 for debenture holders, proposed an increase in tne allowance for credit Deprec. & obsolescence to give them 60% of their claims in new debentures and four shares of new and ore depletion_ 2,419,177 2,744,971 2,657,518 2,675,804 stock instead of 50% in new debentures and three shares of new stock as called for under the present plan. -V. 141, p. 421. Net Income $5,062,850 $4,263,577 $2,030,209 def$3442048 875,000 1st pref. dividends 2,625.000 65,750,000 Utilities Co. -Piles Under 77 -B500,000 2d pref. dividends c2,484,000 A petition to reorganize under Section 77-B of the Federal Bansruptcy Act was filed Oct. 1 in Federal Court-here by the company. Bal., def.,for 6 mos__ $46,150 $1,486,423sur$2030,209 a$4,817,048 The company claims it cannot meet maturing obligations. Total profi.& loss,sur _ _ 11,572,415 10,923.939 17,583,200 16,550,619 The company is a holding company and owner of securities of these Shares common stock eight subsidiaries: Arizona Gemeral Utilities Co.; Arkansas General Utilities 1,828,644 outstanding (no par)_ 1,829,940 1,829,532 1,828,665 Co.; Louisiana Public Utilities Co.. Inc.; Missouri General Utilities Co.; Nil Earnings pm. shareNil $1.51 $1.07 Panhandle Public Service Co.; Texas General Utilities Co.; Tucumcari a Before taking into account appropriation for metal stock reserve Light & Power Co., and the Twin City Light & Power Co. amounting to $1,981,500. b Being accumulations amounting to $11.50 The petition lists assets as of July 31 last as $14.857,000.-V. 140. p. 1817. per share. c Being accumulations amoutting to 133i%. Consolidated Balance Sheet June 30 1935 Liabilities Assets$8,3?9,819 Accounts and drafts payable: Cash $6,047,206 Trade U. S. Government securities_a16,576,851 749540:013 3 Other Accounts receivable bet).-- 6,453,176 164,728 Wages payable Notes receivable, due in 1935 Due to assoc. cos, not incl. In Due from assoc. cos. not incl. consolidation, whether or in consolidation, whether or 545,844 not controlled_ not controlled 216,085 41,560 -at Materials and supplies Int. en bonds: Unclaimed_ _ _ 454,791 4,351,942 Accrued, not due cost or less 63,432 Dividends: Unclaimed b Metalstocks (not incl. metPay.Aug.31on7%pretatk. 875,000 al., treated on toil basis)less uner rned treatment chgs__ 58,374,399 Payable Aug. 31 on 6% 2d 1,104,000 pref. stock Ores & concentrates on hand Accrued taxed not due (U. S. at company mines and in and foreign Income taxes transit to smelters, at cost 5,645,434 of production or conserveestimated) Unearned treatment charges tive values based on exist(metals treated on toll tag contracts for their sale_ 2,600,471 938,049 basis) Adv. to customers on ores, d3.183,070 Miscellaneous liabilities concentrates. ..10., received e20,195,019 for not settled1,979,903 Reserves but 36,383,300 175,322 Bonds outstanding Notes reedy., due after 1935_ Mine exam.& develop. exp__ 1,195,855 7% cumulative pret. stock 50,000,000 679,036 6% cumulatiVe 2d pief. stock 18,400,000 Prepaid taxes,ins. & royadies 322,812 Common stock 1,829,940 Miseetl. defened charges__ shares, no par (stated value Spec,deposit for called bonds, 18,299,400 65,600 $10 u share) Intl. premium-contra...._ _ 11,572,415 17,325 Profit and loss surplus Interplant accts. in transit... 50,596,675 c Property Goodwill, patls,licenses, &c_ 4,458,891 18,423,749 Investme.ts $174,992,637 $174,992,636 Total Total___ a Including bonds having a face value of $55,000 deposited with State Industrial and United States Employees' Compensation Commissions (valuation based on June 30 1935 quotations, 316,951,343). b Valued at the lower cost or market, except that refined metals sold under firm contracts for delivery after June 30 are valued at sales contract prices. c Segregated and valued as of Dec. 31 1934 in accordance with authority and direction of the stockholders at a special meeting held on May 21 1935: PlaPts, mines and other tangible properties, $52,087.099: additions at cost since Dec. 31 1934, $940,854; total, $53,027,954; less depreciation, ore depletion and property written off to obsolescence reserve since Dec. 31 1934, $2,431,279. d .Notes payable for property purchased, due after 1935, $500,000; notes of Federated Metals Corp., payable six months after demand to American Smelting & Refining Co., trustee under employees' pension plan, $2,082,288: redemption account-Federated Metals Corp. 7% convertible sinking fund bonds maturing June 1 1939, called. incl. -contra, $65,600: miscellaneous premium (cash in special deposit account) suspense accounts, $253,669; minority isterest in subsidiary companies included in consolidation, $241,513. e Metal stock, $16,9'.3.402; extraordinary obsolescence, contingencies. &c., $1,896,313; mine and new business nvestigations, $434,988: other, $890,313. Lead Smelter Resumes The company on Oct. 1 resumed operations at its Murray lead smelter, shut down on April 1 because of a shortage of ore. W.J. O'Connor, General Manager for the company in the inter-mountain territory, announces tha... in the past six months sufficient ores have accumuated to Insure continuous operation during the fall and coming winter. This means profitable work for approximately 300 men, the largest pay-V. 141, p. 2267. oil in several years. American Water Works & Electric Co. -Weekly Output Output of electric energy for the week ended Oct. 5 1935 totaled 41,187.000 kwh., an increase of 25% over the output of 32,904,000 kwh. for the corresponding week of 1934. Comparative table of weekly output of electric energy for the last five years follows: Week End. 1935 1934 1933 1932 1931 Sept. 14- _ _ 41,051,000 32,158,000 34,738,000 26,007,000 31,771,000 Sept.21_ _ _ 40,380,000 32.470,000 32,643.000 27,836,000 31,945,000 Sept.28_ _ - 37,100,000 33,077.000 32,196,000 27,156,000 30,781,000 Oct. 5_ _ - 41,187,000 32,904,000 31,221,000 27,406.000 30,993,000 -V. 141, p. 2268. Amoskeag Co.-EarnirogsYears Ended June 30-Interest received Dividends 1935 $258,652 313,605 1934 $270,873 287,370 1933 $283.043 289,238 1932 $271,744 454,353 *Total income $572,257 $558,242 $572,282 $726,102 Int. & other expenses.... 48,492 43.654 47,394 45,781 Income taxes 34,521 6.805 12,727 Net profit 1489.243 $507,784 $524,887 $667,594 Preferred dividends..__ 360,000 360,000 360,000 360,000 Common dividends_ 112.726 135.272 180.362 225,453 Balance to surplus.._$16.517 $12,512 def$15,474 $82,141 Comparative Balance Sheet June 30 1934 1935 1935 1934 Assets Liabilities$ $ 8 Cash In banks _ _ __ 410,877 653,752 Notes payable____ 800,000 Govt.& short-term Res. for Fed. taxes 27,521 securities 94,875 Res.for sharehldrs. Notes & lOP11.9 rec_ 285,883 137,417 & prof.& loss_ __15,621,130 16,216,591 Amoskeag Mfg.Co. 6% bds.due 1948 (at par) 3,597,300 3,597,300 Other stocks ee 11,865,721 11,528,577 bonds 204,669 Pref. she. in treas. 288,868 16,448,651 16,216.591 Total -V.139. p. 3958. Total 16,448,651 16,216,591 Inc. -$1 Dividend-4,4k_ The directors have declared a dividend of $1 per share on the common stock, payable Oct. 22 to holders of record Oct. 17. A similar payment was made on Dec. 22 1934, Dec. 20 1933 and on Dec. 20 1932. In addition to the cash distribution the company on Dec. 20 1933 and 1932 paid a stock dividend of one share of Borden Co. stock for each 20 shares of Busch stock held. -V. 140. p. 3538. -Stockholders' MeetingA. P. W. Paper Co. Inc. ' StocKholders at the annual meeting to be held on Oct. 16 will consider all features of plan of company for consolidation of its plants as approved by stockholders on May 28 1935, also, the continuation of present management agreement with American Public Welfare Trust until above plan of company is completed and satisfactory solution of the Nova Scotia problem -V. 141. p. 2267. Is obtained. Armour & Co.(IRO-Control of Prices Denied by Packers Monopoly Plea Assailed The leading packers of the country, against whom complaints charging. combinations to control prices, apportion sales an eliminate competition. Volume 141 Financial Chronicle in Texas, Tennessee, Alabama, Mississippi, and Arkansas. are pending in the Department of Agriculture, made a blanket denial of all charges at a hearing held in Washington Oct. 7 before Secretary Wallace. The packers asserted that the complaint was really that of men and not of scores of dealers as has been claimed. 'The case two been has pending since February 1934. Since then several hearings have been held in the South and more than 24.000 pages of testimony taken. The packers named in the complaint are Armour & Co., Cudahy Packing Co., Wilson & Co. Swift & Co., North American Provision Co.. St. Louis Independent' Packing Co., Jacob Dold, George A. Hormel Co.. and John Morrel & Co. Argument for the packers on Oct. 7 was made by Frank Glankler of Memphis, who asserted that a study of the testimony of more witnesses shows that there is of record not a single instance tnan 1,000 of meat dealer or a consumer protesting the prices charged by the a retail packers or alleging a lack of competitive conditions in the industry. "On the contrary," said Mr. Glankier, "more than 600 retailers from Mississippi, Alabama and Arkansas, who controlled 90% of In those territories, testified that competition was keen amongthe business at all times, that the packers extended credit to the retailersthe packers during depression to enable them to stay in business, and that these dealers the had nothing but commendation for.the packers' methods of doing business." The evidence," declared Mr. Glankler, "is a any charges of monopoly in the packing business." complete refutation of As a matter of fact and record, said Mr. Glankler, there complaints against the packers, one of them originating in are only two Birmingham and the other in Cleveland, Miss.—V. 141, P. 1761. _....--Associated Gas & Electric Co.—Counsel for Creditors Seeking Reorganization Agree with Company in Asking Delay —Prepare-for-thitityA - 2429 capitalization would be accepted. After that date, however, it stated the company had tentatively decided to continue to accept deposits that option A only in the event that by that date $50.000,000 additional under debentures had not been deposited under that option, subject to terminate the option when that amount had been reached, or its right to at an earlier date without notice. Over two-thirds of the principal amount of debentures standing has already been deposited by more than two-thirdsoriginally outof the original holders—in excess of $182,000.000 debentures having been received from over 70,000 holders. A substantial amount of debentures has been received since the letter of Aug. 29 was mailed although total referred to has not yet been reached. Deposits will the $50,000,000 although option A may now be closed at any time without still be accepted notice. more, the above limit on deposits would mean that a considerab Furtherle amount of fixed interest debentures which now remain outstandi ng could not be exchanged under option A of the plan. By Dec. 1 1935 under the terms of the recently enacted Wheeler-R ayburn Act all holding companies will and Exchange Commission. Because have to register with the Securities of the severe restriction operations imposed by that bill it appears now that it will s on holding impossible to continue the plan in any event after that date, be practically and its earlier termination will undoubtedly be necessary. Associated Gas & Electric Corp. occupies a position in the consolidat ed corporate structure senior to that of Associated Gas only income out of which Associated Gas & Electric & Electric Co. The Co. can pay interest on its fixed interest debentures is received in the form of dividends declared by the Associated Gas & Electric Corp. on its Associated Gas & Electric Corp. cannot declare common stock, and as the such dividends until it has first paid the interest on its income debentures due 1978 in vious that those income debentures have a claim on earnings full, it is obprior to that of the debentures which you now hold. Furthermore, in the dation of both Associated Gas & Electric Co. and Associated event of liquiGas & Electric Corp., the income debentures of the corporation would have to be retired at 100 cents on the dollar before any distribution of the ration could be made to debenture holders of Associated assets of the corpoGas & In view of the uncertainties of the situation, debenture Electric Co. holders are advised to take advanatge of the opportunity, offered under option A of the plan of re-arrangement of debt capitalization, while it is still available, to exchange their Associated Gas & Electric debentures for the security of a corporation which is one step closer to Co. actual the operating properties. The New York "Times" Oct. 9 had the following: After battling for 16 months to bring about an involuntary reorganiza tion of the company under Section 77-B of the National Bankruptc y Act, counsel for the petitioning creditors buried the hatchet, for the time at least, by joining attorneys for the company Oct. 8 in a petition being for adjournment of proceedings until Nov. 6. The petition was granted by Federal Judge Julian M. Mack. The adjournment was sought by both sides to permit the company to continue its program for simplification and recrganization of underlying Two Additional Companies Dissolved— properties without interruption before Dec. 1. which is the effective date of many provisions of the Public Utility Act of 1935. During July 1935 two New Jersey trusts forming part of the In granting the adjournment. Judge Mack remarked: System—Railway Securities Associates and Transit Securities Associated Associates— "I think you are doing a wise thing in devoting your time were terminated. In addition, Manson Transportation to getting ready for action under the Utilities Act." company,incorporated in New York State, was dissolved. Corp., a bus Counsel for the petitioning creditcis, who have been seeking Including these three companies eliminated during July the total approval disposed of a reorganization plan prepared by them in an action begun of since 1922 is 281 companies. year. have hesi fully informed and consulted on each phase of in June last September Output— for liquidating intermediate holding companies and mergingthe program underlying For the month of September Associated Gas & Electric System operating companies, it was said at the company's offices. an increase of 13.2% in net electric output, units (kwh.) produced reports Only a few of the many changes now being consummated have 244,517,144. This is the highest percentage increase reported totaling revealed by the compe'', which decided to announce its measures been for any only month since April 1934. This improvement was distribute when they became actualities. While certain mergers, affecting d throughout the entire System, only two properties failing to show increases. operating companies in New York, Pennsylvania and Florida, groups of are pending Output for the 12 months ended Sept. 30 amounted either before the Federal Power Commission or the appropriat e State units, which is 5.6% above the comparable period a yearto 2,845,543,108 utility commissions, or both, and thus have become public, ago. several other Gas sendout for September was 1.473,523,700 cubic feet. which moves that are being made in the simplification program have is 5.4% not been above September 1934. For the 12 months sendout was divulged yet. cubic feet, an increase of 5.0% above last year—V. 141, p.18.801,478,200 Among these are the substitution of one intermediate holding 2268. company for four principal intermediate holding companies in the Weekly Output— Electric Co. group and the elimination of intermediate holding Associated companies in the Rochester Central Power Corp. group. In all, 24 companies For the week ended Sept. 28, Associated Gas & Electric System have reports been eliminated by the system since June 26 last and steps are net electric output of 58,409,468 units (kwh.), which is 7.0% above being taken the to wipe out 15 others. same week a year ago. Output for the four weeks to date increased 12.0% In addition, an important group of operating properties, above the corresponding period a year ago. included in the Insull groups along the Eastern seaboard until three years The relatively lower precentage increase for the week under review ago, has as been acquired by Associated interests in the last three compared with recent weeks is due to the fact that at this time a year ago various companies are to be brought into association months, and the output showed a sharp improvement. with contiguous properties formerly in the Associated system. Consolidated .Statement of Earnings and Expenses of Properties Judge Mack was so informed at yesterday's hearing in a question by him. Ile said he nad noticed since his return response to —Increase stories in the newspapers reporting that the Associated had from Europe 12 Mos. Ended Aug.31— 1935 1934 Amount acquired two % or three new companies, and asked if they were to Electric $75,579,331 $73,989,247 $7,590,084 2 dations under way, lie was informed by both sides be included in consoliGas 16,079.489 that they were. Jack Louis Kraus 2d of 551 Fifth Ave., counsel fcr the petitioning Ice 2,466,264 2,586,554 x120,290 credix5 tors, made the request for an adjournment. In this he was joined Transportation 3,409,573 1.423,787 by Charles 1,985.786 139 M. Travis of Travis, Brownback & Paxson, 61 Broadway. Heating 1,596,922 1,578,191 attorneys for 18.731 1 the company. Water 1,178,891 1.214,416 x35.525 4 "The purpose of this adjournment," Mr. Kraus said to the Court. to enable counsel for the petitioners and for the debtor to continue"is Total gross oper. revenues_$100,310,470 $96,537,666 $3,772,804 in 4 advance of Dec. 11935, the effective date of the most Operating expenses, maint.,&c 54,158,386 49,192,086 4,966,300 10 the Public Utility Act of 1935, various steps in theof the provisions of Taxes 10,897,817 10,813,171 simplification and 84,646 1 voluntary reorganization of the Associated Gas and Electric Co. system." The aim of the consolidation, he continued, was to Net operating revenue $35,254,267 $36,532,409 41.278,142 4 two holding companies which would directly own and have merely one or Prov.for retirements (renewals control all the operating companies within the system, while all intermediary holding and replacements) 8,963,664 8.399,201 com564,463 7 panies would be eliminated. Since Judge Mack issued an injunction on June 26, prohibitin Operating income 826.290,603 $28,133,208 $1.84k.605 g the company from transferring assets withont giving due notice, x Decrease.—V. 141, p. 2268. said,"24 companies have been eliminated from the corporate Mr. Kraus structure of the system, three by dissolution and 21 by mergers and consolidat , Atlantic Coast Line RR.—Would Use Funds to Retire ions." "In addition to this," Mr. Kraus said, 'notices have been given under Bonds— the injunction order and steps have been taken pursuant and consolidations which will result in the elimination ofthereto for mergers The company has requested the interstate Commerce Commission for 15 additional companies. authority to use the $1,200,000 balance remaining from the "Other mergers, consolidations and dissolutio 512,000,000 5% coll, trust notes for part payment at maturity sale of Jan. 1 which will be the subject of conferences betweenns are being considered 1936 of $1,500.000 Charleston & Savannah Ry. 1st mtge. counsel as soon as the 7% bonds.— plans are workedu . V. 141. p. 2109. "Consideration is also being given to the simplification cf set-up of some of the individual companies in the system, and the financial Mills—Pays Smaller Dividend— these matters will be discussed by counsel in the future." The company paid a dividend of 20 cents per share on the The early approach of Dec. 1, Mr. Kraus continued, has common B stock, both of $5 par value, on Oct. 1 to holders ofcommon and caused counsel record for both sides "to agree that the time to battle, if battle 15. This compares with 25 cents per share paid each three months Sept. they must, is from after the changes have been made which are now April 1 1934 to and including July 1 1935. The April 1 1934 dividend was contemplated." He pointed out that further adjournments might be sought. the initial distribution on the common shares—V. 138. p. 2239. He said he expected that"many of the items which were the subject of criticism by the petitioning creditors at the time of the Baldwin-Duckworth Chain Corp.—Earnings— inception of these proceedings in June of 1934 will have been corrected, so that Earnings for the Year Ended Dec. 31 1934 of proceeding!! directed to such correction by involuntary a continuation measures would be academic. Net sales $1,065,447 "To the extent that this is accomplished," he added, Cost of goods sold "the task ulti726,410 mately to be faced by the Court and parties in determining Administrative, sales, shipping & engineering expenses such issues as 203.037 might then remain will have been greatly simplified." Provision for Federal income tax 19,500 Mr. Travis said that in carrying out various mergers and consolidations under the order of the Court of June 26,"the debtor has received Net income for the year the prompt $116,498 co-operation of couLsel for the petitioners and very few Surplus. Dec.31 1933 differences of 21.907 opinion have arisen." Surplus realized from purchase for red. of 13 shares of capital Much remains to be accomplished, he added, explaining that stock at less than book value actions of 592 public service commissions would be required in certain instances. Certain actions cannot be defined, he said. "until the Total Securities and $138.997 Exchange Commission has formulated its rules and regulation Dividends paid and declared,$4 per share s under 74,470 various provisions of the Act. "We are convinced," Mr. Travis said. "that this is a time Surplus, Dec.31 1934 when un• $64.528 divided attention should be given by all parties to the simplification Earnings per share on 18,705 no par shares common stock of the $6.23 cor poi ate structure of the system and to other matters which of regulation under the Act and the subject of general interestare the subject Balance Sheet Dec. 31 1934 to holders. For that reason, we believe, an adjournment of these the security Assets— Ltablittfatproceedings is highly desirable to every one concerned. Cash 3147,103 Accounts payable, trade $15,520 Lire insurance 10,981 Dividend payable. Jan. 2 1935 SEC Compliance Is Aim 27,907 Accts. & notes receivable, less Federal taxes payable "The debtor is making an earnest effort and proposes to continue 19,500 reserves 100,703 Accrued expenses effort to comply with the Public Utility Act and place the company such 14,829 Inventories on a 382,594 Common stock permanently firm financial basis. It will continue to meet in a a1,800,718 Investments, at cost 13,153 Surplus spirit constructive suggestions from petitioners' attorneys on co-operative 134,528 behalf of the Accts. AL notes rec., non-curr 17,101 security holders. Plants dr equip., less depree— 983,988 "It is with the consent of the company that the report of the progress Other real estate, net 813,800 made to date has been rendered by the attorneys for the petitionin g credDeferred charges 17,498 itors and it is thoroughly agreeable to the company that further reports of Treasury stock, at cost 3,300 a like nature be jointly rendered to the Conn." Plan fay Now Be Terminated at Any Time Without Notice A letter dated Oct. 5 addressed to the holders of fixed interest debentures of the company states: On Aug. 29 a letter was sent you indicating that up to and including Oct. 1 1935 all deposits of debentures under the plan of rearrangement of debt Total $1,743,005 Total x Represented by 18.705 no par shares.—V. 141, p. 2269. $1,743,005 ...----Bellanca Aircraft Corp.—Inquiry Resumed by SEC— The Securities Exchange Commissio n's investigation into transactions in this company's stock, listed on the Curb Exchange, has been resumed. Financial Chronicle 2430 The investigation is covering stock transactions made between May 1 and Sept. 24. The stock touched a low of 234 in May and on Sept. 24 closed at 5. The high for the period was 534, in June. The latter part of August the company filed a registration statement for the issuance of 197.500 shares of $1, par value common. to be offered at $5 a share, and 72.000 option warrants, to be offered at a price representing the difference between the market price of the common stock and the option price of $5. Principal undevrriters were M. J. Meehan, and Hammons & Co.. Inc Plans for change of control of the company from G. M.Bellanca to the underwriters were described in the registration statment. Listing Approved The Chicago Curb Exchange has approved the listing of 418,495 shares of common stock, $1 par. -V. 141, p. 2269. Baltimore Transit Co. -Earnings 1935-8 Mos.-I934 Period End. Aug. 31- 1935 -Month-1934 Gross revenues $805,025 $6,903,616 $7,091,094 8781.546 4,929,895 4,884,991 578.260 Operating expenses 581,842 684,028 612,875 Taxes 72.844 80,738 320,503 269,611 Net after fixed charges 10,352 def9,411 -V. 141, p. 1762. -Earnings Bangor Hydro-Electric Co. [And Controlled Company] 1935-12 Mos.-1934 -Month-1934 Period End. Sept. 30- 1935 $187,441 $2,061,874 $2,051,924 182,734 Gross earnings 679,233 714,211 61,216 58,826 Operating expenses 296,850 291,450 29,850 29,850 Taxes accrued 150,967 149,051 10,518 10,453 Depreciation 331,583 366,866 27,547 27.657 Fixed charges 305,768 305,799 25,483 25,483 Dividend on pref. stock.. 298,672 202,734 21,721 14,481 Dividend on corn.stock_ Balance -V. 141, p. 1762. $13,592 $13,493 $31,762 def$11,150 -Earnings -Baton Rouge Electric Co. 1935-12 Mos.-1934 -Month-1934 Period End. Aug. 31- 1935 Gross earnings Operation Maintenance Taxes Interest & amortization.. $115.927 62.914 6,493 16,569 14,186 $15.763 Balance Appropriations for retirement reserve Preferred dividend requirements $102,603 $1,512,641 802,404 5. 83,713 7, 716 186,843 14,705 166,110 12.171 31.359,880 733.990 66,759 151,469 167,226 $273,569 131,666 37.254 $240,435 115,000 37,240 $104,648 $88,195 $15,198 Balance for common dividends and surplus.. -V. 141. p. 1762. Oct. 12 1935 Mfg. Co. -50 -Cent Extra Dividendh-eTne directors on Oct. 4 declared an extra dividend of 50 cents per share in addition to the regular quarterly dividend of like amount on the no par common stock, both payable Oct. 31 to holders of record Oct. 16. A special dividend of 50 cents was paid on Dec. 29 1934. An extra dividend of 25 cents per share was paid on Oct. 30 1934.-V. 141, p. 1088. Brown-Forman Distillery Co. -Earnings Year Ended -6 Mos. EndedPeriodApr. 30 '35 Apr. 30 '35 Oct. 31 '34 Net sales, less freight out and freight on returned sales 33,887,197 $2,427,996 $1,459,201 Cost of sales 2,915,885 1,662,412 1,253,472 Gross profit on sales Other operating income 8971,312 18,149 $765,583 9.632 $205,728 8.517 Gross profit Selling, administrative & gen. exps_ $989.461 946,276 $775,215 588,092 $214,245 358,183 Operating profit Income credits $43,184 5,626 $187,123 loss$143,938 3,604 2,021 Gross income Discount allowed & int. paid,&c Federalincome taxes,estimated $48.810 8,040 9,800 3190,727 loss$141,916 5,627 2,413 9,800 Net profit 330.970 $175,300 loss$144,329 Condensed Consolidated Earned Surplus Account for the Year Ended April 30 1935 Earned surplus. May 1 1934 $135,500 Net profit for year ended Apri130 1935 30,970 Total surplus Dividends on preferred stocks (cash) $166,470 90,000 Earned surplus, April 30 1935 376,470 Condensed Consolidated Balance Sheet April 30 1935 Assets Liabilities Cash in banks & on hand $248,620 Notes payable $467,500 Accts. receivable, trade :393,375 Accounts payable 322,837 Inventories 1,914,011 Accrued comma., taxes, &c___ 48,043 Accrued storage, miseell. accts. Fed. inc. & cap, stock taxes, receiv. & deposits 22,371i estimated 43,729 Life insurance 5,746 Notes payable, long term 130,000 Notes ree., past due & sundry Reserve, non operating 93,274 Invests,, net 11,992 6% cum. preferred stock z1,500,000 Deposit in closed bank 640 Common stock ($1 par value). 200,000 Land, bldgs.& equip y634,481 Capital surplus 419,668 Prepd. Ins. & 0th. def. chrgs__ 63,015 Surplus 76,470 Brands & trade-marks, at cost 7.261 Total $3,301,525 Total$3,301,525 x After allowance for doubtful accounts of $24,071. y After allowance for A committee representing creditors of the company which was placed depreciation of $43,424. p 22n Represented by 15,000 no par shares -V.141, filed a petition before Judge W. Calvin in receivership on Aug. 23 1933, has Chestnut in the U. S. District Court in Baltimore to have the company , reorganized under Section 77-B of the Bankruptcy Act. The pet' ion ---Brush-Moore Newspapers, Inc., Canton, Ohio-' points out that there was no market for the sale of the hotel and asked --that the company be reorganized so as to continue in business. Judge Refinancing-f.. order giving the company 10 days after service to show Chestnut signed an President Lobis H. Brush in letter to security holders says: -V. 137, p. 1939. cause why trustees should not be appointed. In view of the low interest rates so generally prevailing in the investment market and with the consent of 99.5% of the 1st pref. shareholders and 98% -Preferred Stock Called ----Borg-Warner Corp. of the 2d preferred shareholders, the directors have decided that it is to shares of7% cumulative preferred stock have been called A total of 5,000 the best interest of the company to refinance its outstanding indebtedness, for redemption on Nov. 30, at $107.50 per share and accrued dividends. at a lower rate of interest. The board has determined that the company Payment will be made at the Continental Illinois National Bank & Trust should retire its present indebtedness and create a new issue of 10 -year coll. 141, p. 1587. Co. of Chicago. Chicago, trust 5% sinking fund bonds, in the amount of $2.500,000. The company accordingly has filed a registration statement under the -Earnings British Columbia Power Corp., Ltd. United States Securities Act of 1933,for the purpose of registering the new issue of 5% bonds. The registration statement cannot become effective 1935-2 Mos.-1934 Period End. Aug. 31- 1935-/thmth-1934 before Oct. 14 1935. At that time, in the public offering of the new bonds, 81,124.925 31.053,935 32,216,071 $2.072,401 Gross earnings before other orders are filled, it is contemplated that the present noteholders 1,127,115 1,240,323 581,647 636,321 Operating expenses_.... will be given the right to exchange their present holdings for new bonds. On Jan. 1 1936 the company intends ao redeem any of the outstanding $945.286 8975.748 $472,288 8488.604 Net earnings 634% notes which are not exchanged, at the redemption price of $101. -V. 141, p. 2110. It is also contemplated that, when the registration statement becomes effective, new orders for the bonds from the cities of Salem, East Liverpool, -Earnings Broad Street Investing to., Inc. Marion, Steubenville, Canton and Portsmouth, 0., will be filled before new 1932 1933 1934 1935 . orders from other cities. -V. 141, p. 2110. . 9 Mos End Sept.30$67.984 $69,829 $74.033 870,519 Cash divdends on stock_ 19,826 .-- (Edward G.) Budd Mfg. Co. -Debenture Holders Ap10,910 2,153 1,426 Interest ----Belvedere Hotel Co., Baltimore-To Reorganize Total income Interest credited to contingent tax reserve_ Custodian fees Registrar and transfer agent services Capital stock and other taxes Legal & auditing exps_ _ _ Directors' fees Service fee Stockholders' meetings& statements Salaries Cost of disbursing diva_ _ Interest Miscellaneous expenses_ x$71,255 Net income Net profit on securs. sold $76,186 $81,429 1,167 $87.810 6,136 2,970 585 1.153 498 514 757 1,259 2,285 2.008 1,530 7,331 2,722 2.118 1,840 6,891 3.313 2,626 2,100 7,318 2,740 3,681 1,960 4,124 550 705 457 1,002 2,232 1,460 786 526 2,192 464 16 660 1,514 1,206 1,525 $54.520 58,623 $57,092 loss1,340 626 $32,404 loss$294,986 $113,143 $55,752 Net profit for periodx Includes all cash received or receivable from the sources specified, whether payable from earnings or otherwise, except amounts expressly stated to be liquidating distributions. In an economic sense, therefore, the amount shown is not in whole to be considered true income. Total Income Distribution Account Balance, Dec.31 1934 Net income, as per statement Dividends on capital stock Offering of 50.000 shares of common stock of the company on Sept. 23, was oversubscribed, the syndicate of Coast Investment houses handling the stock of the estate of the late John G. Bullock reported. The stock, which was tendered at $27.50 a share, was sold in connection with the closing of the estate of Mr. Bullock, who died Sept. 15 1933. The company was not connected with the financing and did not receive any of the proceeds Blyth & Co., Inc., was the Manager of the offering syndicate, which Included William R. Staats Co.; Banks, Huntley & Co.; Dean Witter & Co.. and Bateman, Eichler & Co. There are 243,759 common shares outstanding. -V. 140, p. 4392. C2 -1414S 4,9e-et-on- Publications $1,349,850 58,623 $1,408,474 def$30,937 54,520 48.830 $1,383,227 Surplus -The unrealized appreciation of investments on Sept. 30 1935, after Note deducting estimated tax liabilities, was 8312,013 more than on Dec.31 1934. Balance Sheet Sept. 30 1934 1935 1934 Liabilities1935 Assets$17,631 Invest's at cost---$1,579,339 81,710,007 Dividends payable $15,716 25,263 32.776 Reserve for exps , Cash In banks._ 41,464 21,445 taxes, &o Receivables for se6,823 Common stock- z215,799 z422,602 curities sold__ 1.383,228 1,300,714 Surplus Divs. receiv•le and 15.174 interest accrued 715.869 Special deposits for 17,631 15,716 dividends $1,636,187 $1,782,411 Total 81,638.187 81,782.411 Total -Investments based on market quotations as Sept. 30 1935, were Note tax after deducting In excess of cost by 3316,274,par shares after estimated1,209liabilities. shares held deducting x Represented by 87.791 no In treasury. y Dividends receivable only. z Represented by 77,995 par shares after deducting 11,005 shares at cost of $229,202.-V. 141, no p.426. • The requisite approval having been given by the debenture holders, a temporary $5.000,000 working capital loan has been made to the company by a group of Philadelphia banks in participation with the Federal Reserve Bank of Philadelphia. The loan was approved last July subject to sanction of debenture holders and stockholders. The stockholders will act at a meeting to be held Oct. 31. following which the loan will be extended for five years. The proceeds will be used to retire certain matured obligations and current bank loans, and to provide additional working capital to finance the substantial increase in the company's volume of business. Edward G. Budd, President, in announcing the completion of the loan said: "The plant has scheduled shipments to the value of $2,500,000 for the month of October. which is four times as much as the total shipped in October last year." -V. 141. p. 1590. /Bullock's Inc. (Del.), Los Angeles-Stock Sold - $61,954 857,566 loss25,162 loss356,940 Statement of Surplus Sept. 30 1935 Capital Surplus Balance, Dec. 31 1934 Profit on sale of securities, less provision for Fed,income tax_ prove $5,000,000 Loan- At a hearing Oct on the solvency of the company before special master Peter B. Olney a, 9 Rector St., N. Y. City, a valuation of $250,000 was placed on the "Yrogressive Grocer," a publication of the company. The value/of the "Delineator," another publication, has decreased about 81,200,000 in the nine months since the company began reorganization.nroceedings under Section 77-B of the BankruptcyLaw,according to test ony offered. Fred A. Dibble of the Harris- lb le Co., publication okers, put the value of the "Delineator" at 83,800,000 on Jan. 9 the y the company filed a petition in Federal Court asking permission to °organize, whereas to-day, he said, it was worth only $2,566,000. i •Put Ove 'Until Oct. 14g earing on teorganization r the company as originally proposed and .7 until Oct. 14 by Federal Judge John C. ended was postponed on Knox. Raymond B. Seymour, counsel for the company, stated that he had received an offer of 33.500 for the fee of the company's building located at 161 Sixth Ave., which is mortgaged for $1,070,000. Ile said the amount was small, but was "something.' Those making an offer propose to take over the building, which was recently appraised at $1.000,000, subject to unpaid taxes for 1935 and interest since last Decembee. Discussion on the offer was postponed. -V. 141, p. 2270. Byllesby Engineering & Management Corp. -Directorate At a meeting of the stockholders held on Oct. 8 the following were elected to the board of directors: J. F. Owens, President of Oklahoma Gas & Electric Co.; Frank It. Phillips, President of the Philadelphia Co. (Pittsburgh); Robert F. Pack, President of Northern States Power Co.; T. B. Wilson, President of Louisville Gas & Electric Co. J. P. ; Pulliam, President of Wisconsin Public Service Corp.; W. F. Raber, President of San Diego Consolidated Gas & Electric Co.' O. M. Brewer, President of Mountain States Power Co. and the California Oregon Powe Cc and W.N. Clark, President of Southern Colorado Power Co. Financial Chronicle Volume 141 The new members elected to the board, and constituting a majority thereof, are the executive officers in direct charge of these respective operating companies. This action follows the sale announced on Sept. 24 by Standard Gas & Electric Co. to operating companies in its system of the stock of Byllesby Engineering & Management Corp., all of which had heretofore been owned by Standard Gas & Electric Co. A committee was appointed following the election of the new members of the board to study the organization and functions of the management corporation, particularly in so far as the functions of the corporation may come under the provisions of the Federal Public Utility Act of 1935. At a later meeting of the board the committee will also present such recommendations as they decide upon with a view to closer integration between the management corporation and the operating companies. It has previously been announced that the operating companies purchased by Byllesby Engineering & Management Corp. from Standard Gas & Electric Co .without profit to the latter company and that the transaction was made to carry out the spirit of the recently enacted Federal Public Utility Act of 1935, various State legislation, and the decisions of certain State regulatory commissions. Byllesby Engineering & Management Corp. has for many years rendered management, engineering and other services to the operating companies in the Standard Gas & Electric Co. system. Calmont Oils, Ltd. -Earnings Earnings for Year Ended May 31 1935 Income from investments Tool rental Income from royalties House rent Miscellaneous revenue Non-recurring revenue $3.180 6,790 6,125 535 48 762 Total revenue Field expenses Administrative and general expenses Other charges $17,443 .8,392 14,221 50,496 Loss for the year $55,666 Balance Sheet May 31 1935 Assets Liabilities Cash on hand and in bank $6,538 Workmen's Comp. Board_..__ $653 Royallte dividend receivable__ 750 Accounts payable 8,195 Royalties receivable 855 Employees & ex-employees 317 Accounts receivable x5,157 Accrued payroll 303 Accr'd int. on Investments 255 Provincial corp. tax, 1935..._ 550 Advance to director 100 Municipal school tax (accr'd). 442 Miscellaneous advances 346 Deferred tool rental 3,441 Investments 32,307 Shareholders' equity 2,464,296 Fixed assets y208,329 Deficit 1,231,324 Leases (at cost) 448,348 Deferred charges 733 Deferred expenses 3,200 Development account 539,354 Total $1,246,275 Total 81,246,275 x After reserve for bad debts of $561. y After reserve for depreciation of $296,508. 2431 Canadian Rail & Harbor Judicial Sale - Terminals Ltd. -Court Orders A court order authorizing sale of assets of the company with the consent of the Master in Chambers, has been issued at Osgood() Hall, Toronto. No immediate reorganization of the property by judicial sale is contemplated, it is said. The order, however, prepares the way for sale, if and when conditions are considered satisfactory. The Court has not set any date for a sale, but has simply authorized one if it is considered advisable. The company, which owns an eight-story terminal warehouse in Toronto, has been in the receivership of o. T. Clarkson, Toronto, since January 1934. Interest on the 63,500,000 of 1st mtge. bonds was defaulted March 1 1934. Two committees have been acting for 1st mtge. bondholders, one in New York and one in Toronto. The New York committee proposed a reorganization about a year ago. The proposed scheme offered an interest to holders of junior securities. The Canadian committee expressed doubt of the "wisdom or the necessity" of including holders of junior securities in any reorganization. Deposits of bonds were solicited by the American committee. The time limit for making deposits was originally Oct. 31 1934 and was extended to Dec. 15 1934. It does not seem to have been extended further. It is understood that the United States committee has about $500,000 of bonds on deposit. The plan of reorganization it proposed is dormant and active steps to complete the proposed reorganization appear to have been dropped. Canadian Committee The Canadian committee is composed of Rt. Hon. Arthur Meighen, Sir Henry Drayton and R. V. LeSueur, Vice-President of Imperial Oil Ltd. It hassome $1,340,000 of bonds deposited with it. -V.139,p.3475. Central Illinois Light Co. -Earnings [A Subsidiary of Commonwealth & Southern Corp.] Period End. Aug. 31 - 1935 -Month-1934 1935-12 Mos.-1934 Gross earnings $556,032 $506,008 87.311,931 $6.909,898 Operating expenses 307,184 277.098 3,626.057 3,659,030 Fixed charges 65,660 69.645 833,072 841.044 Prov. for retirement res_ 60.000 51,620 786,875 616,725 Dividends on pref. stock 57.751 57.751 693,013 694.217 Balance -V. 141, p. 1764. 665,436 849,894 $1,372,913 $1,098,879 ......--Central Maine Power Co. -Refunding Plans Abandoned The company, subsidiary of the New England Public Service Co.. has notified prospective underwriters of $29,500,000 refunding ois that it does not desire to carry out the financing at this time. President Wyman explained that there had been no complications with the Securities and Exchange Commission la respezt to the registration application. Commenting on the abandonment of financing plans, Mr. Wyman said: "When we started work on the refinancing it appeared to be an opportune time to refund our indebtedness on a basis which would mean a worthwhile saving to the company. Since then, conditions have changed. The Italian war, then in the rumor stage, is now a reality and in other respects conditions to-day are such that we do not believe it is in the best interest of the company to complete the refunding contemplated." The underwriting syndicate was to have been headed by the First Boston Corp. -V. 141, p. 2271. Cambria & Indiana RR. -Plans Sale of$1,300,000 33/Is -Preferred Dividends The company has applied to the Interstate Commerce Commission for .....--Central Power & Light Co. authority to sell $1,300,000 of 3 % first mortgage bonds, proceeds to be The directors have declared a dividend of 434, cents per share on the used to assist in refunding $1,800,000 first mortgage gold 7% cum. pref. stock. par $100, and 37% cents per share on the 6% cum. % bonds which mature Jan. 1 1968. pref. stock, par $100, both payable Nov. 1 to holders of record Oct. 15. The company is negotiating for sale of the new bonds direct to purchasers, Similar distributions were made in each of the five preceding quarters. without employing the services of brokers or underwriters, it told the ice. No payments were made in May or February of 1934. It urged the Commission to sanction the move as one calculated to reduce The company on Nov. 1 1933 paid a dividend of 43 cents per share on -V. 141, p. 2270. the road's charges. the 7% pref. stock, as against 873 cents per share on May 1 and Aug. 1 1933 and $1.75 per share previously each quarter. On the 6% pref. stock Canada Bread Co., Ltd. -New Directors a dividend of 373 cents per share was paid on Nov. 1 1933. as compared A. G. Welwyn and A. W. Holmstead were recently elected directors. • with 75 cents per share on May 1 and Aug. 1 1933 and $1.50 per share in -V. 141, p. 1927. receding quarters. -V. 141. p. 911. ,, ...Canadian Dredge & Dock Co., Ltd. -75 -Cent Dividend The directors have declared a divide Id of 75 cents per share on common stock, no par value, payable Nov. 1. A similar payment was made on Feb. 1 last and compares with 50 cents per share paid on Feb. 1 1934, and $1 per share paid on Feb. 1 1933, this latter payment being the first made iince Nov. 2.1931 when a quarterly dividend of 75 cents per share was disbursed. -V. 141, p. 428. Canadian National Rys.-EarningsEarnings of System for First Week of October 1935 1934 Gross earning $3,942,766 $3,326,046 -V.141, p. 2271. Increase $616,720 Canadian Pacific Ry.-EarningsEarnings of System for Fourth Week of September 1935 1934 Gross earnings $3.316,000 $2,606,000 -V. 141, p. 2271. Capital Administration Co., Ltd. -Earnings -9 Mos.End.Sept.30-1935 1934 1933 Increase $711,000 $88,948 180,825 $102,906 154,372 $116,094 125,284 1932 $91,923 104,558 Total income Int. on 5% gold bonds Amort of discount and . expense on debentures Custodian fee Registrar and transfer agent service Taxes Legal Sr auditing exps.Stockholders' meetings & statements Cost of paying coupons and dividends SEC registration Service fee Directors' fees Miscellaneous expense $269.773 128,137 8257,278 128,138 $241,378 128,137 $196,462 130,551 5,863 3,638 5,864 3,026 5,863 2,797 5,994 3,063 2,334 11,695 3,086 2.681 9,049 2,822 3,150 9,431 6,526 4,447 6,854 4,146 1.177 1,170 3,036 2,081 748 2,345 26,926 2,140 1,341 739 788 1,698 23,888 1,900 1,416 23,658 2,220 1,128 19.373 1,940 810 Net inc. carried to sur_ Divs, on pref. stock_ _ _ Balance, deficit Profit on securs. sold.-x Loss. $80,342 97.650 $17,308 183,451 876,587 130.200 $53,613 45,613 Income-Interest Cash dividends 854,641 $15,505 97,650 97,725 $43,009 $82,220 x145,024 51,776,712 Century Shares Trust-Earnings 9 Months Ended Sept. 30Income received Net income Total income Dividend paid Aug. 1 1935 $101,473 91,512 107.277 69,203 1934 $63,121 57,817 59.090 40,246 Undistributed income $38,074 $18,843 Capital Account 9 Months Ended Sept. 30 1934 1935 Proceeds from issue of shares: Balance Dec. 31 $5.441.904 $5,121,855 For the nine months ended Sept. 30 2,282,165 124,823 Total 87,724.069 $5,246,679 Less average paid-in value of shares purchased and retired during the period 222.192 Balance 67,724,069 $5,024.486 Credit resulting from purchase and retirement of shares at less than average paid-in value thereof at dates of purchase: Balance Dec. 31 $964,449 $833,337 For the nine months ended Sept. 30 1934 131,072 Total $964.449 $984,409 Balance of profit and loss from sales of securities: Balance, loss, Dec. 31 82,671.337 $2,637,363 Loss for nine months ended Sept. 30 72,585 57.943 Total loss $2,743,922 $2,695,306 Balance of capital accounti $5,944,595 $3,293.589 Balance Sheet Sept. 30 Assets 1934 Liabilities1935 1935 1934 Investments: Accrued expenses. $755 $454 Casualty insur- $18E,204 $79,136 Shares outstanding 5,944,595 x3,293,590 Fire insurance._ 3,655,878 1.671,209 Undistrib.income_ 38,073 18,843 Life insurance- 733,643 368,868 N.Y.banks and trust cos 914,422 858,505 Other banks and trust cos 300,478 265,036 Cash with Brown Bros. Harriman & Co 204,729 19,827 Acer. diva. reo 24,511 14,864 $5,983,424 $3,312,887 Total Total $5,983,424 $3,312,887 Balance Sheet Sept. 30 x Represented by 228,524 participating shares (no par) in 1935 (109,014 Assets1935 1934 Liabilities-1935 1934 shares in 1934) and 228,524 ordinary shares (no par) in 1935 (109.014 Invests, at cest--el5,977,385 b$6181,592 5% debentures...33,417,000 83.417,000 shares in 1934).-V. 141, p. 430. Cash 718,283 244,412 Accr. int, on debs. Dep.in torn cum 7,018 & div. payable._ 90,290 90.106 --Chesapeake Bay Bridge-RFC Would Buy $3,000,000 Rec.for see.sold__ 16,445 26,346 Due for sec. purch. 8,155 Int. & diva. rec 68,230 Res. for expenses, 45.539 Bonds Spec.dep.for dive 33,340 33,156 taxes &c 33,726 18,028 Jesse H. Jones, Chairman of the Reconstruction Finance Corporation, For'n exch. contr. For'n exch. contr 7,763 7,763 has made public the following letter addressed to Albert D. Graham, Unamortis. disci. Preferred stock... 434,000 434.000 Chairman of Chesapeake Bay Bridge: on debentures.56,357 d ClilE8 A stock... 143,405 48,538 143,405 With reference to your proposed Chesapeake Bay Bridge which you c Class B stock2,400 2,400 estimate will cost a total of $10,000,000: Surpius 2,725,728 2,496,999 You have asked this corporation (RFC) as to what amount of bonds it would buy from the Public Works Administration Administrator, assuming Total 86,854.312 86.610,093 Total $6,854,312 86.610.093 that he would be willing to buy the bonds; conditioned that you could get a b Market value on Sept. 30 1934 was $368,780 less than cost (1933. grant from the PWA fund fo 45% of the total cost, or 64,500.000. $561,119). c Represented by 240,000 no par shares. d Represented by Our board has given consideration to the matter and would be willing to shares of $1 par value. e Investments, based on market quotations as at buy from PWA, bonds against the completed project to the extent of oneSept. 30 1935 were in excess of cost by $678,090, after deducting estimated half of the actual cost in excess of the grant, up to but not more than $3,000,tax liabilities. -V. 141. p. 428. 000; the interest rate to be 4% and our bonds secured by a 1st mtge. on the 2432 Financial Chronicle bridge and the income from the bridge; and further conditioned that all legal matters, including conditions for sufficient tolls to amortize the loan, meet with our approval as well as that of PWA. Chesapeake & Ohio Ry.-Van Sweringen Withdraws Director Application 0. P. Van Sweringen has withdrawn his application to the Interstate Commerce Commission to serve as a director of this company. The application was filed July 16 and it was Mr. Van Sweringen's intention at the time to be made Chairman of the C. & 0. board if the Commission approved his election as a director. In a three-line letter, G. It. Gardner, attorney for the Chesapeake & Ohio, notified the Commission of Mr. Van Sweringen's decision to give up his effort to return to the C. & 0. directorate, which he left in 1930. 0. E. Sweet, director of the ICC Bureau of Finance, acknowledged the request for withdrawal of the application in an equally brief message, Informing Mr. Gardner that the Commission would no longer consider it. -V. 141, p. 2272. Chicago Railways Co. -Receiver's Report 1933 1934 6 Months Ended July 311935 Net loss after all charges, incl. int. & $59,012 in adj. with Chic. Surface Lines.. $247,078 pf$275,570 The receiver's share of net receipts from operation of the property during the six months ended July 31 last totaled $1,784,250, compared with $2,308,883 in like 1934 period. -V. 141, p. 912. -Plans to Sell ---Gleveland Electric Illuminating Co. Preferred Issue The company (subsidiary of North American Co.) has filed a registration statement with the Securities and Exchange Commission covering an issue of 254,995.8 shares of $4.50 preferred stock. The maximum offering price of the shares is 102, or a total maximum offering price of 126,009.571. The stock is the initial series of a total authorized amount of 500,000 shares of no par serial preferred. Under a plan of reclassification, the 2,554,470 common shares now outstanding are to be changed into 2,324,567.7 shares of a new class of common without par value and 102,178.8 shares of preferred stock. 14.50 series, each outstanding common share being changed into 91-100ths of a share of new common stock and 4-100ths of a share of preferred stock. At a meeting of stockholders scheduled for Oct. 24 an amendment will be proposed to the articles of incorporation providing for an authorized capital stock consisting of 152.817 shares of preferred (par $100) (being the preferred stock now outstanding), 500,000 shares of serial preferred without par value and 5,000,000 shares of common without par value. The company intends to redeem on Dec. 1 1935 all of its 152.817 out-. standing shares of preterred stock ($100 par). Some time after the consummation of the reclassification of the common stock, North American Edison Co. proposes to make an offer whereby each shareholder of the Cleveland Electric Illuminating Co receiving new $4.50 preferred stock may sell such preferred shares to North American Edison and use the proceeds to purchase from the latter shares of the new common stock upon the basis of a sales price per share of such new preferred stock equal to the purchase of 2 y, shares of new common stock As a result of the reclassification. North American Edison Co. will become the holder of 82.408.4 shares of the $450 preferred stock, which will be a part of the 102,178.8 shares created under the reclassification plan. The remaining 152.817 shares of the $4.50 preferred stock will be sold to underwriters, the names of whom w II be disclosed in an amendment together with offering price to the public and underwriting commissions. Proceeds from the sale will be applied toward the redemption on Dec. 1 1935. at 1110 and accrued dividends, of the 152,817 shares of the 1100 Par preferred stock. The total redemption price, exclusive of accrued•dividends. is 116,809,870.-V. 141. p. 1090. -Dividend Raised__Coca-Cola Bottling Co. -The' directors have declared a dividend of 50 cents per share on the common stock, par 11, payable Oct. 20 to holders of record Oct. 10. This compares with 40 cents paid in each of the two preceding quarters, 25 cents on Jan. 20 1935, and on Oct. 20 1934; 15 cents paid on July 20 and April 20 1934, and on Dec. 30 1933; 33 cents on April 20 and Jan. 20 1933, and 40 cents per share during each quarter of 1932. In addition an extra dividend of $1 per share was paid on Jan. 20 1935.-V. 140, p. 2530. -Earnings Collins & Aikman Corp.(8c Subs.) 26 Wks. End.27 Wks.End.-6 Mos.End.Aug.271932 1933 Aug. 31'35. Sept. 1 '34. PeriodNet profit after Federal taxes. deprec.. &c_ __ _ $1,755.739 loss$28.986 x$634,227 4437,980 x Excludes $147 excess of par value over cost, of preferred stock purchased for retirement in 1933 and $81.744 in 1932.-V. 140, p.4395. -Earnings-Colon Oil Corp.(& Subs.) 1935-6 Mos.-1934 Period End. June 30- 1935-3 Mos.-1934 Net prof. after intangible deplet., drilling deprec. exps.' & retire., int. $231 loss$498,778 loss$76,914 loss$833,914 and other charges_ _ _ _ -V. 141, p. 2272. Oct. 12 1935 at that date-all of the foregoing having been provided for by resolutions of the stockholders at the meeting held Sept. 12. Comparative Consolidated Summary of Income and Expense Year Ended I, Mos.End. PeriodJuly 31 '35 Oct. 31 '34 Oct. 31 '33 Net sales $3,349,391 $3,206,207 $4,431,983 Cost ofsales before deprec.& property taxes 2.976.358 3,177,415 4,877,389 400,697 551,296 636,821 Depreciation 82,665 144,07 231,650 Property taxes 396,501 749,090 1,382,310 Selling & administrative expenses 61,567 Losses on property disposed of 455,985 20,613 Prov. for losses in liquidation of auto600,000 mobile company 150,000 Special prov. for inventory losses_ 93.867 155,12 - . 93,482 Other deductions Loss Prior years taxes St penalties reduced Miscellanecias income $662,266 $2,028,199 $3,560,283 109,999 22,747 50,579 62,519 $529,519 $1,977,619 $3,497,763 Comparative Consolidated Balance Sheet July 31 '35 Oct. 31 '34 July 31 '35 Oct. 31 '34 LiabilitiesAssets$ $ 5 $ Notes & trade aeCash on hand dr ceptances $75,581 $217,035 $17,159 on deposit $39,790 Accounts payable_ 286,446 Due from RFC 195,195 Taxes payable & (paid Aug.8'35) wird. penalties_ 289,699 & applied in 386,882 Accrd.taxes & int_ 35,483 part to the pay. 37.812 let mtge. loanof taxes amount5%-due June ing to $234,799_ 286,599 21 1938 x Notes & accts. 650,000 106,385 Prop, taxes pay. receivable 199,170 71,212 796,132 in def. Instalm'ts Inventories 1,008,685 199,405 Def. Inc.-rentals Other assets 186,981 rec. in advance_ 13,791 y Perm.assets 8,752,147 9,091,840 97,791 107,287 Good-will 5,908,316 5,908,316 Res for coating_ Deferred assets... 864,208 850,646 z Capital stock_ _23,955,517 23.955.517 Capital surplus__ 112,930 112,930 Deficit 8,399,003 7,869,483 Net loss Total 17,245,900 17,028,307 Total 17,245,900 17,028.307 x After allowance for doubtful accounts of $24,319 in 1935 and $17,960 in 1934. y After allowance for depreciation of $9,783,232 In 1935 an -V. 141, $10.327,914 in 1934. z Represented by 2,436,752 no par shares. P. 1434. -Earns. Continental Gas & Electric Corp.(& Subs.) 1935 1934 12 Months Ended Aug. 31Gross operating earnings of subs.(after eliminating $31,802,849430,307,940 inter-company transfers) 111,681,9602,756,146 Operating expenses 1,526,700 1.403,657 Maintenance,charged to operation 4,220,423 4.209,899 Depreciation 3,421,122 x3,326,477 Taxes, general & income Net earnings from operations ofsubs Non-operating income of subs $9,878,455 $9,685,944 856,712 696,205 $10,735,168 $10,382,150 Total income of subs Int., amortization & pref. dive. ofsubs.: 3,931,594 3,965,722 Interest on bonds, notes. &c 294,545 348,804 Amortization of bond & stock discount & expense 1,070,264 1.070.219 Dividends on preferred stocks Balance $5,438,808 $4,997,359 Proportion of earnings attributable to minority 9,346 x7,707 common stock Equity of Continental Gas & Elec. Corp. in 15.429,461 earnings of subs 36,959 Earnings of Continental Gas & Electric Corp Balance Expenses of Continental Gas & Electric Corp $4,989,652 42,934 15,466,420 15,032,587 154,654 157,104 $5,311,766 $4,875,483 Balance Holding company deductions: 2.600,000 2,600,000 Interest on debentures 164,172 164,172 Amortization of debenture discount & expense-Balance transferred to consolidated surplus,.__- $2,547,594 $2,111,311 1,320,053 Dividends on prior preference stock 1,320,053 $1,227,541 $791,258 Balance $5.72 Earnings per share rate x Adjusted on account of revision of Columbus (Ohio) electricU6 ordinance. -V. 141, p. 1765. ...---Co;solidated Aircraft Corp.-bistrovrat- -Asset Value• Continental Securities Corp. -Bonds Called --Consumers G ss Co., Ltd. l'he corporation estimates net assets (taldng inNestments at market or estimated fair value in absence thereof) as of Sept. 30 1935 to be $3,433,185, which compare. with 13.240.825 as indicated In the audited report as of June 30 1935. This is equivalent to $1,235 per debenture -V. 141, 13. 590. outstanding, and to $46.08 per preferred share. The an Franciscok Exchange has approved the listing of 579.000 -V. 141, p. 744. shares of capital stock $1 par. All of the outstanding first mortgage sinking fund 5% gold bonds. series A. have been called for redemption on Dec. 1 at 103 and interest. Payment will be made at the office of the Toronto General Trusts Corp., trustee. -V. 139, p. 3323. Montreal, Canada. Consumers Power Co. -Earnings [A subsidiary of Commonwealth & Southern Corp,1 1935-12 Mos -1934 -Month-1934 Period End Aug.31- 1935 12,369,354 12.246,645 $29,272,764 $27,932,665 Gross earnings 1,185,7141,126.245 14.225,114, , • Operating expenses 4,656.724 4,470,481 380,870 440,390 Fixed charges 2.828,000 2,850,000 237,500 237,500 Prov. for retire. reserve.. 4.176,046 4,207,921 350,696 350,718 Divs. on pref. stock---Balance -V. 141, p. 2113. $155.030J S151.332 L$3,249,247 $3,352.034 -Larger Dividend .......--Continental Can Co., Inc. cents per The directors on Oct 9 declared a quarterly dividend of share on the common stock, par $20, payable Nov. 15 to holders of record Oct. 25. This compares with 60 cents paid in each of the four preceding quarters. On Aug. 15 and May 15 1934 dividends of 75 cents per share were distributed. A stock dividend of 507,, was paid on Oct. 25 1934. For detailed dividend record see "Induatrial Number" of the June 14 1935 e 88.-V.141,p.2113. issue of the "Railway & Industrial Ciimpendi' --K-Cornental Mors i "'The ew York Stock Exchange aticT thorizeDhe listing of 2,448.652 titution for certificates of old common stock (par $ in shares stock without par value on the basis of one share of new stock for each share of old common stock outstanding, with further authority to add 51,348 shares of common stock ($1 par) on official notice of it.suance and payment in full with a statement of property acquired or disposition of proceeds, making the total amount applied for 2.500,000 shares. There have been issued and are outstanding 2.448,652 shares of the common stock (no par) at an aggregate stated capital of $23,985,632 and the directors declared advisable and approved the reduction of the capital by the exchange of 2,448.652 shares of common stock (par $1)(an aggregate of $2.448.652) for the 2,448,652 shares (no par). It is proposed that this reduction of $21,536,980 be transferred and credited to the capital surplus account of the corporation, and to charge off the good will account as carried on the books of the corporation in the amount of $5.908,317, and to charge off development, patent, &c., in the amount of $753.336, and to make such other reductions in the book value of the property, plant and equipment as the directors may deem proper, allocating the same to the capital surplus account or siucn other account as may be deemed proper accounting practice, and to apply any balance in the deficit account as of Oct. 31 1935. against the capital surplus -Clears Up Accumulations B.) Coon Co. The airectcrs have declared two dividends of $1.75 per share each (or a total of $3.50 per share) on the 7% cumulative preferred stock, par $100, both payable Nov. 1 to holders of record Oct. 11. One dividend is payable on account of accruals, thus paying up all back dividends, and the other is the regular quarterly dividend ordinarily payable at this time. See also V. 141, p. 432. -Special Meeting Crown Cork & Seal Co., Inc. Stockholders at a special meeting to be held on Oct. 14 will vote on consenting to the execution of a first mortgage upon the real property -year and fixed assets of the company and the issuance of 15,500,000 15 -V.141, p. 2273. 4% sinking fund bonds to secure said mortgage. -Stock Offered-Public offering --Crown Drug Co. (Del.) • is being made of an issue of 150,000 shares of common stock by Hammons & Co. Inc., New York, Chicago and other Wise & Smoot, Inc., of Kansas City principal cities, and' and Joplin, Mo. The stock is being marketed at $4.25 a share. Company operates directly or through its subsidiary, Steinberg's Drug Stores, Inc., a chain of 85 stores in 16 cities in Missouri, Kansas and Oklahoma. Of these stores, 46 are in greater Kansas City; 15 in Tulsa; 13 in Oklahoma City, and one in Miami, Okla. Other stores are located in Jefferson City, Springfield, Columbia and Joplin, Mo.; Lawrence, Leavenworth, Ottawa, Emporia, Chanute, and Topeka, Kan. Company expects to open a new store in Carthage, Mo. in the near future, making a total Steinberg's pro stores. I e . ' on of 88. Of these 85 stores, 83 are owned by Crown DrugC ugancltwo(ne. in Tulsa, and one in Oklahoma City) by s Crown Drug Co. owns all the capital stock of Steinberg' Drug Stores, Inc. except $1,000 7% preferred stock. Company was organized in June 1934 as a result of the consolidation hich through subsidiaries and merger of (1) Crown Drug Stores, Inc.,In the Central West, and (2) originally organized in 1923, operated stores Lariniore-Woods Drug Co., which through subsidiaries operated stores in Birmingham. Alabama, and N. Y. City. -Sales for the 12 months ended Aug. 31 1935 increased $1,515,315 Sales as compared with an increase of $986,970 in the 12 months ended Aug. 311934. -Net earnings, before income tax, for the 12 months ended Earnings Aug. 31 1935 were $173,637 as compared with $157,539 for 12 months ended Aug. 31 1934. This increase of $16,097 was made in spite of many extraordinary and non-repetitive expenditures incident to the genera 2433 Financial Chronicle Volume 1,1 -Earnings East Kootenay Power Co., Ltd. reorganization of the merchandising policies, new activities, the introduction of new lines, and the aggressive campaign to popularize the Crown chain and permanently establish the company's change of policy in the minds of the public. Capitalization of Company as of Aug. 31 1935 Outstanding Authorized $63000 Funded debt -Mortgages al17,000 5% nous 32,000 shs. b31,912 shs. 7% cumulative cony. pref. stock ($25 par) c507,000 shs. 442,419 she. Common stock (par 25c.) a Payable $2,250 per month to Dec. 1938. b Including 100 shares held In the treasury. 88 shares unissued. c 64,000 shares reserved for conversion of preferred stock. 581 shares unissued. -Since organization in June 1934 dividends have been paid Dividends on the preferred stock as follows: 433 cents per share Nov. 15 1934, Feb. 15 1935, May 15 1935, and Aug. 15 1935. The management has indicated its intention that the dividend of 43% cents which ordinarily would have been declared and made payable on Aug. 15 1934, will be declared and made payable on Nov. 15 1935-along with the dividend regularly payable on that date. No dividends have been paid on the common stock since incorporation In June 1934. Financial Position-As of Aug. 31 1935 current assets were $1,645,192. including cash of 1309,430 as compared with current liabilities of $634,467; leaving a net working capital of $1,0i0.724.-. 14b p 1766. -Month-1934 Period End. Aug. 31- 1935 137,488 $37,641 Gross earnings 10.488 10,968 Operating expenses Net income -V. 141. p. 1768. -Seeks to Issue $18,500,000 & Hudson RR. The Interstate Commerce Commission has been asked by the company for authority to issue and re issue an aggregate of 118.500,000 in 6% promissory notes to be payable on demand or specified due dates. The amount is inclusive of 113,944,537 notes now outstandinv. A cash forecast submitted by the road in connection with its application, estimated that it had cash on hand Oct. 1 1935 of 145.000: a cash deficit of 12,414,616 on Nov. 1 and a cash deficit of 14.667,286 on April 30 1936. -V. 141, p. 2274. - Denver 1as & Electric Light Co.-Band4-g4siiitdA total of $146,200 erfirst and refrg mortgage sinking fund gold es at ed been bonds due 1951 nave bn called or remption, 105 and interest. Payment will e made at the Bankers Trust Co., 16 VVell St., New York -V. 135, p. 2996. City. etroit Edison Co.-Bende-galled- of the outstanding general and refunding mortgage gold bonds (aeriesA 5961--due Oct; 1 1949;ser1es-B 5‘7,,,Alue-lune-1. 1956) have been calledyer ' redemption on Dec. 2 at 105 and interest. Payment will be made at tne -V.141', p. 2114. Bankers Trust Co., trustee, 16 Wall St., New York City. -Earnings Detroit Michigan Stove Co. Earnings for Year Ended July 31 1935 Net profit after all charges 130.643 Condensed Balance Sheet July 31 1935 Assets $110,819 Cash in banks on on hand__ _ _ 162,401 Accounts payable , 23,439 Accr. payroll, commissions, &c Accounts and notes receivable, 1,400 less reserve 269,918 Prov. for Federal income tax_ Inventories 555,458 Note pay. to RFC sec. by mtge.on real estate & equip., Cash in closed bank 119,741 pay.on or before May 22'40 170.000 Investments In other cos. at 12.633 sound value, below cost 62,480 Purchase money obligations 821 Reserve for unearned Income_ Land, building, machinery and equipment-less deprec 1.290,951 5% non-cum. p1.stk.(par $40) 1.030,920 439,992 Good-will and patents 1 Common stock (par $1) Surplus after readjustment of Unexpired insur. premiums, 500,000 capital structure stationery and office suppl., prepaid expenses, &o 69,715 Net profit for fiscal year ended 30,642 July 311935 $2,320,668 Discount Corp. of N. Y. -Balance Sheet June 30- 89.289,764 79,403,992 Total -V. 141, p. 433. 1935 1934 $ $ Capital stock 5.000,000 5,000,000 Surplus 5.000,000 5,000,000 Undiv. profits_ 2,695,341 3,261,891 Unearned discount 200,468 201,077 Reserves 247,025 267,143 Loan., payable and due to bank's customers 59,738,663 54.573,961 Acceptances rediscounted and sold with endorsem't 31,380 5,178,731 U.S. Govt.secure. repur.agreem'ts 16.285,000 5,900,000 Sundry credits.-91.886 21,189 Total 89,289,764 79,403,992 -Value of Production Dome Mines, Ltd. Month ofJanuary February March QV June July August September Total nine months -V. 141, p. 2114. 1935 1545.789 5641137 19 3 494,553 634,307 545.771 621,195 558,129 587,238 574.176 619,429 623.375 601,004 636,451 602,203 606,239 611,573 570.158 540.734 $5,154,641 15,469,322 -Sales Edison Bros. Stores, Inc. 1935-9 Mos.-1934 -Month-1934 Period End.Sept.30- 1935 $1.699,884 11,458,898 111,536,670 110,165,79 Bales There were 89 stores in operation at end of September as compared with . 84 stores in operation on Sept. 301934.-V. 141. p. 1768. $571,582 $475,940 1935-8 Mos.-1934 $6,931,796 $6,661,199 5.841.135 6.021,220 16,709 9.146 515.380 418.141 1501,581 $321,393 --Edison Electric Illuminating Co. of Boston-Stock Increase Approved Notes 1934 1935 Assets$ $ Acceptances 451,330 6,330,331 U.S. Govt.securities 83,990,686 69,218,722 Interest receivable, accrued 1,242,803 1,122,572 Cash and due from banks 3,582.879 2,726,573 Sundry debits seemed 5,794 22,065 981,608 -Earnings Eastern Steamship Lines, Inc. (8c Subs.) --Abandonment The Dalles & Southern RR. Total $118,301 lAubitUtes$64,688 Accounts payable and accrued 114,879 18,223 expenses Reserve for Federal taxes and 148.308 contingencies 144,950 x1.088,131 16,852 Net worth Dec. 31 1934 25,000 -Month-1934 Period End. Aug. 31- 1935 $1,466,131 $1,368,953 Operating revenue 837.735 847,608 operating expense 1.155 921 Other income 56,433 47,862 Other expense The Interstate Commerce Commission recently issued a certificate permitting the company to abandon, as to inter-State and foreign commerce, its entire railroad, which extends from The Dallas in an easterly and southerly direction to Friend, 41.79 miles, all in Weise° County, Ore. V. 140, P. 3892. $2,320,668 $127,023 $1,251,319 Total $1,251,319 Total x Common stock Issued and outstanding, 43,677 shares, par value, $5. p. 3727. 218.385.-V. 136. • Total -V. 138. P. 1049 $27,000 Eastern Equities Corp.(& Subs.)-Bal. Sheet Dec. 31'34 Assets Cash on hand and in bank---Accounts receivable Pending claims for refund of Federal taxes Invest'ts-Secs. of other cos- _ -Cap.stk.of Can.sub. Invest. Real estate and furniture and fixtures at deprec. book val_ Cuban Cane Products Co., Inc. ins n ution -year ld debenManufacturers Trust Co., as successor truss of the 20 tures, dated Jan. 1 1930. has received from the receivers in equity of Cuban Cane Products Co., Inc. (in an equity action in the U. S. District Court for the District of Dilaware) as a first and final dividend upon the claim filed by the indenture trustee in such action on behalf of all debenture holders, the sum of $66,080.10. Such amount is available for distribution to debenture holders after deduction of the charges and disbursements for such distribution which amount to approximately two cents per 1100 of the original issue. Accordingly, from and after Oct. 8 1935, Manufacturers Trust Co., as successor trustee, will pay to debenture holders,at 45 Beaver St., New York, the sum of 12.46 upon the principal amount of each $1,000 debenture, $1.24 upon the principal amount of each $500 debenture, and 25 cents upon the principal amount of each $100 debenture. The trustee is informed that the dividend is wholly on account of principal of the debentures, no interest having accrued thereon prior to the date of receivership. In order to receive such payment all debentures must be presented or delivered to the trustee at its office, where a notation of the amount paid will be stamped upon each debenture and the debenture will be returned to the person presenting it. -V. 140, p. 3544. 126,673 Net earnings -V. 141. p. 1932. 1935-5 Mos.-1934 $174.465 3183.015 56.164 55.992 The stockholders at special meeting held Oct. 7 authorized the necessary steps to be taken preliminary to the proposed increase in capital stock. the Pres. Comerford, presiding, stated that directors have not yet fixed the price at which the new stock will be issued. This will depend upon market value of the stock when the application comes up for hearing before the Mass. Department of Public Utilities. The price will be fixed by directors just prior to that hearing and is, of course, subject to approval by the department. Neither has the number of new shares to be issued been determined upon, said Mr. Comerford. as that will depend upon the subscription price. However, he indicated that on the basis of present market quotations sufficient funds would be realized by an offering of one new share for six old shares. It was brought out at the meeting that stock is to be issued to provide funds for something less than the entire 516.000,000 issue of notes due April 15 next, the remainder of the necessary funds to be taken from treasury cash. It is estimated that approximately $12,000,000 to 112.500,000 will be provided from proceeds of the stock issue, the remainder from the treasury, the latter representing accumulated cash including also the substantial premium received from the 153.000,000 bond issue sold last year, which, incidentally, Mr. Comerford pointed out, was sold at the lowest interest cost (3.39%) at which any private company has ever financed, so far as he knew. After the necessary votes were passed, the meeting was adjourned until Oct. 23, in order that after the approval of the stock issue 13) the Department of Public Utilities, stockholders may take any other necessary action. -V.141. p. 1932. -Granted 10-Year FranEighth Avenue Coach Corp. chiseThe Eighth Avenue Coach Corp., an affiliate of the Fifth Avenue Coach Co. and the New York Railways Corp.. was granted a franchise Oct. 4 by the Board of Estimate to maintain and operate motor buses on Eighth, Ninth and Amsterdam Avenues. The term of the grant is for 10 years and calls for a security deposit of $30,000. The company will pay 1475,000 in cash when the certificate of convenience and necessity is granted by the Transit Commission. This is to compensate the city for the back taxes owed•by the surface lines and to provide for the cost of tearing up the tracks and conduits. The street car company, in receivership, agreed to waive a claim of 12,000,000 against the city for damages in the construction of the Eighth Avenue Subway. The city in turn waived 12,000.000 in back taxes owed by the railway company. The bus company will pay the city 3% of the gross receipts and will give two cent transfers to all crosstown lines operated by the New York Railways, the parent company of the Fifth Avenue Coach and the MadisonFourth Avenue lines. The fare will be five cents. Bus operation is expected to beging some time next month. --Earnings Eilert Brewing Co. Earnings for the Year Ended May 31 1935 Gross sales Discount and allowances Cost of goods sold Selling expenses General expenses $842,771 3,208. 635,818 138.64838,516 Net profit from sales Other income /26.579 129 Net profit before other deductions Interest on notes payable Bid debts 126.709 5,394 9,23ct Net profit Balance Sheet May 31 1935 LiabilthesAssets $8,400 Accounts payable Cash on hand and In bank____ Acc'ts receiv., customers__ ).47,430 Notes payable, officers 29.044 Notes payable Inventories 4.817 Deposits on containers Investments 9317,784 Accrued interest Fixed assets 18,969 Accrued taxes Deferred charges Reserved for Fed. inc. tax.._ _ Divs, declared and payable, class B Mortgage payable Notes pay. due May 19 1936_ _ Class A stock Class B stock Undivided profits 812.075 $35,513 10,500 2,0.50 2,638 1,416 4,511 1,634 6.250 58.000. 10,700171.190 107,991 14.046 $426,446Total $426,446 Total x After reserve for doubtful accounts of $968. y After reserve for depreciation of 167,911.-V. 138, p. 2921. -Earnings Electric Bond & Share Co. 1935-12 Mos.-1934 Period End.Sept.30-- 1935-3 Mos.-1934 E3,338,922 $3,266,242 113,819.651 114.057,390 x Gross income 4,050.408 4.554.678 989,171 1,132,497 Expenses, incl. taxes • $2,206,425 12.277.071 19,264,973 110.006,982 Net income 8.433,930 8,433,930 2,108,483 Pre-. stock dividends- _ _ 2,108,483 1831,043 $1,573,052 $168,588 Surplus income $97.942 x Includes stock dividends received for the 12 months ended Sept. 301935 and the 12 months ended Sept. 30 1934. 1598 and $344,820, respectively, and for the three months ended Sept. 30 1934, 1166,667. For the three months ended Sept. 30 1935 there were no stock dividends received. Stock dividends received are taken on the company's books either at par value-or if no par value then at stated value as shown in the balance sheets -or at market value if less than par of the respective issuing companies value or stated value, as the case may be. The interest rate on Cuban Electric Co.6% debentures has been reduced, by agreement, for the six months ended April 30 1935 to a rate of 13.% per annum and for the period from May 1 1935 to Oct. 31 1937 to a rate o 2434 Financial Chronicle 4% per annum,and interest has been accrued to the income account at these rates. Analysis ofSurplus for the 12 Months Ended Sept. 30 1935 Earned Capital Total Surflus Surglus Surplus Balance, Oct. 1 1934 56,363,449 314,676,734 371,040,184 Surplus income 12 months ended Sept. 30 1935 831.042 831,042 Miscellaneous income 12,552 12,552 Total surplus 57,207,045 314,676,734 371,883,780 Excess of ledger value over sales price of investment securities sold during 12 mos.ended Sept.30 1935(net)- 416,463 416,463 Adjustment of loans to wholly-owned subsidiary 225,000 225,000 Provision for contingent tax liability for prior year 125,000 125,000 Miscellaneous deductions 27,685 27,685 Balance, Sept. 30 1935 56,829,359 314,260,271. 371,089.630 Note -Net excess of ledger value over sales price of investment securities sold during 12 months ended Sept. 30 1935 ($416.463) and the 12 months ended Sept. 30 1934 41,051.2551, and the 3 months ended Sept. 30 1935 (8416.509) have been applied to capital surplus. For the three months ended Sept. 30 1934 there were no gains or losses from the sale of investment securities. Comparative Balance Sheet Sept. 30 1935 1934 1934 1935 Assets$ Liabilities$ $ Cash in banksActrts payable__ 144,132 126,811 On demand__ 14,684,983 12,405,733 Divs. decl'd on Time deposits 24,117,476 25,611,972 pref. stocks- 2,108,482 2,108,482 Short-term secs.. Taxes accrued__ 1,709,178 1.372.052 U.S. Govt.-- 2.067,517 2,390,939 x Capital stock-171,901,233 171,901,233 Short-term sees., Reserves (aPProother 2,011,557 1,232,645 priated from Awls receivable 180,389 176,769 cap. surplus)_ 4,803,303 4,803.097 Aecr. int. receiv. 857,627 970.272 Capital surplus_314,260,271 314,676,734 Invest'ts (ledger Earned surplus_ 56,829,359 56,363.449 value) 507,049,739 507,784,082 Prepayments._ _ 18,573 16,409 Deferred charges 768,085 763,036 Total 551,755,960 551,351,863 Total 551,755,860 551,251,863 x Represented by: Authorized -Outstanding Sept. 30 '35 Sept. 30 '35 Sept. 30 '34 a 85 pref. stock (no par) 1.000,000 300,000 300,000 a $6 pref. stock (no par) 2,500,000 1,155,655 1,155,655 Common stock and scrip ($5 par)-- -- 20,000,000 5,267,147 5,267,147 a No par; stated value $100 a share; entitled upon liquidation to 8100 a share and accumulated dividends. Weekly Input For the week ended Oct. 3 the kilowatt system input of subsidiaries of American Power & Light Co., Electric Power & Light Corp. and National Power & Light Co., as compared with the corresponding week during 1934, was as follows: -Increase-1935 Amount % 1934 Amer. Power & Light Co 101,021,000 81,044,000 19,977,000 24.7 Electric Power & Light Corp--- - 41,241,000 37.777,000 3,464,000 9.2 National Power & Light Co 68,475,000 66,325.000 2,150,000 3.2 -V. 141. p. 2275. El Paso Electric Co.(Del.)(8c Subs.) -Earnings -Period End. Aug. 31- 1935 -Month-1934 1935-12 Mos.-193e Gross earnings 8234.273 $219,743 82,787.586 $2,593,837 Operation 102 097 96.991„1,140,291 Maintenance 13,487 16,451 159,596 149,209 Taxes 27,560 26,935 315,430 307,970 Interest & amortization.. 36,130 36,419 434,939 433,887 Balance $54,997 $42.946 Appropriations for retirement reserve Preferred dividend requirements of subsidiary co_ Pref. div. requirements of El Paso Elec. Co.(Del.) 3672.878 325,000 46.710 188.587 $561,427 230,000 46,710 194,998 Balance for common dividends and surplus__ _ -V.141, p. 1768. $112,580 $89,719 Engesser Brewing Co. -Earnings Earnings for the Year Ended Dec. 31 1934 Gross sales of products Cost of products sold Operating expenses $383.692 279,137 76,697 Operating profit Non-operating income 827,857 709 Total income Depreciation Interest expense Other charges Estimated Federal and State income taxes 828,566 11,407 3,533 4,114 1,037 Net profit to surplus Balance Sheet Dec. 31 1934 Assets Current, consisting of cash and bank balances, trade accounts less reserves, and merchandise inventories Non-current (encumbered), consisting of real estate, brewery and equipment (at cost less depreciation reserves) Non-current (unencumbered), consisting of real estate, equipment, containers, trade accounts, at cost less reserves, business investments, &c Total Liabilities Trade accounts and notes. Federal and State income taxes, containers, deposits, &c Current (secured): Conditional purchase contracts, notes and accounts payable, and encumbrances on plant and equipment maturing in 1935 Deferred (secured): Conditional purchase contract due 1936. and deferred real estate purchase contract 7% class A common stock (par $1) Class B common stock Paid-in surplus Earned surplus Total x Represented by 3,000 no par value. -V.136, P. 3353, $8,472 830,817 151,627 119,935 $302,380 $48,989 24,756 1,150 150,000 x45,796 29:537 1302,380 Firestone Tire & Rubber Co. -Wins Patent Suit - Oct. 12 1935 Erie Railways-Consol, Balance Sheet July 31 1935Assets Total investments Cash Coupon deposits Miscell. accts. receivable Material and supplies Other current assets Deferred assets Total unadjusted debits $5,450,7411 63,305 398 42,346 100,160 12,767 50,000 9,723 Liabilities Capital stock $1,090.800 Funded debt 2,940,700 Audited accts, and wages pay_ 10,917 Miscell. accounts payable.... 12,865 Accrued Int, dive.& rents pay. 61,875 Other current liabilities 265 Deferred liabilities 191,038 Tax liability 45,581 Insurance & casualty reserves_ 49,241 Operating reserves 86 Accrued deprec.-road & equip 1,120,352 Other unadjusted credits 5,454 Corporate surplus 200,309 Total $5,729,490 Total $5,729,490 Bus Operations-Effective May 15 1935 company substituted buses on all lines. Number of busines operated as at May 15 1935, 56.-V. 117, p.2634. Faultless Rubber Co. -Earnings Earnings for the Year Ended June 30 1935 Operating profit (before depreciation) Depreciation on plant and equipment Other income, net Provision for Federal income taxes 8237,894 50,931 Cr3,409 26,200 Net to surplus, after provision for Federal taxes $164,168 Earnings per share on 65,450 shares common stock (no par)._ 82.51 Condensed Balance Sheet June 30 1935 Assets Liabilities Cash on band and on deposit_ _ $201,909 Accounts payable $27,085 Marketable securities 228,262 Accrued taxes (incl. Federal Notes & accts. rec,. less res.__ 102,751 income) 38,615 Inventories 208,672 Dividends payable 32,725 Cash suir. value life insur_ 26,647 Common stock y1,186,542 Dep.in closed bank (less res.)18,909 Earned surplus 419,086 Notes rec.-maturity after 1 yr 1,000 Miseell. accounts recelbable_ 372 Plant and equipment x889,512 Supplies, unexpired,ins., ece_. 26,017 Total Total $1,704,054 x After reserve for deprecWierirbf 1415, no par shares. -V. 138, . -869. -----Feders Mfg. The 81,704,054 epresented by 65,450 ., Inc -Admitted to List New York CurD Exchangkhas admitted to Usti he common stocx, no par -in sutitution for class stock previously listed and outstanding, n and class B stock previously outstanding but not listed. Earnings for the 7 Months Ended July 31 1035 Net sales Net profit after charges and Federal taxes -V. 141, p. 1932. $3.214,370 202,576 (Marshall) Field & Co. -New Chairman - James O. McKinsey has been elected Chairman and Senior Executive Officer of the company, according to an announcement made by John McKinley, President. The position of Chairman has been vacant since James Simpson resigned. -V. 141, p. 594. Fifth Ave. & Twenty-eighth St. Realty Co., Inc.Distribution A payment of 843,750 is to be distributed on a pro rata basis to holders of certificates representing a share or part in the first 64i% loan and the appurtenant interest warrants. Payments, which are at the rate of 244 of the principal amount of the certificates, will be made by the Chemical Bank & Trust Co. as successor mortgagee and trustee. An exception is made in respect to certificates and appurtenant interest warrants which have been deposited with the committee constituted under a deposit agreement dated as of Jan. 21 1933. Payments for such holders are to be made direct to the depositary for that committee.. --Y. 122, p.2198. Fisher Manufacturing Co., Inc. -Earnings Calendar Years1934 Net loss after depreciation and other charges-371.375 Balance Sheet Dec. 29 1934 AssetsLiabilities Cash $26,240 Accounts payable Investments x7,491 Accrued payroll Accounts receivable 33,734 Reserves Inventories 221,018 Capital stock Real estate and machinery v228,858 Paid-in surplus Cash in closed bank 2,785 Deficit Prepaid insurance 711 Prepaid taxes 200 1933 $16,475 $29,272 7,071 4,750 z375,000 280,920 175,974 Total $521.039 Total $521,039 x After reserve for contingencies of $27,834. y After reserve for depreciation of 3134,883. z Represented by 7,500 shares no par value. V. 132. p. 4597. (M. H.) Fishman Co. -Sales Month ofJanuary February March April May June July August September Total for nine months -V. 141, p. 2275. 1935 8165.027 192,672 214,198 265,007 286,932 315.109 300,441 317,212 281.772 1934 1154,799 161,205 226.586 229,742 298,662 323,390 275,332 294,952 294,226 1933 $101,306 123,869 126,196 197,556 228,879 239.800 249,870 247,639 278,313 $2,338,283 12 258,920 $1,792,372 ts.. - - i.e. • 71 Florida Public Service difti. -1' n Confirmed - The plan of reqadjuament of debt of the +many dated July 20 1933, as amended Oct. 1 1934, has been confirmed y the U. S. District Court for the Southern District of Florida. The company filed its petitio 1 for reorganization in the U. S District Court for the Southern District of Florida, and In the proceeding filed its plan of readjustment of debt, dated July 20 1933, and the amendment thereof. dated Oct. 1 1934.-V. 141, p. 2275. Ford Hotels Co., Inc. -Dividends Resumed - The directors have declared a dividend of 50 cents per share on the cornMen stock, no par value. payable Oct. 15 to holders of record Oct. 5. This dividend will be the first paid since Aug. 1 1931 when a similar distribution was macle.-V. 132, p. 3894. EJ The company announced that the United States Ciftult Court of Appeals 'Ford Motor Co. of Holland-Smaller Dividendat Cincinnati has handed down a decision in favor of Firestone company The directors have declared an interim dividend of 3% as against an in a suit brought by United States Rubber Co. interim dividend of 5% paid last year-V. 139, p. 927. The latter had contended that the flat band method of building tires was an infringement on patents held by it and demanded that Firestone -•-Franklin Fire Insurance Co. -5 -Cent Extra Dividend-41 „,_ . pay royalties to United 'States Rubber on all tires made by that method. The directors have declared an extra dividend of 5 cents per share in tr,,( Decision by Circuit Court upheld a similar derision previously made by addition to the regular qua quarterly dividend of 25 cents per share on the a lower court, and maintained that no royalties need be paid. common stock, par $5, both payable Nov. 1 to holders of record Oct. 19. Reversing a decision of the Northern Ohio Federal Court the three-judge Similar payments were made in each of the five preceding quarters. -V.141. Appeals Court found that of seven patents allegedly infringed only one, p. 436. the Abbott apparatus patent of 1924. actually was infringed. As to this patent the Appeals Court dismissed the suit without prejudice --Gannett Co., Inc. -Debentures Called to United States Rubber seeking relief through a royalty suit. All of the outstanding 15 -year 6% sinking fund gold debentures due Aug.1 In reviewing the evidence of the lower court the Appeals Court said it 1943 have been called for redemption on Nov. 6 at 1034i and interest. appeared that Firestone no longer was using the process which infringed Payment will be made at the Chemical Bank & Trust Co., New York City. upon United States Rubber's Abbott patent. -V. 141. p. 749. -V.141. p. 749. • 2 -Trustee General American Transportation Corp. The Manufacturers Trust Co. is trustee for the $6,500.000 car equipment trust serial 4s. issued by this company. -V. 141, la• 1933. General Baking Co. -Earnings -- 13 Weeks EndedSept. 28'35 Sept. 29'34 S.M.30'33 Net profit after hat., depreciation, $711,913 Federal taxes, &c $490,626 $512,870 Earns, per share on 1.588,697 shares $0.34 common stock $0.20 $0.21 . For 39 weeks ended Sept. 28 1935, net profit of $1,383,910 after interest. depreciation. Federal taxes, &c., equivalent after dividend requirements on 87,883 shares of $8 preferred stock, to 54 cents a share on 1,588,697 shares (par $5) of common stock. This compares with $1,233.510 or 44 cents a share on common for the 39 weeks ended Sept. 29 1934.-V. 141, p. 437. of the Opel and Blitz products manufactured in Germany, also showed -V. 141. encouraging gains in the countries in which they are produced. p. 2116. -Earnings General Public Service Corp. 12 Mos.9 Mos. 1934 1935 1935 Period Ended Sept. 30$244.100 $201,667 $176,270 Cash dividends on stocks 137,733 89,848 104.018 Interest on bonds and notes 15.525 31.775 12,600 Revenue from option contracts Total income Expenses Taxes Deb. int. & Federal & State taxes payable under deb. indentures_ _ .. _ General Capital Corp. -Asset Value Net loss The corporation reports asset value of the capital stock as of Sept. 30 1935 amounted to $33.08 per share, comparing with $30.86 per share on -V. 141, P. June 30 1935, and $25.98 per share on March 31 of this year. 1096. General Electric Co. -Orders Received Orders received by the company for the third quarter of 1935 amounted to 554,400,819, compared with $40,458,901 for the third quarter of 1934, an increase of 34%, President Gerard Swope announced on Oct. 8. Orders received for the nine months amounted to $158,943,765, compared with $132,613,543 for the nine months last year, an increase of 20%.-V. 141, p. 1595. -Earnings General Gas & Electric Corp. (& Subs.) 12 Months Ended June30-1934 3 19 5 $6,211.258 $6,364,526 Total operating revenues 2,509,629 2,201,607 Operating expenses 351,138 356,244 Maintenance Provision for retirements, renewals & replacements 519,747 576,071 of fixed capital 881,932 912,192 Provision for taxes $2,256,832 $2,010,387 Dr26,669 Dr174,887 Operating income Other income (net) $2,230,162 $1.835,500 Gross income Deductions from Income -Sub. companies: 1,233,718 1,257,788 Interest on funded debt 208,389 236,628 Interest on unfunded debt 153.946 158,411 Amortization of debt discount & expense Cr10.791 Cr6,278 ' Interest charged to construction 35,882 35.882 Prov.for dive. not being paid on cum.pref. stks_ General Gas & Electric Corp.: 534.696 542,124 Interest on 5% notes,int.-bearing scrip., &c.... 41,727 60.005 Amortization of debt discount & expense $32.594 1oss$449,062 Balance of income -V. 141, p. 1437. -Admitted to --Geneial Ou oor Adv rtising Co., Inc. Listing and Reg rationt.,... The ew York urb Exchang&has admitted to listing and registration -V. 141, i). 1595. m. pref. stock, $100 par. the 6% -September Car Sales-The comGeneral Motors Corp. pany on Oct.8 made the following announcement: September sales of General Motors cars to dealers in the United States and Canada, together with shipments overseas, totaled 39,152 compared with 71,888 in September a year ago. Sales in August were 124,680. Sales for the first nine months of 1935 totaled 1,220,182 compared with 1.065.766 for the same nine months of 1934. Sales of General Motors cars to consumers in the United States totaled 66,547 in September compared with 71,648 in September a year ago. Sales in August were 127,346. Sales for the first nine months of 1935 totaled 951,373 compared with 754,121 for the same nine months of 1934. Sales of General Motors cars to dealers in the United States totaled 22,986 in September compared with 53,738 in September a year ago. Sales in August were 103,098. Sales for the first nine months of 1935 totaled 975,329 compared with 841,588 for the same nine months of 1934. Total Sales to Dealers in U. S. and Canada Plus Overseas Shipments 1933 82,117 59,614 58.018 86,967 98,205 113,701 106,918 97,614 81,148 53,054 10,384 21.295 1932 74.710 62.850 59.696 78,359 66,739 52.561 36.872 30,419 30.117 10,924' 5,781 53.942 869,035 1,240,447 Sales to Consumers in United States 1933 1934 1935 50.653 23,438 54.105 42.280 58,911 77.297 47.436 98,174 126.691 71,599 106,349 143,909 85,969 95,253 109.051 101,827 112,847 137.782 87,208 101,243 108.645 86.372 86,258 127,346 71.648 71,458 66.547 63.518 69,090 62,752 35,417 41,530 11,951 562,970 927,493 755.778 Sales to Dealers in United States • 1935 72,274 75.727 46,190 82,222 50.212 92,907 119.858 45.098 132.622 121,964 74,242 152.946 103.844 85,980 105.159 118,789 99.956 150,863 107,554 92,546 139,121 87,429 84.504 103,098 53.738 67,733 22,986 41,982 50.514 39.048 3.483 28,344 11,191 510.060 1935 98,268 121.146 169.302 184.059 134,597 181.188 167,790 124,680 39,152 January February March April May June July August September October November December Total January February March April May June July August September October November December Total January February March April May June July August September October November December 2435 Financial Chronicle Volume 141 1934 62,506 100,848 153.250 153.954 132.837 146.881 134.324 109.278 71,888 72,050 61,037 41.594 1932 47.942 46,855 48.717 81,573 63,500 56.987 32,849 37.230 34,694 26,941 12.780 19,992 1932 65,382 52,539 48,383 69.029 60,270 46,148 31,096 24,151 23,545 5,810 2.405 44.101 729.201 959.494 472.859 Total Unit sales of Chevrolet. Pontiac. Oldsmobile, Buick. LaSalle and Cadillac passenger and commercial cars are included in the above figures. Overseas Sales Show Increase of 353% Sales of General Motors cars and true. .10. to dealers in the overseas markets during September totaled 22,909 units. This volume represents an increase of 35.5% over sales in the corresponding month of I ast year, and 6.8% over sales in August this year. In the first nine months of 1935, sales totaled 216.062 units, representing an increase of 27.6% over sales of 169,337 reported for the corresponding period of 1934, and the highest overseas volume attained in the corresponding period of any year since 1929. include the products of the Corporation's American, Thema Canadian, English, and German factories sold outside of the United States Canada. American-source sales of Chevrolet, Pontiac, Oldsmobile, and Buick. LaSalle and Cadillac vehicles reflected substantial gains in practically all of the 104 countries comprising the overseas market. General Motors sales alts Vauxhall cars and Bedford trucks manufactured in England. and $292,888 48,653 3,226 $323.290 55.789 1,856 $397,359 64.982 3,839 254.167 255,404 343,635 $15.097 $13,159 prof$10,241 Comparative Surplus Statement 12 Mos.9 Mos. ..Sept. 30 '35 Sept' 30 '34 Sept. 30 '35 Income surplus: Balance at beginning of period_ _ _ _ Net loss (as above) Assessment for Federal stock transfer tax applicable to prior years.. Total surplus Security profit surplus: Balance at beginning of period_ _ Net profit on sale of securities__ _ _ Net loss on debs. reacquired and canceled Stated value of com.stock scrip which expired Dec. 31 1934 (this scrip formed a part ofstock dive, charged to earned surplus in prior years $98.601 prof10,241 $108,842 15,097 $86,244 $108.842 $86.244 110.138 190,588 114,190 loss9.309 136.580 163,071 7.230 prof31.700 6.998 $106,904 13,159 7,500 7,500 842 $379,740 $245,423 $379,740 Earned surplus at end of period_ Comparative Balance Sheet Sept. 30 1934 1935 Lia),ilities1934 1935 AssetsCommon stocks-$5,080,065 $6,792,366 h Preferred stock_$2,305.257 52,305,257 669,412 445,000 i Common stock-- 669,886 Preferred stocks_ - 558,582 1,316 52,765 Common stk scrip Notes 2,498,673 1,772,086 Convertible debs.: Bonds 2,369,000 2.370,000 30,538 5%, 1953 Other investment_ 3,683,000 3,944,000 494,784 5Si%, 1939_ _ 1,335,689 Cash 15,264 43,449 Accounts payable_ Int. and accounts 83,855 80,253 49,756 Deb. int. accrued_ 61,950 receivable 3.197 1,818 Taxes accrued_ 950 1,175 Unad usted credits i Earned surplus 245,423 (from Jan. 1 '32) 379,740 85.534,960 39,637,297 Total $5,534,960 $9,637,297 Total h Represented by 24,640 shs. $6 (cum.) div. pref. and 280 shs. $5.50 per sh. upon redemption (cum.) div. pref.. of no par value (entitled to $110 or voluntary liquidation, or $100 per sh. upon involtunary liquidation, plus accrued diva.). Total pref. stock authorized 50.000 she., of which 23.690 shs. of $5.50 pref. are reserved for conversion of 57 debentures. i Represented by 669.885 shs. (1934-669,412 she.) of no par value. Authorized 900.000 shs., of which 36,830 shs. are reserved for conversion of 534% debentures. j Before provision for cum. diva, unpaid or not declared, including those normally payable on: Nor. 1 1935 Nov. 1 1934 4406.560 $6 preferred. $22.50 (1934-816.50) per share___$554,400 5.775 4,235 $5.50 pref., $20.625.5 (1934-$15.12%) per share_ $410.795 $560.175 Note-Based on prices, at market as per investment list, the unrealized net depreciation of investments at Sept. 30 1935 was $404,870 compared with $1,410,802 at Dec. 31 1934.-V. 141, p. 276. -Reorganization General Theaters Equipment, Inc. ---Plan Filed A plan of reorganization, providing for the exchange of stock in a new corporation foi existing claims and obligations, was filed in Chancery Court holders of of Delaware. Oct. 7. A committee, acting as representingW. Loasby. -year 6% convertible gold debentures and headed by Arthur 10 constitutes a reorganization committee. An order has been signed. designating Nov. 13 as the mac for a hearing. It is toe first plan submitted since the company was placed in receivership In February 1932. Senator Daniel 0. Hastings was appointed receiver. It is expected, under the plan, that the new corporation will acquire all warrants to or substantially all assets of General Theaters, and option Century-Fox purchase shares of preferred and common stock of Twentieth voting trust also provides for a readjustment fel* holders of Film Corp. It certificates for preferred and common of General Theaters by an exchange of subscription warrants for common stock of the new corporation. Chase National Bank has agreed, upon consummation of the plan, to of lend 32,000,000 to the new company, to deposit its secured obligations up General Theaters, and to deposit up to 158,313 shares of preferred and to 79.157 shares of common stock of Twenteith Century-Fox Film Corp., which will be distributed under the plan. Stock of the new company also will be accepted by the bank for the obligations it holds, except that a note or notes will be issued by the new company for the $2,000,000 loan. The latter note would be convertible into debentures. For each $1,024 of indebtedness of secured obligations and debentures the plan provides 10 shares of stock of the new company, and warrants to purchase 1% units of stock of Twentieth Century-Fox Film at $60 a unit on or before Oct. 11936. and at $70 a unit on or before Oct. 11937. Each unit consists of two shares of preferred and one share of common. It also provides that for each $1,024 of notes and accounts payable there would be exhcanged 73.6 shares of the new company, and warrants to purchase 1 34 shares of Twentieth Century-Fox at the same prices as holders of secured obligations. For each 10 shares of old preferred mere would be a warrant to purchase one share of the new company on or before Oct. 1 1937, at $12 a share. For each 25 shares of the old common there would be a similar warrant -V. 140, p. 3548. given, according to the plan. -EarningsGeorgia & Florida R R. • PeriodGross earnings -V.141. p.2276. -Fourth Week of Sept.- -Jan. 1 to Sept. 301934 1935 1934 1935 $804.391 $837.707 $23.123 $25,900 -To Pay Off & Rutgers Fire Insurance Co. $6,500,000 Owed to RFC The board of directors has voted to pay off its entire secured indebtedness of approximately 56.500,000 to the Reconstruction Finance Corporation. Of this amount $6.000,000 will be borrowed from commercial banks on a secured basis and the balance of approximately $500.000 will be paid out of corporate funds. The loan of the RFC was'to mature approximately $2.000,000 on Dec. 5 of this year and the balance of 84.500,000 on Dec. 5 1937, and carried interest at the rate of 4% per annum. The entire $6.000.000 to be borrowed from the banks will mature on Dec. 5 1937 and will beat interest at the rate of 2% per annum, thus netting the company a substantial saving in interest charges. Fred H. Hubbard, President of the company, made the following comment: "The ability of the company to borrow $6.000,000 commercially at 2% in order to pay off the RFC loan is particularly gratifying to me as recognition of the strong financial position of the company. Since the company resumed business at the close of last year it has made rapid strides forward. Claims have been paid promptly. The business of the company is being built up steadily along conservative lines. The reduction In interest rate will mean an increase of net revenue to the company of approximately $120,000 per annum. In its published statement of June 30 1935 the company showed a surplus to policy holders in excess of $7,509,000, an increase of over $2,000,000 from Dec.31 1934 and since June 30 2436 Financial Chronicle 1935 further substantial increases in policy-holders' surplus have accrued." -V. 141. p. 1096. (W. T.) Grant Co. -Sales Month ofFebruary March tp y It i1 f 1935 1934 1933 $5,571,225 $4,550,096 $4,492,044 6,953,087 6,774.303 5,136,563 7.662,708 5,951,919 6,267,376 7,430,188 7,179,255 6.552,836 7,653,756 7,347,316 6,509,624 6,276.262 5,735,776 5,771,013 6.732,321 6,292,108 5,749,854 6,725,950 6.570.467 6,433,228 June July August September 1770. ---Gray Telephone Pay Station Co. -$1.50 Dividend4 The directors on Oct. 12 1935 of 7% cumulative preferred stock, with warrants to purchase ofcommon stock and of 20,000 shares of new common stock, 40,000 shares announces that the additional capital is required to take care of the increased business available to the company. The volume of commercial and instalment paper handled by this company during the first been in excess of $17,000,000 in contrast with aeight months of 1935 has period of 1934 of slightly less than $10,000,000,volume during the same an increase of approximately 70%. Mr. Heller stated that these growing volumes are convincing evidence of the extent of busftiess recovery inasmuch as the business of this company, which deals in receivables, is in direct proportion to the volume of sales generated by its clients. He also stated the in his opinion, as gauged by the activity of outlook fcr business generally, manufacturers and merchants whose merchandise is sold on the instalment plan, is better than it has been at any time during the past five years. F. Eberstadt & Co.,investment bankers of New York, will head a group o market the stock to be offered for sale. C Oct. 9 declared a dividend of common stock, par $10, payable from surplus on $1.50 per share on the Nov. 15 to holders of (7M-Cent Extra Dividend-L • record Oct. 8. Previous dividend disbursements were as follows: 50 cents on April 8 last. $1 on Nov. 15 1934, and 25 cents per share y An extra dividend of 7 cents Per share in addition to the Quarterly distributions of 50 cents per share were madeon Jan. 2 1934. /terly dividend of 234 cents was paid on the common stock regular querup to and in-/ holders of on Sept. 30 to cluding Jan. 3 1933.-V. 140, p. 2186. record oflike date. .An extra and April 2 last. On Jan. 2 1935 an extraof 234 cents was paid on July 2 dividend of 2734 cents per share WU distributed while on Jan. 1934 Great Lakes Paper Co., Ltd. 2 an extra of 10 cents was paid. -New Offer -V.141. p. 2278. The bondholders faced with the ultimatum that the Gafaell offer,favored by the bondholders committee, would be withdrawn if final decision, Hinde & Dauch Paper Co. of Canada, Ltd. a was not reached by Oct. 15. adjourned their meeting -Earnings Bonds represented totaled $4,798,000, whereas from Oct. 4 until Oet. 14. approval of $5,000,000 is Earnings for Year Ended Dec. 31 1934 required to take final action. Gross profits One new offer for the property was submitted $542,464 R. S. Robertson. Depreciation Toronto, which cannot be considered at any meeting by bondholders before 182,715 of Bond interest Oct. 12.-V. 141, p. 2117. 68,457 Net profit before income tax Greater London & Counties Trust, Ltd. 5201.291 -Earnings Balance Sheet Dec. 31 1934 [Including Subsidiary and Controlled Companies] / Assets, LialnlUtesEarnings for the 12 Months Ended June 30 1935 / Cash on hand and in banks_ $56,488 Trade accountspayable 151:624617 $105,667 Operating revenues-current Call loan £2,994.123 288,700 Bond InUrest Operating expenses Cash surrender value life insur. -current 28,450 Accruals / 1,239.172 1,2627:860000 65.860 Accounts receivable 358,834 1st mtge,sinking fund bonds Profit Inventories £1,754.950 382,009 Reserves-Depree.& sects reo. 1,969.372 Net contracting profit Sundry accts. receivable 184,430 5,342 Capital stock (no par value)- 1,088,853 Investments 40,558 Appraisal surplus 474,219 Total Deterred charges & other assets £1,939,381 12.232 Earned surplus 1.171,408 Maintenance Real estate, bldgs.and equipt_ 4,961,014 192,236 Taxes (exclusive of income tax) 186,051 Depreciation Total 36,113,629 537.828 Total $6,113,629 V. 141, p. 2278. Net operating income £1,023,264 Non-operating revenue (R.) Hoe & Co. x38.614 -Meeting Further Adjourned The adjourned stockholders' meeting to vote on a proposed change Net income-before other deductions in £1,061,878 Par value of common stock to $10 a share from $1 has been further postInterest on funded debt Poned until Nov. '.-V. 141. p. 1099. 274,272 Int. on unfunded debt -Utilities Power & Light Corp., Ltd.... Intereston other unfunded debt 1,13 7 *-----Holly Sugar Corp. 14 3 -To Increase Stock Other charges 26: 65 Directors at a meeting held Oct. 7 authorized the calling of a 9 Dividends on preferred shares of subs special meeting of stockholders for Nov. 5 to vote on a proposal to increase 269,800 Net income accruing to minority interests the 136,740 no-par common stock to 500,000 shares from Income tax the new stock on the basis of five shares for100.000 shares and distribute 105,807 each one held. Application will be made for listing of both the common and preferred Total net income of Greater London & Counties Trust. Ltd.. stocks on the New York Stock Exchange. -V.141, p. 2278. & earnings accruing to ordinary shares owned by it £229,808 x After deducting expenses of Greater London & Counties (D. H.) Holmes Co., Ltd. Trust, Ltd., -Earnings less interest, directors' fees and miscellaneous receipts of £70.672.-V . Years Ended July 31141, p. 1595. 1935 1934 Net income $143.544 $56.350 Earns, per share on 33,000 capital shares Greater Savannah Co. -Assets Transferred $4.35 81.71 Orders have been signed by Judge William Court Balance Sheet July 31 1935 at Auguste, Ga., ending litigation involving H. Barrett in Federal which AMUbegan July 27 1933. The orders fixed expensesthe Hetet Savannah LiabilitiesCash on hand and attorneys' fees and ordered the assets of of the proceedings, trustees' $112,851 Notes payable 3400,000 the Greater Savannah Co. frozen in banks recivablCsh transferred to the Hotel Savannah, Inc. 85 949 Accounts payable 184:821 79 448 Accts. and notes - 536,989 Reserve for taxes & conting'eles Anton P. Wright, Thomas M. Johnson, Shelby Myrick, J. H.Thompson and J. A. Myers, constituted the bondholders' committee, with Thomas Capital stock , 3,300,000 Merchandise M.Johnson, Sec.; M. H. Barnes is receiver. 707,427 Undivided profits 107,848 --V. 139, p. 1240. Merchandise in transit 74,549 Real estate and buildings Greyhound Corp. 2,073,430 -Changes in Subsidiary Fixtures and equipment 337.687 The certificate of incorporation of the Eastern Greyhound Lines, Prepaid expenses 64,723 of Delaware, a subsidiary, has been changed to Central Greyhound Inc. Inc., as a result of a contract entered into Sept. 26 between the NewLines, York Total 24,072.118 Total Central RR. and this company. $4,072,118 -V.139. p. 1404. Capitalization of Central Greyhound Lines has also been changed. so that instead of 420,000 shares of one class of stock, there will be 200,000 'Hotel LaSalle Chicago-Sold in Bankruptcy shares of class A and 200,000 shares of class 13 stock. The LaSalle, one of the leading hostelries in Chicago's Loop, was sold The New York Central has purchased 100,000 shares of class B stock Oct. 2in Federal Court to the LaSalle-Madison Hotel Co.,subsidiary of and is given a ten-year option for the purchase of 100,000 shares of class A the P_es Moines (Iowa) Central Life Assurance Society, for the equivalent of stock. The status of the presently outstanding 12,100 shares of $6 preferred stock will remain unchanged. 82400,000. The Des Moines company, owner of a majority of the bonds and stock Class A common is to be entitled to a dividend of of the property, was the only bidder. The hotel had been in receivership before any dividends can be paid on the class B and such$3 a share annually since 1932. are to be cumulative only to the extent earned in such dividends on class A year. After a dividend of $3 is paid on class A the two classes are to participate equally. Thurlow G. Essington, trustee in bankruptcy for the said bondholders, outside of the insurance firm, would be Hotel company, Class A stock will be preferred over the class B in liquidatuon to the extent $210,000 in cash, or about 5 cents on the dollar, but would have the offered of taking of $50 a share. -V. 141, p. 2278. option common stock in the new company. -V. 139. P. 3156. Gulf Power Co. -Earnings - [A Subsidiary of Commonwealth & Southern Corp.] Period End. Aug.31- 1935 -Month-1934 1935-12 M03.-1934 Gross earnings $110,699 $90,767 $1,198,692 $1,032,428 Operating expenses 67,926 59,719 754,902 674,746 Fixed charges 16,556 16,290 199,481 202,490 Prov. for retire. res've_ 5.500 3,250 57,000 35.928 Divs. on pref. stock_ _-5,584 5,592 67,034 67,125 Balance -V. 141, p. 1770. $15,131 $5,915 8120,274 $52,137 Gulf States Utilities Co. -Earnings Period End. Aug. 31- 1935 -Month-1934 1935-12 Mos -1934 Gross earnings $563,611 8600,117 $5,690,861 $5,500,604 Operation 223,489 214,599 2,416,242 2,307.879 Maintenance 21,007 18,848 235,143 212,995 Taxes 48,219 49,053 543,626 506,261 Int. and amortization_ _ _ 89,844 90,002 4,081,461 1,082,845 Balance $181.049 8227,613 81,414,386 $1,390,622 Appropriations for retirement reserve 711,833 540,833 Preferred dividend requirements / 567,183 567,182 Balance for common dividends and surplus_ _ _ 8135.369 $282,606 -V. 141, p. 1770. Harrisburg (Pa.) Rys.-Merger Vetoed - As the result of the protest of three persons who own nine pany's bonds, the Public Service Commission of Pennsylvania of the comrejected on Oct. 10 the plan for consolidation (V. 140, p. 3898) proposed for the company and its five underlying companies. The Commission left the way open for submission of a new plan. The Commission's decision held that the authorized issue of of new securities to be exchanged for present stocks and bonds$5,500,000 was more than the value of the properties to be merged particularly by view of the record of earnings. -V. 141, p. 1099. ---Haverhill Electric Co. -Pays Snialler Dividend A dividend 75 cents of per share was pid on the common stock, par $25, on Oct. 10 to holders of record This compares with 88 cents per share paid on July 6 last. -V. 137. .1937. Oct.. (Walter E.) Heller 8c Co.-Corpital-Req_red-for -New Walter E. Heller, President of this company, installment bankers and factors, of Chicago and New York, who have filed application with the Securities and Exchange Commission for the sale of 40,000 additional shares Hotel Victoria (Max Kurzrok Realty Co., Inc.) -Successor Company, &c. See Victoria Bondholders Corp. below. -V. 127. p. 267. Illinois Bell Telephone Co. -Earnings Period End. Aug. 31- 1935 -Month-1934 1935-8 Mos.-1934 Operating revenues $6.164.153 $6,068,138 $49,565,079 $32,801,070 Uncollectible oper. rev 16,741 7,335 72,365 def848,096 Operating expenses 4,465,516 4,545,136 36,069,834 18,036,243 Operating taxes 470,457 788,433 5,477,458 6,150,951 Net oper. income_ _ $1,211,439 $727,234 $7.945,422 $9,461,972 - 141, p. 2279. V. -Imperial Tobacco Co. of Canada, Ltd. Liateri-Th referred... lock was called for trading on the Montreal Stock Exchange on Oct. 2 The listing covers shares of 6% cumulative es lative preference stock, ar one pound sterling. -V. 141, p. 116. Independent (Subway) System of N. Y. City. -Earns. Period End. June 30 1935Operating revenues Operating expenses Month 12 Mos. $861.596 810,469,999 605,204 6.977,731 Income from operation Non-operating income $256.392 $3,492,268 568 7,758 Net income - 141, p. 922. V. $256,960 $3,500,026 Indiana Harbor Belt RR. -Earnings -- Period End, Aug. 31 -Month-1934 - 1935 1935-8 Mos.-1934 Railway oper. revenues $727,861 $725,233 $5,411,996 $5,694,369 Railwayoper. expenses.. 438,311 428,2643.463,408 3,308,799 Railway tax accruals _ _ 45,705 56.670 340,193 438,711 Uncollectible ry. rev.. _ 47 586 128 Equip. & jt. facil. rents.. 93,655 41,611 512.055 392,238 Net ry. open income.. Other income $150,143 2.864 Tots income Miscellaneous deductions Fixed charges $153.007 3,034 39.150 $198,688 81,095,754 $1,554,493 3.196 15,739 22,774 $201,884 $1,111.493 $1,577.267 3.497 25,309 27.802 38,570 318.031 310,786 Net income -V.141, p. 1771. 8110.823 $159,817 $768,153 81,238.679 Financial Chronicle Volume 141 Indianapolis Gas Co. -To Negotiate The company has agreed to negotiate with the newly created City Utilities District of Indianapolis on the 99 -year lease which the Indianapolis Gas Co. made with Citizens Gas Co. in 1913. Indianapolis Gas Co. accepted checks from the City Utilities District in payment of the lease rental for the next six months. Twice previously checks had been refused. Acceptance permits Indianapolis Gas Co. to pay at once its taxes and the interest due Sept. 15 on its 6% bonds. Newton D. Baker has been retained by the company to negotiate an adjustment of the 1913 lease. Officials emphasize they are not surrendering any point by agreeing to negotiate for a compromise. ("Wall Street Journal.") -V. 141, p. 1934. Indianapolis Water Co. -Valuation Judge R. C. Baltzell in Indianapolis Federal Court fixed the valuation of the company's property at $21,392,821. The company had sought valuation of 325,000,000 and protested against an order of the Indiana Public Service Commission of Dec. 30 1932,fixing valuation at "not less than $22,500,000." The case went to the U. S. Supreme Court, where the Commission was overruled, and then was sent to Federal Court. Judge Baltzell also sustained 6% as a fair rtae of return for rate-making purposes. -V. 141, p. 2279. Industrial Rayon Corp.(& Sub.) -Earnings 9 Mos. Ended Sept. 30Operating profit Other income 1934 1935 1933 $1,057,788 $1.597,346 $1.917,237 y67,137 x332,801 Total income Depreciation Experiment expenses, &c Provision for loss on investment Part of cost of patent rights Provision for doubtful accounts Loss on sale of Govt. securities Interest and discount Provision for contingencies Federal taxes $1,124,925 485,057 42,762 60.000 17,000 6,506 891 $1,930,147 493,023 $1,917,237 466,061 11,790 85.000 38,000 190,600 190,000 3,143 2437 In addition, the British Treasury will exchange its holdings of £149,700 4%% extended "A" mortgage debenture stock, due 1973. for £154,300 3% second "A" mortgage debenture stock, due 1973, with a cash adjustment to cover the redemption premium on the old issue. This refunding will result in a saving in interest charges amounting initially to about $125,000 a year. The new 3% "A" mortgage debenture stock will be secured by a mortgage on the major portion of the company's property subject to the let mortgage 5% bonds due 1968, of which $4,866,000 are now outstanding, held for the most part in the United States and Canada. -V. 141, P• 754• Kansas City Gas Co. -Balance Sheet June 30 1935AssetsPublic utility & other properties incl. intangibles-book value $14,569,156 MLscell. invest'ts at cost-- -8,155 Sinking fund assets 17,599 Special cash deposits 1,050 Cash in banks and on hand__ 253,924 • Consumers' accts. receivable, incl. unbilled rev.(less res.) 213,228 Merchandise accts. receivable incl. instalment contracts (less reserve) 109,611 Other accounts receivable_ 4,888 Current accts, with aftil. cos_ 2,188 Merchandise, materials and supplies, at cost 122,354 Prepaid insurance, taxes and other expenses 58,828 Account receivable from Gas 1,142,888 Service Co Advances to personnel 1,384 190,829 Deferred charges Total -V. 140, p. 4238. Liabilities 8% cum. pref. stk.(par $100) $4,217,000 8% non-cum. pref.stock (Par $100) 1,800.000 Common stock (par $100)_ _ 812,500 1st mtge.6% gold bonds ser. A due Feb. 1 1942 2,298,500 1st mtge. gold bonds 5% sec. due Feb. 11946 1,219.000 Notes payable 18,743 18,484 Accounts payable Current accts. with affil. cos_ 262,010 Prov.for Federal income tax_ 109,455 Accrued interest, taxes and 229,383 other accounts Divs. payable on pref. stocks 87,255 Notes payable-not current_ 18,409 Consumers' & line extension deposits 282,895 Res,for deprec.& retirements 2,815,798 555,549 Injuries and damages reserve 642,823 Contributions for extensions_ Special surplus reserve 345,314 Surplus 1,165,739 Total $18,895,682 $18,695,862 $415,919 $1,208,524 $1,258,033 • 756.000 Keystone Steel & Wire Co. -Plans $2,000,000 Refunding Issue - Deficit $340,081 $1,208,524 $1,258,033 Shs. corn, stock outstanding (no par). 600,000 600.000 200,000 Earnings per share $0.69 $2.01 $6.29 x Includes $198,787 profit on sale of U. S. Government securities, and 110,840 realization of previous write-down of U. S. Government securities to par value. y Includes $10,594 adjustment of 1934 tax accruals (net). -V.141, P. 1440. The company is planning to sell a block of serial notes, probably amounting to more than $2,000,000, and use the proceeds to retire its outstanding preferred stock, according to W. H. Sommer, President. On June 30, last, company had outstanding 19.799 shares of 7% cumulative exclusive of -V.141, p. 1936. treasury shares. Net profit Dividends -City and Company Interborough Rapid Transit Co. Agree on Price The City of New York, it is reported, has tentatively agreed to purchase the stock equities of the Interborough Rapid Transit Co.and the Manhattan Ry. for $40,000,000, thereby bringing transit unflication a step further, The announcement said that payment of the equities would be in Board of Transit Control 2d mtge. bonds. The Board of Transit Control is to be formed under the unification scheme. It is believed that agreements covering all the Interborough and Manhattan security holders' groups will be announced within a short time. -V. 141, p.2279. Jamestown Westfield & Northwestern RR. -Gets Offers Two offers of $85,000 and $100,000 for its line were received Oct. 10 by the company. The first was submitted by Fish & Roberts, consulting engineers of New York,and the larger bid by a group of Jamestown residents. The Interstate Commerce Commission in August granted the company's petition for permission to abandon its line on condition it sell all its railroad properties, or at least the main line and used terminals at Jamestown, to any persons offering within sixty days to buy it for continued operation, the purchase price to equal a fair net salvage value. -V. 141. p. 127 , -international Bronze Products Ltd.-/nitial Pre . Dt0 The directors have declared an initial dividend of 37% cents per shalt on the cumulative participating preferred stock, payable Oct. 15 to holders of record Sept. 30.-V. 141. p. 279. International Carriers, Ltd. -Earnings 9 Months EndedIncome-Cash dividends Interest on bonds Interest on bank balances •Sept. 30'35. Sept. 29'34. $111,302 $107,954 40,142 63,089 10 Total income Management fee Fees of custodian, registrar, transfer agent and dividend paying agent Legal and auditing fees Federal and State taxes Other expenses $151,445 16,025 $171,053 18,826 12,557 4,350 6,658 2.421 14,184 3.761 8,540 4,190 Net income Net loss on sales of investments(computed on basis of average cost) $109,433 $121,551 411,601 735,664 Net operating loss for the period Operating deficits, Dec.31 Capital surplus balance, Dec. 31 $302,168 $614,112 7,816,698 6,961,918 14,137.623 14,137.623 Total surplus Dividends declared Balance $6,018,756 86.561,592 83.901 8..901 $5,934,856 $6.477,690 Balance Sheet AssetsSept. 3035. Sept. 2934. Liabilities- Sept. 3035. Sept. 29'34. a Investments at Accounts pay. and cost $5,717,148 $8,898,783 accrued expenses $8,773 $8,889 Cash in banks_ _ 745,028 327.966 Prov.for Fed,cap. Cash dep. with div. stock & other tax 8,822 paying agent 27,967 Dividend payable27.987 27,987 Cash diva. reeeiv19,950 17,899 Cap.stock (par $l) 559,343 559,343 Acct.. int. on bonds 21,008 25,149 Capital surplus-- 5.934,856 6.477,690 Prepaid expenses_ 8,482 2,270 Total Total $8,537,581 $7,071,889 $8,537,581 $7,071,889 a The aggregate amount of investments at Sept. 30 1935. priced o basis of market quotations, was $3,740,515.-V. 141, p. 754. International Cigar Machinery Co. -20 -Cent xtra Div„ The directors on Oct. 9 declared an extra dividend of 20 cents per shatli In addition to the regular quarterly dividend of 45 cents per Share on the common stock, no par value, both payable Nov. 1 to holders of record Oct. 19. A final dividend of 27% cents per share was paid on Dec. 10 1934. -V. 141, p. 1100. l --$1 Pref. Div.ci?"10 5-ee international Power Co., Ltd. The directors have declared a dividend of $1 per share on account of 7% cum. 1st preferred stock, par $100, Payable accumulations on the Nov. 1 to holders of record Oct. 15. A similar payment was made on July 2 and on April 3 last, this latter being the first payment to be made on this issue since Oct. 1 1931 when the regular quarterly dividend of $1.75 -V. 140. p. 4237. per share was paid. -"International Power & Paper Co. of Newfoundland, Ltd. -New Conversion Loan Offered in London The company, a subsidiary of International Paper Co. offered at 97 in London on Oct. 10, £1,877,800 3% "A" mortgage debenture stock maturing 1973. The prospectus is being issued through the Bank of England. The entire present outstanding issue of 4 % "A" mortgage debenture stock due 1948 is being called for redemption on Jan. 15 1936. As in the case of the old issue this new debenture stock will be guaranteed by the British Treasury. -Earnings Key West Electric Co. -Month-1934 - 1935 Period End. Aug. 31 $12,461 $13,332 Gross earnings 5,529 Operation 5,547 1,481 1,150 Maintenance 1,303 1.657 Taxes 2.000 1,965 Int. and amortization 1935-12 Mos.-1934 $152,669 8153.696 69.312 66,550 19,363 17,504 15,742 16.804 24,060 25,861 $24,155 20,000 24,500 Deficit for common dividends and surplus -V. 141. D. 1772. $27.011 20,000 24,500 $20,344 $2,122 Balance $3,035 Appropriations for retirement reserve Preferred dividend requirements 817,488 -Earnings (& Subs.) Kresge Department Stores, Inc. 1934 1933 1935 6 Months Ended July 3182.014.614 81.864,565 81.450,013 Net sales 1,904,540 1,575,110 Cost of sales & operating expenses__ _ 2,038,575 968 1,435 Interest paid 16.047 26.841 Depreciation 13.372 Federal taxes Loss for period -V. 140, p. 3218. $151.938 71,732 $1,455 loss$80.206 7.300 $6.692 3,890 Net income Provision for $56,990 58.445 $38,768 45,460 Loss before miscellaneous income iscell. income, int., received, &c prof$2,802 $5,845 $80,206 1934 $8,824,821 8,797,055 12,320,725 10,146,128 11,680,348 11,522,566 9,471,998 10,252,468 10,413,911 1933 $7,706.388 8,053,868 8,491,512 10,228,412 9,941,023 10,304,867 9,406,816 9,920,933 10,634,773 -Sales (S. S.) Kresge Co. Month ofJanuary February March April May June July August September 1935 $8,488,423 8,975,052 10,328,161 11,518,500 10,871,686 11,048,088 10,004,027 10,758.148 10.147,936 $92,140,022 $93,430,021 $84,688,595 Total nine months The company had 690 American and 47 Canadian stores in operation on Sept. 30, against 683 American and 44 Canadian at the end of September 1934.-V. 141, p. 2119. --Kryge Foundation-Lioti*g-of-XedesThe ew York Stock Exchange has authorized the listing of $5,500,000 10-yr 4% collateral trust notes, due .1445.4-1945. V. 141;p. 923. ea -Sales (S. H.) Kress & Co. Month ofJanuary February March April May June July August September Total for nine months -V. 141, p. 2281. 1934 1933 1935 $4,761,726 85.106,517 $3,912.983 3,895.802 5,083,475 4,968,306 4.086,768 5,472,265 6,330,794 5.732,389 4.766,042 6,441,416 4,978,301 6,095.747 5,934.386 4,830,253 5,757,198 5,700,379 5,335,936 4,928.805 5,883,589 5,416.829 5.574,040 5,946.257 5.684.751 5.405.554 6,137,927 $51,246,251 850.700.847 $42,221.337 La Luz Mining Corp. -Stock Banned by SEC Partly because the invention of a "vibrator" or "indicator" by Philip Haas, a former fruit grower of Los Angeles, was used as an argument in the selling prospectus, the Securities and Exchange Commission announced Oct. 10 that it has suspended the effectiveness of a registration statement under the Securities Act of 1933 by the company, for the issuance in this country of 100.000 shares of its preference stock at $1.50 a share. The SEC said that, although Haas had no scientific training or education as a geologist or a metallurgist,his report was described by the registrant as one by "Professor Philip Haas, scientist and geologist with a worldwide reputation as inventor of the 'mineral indicator.'" The LaLuz Mining Co. was organized under Arizona laws in 1933 to own and operate a gold mine in Sonora, Mexico. Lane Bryant, Inc. -Sales Month ofJanuary February March April May June July August September Total for nine months -V.141, p. 1772. 1935 $906,500 727,597 1,210,220 1,339,061 1,249,620 1,196,327 798,643 939,231 1,060,977 $9.428,176 1934 $952,055 773,387 1,321,870 1,248,454 1.269,158 1,248,414 729,939 943.869 1,023,996 1933 $804,217 670,308 836,810 1,105,926 1,091,076 1,171,096 712.608 920,244 945.679 $9,511,083 88,257.964 • 2438 Financial Chronicle Langendorf United Bakeries, Inc. -Earnings Years EndedJune 29 '35 June 30 '34 July 1 1933 July 2 1932 Total net sales $5,991,420 $5,202,310 $4,440,078 $5,405,348 Gross profit 311,681 469.267 610,791 • 452,812 Depreciation x268,895 265,647 302,778 277,583 Interest 38,841 66,472 44,973 55,681 Federal income taxes_ 6,700 16,500 21,000 28.500 Arnortiz. of bond disct. and expenses 14,325 14,965 3.600 15,600 Extraord. invent, write downs 15,646 Amortiz. of develop.exp. of prior year 14,752 Gain on bonds Dr342 Cr16.158 Cr5,423 Idle plant expenses 6,724 1,139 Loss on disposit'n ofcapital assets, net of gains 7,991 Miscellaneous expenses_ 3,621 2,722 12,210 Net income Class A dividends Oct. 12 1935 Comparative Balance Sheet Sept. 30 1935 1934 1935 1934 Assets$ Liabilities$ $ $ x Securities owned 51,095,369 51,066,301 y Capital stock._ 3,230,492 3,181,918 Cash 1,060,820 1,180,063 Dividend payable_ 409,620 406,920 I U.S. Govt.secur 5,371,078 3,657,622 Payable for secur. I Invest, in real eat 2,509,036 2,574,036 purchased 46,950 81,185 Real estate loans Res.for accr. caps. and equities...._ and taxes 1 1 528,539 315,470 Loans & advances. 150,610 27,500 Capital surplus._.81,316,403 81,294,066 Ree,for secur.sold 26,533 35,243 Profit & loss def 24,878,256 26,562,567 Divs. rec. and int. accrued 352.636 261,466 Prepaid taxes.... 2,424 Total 60,474,914 58,895,826 Total 60,474,914 58,895,826 x At cost. y Represented by 682,700 no par shares in 1935 (681,700 In 1934), excluding 4,200 shares held in treasury, at cost, in 1935 (5,200 in 1934).-V. 141, 1936. $179,042 171,793 Lima Locomotive Works,Inc. -To Write Off Good-Will A special meeting of stockholders will be held on Nov. 21 to vote on a Balance, surplus change in capital proposed by the board of directors which would,involve $71,255 $7,249 $8,870 $29,610 Shares class A stock outwriting down good-will from $2,687,716 to a nominal value of $1. standing (no par)_ _ The call was sent out on Oct. 5 by Samuel G. Allen, President, following 84,029 85,550 85,146 85.146 Earnings per share a meeting of the directors, at which the proposed changes were approved. Nil $2.09 $1.70 $1.10 If approved by stockholders, the capital of the corporation, in accordance x Includes amortization of leasehold improvements. with the plan, would be reduced from $10,552,850 to $6,331,710 and the Comparative Consolidated Balance Sheet stated value of the stock (without par value) would be changed from $50 to $30 per share, thus providing a capital surplus of $4.221,140. A charge AssetsJune 29'35 June 30'34 Liabilities-- June 29'35 June 30'34 would be authorized against this capital surplus of $2.687,715, by reducing Cash $172,397 $210,242 Accts. pay.& am. good-will to the proposed nominal value, which would leave the capital U.S. Treasury etfs 100,000 $161,149 $136,320 expenses surplus at $1.533.424. Accts.receivable._ 148,390 140,566 Real estate pureh. "This proposed change in the corporation's capital will in no way affect Inventories 466,255 341,475 28,017 contracts the intrinsic net worth of the corporation, nor adversely affect the shares Bond int. fund_ _ 12,396 21.286 8,175 Divs. payable.... owned by any stockholder, as the number of shares outstanding will remain Prepaid insurance, 38,867 Federal Inc. taxes_ 33,483 the same as at present," said Mr. Allen in his letter to stockholders. taxes, &c 43,118 649,017 49,666 Long-term habil._ 580,000 "Your board of directors has deemed it advisable, after careful conMiami!. assets_ 51,112 Res. for self-insur_ 50,893 21,180 14,503 Cash surr.value life sideration, to eliminate good-will as an asset (except at the nominal value Miscell. reserves 879 of $1). The valuation of good-will originated at the time the corporation Insurance 5,854 b Capital stock... 2,559,075 2,579,494 6,831 was organized, and is believed to be no longer desirable." Leasehold deposits 10,115 Paid-in surplus_ _ _ 2,939 9,115 11,420 -V.141, p. 1773. Plant & equipment 2,335.964 2,452,336 Earned surplus 72.900 166,217 Lincoln Stores, Inc. -Sales-Deferred charges... 77,227 62,987 Good-will 161.873 159,757 reriod Ended Sept.30-- 1935 es -Month-1934 1935-8 Afos.-1934 Sales $275,493 $2,880,132 $2,059,832 $349,749 Total $3,468,103 $3,608.643 Total $3,468,103 $3,608,643 During Sept. 1935. the company had 13 stores in operation as compared b Represented by 84,029 shares class A stock in 1935 (85,146 in 1934) with 11 stores during September 1934.-V. 140. p. 2541. and 111.926 shares class it stock, both of no par value. -V.140, p. 2189. loss$29,035 42,220 4114,756 85,146 $94,160 85,290 -Earnings-Loblaw Groceterias, Ltd. Period--4 Weeks Ended-16 Weeks Ended-- Lederle Laboratories, Inc. (& Subs.) -Earnings Earnings for Year Ended Dec. 31 1934 Net oper. profit after deduction of plant, selling and administrative expenses, but before deduction of depreciation Interest and discount Profit realized on foreign exchange Other earnings $4791:01987 6 Total profit Depreciation Provision for income tax Research and process development expense $486,122 57,349 68,353 27,572 Net income Earned surplus as at Dec.31 1933 5,220 618 $332,846 1,090.417 ••••• Total surplus Dividends on preferred stock $1.423,264 84.000 Earned surplus as at Dec. 31 1934 $1.339,264 Consolidated Balance Sheet Dec. 31 1934 Assets LiabilitIesCash in banks and on band__ $105,838 Accts. pay. dr acer. expenses- $195,640 Acc'ts receivable, less reserve. 453,986 Provision for income tax 68,353 Notes & trade accepts. receiv_ 30,097 Reserve for contingencies 20,807 Demand spans-American CyPreferred stock y1,400,000 anamid Co 1,047,562 Common stock z2,500,000 Materials, products & supplies, Paid-in and capital surplus_ 184,962 valued at not in excess of the Earned surplus 1,339,264 lower of cost or market 1,203,137 Reduction of goodwill, patents, Plant, prop. & equip., at cost_ x890.95.5 rights & processes to nominal Prepaid oper. expo. & other value of $1 Dr1,935,808 charges applie. to subsequent period 41,641 Good-will, patents, rights and processes, stated at nominal value 1 Total $3,773,220 Total $3,773,220 x After reserve for depreciation of $262,523. y Represented by 75,000 no par shares. z Represented by 1,000 no par shares. Libby, McNeill & Libby-Meeting Date Changed The by-laws of the company have been changed so that the annual meeting will be held on second Thursday of May instead ofsecond Thursday of January. -V. 141, p. 1277. Lehman Corp. -Earnings -3 Months Ended Sept. 30Interest earned-On U. S. Govt. securities On other bonds,loans, advances and bank ha's Cash dividends (excl. amounts attributable to corporation's stock owned during period) Miscellaneous income Total Provision for franchise and capital stock taxes..._ Registration, transfer, custody of securities, legal and auditing expenses Other operating expenses Total Provision for Federal and State income taxes 1934 $61,128 92,559 472,013 2.927 i6OSti,040 34,781 382.763 13.931 $550.382 23,154 15,465 84,022 12,116 74,927 $451,778 $440.184 636,187 56.615 279,545 $1,144,581 85,000 Balance of income Net realized profit on investments (computed on the basis of average cost) Recovery on real est, loans written off in prior yr. Net realized profit on commodity transactions_ 1935 $36,891 74.216 $744.868 50,000 25,138 Balance profit for the period $694,868 $1.059.581 -The unrealized depreciation of the corporation's assets on Sept. 30 Note 1935, based on market quotations or. in the absence of market quotations, on fair value in the opinion of the directors, was $9,039,000, compared with an unrealized appreciation on June 30 1935 of $5,120,000. Statement of Surplus 3 Months Ended Sept. 30 Capital Surplus1934 1935 Balance June 30 $81,294,067 $81,256,887 Excess of proceeds over cost of shares of traesury stock delivered upon exercise of options thereon_ 37,179 22,337 Balance. Sept.30 $81,316,403 $81,294,067 Profit and Loss Account Balance, loss, June 30 $25,528,217 $26,850,516 Profit for the 3 months ended Sept. 30 (per statement above) 1,059,581 694,868 Dividend declared Balance. loss. Sept. 30 x Of which $204.009 has been applied to the o treasury stock in 1935. Sept. 21 '35 Sept. 22 '34 Sept. 21 '35 Sept. 22 '31 Sales $1,172,733 $1,107,733 $4.500.914 $4,388,772 Net profit after charges and income tax_ _ _ _ 48,962 52,344 181,131 es 199,113 -V. 141, p. 1773. -Rights-Lockheed Aircraft Corp. The company has notified stockholders that it expects certificates evidencing rights to purchase one new share for each 10 shares held, at $3.25 a share, will be mailed to stockholders of record Oct. 17. In compliance with the Federal Securities Act, the registration statement and amendments covering the proposed new issue was filed with the Securities and Exchange Commission on Sept. 27 and It is now expected that this statement will become effective on Oct. 17.-V. 141, p. 2281. ------Long-Bell Lumber Co. -Present Status--42-i-v4C-i-4 lit ' Halsey, Stuart & Co., Inc.. reorganization manager, in a letter to the holders of the 1st mtge. 6% gold bonds and certificates of deposit for such bonds, advises them in a general way regarding the status of Long-tiell's reorganization and the operation of the sinking fund for its 1st mtge. bonds. A letter dated Oct. 3 states: As of July 25 last the bondholders' committee sent all bondholders of record formal court notice setting Sept. 9 as the date on which the Court would determine whether or not he would confirm the plan. The hearing was held and the requisite percentages of approval of all classes of creditors ond tpt equity were presented. The Court entered his confirming order a se he . The plan cannot be made presently effective, however, in view of an appeal from the Court's decision by a general creditor. Out of some 15.000 creditors and stockholders, this general creditor is the only one which has expressed dissatisfaction with the Court's findings, with the exception of six individual bondholders holding a total par value of $17,400 deposited bonds, who requested that their bonds, out of a total of $14,480,700, be released from deposit with the committee. Section 77-B of the Bankruptcy Act provides that any creditor or stockholder has the right for a period of 30 days from the entering of the confirming order to appeal from the decision of the District Court. We know of no other objections, however, that are now contemplated. The outcome of the appeal of this general creditor cannot be predicted. If it is successful, it will undoubtedly require changes in the present plan which might entail considerable delay, because of the need of recontacting all creditors and stockholders. The effect of this delay on Long-Bell Is problematical, because it will depend largely on general conditions then prevailing. Pending the disposition of this appeal the company will continue as heretofore under Section 77-B of the Bankruptcy Act. There has been some improvement in the company's realization from its manufacturing operations, due to the general improvement in the lumber industry, as both sales and hours of operation have shown an increase. There is still a deficit, however, in the sinking fund on account of timber heretofore released without payment in order to keep the company operating. On Nov. 20 1934 Halsey, Stuart & Co., as sinking fund agent, informed yoll and all other known bondholders of the court decree authorizing the Long-Dell Lumber Co. to purchase its 1st mtge. bonds with sinking fund moneys realized from the sale of timber cut after June 10 1931. Since Dec. 17 1934, the first date of purchase of bonds under this decree, $939,400 of bonds have been purchased and delivered to the trustee at a total cost to the sinking fund of $215,771, or about 22.969 flat per bond, which included an allowance for pro rata committee expense to all certificates of deposit purchased and released from deposit of 1%%. and compensation to the sinking fund agent on all purchases of of 1%. The last purchase for the sinking fund included in the above figures was on Oct. 2 1935, at 25 flat, exclusive of any allowance for committee expense or compensation to the sinking fund agent. The bonds purchased have been canceled, reducing the issue now outstanding to $18,213,400 par value. Subject to confirmation. Halsey, Stuart & Co., as sinking fund agent. are prepared to purchase for account of the company a limited amount of bonds and(or) certificates of deposit at the market. which is now about 25 flat. Chicago delivery and paymei t. How long this offer will be maintained or whether it will be lowered or raised, or what amount of bonds will be purchased, we cannot state. We feel, however, that it would be in the Interest of any bondholder desiring to dispose of his bonds or certificates to communicate with the sinking fund agent prior to their sale. All bondholders should understand that no one connected with LongBell Lumber Co. the bondholders' committee or Halsey, Stuart & Co. is recommending that any bondholder sell his bonds and(or) certificates of deposit, or that he should hold them in hopes of obtaining a price higher than that now indicated by market quotations. Our statements are merely Informative and nothing in the foregoing letter is to be construed as in any respect limiting the company to purchase through its sinking fund agent any specific amount of bonds, or to the payment of any specific price therefor, as it will be the company's policy to use its own best judgment in buying such bonds and(or) certificates of deposit as it elects to buy. As indicated above, it must leave to its bondholders the question of reaching a decision as to whether or not they wish to sell, and, if so, when and at what price. -V. 141, p. 281. ---Long Island Lighting Co. -Sells $5,992,000 Bonds Privately-Ellis L. Phillips, President, announced Oct. 7 that, with the approval of the New York P. S. Commission, the $24,878,256 $26,562,567 company has completed negotiations for the private sale, to purchase of 4,200 shares three large insurance companies, of $5,992,000 1st ref. mtge. S24,468,636 $26,155,647 409,620 406,920 :gold bonds, series C, 4%, dated June 1 1935 and maturing .June 1 1960, at par and int. This sale was made to the Metropolitan Life Insurance Co.in the amount of $3,992,000; New York Life Insurance Co., $1,000,000; and the Northwestern Mutual Life Insurance Co.of Milwaukee,$1,000,000. The proceeds of the sale of these bonds will enable the company to pay all of its outstanding 1st mtge. sinking fund 5% bonds maturing March 1 1936, of a face amount of $4,449,700. It is also the intention of the company to call for redemption on Jan. 1 1936 at 105 $1,405,600 of Public 'Service Corp. of Long Island 1st mtge.5% bonds, due in 1943; also 8137,000 Long Island. Gas Corp. 1st mtge. 5% gold bonds due in 1940. at 105. The last two companies were merged into the Long Island Lighting Co. some years ago. The company recently paid all of the real estate mortgages covering various properties purchased from time to time throughout Long Island, which, together with the payment of the 1st mtge. bonds and the called bonds. will eliminate all liens prior to the lien of the 1st refunding mtge. securing the series A, B and C bonds. Therefore, the latter mortgage, securing its -V.141, p. 1773. three series of bonds. becomes in effect a first mortgage. Loose-Wiles Biscuit Co. -Initial Pref. Dividend-4d0A-e The directors have declared an initial dividend of $1.25 per share on the new 5% cumulative preferred stock, par $100, payable Jan. 1 1936 to holders of record Dec. 18. The 5% preferred stock has replaced the 7%. preferred stock, which was recently retired. _ -V. 141, p. 2281. Louisiana Steam Generating Corp. -Earnings Period End. Aug. 31 1935-12 Mos.-1934 - 1935 -Month-1934 Gross earnings $142,336 $2,083,656 $1,863,582 $195,571 Operation 99,314 1,369,915 1,263,320 124,258 Maintenance 7.183 75,604 62,053 8,042 Taxes 6,181 102,753 7.681 70,373 Int. and amortization__ 203,713 219,612 16,430 17.626 Balance $39.158 Appropriations for retirement reserve $12,030 Balance foe common dividends and surplus-V. 141, P. 1773. Stack, Assistant Treasurer of the John Hancock Mutual Life Insurance Co., held a meeting Oct. 9, and is understood reached a unanimous decision to support the road's plan for refunding its Dec. 1 maturities. Some modifications were worked out in the original plan, which are satisfactory to the first and refunding mortgage holders, resulting in the indorsement of the proposals by these various interests. Although approximately one-third of the 2,000 bondholders have already signified their assent to the original plan' by depositing their bonds for stamping,the deposits have naturally been coming in slowly pending the decision of the large holders. The committee of savings banks and insurance companies, it is understood, represents approximately 50% of the $20,000,000 1st and refunding bonds, and it is expected that their indorsement will result in a rapid acceleration of deposits by the institutional holders. The committee comprises: L. P. Stack, Chairman; Channing H. Cox. President, Old Colony Trust Co., Boston; It. Lamotte Russell, Treasurer, Savings Bank of Manchester, Manchester, Conn.•, W. A. Danforth, Treasurer, Bangor Savings Bank, Bangor, Me.•, F. F. Lawrence, Treasurer, Maine Savings Bank of Portland, Portland, Me.; T. A. Apollonio, President, Suffolk Savings Bank, Boston; H. P. Gifford, President, Salem Five Cents Savings Bank, Salem; Myron F. Converse, President, Worcester Five Cents Savings Bank, Worcester; W. A. Dupes, Treasurer, Provident Institution for Savings, Boston; J. W. B. Branca, President. Springfield Institution for Savings, Springfield; Wilson G. Wing, President, Provience Institution for Savings, Providence, R. I., and Jacob A. Barbey, Vice-President. New England Mutual Life Insurance Co., Boston. The plan proposed by the road offered to give holders of the series A series B 4%%,series 05% and series D 6%.1st and refunding mtge. 4%, bonds $500 principal amount in new 1st mtge. and collateral 4% sinking bonds, due 1945, or at the holders' option, $500 in cash and $500 fund principal amount in new general mortgage series A 4%% bonds, due 1960. -V. 141, p. 2282. -Earnings--- ". Manchester Terminal Corp. 1935 Y$438.114 See y Years Ended July 31Gross operating revenue Other earnings 1934 568.260 $ 12.325 $248,222 264,000 Total revenue Admin., general and operating expenses $438.114 298,638 $580.585 331,800 $67,668 def$15,777 Income from operations Other income credits x Discount on bonds used for sinking fund $139,477 95,005 $248,784 14.370 102.683 Gross income Plant depreciation Interest on bonds, paid and accrued $234.482 116,059 180,816 $365,837 118,463 191,759 $331,668 264,000 - = Louisville Gas & Electric Co. (Ky.)-Removed from UnlisC_Trading-A-2et 6 The New York Curb Exc,hangphasi removed from unlisted trading privil the 6% sinking fund gol debenture ponds, series A, due Oct. 1 1937.-V. 140, P. 805; V. 137. p. 1050. -Lucky Tiger,Combe:ation Gold Mining Co. -Extra Dividend- .t/4't The directors have declare an extra dividend of 3 cents per share in addition to the regular quarterly dividend of like amount on the capital stock, both payable Oct. 19 to holders of record Oct. 10. .Like payments were made on July 20 last. -V. 141, p. 602. -Ludlum Steel Co. -Will Sell 73,251 Common Shares The company has filed with the Securities and Exchange Commission a registration statement in connection with an issue of 73,251 shares of common stock ($1 par) and will use approximately $700,000 of the proceeds for the acquisition of the stock of the VirallIngford Steel Co. The balance will be added to working capital. The company states increased working capital is principally necessitated by increased inventory. The company proposes to issue 50,692 shares from its common stock authorized and unissued and give each common holder the right to subscribe at a price based upon the market quotation. Each common stock holder is to have the right to subscribe to one share of common for each four shares held, but also may subscribe to as many additional shares as desired. In the event the stock is oversubscribed, the shares above quoted needs will be prorated. The company further states that 3,000 shares of treasury stock to be registered under the application will be offered Hlland G. Batcheller, Gen. Mgr., under an employment contract. Earnings for 7 Months Ended July 31 1935 Gross sales $3,417,290 Coat of goods sold 2,146,418 Othbr deductions including maintenance and repairs, &c 877,291 Profit Other income Total income 'Federal taxes Other charges Net profit Earnings per share on 202.155 shares common stock (par $1)..-V. 141, p.2282. $393,581 65.835 $459,416 61.462 .15.691 $382,263 $1.06 zbirne County e as for e Electric Co. u7nOtnsin2kin-Tenders The Chemical Bank & Trust Co., E ur ng n Nov. 1. oo receive to asof s it fund gold bonds to exhaust the sum of $227,658 at pridOs. not exceeding 105 and interest. -V. 141, p925. 11 ----McCrory Stores Corp. -Amended Ptan„ Filed - The prefe7 stockholders' committee'has filed amended plan for the reorganizatio f the company in the U. S. District Court. Hearings were held Oct. 11 n the proposed amendments, which are intended to overcome the objections raised in the recent decision of Judge Robert P. Patterson, disapproving the plan as originally submitted. Under the proposed modifications, the landlord claims, provable under Section 77-B of the Bankruptcy Act, owned by the United Stores Corp., will be disposed of by the issuance to that organization of shares of new common stock at $6.50 a share, not to exceed 444,840 shares, for an amount equal to the value of the following items: (1) The aggregate amount paid by United Stores to the landlords for the assignment of said claims. (2) $150,000 or such other amounts as the Court shall approve as reasonable expenses to the United Stores for acquiring said landlord claims. (3) Interest at.6% on all sums paid by the United Stores from dates of payment. In case the aggregate of these three items shall amount to more than $2,891,460, or 444,840 shares at $6.50 a share, the excess shall be paid to thelUnited Stores in cash, the proposal stated. For its services in underwriting at $6.50 a share the 352,456 shares of new common stock to be offered at that price to holders of the old common stock, United Stores shall receive payment in cash of 50 cents a share or such other amount as the Court may approve as a fair and reasonable commission. Under the terms of the original plan, United Stores was to receive 44.840 shares of new common stock and cash of about $600,000 for its landlord claims. The total of 444,840 shares was arrived at by capitalizing $2,150,000 of United Stores costs into new common stock at $5.40 a share and capitalizing $303,498 of its costs of acquiring claims subject to conditional settlement with McCrory Stores into new stock at $6.50 a share. The payment of about $600,000 in cash was to represent the balance of the United's costs for the claims. The position of the common stockholders of the McCrory Co. has not been improved by the amended plan _proposed by the United Stores group, according to a statement by Henry U. Harris, Chairman of the Committee -V. 141, p. 2282. representing a majority of the common stockholders. -Sales McLellan Stores Corp. -Month-1934 1935-9 Mos.-1934 Period End.Sept.30- 1935 $1,523.677 $1,588,950 $12,876,980 $12,890,257 Sales Number of stores in operation in September were 230, as compared -V. 141. p. 1773. with 234 in September last year. -Bondholders in Agreement Maine Central RR. The informal bondholders' committee, representing the $20,000,000 1st and refunding mtge. bonds, due Dec. 1 1935, comprising representatives of New England savings banks and insurance companies, headed by L. P. 2439 Financial Chronicle Volume 141 $62,393 Prof.$55.615 Net loss x The "discounts" realized on company bonds purchased and used for sinking fund purposes are, by Federal Income Tax Department ruling, considered as income and are reflected as profits. y Includes other income Balance Sheet July 31 1934 1935 1934 Liabilities- , 1935 Assets$7,588 $75,207 Accounts payable.. :3,903 $127,114 Cash 75.000 Current taxes, preCtts. of deposit_ paid service rev., 73,800 80,000 II. S. Govt. secur29,373 84,837 &c 30,709 Acc'ts receivable 102,959 98,487 44,957 Deferred accounts_ 38,330 Accr. rev. & Inven. 25,530 Deferted income_ Prepaid charges17,721 4,554 12,340 Res., taxes, &c_ ins., taxes, &c_. 63,132 59,455 99,007 Accr. int. on bonds 29,851 Other assets_-_ -_ 552 Property Investna't 4,301,651 4,412,147 Other accruals_ lot mtge. bonds 1,931,000 2,063.000 790,000 Gen. mtge. bonds_ 755,000 500.000 500,000 Preferred stock_ 1,000,000 1,000.000 Common stock_ 292,818 x Unnivided profits 226,614 $4,803,811 $4,863.296 Total $4,803,811 $4,883,296 Total -V. 139. p. 2368. x See above. y Includes other income. -Meeting Adjourned Manitoba Power Co., Ltd. The special meeting of bondholders scheduled for Oct. 10 lacked a quorum and the meeting was adjourned until Nov. 14.-V. 141, p. 2282. -Earnings Marine Midland Corp. (11c Subs.) 1935-9 Mos.-1934 Period End. Sept. 30- 1935-3 Mos.-1934 Net oper. earnings after taxes & adjusted min. $939,873 $846,257 $2,799,220 $2.829,390 Interests Earns, per sh. on 5,551,010 shs, capital stock $0.51 $0.17 $0.15 $0.50 (par $5) -V. 141. p. 281. -Hearing Set Marmon Motor Car Co. A hearing on the plan of reorganization and the division into classes of creditors and stockholders of the company, now in bankruptcy, will be held before the special master in Indianapolis, Ind., on Oct. 28.-V. 140, P. 3722. -SEC Hearing Postponed Maryland Casualty Co. At request of the company the Securities and Exchange Commission has postponed until Oct. 28, hearing on the company's application to have its securities removed from unlisted trading privileges on the New York -V. 141, p. 2120. Curb Exchange. -$58,000,000 Issue Massachusetts Investors Trust Filed-See last week's "Chronicle," page 2195.-V. 141, p. 2120. -Capital Medical-Dental Building, yancouver, B. C. Reorganization a plan to readjust interest Bondholders at recent meeting approv th earnings and to reorganize the company's financial on bonds in line structure. Under the plan, issued share capital will be reduced from 1,000 preferred shares ($100 par) and 6,694 ordinary shares MOO par), to a total of 5.248 issued ordinary shares ($100 par), with no shares carrying preference provisions. It is planned to convert the concern into a public company, and 37%% of the issued share capital will be given bondholders. Interest coupons due Aug. 15 1934 and Feb. 15 1935 will be surrendered for cancellation without payment. On Sept. 15 the company paid interest coupon due Aug. 15. and scrip outstanding, with interest thereon at 6% per annum from Aug. 15 1932 to date of payment. Interest rate on the bonds is to be reduced from 6% to from 4 to 5%, the first rate being immediately effective and the latter rate being conditional on certain redemption of a portion of the bonds. Melville Shoe Corp. -Sales 4 Weeks EndedJan. 19 Feb. 16 Mar. 16 Apr. 13 May 11 June 8 July 6 Aug. 3 Aug. 31 Sept.28 40 weeks ended Sept. 30 1933 1935 1934 $1,748,419 $1,325,240 $1,060,914 1,017,182 1,421.024 1,290,858 1.010.003 1,699.250 1,543,401 2,516,819 2,720,111 1,945,178 1,444,198 3,364,128 2.323,145 2.054.505 2,985,692 2.910.143 1,770.716 2,654.958 2,152,583 1,242,728 1,283,701 1,377,870 1,562,967 1,500,476 1,596,796 2.028.993 2.878,307 2.549.956 $22,243,263 $19,662,108 $15.075,005 Dividend Increased Again The directors have declared a dividend of 75 cents per share on the common stocx, no par value, payable Nov. 1 to holders of record Oct. 18. This compares with 62% cents paid on Aug. 1 last; 50 cents per share in each of the four preceding quarters; 40 cents on May 1 and Feb. 1 1934: 2440 Financial Chronicle 30 cents per share paid each quarter from Aug. 1 1932 to Nov. 1 1933 incl.: 40 cents on May 1 1932, and 50 cents per share paid each three months from Feb. 1 1930 to and incl. Feb. 11932. In addition an extra dividend of 50 cents was paid on Feb. 1 1935.-V. 141, p. 1774. ----Merchants Exchange Bldg. Reorganization of Los Angeles, Under the reor ization plan effected for the company, holder of the ; . $578,000 1st mtgre. 63. % sinking fund bonds will suffer no scaling down of either interest or principal payments. Equity interest in the structure has been transferred to anew corporation known as the Merchants Exchange Building of Los Angeles, Inc. Through a voting trust arrangement, the building will be operated in the interest of bondholders until all interest and sinking fund requirements have been fulfilled. The plan provides that all net earnings of the building be placed with a depository. After interest and insurance payments, the balance will be applied toward bond interest charges up to the required 63 % In the event that funds available are sufficient to pay any current coupon in full. the balance on hand will be applied to pay in full the amounts remaining unpaid on coupons of the earliest maturity. Further balances are to be turned over to the trustee for principal sinking fund and bond retirement. In line with this plan interest charges past due since June 1 1934 have been partially satisfied on the bas's of the company's earnings during the delinquent periods. Payment of $24 per $1,000 has been made on account of Dec. 1934 coupon and $23.74 on the June 1935 coupon. On this basis there still remains unpaid interest amounting to $49.76 per bond. This accrued interest is represented by $32.50 on the June 1934 coupon; $8.50 on the Dec. 1934 coupon and $8.76 on the June 1935 coupon. The voting trustees handling operations in the interests of bondholders are A. C. Balch and L. M.Burntrager, both bondholders, and Mr. Wagenseller, representing the original underwriters. -V. 128, p. 954. Meyer-Blanke Co. -Doubles Dividend - Oct. 12 1935 Minneapolis & St. Louis RR. -No Bidders for Road The sale of the road scheduled for Oct. 9 has been postponed to Dec. as there were no bidders. Associated Railways Amends Plan to Acquire Road - The Associated Railways Co. has filed an application with the Interstate Commerce Commission amending its proposal for acquiring the properties of the Minneapolis St St. Louis and partitioning the line among seven midwestern roads, by asking the Commission to permit abandonment of operations over 90 miles of road which the M.& St. L. now traverses under the trackage agreements. The most important operations which would be abandoned are over the C. B & tQ between Tracy and Des Moines, Iowa, a distance of 49 miles. and over the St. Paul between Spencer and Ruthben, Iowa, a distance of 12 miles. The Associated Railways also amended its application in line with ICC's suggestions by making a request that the Commission amend its general plan of railroad consolidation to permit the seven roads to acquire parts of the M. & St. L. Under the ICC consolidation plan the M. & St. L. was assigned to system number 10.-V. 141. p. 2283. Mississippi Power Co. -Earnings [A Subsidiary of Commonwealth & Southern Corp.] Period End. Aug. 31- 1935 -Month-1934 1935-12 Mos.-1934 Gross earnings $239.777 $230,229 $2,700,202 $2,742,398 Operating expenses 160,492 154,021 1,816,507 1,866.057 Fixed charges 37,163 36,772 446,225 570,685 Prov. for retirem't res've 6,100 6,100 73,200 73,200 Divs. on preferred stock 21,088 21,098 253,132 253,309 Balance $14,932 $12,237 $111,137 der$20,853 -V. 141. P. 1775. Missouri Pacific RR. -Court Authorizes Payment of The directors have declared a dividend of 30 cents per share on the Iron Mountain Interest comn on stock, no par value, payable Oct. 15 to holders of record Oct. 5. Federal Judge Faris on Oct. 5 authorized Guy Thomson and L. W. This compares with 15 cents paid each three months from Oct. 1 1934 Baldwin, trustees of the road to pay $690.960 semi-annual interest due to and inel. July 15 last. The Oct. 1 1934 dividend was the first paid Nov. 1 on the River & Gulf first mortgage 4% bonds of the St. Louis. since Nov. 15 1931 when a regular quarterly disbursement of lige amount Iron Mountain & Southern Ry.-V. 141, p. 2283. was made. In addition an extra dividend of 10 cents per share was paid on July 15 1935. An extra of 15 cents was paid on April 15 1935.-V. 141, -Monongahela-West Penn Public Service Co. p. 2283. -Would Michigan Bell Telephone Co. -Earnings - Period End. Aug. 31- 1935 -Month-1934 1935-8 Mos.-1934 Operating revenues $2,723,605 $2,532,818 $21,450,863 $20,540,640 Uncollectible oper. rev 28 33 167,533 37,090 Operating expenses 1,757,392 1,785,134 14,156,227 13,952,327 Operating taxes 326.717 '238,167 2,149,035 2,533.345 Net operating income_ $639,468 $509,484 $4,724,201 $4,271,745 -V. 141, p. 1600. Midamerica Corp. -Van Sweringen Use of Equity a Record-Wall Street Views It as Extreme Case of Pyramiding by Holding Companies - Sell $22,000,000 4s and $7,500,000 6% Debentures- The company has filed a registration application with SEC under the Securities Act of 1933. seeking to issue $22,000,000 4%% let & gen. mtge. bonds, due Oct. 11960, and $7,500.000 6% debentures, due Oct. 1 1965. No firm commitment has been made to take the issue, but the company states it expects to enter into an underwriting contract in which W. C. Langley & Co. and First Boston Corp. will be the principal underwriters. The maximum offering price for both the bonds and debentures is given at $103 and accrued interest. The actual offering price will be disclosed in an amendment to be flied prior to effectiveness of the application. Net proceeds are to be used for the following purposes: $14,944,500 for redemption of $14,171,000 principal amount of 1st lien & ref. mtge. 5%% gold bonds, series B, dated Feb. 11923, at 105% plus accrued interest to the date to be fixed for redemption; $4,043,638 for redemption of $3,747,000 principal amount of Monongahela Valley Traction Co., 1st mtge. 5% 30-year gold bonds, series A, dated June 1 1912 (incl. 5% premium and accrued interest); $2,677,083 for redemption of $2,500,000 principal amount of Fairmont & Clarksburg Traction Co. 1st mtge. 5% 35 -year gold bonds, dated Oct. 1 1903 (including 5% premium and accrued interest); $253,750 for redemption of $250,000 principal amount of Clarksburg Gas & Electric Co. 1st mtge. 6% 25 -year gold bonds, dated Feb. 1 1913 (including accrued interest); $1.753,019 for redemption of $1,649,900 principal amount of Kanawha Traction & Electric Co. 1st & ref. mtge. bonds, series A, 5%, dated Aug. 1 1916 (including 5% premium and accrued interest); $541,050 for redemption of $540,000 principal amount of Parkersburg Marietta & Inter-Urban Ry. Co. 1st mtge. 5% gold bonds, dated June 1 1902 (including accrued interest); $136,264 for redemption of $136,000 principal amount of Parkersburg Gas, Electric Light & Street Ry. Co. 5% 1st mtge. bonds, dated March 1 1898 (excluding accrued interest); The balance to the payment on account of open account indebtedness to West Penn Power Co., parent of the company, which indeotedness on June 30 1935 amounted to $4,770.000.-V. 141, p. 2283. The following is taken from the New York "Times" Oct. 6: The transaction consummated by the Van Sweringen interests last week, when, through $3,121,000 put up by friendly associates, they regained control of a railroad system with $3,000,000,000 of assets (see Allegheny Corp., p. 2266), was described in Wall Street as possibly one of the most extreme uses to which the holding company principal has been applied. The deal gives the Van Sweringens power to dominate the directorates and sway the policies affecting 28,000 miles of line -a system equaled only by the Government -owned network in Russia. I et the Van Sweringens actually have no equity in any of the properties. They cannot hold stock In the Midamerica Corp., which bought the properties, without subjecting themselves to a deficiency judgment of about $40,000.000 by the New York banks participant to their defaulted $48.000,000 loan. While the Insult interests ranked high in the use of the holding company vehicle, financial circles here believe the Van Sweringens made the most intensive use of this device. Control of the Erie Cited In explanation of this opinion the situation in respect to the Van Sweringens' control of the Erie RR. is cited. Although for years the brothers dominated the road's policies and placed their own nominees at its head, Montgomery Ward & Co., Inc. -Sales their interest in the company was only 9%. That is to say, with an equity of Month of1935 1934 1933 about 193,000 shares they were able to vote more than'58% of Erie stock. February $17,904,886 $15,421,893 $10.131,891 This paradoxical result was obtained through pyramiding many holding March 22,783,089 18,312,477 11,263,374 companies on top of an investment in the Erie largely financed through April 25,571,012 20,872,132 15,665,586 the sale of securities to the public. May 22,914,580 20,934,510 15,247,812 Of the 2,148,670 Erie voting shares outstanding, the Chesapeake St Ohio June,, 23,822,297 19,266,336 16,103,560 Ry., through a subsidiary, holds 981,300 shares, or 45.6%. The ChesaJuly 20,293,175 15,890,560 13,641,121 peake Corp.. another layer in the pyramid, holds 69,000 shares, or 3.2%. August 22,848,599 18,914,957 15.390,120 and the Allegheny Corp. oWns 215,000 shares, or 9.9%• September 25,172.907 23,093,465 16,583,708 Since the Chesapeake Corp. owns 48.5% of the control of the Chesapeake & Ohio By., its equity in the C. & O.'S Erie commitment is 475,000 Total for eight months $181,310,545 $152706,332 $114027,172 shares, which, with the direct Chesapeake Corp. investment, makes a total -V. 141, p. 1937. of 544,000 shares. The Allegheny Corp. has 69.4% control of the Chesapeake Corp.,giving - "Morgan Industries, Inc. " -Stock Offered-Offering of It an eqeity of 377,000 shares in the Chesapeake Corp.'s Erie equity. This, 490,000 shares ($1 par) common stock is being made, by with its direct holdings, gives Allegheny a total equity of 592,000 shares in the Erie. means of a prospectus, by Harris,'Ayers & Co., Inc., at The Van Sweringen-controlled Vaness Co., directly, held a 15.6% interest $1.50 per share. The prospectus affords the following: in the Allegheny Corp.,giving it an equity of 92,000 Erie shares. The Van Sweringen Corp. held a 35.7% interest in the Allegheny Corp., Company was incorp. Aug. 17 1933 in Delaware and its charter was giving an equity of 211,000 shares. In turn, the Vaness Co. had a 71.3% amended on July 26 1935, changing the par value of the stock from $10 interest in the Van Sweringen Corp., giving it an equity of 150,000 Erie to $1 per share. Company has no subsidiaries nor is it the subsidiary of shares in the Van Sweringen Corp.'s 211,000 shares. This gave a total any company. equity of 242,000 Erie shares held by the Vaness Co. Under its charter it has the authority to engage in the wide variety of 0. P. and M. J. Van Sweringen held 80% of the Vaness Co. control, business forms. Among these are manufacturing, merchandising, holding giving them an equity of 193.000 shares in the Erie,or 9% of its total shares securities, holding real estate, making loans, owning mortgages, &c. The outstanding. immediate purpose of the company, however, is to manufacture and market, either themselves or through licensees an automatic electric Midamerica Now at the Top switch and an automatic telephone answering device. Midamerica Corp. bought 51% of the Allegheny Corp.'s voting stock: Company has 10,000 shares of stock outstanding of a total of 1,000.000 giving it an equity of slightly more than 296,000 shares in the Erie. Since shares authorized. These 10.000 shares have been sold to the directhe transaction wiped out the equity of 0. P. and M. J. Van Sweringen, tors who hold them in the following amounts: Edward 0. McHenry, the Vaness Co. and the Van Sweringen Corp. in the Allegheny Corp., this 5.100 shares; Harry A. Beach, 2,100 shares; Morgan J. Lewis, 2,600 shares; left Midamerica the top company in the structure. Manx Frees, 100 shares; George W. Breyer. 100 shares. This money has Control of the Missouri Pacific, Chicago & Eastern Illinois an other been used in the mechanical development and perfecting of the companies in the Van Sweringen chain was obtained by simile m ods."6 switch since the incorporation of the company in 1933, and in automatic preparing a market,including the development of sales contacts and business relations. ----Mid-Continent Petroleum Corp. -Larger ice end r2 In addition 500.000 shares are reserved for Mr. Lewis in payment for his The directors have declared a dividend of 25 cents per share on the patents. To date no business has been done by the company. There are common stock, no par value, payable Dec. 2 to holders of record Nov. 1. no unpaid or accrued dividends and the company has no funded debt. This compares with 15 cents paid on June 1, last and. 25 cents paid on The property now owned consists of patent for an automatic electric Nov. 15 and May 15 1934. This latter payment was the first made since switch No. 1888559, patent for a telephone answering device No. 1991163, Feb. 16 1931 when 50 cents per share was paid; this same rate had been listed in the State of Delaware. Tools, dies and fixtures at present in maintained each quartersince and including Feb. 15 1929. -V-I 1., p. 1774. Pennsylvania. At the present time there are no arrangements made to secure or acquire any additional property. The prpcipal office of the West Utilities Co. -Hearing on Reorg nation-- company for the transaction of business and for the holding of annual meetings will be at 3152 North Broad St., Philadelphia, Pa., where they Federal rt hearing in the company reorganization ma er has b4n are also qualified to engage in business. set for 0ct712 y Judge Wilkerson in Chicago. e pref stoceholders committee has prepared an amended plan Mueller Brass Co. (Mich.) and submitted it to the reorganization committee. A number of other-Stock Sold-Offering of amendments and new plans have been filed in court by attorneys for 40,000 shares (par $1) common stook was made Oct. 7 by various stockholders. Hegarty, Conroy & Co., Inc., New York, $20 per share, 'at A final showdown on all plans submitted thus far to the Federal Court for reorganization of the company is promised by Federal Judge James H. by means of a prospectus. The shares offered do not conWilkerson. He told the various litigants that he would hold an exhaustive stitute new financing by the company but are shares issued hearing on all proposals, modified plans and amended plans that had been filed. and outstanding and owned by the individual stockholders, "I will give you several hours next Saturday, beginning at 9.30 in the including 0. B. Mueller, President of the company, and morning," Judge Wilkerson said, "and we will consider everything at that time." members of his family. While the prospectus covers a total The reorganization of the company is sought under Section 77-B of of 94,200 shares, including options to purchase 54,500 shares, the Bankruptcy Act. Middle West Utilities, which is the main holding the number offered was 40,000. The issue has been sold. company of the former Insull system, has been under the wing of the Federal Court 33 years while its creditors have been trying unsuccessfully Simultaneously with the execution of the underwriting agraement with to agree on a plan of reorganization. -V. 141, p. 119. respect to the common shares. Hegarty. Conroy & Co., Inc.. made avail- Volume 141 Financial Chronicle 2441 able to the company funds to be used with additional funds supplied by the (Philip) Morris & Co., Ltd. -Options company for the redemption of the company's outstanding 1st mtge. serial The New York Stock Exchange has received notice from the company gold bonds. The underwriters supplied $630,000 of these funds and the as to the status of outstanding options as of Sept. 30 1935: company approximately 190.000 in the redemption of these bonds. Five3,578 shares of common stock to employees at 88.93 per share, expiring year 1st mtge. cony.5% bonds having a face Nalue of $630,000 will be issued Feb. 15 1936, and 226 shares of common stock to customers at $10 Per In full settlement of the note which the company gave the underwriters. share, expiring Feb. 15 1936. Atlas Corp., on behalf of itself and certain of its subsidiaries or affiliates. This tabulation merely shows the amount of options outstanding on has acquired from Hegarty, Conroy & Co., Inc., the $630.000 note and will the above-mentioned date as against those amounts heretofore published. acquire the 5 -year 1st mtge. cony. 5% bonds of the company to be issued in payment and exchange therefor. Neither Atlas nor any of its sub- -V. 140. p. 3724. sidiaries or affiliates will participate in the distribution or sale to the public (G. C.) Murphy Co. -Sales -of the 40.000 shares of common stock. A prospectus dated Oct. 7 affords the following: Month of1935 1934 1933 History, Business and Properties January -Company was incorp. in Michigan $1,803,350 $1,554,267 $1,129,575 March 15 1927 and is the successor to Mueller Metals Co., a corporation February 1,890,864 1,584,436 1,222.990 organized in Michigan in 1917. March 2,266,253 2.246,132 1,313,762 Company is engaged in the manufacture of brass and copper products, April 2.575.705 2,060,363 1,628,753 such as streamline brass forgings, screw machine parts, copper tubing, May 2.420,153 1,661,437 2,367.499 refrigeration parts, sand castings, brass and bronze rod, and copper pipe June 2,583,924 1,808,328 2,465.993 and fittings. Company and its predecessor have been engaged in this July 2,354,196 2,075,916 1.804,118 business for approximately 18 years. Company's main plant is located in August 2,512,814 2,118.051 1.803,139 Port Huron, Mich. Company also owns personal property in California, September 2,350,545 2,105,135 1,912,000 Missouri, Washington, New Jersey and Florida. and is qualified to do business in the States of Michigan, New Jersey, Pennsylvania and Ohio. Total nine months 820,757,813 $18,577,794 $14,284,105 Management -The directors and executive officers of the company are Stores in operation 188 181 179 as listed below: Oscar B. Mueller, Pres. and director; Fred L. Riggin, -V. 141, p. 1775. Executive V.-Pres., Sec. and director; David Lindquist, director; Stanley W. McFarland, director; Joseph Walsh, director; W. Max Edmondson, N ash Motors Co. -Earnings -Treasurer; Zelda Dunkel, Asst. Secretary. Period End.Aug.31- 1938-3 Mos.-1934 1935-9 Mor-1934 It is contemplated that three directors to be designated by Hegarty, Net loss after taxes and Conroy & Co., Inc., the underwriters, will be elected to the board of direccharges (incl. deprec.) $161,878 $628,517 $88,459 $1,645,606 tors. C. W. Nash, Chairman of the board, took occasion to cite the quarter's Capitalization-Authorized capital stock as of Aug. 26 1935 consisted of retail sales as evidence of the strides which the company is making in the 300,000 shares of common stock (par $1), of which 221,418 shares are now volume market, into which it introduced the La Fayette in 1933. outstanding, all full-paid, including 5.569 treasury shares. "The company stands on the threshhold of 1936 with a greatly augmented As of Nov. 30 1934 company had outstanding 30,067 shares (incl. 548 dealer and distributor organization and with sales continuing to mount held in the treasury). No dividends were declared or paid on the 7% month by month," Mr. Nash told the board. "Although July, August cum. pref. stock (par 810) during the fiscal years ended Nov. 30 1932, and September are not seasonally the best months for automobile sales, 1933 or 1934. In 1935 company offered preferred stockholders the right retail deliveries of Nash and LaFayette cars in that period were greater to exchange for common stock at the ratio of 1 share of preferred for 2shares than for any other three-month period in the past four years. We have of common stock. All of the preferred stock In the hands of the public made our investment in the low-price field and we are not only definitely was exchanged on this basis for common stock, except 489 shares. Subin it, we are aggressively in it. The company will produce 75% more cars sequently the company issued 68 shares of its common stock in exchange during 1936 than in 1935."-V. 141, P. 1938. for 51 shares of preferred stock. On Aug. 20 1935 the company had 438 shares of preferred stock outNational Baking Co.(& Subs.) -Earnings standing and on that date such preferred shares were called for redemption. The articles of incorporation were amended on Aug. 23 1935, eliminating Earnings for the Year Ended June 30 1935 the preferred stock. Gross profits on sales before depreciation $2,060,453 Funded Debt -On Aug. 20 1935, simultaneously with entering into the Operating and general expenses 1,759,558 underwriting agreement with respect to the common shares, the company Provision for depreciation 171.918 obtained from Hegarty, Conroy & Co.. Inc., the sum of 8630,000 for which the company gave its 5 -year note secured by mortgage on its property, Net profits from operations $128,976 plant and equipment, and certain other assets not including inventories, Other income 43,154 receivables or cash. Five-year 1st mtge. cony. 5% bonds having a face value of $630,000 will be issued in full settlement of this note. These bonds Net profits before interest and other deductions and pro(purchased by Atlas Corp.) are to be dated Oct. 1 1935, to mature Oct. 1 vision for Federal income taxes $172.130 1940 and to be convertible into common stock on the basis of Bond interest 38,102 such common stock for each 11.000 of such convertible bonds. 70 shares of Other interest, bond discount and expense, &c 15,056 The proceeds of the note above mentioned ($630,000) were used, toAmortization of good-will 30.937 gether with funds in the amouht of approximately 890,000 furnished by the Dividends on pref. stock of subsidiary in hands of public 7,763 company, in the redemption of all of the 1st mtge. serial gold bonds of the Provision for Federal income taxes 18,000 company outstanding on Aug. 20 1935. Offering Price -The price at which the shares are proposed to be offered Net profits, carried to surplus account $62,270 to the public is $20 per share or market. No shares are proposed to be offered to any persons at prices varying from the price at which the shares Condensed Consolidated Balance Sheet June 30 are proposed to be offered to the public (other than underwriters as such) 1934 1935 AssetsLiabilities-1934 1935 except that a concession of $1 per share will be allowed to dealers who $485,654 $271,135 Accounts payable_ $122,910 $117,176 Cash are members of the distributing group, and except that of the first 40,000 244,786 Equipment notes & Accts.& notes rec_ 228,893 shares, Hegarty, Conroy & Co., Inc., have agreed to sell, and the following Inventories 489,751 535,200 54,779 accounts payable who are also dealers have agreed to purchase, shares as follows: Advances on grain Accrued liabilities_ 176,952 149,139 Malady & Co., New York, N. Y., 5,000 shares: Peter, Lander & Co., John Inc., purchases 119,026 Salesmen's guarDetroit, Mich.. 10,000 shares, all at the price of $14.75 per share. 40,531 50,921 Cash surr. value of anty deposits_ _ _ Purpose -The shares offered do not constitute new financing by the com38,491 Other curr. habits_ 41,000 47,101 51,500 life insurance_ - _ pany but are shares issued and outstanding and owned by individual stockCash on dep. with Bond indebtedness 573,000 605,000 holders, including 0. B. Mueller and members of his ['amity. There will. 19,614 trustee Res. for Federal therefore, be no proceeds available to the company from the sale of such 421,996 Marketable secure. 449,003 18,000 income taxes_ __ common shares. It is estimated that the net proceeds to individual share44,449 21,059 Def'd equip. notes Other assets holders from the sale of 40,000 shares covered by the commitment made in Permanent assets_ 1,761,615 1,675,925 & accts. Pay--36,931 the underwriting contract (deducting expenses estimated at $12.500) 92,812 123,750 Insurance reserves 17,916 Good-will be 8557,500 and from the sale of the optioned stock, if all options are will ex83,191 Deferred charges 75,950 Prof. stock of subercised, will be $832,200 additional. The company does not know what 141,852 sidiary company 106,650 disposition will be made of such proceeds by such individuals. x Preferred stock _ - 1,308,390 1,315,341 Sales to Underwriters -0. B. Mueller and members of his family have 98,632 98,002 Common stock__ agreed to sell 40,000 shares of common stock to Ilegarty. Conroy & Co., 401,629 Capital surplus__ _ 406,215 Inc., New York. who are the underwriters, who also have agreed to pur617,017 Earned surplus__ _ 679,288 chase the shares at $14.25 per share; the principal underwriters also have the option to purchase from 0. B. Mueller and members of his family $3,702,084 $3,527,317 Total $3,702,084 $3,527,317 Total 54,200 shares of common stock. z Preferred stock is represented by 13.999 shares (par $100) less 2,527 Options -O. B. Mueller, at present controlling stockholder of the comshares held in treasury at cost of $91,510 in 1935 and 2.262 shares in pany, has granted to Hegarty, Conroy & Co., Inc., an option to purchase treasury at cost of $84,559 in 1934. y Common shares issued and outon or prior to March 1 1936, up to but not exceeding an additional 20.000 standing 159.291 shares, less 11,122 shares held in treasury at cost of shares of the common stock for 814.25 per share. If all of the shares in860.659.-V. 139, p. 3160. included in the option are purchased and paid for in full on or before March 1 1936, Hegarty, Conroy & Co., Inc. have an option to purchase from the National Dairy Products Corp. -Stockholders same individual on or prior to June 1 1937. an additional 34,200 shares of On Sept. 30 1935 73,429 individuals, corporations, trusts, and other common stock for the price of 816 per share. The options above menpublic institutions held common stock of the company. This compares tioned are contingent upon the purchase by the underwriters from 0. B. with 73,585 common shareholders on June 30 1935 and 70.818 on Sept. 30 Mueller and his family of 40,000 shares of such common stock not included 1934.-V. 141, P. 1446. in the options. Consolidated Income Statement National Oats Co. -Earnings [Incl. wholly-owned subsidiary, Streamline Pipe & Fittings Co.] [Formerly Corno Mills Co.] Years Ended Nov.30-- 7 Mos. End. Period End.Sept. 30- 1935-3 Mos.-1934 1935-9 Mos.-I934 1932 1933 1934 June 30 '35 Net inc. after deprec., Gross sales (less returns Federal taxes, &c_ _ _826,277 & allowances) $56,362 876.987 $26,1345 $1,609,278 12,163,923 $3,337,568 $2,643,066 Shs. cap. stk. outstandi Cost of goods sold 100,000 100,000 92,755 92.755 1.263.007 1,460.515 2,189,525 1,766,935 Earnings per share Sell., gen. & admin. exp. $0.56 $0.26 $0.28 $0.83 309,029 309,197 429,747 331,459 -V. 141, p. 928. Bad debts written off,&c 18,697 3,828 4,518 2,658 Maintenance & repairs81,083 104,761 138,435 108.419 'National Press Building Corp. -Reorganization Rents and royalties 1,124 1,005 1,884 1,907 Justice Oscar R. Luhring in the District of Columbia Supi4ne Cour Taxes (other then Fed.or has signed an order confirming the plan of reorganization of the corporaState Income tax)_ _ _ _ 40,716 32,169 36,051 23,351 tion, owner of the largest non-governmental building in Washington. Prov. for depreciation_ _ 144,675 174,541 194.917 109,399 In view of the fact that the plan presented to the court had been changed in some particulars from the plan as submitted to all equity holders, Justice Gross income loss$249,054 $77.906 $342,490 $298,937 Luhring, after a finding that the plan is fair and equitable, gave all creditors Inc.from other than oper 18,129 26,038 11,578 8,038 and stockholders until Oct. 28 to present any obje3tions they might have. Reorganization of the building was under the Corporation Debtors' Total gross income_ _loss$230,925 8103,944 8354.068 8306,975 composition law. It carries out the plan of the National Press Club that Interest on bonds 47,059 46.100 49,233 28,764 every class of equity holder retain that equity. Amortiz. of bond disc_ _ 2,554 2,359 2,073 1,040 Interest on the first mortgage bonds is lowered from 5%% to 5% and Int.paid on bk.loarus,&c. 13,629 3,059 2,055 718 second mortgage and preferred stone is placed on an "if earned" basis. In Misc.deductions 34,024 41,445 138,910 11,861 consideration of the interest reduction each first mortgage bondholder Federal income & excess receives one share of preferred and ons share of common stock. The Naprofits taxes 4,678 31,500 39,600 tional Press Club retains ownership of the present 19,972 shares of common stock. A total of 6,220 shares of new common stock is issued for distriNot income loss$328,190 $130,294 $6,301 8224,993 bution among first mortgage bondholders. -V. 141. p. 1447. Comparative Consol dated Balance Sheet National Surety Corp. -Bid of $8,000,000 by Nasurco June 30'35 Nov.30'34 AssetsLiabilitiesJune 30'35 Nov.30'34 Net fixed assets_ _51,507,354 $1,523,910 Preferred stock_ _ Inc. Recommended $4,890 $295,190 8,861 Net intangibles_ __ 9,320 Common stock_ _ _ 215,781 157,796 State Superintendent of Insurance Louis H. Pink recommended for acNet investments__ 162,136 161,715 1st mtge.ser. gold ceptance an offer of 18,000,000 made by Nasurco, Inc., for the purchase of Gash-on demand 246,234 288,930 bonds 668,500 739,100 the capital stock of the National Surety Corp., at a hearing before Supreme Marketable secur_ 4,827 4,880 Pat. porch contract 2,000 Court Justice Louis A. Valente Oct. 4. The bids carries a cash deposit Net notes & pmts. Sub, to heap. fund 16,667 of $2,000,000, and its acceptance is contingent upon the provision that receivable 410,923 263,607 Current liabilities_ 301.986 158,687 certain conditions be met within five days. Net inventories _ _ _ 833,815 522,633 Reserves 10,807 22,144 In the opinion of Mr. Pink, this offer was the best of three submitted, Total defer. chgs 18,159 28,784 Capital surplus_ 1,358,685 1,086,187 provided it is the intention of the bidder that 25% of the stock which it Total other assets_ 84,806 165,466 Unreal.appr. from purchases for the sum of 82,000.000 shall be held by him as security for reval. of cap. the payment of the balance of the stock which may not be subscribed by assets 279,752 298,708 the creditors. Earned surplus_ 436,714 192,764 "It would obviously be unwise to sell one-quarter of the stock of this corporation." the Superintendent said. "to any bidder with an agreement Total $3,277,115 $2,969,245 Total__ ..... $3,277,115 $2,969,245 for the purchase of the balance of the stock without adequate security that -v. 141, p. 2122. the bidder will carry out its agreement. 2442 Financial Chronicle Oct. 12 1935 The Superintendent also suggests that the offer provide that if the stock in four of the ten banks, Mr. Jones remarked that "we don't try to claims of all creditors of the National Surety Co. in liquidation are not exercise control over banks." finally adjudicated within the period fixed in the offer the creditors Given Bus Stock Option whose claims have not been finally adjudicated, as well as those whose See Greyhound Corp. above. -V. 141, p. 2285. cliams have been adjudicated, should have the right of way to buy the stock at the price fixed in this offer. .---NeYork Chicago & St. Louis RR.-Lrietiftg--It was further recommended to the Court that Nasurco also deposited ` The ew York Stock Exchange has authorizeclfe-listing of deposit 3600,000 so that the total deposit will be 10% of the amount bid for all receiptsfor three-year 6% gold notes due Oct. 1 193 the stock. While the bidder only undertakes to purchase 32,000,000 of Deposit receipts are to be in registered form an shall be registered by the stock at the present time, it becomes contingently liable for the entire Guaranty Trust Co. of New York, depositary. -V. 141, p. 2286. amount. The Superintendent said he was unable to recommend the offer made New York & Honduras Rosario Mining Co. -Cent -75 for -by Clark, Dodge & Co. and White, Weld & Co., even though it was $8,100,000. nor the bid of Cabell, Ignatius, Lown & Bllnken,for $7,600,000. Extra Dividend,' --In case Nas:wco, Inc., fails to comply with the recommendations or fails The directors have declared an extra dividend of 75 cents per share in or refuses to carry out its bid, the Superintendent recommends that both addition to the regular quarterly dividend of 25 cents per share on the of the rejected bidders be given the opportunity to purchase the stock for capital stock, par $10, both payable Oct. 26 to holders of record Oct. 15. the sum of $8,000,000 upon the terms and conditions set forth in the petiExtra distributions of 50 cents per share were made in each of the six precedtion of Aug. 29. This is the first offer for the purchase of the National ing quarters as compared with extra dividends of 75 cents per share in Surety Corp.stock which has been thus far recommended for acceptance. addition to the regular payments on Jan. 30 1934 and Oct. 30 1933. A The hearing of the application of the Nasurco. Inc., and other groups special distribution of $1 per share was made Dec. 29 1934 and one of 50 which have submitted bids for stock of the National Surety Corp., were cents per share on Dec. 29 1933.-V. 141, p. 761. scheduled for yesterday. -V. 141, p. 2284. New Bedford Gas & Edison Light Co. -Earnings -1934 12 Months Ended June 301935 Total operating revenues $4,155,329 $4.172,712 1.776,859 Operating expenses 1,822,561 310,718 Maintenance 318,259 327,898 Prov. for retire., renewals & replace. of fixed cap309,769 Federal income taxes 135,252 122.980 Other taxes 612,644 635,509 Operating income Other income $946,248 31,009,339 6,647 9.961 Gross income Interest on unfunded debt Interest charged to construction $956,209 $1,015,987 142,560 109,109 Cr1,064 Cr901 Balance of income -V. 140, p. 3902. 3848.001 (J. J.) Newberry Co., Inc. -Sales Month ofJanuary FeIx uary March April May June July August September - $874,492 New York Rys. Corp. -Hearing Adjourned The date for receipt of the report of Van Vechten Veeder, special master on questions of the insolvency of the company and the fairness of the company and the fairness of the proposed 77-B reorganization plan has been extended by Federal Judge Robert P.Patterson to Oct. 31. Hearing on the report will be held in Judge Patterson's court Nov. 12. The Transit Commission's hearing on the question of Commission's jurisdiction as to the petition on the company proposed plan of readjustment and motorization was adjourned Oct. 8 without scheduling a future date, subject to the call of Chairman William G. Fullern. Earnings for August and 8 Months Ended Aug. 31 (Including bus operations inaugurated Feb. 1 1935) c1935-8 Mos.-b 1934 Period End. Aug. 31-c1935--Month--b 1934 $439.662 $3,191. 56 33,18 :83 4 6 , 81 43 Gross earnings 2 5 7 564 0 5 $430,999 a Surplus after charges_ 25,848 w 3 7 a Excludes interest on income bonds 3 1;igh 9 has not been declared. b Net income shown for 1934 includes interest on bonds of certain controlled companies (for which New York Railways states it has no liability) which was in default. c Bus operations not included. Statementu.n- c Madison Avenue Coach Co., Inc. A of Month 7 Months Period Ended $98,356 $777,588 Gross earnings 1,985 63,632 Surplus after charges -V.141, P. 1776. 1933 1934 1935 $2,344,989 $2,360,766 $1,883,121 1,976,225 2,528,508 2.294.272 3,021,008 3,329,179 2 .117 309 . 2,710,174 3,521.565 2,876.783 3,365,749 3,408.136 -4,035 to Vote Plan for .New York Title 8c Mtge. Co. 2 740 152 . . -3,520,525 3,608.094 2,900,065 Title Series B-K3,428.637 3,122,802 2.934,565 3.579,469 3,241,494 2,847.365 Supreme Court Justice Alfred Frankenthaler handed down on Oct. 3 .270,977 3,042,629 3,322.8.38 3 a decision in which he ruled that the 4,035 holders of $13,155,957 of defaulted guaranteed mortgage certificates designated as series B-K sold by Total for nine months $28,633,762 $27,512,504 $23,151,604 the New York Title & Mortgage Co. are to have an opportunity to vote -V. 141. p. 1776. on whether they want the series reorganized and administered by trustees appointed by him or elected by themselves. Newport News Shipbuilding & Dry Dock Co. -Navy Coincident with the decision it became known that the owners of the $10,000,000 of certificates in series Q. who had been permitted a month Contract ago to vote on the manner for administering their series, had voted $3,The company has been awarded a contract by the Navy Department 075,000 in favor of appointments by the Court and $2,745,000 in favor for construction of one cruiser involving an expenditure of $13,196,000. of elected trustees. As a result members of the reorganization committee This amount is subject to adjustments for cost of labor and materials. of the issue who were candidates for election were defeated. -V.137, p. 1064. Affects 170 Mortgages /". Justice Frankenthaler's decision on Oct. 3 was made on a submission by ----New River Co. e -151.50 Preferred Dividend-ogee the State Mortgage Commission of a plan for the reorganization of series The directors have declared a dividend of $1.50 per share on account o 11-K, the principal of which is 170 mortgages for $13,155957 on property accumulations on the 69" cum. pref. stock, par $100, payable Nov. 1 to , in Brooklyn. The Court said that the financial condition of the series is holders of record Oct. 15. Similar distributions were made on March 1 such that "reorganization is imperative." Unpaid interest to the cerlast, Nov. 5 and June 15 1934, and on Nov. 2 1931, this latter payment tificate holders on May 31 amounted to $907.357 while there were tax representing the dividend due May 1 1924.-V. 141, p. 1602 arrears of $50,964. On that date 38 owners were still in possession of their defaulted property, mortgaged for $3,676.650, with interest arrears of York Central RR. -Earnings $140,320 and tax arrears of $34,974. Eighty-two mortgages have been foreclosed and title to the properties taken in the name of subsidiaries of [Including all Leased Lines] the title company and in the name of the State Insurance Superintendent as Period End. Aug. 31- 1935 -Month-1934 1935-8 Mos.-1934 rehabilltator. Railway oper. revenues_324,941,383 324,014,857 3199289,204 $199359,580 Railway oper. expenses.. 19,272,351 18,466,170 153,643,742 148,725,989 -Trustees Cite Gains in Realty Plan to Pay on Series F A second cash distribution to holders of guaranteed mortgage certificates Railway tax accruals_ _ 1,775,956 1,834,024 15,167,671 17,951,231 of series F of New York Title & Mortgage Co. is planned for December by Uncollect. ry. revenues.. 21,100 15,094 69,578 147,416 William J. Pedrick, William J. Schmitt and Alexander Pfeiffer the trustees Equip, and joint facility appointed by Supreme Court Justice Frankenthaler to reorganize the issue. rents 1,079,815 1,375,093 10,156,789 11,217,329 The trustees, who already have paid out $39,977, or 1;i% of the prliaciapl amount of the certificates, filed their first report and accounting in the Net By.(met. income $2,792,161 $2,324,476 $20,251,424 321,317,615 Supreme Court Oct. 3. They said they hoped to pay a total of 4% for the Other income 1,366,278 1.942.576 13,049,829 15,315,368 first six months of their trusteeship. Commenting on the report, the trustees said: Total income $4,158,439 $4,267,052 $33,301,253 $36,632,983 "Encouraging progress is being made in the organization of the mortMiscellaneous deductions 140,081 183,345 1,023.167 1,503,511 gages in the trust estate. Real estate conditions to-day are favorabley Fixed charges 4,870,531 4,954,668 38,941,062 38.825,399 reflected in the attitude of building owners toward reorganization pro• ceedings." 0 ,Net deficit $852,173 $870,961 $6,662,976 $3,695,927 The trustees said further that "their policy is to negotiate the reorganization of mortgages on the basis of the estimated yield of the property under 457,000 PWA Loan Approved the best possible management. An indication of the success of this policy he Interstate Commerce Commission dn Sept. 30 approved the appliis that building owners haNe co-operated with the trustees in connection with cation of the company for permission to borrow $457,000 from the Public payment of back taxes and other arrears, which in our opinion is another Works Administration for maintenance work. Proceeds of the loan will indication of improved real estate conditions in New York City. go to purchase 7,400 tons of new rail and track material, estimated to cost "Where owners are in possession with arrears, we have adopted the $386,000. Only 4,900 tons of rail is to be laid at once, with the estimated policy of insisting that assignments of rents be made or that reasonable cost of its purchase and tne labor in laying it $457,000. reorganization be completed, otherwise foreclosure will be prosecuted. Chairman Jones of RFC Says Bankers Run Road-Their Where foreclosure proceedings are pending,it is our policy to terminate those receiverships as quickly as possible in order to save all possible expense to Domination Has Been, and Still Is, Too Great, He Asserts the certificate holders. The New York Central RR."has had too much bankers domination and "In the case of these properties we also personally performed the various still has Jesse H. Jones, Chairman of the RFC,asserted Oct. 3 as he deduties commonly known as servicing of mortgages -which includes the fended the $90,000.000 refunding program that he has proposed for the road. collection of interest and principal, checking payments of taxes and other "Pique" over the failure of Congress to allow them underwriting privileges municipal charges, and checking insurance for the protection of the trust prompted ten of the country's largest banks, which hold $63,000,000 in estate,' New York Central demand notes, to attack features of his plan as illegal, The report states that the trustees have paid all tax arrears on properties Mr. Jones said. in their possession as a result of the reorganization activities undertaken "There's nothing illegal about it," Mr. Jones said to-day. "It would since they were appointed in June. "The trustees' goal is to liquidate seem to me that they were trying to find reasons not to do what they did series F as early as possible, consistent with reasonable advantage to each not want to do. Probably they are a little piqued because Congress didn't and every certificate holder making up the series F trust estate, said the let them underwrite in the Banking Act of 1935. And their reference to report• this other legislation shows that they don't like it, and this was a chance -Receivers Aquapv-Trust C`tfs;olk Southern RR. to take a little slap at it." Th nterstate Commerce Commission on Oct. 3 authorized the company "I have a letter from the Comptroller of the Currency, which says that to ass me ehlietion and-liability in respect of not exceyling $960,000 they may exchange their notes for convertible bonds," Mr. Jones declared equipment trust certificates, oevies-a, to be sold at par in connection in defense of the legality of his refunding plan. "After a bank has an asset, with the procurement or certain equipment. It can trade it or do anything it wants with it. They know that, because The report of the Commission says in part: they have been hankers a long time. By certificates issued Aug. 23 1935, we approved as desirable for the "Any railroad man who has to work to meet his fixed charges should be glad to get as much as possible of his debt converted into stock." Mr. Jones improvement of transportation facilities certain equipment to be acquired by the receivers, consisting of 500 standard ABA, 40 -ton, 40-foot, steel said, explaining why he thought the bonds should be convertible. "And box cars at a total cost of approximately $1,067.730. I think the New York Central has a good operating management, but it In connection with the procurement of this equipment the receivers probably has had too much banker domination-and still has." will enter into an agreement with the Manufacturers Trust Co.. as trustee, Referring to the exchange of letters between himself, the banks' repreand certain vendors, creating the Norfolk Southern RR. equipment trust, sentatives and Harold S. Vanderbilt. New York Central stockholder, as series A, and providing for the issue thereunder by the trustee of not "just a little friendly correspondence," Mr. Jones said that "the next move exceeding $960,000 of equipment trust certificates. Pursuant to the is their move." terms of the agreement the vendors will acquire and sell the equipment "I haven't heard from them at all," he said. "We seem to be pretty to the trustee, after which it will be leased to the receivers until such views, and they are much wiser and more experienced in far apart in our time as the rent paid thereunder is sufficient to discharge and cancel all railroad financing than I, but I think if they would accept 4% bonds they interests in the trust created with respect to the equipment and dividends would get their loan paid sooner. on the certificates, and certain other payments and charges. "They don't need to sell them," he continued. "What would they do As the equipment is constructed and delivered, the cost thereof but with the cash if they had it? If they take bonds, though, they would not exceeding $960,000, is to be paid out of the trust fund, which is rehave something that they could sell. They can't sell the notes they've quired under the agreement to be deposited with the trustee, any part got now without foreclosing on the collateral, and they wouldn't want to of the cost in excess of that amount to be paid out of the advance rental do that because these are all banks which enjoy the deposit business of the provided for in the lease. Equipment trust certificates not in excess New York Central. They could sell bonds without offending the road." of $960,000 will be executed by the trustee and delivered to persons desigChairman Jones said he assumed that all ten banks were "standing nated against the deposit of an equal amount of cash. together" in opposing the RFC plan, although the ROC owns a controlling The certificates are to be sold at par to the Government, pursuant to interest in one of them, the Continental Illinois National Bank & Trust the terms of an agreement dated Aug. 8 1935 between the receivers and Co. of Chicago. Pointing out that the RFC has large holding of preferred 4 Financial Chronicle Volume 141 the United States of America, represented by the Assistant Federal Emergency Administrator of Public Works. The Manufacturers Trust Co. is trustee for $960,000 car trust certificates issued by this company. -V.141, p. 2286. North American Co. -Electric Output President J. F. Fogarty made the following quarterly report of electric oput "Theelectric output of subsidiaries of the North American Co. for the third quarter of 1935 was greater than for any three-months' period in the history of the company's present subsidiaries, and showed an increase of approximately 14% compared with the third quarter of 1934. "For the 12 months ended Sept. 30 1935 there was an increase of approximately 8% compared with the corresponding period ended Sept. 30 1934 and an increase of about 1% over the previous 12 -months' record for the period embracing the last half of 1929 and the fist half of 1930. "The highest weekly output in the history of the company's present subsidiaries was recorded for the week ended Oct.3 1935."-V. 141, p. 1103. Northern Indiana Public Service Co. -New Directors The board of directors has elected E. A. Walcher and Joseph M. Farrell, to the board. -V. 141, p. 2286. Northwestern Pacific RR. -Abandonment- . The Interstate Commerce Commission on Sept. 26 issued a certificate permitting the company to abandon that part of its Guerneville branch extending from milepost 58.723, at or near Fulton, to the end of the branch at milepost 81.713, at or near Duncan Mills, approximately 22.987 miles, together with all sidings, spur tracks, and appurtenances thereto, all in Sonoma County, Calif. -V. 141. p. 2286. Northwestern RR. of South Carolina-Abandonment - The Interstate Commerce Commission recently issued a certificate permitting abandonment,as to inter-State and foreign commerce, by thecompany, and John Wilson, its receiver, (1)(a) of a line of railroad extending westward from Wilson's Mill to Millard Junction, about 17 miles, (b) a line extending northeast from St. Paul, through Millard Junction, to Sumter (Summerton Junction), about 24.5 miles. (c) a line extending northwest from Sumter (Northwestern Junction), through Manville Junction, or Seal's siding, to Southern Junction, south of Camden. about 24.5 miles, (d) a terminal line in Camden, about 0.5 mile, and (e) a line extending northeast from Manville Junction to Rose Hill, about 10 miles -a total of 76.5 miles, all in Clarendon, Sumter, Kershaw, and Lee Counties, S. C.: and (2) of operation, under trackage rights, (a) over a line of the Atlantic Coast Line RR.(Coast Line),lessee, at Wilson's Mill,in Clarendon County. 0.80 mile, (b) over the Coast Line's leased line between Summerton Junction and Northwestern Junction, about 1 mile, in Sumter, Sumter County. and (c) over a line of the Southern Railway (Southern), lessee, between Southern Junction and Camden, 4.03 miles, and over certain other tracks and sidings at Camden aggregating 1.52 miles, all in Kershaw County, together with the use of stations and other appurtenant facilities. -V. 127, p. 105. Olympic Forest Products Co. -Earnings -Years Ended April 301935 1934 Sales, net of discounts $3,596.188 $2,627.650 Cost of goods sold & expenses, exclusive of deprec_ _ 2,798,797 2,011,421 Depreciation provision for the year 252,254 234,971 Profitfrom operation $545,138 $381,258 Interest expense, net of interest earned 70.007 79,035 Amortization of bond expense 9,601 14,108 Loss on disposition of capital assets 48,237 55.839 Miscellaneous income, net Cr2,691 Cr3,222 Income exclusive of profit on bonds purchased__ $419,983 $235,499 Profit on bonds purchased for retirement 6,394 Income before Federal income tax $419,983 $241,893 Provision for Federal income tax 58,000 36,678 Net income $361.983 $205,214 Balance Sheet April 30 Assets1935 1934 Liabilities-1935 1934 Cash $334,265 $82,775 Notes payable_ ___ $42,358 $41,568 Trade accept. reel 317,770 1160,179 Accounts payable.. z359,252 309,140 Accta.receivable._ 1302,462 Provision for Fed. Inventories 500,703 292,428 tax 58,000 36,678 Investment in nonContracts payable, marketable stks. 4,101 current 91,850 48,000 Land 41,215 55,333 Contract 'lab. for z Bldga., made) & , plant additions_ 103,941 equipment 4,178,172 4,046,808 Notes pay.. due'35 17,558 Deferred charges... 99,524 47,661 4 -year 634% 1st Unamortlzed bond mtge. bonds_ _ 1,069,200 1,163,000 and organization y Capital stock_ .._ 4,013,821 4,013,818 expenses 67,501 Deficit 218,821 434,762 Total $5,475,750 $5.146,999 Total $5,475,750 $5,146,999 Note -Non-interest bearing certificates of indebtedness aggregating 875.677 have been ossued for accrued dividends on preferred stock of predecessor company to date of qusiiemngofpret company for :5aea ne May 1930. Cumulative since June 193, on of the present company have reaineeju not or paid. X After depreciation of $1,097,738 in 1935 and $857,897 in 1934. y Represented by 39,997 no par shares of $8 cumulative preferred stock and 94,115 no par shares of common stock. z Includes accrued expenses. -V. 139, p. 2213. Orange & Rockland Electric Co. -Earnings Period End. Aug. 31- 1935 -Month-1934 1935-12 Mos.-1934 Operating revenues $64,144 $64,222 $723,765 $700,252 Operating expenses 34,711 35.188 413,458 424,529 Depreciation 6,798 6,851 81,190 83,665 Operating income_ Other income $22,635 3,062 $22,18.3 3,395 8229.117 40,540 8192,058 40.887 Gross income 825,697 Interest on funded debt_ 3,950 Other interest Amortization deductions Other deductions 547 Divs. accr, on pref. stk..8,813 $25,578 5,208 $269,657 62,149 1,116 439 8,573 4, 6 411 4,443 103,237 $232,945 62,500 707 13,138 3,045 101,895 Balance Federal income taxes included in oper. exps_ -V. 141, p. 2287. $10,242 $94,531 $51,660 3,000 31,000 25,150 $12,387 Pacific Finance Corp. of Calif.(& Subs.) -Earnings - 9 Months Ended Sept. 301935 Net profit after charges and Federal taxes $1,085,388 Earnings per share on 43,956 shares common stock $2.02 -V. 141, p. 1449. 1934 $612,490 $0.91 -Bonds Called Pacific Gas & Electric Co. All the outstanding let & ref. mtge. gold bonds, series D (5%) have been called for redemption on Dec. 1 at 105 and interest. Payment will be made at the company's offices, 245 Market St., San Francisco, Calif., or at the City Bank Farmers Trut Co., 22 William St., N. Y. City. V. 141, p. 2124. Pacific Lighting Corp. -S10,000,000 Debentures Offered -Public offering of $10,000,000 43/2% sinking fund debentures, due 1945, at a price of 100, was made Oct.8 by a banking group headed by Blyth & Co., Inc., and including Dean . Witter & Co., Brown Harriman & Co., Inc., Lehman Bro- 2443 thers, Lazard Freres & Co., Inc., Stone & Webster and Blodget, Inc., and Elworthy & Co. A prospectus dated Oct. 8 affords the following: Dated Oct. 1 1935: due Oct. 1 1945. Principal and int. (A. & 0.), payable in lawful money of the United States of America in N. Y. City and San Francisco. Debentures to be issued in coupon form in denomination of $1,000 each, registerable as to principal only. Redeemable at the option of corporation as a whole at any time or in part on any int. date, upon at least 30 days' notice, at following prices and int.: On or before Oct. 1 1937, at principal amount plus a premium of 3%, the premium thereafter decreasing 3,1 of 1% for each succeeding six months' period to and including April 1 1943, and without premium if redeemed thereafter. American Trust Co., San Francisco, trustee. Application of Proceeds -Net proceeds estimated $9,616,850, excluding accrued int., and after deducting estimated expenses in the amount of 5133.150, together with other funds of the corporation in the estimated amount of $249,840, will be applied to the redemption, in lawful money of the United States of America, on or before Dec. 1 1935, of $9,769.000 Southern California Gas Corp. collateral trust gold bonds. 5% series due 1937 (payment of which has heretofore been assumed by the corporation). at 101 and int., such accrued int. on the bonds to be redeemed to be paid by the corporation from its treasury funds. History and Business-Principal business of corporation, which was organized May 21 1907, in California, as successor to Pacific Lighting Co. (organized in 1886), has been the development, through subsidiaries, of of gas and electric properties in the State of California. The predecessor company purchased the control of Los Angeles Gas Co. in 1889 and in the same year combined it with Consumers Light & Power Co. of California and Lowe Gas & Electric Co. to form Los Angeles Lighting Co. In 1890 control of Los Angeles Electric Co. was purchased, and in 1904 Los Angeles Lighting Co. and Los Angeles Electric Co. were combined to form Los Angeles Gas &Electric Co. Pasadena Consolidated Gas Co. was acquired in 1903, and in 1909 was merged with Los Angeles Gas & Electric Co. to form the present Los Angeles Gas & Electric Corp. In 1925 Southern Counties Gas Co. of California and Industrial Fuel Supply Co. were acquired by the corporation by purchase of the majority of the stock of Los .Angeles Suburban Gas Corp.. a holding company since dissolved. Santa Maria Gas Co. was purchased in 1928. Southern California Gas Co. was acquired in 1929 by the purchase of the majority of the stock of Southern California Gas Corp., a holding company which has since been liquidated but not yet dissolved. -Of the corporation's five active subsidiaries, all of Active Subsidiaries which operate entirely within the State of California, Los Angeles Gas & Electric Corp., Southern California Gas Co.. Southern Counties Gas Co. of California and Santa Maria Gas Co. are operating public utility subsidiaries serving a contiguous territory in the southern portion of California, and are principally engaged in the purchase, transmission, distribution and sale of natural gas to domestic and commercial, gas engine, industrial and wholesale customers. Industrial Fuel Supply Co. is anon-utility company which purchases, compresses, transports and sells natural gas, under special contracts only, principally to its affiliates and to the City of Long Beach, and which compresses and transports gas for certain selected customers, but not as a common carrier for hire. Los Angeles Gas & Electric Corp. is also engaged in the generation. transmission, distribution and sale of electricity in portions of the Los Angeles "metropolitan area," and obtains practically its entire present supply of electric energy from its two steam generating plants. -Ventura Fuel Co.,organized in 1926 for the purpose Inactive Subsidiaries of constructing a transmission line for supply natural gas to the City of Beach. in 1931 received 10,000 newly issued shares, being one-third Long the of the capital stock of Industrial Fuel Supply Co. as a consideration for the stock now constitutes sale of its assets to that company and such ' California Gas Corp.'s assets principal asset of Ventura Fuel Co. Southern 1934. were acquired and its liabilities assumed by the corporation during Corp. Following the completion of this financing, Southern California Gas may be dissolved. Territory Served-The five active subsidiaries distribute natural gas in all Ventura. or portions of Los Angeles, Riverside, San Bernardino, Orange,Counties. Santa Barbara, Sn Luis Obispo, Kings, Tulare, Kern and Fresno gathering, transmission and distribution lines of these subsidiaries are The interconnected (with the exception of distribution lines of 10 small butane gas is supplied plants), forming an integrated system through which natural approximately to 248 cities, towns and communities in a territory covering 38,000 square miles, estimated to contain 900.000 families and a population to in excess of 3,000,000. Certain of the subsidiaries sell gas at wholesale San Diego Consolidated Gas & Electric Co. and to the municipal gas system of the City of Long Beach for resale in the territories served by those utilities, and to San Joaquin Light & Power Corp.for resale in Bakersto field and vicinity. Gas wholesaled to other utilities is resold by them by about 119,000 consumers, and gas transported for other utilities is sold them to about 23,500 consumers. the • Los Angeles Gas & Electric Corp. supplies electricity to portions of Los with the Los Angeles metropolitan area, in parts of which it competes Los Angeles. Angeles Bureau of Power and Light. Within the City of exclusive of the San Fernando and harbor sections, Los Angeles Gas & Electric Corp. does about one-third, and the municipal utility about twothirds, of the electric business. Capitalization Outstanding Upon Completion of This Financing $10,000,000 434% sinking fund debentures, due 1945 Preferred stock $6 dividend, cumulative (stated value $100 19,666,500 per share) outstanding 196,665 shares 63 . 0 shs. 001 Common stock (no par) 576, 1 660828 Funded Fund debt of subsidiaries Preferred stocks of subsidiaries Minority interest in common stocks of subsidiaries the Earnings--Consolidated earnings of corporation and subs2idi.5.a.r1223es1:41f8org 30 June calendar years 1932. 1933 and 1934, and for the 12 months endedpreferred int. and other fixed charges of subsidiaries, dividends on for the 1935: stocks of subsidiaries and amounts applicable to minority interests fund revenuessinking latter period: and annual interest requirements on the 434% of this debentures of the corporation to be outstanding upon completionfollows: financing, are upon an after times basis and upon on over-all basis as '34 June 30 '35 12 Months Ended- Dec. 31 '32 Dec. 31 '33 Dec. 31 344,864,160 843,549,689 847.317.101 Operating Oper. exps., prov. for re-344'043'3M tirements & taxes Ind. 31,275,655 31,773,956 31,447.039 33.199,478 Federal taxes Net open revenues-_ 312,767,698 513,090,204 $12,102.650 814,117.623 341,267 325.135 413,520 598,104 Other income (net) Total $13,365,802 $13,503,724 $12,427.785 *814458,890 Subsidiaries'fixed charges (net) Subsidiaries' pref. divs. & minority interest $4,720.029 1,516,062 $6.236,091 Total subsidiary deductions $8,222,799 Balance applicable to int. & dive. of Pacific Lighting Corp450.000 Annual int. on the corp.'s % sink,fund debs. (this issue) • $2.479.400 of the above total for the 12 months ended June 30 1935 was or preferred derived other than from subsidiaries having fixed charges dividend requirements, and is directly applicable to the corporation's 434% sinking fund debenture interest. Sinking Fund-Trust agreement will provide that the corporation will pay to the trustee on or before Oct. 1 1937, and annually thereafter, as a sinking fund, the sum of $500.000, which shall be applied by the trustee to the purchase or redemption of the debentures. In lieu of all or part of the cash payment into the sinking fund, the corporation may deliver to the trustee debentures (either canceled or uncanceled) of equivalent par value. Corporation will have the right to pay or deliver to the trustee at any time for sinking fund purposes cash or debentures at their par value in any amount, such payments or deliveries in excess of the annual sinking fund requirements then due, if any, to be credited by the trustee against the amount required to be paid into the sinking fund on the next falling due sinking fund date. Stock of Subsidiaries -As of June 30 1935, the corporation held shares of the capital stocks of its subsidiaries (all shares of each class have equal voting rights), representing percentages of voting control of those subsidiaries. as follows: 2444 Financial Chronicle -Percentage Owned of-Percentage SubsidiaryCorn. Sas. Pref. Sas. Veep Power Los Angeles Gas & Electric Corp_ _ __ 100.007 1.14% 51.17% Southern California Gas Co 99.99 22.007 73.39% Southern Counties Gas Co. of Callf 100.00 72.087 5.064, Santa Maria Gas Co 100.004 100.00 Industrial Fuel Supply Co 66.67% 66.67 Ventura Fuel Co 100.00% 100.00 Industrial Fuel Supply Co *33.33% 33.33% Southern California Gas Corp 99.99% 99.99% * Owned by Ventura Fuel Co. Underwriters -The names of all underwriters and the respective amounts severally underwritten are as follows: NameAmount Blyth & Co., Inc., San Francisco $3,050.000 Dean Witter & Co., San Francisco 1,850.000 Brown Harriman & Co. New York 1,250,000 Lehman Brothers. New York ' 1,250,000 Lazard Freres & Co., Inc.. New York 1,250,000 Stone & Webster and Blodget, Inc., New York 1,250.000 Elworthy & Co., San Francisco 100,000 -V.141. p. 1941. '-...-Pacific Power & Light Co. -Preferred Dividends The directors have declared a dividend of $1.75 per share cumulative pref. stock, par $100, and $1.50 per share on the $6 on the 7% cumulative pref. stock, no par value, both payable Nov. 1 to holders of record Oct. 18. Similar distributions were made in each of the four preceding quarters. On the 7% pref. stock, payments of 87Ji ce_its and 88 cents per share were made Aug. 1 and May 1 1933 respectively, prior to which regular quarterly dividends of $1.75 per share were distributed. On the pref. stock payments of 75 cents per share were made Aug. 1 and May$6 1933, 1 prior to which regular quarterly distributions of $1.50 per share were made. The Nov. 1 payment will leave arrearages of $8.75 per share on the 7% pref. stock and $7.50 per share on the $6 pref. stock. -V. 141, p. 2124. Pacific Telephone & Telegraph Co. -Earnings - Period End. Aug. 31- 1935 -Month-1934 1935-8 Mos.-1934 Operating revenues $4,922,993 $4,677,769 $37.458,019 $35,807,709 Uncollectible oper. rev 17,100 20,900 138,428 177,350 Operating expenses 3,249,459 3,119,985 25,698,053 24,426,216 Rent from lease of oper. properties 71 71 585 584 Operating taxes 593,124 589,386 4,210,562 4,326,935 Net operating income_ $1,063,381 $947.569 $7,411,561 $6,877,792 Hearing Asked - Twenty-three officers or employees of the company have asked the Federal Communications Commission for a hearing on their applications to serve as directors or officers of both the Pacific Telephone & Telegraph Co. and one or more of seven affiliated companies. The request was made under the provisions of the interlocking directors section of the Communications Act. -V.141. p. 1778. Parker Rust-Proof Co. -$1. Extra Dividend The directors have declared an extra dividend of $1 per share In addition to the regular quarterly dividend of 75 common stock, no par value, both payable Nov. 20 cents per share on theNov. to holders of record 11. A stock dividend of 10% was paid on Aug. 20 last, and in May and August of 1934.-V. 141, p. 605. Park-Lexington Corp. -Earnings -6 Months Ended June 30- 1935 $188,044 Net loss -V.141, p. 1941. 1934 $180,548 Pathe Film Corp. -New Directors - r. C. Stettinius and Charles L. Stillman have been elected directors. V. 141, p. 2287. (J. C.) Penney Co. -Sales Month ofJanuary February March April May June July August September Total for nine months -V. 141, p. 2124. 1935 812.924,114 12,040,900 15.511,314 17.591,998 16.976.719 17,934.549 15,915,025 17,873,360 18,811,434 1934 $12,440,233 11,741,901 16.484,080 15,475,133 17,084,631 16,796,586 13,967.193 16,131.402 19,988,602 1933 $8,689,376 8,455,073 10,234.073 14,591.329 14,431,647 14,628,193 13,557,830 14,211,719 16,288,141 $145,595,383 $140109,761 8115087,383 ' any RR.-Berrds-of Pecsylv idia atled- Th company wi until 3 p. m. Oct. 31 °calve bids for the sale to it of suffici 1st consdl. mtge. 4% bonds due 942 of he Cincinnati Lebanon & Northern Ry. Co. to exhaust the sum of $11,230 at prices not exceeding par and interest. -V. 141, p. 2288. Peoples Drug Stores, Inc. -Sales Month ofJanuary February March April May June July August September Total for nine months -V. 141, p. 1779. 1935 1934 1933 81,466.958 $1,322,136 $1,310,613 3,428,201 1,250,116 1.185,279 1,558,292 1,450,922 1,268,006 1.537,724 1,324,034 1,245,704 1,561,023 1,336,054 1.242 600 1 535.034 1,342,468 1,243,098 1,553,833 1,317,587 1,299.963 1,652,045 1,335,933 1.239.938 1,530.609 1,335,201 1.268,744 $13,809,196 $12,004,829 811,308,255 Phelps Dodge Corp. -Settlement - President Louis S. Cates announced on Oct. made a settlement with the minority interests of 4 that the company has the Co., whose assets were purchased in February by United Verde Copper price was set at $18,606,000, or $62.02 a share forPhelps Dodge. The was stated at that time that holders of about 50,000300,000 shares. It shares had refused to accept the price for their shares. -V. 141, p. 1106. Philadelphia Rapid Transit Co. -Takes Steps to Sell Taxicabs The company has made a move in Federal Court in Philadhlphia towards disposal of its taxicab subsidiaries. Ralph T. Senter, President of Philadelphia Rapid Transit, signed a petition Oct. 8 which was handedthe Judge Welsh by the company s counsel asking for advice concerning to the sale of Yellow Cab, Quaker City, Diamond and Brown & White companies. The petition stated that two offers have been made for assets of the company, one of $250,000 by E. S. Higgins, whothe physical operates as "cab management," payable over a period of 11 years, and the other of $100,000 in cash by the law firm of Sundhelm, Folz & Sundhelm, representing an undisclosed principal. Judge Welsh made an order directing Philadelphia Rapid Transit to insert advertisements in leading newspapers of New York, Boston, Washington, Cleveland, Detroit, Chicago, San Francisco and Los anyone interested in the purchase of the cab companies Angeles, inviting to submit in writing to the Clerk of the Court here not later than Nov. 7 and heoffers fixed Nov.8 for consideration of all offers. The offer of Mr. Higgins, who contemplates forming a new corporation if he should acquire the taxicabs,stipulates that Philadelphia Rapid Transit would have to cancel an indebtedness of $1,589,563 owed it by taxi companies as of July 31 last. The Sundheim offer, according the Mr. to Senter's petition, is also similar to Mr. Higgins's except as to the amount and the terms of payment. Court Allows Payments to Underliers- Oct. 12 1935 purpose by the court, $600,000 having been disbursed May phase of the company's plans for reorganization under last new as one the Federal Bankruptcy Act. Objections by the P. S. Commission and City Comptroller S. Davis Wilson were dismissed by Judge Welsh in "use and occupancy" of underlier properties.authorizing the payment for The Federal Court of Appeals, however, on Oct. Wilson. City Comptroller, and the Pennsylvania Public2 allowed S. Davis Service to appeal from the order of Judge Welsh and fixed Ocs. 11 Commission as the date to hear motions for dismissal of the appeals. However, the $700.000 was disbursed on Sept. 30 to the 25.000 stockholders of the underliers.-V. 141. p. 2125. Philadelphia & Reading Coal & Iron Co. -New Pres.See Philadelphia & Reading Coal & Iron Corp. below. -V.133, p. 1938. Philadelphia & Reading Coal & Iron Corp. -New Pres. Ralph E. Taggart has been elected President and a company and the Philadelphia & Reading Coal & Iron Co.director of this He succeeds Nathan Hayward, who accepted the temporarily following the recent death of Andrew office of President J. Maloney. Mr. Taggart was elected at special meet ngs of the boards of directors held on 'Oct. 4 and his election becomes eff tive Oct. 15.-V. 141, p. 1107. "'Philadelphia &P '1.1(,es Feder ti lJudge Willie H. i in whit. y.-Time Exteed-4- rkpatrick has extended o Noi.25 the Public S vice Commission of Pen, la may file time suggestions objections to the plan of reorganization under Section 7T -B of the Fed al Ban ptcy Act. The original time expired Oct. 2. but attorneys for o 110e the Commission more time to analyze the the company agreed . giv . 7 situation.-V. 141. t Phoenix Securities Corp. -Financial Statement, Year Ended Aug. 31 1935 Wallace Groves, President, states in part: The net asset value of corporation on Aug. 31 1935 (using market for the item of investment in marketable securities) was $7,041,500,values which would be equal to $91.029 per share of the preferred After deducting the liquidating value of the preferred stock outstanding. stock outstanding ($50 per share), based on the balance sheet, the net asset value of the common stock as of that date is 83.707 per share. This compares with the net asset value of the common stock (figuirng owned) at market values), as shown by the balance the item of securities sheet (Feb. 28 1935) of $1,259 per share, showing an increase In six months ago net asset value of the common stock in six months of 194.4%. The following table show net asset values as reported Net Asset Value NeteA p mVaolnue at Market,for Common DateMarketable Securities Share Feb. 28 1933 $2,047,464 None Aug. 31 1933 4,093,558 None Feb. 28 1934 4,553,093 3001...2235519 Aug. 31 1934 4,537,638 Feb. 28 1935 5,559,013 Aug. 31 1935 7,041,500 3.707 From these figures it will be seen that the net asset value of the corporation as at Aug.31 1935,18 343.914% of the net asset value as at Feb.28 1933. During the past six months the directors have paid re the accumulated back dividends on the outstanding preferred stock andtthe preferred stock has been put on a regular dividend basis of $3 per share, first dividend being paid to preferred stockholders on Oct. 11935. Balance Sheet Aug. 31 1935 AssetsitabOttie.sCash $23,185 Payable for securs. purchased. $478 Investment in marketable secs. 5,080,675 Accts, pay,and accrued (labils. 11,078 444 Other investments & advances 1,686,738 Reserves 263.600 Divs. receivable dr int. accrued 12.006 $3 cony. pref. stock,series 773,538 Miscell. notes Sr accts. receiv'le 60.839 Corn,stock (par value $1) 856,000 Deferred expenses and insurCapital surplus 4,968,206 ance and taxes prepaid Furniture and fixtures, at nominal value 1 Total $6,872,868 Total 36,872,868 -V. 141, p. 1942. Pioneer Gold Mines of British Columbia, Ltd. -Earns. Earnings for Month ofSeptGross earnings Expenses, incl. power devel. costs_ _ _ 1935 $275,000 66,000 1934 $252,000 63,000 1933 $183,000 61,500 Profit before deprec., deple. & taxes -V. 141, p. 1779. $209,000 $189,000 $121,500 Pittsburgh & Lake Erie RR. -Earnings - Period End. Aug. 31- 1935 -Month-1934 1935-8 Mos.-1934 Railway oper. revenues_ 81.618,877 $1,273,009 $10,840,285 $10,597,735 Railway oper. expenses_ 1,177,310 1,116,879 8,595,073 8,612,819 Railway tax accruals__ _ 104,768 72,193 807,443 714,664 Unconec railway 23,843 1 44,133 41 Equip, and joint facility revs_rents * 147,475 146,993 1,166,768 1,170,668 Net ry. oper. income.. $460,431 $230,929 $2,560,404 $2,440,879 Other Income 13.686 42,436 244,975 384,716 Total income $474,117 $273.365 $2,805,379 $2,825,595 Miscellaneous deductions 76,293 5,909 488,034 300,254 Fixed charges; 9,264 49.432 264,951 556,825 Net income $388,560 $218,024 $2,052,394 $1,968,516 * Credit balance. -V. 141, p. 2288. Porcelain Enamel & Mfg. Co. of Baltimore-Earnings - Years EndedMar. 31 '38 Dec. 31 '33 Dec. 31 '32 Total net Income from sales $793,599 $586,422 3472,717 Operating costs, expenses and taxes 655,256 522.322 623,763 Reserve for depreciation 13,068 13,306 27,133 Net income $125,274 $50,793 loss$78,180 Dividends 11,150 Balance $125,274 $50,793 loss$89,330 Spec.approp,for poss. uncoil. sects_ 31,249 Special appropriation to cover loss in disposing of Wolverine & Buckeye Interests 29,958 Surplus $64,066 $50,793 def$89,330 Condensed Balance Sheet March 31 1935 Assets LlabllUtesCapital assets $1,023,261 First preferred stock $79,300 Cash 68,254 Second preferred stock 100,800 Accts. and notes tee.(trade)._ 114,550 Common stock 239,900 Inventories 53.183 Accounts payable 41,866 Investments 8,000 Notes payable • 60,000 Other assets 14,386 Trade acceptances payable_ _ _ 34.063 Prepd. exps. and derd items 10,516 Accrued payables 6,889 Real estate mortgages and Estimate 01 1935 income tax._ 2,400 accrued interest 141,750 Notes pay, secured by mtge. note and mtge.on Wolverine plant (as per contra) 140,000 Reserves 281,417 Surplus 447,265 Total 81,433,902 Total. $1,433,902 -V. 138. p. 4310. Permission was granted the company to distribute 8700,000 among its "--Power Corp. of N. Y. -To Redeem Debenturesunderliers by Judge George A. Welsh in the Federal Disalct Court The company will redeem on Nov. 1 at 103 and accrued interest all Philadelpnla Sept. 30. This is the second payment autnorized for in its outstanding $5.000,000 53.5% debenture's of 1947.-V. 141, p. 1451.of this 2445 Financial Chronicle Volume 141 importance that the full co-operation of the bondholders be given immediately by the depositing of their bonds, if the same have not already been deposited." writes Mr. Hepler. The company decided on the Section 77-B proceedings, it is stated, because of its inability to meet the interest on bonds due Oct. 1. It will, in due time, according to the letter, submit a plan as required. "and it is anticipated that this plan will be identical with the one already submitted." In the company's petition to the Court it is stated that there were demends on available cash to make necessary repairs and replacements to its -V. 141, P. 446. pipe line system, so that the interest could not be met. Ponce Electric Co. -Earnings -Period End. Aug. 31- 1935 1935-12 Mos.-1934 -Month-1934 Gross earnings $324,410 $28,044 $313,814 $24,925 Operation 18,221 15,434 Maintenance 25.902 13.256 1,066 2,153 Taxes 41.668 3,119 26,060 2,613 Interest charges 1.193 1.771 88 159 Balance $4,634 Appropriations for retirement reserve Preferred dividend requirements $5,477 $60,635 33,333 25.377 $100,084 40.000 25,636 Balance for common dividends and surplus----V. 141, P. 1779. $1,925 $34,448 -Earnings Rochester Gas & Electric Corp. Earnings for the 12 Months Ended June 30 1935 Electric department revenue Gas department revenue Steam department revenue Postal Telegraph & Cable Corp. (& Subs.) -Earnings - $9,185.255 3,903,467 777,832 6 Mos.End. June 301934 1933 1932 1935 Earnings $14,046,710 $14,762,963 $13,516,188 $14.786.238 Exp.,taxes and deprec-- 13,628.971 13,602,687 12,771,687 14,162.946 Gen.int. charges of associated companies 142,935 204,594 30,551 141,065 Int. on bds.& debt stks. 1,269,481 1,248,412 1,227,739 1,272,637 Total revenue Operating expenses Retirement expense Taxes $13.866,554 6,702.070 969.075 1,938,744 Net loss $708.506 $634,997 $992,807 $255,296 x Includes non-current income of $266,363. Note -Interest on the outstanding bonds and debenture stock for the period subsequent to Jan. 1 1935 has been accrued but not paid. -V. 141, p. 1452. Operating income Other income $4,256,665 56,540 Total income Income deductions $4,313,205 1,504,188 Net corporate income Previous surplus $2,809,017 4,982,568 Procter & Gamble Co. -Employees' Representation Discontinued-Directorate Reduced - $7,791,585 30 1.473,226 931,097 Dr2,496,883 Total surplus Premium & discount on bonds redeemed Dividends on preferred stocks Dividends on common stock Net deductions from surplus On recommendation of President Deupree the stockholders at their recent annual meeting voted to discontinue the practice cf giving employees representation on the board of directors. When this was started the company had three dents, now it has 10. and it obviously is impracticable to give each of the 10 representation on the board, Mr. Deupree said. The directorrte was reduced to 12 from 14 by stockholders' vote and Clarence J. Huff, general sales manager, was added to the board. Other directors, °went for the three employee representatives, were reelected. V. 141, p. 1107. $2.890,349 Total surplus June 30 1035 Balance Sheet June 30'35 Dee.1134 Assets 73,855,982 73,453,586 Fixed capital 356,867 357.839 Investments 899,229 Due from affil.cos. 480,256 282.791 281,143 Special deposits_ 666 6,424 Other spec. depos_ 1,796,737 2,007.389 Cash 11,048 15.910 Notes receivable Accts. receivable_ _ 1,277,767 1,410,959 908,127 Mugs tk supplies_ 892,185 6,985 6,297 Int. Sr diva. recely_ 5,522 7,068 Loans to employ's 105.212 Prepaid expenses_ 572,581 Unamortized debt 527,902 disc. & expense_ 511,888 Miscell. Items In 719,662 725,750 suspense Public Service Corp. of N. J. -Makes Survey to Cut New Federal Taxes The corporation is making a complete study of its corporate structure to see if the Federal tax on interclrporate dividercts can be eliminated or reduced substantially through mergers and charges in the system set-up. This activity was disclosed to stecl.holders of the corporation in a letter by Thomas N. McCarter, President. which outlired also the position of the corporation under the Public Utility Act of 1935. The new taxes imposed by Congress at the last session, MI. McCarter explained, will lessen the amount available fcr dividends by the corporation to the extent of about $1,000,000 a year after 1935. While under the strict wording of the Federal Utility Act. Public Service C•irp. and its properties would be involved to some extent. Mr. McCarter does not believe that the Act was primarily aimed at properties such as he heads. -V. 141, p. 1944. Puget Sound Power & Light Co.(& Subs.) -Earnings June 30'35 Dee.31'34 38,270,308 38,270.308 Capital stock Long-term debt.__29,158,500 29,158,500 Mat'd bds.& bond 281,143 int. tt divs. pay_ 282,791 526,308 Accounts payable.. 709.928 333,945 340,790 Interest accruals Taxes accrued_ _ _ _ 1,499,730 2.199.015 Consumers' Si line 7113,751 exten. deposits_ 715,667 Renewals. replace& retirement of 5,802,249 5.625,424 fixed capital Contrlbs.for exten. 926.953 -not refundable 932.075 122,769 Res, for dividends- 122.769 Injuries Ae damages 11,542 16,827 reserves 50,1194 47,973 Miscell. reserves 2.890,349 2,501,4n3 Surplus Period End. Aug. 31- 1935 -Mouth-1934 1935-12 Mos.-1934 Gross earnings $1.150,052 $1,109,299 $13,594.722 $13,047.302 Operation 423,875 435,422 5,311,166 4,921,469 Maintenance 66,128 58,601 806,530 637,691 Taxes 165,387 175.765 1,892.297 1,820.340 80,789,958 80,726,815 Total -V. 141, p. 2290. Balance Inc. from other sources_ $483.113 34,733 $451.057 $5,584,729 $5,667,801 34,733 416.800 417,536 The termination date of the voting trust, mentioned in last week's "Chronicle", was Oct. 1.-V. 141. p. 2290. Balance Interest & amortization_ $517,846 322,848 $485,790 $6,001,529 $6.085.337 325,649 3,880,153 3,974,993 -Sales Rose's 5, 10 & 25 Cent Stores, Inc. $1,371,336 $1,507,321 [Revenues and Expenses of Car and Auxiliary Operations) Period End. Aug. 31- 1935 1935-8 Mos.-1934 -Month-1934 Sleeping Car Operations Total revenues $4.373,819 $3,928,061 $32,076,386 $29,284,563 Total expenses 3,591,885 33,304,071 28,089,518 4,158,895 Net revenue Total net revenue-- _ Taxes accrued Operating income_ _ _ _ -V.141, p. 1780. $214,923 $123,820 $1,072,439 130,947 979,099 $9,747 $224.671 105,699 $118,972 def$7.127 -Earnings Rutland RR. Period End. Aug. 31Railway oper. revenues_ Railway oper. expenses. $44,404 $329.047df$1,134,344 51.239,448 1,010.223 128,107 1,098,651 $200.939df$2,144,568 Operating income__ Non-operating income__ -Month-1934 1935 $81,918 $83.114 68,730 66,828 500 250 2.813 2.961 $140,797 1935-8 Mos.-1934 $612,413 510,617 517 349 : 2,000 4,000 21,256 20,052 $10,125 338 $12,826 454 $78,540 3,187 $74.569 3,914 Gross income Deduction from gross. $10,463 $13,280 $81,728 $78,483 Net income -V. 141, p. 1780. $10,463 $13,280 $81,728 $78.483 Railway & Light Securities Co. -Bonds Called All of the outstanding coll, trust s. f. 5% gold bonds, seventh, eighth and ninth series, and 4%% bonds, tenth series, have been called for redemption on Nov. 1. The 5% bonds will be redeemed at 103 and accrued interest and the 43% bonds at 102 and interest. Payment will be made at the Old Colony Trust Co., 17 Court St., Boston, Mass. -V.141, p. 2289. .---Republic Gas Corp. -Removedfrom Unlisted Trading The New York Curb Exchange has removed from unlisted trading privileges the 1st lien coll. 6% cony, bonds, series A, due June 15 1945, and the certificates of deposit representing 1st lien coll. 6% cony, bonds, series A, due June 15 1945.-V. 141. p. 933. -Accumulated Dividendiedl ,.----Reserve Resources Corp. wi, The directors halm declared a dividend of $1 per share on account of accumulations on the $6 cumulative preferred stock, no par value, payable Oct. 15 to holders of record Oct. 10. Similar payments were made in preceding quarters. -V. 141. p. 124. -Seeks Reorganization Grande Valley Gas Co. - 1,340 23,735 19,998 1 x3.306 11,267 157,134 41 x12,446 130.811 160,266 31 x23,808 def$21,416 4,002 $7,042 4,871 $133,462 45.365 $5,678 41,769 $11,913 def$88,097 4,310 1,011 276.281 34,613 $336,091 4,322 278,248 $368.688 $246,479 def$17.414 Total income 363 Miscellaneous deductions 34,377 Fixed charges $52,154 Net deficit -V. 141, p. 2127. x Credit balance. $23,711 St. Louis Southwestern Ry. Lines-Earnings-Fourth Week ofSept.- -Jan. 1 to Sept. 30PeriodGross earnings -V. 141.p. 2127. 1935 $448.000 1934 1935 1934 $369,516 $11,509,898 $10,782,743 -Earnings -Savannah Electric & Power Co. 1935-12 Mos.-1934 Period End. Aug.31- 1935-Month-1934 Gross earnings Operation Maintenance Taxes Interest & amortization_ $151,934 60,404 9,847 16,233 33,034 Balance $32,415 Appropriation for retirement reserve Debenture dividend requirements Preferred dividend requirements $142.909 $1,815,314 $1.754,072 647.492 693,969 56,640 105.672 105,855 10.647 198,450 207,935 16,331 398,095 396,326 33.190 $26,099 Balance for common dividends and surplus_ _ -V. 141. p. 1782. $411,229 150,000 149.114 60.000 $404,361 150,000 149,114 60,000 $52,114 $45.246 Second National Investors Corp. -Correction The total assets and liabilities as at Sept. 30 1935(published in last week's "C2ronicle") should have read $7,305,358 instead of $8,172,153-V. 141. p. h2w 'Securities Corporation General-Accumulated Divs04( ......_ In a notice sent to holders of the 7% first mortgage gold bonds of the company, It. E. Hepler, President, says the company has made application for reorganization under the provisions of Section 77-B of the Bankruptcy Act. The application, he continues, has been approved by the Court and the management has temporarily been continued in possession of the property. On Oct. 25 there will be a hearing at Houston. Tex., when the Court may make permanent an order continuing the debtor in possession or may remove the debtor and appoint a trustee. "It Is therefore of the utmost def1,196 18,880 Net ry. oper. income Other income Radiomarine Corp. of America-Earnings Period End, Aug. 31Teleg. & cable oper. revs. Teleg.& cable oper. exps. Uncoil. oper. revenues__ Taxes assignable to oper. 1935-8 Mos.-1934 -Month-1934 1935 $287,487 $2,105.284 $2.198,293 3272,316 2,067,482 2.094.017 263,752 273.512 Net revenue from railway operations_ ___ Railway tax accruals__ Uncollect. ry. revenues_ Equip. & joint fac. rents $928.207 883,803 $93,340 1934 $1813,008 199.429 237,261 206.861 235.262 233,004 209.640 249.359 304.304 $2,652,157 $2.061,131 Total nine months The company had 80 stores in oeration at end of September, compared 1780 with 72 stores on Sept. 30 1934.-V. 141, p. $336.175df$1,227,685 $1,195,044 $135,607 125.859 1935 $213,287 241,914 290,727 315,913 310,873 307,797 275,933 345,376 350,232 Month of January February March April May June July August Septe.uber Pullman Co. -Earnings - Net revenue Auxiliary Operations Total revenues Total expenses 80,789,958 80,726.815 -Voting Trust Ended Rockland Light & Power Co. Balance $194,998 $160,140 $2,121,375 $2.110,343 Appropriations for retirement reserve 1,358,741 1,483,695 Prior preference dividend requirements 550,000 550,000 Preferred dividend requirements 1,583,970 1,583,970 Deficit for common dividends and surplus...._ -V. 141, p. 1779. Total The directors have declared a dividend of $1.75 per share on the $7 cumulative preferred stock, and a dividend of $1.50 per share on the $6 cumulative preferred stock, both dividends being on account of accumulations and payable Nov. 1 to holders of record Oct. 18. Similar payments were made on Aug. 1 and June 5 last. In January 1935 the company took no action on the preferred dividends because of the decline in the book value of its investments below the stated value of the preferred stock. Since then stockholders have voted a reduction in the value of the preferred shares. See also V. 140, p. 2720.-V. 141, p. 608. 2446 Financial Chronicle Selected Industries, Inc. -Earnings 9 Months Ended Sept. 30 1935 1934 Interest income $265,368 $238,457 Cash dividends 1,017.657 901,656 Profit on syndicate participation_ Commissions on underwritings 3,171 28,750 Miscellaneotu income Total income General expenses Service fee Taxes 1933 $235,519 950,261 14,958 isting s" --South Broadway Building, Los Angeles-Reorganiza'n Contemplating the formation of a new corporation to acquire in fe the land and building securing South Broadway Building % 1st mtge. bonds at a trustee's sale to be held in the near future, a reorganization plan has been adopted by the bondholders' committee and submitted for approval to all bondholders. Holders of the present bonds will be entitled to receive new 15 -year 6% inc. mtge. sinking fund bonds dated Oct. 1 1933 with interest cumulative to 334% in equal principal amount to their deposited bonds. In addition the plan provides for payments to holders in cash of a sum equal to interest on the deposited bonds at the rate of 3% per annum from Jan. 1 1933 to Oct. 1 1933, and a further sum in cash equal to interest at the same rate for the period from July 1 1932 to Jan. 1 1933, to the extent of funds available with the trustee for that purpose. All stock of the new corporation to be presently issued will be placed in escrow with the provision that such stock shall be distributed to bondholders in proportion to their holdings in event of default in interst at the rate of 334% per annum on the new bonds on or before Oct. 1 1938. To participate in the plan, bondholders who have not already deposited their bonds must do so by Oct. 26. As of Sept. 26 last a total of 69.73% of the bonds had been deposited. -V.118, p. 1971. Total $22,530,741 $24,527,320 $28,521,747 Deduct-Loss on sale of securities__ _ 443,006 x1,538,128 2,191,579 $22,087,735 $22,989,193 $26,330,167 974,641 975,905 1,027,860 Total surplus $23,115,595 $23,963,833 $27,306,073 Divs. declared-$5.50 div. prior stock 1,055,714 1,658,967 1,658,959 Balance, surplus, Sept. 30 $22,059,880 $22,304,866 $25,647,114 After deducting profit on syndicate participations amounting to $37,502. Balance Sheet Sept. 30 1934 1934 1935 1935 Assets $ Liathlittes-5 $ Cash in banks, on C $5.50 cum. prior hand a nd at call_ 2,454,237 10,761,975 10,761,975 403,725 stock Deps. in foreign d $1.50 cum.cony. currencies 2,121.585 2,124,735 19,940 stock Investments f33,082,477 235194,773 e Common stock 2,120,902 2,119,012 Note rec.(see.).._200,000 b Stk. in treas_Dr1,316,445Dr1320,976 Int. and dividends Reserves for exp., 111,167 receivable, &o__ 259,894 134.891 293,962 taxes, &a Reserve for securiFor'n exch. contr. 17,408 564,947 ties sold 117,804 44,626 Dividends payable 357,682 Spec'l deposits, Arc 357,682 36.307 C1.764 564,947 Due for sem purch. Foreign exchange 22,059.880 22,304,866 Surplus contracts 17,408 Total 36,309,443 36,702,034 Total 36,309,443 36,702,034 a Investments owned on March 31 1931 are carried at the lower of cost or market at that date. Subsequent purchases are carried at cost. The market value of investments and U. S. Government securities on Sept. 30 1934 was $4,611,067 less than the amount shown above, having been determined by appraisal by the corporation. b Represented by 14,900 units allotment certificates carried at cost of $620,460 and 13,411 shares $5.50 cum. prior stock at cost of $695.986 in 1935 ($700,516 in 1934). C Par value $25. d Par value $5. a Par value $1. In addition there are reserved unissued shares of common stock as follows: 1,272,951 for conversion of convertible stock, 335,212 for exercise of purchase warrants, 200,000 for options at $15 per share and 20,000 for option at $8 per share, total 1,828,163. f Investment owned on March 31 1931 are carried at the lower of cost or market at that date. Subsequent purchases are carried at cost. Investments, based on market quotations as at Sept.30 1935, or, in the absence thereof, on their then fair value in the opinion of the corporation, were $4.198,615 in excess of the amount shown ftbovq, after giving consideration to tax liabilities. -V. 141, p. 1607..4 Selfridge Provincial Stores, Inc. Ltx1.-Final Dtv„- The directors have declared a final dividend for the fiscal year ealed ' Aug. 11935,on the American Depository Receipts of 2X %. The dividend Is payable in New York on Dec.9 to holders of record Nov. 14. A similar payment was made a year ago. -V.141, p. 2291. --•••••Simpson's Ltd. -Accumulation Dividend,c6-clAA-GeL. The directors have declared a dividend of $I per share on account of ' accumulations on the 6% cum. pref. stock, par $100, payable Nov. 1 to holders of record Oct. 19. Similar distributions were made in each of the four preceding quarters and on Aug. 1 1934. this latter being the first payment to be made on this issue since Feb. 1 1932, when a regular quarterly dividend of $1.623 per share was paid. -V. 141, p. 448. Siscoe Gold Mines, Ltd. -Operations -- The company produced $190,043 in gold during September. This compares with $194,055 in August and with $175,603 in September 1934. Mill tonnage last month was 12,173 as compared with 12,889 in August and 10,554 in September of last year. Mill heads averaged $16.00 per ton In September of this year, as against $15.59 in August and $17.19 in September 1934.-V. 141, p. LOU. Twenty Jones Corp. -Extra Dividendil-eL'i-e The company paid an extra dividend of 25 cents per share in addition the regular quarterly dividend of $1.25 per share on the common stock on Oct. 2 to holders of record Sept. 30.-V. 138, p. 340. 61 Broadway Building (Broadway Would Form Independent Committee - Exchange Corp.) George A. Rogers (18th floor). 42 Broadway, New York, announces that at the request of a substantial amount of the holders of the 1st mtge. 534% sinking fund gold loan, due Oct. 1 1950, he has been asked to take steps for the organization of an independent bondholders committee to represent the mutual interests of the bondholders. Correspondence with Mr. Rogers by those bondholders interested is requested. -V. 141, p. 2291. (A. 0.)Smith Corp. -Earnings - Net loss Preferred dividends OilCo., Th ew York Stock Exchange has uthoriz he listing of $50,000,000. 15-year B3% debentures, due Od.. 15 50.- . 141,p. 1782. 6.955 $975,905 $974.641 $1,027,860 Statement of Surplus Sept. 30 1933 1934 1935 Balance Dec.31 $22,529,499 $24,527,254 $28,521;619 Add-Arising from conversion of convertible stocks into common stock_ 128 1,242 66 Years Ended July 31Profit after taxes and interest Depreciation -'So4ny-Vacuu $1,259,285 $1.195,773 $1,207,694 78.167 69,577 72,323 120,705 132,544 129,818 32,916 21,736 26,558 Net Income Balance Net income for 9 mos.(as above) Oct. 12 1935 b Obligation to retire 5,590 shares 7% cum. preferred stock at $110 per -of share. -V. 141, p. 1947., 1934 1935 x$541,375 $1,360,550 1,162,680 1,610,801 1933 $300,805 2,232,195 $621,305 41,800 $250,251 $1,931,390 39,926 42,634 Deficit $663,105 x Includes non-operating income of $95,125. $292,885 $1.971,316 South Carolina Power Co. -Earnings -[A. Subsidiary of Commonwealth & Southern Corp.] Period End. Aug.31- 1935 -Month-1934 1935-12 Mos.-1934 Gross earnings $200,490 $2,650,472 $2,437,279 $206,181 Operating expenses 118,961 1,480,277 1,361,737 100,259 Fixed charges 53,497 646,993 618,826 54,164 Prov. for retirement res. 13,000 156,000 144,241 13,000 Divs.on preferred stock_ 14,286 171,438 171,433 14.286 Balance -V. 141, p. 286, 1783. $24,471 $294 $195,763 $141,040 Southern Indiana Gas & Electric Co.-Earnings'I (A Subsidiary of Commonwealth & Southern Corp.] 1935-12 Mos.-1934 Period End. Aug.31 -Month-1934 - 1935 Gross earnings $238,651 $3,017,532 $2,851,731 $252,073 1,696,905 1,641,406 Operating expenses 135,381 143,207 Fixed charges 319,725 314,954 25,922 25.776 277,700 Prov. for retirement res23,141 277.700 23,141 542,463 542,218 Divs.on preferred stock45,199 45,206 Balance -V. 141. P. 1783. $14,741 $9.006 '$180,737 $75,451 Southern Ry.-EarningsPeriodGross earnings -V. 141. p. 2128. -Fourth Week of Sept.- -Jan. 1 to Sept. 301934 1935 1934 1935 $2,952,704 $2,405,671 $78,892,472 $76,253,492 -, -Earnings Southwestern Associated Telephone Co. Period End. Aug. 31- 1935 -Month-1934 Operating revenues $65,591 $71.172 Uncollectible oper. rev 200 100 Operating expenses 41,957 47,345 Operating taxes 4,747 4,288 Net operating income_ $18,687 $19,439 -V.141, p. 1455. 1935-8 Mos.-1934 $516,948 $552,541 6,200 1,300 326,893 361,405 38.887 34,586 $155,250 $144,968 -Earnings Southwestern Bell Telephone Co. Period End. Aug. 31- 1935 1935-8 Mos.-1934 -Month-1934 Operating revenues_ __ _ $6,177,505 $5,898,840 $49,037,252 $46,649,380 267,269 Uncollectible oper. rev__ 218,523 26,887 25,751 Operating expenses....- 4,095,662 3,663,754 31,994.285 30,657.265 Rent for lease of oper. 52.562 59,937 7,261 property 3,904 Operating taxes 710,000 5,559,000 5,383,000 699,000 Net operating income 81,352,052 $1,492,074 $11,212,882 $10,281,909 -V. 141, p. 1783. -Earnings Sparks-Withington Co. 1934 1933 Years Ended June 301935 Net sales 85.411.047 84,850,830 $2,500,046 Costs and expenses 5,475.285 4,986,995 2,268,377 Operating loss Other income 864.239 3,040 8136,165 11E231,669 x34,029 56,323 Loss Depreciation Prov. for i088 on accts. receivable.. Other deductions $61,198 106,540 $102.136 pf$287,992 108,411 110,264 107.000 386,508 26,834 76,357 Net loss Preferred dividends $167,738 $344,381 $285.137 10,911 Deficit for year 8167,738 $344,381 $296,048 x Includes adjustment of Canadian assets to current rate of exchange, &c. Consolidated Balance Sheet June 30 AssetsLiabilities1035 1934 1934 1935 x Land, buildings, Pref. 6% stock__ $363,700 $363,700 mach'y & eeutp.$1,602.739 $1,663,796 y Common stock.. 2,251,685 2,251,685 Pats. & pat. rights 1 Bank note 1 200,000 Tr.-mk. dr g d-w111 1 Loan from RFC 1 Cash 231.433 current 353,735 50,000 Marketable secure. 304,156 Advs, by bank Notes and accounts against custoreo., after res.__ 455,453 60,050 658.969 mar's drsita---Inventories 1,103,577 1,150,701 Loan from RFC not Other assets 484,120 current 400,000 407,547 Deferred charges. 47,342 Accts. and accrued 68,803 accounts payable 201,136 883,216 Contract payable_ 10.000 10,000 Contingent reserve 100,000 100.000 Miscell. oper. res. 36,552 43,447 Capital surplus.._ _ 518,733 686,471 Balance Sheet July 31 1935 1934 1934 1935 Assets Liabilities $ x Land, bldgs., maCommon stock- 4,000,000 4,000.000 chin'y & equip_ _11,535,284 12,101,899 7% cum. pref.stk. See b Total See b $3,991,856 $4,538.519 Total $3,991,856 $4,538,519 Cash 640,629 681,798 Notes pay, to blur. 500,000 500,000 x After depreciation. y Represented by 900.674 no par shares -V. 141. Notes & accts. reo., Deposit on contr47,760 p. 2128. after reserve_ _ 1.510,340 1,122.858 Accounts payable.) 829,839 (446.338 Inventories 3,243,840 3,521,018 Payroll 1191,089 "Springfield Gas Light Co. -Cuts Common Dividend Cash surr. value of Dividends payable 10,488 11,413 The directors have declared a quarterly dividend of 25 cents per share on life ins. policies- 555,751 507,066 Accr. Fed.tax,&c. 245,390 290,318 the common stock, par $25, payable Oct. 15 to holders of record Oct. 8. Sundry notes & acObligation to retire This compares with 38 cents per share previously distributed in each of counts rec 27,397 preferred stock. b614,900 659,230 the five preceding quarters: 50 cents paid each quarter from July 15 1933 to Accr. int. on secs_ 23,300 23,300 Conting. res., &c_ 621,559 516,905 April 15 1934 inclusive: 62 cents paid on April 15 1933 and 63 cents per z Marketable secs. Earned surplus_ _ _17,194,906 17,858,012 shares distributed on Jan. 16 1933.-V. 140, p. 1674. at cost 2,889,053 2,888,507 868,872 a Investments_ _ _ 845,862 May, Stern Co. -To Resume Common Dividends 214,715 214,933 Land, non-oper_ The directors on Oct. 7 declared a dividend of 75 cents per share on the Deferred charges 357.844 320,378 common stock, no par value, payable Nov. 1 to holders of record Oct. 15. 2,221,751 2,221,751 Good-will This payment will mark the resumption of dividends on the common stock as no disbursements had been made since May 1 1930, when a regular Total 24,065.768 24,472,380 Total 24.065,768 24,472,380 quarterly dividend of 75 cents was paid. This rate had been maintained x After depreciation and amortization. y Represented by 500,000 no since and including Aug. 1 1928. par shares. z Quoted market value July 31 1935 was $1,117,935 ($831,450 The directors also declared two regular quarterly dividends of $1.6234 in 1934): a Includes 1,425 shares in 1935 (1,875 in 1934) of company's per share each on the 634% cumulative preferred stock, par $..00. payable common stock carried at cost of $72,862 in 1935 (895,871 in 1934). Nov. land Feb. 11936,to holders ofrecord Oct. 15 and Jan. 15,respectively. '4z4( Volume 141 1932 $359,582 551,532 720,035 757,373 672,331 329.770 188,609 239.190 712,975 Total nine months-422,150,234 $16,063,965 $7,069,947 $41531.397 Listing of Additional Common Stock The New York Stock Exchange has authorized the listing of an additional 8,000 shares of common stock (no par) official notice of issuance, for property, making the total number of common shares applied for 253,000 shares. The 8,000 shares are to be issued as consideration for the conveyance to the company in fee of improved real estate located at 1200 West 35th St., Chicago, now owned by Alpicko Realty Trust. -V. 141. p. 1783. Standard Gas & Electric Co. -New Protective Committee Formed for the Protection of $7 Prior Preferred Stock and $6 Prior Preferred Stock A committee for the protection of the holders of the $7 and $6 prior preferred stock of the company has been formed under the chairmanship of James W. Gerard, former U. S. Ambassador to Germany at the instance of holders of substantial amounts of these securities. The committee will be represented by the law firm of Wagner, Quillinan & Rifkind, of which United States Senator Robert F. Wagner is the senior member. The members of the committee have been making a study of the financial and operating problems confronting the company with particular regard to the new problems created by the enactment of the Wheeler-Rayburn Act. Immediate steps will be taken on behalf of the committee to intervene in the proceedings pending in the United States District Court for Delaware under Section 77-B of the Bankruptcy Act. This committee is an independent committee of preferred stockholders and no member of this committee is associated with the company or its bankers nor is any member of this committee associated, either directly or indirectly, with the Standard Gas & Electric System. The committee will act independently from the investors' point of view. The members of the committee are: James W. Gerard, Chairman: J. M. Budinger (Commercial National Bank & Trust Co., N. Y.), J. Cheever Cowdin (director, Transcontinental Alr Transport, Inc.), Garettson Dulln (Garettson Dulin & Co., Los Angeles, Calif.). William Rosenblatt (Investments), Charles J. Williams (Mackay & Co.), with Joseph M. Lobel. Sec. (27 William St., New York, N. Y.). The depositary is Commercial National Bank & Trust Co. of New York. U,rge Company Watt Test of Utility Act Vital decisions affecting the future of the company should be deferred until such time as the constitutionality of the Public Utility Holding Company Act will have been determined by the courts, holders of the company's bonds were advised Oct. 6 by the protective committee headed by Gen. Samuel McRoberts. A letter states in part: , 'If the company, continues under the protection of the court under Section 77B of the F'ederal Bankruptcy Act until final determination of the act's constitutionality is made, then debenture and noteholders can obtain. either in court or under a plan of reorganization then developed, a real and continuing voice in the direction of the enterprise and in the vital decisions which then will have to be made, because, if the act is constitutional, certain of the company's properties either must be sold or segregated. "On the other hand, if the act is held unconstitutional, the coverage of the company's earnings on interest requirements, and the coverage of its assets at their real value on the principal amount of the notes and debentures, despite the present high rate of gas and electric output, will be,from present indications,so narrow that holders of these obligations should be in a position to determine what should be done with the properties. Requesting authorization to act in behalf of holders of all classes of the $1,000,000,000 utility combine's various classes of obligations, the committee explained that only in the event promulgation of a reorganization plan is postponed until the Holding Company Act's constitutionality is finally determined can holders be assured of an effective reorganization. "Holders of the notes and debentures," said the committee, "have no power in the company, but in court, under the 77B proceedings, they must be consulted, as holders of the prior equity in the company's assets, on all material questions affecting its business and assets. Such holders, therefore. have the equivalent of voting control as long as the 77B proceedings continue. "Confirmation of the company's plan for a 5 -year extension of the maturity of the notes would result in restoring the voting control of the company to the common stock interests. Assuming that interest payments can be continued on all classes of the funded debt during the pendency of the proceedings, and that the debenture and noteholders' interests, therefore, will not be prejudiced by a continuance of the proceedings, they must consider whether it is in their best interest to give up their present right to be consulted by permitting confirmation of the company's plan." Admitted to Unlisted Trading - The New York Curb Exchange has admitted to unlisted trading privileges the certificates of deposit, representing 6% notes due Oct. 1, and certificates of deposit representing 6% convertible gold notes due Oct. 1. Weekly Output The electric output for the week ended Oct. 5 1935 totaled 87.633.124 kwh., an increase of 5.0% compared with the corresponding week last year. -V. 141, p. 2292. Standard Investing Corp. -Assets Show Increase - The corporatiot reports that as of Sept. 30 1935 the treasurer's figures indicate an asset coverage for its debentures of approximately $1.348.76 per $1,000 debenture, based on market quotations for its holdings, and similarly indicated asset value of approximately $37.33 per share on its preferred stock. This compares with $1,286 per $1,000 debenture and $30.69 per share of preferred stock on June 29 1935. [Corporation publishes audited statements semi-annually.] -V. 141. p. 769. ----Stewart-Warner Corp. -Resumes Dividends - The directors on Oct. 7 declared a semi-annual dividend of 25 cents per share and an extra dividend of like amount on the common stock, par $5, both payable Dec. 2 to holders of record Nov. 1. These payments mark resumption of dividends on the common stock, as no disbursement had been made since Nov. 15 1930 when a quarterly dividend of 50 cents per share was distributed. Commenting on the dividend declaration, James S. Knowlson, Chairman, stated that while earnings figures for September were not yet available, indications were that the nine months' net income should approximate $1 a share. "The Board of Directors feels," Mr. Knowlson stated. "that -cent regular dividend basis is conservative and well justified by,our cur50 rent earnings rate." -V. 14. p. 609. Taber Mill, New Bedford, Mass. -New RFC Loan7 -- The company has obtained a third mortgage of $100,000 from tilt/ Reconstruction Finance Corporation. A first mortgage of $247,500 was given by the RFC in May 1934. and a second of $100,000 in May 1935. The third is subject to the two previous ones. -V. 140, p. 4083. Tennessee Publishing Co. -Sold by RFC - The Reconstruction Finance Corporation agreed on Oct. 8 to sell full control of the company, which operates the Nashville "Tennesseean." to Paul Davis, head of the American National Bank of Nashville, Tenn. The agreement was for the sale of $250,000 of bonds of the Publishing company. The bonds came into possession of the RFC as collateral for a loan made by the Canal Bank of New Orleans. The newspaper has been operating unclerreoeiv .-V. 131, p. 4229. Products,,Inc.-histinq o The ew York Stock Exclir t) has(authorize the listing of 23,000 shares of common st addltio (no Mr), on official notice of issuance pursuant to options granted or to be granted to officers or employees of the company; with authority to add 13,840 additional shares on official notice of issuance, with a statement of purpose of issue and application of proceeds, making the total amount applied for 300,000 shares. 2447 Financial Chronicle Sales for Month and 9 Months Ended Sept. 30 Month of1935 1934 1933 January $1.260.469 $927,917 $320,710 February 1.617,261 1,421.846663,633 March 3,108,329 2,732,512 948,452 April 3,299.647 2,322,133 861.980 May 3,350,817 2,193,078 901.041 June 2,356,850 1,437,008 782.803 July 1.714,051 1,111.870 545,145 August 2.124,644 1,577.692 671,895 September 3,318,165 2,339,911 1,374,288 At the annual meeting of the shareholders of the company held on March 26 1935 a resolution was adopted reserving from the authorized and unissued common stock 23,000 shares for option sale to officers and employees of the corporation, such options to be exercisable for a period of not exceeding 2I5 years from April 1 1935, but in no event during the existence of any dividend default, sinking fund default or other default in respect of the corporation's preferred stock, at the price of $18 per share. Of the shares, 13,000 are to be optioned to the President, F. C. Crawford. and the balance of 10,000 shares, or any part thereof, shall be optioned to such officers and employees as the directors may determine, all such option agreements to be entered into within one year from March 26 1935, and all such option agreements to have such other terms and conditions as the board of directors may determine. At a meeting held on May 29 1935 the directors authorized the execution and delivery of a stock option agreement with F. C. Crawford covering 13,000 of the shares so reserved, and the stock option agreement was subsequently executed and delivered. The purpose of such options is to afford officers and key men employees In positions of responsibility and trust an opportunity to acquire shares of the common stock of the company. The net proceeds to the company of shares purchased pursuant to such options will be applied to the general corporate purposes of the company. Consolidated Balance Sheet June 30'35 Dec. 31 '34 LiabilitiesAssetsJune 30'35 Dec. 31 '34 Cash $353,999 $173,588 Notes & accept ces 87,000 payable $500,000 Notes St accept'ces 429,405 60,416 Acc'ts payable__ _ _ 290,128 receivable 69,742 80.473 560,767 Accrued accounts. 416,503 Acets receivable 862,344 Pref. div., parable Inventory (lower of 25,578 Jan. 2 l935 cost of mkt.val.) 1,278,361 1,033.740 70,109 88,329 Other liabilities_ Feral & misc. notes 100,846 Reeve for emprs' St accts.rec., &e. 96,095 1,387 Insurance 1,387 ABB. cos (Societe 365,400 Anon.des Estab. 7% cum. pref. stk. 365,400 Common stock 2,631,600 2,631.600 Mech. Monopole 60,674 Earned surplus.... 1,603,840 1,242,023 :60,674 (at cost) y Land,bldgs., machin'y, eq., &c_ 1,967,111 1,980,087 Good-will, patent 833,801 831,203 rights, &e 69,872 Prepaid exp., &c 56,838 85,578,970 $4,871,197 Total $5,578,970 $4,871,197 Total x The company's equity in the capital stock and surplus of Societe des EtabUssements Mecaniques Monopole was $116,588 at Anonyme May 31 1935, as indicated by an unaudited balance sheet of that company as of that date. y After reserve for depreciation of $914.478 in 1935 -V. and $847,088 in 1934. z Represented by 263,160 no par shares. 141, p. mo. '-:Tower Magazines Inc. -Receiver Appointed Judge Albert L. Watson of the Federal Courtin Scranton. Pa., on Oct. 8 appointed J. Julius Levy, Scranton, reeeiver for the company, publisher of six monthly magazines distributed through F. W. Woolworth stores. The concern had filed a voluntary petition in bankruptcy. It is understood the indebtedness amounts to about $400,000. Miss Catherine McNells, President of the Publishing company, signed the bankruptcy petition. The principal creditors are printers. The Tower Magazines plan of distribution was conceived by Miss McNells in 1929 and she entered into a contract with the Woolworth company for exclusive distribution rights. -Earnings Transue & Williams Steel Forging Corp. Period End.Sept. 30- 1935-3 Mos.-1934 $23,802 loss$5.134 Gross profit 21,724 Depreciation 21,406 Expenses 23,761 28.772 1935-9 Mos.-1934 $98,534 $206.331 64,898 64,402 92.477 94.211 Loss Other income $26,376 894 $50,619 prof$47,718 • 2.979 200 $58,841 1,687 Net loss -V. 141, p. 289. $25,482 $50,419 prof$50,697 $57,154 Tr -Continental Corp. -Earnings 1935 9 Mos. End. Sept. 30 Interest earned $410.047 Dividends received 1,032,596 Profit on synd. partic Managem't & service fees 206,119 Miscellaneous income_ _ _ 3.171 1934 $456,415 830.726 39.308 148,028 1933 $497,945 768.008 24,140 138,968 1,583 1932 $341,922 1,043,910 263 132,967 45,292 Total income x$1,651,934 $1,474.477 $1,430,645 $1.564,355 16,359 51,360 Taxes 50,212 42,960 297,078 264,738 Expenses 292,691 262,559 Prior year's expenses, 18,104 under-accrued 12.389 39.336 Other charges 113,944 276,184 Int. on 5% gold debens_ 284,509 284,509 Net profit $799,025 $1.118,869 $1,012,134 $884,449 1.235.814 Preferred dividend 1.173,564 1.173.564 1,173,564 x Includes all cash received or receivable from the sources specified, whether payable from earnings or otherwise, except amounts expressly stated to be liquidating distributions. In an economic sense, therefore, the amount shown is not in whole to be considered true income. ••••1=••••• • - Statement of Surplus Sept. 30 1933 1934 1935 Surplus Dec. 31 $33,661.323 $36,195,988 $39,191,051 46,533 Surplus arising from corn.stk. issued_ Previous undistributed net income.._ _ def912,235 def650.896 def192,281 799,025 Net income 884,449 1.012.134 Loss on sale of securities 2.331,699 prof.983,131 2.701.105 Transferred to reserve for contingnec's 35.431 Total Preferred dividends declared $34,708,922 $33,728,436 $37,512,629 1,173,564 1.173.564 1,173,564 Surplus Sept. 30 $33,535.359 832,554,872 $36.339.065 The unrealized depreciation on investments on Sept. 30 1935 was $6.836,409 less than on Dec. 311934. Balance Sheet Sept. 30 1935 1934 1934 1935 Assets$ $ Cash in banks, on Res've for expenses hand & at call- 5,358,198 1.115,596 and taxes 500,338 367,159 Deposits in foreign Int. acer. and div. currencies 22,727 payable 552.759 549,070 U.S. Govt.securiDue for sees. band ties 1.495,025 against cash_ _ 2,212,900 331.900 Invest.at cost46,131,451a45,680,562 Due for see. perch. 13,340 361,765 Notes receivable_ 200,000 For, each. contracts 24,936 Receivable for seParticipants' dep. curlitee sold_ _ 96,223 462,669 under escrow Int. and dividends agreement, cash 41,070 receivable, &c__ 317,726 368,134 5% cony. deben 2,460.000 2,460,000 Special deposit for Invest. Equity Co. int. & dividends 474,754 471,065 Inc. debs 5,126,900 5,126,900 Foreign exchange c6% cum. pf.stk. 5.570,167 5,570,999 contracts 24,937 b Common stock 2,429,318 2,429,318 Surplus 33,535.358 32,554,872 Total 52,426,018 49,793,052 Total 52,426,018 49793,052 a The market value of investments and U. S. Government securities on Sept. 30 1934 was $11,257.066 less than cost. b Represented by 2,429.318 no par shares. c Represented by 260.792 no par shares after deducting 35,062 no par shares held in treasury at a cost of $1.826,183 in 1935 ($1,825.351 in 1934). d Investments, based on market quotations as at Sept. 30 1935, or. in the absence thereof, on their then fair value in the opinion of the corporation, were less than cost by $3.593,173.-V. 141. p. 1950. 2448 Financial Chronicle Tung-Sol Lamp Works, Inc. -75 -Cent Dividend The directors have declared a quarterly dividend of 75 cents per Whare on the $3 cum, preferred stock, no par value, payable Nov. 1 to holder of record Oct. 19. Similar payments were made in preceding quarter. Accruals after the payment of the current dividend will remain at $1.75 Per share. -V. 141, p. 2130. Union Oil Co. of California-Earnings9 Mos.End.Sept.301932 1935 19333 1934 Sales $47,650,000 $41,800,000 $37,700,000 543,850,000 Profit after Fed, taxes, interest, &c 9,650,000 8.100,000 6,700,000 6,100,000 Deprec., deplt., &c- - 5,650.000 5,350,000 5.000,000 4,850,000 Net profit 34,000.000 $1.700,000 $1,250,000 $2,750.000 Shares corn, stock outstanding (par $25) 4.386,070 4,386,070 4,386,070 4,386.070 Earnings per share $0.91$0.28 $0.63 Sales value for the nine months this year was$47,650,000, in compparison with $41,800,000 in the 1934 nine months, and sales volume totaled 23,400,000 barrels, as against 20,700,000 barrels in the same period last year. Production subject to royalties or crude oil and natural gasoline for the nine months approximated 12,950,000 barrels, against 11,100,000 barrels in the 1934 nine months. Current assets at the end of September were approximately 342,200,000, or more than seven times current liabilities of 36,000,000 with cash resources of $13,850,000 about $3,300,000 higher than at the 1934 year-end. At Sept. 30 funded debt of $21,526,500 was equivalent to less than 20% of the net value of properties at Dec. 31 1934. Capital expenditures in the first nine n.onthiptins year amounted to 56,100,000.-V. 141, p. 450. United Electric Coal Cos. -Directorate Reduced The board of directors was reduced to nine from 14 members at the annual meeting of stockholders. T. Hall Keyes, Joseph Routh, Samuel F. Phillips, Howard A. Swallow and Harry J. Taylor were the directors not re-elected. -V. 141, p. 2131. United Founders Corp. -Contract Ratified - The stockholders at a special meeting held Oct. 10 ratified by a vote of 7 230,669 shares to 32.255, the contract with the Equity:Corp. under which United Founders will issue 5,999,844 shares of common stock in exchange for various securities held by the Equity Corp. All the securities received from Equity are securities of present subsidiaries of United Founders with exception of the shares of capital stock of Reliance Management Corp. V. 141. p. 2293. United Fruit Co. -Earnings Period End.Sept.30-- 1935-3 Mos.-1934 1935-9 Mos.-1934 y Net earns, before taxes $2,800,000 $4,304,000 $7,350,000 $10,621,000 Shs.corn.stk.out. (no par) 2,906,000 :2,925,000 2,906.000 x2,925,000 Earnings per share $0.96 $3.63 $2.53 $1.48 x Including treasury stock. y Estimated figures.-.'. 141, p.289. United Gas Improvement Co. -Weekly Output Week EndedOct. 5 '35. Sept. 2835. Oct. 6 '34. Electric output of system (kwh.)__ _ 78,179,244 77,646,212 69,830.858 -V. 141, p. 2293. United Light & Power Co. (& Subs.)-Earnings--12 Months Ended Aug. 311934 1935 Gross operating earnings of subs. & controlled cos. (atter eliminating inter-co. transfers) $76.137.758473.018.906 Operating expenses Maintenance,charged to operation Depreciation Taxes, general & income $35.953,309 $33,162,318 4.024,876 4.262.835 6,834,472 7.341,821 8.664,447 x8,149.507 Net earnings from operations of subs. & controlled Companies $19.915,345 $20.795,732 Non-operating income of subs. & controlled cos- 1,345,579 1,422.133 Total income of subs. & controlled cos $21,260,924 $22.217,865 Int. anion. & pref. divs. of subs. & controlled cos.: Interest on bonds, notes, &c 11,396.112 11,560.180 Amortization of bond Ss stock discount & expense 710,247 663,223 Dividends on preferred stocks 4,258.498 4.258,781 Balance 54.942.807 $5.683.939 Proportion of earnings, attributable to minority common stock 1,274.092 x1.819,841 Equity of United Light St Power Co. in earnings of subs. & controlled cos $3.668.715 $3,869,097 Earnings of United Light & Power Co 13,239 9.197 Balance Expenses of United Light & Power Co $3,677.913 $3.882,336 239.534 268.688 Balance Holding Company deductions Interest on funded debt Amortization of bond discount & expense $3,409,228 $3,642,802 2,320,620 237,613 2,315.988 240.573 Balance transferred to consolidated surplus.... _ $850,992 $1,086,241 x Adjusted on account of revision of Columbus (Ohio) Electric Rate Ordinance. -V. 141. p. 1785. United Light & Ry. Co.(& Subs.) -Earnings 12 Months Ended Aug. 311934 1935 Gross operating earns, of subs. & controlled cos. (after eliminating inter-co. transfers) $67.451,319485,286,075 Operating expenses 31.701,047 29,474,978 Maintenance, charged to operation 3,588.664 3.807,834 Depreciation 6,043,748 6.410,503 Taxes, general Ss income 7,977.051 x7.865.940 Net earns,from oper. of subs.& controlled cos--$17.554.882 $18,312,742 Non-operating income of subs. & controlled cos 1,497.005 1,277,346 Total income of subs. & controlled cos $18,832,228 $19,809,748 Int.,amort. & pref. dive. ofsubs.& controlled cos. interest on bonds, notes. &c 10.042,030 10,223,458 Amortiz. of bond & stock discount & expense 662,120 620,272 Dividends on preferred stock 3,028.165 3.028,120 Balance $5,141,805 $5.896,005 Proporation of earnings, attributable to minority common stock 1,277,061 x1.825.392 Equity of United Lt.& Rys. Co.in earns ofsubs. & controlled cos $3,864.744 Earnings of United Light & Rys. Co 5.774 Balance Expenses of United Light & Rys. Co $4,070.612 12.528 $33,870.519 $4.083,139 231,532 179,878 Balance $3,690,642 $3,851.606 Holding company deductions: Interest on 5)% debentures. due 1952 1,375,000 1.375.000 Other interest 37 Amortization of debenture discount and expense 48.249 42.988 Balance transferred to consolidated surplus Prior preferred stock dividends: 7% prior preferred-first series 6.36% prior preferred-series of 1925 6% prior preferred-series of 1928 $2,272,653 32,428,319 275.002 346.212 619,363 275.009 346,340 619.822 Balance 51.032.075 $1.187,148 x Adjusted on account of revision of Columbus (Ohio) electric rate ordi-V. 141, p. 1785. nance. Oct. 12 1935 United States Steel Corp. -September Shipments See under "Indications of Business Activity" on a preceding page.V- 141, p. 2294. Otilities Power & Light Corp. -Quarterly Report Earnings for 12 Months Ended June 30 1935 (Company Only) Income Public utility subsidiary companies: Bond and debenture interest $230797 Dividends on preferred stocks 5.336 Dividends on common stocks 731,010 Interest on loans 164,951 Utilities Power & Light Corp.. Ltd.: Div. on capital stock (Canadian dollars converted at par) 1.800,000 Interest on.loans and advances 5,066 Non-utility subsidiary companies: Dividends on preferred stock 31,500 Dividends on common stocks 200.000 Interest on loans 104,829 Other companies-Bond interest 18 Dividends on common stocks 60,315 Rental income from real estate 10.977 Exchange profit on remittances from Greater London & Counties Trust Ltd. in repayment of sterling advances 49.934 Profit on sale of securities 1,731 Miscellaneous interest and discounts 128 Total income Administrative, accounting and general expenses Provision for abandoned developments Provision for depreciation Interest on debentures Interest on unfunded debt Amortization of debt discount and expense Normal and State taxes on debenture interest $3,396,598 . x378,159 60,000 21,674 2,570.000 112,504 164.027 30,753 Net income 559.479 x After expense billed to subsidiary companies or charged to other accounts of $110,244. Balance Sheet June 30 1935 (Company Only) Assets Investments, loans and advances: Public utility subsidiary companies 359.594,969 Utilities Power & Lt. Corp. Ltd. cap. stock, loans & advs 13,683,219 Non-utility subsidiary companies 10,029.239 Other companies, at cost leas amounts written off-Incl. cos. in receivership and in process ofreorganization $1,945,189 2,324,114 Real estate 319,067 Accounts receivable, loans and advances 1,338,012 Cash surrender value of policies on lives of officers (after deduct,ing policy loans and liens of 5331.018) -subject to moratorium expiring 1938 17,561 Sub. cos. notes and accounts receivable 1,021,475 Accrued interest and dividends 122,905 Account receivable-security turned in for redemption 341,156 Cash on hand and in banks 385.955 Special deposits 460.642 Office furniture, equipment & automobiles, at cost, less deprec_ 69,139 Unamortized debt discount and expense 2,993.187 Prepayments 31,934 Other deferred charges and items in suspense 8,316 Total $92.740,895 Liabilities 7% cum. preferred stock (par $100) $18,053,400 Class A stock (par $11 1,642,989 Class B stock (par $1) 1,167,883 Common stock (par $1) 2,210,878 Capital surplus 18,541,211 Earned surplus (deficit) from Jan. 1 1933 def. 2,984,848 30 -year 5% gold debentures, due Feb. 1 1959 36,000,000 5h% 20-year gold debentures, due June 1 1947 14.000,000 Accounts payable 18,370 Accrued Interest on funded debt 814,167 Accrued taxes and expenses 110,206 Sub. co.: Amount due on purchase of 24,294 shares of corn.stock 397.693 Balance of amount received from sub. co. In 1931 representlug deficiency in Federal taxes on a consolidated basis, Which taxes have not yet been determined by or paid to the Treasury Department 673,752 Matured interest on funded debt, normal tax, &c., funds on deposit-contra 460,514 Reserves 1,634,677 Total 392,740,895 Consolidated Statement of Income 12 Months Ended June 30 1935 (Incl. Subs.) Excausive of British Subsidiary Companies Public utility operating revenues 429,399,837 Public utility'expenses-Operating 11.790,137 Maintenance 1,702,178 Provision for retirements 3,075,223 Taxes, exclusive of income taxes 2,856,252 Public utility gross operating income Public utility non-operating income Public utility gross income Non-utility gross income $9,978,046 187,830 $10,163,877 607,859 Gross Income $10,771,736 Interest on funded debt 7,042,383 Interest on unfunded debt 284,780 Interest during construction, capitalized Cr21,109 Amortization of debt discount and expense 486,344 Normal and State taxes on bond interest and other charges--176,779 Provision for Federal and Dominion income taxes 432,185 Dividends on preferred stocks paid or accrued 1,116,258 Net income of subs, available for cum, pref. stock dive. not declared or accrued 216,922 Minority interest in net Income Cr1,323 Consolidated net income of subs, before providing for cumulative preferred dividends not earned or declared $1.058,514 Cum. pref. dive. of certain sub, cos, not earned or declared y1,213,414 Consolidated net loss of subsidiaries $154.899 Utilities Power & Light Corp. and Utilities Power & Light Corp. Ltd.: Income: Dividend from Greater London & Counties Trust Ltd 42.952,750 Interest on loans & advs.-Greater London SG Counties Trust Ltd 69.964 Interest and divs. from other cos. (non-affiliated) 60.407 Exchange profit on remittances from Greater London & Counties Trust Ltd. on repayment of sterling advances- 49,934 Miscellaneous income 13,278 Total income Administrative, accounting and general expenses Expenses billed to sub. cos, or charged to other accounts Provision for abandoned developments Provision for depreciation Interest on debentures Interest on unfunded debt Amortization of debt discount and expense Normal and State taxes on debenture interest $2,991,435 446,126 Cr110,244 60,000 21,674 2,569,136 112,504 184,027 30,753 Consolidated net loss $302.542 x No provision has been made for the possible reduction in rates of the Laclede Gas Light Co., ordered effective Nov. 1 1933. by the Missouri Public Service Commission, and against which an injunction was obtained. If the order were sustained, the operating revenue and net income of the company for the 12 months ended June 30 1935 would be decreased by approximately $240,800. y This item represents the portion of cumulative preferred dividends for the 12 months ended June 30 1935, not declared or earned by certain subsidiaries during that period. Such dividends become obligations of the individual companies when they are declared by such companies, but are not an obligation of Utilities Power & Light Copr. or its other subsidiaries. z This amount represents a dividend of £600,000 declared by Greater London & Counties Trust Ltd. This dividend represents income of Greater London & Counties Trust Ltd. for the 12 months ended June 30 1935 to the ester t of £110,795, or approximately $547,600, but if considered in relation to the consolidated income of the British companies, it represents income for the 12 months ended June 30 1935 of £229,808, or approximately 51,135,800. The balance of the dividend represents income prior to June 30 1934. In the above calculations pounds sterling were converted at $4.94X (exchange rate at June 30 1935).-V. 141, p. 1609. United Steamship Co., Ltd., of Copenhagen-Will Not Apply for Registration The Committee on Stocic List of the New York Stock Exchange has been advised that no application for permanent registration will be made for the 15 -year 6% bonds, due'May I 1937. Under the present rules of the Securities Exchange Commission, these bonds are exempt from permanent registration until March 1 1936.-V. 130, IL 3736. • Universal Pipe & Radiator Co. -Filing of Claims, &c. The company, which recently filed to reorganize under Section 77-B of the Bankruptcy Act, has been continued in possession of its properties by the U. S. Court for the Southern District. Creditors have until Nov. 30 to file claims. Central Foundry Co., a subsidiary, has been continued in possession until Dec. 18, when hearings will be held to determine whether possession shall be made permanent. Claims must also be filed by Nov. 30.-V. 141,P. 1457. Utah Metal & Tunnel Co. -Earnings-Earningsfor the Year Ended Dec.31 1934 Gross ore sales Smelter charges Lessee expenses Mine expenses Administrative and general expenses Capital stock tax Depretion and depreciation Net loss 854,081 22,860 27,849 3,251 37,138 4,051 10,675 $51,744 Balance Sheet Dec. 31 1934 Assets MabtlUtesCash in banks and on hand_ _. $22,421 Accounts payable Note receivable 5,000 Cony, profit-sharing notes_ Accounts receivable 3,435 Capital stock tax Prepaid insurance premiums 20 Capital stork (par 81) Mine properties x1,126.719 Capital surplus Buildings, machinery, mine Deficit equip., office fur.& fixtures_ 720.191 Development advances 49,870 $5.141 2,625 1,750 1,190,750 1,535,437 1,508,043 Total $1,227,659 Total $1,227,659 x After reserve for depletion of 5423,149. y After reserve for depreciation of $84,300. Lease Termination Discussed - Gordon C. Prince, President of the company, in commenting on the American Smelting & Refining Co.'s decision to terminate the lease of certain Utah Metal property, says: "Conversations with engineers and officials of American Smelting & Refining Co. indicate that the 2,400 level drift has cut the principal metal bearing fissures.which were the stated objective of their development in the Utah Metal & Tubbel Co. ground, and that values in these fissures at that point were unsatisfactory. Since the start of operations under the lease, the American Smelting & Refining Co. has completed a threecompartment shaft and a drift 2,100 feet long, approximately the last 700 feet of which was in Utah Metal ground,at a total cost to the A.S.& R. Co.of over $300,000. The Utah Metal & Tunnel Co.is under no obligation to the American Smelting & Refining Co. for any part of their expenditure under their lease. "Representatives of both the American Smelting & Refining Co. and the Utah Metal & Tunnel Co. are now studying the entire situation at the property, both in the lower levels formerly leased to the A. S. & It. and the upper levels now being operated by Mr. A. E. Kipps under his lease. "It is the intention of the management to make a further report as soon as a complete examination has been made and plans for further developing the property have been completed." -V. 136. P. 3363. Virginia-Carolina Chemical Corp. -Proxy Fight George S. Kemp and associates retained control of the company in a fight among prior preference stockholders which led to the dropping of President A. L. Ivey and Joseph A. Dart from the board of directors as a protest of alleged Illegality and threats of court action were voiced upon adjournment of the annual stockholders' meeting on Oct. 10. After first stating that he felt the entire proceedings should be reviewed by the court, President Ivey overruled Dart's protest that the meeting was illegally conducted and declared elected the following eight men to represent the 7% prior preference stocks: W. S. Battle, Alexander Cameron Jr., F. M. (Jollier, J. F. Henderson, W. II. Slaughter, Leon M. Nelson Ross H. Walker and George S. Kemp. Losing slate was A. L. Ivey,Joseph A. Dart, J. Luther Moon, Sherlock Bronson, Henry E. Perry, Wymond Cabell, M.F. Purvis and Herbert W.Jackson. Leon M. Nelson insisted that the President, the presiding officer, declare elected the men receiving the highest number of votes. .Any stockholder dissatisfied has recourse to the courts, Nelson stated. Mr. Dart, largest single owner of prior preference stock, lodged a formal protest against the action of Messrs. Kemp and Nelson and other members of the corporation proxy committee in not voting corporation proxies for him. Dart contended Kemp and Nelson had disqualified themselves by seeking individual proxies. Seven directors were re-elected by the 6% preferred and common stockholders voting together as a class. For the first time in six years all three classes of stock had quorums present at the meeting in person or by proxy. George S. Kemp, member of the Executive Committee, made the following comment: "Answering the query as to the rumor that is being circulated by some of our opponents in the recent controversy about the election of directors to the effect that the new board will reverse the action on Sept. 24 1935, looking to redemption of 30% of the prior preference stock I beg to state that as at present advised my associates and 1 do not contemplate any . such action. In fact, the idea had never occurred to us." -V.141.p. 2131. Virginiatlectric & Power Co. (& Subs.) -Earnings Period End. July 31 Gross earnings Operation Maintenance Taxes Incomefrom oth.sources 2449 Financial Chronicle Volume 141 1935 -Month-1934 1935--12 MO3.-1934 $1,246,900 $15,195,400 $14,949,733 491,603 512.803 5,888,380 5,896,362 85,286 72,805 983,847 1,029,721 153,415 157,999 1,911,306 1.644,443 151,200 159,170 1,456 $374,288 r Balance $344,120 $6,411,865 $6,380,661 Interest and amortization 1,882,765 1,901,351 Appropriations for retirement reserve 1,800,000 1.800,000 Preferred dividend requirements 1,171,632 1,171,607 $1.255,793 Balance for common dividends and surplus- $1,557,468 $1,507,702 Plans Bond Issue of $37,500,000 4s 1955 The company has filed a registration application with the Securities Exchange Commission under the Securities Act of 1933, seeking to issue $37,500,000 4% 1st and ref. mtge. bonds. series A, due Nov. 1 1955. Proceeds from sale of the issue will be used to redeem on Dec. 2 1935 at 104, 826,142.4805% 1st & ref. mtge. bonds, series A, due Oct. 11955. and also at 105, 56,867,000 5% 1st & ref. mtge. bonds, series B, due June 1 1954. Another $358,000 will be deposited with the trustee to provide for the payment of principal at maturity of $358,000 Norfolk & Portsmouth Traction Co. 5% first mortgage bonds, due June 1 1936. The company further plans to use a portion of the proceeds for the purchase and retirement of Norfolk Railway & Light Co.5% first consolidated mortgage bonds, outstanding in the amount of 81.297.00000 July 31, last, and for the purchase and retirement of Norfolk Street RR. 5% first mortgage bonds, outstanding in the amount of $3307,000 on July 31. Capital additions and improvements increasing the company's electric generating capacity in its 12th Street power station at Richmond, are estimated to take another $2,000,000 of the proceeds. The balance will be used for other corporate purposes. Underwriters of the issue include Stone, Webster & Blodget, Inc., Brown Harriman & Co., Inc., Blyth & Co., Inc., Kidder, Peabody & Co., Bonbright & Co., Inc., W. C. Langley & Co.. Lazard Freres & Co., Inc., Lehman Brothers, White, Weld & Co., W. E. Hutton & Co., H. M. -V.141. Byllesby & Co., Inc., Scott St Stringfellow and Kuhn, Loeb & Co. p. 2294. -Sales Walgreen Co.(& Subs.) 1933 1934 1935 84,698,604 $4.306,109 $3.664,964 4,102.705 3,248,372 4,637,407 5,032,076 4,625,177 3,412,705 4,621,245 4,211,153 3,452,181 4,641,147 4,321,497 3,633,192 3.982,685 4,6d7,260 4,457,291 4,440,282 4,179,750 4,732.966 4.846,194 4,485,908 4.216,887 4,467,185 4,262,172 4,704,691 Month ofJanuary February March April May June x July August September $442,592,022 $39,419,925 $34,063.194 x Total nine months x Approximated. -V. 141, p. 2294. --Earnings Walkerville Brewery, Ltd. Earningsfor the Year Ended Dec. 31 1934 Sales Cost of goods sold Selling, delivery, tax and general expenses $662,248 437,977 256,512 Operating loss Miscellaneous income Interest earned on bonds $332,241 15,096 1,453 Net loss before providing for depreciation Provision for depreciation $15,691 30,039 $45,730 Net loss for the year ended Dec. 31 1934 Balance Sheet Dec. 31 1934 Assets Accounts payable, accrued exCash on hand, in banks and $6,877 penses. &e $173,267 in transit Reserve for Dominion,ProvinDom. of Can, bonds at cost 16,875 cial and municipal taxes-. 9,741 (par value $10.000) y1,272,500 Capital stock Sundry acc'ts rec., less res. for 48,918 4,248 Capital surplus bad & doubtful accts 14,358 2,594 Earned surplus Advances to employees 160,252 Inventories Inv. In Brewers' Warehousing 500 Co., Ltd Land, bldgs., mach., equip., x1,005,352 fixtures. &c Good-will, trade names, trade1 marks,formulae, &c 3,572 Prepaid expenses $1,359,530 $1,359,530 Total Total x After reserve for depreciation of $174,400. y Represented by 375,000 par shares. -V. 137. p. 4026. no -Earnings Wallace Sandstone Quarries, Ltd. Years Ended May 31Operating loss for the year Reserve for depreciation 1935 $19,095 30,887 • Total loss Balance brought forward from May 31 1933 1934 $443,263 29.875 $49,982 29,063 $73.137 102.200 $20,920 sur$29,063 Balance Sheet May 31 1934 1035 Liabilafes1934 1935 Assets 87,268 357,037 Accounts payable- 531,381 Accts. receivable_ $53,569 22,209 59,306 15,307 67.661 Bank overdraft_ __ Securities 172,761 Res. for unclaimed 252,515 Inventories 228 228 2,956 dividends 1.807 _ Plant & Properties 1,883,221 1,863,890 Res. for depreo. & 321,137 x352,024 depletion 784,400 784,400 Preferred stock Common stock- 1,000,000 1,000,000 29,062 def20,920 Surplus Deficit Total Total 82,206,419 $2,164,305 -V. 139. p. 2377. x Depreciation only. $2,206,419 $2,164,305 -Earnings Walworth Alabama Co. Years Ended Dec.31Gross profit on sales Net loss Balance Sheet Assets Cash on hand & in banks__ $13,428 508 Accounts receivable Travel funds & sundry advs. to 375 officers and employees 122.077 Inventories x550,350 Plant and equipment Prepaid exps. & defd charges_ 14,107 1934 $25,605 66,818 1933 $13,472 54.803 Dec. 31 1934 JAabIliltee$939 Accounts payable,trade 17 Accounts payable.other 820 Accrued payroll 333 Accrued taxes 1,083 Accr. int. on bonds, not due_ _ % serial bonds. 1st mtge. due Aug. 1 1935, 513,000 40,000 owned by Walworth Co Accts. pay., inter-co., due to 175,670 Walworth Co 7% cum. pref.stock ($100 par) 225,000 y155.000 Common stock Surplus arising from aPPree• 38.982 -balance. of plant & equip. Earned surplus account since 62,999 Jan. 1 1925 Total $700,846 Total x After reserve for depreciation and amortization of $3384,921. no par shares. -V. 121, p. 2890. sented by 7,750 $700,846 y Repre- 'Warner -Quinlan Co. -Reorganization Asked Three holders of small amounts of bonds of the company filed a petition Oct. 1 in Federal Court asking reorganization of the company under Sec-V.141, p. 612 tion 77-B of the Bankruptcy Act. 'Washington Oil Co. -Smaller Common Dividend-d The directors have declared a dividend of 50 cents per share on the common stock, par $25, payable Oct. 15 to holders of record Oct. 10. This compares with 75 cents paid each three months from Jan. 10 1935 to and including July 10. last; $1 paid on Oct. 10 1934: $2 on July 10 1934; $1.50 on April 10 1934 and $1.25 per share on Jan. 10 1934. Quarterly distributions of 25 cents per share were made on Dec. 20 1932, March 20 and June 20 1933.-V. 140. p. 3569. Wellington Fund, Inc. -Asset Value Quarterly report for three months ended Sept. 30 1935 reflects assets value of $15.47 per share, compared with $14.56 on June 30, and $13.17 on Jan. 11935. Dividends for year to date have been 60c. per share with 25c. additional declared payable Dec. 1. On Sept. 30. the company's resources were invested in 91 separate issues: common stocks representing 50.3%. preferred stocks and bonds 46.3% and uninvested cash, &c. 3.3%. 2450 Financial Chronicle . Extra Dividend - (William) Whiteley, Ltd. -Earnings - The directors have declared an extra dividend of 10 cents per share in addition to the regular quarterly dividend of 15 cents per share on the common stock, par $1, both payable Dec. 1 to holders of record Nov. 15. The company, which was formerly known as the Industrial & Power Securities Co.. paid dividends of like amount on June 1 last. Extras of five cents were distributed on March 1 1935, Sept. 1 and March 1 1934, and on Dec. 1 and March 11933.-V. 141,P. 1953• Western Auto Supply Co. -Sales --Month of1933 1934 1935 January $666,862 $870.000 $1.114.000 February 651.000 882,000 995.000 March 670,000 1,372,000 1,114,000 April 873,000 1,460,000 1,137,000 May 1,156,000 1,476,000 1,636,000 June 1,382,000 1,666,000 1,884.000 July 1,316,000 1.590,000 1,950,000 August 1,240,000 1,835.000 2,120,000 September 1.100.000 1.493,000 1.455.000 Total nine months -V. 141, p. 1953. Oct. 12 1935 $14,022,000 $12,070,000 $9,056,000 Western Maryland Ry.-Earnings = Fourth Week Sept. Jan. 1 to Sept. 301934 1935 1935 1934 Gross earnings (est.)..- - $321,173 $308,533 $10,943,221 $10,357,324 - 141, p. 2295. V. ---Western Pacific RR. -Railroad Credit ,Corp,Oppose Plan, The Railroad Credit Corp. is opposed to the plan ,01'reorganization f thls , road submitted to the Interstate Commerce Commion in Au correspondence on file with the Commission shows. In a letter signed by Daniel Willard Jr., the Railroad Credit Corp. declared it never had been consulted about the recapitalization proposal and "has at no time indicated approval of it." Treatment proposed for the ROC in the plan, Mr. Willard's letter said, was both absolutely and relatively unfair." The corporation has notified Charles Elsey, President of the Western Pacific, of its opposition to the plan. Trustees Appointed by Court T. M.Schumacher, chairman of the executive committee; Charles Elsey, President of the road and Sidney M.Ehrman, San Francisco business man, have been named by Federal Judge A. F. St. Sure as trustees of the road. - 141. p. 2295. V. Western Public Service Co.(& Subs.) -Earnings Period End. Aug. 31- 1935 -Month-1934 1935-12 Mos.-1934 Gross earnings $192.615 $188,279 $2,003,522 $2,006,650 Operation 89,100 1,050,539 1,034,385 90,734 Maintenance 82,677 8,034 7.689 111,365 Taxes 176,090 14,999 186,250 16,751 Interest & amortization_ 372,290 28,714 352,744 30,138 Balance $51.764 Appropriations for retirement reserve Preferred dividend requirements $42,965 Balance for common dividends and surplus- _ -V.141, p. 1787. $302,623 209,000 119.451 $341,206 200,000 119.448 def$25,827 $21,757 Westminster Paper Co., Ltd. -Earnings Earnings for the Year Ended July 31 1935 Sales Discounts and allowances Cost of sales $558,844 16.237 398,291 Gross profit Miscellaneous income $144,316 0.175 Total income Selling and administration expenses Depreciation Interest on debentures Prov. for Dominion and Provincial income taxes $150,491 75.283 36.080 17,160 9,000 Net profit Dividend paid $12,968 19,116 Deficit $6,148 Earnings per share on 47,789 shares (par $10) $0.27 Balance Sheet July 31 1935 Assets Liabilities Capital assets $629,771 Capital stock (par $10) $477,890 Investments at cost to company.. 107,375 let mtge. debentures due Sinking fund for 69% 15t mtge. April 1 1950 299,000 debentures 42,002 Trade accounts payable Inventories 113,225 Pacific Coast Paper Mills 5.000 Bills and accounts receiv. (less Debenture Interest accrued 6.500 reserve ot $369) 57.884 Wages Payable 3,259 Advances to employees 422 Reserve for income & other taxes 14,731 Life insurance policy at cash Capital surplus x101.603 surrender value 17,519 Surplus 23,941 Accrued interest on investments 2,044 Cash in bank 2,838 Deferred charges 716 Total $973.800 Total $973,800 :Arising through appraisal of capital assets less Charges in connection with re-organization of company, &c., plus discount on bonds redeemed. -V. 137. p. 2824. --Wickwire Spencer Steel Co. --$5,700,000 Offer Made for Assets Years End. Jan. 31Balance from trading acct. after provision for bad and doubtful accounts Rents receivable Interest receivable Dividends on investment Transfer fees 1935 1934 1933 1932 £127,778 8.577 16.898 9,175 225 £118,505 8,908 20,857 9.399 220 £103,285 10,417 18,882 9,942 168 £101,539 12,740 18,324 9,580 141 Total income Directors' fees Trustees'& auditors'fees Deprec'n of office and store equip, and motor VMS E162,656 £157,892 1,092 1,092 E142,697 150 1,092 £142,325 1,800 1,092 4,983 4,875 5,764 7,714 Net income x Previous stumlus Balance of discount on 6% redeemable deben. .stock written off £156,580 79,277 £151,924 91,070 £135,690 91,070 £131,719 91,070 Total surplus Int. on 4% deb. stock_ Int. on 6% red. deb.stk. Divs, on pref. shares Interim diva. of 10% on ordinary shares Proportion of profit due on mortgage shares_ _ _ Deprec. of leaseholds_ _ Deprec. of plant & mach. Deprec.offixt. & fittings Reserve for losses on subsidiary companies_ Employees' benevolent fund £235,857 36.000 28,835 22,500 £231,201 36,000 28,894 22,500 £226,760 36.000 29,248 22,500 £222,789 36,000 29,610 22,500 45,000 45,000 45,000 45,000 4,087 4,000 3.750 7,000 3.733 4,000 3.750 7,000 2,414 5.000 3,750 7,000 1,015 5,000 3,750 7,000 1.000 1;000 2,000 11,793 14,326 2,000 x Balance £79,324 £73.849 £56,587 £83,685 The sum to be carried forward will remain at £91.070 and Selfridge & Co., Ltd., will, under their guarantee become liable for the difference, sufficient to pay the full 25% dividend to the holders of the ordinary shares. -V.139, p. 1421. Whitman & Barnes, Inc. -Earnings Calendar Years 1934 1933 Operating profit after depreciation and Federal and Canadian income taxes $45.890 1os486,956 Consolidated Balance Sheet Dec. 31 1934 Assets Liabilities Cash $73,618 Notes payable (bank loans)__ _ $64.000 a Notes and trade acceptances Accounts payable, accrued exand accounts receivable_ _-- 225,799 178,230 penses, &c Inventory 18,472 725.406 Taxes payable and accrued Cash in hands of trustee for Reserve for Federal and Cana21,725 redemption of 6% s.f. bonds 386 dian income taxes Other assets 87,500 130 1st mtge. 15-year 6s Land 599,342 67.042 c Common stock b Buildings, mach'y & equip't 735,705 Capital surplus 925,664 Deferred charges 34,487 32,358 Deficit Good-will 1 Total $1,860,448 $1,860,448 Total a After reserve for bad debts of $ 4.266. b After reserve for depreciaof $838.399. c Represented by shares of $2.50 par. -V.137. P. 1072; 887. * -Worcester Gas Light Co. ---To Sell Bonds The company is inviting proposals for the purchase as a whole of an issue of $1,000.000 1st mtge. bonds, series A, due 1985. Proposals will be received at office of H. 40. Moore Jr., Treasurer, up to 12 noon Oct. 21. Prices must be not less than par and the rate of interest must not exceed 4%. Bidders must state whether, if the proposal is accepted, the bidder proposes to re-sell to the public. -V. 140. P. 3919. Yolik Manufacturing Co. -Earnings -Year EndedNet sales z Cost of sales Dec. 29 '34 Dec. 30 '33 $1.581,752 $1,220.179 1,168,984 1,599,150 Loss from operations Other income $17,398 prof$51.195 2,715 Loss Interest Other charges _ $17,398 prof$53.910 163,155 154,351 3,302 18,947 Net loss $183.855 x Includes depreciation: 1934, $86,480; 1933. $50,000. Balance Sheet Dec. 29 1934 AssetsLiabilities Cash $16,951 Notes payable-bank x Accounts receivable 149,460 Accounts payable Inventories 450,260 Accrued liabilities 6,417 Prov. for Federal taxes Investments y Fixed assets 3.277.124 Accts, pay (n09-current) Prepaid expenses 23.022 Notes pay.(def.) dc interest__ Cash in closed bank 30 z Capital stock Deficit $119.388 $375,000 69,675 9,238 700 9,052 2,120,515 3,600,000 2,260,915 Total $3,923,266 Total $3,923,266 x After reserve f3r doubtful accounts. y After deducting reserve for depreciation of $872.017. z Represented by 36.000 shares Minna..-V 134. p. 4510. Schatzkin, Loewi. Corp., the stock of which is controlled by the partners of Schatzkin, Loewi & Co., members of the New York Stock Exchange, at a court hearing Thursday made an offer to purchase the assets of the Wick- ----Youngstown Sheet & Tube Co. -Not to Resume Pref.Div. wire Spencer Steel Co. now in reorganization under 77-B of the BankA decision not to resume dividends on the company's preferred stock at ruptcy Act, for the sum of about $5,700,000 -namely, about $4,900,000 present was reached at a meeting of directors held Oct. 4, according to a in cash and taking the property subject to the bonds of the American Wire statement issued by H. G. Dalton, Chairman. Fabrics Corp. in the principal amount of approximately $800,000. "It Is the opinion of the board," the statement said,"that the resumption If this sum were distributed in the ratios proposed in accordance with a of preferred dividends on any plan at this time would not be in the best reorganization plan dated Aug. 30 1935 (V. 141. p. 1611) prepared by interests of the company, but that the subject would be given constant the reorganization committee, it would result in giving the various bond consideration in order that favorable action could be taken at the earliest and noteholders the following payments: Wickwire Spencer Steel Co. moment consistant with the company's best interests." 730 1932-35. 100%; 1st mortgage and prior lien 7s, 19%; class A notes. A demand for some settlement of deferred dividends and for resumption 27.143%, and class B notes, 9.787%. of payment had been made by Philip T. King of Cleveland. Schatzkin, Loewi Corp. has offered to deposit in court $100,000 as eviThe company as of Oct. 1 owed $2,381.250 or $18.87 per share in back dence of its good faith in making tnia offer- Its offee is further conditioned dividends on the 150.000 outstanding shares of preferred stock, which has upon the acceptance by the court and all creditors of the Wickwire Spencer paid nothing since 1931. No conunon dividends have been paid since 1930. Steel Co., on or before Dec -10 1935.-V. 141, p. 229. -V. 141, p.774. Witon & Co., I -Litin of Bon yi-fir-AL. The ew York Stock Exchang has uthorized he listing of $20,000,000 1st mtg .20 -year bonds-series 4 o ue Jul 5 1955.-V. 141, p. 941. (F. W.) Woolworth Co. -Sales Month ofJanuary February March April May June July August September Total nine months -V. 141, p. 1787. 1935 1934 $17,147,912 $18,137,412 18.218,936 17,860,960 20,482,647 24,035,139 22,382.097 19.788.230 21.052,290 22,004,068 21.113.249 22.000,467 20.169.005 19,514.723 21,556.358 20.797.935 20.242,887 21,339,116 1933 $15,844,684 16,244,993 17,509,833 20,159.295 19.801.192 19,344,065 19.582.844 20,357,877 21,642,104 $182.365,775 $185478,050 $170486,890 CURRENT NOTICES -Eli T. Watson & Co., Incorporated, 60 Wall St., New York, have prePared statistical reports on the following issues: Fifty-Seventy & Madison Ave. Office Building 6% Leasehold Bonds and Flat Iron Building 1st Mortgage 6% Bonds. -Hammons & Co., Inc., announce that Arthur C. Richards, has become associated with them to be in charge of the trading department of their Philadelphia office. Mr. Richards was formerly head of A. C. Richards Sz Co., Philadelphia. -G. M. -P. Murphy & Co. announce the installation of a New York telephone wire in their Boston office providing for direct calls through a New York exchange number. 2451 Financial Chronicle Volume 141 The Commercial Markets and the Crops -COFFEE -GRAIN-PROVISIONS COTTON-SUGAR -WOOL -ETC. -METALS -DRY GOODS PETROLEUM-RUBBER-HIDES COMMERCIAL EPITOME Friday Night, October 11 1935 Coffee futures on the 7th inst. closed 1 to 4 points lower on Santos with sales of 24,000 bags and 1 to 4 lower on Rio with sales of 5,750 bags. Selling was induced by the easier tone of the Brazilian market. Cost and freight offers from Brazil were about unchanged, with Santos 4s at 8.50 to 8.750. On the 8th inst. futures ended 5 to 10 points lower on Santos with sales of 23,750 bags and 7 to 9 lower on Rio with sales of 11,000 bags. Cost and freight offers from Brazil were unchanged to 10 points lower. On the 9th inst. futures ended 1 to 2 points lower on Santos, but Rio contracts were 2 to 4 points higher. Sales were 7,250 bags of Santos and 2,000 bags of Rio. On the 10th inst. futures ended 1 to 2 points higher on Santos but Rio contracts showed losses of 1 to 3 points. Sales were 5,750 bags of Santos and 7,750 bags of Rio. Cost and freight offers from Brazil were 10 to 25 points lower.with Santos 4s at 8.25 to 8.50e. To-day futures closed 1 to 6 points lower owing to the weakness of Brazilian exchange and the small demand for spot. Cost and freight offers were unchanged to 10 points lower. Rio coffee prices closed as follows: March May July 5.12 September 5.23 December 5.311 5.36 5.00 Santos coffee prices closed as follows: March May July 8.06[September 8.06 December 8.061 8.07 8.04 Cocoa futures on the 7th inst. closed 1 point lower. Dec. ended at 4.94c. and March at 5.04e. On the 8th inst. futures closed 4 points lower with sales of 47 lots. Scattered liquidation and hedge selling caused the weakness. Manufacturers were buying on a scale down. Dec. ended at 4.90c.; March at 5.00c.; May at 5.07c.; July at 5.16c., and Sept. at 5.24c. On the 9th inst. futures showed a further decline of 3 to 4 points on sales of 51 lots, under liquidation and commission house selling. Dec. ended at 4.86c., and March at 4.97e. On the 10th inst. futures closed 5 to 60 points higher with sales of 33 lots. Dec. ended at 4.92c.; March at 5.02c. and Sept. at 5.26e. To-day futures closed 3 to 4 points lower with Dec. at 4.88c.; Jan. at 4.92c.; March at 4.99e. and May at 5.07c. Sales 26 contracts. • Sugar futures on the 7th inst. declined 3 to 4 points. In the raw market a sale of 4,300 tons of Puerto Ricos excess quota sugars, October shipment was reported sold at 3.20e. According to the AAA, 94.53% of the 1935 quotas for the off-shore areas, including Cuba, had been filed during the first nine months, with 242,823 tons yet to come. On the 8th inst. trading was a little more active but futures declined 1 to 3 points. On the 9th inst. futures ended 1 to 2 points lower on sales of 8,700 tons. Raws were quiet. On the 10th inst. futures closed 1 point lower to 1 point higher with sales of 1850 tons. A sale of 300 tons of stored Cubas was reported in the raw market at 3.58c. To-day futures closed 1 to 2 points higher with sales of 124 contracts. Predictions that the .AAA decision would not be made this year caused the strength. Prices were as follows: December July March 2.501September 2 .201JanuarY 2.13 May 2.23 2.16 2.16 Revised 1935 beet sugar marketing allotments to United States beet sugar processors were announced Oct. 8 by the Agricultural Adjustment Administration. The allotments which distribute the quota for the continental beet-sugarproducing area have been made by the Secretary of Agriculture in Continental United States Beet Sugar Order No. 6, Revision No. 1. A public hearing on applications for adjustments was held Aug. 5 1935 in Omaha, Neb. In its announcement of Oct. 8 the AAA said: The revised allotment order gives effect to data submitted at the Omaha hearing, distributes the unallotted reserve of 225,000 100 -pound bags of refined sugar on a proportional basis to those companies whose inventory carryover plus normal fall sales is greater than their former allotment, and distributes a voluntary surrender of 101.043 bags to those companies where the planted acreage of farmers is expected to produce an amount of sugar in excess of the basic marketing allotment of the particular processor. The voluntary surrender of allotments was that made by a processing company whose allotment was larger than its sugar available for sale. Fhe revisions do not change the total national marketing quota, which is 28,971,963 100 -pound bags of direct -consumption sugar. The allotments to the various processors, before and after revision, are -pound bags of direct-consumption sugar): as follows (in 100 Before Before Revision Reviled Revision Revised CompanyCompanyAmalgamated Sugar_1,606,781 1,606,994 Michigan Sugar____1,464,535 1,506,197 413,502 435,198 Amer. Crystal Sugar 2,428,713 2,429,188 Monitor Sugar 94,147 221.356 243,584 National Sugar Mfg. 94,117 Central Sugar Franklin County Sus. 198,710 198,738 Northeastern Sugar_ 66,360 128,797 151,824 159,315 226,244 226,272 Ohio Sugar Garden City Co 164,025 217,149 Great Lakes Sugar__ 692,101 738,506 Paulding Sugar 74,320 Great Western Sugar9,142,638 9,042,638 Rock County Sugar.. 70,147 3 111,750 3,130,742 Gunnison Sugar__ 191,167 191.201 Spreckels Sugar 149,705 149,720 4,324,688 4,338,275 St. Louis Sugar Holly Sugar 310,263 325,923 Superior Sugar Reg_ 164,322 164,377 Isabella Sugar 308,794 323,220 73,025 73,157 Union Sugar Lake Shore Sugar 94,731 94,760 Utah-Idaho Sugar_2,605,193 2,605,527 Layton Sugar Los Alamitos Sugar_ 159,505 160.831 West Bay City Sugar 109.148 109,188 Menominee Sugar 203,619 203,999 Processors are forbidden by the Secretary's order from marketing sugar excess of the allotments which have been made, unless further modified in by the Secretary of Agric_Iture. In view of the changes in beet crop prospects and marketing conditions, processors are being requested to surrender any portion of their marketing allotments which they anticipate they will not be able to use or to state the amount of sugar in excess of their revised allotments which they would be able and willing to market. Lard futures advanced 5 to 17 points on the 5th inst. in sympathy with grain. Shorts were covering. On the 7th inst. futures again reflected the action.of grains and closed 7 to 15 points lower. Cash demand continued small. Hogs, however, were in fair demand and firmer. On the 8th inst. futures showed a further decline of 12 to 15 points with the cash demand slow. The break in grain encouraged scattered liquidation and some trade selling. Hogs were 10 to 15e. higher with the top $11.20. On the 9th inst. the downward movement continued and prices showed net losses at the close of 12 to 20 points. Trading was very light. Yet hogs were 10e. higher. Cash lard was easier; in tierces, 14.50c.; refined to Continent, 14 to 143/2c.; South America, 14/ to 14 Wic. On the 10th inst. futures closed unchanged to 5 points higher on commission house buying based on the strength in grain. General liquidation wiped out part of the early gains. Hogs were 15e. to 25c. lower, with the top $11.15. To-day futures closed 5 points lower on Oct. and 10 points higher on other deliveries. DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO Wed. Thurs. Fri. Mon. Tues. Sat. 14.30 14.35 14.35 14.57 14.70 14.77 October 13.35 13.45 13.35 13.47 13.62 13.72 December 12.60 12.50 12.45 12.57 12.67 12.82 May Pork steady; mess, $38.62; family, $38.62 nominal; fat backs, $33.62 to $34.62. Beef firm; mess, nominal; packer, nominal; family, $23 to $24 nominal; extra India mess, nominal. Cut meats dull; pickled hams, picnic, loose, c.a.f., 4 to 6 lbs., 183.c.; 6 to 8 lbs., 16 Vie.; 8 to 10 lbs., 14 to 15 lbs., 240.; 18 to 20 lbs., 153c.;skinned,loose, 4 22c.; 22 to 24 lbs., 183/20.; pickled bellies, clear, f.o.b. / 4 New York,6 to 8 lbs., 253 e.;8 to 10 lbs., 251 20.; 10 to 12 lbs., 24c.; bellies, clear, dry salted, boxed, New York, 14 / / to 16 lbs., 20/8c.; 18 to 20 lbs., 1978c.; 20 to 25 lbs., 1958e.; 25 to 30 lbs., 19Yie. Butter, creamery, firsts to higher than extra and medium marks, 24/ to 283/20. Cheese, State whole milk, held, 1934 special, 20 to 22c.• held, 1935 ' 4 fancy, 183 to 19c. Eggs, mixed colors, checks to special packs, 21/ to 35c. Oils-Linseed deliveries were rather heavy but new buying was very small. Tanks cars were 9.1 to 9.2c. Cocoanut, Manila tanks next year, Sc.; China wood, tanks, 32c.• April forward, 22c.; drums spot, 32,c. Corn, crude tanks, Western mills, 9/c.; Olive, denatured spot, Spanish, 85c.; shipment, Spanish, 82 to 83c. Soya bean, tanks, Western nearby, -June, 8.0c.; C. L. drums, 9.6e.; L. C. L. 8.3 to 8.5c.; Jan. 10c. Edible, cocoanut, 76 degrees, lie. Lard, prime, 14c.; extra strained winter, lnie. Cod, Newfoundland, 35c.; Norwegian yellow, 38c. Turpentine,49/ to 53/c. Resin, $5.10 to $6.95. Cottonseed Oil sales, including switches, 82 contracts. Crude, S. E., 93(e. Prices closed as follows: October November December January 10.51110.571February 10.50 10 70 March 10.75 10.60 April May 10.58 10.60 10.75 l0.67( 10.70 10.85 10.73 Petroleum-The summary and tables of prices formerly appearing here regarding petroleum will be found on an earlier page in our department of "Business Indications," in the article entitled "Petroleum and Its Products." Rubber futures on the 5th inst. closed 10 to 13 points higher on sales of 1,170 tons. Spot ribbed smoked sheets were 12.12c. London and Singapore were firmer. Dec. here closed at 12.25e., Jan. at 12.32c., March at 12.46c., May at 12.60e. and July at 12.73c. On the 7th inst. futures declined 2 to 5 points on sales of 700 tons. Spot ribbed smoked sheets fell to 12.05c. London and Singapore showed little change. Here Dec.ended at 12.25e., March at 12.44e., May at 12.57c. and July at 12.70e. On the 8th inst. futures closed 18 to 22 points higher on sales of 2,020 tons. Spot ribbed smoked sheets advanced to 12.220. London and 2452 Financial Chronicle Oct. .12 1935 Singapore were firmer, Dec. ended at 12.41c., March at In London on the 10th inst. spot standard advanced £6 12.64c., May at 12.76c. and July at 12.89c. a ton; futures £3 5s. and Spot Straits £4 5s. Sales were On the 9th inst. futures closed 2 points lower to 2 points rather small at 375 tons. higher after showing early firmness. Sales were 770 tons. Lead was in good demand and steady at 4.50c. New Spot ribbed smoked sheets rose to 12.23c. London was unchanged but Singapore ended 1-16d to 3-32d lower. Dec. York and 4.35e. East St. Louis. London on the 10th inst. ended at 12.40e.; Jan. at 12.48c.; March at 12.63c.; May at was 5s. higher at £19 10s. for spot and futures; sales 100 tons 12.76c.; July at 12.91e. and Sept. at 13.04c. On the 10th of spot and 650 tons of futures. inst. futures advanced 7 to 8 points on sales of 1060 tons. Zinc was in moderate demand and steady at 4.85c. East Spot smoked sheets rose to 12.31. London and Singapore St. Louis. London on the 10th inst. rose 5s. on spot to were firmer. Oct. ended at 12.31c.; Dec. at 12.48c.; £17 3s. 9d.; futures advanced 3s. fld. to £17 8s. 9d.; sales March at 12.70c.; May at 12.84e. and July at 12.98c. 100 tons of spot and 260 tons of futures. . To-day futures closed 26 to 28 points higher with Dec. at Steel operations fell off 1.1 points this week according 12.74c.• Jan. at 12.82c.; March at 12.96c.; May at 13.11c.; to the American and Steel Institute. Yet there was July at 13.26c. and Sept. at 13.39c. Sales were 410 contracts. a steady demand.Iron automobile industry is taking larger The Hides futures on the 5th inst. advanced 17 to 18 points tonnages. Fabricated structural steel awards are bolding after sales of 3,680,000 lbs. Dec. ended at 11.54c.; March up well and there was a fair inquiry for structural steel. at 11.88c.; June at 12.19c.; and Sept. at 12.49c. On the Awards of concrete reinforcing bars last week fell off the 7th inst. futures were 10 to 14 points higher with sales considerably from the average of recent months. Quoof 4,200,000 lbs. Dec. ended at 11.65c.; March at 11.980.; tations: Semi-finished, billets, rerolling $27.; forging $32.; June at 12.33c., and Sept. at 12.630. On the 8th inst. sheet bars $28.; slabs $27.; wire rods $38.; skelp 1.70c.; futures closed 3 points lower to 1 point higher, the latter sheets, hot rolled annealed 2.400.; galvanized 3.10c.; strips, on March. Sales amounted to 2,880,000 lbs. Dec. ended hot rolled 1.85c.: cold rolled 2.601.; hoops and bands 1.850.; tin plate (box of 100 lbs.) $5.25; heavy steel, bars 1.85c.: at 11.65c. and March at 11.99c. On the 9th inst.futures advanced 22 to 25 points on sales of plates and shapes 1.80c. 7,080,000 lbs. Some 3200 hides sold in the Chicago spot market at Mc. above previous sales. Dec. ended at 11.87c.; COTTON March at 12.21e. and June at 12.55c. On the 10th inst. futures showed net gains at the close of Friday Night, Oct. 111935. 3 to 6 points. Sales amounted to 3,600,000 lbs. Sales of The Movement of the Crop, as indicated by our 75,400 hides were reported in the domestic market with light grants from the South to-night, is given below. Fortelethe native cows selling at 12c. In the Argentine spot markets, week ending this evening the total receipts have reached 8,000 frigorifico steers sold at 13c. Dec. ended at 11.92e.: 387,060 bales, against 326,252 bales last week and 336,897 March at 12.27c. and June at 12.58c. To-day futures closed bales the previous week, making the total receipts since 2 points higher with March at 12.26c. and June at 12.60c. Aug. 1 1935, 2,103,438 bales, against 1,598,508 bales for Buying was stimulated by the strong spot situation. Sales the same perid of 1934, showing an increase since Aug. 1 amounted to 75 contracts. 1935 of 504,930 bales. Ocean Freights were in better demand and firm. Grain Receipts atTotal Sat. Mon. Tues. Wed. Thurs.' Fri. charters continued quite active. Charters included: Grain, fixed, Nov. 10-20. Montreal to United Kingdom,22,000 qrs., 2s. 3d.; Montreal, Oct.. United Kingdom, Is. 10 WI; option one Irish port, 2s. %d.; two ports, 2s. 414d.; Montreal to United Kingdom, 2s. 3d.; 9 loads, New York-French Atlantic (booked). 9Mc.; 35 loads, fixed London, Nov. 1-25, Leith, 2s. Id, ex-Montreal. Sugar Nov. 10, Nova Scotia to Cuba, cancelling, 14s. 114d.; late Oct.. Cuba to United Kingdom-Continent, 13s. 6d.; north side Cuba. Nov., to United Kingdom-Continent, 14s. Trips -West Indies. round. $1; West Indies, $1.20: Canadian, round, $1.20; West Indies, round, $1.25; West Indies, round, $1.05. Pig Iron sales during the week were rather large. Apparently the feeling is more confident. Consumers are purchasing far ahead and beyond nearby requirements. Quotations: Foundry No. 2 plain, Eastern Pennsylvania,$19.50: Buffalo, Chicago, Valley and Cleveland, $18.50; Birmingham, $14.50; basic, Valley, $18; Eastern Pennsylvania, $19; malleable, Eastern Pennsylvania, $20; Buffalo, $19. Wool was in smaller demand but firm. Mill demand for medium grades was limited owing to high prices asked. A fair quantity of three-eights blood territory sold at a new high of 70 cents. Holders are adhering to their strong position. Silk futures declined 114 to 2c. on the 7th inst.; sales 610 bales. Crack double extra spot fell to $2. Dec. ended at $1.843/; Jan. at 31.843/2; March at $1.844, and April and 2 May at $1.84. On the 8th inst. futures were 1 to 2c. higher after sales of 470 bales. Crack double extra spot rose 2c. to $2.02. Dec. ended at $1.86; Feb. at $1.88; March and April at $1.86, and May at $1.86%. On the 9th inst. futures closed 2 to 2Yc.lower on sales of 550 bales. Crack double extra spot fell 1 to $2.003/2. Japanese cables were weaker. November ended at $1.853' and Feb., March, April and May at $1.84. On the 10th inst. futures closed with net gains of 1 to 2 cents; sales, 360 bales. Crack double extra spot was unchanged at $2.003/2. October ended at $1.91, Nov. at $1.873/2, Jan. at $1.85% and March, April and May at $1.85. To-day futures closed 1% to 2c. higher with Japanese cables stronger. Sales were 31 contracts. October closed at $1.93, Dec. at $1.87, Feb., March and April at $1.86% and May at $1.87. Coal was in better demand and bituminous prices showed an upward tendency. Ohio, Kentucky, Indiana and Illinois are expected to advance prices in the near future. Bituminous coat production in the United States for the week ended Oct. 5 was approximately 7,000,000 net tons, according to the National Coal Association. This compares with 7,089,000 in the same week last year and 5,783,000 two years ago. The Bureau of Mines report showed production in the week ended Sept. 21 as 7,693,000 tons, and in the week ended Sept. 28 1935 as 1,662,000 tons. For the calendar year to Oct. 5 1935 production was 269,473,000 tons, against 269,490,000 in the like period last year. Copper became quieter both here and abroad. The domestic price was higher at 9.25e. and foreign at 8.95 to 9.05c. In London on the 10th inst. prices advanced 8s. 9d. to £36 2s. 6d. for spot and £36 10s. for futures; sales 200 tons of spot and 2,200 tons of futures; electrolytic 5s. higher at £40 5s. for spot and £41 5s. for futures. Tin soared to a new high owing to the strength at London. Demand was moderate. Spot Straits sold at 52 to 52%c. Galveston 9.347 19,269 11.499 7.328 8.718 8,190 64,351 Texas City 2,409 2,409 Houston 8,442 10,505 15,863 9,485 10,843 32,004 87.142 Corpus Christi 642 2,630 10,941 2,205 1..932 1,753 1,779 Beaumont --------23,907 23,907 New Orlean.s 13,605 15.990 22.271 37.395 8,528 11,660 109.449 Mobile 4.226 2,6'72 5,735 3.986 4.396 6,916 27,931 Pensacola _5,249 5,249 Jacksonville 153 i53 Savannah 5.285 6,141 6.774 2,474 2.707 4.199 27.580 Charleston 1,942 1,171 3,152 2,822 1,152 9,841 20,080 Lake Charles_ __ _ ____ __ _ _ ___ 3.081 3,081 - -- --Wilmington 185 127 323 1.324 483 53 15)3 Norfolk 279 3.166 649 405 580 871 382 Baltimore 297 297 Tntstla thl. or....1, At MQ7 Ma MA 57 7511 OA 9(15 4.9 595 RI 059 557050 The following table shows the week's total receipts, the total since Aug. 1 1935 and stocks to -night, compared with last year: 1934 1935 Receipts to Oct. 11 This SinceAug 1 1935 Week Galveston 64,351 Texas City 0 2,40 Houston 87.142 Corpus Christi _ 10.941 Beaumont 23,907 New Orleans 109,449 Gulfnort Mobile 27,031 Pensacola 5,240 l3 Jacksonville Savannah 27,589 Brunswick Charleston 20.080 hake Charles_ _._ 3,091 Wilmington 1.324 Norfolk 3,166 N'port News, &c. . _ _ New York Boston Baltimore 297 Philadelphia Tnt.l. Stock This Since Aug Week 1 1934 420,871' 50,315 313,587 36,228 10,302 3,176 358.588 75,016 496.885 217.706 12,117 210,230 30,A3P 1.138 1,853 532,459 72,001 278,347 128,978 6A,818 3 257 181,473 4,530 2,764 609 4,776 93,064 44.422 2,525 11.252 271:13 8.271 605 1,726 55.160 30,431 3,696 60.816 200 58.337 32.714 1.802 7,604 2,196 916 10.618 1935 -• I 1934' 528.5R2 562,987 AAR? 31,945 414,022 1.064.234 81.203 143,081 30,413 2.116 584,642 695,090 102,013 20,531 5,470 114,146 88, 33 9 31.8.53 11.728 26,63P 65,942 45,002 16,173 10,086 5,609 9o7 AA 0 1A1 Ali2 940 Am , 124,060 26.158 5,1AP 202.881 552 1.475 53,924 9,197 1.200 1 cosl 5059 179 191 90.49 197 In order that comparison may be made with other years, we give below the totals at leading ports for six seasons: Receipts at- 1935 1934 1933 1932 50,315 75.016 72.001 4.530 4.776 114.424 131.106 78,296 4.392 9,441 2,643 605 1,726 7,959 1.341 2,548 99,803 103,630 50,549 9.649 5.663 2,188 7.475 2,640 3,422 105,308 267,009 37.233 15,520 19.032 5,671 10.702 5,168 4.999 93,374 165,841 59,960 15,124 30,169 1,600 11.897 4,098 14,506 27,287 62,006 48,756 26,510 378.794 347.025 Galveston____ 64,351 Houston 87,142 New Orleans_ 109.449 Mobile 27,931 Savannah 27,580 Brunswick__ _ 20.080 Charleston_ __ 1.324 Wilmington_. 3,166 Norfolk N'port News _ All others _ _ __ 46.037 28.991 Total this wk. 387.060 240.603 Rim.% A.... I o In9 AR12 1 MIR FAR 9 RA9 919 9 liii 1931 1930 519.398 423.079 cRc 9 Ana 1 gn 9 A9S1 Onc1 The exports for the week ending this evening reach a total of 109,555 bales, of which 28,251 were to Great Britain. 12,978 to France, 15.212 to Germany, 3,176 to Italy, 26,852 to Japan, 3,228 to China and 19,858 to other destinations. In the corresponding week last year total exports were 101,284 bales. For the season to date aggregate exports have been 871,062 bales, against 923,219 bales in the same period of the previous season. Below are the exports for the week: Financial Chronicle Volume 14.! Week Ending Oct. 11 1935 Exports from - Exported to Great Britain France Galveston Houston 10,165 Corpus Christi New Orleans_ _ 3,148 Lake Charles_ Mobile 10,i6171 Pensacola,&c 3,395 Norfolk 213 Los Angeles__ -440 Total Germany 994 7,978 2,642 -13;9 675 475 3,949 10,107 3;iii 3:5tii 3,176 26,852 18,575 7,978 12,010 7,576 39,306 39,658 27,274 49.088 29.701 48,051 Galveston I Iouston corpus Christi_ Texas City---Beaumont New Orleans Lake Charles Mobile Jacksonville... Pensacola, &c_ Savannah Charleston_ _ _ Norfolk Gulfport New York.. Los Angeles... San Francisco_ China 3,176 73 From Aug. 1 1935 to Oct. 11 1935 Great GerExports from Britain I France I many Total Japan 13,420 28,251 12,978 15,212 Total 1934 Total 1933 Italy 464 8,111 2,140 10,9 13,901 I 26,801 31,742 42,348 37,9N 3.228 Other Total 3.619 5,077 8,129 47,718 1,369 6,151 4,065 20,633 1,235 2,399 1,141 19,831 3,395 288 555 4,065 f9.858 109,555 6,027 9,812 101,284 8,925 33,950 236,647 Exported to Italy Japan 18,664 6,654 30.898 19,763 22,756 15,524 745 28,499 57,835 46.039 21,293 13:5§g 3,044 1,628 7,331 6,031 82 15,197 12.494 1;5Li 3,342 531 688 430 _ 64.334 China I Other 11 Total 300 100 30,440 109,202 3,528 53,148 229,966 100 37,409 195,918 745 993 1;556 24,026 163,412 7,005 16,739 1,741 36,997 705 50 550 46,820 1,943 38.213 163 21,680 1,432 1,076 100 7[55 6,664 300 400 182,513 105,209 136,062 86,372 219,103 4.928 156,875 871.062 -555 20,733 1.462 17,343 573 17,932 22,425 18,175 213 646 3,600 721 fiao 100 3,830 13.141 5,125 Total 1934_ 129,021 86,711 139,930 72,483 302,659 34,754 157,661 923,219 Total 1933295.716215,704 349.334 170.551 406.599 39,000245,060 1721.964 NOTE-Exports to Canada- t has never oeen our practice to include in the above table the reports of cotton shipments to Canada,the reason be ng that virtually all the cotton destined to the Dominion comes overland and it is impossible to give returns concerning the same from week to week, while reports from the customs diEltricts on the Canadian border are always very slow In coming to hand. In view, however, of the numerous Inquiries we are receiving regarding the matter, we will say that for the month of July the exports to the Dominion the present season have been 26,241 bales. In the corresponding month of the preceding season the exports were 19,860 bales. For the 12 months ended July 31 1935 there were 2.31,240 bales exported, as against 275,910 bales for the 12 months of 1933-34. In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named: On Shipboard Not Cleared for - Oct. 11 at Great Britain France Galveston Houston New Orleans Savannah Charleston__ _ Mobile Norfolk 6,400 2,600 3,117 1,363 1,846 10,676 ___ 4.631 ____ 612 GetOther Coastmany Foreign wise 6,200 28,000 778 10,098 4.325 7,563 300 ____ ------- 12,251 Total 1935 15,394 15,251 11.303 58.212 Total 1934_ - _ 5,095 8,656 10,126 86,833 Total 1933...- 15,883 10,217 24.419 108,874 Leaving Stock Total 1.100 44.300 ---- 15,358 ____ 24,410 300 100 100 - 16,894 484.262 399,566 560,232 202,581 88.833 108,066 26,636 1.200 101,360 2.070,831 1,375 92,085 2,799,552 5.180 164,553 3.541,164 Speculation in cotton for future delivery was fairly active, and after moving up to new highs for all months currently traded in under good trade and speculative buying in anticipation of a substantial reduction in the Government forecast, prices dropped sharply after the publication of the Bureau estimate showing a reduction of only 25,000 bales from a month ago. The general belief was that it would show a falling off of about $200,000 bales. On the 5th inst. prices closed 2 to 3 points lower in a small market. Prices fluctuated over a range of 6 to 10 points. Small orders affected the market either way. There was a lack of aggressive demand. Some of the selling was attributed to the failure of frost predictions to materialize. The trade was awaiting developments in regard to political and war developments abroad. On the 7th inst. after a slight early decline prices rallied under trade and foreign buying and covering of shorts and ended 5 to 15 points higher. Cold weather in some parts of the South and a general belief that the Government crop estimate to be issued on Tuesday will show a reduction stimulated buying. The average guess of Exchange members was 11,370,000 bales. Private estimates averaged 11,538,000 bales. Disappointing Liverpool cables and hedge selling caused the early weakness. Temperatures were below the freezing point in parts of north Georgia, western Tennessee and northeastern Arkansas. Spot demand was good and the basis firm. On the 8th inst. the market opened 2 to 6 points higher partly due to better Liverpool cables but hedge selling and liquidation checked the advance. A further advance however occurred on trade and foreign buying together with short covering and the list showed gains of 13 to 15 points when trading was suspended for the publication of the Government report. The Government put the crop at 11,464,000 bales or only 35,000 bales under its Sept. 1st figure. It was about 200,000 bales more than expected. Consequently the demand became less agressive and hedge selling increased and final prices were 10 to 18 points lower for the day. Spot demand was smaller but the basis remained firm. As to the weather, parts of North Carolina had heavy frosts and it was generally cool over the Eastern Belt. On the 9th inst. the market held firm within a narrow range and after opening about unchanged, ran up to 13 to 15 points on a good demand from the trade but reacted later and ended unchanged to 4 points higher. 2453 Liverpool and Japanese interests also were steady buyers. Fears of colder weather with possible frost in parts of the Western Belt stimulated buying. Scattered selling and hedge sales caused the late setback. The weather news attracted more attention. The weekly weather report was favorable but the forecast for the Western Belt wasfor colder weather in Arkansas and Oklahoma. The weather map was generally favorable for picking and ginning the crop except in Oklahoma which had rather heavy rains. On the 10th inst. there was a recession from the previous close of 3 to 7 points o- increased hedge selling. Disappointing Liverpool cables and the failure of predicted frosts to materialize induced selling. Trade buying and scattered buying stimulated by the firmness of stocks and grain and renewed talk of possible inflationary developments offered considerable resistance. The demand for spot cotton was better. The basis was firm. To-day prices ended 1 to 3 Points higher in moderate trading. Trade interests and Wall Street were buying. Staple Premiums 60% of average of six markets quoting for deliveries on Oct. 17 1935 15-16 Inch I-Inch & longer Differences between grades established for deliveries on contract to Oct. 17 1935 are the average quotations of the ten markets designated by the Secretary of Agriculture. Middling Fair White .71 on Strict Good Middling do .59 Good Middling do .48 Strict Middling do .32 Middling do Basis Strict Low Middling_ do .40 of! Low Middling do .86 *Strict Good Ordinary do 1.34 *Good Ordinary do 1.80 Good Middling Extra White .49 on Strict Middling do do .33 Middling do do .02 Strict Low Middling.., do do .39 off Low Middling do do .82 .18 .37 Good Middling Spotted 24 on .37 Strict Middling .18 do .04 off Middling .15 .30 do .42 *Strict Low Middling__ do .88 *Low Middling do 1.37 .28 Strict Good Middling-Yellow Tinged .15 .01 on Good Middling .28 .15 do do .28 off Strict Middling .28 .15 do do .48 *Middling do do .88 *Strict Low Middling__ do do 1.87 *Low Middling do do 1.83 Good Middling .27 .14 Light Yellow Stained- .45 off *Strict Middling do do do _ .88 *Middling do do do _1.37 Good Middling .27 .14 Yellow Stained .88 off *Strict Middling do do 1 57 *Middling do do 1 83 Good Middling .15 .28 Gray 32 oft .28 Strict Middling .15 do .55 *Middling do .88 *Good Middling Blue Stained .88 off *Strict Middling do do 1.37 *Middling do do 1.83 *Not deliverable on future contract. .19 .19 .19 .19 .19 .16 .15 .40 .40 .40 .40 .40 .33 .31 Mid. do do do Mid. do do do do do do do do do do do do do do do do do do so do do do do do do do do do do do do The official quotation for middling upland cotton in the New York market each day for the past week has been: Oct. 5 to Oct. 11Sat. Mon. Tues. Wed.Thurs. Fri. Middling upland 11.35 11.40 11.30 11 30 11 30 11.20 Futures -The highest, lowest and closing prices at New York for the past week have been as follows: Saturday Oct. 5 Monday Oct. 7 Tuesday Oct. 8 Wednesday Thursday Oct. 9 oa.io Friday oa. n Oct. (1935) Range__ 10.99-11.05 10.99-11.12 10.95-11.27 10.96-11.06 10.90-10.97 10.85-10.98 Closing_ 11.00n 11.0510.95-10.96 10.9810.9510.85Nov. Range__ Closing. 10.97n 11.05n 10.94n 10.97n 10.93n 10.84n Dec. Range.. 10.94-11.02 10.92-11.16 10.92-11.23 10.93-11.07 10.88-10.98 10.83-10.97 Closing. 10.95-10.96 11.0610.92-10.93 10.96-10.97 10.91-10.92 10.83-10.84 Jan.(1936) Range__ 10.95-11.02 10.96-11.20 10.95-11.27 10.96-11.08 10.90-10.99 10.85-10.97 Closing. 11.0011.1110.9510.9910.9210.86Feb. Range.. Closing. 11.01n 11.13n 10.98n 11.0In 10.95n 10.88n March Range.. 11.02-11.12 11.00-11.27 11.02-11.34 11.02-11.15 10.96-11.05 10.90-11.04 Closing. 11.02-11.04 11.16-11.17 11.02-11.03 11.03 -10.9810.90April Range.. Closing_ 11.05n 11.18n 11.03n 11.04n 10.99n 10.90May Range.. 11.08-11.16 11.05-11.32 11.05-11.38 11.05-11.18 10.99-11.08 10.95-11.04 Closing_ 11.08-11.09 11.2011.05-11.06 11.05-11.06 11.0110.95June Range-Closing 11.09n . 11.21n 11.05n 11.06n 11.01n 10.95n July Range.. 11.10-11.17 11.06-11.34 11.05-11.42 11.07-11.18 11.00-11.08 10.95-11.06 Closing. 11.11 -11.2311.05-11.06 11.0811.0210.95-10.96 Aug. Range.. Closing. Sept. Range.. .-s . n Nominal. Range for future prices at New York for week ending Oct. 11 1935 and since trading began on each option: Option for - Range for Week Oct. 1935__ 10.85 Oct. Nov. 1935 Dec. 1935__ 10.83 Oct. Jan. 1936._ 10.85 Oct. Feb. 1938 Mar. 1936.. 10.90 Oct. Apr. 1936_ May 1936__ 10.95 Oct. June 1936_ July 1936__ 10.95 Oct. Aug. 1936- Range Since Beginning of Option 11 11.27 Oct. 8 10.44 10.05 11 11.23 Oct. 8 10.35 11 11.27 Oct. 8 10.10 10.16 11 11.34 Oct. 8 10.51 10.33 11 11.38 Oat. 8 10.58 10.41 11 11.42 Oct. 8 10.61 10.42 Sept. 28 1935 12.39 Mar. 18 1935 12.71 Mar. 19 1935 11.23 Mar. 18 1935 12.70 Mar. 18 1935 12.70 Sept.30 1935 11.34 Aug. 24 1935 12.07 Sept.30 1935 11.38 Sept. 3 1935 11.97 Sept. 30 1935 11.42 Sept. 3 1935 11.40 Mar. 6 1935 Jan, 2 1935 Oct. 8 1935 Jan. 9 1935 Feb. 18 1935 Oct. 8 1935 May 17 1935 Oct. 8 1935 May 25 1935 Oct. 8 1935 July 26 1935 Financial Chronicle 2454 The Visible Supply of Cotton to-night, as made up by cable and telegraph, is as follows: Foreign stocks as well as afloat are this week's returns, and consequently all foreign figures are brought down to Thursday evening. To make the total show the complete figures for to-night (Friday) we add the item of exports from the United States, for Friday only. Oct. 11Stock at Liverpool Stock at Manchester Total Great Britain Stock at Bremen Stock at Havre Stock at Rotterdam Stock at Barcelona Stock at Genoa Stock at Venice and Mestre Stock at Trieste Total Continental stocks 1935 372,000 49,000 1934 887,000 72,000 1933 753,000 89,000 1932 624,000 107,000 421,000 170,000 64,000 12,000 25,000 60,000 10,000 5,000 959,000 350,000 140.000 23,000 56,000 40,000 11.000 9,000 842.000 440.000 191,000 25,000 72,000 76,000 731,000 359,000 166,000 18,000 57,000 72.000 346.000 bales 629,000 804,000 6,045,144 7,597,143 8.570.854 8,835,610 Total visible supply Of the above, totals of American and other descriptions are as follows: American bales 101,000 246,000 399,000 280.000 Liverpool stock 56,000 44,000 20,000 40,000 Manchester stock 93,000 290,000 Bremen stock 42,000 113,000 Havre stock 80,000 730,000 619,000 58,000 Other Continental stock 311,000 245,000 504,000 487,000 American afloat for Europe 2,172,191 2,943,137 3.705,717 3,849,751 U.S. ports stock 1,990,723 1,644,128 1.657,587 1,802,899 U.S.interior stocks 21,960 16,230 24,543 16,878 U. S. exports to-day BEYPt, Brazil, &c., afloat Stock in Alexandria, Egypt Stock in Bombay,India 4,804,144 5,618,143.7,064,847 7,116.610 271,000 29,000 78,000 22,000 53,000 54,000 157,000 135,000 442,000 641,000 354,000 32,000 45,000 60,000 27,000 74,000 59,000 60.000 72.000 75,000 153,000 220.000 282,000 715,000 616,000 344.000 51,000 53,000 72,000 87.000 464,000 648,000 1,241,000 1,979,000 1,506,000 1.719,000 4.804,144 5,618,143 7,064,847 7,116.610 Total East India,Scc Total American 6,045.144 7,597,143 8,570,847 8,835,610 Total visible supply 5.64d. 6.88d. 5.44d. Middling uplands, Liverpool _ - 6.50d. 6.554. 9.354. Middling uplands, New York- _ 11.20c. 12.654. 9.07d. 7.76d. 8.65d. Egypt. good Sakel, Liverpool__ - _ 9.02d. 9.54d. 5.03d. 5.804. 5.32d. Broach, fine, Liverpool 5.17d. 5.16d. 6.22d. 6.27d. Tinnevelly, good, Liverpool Continental imports for past week have been 78,000 bales. The above figures for 1935 show an increase over last week of 480,978 bales, a loss of 1,551,999 bales from 1934, a decrease of 2,525,703 bales from 1933, and a decrease of 2,790,466 bales from 1932. -that is, the At the Interior Towns the movement receipts for the week and since Aug. 1, the shipments for the week and the stocks to-night, and the same items for the -is set out in corresponding period of the previous yeas detail below: Movement to Oct. 11 1935 Towns Receipts Week Ala.,Birming'm Season Ship melds Week Stocks Oct. 11 Movement to Oct. 12 1934 Receipts Week Season 5,747 921 10.875 1,1801 13,037 4,942 4,488 449 647 10,639 10,017 4,786 Eufaula Montgomery. 7,637 60,329 1,5861 67,171 1,568 14,843 10,660 56,289 2,655 77,732 3,214 27.443 Selma Ark., Blythvllle 8,569 24,017 2,548 91,932 11,165 54,277 9491 24.420 2,719 8,982 13,524 Forest City.. 2,847 3,987 17,380 l,623J 25,966 3,628 24,639 Helena 3,082 9,957 1.990 21,621 5.158 15,712 Slope 1,103 3,501 12,528 3,453 11,287 431 Jonesboro_ _ 9.583 40,777 3,219 74,956 7,192 27,529 Little Rock 5,044 316 17,156 1,242 3,182 1,657 Newport28,450 12,332 53,112 5.176 68,637 5,641 Pine Bluff_ 2,621 7,937 13,627 2,198 Walnut Ridge 1,513 3,897 257 18,640 2.914 15.083 6,424 Ga., Albany 5,808 3,425 34,358 1,150 52.084 1,000 Athens 521 73.100 4,128 27,998 13,034 63.256 Atlanta 15.508 109,133 5,480149,108 4,646 33,884 Augusta 600 600 17,100 9,739 9,400 200 Columbus_ _ _ 6,818 978 918 43,037 4,849 37.598 Macon 750 20,644 1,145 4.181 2,828 1.725 Rome La., Shreveport 5,817 39,872 4,369 40.930 8.000 41,823 Mlss.Clarksdale 11,448 61.993 7,282 62,432 7,419 63,957 500 18,499 1,594 5,269 Columbus..._ 1.500 12.231 Greenwood-- 16,714 95,411 8,505 87,161 7,752 67,424 8,344 26,852 1,293 31,242 1,262 5,481 Jackson 943 308 270 6,724 4,052 1.388 Natchez 6,027 12,948 1,391 14,213 1,526 2,914 Vicksburg_ 18,077 Yazoo City - - 3,750 22,952 1,897 28,016 2,995 63 3,221 36,112 16,798 3,271 Mo., St. Louis_ 3,271 250 25 192 1,985 779 N.C.,Gr'nsboro Oklahoma 15 towns •__ _ 14.382 29,838 5,036117.956 26,702 65,781 18,132 S.C.,Greenville 6,366 33,632 2,107 40,819 2,018 Tenn.,Memphis 113,188 424,218 35,320 573,444 68,437 325,297 10,903 6,538 1.802 1,698 2,363 Texas. Abilene_ 2,894 979 12,706 7.274 1,362 4,122 1,639 Austin 9,856 420 670 6,026 6.463 786 Brenham_ 17,428 4,202 13,867 2,410 24,755 Dallas 5.958 19.338 10.208 1.063 13,816 3,833 1,943 Paris 6,506 41 634 3,252 9,260 Robstown_ _ _ 155 9,150 381 1,020 3,023 3,2111 100 San Antonio.. 9,1371 1,895 14.666 2,980 11,493 Texarkana _ _ 3.084 11,016 40.444 6.285 19,195 2,777 34,046 Waco ship- Stocks ments Week Oct. 12 8,265 7,016 24,851 42,662 73,859 21.573 33,152 20.921 13.716 41,960 10,707 35.555 9,689 10,364 500 49,831 6,886 159,362 1.452 124.488 1,000 13,611 695 30,232 250 10,163 4.000 37,274 3,075 65,104 460 11,937 2,456 82,844 411 15,236 35 4,112 543 7,715 344 23,418 3,421 5,002 273 18,362 457 118 948 507 3,191 316 697 150 84 3,935 733 2,224 1,278 563 11,212 78,436 4,138 75,761 45,005396,008 1.000 680 2,918 1,681 585 333 720 3,596 5,481 .5,974 13,606 13,543 2,931 5.435 16,461 14.069 Total, 56 towns 333,9851,469,085127.7501990723 211,3871.127,802 114,500 1644128 •Includes the combined totals of 15 towns in Oklahoma. The above totals show that the interior stocks have increased during the week 206,234 bales and are to-night 346,595 bales more than at the same period last year. The receipts at all the towns have been 122,598 bales more than the same week last year. 1935 1934 1933 1932 1931 1930 1929 1928 11.20c. 12.65c. 9.55c. 6.80c. 5.954. 10.454. 18.554. 19.554. 20.90c. 13.45c. 21.65c. 24.454. 29.00c. 21.80c. 19.80c. 23.00c. 1927 1926 1925 1924 1923 1922 1921 1920 672,000 767,000 1,588,000 1,646,000 1,403,000 Total European stocks 72,000 60,000 72,000 54,000 India cotton afloat for Europe..-afloat for Europe 311,000 245,000 504,000 487,000 American cotton 87,000 75.000 Egypt, Brazil,&c.tafl't for Europe 157,000 153,000 135,000 220,000 282,000 464,000 Stock in Alexandria. Egypt 442,000 715,000 616,000 648,000 Stock in Bombay, India 2,172,191 2,943,137 3,705,717 3,849,751 Stock in II. S. ports 1,990,723 1,644,128 1,657,587 1,802,899 Stock In U. S. interior towns_ 21,960 24,543 16,878 16,230 U.S. exports to-day Total American East Indian. Brazil, &c. Liverpool stock Manchester stock Bremen stock Havre stock Other Continental stock Indian afloat for Europe Oct. 12 1935 New York Quotations for 32 Years The quotations for middling upland at New York on Oct. 11 for each of the past 32 years have been as follows: 1919 1918 1917 1916 1915 1914 1913 1912 9.75c. 14.75c. 13.654. 9.10c. 11.754. 11.40c. 10.254. 10.554. 33.90c. 32.60c. 27.65c. 17.554. 12.50c. 1911 1910 1909 1908 1907 1906 13.70c. 1905 11.00c. 1904 Market and Sales at New York The total sales of cotton on the spot each day during the week at New York are indicated in the following statement. For the convenience of the reader, we also add columns which show at a glance how the market for spot and futures closed on same days. Futures Market Closed Spot Market Closed SALES Spot Saturday.. Steady, unchanged_ Steady Monday Steady,5 pts. adv... Steady Tuesday _ Quiet, 10 pts. dec--- Barely steady_ Wednesday. Steady, unchanged. Steady Thursday _ Quietunchanged__ Steady Friday Quiet, 10 pts. dec-- Barely steady Total week_ Since Aug. 1 Contr'd Total 100 100 100 453 200 543 353 353 15.009 400 15,409 Overland Movement for the Week and Since Aug. 1 We give below a statement showing the overland movement for the week and since Aug. 1, as made up from telegraphic reports Friday night. The results for the week and since Aug. 1 in the last two years are as follows: Oct. 11Shipped- Week 1935--Since Aug. 1 934 Since Aug. 1 42,808 12,633 Via St. Louis 3,271 113,968 Via Mounds, &c Via RocK Island 3,275 10,521 Week 3,421 975 150 3,549 8,157 1.668 33,779 45,196 353 4,010 8,357 3,113 42,625 50,331 18,402 Total gross overland Deduct ShipmentsOverlandto N.Y., Boston, &c_ _ _ 297 Between interior towns 5.1182 Inland, Sze., from South 108,132 17,116 151.510 2,254 916 10,618 51,182 . 2,5°7 21 8 38,98 28 0 ° 2 3,704 52,490 13,412 99,020 Via Louisville Via Virginia points Via other routes, &c 5,458 • 55,439 Total to be deducted 12,944 Leaving total net overland • 52.693 * Including movement by rail to Canada. The foregoing shows the week's net overland movement this year has been 12,944 bales, against 13,412 bales for the week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 46,327 bales. 19351931 Since In Sight and Spinners' Since Aug. 1 Week Week Aug. 1 Takings 387,060 2,103,438 240,603 1,598,508 Receipts at ports to Oct. 11 13.412 Net overland to Oct. 11 199,020 757,000 55,000 Southern consumption to Oct. 11- 70,000 730.000 470,004 2,913.131 309,015 2,427,528 Total marketed 206,234 866,386 96,556 Interior atoms in excess 491,391 Excess of Southern mill takings ---- *133,835 over consumption to Sept. 1- - *142,675 405,571 Came into sight during weeic- _676,238 3,636,842 Total in sight Oct. 11 ---198,110 North.spinn's's takings to Oct. 11 23.393 18,209 2,785,084 187,712 *Decrease. Movement into sight in previous years: Bales I Since Aug. 1641,945 1933 546.226l932 838,92911931 Week1933 -Oct. 13 1932 -Oct. 14 1931-Oct. 16 Bales 9,102,551 3,420,134 3 915,787 Quotations for Middling Cotton at Other Markets Below are the closing quotations for middling cotton at Southern and other principal cotton markets for each day of the week: Closing Quotations for Middling Cotton on Week Ended Oct. 11 Galveston New Orleans_ _ Mobile Savannah Norfolk Montgomery_ _ _ Augusta Memphis Houston Little Rock_ _ _ _ Dallas Fort Worth_ _ Saturday Monday Tuesday 11.05 11.20 10.85 11.05 11.25 10.65 11.05 10.80 11.06 10.72 10.70 10.70 11.16 11.27 10.96 11.16 11.35 10.75 11.16 10.90 11.16 10.81 10.81 10 81 11.02 11.16 10.82 11.02 11.20 10.65 11.02 10.75 11.02 10.67 10.67 10 67 Wed'day Thursd'y Friday 11.06 11.16 10.86 11.07 11.25 10.65 11.06 10.80 11.06 10.71 10.77 10.77 11.01 11.16 10.81 11.01 11.20 10.60 11.01 10.75 11.01 10.66 10.76 10.76 10.98 11.06 10.73 10.94 11.10 10.55 10.93 10.70 10.93 10.59 10.68 10.68 -The closing quotations New Orleans Contract Market for leading contracts in the New Orleans cotton market for the past week have been as follows: Saturday Oct. 5 Monday Oct. 7 Tuesday Oct. 8 Wednesday Thursday Oct. 9 Oct. 10 li'l Way OcI. 11 Oct.(1935) 10.985-11.03 -10.95 -10.97 -109681099a 10.81 November. December. 10.92-10.93 11.02-11.03 10.91 -10.92-10.93 10.90 -10.8 -10.82 Jan.(1236) 109451096a 11.05 -10.94 -10.95 -10.92 -10.8: February _ March_ _ 11.02 -11.10-11.11 10.99-11.00 10.98 -10.97 -10.81 April 10.9: May 11.05 -11.14-11.16 11.03 -11.02 -10.99June , July 11.00,11.07 11.19 -11.03-11.04 110361104a 110061102a 10.9 August_ _ September Tone - Spot Options.__ Steady. Steady. Steady. Steady. Steady. Steady. Quiet. Steady. Quiet. Steady. Sp ady Sc ady New York Cotton Exchange Fixes Limitation of Interest -The Board of Managers of the New York Cotton Exchange voted Oct. 10 to set the maximum limit of interest by any member, firm, or corporation, and his or its affiliations, at 1,000,000 bales for delivery in October 1935 and in all months up to and including September 1936. Agricultural Department's Report on Cotton Acreage Ccmdition and Production-The Agricultural Department at Washington on Tuesday (Oct. 8) issued its report on cotton acreage, condition, yield per acre and production as of Oct. 1. The production of cotton is placed at 11,464,000 bales, which is 25,000 bales less than the Department's estimate of a month ago, but is 1,828,000 bales more than last year's crop. None of the figures take •any account of linters. Comments on the report will be found in the editorial pages. Below is the report in full: The United States cotton crop is forecast at 11,464,000 bales by the United States Department of Agriculture, based upon conditions as of Oct. 1. This represents a reduction of 25,000 bales from the Sept. 1 forecast. The indicated crop is 1.828,000 bales more than the 1934 crop but it is 3,202,000 bales less than average production in the period 1928-32. The forecast yield per acre is 191.5 pounds, compared with 170.9 pounds per acre in 1934, and an average of 177.1 pounds for the 10 -year period 1924-33. Further declines in prospects in Texas,of 192,000 bales and 18.000 bales In Oklahoma are nearly offset by increases in Georgia, Alabama, Mississippi and Arkansas. Other States show only sight changes from the forecast of Sept. 1. In the Southeastern States heavy rain and storms during the first part of September were about offset by favorable picking and ginning weather during the latter part of the month. In the Mississippi Valley States conditions were about average and the prospect changed upward slightly. In Texas and Oklahoma the crop showed little recovery from its late start with increasing menace of frost damage to small bolls before these can mature. In all the more Northern States of the Belt the crop is late and the percentage ginned much behind the usual for Oct. 1. The Crop Reporting Board of the United States Department of Agriculture makes the following report from data furnished by crop correspondents. field statisticians, co-operating State Boards (or Departments) of Agriculture and agricultural colleges. The final outturn of cotton will depend upon whether the var ous influences affecting the crop during the remainder f the season are more or less favorable than usual. oo op a aa.a =03 •-•a,to. oo ca -4-4 o- a.act ce oo,s a Production Yield Oct. 1 ((,'inrangs) per Acre Condition Acreage 500-Lb. Gross for Weight Bales Harvest State 1935 1935 Aver(pre- AverCrop liedage 1934 1935 age 1934 Indi- 1934 ',Wi1924cated Crop a cated nery) 19241933 1933 1935 Oct. 1 Per Per ThousThous. Thos. Acres Cent Cent Lb. Lb. Lb. Bales Bales Virginia 264 57 76 74 290 277 35 33 North Carolina 316 992 72 266 76 296 629 615 South Carolina 1,413 250 65 211 67 252 681 745 67 66 190 2,240 Georgia 220 230 968 1.078 Florida 93 74 134 146 66 154 28 30 Missouri 320 66 68 268 366 335 242 224 Tennessee 64 63 210 260 776 234 404 380 Alabama 71 71 182 213 216 2,325 950 1,050 Mississippi.-- 2,634 .64 68 200 220 233 1,143 1,285 Louisiana 56 66 196 200 1,283 224 485 600 Texas 47 60 144 112 11,084 142 2,408 3,275 Oklahoma _ ..... 2,628 28 56 160 56 137 317 750 Arkansas 48 58 2,301 196 192 198 867 950 New Mexico 108 77 81 343 474 377 89 85 Arizona b152 93 87 332 410 400 b127 117 California 224 92 82 404 556 485 59 227 All other 224 22 78 72 236 282 10 16 U. S. total.. 28,652 2455 Financial Chronicle Volume 141 57.9 55.9 64.0 177.1 170.9 191.5 9,636 11,464 Lower Calif. (Old Mex.)c. 113 ------230 190 254 22 60 a Allowances made for inter-State movement of seed cotton for ginning. b Including Pima Egyptian long staple cotton, 33,000 acres and 20,000 bales. c Not Included In California figures nor United States total. The number of active consuming cotton spindles for the month was 22.046,652. The total imports for the month of August 1935 were 8,002 bales and the exports of domestic cotton, excluding Miters, were 241,484 bales. World Statistics The world's production of commercial cotton, exclusive of linters. grown in 1934, as compiled from various sources, was 22,624,000 bales, counting American in running bales and foreign in bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending July 31 1934, was 25,324,000 bales. The total number of spinning cotton spindles, both active and idle, is about 157.000,000. Weather Reports by Telegraph-Reports to us by telegraph this evening indicate that conditions are favorable for picking and for maturing the crop of late bolls in all sections of the cotton belt with the exception of the northwestern part, where the weather is too cold. Little picking is being done in the northwest as it is again getting too wet. In Texas the crop is showing up as being very late and bolls are not opening as rapidly as desired. -Galveston Texas Amarillo Austin Abilene Brenham Brownsville Corpus Christi Dallas Del Rio El Paso Henrietta Kerrville Lampasas Longview Luling Nacogdoches Palestine Paris San Antonio Taylor Weatherford -Oklahoma City Okla. -Eldorado Ark. Fort Smith Little Rock Pine Bluff -Alexandria La. Amite New Orleans Shreveport -Meridian Miss. Vicksburg -Mobile Ala. Birmingham Montgomery -Jacksonville Fla. Miami Pensacola Tampa Ga.-Savannah Atlanta Augusta Macon -Charleston S. C. Greenwood Columbia Conway -Asheville N. C. Charlotte Raleigh Wilmington -Memphis Tenn. Chattanooga Nashville Rain Rainfall 1 day 0.10 in. 3 days 0.26 in. dry 2 days 0.30 in. 1 day 0.54 in. dry dry 2 days 0.28 in. dry dry 2 days 1.22 in. dry 1 day 0.48 in. 2 days 1.24 in. dry dry 1 day 1.08 in. 3 days 1.28 in. dry dry 1 day 0.32 in. 3 days 1.32 in. dry 3 days 2.46 in. 4 days 0.11 in. dry dry dry dry 2 days 0.01 in. dry dry dry dry dry 2 days 0.08 in. 5 days 1.34 in. dry 1 day 0.02 in. 1 day 0.31 in. dry dry dry dry dry dry dry dry 1 day 0.02 in. 1 day 0.10 in. dry 2 days 0.05 in. dry dry Thermometer high 83 low 62 mean 73 high 84 low 48 mean 66 high 88 low 60 mean 74 high 88 low 56 mean 72 high 86 low 54 mean 70. high 88 low 66 mean 77 high 86 low 70 mean 78 high 86 low 54 mean 70 high 88 low 62 mean 75 high 92 low 58 mean 75 high 82 low 52 mean 67 high 88 low 50 mean 69 high 92 low 50 mean 71 high 84 low 46 mean 65 high 88 low 58 mean 73 high 86 low 46 mean 66 high 86 low 50 mean 68 high 84 'low 48 mean 66 high 88 low 62 mean 75 high 92 low 50 mean 71 high 86 low 50 mean 68 high 80 low 48 mean 64 high 86 low 44 mean 65 high 76 low 44 mean 60 high 72 low 40 mean 56 high 79 low 39 mean 59 high 82 low 44 mean 63 high 89 low 38 mean 64 high 84 low 52 mean 68 high 83 low 46 mean 65 high 82 low 42 mean 68 high 82 low 38 mean 60 high 82 low 46 mean 68 high 82 low 44 mean 68 high 82 low 46 mean 64 high 86 low 56 mean 71 high 86 low 68 mean 77 high 84 low 52 mean 68 high 88 low 62 mean 75 high 88 low 47 mean 68 high 78 low 36 mean 57 high 84 low 40 mean 62 high 82 low 38 mean 60 high 85 low 45 mean 65 high 83 low 36 mean 60 high 82 low 36 mean 59 high 82 low 38 mean 60 high 72 low 26 mean 49 high 80 low 34 mean 57 high 72 low 36 mean 54 high 84 low 38 mean 61 high 76 low 39 mean 58 high 82 low 38 mean 60 high 80 low 34 mean 57 The following statement has also been received by telegraph, showing the height of rivers at the points named at 8 a. in. on the dates given: Oct. 11 1934 Oct. 11 1935 New Orleans Memphis Nashville Shreveport Vicksburg Above zero of gaugeAbove zero of gaugeAbove zero of gauge-Above zero or gaugeAbove zero of gauge- Feet 1.1 3.2 8.3 5.9 2.5 Feet 2.0 6.2 9.3 4.8 8.2 -The following table Receipts from the Plantations indicates the actual movement each week from the plantaCotton Ginned from Crop of 1935 Prior to Oct. 1 - tions. The figures do not include overland receipts nor The Census report issued on Oct. 8, compiled from the indi- Southern consumption; they are simply a statement of the vidual returns of the ginners, shows 4,230,367 running bales weekly movement from the plantations of that part of the of cotton (counting round as half bales and excluding linters) crop which finally reaches the market through the outports. ginned from the crop of 1935 prior to Oct. 1, compared Stocks at Interior Towns Receiptsfrom Plantations Receipts at Ports Week with 4,962,384 bales from the crop of 1934 and 5,908,071 Rnde bales from the crop of 1933. Below is the report in full: 1935 1934 1933 1933 1934 1935 State Running Bales (Counting Round as Half Bales and Excluding Linters) 1935 Alabama Arizona Arkansas California Florida Georgia Louisiana ' Mississippi Missouri New Mexico North Carolina Oklahoma South Carolina Tennessee Texas Virginia All other States TTnIftal 5:11ftfrso 690,863 16,714 246.583 9,076 22,464 675,138 365,112 742,627 26,755 1,550 101.729 23,131 320,513 59,001 927,330 838 943 *1 *an 2117 1934 1933 508,482 25,659 452,971 79,862 16,824 521.029 339,944 636,053 86,269 29,576 74,652 129.712 200,491 135,348 1,720,630 1,035 3,847 522,993 8,252 302,054 5,008 20,015 710,647 305,776 565,693 30,550 10,434 298.782 322,893 380,096 70,227 2,344,552 9,036 1,063 CA 059 nas .15 nno 11^11 * Includes 94,346 bales of the crop of 1935 ginned prior to Aug 1 which was counted in the supply for the season of 1934-35. compared with 99,787 and 171,254 bales of the crops of 1934 and 1933. The statistics in this report include 34.147 round bales for 1935; 86,289 for 1934. and 195,410 for 1933. Included in the above are 2,128 bales of American-Egyptian for 1935; 3.799 for 1934, and 633 for 1933. 0..,The statistics for 1935 in this report are subject to revision when checked against the individual returns of the ginners being transmitted by mail. The revised total of cotton ginned this season prior to Sept. 16 is 2.318,029 bales. Consumption, Stocks, Imports and Exports-United States 6 Cotton consumed during the month of August 1935 amounted to 408,410 bales. Cotton on hand in consuming establishments on Aug. 31, was 644,926 bales, and in public storages and at compresses 5,892,136 bales. July5.12... 19__ 26-Aug.- 9,188 13,918 20 71 37,20 50,199 80,277 1,181,353 1,222,383 1,310.456 Nil 34,622 82,935 1,161,421 1,203,873 1,283,311 Nil 51,435125,404 1,145,008 1,179,660 1,255,569 4,302 50.608 103,031 1,133,563 1,164,839 1,204,989 25,760 35,853 16,112 27,222 35,787 47.049 55,790 97,662 64.451 46,866 62,636 96,563 1,121,546 1,145,796 1,177.653 34,849 43,693 57,227 56.583 55.632 77,524 1,111,53 1,128,283 1,151.524 46,569 38.119 51,108 16__ 61.492 50.645103.437 1,097.28 1,117,581 1,130,073 47,243 39.943 82,275 23._ 96.074 71.884142.921 1,094.12 1,104,626 1.109,002 92,915 58,925121,850 1,111,525 184,700 120,0 I 209,142 30_ 159,1 122,533206.6l9 1,119,68 ,l02, Sept. 6_ 188.943 137,0901188,484 1,178,87 1,152,815 1,118,779 248.138 187,732 195.738 13_ 215,017 191,728 276,29 1.274,08 1,226.568 1,152,214 310.219 265,481 309,710 20.. 265,021 230,0701328,74 1,414,60 1,339,176 1.231.502 405,544 342,678408,033 27_ 336,897 237.20 406,64 1,610,22 322,464 1,446.194532.515344,223541,732 Oct. C.326,252244.448 401.837 1.784.4891,547.572 1,502,765500,519 345,826 538,013 11...387,060 240,603 376,794 1,990,723 1,640,092 1,644,128593.291 337.159531.616 The above statement shows: (1) That the total receipts from the plantations since Aug. 1 1935 are 2,969,764 bales; in 1934 were 2,089,899 bales and in 1933 were 3,008,038 bales. (2) That, although the receipts at the outports the past week were 387,060 bales, the actual movement from plantations was 593,294 bales, stock at interior towns having increased 206,234 bales during the week. World's Supply and Takings of Cotton-The following brief but comprehensive statement indicates at a glance the world's supply of cotton for the week and since Aug. 1 for the last two seasons from all sources from which statistics are obtainable; also the takings or amounts gone out of sight for the like period: Cotton Takings, Week and Season 1934 1935 Week Season Week Season Visible supply Oct. 4 7,396,490 5,564,166 Visible supply Aug.1 6,879,719 4,295,259 American in sight to Oct. 11__ 405,571 2,785,084 676,238 3,636,842 195,000 Bombay receipts to Oct. 10-8.000 12,000 104,000 113,000 Other India ship'ts to Oct. 10_ 15,000 6,000 100.000 Alexandria receipts to Oct. 9_ 244,200 78.000 64,000 201,600 105,000 Other supply to Oct.9-56---7,000 6,000 53,000 Total supply Deduct Visible supply Oct. 11 6,328,404 8,390,701 7,910.061 10,322,003 6,045,144 6.045,144 7,597,143 7,597,143 Total takings to Oct. ll_a_-312,918 2.724,860 283,260 2,345,557 Of which American 187.918 1,861,660 199,260 1,619,957 863,200 Of which other 125,000 84.000 725.600 * Embraces receipts in Europe from Brazil, Smyrna, West Indies, Svc. a This total embraces since Aug. 1 the total estimated consumption by -takings Southern mills, 757,000 bales in 1935 and 730.000 bales in 1934 not being available-and the aggregate amount taken by Northern and foreign spinners, 1.588.557 bales in 1935 and 1.994.860 bales in 1934, of which 862.957 bales and 1.131.660 bales American. b Estimated. -The receipts India Cotton Movement from All Ports of Indian cotton at Bombay and the shipments from all India ports for the week and for the season from Aug. 1 as cabled, for three years, have been as follows: 1935 Oct. 10 Receipts Week 12.0001 104,000 8,000 Week 195,000 7,0001 109,000 Since August 1 Great Conti- 1Jap'n,k, Britain mew 'China I Total • Great I Conti- Japan & Britain I ment I China I ( I 1,000, 22.000, 23,000 6,000 2,000 9,000 15,0001 5.000 24,000: I 4,000 5,000, 10.000, 3,000/ 14,000, 7,000, ____ / 1,000 4.000 I 3,000. 1,000 1.000, Since Aug. 1 Since Aug. 1 For the Week Bombay 1935 1934 1933 OtherIndia1935 1934 1933 1933 1934 Since Week I Aug. 1 Bombay Exports From - 42,0001 20,000 35,000, 6,0001 _.15,000 -- 8.000 Total I 48,000 109.000 161,000 48,000 140,000 193,000 75,000 44,000 129,000 I 100,000 58,000 113,000 93,000 124,000 89,000 Total all -I 3,0001 4.000/ 22,000 29,0001 46,000 106,000 103,000 261,000 193.5 1934 2,000 20,000, 2,000 24,000 25,000 141,000 140,000 306,000 1933 5.000 22.000 5.000 32.000 45,000 164,000 44,000 253,000 According to the foregoing, Bombay appears to show an increase compared with last year in the week's receipts of 4,000 bales. Exports from all India ports record an increase of 5,000 bales during the week, and since Aug. 1 show a decrease of 45,000 bales. Alexandria Receipts and Shipments -We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments for the past week and for the corresponding week of the previous two years: Alexandria, Epypt, Oct. 9 1933 1935 1934 Receipts (cantors) This week Since Aug. 1 320.000 1.007.758 390.000 1,221.541 Export (Bales) - This Since Week Aug. 1 This Since Week Aug. 1 To Liverpool To Manchester. Zsc To Continent and India To America 275.000 734.398 This Since Week Aug. 1 12,191 8,000 20,087 17.689 4:666 22,657 18,000 83,279 19,000 94,078 4,653 1,919 5,000 19,833 21.168 72,664 9,137 6.000 26,000 122.974 23.000 133,579 11.000 122.802 Total exports Note -A eantax is 99 lbs. Egyptian bales weigh about 750 lbs. This statement shows that the receipts for the week ending Oct. 9 were 320,000 cantors and the foreign shipments 26,000 bales. Manchester Market -Our report received by cable tonight from Manchester states that the market in both yarns and cloths is firm. Demand for home trade is improving. We give prices to-day below and leave those for previous weeks of this and last year for comparison: 32$ Cop Twist 814 Lbs. Shirt- Cotton ings, Common Middrg to Finest UpTds d. 5. d. July 5____ 10 0113f 86 12. 10 0114 8 6 19.... 10 011)1 86 26_-__ 103401134 8 6 Liverpool -By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port: Sept. 20 40,000 403,000 108,000 2,000 2,000 135,000 61,000 Forwarded Tota Istocks Of which American Total imports Of which American Amount afloat Of which American Sept. 27 44.000 384,000 97,000 10.000 3,000 134.000 61,000 Oct. 4 47,000 393,000 109,000 46.000 4,000 157,000 76,000 Oct. 11 52,000 372,000 101,000 12,000 1,000 177,000 91,000 The tone of the Liverpool market for spots and futures each day of the past week and the daily closing prices of spot cotton have been as follows: Saturday Market, { A good business 12:15 P. M. doing. Tuesday 1Vednesday Thursday A fair business doing. A fair business doing, Good demand, Good demand. 6.52d. 6.656. 6.51d. 6.476. Monday Friday Good demand 6.50d. Mid.Upfels 1030411) , 1 10)4(51134 1034(41181 1034 oall Si Steady, Steady. Steady, Steady at Futures. Quiet but Steady. { Market steady, un-1 to 2 pta. 4 to 6 pta. 4 to 5 pta. 1102 pta. 1 to 2 pts. decline, decline, advance, decline. decline changed, opened 6.68 6.48 6.56 6.33 6.21 1034401134 10)411)12 1054(512 1034(51134 103401134 2 4 4 4 4 0 @ 0 (e)) 6 4 8 6 6 6 7.07 742 7.11 7.12 7,11 6.11 6.17 6.53 6.40 103401154 103401134 lokionsi loyogliA 4 4 2 1 0 0 0 @ 6 6 4 3 7.20 7.10 7.05 6.91 0 0 0 a 2 2 6.88 6.88 92 92 92 93 0 04 494 0 94 (4) 9 5 6.59 10)041154 Ran inttosiie 5. d. Shipping News -As shown on a previous page, the exports of cotton from the United States the past week have reached 109,555 bales. The shipments in detail, as made up from mail and telegraphic reports, are as follows: Bales 100 -Manchester Exporter, 100-Oct. 10 NORFOLK -To Liverpool 113 -Manchester Exporter, 113 To Manchester-Oct. 10 73 -City of Newport News, 73 -Oct. 10 To Hamburg 3,395 PENSACOLA-To Liverpool-Oct. 8-Bradovey, 3,395 Standard .90c. .900. .650. .57.3 .55e. .550. .570 d. 090 09 1 09 1 094 094 ct 07 High Density .75e. Piraeus .75e. Salonica .500. Venice Copenhag31.42c. Naples .4041. Leghorn .40c. Gothenb'g .42e 6.66 6.99 7.17 6.97 86 87 87 92 92 ti .c Stand ant .650. .450. .50e. * • .55e. .450. .45e. 4 4 4 4 d. s. d. High Density .500. .30e. .350. • • .40e. .30o. .30e. Market, 4 P. M. 6.59d. Quiet but Steady, Stdy., un- Steady, Quiet but St'y, 2 pta. steady, un- 3 to 4 pta. changed to 1 to 3 phi. steady,2to adv. to 2. changed to decline. 6 pts. adv. decline. 4 pta. dec. pta. decline 1 pt. adv. Prices of futures at Liverpool for each day are given below: Oct. 5 to Oct. 11 New Contract October (1935)__ November December January (1936)._ March May July October December January (1937) March Mar Sat. Mon. Tues. Wed, Thurs. Fri. Close Noon Close Noon Close Noon Close Noon Close Noon Close d. d. 6.22 6.17 6.14 __ __ 6.14 __ __ 6.13 6.08 6.16 6.11 6.17 6.12 6.16 6.11 6.01 __ __ 5.97 __ __ 5.97 __ 5.97- __ 5.98 - ... d. d. d. d. 6.19 6.30 6.25 6.21 6.11 __ __ 6.16 __ __ 6.10 __ __ 6.14 __ __ 6.10 6.18 6.14 6.10 6.12 6.20 6.15 0.11 6.13 6.21 6.16 6.11 6.12 6.20 6.15 6.10 5.97 __ __ 5.98 __ __ 5.93__ __ 5.93 __ __ 5.93- -5.93 __ __ 5.93 __ __ 5.93 _ _. 5.94 -- __ 5.94 -- -- .giocicleocomrg5 gas: ,a 01113,6 High StandDensity ant Liverpool .30c. .450. Trieste Manchester.30c. .450. Flume Autwerp .350. .500. Barcelona Japan Havre .36e. .4.5e. Rotterdam .350. .500. Shanghai Bombay s Genoa .35a. .600. Oslo Bremen .40e. .61e. Hamburg Stockholm .420. .570. •Rate ID open. 10017 small lots. T,o6c6aSoiaie6aiuigi.chciki In Cotton Freights -Current rates for cotton from New York, as furnished by Lambert & Barrows, Inc., are as follows, quotations being in cents per pound: 0 0 @ tg% 6.94 6.94 7.02 6.80 4-- 93401134 95 0 97 109,555 Total 2 2 2 2 d. 0 90 090 090 0 90 Aug. - 2.... 10 @ll 9-. 93401074 16._ 95401054 23..... 904011 30-- 954011 Sept.6_- 93(011 13-- 984011 20-- 904011 27____ 934(511 s. d. 328 Cop Twist 834 Lbs. Shirt- Cotton ings. Common Middrg Uprds to Finest 1935 Bates HOUSTON-TO Ghent -Winnipeg, 1,395 -Oct. 9 1,395 To Antwerp-Oct.9 -Winnipeg,348 348 To Copenhagen-Oct. 9 -Toronto, 820 820 To Dunkirk-Oct. 9 -Toronto, 304: Winnipeg, 2,470 2,774 To Havre-Oct. 9 -Winnipeg. 5,204 5,204 To Bremen-Oct.9-Karpfinger, 1,490-Oct.8 -Osiris, 1,144 -Oct. 10-Bockenheim, 3.923 6,557 To iiamburg-Oct. 9-Karpfinger, 148__ -Oct. 10--Bockenhelm, 1,406 1,554 To Oslo-Oct. 9 -Toronto, 300 300 To Gdynia-Oct. 9-Karpfinger, 403; Toronto, 1.046 1,449 To Gothenburg-Oct.9 -Toronto, 172 172 To Japan-Oct.5 -Liberator,7,073_ _ _Oct.8-Tatsumo-Maru, 699__Oct. 7-Azumasan Maru, 2,335 10,107 To China-Oct. 5 -Liberator, 3,228 3,228 To Liverpool-Oct.3 -Observer, 6,906 6,906 To Manchester -Observer, 3,259 3,259 -Oct. 3 To Barcelona-Oct.7 -Mar Cantabrico, 3,645 3,645 CORPUS CHRISTI -To Bremen-Oct. 5-Bockenheim, 1.020 1,020 To Hamburg 1,120 -Oct. 5-Bockenheim, 1,120 To Gdynia-Oct. 5-Bockenheim, 348 348 To Oporto-Oct, 5-Bockenheim, 50 50 To Tallin-Oct. 5-Bockenheim, 16 16 To Ghent 605 -Oct.7-Waban,605 To Havre-Oct. 7-Waban, 2.108 2,108 To Dunkirk-Oct. 7-Waban, 534 534 To Rotterdam-Oct.7-Waban,350 350 -Oct. 9-Waban,395 395 GALVESTON-To Ghent To Havre-Oct.9-Waban,994 994 To Rotterdam-Oct. 9-Waban, 191 191 To Bremen-Oct. 9-Cardonia, 414 414 To Gdynia-Oct. 9-Cardonia, 171 171 To Hamburg 50 -Oct.9-Cardonia, 50 To Barcelona-Oct.8 2,862 -Mar Cantabrico, 2.862 NEW ORLEANS 2,823 -Oct. 4-Bradovey, 2,823 -To Liverpool To Gdynia-Oct. 9-Stineholm, 2,775 2,775 To Manchester-Oct.4-Bradovey,325 325 To Gothenburg-Oct. 9-Stineholm, 650 650 To Japan-Oct.5-Slemmestad,7,400; Hoegh Merchant,6,020 13,420 To Havana-Sept.21-Zacapa,'70-__Sept. 28-Metapan,70 140 To Arico-Sept. 21-Zacapa, 300 300 To San Salvador, Sept.25 -Santo Maru,50-- _Oct.1-Tivines. 125 50 100 To Rotterdam-Oct. 5-Idarwald, 100 50 MOBILE -To Oporto-Sept. 25-Sahale, 50 200 To Gdynia-Sept. 30-Topa Topa, 200 To Bremen-Sept. 25-Frankenwald, 1,100- _ -Sept. 30-Topa 3,574 Topa, 2.474 375 To Hamburg -Sept, 25-Frankenwald, 375 -West To Liverpool-Sept. 27-Delillan. 1.367- - _Sept. 30 6.642 Madalcet, 2,918; Wacosta, 2.357 To Manchester-Sept. 27-Delillan, 1.833---Sept. 30-Wa4,248 costa, 2.415 805 To Antwerp-Oct. 3-Afoundria, 805 675 To Havre-Oct.3 -West Madaket, 675 3,076 To Genoa-Oct.3-Montello, 3,076 100 To Leghorn-Oct.3-Montello, 100 86 To Rotterdam-Sept. 30-Topa Topa,86 LOS ANGELES -To Japan-Sept. 29-Noto Maru, 525_ __Sept. 30 -President Hoover, 1,400; Asama Meru,400_ _ _Oct.3 3,325 La Plata Marti, 1,000 300 To India-Sept. 30-Asama,300 440 To Liverpool -Oct. 2-Lochgoll, 250; Houston City, 190 375 LAKE CHARLES -Osiris, 375 -To Bremen-Oct. 5 300 . To Gdynia-Oct.5 -Osiris, 300 100 To Hamburg -Oct. 5 -Osiris, 100 735 To Ghent -Oct.5-Waban, 735 618 To Havre-Oct.5-Waban,618 200 To Rotterdam-Oct. 5-Waban, 200 71 To Dunkirk-Oct,5-Waban, 71 Spot 1933-34 1934-35 11 Oct. 12 Financial Chronicle 2456 d. 6.17 -- --- -6.06 6.07 6.07 6.00 _ __ -- --- --- -__ - d. 6.19 6.11 6.09 6.08 6.09 6.10 6.09 5.94 5.89 5.89 5.89 5.90 d. 6.20 ---.___ 6.08 6.09 6.09 6.08 ___ ____ ---___ ____ d. 6.20 6.12 6.11 6.09 6.09 6.09 6.08 5.93 5.88 5.88 5.88 5.88 2457 Financial Chronicle Volume 141 BREADSTUFFS Friday Night, October 11 1935 Flour was in very light demand, but prices were rather steady. Shipments from Atlantic and Gulf ports last week amounted to 65,780 barrels against 62,632 barrels in the previous week and 139,970 barrels in the same week last year. Last week's exports included 52,000 barrels to the United Kingdom,4,595 barrels to the Continent, 3,000 barrels to South and Central America, 4,000 barrels to the West Indies, and 2,000 barrels to British North Africa. Wheat on the 5th inst. advanced 34 to 2c. on a good de- On the 10th inst. prices ended % to %c. higher. To-day prices ended % to %c.lower. The Government report issued after the close yesterday made the yield approximately 2,000,000 bushels more than estimated a month ago. DAILY CLOSING PRICES OF OATS IN NEW YORK Sat. Mon. Tues. Wed. Thurs. Fri. No. 2 white 4534 44% 4334 4334 43% 4334 DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO Sat. Mon. Tues. Wed. Thurs, Fri. 29% 29% 2834 2834 28% 2834 December 30I4 3034 2934 2934 29% 2934 May July 3034 2931 2934 293-4 29% 2934 Season's Low and When Made Season's High and When Made September ____ 4431 Jan. 7 1935 September ____ 3134 June 13 1935 3534 June 4 1935 December 333' June 13 1935 December 293 Aug. 17 1935 Aug. 1 1935 May May 37 DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG Sat, Mon. Tues, Wed. Thurs. Fri. 33 31% 3134 3234 3134 31 October December 303-4 303-4 2934 2834 29% 29 mand from Eastern interests. Cash houses were buying December. Early prices reached new highs for the season, but liquidating sales wiped out about lc. of the early rise. Rye took its cue from wheat. On the 5th inst. prices Stop orders to buy aided the advance. On the 7th inst. prices declined % to ljic. under selling induced by the ended M to 1 Mc. higher. On the 7th inst. they declined 3 weakness of foreign markets and reports that Italy had 3i to Mc. On the 8th inst. there was a further decline of offered peace terms to Ethiopia. Liverpool declined 1 to 1M to 2Mc. On the 9th inst. prices ended 1 to 1 Mc. lower. / 18sd. and Winnipeg fell 13 to 138c. Supplies on ocean / On the 10th inst. prices ended unchanged to Ihc. higher. passage increased 2,320,000 bushels for the week, making To-day prices closed % to lc. lower. the total 26,168,000 bushels against 33,720,000 bushels last DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO Sat. Mon. Tues. Wed. Thurs. Fri. year. World shipments were 12,008,000 bushels, including December 5634 5654 54% 533.4 54 5334 3,910,000 bushels from North America. On the 8th inst. May 58% 5834 5634 5534 5534 5434 58 5731 5534 5434 5434 5334 prices ended 1% to 23jc. lower under general liquidation July Season's Low and When Made Season's High and owing to the weakness of foreign markets and easiness of September ---- 76 When Made June 13 1935 Jan. 5 1935 September ____ 45 cash prices. Liverpool declined Mid. to 1Md. and Winnipeg December 48% June 13 1935 5334 June 3 1935 December 4634 Aug. 19 1935 5231 Aug. 1 1935 May was down 13 to 2c. The United States visible supply May 4 increased 1,797,000 bushels. DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG Sat. Mon. Tues. Wed. Thurs. Fri. On the 9th inst. prices ended unchanged to 4e. lower October 44 4531 4534 44 4434 45 in light trading. There was less disposition to liquidate December 48 46% 45% 45% 4534 453-4 holdings. Outside public interest was lacking. There was DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO Sat, Mon. Tues. Wed. Thurs. Fri. nothing in the European political /13WS to excite trading. 48 48 47 45 45 4334 Crop news was a little more favorable with recent rains December CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG aiding the crop outlook in Australia. Argentina advices were DAILY Sat. Mon. Tues. Wed. Thurs. Fri. 37% 36% 3531 34% 343-4 3434 also better. Winnipeg declined % to %c. and Liverpool October 3 December 3834 374 363-1 35% 3531 3534 ended unchanged to %id. higher. Cloaing quotations were as follows: On the 10th inst. prices ended Y4 to 114c. higher on buying / stimulated by war developments abroad. Liquidation wiped out part of the early gains of about 2c. Stronger Liverpool and Buenos Aires markets brought in considerable contmission house buying and short covering in the early trading. Cash demand was better, with the basis firm. Winnipeg finished % to lc. higher, where a good export demand was reported for October. Liverpool ended 1% to 23 4d. higher, owing to bullish crop reports from the Southern Hemisphere and the political conditions abroad. To-day prices closed % to %c. lower. The open interest at Chicago was 119,953,000 bushels. The Government report issued after the close yesterday was about in line with general expectations. It raised its estimate for all wheat 5,000,000 bushels. DAILY CLOSING PRICES OF WHEAT IN NEW YORK Sat. Mon. Tues. Wed. Thurs. Fri. No. 2 red 12234 12234 1193-4 11934 1193.4 119 DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO Sat. Mon. Tues. Wed. Thurs. Fri December 10834 10734 10534 10434 10534 10434 May 106 10434 103% 10334 10434 10334 July 9534 9434 9234 923-4 93% 9334 Season's Low and When Made Season's High and When Made September ..__102% Apr. 16 1934 September ____ 7834 July 6 1935 December 81 July 6 1935 9734 July 31 1935 December May 98 Aug. 1 1935 May 88% Aug. 19 1935 DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG Sat, Mon. Tues. Wed, Thurs. Fri. October 96 94% 9234 9234 9334 9234 December • 9634 9434 9231 9234 933.4 9234 May 100% 9834 9634 9634 97 9634 Corn followed fluctuations in wheat. On the 5th inst. prices closed Mc. lower to Y203. higher. Commission houses bought December. The cash situation was stronger. Prices reached new highs for the movement. The United States visible supply increased 103,000 bushels. On the 7th inst.• prices were 1 M to 1 Mc. higher on a good demand from commission houses and short covering stimulated by the upturn in wheat and the strength of the cash article. On the 8th inst. prices reflected the weakness in wheat and ended 13/i to 23/8c. lower. On the 9th inst. prices closed %c. lower under general liquidation. Some were selling December and buying May. Cash corn was lie. lower. On the 10th inst. prices ended %c. lower to 54c. higher. Some were selling corn and buying wheat. Spreaders sold December and bought May. Cash corn was unchanged to 1 4c. higher. To-day prices ended % to %c. lower. The Government estimate was considered bullish. It showed an Increase of 29,000,000 bushels over its previous estimate. Open interest at Chicago was 26,044,000 bushels. DAILY CLOSING PRICES OF CORN IN NEW YORK Sat. Mon. Tues. Wed, Thurs. Fri. 11034 110% 10834 10734 10634 10634 DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO Sat. Mon. Tues. Wed. Thurs. Fri. 6434 6431 6231 6134 61% 60 December / 613-4 6134 60% 5931 5978 59 May 6234 6234 6034 6034 6034 60 July Season's Low and When Made Season's High and When Made September ____ 8434 Jan. 5 1935 September -- 6734 Mar.25 1935 June 6 1935 December 6034 June 1 1935 December 65 56 Aug. 13 1935 May 6834 July 29 1935 May No. 2 yellow Oats sympathized with other grain. On the 6th inst. prices ended % to Mc. higher. On the 7th inst. prices were A Vtto 40. lower. On the 8th inst. they declined M to 3 c. 3 On the 9th inst. prices ended A to Ic. lower. GRAIN Oats, New York Wheat, New York No. 2 white 4334 No.2 red,c.i.f., domestic_.119 Manitoba No. 1,f.o.b. N.Y-10774 Rye, No.2,f.o.b. bond N.Y... 5934 Barley, New York 4734 lbs. malting 5534 Corn, New York 10634 Chicago, cash 42-73 No. 2 yellow, all rail FLOUR' $5.90©6.20 Spring pats.,high protein $8.60©8.85 Ryeflour patents -bbl., Nos. 1-3- 8.6508.85 8 35®8.65 Seminola, Spring patents 7.60 7.95 Oats, good Clears,first spring 2.6814 6.50(6.90 Corn flour 2.70 Soft winter straights 7.80@8.30 Barley goods Hara winter straights 2.85 Hara winter patents- _ 7 9588 45 Coarse 6.65(i7.95 Fancy pearl,Nos.2.43z7 4.00©4.75 Hama winter clears All the statements below regarding the movement of grain -are prepared by us -receipts, exports, visible supply, &c. from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and river port's for the week ended last Saturday and since Aug. 1 for each of the last three years: Receipts at Flour I Wheat Corn Oats Rye Barley bbls.196Ib5.1bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs.bush.481bs. 427,000 1,047,000 570,000 15.000 223,000 239,000 Chicago 838,000 254,000 1,373.000 3.345,000 73,000 Minneapolis _ 1,465,000 1,008,000 175,000 417,000 Duluth 69.000 21,000 2,000 949,000 19,000 Milwaukee 142,000 17.000 83.000 7,000 1,000 Toledo 52,000 24,000 21,000 2,000 24,000 Detroit 66.000 406,000 200,000 7.000 2,000 276,000 132,000 172.000 4,000 59,000 121.000 St. Louis.--. 19.000 44,000 35.000 73.000 283,000 42.000 Peoria 100,000 99.000 16,000 1,206.000 Kansas City 317,000 83,000 596,000 Omaha 71,000 32,000 110,000 St. Joseph _ 2,000 210,000 16.000 Wichita 4,000 32,000 48.000 39.000 6.000 Sioux City620,000 12,000 251,000 3,619,000 278,000 Buffalo Total wk.1935 Same wk.1934 Same wk.1933 2,543,000 4,588,000 7,540,000 437,000 11,572,000 409,000 5,777,000 346,000 8,569,000 536,000 3,420.000 445.000 1,421,000 262.000 1,581,000 4,102,000 1,425,000 1,955,000 Since Aug.13,758,000152,902,000 17,683.000 60,514,000 6,340,00024.988,000 1935 3,730,000 79,480,000 76,973.000 17,488,000, 3.855.00021.329,000 1934 3,100,000 70.711.000 44,065,000 31,180,000 3.684,00015,949,000 1933 Total receipts of flour and grain at the seaboard ports for the week ended Saturday, Oct. 5 1935, follow: Receipts at -I Flour Wheal I Corn I Oats I Rye Barley bbl.s.196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.561bs. bush.481bs. 88,000, 100,000 128,000 383,000 New York_ _ _ Philadelphia__ 2,0001,000 38,000 25.000 7,000 44,000 9,000 Baltimore_ ___ 19.000 34.000 4,000 23,000, New Orleans* 23,000 I 21,000, Galveston 61,000 26,000 Montreal __ _ _ 187,000 48,000 1,437,000,164,000r Boston ' 284,0001 55,000; 1.000 36,000 I Sorel 539,000 1 Halifax 9,000 Churchill ___ 330.000 Totalwk.1935 301,000 2,809,000 437,000 351,000 45,000 197.000 SinceJan.1'35 9,527,000 42,555,000 13.100.000 11,764,000 4.238,000 2,793,000 Week 1934_ 282,000 2,809,000 114,000 255,000 297,000 106,000 SinceJan.1'34 10,434,000 69,337,000 6,346,000 7,040,000 2,152,000 2,041,000 * Receipts do not include grain passing through New Orleans for foreign ports on through bills oI lading. The exports from the several seaboard ports for the week ended Saturday, Oct. 5 1935, are shown in the annexed statement: - 2458 Exportsfrom- Financial Chronicle Wheat Bushels 236,000 200,000 3,000 539,000 1,437.000 330.000 Corn Bushels Flour Oats Barrels Bushels 5,780 Rye Barley Bushels Bushels Oct. 12 1935 385,000 bushels. Comments concerning the report will be found in our editorial department. We give below the report. GENERAL CROP REPORT AS OF OCTOBER 1, 1995 Prospects for most late crops except potatoes improved somewhat during September according to the estimates of the Crop Reporting Board. The most important changes in the estimates of United States crops were an increase of 29,000,000 bushels in the forecast for corn and a decrease of 48,000 164,000 187.000 7.000,000 bushels in that for potatoes. The estimates of spring wheat, barley, and hay production Were increased about 2%. 9,000 The forecasts far oats, buckwheat, rice, beans, tobacco, soybeans, peaTotal week 1935__ 2,745,000 nuts and sugar beets were raised slightly and that for pecans substantially, 65.780 164,000 187,000 Same week 1934____ 2,661,000 while the figures for flaxseed, grain sorghums and broomcorn were lowered 88,620 49,000 105,000 slightly. The destination of these exports for the week and since On the basis of conditions as reported on October 1, when the serious lateness of the crop in some States was realized but before the damage from July 1 1935 is as below: the frosts of early October could be foreseen, the corn crop was forecast at 2,213,000,000 bushels, or a little more than 1% above prospects a month ago. The crop is far above last year's exceedingly short crop of 1,377,000,Flour Wheat Corn Exports for Week 000 bushels but it is about 14% below average production during the 1928and Since Week Since 32 period. The frost of the first week in October caught a considerable Week Since Since Week July 1 tonumber of late planted fields in southern Illinois, southern Iowa, and Oct. 5 July 1 Oct. 5 July 1 Oct. 5 July 1 Missouri, and also scattered late fields in a large area stretching from the 1935 1935 1935 1935 1935 1935 Southern Appalachians, the Ohio Valley, northeastern Kansas, northward. This will increase the percentage of soft corn and may reduce the producBarrles Barrels Bushels Bushels Bushels Bushels United Kingdom_ 52,000 tion estimates for States in that area. 697,247 1,705,000 13,650,000 Continent Late potato prospects have declined partially as a result of severe Sep4,595 130,150 1,029,000 9,016,000 43,000 Bo.& Cent. Amer_ 3,000 tember frosts in some northern States. Present estimates indicate about 21,000 11,000 157,000 West Indies average production as compared with a somewhat excessive producdon 4,000 36,000 2,000 Brit. No.Am.Col last year. 2,000 5,000 Other countries 185 Supplies of late grown commercial vegetables still appear to be adequate 45,245 17,000 for usual consumption requirements, but there is less evidence of excessive Total 1935 production than there was a month ago. About the usual number of 65,780 934.642 2,745,000 22,840,000 45,000 Total 1934 bushe.s of late onions have been produced and a considerable quantity of 88,620 1,119,418 2,661,000 29,370,000 2,000 saund onions for winter storage will be available in some States, The visible supply of grain, comprising the stocks in this crop shows a larger than usual proportion of small sizes but much of and of soft granary at principal points of accumulation at lake and quality. The cabbage crop is considerably below earlier expectation. The vegetable canning season is drawing to a close and there appears to seaboard ports Saturday, Oct. 5, were as follows: have been a general replenishment of depleted supplies of canned vegetables. The packs of green peas, snap beans and sweet corn were each GRAIN STOCKS record, or near roe 'rcl, and preliminary reports indicate that the pack of Wheat Corn Oats Barley Rye canned tomatoes was also large. United StatesBushels Bushels Bushels Bushels Bushels Now that the growing season is drawing to a close it is possible to make Boston 449,000 6,000 26,000 a mare exact appraisal of the season's supply of feed and forage. New York_' 45,000 300,000 433,000 67,000 Current estimates of feed grain production combined with estimates of Philadeipnia 1,148,000 346,000 23,000 433,000 farm carryover of such grains on July 1, indicate that the feed grain supply Baltimore_a 2,280,000 28.000 18,000 113,000 3,000 is about 13% below the 1926-1933 average. The number of units of grainNew Orleans 10,000 196,000 75,000 3,000 consuming animals and poultry at the end of the year, however, is expected Galveston 596,000 124,000 to be about 14% below the average number during the same years so there Fort Worth • 2,637,000 54.000 511,000 19,000 6,000 should be slightly nvre than the usual supply of feed grain per and of Wichita 1,454,000 14,000 livestock. This represents only a moderate supply in comparison with the Hutchinson 3,131.000 prospective demand. With hog prices above average in relation to feed St. Joseph 754,000 25,000 769,000 4,000 grain prices, farmers generally will tend to feed their hogs to above average Kansas City 16,293,000 27,000 1,837,000 173,000 149,000 weight and the number of pigs raised in 1936 probably will be much larger Omaha 4,774.000 183,000 4,109,000 29,000 586,000 than usual In relation to the number of hogs on farms at the beginning of Sioux City 448,000 56,000 501,000 14,000 127,000 the year. The quantity of grain to be used to finish cattle will also be St. Louis 2.985.000 9,000 741.000 171,000 95,000 larger than usual in relation to the supply of grain. Farmers also appear Indianapolis 2,069,000 374,000 549,000 to be feeding their poultry flocks rather more liberally than usual. Peoria 4,000 84,000 Milk cows are now receiving very little grain, but as the surplus of butter Chicago 10,144,000 433,000 5,536,000 3,503,000 360,000 resulting from the favorable pasture season is disposed of, the price relaOn Lakes 99,000 284,000 tions may be more favorable for feeding. Milwaukee 2,210,000 17,000 733,000 5,000 1,868,000 Egg production is already responding to the favorable relation of egg Minneapolis 10,419,000 476,000 13,654,000 1,676,000 7,127,000 prices to grain and feed prices. Farmers are saving a larger than usual Duluth 6,928,000 10,340,000 1,044,000 2,360,000 proportion of their hens and now appear to have one or two percent more Detroit 175,000 10.000 20,000 22,000 72,000 hens and pullets of laying age than at this time last year. Those reporting Buffalo_b 6,345,000 211,000 1,097,000 970,000 436,000 on Oct. 1 also secured more eggs per 100 hens than a't the same season ba 0. ..afloat 58,000 359,000 52,000 any of the last three years. On Canal 40,000 137,000 20,000 Milk production, on the other hand, declined very sharply during September and on Oct. 1 appears to have been about 1% lower than at the Total Oct. 5 1935-- 75,052.000 3,318,000 41,566,000 8,513,000 13,278,000 same time last year. With about 4% fewer cows than there were a year Total Sept.28 1935 73,255,000 3,215,000 40,604,000 8,270,000 12,003.000 ago, milk production seems likely to continue rather low for some months, Total Oct. 6 1934 110.399,000 58,740,000 22,528,000 11,435,000 12,713,000 unless the prices of dairy products rise enough to encourage heavier feeding. *New York also has 73,000 bushels of Polish rye in store. a Baltimore also has T ehd viesternilko rod uction during September was particularly marked inht eron in m e lin Belt 62,000 bushels of foreign corn in bond. b Buffalo also has 35,000 bushels of Argentine corn in store; 30,000 bushels of Argentine rye in store; 177,000 bushels of ArgenHay production this year was heavy compared with the numbers of livetine corn afloat. stock on the farms and, even though allowance is made for the exceptionNote---Bonded grain not included above: Barley, Buffalo, 39,000 bushels; Duluth, ally small quantity of old hay carried over from previous years, the total 102,000: total, 141,000 bushels, against 479.000 bushels in 1934. Wheat, New supply available per unit of hay-consuming livestock is substantially larger York. 273,000 bushels; N. Y. afloat, 25.000; Buffalo, 13,489,000; Buffalo afloat, than in any year aince 1929. If farmers retain about the usual tonnage of 2,646,000; Duluth, 956,000; Erie, 27.000: on Lakes, 1.333,000; Canal, 934,000: hay on their farms next spring, as seems probable, tney still will be able total, 19,683,000 bushels, against 13,530,000 bushels in 1934. to feed nearly one-fifth more hay per head than the average quantity fed Per year during the last five years, a period of light hay production, and Wheat Corn Oats Rye Barley about the same quantity per head as was fed annually during the previous CanadianBushels Bushels Bushels Bushels Bushels 10 years. Supplies of silage, sorghum forage and probably of corn fodder Montreal 11,639,000 348,000 522,000 167,000 are about average. The production of straw was large, but straw, like Ft. William & Pt. Arthur 56,937,000 4,380,000 2,695,000 2.172.000 stover, will be less completely utilized for feeding purposes than has been Other Canadian & other necessary clueing the last five years. water points 66,228,000 616.000 641,000 258,000 Corn-The indicated corn crop in the United States is 2,213,319,000 "Petal Oct. 5 1935- ___134,804.000 5,344;000 3,120,000 3,335,000 bushels, which is about 14 0% smaller than the average Production of Total Sept.28 1935 130,728,000 4,493,000 3.111,000 2,915,000 2.562,147,000 bushels during the 5 -year period (1928-1932) but about Total Oct. 6 1934 114,548,000 5,569,000 3,273,000 8,415,000 61.0% larger than the 1.377.126.000 beshels harvested in 1934. Summary Favorable maturing weather throughout all of the Corn Belt increased , not only the total production prospects but produced a crop of better American 75,052,000 3,318,000 41,566,000 8,513,000 13,278,000 quality than had been anticipated from the condition a month earlier. Canadian 134,804,000 5.344,000 3,120.000 3,336,000 Increases in yield prospects during September are now reported In Ohio, Indiana, and Wisconsin of the eastern part of the major Corn Belt. and Total Oct. 5 1935----209.856.000 3.318,000 46,910,000 11,633,000 16,613.000 also in Minneso,a, Iowa and Missouri of the west river part of the principal Total Sept.28 1935 203.983,000 3.215,000 45,097,000 11,381,000 14,918,000 Corn Belt area. Estimates of production in Illinois, Nebraska, and South Total Oct. 6 1934 224,947,000 58,740,000 28.097,000 14,708,000 21,128,000 Dakota acre the same as a month ago. The world's shipment of wheat and corn, as furnished by The October corn production estimate represents the outlook according to the Broomhall to the New York Produce Exchange,for the week thoughreported condition of 70.8% as of the first day of the month. Alreporters usually reflect their October condition ended Oct. 4, and since July 1 1935 and July 1 1934, are probability of some early frostindamage occurring about percentage the average frost dates for their locality, it is doubtful if a full measure of discount shown in the following: 'was made for such low temperatures which occurred on Oct. 3 over almost the entire corn belt. Corn ear worm damage ranges from slight Wheat Corn to severe but further loss from accompanying mold damage will be small. The condition of the corn cron is reported at 70.8% as compared with Since Week Since Experts Week Since Since 41.5% on Oct. 1 1934 and the 10 -year average Oct. 1 condition of 72.6% • July 1 Oct. 4 July 1 Oct. 4 July 1 July 1 Stocks of old corn on farms Oct. 1 are estimated at 60,696,000 bushels. or 1935 1935 1934 1935 1935 1934 5.5% of the 1934 production of corn for grain. A year ago the amount of old corn on farms was estimated at 266,740,000 bushels. Bushels Bushels I Bushels Bushels Bushels Bushels Wheat -The Oct. 1 estimate of the entire wheat crop in the United North Amer_ 3.910,000 36,472.000 54,408,000 12,000 1.000 States is 598,935.000 bushels. This is an increase of 4.320,000 bushels, Black Sea.._ 2,280,000 10,826,000 1.944,000 17,000 2,561,000 2,806,000 compared with the Sept. 1 estimate and compares with the very small 1934 Argentina___ 3,123,000 34,163.000 54,480,000 5,150,000 86,004,000 72,125,000 production of 496,929,000 bushels and the 5 -year (1928-1932) average Australia --- 1,936,000 21,978,000 25,565.000 production of 860,570.000 bushels. The increase in the estimates over 56,000 80,000] India 312.000 the Sept. 1 estimate came largely in spring wheat other than durum and 0th. countes 704,000 9,056.000 8,808,000 1.047,000 10,244,000 9,059,000 in the States of Idaho and Washington where early favorable conditions resulted in a higher yields than generally expected on Sept. 1. The thresh12,009,000 112.575,000145,517,000 6.214,000 98,810,000 84,002.000 Total ing returns through the North Central States confirm the early estimates of from black rust. The average Agriculture Department's Official Report on Cereals, severe damage light because of rust and heat test weight per bushel turned out unusually damage. The production of durum wheat in Minnesota, the Dakotas and Mon-The Crop Reporting Board of the United States De&c. at the 1934 crop partment of Agriculture made public late Thursday after- tana is now estimated and27.965.000 bushels compared with production of of 7.036.000 bushels -year (1928-1932) average the 5 noon, Oct. 10,its forecasts and estimates of the grain crops of 53,909,000 bushels. The total spring wheat crop including durum is estimated at 167.226.0013 bushels compared with 91,377.000 bushels produced the United States as of Oct. 1, based on reports and data last year and the 5-year (1928-1932) average of 242.384,000 bushels. When allowance is made for small amounts of durum wheat in States furnished by crop correspondents, field statisticians and cowhich separate not shown the durum operating State Boards (or Departments) of Agriculture. for29.244.000 bush. estimates areof hard red spring wheat crop is estimated at Production crop is estimated This report shows that the production of winter wheat is at 106.139.000 bush, and the white spring wheat crop at 31.843.000 bushels. Stocks of 1, including now wheat from now placed at 432,000,000 bushels, the same as the De- year's crop, wheat on farms Oct. bushels or 43% of the 1935 the current totaled 257.242.000 production. partment's estimate a month ago, and comparing with a Farm holdings Oct. 1 1934 were 229.100.000 bushels or 46% of the 1934 crop. The proportion of the crop marketed before Oct. 1 is larger than harvest of 405,552,000 bushels in 1934, with 351,608,000 usual because of active demand for wheat of milling quallty. bushels harvested in 1933 and a five-year (1928-32) average Oats -The preliminary estimate of oats production is 1.183,870.000 production of 618,000,000 bushels. The production of spring bushels, which is practically the same as indicated by condition on Sept. 1. bushels, and the 1928-1932 wheat is estimated as of Oct. 1 to be 167,226,000 bushels, The crop in 1934 was 525.889,000 estimated yield for 1935 is average crop was 1,217,616,000 bushels. The 29.9 bushels which compares with a production of only 91,377,000 bushels per acre, which is four-tenths of a bushels below the 1928-1932 average. Yields are and a five-year (1928-32) average production of 242,- Michigan above earlier indications mostreported from Pennsylvania, Ohio, in 1934 and South Dakota. and Western States. Lower yields ire New York Albany New Orleans Sorel Montreal Churchill Halifax 3,000 from reports and data furnished by crop correspondents, field statisticians, and co-operating State Boards (or Departments) of Agriculture and Agri cultural Colleges: Total Production in Millions Condition Oct. 1 Per Cent indicated Crop Avge. 1932-33 Avge. 1935 1928-32 1934 1934 Oct. 1 1935 Sept.1 1935 2,184 2,213 595 *599 *432 *432 *167 163 27.8 a28.0 135 *139 1,182 21.184 283 a290 *52.2 a52.2 7.8 7.6 14.1 14.4 38.7 38.9 125 124 74.9 *76.7 *12.3 a12.3 2,562 861 618 242 .54 188 1,218 283 38.7 8.3 16.0 43.0 93.8 69.6 10.8 16.0 19.0 *126.9 28.2 a26.9 a28.3 11.9 10.4 13.3 *14.0 939 c161 97.9 c56.5 c23.1 c2.20 60.0 363 63.8 1,433 8.12 146.6 28.0 70.8 -___ -___ ____ -___ ____ ____ ____ ____ 74.9 65.2 85.1 57.7 ____ ____ 1,377 497 408 91.4 7.1 84.3 526 118 16.0 9.0 5.2 38.3 34.5 52.3 4.8 30.5 23.7 72.6 Cum, bushels Wheat, all, bushels Winter, bushels -___ All spring, bushels- ____ Durum. bushelsOther spring, bushels ____ Oats, bushels Barley, bushels Rye, bushels 73.9 Buckwheat, bushels 66.9 Flaxseed, bushels 81.6 Rice, bushels 71.5 Grain sirghums, bushels Hay,all tame,tons Hay, wild, tons Hay,all clover di timothy, tons_b Hay, alfalfa, tons 73.5 Pasture Beans, dry edible, 100-1b. bag 79.1 Soybeans 68.5 Cowpeas 71.1 Peanuts (for nuts), lbs_ 56.9 Apples, total crop, bu 59.1 Apples. com'l crop, bu d62.4 Peaches, total crop, bu Pears, total crop, bushels_ 66.4 72.4 Grapes, tone 49.8 Pecans, pound 74.1 Potatoes, bushels 70.6 Sweet potatoes. bushels 75.3 Tobacco, pound Sugar beets, tons Broom corn, tons T.Tnnv nntinna _ ____ .M.Mi. 1,063 121 73.5 c45.7 c23.5 1.93 40.4 385 67.4 1,046 7.48 131.5 41.2 73.8 __ 77.9 63.6 74.6 62.9 64.2 d61.1 59.5 79.2 65.2 71.0 73.1 82.1 ____ ____ 1,233 1,240 168 168 96.9 97.8 52.2 a52.4 21.3 21.4 2.31 2.33 88.4 68.9 373 366 68.7 69.0 1,264 1.273 8.43 *8.45 f57.7 *154.3 47.1 847.1 a Preliminary estimate. b Excludes sweet clover and espedeza (minor States excluded). c Includes some quantities not harvested. d Production in percentage of a full crop. e Production is the total for fresh fruit, juice. and raisins. Thousands of tons. Yield per Acre Acreage 1,000 Acres Crop 1934 1935 87.795 42.249 32,968 9,281 990 8,291 30,172 7,095 1,942 478 969 781 7,569 51,828 8,912 93,590 52,226 31,389 20,837 2,737 18.100 39,530 12,957 3,699 464 2,138 789 11,091 53,010 13,086 106.6 123.6 95.2 224.5 276.5 218.3 131.0 182.6 190.5 97.1 220.6 101.0 146.5 102.3 146.8 25.7 14.4 15.2 12.4 11.7 12.6 30.3 22.6 12.2 15.7 6.9 43.3 14.2 1.31 0.82 15.7 11.8 12.3 9.8 7.2 10.2 17.4 16.7 8.3 18.9 5.4 49.0 4.6 1.01 0.53 23.6 a11.5 a13.8 *8.0 *10.2 *7.7 *29.9 a22.4 a14.1 16.8 . 6.6 49.3 11.2 a1.45 a0.94 20,454 20,629 100.9 11,482 13,198 114.9 1,399 2,047 146.3 4,223 5,463 129.4 1,766 1,676 .94.9 1,571 1,692 107.7 83 83 100.0 3,312 3,256 98.3 762 757 99.3 1,271 1,502 118.2 204 89.5 228 141 101.4 139 766 d775 101.2 508 168.2 302 39 106.5 37 1.15 2.09 670 0.78 1.66 741 a1.31 a2.I5 2684 Avge. 1928-32 102,768 Corn, bushels 59,885 Wheat,all. bushels 39,454 Winter. bushels 20,431 All spring, bushels 4,805 Durum, bushels_ Other spring, bushels 15,626 39,887 Oats, bushels' 12,739 Barley, bushels 3,296 Rye, bushels 568 Buckwheat, bushels 2,767 Flaxseed, bushels 924 Rice. bushels Grain sorghums, bu.shels. 6,855 53,725 Hay.all tame, tons 13.366 Hay, wild, tons Hay,all clover & timothy, 26.715 tons_ b 11,656 Hay, alfalfa, tons Beans, dry edible, pounds 1,760 2,635 Soybeans_c 1,491 Cowpeas_c 1,346 Peanuts (for nuts), lbs 81 Velvet beans_c 3,243 Potatoes, bushels • 729 Sweet potatoes, bushels 1,874 Tobacco, pounds 197 Sorgo for sirup 105 Sugar cane for sirup 717 Sugar beets, tons 320 Broom corn, pounds 23 Hops, pounds !rat sated Oct. 1 1935 1935 Percent Avge. of 1934 1923-32 1934 707 677 733 112.8 89.0 771 116:4 -88.5 823 112:4 91.2 848 eli.0 309.3 1,274 9.8 a10 .5 208.6 a214.0 1.119 21,201 GRAIN STOCKS ON FARMS ON OCTOBER 1 1932 1934 1933 1935 Crop Per Cent 1,000 Bushels Per Cent 1,000 Bushels Per Cent 1,000 Bushels Per Cent 1,000 Bushels Corn (old crop)_f __. 11.3 53.3 Wheat Oats 78.1 250,978 397,625 973.979 12.6 53.9 83.1 317,863 285,330 608.005 13.1 46.1 84.4 266,740 229,100 446.287 5.5 42.9 81.3 60.696 257,242 962.035 IIII I a Preliminary est mate. b Excludes sweet c over and lespedeza (minor States excluded). c Grown alone for all purposes. d Planted acreage less probable abandonment. e Short-time average. I Data based on corn for grain. SPRING WHEAT OTHER THAN DURUM Yield per Acre (Bushels) Production (Bushels) State 16.0 16.5 18.0 21.0 16.0 14.0 17.0 15.5 8.5 10.5 12.0 4.5 6.0 6.4 7.0 9.5 26.0 10.5 11.0 14.0 29.0 25.5 19.5 20.0 United States_ 12.6 10.2 7.7 1934 §§g§§§§§§§§§§§§§§§§§§§§ 24.0 16.5 15.0 17.0 14.0 9.5 16.0 16.0 10.0 7.8 5.0 5.2 4.0 5.0 3.7 10.0 24.0 10.0 12.0 10.0 23.0 23.0 17.0 18.5 w 21.6 18.1 17.2 20.4 17.4 19.6 18.2 19.1 14.1 15.6 14.2 10.5 10.3 13.2 8.6 12.7 24.6 12.6 14.5 13.1 27.8 24.9 15.0 19.0 wm wpw. Maine New York Pennsylvania_ _ _ Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri North Dakota South Dakota_ _ _ Nebraska Kansas Montana Idaho Wyoming Colorado New Mexico_ __ _ Utah Nevada Washington Oregon .w &bow= 1935 m 1934 Average 1928-32 Cl Average 1923-32 §§§§§§§§§§§§§§§§§§§§§§ff Mci.i4 an:4m7m7oiviMeicit:gMOO . 4 O0;d1 mo. vmmni omoo.m..p.to..mmwm 1 0 0....N00 , COMM 4 cOci 4 M4 2459 Financial Chronicle found in New York, Indiana ,Illinois and Missouri, while little change is reported from the other Great Plains States. Stocks of oats on farms on Oct. 1, including new oats from the crop of 1935, were 962,035,000 bushels. Last year stocks were 446,287.000 bushels and the average of 1928-1932 stocks is 943,596,000 bushels. Barley -The Oct. 1 estimate of the United States barley crop is placed at 290,297,000 bushels which is 6,958,000 bushels more than the Sept. 1 forecast, and compares with the 1934 production of 118.348,000 bushels, and the 5 -year (1928-1932) average production of 282.841.000 bushels. The indicated production this year in all the most important States was materially above last year's relatively small crop, the increase being mostly in Wisconsin. Minnesota. and the Dakotas. The yields per acre in several of the important States turned out less than the abnormally high yields expected early in the season. The yield this year for the country as a whole. however, is about the same as the 10-year (1923-1932) average. Buckwheat -The probable production of buckwheat is 7,818,000 bushels, as indicated by reports on Oct. 1. The September forecast was 7,626.000 and the 5-year average (1928-1932) production was 8.277,000 bushels. Most of the improvement during September was in Pennsylvania, although Maryland. Minnesota, and North Dakota also showed improvement. Prospects in other States were unchanged or show moderate reductions. Grain Sorghums -The indicated production of grain sorghums from Oct. 1 condition is 124,426,000 bushels, which is approximately 33% more -year period than the average production of 93,764.000 bushels during the 5 1928-1932. The acreage for 1935, which is 11,091,000 acres, compares with only 6,855.000 acres during this same 5 -year period. Total production in 1934 was only 34,542,000 bushels on an acreage of 7,569.000 acres. These reports relate to the entire crop. including grain sorghums for both grain and. forage. The condition of grain sorghums on Oct. 1 1935 was 57.7% of normal compared with an average Oct. 1 condition of 71.5% during the 10-year period 1923-1932. The current month's condition reflects a very slight decline in production prospects from the outlook on Sept. 1. In comparison with a month ago material improvement is shown in Texas. Kansas shows a marked decline, and the forecast for Oklahoma shows no change. Rice -The prospect on Oct. 1 indicates a production of 38,918,000 bushels of rice. This is about 622,000 bushels more than was produced in 1934, and is. approximately 4,100.000 bushels under the 5 -year (1928-1932) average of production. A slight decline occurred during September in the Texas prospect, but this was more than offset by improvement in California. In the Southern Rice Belt heavy rains the latter part of September hindered the harvesting and threshing of rice, but, after the passing of the rains, the harvesting, particularly of Blue Rose. made rapid advancement. Cutting and threshing became general in Arkansas towards the close of September, and fair yields are expected notwithstanding many grassy fields. Yields in the San Joaquin Valley. Calif., are reported up to average, but milling quality is relatively low, as some rice had been cut too green and contained a considerable percentage of broken rice. Hops -The indicated production of hops in the Pacific Coast States is the same as was forecast a month ago. A crop of 47,080.000 Pounds is expected, based on reports as of Oct. 1. This is about 5.885,000 pounds above production in 1934, and approximately 19,000.000 pounds more than the 5 -year (1928-1932)average of production. In Oregon the quality of the crop is said to be "variable." As the result of red spider infestation and delayed picking, because of shortage of pickers, many yards are turning red and hops are becoming overripe. In Yakima Valley, Washington, hop yards are reported as similarly affected. But in Sacramento Valley. and Sonoma and Mendocino Counties. California, the quality is better than average, excepting in some yards where the hops were allowed to overripen. Hay -Tame hay production has turned out better than was indicated by earlier reports, the total for the United States being 76,707,000 tons compared with the Sept. 1 forecast of 74.880,000 tons, a crop of 52,269.000 tons in 1934 and a five-year average (1928-1932) of 69,591.000 tons. Including 12,330,000 tons of wild hay, the total United States hay crop is 89.037,000 tons compared with 57,028.000 tons in 1934 and a five-year average of 80,384,000 tons. The 1935 hay crop is the largest in eight years. Smaller decreases from the Sept. 1 forecast in the Southern and Western States were more than offset by increases in the corn belt. The alfalfa hay crop of 28.349,000 tons is slightly more than forecast on Sept. 1. The 1934 crop was 19,042,000 tons and the five-year average is 23,668.000 tons. Alfalfa hay production is larger than that of clover and timothy for the second consecutive year. The yield of alfalfa hay per acre is 2.15 tons, compared with 1.66 tons in 1934 and a 10-year average of 2.09 tons. Tobacco -The production of all types of tobacco is forecast at 1,272,945,000 pounds, which is about 18.5% above the 1934 crop. but about 11% below the five-year (1928-1932) average production. The condition of the crop at harvest is reported at 82.1% of normal, compared with 80.5% last year and the 10 -year (1923-1932) average of 75.3%. The average yield per acre is expected to be about 848 pounds, which would be the highest for any year since 1907. Last year the average yield was 823 pounds and the 10 -year (1923-1932) avergae is 771 pounds. The production of flue-cured tobacco is forecast at 759,696.000 pounds, compared with 556,930.000 pounds harvested last year and the five-year (1928-1932) average of 679,274,000 pounds. Record yields per acre are reported for all areas growing this class of tobacco. Prospects for fire-cured tobacco declined about 2% between Sept. 1 and harvest. The total production of all types of this class of tobacco is now forecast at 122,154.000 pounds, compared with 124.546,000 pounds indicated on Sept. 1, 134,977.000 pounds harvested last, year and the fiveyear (1928-1932) average of 160,703.000 pounds. The Burley tobacco crop is now forecast to be 248,863,000 pounds, compared with 254,101,000 pounds indicated on Sept. 1. 251.827,000 pounds harvested last year and the five-year (1928-1932) average of 342,542,000 pounds. The condition of Maryland tobacco at harvest is reported at 90% of normal, compared with 79% reported on Sept 1 and the forecast of production is 25,188,000 pounds, compared with 23,418,000 pounds harvested last year. The production of dark air-cured tobacco is forecast at 37,360.000 pounds. which is slightly if:Ets than that indicated on Sept. 1, and only about one-half of 1% above the 1934 crop. Production of all classes of cigar leaf tobacco is now forecast at 79,547.000 pounds, compared with 67.733.000 pounds harvested last' year and the five-year (1928-1932) average of 169,232,000 pounds. Potatoes -Total potato production of 365.995,009 bushels is indicated by reports on Oct. 1 compared with 385,421.000 bushels harvested in 1934 and the five-year (1928-1932) average production of 363,367.000 bushels. Frost damage and other unfavorable weather conditions during September occurred in widespread areas in the North Central and Northeastern States to reduce prospective production of the nation's potato crop nearly 2% during the month. In northern Michigan and New York. where potatoes had not fully matured, early frosts killed the vines in many fields in late September. In the important Western potato States, growing conditions were generally favorable during the past month and the prospects in those States improved except in Idaho. Potato production in the 30 late States is forecast at 293.949,000 bushels on the basis of the Oct. 1 reports. This is 18,219,000 bushels less than the large crop of 1934, but is still 3,627,000 bushels more than the five-year (1928-1932) average production. The Oct. 1 forecast for the Northeastern surplus States is 83,850.000 bushels or 31% smaller than in 1934 and nearly 10% less than average: for the Central surplus States, 97,369,000 bushels or 1% larger than in 1934. and 9% larger than average* for the Western surplus States, 72,130,000 bushels or 3.1% lareer than in 1934 and 3% . larger than average in the 12 other late States, 40.600,000 bushels, nearly 2% larger than in 1934 and 6% larger than the five-year (1928-1932) average production. Only slight changes were recorded during September in the early and intermediate States, where late crop production is usually incidental to the previously harvested early commercial and farm crops. -Prospects for the sweet potato crop improved someSweet Potatoes what during the past month, and indicated production is now 69,027.000 bushels compared with 67,400,000 bushels harvested in 1934 and a fiveyear (1928-1932) average production of 63.841,000 bushels. The Oct. 1 condition of the crop was reported as 73.1% of normal, compared with -year (1923-1932) average condi66.9% on the same date last year and a 10 tion of 70.6%. Increased prospects in most of the Eastern and Southeastern States were parly offset by declines in a number of Central and South Central States The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates for the United States, mo...o.om*woomm c..omwma -.1wvm , mwww5o0wcz4mmon. wmw9o. Volume 141 Prelimin'y 1935 160,000 148,000 126,000 63.000 160,000 280.000 170,000 1.736,000 14,102,000 556,000 36.000 35,550,000 19,110,000 2,970,000 77,000 24,624,000 11.362,000 1,197.000 4,158,000 338.000 2,175,000 255,000 14,410,000 5,500,000 188,476,000 84,291,000 139,261.000 2460 Financial Chronicle DURUM WHEAT Yield per Acre (Bushels) Production (Bushels) State Average 1923-32 1934 1935 Average 1928-32 Prelimin'y 1935 1934 Minnesota 14.7 12.0 684,000 2,223,000 13.0 2,912,000 North Dakota.... 11.5 6.9 10.0 37,906,000 6.210,000 17,000,000 11.5 South Dakota_ _ _ 3.5 38,000 8,330,000 10.0 12,757,000 11.9 Montana 12.5 412,000 7.0 154,000 333.000 Pis Four States_ _ _ 53,909,000 7,086,000 27,965,000 11.7 7.2 10.2 WHEAT PRODUCTION BY CLASSES, FOR THE UNITED STATES, 1929-35 fry juicy zPrtng 14'IMG Year Total (Winter and Hard Red Soft Red Hard Red Durum x Spring) (Bushels) (Bushels) (Bushels) 370,390,000 165,969,000 144,712,000 403,363,000 178,794,000 160,594,000 515,925,000 254,480,000 70,376,000 280,245,000 149,567.000 191,331,000 168,738,000 147,689.000 108.834,000 201,813,000 168,241,000 53,729,000 198.262.000 183.068.000 108.139.000 (Bushels) (Bushels) 84,802,000 822,180,000 87,760,000 889,702,000 70,174,000 932.221,000 83,038.000 745,788.000 85,643.000 528,975.000 65,585,000 496,929,000 82.234.000 598.935.000 x Includes durum wheat in States for which estimates are not shown separately. z Preliminary estimate. CORN • conauion, um. 1 rroauction (BUSRCM ) State Aver. Indicated 1934 Average 1923- 1934 1935 1928-32 1935 32 Maine New Hampshire_ Vermont___ __ _._ Massachusetta Rhode Island_ _ _ _ Connecticut New York New Jersey Pennsylvania_.._ Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri North Dakota_ South Dakota-._ Nebraska Kansas Delaware Maryland Virginia West Virginia. _ North Carolina._ South Carolina Georgia Florida Kentucky Tennessee Alabama Mississippi Arkansas Louisiana Dklaborna Texas' Montana Idaho Wyoming Colorado New Mexico. _ _ _ Arizona Jtah Nevada Washington )regon Jallfornia 84% 87 86 84 87 85 79 79 75 77 76 77 72 78 74 81 74 69 60 70 60 78 73 72 75 75 66 69 78 75 72 69 67 64 64 61 67 60 83 72 62 69 82 86 87 80 84 86 84% 91 88 87 85 87 82 89 89 71 60 46 61 77 44 48 8 18 13 7 4 91 76 81 76 81 57 66 74 82 74 79 70 24 53 11 33 33 78 21 17 25 56 51 80 74 78 79 87% 85 87 88 92 92 85 89 88 89 82 79 86 85 83 81 52 70 54 46 24 82 84 87 80 82 75 73 75 73 68 69 59 51 74 50 81 49 81 76 41 62 78 80 91 81 79 88 (Bushels) 56,307,000 59,191,000 21,266,000 41,607,000 18,071,000 7,561,000 29.244.000 .w w.. ww.wwwwo www.w. wwwwww.o.wwwtw& ww. www..ww-4ow-a.omp!o..wwwoowwwowo wwwcp .w "W'olz tw101,00bot..OWO14;.b.coe.WWw;.,Ww.w.o.owo ww-oo. w-low.wowow.owsoww.o&wwows wow , rowwowwowrawww .wwwwwwc.o.oppp.o p.o.c0000A.ww pl! . - !..Do,F,p! 00occ .!.! , o0. oso obOO800 000000 000000000 o 0000 o 1929 -_ 1930 ___ 1931 ___ 1932 _-_ 1933 _-_ 1934 ___ 1036 z__ 533,000 656,000 2,814,000 1,517,000 328,000 2,132,000 21,286,000 7,138,000 52,896,000 92,200,000 96,298,000 146,760,000 33,408,000 73,904,000 76,619.000 195,895,000 26,482,000 4,904,000 12,722,000 21,363,000 10,576,000 4,864,000 16,995,000 35,794,000 12,128,000 47,580,000 20,760,000 39,270,000 6,390,000 62,832,000 58,894,000 47,950,000 40,121,000 15,398,000 16,248,000 11,644,000 45,873,000 665,000 1,520,000 655,000 3,368,000 1,088,000 490.000 304.000 40,000 1,122.000 1,852,000 2,850,000 492,000 656,000 2,870,000 1,591.000 336,000 2,226,000 23,328,000 7,267.000 54,560,000 128,774,000 145,368,000 273,204,000 46.860,000 79,275,000 149,282.000 373.642,000 85,994,000 22,800,000 57,675,000 124,874.000 33,313,000 4,495,000 18,492,000 37,250,000 12,682,000 48,320,000 25,425,000 42,328,000 6,432,000 60,214,000 54,140,000 40,675,000 34,096,000 23,100,000 20,540,000 29,172,000 111,326,000 1,980,000 1,760,000 2,156,000 12,728,000 3,861.000 680,000 506,000 24,000 1,238,000 2,112,000 3,200,000 . United States. 72.6 41.5 70.8 2,562,147,000 1,377,126,000 2,213.319,000 • Grain equivalent on acreage for all purposes. OATS Production Yield Per Acre Thousand Bushels Bushels State PrelimiAverage Average nary 1935 1934 1934 1935 1923-32 1928-32 Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut New York New Jersey Pennsylvania Ohio Indiana_ Illinois Michigan Wisconsin Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas Delaware Maryland Virginia West Virginia North Carolina South Carolina Georgia Florida Kentucky Te*InessPe Alabama Vlississippl Arkansas LOtlf818118, Alahoma Texas k/ontana :daho Wyoming 3olorado New Mexico Arizona_ Jtah ievada_ Washington )regon lalifornla United States 37.2 39.4 31.5 32.5 32.9 29.7 31.4 27.8 30.0 35.7 30.4 33.5 31.8 35.6 34.2 35.6 20.9 21.8 26.8 27.2 23.0 29.0 28.2 20.4 23.6 17.5 21.7 18.8 13.9 17.5 16.7 17.4 19.8 18.8 22.4 21.2 25.6 26.2 33.8 25.5 27.8 21.1 27.5 35.4 35.3 47.3 31.0 24.7 40.0 39.0 29.0 32.0 32.0 30.0 28.0 33.0 27.5 21.5 13.5 11.0 23.5 28.0 19.3 12.5 11.0 11.6 9.0 7.0 13.0 33.0 30.0 19.5 19.0 17.0 17.0 19.0 13.0 15.0 15.0 19.0 21.0 15.5 25.0 15.5 21.0 24.0 34.0 21.0 23.5 15.0 24.0 26.0 23.0 40.0 24.0 23.0 35.0 38.0 29.0 32.0 34.0 33.0 30.5 32.0 29.0 36.0 26.0 28.0 33.0 32.5 37.0 34.5 21.5 25.0 29.5 29.0 26.5 33.0 27.5 22.0 23.5 22.0 24.5 20.5 14.0 17.0 15.5 19.0 20.0 17.0 25.0 26.0 23.0 22.5 34.0 26.0 26.0 31.0 28.5 37.0 38.0 50.0 30.0 29.0 30.3 17.4 29.9 4,410 278 1,841 149 65 235 26,485 1,173 27,413 60,934 63.693 152,806 43,098 85,527 149,179 218,730 39,595 37,784 59,033 68,916 34,649 92 1,547 3,267 3,239 3,595 8.080 5,989 122 3,278 1,861 1,836 693 2,206 421 26,711 37,904 7.483 4,478 3,246 4,913 810 299 1,703 89 7,652 7,954 2,186 1.217,646 4,440 312 1,769 160 64 300 23,408 1,452 24,915 25,994 18,225 33,319 28,717 65,352 72,703 58,525 13,585 8,886 3,384 8,568 16,094 132 1,320 2,398 2,052 3,519 6,596 6,384 104 1,650 1,335 2,090 651 2,046 500 20,150 32,466 7,344 4,488 1,743 2,280 345 288 832 46 6.800 5,904 2,254 3,885 304 1,856 160 68 330 26,260 1,408 25,752 44,388 42,120 106,008 42,339 82,680 175,602 201,894 31.863 52,500 67,260 77,372 37,736 99 1,238 2.728 2,538 4,642 10,462 7,442 112 1,870 1,442 1,710 600 2,363 650 38,870 40,181 8,955 5,168 3,276 4,550 1,085 428 1,887 76 8,650 7.380 3.683 525.889 1.183.870 Oct. 12 1935 Foreign Crop Prospects-The latest available information pertaining to cereal crops in foreign countries, as reported by the Foreign Service of the Bureau of Agricultural Economics to the United States Department of Agriculture at Washington, and given out on Oct. 10, is as follows: Wheat -World wheat production in 1935-36, excluding Russia and China, is expected to be about 50.000.000 bushels less than last year, and about 350.000,000 bushels below average production during the past five years. The Russian crop is expected to be about 65,000,000 bushels larger than in 1934. but a decrease of 120.000.000 bushels is expected in China. The Canadian crop is now estimated at 290,541,000 bushels, compared with 275,849,000 bushels in 1934. Eelly inspection reports indicate a larger quantity of low-grade wheat this year. In Europe the crop is estimated at 1,535,000,000 bushels, about the same as a year ago. A decrease of In North African production is partially offset by an increase in Asiatic18% production. The acreage sown in Argentina is estimated at about 14,000,000, a decrease of 25% from last year, but this estimate includes some acreage already abandoned. Beneficial rains fell in much of the cereal zone late In Sentember, but they were too late to enable further seeding. Rye-Production of rye in 28 European countries this year is estimated at 884,000,000 bushels, a slight decrease from last year's production. The crop in both Germany and Poland shows a decrease this year. which is partially offset by increased production in less important producing countries. WHEAT AND RYE: PRODUCTION. 1932-33 TO 1935-36 Country WhealNorth America: United States Canada Mexico 1932-33 1933-34 1934-35 Bushels Bushels Bushels 745.788,000 443,061,000 9,658,000 528,975,000 281.892.000 12,122,000 496,929,000 275,849,000 10,950,000 1935-36 Bushels 598,935,000 290,541,000 10,611,000 Total, 3 countries... 1,198.507,000 882,989,000 783,728,000 900,087,000 Europe, 30 countries 1,492,075.000 1,749,533,000 1,534,617.000 1,535,762,000 North Africa. 4 countries_ 127,246,000 110,037,000 134,267,000 110,280,000 Asia, 4 countries 445,785,000 501,887,000 496,930,000 511,167,000 Total, 41 countries._ 3,263,613,000 3,184,446,000 2,949,542,000 3,057,296,000 Estimated world total excluding Russia dr China 3,854,000,000 3,788,000,000 3,458,000,000 3,407,000,000 • Rye United States 21,150,000 40,639,000 16,045,000 52,236,000 Canada 4,177,000 8,470,000 5,423,000 13,354.000 Europe, 28 countries 931,691,000 1,003,707,000 893,829,000 884,292,000 Turkey 13,430,000 7.800.000 12.169,000 11.055.000 FEED GRAINS Corn -The 1935 corn production In eight foreign countries reported shows a decrease of about 16% from the 1934 harvest in those countries. Oats -The 1935 harvest of oats In 25 foreign countries which in 1934 accounted fcr 46% of the estimated production in the Northern Hemisphere countries, excluding China, was 1,906,300,000 bushels. Production in 21 European cour tries was 1.403.024,000 bushels compared with 1,431,700,000 bushels harvested in 1934. The Canadian oats crop of 477.378.000 bushels was the largest since 1928. Barley -The 1935 barley production in 30 foreign countries amounted to 977.819,000 bushels, compared with 1,038,434,000 bushels in 1934 when it accounted for nearly 61% of the estimated production in the Northern Hemisphere countries, excluding China. The 1935 production of barley in 21 European countries is 609,007,000 bushels, compared with 636,892.000 bushels In 1934. FEED GRAINS -PRODUCTION IN SPECIFIED COUNTRIES, 1932-1935 Crop and Countries Reported in 1935 Corn United States Europe, 5 countries Asia, 2 countries Morocco 1932 1933 1934 1935 Bushels Bushels Bushels Bushels 2,906,873,000 2,351,658,000 1,377,126,000 2,213,319,000 567,438,000 435,818,000 518.284,000 407,654,000 91,567,000 74,235.000 70.563,000 89,362.000 5,528,000 4,677,000 9,688,000 4,988,000 Total. 9 countries 3,553,223,000 2,884,571,000 1,975,661,000 2,715,323,000 Estimated Northern Hemisphere total..- 4,243,000,000 3,586,000,000 2,701,000,000 Oafs United States Canada Europe, 21 countries- -Africa, 2 countries Turkey 1,246.548,000 731,500,000 525,889,000 1,183,870,000 416,034,000 326,695,000 341,190.000 477,378,000 1,589.943,000 1,695,347.000 1,431,700,000 1,403,024,001) 11.586,000 9,974,000 13,783,000 8,192,000 14,353.000 8,729,000 9,954,000 17,706,000 Total, 26 countries... - 3,271.228,000 2,779,481,000 2,322,520,000 3,090,170,000 Est. Northern Hemisphere total. exclud ing China 4,324,000 000 4,103.000.0003,903.000,000 Barley United States Caru ,cla Europe, 21 countries_ _ _ _ Africa, 5 countries Asia, 3 countries 302,042,000 80,773,000 701.176,000 108,485,000 174.824,000 155,825,000 118,348,000 290,297,000 63,359,000 63,742,000 94,550,000 700,236,000 636,892,000 609,007,000 104,360,000 131,865,000 86,467,000 183,288,000 205,935,000 187,795,000 Total, 31 countries... 1,367.300,000 1,207,128,000 1,156.782,000 1,268,116,000 Est. Northern- 'Hemisphere total, excluding China 1,843,000,000 1,804.000,000 1,715,000,000 Weather Report for the Week Ended Oct. 9 -The general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the weather for the week ended Oct. 9 follows: The week brought marked extremes in temperature to different parts of the country, with abnormally cold weather over the eastern half, and extremely high temperatures for the season in most sections west of the Rocky Mountains. Freezing weather was general as far south as the southern Appalachain Mountains, southern Ohio, the south-central portions of Indiana and Illinois, central Missouri, and northern Kansas, with a reading as low as 26 degrees as far south as Asheville, N. 0. Heavy frosts occurred in exposed localities as far south as the northern portions of the east Gulf States. On the other hand, temperatures were very high In the Southwest and in the Great Basin, with the maxima approaching 100 degrees in parts of the former area. The lowest temperature reported from a first-order station was 16 degrees at Devils Lake, N. Dak.,on the 5th. The table on page 3 shows the departure of mean temperature from normal for the week, as a whole. The greatest deficiencies appear in the Lake region and the Ohio, Mississippi and lower Missouri Valleys, where the departures from normal ranged from 12 degrees to as much as 16 degrees. West of the Rocky Mountains a large area had an OICCOS8 in temperature, ranging from 6 degrees to 12 degrees. The table shows also that appreciable precipitation was confined to relatively small areas in the Northeast, extreme Southeast, the far West and very locally in the central portion of the country. Otherwise there was practically no rain, or inappreciable amounts, with most stations re- Volume 141 porting an entire absence. The heaviest fall reported from a first -order station was 2.2 inches at Scranton, Pa. The outstanding feature of the wee...'s weather as affecting agriculture was the abnormally low temperatures that occured over the Central and Northern States east of the Great Plains. Freezing weather and killing frost extended considerably farther south than usually occurs at this time of year, and some of the lowest temperatures of record for so early in the season were experienced. For example, in southeastern Iowa the most severe freeze for this date in 65 years occurred, and in some south Atlantic districts the lowest temperatures of record for so early in the season were reported. Late vegetation, principally fall truck and garden crops, suffered more or less damage in the frost areas, but in most places staple crops had advanced beyond the danger point. Some frost damage was reported from as far south as the northern postions of the east Gulf States. Late corn was materially affected in some interior sections, principally parts of Illinois, lows. and Missouri. Droughty conditions were intensified in many places by a rather general absence of preApitation. There is now a widespread need of rain, especially for plowing, seeding, and germination of winter grain, which, in many places, is being retarded by lack of moisture. In most of the Atlantic area, the central and southern Rocky Mountain States, and the far Southwest, where September rains were more abundant, the moisture situation is rather favorable, but in the Ohio Valley, the Northwest, and some Great Basin sections, rain is urgently needed. The week was generally favorable for outside operations and farm work made good advance, except where plowing was retarded by dry soil. Small Grains -1n most parts of the Winter Wheat Belt a general rain would be very helpful, while moisture is urgently needed in the northwestern part of the country from the northern Great Plains westward to the Pacific coast. In the Ohio Valley seeding advanced well during the week, with some up to good stands, but in many parts moisture is scanty, with germination slow. In Missouri and most of Kansas seeding made excellent advance and ranges from one-half to three-fourths done, with the early growing well. In western and northern Oklahoma wheat needs rain, with some not sprouted, while early seeding has been completed in the Panhandle of Texas. In Colorado and New Mexico planting advanced favorably, but in n ost sections from the northern Great Plains westward, the soil is generally too dry, with plowing delayed, germination irregular, and the crop spotted where up. Dry soil was also detrimental in the Southeast, but elsewhere in the East most fall grains are doing well. , Corn—From Iowa and Missouri eastward to the Appalachian Mountains, more or less damage resulted to late corn by the untimely frosts during the week. In Tennessee, Kentucky, Ohio and Indiana injury was generally light, being confined mostly to very late fields. It was heavier in the Mississippi 'Valley States, especially Illinois. Missouri and Iowa. In Illinois only a small percentage was affected in the north, but a considerable amount was killed or damaged in the southern part of the State. In Missouri much of the late-planted corn had reached only the milk or roasting-ear stage, and was ruined or badly damaged. In Iowa, as a result of the freeze, probably not more than 10% of corn was harmed in the central and northern portions, but from one-fourth to one-half of the crop in the south-central part of the State, where much was planted after June 15, will be either chaffy, or sour depending on whether the remainder of the fall Is dry or wet. Cotton—As a rule, temperatures in the Cotton Belt averaged near normal,and the week was rainless in nearly all sections, with only light showers occurring in the northern districts. The weather was nearly ideal for picking and ginning practically everywhere, and these operations made excellent progress. NO material damage occurred from low termpeatures, though some slight harm was reported in late lowland fields locally in the interior of the eastern part of the belt. In Texas harvest is progressing rapidly throughout, while in Oklahoma progress of late cotton was fair to good, with prospects good in the southern third, but only fair to rather poor elsewhere; plants are maturing late, but bolls generally are opening satisfactorily. The Weather Bureau furnished the following resume of conditions in the different States: Virginia—Richmond: Rainfall light; temperatures considerably below normal, with moderate frosts in central and killing in west. Picking cotton well started; cutting corn nearly finished. Sweet potatoes and peanuts being dug; both fine quality. Harvesting tobacco near end. Fall truck crops excellent. Picking apples well started throughout Great Valley. North Carolina--Raleigh: Weather favorable for farm work,except too dry in west for plowing. Picking cotton good to excellent advance. Harvlisting corn and forage crops. Temperatures on 7th lowest of record for this early in season at Raleigh and Charlotte. Some frost damage in interior, but crops mostly matured beyond serious injury. South Carolina—Columbia: Fair, sunshiny weather, except local showers Sunday, favorable for rapid advance of cotton picking and ginning; about completed in south and well advanced elsewhere. Much corn, hay peanuts and sweet potatoes housed. Heavy frosts in north and central Monday. Fall plowing and grain sowing delayed by hard, dry soil and rain needed. Georgia—Atlanta: Dry and cool, with extensive frosts in northern half Tuesday. Picking cotton excellent advance throughout and practically finished in southern half and 80% or more in northern. Many fields plowed for wheat or oats, but little seeding yet because soil dry, though vegetable crops and pastures still fair to good, except poor in northern third. Favorable for threshing peanuts. Florida—Jacksonville: Cotton season nearly over; late condition poor. Corn nearly all harvested; late crop poor. Drier weather favorable for plowing, haying, and planting truck and potatoes. Sweet potatoes being harvested. Citrus trees good; crop maturing nicely, but increased splitting and dropping reported. Alabama—Montgomery: Another dry, cool week. Picking cotton nearly finished. Harvesting all crops made rapid advance and nearing completion. Pastures and truck need rain. Soil too dry for best germination of oats and cover crops. Mississippi—Vicksburg: Late lowland corn and cotton damaged somewhat by frosts in central and north Monday. Progress of cotton picking and ginning mostly very good, with condition and seasonal advancement generally very good and approaching completion on uplands of south and central. Progress of late-planted corn very poor, with harvesting of early planted fair. Progress of gardens, pastures and truck generally poor; lacking rain. Louisiana—New Orleans: Favorable for farm work; excellent progress In harvesting corn, sweet potatoes, and rice and picking cotton. Corn harvest completed in some sections and most cotton picked, except in extreme north where nearly all open, however, and gathering largely nearing completion. Cane, truck, pastures and ranges generally good, but need rain in many areas. Texas—Houston: Cool over eastern third and warm elsewhere; no rain of consequence. Conditions very favorable for farm work and crops in general. Cotton made some advance during week, but average condition ranged from only fair to good and some poor; picking and ginning advanced rapidly throughout. Early seeding of winter wheat completed in Pan handle, but rather slow elsewhere. Truck, ranges, cattle and late feed mostly in good condition. Oklahoma—Oklahoma City: Progress of cotton fair to good; condition mostly good in southern third and poor to fair elsewhere; picking good advance and considerable ginning during week, but both operations at least 2 weeks late; opening satisfactorily; staple fair to good. Corn gathering and fall plowing nearly completed. Wheat needs rain in much of west and north; some not sprouted. Pastures, livestock and monor crops in good condition. Arkansas—Little Rock: Cotton bolls opening rapidly due to llght showers and abundant sunshine; excellent progress in picking; blooming practically stopped by coolness; crop maturing rapidly. Progress of late corn very good wheie recent rains, but poor elsewhere. Favorable for harvesting rice, hay and feed crops and sowing wheat, oats, turnips and winter truck, except where too dry. Tennessee—Nashville: Dry and cool; some frost damage at close in northcentral. Corn nearly mature; late condition very poor because of dryness. Cotton opening rapidly and picking good progress, with favorable weather; condition mostly fairly good. Tobacco mostly cut and curing well. Pastures poor and very clty. Some sowing of winter grains, but mostly too dry. Kentucky—Louisville: Light scattered showers of slight benefit and plowing and seeding nindered by dry soil; germination slower and failing. Pastures deteriorating slowly and low temperatures also decreasing growth. Tobacco cutting finished. Late corn and potatoes damaged by repeated frosts, which were killing in north and east Monday. Corn drying rapidly and cutting pushed since frosts. 2461 Financial Chronicle DRY GOODS TRADE New York, Friday Night, Oct. 11 1935. Ideal weather conditions prevailing in.many sections of the country stimulated retail trade during the past week, with the result that stores in the metropolitan area showed gains in dollar volume over last year ranging from 8% to 12% while in some districts increases as high as 35% were achieved. Seasonal apparel lines attracted chief attention on the part of the consuming public, while scattered 'interest continued to be shown for home furnishing items. Renewed talk of threatening inflation also stimulated buying. Slightly less favorable reports were received from chain stores, particularly in the lower price brackets; it was taken as proof that the present increased volume of retail sales is chiefly due to the purchase of higher-priced seasonal articles, while the sale of popular-priced merchandise is lagging, reflecting the still prevailing widespread unemployment and the higher expenditures for foodstuffs, rent, &e. Sales of department stores for the month of September, according to the compilation of the Federal Reserve Board, gained 8% over last year, with the New York district reporting an increase of 11%. The best showing was made by the Richmond district with a gain of 14%, while the poorest result was recorded for the St. Louis district with a loss of 7%. Trading in the wholesale dry goods markets continued very active, with the expectation of additional price advances resulting in the placing of substantial orders by both retailers and jobbers. Fears of possible delays in deliveries on holiday merchandise also served to hasten purchases of such goods, inasmuch as efforts were said to be on foot to advance the promotion date of Christmas merchandise by a week or so. Prices of percales were raised Yi cent per yard, and production of a number of important staple items appeared to be sufficiently well sold up for the balance of the year to assure a firm price trend for some time to come. On the other hand, comment is heard that wholesale buying has now outstripped retail selling by a considerable margin and that a period of active consumer buying is required to produce a more even' balance in this respect. Business in silks continned fairly active, with prices for both greige and finished goods showing an advancing trend, in line with the rising quotations for raw silk. Retailers reported active sales of piece goods, with velvets and metallic fabrics attracting most attention. Trading in rayon yarns remained brisk. Approximately three-quarters of the November output is reported to have been sold and surplus stocks, particularly in weaving counts, are largely non-existent. The outlook of the rayon industry for next year is generally regarded as very promising, inasmuch as the rise in the price of silk has widened the field for the synthetic fiber still further. Domestic Cotton Goods—Trading in print cloths continued active, and sales again were far in excess of current output. Prices held very firm, under the influence of the greatly improved statistical position of the mills and the accelerated flow of finished goods in distributive channels. The better feeling in the raw cotton market, largely as a result of the European political developments, also helped to stimulate buying. It was reported that some mills have disposed of their production virtually until the end of the year and that premiums have been paid for quick shipments on a number of constructions. Following the interruption caused by the religious holiday, trading quieted down somewhat but price levels remained unchanged and there was fairsized demand for sheetings as well as for drills and osnaburgs. Trading in fine goods continued quiet although prices held steady reflecting the comfortable position of most mills due to the previous satisfactory volume of orders. Some interest was shown in fancy shirtings and there was a fair-sized demand for carded piques and poplins. Closing -inch 80's, 8%c.; prices in print cloths were as follows: 39 39 -inch 72-76's, 83/c.; 39-inch 68-7's 7%c.; 383/2-inch 2 2 64-60's, 6%c.; 38%-inch 60-48's, 53/c. Woolen Goods—Trading in men's wear fabrics was not as active as heretofore, but with most mills being supplied with ample business for some time to come, the price structure continued to hold very firm, and further advances ranging from 23' to 15 cents a yard were announced on woolen and worsted fabrics. The prevailing cold spell stimulated the sale of overcoatings, and an additional sustaining factor was the award by the Government of contracts for a substantial quantity of flannel shirtings for the Army and the Civilian Conservation Corps. Reports from retail clothing centers stressed the increased call, for Fall apparel, with sales showing gains up to 25% over the corresponding 1934 period. Business in women's wear goods continued fairly active. Sports woolens were again in scattered demand and moderate interest developed in suede and frieze fabrics. Foreign . Dry Goods—Following a recent slight setback in foreign linen markets, the trend abroad again stiffened, partly under the influence of the tense political situation. A. steady call for household numbers of the gift variety continued in this market, and slightly increased activity also developed in dress linens for Spring. After a firm opening, burlap prices reacted moderately, under the influence of slightly easier Calcutta cables. Buying fell off perceptibly inasmuch as the active purchases of the recent past had, to a considerable extent, covered seasonal requirements of users. Domestically, lightweights were quoted at 4.75c., heavies at 6.10e. Financial Chronicle 2462 Oct. 12 1935 State and City Department Page 1809 1825 2154 1971 Specialists in Illinois & Missouri Bonds STIFEL, NICOLAUS & CO., Inc. 105W. Adams St. CHICAGO • DIRECT WIRE • 314 N. Broadway ST. LOUIS MUNICIPAL BOND SALES IN SEPTEMBER We present herewith our detailed list of the municipal bond issues put out during the month of September, which the crowded condition of our columns prevented our publishing at the usual time. The review of the month's sales was given on pag3 2304 of the "Chronicle" of Oct. 5. Since then several belated September returns have been received, changing the total for the month to $147,594,804. This total does not include Federal Emergency Relief Administration or Public Works Administration tunds actually made or promised to States and municipalities during September. The number of municipalities issuing bonds in September was 232 and the number of separate issues 251. Price Basis Amount Rate Maturity Name Page 234 1938-1955 $150,000 100.4628 2.20 1973 Adams County, Pa 27,500 100.28 3.97 1937-1955 1814 Aiken County Sell. Dist's., S.C 14 4.50 14g 1938-1952 8,000 100 444 1940-1944 r152,136 100.245 4.20 1812 Akron, Ohio r86,000 1624 Alamosa County S.D.No.3, Col_4g 1940-1958 234 1936-1945 35,500 2152 Albany, Ore 85,000 108.237 3.40 1947-1959 {4 2154 Alexandria, Va.(2 issues) 194,000 107.879 3.32 1935-1968 4 1629 Altamont az Pierce:Rid Central 104.31 3.70 1948-1964 130,000 S. D.No. 1, N.Y 4 r40,000 531 1940-1949 2161 Altus, Okla 3.76 103,000 101.76 1936-1948 4 1626 Ashland, Ky 4.10 15,000 95 334 41945-1955 1631 Athena, Ore 25,000 100.137 1.70 134 1936-1940 1968 Auburn, Me 1629 Babylon az Oyster Bay Jt. Union 35,000 100.08 2.78 2.80 1936-1941 Free Soil. Dist. No.6, N.Y 43 10,550 100.104 1812 Barnesville, Ohio 1937-1946 6 5,000 2150 Belfleid, N.Dak 24,000 5 2153 Bells S. D., Texas -- 334-444 1941-1963 50,000 100.27 2150 Belmont, N. C 65,000 107.01 1936-1958 Bemidji, Minn 3.28 4 1627 r90,000 100.537 2.12 234 1936-1944 2153 Bennington, Vt 1939-1963 5.00 786,000 100 5 1969 Berlin, N.J 266,000 98.175 3.76 1965 Birmingham, Ala 314 1938-1947 1943-1948 79,000 101.55 2.83 3 1806 Black Iiawk County,Iowa 4.00 20,000 100 1815 Blacksburg Magisterial D.. Va_4 36,000 100.41 414 2153 Bonilla S. D. No. 3, S. Dak 3750 r14,250 100 31a 1937-1945 2150 Bowling Green, Ohio 1434 1936-1948 71,000 1975 Brazos County,Texas 1948-1953 15 41,000 90,000 100.299 1971 Brentwood Water Dist., N.1(..-3.70 1940-1974 3 4 1946-1953 274,000 105.518 --50 1971 Buffalo, N.Y 21,000 102.69 3.64 1937-1949 4 1627 Buhl, Minn 3.50 r80,000 100 344 1937-1940 1966 Buhl, Idaho 450,0001 100.341 2.72 2152 Butler County,Pa.(2 Issues)_ _1234 1939-1955 1234 1952-1955 292,000f 200,000 100.410 1.61 114 1936-1940 2145 Cambridge, Mass 25,000 105.40 1936-1954 4 1805 Cambridge, Ill 3.63 101,000 103.31 1937-1954 1971 Camillus Corn. S. D. No.3, N.Y_4 4.43 434 r4,000 97 1966 2312 Carteret. N. J 43,000 105.011 3.57 1949-1952 4 1806 Cedar Rapids,Iowa 20,000 1805 Chandlerville S. D., III 39,000 100.53 3.69 334 1936-1955 1976 Charlotte County, Va 1810 Clay & Cicero Union Free S. D. 334 1936-1965 132,000 100.14 3.74 No. 12. N.Y 53,000 100.122 3.48 2144 Clinton, Iowa 334 1942-1945 r57,000 534 2153 Coleman County, Texas 40,000 104.505 2.91 1940-1941 4 1630 Columbus. Ohio 2.40 1937-1948 48,000 2147 Concord, N. H 3.40 14,000 100 2148 Conklin Corn. S.D.No.4, N.Y 3.40 1936-1949 207,000. 1966 Cook County S.D.No.99, III_ _5 4.50 17,000 100 444 1936-1940 1812 Crook County, Ore 2.50 125,000 100 241 1938-1946 1808 Crow Wing County, Minn 4 1949 r18,000 1969 Decatur, Neb 135,000 434 1940-1960 1965 De Kalb County, Ala 234 1937-1956 292,000 100.086 2.12 1625 Delaware (State of) 2147 Delaware River Joint Commission, 434 1938-1973 2,000,000 106.80 3.81 N.J 50,000 104.86 434 1965 Denver, Colo 15 years 30,000 104.50 434 1804 Denver. Colo 3 1963-1972 2,700,000 3.11 331 1963-1972 r2,700,000 2143 Denver, Colo 500,000 234 1947-1956 334 1951-1961 r2,400,000 100.02 3.55 1807 Detroit, Mich 334 1936-1950 r1,862,000 3.50 66,500 100 334 1938-1942 2144 Dubuque County, Iowa 1971 Duanesburg Union Free School 3.60 1938-1955 18,000 100.234 3.58 District No. 1, N.Y • 3 100,000 1960 Duluth, Minn 40,000 100.10 2.98 1936-1945 1974 East Pittsburgh Sell. Dist., Pa 3 4 1-10 yrs. 22,273 100.33 1625 Edwards County, Ill 2767 4 1936-1945 52,000 104.52 1627 Ely, Minn 3 100,000 1969 Ely, Minn 4 1936-1953 36,000 1809 Ely, Nev 130,000 100.35 2.16 24.1 1936-1942 2144 Emporia, Kan 2 1936-1938 r42,000 2316 Eugene, Ore 334 1939-1941 742,000 2316 Eugene, Ore r46,500 1942-1945 4 2316 Eugene, Ore 4.00 10,000 100 2-20 yrs. 2154 Ewan Sch. Dist. No. 215, Wash 4 4.00 22,000 100 4 1940-1953 2151 Fairview School District, Okla 4.50 5-20 yrs. 44,500 100 2147 Fallon Co. S. D. No. 55, Mont 434 4.00 17,600 100 45-20 yrs. 2147 Fallon Co. S. D. No. 12, Mont 4 134 1936-1940 30,000 100.203 1.46 1807 Fitchburg, Mass 3.50 334 4,500 100 1945 2151 Franklin, Ohio 4 1930-1958 133,000 102.955 3.72 1633 Galveston, Tex 1629 Garden City Park Water District, 3.48 10,000 100.11 314 1936-1945 N.Y 1812 Grand Forks County Sell. DM. 3,800 No. 71, N. Dak 2.90 1937-1941 15,000 100.19 2.85 2148 Great Neck Estates, N. Y 1971 Greensburgh Union Free School 4 1936-1959 462,000 101.846 3.80 District No. 3, N.Y 109,000 103.05 3.75 4 1936-1964 1625 Harrington, Del 285,000 331 1967 Hammond, Ind Rate Maturity Name Amoun F Price Basis Harrison, N. J 334 1937-1955 1230,000 100.911 3.85 Hancock Co. S. D. No. 118, 111_4 1936-1953 40,000 105.25 3.34 Hartford School District, Vt 234 1940-1953 r70,000 100.337 2.71 Hartford, Argyle, Granville, Hebron & Fort Ann Central School District No. 1, N. Y 3.60 1936-1965 59.000 100.40 3.47 1975 Hays County, Tex 534 19364946 20,000 1966 Hazelton, Ida 4 1936-1945 09,000 100 1:66 1975 Heber City, Utah 4 1936-1960 25,000 1632 Hellerton School District, Pa 334 41940-1944 10,000 102.26 3.24 2153 Henry County, Tenn 3 20,000 100 3.00 1805 Henry County,Ind 3 1936-1945 75,000 101.01 2.78 1967 Herington, Kan 334 49,000 100 3.50 1973 Hobart, Okla 4 4-9 yrs. 12,350 100 4.00 1807 Holyoke, Mass 233 410,000 1810 Hoosick, N. Y 3.10 1936-1945 30,000 100.07 3.09 2148 Hudson, N.Y 2.60 1938-1940 15,000 100.13 2.57 1804 Jefferson Co. Cons. S. D. No. 2, . Colo 334 1940-1948 25,000 100' 11 3.75 2467 Jefferson School Township, Ind_ 4 1936-1937 4,800 101.10 ___ _ 2313 Johnson City, N. Y.(2 issues) _ __ _23$ 1937-1939 9,500 2144 Johnson Co., Iowa 3 1944-1946 30,000 101.23 2.85 2313 Kenmore, N. Y 433 1936-1939 482,000 100 4.50 2154 Kenosha, Wis 334 r66,000 101.556 1625 Kewanee, Ill 4 1942-1954 68,000 2313 Kingston, N. Y 234 1939-1944 115,000 100.33 2.20 1972 Knox Co., Ohio__ , 4 1937-1946 30,000 100 4.00 1625 Knoxville, Ill 334 r33,000 2148 Lancaster Un, Free S. D. No. 8, N. Y 3.40 1937-1953 50,000 100.0014 3.40 1810 Lansingburgh Un. Free S. D. No. 1, N. Y 3.70 1036-1965 510,000 100.56 3.66 • 2144 La Porte City, Iowa(2issues) 33$ 1936-1950 35,000 100.014 3.24 2149 Larchmont, N.Y 341 1937-1942 8,000 100 3.50 1805 Levy Co. Sp. Tax S. D. No. 6, Fla 4 1944-1956 8,000 100 4.00 1628 Lewis ac Clark Co. S. D. No. 1, Mont 4 1946-1954 180,500 103.515 3.68 2153 Lewis Co.. Tenn 20,000 1805 Ligonier, Ind 3 1936-1946 5,000 100 3.05 2144 Linn Co., Iowa 234 55,000 2144 Litchfield, Ill 42,000 2153 Livingston School Corp., Tex_ -5 200,000 100 1:615 1965 Llewellyn Sch, Diet., Calif 4 1937-1953 25,000 100.484 3.94 1624 Long Beach, Calif 148,000 -1633 Longview, Tex 237,000 1965 Los Angeles, Calif 14 1936-1951 1,200,0001 100.01 3113 1334 1952-1975 1,800,0001 2145 Louisiana (State of) 5 1939-1960 5,000,000100 5.00 2310 Louisville, Ky 334 1936-1955r44,435,000 2144 Lyons Twp.H.S. D.No.204, 111_3g 1945-1953 166,000 101.004 17,45 2152 McMinnville, Ore 3 1936-1941 16,000 101.33 2.60 2151 Mahoning Co., Ohio 334 1937-1946 250,000 100.77 3.37 2152 Manheim Sell. Dist., Pa 214 1936-1955 72,000 101.10 2.38 1625 Manitou Colo 4 1936-1949 10,000 106.027 3.08 1968 Mason Co. Sell. Corp., Ky r215,000 2144 Marengo, Iowa 334 63,500 2145 Marshall Co., Ran 234 1936-1945 15,000 99.306 2.37 1627 Massachusetts (State of) 234 1936-1965 3,500,000 101.04 2.40 2144 Massac Co., III 4 1937-1953 85,000 2153 Marshall, Tex 04 225,000 2148 Merchantville, N..I 334 1936-1945 80,000 100.59 IA 1633 Milam Co. Commrs' Prat. No. 2, Tex 334&4 r57,000 1624 Millbrae Elementery S.D.,Calif...3 1936-1946 32,000 102.023 - .ii 2 . 2154 Milwaukee, Wis 4 1937-1955 500,000 103.867 3.57 1969 Minneapolis, Minn 334 100,000 2310 Monson. Mass 234 1938-1942 7,000 100.17 2.20 1966 Montgomery Co. S. D. No. 132, III 4 1936-1955 10,000 100 4.00 1808 Morningside, Minn 24,000 1969 Murray Co., MIMI 7600,000 1815 Nacogdoches County, Tex 1942 36,000 { 1 1947 35,000 2148 New Mexico (State of) 3.2 1941-1945 750,000 100 ' 3.20 1973 New Boston, Ohio r13,090 ---2311 New Buffalo, Mich 1947-1963 433,000 1627 Newburyport, Mass 134 1936-1941 56,000 100.331 I:a 1631 New Philadelphia, Ohio 4 19364950 45,000 105.38 3.12 1970 Newton, N. J 334 1936-1970 r319,000 100 3.75 2149 New York (State of) 234 1936-1945 30,000,000 100.5699 2.146 1624 North Long Beach, Calif 169,000 103.088 ____ 2152 North Huntington Twp.. Pa 3 1938-1945 40,000 100 3.06 1961 Norwalk, Conn 134 1936-1940 50,000 100.506 1.34 1805 Ogle County, Ill 4 13,500 103.88 1631 Oklahoma (State of) 134-234 1937-1946 3,100,000 100 2.28 334 1940-1945 246,000 100.01 3.20 2151 Oklahoma County, Okla 334 1946-1950 205,000 100.01 3.20 3 195-1954 209,000 2151 Oklahoma City, 2 .Okla 1938-1940 187,500 100 2.93 1941-1955 940,500 2151 Okmulgee School District, Okla 103,615 2152 Oregon City, Ore 1936-1945 86,000 1967 Oskaloosa, Iowa 334 10,000 100.20 .....-:: 1811 Oswego, N.Y 2.25 1935:1945 100,000 100.079 2.24 1967 Ottumwa River Front Impt.Corn., Iowa 4 1036-1948 35,000 100 4.00 1972 Palermo School Dist., N. Dak _4 20,000 100 4.00 2147 Palisade, Neb 434 419404950 r17,000 100 4.25 1810 Parsippany-Troy Hills Twp, N. 35 1936-1949 51,000 100 5.00 1813 Pennsylvania (State of) 1937 50,000,000 100 134 1.50 1974 Pennsylvania (State of) 4 1938 1,980,000 108.35 1.83 1974 Pennsylvania (State of) 4 1936 1,820,000 103.51 0.413 2145 Phillipsburg, Kans 6,000 100.50 1627 Port Huron, Mich 334 1938-1947 60,000 100 Iii 1631 Pottawatome County, Okla 4 1937-1957 175,000 100.68 3.92 1806 Protection, Kan 4 19364955 16,000 100 4.00 2154 Proctor, Vt 234 1938-1954 50,000 100.134 2.73 1625 Putnam County,Ind 2 1936-1940 r25,000 1630 Rensselaer, N. Y 3.40 1936-1940 10,000 100.67 -3 .ii 1806 Renwick, Iowa 12,000 1975 Rhode Island (State of)(2 issues)13 1951-1956 500,000 111.097 2:iii 1938 1131 500,000 100.287 1.24 2149 Rochester, N. Y 134 1030-1940 1,000,000 100.13 1.71 2145 Rockport, Mass 134 1936-1940 8.500 100.13 2153 Rutland Indep. Sch. Dist.,S.Dak 5 1938-1955 68,000 . 1627 Saginaw, Mich 42,000 -.1966 St. Clair County, III 4 169,000 103.10 1805 St. Clair County. m 5 2,500,000 100.46 2.66 1966 St. Maries, Idaho 434 2-15 years r48,000 100 4.25 1808 St. Paul, Minn 2.70 1938-1965 434,000 1626 Salem Sell. Twp., Ind 5 1936-1948 15,000 106.30 -4.17I1 1969 St. Louis, Mo.(2 issues) 53.34 1950-1955 3,000.0001 100.31 3.17 1952 7967,000f l3 1973 St. Clairsville, Ohio 1935-1939 5,800 2144 Sangamon County, Ill 234 1936-1043 100,000 101.439 27io 1625 Scotia Township, Ill 334 1936-1945 35,000 1813 Scranton, Pa 13 1936-1965 200,000 100.26 2.115 35,000 101.14 3.14 1334 1936-1905 1973 Seneca County, Ohio 234 1936-1944 78,000 100.12 2.22 1812 Shadyside Ex. Village S. D.,Ohlo_433 1936-1940 725,000 -. 1812 Shaker Heights, Ohio 7447.000 1973 Shawnee, Okla s 75,000 100 5.00 1826 Shelbyville, Ind 5,000 101.417 1976 Sharewood Hills, Wis 3 1936-1945 60,000 100.167 2.96 2145 So. Portland Sewerage Dist., Me.334 1951-1955 25,000 102.056 3.10 Volume 141 Financial Chronicle MUNICIPAL BONDS WE WANT OFFERINGS STATE AND MUNICIPAL BONDS Dealer Markets Arkansas, Louisiana & Mississippi WM, J. MERICKA & CO. Edward D. Jones & Co. membersiSt. INCORPORATED Union Tryst Bldg. CLEVELAND Louis Stock Exchange iNew York Curb Exchange (Assoc.) Boatmen s Bank Bldg. ST. LOUIS, MO. Page Name Rate 1816 Spokane Co. Sell. Dist. No. 102,4 1805 Spring Valley Sell. Dist. No.99,111. 1970 Springfield Township, N. .3' 4h, 1967 Springfield, Ill 4 1973 Stayton, Ore 434 2143 Stephens County. Ga 434 1808 Stevensville, Mont 2144 Storm Lake. Iowa 3 2146 Stoneham, Mass 134 2146 Stoneham, Mass 134 1987 Sullivan, III 4 2151 Summit County, Ohio 234 1813 Tamaqua S. D.,Pa 334 1628 Terre Haute,•Ind a 1808 Thief River Falls, Minn 334 1816 Thurston Co.S.D.No.310,Wash 4 1812 Toronto, Ohio 434 2153 Union. S. C 5 1632 Uniontown, Pa 4 2151 Upper Arlington S. D., Ohio 2152 Vic'Cons.Sch. Dist.,Okla 1973 Vlan Soh. Dist., Okla 6 1808 Vigo County. Ind 3 1628 Vincennes Sell. City, Ind 4 1629 Vineland, N. J 4 1811 Volney, N. y 3.70 1973 Warren, Ohio 334 1628 Washington Co. Road Dist., Miss_4 1625 Waukegan,III 3 1630 Waverly, N. Y 3 2151 West Milton. Ohio 1804 Weld Co. S. D. No. 65, Colo 3 1971 Westchester County, N.Y.(2 Iss.)234 1807 Westfield, Mass 234 1816 West Virginia (State of) 13 23( 2154 West Virginia (State of) 4 1806 White County, Ind 4 2144 White County, Ill 5 1978 Whitefish Bay S.D.No.1. Wis.--4 1972 White Plains, N.Y.(2 issues)........3.70 2145 Wichita, Kan 2.14 1987 Wilson County, Kan 2 1975 Winooski, Vt 4 1816 Yakima Co. S. D. No.90, Wash...4 2152 Yamhill Co.S. D.No.4,Ore 334 1628 Yellowstone Co.S.D.No. 2, Mont.4 1631 Youngstown, Ohio 5 Maturity Amount 10.000 29,900 1941-1955 105,000 1951-1955 348,000 1937-1947 r15,500 1937-1956 20,000 30,000 1936-1952 42,000 1936-1939 8,000 1938-1937 5,000 190,000 1938-1944 600,000 1937-1955 • 337,000 15,000 1938-1947 60.000 8,000 r13,250 40,000 1936-1945 50.000 185,000 14,500 3-14 yrs. 6,000 1937-1946 137,900 1947 '16,500 1936-1946 21.000 1937-1948 12,000 1937-1946 72,000 1936-1955 373.000 275,000 1936-1938 4,500 4,000 2-7 yrs. 29,000 1936-1940 120,000 1938-1945 20,000 1936-1946 430.0001 1946-1960 570.000( 1937-1951 615,000 1938 ,000 1936-1947 25,000 731,000 1937-1945 674,000 1936-1945 r149.49.1 1937-1945 35,000 1939-1964 30,000 2-20 yrs. 30,000 1937-1952 19,000 1939-1954 160,000 120,000 Price 100 100.12 97.25 107.619 100.33 110 100 100.785 100.32 Basis 4.00 100.343 101.139 100 100.013 100 100 100 103.11 2.65 3.63 3.00 3.74 4.00 4.50 5.00 3.36 "al 3.43 4.67 3.45 Yoi 100 6.00 100.173 2.97 100.16 3.97 101.59 3.68 100.126 3.68 100.2118 3.46 97.55 4.29 100 3.00 99 100.109 2747 101.26 2.25 100.0039 101.874 100 103.33 100.27 99.79 97.927 100.567 100 Koo 3..(35 2.29 2.33 3.95 4.00 104.15 3.5Z 100.031 --Total bond sales for September (232 municipalities, covering 251 separate issues) 8147,594,804 d Subject to call in and during the earlier years and to mature in the later year. k Not including 678,929.'100 temporary loans or funds obtained by States and municipalities from agencies of the Federal Government. r Refunding bonds. The following items included in our totals of long-term sales for previous months should be eliminated from the same. We give the page number of the issue of our paper in which reasons for these eliminations may be found. (There were no such eliminations during September.) We have also learned of the following additional sales for previous months: Page Name Rate 1628 Big Horn County, Mont 4 1633 Coleman County Commissioners' Precinct No. 2, Texas 434 1626 El Dorado S. D .Kan 3 1831 Eugene, Ore 334 1631 Klamath Falls, Ore 4 1628 Lincoln Park, N..7 4 2153 Longview S. D., Texas 1627 Montivideo, Minn 334 1834 Okanogan Co.S.D.No. 19, Wash.4 1630 Potsdam, N.Y 3.10 1833 Robertson Co.R.D.No.5,Texas 434 1630 Roanoke Rapids, N. C 434 1631 Springfield, Ohio 434 Maturity Amount 4100,000 1936-1951 1936-1950 1936-1945 1938-1950 1936-1949 750,000 198,500 7'113,000 r182,598 100,000 15,000 12,000 60,500 138,000 r42,000 12,000 122,000 1938-1939 2-20 yrs. 1937-1955 1936-1953 Price Basis 96.51 100.03 100.38 3.50 3.74 3.95 100 100 100.10 3.50 4.00 3.09 105.68 All of the above sales unless otherwise noted are for August. These additional issues will make the total sales (not including temporary or RFC loans) for that month $65,643,316. CANADIAN MUNICIPAL FINANCING IN SEPTEMBER Name Rate Maturup Amount Price Bans Barrie, Ont 5 1938-1950 843,853 Canada (Dominion of) 1.36 ..,. *15,000,000 Canada (Dominion of) 1 287 Dec.15'35•20,000,000 Canada (Dominion of) 134 1 year 45,000,000 1:6ii Canada (Dominion of) 2 3 years 90,000,000 2.25 Port Stanley,Ont a 1955 20,000 102.20 4.81 Prince Edward Island (Pray. of) 3 10 yrs. 200,000 99.58 3.05 Total of Canadian bonds sold during September.. 8135,263,853 •Temporary loan, not included in total sales for month. Page 1634 2154 1816 1978 1976 2154 18113 RECONSTRUCTION FINANCE CORPORATION Bids Received on 35 Municipal Bond Issues Taken Over from P WA-At the offering on Oct. 10 of the total $6,002,500 municipal bonds taken over by the above Corporation from the holdings of the Public Works Administration-V. 141, -we are informed that bids were received on more p. 2305 than $5,500,000 of these bonds, representing 35 of the 40 issues put up for sale. None of the bids were accepted at the time of the offering because of the absence of Jesse H. Jones, chairman of the Corporation. An outstanding offering was the $2,756,000 Newark, N.J.,4%% railway construction bonds, Series A and B, on which five bids were received, with Lehman Bros. and associates the highest bid, offering a price of 108.177. The following is a summary of the bids received: $ 339,000 Long Beach City High School District, California. 4% general -Three bids from $985.22 to $1,006.44. The obligation bonds highest by Anglo California National Bank, San Francisco, and associate:. 2463 J1 DIRECT WIRE I One Wall Sheol NEW YORK $894,000 Long Beach City School District, California, 4% genral obligation bonds-Three bids from $985.22 to $1,007.35. The highest by Anglo California National Bank, San Francisco, and associates. 18,000 Orange County Harbor District of Orange County, Calif.. 4% harbor district bonds, 1934 -Four bids from $1,029 to $1,077.71. The highest by Anglo California National Bank. San Francisco. 67,000 Santa Ana, Calif., 4% City Hall bonds-Five bids from $1,000.25 to $1,075.10. The highest by R. H. Moulton & Co., Inc., New York City. 6,000 Limon, Col., 4% waterworss Improvement bonds -Four bids from $966.70 to $1,002.70. The highest by Brown, Schlossman, Owen & Co., Denver. 0 municipal golf course 7 5,000 Waterbury, Conn., 4 bonds -Four bids from $1,000 to $1.104.44. The highest by Rutter & Co.. New York City. 41,000 Elmhurst. Ill., 4% water revenue bonds -One bid of $900.70 by Lewis Pickett & Co., Chicago. 40,000 Fairbury, 111., 4% water revenue bonds -One bid of $801.20 by Lewis Pickett & Co., Chicago. 23,000 Westmont, 111., 4% water revenue bonds -One bid of $922.30 by Lewis Picsett & Co., Chicago. 120,000 Hammond, Ind., 4% waterwor-s revenue bonds -Eleven bids from $1,005.10 to $1,033.60. The highest by Watling, Lerchen & Hayes, Detroit. 72,000 La Porte, Ind., 4% waterworns revenue bonds -Eight bids from $1,003.10 to $1,032.60. The highest by A. C. Allyn & Co.. Chicago. 72,000 Eltzabethtown, Ky., 4% sewer revenue bonds -One bid of $986.26 by Stein Bros. & Boyce, Louisville, and associates. 27,000 Bel Air, Md., 4% sewerage system bonds-Three bids from $1,000 to $1,032.57. The highest by Mercantile Trust Company. Baltimore. $0,000 Ann Arbor, Mich., 4% sewerage revenue bonds -Three bids from $1,013.50 to $1,044.19. The highest by Watling, Lerchen & Hayes, Detroit. 35,500 Ionia, Mich.. 4% waterworks improvement bonds -Four bids from $1,006.50 to $1,021.10. The highest by Martin Smith & Co., Detroit, Mich. 2,756,000 Newark, N. J., 434% city railway construction bonds, Series A and Series B-Five bids from $1,056.20 to $1,081.77. The highest by Lehman Brothers, New York City, and associates. 125.000 Central School District No. I of the towns of 13roadaibin, Mayfield and Perth, Fulton County and Providence, Saratoga County, N. k.. 4% school bonds -Nine bids from $1,006 to $1.061.39. The highest by Manufacturers and Traders Trust Company, New York. 75,000 Geneva, N. Y., 4% special appropriation bonds -Seventeen bids from $1,042.19 to $1,103.70. The highest by Roosevelt & Welgold, New York City. 100,000 Union Free School District No. 25 of Hempstead. N. Y., 4% school building bonds-Nine bids, from $1,005.70 to $1,039. The highest by Phelps Fenn & Co., New York City. 9.000 Saranac Lake, N. Y., 407, water bonds of 1934-Eight bids, from $1,003 to $1,030 The highest by Dobbs Ferry Bank, Dobbs Ferry, N. Y. 47,000 Ashville, Ohio, 4% first mortgage serial waterworks bonds One bid of 81,005.35 by Johnson Kase & Co., Cleveland, Ohio. 116,000 Massillon, Ohio, 4% Ohio Canal improvement bonds-Five bids from $975.80 to $1,026.80. The highest by Paine Webber & Co. and associates, Cincinnati, Ohio. 40,000 McArthur, Ohio, first mortgage 4% serial waterworks revenue bonds -One bid of $955 by G. Parr Ayers & Co., Columbus, Ohio. 87.000 Monroeville Village School District, Ohio, 4% school improvement bonds -Three bids from $1.001.74 to $1,010.6705. The highest by G. Parr Ayers, Columbus, Ohio. 9.500 Mount Sterling, Ohio. 4% first mortgage serial waterworks revenue bonds -One bid of $1,022.70 by Mitchell lierrick & Co., Cleveland, Ohio. 9,500 New Carlile, Ohio,4% first mortgage serial waterworks revenue -One bid of $1,028.90 by Mitchell Berries & Co., Clevebonds land, Ohio. 33,000 Pataskala, Ohio, 4% first mortgage waterworks revenue bonds -One bid of $975 by Slier, Caroenter & Roose, Toledo, Ohio. 14,500 Worthington, Ohio, 4% mortgage waterworks revenue bonds Four bids from $1,005 to $1,103.67. The highest by Pace. Brooshouse & Lindenberg, Columbus, Ohio. 18.000 School District of the Borough of Stoneboro, Pa.. 4% school bonds, Series of I934 -Four bids from $975 to $1,015.11. The highest by Singer, Dean & Scribner, Pittsburgh, Pa. 67.000 Miner County. S. D., 4% court house bonds-Three bids from $1,001.2835 to $1,010.70. The highest by First National Bank, St. Paul, and associates. , 25,000 Bradley County, Tenn., 4% jail bonds -One bid of $990 by W. N. Estes & Co.. Inc., Nashville, Tenn. 17.000 Shelby County, Tenn., 4% county institutions bonds -One bid of $1,035 by Union Planters National Bans and Trust Company, Memphis, Tenn. 58.500 Spanish Fork City, Utah, 4% waterworks improvement revenue bonds -One bid of $963.50 by Brown, Scherman, Owen & Co., Denver, Col. 100,000 Tacoma, Wash., 4% water bonds of 1934 -Twelve bids from $1,011.50 to $1,035.446. The highest by National Bank of Commerce. Seattle, Wash. In the offering of $35,000 Seymour, Wisconsin, 4% water works mortgage bonds, one bid of $970 was submitted by Channer Securities Company, Chicago, Ill. RECONSTRUCTION FINANCE CORPORATION Loans Made to Districts-The following is the text of a statement made public by the above Corporation on Oct. 4: Loans for refinancing an irrigation district in California and a drainage district in Louisiana, aggregating $13,308,000.00, have been authorized by Reconstruction Finance Corp. This makes a total to date of $115,712,095.77 authorized under the provisions of Section 36 of the Emergency Farm Mortgage Act of 1933, as amended. The districts are: Imperial Irrigation District, Imperial County, Calif.: Refinancing $11,348,500 Rehabilitation 1,950,000 $13,298,500 Board of Commissioners to the St. Landry Gravity Drainage Dist. No. 14, St. Landry Parish, Louisiana 9.500 The refunding loans are based on deposit of 100% of the outstanding indebtedness. If less than 100% is deposited, the amounts authorized are automatically decreased. PUBLIC WORKS ADMINISTRATION Additional Federal Fund Projects Approved by President The following statement (Press Release No. 1604) was made public by the above-named Federal agency on Sept. 28: Financial Chronicle 2464 Public Works Administrator Harold L. Ickes announced to-day that the President has approved 3,340 additional Public Works Administration projects and has allotted an additional $200,139,037 in grants representing a governmental contribution of 45% toward the total cost of the projects. PWA now has received grant allotments amounting to $316,358,296 for 3,962 projects under the $4,000,000.000 work-relief program. More than half of the grant allotments in the $200,000,000 list just approved by the President are for buildings, with schools predominating. The $200,139,037 in grants will be supplemented by loans from the PWA revolving fund amounting to $88,701,481. Of the 3,340 new PWA projects. 1.931 are schools, 139 hospitals, 120 disposal plants, 385 waterworks, 155sewer systems and extensions to sewers, 77 electric power plants, 12 gas plants. 56 highways. 86 city streets, 27 municipal buildings, 11 libraries and 28 charitable and penal institutional buildings. Warning Issued to Communities on Federal Aid Projects— The following communication (Press Release No. 1645) was made public on Oct. 2 by the above Federal agency: Determined that there shall be no delay in PWA's part in the $4,000,000,000 work relief program. Public Works Administrator Harold L. Ickes today warned communities that have received allotments that the President's orders must be observed to the letter and that procrastination will not be tolerated. PWA .projects which are not under way by Dec. 15, the outside date fixed by the President, will be canceled forthwith and recommendation made for allocation of the money to some other community which is in a position to meet the requirements. Administrator Ickes said: Any community which is not ready to meet the conditions laid down by the President must be dealt with summarily. No excuses can be accepted by PWA. I have instructed our State Directors to report to Washington immediately any community which is not conforming to the President's stipulations. "Upon the basis of such a report, I will not hesitate to recommend to the President rescission of the allotment. I have told the PWA State Directors who met in Washington a few days ago that we must treat delays with ruthlessness. We can well afford to do this because PWA has on file thousands of good projects which can and will be substituted for projects in communities which lag and retard the program." The Administrator made it clear that from now until Dec. 15 PWA will exercise a constant threat to rescind allotments in any instance of slowness on the part of a recipient to comply fully with the President's orders. PWA machinery has been geared to handle expeditiously that part of the Works-Relief program which has been assigned to it. Communities which have received allotments already have been notified of the necessary formal steps which must be taken befLre loan and grant cash is transferred. As quickly as the Treasury Department makes PWA allotments available. the Government will make offers covering terms which should be accepted by the local communities without delay. Failure of local communities to sign these contracts, advertise for bids and let construction contracts so that actual construction work may be started by Dec. 15 will result in cancellation of the allotment. There are on file in Washington thousands of good PWA projects for which funds are not now available. Those which meet PWA requirements will be substituted for projects already approved and announced but which fail to comply with public works regulations or the President's demand for speed. News Items and Municipal Statistics Analyzed—An interesting booklet containing the latest available financial statement of the Dominion of Canada, of each of the nine provinces and of the ten larger cities, has just been issued by Wood, Gundy & Co. Ltd. The booklet, entitled "Canadian Government and Municipal Statistics," also contains ten-year comparative statistics. This booklet is a handy reference for investors of securities. Florida—State Supreme Court Points Out Municipal Bond Readjustments Properly Belong in Federal Courts—Bankruptcy proceedings sought by municipalities in order to rehabilitate their financial affairs properly belong in Federal courts, not State courts, it was pointed out by the State Supreme Court in an opinion handed down on Oct. 4, in a case involving the City of Kissimmee, who had sought to distribute debt service funds on a pro rata basis when funds to pay in full were not available, contrary to a ruling handed down in a similar case some time ago by the high court. An Associated Press dispatch from Tallahassee on Oct. 4 had the following to say in the matter: Canada, Dominion of—Government Florida municipalities were told to-day by the Supreme Court that if they cannot pay their bond obligations they must, go into Federal—not State—courts to prove bankruptcy and obtain permission for partial payments. The Court re-affirmed its "first-come-first-served" doctrine of distributing bond tax collections, and said in substance that taxing units may be required to levy sufficient taxes to pay their obligations, or else prove in the Federal courts that they are bankrupt and should be allowed to make pro rata payments when collections are not sufficient to pay in full. Justice Fred IS. Davis wrote the opinion in a case appealed by the City of Kissimmee. Justice Armstead Brown dissented. Kissimmee made a tax levy and provided that collections should be distributed on a pro rata basis among its creditors, if funds were not available to pay all claims in full. The Ben Hur Life Association, a bondholder, obtained a writ of mandamus requiring full payment of its bonds, so long as funds were available, and the city appealed when it lost, in the lower court, an effort to have the insurance company's action set aside. "If the City of Kissimmee," said the Supreme Court in affirming the lower court's holding, "has in fact become bankrupt so that it can now do no more for the benefit of its creditors than make payments to its bond and coupon holders on a pro rata basis by means of the tax resources it has available, its appeal for relief from the law's requirement of full payment in such a situation must be addressed to a United States District Court sitting in bankruptcy, in accordance with the Constutition of the State and any applicable acts of Congress, passed pursuant thereto. "State courts have no power to make judicial innovations in long established and declared legal principles concerning creditors' rights and privileges under which municipal bonds have been heretofore proposed. issued and sold pursuant to legislative authority. And any attempts on their part so to do would, in the end, be of little value to the favored municipality litigant, since it would tend ultimately to destroy all credit of all the municipalities of Florida by putting solvent municipalities as well as those that are insolvent, on an identical basis, namely a bankruptcy basis, in order to deal with some exceptional instance that might in fact entitle that particular defendant to invoke and have the protection of bankruptcy privileges, if appropriately sought in the proper tribunal. -Therefore, until a municipal corporation is duly adjudicated a bankrupt by competent authority under the laws of Congress enacted to that end. State courts of law are powerless to apply, to the decision of cases involving the enforcement of the valid debts of such corporations, rules of pro rata distribution of available resources that are only appropriate to being applied in cases of bankruptcy on the debtor's part." Florida—Municipal Bondholders' Protective Committee Announces Distribution—The following statement was furnished to us by H. A. Dunn, Secretary of the above Committee: The Florida Municipal Bondholders' Protective Committee announces that it has made a distribution to the depositcrs of bonds issued by the Oct. 12 1935 cities of Arcadia, Clearwater, Fort Myers, Fort Pierce, Melbourne,Palatka, Vero Beach,and the Town of Perry, which were on deposit on Sept. 281935. Refunding agreements have been executed by the Committee and the Cities of Clearwater, Lake Wales, Melbourne and Sarasota. The members of the Committee are: John S. Harris, chairman; B. .1. Van 'wen, Vice-chairman: T. V. Buckwalter; C. T. Diehl; A. S. Huyck, E. .1. Marshall and J. J. Shambaugh, Harry A. Dunn, 406 Mildebrandt Building, Jacksonville, Florida, is Secretary. Illinois—Issuance of Tax Tokens by State Upheld—Superior Judge Charles A. Williams on Oct. 2 ruled that the State was within constitutional bounds when it issued sales tax tokens, according to the Chicago "Tribune" of Oct. 3. He is reported to have refused to issue a temporary injunction restraining the Walgreen Co. and Director of Finance K. D. Ames, Jr., from issuing and distributing the tokens. It had been asserted that the Federal Constitution forbids States to coin money. Judge Williams permitted a direct appeal to the Illinois Supreme Court. Indiana—Instalment Sales Act Voided as Unconstitutional —According to word received by the General Motors Acceptance Corporation,a three judge constitutional court on Oct.3 declared unconstitutional the Retail Instalment Sales Act which attempted to control finance company rates and the operations of finance companies, automobile dealers and dealers in other commodities sold on instalment credit. A news dispatch from Chicago to the "Wall Street Journal" of Oct. 4 reported on the court decision as follows: Three Federal Court judges sitting in South Bend, Ind., yesterday held unconstitutional the Indiana Retail Instalment Sales Act in a test case brought by General Motors Acceptance Corp. and the McHenry Chevrolet Co. of Indianapolis. The ruling granted a permanent injunction against enforcement of the law. The Act attempted to control finance company rates and the operations of finance companies, automobile dealers and dealers in other commodities sold on instalment credit. The statute undertook not only to regulate rates, which the plaintiffs but also to control competitive asserted constituted illegal price-fixing' situations between finance companies themselves. The Constitutional Court, hearing the case, consisted of Federal Circuit Judge George T. Page, of Chicago, Federal District Judge Thomas W. Slick of South Bend, and Federal District Judge Patrick T. Stone of Madison, Wis. It unanimously held the statute unconstitutional and void and void in its entirety. Los Angeles County (P. 0. Los Angeles), Calif.— Note Issuance Contemplated—The following report is taken from a Los Angeles dispatch to the "Wall Street Journal" of Oct. 10: Due to increased cost to the county of welfare relief during 1935 and depleted state of county reserve funds, precluding further borrowing from that source, Los Angeles County is preparing to issue between $3,000,000 and $3,500,000 in tax anticipation notes in order to cover county expenditures for the final quarter of the current year. Due to the length of the period between the close of the county's fiscal year July 1 and the following tax collection date Dec. 5 the shortages during the last quarter of the calendar year have been recurrent but have previously been met by borrowing from reserve funds. Notes will probably be offered about Oct. 28. Under Assembly Bill 1264 passed at the last session of the State legislature the county may issue tax anticipation notes to meet such emergencies to the extent of 50% of its current tax levy. Louisiana—New State Laws Become Effective—A press dispatch from Baton Rouge on Sept. 30 reported as follows on the more important of the Acts passed by the recent special session of the State Legislature, scheduled to go into effect on the following day: The Acts passed at the recent special session of the Louisiana Legislature become effective at noon to-moirow, but the most important of the group has been relieved of much of its purported force by a ruling of AttorneyGeneral Gasto L. Porterie. Some of the principal Acts passed by the Legislature follow: Making it a criminal offense, punishable by mandatory prison sentence and fine, for any person to spend Federal money in Louisiana for purposes not specifically authorized under the United States Constitution. Authorizing the Governor and the Attorney-General to sue in the United States Supreme Court to determine the right of the Federal Government to spend money in Louisiana through various bureaus and agencies. Returning to New Orleans city government about half the $2,000,000 taken from the city in attempts to force Old Regulars to support the State administration. Authorizing the boards ofelection supervisors,controlled by the Governor, to fix electior precinc,s in primary as well as general elections. Repealing an appropriation of $2,250,000 from the State general fund made to the public schools fund for distribution to the parishes. Giving the Louisiana Highway Commission authority to control all highway construction in the State, regardless of whether carried out by local police juries or under the Works Progress Administration. Re-arranging the 13th and 15th Judicial Districts to leave Evangeline Parish in a district by itself with the Governor empowered to appoint a district judge and district attorney, and placing St. Landry Parish in a district with Acadia, Lafayette and Vermilion, transferring Judge B. H. Pavy to the district and making District Attorney R. Lee Garland of the St. Landry-Evangeline district assistant district attorney in the 15th district. Abolishing one of the judges of the East Baton Rouge District Court to be effective at the end of the present term. Dec. 311936. Requiring all machine guns and gas bombs and unsusual weapons to be registered with toe State Bureau of Criminal Identification and Investigation. As the new laws become effective at noon Tuesday, there was every Indication that no attemot would be made to push the State's rights issues raised by them. Attorney-General Porterie has already ruled that Federal payments in Louisiana through tne Agricultural Adjustment Administration are constitutional. Massachusetts—Addition to List of Legal Investments— An issue of $49,000,000 Detroit Edison Co. 4% general and refunding mortgage bonds, series F, due on Oct. 1 1965, has been added to the list of bonds legal for savings banks in Massachusetts. Mississippi—Special Session Convenes to Consider Social Security and Highway Bonds—The State Legislature convened in special session on Oct. 1 on call of Governor Sennett Conner to begin consideration of a series of social security bills intended to give financial aid to the needy aged, "unemployables," blind and lame, and destitute mothers and children, according to Jackson advices of that date. It is said that the Governor also proposed the issuance of $12,000,000 in highway construction bonds and the reduction of the State's five-mill general property levy to three mills, or its total elimination. New York City—Court Promises Early Ruling in Municipal Power Suit—It was stated by the presiding justice of the Ap- Volume 141 Four Appellate Division justices listened for 2X hours yesterday afternoon to oral arguments on the city's appeal from the recent decision of Justice Edward S. Dore, of the Supreme Court, barring from the ballot in November election Mayor F. H. LaGuardia's referendum on the proposed $45,000,000 municipal power plant. Argument on the appeal had been postponed until yesterday from last Thursday after Presiding Justice Francis Martin had announced that three of the four associate justices sitting with him felt themselves disqualified to pass upon the merits of the case. Last Thursday, Justices James O'Malley, Alfred H. Townley, Edward J. Glennon and Irwin Untermeyer were present. Justices Edgar S. K. Merrell and John V. McAvoy were out of town on vacation When the Court convened yesterday those healing the argument besides the Presiding Justice were Justices Merrell, Glennon and Townley. Joseph M. Proskauer Leads Opposition Joseph L. Weiner, Assistant Corporation Counsel, argued the appeal. He was opposed by Joseph M. Proskauer, a former justice of the Appellate Division and counsel now for the New York Edison Co. and other interests of the Consolidated Gas System opposed for the referendum. At the conclusion of the argument Justice Martin promised that the Court would announce its decision in "a very short time.' • Both sides agreed to submit the case to a fifth justice in the event that the four sitting yesterday became deadlocked. The burden of the argument centered around the city's right to create an authority to issue securities to finance construction of a municipal power plant without pledging the city's credit as backing. Mr. Weiner contended that the enabling act of the Legislature gave the city the right to set up such an authority, while Mr. Proskauer argued that the purpose of the State statute was to forbid "just this type of wildcat financing." New York State—Mayors' Conference Committee to Combat Attempted Restriction on Real Estate Taxation—The following report on the determination of the Mayors in the State to resist any attempt to enforce cities to keep their future gross expenditures within the constitutional limitation of 2% of the real estate• assessed valuations is taken from the New York "Herald Tribune" of Oct. 8: The advisory committee of the State Conference of Mayors at a meeting yesterday in the office of Mayor F. H. La Guardia in City Hall resolved to combat the efforts of real estate interests to put the cities of the State in "financial straitjackets." Pending legislation in the State Legislature, which has the badking of real estate associations throughout the State would compel cities to keep their gross expenditures within the constitutional limitation of 2% of the real estate assessed valuations. At present the cost of debt service (interest and amortization of the city debt) is exemptfrom the 2% limitation. Mayor La Guardia agreed with his colleagues from other cities that the proposed extension of the limitation would be "ruinous" as it would bring about in the State a tax deficit of $148,000,000. If expenditures, including debt service, were included within the 2% limitation, it was pointed out. scarcely a city in the State would be able to maintain its regular departments. In New ork, for example operating expenses of city departments require the full tax levy permissible under the 2% limitation; that is, real estate taxes up to 2% of the assessed valuations. These operating • expenses, therefore, would have to be curtailed nearly $160,000,000 (the total of the debt service) if the extension of the debt limit were effected. New Jersey—Statistical Hand Book for Municipal Bonds Revised—Ira Haupt & Co. of New York,have just issued the third edition of their statistical handbook for municipal bonds in New Jersey, dated as of Sept. 1935. In the preface to the booklet it is pointed out that three improvements have been made in the method of compiling these statistics, from those used in previous editions of this booklet. In response to the demand, according- to Ira Haupt & Co., Moody's ratings have now been included with the other pertinent information, which includes gross and net debt, assessed valuations as of 1935, percentage of debt to average assessed valuation, &c. • Tennessee—Financial Statistics Compiled on Municipalities—The Nashville Securities Co. of Nashville are offering for distribution the second annual edition of their booklet "Tennessee Municipal Statistics," in which will be found financial reports of all bond issuing municipalities of the State. Other information of value in determining the merits of the bonds of the various counties, cities and towns in the State are also shown, including: assessed valuation figures; basis of assessment; total bonded debt; net bonded debt; floating debt; tax rates; tax collections; ratio of debt to assessed valuation; net per capita debt; combined public debt, total and net, county by county, ratio to assessed valuation, and per capita; miscellaneous information about counties of an economic nature. Texas—New Extra Session Called—Governor James V. Allred on Oct. 9 announced a second special session of the State Legislature will be called Oct. 16 to consider a chainstore tax, old-age pensions and taxation legislation, according to Austin advices. It seems likely that a liquor licensing system, limited to package sales, will be approved in the present session, it is said. United States—Folder Gives Financial Statistics of 50 Largest Cities—The important financial statistics of the 50 largest cities in the country are shown in the October circular just issued by Estabrook & Co. of New York. The greater portion of the review is devoted to municipal finances with the statistics mentioned arranged in a tabular form to readily acquaint the reader with such pertinent items as: assessed valuation, gross and net debt, debt ratio, population, and tax collection records for the past three years. Wisconsin—Governor Signs Social Secruity Act—The State Social Security Act, setting up a new plan of administering State-financed pensions for the aged,the blind and for widows and crippled children, was signed on Oct. 8 by Gov. Philip F. La Follette, according to Madison news dispatches. The counties will administer the payment of pensions, with supervision by a State pension board of three members. After the Act becomes law, County Judges can start granting old-age pension applications, toward which the State 2465 Financial Chronicle pellate Division on Oct. 8 that a decision in the suit brought against the proposed referendum on the contemplated city power plant would be given as soon as possible, according to the New York "Herald Tribune" of Oct. 9, from which we quote in part as follows: will contribute $2,500,000. The age limit of 65 years is fixed, but the amount the pensioner will receive will be determined by the administrators. OFFERINGS WANTED Arkansas-1111nols—Missouri—Oklahoma MUNICIPAL BONDS FRANCIS, BRO. 61 CO. ESTABLISHED 1877 Investment Securities Fourth and Olive Streets ST. LOUIS Bond Proposals and Negotiations ARIZONA MARICOPA COUNTY SCHOOL DISTRICT NO. 79 (P. 0. Litchfield Park), Ariz.—BONDS SOLD—It is reported that a $7,000 issue of school bonds has been sold in connection with a Public Works Administration project. MOHAVE COUNTY (P. 0. Kingman), Ariz.—FINANCIAL STATEMENT—Thefollowing statement has been prepared by Bosworth,Chanute, Loughridge & Co. of Denver in connection with an offering to investors of $17,000 county bonds: PER Financial Statement (as of Sept. 1 1935) $12,061,607.66 Assessed valuation, 1935 $476,083.41 Total bonded debt Sinking fund, cash 121.779.04 354,304.37 Net bonded debt $90.000.00 Warrant debt (oldest dated May 2 1935) Population, 1920 Census, 5,259: 1930 Census, 5,572. The above statement does not include the debt of other policitical subdivisions which have power to levy taxes upon the property within the County. ARKANSAS ARKANSAS, State of—REPORT ON REFUNDING OF ROAD DEBT —A Little Rock dispatch of Oct. 2 had the following to say regarding the near completion of the highway debt refunding program undertaken by the State: "As of Sept. 30, the Arkansas Refunding Board had refunded $149,817,192 of highway debt,leaving $5,966,474 unrefunded, Supervisor James Goff reports. The final report will be made Saturday on redemption account, balances to be available Tuesday for purchase of highway obligations, as provided in Act 11 of 1934. 'The Board authorized refunding of $10,000 of series B improvement district bonds and deferred until Tuesday action on $100,000 claim of the Kansas City Bridge Co., as cost of replacement of a dynamited highway bridge. Attotney-General Carl Bailey, Comptroller Griffin Smith and Bank Commissioner Marion Wasson were directed by the Board to confer at New York with bondholders' representatives relative to payment of series B refunding bonds, which cover delinquent and deferred interest and range from few cents to several dollars. The State's fiscal agent has demanded an additional fee for this service, and if no agreement is reached, payment may be made by State Treasurer Earl Page. Bond purchases completed have resulted in the saving of $1.373,872 principal, exclusive of interest reduction. Estimates are that $600,000 to $750.000 will be available for Tuesday's bond purchases." POPE COUNTY (P. 0. Russelville), Ark.—BOND REFUNDING ENJOINED—Refunding of Pope County court house and jail bonds totaling $144,000, under provisions of a contract made with a Little Rock firm in November 1934 by County Judge M. L. Turnbow, is restrained by a decision by A. S. Hays, sitting as Chancellor. Judge Hays held that, since the Pope County Quorum Court never had levied the maximum five-mill levy 'allowed for financing the building of court houses and jails, the bonds could not be refunded. The demurrer was granted in the case of A. H. Talkington and A. J. Mathews. The defendants contend that the present three-mill levy is inadequate and that a five-mill levy, in view of the circumstances, also would be inadequate. . The 1931 Quorum Court levied 1% mills for retirement of the bonds in 1932 the levy was raised to two mills, and in 1933 raised it to three mills. Attorneys for the plaintiff contended that only the first levy is legal, but the Court ruled against them. The case will be carried to the Arkansas Supreme Court. CALIFORNIA BURLINGAME SCHOOL DISTRICT (P.O. Redwood City), Calif.— BONDS VOTED—At an election held on Oct. 1 the voters are said to have approved the issuance of the $48,000 in school bonds by a vote of 963 to 607. BURNS VALLEY SCHOOL DISTRICT (P. 0. Lakeport), Calif.— BOND OFFERING—It is stated by W. M. Patterson, County Clerk, that he will receive sealed bids until 10 a. m. on Oct. 15, for the purchase of a $16.500 issue of 4% school bonds. Denom. $500. Dated Oct. 1 1935. Due on Oct. 1 as follows: $1,000 from 1936 to 1951, and $500 in 1952. Prin. and int. (A & 0) payable at the County Treasurer's office. Legal opinion will not be furnished by the county. A certified check for 10% of the amount bid is required. (A preliminary report on this offering appeared in these columns recently—V. 141, p. 2142.) CALIFORNIA, State of—WARRANT SALE—A $2,000.000 issue of 4% registered State warrants is reported to have been purchased on Oct. 2 by a syndicate composed of Schwabacher & Co. of San Francisco; Blyth & Co. of Los Angeles; Dean Witter & Co., of San Francisco; R. H. Moulton & Co., of Los Angeles; Weeden & Co., William Cavalier & Co., Stone & Youngberg, Conrad, Bruce & Co., Donnellan & Co., Brush, Slocumb & Co. Mitchum, Tully & Co., all of San Francisco; Shaw, Glover & Co.. of Lot; Angeles, and Gibbons, Newlands & Hess, of San Francisco, paying a premium of $5,000, equal to 100.25. CLOVERDALE UNION HIGH SCHOOL DISTRICT ( P.O. Santa Rosa), Calif.—BOND OFFERING—Sealed bids will be received until Oct. 15. by Walter H. Nagle, County Clerk, for the purchase of a $31.000 Issue of 33i% semi-ann, school bonds. Dated Sept. 30 1935. Due in from 5 to 20 years. These bonds were approved by the voters at an election held on Aug. 20. FALLBROOK UNION HIGH SCHOOL DISTRICT, Calif.—BOND ELECTION—A proposal to issue $35.000 school building bonds will be submitted to a vote of the people at an election called for Oct. 15. HILLSBOROUGH, Calif.—BOND SALE—The $45,000 5% sewer bonds offered on Oct. 1-11. 141. p. 2142—were awarded to Schwabacker & Co. of San Francisco, IMPERIAL COUNTY (P. 0. El Centro) Calif.—INCREASE IN ASSESSED VALUATION—The assessed valuation of the county increased from $38.749,159 for 1934-35 to $44,837,584 for 1935-36, a gain of 15.71%. according to figures just received by Samuel B. Franklin, of Gatzert Co. of Los Angeles. Complete statistical data on Imperial County is said to be available at the office of the above company. INGLEWOOD HIGH SCHOOL DISTRICT, Calif.—BOND ELECTION—An election will be held on Oct. 15 to vote on the issuance of $165,000 high school building bonds. KERN COUNTY (P. 0. Bakersfield), Calif.—BOND ELECTION NOT HELD—In connection with the report that appeared in these columns early in July, to the effect that an election was being considered for a vote on the proposed issuance of $450,000 in county building bonds, it is stated by the Deputy County Clerk that no election was ever held. 2466 Financial Chronicle LOS ANGELES, Calif. -CONFIRMATION SOUGHT ON P WA ALLOTMENT -In connection with the report given in these columns recently that a loan of $4,450,000 for county building construction had been approved by the Public Works Administration, it is stated by the Local Coordinator for the PWA that official word of approval on the project has not been received as yet from Washington. LOS ANGELES, Calif. -CONFIRMATION -Robert Dominguez, City Clerk, confirms the report given in these columns recently-V. 141. p. 2143 -to the effect that an election will be held on Oct. 29 in order to vote on the issuance of $22,799,000 in power bonds, with which to refund a Reconstruction Finance Corporation loan for construction of the Boulder Canyon transmission line. ORANGE COUNTY SCHOOL DISTRICTS (P. 0. Santa Ana), Calif. -BOND OFFERING-Sealed bids will be received until 11 a. in. on Oct. 29 by J. M. Backs. County Clerk, for the purchase of two issues of bonds, aggregating $115,000, divided as follows: $85,000 Brea-Olinda Union High School District bonds. Due as follows $4,000 from 1936 to 1950; $5,000, 1951 to 1955, all inclusive. 30,000 Brea School District bonds. Due $3,000 in each year from 1936 to 1945, inclusive. Interest rate not to exceed 5%,payable semi-annually. Denom. $1,000. Dated Oct. 1 1935. Legality to be approved by O'Melveny, Tuner & Myers of Los Angeles. A certified check for 3% of the par value of the bonds bid for, payable to the County Treasurer, is required. The total valuation of tablable property within Brea-Olinda Union High School District in said County of Orange is Eleven Million Eight Hundred Forty-eight Thousand Seven Hundred Fifty Dollars ($11,848.750) and that the total amount of the outstanding bonded indebtedness of said school district is Two Hundred Forty-eight Thousand dollars ($248.000). The total valuation of taxable property within Brea School District of said County of Orange is Nine Million Three Hundred Forty-seven Thousand Seven Hundred Twentyfive dollars ($9,347,725) and that the total amount of the outstanding bonded indebtedness of said school district Is Thirty Thousand dollars ($30,000). SACRAMENTO, Calif. -BOND ELECTION RECOMMENDED -It is said that the City Managaer has recommended that a total of about $1.000,000 in bonds be submitted to the voters at the general election in November. If these bonds are approved by the voters it is understood that they would not be offered for sale unless Public Works Administration applications are approved. SACRAMENTO, Calif. -BOND ELECTION -Two bond issues will be submitted to voters on Nov. 5. One issue for $375,000 is for water system Improvements and the other, a $100,000 issue, is for sewer extensions. The Government already has approved these projects with a total grant of $381,630, which need not be repaid. SACRAMENTO CITY HIGH SCHOOL DISTRICT, Calif. -BOND ELECTION -An election will be held Oct. 22, to vote on a $485,000 bond Issue for building and improvements in schools. Bonds are of $1,000 denomination each and bear 4% interest. SACRAMENTO JUNIOR COLLEGE DISTRICT, Calif. -BOND ELECTION -An election will be held on Oct. 22, to vote on a $300,000 bond issue. These bonds are of $1,000 denomination and bear 4% interest. SAN FRANCISCO (City and County) Calif. -BOND OFFERING Sealed bids will be received by J. S. Dunnlgan, Clerk of the Board of Supervisors, until 3 p. m.on Oct. 14,for the purchase of two issues of bonds aggregating $858,000, divided as follows: 5600,000 47 water distribution bonds of 1933. Due on Dec. 1 as follows: $337.000 in 1935; $14,000, 1936 to 1942, and $15,000 from 1943 to 1953, all incl. 258,0004% sewer bonds of 1933. Due $42,000 on Dec. 1 1935, and $8,000 from Dec. 1 1936 to 1962. Denom. $1,000. Dated Dec. 11933. Prin. and in (J. & D.) payable at the City Treasurer's office or at the fiscal agency in New York City. Legality to be approved by Thomson, Wood St Hoffman of New York. PALO ALTO SCHOOL DISTRICT (P. 0. Santa Clara), Calif. BOND SALE -The $14,000 issue of school bonds offered for sale on Oct. 7 -V. 141, p. 2143 -was purchased by Donnellan & Co. of San Francisco as 2.4s, paying a premium of $171.25, equal to 101.223, a basis of about 2.58%. Dated June 1 1934. Due $1,000 from June 1 1936 to 1949 incl. SAN YSIDRO SCHOOL DISTRICT, San Diego County, Calif. BOND ELECTION-Residents of the district will vote on Oct. 15 on the question of issuing $15,500 school building bonds. SIMI VALLEY UNION HIGH SCHOOL DISTRICT (P. 0. Ventura) -BOND SALE Calif. -The $22,000 issue of 4% semi-ann. school bonds offered for sale on Oct. 4-V. 141. p. 1804-was purchased by the County Treasurer,reports the County Clerk. Dated Oct. 1 1935. Due $2,000 from Oct. 1 1937 to 1947 incl. No other bid was received. TOR1FtANCE, Calif. -BONDS VOTED -At an election held on Sept. 27 the voters approved a proposal to issue $85,000 bonds for a city hall, an auditorium and a library. VISITAC1ON ELEMENTARY SCHOOL DISTRICT (P. 0. Redwood City), Calif. -BOND SALE -A $25.000 issue of 4% semi-ann, school bonds is reported to have been purchased recently by the Anglo California National Bank of San Francisco. COLORADO CARBONDALE UNION HIGH SCHOOL DISTRICT, Colo. -BONDS SOLD SUBJECT TO ELECTION -The J. K. Mullen Investment Co. of Denver has purchased $36,000 331% school building bonds subject to approval at a coming election. p• CRAIG HIGH SCHOOL DISTRICT (P. 0. Craig), Colo. -BOND SALE -It Is reported by the District Clerk that $15,000 high school construction bonds have been sold recently. GRAND LAKE SCHOOL DISTRICT (P. 0. Hot Sulphur Springs), -PRICE PAID-In connection with the sale of the $12,500 4% Colo. semi-ann. school bonds to Oswald F. Benwell of Denver, as noted in these columns last July -V. 141, p. 309 -it is stated by the District Secretary that the bonds were sold for a premium of $172.22, equal to 101.37, a basis of about 3.85%. Dated June 11935. Due from Dec. 1 1936 to 1954. HUERFANO COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Walsen-BOND ELECTION POSTPONED-The Board of Education berg), Colo. has postponed election from Oct. 14 to Oct. 28 for the vote on a $69,093 bond issue for construction of a new school building. JEFFERSON COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Lake-BOND SALE -An issue of $18,500 2%% school building wood), Colo. bonds has been sold to 0. F. Benwell and Sullivan & CO. of Denver at 100.67 plus expenses. Due $2,000 yearly from 1939 to 1943 and $8,500 In 1944. KIT CARSON COUNTY SCHOOL DISTRICT NO.35(P.O. Burling-It is reported that numbers 1 to 26 of the -BOND CALL ton), Colo. • % school bonds, Issue of July 1 1925, are being called for payment at the office of the J. K. Mullen Investment Co. of Denver, on Nov. 1, on which date interest shall cease. Due on July 1 1945, optional on July 1 1935. Denom. $500. MOFFAT COUNTY SCHOOL DISTRICT NO.5(P. 0. Craig), Colo. -BONDS SOLD SGBJECT TO ELECTION -Subject to approval at an election to be held on Oct. 25 the district has sold an issue of $15.000 3,4% school building bonds to Bosworth, Chanute, Loughridge & Co. of Denver. OTERO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. La Junta), -Oct. 28 has been set as the date of an election -BOND ELECTION Colo. to vote on the question of issuing the $55,000 bonds which have been sold as reported in V. 141. p. 2308. OTERO COUNTY SCHOOL DISTRICT NO. 33 (P. 0. Swink), -BONDS SOLD SUBJECT TO ELECTION -An issue of $20,000 Colo. 3;i% school building bonds has been sold to the J. K. Mullen Investment Co. of Denver subject approval at an election to be held on Oct. 28. -BONDS VOTED OURAY SCHOOL DISTRICT (P. 0. OuraY), Colo. -The voters are said to have given their approval recently to the issuance of $22,000 in school building bonds. • Oct. 12 1935 CONNECTICUT MIDDLESEX COUNTY (P. 0. Middletown), Conn. -ISSUANCE OF $2,200,000 BONDS RECOMMENDED -The special committee of legislators named several months 9.40 to investigate methods of financing the highway bridge at Middletown, for which a $3.500,000 bond issue was approved by the General Assembly, unanimously decided recently to recommend to the full body of county legislators that $2,200,000 bonds be sold immediately in order to start work on the project. This deci,ion is expected to be approved by the full membership at a meeting to be convened shortly. The $2,200,000 represents the estimated cost of the county's share of the project, with the remainder to be borne by the Federal Government. In this connection, it is noted that Federal officials have not as yet approved the application for the balance of the funds necessary. The bonds, it is said, will be payable solely from highway funds made available to the county by the State. The committee selected the Hartford Connecticut Trust Co. to handle the issue. NEW HAVEN, Conn. -TAX COLLECTIONS -Tax collections for the first nine months this year have amounted to 36.942,252 leaving the amount due to bring this year's total in balance with the total tax levy $426;047. This will require payments averaging $5.613 daily for the balance of the year. Back taxes paid this year have amounted to $1,056,625. or about $45,000 less than for the same period last year. Total tax receipts for the year have been 38.117,586. NEW LONDON, Conn. -RETIRES OLD DEBT OF $100,000 -Announcement of the recent redemption of $100.000 series I, 3j. %, 30 -year refunding bonds was coupled with the disclosure that the original bonds, bearing 7% interest, were issued Oct. 1 1875, and that the total interest cost on the issue to final maturity was $360,000. NORTH BRANFORD, Conn. -BOND SALE -Rutter & Co. of New York and the R. F. Griggs Co. of Waterbury jointly purchased on Oct. 10 an issue of $90,000 2M % highway bonds at a price of 101.31, a basis of about 2.32%. Due $6,000 each Jan. 2 from 1937 to 1951 Incl. The bonds are being re-offered by the bankers at prices to yield from 0.50% to 2.40%. according to maturity. sud WATERBURY, Conn. -BONDS SOLD BY RFC -The $5,000 4% municipal golf course bonds offered by the Reconstruction Finance Corporation on Oct. 10-V. 141, p. 2305 -were awarded to Rutter & Co. of New York at a price of 110.44, a basis of about 3.22%. Due $2,500 on May 1 in 1953 and 1954. DELAWARE REHOBOTH BEACH, Del. -BONDS VOTED -An issue of $72,000 sewer bonds was approved at the Sept. 28 election. FLORIDA BONDS PIERCE-BIESE CORPORATION JACKSONVILLE Tampa Orlando Miami FLORIDA COLUMBIA COUNTY (P. 0. Lake City), Fla. -BOND CALL CON TEMPLATED-The following report is taken from a Lake City dispatch to the Jacksonville "Times-Union' of Oct. 5: "Because the open market quotation of its road and bridge bonds has for some time past been above par, the Board of Commissioners of Columbia County has adopted the necessary resolutions and set the machinery in motion to call $191,000 of its outstanding obligations on the interest bearing date, Dec. I. The bonds are to be called at a price of 101. "Up to a year ago the Board of Commissioners has recommended to the State Board of Administration the purchase of the county's obligations at prices ranging from as low as 73 to as high as 85. As a consequence the county's sinking fund has to its credit at the present time $91.000 of an original $500,0019 issue, dated 1917 and due in 1947. It also owns $54,000 of a second road and bridge issue of 3500.000 due in 1956. "Having almost $100,000 cash to its credit after the payment of interest Dec. 1, the county is investing this money in the purchase and destruction of additional obligations, as well as the $91.000 worth, already owned. "At the conclusion of this step Columbia County will, on account of this purchase and those made previously by the State Board of Administration as well as by the county bond trustees before the funds were turned over to the State, have outstanding a total of $267.000 (of an original $500,000 issue due in 1947 and bearing 5% interest) and 3189,000 (of an original $500.000 , Issue due in 1956 and bearing 6% interest-of which $54.000 Is already held in the sinking fund account). DUVAL COUNTY (P. 0. Jacksonville), Fla. -BORROWING AUTHORIZED -At a meeting held on Oct. 1, the County Board of Instruction adopted a resolution providing for the borrowing of $138.000 from local banks to meet teachers' payrolls and transportation costs for the first month of the school year. ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8 (P. 0. Pensacola), Fla. -BOND ELECTION-It is reported that an election will be held on Oct. 22 in order to vote on the issuance of es0,000 In 4% school bonds. POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4 (P. 0. Bartow), Fla. -BOND ISSUANCE NOT CONTEMPLATED-It is stated by the attorney for the district that before $22,000 In judgment bonds can be issued it will be necessary to hold a referendum. POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO.24(P.O. Bartow), Fla. -BONDS DEFEATED-It is stated by the attorney for the district that the election held on Sept. 28 resulted in the defeat of the proposed issuance of $24,000 in school bonds. GEORGIA CARNESVILLE, Ga.-BOND ELECTION -An election is reported to be scheduled for Oct. 19 in order to vote on the issuance of 312,500 in water works improvement bonds. LAWRENCEVILLE, Ga.-BOND SALE -The $15.000 issue Of 4% coupon school construction bonds offered for sale on Sept. 26-V. 141, P. 1966-was purchased at par by three local investors, according to the City Clerk. Denom. $1,000 and $500. Dated Nov. 1 1935. Due on 19 yable Nov.1.n any interest payment date prior to maturity. pa 5 optional o 5. NInotevies1t ROSWELL, Ga.-BONDS VOTED -At an election held on Oct. 5 the voters are reported to have approved the issuance of $15,000 in water works system bonds. SAVANNAH, Ga.-BOND ELECTION -A special election has been set for Oct.30 in order to vote on the issuance of 3350,000 in bonds to permit the city to participate in the Federal works program, to be used on various civic improvements. Denom. $1,000. Dated Dec. 15 1935. Due on Dec. 15 1960. The bonds will bear 3% interest. IDAHO ADA COUNTY RURAL HIGH SCHOOL DISTRICT NO. 1 (P. 0. Meridian), Ida. -The Board of School Trustees has -BOND ELECTION decided to call an election on Oct. 15 for the purpose of voting on the ssuance of $35,000 school building bonds. ACEQUIA INDEPENDENT SCHOOL DISTRICT NO. 4, Ida. BONDS VOTED-At a recent election a proposal to issue $11,000 high school building bonds was approved by the voters. BEAR LAKE COUNTY COMMON SCHOOL DISTRICT NO. 5 (P. 0. Montpelier), Ida. -An election is to be held -BOND ELECTION on Oct. 21 for the purpose of voting on the question of issuing $13,200 school building bonds. VO/um ILLINOIS BARRINGTON, Ill. -BONDS AUTHORIZED -At a recent meeting of the Village Board an ordinance providing for the issuance of $40.000 refunding bonds was passed, BLOOMINGTON SCHOOL DISTRICT, III. -BOND SAL.The Mississippi Valley Trust Co. of St. Louis has purchased $40,000 school bonds at a price of 100.353. Due serially from 1937 to 1949 incl. BUSHNELL, III. -BOND ELECTION -The City Council has called for a special election Nov. 12 for the purpose of voting the issuance of $37.000 bonds. CALHOUN COUNTY (P. 0. Hardin) 111.-ADDITIONAL INFOR-H,C. Speer & Sons Co. of Chicago, purchased $16,500 bonds. MATION not $16,000 as reported in a recent issue. They were sold as 5s and mature serially on Dec. 1 from 1938 to 1942. incl. CHICAGO SANITARY DISTRICT (P. 0. Chicago), Ill. -SUCCESS OF REFUNDING PLAN ASSURED-$120,000.000 BONDS ALREADY SUBJECT TO EXCHANGE -The refunding program for all outstanding bonds of the Sanitary District of Chicago, amounting to $139,945,890, is an assured success in the opinion of the Chidago banks acting as refunding agents of the district, and the engraving of the new bonds has been started. Holders of approximately $120,000,000 or 85X% of the total have agreed to exchange their holdings for the new refunding bonds under the plan that was announced late in July. The arrangement between the district and the banks provided that no exchanges would be made unless the offer wete accepted by holders of 85% of the outstanding bonds or "such other substantial percentage as might seem satisfactory to the district and the refunding agents." Bonds have been coming in at such a rapid rate during the last few days that hope is expressed for a 90% acceptance before the plan is declared effective. No date has been set for the closing of the books. Within the last two weeks trustees of several large insurance funds and estates have voted to accept the exchange offer, which accounts in part for the recent large increase in deposits The $120,000,000 of deposited bonds includes the $41,000,000 of the district's bonds that were sold to the Public Works Administration. The plan apparently has met with equal favor by holders of past due and later maturing bonds as the bankers report deposit of84% of the former and 86% of the latter. The past due portion of the debt,including bonds due in 1935, amounts to about $20,000,000. The group of Chicago banks acting as refunding agents of the district is headed by the Harris Trust & Savings Bank and includes the Northern Trust Co., Continental Illinois National Bank & Trust Co., First National Bank and the City National Bank & Trust Co. CHILI TOWNSHIP (P. 0. Bowen), 111. -BONDS VOTED -An issue of $34.000 road bonds was approved at a recent election. -BOND SALE CLARK COUNTY (P. 0. Marshall), Ill. -The $70,176.92,3% funding bonds offered on Oct.5-V.141. p. 2144 -were awarded to the Dulaney National Bank of Marshall at a price of par. Due as follows: $7,000 from 1936 to 1944 incl. and $7,176.92 in 1945. COOK COUNTY SCHOOL DISTRICT NO. 130 (P. 0. Blue Island), III. -The district has completed -BOND REFUNDING ARRANGED arrangements to refund all past due bonds and coupons. In addition to paying all past due bonds and coupons, the district will pay interest on the past due bonds from maturity date to Oct. 1 1935, which Is the date of issuance of the new bonds. All old bonds and coupons may be sent in for payment to Lansford & Co., Chicago, or to the Special Service Department of the City National Bank & Trust Co., Chicago. Payment will be made as soon as the legality of the new bonds is approved by Chapman & Cutler. COPELY TOWNSHIP (P. 0. Victoria), Ill. -BONDS VOTED -At a recent election the voters approved an issue of $22,000 road bonds. DANVILLE, III. -The City Council has -BONDS AUTHORIZED passed an ordinance authorizing the issuance of $117,000 funding bonds. JOLIET, III. -BOND SALE -The City Council has awarded an Issue of $176,000 refunding bonds to A. C. Allyn & Co. and the Channer Securities Co. of Chicago, on a bid of $176,325, equal to 100.184, for 4 X% bonds. KEITH TOWNSHIP (P. 0. Jeffersonville), 111. -BONDS VOTED An issue of $11.800 road bonds was approved by a vote of 220 to 57 at an election held on Sept. 17. Proceeds of the issue will be supplemented by Federal funds for the works contemplated. LA SALLE, Ill. -OFFERS TO PURCHASE POWER PLANT -Mayor H. M. Orr has formally notified the Illinois Power & Light Corp., which now serves the city, that the city is ready to begin negotiations for the purchase of the local distribution system. If the company will not sell, the Mayor said he proposes to obtain the property through condemnation proceedings. Municipal ownership of the power plant was approved by the voters in June. Sale of $750,000 revenue certificates was authorized. -The voters will decide on Nov. 12 LA SALLE III.-BOND ELECTION on the question of issuing $48,000 bonds to pay part of the cost of sewer Improvements. -The City Council on -BONDS AUTHORIZED LITCHFIELD, 111. Sept. 26 passed an ordinance authorizing the issuance of $65,000 sewage disposal plant bonds. -The $30,000 refunding bonds recently McHENRY, 111. -BONDS SOLD authorized have been sold to Ballman & Main. Inc. of Chicago. -At the Sept. 21 election .the -BONDS VOTED MASON CITY, III. voters approved an issue of $30,000 road bonds. -The City Council has passed -BONDS AUTHORIZED O'FALLON,111. an ordinance authorizing the issuance of $110,000 water refunding bonds. -BOND SALE OSCEOLA TOWNSHIP (P. 0. Bradford), Ill. -An issue of $25,000 road bonds has been sold to the H. C. Speer & Sons Co. of Chicago. -BOND SALE ROCK ISLAND SCHOOL DISTRICT NO. 41, III. The $500.000 coupon school building bonds offered on Oct. 9-V. 141. rt• 2144 -were awarded to the First National Bank of Chicago and the Harris Trust & Savings Bank of Chicago, jointly, as 3s, at a price of 100.297. a basis of about 2.975%. Dated Oct. 1 1935 and due Oct. 1 as follows: $45,000 from 1945 to 1954. incl. and $50,000 in 1955. Second high bid of 100.037 for the 1945 to 1949 bonds as 3Xs and the balance as 3s was tendered 2467 Financial Chronicle 141 COEUR D'ALENE HIGHWAY DISTRICT (P. O. Coeur d'Alene), Ida. -BOND SALE -The $22,500 issue of coupon general obligation highway refunding bonds offered for sale on Oct. 9-V. 141. p. 1966 -was awarded to Murphey, Favre & Co. of Spokane as 25.is at par. Dated Oct. 1 1935. Due in from 2 to 15 years after date. ELMORE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 26-J (P.0. Glenna Ferry), Ida. -A special election -BOND ELECTION is to be held on Oct. 12 for the purpose of deciding the question of issuing $22,000 school building bonds. EMMETT INDEPENDENT SCHOOL DISTRICT NO. 9, Ida.BOND ELECTION -The trustees have decided to call a special election for Oct. 21 to vote on the question of issuing $36,000 high school addition building bonds. GEM COUNTY INDEPENDENT SCHOOL DISTRICT NO. 9 (P. 0. Emmett), Ida.-110ND ELECTION -An election will be held on Oct. 25 to vote on the issuance of $36,000 in high school bonds, according to report. P. GOODING, Ida. -BOND SALE -The $60,000 issue of refunding water works bonds offered for sale on Oct. 10-V. 141, p. 2309 -was awarded to the Continental National Bank & Trust Co. of Salt Lake City, as 33s, paying a premium of $153, equal to 100.255, a basis of about 3.685%. Dated Nov. 1 1935. Due from Nov. 1 1937 to 1945 incl. The second highest bid was a premium offer of $111, tendered by the Fidelity National Bank of Twin Falls, on $24,000 as 33%s, the remaining $36,000 as 4s. NAMPA SCHOOL DISTRICT (P. 0. Nampa), Ida. -BOND ELECTION -It is reported that an election will be held on Oct. 21 in order to vote on the issuance of $88,000 in school improvement bonds, to be used on a Public Works Administration project. POCATELLO, Ida. -REFUNDING AUTHORIZED-The City Council on Sept. 26 voted in favor of refunding $29,000 outstanding refunding bonds. by the Northern Trust Co. of Chicago and associates. Halsey, Stuart & Co., Inc. and Hill, Joiner & Co. Inc., both of Chicago, jointly, were third high with an offer of 100.26 for the 1945 to 1949 bonds as 3s and the rest ' as 3Xs. -BONDS POINT PLEASANT TOWNSHIP, Warren County, 111. VOTED-Residents of the township recently voted favorably upon the question of issuing $29,000 road bonds. ST. CLAIR COUNTY (P. 0. Belleville), 111. -BOND MATURITY The $169,000 4% coupon funding bonds awarded sometime ago to G. H. Walker & Co. of St. Louis at a price of 103.10, as previously noted in these columns, mature Oct. 1 as follows: $16,000 in 1936 and $17,000 from 1937 to 1945. inclusive. SALT CREEK TOWNSHIP (P.O. Easton), III. -BONDS VOTED An issue of $15,000 road building bonds was approved at an election held on Sept. 24. -BOND OFFERING SCOTT COUNTY (P. 0. Winchester), III. Bert Wills, County Clerk, will receive sealed bids until i p. m. on Oct. 12. for the purchase of $44,000 not to exceed 434 % int. funding bonds. Dated July 11935. Denom. $1,000. Due July 1 as follows: $2,000, 1937 to 1940 incl.: $4,000, 1941 and 1942: $5,000, 1943 to 1946 incl., and $4,000 in 1947 and 1948. Bidder to name a single interest rate for all of the bonds. Int. payable (J. & J.). A certified check for 10% of the amount bid must accompany each proposal. Successful bidder to pay for the printing of the bondi. -BONDS VOTED -At a SOMER TOWNSHIP (P. 0. Urbana), Ill. recent election the voters approved a proposal to issue $27,000 road graveling bonds. The vote was 133 to 22. SPRINGFIELD, 111. -BOND SALE -An issue of $167,000 4% water revenue bonds has been sold to Ferandes & Co. of Springfield at a price of 108.61. TOULON, 111. -BOND ISSUE DETAILS -The 315.000 4% street improvement bonds purchased by the Channer Securities Co. of Chicago at a price of 100.66. as reported in a previous issue, bear date of Aug. 1 1935. of $1.000 denom. and mature Jan. 1 as follows: $1,000 from 1937 to 1941. incl. and $2,000 from 1942 to 1946. incl. INDIANA -BOND OFFERING ELKHART TOWNSHIP, Noble County, Ind. Jesse B. Swank, Trustee, will receive sealed bids until 2 p.m. on Oct. 19 for the purchase of $14,000 4% school building bonds. Dated Oct. 15 1935. Denom.$1,400. Due $1,400 on Dec. 15 from 1936 to 1945,incl. Interest payable J. & D. -BOND OFFERING-Ray J. Madden, City Comptroller, GARY, Ind. will receive sealed bids until 11 a. m.on Oct. 14, for the purchase of $20.000 4% coupon park bonds. A preliminary notice of this sale was given in a previousissue. Bonds are dated Nov. 11935. Denom.$1,000. Due Nov. 1 1945. Principal and interest(M.& N.) payable at the Comptroller's office. A certified check for $1.000 must accompany each proposal. Successful bidder to pay the cost of printing the bonds and for the legal opinion of Matson, Ross, McCord & Clifford of Indianapolis. -BOND OFFERING-James Moore, ClerkHAGERSTOWN, Ind. Treasurer, announces that the Board of Trustees will receive sealed bids until 2 p. m.on Oct. 28, for the purchase of $15,000 4% general obligation sewer bonds. The 'project will cost $58,700 and the balance of the funds is already available. Issue will be dated Nov. 1 1935. Denom. $500. Due as follows: $500 on Jan. 1 from 1938 to 1942, incl.; $500 July 1 1942: $500 Jan. 1 and July 1 from 1943 to 1954. incl. Principal and interest (J. & J.) payable at the Union Trust Co., Hagerstown. Bonds and interest will be payable from the proceeds of an annual tax for that purpose. The assessed valuation of property in the town, as officially computed, is $1,155,256 and the indebtedness now outstacling amounts to $4,500. JEFFERSON SCHOOL TOWNSHIP (P. 0. Columbia City), Ind. -The $4,800 4% registered school bus purchase warWARRANT SALE -were sold to the Citizens rants offered on Sept. 28-V. 141, p. 1967 State Bank of Columbia City at par plus a premium of $53, equal to 101.10. Due $1,500 June 15 and Dec. 15 1936 and $900 June 15 and Dec. 15 1937. -BOND OFFERING LAKE COUNTY (P. 0. Crown Point), Ind. Eugene Swartz. Deputy County Auditor, will receive bids until Oct. 26 for an issue of $400,000 poor relief bonds, to bear no more than 59". Due yearly on May 1 for five years, the first instalment, amounting to $40.000, coming due May 1 1936. -BOND OFFERING LAWRENCE COUNTY (P. 0. Bedford), Ind. Roy Trueblood, County Auditor, will receive sealed bids until 10 a. m. on Oct. 30 for the purchase of $90,000 not to exceed 3% interest series A advancement fund bonds of 1935. Dated Nov. 1 1935. Denom. $1,000. Due $5,000 on June 1 and Dec. 1 from 1937 to 1945 incl. Bidder to name one rate of interest in a multiple of X of 1%. Interest payable J. & D. A certified check for 3% of the bonds bid for, payable to the order of the Boar d of County Commissioners, must accompany each proposal. The approving opinion of Matson. Ross, McCord & Clifford of Indianapolis will be furnished the successful bidder at the county's expense. No conditional bids will be considered. The bonds will be ready for delivery within six days after the award. They will be issued under Chapter 117, Acts of 1935. to furnish relief funds to the townships, and will be direct obligations of the county, payable from unlimited ad valorem taxes. MILLTOWN, Ind. -BOND OFFERING-The Town Clerk-Treasurer will receive bids until noon Oct. 17 for the purchase of $50,000 bonds. -BOND SALE OAKTOWN TOWNSHIP (P. 0. Vincennes), Ind. Martin Jones, Town Clerk, informs us that the $3,700 street resurfacing bonds offered on Aug. 10-V. 141. p. 959-were awarded to the Registration & Management Corp. of Vincennes as 4Xs, at par plus a premium of $5, equal to 100.13. a basis of about 4.48%. Dated Aug. 11935. Denom. $370. Due one bond annually. Interest payable F. & A. -BONDS STOCKTON SCHOOL TOWNSHIP, Greene County, Ind. AUTHORIZED -The township authorities have authorized the issuance of $22,500 bonds to refund outstanding school building bonds. VANDERBURG COUNTY (P.O. Evansville), Ind. -BONDS AUTHORIZED -An ordinance authorizing a $100,000 bond issue to refund the Memorial Coliseum bonds maturing on Nov. 15 has been adopted by the County Commissioners. IOWA CALHOUN COUNTY (P. 0. Rockwell City), Iowa-MATURITY It is stated by the County Auditor that the $25,000 3% funding bonds purchased by the Carleton D. 13eh Co. of Des Moines, at a price of 102.08 -are due on Nov. 1 as follows: $5,000 in 1944, and -V. 141. p. 2309 $10,000 in 1945 and 1946. giving a basis of about 2.77%. CARROLL INDEPENDENT SCHOOL DISTRICT, Iowa-BOND ELECTION -A proposal to issue $35,000 school building bonds will be submitted to the voters at an election which is to be held on Oct. 30. CASTANA CONSOLIDATED SCHOOL DISTRICT, Iowa-BOND -An election has been called for Oct.30 to vote on the issuance ELECTION of $45,000 school building bonds. CENTERVILLE SCHOOL DISTRICT (P. 0. Centerville), Iowa BONDS VOTED-It is stated by the Superintendent of Schools that at the election held on Oct. 7 the voters approved the issuance of the 350.000 in school building bonds. CERRO GORDO COUNTY (P. 0. Mason City), Iowa -BOND SALE -The $32.000 issue of poor fund warrant funding 'bonds offered for sale on Sept. 30-V. 141, p. 2144-was purchased by the First National Bank of Mason City, as 2Xs, paying a premium of $470. equal to 101.468, a basis of about 2.56%. Coupon bonds dated Sept. 1 1935. Denom.$1,000. Due $8,000 on May and Nov.1 in 1943 and 1944. Interest payable M.& N. CLARION INDEPENDENT SCHOOL DISTRICT, Iowa-BOND LECsiTION-An election has been called for Oct. 30 to vote on a bond Eues of $69,000 for a new school building. 2468 Financial Chronicle CLEAR LAKE INDEPENDENT SCHOOL DISTRICT BOND ELECTION-A special election will be held on Oct. 30 , Iowaon to vote the question of issuing $82,500 school building bonds. CLINTON COUNTY (P. 0. Clinton), Iowa-BONDS AUTHORIZ ED The County Supervisors have passed a resolution to issue $80,000 funding bonds. CRESCO INDEPENDENT SCHOOL DISTRICT -BOND , Iowa ELECTION-At an election to be held 29 the residents of the district will vote on the question of issuing on Oct. school building $71,500 bonds. DALLAS COUNTY(P.O.Adel), Iowa-BOND SALE -It is stated by the County Auditcr that a $22,381.43 issue of4% semi-ann. funding bonds has been purchased at par by Shaw. McDermott Coupon bonds dated April 15 1935. Denom. & Sparks, of Des Moines. Due $2,381 43 on Nov 1 1936, and $5,000 from $1,000, one for $381.43. Nov. 1 1937 Prin. and int.(M. & N.) payable at the County Treasurer's to 1940 incl. office. (These bonds were authorized by the County Supervisors on April 27, as reported In these columns at that time. -V. 140, p. 3421.) EXIRA INDEPENDENT SCHOOL DISTRICT (P. 0. Exira), Iowa BOND SALE DETAILS-In connection refunding bonds to the White-Phillips Co. with the sale of the 319,000 of Davenport, as 23s, at a price of 100.63, as reported in these columnsl eat June -V. 140, p. 4269 the District Secretary states that the bonds mature on July 1 $1,000 from 1936 to 1942, and $2,000 from 1943 to 1948, givingas follows: a basis of about 2.58%. FOREST CITY INDEPEN BOND ELECTION-Oct. 29 has DENT SCHOOL DISTRICT,' Iowa been the voters will be asked to approve a set as the date of an election at which proposal to issue $25,000 gymnasium and auditorium bonds. LENOX, Iowa-BONDS VOTED -At a recent election the residents voted 229 to 37 in favor of the issuance of $40,000 waterworks bonds. LESTER INDEPENDENT SCHOOL DISTRICT, Iowa-BOND ELECTION-At an election which has been called for Oct 30 the residents will be asked to approve a proposed $16,000 school building bond issue. MADRID INDEPENDENT SCHOOL DISTRICT (P. 0. Madrid), Iowa-BOND SALE DETAILS -In connection with the sale of the $15,000 refunding bonds, as reported in these columns last June, it is stated by the Secretary of toe Board of School Directors that by the City State Bank of Madrid, as 3&, payingthe bonds were purchased a premium of $150, equal to 101.00, Oct. 12 1935 LENEXA, Kan. -BOND ELECTION-The on Oct. 28 to vote on a $37.000 bond issue for city will hold an election construction of a waterworks system. LYON COUNTY (P. 0. Emporia), Kan. -BOND SALE-On Sept. 25 the County Commissioners sold $16,000 2q% poor fund bonds to the Emporia State Bank at par plus the cost of opinion. Denominations 14 for $1,000 and 4printing bonds and the legal for $500. Due in 10 years. NEOSHO RAPIDS SCHOOL DISTRICT, Kan. TION-The Board of Education will hold an election -BOND ELECa $23,000 bond issue for construction of a rural highon Oct. 19 to vote on school. • OTTAWA SCHOOL DISTRICT, -BOND ELECTION-The Board of Education will hold an electionKan. on Oct. 15 to vote on a $125,000 bond issue for Field grade school and Hawthrone schools additions. PAOLA, Kan. -BOND ELECTION-The city will hold an election on Oct. 25 to vote on a $65,000 bond issue for constructio p of a sewage disposal plant. SEDGW1CK COUNTY (P. 0. Wichita), -BOND SALE-The Issue of $45,000 2;4% public work relief bonds Kan. offered for sale on Oct.8V. 141, p. 2145 -was awarded to the Dunne-Isreal Investment Co. of Wichita for a premium of $11.10, equal to 100.024, a basis of about 2.49%. The next high bidder, the Ranson-Davidson Co. of premium of $838. Dated Sept. 15 1935. Due in ten Wichita, offered a approximate equal annual instalments. WALNUT SCHOOL DISTRICT, Kan. -BONDS VOTED-A $21,000 bond issue for construction of a school auditorium and gymnasium as a PWA project has been approved. WILSON COUNTY (P. 0. Fredonia), IC,an.-BOND OFFERING W. D. McGinnis, County Clerk, will receive bids purchase of $9,500 2% coupon unemployment reliefuntil Oct. 14 for the bonds. Due In nine annual instalments beginning Feb. 1 1937. WYANDOTTE COUNTY (P.O. Kansas City), Kan. -BOND Stern Bros. & Co. of Kansas City, Mo., were recently awarded SALE an issue of $27,000 bonds. The bonds maturing in the first eight years bear 23% and the bonds coming due in the following two years will carry a 2g % coupon. The price paid for the issue was 100.00137. KENTUCKY MASON CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Mason City), Iowa -BOND ELECTION-It is reported that an election has been called for Oct. 28 in order to vote on the issuance of $27,500 in school repair bonds, to be supplemented by a Public Works Administration grant. MASSENA INDEPENDENT SCHOOL DISTRICT (P. 0. Massone), Iowa-BONDS VOTED-It Is stated by the election held on Aug. 7, the voters approved District Secretary that at the Securities Corporation the issuance of the school bonds by a wide margin. No date of sale has been fixed $9,000 in as yet. New York Nashville NASHUA INDEPENDENT SCHOOL DISTRICT, Iowa-BONDS Birmingham Chattanooga Knoxville Memphis VOTED-At the election held on Oct. 1 residents of the district voted 363 to 69 in favor of the proposal to issue $30.000 school building bonds. NORTH WHITE OAK INDEPENDENT SCHOOL DISTRICT, Iowa -BOND CALL-Doris Jones. District Secretary, gives notice that GLASGOW JUNCTION CONSOLIDATED $11.000 434% school refunding bonds. dated Nov. 1 1928. are being called (P. 0. Glasgow Junction), Ky.-BOND SALE SCHOOL DISTRICT for payment as of Nov. 1 1935 at the office of the -It is reported that $30.School Treasurer at Rose 000 of school bonds have been sold recently. Hill, or at the office of Carleton D. Beh Co., Des Moines. KENTUCKY, State of-BRIDGE BOND SALE CONTEMPLATED OSKALOOSA, Iowa-BOND SALE DETAILS -It is stated by the It is stated that the Kentucky State Highway Commission City Clef k that the $6,060.69 5% semi-ann. will bonds puradvertise the sale of $1,800,000 bridge revenue bonds to finance shortly chased by Jackley & Co. of Des Moines, atstreec improvementas reported the pura price of 100.82. chase of the Louisville & Nashville Bridge over the Ohio River In these columns last June -Y. 140, p. 4441-are connecting Cincinnati and Newport. RY• mature from May 1 1936 to 1945, giving a basis dated Oct. 15 1935, and of about 4.85%• It is said that the Commission hopes to retire the bonds in time to make PELLA SCHOOL DISTRICT, Iowa-BOND ELECTION the bridge toll free in eight years. -An will be held on Oct. 30 for the purpose of voting on the question election of issuing $32,000 high school reconstruction bonds. PRIMGHAR -BOND Iowa ELECTION-A INDEPENDENT SCHOOL DISTRICT,building bonds proposition to issue $45,000 high school EAST JEFFERSON WATER WORKS DISTRICT NO. 1 (P. 0. will be submitted to a vote of the electors at an election to Gretna), La. -BIDS REJECTED-BONDS READ VERTISED-Because be held on Oct.30. there was an error In the advertisement, all bids received for PULASKI INDEPENDENT SCHOOL DISTRICT, Iowa the $63.000 -BOND water bonds offered on Oct. 7-Y. 141. p. 2310-were rejected. The ELECTION-An election will be held on Nov. I for the purpose of voting Commissioners are readvertisin g the offering, asking for bids on Nov. 4. on the question of issuing $26,000 school building bonds. READLYN SCHOOL DISTRICT (P. 0. Readlyn), Iowa-BOND SALE-It is stated by the Secretary of the Board of Education that the $7,000 school bonds approved by the voters last May, have been purchased CUMBERLAND, Md.-BOND OFFERING-Harry Irvine, Commisby the Carleton D. Belt Co. of Des Moines, as 2gs, paying a premium of sioner of Finance and Revenue, will receive bids until 9.30 a.m. Nov. $434, equal to 100.48. the purchase of $50,000 4% general improvement bonds. Denom. 4 for RINGGOLD COUNTY (P. 0. Mount Ayr), Iowa Dated July 11934. Interest -BOND SALE-- Due $25.000 on July 1 in each payable semi-annually on Jan. 1 and $1,000. July 1. Funding bonds in the amount of $15,000 have been sold by the County of the years 1959 and 1960. Certified check Supenisors to Vieth, Duncan, Worley & Wood, of Davenport. The for 2)4% of amount of issue offered, required. bonds bear 3)1% interest payable semi-annually beginning June 1 1936. MARYLAND, State of (P. 0. Annapolis) -BOND SALE-The Due Dec. 1 1947; optional on and after Dec. 1 1941. 500,000 3% coupon, registerable as to principal, emergency bonds of $1.1935 SIBLEY, Iowa-BOND SALE offered on Oct. 9-V. 141. p. 1807 -An issue of $10,000 3;47,, refunding -were awarded to a syndicate comsewer outlet and purifying plant bonds has been sold to the White-Phillips posed of Halsey, Stuart & Co.. Inc., Bancamerica-Blair Corp., Ladenburg, Corp. of Davenport. Thalmann & Co., Hemphill, Noyes & Co., Adams. McEntee & Co., Inc.. B. J. Van Ingen & Inc., Shields & Co. and Stern Bros & Co. of Kansas THOR, Iowa-BOND SALE CONTEMPLATED-It is reported by the City, at a price ofCo.. 107.435. a basis of about 2.11%. Dated Oct. 15 1935 Town Clerk that the $8,000 community hall bonds offered for sale without and due Oct. 15 as follows: $90,000, 1938; $94,000, 1939; $98,000, success on June 29, will be taken by local investors. 1940; $101,000. 1941; $106.000. 1942: $110,000, 1943; $114,000, 1944; 1945; $123.000. 1946: $128,000, 1947; $134.000, 1948; $139,000 in$119,000. WAUKON,Iowa -BONDS DEFEATED-At the election held on Oct.3 $144,000 in 1950. Second 1949 and -V. 141, p. 1967 -the voters are said to have defeated the proposed high bid of 107.359 was tendered by a group composed of Lazard Freres & Co., Inc., Watling. Lerchen & Hayes Issuance of the $175.000 in municipal light and power plant revenue bonds. and the Equitable Corp. of New York. WEST LIBERTY, Iowa -BONDS VOTED-The voters are said to Inc. and E. B.SecuritiesCo.. both of New York.Brown Harriman & Co., Smith & jointly, bid 106.119. have recently approved the issuance of the $16.000 in city hall bonds by The bankers are re-offering the obligations for public investment a vote of 279 to 80. An application for Public Works Administration funds at prices to yield from 1.15% to 2.25%, according to maturity. is reported to have been filed. They are subject to approval of legality by the Attorney-General of Maryland Ritchie, Janney, Ober & Williams of Baltimore. The securities, and the bankers report, are legal investment for savings banks in New York, Connecticut, Maryland and other States. ARKANSAS CITY SCHOOL DISTRICT Kan.-BOND ELECTION Following is a complete list of other bids submitted for the loan: -The Board of Education will hold an election on Oct. 24 to vote on a Bidder$99,000 bond issue for construction of a gymnasium and auditorium. Lazard Freres & Co.; Watling, Larchen & Hayes, and Equitable Rale Bid ALMENA, Kan. -BOND SALE-It is reported that the $21,000 refundSecurities Corp ing bonds, authorized early in July by the City Council, as reported at that Alexander Brown & Sons; the Chase National Bank; Salomon 107.359 time -Y. 141, p. 470 Brothers & Hutzler L. F. Rothschild & Co.; F. S. Moseley & -were purchased by Estes. Payne & Co. of Topeka. Co CHEROKEE COUNTY SCHOOL DISTRICT NO. 94 (P. 0. Weir), National Bank, Baltimore; First National Bank of the Kan. -BONDS VOTED-At the election held on Sept. 20-Y. 141, P. First New York; Stone & Webster and Blodget, Inc.; City 107.2099 of R. W. -the voters approved the issuance of the $10,500 in 4% school bonds. 1806 Pressprich & Co.; Phelps, Fenn & Co.; Darby & Co.; MerDated Aug. 1 1935. Due $500 from 1936 to 1956, incl. cantile-Commerce Bank & Trust Co.; Mackubln, Legg & Co 106.837 CHERRYVALE SCHOOL DISTRICT (P. 0. Cherryvale), Kan. Union Trust Co. of Maryland; Edward B. Smith & Co.; First ADDITIONAL INFORMATION-In connection with the report that the Michigan Corp.; Eldredge & Co., Inc.; Kelley, Richardson of & voters had approved the issuance of the $40.000 in school construction bonds Co., and First National flank of St. Paul 106.7619 Goldman,Sachs Co.;Gregory & Sons Co.,Inc.; Whiting, at an election held on Sept. 24-V. 141, p. 2310 -it is stated District Weeks Clerk that the issuance of these bonds is awaiting approvalby the project & Knowles, Inc.; Francis I. Du Pont & Co.; Starkweather & of the Co., Inc by the Public Works Administration. They will probably mature serially Bankers Trust Co.; Field Glore & Co.; J. W. Seligman & Co.; 106.6499 over a 20 -year period. Robert Garrett & Sons; G. M.P.Murphy & Co.,and Strother, COLUMBUS, Kan. -BONDS VOTED-A $10,000 bond issue for conBrogden & Co struction of a municipal swimming pool and park improvements was voted 106.469 Chemical Bank & Trust Co.; Estabrook & Co.; Kean, Taylor & at a recent election. Co.', R. L. Day & Co., and E. H. Rollins & Sons Dick & Merle-Smith; Graham, Parsons & Co.; Manufacturers & 106.339 GARDEN CITY SCHOOL DISTRICT NO. 1, Kan. -BOND ELECTraders Trust Co.; Bacon, Stevenson & Co.; Stifel. Nicolaus & TION-A special school election will be held on Oct. 15 for the purpose of Co., Inc.; Newton, Abbe & Co.. and Jenkins, Whedbee & Poevoting on the question of issuing $50.000 school bonds. 106.159 Brown, Harriman & Co., Inc., and the First Boston Corp_ _ JEFFERSON COUNTY (P. 0. Oskaloosa), Kan. -BOND SALE - The National City Bank of New York; Blyth & Co. Inc., and 106.1199 The $8,000 issue of public relief bonds offered for sale on Oct. 7-V. 141, George B.Gibbons& Co.,Inc.. Schaumburg, Rebhatin & Lynch; p 2145 -was awarded to the Columbian Securities Corp. of Topeka. as Roosevelt & Weigold, Inc., and Owen Daly & Co 2gs„ paying a rremium of $158.40. equal to 101.98, a basis of about Mercantile Trust Co. of Baltimore; the Northern Trust Co.; 106.12 2.17%• Dated Oct. 1 1935. Due from Oct. 1 1936 to 1945 incl. Kidder,Peabody & Co.; Baker, Watts & Co.; Stein Brothers & Boyce,and Robinson, Miller & Co..Inc JUNCTION CITY, Kan. -BOND ELECTION-The city will hold 106.08 election on Nov. 5 1935 to vote on a $30,000 bond issue for constructionan of a swimming pool,and on a $130,000 bond issue for construction of a city hall. LEBANON, Kan. -BOND ELECTION-According to E. C. Muaell, BRAINTREE, Mass. -TEMPORARY LOAN -The Second National an ordinance has been passed calling an election for Oct. 11 for the purpose Dame of Boston recently was awarded a $100,000 revenue of voting on the question of issuing $16,500 water works bonds. anticipation loan at 0.67% discount. Due as follows: $25,000 Feb. 18,$50,000 June 10 Municipal Bonds EQUITABLE KENTUCKY LOUISIANA MARYLAND KANSAS MASSACHUSETTS Volume 141 Financial Chronicle and $25,000 Aug. 26 1936. Second high bidder was the National Shawmut Bank of Boston at 0.68%. Other bids were as follows: BidderDiscount Merchants National Bank 0.70% First Boston Corporation (plus $1.85 premium) 0.76% First National Bank 0.78 Faxon. Gade & Co 0.79% W. 0. Gay & Co 0.80% ESSEX COUNTY (P. 0. Salem), Mass. -NOTE OFFERING-Harold E. Thurston, County Treasurer, will receive bids until 11 a. m. Oct. for the purchase of $35,000 3% coupon tuberculosis hospital loan Act 15 of 1934 notes. Denom. $1,000. Dated Oct. 15 1935. Due $18,000 April 15 1936 and $17,000 April 15 1937. Notes will be certified as to genuineness by the National Shawmut Bank of Boston; their legality will be approved by Ropes, Gray, Boyden & Perkins, whose opinion will be furnished the purchaser. All legal papers incident to this issue will be filed with said bank, where they may be inspected. Notes will be delivered to the purchaser on or about Oct. 22 at the National Shawmut Bank of Boston. FRAMINGHAM, Mass. -LOAN OFFERING-Sealed bids will be received until 11 a. m. on Oct. 14 for the purchase at discount of a $150,000 revenue anticipation note issue, due $50,000 each on July 7, Aug. 14, and Sept. 28 1936. MARBLEHEAD, Mass. -BONDS AUTHORIZED-The town has voted to issue $200.000 bonds toward the cost of constructing a $425,000 high school. They will be issued only in the event that the remainder of the funds is made available by the Federal Government. MASSACHUSETTS, State of (P. 0. Boston) -BONDS OFFERED FOR INVESTMENT -The syndicate headed by Halsey, Stuart & Co., Inc. of New York, which was awarded last week an issue of $6,000.000 % public worms bonds at a price of 100.321, a basis of about 1.39%, is making public reoffering of the obligations at prices to yield from 0.25% to 1.50%, according to maturity. Due on Sept. 15 from 1936 to 1940 incl. The bonds, according to the bankers, are legal investment for savings banks in New York, Massachusetts, Connecticut and other States. Other members of the offering group are: Bancamerica-Blair Corp.; Ladenburg, Thalmann & Co.; Graham, Parsons Sr Co.; George B. Gibbons & Co.. Inc.; Darby & Co.; Shields & Co.; Dick & Merle-Smith, Spencer, Trask & Co.; G. M. -P. Murphy & Co.; Burr & Co.; Adams, McEntee St Co.; Stranahan, Harris & Co.; R. F. Griggs Co.: Bond, Judge & Co., and Battles & Co. Statement of Public Debt,Sinking Funds and Taxable Property of The Commonwealth of Massachusetts Total Public Debt Total bonded indebtedness Sept. 1 1935 $143,272,712.00 Sinking funds 68,159.814.71 Total net debt Sept. 1 1935 175.112,897.29 The debt is divided as follows: Direct Debt Gross direct debt Sept. 1 1935 131.980,633.39 Sinking funds 9,634,120.13 Net direct debt Sept. 1 1935 $22,346,513.26 Contingent Debt Gross contingent debt Sept. 1 1935 $111,292,078.61 Sinking funds *58.525,694.58 Net contingent debt Sept. 1 1935 * Includes cash and Massachusetts city and town notes152,766.384.03 in the sum of 119,508.000, under Chapters 49,307 and 341, Acts of 1933. Water Debt (included in above Contingent Debt) Gross water debt Sept. 1 1935 $57,344,000.00 Sinking funds 22,091,271.54 Net water debt Sept. 1 1935 $35,252.728.46 Taxable Property The amounts of taxable property and taxable income of the Commonwealth of Massachusetts, as furnished by the Commissioner of Corporations and Taxation,for the year ended Nov.30 1934 follow: Local Taxation Value of assessed real estate 15,897,733,568 Value of assessed personal estate 890,354,265 State Taxation Value of corporate excess, public service 81,389,039 Value of corporate excess, street railways 221.821 Value of corporate excess, business corporations 1,005,260,916 Amount of taxable income, business corporations 89,583.544 Taxable deposits in savings banks 419,230,118 Taxable deposits in trust company savings departments__ 22,426,675 Taxable deposits in Massachusetts Hospital Life Ins. Co 4,079,002 Taxable,income-individuals, &c 399,010,615 Taxable income-national banks and trust companies 7,564,512 Insurance companies, value of taxable premiums and res'ves 1,011,551,108 Value of property, taxable inheritances and estate 233,679,529 METHUEN, Mass. -TEMPORARY LOAN -An issue of $50.000 revenue anticipation loan notes, maturing Aug. 18 1936. offered fcr sale on Oct 11, was awarded to Faxon, Gade & Co. of Boston at 0.68% discount. The Second National Bank of Boston bid .71% discount. NATICK Mass. -TEMPORARY LOAN -The $100,000 notes offered on Oct. 7-V. 141. p. 2310 -were awarded to the Merchants National Bank of Boston on a 0.54% discount basis. The notes will be dated Oct. 7 1935 and will mature $50.000 on July 17 and Aug. 20 1936. Whiting. Weeks & Knowles of Boston bid 0.57 discount. Other bids were as follows: BidderDiscoun Faxon, Gade & Co 0.64% Leavitt & Co 1.07% E. H. Rollins & Sons 1.18% NEWTON, Mass. -BONDS AUTHORIZED-The Board of Aldermen on Sept. 23 voted to issue $225,000 bonds to pay the costs of school building construction. NORWOOD,Man. -TEMPORARY LOAN -The Second National Bank of Boston was awarded an issue of 150.000 tax notes at 0.41% discount. Due July 10 1936 Other bids were as follows: Bidder Discount Merchants National Bank of Boston 0.42% National Shawmut Bank 0.537 First National Bank of Boston 0.60 Tyler, Buttrick & Co 0.63% Leavitt & Co 0.79% QUINCY, Mass. -BOND SALE -The $150,000 coupon bonds offered on Oct. 11 were awarded to E. B. Smith & Co. of Boston as follows: $100,000 street construction bonds sold as 2s, at a price of 100.163, a basis of about 1.97%. Due $10,000 each Oct. 1 from 1936 to 1945 incl. 50,000 municipal relief bonds sold as 1 jis. at a price of 100.13. a basis of about 1.45%. Due $10,000 each Oct. 1 from 1936 to 1940 hid. Each issue is dated Oct. 1 1935. Other bids for the issues Included the following: For 1100.000 234s, Graham, Pamons & Co.. 100.961: Halsey, Stuart dr Co., Inc.. 100.94; Hornblower & Weeks, 100.899: for $50.000 2s, Brown Harriman & Co., Inc.. 100.3299: Faxon,(lade & Co., 100.25, and First National Bank of Boston. 100.189. -The issue of 135.000 coupon aeration -NOTE SALE READING, Mass. and filtration plant, water department loan notes offered on Oct. 11 was awarded to Faxon, Gade & Co. of Boston on a bid of 100.52 for 2% notes. c a basis of about 1.897. Washburn & Co. of. Boston bid 100.41 for 2s. Dated Oct. 15 1935. Due yearly on Oct. 15 as follows: $4,000, 1936 to 1940; and $3,000, 1941 to 1945. -PROPOSED BOND ISSUE -A proposal to issue SAUGUS, Mass. $20,000 street improvement bonds will be considered by the Town Board at a meeting on Oct. 14. -TEMPORARY LOAN -An issue of $800.000 SPRINGFIELD, Mass. revenue anticipation notes was sold privately several days ago to a New York investment house at 0.3659'. Due $200,000 March 19. and $300,000 each on April 16 and June 17 1936. -A special town meeting held on -BONDS VOTED SUDBURY, Mass. Sept. 26 resulted in approval of a proposal to issue $69,000 bonds for a municipal water system. 2469 WEST SPRINGFIELD, Mass. -DEBT STATEMENT -Henry E. Schmuck, Town Treasurer, has just issued the following: Financial Statement (Oct. 1 1935) Cash on hand $329,099.05 Total welfare costs 1934 $191.686.37 1935 valuation 24,974,510.00 Welfare costs to Oct. 1 1935 82,567.46 1935 tax rate $33.60 Tax Collections 1932 levy $942,580.54 Uncollected to date None 1933 levy 904,289.57 Uncollected to date None 1934 levy 892,009.97 Uncollected to date $20,488.93 1935 levy 839.143.66 Uncollected to date 731,108.78 Total taxes uncollected for all years prior to 1932 None Tax Notes Outstanding Total outstanding against 1934 $50,000 1935 $750,000 Dated Amount Due 1934 and 1935 November 1935 1500,000 1935 December 1935 200,000 1935 March 1936 50,000 1935 June 1936 50,000 Bonds paid in 1935 to Oct. 1st, $171,000 which is total due in 1935. Bonds issued in 1935, $50.000 at 1 li% interest plus premium. Total tax titles Oct. 1st, $60,000. West Springfield has never borrowed on tax titles. WINTHROP, Mass. -TEMPORARY LOAN -The Second National Bank of Boston was awarded on Oct. 9 a $100,000 revenue anticipation loan at 0.45% discount. Due $50,000 each on June 20 and July 20 1936. Other bids were as follows: BidderDiscount Tyler, Buttrick & Co. (plus $1 premium) 0.46 First Boston Corp. (plus $1.85 premium) 0.49 Merchants National Bank of Boston 0.53 o Faxon, Gade & Co 0.58% E. H. Rollins & Sons 0.60% First National Bank of Boston 0.61% We Buy for Our Own Account MICHIGAN MUNICIPALS Cray,McFawn & Company DETROIT Telephone CHerry 6828 A. T. T. Tel. DET347 MICHIGAN ALGONAC, Mich. -BONDS VOTED-The $33,000 filtration plant bonds were approved by the voters at the Oct. 1 election. Mich.-BONDED DEBT -A .recent audit of the city's ECORSE, books disclosed a bonded debt of $2,623,923 and a certificate debt of -BONDS VOTED-The voters HUDSON SCHOOL DISTRICT, Mich. 1193.822. have boted to issue $25,000 bonds to pay the district's portion of the cost of building an addition to the Washington St. school. -BOND ELECTION JACKSON, Mich. -The City Commissioners have voted to submit a $33,000 sanitary sewer bond issue to the electors at the Nov. 5 election. -BONDS RE -OFFERED-The issue of $60,000 MARINE CITY, Mich. not to exceed 4% int. general obligation water works and filter plant bonds unsuccessfully offered on Sept. 3 is being re-advertised for award at 7 p. m. on Oct .14. Tendersshould be addressed to Robert Springborn. City Clerk. Dated Sept. 1 1935 Due Sept 1 as follows: $2,000, 1939 to 1942 incl.; 15.000. 1943 to 1948 incl.: 16,000, 1949 to 1951 incl.. and 14.000 in 1952. Rate of interest to be expressed by the bidder in multiples of K. 34 or of 1%. Prin. and int. (M. & S.) payable at the City Treasurer's office. The city will furnish the legal opinion and pay the cost of printing the bonds. A certified check for $1,000 must accompany each proposal. MICHIGAN, State of (P. 0. Lansing) -$990.000 STATE FAIR BONDS CALLED FOR RELEMP7'16N-It is announced that all of the outstanding 69' first mortgage (Michigan State Fair) gold bonds, amounting to $990,000. have been called for rede.r.ption, at par and interest to Nov. 1 1935. plus a premium of 107,, upon the principal, at the office of State Treasurer Theodore I. Fry. The bonds will be redeemed as of Nov. 1 1935. after which date interest shall cease to be paid on the debt. The bonds called bear elate of Nov. 1 1923 and mature 110.000 each May 1 from 1936 to 1942, incl. and 1920,000 on May 1 1943. Denom. $1,000. -BONDS SOLD TO P WA-The Public MOUNT MORRIS, Mich. WorAs Administration was the successful and only bidder for the $23.000 first mortgage serial water works revenue bonds offered on Oct. 4, 4% paying par for the issue. Dated Feb. 1 1935 and due Feb. 1 as follows: $500, 1937 and 1938; $1.000, 1939 to 1945 incl. and $1,500 from 1946 to -REFUNDING OF OAKLAND COUNTY (P. 0. Pontiac), Mich. 1955 -The Board of Supervisors has deCOVERT ROAD BONDS DEFERRED cided to postpone action on the Covert Road refunding plan until the matter has been given further study. Under the plan as presented, the county would refund 17,845.500 in outstanding and unpaid. Covert Road bonds covering road building in the county in past years. but not including the inter-county highways handled by the State Highway Department. The latter will come through later on another bond refunding plan. The refunding would mean the expenditure of $12,474.91. It is proposed to spread the new bonds over a period of years ending in 1958. The plan calls for the paying of $6,908.196.42 from the county's share of the gas and weight tax received from the State. It would be necessary to spread $3,884,336.57 on the county at large and it is estimated that $1,244,941.92 would be received from delinquent taxes now due the county. The interest rate on the new bonds would be 3% for four years. 4% for the next four years and 434% for the remainder of the time the bonds run. -BONDS SOLD-The $22,000 5% refunding ROCHESTER, Mich. bonds approved early in the year by the State Public Debt Commission were sold to the Rochester National Bank. Dated Feb. 1 1935 and due Feb. 1 as follows: $2,000. 1936; $3,000, 1937; 14.000, 1938 and 1939; $6,000 in 1940 and $3,000 in 1941. Interest payable F. bc A. -TENTATIVE APROYAL OAK SCHOOL DISTRICT, Mich. -The plan for refunding the bonded PROVAL OF REFUNDING PLAN debt of the district has been tentatively approved by the State Public Debt Commission A protective committee, representing 50% of the bondholders, and the State of Michigan. also a large holder, incline favorably to the plan, thus assuring the required 75% m2jority to make it effective. according to report. -A proposal to -PROPOSED BOND ISSUE TRAVERSE CITY, Mich. issue $119.000 bonds to finance the municipality's share of the cost of constructing a new Central School will be submitted to the voters at an election shortly. The Public Works Administration has agreed to purchase the loan and make an outright grant of $146,000 for the project. -An issue of $20.000 sewer -BONDS VOTED WHITEHALL, Mich. bonds was approved at the Sept. 30 election. MINNESOTA -BOND ATWATER SCHOOL DISTRICT (P. 0. Atwater), Minn. SALE -It is stated by the Clerk of the Board of Education that $15,000 of gymnasium and auditorium bonds were purchased recently by the State of Minnesota. BUFFALO INDEPENDENT SCHOOL DISTRICT, Minn. -BONDS SOLD -The 150,000 high school building bonds recently approved by the voters will be sold to the State of Minnesota. JANESVILLE INDEPENDENT SCHOOL DISTRICT NO. 76, Minn. -BONDS SOLD -L. A. Kahnke, District Clerk, informs us that the $20,000 school building bonds recently approved by the voters will be issued to the State of Minnesota as 3s. 2470 Financial Chronicle KANDIYOHI COUNTY (P. 0. Willmar), Minn. -PRICE PAID It is stated by the County Auditor that the 330,000 drainage refunding bonds sold to Kalman & Co. of St. Paul, as reported in these columns last July -V. 141, p. 310 -were sold as 211,s, paying a premium of $38, equal to 100.126. a basis of about 2.22%. Due $5,000 from July 1 1937 to 1942, inclusive. LA CRESCENT,Minn. -BONDSALE --The $10,000 issue of4% coupon semi-ann.road and bridge bonds offered for sale on Oct.4-V.141. p 1969 was purchased by the La Crescent State Bang of La Crescent, at par, according to the Town Clerg. Dated Sept. 1 1935. Due from July 1 1936 to 1945, optional on any interest paying date. No other bid was received. MAHOMEN, Minn. -BOND SALE -It is stated by the Village Clerk that a $5,000 issue of street improvement bonds approved by the voters at an election on July 30 has been purchased by the State of Minnesota. MINNEAPOLIS, Minn. -BOND OFFERING-Sealed bids will be received by the Committee on Ways and Means, care of 0. J. Turner, City Comptroller, in Room No. 321. City Hall, until 10.30 a. m. on Oct. 24, for the purchase of a $259,088.07 issue of special street improvement bonds. Open bids will be requested after all sealed bids have been received by the Committee. Interest rate is not to exceed 5%. payable semiannually. Denominations $1,000 each, or fractions thereof. Coupon bonds dated Nov. 1 1935. Payable as nearly as practicable one-tenth annually from Nov. 1 1936 to 1945 incl. Principal and interest payable at the fiscal agency of the city in New York, or at the office of the City Treasurer, in Minneapolis, at the option of the holders. The approving opinion of Thomson, Wood & Hoffman of New York, will accompany these bonds. A certified check for 2% of the par value of the bonds bid for, payable to C. A. Bloomquist, City Treasurer, is required. (A preliminary report on this offering appeared in these columns recently -V.141,p. 2311.) ADDITIONAL BOND OFFERING-Both sealed and auction bids will be received until 9:30 a. m. on Oct. 24, by Charles C. Swanson, City Cleric, for the purchase of a $400,000 issue of sewage disposal system bonds. Interest rate is not to exceed 5%,payable M.& N. Denom.$1,000. Dated Nov. 11935. Due on Nov. 1 as follows: $14,000. 1938 to 1957,and $15,000. 1958 to 1965, all incl. Bidders may bid for a rate of interest in multiples of 34 or 1-10th of 1%,and must be the same for all of the bonds. These bonds are issued under and pursuant to Chapter 341, Session Laws of Minnesota. 1933. for the use of the Board of Trustees of the Minneapolis-St. Paul Sanitary Ditstrict, in the construction, maintenance and operation of a sewage disposal system in said Sanitary District. Legal approving opinion will be furnished by Chapman & Cutler of Chicago. A certified check for 2% of the par value of the bond bid for, payable to C. A. Bloomquist, City Treasurer, is required. (A preliminary report on this offering also appeared in our issue of Oct. 5, under the general item on Minneapolis V. 141, p. 2311.) M1NNEOTA, Minn. -BONDS DEFEATED -The election held on Sept. 30 resulted in the defeat of the proposed $10.000 bond issue for a hospital building. Ed Gits is City Clerk. MOORHEAD, Minn. -BOND ELECTION -An election is said to be set for Oct. 21 in order to vote on the issuance of $175,000 in water and electric light plant bonds. RAMSEY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 5 (P. 0. St. Paul), Minn. -BOND ELECTION -An election will be held on Oct. 14, according to report, to vote on the issuance of $69,850 in 3% school bonds. If approved by the voters it is said that these bonds are to be sold to the State of Minnesota. ROYALTON SCHOOL DISTRICT (P. 0. Royalton), Minn. BOND SALE -It is reported by the Clerk of the Board of Education that the $7,000 high school bonds approved by the voters on Feb. 25 have been purchased by the State of Minnesota. ST. LOUIS PARK INDEPENDENT SCHOOL DISTRICT, Minn. BONDS VOTED -At an election held on Sept. 30, tbe proposition of issuing $130.000 school building bonds carried by a vote of 339 to 323. Federal grant $110,000 has been applied for. Wm.H. Martin is Clerk of the Board of Education. SIBLEY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0. Henderson), Minn. -BOND OFFERING-Henry Clerk of the district, will receive bids until 8 p. m. Oct. 22 for W. Bosel, the purchase of $18,000 21.% school building bonds. Denom. $500. DaLed Aug. 1935. Interest payable semi-annually. Due $1,500 yearly on Aug. 1 from 1936 to 1947. incl. Approving opinion of H. W. Moody of St. Paul will be furnished by the district. WASECA COUNTY (P. 0. Waseca), Minn. -It is -PRICE PAID stated by the County Auditor that the $75.000 2J. % semi-annual refunding bonds purchased by the First National Bank of Waseca last July,as reported at that time -V. 141, p. 316 -were sold at par. Dated Aug. 11935. Due $15,000 from Aug. 1 1937 to 1941, inclusive. WHITE BEAR INDEPENDENT SCHOOL DISTRICT No,5, Minn. BOND ELECTION -An election is to be held on Oct. 14 to vote on the question of issuing $69,850 high school addition building bonds. MISSISSIPPI ABERDEEN, Miss. -BOND ELECTION -It is reported that an election will be held on Nov. 12 in order to vote on the issuance of $119,000 of electric light system bonds. GREENWOOD, Miss. -BONDS AUTHORIZED-The City Council is said to have passed an ordinance recently, authorizing the issuance of $23.500 in paving and school refunding bonds. HAZLEHURST, Miss.-TEMPORA1RY LOAN -It is reported that a 57.500 temporary loan has been purchased by A. L. Kemp, of Hazlehurst. at 5.90%. HERNANDO, Miss. -BONDS VOTB-At an election held on Oct. 1 the voters are reported to have approved the issuance of $38,000 in sanitary sewer bonds by a wide margin. It is stated that a loan for a like amount has been approved by the Public Works Administration. LEXINGTON, Miss.-PWA LOAN APPROVED-It is stated by the City Clerk that the Public Works Administration has approved a loan of $72,000 for street, sewer and water system improvements, to be secured by 4% bonds, maturing serially in 25 years. MOSS POINT, Miss. -CONTEMPLATED BOND SALE -It is stated by the City Clerk that the two issues of bonds aggregating $54,000, authorized by the City Council early in May. as noted in these columns at that time -V. 140. P. 3594 -will be taken by the Public Works Administration. The issues are divided as follows: $40,000 school building and $14,000 street improvement bonds. NEW AUGUSTA SCHOOL DISTRICT (P. 0. New Augusta), Miss. -BOND ELECTION -An election is reported to have been scheduled for Oct. 5 to vote on the issuance of $25.000 in school bonds. MISSOURI BRENTWOOD (P. 0. St. Louis), Mo.-BONDS VOTED -At the election held on Sept. 28-V. 141, p. 2146 -the voters approved the issuance of the $105.000 in sanitary sewer bonds by a count of 637 to 267. COLE COUNTY (P. 0. Jefferson City), Mo.-BOND OFFERING Sealed bids will be received by the County Clerk, according to report. until Nov. 5 for the purchase of a $40.000 issue of jail bonds. Due in 5 years. These bonds were approved by the voters at the election held on Aug. 20, as reported in these columns -V. 141. p. 1475. Interest rate to be specified by the bidder. GLENDALE, Mo.-BONDS VOTED -At an election held on Sept. 28 the voters approved the issuance of $80.000 in sewer system construction bonds by a count of 481 to 50. PORTAGEVILLE, Mo.-BONDS AUTHORIZED -A $10.000 bond issue for installation of a water filtration plant was approved by the voters at a recent election. ST. LOUIS, Mo.-SPECIAL ELECTIONS PROPOSED -The Board of Election Commissioners are said to have under consideration two iniative petitions calling for a special election at which the city would vote on the creation of a municipally-owned transportation system. One proposal is Oct. 12 1935 for a vote on a 5 -cent fare and a $25,000,000 general city transportation system, the other proposal would authorize the city to issue $25,000,000 In bonds to acquire the system. MONTANA CASCADE COUNTY SCHOOL DISTRICT NO.,1(P.O.Great Falls), Mont. -BOND ELECTION -An election will be held on Oct. 22, to vote upon the proposition of issuing $970,000 school refunding bonds and $125,000 school building bonds. Victor F. Gibson is clerk of the district. CONRAD, Mont. -BONDS AUTHORIZED -The City Council has passed a resolution providing for the issuance of $180.000 refunding bonds for the purpose of retiring a like amount of water bonds now outstanding. GALLATIN COUNTY HIGH SCHOOL DISTRICT (P. 0. Bozeman), Mont. -BONDS VOTED --At the election held on Sept. 28, the proposition of issuing 1256.050 school building bonds carried by a vote of 1,371 "for" and 197 "against". Ella N.Coklin is superintendent of schools. HILL COUNTY SCHOOL DISTRICT No. 20 (P. 0. Gildford), Mont. -BOND ELECTION -An election will be held on Oct. 12 for the purpose of voting on the question of issuing $23,000 school building bonds. rams MALTA, Mont.-130NDS VOTED-The City Clerk states that at an election held on Oct. 4, the voters approved the issuance of $21,450 in 6% city hall and community building bonds. Dated Nov. 1 1935. Due in 20 years. optional in 10 years. MISSOULA, Mont. -The State Board of Land Commis-BOND SALE sioners, bidding par for 3yi 7. amortization bonds, was awarded the $131,000 funding bonds offered on Oct. 8-V. 141, p. 2147. Thrall, West & Co. of Minneapolis offered a premium of $178 for 31.4% bonds. MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 64 (P. 0. Melstone), Mont. -BOND OFFERING-The Clerk of the Board of School Trustees will receive bids until 4 p. m. Oct. 18 for the purchase of $7,700 gymnasium and auditorium bonds, to bear no more than 5%. Interest payable semi-annually on June 15 and Dec. 15. Certified check for $150, payable to the Clerk, required. RAVALLI COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Darby), Mont. -BOND OFFERING -A. B. Cole. District Clerk, will receive bids until 8 p.m. Nov. 2 for the purchase of $.30,000 bonds, bearing interest at a rate not to exceed 6%. Dated June 30 1935. Interest payable semiannually on June 30 and Dec. 30. Bonds are offered on either amortization or serial basis, and will be subject to call five years after date of issue. Certified check for $1,000, payable to the Clerk, required. NEBRASKA ANTELOPE COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Clearwater), Neb.-BOND ELECTION-It is rpeorted that an election will be held on Oct. 25 in order to vote on the issuance of $9,000 in not to exceed 4% school bonds. Dated Dec. 1 1935. Due in 20 years. ALLIANCE, Neb.-BOND ELECTION -It is reported that an election will be held on Oct. 23 in order to vote on the issuance of $100.000 in city hall and auditorium bonds. CREIGHTON SCHOOL DISTRICT, Neb.-BOND ELECTION A special election will be held on Oct. 29 at which the voters will be asked to approve a proposed $18,000 bond issue. FURNAS COUNTY SCHOOL DISTRICT NO.30(P.O. Wilsonville), Neb.-BOND ELECTION -An election has been called for Oct. 28 for the purpose of voting on a proposition to issue $13,000 school building Improvement bonds. HOWARD COUNTY SCHOOL DISTRICT NO. 67 (P. 0. Posen), Neb.-BOND ELECTION -An election is to be held on Oct. 22 to vote on the proposition of issuing $17,000 school building bonds. PRIMROSE, Neb.-BOND ELECTION -The Village Trustees have passed a resolution to hold a special election on Oct. 22 for the purpose of voting on the question of issuing $10.000 auditorium bonds. SARPY COUNTY SCHOOL DISTRICT NO. 43 (P. 0. Papillion); Neb.-BOND ELECTION -An election will be held on Oct. 19 to vote on the proposition of issuing $42,000 school building bonds. NEVADA CALIENTE, Nev.-BOND OFFERING-The Board of County Commissioners of Lincoln County, acting as a Town Board, will receive bids at Pioche, until 2 p.m. Oct.28 for the purchase at not less than par of $12,000 water main extension bonds, to bear no more than 4% interest. Principal and semi-annual interest (Jan. and July) payable at the County Treasurer's office. Due $1,000 yearly on the first Monday in January from - 1936 to 1947, incl. Certified check for 5% of amount of bid, required. NEW JERSEY BELLMAWR, N. J. -BONDS PASSED ON FIRST READING -On Sept. 23 the Borough Council gave first reading to an ordinance providing for the issuance of $65,000 refunding bonds. Final consideration will be given the proposal on Oct. 24. CLARK TOWNSHIP, Union County, N. J. -BONDS AUTHORIZED -The Township Committee on Sept. 23 authorized the issuance of $18,000 trunk sewer and sewage disposal work bonds. EDGEWATER, N. J. -BOND OFFERING-Peter O'Brien. Borough Clerk, will receive sealed bids until 8 p. m. on Oct. 22 for the purchase of 3129,000 not to exceed 43.4% interest coupon or registered funding bonds of 1935. Dated Sept. 1 1935. Denom. $1,000. Due Sept. 1 as follows: $25,000 from 1936 to 1939 incl. and $29,000 in 1940. Bidder to express the rate of interest in a multiple of Yi of 1%. Principal and interest (M. & S.) payable at the Edgewater National Bang, Edgewater. A certified check for 2% of the bonds bid for. payable to the order of the borough, must accompany each proposal. Legal opinion of Hawkins, Delafield & Longfellow of New org will be furnished the successful bidder. FAIR LAWN SCHOOL DISTRICT, N. J. -BOND ELECTION -The Board of Education has decided to call an election for Oct. 22 for the purpose of submitting a proposal to issue $390.000 high school building bonds. GUTTENBERG, N. J. -BOND SALE -An issue of $75.000 4% funding bonds of 1935 was sold privately on Oct. 7 to H. L. Schwamm & Co. of New York at par. Dated Nov. 1 1935 and due Nov. 1 as follows: $5,000 from 1940 to 1942 incl. and 110.000 from 1943 to 1948 incl. Interest payable . & N. Legal opinion of Hawkins, Delafield & Longfellow of New yorkM M. LANDIS TOWNSHIP, Cumberland County, N. J. -BONDS AUTHORIZED -On Sept. 30 the Township Cotrunittee adopted an ordinance authorizing the issuance of 1273.000 refunding bonds to bear no more than % interest, and to mature $13,000 on Oct. 1 1937; $15,000 yearly on Oct. 1 from 1938 to 1941, and 320.000 annually from 1942 to 1951. Issue is being made for the purpose of retiring the following obligations of the township: Tax revenue bonds67-dated Dec.31 1932, maturing Dec.31 1935470.000 Tax revenue bonds 5%-dated Dec.31 1933. maturing Dec.31 1936. 80,000 Tax revenue bonds 4Si%-dated April 11935, maturing Mar. 1 1938 70.000 Tax revenue note 436%-dated Sept. 20 1935. maturing Nov. 1 1935 , Tax title note 43.4 %-dated Sept. 20 1935. maturing Nov. 1 1935-- 43.000 10,000 MILLBURN SCHOOL DISTRICT (P. 0. Millburn), N. J. -BOND OFFERING -Walter R. Staub, District Clerk, will receive sealed bids until 8 p. m. on Oct. 21 for the purchase of $442,000 coupon or registered school bonds. part of an authorized issue of 197.000. Dated May 11935. Denom $1,000. Due $2,000 on May 1 from 1937 to 1957 incl. Bidder to bid on either 3, 33.4 or 4% bonds. Prin. and int. (M. & N.) payable at the First National Bank of Millburn. A certified check for 2% of the bonds bid for, payable to the order of the Board of Education, must accompany each proposal. MONTCLAIR, N. J. -PLANS BORROWING TO MEET MATURING DEBTS -The Town Commission met on Oct. 3 to authorize the borrowing of $125,000 on 1% 60 -day tax anticipation notes in order to add to the funds already available for the payment of $269.883.18 in debt charges duo Oct. 15. Financial Chronicle Volume 141 H. L. ALiEN& COMPANY New Jersey M4ipa1 Bonds Telephotia or 2-7333 A. T.& T.'feint . N.Y. 1-528 e New York 100 Broadway NEW JERSEY MUNICIPALS Bought - Sold - Quoted LOBDELL 4Sk CO. 48 Wall St., New York 123 S. Broad St., Phila. HAnoyer 2-1720 Kingsley 1030 A. T. & T.: NY 1-735 MUNICIPAL BONDS New Jersey and General Market Issues B. J. Van Ingen & Co. Inc. 57 WILLIAM STREET, N. Y. A. T. & T.: N. Y. 1-730 Telephone: John 4-6364 Newark Tel.: Market 3-3124 NEW JERSEY MUNICIPALS Colyer, Robinson Company INCORPORATED 1180 Raymond Blvd., Newark New York Wire: REctor 2-2055 MArket 3-1718 A. T. & T. Teletype NWRK 24 NEW JERSEY MORRISTOWN, N. J. -BOND SALE -A group composed of E. H. Rollins & Sons, Inc., of New York, McBride, Miller & Co., Newark, A. C. Allyn & Co., Inc. and M. F. Schlater, Noyes & Gardner, Inc., both of New York, bidding for $444,000 bonds as 3s, at a price of $445,776, equal to 100.40, a basis of about 3.46%, was awarded the $445,000 general funding and serial funding bonds offered on Oct. 8-V. 141, p. 2148. Dated Oct. 1 1935 and due Oct. 1 as follows: $20,000 from 1937 to 1942 incl.; $25,000 from 1943 to 1954 incl., and $24,000 in 1955. Brown Harriman & Co., Inc., and E. B. Smith & Co., both of New York, jointly, were second high bidders, offering $445,051.36 for $438,000 bonds as 3Us. Halsey, Stuart & Co., Inc., of New York offered a premium of $735 for $445.000 3Ns and an account composed of Bancamerica-Blair Corp., B. J. Van Ingen & Co., Inc., and H. L. Allen & Co. bid $100.80 for $442.000 45. MOUNTAINSIDE SCHOOL DISTRICT (P. 0. Westfield), N. J. BONDS SOLD TO PWA-D. G. Maxwell, District Clerk, informs us that $48,000 4% coupon school bonds have been sold to the Public Works Administration at par. Dated Sept. 1 1935. Denoms. $500 and $100. Due serially in 30 years. Interest payable M. & S. Mr. Maxwell's report was made in response to our inquiry as to the probable disposition of the $87,373 bonds voted on Sept. 12. NEW BRUNSWICK, N. J. -ADDITIONAL PWA FUNDS DENIED -This city, which has already obtained a 8535,000 loan and grant for a new sewage disposal plant, has been denied a request to the Public Works Administration for an additional $125.000 of Federal funds for improvements to the water system. Colonel Elmer W. Clark, an Executive Assistant to the Administrator Harold L. Ickes, explained that requests from other munlciplaities for additional PWA funds had been similarly rejected. NEW JERSEY, State of-FOUR TOWNSHIPS EXCEED DEBT LIMIT -The following report is taken from the Newark "News"of Sept.30: "The net debts of. Cedar Grove and Denville townships are above the 7% legal limit, it was disclosed to-day by the State Auditor. Two others among 35 townships also are above the debt limit. Cedar Grove's gross debt is $323,861. its net debt $307,861, and the percentage relation of the net debt to the 3 -year average of assessed valuation 8.56. "Denville Township's gioss debt is $966.005, its net $655.255 and the percentage 22.61. "The other townships, their gross and net debts, and percentage relationship to assessed valuation are Clark Township, Union County, $266,017, $171,986, 7.31; and East Brunswick Township, $220,499, $139,499. 7.98%." NORTH BERGEN TOWNSHIP, N. J. -EXTENSION OF BONDHOLDERS' DEPOSIT AGREEMENT -The Seaboard Trust Co. of Hoboken, in a notice issued under date of Oct. 4 and signed by Theodore B. Furman, President, announces the extension for another six months of the deposit agreement effected on April 5. The text of the announcement follows: "In accordance with the terms of the deposit agreement made a part of the Seaboard plan for the refinancing of bonds and obligations of the Township of North Bergen. N. J., the agreement was to expire six months after April 5 1935, with the right of an extension for another six months' period. The duration of the agreement was made short because the Seaboard Trust Co. had no intention of prolonged negotiations. The provision for the extension for an additional six months, from Oct. 5 1935. was for the sole purpose of completing consummation of the plan, should that seem possible at the expiration of the first six months. "In view of the results of the bondholders' meeting in Trenton on Sept. 11 1935, with the appointment of a committee to suggest and report modifications of the plan to the bondholders as soon as ;possible, and also in view of the activities and work completed by this committee to date, we feel that the best interests of the bondholders justifies our extending the duration of the deposit agreement for another six months, and with this in mind, the following is the notice of such extension as provided for in the agreement: "'Notice is hereby given that pursuant to Section 9 of Article II of the deposit agreement respecting the bonds and obligations of the Township of North Bergen, in the County of Hudson. the period during which such greement shall be made operative has been extended by the Seaboard rust Co., the depositary mentioned in said agreement, for the further Period of six months, expiring April 5 1936. "'The depositary may, at any time prior to the collection of the moneys to be collected under the refinancing plan and the delivery of the bonds to be issued under said plan, or either of said events, whichever is the later, abandon said plan, in which event deposited bonds will be returned to the depositor, as provided in Section 4, Article III of the deposit agreement.' "The above extension will inure to the benefit of all holders of bonds and obligations of the township, and further deposits will be accepted until • notice to the contrary." T -BONDS AUTHORIZED-The City Commissioners PASSAIC, N. J. have given final approval to an ordinance providing for the issuance of 51,340,000 serial funding bonds dated Oct. 1 1935 and maturing yearly on Oct. 1 as follows: $60.000. 1936 to 1943; $100,000. 1944 to 1947; $150.000, 1948; and $155,000, 1949 and 1950. 2471 PATERSON, N. J. -TAX COLLECTIONS REACH 81% OF 1935 BUDGET NEEDS -Tax collections of the city in the current year up to Sept. 26 amount to 81% of the total collections needed to assure the city's l his a ono operatin on mbauggeg.r 1935. announcement bwasasis iri 8124f11111Varysaorr John rb iractIcfreicit li a statement regarding the progress of Paterson's pay-as-you-go plan. which was adopted Jan. 1 1934 and under which the city has operated for nearly two years. "Our cash basis budget," stated Mayor Hinchliffe, "calls for total tax collections of $6,982,173 in 1935, of which we had collected $5,644,782, or 81% of the necessary total, by Sept. 26. The budget calls for only a 63% collection of the current 1935 levy of $6.870.512. As compared with this budget requirement of $4,328.422 for collections on the current levy, we have already collected $3,544,628. or nearly 82% of our budget requirement. "The 1935 cash budget anticpiates a collection of 43% of a total of $3,656,165 of taxes in arrears on Jan. 1 1935. We have already collected $1,659.867 of arrears, which is more than 105% of the budget requirement of $1,572,151. "The 1935 budget calls for a 60% collection during 1935 of $1,786,001 of tax title liens that were outstanding on Jan. 1. Collections of these to date have totaled 1440.287. which is 41% of the budget requirements for the full year 1935. " -PLANS VOTE ON SCHOOL BONDS -Fred PLAINFIELD, N. J. Toegel, City Clerk, states that plans are under way to submit an issue of $385,000 school construction bonds for approval by the voters at the November election. The cost of the program is estimated at $700,000 and it is anticipated that the Public Works Administration will supply the additional funds. -NO BIDS RAMSEY SCHOOL DISTRICT (P. 0. Ramsey), N. J. -BONDS RE-OFFEREL--No bids were received for the RECEIVED Issue of $330,000 coupon or registered school bonds offered for sale on Oct. 10 -V. 141, p. 2313. District Clerk Lester S. Rutan states that new bids will be asked for on Oct. 24, with the maximum interest rate that offers may be based on set at 4% instead of 3)i %. -BONDS AUTHSPRINGFIELD TOWNSHIP, Union County, N. J. -The Township Committee recently approved an ordinance ORIZED authorizing the issuance of $143,000 sewer and disposal works bonds. -BOND WEEHAWKEN TOWNSHIP (P. 0. Weehawken), N. J. -The following bonds aggregating $775,000 were sold privately on SALE Oct. 7 to II. L. Schwamm & Co.of New York at a price of par: $580,000 4% general refunding bonds of 1935. Due Oct. 1 as follows: $50,000 from 1942 to 1952 incl., and $30.000 in 1953. 195,000 334% general refunding bonds of 1935. Due Oct. 1 as follows: $20,000, 1937:$25.000 in 1938, and $50,000 from 1939 to 1941 incl. Dated Oct. 1 1935. Principal and interest (A. & 0.) payable at the Township Treasurer's office. Legal opinion of Reed, Hoyt & Washburn of New York.-- NEW MEXICO DONA ANA COUNTY SCHOOL DISTRICT NO. 11 (P.O. Hatch), N. Mex.-BONDS VOTED-The district recently voted in favor of the Issuance of $17,500 school building bonds. -The County LUNA COUNTY(P.O. Deming), N.Mex.-BOND CALL Treasurer is reported to be calling for payment at the office of the International Trust Co. of Denver, on Nov. 1, on which date interest shall cease, 5% road and bridge bonds, dated Nov. 11915, numbered from 1 to 78, and from 80 to 100. Denom. $1,000. Due on Nov. 1 1945, optional on Nov. 1 1935. It is said that coupons should be mailed to the County Treasurer. Offerings- Wanted New York State Municipals -Town-School District County-City GORDON GRAVES & CO. 40 WALL ST., N. Y. Whitehall 4-5770 NEW YORK -William A. Eckert, City -BOND OFFERING BUFFALO, N. Y. Comptroller, will receive sealed bids until Oct. 22 for the purchase of $4.000.000 not to exceed 6% interest coupon or registered refunding bonds. Dated Nov. 15 1935. Denom. $1,000. Due Nov. 15 as foilows: $80,000 from 1936 to 1940 incl., and $240,000 from 1941 to 1955 incl. Bidder to name the rate of interest in a multiple of 3•1 or 1-10th of 1%. Legal opinion of Caldwell & Raymond of New York. CHESTER,HORICON AND WARRENSBURG CENTRAL SCHOOL -The -BOND SALE DISTRICT NO. 2 (P. 0. Chestertown), N. Y. issue of $15.000 coupon or registered school bonds offered on Oct 9-V. -was awarded to the Manufacturers & Traders Trust Co. 141, p. 2313 of Buffalo on a bid of 100.1872 for 3Ri% bonds, a basis of about 3.22%. The next high bid was submitted by Gordon Graves & Co. of New York, who offered to pay 100.15 for 3.408 Dated Oct 1 1935 Due yearly on Oct. 1 as follows: $1,000, 1936 to 1940 incl., and $2,000, 1941 to 1945 incL Other bidds were as follows: Rate Bid Int.Rate Bidder100.15 3.70% Cartier & Co., Inc 100.279 4V Rutter & Co Par 4% Chester Schroon Horicon Bank -BOND OFFERING-Homer H. Good, Mayor, DANNEMORA, N. Y. will receive bids at the office of J. Edgar Downs, 91 Margaret St., Plattsburgh, until 10 a. in. Oct. 16 for the purchase of $5.000 4)% registered waterworks construction bonds. Denom. $500. Dated April 1 1935. Interest payable annually on April 1. Due $500 yearly on April 1 from 1940 to 1949 incl. Certified check for 5% of amount of bid required. -BOND OFFERING-John Biome, Village FLORAL PARK, N. Y. Clerk, will receive sealed bids until 3 p. in, on Oct. 21 for the purchase of $150.000 not to exceed 5% interest coupon or registered bonds, divided as follows: $141,500 municipal building bonds. Due Nov. 1 as follows: 56.500. 1937; $6.000 from 1938 to 1946 incl., and $9.000 from 1947 to 1955 incl. 8.500 signal system bonds. Due Nov. 1 as follows: $1,500 Nov. 1 1937 and $1,000 from 1938 to 1944 incl. All of the bonds are dated Nov. 1 1935. Bidder to name one rate of interest, expressed in a multiple of 3. or 1-10th of 1%. Two bonds for $500 each, others for $1,000. Principal and interest (M. & N.) payable at the Floral Park National Bank & Trust Co.. Floral Park, or at the Floral Park Bank. A certified check for 83.000. payable to the order of the village, must accompany each proposal. Legal opinion of Clay, Dillon & Vandewater of New York will be furnished the Purchaser• Financial Statement Assessed valuation $30.352,075.54 Total bonded debt (including present bonds) 613,000.00 None Deductions Population, 1930, 10.106. Tax Collections Uncollected Uncollected End Fiscal Year Year Oct. 4 1935 -Levu $5,869.16 1932-1933 $2$215,32 $28,079 9,772.74 1933-1934 207,164 30.453 • 20,096.83 1934-1935 221,112 30.772 -Feb. 1 1936 amount Note-Taxes levied for the fiscal year March 1 1935 to $221,500, of which $171.217.38 has been collected as of Oct. 4 1935. FRANKLIN, N. Y. -BONDS VOTED -At a recent election the people approved the issuance of $16.000 flood damage repair bonds. HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 25, N. Y. -The $100,000 4% school bonds offered by the BONDS SOLD BY RFC 2472 Financial Chronicle Reconstruction Finance Corporation on Oct. 10-V. 141, p. 2305 -were awarded to Phelps, Fenn & Co.. Inc., of New York on a bid of 103.90, a basis of about 3.51%. Due Sept. 1 as follows: $5,000, 1936 to 1942, incl.; $6,000. 1943 to 1949 incl.; $7,000, 1950 to 1952 Inc!. and $2,000 in 1953. Public re-offering is being made by the bankers at prices to yield from 1% to 3.60%, according to maturity. HUNTINGTON, N. Y. -OFFERING OF 822,000 GREENLAWN WATER DISTRICT BONDS -The town is offering $22,000 not to exceed 57 interest coupon or registered Greenlawn Water District bonds. Sealed bids will be received by William Watt, Town Supervisor, until 11 a. m. (Eastern Standard Time)on Oct. 16. Issue is dated Nov.11935. Denom. $1,000. Due $1,000 on Nov. 1 from 1940 to 1961 incl. Prin. and int. (M. & N.) payable in lawful money of the United States at the Town Supervisor's office. Bidder to name a single interest rate for all of the bonds, expressed in a multiple of s or 1-10th of 1%. The bonds, although payable in the first instance from a levy upon property in the district, are general obligations of the town and,if necessary,all the taxable property therein is subject to the levy of ad valorem taxes to service the debt without limitation as to rate or amount. A certified check for $500, payable to the order of the town, must accompany each proposal. Approving opinion of Clay, Dillon & Vandewater of New York will be furnished to the purchaser without cost. HUNTER, JEWETT AND LEXINGTON CENTRAL SCHOOL DISTRICT No. 1 (P. 0. Tannersville), N. Y. -BOND SALE -The 8175,0004% coupon or registered school bonds offered on Oct. 11-V. 141, p. 2313 -were awarded to A. C. Allyn & Co.. Inc., and Rutter & Co., both of New York, jointly, at a price of 103.31, a basis of about 3.71% • Dated Sept. 1 1934 and due Sept. 1 as follows: $4,000, 1936; 85,000, 1937 and 1938; $6,000, 1939 to 1959 incl., and $7,000 from 1960 to 1964 incl. The 13ancamerica-Blair Corp. of New York bid a price of 103.30. IRONDEQUOIT (P. 0. 1340 Ridge Road East, R. F. D. No. 5, Roch ), N. Y. -BOND SALE -The $318,590.78 St. Paul Boulevard Improvement bonds offered on Oct. 7-V. 141, p. 2148 -were awarded to Lehman Bros., Bancamerica-Blair Corp. and Morse Bros & Co., Inc., all of New York, as 4(s, at a price of 100.22, a basis of about 4.72%. Dated Oct. 1 1935 and due as follows: $21.590.78, 1936; $21,000 from 1937 to 1947 incl., and $22,000 from 1948 to 1950 incl. The Manufacturers & Traders Trust Co.and Sage, Rutty & Steele, both of Rochester, bid 100.189 for 4Xs, while the Genesee Valley Trust Co. offered 100.05 for 55. JEFFERSONVILLE, N. Y. -At a recent election the -BONDS VOTED voters approved an issue of $10,000 water bonds. LITTLE FALLS, N. Y. -OTHER BIDS -The following is a list of the other bids submitted for the $60,000 coupon relief bonds awarded to Bancamerica-Blair Corp. of New York as 2.80s, at a price of 100.206, a basis of about 2.77%, as previously noted in these columns: BidderRate Bid Int. Rate Gertler & Co., Inc 100.14 2.909' James H. Causey & Co 100.139 2.909 Herkimer County Trust Co 100.019 2.90% Manufacturers & Traders Trust Co 100.249 3% E. H. Rollins & Sons 100.131 3.10% A. C. Allyn & Co 100.41 3.20% Nellie Bronner 100.32 3.20% LONG BEACH, N. Y. -BOND OFFERING -August N. Gandia, City Treasurer, will receive sealed bids until It a.m. (Eastern Standard Time) on Oct. 11 for the purchase of $275,000 not to exceed 6% interest coupon or registered land purchase bonds. Dated Oct. 1 1935 Denom. $1,000. Due Oct. 1 as follows: $13,000 from 1936 to 1940 incl. and $14.000 from 1941 to 1955 incl. Bidder to name a single interest rate for all of the bonds. expressed in a multiple of X or 1-10th of 1%. Principal and interest (A. & 0.) payable at the Manufacturers Trust Co., New York, or at the City Treasurer's office. The bonds are valid and legally binding obligations of the city and it is authorized and required by law to provide for the payment of the debt through the levy of unlimited ad valorem taxes. A certified check for $5.500, payable to the order of the city, must accompany each proposal. Legal opinion of Reed, Hoyt & Washburn of New York will be furnished the successful bidder. The bonds will be delivered to the purchaser, or on about Oct. 21 1935, at the Manufacturers Trust Co., New York City. -BONDS NOT SOLD-The $275,000 not to exceed 6% interest coupon or registered land purchase bonds previously offered without success on Oct. 4 again failed of sale on Oct. 11, when nobids were received. NAPLES, N. Y. -BOND OFFERING -C. E. Koby, Village Clerk, will receive bids until 2 p. m. Oct. 17 for the purchase a $36,000 coupon or registered water bonds, which will bear no more than 6%, as determined in the successful bid. Denom. $1,000 and $500. Dated Oct. 1 1935. Principal and semi-annual interest (April 1 and Oct. 1), payable at the Hiram Maxfield National Bank, of Naples, in New York exchange. Due yearly on Oct. 1 as follows: $1,000. 1936 to 1944 incl., and $1,500-1945 to 1962 incl. Certified check for $700, payable to the village, required. Approving opinion of Clay, Dillon & Vandewater of New 'York will be furnished to the successful bidder. NEWBURGH, N. Y. -BOND ELECTION -On Oct. 22 the voters will be asked to authorize the issuance of$668,250 bonds for construction of two junior high schools. Previously, it was stated that the date was Oct. 10 and the amount of the proposed issue given as $850,000. NEW ROCHELLE,N. Y. -TO BORROW 3.529,311 FROM OWN RESERVE -The City will borrow money from Itself at 1%% interest, according to a plan presented to the City Council Oct.4 by City Auditor Edward J. Glick. The money will be taken from a special fund started several years ago when the city. in general with the rest of the country, was in a precarious financial condition. Since 1932 all late tax payments have been placed in the fund as a sort of backlog, to prevent borrowing from banks in time of need. The fund, which is an ever-increasing one, now totals $529,311.73. The sums Mr. Glick contemplates borrowing will exceed this total, but it is expected that Intermittent payments will make up the difference. The plan calls for borrowing $352.000 to meet State and county taxes due Oct. 15. This will be in demand notes, and will be repaid as soon as possible. Then $215,678 will be taken, as the fund grows, to meet debt requiremens due Nov. 1. The city also will need $100.000 for current expenses and to retire tax anticipation certificates floated last year. The fund will be repaid out of this year's tax collections. NIAGARA FALLS, N. Y. -BONDS OFFERED FOR INVESTMENT Offering is being made of $1,265.000 2.70% sewage disposal plant bonds, through a banking group comprising Lazard Freres & Co. Inc., Blyth & Co., Inc. and Graham. Parsons & Co., which was awarded the issue on Oct. 4 on a bid of 100.086. The bonds, which are dated Sept. 1 1935 and are due Jan. 1 1937 to 1957, are priced to yield from 0.75 to 2.60% for maturities ranging from 1937 to 1948; at 100 for maturities from 1949 to 1953 and at 99% for maturities from 1954 to 1957. They constitute valid and legally binding general obligations of the city, are exempt from all present Federal and New York State income taxes, and, in the opinion of the bankers, are legal investment for savings banks and trust funds in New York State. The city reports an assessed valuation, as of Sept. 2 1935, of $148,232,831, total bonded debt, including this issue, of $14,769.940, and net bonded debt of 812,830,610. PITTSTOWN COMMON SCHOOL DISTRICT NO. 2 (P. 0. Troy), N. Y. -BOND OFFERING-Archie Church, DI trict Clerk, will eceive sealed bids until 11 a. m.on Oct. 15, at the Union National Bank,56 Fourth St., Troy,for the purchase of $4,000 43 % registered school building and equipment bonds. Dated Nov. 1 1935. Denom. $400. Due $400 on Nov. 1 from 1936 to 1945 incl. Prin. and int. M. & N. payable at the Union National Bank, Troy. The bonds are direct obligations of the District, payable from unlimited taxes. A certified check for 5% of the bonds, payable to the order of the Board of Education, must accompany each proposal. No approving opinion of municipal bond attorneys Mill be provided. PLEASANTVILLE. N. Y. -BOND SALE -The $11.500 coupon or registered water bonds offered on Oct. 5-V. 141. p. 2149 -were awarded to the Mount Pleasant Bank & Trust Co.of Pleasantville as 3Sis, at a price of par. Dated Oct.! 1935 and due $500 on Oct. 1 from 1937 to 1959 incl. George B. Gibbons & Co., Inc. of New York bid 100.17 for 4 U8. The $5,500 coupon or registered water onds offered on Oct 7-V. 141, -were awarded as 4s, at a price of par, to the Mount Pleasant Bank p. 2314 Oct. 12 1935 & Trust Co., Pleasantville, the only bidder. Dated Oct. 1 1935 and due $500 on Oct. 1 from 1960 to 1970 incl. The bid of the Pierce Farm Water Co., Inc., for the issue as 4s was rejected. PORT CHESTER, N. Y. -TEMPORARY LOAN -Village Treasurer Murray Singer has arranged for a temporary loan of $200,000 on a 1% Interest basis. PORT JERVIS, N. Y. -BOND ELECTION -A proposal to Issue 8121.000 high school addition bonds to match a grant from the Public Works Administration will be passed on by the voters on Oct. 21. ROME COMMON SCHOOL DISTRICT NO.19(P.O. Rome), N. Y.- BOND OFFERING-Edward A. Rapke, Sole Trustee, will receive sealed bids at the law offices of Edward A. Wolff, 131 North James St., Rome, until 10:30 a. m. (Eastern Standard Time) on Oct. 19 for the purchase of $30,000 not to exceed 6% interest conpon or registered school bonds. Dated Nov. 15 1935. Denom. $1,000. Due $1,000 on Nov. 15 from 1936 to .1965 incl. Bidder to name one rate of interest, expressed in a multiple of X or 1-10th of 19'. Principal and interest (M. Sr N. 15) payable in lawful money of the United States at the Farmers National Bank & Trust Co., Rome. A certified check for $1,000. payable to the order of Augustus Sullivan. Treasurer, must accompany each proposal. The bonds are direct general obligations of the district, payable from unlimited taxes. The approving opinion of Clay, Dillon & Vandewater of New York will be furnished the successful bidder. Financial Statement Assessed valuation (1935) $344,868.00 Bonded debt (current issue only) 30,000.00 Deductions None Population, about 250 Tax Collections Fiscal Year1934-35 1933 34 1932 33 1931-32 Levy $1.608.00 $1,626.08 81,695.66 $1,806.30 Uncollected &xi fiscal yr. 181.07 74.84 81.12 None Note -None of the above taxes outstanding as of Oct. 9 1935. Taxes become delinquent Dec. 1 of each year. SARANAC LAKE SCHOOL DISTRICT, N. Y. -BOND ELECTION A special meeting of the voters of the district will be held on Oct. 22 to determlne whether or not the district shall issue $23,000 school building bonds. TROY, N. Y. -Following approval of -TO ISSUE 8436.000 BONDS an issue of $11,000 airport land purchase bonds on Oct. 3, the Common Council was advised that the loan together with several others totaling $425,000, would be placed on sale in the latter part of October. WEST LONG BEACH SEWER DISTRICT (P. 0. Long Beach), Town of Hempstead, N. Y. -BONDS AUTHORIZED-The Town Board recently adopted a resolution providing for an issue of $46,000 sewer bonds. $25,000 Richmond, Virginia, 41 4s, / due July 1, 1961, at 2.90% basis F. W.CRAIGIE Si COMPANY Richmond, Va. Phone 3-9137 A.T.T.Tel. Rich.Va.83 NORTH CAROLINA ASHE COUNTY (P. 0. Jefferson) N. C. -REFUNDING OF DEFAULTED BONDS CONTEMPLATED -The following communication is being sent to holders of bonds of the above county by Bowie & Bowie, Attorneys of Jefferson: "Ashe County, North Carolina, as you probably know, is hopelessly in default on its bonded indebtedness, and in the opinion of those familiar with its circumstances will never be able to pay its present indebtedness unless it is refunded and placed on a basis in accordance with the ability of the taxpayers to pay. "Ashe County is now paying from only 2 to 3% of the interest on its bonds, and nothing on the principal. At the time the county ceased to attempt to pay anything but a part of the interest on this Indebtedness, taxes were so high that many taxpayers were delinquent in the payment of their taxes for as much as seven years, and two-thirds or more of the land in this county was advertised or sold for the non-payment of taxes. Under the present tax rate taxes are being paid with encouraging promptness. "Realizing that this county could never pay its total indebtedness, the last General Assembly passed an Act authorizing a refunding of its bonded Indebtedness, and the county is now anxious to make some fair and reasonable settlement of the whole matter on a basis that its citizens will believe that they can discharge. To this end the county wants the bondholders to get together and appoint a conference committee to represent the various bondholders for the purpose ofattending a meeting in Raleigh N. C., in the office of the State Treasurer who is familiar with the financial conditions of this county, for the purpose of seeing if a refinancing plan cannot be agreed upon to the mutual benefit of all parties concerned, and which will enable the county to pay its debt. If this is not done it is our honest opinion that the people of the county will finally refuse to pay taxes at all and if the natives of this county cannot make it pay its debts, outsiders obviously cannot. "We would thank you to write us regarding your attitude towards participating in such a meeting and settlement. We hope you will be able to act speedily and thus enable us to get together and confer with your conference committee and the State officials. "Thanking you for a prompt reply, we are "Yours truly, "BOWIE dr BOWIE "Attorneys for Amite County. CLEVELAND COUNTY (P. 0. Shelby), N. C. -BONDS AUTHORIZED -On Sept. 16 the County Commissioners enacted legislation authorizing the issuance of 8240,000 school building bonds. GASTONIA, N. C. -FINANCIAL STATEMENT -The following information is furnished to us through the courtesy of Kirchofer & Arnold. Inc., of Raleigh, municipal bond dealers: (As of June 30 1935) Assessed valuation, 1934 818,987.897.00 Assessed valuation, 1933 18,476,955.00 1934-35 levy 237,352.46 1934-35 uncollected (24.6%) 58,358.84 1933-34 levy 230,961.94 1933-34 uncollected (15.8%) 36,552.64 1932-33 levy 309,677.89 1932-33 uncollected 29,710.36 Uncollected all other prior Years 54.482.20 Outstanding debt: Bonds 2,887,000.00 Revenue anticipation notes 75,000.00 Total debt $2,962,000.00 Deductions: Utility bonds 81.016,000 Sinking funds 241,000 1,257,000.00 Direct net debt $1.705,000.00 Per capita net debt $99.74 Ratio of net debt to assessed valuation 8.1% Uncollected special assessme is $186,354.78 Tax rate 1934-35, $1.25: divided as follows: debt service, 43 cents; general fund, 44 cents; other purposes, 38 cents. The town operates its water and light systems, which showed a profit of 8132.456.31 for the year ended June 30 1935. Sinking fund assets consist of $241,000. of Gastonia bonds. Population, 1930 census, 17.093. GOLDSBORO,N. C. -BOND OFFERING-It is stated by J. G. Spence. City Clerk-Treasurer, that W.E. Easterling, Secretary of the Local Government Commission, will receive sealed bids at his office in Rallegh, until Oct. 15, for the purchase of a $25,000 issue of coupon cemetery bonds. Financial Chronicle Volume 141 Bidder to name the rate of interest. Denom. $500. Dated Oct. 1 1935. Due on Oct 1 as follows: $2,500 from 1937 to 1940, and $3,000 from 1941 to 1945. Prin. and int, payable at the Central Hanover Bank & Trust Co. In New York. Legal approval to be furnished by Reed, Hoyt & Washburn of N. Y. City. KINSTON, N. C. -It is reported by the City Clerk -MATURITY that the $15,000 revenue anticipation notes purchased by the First Citizens Bank & Trust Co. of Smithfield, at 2.40%. as reported in September -V. 141, p. 1811-are dated Aug. 15 1935, and mature on Dec. 15 1935. MOORESVILLE, N. C. -At an election to be held -BOND ELECTION on Oct. 22 the voters will be asked to approve the issuance of $91,278.70 water, sewer, storage dam. incinerator and town offices bonds. PITT COUNTY (P. 0. Greenville), N. C. -FINANCIAL STATEMENT -The following information was furnished to us by Kirchofer & Arnold, Inc., municipal bond dealers of Raleigh: (As of June 30 1935) Assessed valuation 1934 $28,641.102.00 Assessed valuation 1933 27,096.567.00 1934levy 355,899.99 1934 uncollected (26%) 92,870.46 1933levy 324,592.75 1933 uncollected (15%) 48,592.70 1932 uncollected 58,184.46 Uncollected all other prior years 146,738.45 Outstanding debt: County-wide bonds 2,272,000.00 Township road bonds 296,000.00 Special school bonds 282,000.00 State special school loans 158,125.00 Total debt Deductions: xTownship road bonds xSpecial scholl bonds xSt.special school loans County sinking fund:cash Securities $3,008,125.00 $296,000.00 282,000.00 158,125.00 123,781.40 156,832.14 1,016,738.54 2473 -BOND BROOKVILLE VILLAGE SCHOOL DISTRICT, Ohio OFFERING-Orville C. Riley, Clerk of the Board of Education, will receive bids until noon Oct. 26 for the purchase at not less than par of $34,000 5% refunding bonds. Denoms.8 for $1,000, 12 for $1,500 and 4 for $2,000. Dated Sept. 15 1935. Interest payable semi-annually. Due yearly on March 15 as follows: $2,000, 1939 to 1942, incl.; $3,000, 1943 to 1948, incl., and $4,000, 1949 and 1950. Certified check for $500, payable to the Board of Education, required. -By a vote -BONDS VOTED BURTON SCHOOL DISTRICT, Ohio of 210 to 47 residents of the district on Sept. 28 approved the issuance of $75,000 school building bonds. BYESVILLE, Ohio -BOND OFFERING-William Slay, Village Clerk, will receive bids until noon Oct. 24 for the purchase of the following 6% sanitary sewer system bonds: $63,000 special assessment bonds. Denoms. 1 for $600 and 78 for $800. Dated Oct. 1 1935. Due yearly on Oct. 1 from 1938 to 1956. 60.000 bonds. Denom. $800. Dated Sept. 1 1934. Due $2,400 yearly on March 1 from 1937 to 1961. Interest payable semi-annually. Certified check for 1% of amount of bid, payable to the village, required. CHESTERFIELD TOWNSHIP SCHOOL DISTRICT, Fulton -A special election held on Oct. 1 resulted County, Ohio -BONDS VOTED in approval of a proposed $25,300 bond issue for construction of a school building, the vote on the measure being 164 "for" to 38 "against." -BOND ELECTION CIRCLEVILLE SCHOOL DISTRICT, Ohio . On Nov. 5 the voters will be asked to authorize an issue of $50,000 high school building bonds. -BOND ELECTION -An issue of $10,000 poor CLARINGTON, Ohio relief bonds will be considered by the voters at the general election on Nov.5. -The issue of $275,000 city's CLEVELAND, Ohio -BOND SALE portion coupon or registered paving and sewer bonds offered on Oct. 11 -was awarded to a syndicate composed of Lehman -V. 141, p. 2150 Bros. of New York, Estabrook & Co. of Boston. and McDonald. Coolidge & Co. of Cleveland at a 336% interest rate for a premium of $247.50, equal to 100.09. a basis- of about 3.48%. Another group, including Merrill, Hawley & Co. of Cleveland, E. B. Smith & Co. of New York, and The Illinois Co. of Chicago, offered a premium of $1,732.23 for 3%s. Direct net debt $1,991,386.46 x Not county-wide obligations. Tax rate, 1934, 86 cents; divided as fololws: debt service. 57 cents; other purposes, 29 cents. Ratio of direct net debt to assessed valuation 6.9% Per capita direct net debt $36.56 -BOND ELECTION CLEVELAND SCHOOL DISTRICT, Ohio Population. 1930 census, 54,446. At the general election on Nov. 5 the voters will be asxed to approve an SMITHFIELD, N. C. -FINANCIAL STATEMENT-Kirchoter & issue of $1.000,000 school construction bonds. Arnold have forwarded us the following finandal statement: CLEVES NORTH BEND VILLAGE SCHOOL DISTRICT, Ohio Financial Statement (as of June 30 1935) Assessed valuation 1934-35 (approximate) $2,375,000.00 • BOND ELECTION-Residents of the district will ballot Nov. 5 on tb Assessed valuation 1933-34 question of issuing $40,000 high school building enlargement bonds. 2,354,259.00 -Levy $20.484.63 1934 -At the general election on -BOND ELECTION COAL GROVE, Ohio 9,165.93 Uncollected Nov. 5 the voters will be asked to approve an issue of $15,000 sanitary 1933 -Levy 22,801.96 system bonds. sewer Uncollected 5,170.83 1932 -Levy 29,315.61 COSHOCTON COUNTY (P. 0. Coshocton), Ohio-BONDS 5,588.11 Uncollected AUTHORIZED-The State Tax Commission has given the County Outstanding debt -Bonds 273,000.00 Commissioners authority to issue $42,000 poor relief bonds under the Deductions-Utility bonds 125,000.00 Carey Act. -BOND SALE COLUMBUS GROVE, Ohio -The $55,000 coupon Net debt $148,000.00 intercepting sewers and sewage disposal works construction bonds offered Population-1930 census-2,543. Tax rate, 1934-35, $0.85. -were awarded to the First Cleveland Corp. on Oct. 4-V. 141, p. 1972 The town operates its water and light systems which showed a profit of Cleveland as 4s, at par plus a premium of $352, equal to 100.64, a basis of $23,699.96 for the year ended June 30 1935; no deductions were made of about 3.92%. Dated Oct. 1 1935 and due $2,750 on Oct. 1 from 1936 for office expense, debt service on utlity bonds, or depreciation of building to 1955 incl. and equipment. Term bonds are outstanding as follows: $55,000 due Jan. 1 1941: $12,000 due Jan. 1 1945. Serial bonds mature at the rate -BOND OFFERCOSHOCTON COUNTY (P. 0. Coshocton), Ohio of $15,000 annually during the fiscal years 1935-36 to 1939-40 inclusive. -H. C. McConnell, County Auditor, will receive bids until noon ING Oct. 26 for the purchase at not less than par of $20,600 3% coupon poor relief bonds. Denom.$400. $600,$900,$1,000 and $1,100. Dated Nov. 1 1935. Ioterest payable annually on March 1. Due yearly on March 1 as follows: $3.600 1936; $3,900 1937; $4.100 1938; $4400 1939; $4,600 1940. Certified check for $206, payable to the Board of County Commissioners. BOTTINEAU COUNTY (P. 0. Bottineau), N. Dak.-CERTIFI-We are informed by the County Auditor that the required. CATES NOT SOLD $30,000 not to exceed 7% certificates of indebtedness offered on Oct. 3 -BONDS NOT CUYAHOGA COUNTY (P. 0. Cleveland), Ohio -V.141, p. 2150 -were not sold. Dated Oct.7 1935. Due on Oct.7 1936. -No bids were submitted for the $15.000 434% sewer and water SOLD district bonds offered on Sept. 17-V. 141, p. 1631. DRESDEN SCHOOL DISTRICT (P. 0. Wales), N. Dak.-BONDS VOTED-At an election held on Oct. 4 the voters approved the issuance -At the Oct. 1 election the voters approved the ELECTION RESULTS of $20,000 in school bonds by a wide margin, according to report. issuance of $2,725,000 emergency poor relief bonds and defeated proposals - providing for the following issues: $1,662,137 public building and $135,000 FORDVILLE SCHOOL DISTRICT, N. Dak.-BONDS DEFEATED county morgue building. A recent election to decide on the issuance of $15,000 school building bonds resulted in rejection of the proposal. -At the general election on Nov. DAYTON, Ohio -BOND ELECTION 5 the following bond issues will be submitted for consideration of the GRAND FORKS SCHOOL DISTRICT,. N. Dak.-BOND ELECTION electorate: $1,000,000 street improvement, $650,000 municipal building, -An election will be held on Oct. 21 to vote upon the issuance of $150,000 $360.000 revenue deficiency and $350,000 sewage disposal plant. high school addition building bonds. -BONDS RULED ILLEGAL DAYTON SCHOOL DISTRICT, Ohio -At an election held on HILLSBORO, N. Dak.-BONDS VOTED Attorney-General John W. Bricker ruled on Oct. 2, that the $195,000 bond Sept. 27 the voters are said to have approved the issuance of $10,000 in not issue recently authorized is illegal because the bonds are signed by Mrs. to exceed 4% water system bonds by a count of 110 to 1. Edith McClure Patterson as President of the Board of Education. Mrs. Patterson is a member of the State Liquor Control Board and HOPE SPECIAL SCHOOL DISTRICT NO. 10, Steele County, Attorney-General Bricker had held that she vacated her School Board N. Dak.-CERTIFICATE OFFERING-H. C. Erstad, District Clerk, position when she qualified as a member of the Liquor Board. will receive bids at the County Auditor's office in Finley, until Oct. 19. Attorney-General Bricker's ruling on the bond issue was given to the for the purchase at not less than par of $6,000 59' certificates of indebtedState Teachers Retirement System. A suit to oust Mrs. Patterson as a ness which will mature within 24 months. Certified check for 2% of bid member of the Liquor Control Board is pending in the Franklin County required. Common Pleas Court. -RANSOM COUNTY (P.O. Lisbon), N. Dak.-BONDS DEFEATED -City Council on Oct. 1 DEFIANCE Ohio-BONDS AUTHORIZED At the election held on Oct. 1 residents of the county defeated the proposal adopted an ordinance providing for the issuance of $30,000 refunding bonds. to is8110 $65,000 court house bonds. EDEN TOWNSHIP RURAL SCHOOL DISTRICT, Wyandot -At the election held on Oct. 1 the County, Ohio -BONDS DEFEATED voters rejected the proposal to issue $17,600 school building improvement bonds. The vote was 73"for" to 54 "against," a favorable majority short of the 65% required for approval. EDGERTON ST. JOSEPH SCHOOL DISTRICT, Williams County, -The Board of Education has decided to Ohio -BOND ELECTION place a proposed $26,000 school building bond issue on the ballot in November. 700 CUYAHOGA BUILDING, CLEVELAND FAYETTE COUNTY (P. 0. Washington Court House), Ohio -At the general election in November the voters of BOND ELECTION CINCINNATI COLUMBUS CANTON AKRON SPRINGFIELD the county will be asked to approve a proposal to issue $50,000 county home and hospital bonds. -BOND ELECTION FORT JENNINGS SCHOOL DISTRICT, Ohio -A proposed $19.000 school building bond issue will be submitted to the voters for approval on Nov. 5. -BOND ELECTION ADDYSTON SCHOOL DISTRICT, Ohio -A GERMANTOWN, Ohio -BOND ELECTION -A proposition to issue -year school bonds will be submitted for proposal to issue $50,000 of 25 $30,000 sewer system and sewage treatment plant bonds will be subconsideration of the voters at the November election. mitted to the voters at the general election on Nov. 5. -BOND ELECTION -At the Nov. 5 elections the BEVERLY, Ohio GLENWOOD RURAL SCHOOL DISTRICT (P. 0. Perrysburg), voters will.be asked to approve the issuance of $27.000 sewer and water -BOND ELECTION -An issue of $13.200 15 Ohio -year school construction bonds. bonds will be considered by the voters at the Nov. 5 election. BLUE ASH RURAL SCHOOL DISTRICT, Hamilton County, GREENVILLE, Ohio -BOND ELECTION -The Board of Education has decided to sub-The City Council on Sept. -BOND ELECTION Ohio 23 passed a resolution to submit an $85,000 bond issue for construction of mit to the voters at the Nov. 5 election a proposal to issue $38,200 school a sewage disposal works to the voters on Nov. 5, building bonds. HURON COUNTY (P. 0. Norwalk), Ohio -BOND ELECTION -A proposition to issue -BONDS AUTHORIZED BLUFFTON, Ohio -The County Commissioners recently approved the issuance of $38,000 $31.500 sewage disposal works bonds will be submitted to the voters at bonds for poor relief. the Nov. 5 election. JACKSON, Ohio -BONDS VOTED -T W. Jenkins, City Auditor, -BOND ELECTION BRADNER VILLAGE SCHOOL DISTRICT,Ohio reports that an issue of $15,000 auditorium bonds was approved at an At the Nov. 5 elections the Board of Education will ask the voters to election held on Sept. 27. approve a proposed $15,400 bond issue for erection of a gymnasium and auditorium. KELLEYS ISLAND, Ohio -PRICE PAID -The Western Security Bank of Sandusky, which was awarded on Sept. 28 an issue of $12,000 -The City Council on BRIDGEPORT, Ohio -BONDS AUTHORIZED water works system bonds, paid par plus a premium of $16.66 for 45, Oct. 1 passed an ordinance authorizing the issuance of $85,000 electric equal to 100.138. a basis of about 3.98%. Dated Sept. 1 1935 and due power plant bonds. $1,200 on Sept. 1 from 1937 to 1946 incl. -BOND ELECBRIDGETOWN RURAL SCHOOL DISTRICT, Ohio LEETONIA CONSOLIDATED SCHOOL DISTRICT, Ohio -BOND -At the Nov. 5 election the voters will be asked to authorize an TION -Notice has been given that a proposal to issue $100,000 ELECTION issue of $26.000 school bonds. NORTH DAKOTA OHIO MUNICIPALS MITCHELL HERRICK & CO. OHIO 2474 Financial Chronicle high school building bonds will be submitted to the voters at the November election. LUCAS COUNTY(P.O.Toledo), Ohio -BOND ISSUE APPROVED The county, according to the State Tax Commission, can issue bonds under the Carey Act provided they are approved by the $900,000 voters at the November election. The debt would be serviced by an excise tax on public utilities annually until 1944. MADISON COUNTY (P.O. London), Ohio -BONDS AUTHORIZED -A resolution to issue $20,000 relief bonds under the Carey Act has been approved by the Board of County Conunissioners, MASSILLON, Ohio -BONDS AUTHORIZED -The City Council cently gave its approval to a bond issue of $224,500 against delL2quent retaxes and assessments. NEW PHILADELPHIA, Ohio -BOND ELECTION -The City Council willsubmit to the voters at the Nov.5 election a proposition to issue $55,000 municipal building bonds. NEVADA, Ohio -BOND OFFERING -Thad Kuenzli, Village Clerk, will receive bids until noon Oct. 28 for the purchase at not less than par of the following 6% bonds: $20,800 water works system bonds. Denom. $832. Due $832 yearly on Oct. 1 from 1937 to 1961 incl. Certified check for $500 required. 18,000 water works mortgage revenue bonds. Denom. $720. Due $720 yearly on Oct. 1 from 1938 to 1962 incl. Certified check for $500 required. 20,000 water works bonds. Denom. $800. Due $800 yearly on Oct. from 1937 to 1961 inclusive. Certified check for $500 required. 1 Dated Oct. 1 1935. Interest payable annually. OHIO, State of -AVERAGE YIELD OF 30 CITY BONDS REMAINS STATIONARY -With steadiness in prices and little activity in Ohio municipal bonds,the average yield of bonds of thirty Ohio cities compiled by Wm.J. Mericka & Co.. Inc., whose New York office is Street, remained at 3.48 for the week ended Oct. 10. located at One Wall Average for fifteen largest Ohio cities was unchanged at 3.51 and for fifteen secondary at 3.37. Averages are weighted according to outstanding debt of eachcities city. ORANGE VILLAGE SCHOOL DISTRICT (P. 0. Chagrin Falls), Ohio -BONDS NOTSOLD -No bids were submitted for the $10,500 4M % fotzlii refunding bonds offered on Oct. 8-V. 141. p. 1973. Due serially )e il z ing April 1 1940. • PIKE TOWNSHIP SCHOOL DISTRICT, Brown County, Ohio BOND ELECTION -A proposal to issue $15,000 school building bonds Is to be voted on at the Nov.5 elections. PORTAGE COUNTY (P. 0. Ravenna), Ohio -BOND ELECTION The County Commissioners have taken steps to place a proposal to issue $63,000 poor relief bonds, which on the Nov. 5 ballot had been beaten by the voters at the August primaries. PORTSMOUTH, Ohio -BOND OFFERING-William N. Gableman, City Auditor and Treasurer, will receive sealed bids until for the purchase of $86,000 not to exceed 6% Interest3 p. m.on Oct.25 refunding bonds. Dated Oct. 1 1935. Due Oct. 1 as follows: $11,000 in 1940 and $15,000 from 1941 to 1945 1 cl. Rate of interest to be expressed in a multiple of M of 1%. The original bonds were issued to pay property owners' share of public improvements. Principal and A. & 0. interest on the new bonds will be payable at the City Treasurer's office. A certified check the bonds bid for, payable to the order of the above-mention for 1% of must accompany each proposal. Legal opinion other than that ed official. of the City Solicitor to be paid for by the successful bidder. Delivery of bonds outside of the city to be made at the purchaser's expense. RITTMAN, Ohio -BOND ELECTION -At the general election on Nov. 5 the voters will consider an issue of $10,000 swimming pool bonds. ST.BERNARD,Ohio -BOND ELECTION -A proposal to park and street bonds will be submitted to a vote at the Nov. issue $75,000 Selection. ST. CLAIRSVILLE, Ohio -BOND ISSUE DETAILS -The $5,800 special assessment impt. bonds sold to the First National Bank of St. Clairsvile, as previously noted in these columns, bear 5% int, and were disposed of at par. SANDUSKY COUNTY (P. 0. Fremont), Ohio -BONDS AUTHORIZED -The State Tax Commission has authorized the county to issue $120,000 bonds in payment of its share of the estimated cost of $220,000 to remodel the courthouse. The Federal Government will furnish an outright grant of 9698,400. A tax levy of 2-10ths of 1%, over a period of 25 years, will be sufficient to serve the loan, it is said. SCIOTO COUNTY (P. 0. Portsmouth), Ohio -BOND OFFERING POSTPONED -Due to an error in the advertisement, the offering of $19,000 bonds on Oct. 21, reported in these columns -V. 141, p. 2315 has been postponed to Oct. 30. Orin L. Graves. Clerk of the Board of County Commissioners, will receive bids until noon Oct. 30 for the purchase at not less than par of $19,000 refunding_ bonds bearing no more than 6% interest. Denom. $1,000. Dated Nov. 1 1935. Interest payable semi-annually. Due $4,000 Oct. 1 1937 and $3,000 yearly on Oct. 1 from 1938 to 1942. Cert. check for $500, payable to the Board of County Commissioners, required. SEVILLE VILLAGE SCHOOL DISTRICT, Ohio -BOND -At the general election in November the Board of EducationELECTION a $44,000 school building bond issue to the voters for approval.will submit SHEFFIELD LAKE, Ohio -BOND OFFERING-Frank F. Field, Village Clerk, will receive bids until noon Nov. 1 for the purchase at less than par of $8,245 5% coupon refunding bonds. Denominationsnot to suit purchaser. Dated Oct. 1 1935. Interest payable semi-annually on April 1 and Oct. 1. Due $1,225, Oct. 1 1940: $1,000, Oct. 1 1941, and $2,000 on Oct. 1 in each of the years 1942. 1943 and 1944. Certified check for $200, payable to the village, required. SHELBY, Ohio -BONDS AUTHORIZED -The City authorized an issue of $35,000 intercepting sewer bonds. Council has STUEBENVILLE, Ohio -BOND ELECTION -The City Council has decided to submit a proposed $38,000 fire house bond Issue to the voters for approval at the general election in November. SUMMIT COUNTY(P.O.Akron),Ohio -BOND SALE -The $100,000 refunding bonds offered on Oct. 7-V. 141, p. 2151-were awarded to McDonald, Coolidge & Co. of Cleveland as 3Ms, at par plus a premium of $331 equal to 100.331. a basis of about 3.45%. Dated Oct. 1 1935 and due $20,000 on Oct. 1 from 1940 to 1944 incl. TOLEDO, Ohio -PLAN TO RE -ADVERTISE BABY BONDS -In an effort to obtain a lower interest rate on the city's proposed Issue of $2,450,000 in baby bonds to pay off numerous small creditors, the City Council has directed that the bonds again be advertised for sale. At a bidding held In June the only bidders who offered to take all of the bonds were Stranahan-Harris & Co. and a group of associates whose proposal called for an interest rate of 5%. This bid was accepted tentatively by the city but no delivery ever was made on it because an injunction suit preventing the bond sale has been pending in the Court of Appeals. In its legislation just adopted Council says "it is believed a lower rate of interest can be obtained in the present market." TRUMBULL COUNTY (P. 0. Warren), Ohio.BOND SALE -The Issue of $60,000 coupon refunding bonds offered on Oct. 10-V. 141, p. 2151 -was awarded to Johnson, Kase & Co. of Cleveland on a bid of $60.480. equal to 100.80 for 31.4% bonds, a basis of about 3.10%. Lawrence Cook & Co. of Cleveland, the next high bidder, offered a premium of $464 for 3%s. Dated Oct. 1 1935. Due $3,000 each six months from April 1 1937 to Oct. 11946,incl. UNION TOWNSHIP SCHOOL DISTRICT, Van Wert County, Ohio. -BOND ELECTION -Residents of the district will vote on a proposed $18.000 bond issue in November. Proceeds of the issue, if approved, will be used for erection of a gymnasium and auditorium. UPPER ARLINGTON SCHOOL DISTRICT, Ohio -BONDS SOLD The Board of Education has arranged with the State Teachers Retirement System for the sale of the $185,000 high school addition bonds recently approved by the voters. WASHINGTON SPECIAL RURAL SCHOOL DISTRICT, Monroe County, Ohio -BOND ELECTION -At the Nov. 5 election the voters of the district will be asked to approve a proposed $17,500 bond issue for school building construction. Oct. 12 1935 WELLSTON, Ohio -BOND ELECTION -At the general election in November the voters of Wellston will be Issue $35,000 street improvement bonds. asked to approve a propo‘al to WEST LIBERTY, Ohio -BOND ELECTION -Village Clerk T. A. Hassler announces that at the Nov. 5 election the residents of the village will be asked to approve the issuance of $40,000 bonds. YOUNGSTOWN, Ohio -BOND SALE -The three issues of bonds offered on Oct. 5-V. 141, p. 1973 -were awarded to the Provident Savings Bank & Trust Co. of Cincinnati as follows: $623,135.66 refunding bonds, as 4s,for a premium of $2,550, equal to 100.43, a basis of about 4.187, Denom. $1,000 for $135.66. Due yearly on Oct. 1 as follows: except one $65,135.66, 1938, and $62,000, 1939 to 1947, incl. 128,000.00 refunding bonds,as 4s,for a premium of $535,equal to 100.418. a basis of about 3.94%. Denom. $1,000. Due $11,000. Oct. 1 1938, and 513.000, 1939 to 1947. incl. 221,516.36 refunding bonds, as 45,for a premium of$901.equal to 100.414, a basis of about 3.94%. Denom. $1,000 except one for $516.36. Due yearly on Oct. 1 as follows: $23,516.36, 1938 and $22,000, 1939 to 1947, incl. Dated Oct. 1 1935. Interest payable April 1 and Oct. 1. Bliss, Bowman & Co. of Toledo offered to take the three issues for premiums of $3,551 on the $623,135.66 bonds, $730 on the as 4Xs" $128,000 block and $1,262 on the $221.516.36 issue. CITY MEETS BOND MATURITIES -Hugh D. Hindman, Director of Finance, informs us that the city is prepared to retire bonds which due on Oct. 1. These obligations will he met upon presentation came of the bonds to the Mahoning National Bank. at Youngstown. ZANESVILLE SCHOOL DISTRICT, Ohio -BOND ELECTION -The Board of Education has passed a resolution to submit a proposed school building bond issue on the ballot at the general election in $455.000 November. OKLAHOMA COMANCHE COUNTY (P.O. Lawton), Okla. -BOND ELECTION An election is said to be scheduled for Oct. 29 in order to hex e pass on the issuance of $110,000 in court house bonds, to be the voters used on a Public Works Administration project. DUNCAN SCHOOL DISTRICT, Okla. -BONDS REJECTED -A proposal to issue $61,000 high school building bonds was turned the voters at a recent election, the vote being short of the 60% down by favorable majority required for approval. EL RENO SCHOOL DISTRICT, Okla. -BOND SALE $55,000 school building bonds offered on Oct. 7-V. 141, p. 2316 -Theawarded to the Brown-Crununer Investment Co. of Wichita at an -were inter,,t average rate of 3.38% for a premium of $11.25. R. J. Edwards of Oklahoma CII offered a premium of $1.04 at an average interest rate of 3.50%. Bonds mature $7,000 yearly beginning three years after date, except that last instalment will amount to $6,000. MARSHALL COUNTY (P. 0. Madill), Okla. -BOND -It is stated by the County Clerk that the $29.656.02 issue of 6%SALE semi-annual judgment funding bonds authorized by the County Commissioners recently -V.141, p. 2316 -has been purchased by C. Edgar Honnold, of Oklahoma City. Denom. $1,000, one for $656.02. Dated Oct. 1 1935. Due on Oct. 1 as follows: $3,000, 1938 to 1945, and $5,656.02 in 1946. OKMULGEE SCHOOL DISTRICT (P. 0. Okmulgee), Okla. BOND SALE DETAILS -In connection with the sale of the $103,616 funding bonds, notice of which appeared in these columns recently -V. 141. p. 2151-it is stated by the District Treasurer that the bonds are dated April 15 1935 and mature $5,000 yearly beginning on April 15 1938. The bonds brought a premium of $87.50 from R. J. Edwards, Inc., of Oklahoma City, PAOLI SCHOOL DISTRICT, Okla. -BOND OFFERING -E. M. Hatcher, Clerk of Board of Education, will receive bids until 9 a. m. for the purchase at not less than par of $14,000 school building Oct. 15 which will bear int. at rate named in the successful bid. Due $1,000 bonds. yearly beginning three years after date. Certified check for 2% of amount of bid, required. PRYOR,Okla. -BOND ELECTION -An election is said to be scheduled for Oct. 29 in order to vote on the issuance of$15,000 in public project bonds, to be used on a Works Progress Administration project. OREGON ALTAMONT SANITARY DISTRICT (P. 0. Altamont), Ore. BOND ELECTION -An election is said to be set for Oct. 25 Ii order on the issuance of $42,000 in sewage disposal system bonds, on a to vote Public Works Administration project to cost approximately $75,000. MARION COUNTY SCHOOL DISTRICT NO. 103 (P. 0. Woodburn), Ore. -BONDS DEFEATED -It is reported by tho District that at an election held on Sept. 21. the voters defeated the proposedClerk issuance of $12,500 in gymnasium and auditorium bonds. MEDFORD, Ore. -BOND OFFERING-Sealed bids will be received until 7:30 p.m. on Oct. 23, by the City Recorder, for the purchase of a $33,248.09 issue of refunding improvement, series D bonds. Interest rate Is not to exceed 5%. payable M. & N. Denom. $500, one for $248.09. Due on Nov. 1 as follows: $2,748.09 in 1937; $3,000. 1938 to 1941: $3,500, 1942 to 1944, and $4,000 in 1945 and 1946. Principal and interest payable at the City Treasurer's office. The bonds will be sold subject to the approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Portland. ST. HELENS, Ore. -BONDS NOT SOLD -EXCHANGE CONTEMPLATED -We are informed by J. E. Beeler, City Recorder, that an issue of $144,500 4i% refunding, series 1935-A bonds was offered for sale on Oct. 7 but was not sold as no bids were received. He states that bonds will be exchanged for the original bonds. Dated June 1 1935. these Duo from June 1 1938 to 1957; optional on any interest paying date after three years. UNION COUNTY SCHOOL DISTRICT NO. 5(P.O. Union), Ore. BONDS VOTED -It is stated by the Superintendent of Schools that at the election held on Sept. 27 the voters approved the issuance of $12,000 in not to exceed 4% elementary school construction bonds by a wide margin. It is said that the offering of these bonds is dependent upon a Public Works Administration grant. City of PHILADELPHIA Moncure Biddle & Co. 1520 Locust St., Philadelphia BEDFORD, PENNSYLVANIA Pa. -BOND SALE -The $6,000 5% coupon or registered bonds offered on Oct. 4-V. 141, p. 1974 -were awarded to Edward Lowber Stokes & Co. of Philadelphia at par plus a premium of $147.96, equal to 102.46. a basis of about 3.30%. Due July 1 as follows: $2,000, 1936: $3,000 in 1937 and $1,000 in 1938. Other bids were as follows: BidderPremium Singer, Deane & Scribner, Inc $94.00 Hartley National Bank 89.00 BLOOMSBURG SCHOOL DISTRICT, Pa. -BOND ELECTION An issue of $30,000 bonds will be considered by the voters at the Nov. 5 general election. BRIDGEPORT SCHOOL DISTRICT, Pa. -BOND ELECTION -The Board of School Directors had decided to submit a proposed $45,000 school building bonds issue to the voters on Nov. 5. Volume 141 2475 Financial Chronicle CANTON, Pa. -BOND OFFERING DETAILS -We are in receipt of The bonds are said to beta the denomination of $500 each, dated,Sept. 1 additional information concerning the offering of $25,000 bonds taking 1935, and due $500 from 1936 to 1951 incl. place on Oct. 18. Lee Brooks, Borough Secretary, will receive bids until ROCK HILL,S. C. -CORRECTION-It is now reported that the amount . 10 a.m. Oct. 18 for the purchase of $25,000 2 % borough improvement of the bonds to be voted at the election scheduled for Oct. 17, noted recently bonds, of which $6,000 will be used to take up outstanding bonds, $14,000 in these columns -V. 141, p. 2153 -has been increased from $30,000 to to retire floating debt, and $5.000 for various improvements. Denom. $100,000. $500. Dated Nov. 1 1935. Principal and semi-annual interest (May and Nov.) payable at the First National Bank of Canton. Due $1,000 yearly on Nov. 1 from 1936 to 1960, incl.; subject to call on Nov. 1 of any year. Certified check for 2%% of amount of bid, required. ELK LICK TOWNSHIP,Somerset County,Pa. -BONDS APPROVED -It is stated MOBRIDGE, S. Dak.-BOND ELECTION CANCELED -An Issue of $13,000 funding bonds was approved by the Pennsylvania by the City Auditor that no election was held on Oct. 3 to vote on the Department of Internal Affairs on Oct. 2. issuance of the $55,000 in auditorium bonds, reported as scheduled recently -V. 141, p. 1814 -as the project did not receive approval by the Public HINTINGDON COUNTY (P. 0. Huntingdon), Pa. -BOND OFFERWorks Administration. ING PLANNED -It is reported that the county authorities are planning to offer an issue of $150,000 refunding bonds for sale on Oct. 29. HOLLIDAYSBURG SCHOOL DISTRICT, Pa. -BOND ELECTION -The residents of the district will be asked to approve a proposal to issue $135,000 school building bonds at the Nov. 5 election. JONES TOWNSHIP SCHOOL DISTRICT, Elk County, Pa.Municipal Bonds BONDS APPROVED-The Pennsylvania Department of Internal Affairs on Oct. 2 approved an issue of $20,000 school building bonds. LANSDALE SCHOOL DISTRICT, Pa. -An -BOND ELECTION issue of $50,000 school building bonds will be considered by the voters Securities Corporation at the general election on Nov. 5. Nashville New York MANHE1M SCHOOL DISTRICT, Pa. -The -BONDS APPROVED Knoxville Memphis Chattanooga Birmingham $72,000 % refunding bonds sold to Foster & Co. of New York at a price of 101.10, a basis of about 2.38%, as previously reported in these columns, were approved by the Pennsylvania Department of Internal Affairs on Oct. MEYERSDALE, Pa. -BOND SALE -The $6,500 4% municipal building bonds offered on Sept. 24-V. 141, p. 1480 -APPROVAL SOUGHT -were awarded to the DYER COUNTY (P. 0. Dyersburg), Tenn. Citizens National Bank of Meyersdale at a price of 102.50, a basis of about -A notice has been issued by ON BOND REFUNDING AGREEMENT 3.70%. Due April 1 1945. Sal the bondowners' committee, asking all bondholders to ratify an agreement which has been entered into to refund all the issues of the county. It is r MIDLAND SCHOOL DISTRICT, Pa. -The -BOND DESCRIPTION said that the holders of more than 51% of the outstanding bonds have $30,000 3% coupon operating expenses bonds sold last May to Singer, ratified the agreement but a 75% majority is necessary for the agreement Deane & Scribner, Inc. of Pittsburgh at par plus a premium of $345, equal to become effective. Any desired information on the agreement can be to 101.15, a basis of about 2.865%, bear date of June 1 1935 and mature secured from Frederick Merritt, Chairman, 175 West Jackson Boulevard, June 1 1945. Denom. $1,000. Interest payable J. & D. Chicago, Ill. MIFFLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Homeville), -At an -BONDS VOTED HENRY COUNTY (P. 0. Paris), Tenn. Pa. -BOND ELECTION -An issue of $14.500 school building bonds will election held on Sept. 30 the voters are reported to have approved the be considered by the voters at the general election on Nov. 5. issuance of the 585.000 in bonds, divided as follows: $55.000 school, and MILTON SCHOOL DISTRICT, Pa. -At the $30,000 work house bonds. -BOND ELECTION general election in November a proposition to issue $80,000 school building -BOND OFFERING KNOX COUNTY (P. 0. Knoxville), Tenn. bonds will be submitted to the voters for approval. DETAILS -In connection with the offering scheduled for Oct. 15 of the -V. NORTH HUNTINGDON TOWNSHIP SCHOOL DISTRICT (P. 0. $75,000 emergency relief bonds, described in these columns recently Irwin), Pa. -it is stated by S.0.Houston,County Judge,that the principal -BOND ELECTION -At the general election on Nov. 5 the 141, p. 2317 voters will be asked to approve an issue of $40,000 school construction and interest are payable at the Chemical Bank & Trust Co. in New York. bonds. The district reports a 1935 assessed valuation of $4,039.400 and The legal opinion will be furnished by Masslich & Mitchell, of New York. current bonded debt of $295,000, against which there is a sinking fund -BOND OFFERING MARSHALL COUNTY (P.O. Lewisburg),Tenn. amounting to $54,165. -It is stated by W. T. Edmondson, County Judge, that he will receive PALMYRA SCHOOL DISTRICT, Pa. -A. D. -BOND OFFERING bids until 10 a.m. on Oct. 28, for the purchase of four issues of 3)i% Ulrich, District Secretary, will receive bids until6 p. m.Nov. 1 for the Pur semi-annual bonds aggregateng $75,000, divided as follows; chase at not less than par of$143,000 coupon bonds registerable as to principal $25.000 school bonds. Dated Sept. 1 1935. Due $1,000 from Sept. 1 only or as to principal and interest. Bidders are to name rate of interest 1936 to 1960, incl. These bonds are issued for the purpose of bonds will bear, making choice from the following rates: 23 % 231 constructing a high school and an elementary sehool building at 3%, 3 %,3 yi %,3h'% and 4%. Denom. $1,000. Dated Jan. 1936. 'l Chapel Hill. Interest payable semi-annually on Jan. 1 and July 1. Due yearly on Jan. 1 25,000 school bonds. Dated Aug. 1 1935. Due 51.000 from Aug. 1 as follows: $2,000, 1937 to 1951; $4,000. 1942 to 1946; $5,000, 1947 to 1936 to 1960, incl. These bonds are issued for the purpose of 1951; $6,000 1952 to 1956; $7,000, 1957 to 1962, and $8,000. 1963 and constructing an elementary school building at Lewisburg. 1964. Certified check for 2% of amount of bonds bid for, payable to the 15,000 school bonds. Dated Aug. 1 1935. Due $1,000 from Aug. 1 District, required. 1936 to 1950, incl. These bonds are issued for the purpose of constructing a high school and elementary school building at PENBROOK, Pa. -BOND ELECTION -At the general election on Cornersville. Nov. b the voters will be asked to approve an issue of $70,000 sanitary 10,000 school bonds. Dated Aug. 1 1935. Due $1,000 from Aug. 1 sewer bonds. 1936 to 1945, incl. These bonds are issued for the purpose of PENN TOWNSHIP SCHOOL DISTRICT (P.O. Wilkinsburg), Pa. constructing a high school and elementary school building at BOND ELECTION -At the general election on Nov. 5 the voters will be Belfast. asked to approve an issue of $110,000 school bonds. The bonds will be sold at not less than par and accrued interest and the PHILADELPHIA SCHOOL DISTRICT, Pa. - right to reject any and all bids is expressly reserved. -BONDS AWARDED The 1500,0003% registered school building bonds that were offered for sale on Oct. 4, were awarded on Oct.8 to Moncure Biddle & Co. of Philadelphia, on their bid of 100.32, a basis of about 3.985%, to maturity. The bonds mature on Oct. 1 1965, and are callable, at par, in whole or in part,on any -We are informed that at an election -BONDS VOTED ANNONA,Tex. Interest payment date. held on Oct. 5 the voters approved the issuance of $10.000 in water works ROCHESTER TOWNSHIP (P. 0. Rochester), Pa. -OPTION ON bonds. BONDS -S. K. Cunningham & (Jo. of Pittsburgh have obtained a 30 -day BFtAZOS RIVER CONSERVATION AND RECLAMATION DISoption on the issue $25,000 not to exceed 5% interest bonds for which no -Revenue bonds -BONDS AUTHORIZED TRICT (P.0. Austin), Texas bids were received on Sept. 30-V. 141. p. 2317. Dated Nov. 1 1935 and up to a total of $10.000,000, bearing a maximum interest rate of 5%, were due serially on Nov. 1 from 1937 to 1953,inclusive. authorized by the Board of District Directors on Oct. 5. These bonds will ST. MARYS,Pa. -PROPOSED BOND SALE -The $30,000 paving bonds supplement a Works Progress Administration allotment of $30,500,000 for approved by the Pennsylvania Department of Internal Affairs on Oct. 4 the construction of 13 dams on the Brazos River and other flood-control will be placed on sale in about 10 days. and reclamation works. SLIGO, Pa. -BOND -BOND ELECTION -At the Nov. 5 election the voters BUNGER SCHOOL DISTRICT (P. 0. Bunger), Tex. will be asked to approve a proposal to issue $10,000 water plant, floating SALE -A $60,000 issue of school construction bonds has been purchased debt funding and street refunding bonds. by the State Board of Education, according to report. SOUTH CONNELLSVILLE SCHOOL DISTRICT, Pa. -An election is said to be scheduled -BONDS NOT -BOND ELECTION BURNET,Tex. SOLD -The $25,000 4)i% funding and high school addition bonds offered for Oct. 14 in order to vote on the issuance of $45,000 in Federal Project on Oct. 8-V. 141, p. 2317 -were not sold, as no bids were received. Due water system bonds. Oct. 1 as follows: $1,000 from 1939 to 1943 incl. and 52.000 from 1944 to DENISON,.Tex. -BONDS VOTED -At the election held on Sept. 301953 incl. -the voters at,pcoved tne issuance of the $107,000 in various V.141, p. 1814 SUNBURY SCHOOL DISTRICT, Pa. -An issue of -BONDS VOTED improvement bonds by a majority of more than 8 to 1, according to press $47,000 school construction bonds was approved at a recent election. advices. It is said that $87,000 is to be added to the project from an expected Public Works Administration grant. It is thought that work can TAMAQUA SCHOOL DISTRICT, Pa. -BONDS APPROVED-The get under way in 90 days. Pennsylvania Department of Internal Affairs on Oct. 2 approved $337,000 -BOND OFFERING bonds, including $288,000 refunding and $49,000 funding. These bonds HARRIS COUNTY (P. 0. Houston), Tex. were awarded on Sept. 9 to M. M. Freeman & Co., Inc., of Philadelphia, DETAILS -The fallowing report confirms that appearing in the"Chronicle" and the Bancamerica-Blair Corp. of New York, jointly, as 3)(s at 101.139, of Oct. 5-V. 141 p. 2317 -that the county will sell $1,000,000 bonds on a basis of about 3.63%. Duefrom 1937 to 1955, inclusive. Oct. 17. H. L. Washburn, County Auditor, will receive bids until 11 a. m. Oct. 17 for the purchase at not less than par of $1,000,000 coupon I...UNIONTOWN,Pa. -BONDS AUTHORIZED a meeting of Borough -At road and bridge bonds, to bear interest at a rate named in the successful Council held on Oct. 1 the issuance of $50,000 improvement bonds was bid. Dated Oct. 10 1935. Principal and semi-annual interest payable at authorized. the County Treasurer's office, or at the Chase National Bank, in New York. Certified check for $10,000. payable to W. H. Ward, County Judge. WAYNESBORO, Pa. -BOND SALE -An issue of $39,500 refunding required. County will furnish the purchaser with approving opinion of bonds was sold on Oct.5 to the First National Bank & Trust Co.of WaynesThomson, Wood & Hoffman, of New York. boro at a price of $39,717, eaual to 100.549. -BONDSREFUNDED. HOWARD COUNTY (P.O. Big Spring), Tex. WHITEMARSH TOWNSHIP SCHOOL DISTRICT (P. 0. Lafayette -Howard County Commissioners Court on Oct. 1 closed a deal with the Hill), Pa. -BOND SALE -On Oct. 8 the $32,000 coupon Barren Hill First National Bank and the State National Bank of Big Spring to refund Consolidated School bonds offered on that date -V. 141, p. 1974 -were $45.000 outstanding bonds. awarded to Dougherty, Corkran & Co. of Philadelphia, offering a price The two banks were low bidders with an offer of par for the bonds and all of 101.0903 for 2Yy °./ bonds, a basis of about 2.04%. Dated Oct. 15 1935. o expenses attached to refunding. Due yearly on Oct. 15 as follows: $3,000, 1936 to 1944, incl., and $5,000, The old bonds, part of a $100,000 road issue of April 10 1911, were due 1945. in 1951 and drew 5% interest. Other bids were as follows: As refunded, they draw an interest rate of 3Ti% over a period of 10 years. BidderInt. Rate Rate Bid Interest under the old set-up would have cost $21,374 by the time all the Foster & Co., Inc 2)1% 100.65 bonds had been retired in 1951. The new bonds will draw only $9.590.60 E. H. Rollins & Sons, Inc 2g.p;, 100.632 by 1945 when the issue will have been retired. Bioren & Co. and Edward Lowber Stokes & Co., -BOND SALE Jointly JEFFERSON COUNTY (P. 0. Beaumont), Tex. 100.339 George'Ic Snyder & Co -were The 5750.0004% bridge bonds offered on Oct. 10-V. 141, p. 2317 100.277 Yarnell di Co awarded to the only bidders, a syndicate composed of the Dallas Union 100.57 W. H. Newbold's Son & Co Trust Co., the Dallas Bank & Trust Co., both of Dallas, and Duquette, 100.555 Halsey. Stuart Co., Inc '& White & Co. of Houston, for a premium of $6.244.50, equal to 100.832, 100.53 Moncure Biddle & Co a basis of about 3.93%. Dated March 20 1935. Due $20.000 yearly on 100.535 C. C. Collings & Co March 20 from 1936 to 1965 incl. 100.316 M. M. Freeman & Co., Inc 100.347 LUBBOCK, Tex. -BONDS VOTED -At the election held on Oct. 3-the voters approved the issuance of the $1.200,000 in V. 141, p. 1815 revenue bonds to build a municipal gas system by a count of 800 "for" to 776 "against." BLANEY SCHOOL DISTRICT NO. 12 (P. 0. Blaney), S. PAINT ROCK SCHOOL DISTRICT (P. 0. Paint Rock), Tex. -At an election held on Sept. 21 the voters are said to have BOND SALE -An $8,000 issue of school bonds is reported to have been BONDS VOTED purchased recently by the Commercial Bank of Camden, paying a premium approved the issuance of $15,500 in high school building bonds, to be of $325, equal to 104.06. supplemented by a Public Works Administration grant. SOUTH DAKOTA TENNESSEE EQUITABLE TENNESSEE TEXAS SOUTH CAROLINA 2476 Financial Chronicle POLK COUNTY (P. 0. Livingston), Tex. -A -BOND SALE $300,000 issue of 44% road refunding bonds has been purchased by a group composed of Donald O'Neil & CO.', Rauscher. Pierce & Co., and the Brown-Crummer Co. all of Dallas. Denom. $1,000. Dated Nov. 15 1935. Due $15,000 from Nov. 15 1936 to 1955 incl. Prin. and int. (M.& N. 15) payable at the office of the .nate Treasurer in Austin. Legal opinions will be furnished by the Attorney-General of Texas. and Chapman & Cutler of Chicago. It is expected that these bonds will be ready for delivery about Dec. 1. SAN ANTONIO, Tex. -The Frost National -TEMPORARY LOAN Bank and the Alamo National Bank, b nh of San Antonio, are said to have agreed t3 loan the city the sum of $1.615.000 in monthly instalments over the last eight m3nths of the current fiscal year for operating expenses. at a rate of 33.6%. The notes are to mature on July 1 1936. -At an TAYLOR SCHOOL DISTRICT, Texas -BONDS VOTED election held on Sept. 9 the voters approved the issuance of $35,000 4% coupon gymnasium bonds. Denom. $500 and $1,000. Interest payable semi-annually. Due $1,000 yearly for first ten years, $1,500 yearly for next ten years, and $1,000 yearly for third ten-year period, last bond coming due in 1965. TRINITY COUNTY (P.O. Groveton) Tex. -ADDITIONAL INTEREST PAYMENT ANNOUNCED--The following statement was sent to us on Oct. 7 by the J. R. Phillip; Investment Co. of Houston: We are pleased to supplement our notice of Sept. 30 by now advising you that all October 1935, Trinity County, Texas, road bond coupons, based upon the 1933 refunding program, are now payable at the State Treasurer's office, Austin, Tex. This payment makes this county current as to interest, but leaves the 1935 principal in default. "These payments are the result of a determined effort to collect delinquent taxes through a contract entered into with a private tax collection agency in June 1934. In accordance with our established policy, we shall write you again whenever we have something of definite interest to report on this county." UTAH WEBER COUNTY (P. 0. Ogden) Utah-P WA ALLOTMENT SOUGHT -The County Clerk and Auditor reports that the county will make application to the Public Works Administration for a loan and grant to construct a county court house. The agreement for financing the proposed court house is $200,000 if a bond issue is approved, and $192,000 if tax anticipation notes are authorized. If the proposition goes through it is likely that the county will build with tax anticipation notes, as the voters are opposed to a bond issue, according to report. TOWN OF HARTFORD, VERMONT 24% Refunding Bonds Due October 1, 1943-48 E. H. Rollins & Sons Incorporated 200 Devonshire St., Boston, Mass. VERMONT ENOSBURG FALLS, Vt.-BONDS VOTED -At a meeting held on Sept. 23 the voters gave the Village Trustees authority to issue $20,000 bonds for electric light plant improvements. VIRGINIA ALEXANDRIA, Va.-BOND OFFERING-Sealed bids will be received until noon on Nov. 6 by E. C. Dunn, City Manager, for the purchase of a $200,000 issue of 3% coupon public improvement and funding bonds. Denom. $1,000. Dated Oct. 1 1935. Due on Oct. 1 as follows: $6.000 from 1936 to 1945 and $7.000 from 1946 to 1965, all incl. The bonds are registerable as to principal only. Prin. and int. payable at the City Treasurer's office. The approving opinion of Reed, Hoyt & Washburn of New York City, that bonds are valid and binding obligations of the city, will be furnished the purchaser. A certified check for 2% of the face value of the bonds bid for, payable to the city, is required. ASHLAND, Va.-BOND OFFERING -Sealed bids will be received until 8 p. m. on Oct. 24, by L. P. Hartsook, Town Treasurer, for the purchase of a $48,750 issue of coupon general obligation sewer system bonds. Bidders to name the rate of interest in a multiple of y, of 1%. Denoms. , $1,000 and $500, and one for $750. Dated Nov. 1 1935. Due on Nov. 1 as follows: $750. 1936:$1,000. 1937 to 1957, and $1,500 from 1958 to 1975. all Incl. Prin. and int. (M. & N.) payable at the Town Treasurer's office, or at the Central Hanover Bank & Trust Co. in New York. The approving legal opinion of Thomson, Wood & Hoffman of New York, will be furnished the purchaser. A certified check for 2% of the bonds bid for, is required. COVINGTON, Va.-BOND OFFERING-Sealed bids will be received until 11 a. m.on Oct. 10, by J. S. Mathers, Town Manager,for the purchase of a $9,500 issue of 4% swimming pool bonds. Denom.$500. Dated Aug. 1 1935. Due $500 from Aug. 1 1936 to 1954 incl. The bonds are registerable at the option of the holder, as to principal only. Prin. and int. (A. & 0.) payable at the TONTII Treasurer's office. The legality of the bonds is said to have been approved by the Public Works Administration as Project No. VA-1023. The bonds are issued pursuant to Chapter 26, Session Laws of 1933, extra session, and other Virginia statutes. A certified check for $250 must accompany the bid. FAIRFAX COUNTY (P. 0. Fairfax), Va.-BOND ELECTION -At the general election to be held on Nov. 5 the voters will pass on a special bond issue of $187,000, to be used for a school building program, the balance of the required funds to be financed by a grant of $153,000from the Public Works Administration. HERNDON, Va.-BONDS DEFEATED -At an election held on Oct. 3 the voters rejected a bond issue for the installation of a sewerage system,the count being 101 for the issue, and 110 against. It was proposed to issue $48,000 in bonds, with the required balance cf $40,000 to be obtained from the Public Works Administration. STAUNTON, Va.-BONDS AUTHORIZED -The City Council on Sept. 26 adopted an ordinance authorizing the issuance of $40,000 refunding bonds. STRASBURG. Va.-BOND OFFERING--Sealed bids will be received until S p. m. on Oct. 15 by Mayor G. G. Crawford for the purchase of a $43,000 issue of 4% water bonds. Denom. $1,000 and $500. Dated June 1 1935. Due on June 1 as follows' $1,000 in 1937 and $1,500 from 1938 to 1965. incl. Interest payable J. & D. The sale is subject to the approving opinion of Reed, Hoyt & Washburn of New York. WILLIAMSON ROAD SANITARY DISTRICT NO.1(P.O. Roanoke) Va.-BONDS APPROVED BY COURT-Judge T. L. Relater of the County Circuit Court has confirmed and ratified the $150,000 sewer construction bonds approved by the voters on Aug. 27-V. 141, p. 1633-and is said to have ordered the County Supervisers to issue the bonds. WASHINGTON ABERDEEN, Wash. -BOND CALL -Toni Freeman, City Treasurer, is reported to be calling for payment from Oct. 3 to Oct. 30, various local Improvement district bonds and coupons. EVERETT, Wash. -BOND OFFERING-:-Tt is stated by the City Clerk that he will receive sealed bids until 9 a.m. on Oct. 15, for the purchase of an issue of $175.000 not to exceed 4% semi-annual pipe line bonds. Due on Nov. 1 1942. These bonds were approved by the voters at the election -V. 141. p. 2318. on Sept. 21, as reported at that time GRANT COUNTY SCHOOL DISTRICT (P. 0. Ephrata), Wash. -Of the two issues of bonds, aggregating $37,000, offered on BOND SALE Oct. 5-V. 141, p. 2154-the $12,000 issue of Joint Consolidated School District No. 12 bonds was purchased by the Odessa State Bank, of Odessa, as 4s, paying a premium of $25, equal to 100.20, according to the County Treasurer. No other bld was received for the bonds. Oct. 12 1935 BONDS NOT SOLD -The $25.000 issue of School District No. 144 bonds. offered at that time was not sold as no bids were received. KITTITAS COUNTY SCHOOL DISTRICT NO. 101 (P. 0. Ellensburg), Wash. -BOND SALE -The $50,000 issue of school bonds offered for sale on Oct.7-V.141. p. 1976 -was purchased by the State of Washington, as 4s at par, according to the County Treasurer. No other bid was received. it is stated. Coupon bonds maturing over a period of 10 years, and optional after three years at the option of the Board of District Direct( us. Principal and annual interest payable at the County Treasurer's office. Cr at any State fiscal agency in New York City,or at the State Treasurer's office in Olympia. WEST VIRGINIA BEVERLY, W. Va.-BOND ELECTION -At the November election the voters will be asked to approve a bond issue of $27.000 for water works and sewers. CLENDENIN, W. Va.-BOND SALE -The $26,000 refunding bonds that were approved tentatively in April, as noted at that time, have been. purchased by Young, Moore & Co. of Charleston, W. Va., according to Mayor Goad. FORT GAY, W. Va.-PWA ALLOTMENT APPROVE -1t is stated by the Town Recorder that the Public Works Administration has approved a loan and grant of $36,363 for water supply system installation. lie states that $20,000 of the amount is to be a loan, to run approximately 25 years. the remainder being the customary outright gift. The loan will be retired from self-liquidating funds, about $800 per year and interest upon the whole stun. WISCONSIN HoRTONviLLE, Wis.-BONDS VOTED -At a recent election the. voters decided in favor of the issuance of $10,000 town hall bonds. The vote was 186 to 52. -The City Clerk states NEEKOOSA, Wis.-BOND SALE DETAILS that the $20.000 paving bonds purchased by Paine, Webber & Co. of Chicago, as noted recently -V. 141, p. 2318 -are in the denomination of $1.000, are dated May 1 1935, and mature as follows: $1,000 from 1936 to 1940: $2,000, 1941 to 1943: $4,000, 1944, and $5,000 in 1945. He states that they were sold as 3;is for a premium of $29, equal to 100.145. a basis of about 3.48%. OSCEOLA SCHOOL DISTRICT NO. 2, Wis.-BOND ELECTION At a special election called for Oct. 14 the residents of the district will, be asked to approve a proposal to issue $22,000 school building bonds. -BOND OFFERING-It is reported that sealed WATERTOWN, Wig. bids will received until 10 a. m.on Oct 15, by A. H. Stallman, City Clerk, for the purchase of a $15.000 issue of 3% semi-ann. storm and sanitary sewer bonds Denom. $500. Dated Oct..1 1935. Due on Oct. 1 as follows: $1,000 in 1936. and $2,000 from 1937 to 1943. incl. CANADA BRANTFORD, Ont.-SUED ON RAILWAY BOND ISSUE -The city is being sued by the National Trust Co , Ltd., on behalf of the holders of $125,000 principal amount of bonds issued by the Brantford street railway. The case dates back to the time the railway was taken over from a private company by the municipality. When the maturity date arrived the Brantfcrd city solicitors contended the city was not bound to pay the bonds. CAP DE LA MADELEINE, Que.-FUNDS FOR OCT. 1 BOND INTEREST -The city has been authorized by the Quebec Municipal Commission to deposit funds in the Banque Canadienne Nationale for payment of interest coupons of Oct. 11935. -TAX COLLECTIONS HIGHER-City tax collecEDMONTON, Alta. tions from Jan. 1 to Sept. 30 this year are up $541.506 over a year ago. The total for the first nine months in 1935 was $3,070,586 as against $2,529,080 for the same period last year. -MUNICIPAL PLANT PROFITS HIGHER-The EDMONTON, Alta. combined surplus of the five city-owned utilities is well ahead of last year, the increase amounting to $30,445. The total for the eight months ending Aug.31 was $543,695 compared with $513,250 for the same period last year. The combined net profit in August was $51,521 compared with $52.462 In the same month of 1934. The eight month profits are as follows: 1935 1934 $151,349 Electric light $134,512 Power plant 185,735 191,404 111,077 Telephones 103,269 Water works 77,160 75,819 , Street railway 18.374 8.246 Total $543,695 $513,250. -The issue of $39,500 4;4% GRAND MERE, Que.-BOND SALE improvement bonds offered on Oct. 9-V. 141, p. 2154 -was awarded to the Dominion Securities Corp. of Montreal at 98 28, a basis of about 4.66%. Dated Oct. 151935. Due serially from 1936 to 1965. MOOSE JAW, Sask.-TAX COLLECTIONS HIGHER-City tax collections as of Aug. 31 amounted to $514.680 compared with $401,080 for the corresponding period of 1934. A tax collection campaign has been inaugurated in this city and the committee in charge of this is to renew efforts before the close of the year to further increase the collections. PRINCE EDWARD ISLAND (Province of) -AUTHORIZESREFUND-At the recent one-day session of the new allING OF BONDED DEBT Liberal lerislature of Prince Edward Island, authority was given for refunding $3,000,000 of provincial debt. The precise manner in which this refunding authority might be used has not been revealed, reports the "Financial Post" of Oct. 5: At the end of 1934, the province had a gross funded debt of $4,554,000. Sinking fund amounted to $932,628, leaving a net debenture debt of $3.621.372. This year,the province hassold one issue of $200,000 of3% bonds. Most of the outstanding debt of the province is not callable prior to maturity. Thus, in order to use the authority to refund $3,000,000 of debentures, 16 would be necessary to effect some change in the contractual rights of creditors of the province. Official information has not been forthcoming as yet,regarding tne reason for adoption of the refunding legislation. REGINA, Sask.-TAX COLLECTIONS SHOW INCREASE -City tax collections, Jan. 1 to Sept. 21, were $122,433 above those of the same period a year ago. Total collections amounted to $1,428,660 compared with as of Sept. 21. Current taxes in the period are $40,752 $1,308,226 a year ago ahead of last year, the comparative figures being $1,071,870 to $1,031,098. Arrears and redemption are $81,261 ahead, the figures being $356,790 to $275,128. SAINT JEAN VIANNEY, Gatineau, QUO. -BOND OFFERING -J. D. Bigue, Secretary-Treasure:, will receive sealed bids until 5 p. m, Oct. 15,f r the purchase of $85.000 bonds, of which $37,500, to bear either 334% or 4%, will be guaranteed by the International Paper Co. and the government, and $47,500 of 4%s or 55. The bonds will be dated Nov. 1 1935 and due serially on Nov. 1 from 1936 to 1960, inei. SAINT JOHN, N. B. -BONDS AUTHORIZED -The county has passed a by-law to issue $20,928 paving bonds. -The issue of $25,000 coupon bonds STE. ROSE,Que.-BOND SALE -was awarded to the Banque Prooffered on Sept. 26-V. 141, p. 1816 vinciale du Canada as 45, at a price of about 96. Due serially from 1936 to 1955 incl. Only one bid was received at the sale. SHERBROOKE ROMAN CATHOLIC SCHOOL COMMISSION,Que. -BOND OFFERING -G.E. Begin, Secretary-Treasurer, will receive sealed bids until 4 p.m. on Oct. 19 for the purchase of $150,000 4% school bonds, due serially from 1936 to 1965 incl. WINNIPEG, Alta. -CONSIDER $500.000 HOUSING BOND ISSUE City Council will debate in the near future the proposals of Alderman 5$.W. Stobart to submit to the ratepayers a by-law seeking authority to raise $500.000 for a low cost housing scheme. The debt, bearing interest at 3% would be amortized over a period of 35 years, it was stated.