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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




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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.

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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




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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

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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

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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

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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.

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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.

•

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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

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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.

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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

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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.

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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

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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

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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.

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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

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1935

m

1934

Average
1928-32

Cl

Average
1923-32

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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,

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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

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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.

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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.